Overview of our conditions of sale (full terms and conditions below):
1. Introduction: The following provides a basis for our terms of sale, for which all our auctions, timed and live, are held in accordance of. Our full terms and conditions for both buyers and vendors are available of our website www.maddoxstreet.co.uk Should you require any further information or clarification then please do not hesitate to get in touch.
2. Agency: We, as auctioneers act as agents for the vendor. Successful bidders who buy through us primary hold contract with them as the seller / legal owner of the items.
3. Estimates: All lots included in our sale hold estimates to allow prospective buyers to gauge a rough estimate as to the value of the lot and what they may expect it to sell for at the close of the sale. The estimate attached to the lot can also be used to gauge the reserve price. It is important to note that the estimate does NOT include the buyers premium, VAT, shipping or any other applicable fees payable by the buyer. Estimates are given in good faith and calculated by the information available to us – they are in no means definitive.
4. Buyers Premium: Buyers are bound through the conditions of sale to pay a buyers premium in addition to the hammer price. Buyers premium is set at 20% (plus vat) of the final hammer value.
5. Online Bidding: Buyers should note that should they wish to bid online though our partner site www.easyliveauction.com they are required to register in advance of the sale with www.easylive.com this carries a flat rate fee of £3 or an additional premium of 3% (plus vat) on top of the buyers premium. Successful bidders through the easylive platform will be issued with a invoice from us shortly after the sale.
6. VAT: Some lots (will be clearly indicated in the description of said lot) will require the standard rate of VAT (20%) to be paid on the full value of the hammer in addition to the VAT payable on the buyer’s premium.
7. Descriptions of Lots: Whilst we take the utmost of care to carefully describe the condition of items, we do however take the majority of our information from the vendor themselves who we act as agents for. Our descriptions do draw attention to any obvious mechanical faults or cosmetic flaws but it should not be taken for granted that apart from the aforementioned issues that the item is in good or original condition. We therefore encourage all buyers to make ample time to either request an appointment to view lots in person or to request a virtual condition report.
8. Responsibility for condition of lots: We as the auctioneer do not and will not take any responsibility for any mechanical issues with items such as watches unless there is an obvious oversite on our behalf or any foreseeable misrepresentation. In addition we do not warranty the age nor longevity of any item.
9. Authenticity Guarantee: All lots sold by us are (when applicable) authenticated by an accredited third party jeweller. Should the buyer of any item discover within a 14 day window of receiving the item that it is in fact a deliberate forgery then they will be able to return it to us for a full refund.
10. Watches: We offer no guarantee as to the timekeeping or mechanical condition of watches unless explicitly stated otherwise in the lot description.
11. Bidding: All bidders must register with us prior to the start of the sale, the details used on the registration will be used for invoicing purposes. Dependent on the sale and whether you are known to us we may require to forms of identification before admittance to the sale.
12. Live sales: Live sales conducted by us or any third party auctioneer require registration at least one working day in advance of the sale date for new buyers. Bidders are expected to abide by our general terms of sale and know that should they be the highest bidder at the time the hammer falls they will become the winner of the lot and thus be required to complete the transaction – paying both the hammer price and the buyers premium inclusive of any taxes due.
13. Timed sales: Our timed sales held on www.easyliveauction.com require bidders to hold a valid account with easylive auction and register for the sale before bidding. The sales typically last for 10 days, with the winner of the lot being the highest bidder at the end of the sale period.
14. Reserves: It is important to note that some lots will have a reserve price set by the seller- this is the minimum amount we have be instructed to accept by the seller on whose behalf we act, this will be clearly noted at the point of sale as to whether it has been met or not.
15. Payment: We accept payment predominately by bank transfer, card payments are also accepted online through the payment link on our invoices or we can by prior agreement accept cash up to £9000. Payment of lots is required within 5 days of the sale ending, accounts not settled within this period may be subject at our sole discretion to additional charges.
16. Shipping and Storage: Please study the following information carefully relating to the charges and timescales regarding shipping and storage of won lots. Shipping should be arranged with us as soon as possible through the request a shipping quote option on the invoice. Charges and shipping options can be viewed on our shipping policy. Any lots not collected or not arranged for shipping within 14 days of the sale date will no longer be insured by us and we will therefore not be in a position to accept any liability for loss nor damage. If goods remain uncollected for over six months we reserve the right to resell and forward the buyer the proceeds of the sale minus appropriate costs. CONDITIONS OF SALE
All business carried out by MADDOX STREET AUCTIONS LTD is carried out in strict accordance to the terms and general conditions detailed below.
