AUCTION CONDITIONS

Introduction

The Common Auction Conditions are designed for auctions, to set a consistent practice across the industry. There are three sections, all of which must be included without variation, except where stated:

Glossary

The glossary gives special meanings to certain words used in the conditions.

Auction Conduct Conditions

The Auction Conduct Conditions govern the relationship between the auctioneer and anyone who participates in the auction. They cannot be changed without the auctioneer’s agreement. We recommend that these conditions are set out in a two-part notice to bidders, part one containing advisory material – which auctioneers can tailor to their needs – and part two the auction conduct conditions and any extra auction conduct conditions.

Sale Conditions

The Sale Conditions apply only govern the agreement between each seller and buyer. They include general conditions of sale and template forms of special conditions of sale, tenancy and arrears schedules and a sale memorandum. They must not be used if other standard conditions apply.

GLOSSARYundefined

This glossary applies to the AUCTION CONDUCT CONDITIONS and the SALE

CONDITIONS. It is a compulsory section of the Common AUCTION Conditions that must be included without variation (but the SPECIAL CONDITIONS may include defined words that differ from the glossary so long as they apply only to the SPECIAL CONDITIONS). The laws of England and Wales apply to the CONDITIONS and YOU, WE, the SELLER and

the BUYER all submit to the jurisdiction of the Courts of England and Wales. Wherever it makes sense: • singular words can be read as plurals, and plurals as singular words; • a “person” includes a corporate body; • words of one gender include the other genders; • references to legislation are to that legislation as it may have been modified or re-enacted by the date of the AUCTION or the CONTRACT DATE (as applicable); and • where the following words appear in small capitals they have the specified meanings.

ACTUAL COMPLETION DATE

The date when COMPLETION takes place or is treated as taking place for the purposes of apportionment and calculating interest.

ADDENDUM

An amendment or addition to the CONDITIONS or to the PARTICULARS or to both whether contained in a supplement to the CATALOGUE, a written notice from the AUCTIONEERS or an oral announcement at the AUCTION.

AGREED COMPLETION DATE

Subject to CONDITION a) the date specified in the SPECIAL CONDITIONS; or b) if no date is specified, 20 BUSINESS DAYS after the CONTRACT DATE; but if that date is not a BUSINESS DAY the first subsequent BUSINESS DAY.

APPROVED FINANCIAL INSTITUTION

Any bank or building society that is regulated by a competent UK regulatory authority or is otherwise acceptable to the AUCTIONEERS.

ARREARS

ARREARS of rent and other sums due under the TENANCIES and still outstanding on the ACTUAL COMPLETION DATE.

ARREARS SCHEDULE

The ARREARS schedule (if any) forming part of the SPECIAL CONDITIONS.

AUCTION

The AUCTION advertised in the CATALOGUE.

AUCTION CONDUCT CONDITIONS

The conditions so headed, including any extra AUCTION CONDUCT CONDITIONS.

AUCTIONEERS

The AUCTIONEERS at the AUCTION.

BUSINESS DAY

Any day except (a) Saturday or Sunday or (b) a bank or public holiday in England and Wales.

BUYER

The person who agrees to buy the LOT or, if applicable, that person’s personal representatives: if two or more are jointly the BUYER their obligations can be enforced against them jointly or against each of them separately.

CATALOGUE

The catalogue for the AUCTION as it exists at the date of the AUCTION (or, if the catalogue is then different, the date of the CONTRACT) including any ADDENDUM and whether printed or made available electronically.

COMPLETION

Unless the SELLER and the BUYER otherwise agree, the occasion when they have both complied with the obligations under the CONTRACT that they are obliged to comply with prior to COMPLETION, and the amount payable on COMPLETION has been unconditionally received in the SELLER’S conveyancer’s client account (or as otherwise required by the terms of the CONTRACT).

CONDITION

One of the AUCTION CONDUCT CONDITIONS or SALE CONDITIONS.

CONTRACT

The CONTRACT by which the SELLER agrees to sell and the BUYER agrees to buy the LOT.

CONTRACT DATE

The date of the AUCTION or, if the LOT is sold before or after the AUCTION: a) the date of the SALE MEMORANDUM signed by both the SELLER and BUYER; or b) if CONTRACTs are exchanged, the date of exchange. If exchange is not effected in person or by an irrevocable agreement to exchange made by telephone, fax or electronic mail the date of exchange is the date on which both parts have been signed and posted or otherwise placed beyond normal retrieval.

DOCUMENTS

DOCUMENTS of the entries on the register and other DOCUMENTS listed or referred to in the SPECIAL CONDITIONS relating to the LOT (apart from FINANCIAL CHARGES).

EXTRA GENERAL CONDITIONS

Any CONDITIONS added or varied by the AUCTIONEERS starting at CONDITION 30.

GENERAL CONDITIONS

The SALE CONDITIONS headed ‘GENERAL

CONDITIONS OF SALE’, including any EXTRA GENERAL CONDITIONS.

LOT

Each described CATALOGUE or (as the case may be) the SELLER has agreed to sell and the BUYER to buy (including chattels, if any).

PARTICULARS

The section of the CATALOGUE that contains descriptions of each LOT (as varied by any ADDENDUM).

PRICE

The PRICE (exclusive of VAT) that the BUYER agrees to pay for the LOT.

