The McCulloch Davies Collection

TERMS AND CONDITIONS FOR BUYERS These conditions set out the terms on which we Stanley Gibbons Baldwin?s Limited (trading as ?Stanley Gibbons Baldwin?s? or ?SGB?) of 399 Strand, London, WC2R 0LX, U.K. contract with you (the Buyer) either as agent on behalf of the Seller or as principal if we are the Seller. You should read these conditions carefully. 1. DEFINITIONS The following definitions apply in these Terms & Conditions: Auctioneers Margin Scheme: A VAT margin scheme as defined by HM Revenue & Customs; Buyer: The person who makes the highest bid for a Lot which is acceptable by the auctioneer and if the person is acting as an agent, will be a reference to their principal; Buyer?s Premium: The additional amount payable by the Buyer on the purchase of the Lot, calculated as the relevant percentage (specified in the auction catalogue) of the hammer price; Certificate of Authenticity: A certificate issued by and Expert Committee confirming the authenticity of a Lot; Expert Committee: A committee of experts to whom a Lot may be sent for an extension in accordance with clause 5.9.3; Forgery: A Lot constituting an imitation originally conceived and executed as a whole with a fraudulent intention to deceive as to authorship, origin, age, period, culture or source where the correct description as to such matters is not reflected by the description in the catalogue and which at the date of the auction had a value materially less than it would have had if it had been in accordance with the description in the catalogue. Accordingly, no Lot shall be capable of being a Forgery by reason of any damage and/or restoration work of any kind; Hammer Price: The amount of the highest bid accepted by the auctioneer in relation to a Lot; Lot: Any item deposited with us for sale at auction and, in particular, the item or items described against any Lot number in any catalogue; Reserve: The amount below which we agree with the Seller that the Lot cannot be sold; Seller: The owner of the Lot being sold by us; VAT: Value added tax chargeable under VAT and any similar replacement or additional tax; VAT Symbols: The symbols detailing VAT status of the Lot details of which are set out at the front of the auction catalogue. 2 Stanley Gibbons Baldwin?s Role as Agent 2.1 All sales undertaken by us either at auction or privately are undertaken either as agent on behalf of the Seller or from time to time, as principal if we are the owner of Lot. Please note that even if we are acting as agent on behalf of the Seller rather than as principal, we may have a financial interest in the Lot. 2.2 The contract for the sale of the Lot will be between you and the Seller. 3 CATALOGUE DESCRIPTIONS 3.1 Statements by us in the catalogue or condition report, or made orally or in writing elsewhere, regarding the authorship, origin, date, age, size, medium, attribution, genuineness, provenance, condition or estimated selling price of any Lot are merely statements of opinion, and are not to be relied on as statements of definitive fact. Catalogue and web illustrations are for guidance only, and should not be relied on either to determine the tone or colour of any item. No lot shall be rejected on the grounds of inaccurate reproduction. No Lot illustrated in the catalogue and online shall be rejected on the grounds of cancellation, centring, margins, perforation or other characteristics apparent from the illustration. Estimates of the selling price should not be relied on as a statement that this price is either the price at which the Lot will sell or its value for any other purpose. 3.1.2 Many items are of an age or nature which precludes their being in perfect condition and some descriptions in the catalogue or given by way of condition report make reference to damage and/or restoration. We provide this information for guidance only and the absence of such a reference does not imply that an item is free from defects or restoration nor does a reference to particular defects imply the absence of any others. 3.1.3 Other than as set out in clause 5.10, and in the absence of fraud, neither the Seller nor we, nor any of our employees or agents, are responsible for the correctness of any statement as to the authorship, origin, date, age, attribution, genuineness, or provenance of any Lot nor for any other errors of description or for any faults or defects in any Lot. Every person interested should exercise and rely on his own judgment as to such matters. 31.4 You are responsible for satisfying yourself as to the condition of the goods and the matters referred to in the catalogue description. 3.2 Examination of goods 3.3 You are strongly advised to examine personally any goods in which you are interested, before the auction takes place. Condition reports are usually available on request. We provide no guarantee to you other than in relation to Forgeries, as set out in clause 5.10 of these Terms and Conditions. 