Coins & Banknotes Auction

CONDITIONS OF SALE Peter Wilson Fine Art Auctioneers Ltd carries on business with bidders, buyers and all those present in the auction room prior to or in connection with a sale on the following Conditions of Sale and on such other terms, conditions and notices as may be referred to herein. 1. DEFINITIONS In these Conditions: (a) ?Auctioneer? means the firm of Peter Wilson Fine Art Auctioneers Ltd or its authorised Auctioneer, as appropriate; (b) ?Deliberate Forgery? means an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source but which is unequivocally described in the catalogue as being the work of a particular creator and which at the date of the sale had a value materially less than it would have had if it had been in accordance with the description; (c) ?Hammer Price? means the level of bidding reached (at or above any reserve) when the Auctioneer brings down the hammer; (d) ?Terms of Consignment? means the stipulated terms and rates of commission on which Peter Wilson Fine Art Auctioneers Ltd accepts instructions from sellers or their agents; (e) ?Total Amount Due? means the Hammer Price in respect of the lot sold together with any premium, Value Added Tax chargeable and any additional charges payable by a defaulting buyer under these Conditions; (f) ?Sale Proceeds? means the net amount due to the seller, being the Hammer Price of the lot sold less commission at the stated rate, Value Added Tax chargeable and any other amounts due to us by the seller in whatever capacity and however arising; (g) ?You? or ?Your?, etc. refer to the buyer as identified in Condition 2. (h) The singular includes the plural and vice versa as appropriate and words importing any Gender include either gender. 2. BIDDING PROCEDURES AND THE BUYER (a) Bidders are required to register their particulars before bidding and to satisfy any security arrangements before entering the auction room to view or bid; (b) The maker of the highest bid accepted by the Auctioneer conducting the sale shall be the buyer at the Hammer Price ?the buyer? and any dispute about a bid shall be settled at the Auctioneer?s absolute discretion by reoffering the Lot during the course of the auction or otherwise. The Auctioneer shall act reasonably in exercising this discretion. (c) Bidders shall be deemed to act as principals. (d) Once made, no bid may be withdrawn. (e) Our right to bid on behalf of the seller is expressly reserved up to the amount of any reserve and the right to refuse any bid is also reserved. 3. INCREMENTS Bidding increments shall be at the Auctioneer?s sole discretion. 4. THE PURCHASE PRICE The buyer shall pay the Hammer Price together with a premium thereon of 26.4% which shall include VAT on the premium at the rate imposed by law. 5. VALUE ADDED TAX Value Added Tax on the Hammer Price is imposed by law on all items affixed with an asterisk or double asterisk. Value Added Tax is charged at the appropriate rate prevailing by law at the date of sale and is payable by buyers of relevant Lots. (Please refer to ?Information for Buyers? for a brief explanation of the VAT position). 6. PAYMENT (1) Immediately a Lot is sold you will: (a) Give to us, if requested, proof of identity, and (b) Pay to us the Total Amount Due in cash or in such other say as is agreed by us. (2) Any payments by you to us may be applied by us towards any sums owing from you to us on any account whatever without regard to any directions of you or your agent, whether express or implied. 7. TITLE AND COLLECTION OF PURCHASES (1) The ownership of any Lots purchased shall not pass to you until you have made payment in full to us of the Total Amount Due. (2) You shall at your own risk and expense take away any lots that you have purchased and paid for no later than 3 working days following the day of the auction or upon the clearance of any cheque used for payment, after which you shall be responsible for any removal, storage and insurance charges. (3) No purchase can be claimed or removed until it has been paid for. 8. REMEDIES FOR NON-PAYMENT OR FAILURE TO COLLECT PURCHASES (1) If any Lot is not paid for in full and taken away in accordance with these Conditions or if there is any other breach of these Conditions, we, as agent for the seller and on our own behalf, shall at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise one or more of the following rights and remedies: (a) To proceed against you for damages for breach of contract; (b) To rescind the sale of that Lot and/or any other Lots sold by us to you; (c) To resell the Lot (by auction or private treaty) in which case you shall be responsible for any resulting deficiency in the Total Amount Due (after crediting any part payment and adding any resale costs). Any surplus so arising shall belong to the seller; (d) To remove, store and insure the Lot at your expense and, in the case of storage, either at our premises or elsewhere; (e) To charge interest at a rate not exceeding 1.5% per month on the Total Amount Due to the extent it remains unpaid for more than 3 working days after the sale; (f) To retain that or any other Lot sold to you until you pay the Total Amount Due; (g) To reject or ignore bids from you or your agent at future auctions or to impose conditions before any such bids shall be accepted; (h) To apply any proceeds of sale of other Lots due or in future becoming due to you towards the settlement of the Total Amount Due and to exercise a lien (that is a right to retain possession of) any of your property in our possession for any purpose until the debt due is satisfied. (2) We shall, as agent for the seller and on our own behalf pursue these rights and remedies only so far as is reasonable to make appropriate recovery in respect of breach of these Conditions. 