SALE CONDITIONS

The GENERAL CONDITIONS as varied by any SPECIAL CONDITIONS or ADDENDUM.

SALE MEMORANDUM

The form so headed (whether or not set out in the CATALOGUE) in which the terms of the CONTRACT for the sale of the LOT are recorded.

SELLER

The person selling the LOT. If two or more are jointly the SELLER their obligations can be enforced against them jointly or against each of them separately.

SPECIAL CONDITIONS

Those of the SALE CONDITIONS so headed that relate to the LOT.

TENANCIES

TENANCIES, leases, licences to occupy and agreements for lease and any DOCUMENTS varying or supplemental to them.

VAT

Value Added Tax or other tax of a similar nature.

VAT OPTION

An option to tax.

WE (and US and OUR) The AUCTIONEERS. YOU (and YOUR)

Someone who has seen the CATALOGUE or who attends or bids at or otherwise participates in the AUCTION, whether or not a BUYER.

AUCTION CONDUCT CONDITIONS

Words in small capitals have the special meanings defined in the Glossary. The AUCTION  CONDUCT  CONDITIONS  (as

supplemented or varied by CONDITION A6, if applicable) are a compulsory section of the Common AUCTION Conditions. They cannot be disapplied or varied without OUR agreement, even by a CONDITION purporting

to replace the Common AUCTION Conditions in their entirety.

INTRODUCTION

The AUCTION CONDUCT CONDITIONS apply

wherever the LOT is located. If YOU make a bid for a LOT or otherwise participate in the AUCTION it is on the basis that YOU accept these AUCTION CONDUCT CONDITIONS. They

govern OUR relationship with YOU. They can be varied only if WE agree.

OUR ROLE

As agents for each SELLER we have authority to (a) prepare the CATALOGUE from information supplied by or on behalf of each SELLER; (b) offer each LOT for sale; (c) sell each LOT; (d) receive and hold deposits; (e) sign each SALE MEMORANDUM; and (f) treat a CONTRACT as repudiated if the BUYER fails to sign a SALE MEMORANDUM or pay a deposit as required by these AUCTION CONDUCT CONDITIONS or fails to provide identification as required by the AUCTIONEERS. OUR decision on the conduct of the AUCTION is final. WE may cancel the AUCTION, or alter the order in which LOTS are offered for sale. WE may also combine or divide LOTS. A LOT may be sold or withdrawn from sale prior to the AUCTION. YOU acknowledge that to the extent permitted by law WE owe YOU no duty of care and YOU have no claim against US for any loss. WE may refuse to admit one or more persons to the AUCTION without having to explain why. YOU may not be allowed to bid unless YOU provide such evidence of YOUR identity and other information as WE reasonably require from all bidders.undefined

BIDDING AND RESERVE PRICES

All bids are to be made in pounds sterling exclusive of VAT. WE may refuse to accept a bid. WE do not have to explain why. If there is a dispute over bidding WE are entitled to resolve it, and OUR decision is final. Unless stated otherwise each LOT is subject to a reserve PRICE (which may be fixed just before the LOT is offered for sale). If no bid equals or exceeds that reserve PRICE the LOT will be withdrawn from the AUCTION. Where there is a reserve PRICE the SELLER may bid (or ask US or another agent to bid on the SELLER’s behalf) up to the reserve PRICE but may not make a bid equal to or exceeding the reserve PRICE. YOU accept that it is possible that all bids up to the reserve PRICE are bids made by or on behalf of the SELLER.

THE PARTICULARS AND OTHER INFORMATION

WE have taken reasonable care to prepare PARTICULARS that correctly describe each LOT. The PARTICULARS are based on information supplied by or on behalf of the SELLER. YOU need to check that the information in the PARTICULARS is correct. If the SPECIAL CONDITIONS do not contain a description of the LOT, or simply refer to the relevant LOT number, you take the risk that the description contained in the PARTICULARS is incomplete or inaccurate, as the PARTICULARS have not been prepared by a conveyancer and are not intended to form part of a legal CONTRACT. The PARTICULARS and the SALE CONDITIONS may change prior to the AUCTION and it is YOUR responsibility to check that YOU have the correct versions. If WE provide information, or a copy of a DOCUMENT, WE do so only on the basis that WE are not responsible for the accuracy of that information or DOCUMENT.

THE CONTRACT

A successful bid is one WE accept as such (normally on the fall of the hammer). This CONDITION A5 applies to YOU only if YOU make the successful bid for a LOT. YOU are obliged to buy the LOT on the terms of the SALE MEMORANDUM at the PRICE YOU bid

(plus VAT, if applicable). YOU must before

leaving the AUCTION (a) provide all information WE reasonably need from YOU to enable US to complete the SALE MEMORANDUM (including proof of your identity if required by US); (b) sign the completed SALE MEMORANDUM; and (c) pay the deposit. If YOU do not WE may either (a) as agent for the SELLER treat that failure as YOUR repudiation of the CONTRACT and offer the LOT for sale again: the SELLER may then have a claim against YOU for breach of CONTRACT.

Intending purchasers must complete bidder registration via Essential Information Group Auction Passport or fill in the appropriate bidding form ensuring that all sections are completed. Failure to complete any part of the appropriate form may render the instructions ineffective or result in your registration not being approved. Copies of all relevant bidder’s/purchaser’s identification must be provided prior to the start of the auction. No responsibility is taken by the auctioneers for unprocessed registrations received later than 24 hours prior to the auction.