4 BIDDING 4.1 Registration before bidding You must complete and sign a bid registration form before making a bid at auction. Please be aware that we may require buyers who have not purchased before from Stanley Gibbons Baldwin?s or any of our associated companies to submit references prior to bidding. If you have not bid successfully with Stanley Gibbons Baldwin?s in the past, or you are registering with us for the first time, we reserve the right to require a deposit of up to 50% of the amount you intend to spend. Such deposit will be deducted from your invoice should you be successful. If you are unsuccessful at auction, your deposit will be returned by the same means it was paid to Stanley Gibbons Baldwin?s. 4.2 Bidding as Principal When making a bid (whether such bids are made in person or by way of telephone bids, commission or online or email bids), you will be deemed to be acting as principal and will be accepting personal liability, unless it has been agreed in writing, at the time of registration, that you are acting as agent on behalf of a third party buyer acceptable to us. 4.3 Bidding by Stanley Gibbons Baldwin?s We reserve the right to bid on Lots on the Seller?s behalf up to the amount of the Reserve (if any), which will never be above the low estimate printed in the auction catalogue. Stanley Gibbons Baldwin?s or it?s associated companies reserve the right to bid on and purchase Lots as principal. 4.4 Bidding Increments Bidding generally opens below the low estimate and advances in the following order although the auctioneer may vary the bidding increments during the course of the auction. The normal bidding increments are: Up to ?100 by ?5 ?100 to ?300 by ?10 ?300 to ?600 ?320-?350-?380-?400 etc. ?600 to ?1,000 by ?50 ?1,000 to ?3,000 by ?100 ?3,000 to ?6,000 ?3,200-?3,500-?3,800-?4,000 etc. ?6,000 to ?10,000 by ?500 ?10,000 to ?20,000 by ?1,000 ?20,000 and up Auctioneer?s discretion 4.5 Commission Bids If you give us instructions to bid on your behalf, by using the form provided in our catalogues or via our website, we shall use reasonable endeavours to execute these accordingly, provided these instructions are received not later than 24 hours before the auction. If we receive commission bids on a particular Lot for identical amounts, and at auction these bids are the highest bids for the Lot, it will be sold to the person whose bid was received first. Commission bids are undertaken subject to other commitments at the time of the sale, and the conduct of the auction may be such that we are unable to bid as requested. Since this is undertaken as a free service to prospective buyers on the terms stated, we cannot accept liability for failure to make a liability for failure to make a commission bid. You should therefore always attend the auction personally if you wish to be certain of bidding. 4.6 Online Bidding We offer internet services as a convenience to our clients. We will not be responsible for errors or failures to execute bids placed on the internet, including, without limitation, errors or failures caused by (i) a loss of internet connection by either party for whatever reason; 4.6.1 a breakdown or problems with the online bidding software and/or 4.6.2 a breakdown or problems with your internet connection, computer or system. Execution of on-line internet bids on www.sgbaldwins.com is a free service undertaken subject to other commitments at the time of the auction and we do not accept liability for failing to execute an online internet bid or for errors or omissions in connection with this activity. 4.6.3 Third-Party Bidding Platforms Stanley Gibbons Baldwin?s may occasionally offer bidding through third-party platforms. These platforms charge a fee based on the total amount spent, which will be passed on to the buyer. For bidders using Easy Live that have not opted to use the flat fee structure, a 3% charge on the hammer price will apply for successful bids, with VAT added at the standard rate. Additionally, charges outlined in clause 5 will apply. For bidders using thesaleroom.com, a 5% charge on the hammer price will be applied, with VAT added at the standard rate. Clause 5 charges will also be applicable. For bidders using liveauctioneers.com, a 5% charge on the hammer price will be applied, with VAT added at the standard rate. Clause 5 charges will also be applicable. 4.7 Telephone Bids If you make arrangements with us not less than 24 hours before the sale, we shall use reasonable endeavours to contact you to enable you to participate in bidding by telephone, but in no circumstances will we be liable to either the Seller or you as a result of failure to do so. This service is available only for lots with a lower estimate of ?1000 or above. 4.8 Video images At some auctions there will be a video screen. Mistakes may occur in its operation, and we cannot be liable to you regarding either the correspondence of the image to the Lot being sold or the quality of the image as a reproduction of the original. 4.9 The Auctioneer?s Discretion The auctioneer has the right at his absolute discretion to refuse any bid, to advance the bidding in such manner as he may decide, to withdraw or divide any Lot, to combine any two or more Lots and, in the case of error or dispute, to put an item up for bidding again. 