9. THIRD PARTY LIABILITY All members of the public on our premises are there at their own risk and must note the layout of the accommodation and security arrangements. Accordingly neither the Auctioneer nor its employees or agents shall incur liability for death or personal injury (except as required by law by reason of our negligence) or similarly for the safety of the property of persons visiting prior to or at a sale. 10. COMMISSION BIDS Whilst prospective buyers are strongly advised to attend the auction and are always responsible for any decision to bid for a particular Lot and shall be assumed to have carefully inspected and satisfied themselves as to its condition we will if so instructed clearly and in writing execute bids on their behalf. Neither the Auctioneer nor its employees or agents shall be responsible for any failure to do so save where such failure is unreasonable. Where two or more commission bids at the same level are recorded we reserve the right in our absolute discretion to prefer the first bid so made. The Auctioneer may at its own discretion on your behalf exceed your commission by one bid. An instruction to buy with no upper limit will not be accepted. 11. WARRANTY OF TITLE AND AVAILABILITY The seller warrants to the Auctioneer and you that the seller is the true owner of the property consigned or is properly authorised by the true owner to consign it for sale and is able to transfer good and marketable title to the property free from any third party claims. 12. AGENCY The Auctioneer normally acts as agent only and disclaims any responsibility for default by seller or buyers. 13. TERMS OF SALE The seller acknowledges that Lots are sold subject to the stipulations of these Conditions in their entirety and on the Terms of Consignment as notified to the consignor at the time of the entry of the Lot. 14. DESCRIPTIONS AND CONDITION (1) Whilst we seek to describe lots accurately, it may be impractical for us to carry out exhaustive due diligence on each lot. Prospective buyers are given ample opportunities to view and inspect before any sale and they (and any independent experts on their behalf) must satisfy themselves as to the accuracy of any description applied to a lot. Prospective buyers also bid on the understanding that, inevitably, representations or statements by us as to authorship, genuineness, origin, date, age, provenance, condition or estimated selling price involve matters of opinion. We undertake that any such opinion shall be honestly and reasonably held and accept liability for opinions given negligently or fraudulently. Subject to the foregoing neither the Auctioneer nor its employees or agents nor the seller accept liability for the correctness of such opinions and all conditions and warranties, whether relating to description, condition or quality of lots, express, implied or statutory, are hereby excluded. This Condition is subject to the next following Condition concerning deliberate forgeries and applies save as provided for in paragraph 6 information to buyers?. Please note: Condition of items or other faults is not stated within the catalogue and items are sold strictly as seen. If you are interested in an item and no condition report is present please email auctions@peterwilson.co.uk for more information. The cost of postage, packing, transport, and shipping is the responsibility of the buyer. The cost of postage, packing, transport, and shipping will not be refunded in any circumstance. (2) Private treaty sales made under these Conditions are deemed to be sales by auction for purposes of consumer legislation. 15. FORGERIES Notwithstanding the preceding Condition, any Lot which proves to be a Deliberate Forgery may be returned to us by you within 14 days of the auction provided it is in the same condition as when bought, and is accompanied by particulars identifying it from the relevant catalogue description and a written statement of defects. If we are satisfied from the evidence presented that the Lot is a Deliberate Forgery we shall refund the money paid by you for the Lot including any buyer?s premium provided that (1) if the catalogue description reflected the accepted view of scholars and experts as at the date of sale or (2) you personally are notable to transfer a good and marketable title to us, you shall have no rights under this Condition. The right of return provided by this Condition is additional to any right or remedy provided by law or by these Conditions of Sale. GENERAL 16. We shall have the right at our discretion, to refuse admission to our premises or attendance at our auctions of any person. 17. (1). Any right to compensation for losses liabilities and expenses incurred in respect of and as a result of any breach of these Conditions and any exclusions provided by them shall be available to the seller and/or the Auctioneer as appropriate. (2). Such right and exclusions shall extend to and be deemed to be for the benefit of employees and agents of the seller and/or the Auctioneer who may themselves enforce them. 18. Any notice to any buyer, seller, bidder or viewer may be given by first class mail in which case it shall be deemed to have been received by the addressee 48 hours after posting. 19. Special terms may be used in catalogue descriptions of particular classes of items in which case the descriptions must be interpreted in accordance with any glossary appearing at the commencement of the catalogue. 20. Any indulgence extended to bidders buyers or sellers by us notwithstanding the strict terms of these Conditions or the Terms of Consignment shall affect the position at the relevant time only and in respect of that particular concession only; in all other respects these Conditions shall be construed as having full force and effect. 21. English law applies to the interpretation of these Conditions. INFORMATION FOR BUYERS 1. Introduction. The following information notes are intended to assist Buyers, particularly those inexperienced or new to our salerooms. All sales are conducted on our printed Conditions of Sale which are readily available for inspection and normally accompany catalogues. Our staff will be happy to help you if there is anything you do not fully understand. 2. Agency. As Auctioneers we usually contract as agents for the seller whose identity, for reasons of confidentiality, is not normally disclosed. Accordingly if you buy your primary contract is with the seller. 