Sporting Memorabilia

CONDITIONS OF BUSINESS FOR BUYERS 1. Introduction (a) The contractual relationship of Graham Budd Auctions Ltd and Sellers with prospective Buyers is governed by:- (i) these Conditions of Business for Buyers; (ii) the Conditions of Business for Sellers, available from Graham Budd Auctions Ltd on request; (iii) Graham Budd Auctions Ltd's Authenticity Guarantee; (iv) any additional notices and terms printed in the sale catalogue, in each case as amended by any saleroom notice or auctioneer's announcement. (b) As auctioneer, Graham Budd Auctions Ltd acts as agent for the Seller. Occasionally, Graham Budd Auctions Ltd may own or have a financial interest in a lot. 2. Definitions "Bidder"- is any person making, attempting or considering making a bid, including Buyers; "Buyer"- is the person who makes the highest bid or offer accepted by the auctioneer, including a Buyer's principal when bidding as agent; "Seller"- is the person offering a lot for sale, including their agent, or executors; "GB"- means Graham Budd Auctions Ltd, Auctioneers and Valuers, registered at Lion House, Red Lion Street, London, WC1R 4GB, company number 5036951. "Buyer's Expenses"- are any costs or expenses due to Graham Budd Auctions Ltd from the Buyer; "Buyer's Premium"- is the commission payable by the Buyer on the Hammer Price at the rates set out in the Guide for Prospective Buyers; "Hammer Price"- is the highest bid for the Property accepted by the auctioneer at the auction or the post auction sale price; "Purchase Price"- is the Hammer Price plus applicable Buyer's Premium and Buyer's Expenses; "Reserve Price"- (where applicable) is the minimum Hammer Price at which the Seller has agreed to sell a lot. The Buyer's Premium, Buyer's Expenses and Hammer Price are subject to VAT, where applicable. 3.Examination of Lots (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. (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. 4. Exclusions and limitations of liability to Buyers (a) GB shall refund the Purchase Price to the Buyer in circumstances where it deems that the lot is a Counterfeit, subject to the terms of GB's Authenticity Guarantee. (b) Subject to Condition 4 (a), neither GB nor the Seller:- (i) is liable for any errors or omissions in any oral or written information provided to Bidders by GB, whether negligent or otherwise; (ii) gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded (save in so far as such obligations cannot be excluded by English law), other than the express warranties given by the Seller to the Buyer (for which the Seller is solely responsible) under the Conditions of Business for Sellers; (iii) accepts responsibility to Bidders for acts or omissions (whether negligent or otherwise) by GB in connection with the conduct of auctions or for any matter relating to the sale of any lot. (c) Without prejudice to Condition 4(b), any claim against GB and/ or the Seller by a Bidder is limited to the Purchase Price for the relevant lot. Neither GB nor the Seller shall be liable for any indirect or consequential losses. (d) Nothing in Condition 4 shall exclude or limit the liability of GB or the Seller for death or personal injury caused by the negligent acts or omissions of GB or the Seller. 5. Bidding at Auction (a) GB has absolute discretion to refuse admission to the auction. Before sale, Bidders must complete a Registration Form and supply such information and references as GB requires. Bidders are personally liable for their bid and are jointly and severally liable with their principal, if bidding as agent (in which case GB's prior and express consent must be obtained). (b) GB advises Bidders to attend the auction, but GB will endeavour to execute absentee written bids provided that they are, in GB's opinion, received in sufficient time and in legible form. (c) When available, written and telephone bidding is offered as a free service at the Bidder's risk and subject to GB's other commitments; GB is therefore not liable for failure to execute such bids. Telephone bidding may be recorded. 6. 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). 7. 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 7(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. 8. Payment and Collection (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 6, shall not affect the Buyer's obligation to pay for the lot, as per Condition 8(a). (d) On receipt of cleared funds, the buyer may collect lots from the saleroom during the auction and immediately after its completion. Thereafter all purchased lots will be transferred to GB's appointed shipper and independent storer, details of which are printed in the auction catalogue or available from GB on request. Purchased lots in the possession of the appointed company will be subject to their own Conditions of Business and insurance arrangements. (e) 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. 9. 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. 10. 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's appointed shipper and independent storer 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. 11. 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 9(i). 12. 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. IMPORTANT INFORMATION FOR BIDDERS & BUYERS Conditions of Business All lots are offered subject to Graham Budd Auctions Ltd's Conditions of Estimates and Reserves Estimates are published as a guide only and are subject to review. The actual hammer price of a lot may be higher or lower than the range of figures given and there are no predetermined starting prices. Estimates can be subject to revision in which case a saleroom notice will be posted. The estimates are exclusive of buyer?s premium and VAT. All lots are subject to reserves. The reserve price is never set higher than the low pre-sale estimate. Buyer?s Premium & VAT A buyer?s premium (BP) of 22.5% is applicable to all lots in this sale when bidding with Graham Budd Auctions via liveauctioneers.com. This is exclusive of VAT (sales tax). At lot level the full additional charges inclusive of VAT will be indicated. The majority of lots in the auction are offered under the Auctioneer?s Margin Scheme (AMS) and as such BP is subject to VAT (currently set at a rate of 20% in the UK). The invoice total for AMS lots will be therefore be the hammer price + 27% inclusive of VAT. Under VAT rules some lots are deemed to be zero rated (ZR) for VAT purposes, such as books, programmes, magazines, newspapers etc. The invoice total for ZR lots will be therefore be the hammer price + 22.5%. VAT in respect of non-EU buyers If a non-European Union (EU) buyer instructs the auctioneer to export a purchased lot outside of the EU, then the auctioneer can demonstrate proof of export and is thereby authorised to remove the VAT from the buyer?s invoice. If however the buyer is handling the export in person or through an instructed shipper outside the control of the auctioneer, the VAT will have to be paid and then reclaimed by the buyer or the buyer?s shipper at the port of departure. Buyers are reminded that it is their responsibility to comply with UK export regulations and with any local import requirements. Artist's Resale Rights Some lots may be subject to artist's resale rights and if so will be indicated at lot level. Purchase of these lots will be subject to the payment of an Artist's Resale Right, at a percentage of the hammer price calculated as follow: Portion of the hammer price (in Euros) Royalty Rate Under 1,000 Nil 1,000-50,000 4% 50,000-200,000 3% For further information on Artist's Resale Rights see Design and Artists Copyright Society (DACS) website www.dacs.org.uk Auction & Exhibition venue Our sales are held at Sotheby?s auction room, 34-35 New Bond Street, London, W1A 2AA. Our auctions are also on public view prior to and for the duration of the auction. Full details can be found in the general information section for the sale. Condition Reports All prospective bidders are encouraged to attend the exhibition and view lots in person. If this is not possible, however, we will be pleased to provide condition reports on lots where practical. All condition reports are provided in good faith. Buyers are reminded that it is their responsibility to satisfy themselves over the condition of lots (refer to Conditions of Business paragraphs 3 a & b). Credit Card Registration for Internet Bidding In completing the bidder registration at liveauctioneers.com you will be required to provide your credit card details. If you are a successful bidder you do not have to use the registered card as your method of payment (a full list of payment methods follow). However, if you do not advise the auctioneer of an alternative payment arrangement by registering your card at liveauctioneers.com you authorise Graham Budd Auctions Ltd, if they so wish, to charge the credit card given in part or full payment, including all fees, for items successfully purchased online at the auction. By registering at liveauctioneers.com you also confirm that you are authorised to provide these credit card details to Graham Budd Auctions Ltd and agree that Graham Budd Auctions Ltd are entitled to ship the goods to the card holder name and card holder address provided in fulfilment of the sale Methods of Payment Payment is due in sterling immediately upon the issue of the invoice. In all cases and without exception purchases cannot be released until the auctioneer is in receipt of cleared funds. Graham Budd Auctions Ltd welcome the following Methods of Payment: Electronic transfer sent directly to our bank The details will be included in the email invoice to the successful buyer Online payment with STRIPE Clients who register an account with Graham Budd Auctions at our website can take advantage of paying securely and free online with STRIPE. Paypal Payment can be made by Paypal but is subject to Paypal?s fee of 3.4%. Credit/Debit Card We are pleased to accept card payments by Visa, Mastercard and American Express. Payments by credit card will incur a surcharge of 3% of the transaction total. There is no charge for payments made by debit card. Sterling Bankers Draft or Building Society Cheque Drawn on a recognised UK bank or building society. Plese note that we require seven days to clear sterling cheques where the amount exceeds the cheque card guarantee limit, unless special arrangements have been made with the auctioneer in advance of the sale, normally the presentation of a letter of guarantee from your bank. We always reserve the right to hold goods until a cheque is cleared. Cash Cash payments will not be accepted above £6,000. STORAGE, COLLECTION AND SHIPPING LOGISTICS Payments in person can be made in the saleroom on the day of the auction and on receipt of cleared funds, lots can be collected from the saleroom during the auction or immediately after its completion. Thereafter, all purchase lots will be transferred to Graham Budd Auctions' storage facility in Enfield, north London. Please contact the auctioneer for full details. All collections are strictly by pre-arranged appointment. Alternatively, we can organise packing for postage and shipping on a worldwide basis. Please contact us for a quote. Buyers are reminded that it is their responsibility to comply with UK export regulations and with any local import requirements. Conduct of the Auction The auctioneer will commence the bidding at the ?starting bid? as published in the auction catalogue and advance the bidding in such increments as he considers appropriate. The contract between the buyer and the seller is concluded on the striking of the auctioneer?s hammer. The auctioneer shall have discretion to refuse bids, withdraw or re-offer for lots for sale (including after the fall of the hammer) if he believes that there may have been an error or dispute, and may also take such other action as he reasonably deems necessary. Title in a lot will not pass to the buyer until GBA has received the purchase price in cleared funds. Remedies for non-payment Without prejudice to any rights that the seller may have, if the buyer fails to make payment for the lot, GBA may in its sole discretion exercise one or more of the following remedies:- (a) cancel the sale of the lot; (b) 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; (c) re-sell the lot by auction or privately, with the new sale price at GBA?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; (d) commence legal proceedings to recover the purchase price for the lot, plus interest and legal costs; (e) disclose the Buyer?s details to the seller to enable the seller to commence legal proceedings. Data Protection GBA will use information supplied by bidders or otherwise obtained lawfully by GBA for the provision of auction related services, client administration, marketing and as otherwise required by law. 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 the above service provisions, and to the seller solely in the event on non-payment. Miscellaneous a) All images of lots, catalogue descriptions and all other materials produced by GBA are the copyright of GBA. b) These Conditions of Business shall be interpreted in accordance with English Law, under the exclusive jurisdiction of the English Courts, in favour of GBA.