Michael Schumacher 2003 Ferrari Signed Cap

TERMS & CONDITIONS FOR BIDDERS & BUYERS

1. Conditions of Business:

All lots are offered subject to Graham Budd Auctions Ltd Conditions of Business for Buyers which can be viewed in full on our website https://www.grahambuddauctions.co.uk/help/terms-and-conditions

2. The Auction:

The auction is being conduct as a live audio and video stream broadcast.

3. Pre-Sale Viewing:

We are offering pre-sale viewing of lots at our Wellingborough Auction Room.

This is strictly by a pre-arranged timed appointment to be requested by email. 

4. Condition Reports:

Any requests for condition reports or additional photographs must be received by email prior to the auction.

Graham Budd as a company we do not issue COA’s. If one is supplied by the vendor details are included in the individual descriptions.

It is recommended that prospective Bidders inspect the lots on which they intend to bid, we accept bids from potential Buyers on the basis that Buyers (or their advisors) have fully accepted the lot prior to bidding and have satisfied themselves prior to bidding in relation to the condition and accuracy of the description of the lot.

(a) GB’s knowledge of lots is partly dependent on information provided by the Seller and GB is unable to exercise exhaustive due diligence on each lot. Each lot is available for examination before sale. Bidders are responsible for carrying out examinations and research before sale to satisfy themselves over the condition of lots and accuracy of descriptions. Condition reports and extra images are available on request.

(b) All oral and/or written information provided to Bidders relating to lots, including descriptions in the catalogue, condition reports or elsewhere are statements of GB’s opinion and not representations of fact. Estimates may not be relied on as a prediction of the selling price or value of the lot and may be revised from time to time at GB’s absolute discretion.

5. Overseas Bidders: 

Are responsible for all import duties, customs charges, and VAT payable in the destination country. Customs declarations will be based on the final hammer price of winning bids without exception.

We are currently seeing unprecedented delays in customs clearance times around the world, it is not uncommon for this to take several weeks, and unfortunately, we cannot do anything to expedite the process or be held responsible for any delays. 

6. Collections and Shipping Logistics:

On receipt of cleared funds, lots can be collected from our Wellingborough Auction Room. Please contact the auctioneer for the full details and to make a timed appointment.

Alternatively, we can organise packing for postage and shipment on a worldwide basis. Please contact us for a quote.

On occasions due to high value, complicated customs arrangements or for the need of highly specialised packing, we will recommend a third-party professional packer and shipper.

All glass will be removed from framed and glazed items prior to posting and may result in delays to shipping your items. (This service is included in the cost of postage and packing). We can also totally remove all framing and mounts upon request to reduce shipping costs. 

Overseas Bidders are responsible for all import duties, customs charges and VAT payable in the destination country.

Customs declarations will be based on the final hammer price of winning bids without exception.

We are currently seeing unprecedented delays in customs clearance times around the world, it is not uncommon for this to take several weeks and unfortunately, we cannot do anything to expedite the process or be held responsible for any delays. 

7. Bidding:

Clicking the Bid button or placing an absentee bid is legally binding obligation to buy and pay for the lot should your bid be successful. For security, we track all bids placed.

All bidders are required to register in the auction Online before the auction commences in order to place an absentee bid or book a telephone line on any lot with the Auction House or bid on the Online Platforms.

A form of government-issued proof of identification (photographic identification with proof of current address) will be required at the time of registration, for all Absentee, Telephone and Online Bidding.

Lots will only be invoiced to the name and address on the bid registration form and cannot be transferred to another name and address. We can only accept payment for the lot (s) from the registered Bidder. 

8. Room bidding for Live Auctions: 

Bidders are welcome to contact the auction house to pre-reserve a seat, either by telephone or via email at least 24 hours prior to the auction, after which a confirmation email will be sent confirming seat reservation. 

9. Absentee Commission Bidding for Live Auctions:

If you are unable or do not wish to bid live online on the auction day, we accept absentee commission bids, these need to be emailed to the auctioneer at least 24 hours prior to the auction and are only accepted via email.

You will be required to declare your maximum limit, but the auctioneer will try and achieve the most inexpensive price for you subject always to the reserve price and competition from other bidders.

Alternatively absentee bids can be left in your account on the Graham Budd Live and Saleroom bidding platforms.