Maximum bids for proxy or telephone bidders must be for an exact figure, rounded to the nearest £5,000, and any reference to a bid to be calculated by reference to other bids will not be acceptable. In the event of there being any confusion as to the maximum bid, the auctioneer reserves the right to refuse a bid on behalf of the prospective bidder..All bidders registered via Auction Passport must authorise a £10,000 security hold on a debit card as part of the registration. Those submitting bidding forms will be required to provide card details for security. If you are successful, the £10,000 hold will be deducted from your account and put towards the 10% deposit. If you are unsuccessful, the hold on your card will usually be removed within 5 working days. When the 10% deposit is taken, you will also be required to pay a Buyer’s Administration Fee of £1,200 (£1,000 + VAT). In some cases, this figure may be higher and if so, will be stated in the addendum. For lots with a purchase price below £50,000, the Buyer’s Administration Fee will be £900 (£750+VAT). Payments can be made either by BACS or debit card and must be made on the day of the auction. The Buyer's Administration Fee is payable on all lots sold at auction, prior to the auction or post-auction. If the successful bidder fails to provide the required deposit and buyers administration charge, then Grand auction house and/or their seller reserves its rights to pursue the winning bidder via all legal means necessary for the deposit and the buyer’s administration charge and any associated losses and interest as applicable. The auctioneer, in accepting remote bids, acts as agent for the prospective bidder/purchaser who shall be considered to have authorised the auctioneer on the basis of all relevant conditions of sale and any

amendments to the auction particulars. In the

event of the prospective purchaser’s bid being successful, the auctioneer or any duly authorised partner or employee of Grand auction house is authorised by the bidder and purchaser to sign any Memorandum of Sale or Sale Contract relating to the property concerned incorporating any addendum. The auctioneer accepts no liability for any bid not being made on behalf of the prospective purchaser and reserves the right to bid himself or through an agent up to the reserve price for the particular property concerned. In the event that: (a) two or more parties consider for whatever reason that they are the highest bidder; (b) there is a dispute as to which bidder is the highest bidder; (c) there is any other dispute as between any bidders and/or as between the auctioneer and any bidders; or (d) the auctioneer considers that there is a disputed bid; the auctioneer at their sole discretion have the right to declare a "Bidding Dispute" at any time during the auction. In the event of a bidding dispute, the auctioneer reserves the right to re-offer the lot on the terms they consider to be reasonable. The auctioneer shall accept no liability whatsoever if the underbidder is unable to make an increased bid. The auctioneer's decision on the conduct and

outcome of the auction is final.In the event that another bidder makes a bid equal to the maximum bid the remote bidder is prepared to make, the auctioneer reserves the right to accept either bid at their own discretion. The auctioneer's decision is final.The auctioneer accepts no responsibility for failure of telecommunications or internet connections in respect of a telephone or internet bid, or any delays in the postal system if a bidding form is sent through the post.Prospective bidders should check with the auctioneer’s office immediately prior to the auction to ensure there are no changes to the published terms and conditions. The auctioneer will accept no liability whatsoever for any prospective bidder's failure to carry out these checks.The auctioneer will accept no liability whatsoever for any bid not being made on behalf of the prospective buyer as a result of: Lack of clarity of instructions, error, lack of clarity or confusion regarding the bidding process or the bidder's registration or the deposit, prospective buyers becoming disconnected during bidding or are unobtainable, interruption or suspension of telephone or internet services or for any other reason whatsoever beyond the control of the auctioneer.Successful proxy bids will be notified to the prospective buyer within 24 hours of the conclusion of the auction sale. Any alteration to the submitted bid or withdrawal must be received and confirmed in writing by the auctioneer prior to commencement of the auction. Proxy bidders are advised to telephone the Auctioneer’s offices before 10am on the day of the sale in order to find out whether any addenda apply to the property for which they have authorised the Auctioneer to bid on their behalf. If we receive two proxy bids at the same level, both bidders will be notified and given the opportunity to adjust their bid.All bidders are deemed to be making their bid with full knowledge of and in accordance with the RICS Auction Conditions , Extra Conditions, Special Conditions of Sale, Addendum, Important Notice for Prospective Buyers in the catalogue

and the contents of the Legal Pack. In

particular, bidders are deemed to have carefully checked the Special Conditions of Sale for any additional costs and fees payable to the seller that may be detailed therein.All successful remote bidders will be required either to provide certified proof of identity or visit a Grand auction house office with hard copies together with details of the source of their funds within 48 hours of the auction. By registering to bid, you agree to comply with our requests to verify your identity, and to answer any follow up questions that may be raised in due course, as and when necessary. We are obliged to identify buyers, bidders and payers in accordance with the requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended). We are likely to request from you, and retain some information and documentation for these purposes and/or make searches of appropriate databases electronically (including verification through third party data providers). For the avoidance of doubt, searches may also be conducted on individuals, directors and shareholders of these entities as is required by the legislation. If satisfactory evidence of your identity is not provided within a reasonable time, there may be circumstances in which we are not able to proceed. Failure to satisfy our requirements can also result in a termination of the acquisition of the property. Please be aware that we may share the information and documentation you provide for this purpose with the vendor, the vendor’s solicitors, agents or other authorised representatives of the vendor in order to facilitate the transaction.The auction will be recorded and the phone lines for telephone bidders are likely to be recorded to avoid any doubts or disputes.By registering to bid you are agreeing to these Terms & Conditions and understand that should your bid be successful the offer will be binding, and you will be legally bound jointly and separately with the intended Buyer (where the Buyer is different) by the applicable Conditions of Sale.