1. Definitions in these conditions:
1.1 “Auctioneer”, “us” means the firm MADDOX STREET AUCTIONS LTD or its authorised third party auctioneer as appropriate.
1.2 “You”, “your” refer to the buyer
1.3 “Bidder” refers to the person who is registered with us prior to the sale commencing and places a bid for the lot.
1.4 “Buyer” refers to the highest bidder when the gabble falls or the timed sale ends who therefor enters a legal agreement to purchase the lot as per the conditions set out.
1.5 “Vendor”, “seller” refers to the legal owner of the lot who instructs us to act on their behalf.
1.6 “Deliberate forgery” means a imitation made with the deceiving us as to authenticity, age, origin, period or provenance.
1.7 “Hammer price” means the last bid placed before the gabble falls or before the timed online sale ends.
1.8 “Terms of consignment” means the terms stipulated by the auctioneer on which they act accept instruction from vendors or their agents.
1.9 “Total amount due” means the hammer price including any premium and VAT if chargeable, any additional charges payable in the event of the buyer defaulting on these terms.
1.10 “ Sale proceeds” means the net amount due to the seller, the hammer price minus the sellers commission and any other amounts due to us by the seller as defined in the terms on consignment.
1.11 Third party bidding platform means any third party service we use to facilitate an auction.
2. Bidding Procedures:
2.1 All bidders are required to register there details with the auctioneer or nominated third party bidding platform in advance of the auction commencing – should the buyer be unknown to us they may be required to lodge a deposit prior to being admitted to bid.
2.2 The highest bidder at the fall of the gabble or the end of the timed online sale will be deemed the buyer of the lot. Any disputes relating to this will be settled solely at the auctioneers absolute discretion. The auctioneers decision is final.
2.3 All bidders are deemed to act as principals.
2.4 We reserve right to bid on behalf of the vendor up to previously agreed reserve price.
2.5 We reserve the right to refuse any bid without reason nor prior warning.
2.6 All bids placed are final, no bid maybe retracted unless authorised by the auctioneer in advance of the sale.
3.1 Bidding will advance at increments set by the auctioneer at their complete discretion.
4. The Purchase Price
4.1 The buyer shall pay the purchase price of the lot to the auctioneer at close of sale, the purchase price is the hammer price together with a buyers premium of 20% with VAT charged on the buyers premium at the rate imposed by UK law.
5. VAT (Value Added Tax)
5.1 Lots requiring VAT to be paid on the hammer price will be indicated by a “*” included in the lot description.
6.1 You will provide to us proof of identity, if requested immediately after the sale.
6.2 You will pay to us the total amount due in either the form of a bank transfer, cash (up to the value of £9000) or via debit card payment.
6.3 Should payment be made via debit card, the payment will only be accepted in person with the accompanying pin code or for non-present transactions there must be a full data match from your bank.
6.4 Part payments made to us will be applied by us to the total amount due without any instruction from you nor your agent.
6.5 Under no circumstances will credit be provided to buyers.
7. Title and Collection of Purchases
7.1 The ownerships of any lots purchased by you the buyer will only pass to you once the total amount payable has been received by us.
7.2 You shall within 4 working days following the auction arrange the collection or postage of any lots purchased and paid for. After this period you may be at our discretion responsible for any storage, removal or insurance charges.
7.3 No lots can be shipped nor collected before the total amount due for the complete invoice has been settled in full.
8. Non Payment of Purchases
8.1 Should the purchaser fail to pay for the invoice in full in accordance with the conditions set out in clause 6 then we as the agents of the vendor may on our own behalf and at our absolute discretion and without prejudice to any other rights you may have exercise one or more of our rights as laid out below.
8.1.1 Rescind the sale of the lot or any other lots
8.1.2 Remove the lot at your expense with all storage and insurance costs being payable by you either at our premises or a third party.
8.1.3 Peruse you for damages in relation to breach of contract
8.2 As agents of the vendor we shall pursue the above rights as far as we deem appropriate m in respect to the breach of the conditions.
9. Third Part Liability
9.1 Any members of the public who enter our premises or a third party premises used by us before, during or after an auction do so completely at their own risk. The must make note of any requirements pertaining to health and safety and ensure they act in the appropriate manner for the conditions they find.
