Chartered Surveyors, Valuers, Auctioneers

Goldsmiths Auction Conditions

1. The total amount of the purchase money plus buyers premium (together with VAT at the appropriate rate on the latter) is to be paid on the day of the sale and before removal of any lot, the Delivery Order being shown to the Sale Porter on removal of each lot.
2. Buyers premium at MODERN HOUSEHOLD SALES – 20% inc. VAT (20%) of the purchase price .
3. Buyers premium at ANTIQUE SALES –  15% inc. VAT (20%) of the purchase price of items
4. Payment may be made by cheque, card (some exceptions) and cash. Cheques will not be taken from unknown purchasers unless previous arrangements have been made with the Auctioneers. The Auctioneers reserve the right to withhold goods until payment has cleared through the bank. Cash settlements of over £5000 will not be accepted either for a single account or for a series of linked transactions.
5. The highest bidder to be the buyer and if any dispute arises as to the last or highest bidder the lot in dispute shall be put up again and re-sold or the Auctioneer may declare the purchaser. The Auctioneer reserves the right to refuse any bid. NO LOTS SHALL BE TRANSFERRED
6. The bidding and increments shall be regulated by the Auctioneer who reserves the right of refusing any bid or of withdrawing or altering any of the lots (during or prior to the auction) and to bid on behalf of the Vendor in respect of any lot offered subject to a reserve price up to one bid under the reserve.
7. Each purchaser shall give the Auctioneer his full name and address and each lot shall be at the risk of the purchaser immediately upon the fall of the hammer.  ALL LOTS MUST BE CLEARED AT THE PURCHASER’S EXPENSE ON THE DAY OF THE SALE or such other time as may be agreed with the Auctioneer.
8. The Auctioneers act as Agents only.  Each lot as set out in the catalogue or as divided or joined with any lot or lots at the sole discretion of the Auctioneers is sold with all faults, imperfections and errors of description: neither the vendor nor the Auctioneers are responsible for the authenticity, attribution, genuineness, origin, authorship, data, age, period, condition or quality of any lot.  All statements in the catalogue as to any such matters are statements of opinion and are not to be taken as or implying, statements or representations of fact.  Purchasers are deemed to have satisfied themselves by inspection or otherwise as to all such matters and as to the physical description of any lot.  Neither the Vendor nor the Auctioneers make or give, nor has any person in the employment of the Auctioneers any authority to make or give, any representation or warranty and in the event neither the Vendor nor the Auctioneers are responsible for any such representation or warranty.
9. If any purchaser shall neglect or fail to comply with the above conditions the Auctioneers shall be entitled to re-sell his lots whether by auction or private treaty and the deficit, if any, incurred on such second sale together with all costs attending the same, shall be recoverable from the defaulter.
10. Vendors shall declare to the Auctioneers whether or not goods are from such source as to make VAT chargeable.  The vendor’s VAT number will be required by the Auctioneers in appropriate cases.
11. Unless otherwise specified the sale will be conducted on a “tax inclusive” basis throughout so that if any lot is subject to VAT no further charge will have to be made in that respect.  (Except that included in buyers premium. See 1 above).  Any registered person may enquire at the Pay office whether any lots purchased by him are subject to VAT and if so a Tax invoice will be issued upon written request.  Such required invoices will be issued as soon as possible following the sale. VAT included in the Auctioneers premium may not be reclaimed as the Auctioneer uses the Auctioneers VAT Margin Scheme
12. The Auctioneers reserve the right to settle small sale accounts in cash. If such amounts are not collected within 12 months then the Auctioneers reserve the right to pay the money to a registered charity.
13. When commission bids are left  the Auctioneers are unable to accept liability for failing to action a bid. When equal commission bids are left by more than 1 party the first bid received will be actioned
14. A storage charge may be levied for any items not removed from the Auction Rooms within 5 days of the sale. See notices for further details
15. Goldsmiths is regulated by the RICS. All Auction monies are held in the ‘Goldsmiths Client Account re Auction Sales’ at Barclays Bank, Kettering. This is a non interest bearing account.
16. ‘Goldsmiths’ operate a complaints handling procedure in accordance with the RICS rules of conduct.   A copy of the complaints handling procedure is available to any client upon request.