SELLERS AND BUYERS TERMS N CONDITIONS

1. Agent for the seller

Unless otherwise agreed, Grand Auction house Ltd, hereafter referred to as GAH LTD acts as agent for the seller. The contract for sale of the property is therefore made between the Seller and the Buyer.

2. Definitions

For the purposes of the current Terms and Conditions, the Seller shall be defined as the owner of the Goods. It is implied that the Seller is the legitimate owner and is authorised to sell the Lot. The Bidder is any registered person participating in the auction, and the Buyer is the successful Bidder for a particular Lot. The Lot means the item(s) put up for sale by GAH Ltd and to which the present Terms and Conditions apply.

3. Catalogue descriptions

Any representation in any catalogue or otherwise as to the origin, date, age, attribution, authenticity or estimated selling price of any lot is a statement of opinion only. Such statements do not constitute a representation warranty or assumption of liability by GAH Ltd in relation to the Lot. Any prospective Buyer should satisfy themselves prior to the sale as to the reliability of the catalogue description. The absence of mention related to prior restorations in the catalogue descriptions does not imply that the good is exempt thereof. Photographs of any Lot provided by GAH Ltd are for indicative purposes only and are not deemed to be a precise representation of the said Lot. The Buyer is advised to seek independent expert advice in order to be assured of the authenticity and true state of the good.

4. Inspection

Prior to auction, prospective purchasers are strongly advised to personally examine any property in which they are interested to satisfy themselves in relation to matters which may concern them.

5. Condition report

GAH Ltd may issue a Condition Report on request prior to the sale. This Condition Report is for identification purposes only and cannot be considered as giving a precise account of the Lot’s true state. Thus, some imperfections and faults may not be accounted for in the Condition Report. As aforementioned, and in the absence of any contractual value of the Condition report, it is the Buyer’s sole duty to inspect in person the Lot in order to be assured of its true condition and GAH Ltd shall not be responsible for assertions within the Condition Report hereto.

6. Electricals

All electrical items are sold as seen and GAH Ltd offers no guarantee as to the working condition of such items or their safety. It is the Buyer’s duty to take necessary steps to be assured that the Lot is safe for normal use.

7. Estimates

Estimates are based on various factors inherent to the situation of the market at the time of the sale, as well as considerations such as the condition, rarity, or quality of the item etc. Estimates are only indicative and represent the opinion of GAH Ltd. Estimates provided by GAH Ltd cannot constitute a guarantee as to the value of the good. Subsequently, goods may sell at prices lower or higher than the provided estimates.

8. Reserves

Many Lots are offered subject to a reserve, which is the confidential minimum sale price. The reserve will never exceed the low estimate printed in the catalogue. GAH Ltd may open the bidding on any Lot below the reserve by placing a bid on behalf of the seller, and may in their discretion continue to bid up to the reserve price. This can be achieved by bidding in response to other bidders or alternatively by placing consecutive bids.

9. Registration to the sale

New bidders will need to register prior to the sale. It is strongly advised bidders register at least 24 hours before the sale. Registration thereafter shall be at the auctioneer’s entire discretion. International bidders may be required to register 48 hours before the sale and to submit bank details. A deposit may be requested prior to each sale. Failure to register shall result in the impossibility for the bidder to purchase a Lot.

10. Proof of identity

Bidders not previously known to GAH Ltd will be required to provide:

• Official proof of identity in the form of a passport or photocard driving licence. No other forms of ID are acceptable.

• Proof of address of main residence. Only official documents showing name and address will be accepted.

• Both landline and mobile telephone numbersundefined

• A bank reference for foreign bidders may be requested

• Corporate clients will have to provide a certificate of incorporation prior to the auction, along with the representative’s ID in accordance with the abovementioned requirements for proof of identity.

Any Bidder that does not match the provided identity for registration may not purchase during the sale.

2. DURING THE SALE

1. Attendance at auction

Attending the auction in person is recommended.

GAH Ltd has the right at their absolute discretion to refuse participation in any auction, to reject any bid, and to refuse admission to the premises.

Bidders are not obliged to be present in person at the auction.

Absentee bidders shall be required to make necessary arrangements with CA Ltd prior to the sale.

2. Personal bidding

Bidders attending the auction in person shall be required to collect a unique bidding paddle prior to bidding in the sale.

3. Commission bids

GAH Ltd will use reasonable efforts to carry out Commission bids received by them prior to the sale for the convenience of clients who are not present at the auction in person. Execution of Commission bids is a free service provided to help clients and GAH Ltd does not accept liability for any failure to execute a Commission bid or for errors and omissions in connection with it.

Commission bids shall be executed at the lowest possible price, subject to competing bids and reserves. Although GAH Ltd will endeavour to inform Buyers, it is the Buyer’

s responsibility to check if they have been successful in purchasing a Lot.

