ANCIENT ART I

Auction Conditions Introduction These Terms & Conditions (?Conditions??) set out the legal framework governing all auctions conducted by Belmont Auction Ltd (?Belmont??, ?we??, ?us??, ?our??). By registering to bid, attending an auction, or purchasing through us, you agree to be legally bound by these Conditions in their entirety. laws of England and Wales All transactions and activities under these Conditions are governed by the laws of England and Wales. Belmont, the Seller, and the Buyer each agree to submit to the exclusive jurisdiction of the courts of England and Wales. AGREED COMPLETION DATE (a) the date specified in the Special Conditions; or (b) if no date is specified, 20 Business Days after the Contract Date (or the next Business Day if that falls on a weekend or public holiday). ARREARS SCHEDULE Any arrears schedule forming part of the Special Conditions. AUCTIONEER(S) Belmont Auction Ltd, acting in its professional capacity as auctioneer. CATALOGUE The published list of Lots for an Auction, in printed or electronic form, as at the date of the Auction or (if different) the Contract Date, including any Addenda. The Conditions are structured as follows (a) the Glossary (definitions of specific terms used herein); (b) the Auction Conduct Conditions (rules relating to bidding and auction procedures); and (c) the Sale Conditions (including any Special Conditions that may apply to a specific Lot). Glossary of Defined Terms To ensure clarity and consistency, the following words and expressions (shown in CAPITALS throughout these Conditions) shall have the meanings set out below. Unless otherwise stated: singular includes plural (and vice versa); references to one gender include all genders; and references to legislation include amendments, updates, or re-enactments in force at the Auction or Contract Date. APPROVED FINANCIAL INSTITUTION A UK-based bank or building society regulated by the relevant authority, or another institution approved by Belmont. AUCTION The auction advertised in the official Catalogue (including any Addendum). BUSINESS DAY Any day other than Saturday, Sunday, or a public/bank holiday in England and Wales. Without alteration Unless expressly varied in writing by Belmont (or as permitted under a Lot?s Special Conditions), these Conditions apply without alteration to every Auction and every Lot offered for sale. ACTUAL COMPLETION DATE The date on which Completion legally takes place (or is deemed to take place) for the purpose of apportionments, interest, and transfer of risk. ARREARS Outstanding unpaid rent or other sums due under Tenancies as at the Actual Completion Date. AUCTION CONDUCT CONDITIONS The provisions in Section 4 of these Conditions, together with any additional conditions stated in the Catalogue or Addendum. BUYER The individual, company, or representative who makes the successful bid for a Lot. Where two or more parties act jointly, all obligations are joint and several. COMPLETION Unless otherwise agreed, the point at which all pre-completion obligations have been performed and the purchase monies are unconditionally received in the Seller?s conveyancer?s client account (or otherwise as required by the Contract). CONDITION Any clause in the Auction Conduct Conditions or Sale Conditions. LOT Any Lot described in the Catalogue (subject to variation by Addenda). SALE CONDITIONS The conditions set out in Section 5 of these Conditions, comprising the general conditions of sale, any Special Conditions, tenancy/arrears schedules, and the Sale Memorandum. SPECIAL CONDITIONS Conditions that apply specifically to an individual Lot, supplementing or varying the Sale Conditions. Age & Attribution Unless expressly warranted in the Special Conditions, all references to age, origin, date, attribution, or authenticity are statements of opinion only. Legal Obligation By placing a bid, you acknowledge that, if successful, you enter into a binding legal obligation to pay for the Lot in accordance with these Conditions. CONTRACT DATE The date of the Auction, or (if sold pre- or post-auction) the date the Sale Memorandum is signed by both parties, or (if contracts are exchanged) the date on which both parts are executed and placed beyond normal retrieval. PARTICULARS The description of a Lot in the Catalogue. SALE MEMORANDUM The written record of sale signed immediately after the fall of the hammer (or following a post-auction sale) confirming the agreed terms. TENANCIES Any leases, tenancies, or occupational