4.10 Successful Bid Subject to the auctioneer?s discretion, the striking of his hammer marks the acceptance of the highest bid, provided always that such bid is higher than the Reserve (where applicable), and the conclusion of a contract for sale between you and the Seller. 4.11 Private Sale Agreements If you enter into any private sale agreements for any Lot with the Seller of an item that was offered in our auction within 60 days of the auction, we, as exclusive agents of the Seller reserve the right to charge you the applicable Buyer?s Premium in accordance with these Terms and Conditions, and the Seller a commission in accordance with the terms of the Seller?s agreement. 4.12 Return of a Lot Once your bid has been accepted for a Lot then you are liable to pay for that Lot in accordance with these Terms and Conditions. If there are any problems with a Lot then you must notify us within 7 days of receipt of the Lot, specifying the nature of the problem. We may then request that the Lot is returned to us for inspection. Save as set out in clause 5.10, the cancellation of the sale of any Lot and the refund of the corresponding purchase price is entirely at our sole discretion. We will not normally exercise that discretion if the Lot is not received by us in the same condition that it was in at the auction date. 4.12.2 No lot may be returned on account of condition if the condition was stated on a Certificate of Authenticity accompanying the Lot or in our description. 5 AFTER THE AUCTION 5.1 Buyer?s Premium and other charges In addition to the Hammer Price, you must pay us the Buyer?s Premium at a rate of 23% of the final Hammer price of each lot and any VAT applicable. 5.2 Value Added Tax VAT is chargeable on the Buyer?s Premium at the standard rate (currently 23%). Lots subject to 20% VAT on the Hammer Price are indicated by the Symbol ? next to the Estimate in the auction catalogue. Lots subject to 5% Import Tax on the Hammer Price for buyers in the U.K. are indicated by the ? symbol next to the Estimate in the auction catalogue. Investment gold is exempt from VAT, but if purchased at auction, a Buyer?s Premium will be applied to the hammer price at a standard rate of 20%, VAT will then be added to the Buyer?s Premium. 5.3 VAT Refunds 5.3.1 As we remain liable to account for VAT on all Lots unless they have been exported outside the UK within 3 months of the date of sale, you will generally be asked to deposit all amounts of VAT invoiced. Credits will be made when proof of export is provided. If you export the Lot yourself you must obtain customs documents from the Administration Department for which a charge may be made. 5.3.2 If you export the Lot you must return the valid proof of export certificate to us within such period and you have not already accounted to us for the VAT, you will be liable to us for the full amount of the VAT due on such Lot and we shall be entitled to invoice you for this sum. 5.3.3 To apply for a refund of any VAT paid, the proof of export certificate must be sent to our Administration Department clearly marked ?VAT Refund? within 3 months of the date of sale. No payment will be made where the total amount of VAT refundable is less than ?50. 5.3.4 All lots will be exported at the stated total hammer value of your invoice. Stanley Gibbon?s Baldwin?s will not understate this export value under any circumstances. 5.4 Payment 5.4.1 You must provide us with your full name and permanent address and, if so requested, details of the bank from which any payments to us will be made. You must pay the full amount due (comprising the Hammer Price, the Buyer?s Premium and any applicable VAT) within seven days after the date of the sale or such longer period as shall be agreed in writing between Stanley Gibbon?s Baldwin?s and the purchaser prior to the auction (the onus for arrangements lies with the prospective purchaser). We reserve the right to charge interest at 15% for late payments. 5.4.2 You will not acquire title to the Lot until all amounts due have been paid in full. This includes instances where special arrangements were made for release of Lot prior to full settlement. 5.4.3 Payment should be made in sterling by one of the following methods: (i) Direct bank transfer to our account details of which are set out on the invoice. All bank charges shall be met by you. Please ensure that your client number is noted on the transfer. (ii) Please note we do not accept payment via cheque. Any cheques received will be returned to you or destroyed and will not be presented to our bank. (iii) By Visa or Mastercard. For all card payments there are limits to the amounts we will accept depending on the type of card being used and whether or not the cardholder is present. Payment can be made via our website or by getting in touch with our customer service or accounts team. 5.4.4 Payments should be made by the registered buyer and not by third parties, unless it has been agreed at the time of registration that you are acting as an agent on behalf of a third party. 