European & Asian Works of Art

1. Reserves & Estimates: (a) A vendor is entitled to place prior to the auction a reserve on any lot consigned, being the minimum hammer price at which that lot may be sold. Reserves must be reasonable and we may decline to offer goods, which in our opinion would be subject to an unreasonably high reserve (in which case goods carry the storage and insurance charges stipulated in these ?Terms of consignment?). (b) A reserve once set cannot be changed except with our consent. (c) Where a reserve has been placed only we may bid on your behalf and only up to the reserve (if any) and you may in no circumstances bid personally. (d) Estimates are not Reserves. Estimates are given as a guide to buyers. Unreserved items may sell at a fraction of an estimate if no reserve has been agreed. 2. All items sold are subject to a seller's commission of up to 18% + VAT. The London Auction Rooms can charge for photography, marketing, insurance, handling fees, withdrawal or unsold lots unless a waiver to these charges is agreed by the company. Items are insured with the auctioneer at a rate of 1.5% of the reserve price. 3. Storage. All items consigned are stored at 30A Charles II Street in a secure alarmed office and vault. Private sales 4. The London Auction Rooms offers a brokerage service for clients who would like to offer items for sale outside of the auction timeline. Please contact privatesales@thelondonauctionrooms.com for further details. Payment 5. Sale results will be sent out the day following the auction and payments for sold lots will be made to the vendor within 30 days, provided the buyer's payment has been received. Should no payment be received within this time we will cancel the sale and offer the item in our next appropriate sale. 6. Unsold lots Unsold lots should be collected from The London Auction Rooms within one week of the sale unless a longer period is agreed with the auctioneer. Unsold lots that remain uncollected without prior arrangement will incur storage charges of £5 per day. Alternatively, if agreed, unsold lots may be offered for resale at The London Auction Rooms, generally at a lower reserve in the next suitable sale or the auctioneer will arrange for the items to be returned to the vendor. 7. Third party conflicts. The vendor confirms true title to the lots entered for sale, free from any third party claim or conflict. Any such conflict will result in a lot or lots being withdrawn from the auction until any disputes are settled 8.Insurance. We shall not be responsible for damage to or the loss, theft or destruction of any goods not so insured upon the owner?s written instructions. · We shall not be responsible for accidental breakage, loss or damage howsoever caused, unless directly caused by negligence of their employees. · In respect of any article delivered to us if the vendor has in force a policy or policies of insurance in which is specifically mentioned as being insured, whether or not for any agreed sum or value, the vendor shall notify his insurers of and shall himself note our interest as bailee in such policy or policies. 9. Value Added Tax: A vendor who sends for sale by auction any chattel(s) which is an asset of business must disclose to us whether or not [s]he has a registered VAT number, and thus the number. This information must be supplied to the Auctioneer on or prior to delivery of goods. 10. Ownership & Indemnity: The vendor declares that the goods entered are their own and unencumbered. Client account. The London Auction Rooms Ltd operates a client or trust account for vendor funds. Barclays Bank. Sort code 20-34-60. Account No. 83366693. The London Auction Rooms Ltd. Company no. 7902562. Registered Address 33 St James?s Square, London SW1Y 4JS. Office: 33 St. James?s Square, London SW1Y 4JS. Tel. +44207 129 1140.