In the event of multiple commission bids set at the same price, the first registered commission bid will take priority.

4. Telephone bids

If a bidder is not able to attend in person an auction, GAH Ltd will use reasonable efforts to contact prospective Buyers who make arrangements prior to commencement of the sale to bid by telephone.

GAH Ltd cannot be held responsible in the event of issues affecting connectivity, resulting in the loss of a chance of purchasing the Lot for the Bidder.

5. Internet bids

Some sales may be available to internet bidding, as well as personal attendance. In this event, GAH Ltd shall not be held responsible for issues affecting connection. In addition to having our own in-house online bidding platform, some sales are also offered with online live bidding by third party platforms, GAH Ltd is not responsible for any issues that may arise during registration or untilising said platforms.

6. Bidding on behalf of someone

A Buyer may bid by proxy. In this event, proof of identity of both the Buyer and the proxy must be communicated to GAH Ltd prior to the sale. A copy of the mandate shall also be required.

7. Bidding on an item

Bid incrementation is at the auctioneer’s entire discretion.

8. Video transmission

For the purpose of the sale, Lots may be displayed on video during the auction. In the event of transmission issues, GAH Ltd shall not be held responsible for any subsequent outcome.

9. Online-only auctions

Some auctions may only be available to bidders via an online platform sale. In this event, Buyers have a 14 day period from the receipt of goods to withdraw from the sale if an advertised view is not offered, in accordance with EU Consumer Law. This returns policy relates only to lots where physical viewing of lots prior to sale is not offered by GAH Ltd.

10. Dispute resolution during the auction

Any dispute shall be settled at the auctioneer’s absolute discretion. Under no circumstances will a sale be cancelled after the fall of the hammer, except at the auctioneer’s entire discretion.

3. CONTRACT FORMATION AND EFFECTS

1. Contract of sale

The contract of sale is between the Buyer and the Seller.

The Buyer shall be the bidder at the highest price at the fall of the hammer. The sale is deemed complete once the auctioneer announces its completion by the fall of the hammer and the contract shall be binding thereafter between the Buyer and the Seller and GAH Ltd.

When a Buyer purchases multiple Lots, each Lot is the subject of a separate contract of sale.

2. Transfer of property

Property of the goods shall pass to the Buyer only once GAH Ltd has received full payment for the goods, this includes the price at the fall of the hammer as well as Buyer’s premium, relevant taxes, and costs in relation to shipping.

3. Transfer of risks

Purchased Lots shall be at the Buyer’s risk in all respects from the fall of the hammer, and neither GAH Ltd nor their agents shall be responsible for any loss or damage of any kind, whether caused by negligence or otherwise.

4. Cancellation of the sale

At the fall of the hammer, the contract is formed between the Buyer and GAH Ltd and is binding thereafter.

Under no circumstances can the Buyer cancel the sale.

GAH Ltd may at its entire discretion, during or after the auction, cancel the sale of the Lot or reoffer and resell the Lot if it becomes aware of any error or dispute of any nature, whether or not title has passed to the Buyer, and up to a period of 6 months after the said sale.

Grounds for cancellation under the present section shall include but not be limited to any dispute relating to the attribution or provenance of the Lot, ownership and title, fraud or deceit, lack of relevant licences or certificates, any subsequent changes in domestic or international legislations restricting the sale of export of goods etc.undefined

In the event of internet-only auctions (where are no offered advanced physical viewing times), the Buyer shall have a 14 day right to retract, after receipt of the Lot, under EU Consumer Law.

Public auctions are not covered by this right to retract.

4. AFTER THE SALE

1. Payment

All purchased lots must be paid for on the day of the auction. Commission bids must be paid for no later than the day after the auction. Payment must be made by cash, debit, credit card or bank transfer. We do not accept cheques. We do not currently accept American Express.

GAH ltd adheres strictly to current anti-money laundering regulations and reserves the right to refuse payment or cancel the sale of any lot, should suspicion or evidence of regulation infringement arise. The 2020 guidelines reference ‘Art Works’, but are as yet to be fully defined. As such, GAH Ltd reserves the right to adapt buying/selling rules at any time, in order to maintain compliance.

Cash payments shall not be receivable for amounts over €10,000, regardless of the payment being for one or multiple Lots. As of 2020, new directives also extend to other forms of payment where the amount is in excess of €10,000 and this may require further information sharing covering both buyers and sellers.

Should it encounter contravention of said regulations, or is unable to bring buyers/sellers into line with said regulations through advice and support, GAH ltd reserves the right to cancel any lot transaction and offer said lots to underbidders and where applicable will notify the relevant authority of the suspected contravention if deemed intentional.

Payments made by someone other than the registered Buyer shall not be accepted.

Title will not pass to the Buyer until GAH Ltd has received all amounts due to them in cleared funds even if the Lot has been released to the Buyer.

2. Buyer’s Premium

The Buyer will pay GAH Ltd a premium of 22% on the hammer price plus VAT on that premium on the first £500,000 and 12% plus VAT on the balance thereafter. A Buyer’s Premium of 21% plus VAT is charged on Wine & Spirits Lots.