10. Telephone Bidding for Live Auctions:

As an alternative, there will be a telephone bidding service for the auction. Please email the auctioneer to reserve a telephone line at least 24 hours prior to the auction.

11. Buyer’s Premium and VAT:

The final selling bid at auction is known as the ‘hammer price'.

For bidders who have registered for the sale directly at Graham Budd Auctions, including for Live Internet Bidding, a buyer’s premium of 24% of the hammer price will be charged.

Bidders who registered directly at the-saleroom.com will be charged a 4.95% Internet bidders’ surcharge. 

Both the buyer’s premium and the internet surcharge are subject to VAT at the current rate of 20%.

An example for a lot purchased at £100 hammer for buyers who registered directly at Graham Budd Auctions, including for Live internet bidding, would be as follows:

£100 hammer
£24.00 Buyer’s Premium
£4.80 VAT (20% of £24.00)

TOTAL INVOICE: £128.80

An example for a lot purchased at £100 hammer for buyers who registered directly at the-saleroom.com would be as follows:

£100 hammer
£24.00 Buyer’s Premium
£4.95 Internet Surcharge
£5.79 VAT (20% of £28.95)

TOTAL INVOICE: £134.74

12. VAT in respect of non-UK buyers:

Buyers from outside of the UK, including EU countries, are not required to pay VAT on their purchases on condition that the goods are being shipped overseas and will not remain in the United Kingdom. Under these circumstances buyers will receive an export invoice which will not contain any VAT element.

An example for a lot purchased at £100 hammer for buyers who registered directly at Graham Budd Auctions would be as follows:

£100 hammer
£24.00 Buyer’s Premium

TOTAL INVOICE: £124.00

An example for a lot purchased at £100 hammer to a non-UK buyer who registered directly at thesaleroom.com would be as follows:

£100 hammer
£24.00 Buyer’s Premium
£4.95 Internet Surcharge

TOTAL INVOICE: £128.95 

13. Estimates:

Every lot in the auction has a published low and high estimate. Estimates are published as a guide only. The final hammer price of a lot may be higher of lower than the range of figures given and there are no predetermined starting bids. The published estimates are exclusive of buyer’s premium. Every lot in the auction is subject to a reserve price which is a confidential agreement between the seller and the auctioneer. The reserve price is never set higher than the published low estimate but can be set below it.

14. Import, Export and Copyright Restrictions

GB and the Seller make no representations or warranties as to whether any lot is subject to import, export or copyright restrictions. It is the Buyer’s sole responsibility to obtain any copyright clearance, or any necessary import, export or other licence required by law, including licenses required under the Convention on the International Trade in Endangered Species (CITES).

15. Artist’s Resale Rights (ARR) / Droit de Suite:

This is a royalty payable to a qualifying artist or the artist’s heirs each time a work is resold during the artist’s lifetime and up to a period of 70 years after the artist’s death.

This will be in addition to the Hammer Price, lots may qualify for and be subject to payment by the Buyer of the Artist’s Resale Right at a percentage of the Hammer Price calculated as follows: 

From €1,000 to €50,000 – 4%

From €50,001 to €200,000 – 3%

From €200,001 to €350,000 – 1%

From €350,001 to €500,000 – 0.5%

Exceeding €500,001 – 0.25%

Up to a maximum levy of €10,000 on any single lot. 

Any Artist’s Resale Right royalties will be calculated on the pound sterling/ Euro exchange rate quoted on the date of the auction by the European Central Bank. 

16. Conduct of the Auction

(a) The auctioneer has discretion to refuse bids, withdraw or re-offer lots for sale (including after the fall of the hammer) if (s)he believes that there may be an error or dispute, and may also take such other action as (s)he reasonably deems necessary.

(b) The auctioneer will commence and advance the bidding in such increments as (s)he considers appropriate and is entitled to place bids on the Seller’s behalf up to the Reserve Price for the lot, where applicable.

(c) Subject to Condition 6(a), the contract between the Buyer and the Seller is concluded on the striking of the auctioneer’s hammer.

(d) Any post-auction sale of lots shall incorporate these Conditions of Business.

17. Payment:

After the auction concludes successful buyers will be invoiced by email. Please state your Buyers Number or Invoice Number as the payment reference.