3. Estimates. Estimates are designed to help buyers gauge what sort of sum might be involved for the purchase of a particular lot. Estimates do not include the Buyer?s Premium or VAT (where chargeable). Estimates are prepared some time before the sale and may be altered by announcement before the sale. They are in no sense definitive. 4. Buyer?s Premium. The buyer shall pay the Hammer Price together with a premium thereon of 22% +VAT (26.4% inclusive). VAT will be at the rate imposed by law. 5. ?Subject to VAT? indicates that VAT is payable by the purchaser at the standard rate (presently 20%) on the Hammer Price as well as being an element in the buyer?s premium. Items which are subject to VAT will be clearly marked within the catalogue text as well as being labelled in the saleroom. This imposition of VAT is likely to be because the seller is registered for VAT within the European Union and is not operating the Dealers Margin Scheme or because VAT is due at 20% on importation into the UK. The double symbol (**) indicates that the lot has been imported from outside the European Union and the present position is that these lots are liable to a reduced rate of VAT (5%) on the gross lot price (i.e. both the Hammer Price and the buyer?s premium). Lots which appear without either of the above symbols indicate that no VAT is payable on the Hammer Price. This is because such lots are sold using the Auctioneers? Margin Scheme and it should be noted that the VAT included within the Premium is not recoverable as input tax. 6. We are, primarily, agents for the seller. We are dependent on information provided by the seller and whilst we may inspect lots and act reasonably in taking a general view about them we are normally unable to carry out a detailed or any examination of lots in order to ascertain their condition in the way in which it would be wise for a buyer to do. Intending buyers have ample opportunity for inspection of goods and therefore, accept responsibility for inspecting and investigating lots in which they are interested. Please note carefully the exclusion of liability for the condition of lots contained in the Conditions of Sale. Neither the seller nor we, as the Auctioneers, accept any responsibility for their condition. In particular, mechanical objects of any age are not guaranteed to be in working order. However, in so far as we have examined the goods and make a representation about their condition, we shall be liable for any defect which that examination ought to have revealed to the Auctioneer but which would not have been revealed to the buyer had the buyer examined the goods. Additionally, in specified circumstance lots mis-described because they are ?deliberate forgeries? may be returned and repayment made. There is a 2 week time limit. (The expression ?Deliberate Forgery? is defined in our Conditions of Sale). 7. Electrical goods. These are sold as ?antiques? only and if bought for use must be checked over for the compliance with safety regulations by a qualified electrician first. 8. Export of goods. Buyers intending to export goods should ascertain (a) whether an export licence is required and (b) whether there is any specific prohibition on importing goods of threat character because, e.g. they may contain prohibited materials such as ivory. Ask us if you need help. 9. Bidding. Bidders will be required to register before the sale commences and lots will be invoiced to the name and address on the registration form. Some form of identification may be required if you are unknown to us. Please enquire in advance about our arrangements for telephone bidding. 10. Commission absentee bidding. Commission bids may be left with the Auctioneer indicating the maximum amount to be bid excluding buyer?s premium. They will be executed as cheaply as possible having regard to the reserve (if any) and competing bids. The Auctioneer may at his/her own discretion on your behalf exceed your commission by one bid. Please enquire in advance about our arrangements for the leaving of commission bids by telephone or fax. 11. Methods of payment. Invoices will need to be paid for online through our website www.peterwilson.co.uk or by bank transfer as per the instructions on your invoice. We no longer accept cash or cheques and are unable to take payments over the phone. 12. Collection and storage. Please note what the Conditions of Sale state about collection and storage. It is important that goods are paid for and collected promptly. Items not removed within four days of the sale will be subject to a storage charge of £1.50 per item per day. 13. Postage and Shipping. Peter Wilson Fine Art Auctioneers Ltd do not provide a postage and packing service however we recommend the following company who deal with all postage, packing, and shipping for us: Mailboxes Etc., Peel House, 30 The Downs, Altrincham, WA14 2PX. Contact Alex Pye or Palanivel Kandaswamy on Tel: +44 (0) 161 233 0500, Fax: +44(0) 161 233 0400 Email: info@mbealtrincham.co.uk Website: www.mbealtrincham.co.uk 14. ?The Artists Resale Right? From mid ? February 2006 living artists are entitled to receive a resale royalty each time their art work is bought or sold by an art market professional. However, from 1 January 2012, the Right will be extended to include sales of works by artists who have died within the last 70 years (following the existing term of copyright). Royalties will be payable to the families and beneficiaries of these artists. This new law has been introduced in the UK following a European Directive. Art work must reach or exceed a certain value before it qualifies for the right. The qualifying threshold in the UK is 1000 euros which is approximately £850. The rates are calculated as a percentage of the sale price and are set out in a sliding scale from 4% to 0.25%. Portion of the sale price Royalty rate From 1000 to 50,000 euro 4% From 50,000.01 to 200,000 euro 3% This will be an extra charge upon the sum for which the art work is obtained, excluding V.A.T. For auctions this is regarded as the hammer price (excluding the buyer?s premium). For more information please see the Important Notice to Bidders posted in the salerooms or alternatively a full copy of ?The Artists Resale Right Regulations 2006? which is available on request.