5.4.5 If items are being submitted to an expertisation body, payment should still be made in full per 5.4.1. If the item is deemed to be a forgery and has due reason for return per section 5.10 the sale will be cancelled and the amount refunded to you. 5.5 Collection of Purchases 5.5.2 Unless specifically agreed to the contrary, we shall retain lots purchased until all amounts due to us, or to Stanley Gibbons Baldwin?s Limited, have been paid in full. Buyers will be required to pay for their lots when they wish to take possession of the same, which must be within 7 days of the date of the sale, unless prior arrangements have been made with Stanley Gibbon?s Baldwin?s. 5.5..2 Unless we notify you to the contrary, items retained by us will be covered in accordance with our insurance policy which is available for inspection at our offices from the date of sale for a period of seven days or until the time of collection, whichever is sooner. After seven days or from the time of collection, whichever is the earlier, the Lot will be entirely at your risk. 5.6 Notification Any Lot described in the catalogue as having faults or defects may not be returned even if an expert opinion or Certificate of Authenticity cites other faults or defects not included in the catalogue description, other than in the case of a Forgery. You are requested to contact us by telephone or in person as soon as possible after the auction to obtain details of the outcome of your bids to avoid incurring charges for late payment. 5.7 Packing and handling 5.7.1 Postage and packing will be charged unless the purchaser indicates, prior to the Auction closing, that they will collect their lots. Lots sent via Special Delivery are subject to VAT on the shipping amount. Invoice Value UK EU Non EU Up to ?1,000 ?10 ?15 ?30 Up to ?10,000 ?15 ?25 ?40 Above ?10,000 ?20 ?35 ?60 Boxed lots going to the UK will be charged at cost plus ?15 per box in addition to the above charges to cover handling and administration. 5.7.2 It is the responsibility of the Buyer to be aware of any Import Duties that may be incurred upon importation to the final destination. Stanley Gibbon?s Baldwin?s will not accept return of any package in order to avoid these duties. All items will be exported at the total hammer value of your invoice. Stanley Gibbon?s Baldwin will not understate this export value under any circumstances. 5.7.3 If the Buyer requires delivery of the Lot to an address other than the invoice address he must notify Stanley Gibbon?s Baldwin?s in writing. 5.8 Remedies for non-payment or failure to collect purchases; 5.8.1 If you fail to make payment within seven days of your stipulated payment date set out in your invoice, we shall be entitled to exercise one or more of the following rights or remedies: 5.8.1.1 to charge interest compounded at the rate of 15% per month, calculated on a daily basis, from the date the full amount is due; 5.8.1.2 to set off against any amounts which Stanley Gibbons Baldwin?s Limited may owe you in any other transaction the outstanding amount remaining unpaid by you; 5.8.1.3 to reject at any future auction any bids made by you or on your behalf or obtain a deposit from you before accepting any bids. 5.8.2 If you fail to make payment within thirty-five days, we shall in addition be entitled: 5.8.2.1 to cancel the sale of the Lot or any other item sold to you at the same or any other auction; 5.8.2.2 to arrange a resale of the Lot, publicly or privately, and, if this results in a lower price being obtained, claim the balance from you together with all reasonable costs including a 23% seller?s commission, expenses, damages, legal fees, commissions and premiums of whatever kind associated with both sales or otherwise, incurred in connection with your failure to make payment; 5.8.2.3 take any other appropriate action as we deem fit. 5.8.3 If you fail to collect within 35 days after the sale, whether or not payment has been made, you will be required to pay a storage charge of ?5 per item per day plus any additional handling cost that may apply. 5.9 Right to Reject Lots 5.9.1 Any coin that is purchased in auction that has not been encapsulated and is later sent for third party grading, may not be returned for any other reason except for doubts of authenticity or obvious misrepresentation of condition. 5.9.2 If you wish to obtain an expert opinion or Certificate of Authenticity for any Lot (other than a Lot comprising three or more stamps or a Lot containing undescribed stamps) you must notify us in writing no less than forty-eight hours before the start of the first session of the sale. If accepted by us, such a request shall have the same effect as notice of an intention to question the genuineness or description of the Lot for the purposes of clause 5.10 (Refund in the case of Forgery) of these Terms and Conditions and the provisions of clause 5.10 (Refund in the case of Forgery) shall apply accordingly. 