Olympic 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 Business which you can view here. 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 printed in the auction catalogue 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 of 17.5% is applicable to all lots in this sale. An additional fee of 3% will be added to all invoices if successfully bidding for a lot through the services of LiveAuctioneers. The buyer's premium is subject to VAT at the standard rate (currently 20%). Lots are normally offered for sale under the auctioneer's margin scheme and VAT on the Buyer's Premium is payable by all buyers. The exception is where lot descriptions indicate otherwise and these items will be sold under the normal UK VAT rules and VAT will be charged at 20% (the current rate) on both the hammer price and the buyer's premium. Artist's Resale Rights It will be indicated in the lot description if lots are subject to artist's resale rights. 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 Pre-Sale Exhibition All our auctions are on public view prior to the sale. See "Preview Perios" for details. Condition Reports All prospective bidders are encouraged to attend the pre-sale 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). Bidding in Person To bid with us you must register to obtain a bidding number. Before the auction, fill in the form at the registration desk, provide proof of identity and you will be given a paddle number. All lots sold will be invoiced to the name and address in which the paddle has been registered and may not be transferred to other names and addresses. If you instruct an agent to bid on your behalf you will need to provide a letter of authority and they will also need to provide proof of identity. Graham Budd Auctions reserves the right to refuse. Please hand back the paddle after use. Absentee bids Graham Budd Auctions Ltd will be pleased to execute bids on behalf of those clients unable to attend the sale in person. All bids must be submitted in writing in good time and lots will always be purchased as inexpensively as possible (depending on any other bids received, reserves & competition in the saleroom). It will be possible to arrange auction room telephone bidding, but subject always to the availability of lines & staffing. These services are offered free of charge and are subject to our Conditions of Business. Click here for a printable bidding slip. If you intend to fax your completed bidding slip to us please note that during the exhibition and on sale day the correct fax number to use is 020 7293 6933. At all other times please send to our regular office fax number of 020 8363 5016. Payment Payment is due in sterling immediately after the sale and before purchases can be released. Payments in person can be made in the saleroom on the day of the auction, after this payments must be made by post, card transactions by telephone or electronic transfer to our bank. Graham Budd Auctions Ltd welcome the following Methods of Payment: Credit/Debit Card We are pleased to accept major credit cards (regrettably we are unable to accept American Express card payments), for which a surcharge will be made of 3% of the transaction total. This is to cover the charge made to us by our bank. 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. Sterling Cheque or Cash (In House Only) Please 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 (In House Only) payments will not be accepted above £6,000. Electronic Transfer Our bank details areL Barclays Bank plc Sort Code: 20-71-74 Account: 60420255 Account Name: Graham Budd Auctions Ltd IBAN: GB64BARC20717460420255 SWIFT/BIC: BARCGB22

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