9.2 We the auctioneer nor our agents nor employees will take or incur any liability for personal injury or death accepted where we have been deemed negligent by a court of law.
10. Commission Bids
10.1 Commission bids are accepted by the auctioneer from bidders unable to attend the ale in person. It is however strongly advised that every effort should be made by bidders to attend the auction and inspect lots in person, any failure to do so is solely at the buyers risk with the auctioneer assuming no liability.
10.2 Commission bids must be made in writing, in advance of the sale.
10.3 In the event of two or more identical bids the auctioneer will take the first bid placed.
11. Warranty of Title and Availability
11.1 The vendor warrants to the auctioneer and they buyer that they the vendor is the true owner of the property entered into the sale and that are able in good faith to transfer the marketable title free from third party claims.
12.1 The auctioneer acts as the agent for the vendor only – they do not accept any responsibility for default from either party.
13. Terms of Sale
13.1 The vendor acknowledges that all lots sold are sold in accordance with these conditions herein and in accordance with the terms of consignment agreed at the time of consignment.
14. Descriptions and Condition
14.1 Whilst every effort is made to truthfully and accurately describe the condition of each lot we encourage buyers to make use of the ample opportunities presented to them to inspect the lot both physically and virtually prior to bidding.
14.2 Statements made by us pertaining to the age, condition and provenance of a lot involve matters of opinion and are not statements of fact. We the auctioneer accept no liability for correctness of opinions.
14.3 Authenticity of watches and precious metals is tested by our third party – any disputes of an items authenticity should be raised within 14 days of delivery.
14.4 Unless expressively stated in the lot description no warranty is given nor implied on any lots.
15.1 Any lot proved to be a deliberate forgery should be returned to us within 21 days of delivery
15.2 A written statement of defects should be provided showing the item in question materially differs from that detailed in our catalogue.
15.3 On the presumption we agree with the defects presented to us we will return the full invoice amount to you within 7 days. General
16. We reserve the right to refuse the right to register with us, refuse admission and / or refuse attendance at physical sales.
17. English Law applies to the interpretation all conditions listed.
18. The right for compensation for losses or expenses incurring in relation to material breach of these terms and conditions and / or any exclusions provided by them will be available to the vendor / auctioneer as appropriate.
19. The auctioneer may give notice to the buyer / bidder / vendor by email of first class mail, this will be deemed to of been received by the addressee after 48 hours of sending or posting.
20. Any indulgence allowed to buyers / bidders / vendors by the auctioneer notwithstanding the strict binding terms of the conditions listed or the terms of consignment will affect the position at that time only and only in respect of the particular concession. In all respects these conditions shall be constructed as having full force and effect.
21.1 Shipping is provided to the buyer from the auctioneer at the auctioneers absolute discretion, they do at any time reserve the right to remove this service and offer a reasonable alternative.
21.2 The auctioneer will take no responsibility for losses incurred by the buyer due to issues relating to a third party service provider i.e items lost or damaged in transit should the buyer elect to appoint their own courier.
22. Online Bidding
22.1 To bid online the buyer must register in advance with Easyliveauction and pay the appropriate fee for use of their services.
23. Artists Resale Right (ARR)
23.1 The artists resale rights dictates a royalty payable to the artist or for a period following 70 years following their death their heirs.
23.2 The royalty applies to lots with a hammer value over 1000 euros.
23.3 The royalty is initially charged at 4% of the hammer price – on a sliding scale as the hammer price increases.
23.4 The royalty is payable by the buyer and forms part of the total due on the invoice along with hammer price, buyers fees and VAT.
23.5 Items subject to will likely be marked as such in the lot description.
23.6 Buyers are strongly advised to familiarise themselves with the relevant laws regarding ARR.
We are pleased to offer shipping on all of our lots, with successful bidders being offered the following two options: Tracked and Insured Courier Delivery- Our in house packaging department is happy to arrange delivery within the UK on any item, all items will be sent using a tracked services such Royal Mail Special Delivery, DPD or Fedex. Costs for this service are shown below:
Hammer Values Under £1000 are subject to a £15 (plus VAT) delivery fee Hammer Values Between £1000-£5000 are subject to a £25 (plus VAT) delivery fee Hammer Values Above £5000 are subject to a £30 (plus VAT) delivery fee Packing Service- We are also happy to package items for collection by your own courier, we charge a small fee for this service - typically £5 (plus VAT).
We strongly suggest you use a tracked service, with adequate insurance in place to cover any potential loss or damage.