5.9.3 Notice of a request for an expert opinion or Certificate of Authenticity must give the reason why such opinion is required and specify the identify of your proposed expert which will be subject to agreement by us. We reserve the right, at our discretion, to refuse a request for an expert opinion or Certificate of Authenticity including (without limitation) where the proposed expert is not known to us. 5.9.4 If we accept a request for an expert opinion or Certificate of Authenticity we will submit the Lot to the Expert committee. You acknowledge and accept that the length of time taken by an Expert committee to reach an opinion will vary depending on the circumstances and in any event is beyond our control. 5.9.4 We will not accept a request for an extension on account of condition. Any Lot described in the catalogue as having faults or defects may not be returned even if an expert opinion or Certificate of Authenticity cites these faults in a different manner, other than in the case of a Forgery. 5.9.5 Should Baldwin's accept a request for an extension under the foregoing provisions of this paragraph, the fact may be stated by the Auctioneer from the rostrum prior to the sale of the Lot. 5.9.6 Where a lot has been submitted to expertisation the costs of such expertisation shall be paid by the person (which term shall include any company) who returns the certificate and item(s) to which such certificates relates. The onus and cost of proving a lot to be not genuine or incorrectly described is on the purchaser. 5.9.7 Where the purchaser of a lot discharges such onus of proof and complies with the provisions of this clause Stanley Gibbons Baldwin's shall set aside the sale and repay to the purchaser the Price paid by him in respect of the lot. 5.9.8 It should be noted that any stamp accompanied by a Certificate of Authenticity is sold on the basis of that Certificate only and not on the basis of any other description or warranty as to authenticity. No request for an extension will be accepted on such a stamp and the return of such a stamp will not be accepted. 5.9.9 If you receive any correspondence from the Expert Committee in relation to the Lot, including but not limited to a Certificate of Authenticity, you must provide us with copies of such correspondence no later than 7 days after you receive such correspondence. 5.9.10 No lot shall be rejected if subsequent to the sale, it has been damaged and/or marked or treated by any process whatsoever unless Stanley Gibbon?s Baldwin's permission to subject the lot to such marking or treatment has first been obtained in writing. 5.9.11 No lot illustrated in the sale catalogue or on the sgbaldwins.com website shall be rejected on the ground of characteristics apparent from its illustration. Whilst care has been taken to show colour illustrations as accurately as possible, reprographic and printing processes cannot always be guaranteed. 5.10.1 A sale will be cancelled, and the amount paid refunded to you if a Lot (other than a miscellaneous item not described in the catalogue) sold by us proves to have been a Forgery. We shall not however be obliged to refund any amounts if either (a) the catalogue description or saleroom notice at the auction date corresponded to the generally accepted opinion of scholars or experts at that time, or fairly indicated that there was a conflict of opinions, or (b) it can be demonstrated that the Lot is a Forgery only by means of either a scientific process not generally accepted for use until after publication of the catalogue or a process which at the date of the auction was unreasonably expensive or impracticable or likely to have caused damage to the Lot. Furthermore, you should note that this refund can be obtained only if the following conditions are met: 5.10.1 you must notify us in writing, within seven days of the receipt of the Lot(s), that in your view the Lot concerned is a Forgery; 5.10.1.2 you must then return the item to us within fourteen days from receipt of the Lot(s), in the same condition as at the auction date; and; 5.10.1.3 as soon as possible following return of the Lot, you must produce evidence satisfactory to us that the Lot is a Forgery and that you are able to transfer good title to us, free from any third party claims. 5.10.4 you must provide to us all evidence obtained by you that a Lot is a Forgery no later than 7 days after you receive such evidence. 5.10.2 In no circumstances shall we be required to pay you any more than the amount paid by you for the Lot concerned and you shall have no claim for interest. 5.10.3 The benefit of this guarantee is not capable of being transferred and is solely for the benefit of the person to whom the original invoice was made out by us in respect of the Lot when sold and who, since the sale, has remained the owner of the Lot without disposing of any interest in it to any third party. 5.10.4 We shall be entitled to reply on any scientific or other process to establish that the Lot is not a Forgery, whether or not such process was used or in use at the date of the auction. 6 LIABILITY Nothing in these Terms and Conditions limits or excludes our liability for: 6.1 death or Personal injury resulting from negligence; 6.2 or any damage or liability incurred by you as a result of our fraud or fraudulent misrepresentation.