The VAT payable varies by symbol as below:

No Symbol: The standard rate of VAT is charged on the premium under the Auctioneers Margin Scheme in accordance with Art. 333 of 2006/112/EC. Standard UK VAT will be charged on the buyers’premium and invoiced on an inclusive basis.

†: Normal VAT rules apply and the standard rate of VAT will be charged at both hammer price and premium.

*: These lots have been imported from outside the UK for sale and placed under the Temporary Admission regime. Import VAT is payable at 5% on the hammer price. VAT at 20% will be added to the buyer’s premium but will not be shown separately on the invoice. If you are re-exporting a * lot outside of the UK, you must use Chiswick Auctions Ltd TA Shipper.

3. Online Bidding Surcharges

Customers bidding through the third-party auction platform thesaleroom.com are liable for a 4.95% surcharge on the hammer price,plus VAT. This is in addition to the Buyer ’s Premium. Customers bidding through the third-party auction platform are liable for a 5% surcharge on the hammer price, plus VAT. This is in addition to the Buyers Premium.

4. Taxes

VAT is payable on the buyer’s premium, and for some lots, VAT is payable on the hammer price. The successful bidder will be responsible to ascertain and pay any applicable taxes including VAT, sales tax or any equivalent tax arising on sale of a particular lot.

W.e.f. 1st January 2021 (Post Brexit), Private individual buyers based outside UK will now be charged VAT at the applicable rate and will not be able to claim a VAT refund.

Trade clients based outside UK and who arrange for their own shipping can get the VAT refunded if all the below conditions are met:

1. Have registered to bid with an address outside of the UK

2. Provide immediate proof of export out of the UK within 90 days from the date of the auction

Please note, we charge an administrative fee of £135 per invoice to check export documents and arranging VAT refunds. VAT refunds will be done to the original method of payment used by the buyer.

No VAT will be refunded where the total VAT on an invoice is under £30.

Trade clients based outside UK and who arrange shipping with our recommended shipper JGM Shipping can get the VAT taken off the invoice prior to making payment. In order to do this, a confirmation of shipping with JGM Shipping needed to be provided by GAH LTD. If you cancel or change the shipping with our recommended shipper,

we will issue a revised invoice charging all applicable taxes.

5. Artist Resale Rights / Droit de Suite

Lots marked with ‘L’ may be subject to a levy.

Droit de Suite is a royalty payable to a qualifying artist or to the artist’s heir each time a work is resold during the artist’s lifetime and up to a period of 70 years after the artist’s death. Royalties are calculated on a cumulative sliding percentage scale based on the hammer price excluding the buyer’s premium. The royalty does not apply to Lots selling below the sterling equivalent of £1,000 and the maximum royalty payable on any single Lot is the sterling equivalent of

£12,500.

Royalties for Droit de Suite are as follows:

• From 0 to £50,000 4%

• From £50,000.01 to £200,000 3%

• From £200,000.01 to £350,000 1%

• From £350,000.01 to £500,000 0.5%

• Exceeding £500,000 0.25%

6. Remedies for non-payment

If the Buyer fails to make full payment in cleared funds within the time required as aforementioned, GAH Ltd shall be entitled to exercise any one or more of the following rights or remedies additional to such other rights or remedies available:

• To cancel the sale

• To resell the Lot on such terms by auction or otherwise entirely at GAH Ltd’s discretion. The Buyer will be liable for all costs including legal fees incurred in the sale and will remain liable for any shortfall arising upon sale.

• To offset any sums which GAH Ltd may owe the Buyer the outstanding sums unpaid by the said Buyer

• Where the Buyer owes sums to GAH Ltd in respect of different transactions, to discretionarily apply any sum paid by the Buyer for discharge of any owed sums.

• To refuse entry to the Buyer at any future auction and/or reject any future bids by the Buyer and/or seek a deposit from the Buyer entirely in the discretion of GAH Ltd.

• To exercise a lien over the Buyer’s property in the possession of GAH Ltd as collateral for any outstanding sums owed and to exercise all the rights and remedies of a person holding security over any such property, whether by way of pledge, security interest or in any other way to the extent permitted by Law.

• To commence legal proceedings for the recovery of the total amount due together with interest, legal fees and costs.

• To take such other action as is permissible by Law and in the discretion of GAH Ltd.

7. Collection

Purchased Lots can be collected from the auction room after the sale has ended or between 10am and 5pm up until close of business on the Friday following the sale. Special arrangements may be made for collection on Saturday at GAH Ltd’s discretion. Any delay in collection must be communicated clearly to GAH Ltd in advance of the collection deadline and GAH Ltd reserves the right to impose charges thereafter at its utter discretion.

8. Storage

GAH Ltd offers a discretionary 10 days free storage on purchased and unsold Lots from the date of the sale. Thereafter Lots not

collected shall incur storage charges of £15.00 per lot, per day or part thereof for smalls and pictures (defined as anything that can be handled by one person) and £20.00 per lot, per day for furniture and other larger lots. GAH Ltd shall be entitled to retain said Lots until all sums due have been paid to GAH Ltd. If any lot remains uncollected 20 days after the sale, storage charges shall thereafter be

£10/£20 (smalls/larger items) per day and GAH Ltd shall, in accordance with the Law, have the right to sell the purchased Lot to recover payment of storage charges outstanding. Any balance proceeds of sale received after payment of all sums outstanding and due to GAH Ltd shall be held for the account of the Buyer.