If you have successfully bid online, you would have registered your debit/credit card details. We will not charge your card automatically as you may prefer to use a different method of payment (see below).

If you wish to pay by the registered card, please authorise us to charge the card for the auction and email us notification. 

Note: if we have not been contacted after seven days after the auction has concluded the registered card will automatically be charged.

(a) Unless otherwise agreed in advance, payment of the Purchase Price is due in pounds sterling immediately after the auction (the “Payment Date”).

(b) Title in a lot will not pass to the Buyer until GB has received the Purchase Price in cleared funds. GB will generally not release a lot to a Buyer before payment. Earlier release shall not affect passing of title or the Buyer’s obligation to pay the Purchase Price, as above.

(c) The refusal of any licence or permit required by law, as outlined in Condition 4, shall not affect the Buyer’s obligation to pay for the lot, as per Condition 7(a).

(d) On receipt of cleared funds, the buyer may collect lots from the saleroom during the auction and immediately after its completion. Purchased lots in the possession of the appointed company will be subject to their own Conditions of Business and insurance arrangements.

(e) All packing, handling and shipping of lots is at the Buyer’s risk. GB will not be liable for any acts or omissions of third-party shippers, storers or packers.

Graham Budd Auctions accept the following methods of payment:

ELECTRONIC TRANSFERS AND INTERNET BANKING

Barclays Bank PLC, 212 Regent Street, London, W1A 4BP
Sort Code: 20-71-74
Account: 60420255
Account Name: Graham Budd Auctions Ltd

FOR OVERSEAS BUYERS

IBAN number: GB64BARC20717460420255

SWIFT/BIC: BARCGB22

*** Important Online Fraud Notice *** Graham Budd Auctions will never instruct you to send money other than to the bank details above. If you receive any communication in respect of payment that you consider suspicious always contact the auctioneer by telephone (not email) for authentication.

STRIPE

If you are a registered account holder at www.grahambuddauctions.co.uk you can pay safely and securely online and free with a Visa or MasterCard. Please quote the ‘Buyer Number’ printed on your invoice as the reference.

CREDIT or DEBIT CARD

At auction registration at the-saleroom.com you will have registered a credit or debit card. Although you have authorised us to use this card we will not do so automatically. However, if you do wish to pay on the registered card, please instruct the auctioneer accordingly. Alternatively, you may wish to use a different card to the one registered. Card payments can be made directly with the auctioneer by telephone with Visa and MasterCard.

*** Important Online Fraud Notice *** To avoid possible compromise, never email your card details to the auctioneer. 

Please note we no longer accept Amex/American Express, cash, cheques or bankers’ drafts as a method of payment.

18. Remedies for non-payment

Without prejudice to any rights that the Seller may have, if the Buyer without prior agreement fails to make payment for the lot within 5 working days of the auction, GB may in its sole discretion exercise 1 or more of the following remedies: -

(a) store the lot at its premises or elsewhere at the Buyer’s sole risk and expense.

(b) cancel the sale of the lot.

(c) set off any amounts owed to the Buyer by GB against any amounts owed to GB by the Buyer for the lot.

(d) reject future bids from the Buyer.

(e) charge interest at 4% per annum above The Bank of England’s Base Rate from the Payment Date to the date that the Purchase Price is received in cleared funds.

(f) re-sell the lot by auction or privately, with estimates and reserves at GB’s discretion, in which case the Buyer will be liable for any shortfall between the original Purchase Price and the amount achieved on re-sale, including all costs incurred in such re-sale, including any shipping, storing, packing, insurance and handling fees owed to third parties.

(g) Exercise a lien over any Buyer’s Property in GB’s possession, applying the sale proceeds to any amounts owed by the Buyer to GB. GB shall give the Buyer 14 days written notice before exercising such lien.

(h) commence legal proceedings to recover the Purchase Price for the lot, plus interest and legal costs.

(i) disclose the Buyer’s details to the Seller to enable the Seller to commence legal proceedings.

19. Failure to collect purchases

(a) If the Buyer pays the Purchase Price but does not collect the lot within 14 days of the auction, GB will begin charging a handling fee, storage charges and insurance fees. Lots will be fully subject to the appointed company's Conditions of Business including remedies for failure to collect property.