agreements affecting the Lot. Expert Verification We consult external specialists where appropriate; however, all descriptions remain opinions. Buyers are strongly advised to inspect Lots in person, or appoint an expert/agent to do so before bidding. Electrical Items All electrical goods are sold untested, without warranty as to safety, condition, or suitability. Buyers must ensure proper testing and certification before use. DOCUMENTS Entries on the relevant register and documents referred to in the Special Conditions relating to the Lot (excluding financial charges). PRICE The hammer price achieved for a Lot. SELLER The person(s) selling the Lot, including any party on whose behalf Belmont acts as agent. Sold as Seen All Lots are sold strictly on an ?as seen, as is?? basis, with no guarantee of quality, condition, or fitness for purpose. Images & Video Additional photographs and video inspections can be provided upon request before the Auction to aid buyer due diligence. Auction Conduct Conditions Belmont acts as the Seller?s agent. We are authorised to: prepare and publish the Catalogue; offer Lots for sale; conduct the Auction and regulate bidding; receive deposits and hold client monies; sign Sale Memoranda on behalf of parties; and treat contracts as repudiated where Buyers default. Belmont acts solely as the agent for the Seller. The legally binding contract of sale for a Lot is strictly between the Seller and the Buyer, on the basis of the Sale Conditions and any Special Conditions. Risk passes to the Buyer immediately upon the fall of the hammer. Title passes only upon Completion, provided that all monies (Price, Buyer?s Premium, VAT, and any other charges) have been received in cleared funds. Returns are permitted only where, within 10 days of collection/delivery, the Buyer provides conclusive evidence that our description was materially incorrect due to our fault (e.g., item described as ?16th century?? but verified as 20th century). The Lot must be returned in the same condition. In such cases, the Seller will refund the Price and Buyer?s Premium actually paid. This is the sole remedy available. No claims for consequential or incidental loss will be entertained. All bids must be in pounds sterling and are exclusive of VAT. We may refuse any bid. Unless expressly stated otherwise, Lots may be subject to a reserve price. Sellers (or Belmont on their behalf) may bid up to but not at or above the reserve. If the Lot is subject to Tenancies, rental income, apportionments, and Arrears will be dealt with in accordance with the Special Conditions and any accompanying Arrears Schedule. The deposit is due immediately at the fall of the hammer. The balance of the purchase price is due within 7 calendar days of the Contract Date, unless varied by Special Conditions. We may require satisfactory proof of identity, address, and (for companies) proof of incorporation and authority to act. Registration and bidding approval are at our sole discretion. Completion must take place on the Agreed Completion Date. Time is of the essence with respect to all payment obligations. The Buyer purchases the Lot subject to all matters discoverable through reasonable inspection, searches, or enquiries, and to all matters disclosed in the Documents, Particulars, and Special Conditions. Condition reports are provided for guidance only and are not warranties. Buyer?s Charges, Taxes & Online Surcharges If the Buyer fails to pay the balance on time or otherwise breaches the Conditions: The deposit may be forfeited; The Lot may be resold; and The Buyer may be held liable for any shortfall on resale, together with additional losses, interest, fees, and costs. The Buyer shall pay Belmont a Buyer?s Premium of 25% + VAT on the hammer price of each Lot, unless otherwise stated in the Catalogue or Addendum. VAT is payable on the Buyer?s Premium. Certain Lots may also attract VAT on the hammer price. Buyers are fully responsible for any applicable taxes, duties, or import/export charges. VAT refunds or zero-rating for exports will only be processed upon receipt of strict proof of export and may be subject to an administrative fee. If bidding occurs via third-party platforms, any additional platform surcharges (plus VAT) will apply, as set out on the platform and/or in the Catalogue. These are payable in addition to the Buyer?s Premium. We accept payment by bank transfer and by major debit/credit cards (though we reserve the right to decline certain cards). Cheques are not