9. Shipping

Any shipping costs that may arise subsequent to the sale shall be at the Buyer’s expense. Such costs may include but not limited to postage, import and export permits where required and any other licence necessary for goods to be shipped outside of the European Union.

GAH Ltd does not offer insurance for shipping. However, GAH Ltd may arrange insurance upon the Buyer’s request and at the Buyer’ s expense.

GAH Ltd cannot be held responsible for any damages that may be incurred to goods prior to the fall of the hammer.

10. Loss or Damage

GAH Ltd does not accept liability for loss or damage occurring to Lots after the sale. GAH Ltd will use reasonable efforts when handling Lots, but shall not be responsible for any loss or damages that may occur whilst the said Lot is in any third party’s care.undefined

11. Cultural Goods import and export restrictions

Cultural goods may be subject to import and export restrictions.

Under EU Regulations related to the trade of cultural goods, export licences may be required for export outside of the European Union if the item’s value exceeds the EU threshold. Under UK Law, a licence may also be required for intra-EU trade.

Licenses are issued by RICA and it is the Buyer ’s duty to obtain them. Some countries restrict the import of specific cultural goods.

For example, the United States prohibits the import of pre-Columbian monument

SELLING

The Auctioneers reserve the right to refuse to accept for sale any Lot.

The Auctioneers shall be entitled to a commission on the price at which the Lot is sold in accordance with their published scale of charges. Payment shall be made at the time of sale. The Seller authorises the Auctioneers to deduct commission from the sale price. In addition, the Auctioneers reserve the right to charge a commission to the Buyer on the purchase price in accordance with their published scale of charges. If any Lot is entered for sale and is sold by the Seller to any person attending the sale that sale shall be deemed to have been affected by the Auctioneers as Agents for the Seller and full commission will be payable. The Seller shall at his own expense take away all unsold Lots not later than 5 p.m. on the next working day. Any lots left on site with us may be automatically consigned to the next auction. In default of this, storage will be charged in accordance with the Auctioneers` Standard Scale of Charges.

Please note that if any item is entered into the auction and not sold and subsequently

collected by the vendor, there will be a charge of £125 plus VAT for the HPI / TER check that we have carried out.

No Lot will be accepted for sale unless the appropriate Entry Form has been fully completed. The particulars given on the Entry Form and the description of the Lot contained in it form the basis of the Contract between the Seller and the Auctioneers and the Auctioneers shall not be liable to account to the Seller for any loss which may arise through the use of such particulars or description in any sale. At the request of the Seller the Auctioneers may complete and sign the Entry Form on the Sellers’ behalf. The Auctioneers accept no liability to either Seller or Buyer for any loss which may arise as a result.

If a Reserve Price is not stated in the appropriate place on the Entry Form the Lot will be sold without Reserve.

Notwithstanding any indication to the contrary on the Entry Form (e.g. “NET”, “CLEAR”), the Auctioneer has authority to sell at the price stated on the Entry Form.

If a reserve price is nominated, unless otherwise stated as (“Firm”) on the entry form, the auctioneer will at his/her own discretion reserve the right to sell that item at 90% of the nominated reserve price (up to

£500) 95% (up to £5,000) and 97.5% (over

£5,000).

Minimum reserve price per item is £100.

Any unsold items that are “rolled over” to the next auction and carry a reserve of £100 and less, will be automatically sold in the following auction without reserve.

A Lot will not be released until it has been offered for sale by the Auctioneers or the Auctioneers have ceased selling for the day. If any lot fails to sell by Auction the Auctioneers reserve the right to re-offer the Lot for sale by auction or to sell by private treaty at the Reserve Price or such other price as may be agreed by the Seller. Commission shall be payable in this instance in accordance with the provisions outlined above.

Where any Lot is found to be subject to a hire purchase, leasing or similar agreement the Auctioneers reserve the right to discharge the existing liability and to remit the balance, if any, to the Seller.

The Auctioneers may, at their discretion, make enquiries as to the title to any Lot. They shall not be under any duty to either Seller or Buyer to make such enquiries or to disclose to any person the result of any enquiries.

Definitions

1. “Seller” includes the owner of the Lot and any other person offering the lot to the Auctioneers for sale whether authorised by the owner or not.

2. “Buyer” includes the highest bidder, the person to whom a Lot is sold by private treaty, the person declared by the Auctioneers as being the Buyer and the principal of any of the above if they are acting as agents.

3. “Sale” includes a sale by private treaty.

4. “Lot” includes all Lots entered for sale whether by public auction or by private treaty.

5. The expressions “Seller”, “Buyer”, and “Auctioneers” include where appropriate their employees and agents.

AUCTIONS ACT 1927, ss1-4

Certain bidding agreements to be illegal

1. If any dealer agrees to give, or gives, or offers any gift or consideration to any other person as an inducement or reward for

abstaining, or for having abstained, from bidding at a sale by auction either generally or for any particular lot, or if any person agrees to accept, or accepts, or attempts to obtain from any dealer any such gift or consideration as aforesaid, he shall be guilty of an offence under this Act, and shall be liable on summary conviction to a fine not exceeding the statutory maximum, or to a term of imprisonment for any period not exceeding six months, or to both such fine and such imprisonment.