(b) All packing and handling of lots is at the Buyer’s risk. GB will not be liable for any acts or omissions of third-party shippers, storers or packers, or for any course of action taken under third party Conditions of Business including remedies for failure to collect property.

20. Anti-Money Laundering

The Buyer acknowledges that due to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, GB and any person acting on behalf of GB may require further documentation verifying the identity of the Buyer.

The Buyer further agrees to provide GB with any information as GB determines to be necessary and appropriate to verify compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and anti-money laundering regulations of any applicable jurisdiction or to respond to requests for information concerning the identity of the Buyer from any governmental authority, self-regulatory organisation or financial institution in connection with its anti-money laundering compliance procedures, and to update such information as necessary. We may not be able to tell you if a disclosure has been made to the relevant authorities and if this is the case, we will not be liable for any loss, damage or expense as a result of any delay or otherwise caused by us when complying with our stator obligations.

21. Data Protection:

(a) GB will use information supplied by Bidders or otherwise obtained lawfully by GB for the provision of auction related services, client administration, marketing and as otherwise required by law.

(b) By agreeing to these Conditions of Business, the Bidder agrees to the processing of their personal information and to the disclosure of such information to third parties world-wide for the purposes outlined in Condition 11(a) and to Sellers as per Condition 8(i).

22. Miscellaneous:

(a) All images of lots, catalogue descriptions and all other materials produced by GB are the copyright of GB.

(b) These Conditions of Business are not assignable by any Buyer without GB’s prior written consent, but are binding on Bidders’ successors, assigns and representatives.

(c) The materials listed in Condition 1(a) set out the entire agreement between the parties.

(d) If any part of these Conditions of Business be held unenforceable, the remaining parts shall remain in full force and effect.

(e) These Conditions of Business shall be interpreted in accordance with English Law, under the exclusive jurisdiction of the English Courts, in favour of GB.

GRAHAM BUDD AUCTIONS LTD AUTHENTICITY GUARANTEE

If Graham Budd Auctions Ltd sells an item of Property which is later shown to be a “Counterfeit”, subject to the terms below Graham Budd Auctions will rescind the sale and refund the Buyer the total amount paid by the Buyer to Graham Budd Auctions for that Property, up to a maximum of the Purchase Price.

The Guarantee lasts for one (1) year after the date of the relevant auction, is for the benefit of the Buyer only and is non-transferable.

“Counterfeit” means an item of Property that in Graham Budd Auctions reasonable opinion is an imitation created with the intent to deceive over the authorship, origin, date, age, period, culture or source, where the correct description of such matters is not included in the catalogue description for the Property.

Property shall not be considered Counterfeit solely because of any damage and/or restoration and/or modification work.

Please note that this Guarantee does not apply if either: -

(i) the catalogue description was in accordance with the generally accepted opinions of scholars and experts at the date of the sale, or the catalogue description indicated that there was a conflict of such opinions; or

(ii) the only method of establishing at the date of the sale that the item was a Counterfeit would have been by means of processes not then generally available or accepted, unreasonably expensive or impractical; or likely to have caused damage to or loss in value to the Property (in Graham Budd Auctions reasonable opinion); or

(iii) there has been no material loss in value of the Property from its value had it accorded with its catalogue description.

To claim under this Guarantee, the Buyer must: -

(i) notify Graham Budd Auctions in writing within one (1) month of receiving any information that causes the Buyer to question the authenticity or attribution of the Property, specifying the lot number, date of the auction at which it was purchased and the reasons why it is believed to be Counterfeit; and

(ii) return the Property to Graham Budd Auctions in the same condition as at the date of sale and be able to transfer good title in the Property, free from any third-party claims arising after the date of the sale.

Graham Budd Auctions has discretion to waive any of the above requirements. Graham Budd Auctions may require the Buyer to obtain at the Buyer’s cost the reports of two independent and recognised experts in the relevant field. Graham Budd Auctions shall not be bound by any reports produced by the Buyer and reserves the right to seek additional expert advice at its own expense.

In the event Graham Budd Auctions decides to rescind the sale under this Guarantee, it may refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports, provided always that the costs of such reports have been approved in advance and in writing by Graham Budd Auctions.

https://www.grahambuddauctions.co.uk/help/terms-and-conditions