accepted. Payments must comply with Anti-Money Laundering (AML) regulations. We may decline third-party payments or those failing AML checks. Collection is by appointment within the timeframe stated in the Catalogue or Invoice. Failure to collect within this period may incur storage and handling charges. Title to the Lot does not pass until all funds are received in cleared form. Shipping arrangements and costs are the responsibility of the Buyer. Belmont does not automatically provide shipping insurance. Insurance may be arranged at the Buyer?s request and cost. We will exercise reasonable care when handling property, but responsibility for risk transfers immediately to the Buyer. Any third-party handling or shipping is entirely at the Buyer?s risk. Belmont accepts no liability for any loss or damage to Lots after the fall of the hammer. Seller Terms Unless otherwise agreed, Belmont acts as agent for the Seller. Standard seller?s commission is 12% + VAT on the hammer price unless a different rate is agreed in writing. Belmont reserves the right to refuse any Lot. Entry is only valid upon completion of a consignment form, which forms the basis of the Seller?s contract with us. If a reserve is stated, Belmont may sell only at or above that level. Unless marked as ?firm,?? Belmont may, at its discretion, accept bids below reserve as follows: Up to ?500: 90% of reserve; Up to ?5,000: 95% of reserve; Above ?5,000: 97.5% of reserve. The minimum reserve is ?100. Unsold Lots may be re-offered in a subsequent auction or sold privately at the reserve or such other price agreed with the Seller. Unsold Lots must be collected promptly (by 5 p.m. the next working day unless agreed otherwise). Storage charges may apply. For vehicles and artworks, appropriate history and theft checks may be undertaken. If the Lot is unsold and later collected, a ?125 + VAT charge may apply for such checks. Belmont may investigate title. Where Lots are subject to finance, hire purchase, or liens, liabilities may be discharged from sale proceeds before any balance is remitted to the Seller. Belmont adheres to UK AML legislation. We may: request proof of identity and source of funds, decline transactions, cancel sales, and/or report suspicious activity to authorities. Cash payments above prevailing UK/EU AML thresholds are not accepted. Payments from third parties not matching the registered Buyer/Seller may be refused. At the fall of the hammer, a binding contract arises. Buyers have no right of cancellation except as expressly permitted under clause 5.7 (misdescription) or under mandatory consumer protection laws (applicable only to online-only sales without prior inspection rights). Belmont may, at its discretion, cancel or re-offer a Lot during or after the Auction (up to 6 months post-sale) if it becomes aware of an error, dispute, or legal issue (e.g., title, provenance, attribution, fraud, licensing). The Auctions (Bidding Agreements) Acts 1927 & 1969 render certain collusive bidding agreements unlawful. If goods are purchased under a collusive arrangement, the Seller may avoid the contract, and those involved may be held liable for resulting losses. Copies of or notices regarding these Acts will be displayed at Auctions where required by law. Any dispute regarding bidding or auction conduct will be determined solely by Belmont. Our decision is final and binding. To the fullest extent permitted by law: Belmont?s liability to Buyers is limited to the Price actually paid. Belmont?s liability to Sellers is limited to the commission actually received. We exclude liability for all indirect, consequential, or incidental losses. Variations to these Conditions are valid only if in writing and issued by Belmont (or incorporated into the Special Conditions). Notices are deemed validly given when sent to the latest provided email or postal address of the party. Buyer?s Premium: 25% + VAT on the hammer price (unless varied by Catalogue/Addendum). Seller?s Commission: 12% + VAT (unless otherwise agreed in writing). Payment Due: Deposit immediately at sale; balance within 7 calendar days. Returns: No returns except within 10 days, and only where Buyer proves material misdescription due to Belmont?s fault. Sold as Seen: All Lots sold as-is; age/attribution statements are opinions. Electrical Items: Sold as-is; no guarantee of safety or functionality. Risk & Title: Risk passes at fall of the hammer; title passes on Completion after cleared funds. Governing Law & Jurisdiction: England & Wales.