Provided that, where it is proved that a dealer has previously to an auction entered into an agreement in writing with one or more persons to purchase goods at the auction bona fide on a joint account and has before the goods were purchased at the auction deposited a copy of the agreement with the auctioneer, such an agreement shall not be treated as an agreement made in contravention of this section.

2. For the purpose of this section the expression ‘dealer’ means a person who in the normal course of his business attends sales by auction for the purpose of purchasing goods with a view to reselling them.

3. In England and Wales a prosecution for an offence under this section shall not be instituted without the consent of the Attorney- General or the Solicitor-General.

2. Right of vendors to treat certain sales as fraudulent

Any sale at an auction, with respect to which any such agreement or transaction as aforesaid has been made or effected, and which has been the subject of a prosecution and conviction, may, as against a purchaser who has been party to such agreement or transaction, be treated by the vendor as a sale induced by fraud:

Provided that a notice or intimation by the vendor to the auctioneer that he intends to exercise such power in relation to any sale at the auction shall not affect the obligation of the auctioneer to deliver the goods to the purchaser.

3. Copy of Act to be exhibited at sale

The particulars which under section seven of the Auctioneers Act 1845, are required to be affixed or suspended in some conspicuous part of the room or place where the auction is held shall include a copy of this Act, and that section shall have effect accordingly.

4. Short title, commencement and extent

1. This Act may be cited as the Auctions (Bidding Agreements) Act 1927…

2. This Act shall not extend to Northern Ireland.

AUCTIONS ACT 1969 ss1-5

Offences under Auctions (Bidding Agreements) Act 1927 to be indictable as well as triable summarily, and extension of time for bringing summary proceedings

1. Offences under section 1 of the Auctions (Bidding Agreements) act 1927 (which, as amended by the Criminal Justice Act 1967, renders a dealer who agrees to give, or gives, or offers a gift or consideration to another as an inducement or reward for abstaining, or for having abstained from bidding at a sale by auction punishable on summary conviction with a fine not exceeding the statutory maximum or imprisonment for a term not exceeding six months, or both, and renders similarly punishable a person who agrees to accept, or accepts, or attempts to obtain from a dealer any such gift or consideration as aforesaid) shall be triable on indictment as well as summarily; and the penalty that may be imposed on a person on conviction on indictment of an offence under that section
   

shall be imprisonment for a term not exceeding two years or a fine or both.

(5) This section applies only to offences committed after the commencement of this Act.

2. Persons convicted not to attend or participate in auctions

1. On any such summary conviction or conviction on indictment as is mentioned in section 1 above, the court may order that the person so convicted or that person and any representative of him shall not (without leave of the court) for a period from the date of such conviction –

1. in the case of a summary conviction, of not more than one year, or

2. in the case of a conviction on indictment, of not more than three years, enter upon any premises where goods intended for sale by auction are on display or to attend or participate in any way in any sale by auction.

2. In the event of a contravention of an order under this section, the person who contravenes it (and, if he is the representative of another, that other also) shall be guilty of an offence and liable –

1. on summary conviction, to a fine not exceeding the statutory maximum;

2. on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both.

3. In any proceedings against a person in contravention of an order under this section consisting in the entry upon premises where goods intended for sale by auction were on display, it shall be a defence for him to prove that he did not know, and had no reason to suspect, that goods so intended were on display on the premises, and in any proceedings against a person in contravention of such an order consisting in him having done something as the representative of another, it shall be a defence for him to prove that he did not know, and had no reason to suspect, that that other was the subject of such an order.undefined

4. A person shall not be guilty of an offence under this section by reason only of his selling property by auction or causing it to be so sold.

3. Right of seller of goods by auction where agreement subsists that some person shall abstain from bidding for the goods

1. Where goods are purchased at an auction by a person who has entered into an agreement with another or others that the other or others (or some of them) shall abstain from bidding for the goods (not being an agreement to purchase the goods bona fide on a joint account) and he or the other party, or one of the other parties, to the agreement is a dealer, the seller may avoid the contract under which the goods are purchased.

2. Where a contract is avoided by virtue of the foregoing subsection, then, if the purchaser has obtained possession of the goods and restitution thereof is not made, the persons who were parties to the agreement that one or some of them should abstain from bidding for the goods the subject of the contract shall be jointly and severally liable to make good to the seller the loss (if any) he sustained by reason of the operation of the agreement.

3. Subsection (1) above applies to a contract made after the commencement of this Act whether the agreement as to the abstention of a person or persons from bidding for the goods the subject of the contract was made before or after that commencement.

4. Section 2 of the Auctions (Bidding Agreements) Act 1927 (right of vendors to treat certain sales as fraudulent) shall not

apply to a sale the contract for which is made after the commencement of this Act.

5. In this section, ‘dealer’ has the meaning assigned to it by section 1(2) of the Auctions (Bidding Agreements) Act 1927.

4. Copy of the Act to be exhibited at sale Section 3 of the Auction (Bidding Agreements) Act 1927 (copy of Act to be exhibited at sale) shall have effect as if the reference to that Act included a reference to this Act.

5. Short title, commencement and extent

1. This Act may be cited as the Auctions (Bidding Agreements) Act 1969.

2. This Act shall come into force at the expiration of one month beginning with the day on which it is passed.

3. This Act shall not extend to Northern Ireland

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