Buyers' Terms & Conditions:
1. The buyer shall be the highest bidder acceptable to the Auctioneer who buys at the Hammer Price. Any dispute which may arise with regard to bidding or the acceptance of bids shall be settled by the Auctioneer. Every bidder shall be deemed to act as principal unless the Auctioneer has prior to the auction, acknowledged in writing that a bidder is acting as agent on behalf of a named principal.
2. The buyer shall pay the Auctioneer a commission at the rate of 20% of the Hammer Price, exclusive of VAT at the applicable rate on all individual lots.
3. Unless credit terms have been agreed with the Auctioneer before the auction the buyer of a Lot shall pay to the Auctioneer within two days from the date of the auction the Total Amount Due. Notwithstanding this, the Auctioneer may, in its sole discretion, require a buyer to pay a deposit of 25% of the Total Amount Due at the conclusion of the auction.
4. Notwithstanding delivery or passing of risk to the buyer the ownership of a Lot shall not pass to the buyer until he has paid to the Auctioneer the Total Amount Due.
5. The buyer shall at his own expense collect the Lot purchased not later than forty-eight hours after the date of the auction but not before payment to the Auctioneer of the Total Amount Due. The buyer shall be responsible for any removal, storage and insurance charges in respect of any Lot which is not taken away within seven days after the date of the auction.
6. The buyer shall be responsible for all packing and shipping costs for the purchased property. Purchased Lots may be packed and handled by the Auctioneer, its employees, servants or agents. Where this is done it is undertaken solely as a courtesy to buyers and at the discretion of the Auctioneer. Under no circumstances shall the Auctioneer, its employees, servants or agents be liable for damage of any kind and howsoever caused to any purchased property nor shall the Auctioneer be liable for the errors or omissions of, or for any damage caused by, any packers or shippers which the Auctioneer has recommended.
7. If a buyer fails to pay for and/or collect any purchased Lot by the dates herein specified for payment and collection the Auctioneer shall, in its absolute discretion and without prejudice to any other rights or remedies it may have, be entitled to exercise one or more of the following rights or remedies without further notice to the buyer:
(a) To issue court proceedings for damages for breach of contract;
(b) To rescind the sale of that Lot or any other Lots sold to the buyer whether at that or at any other auction;
(c) To resell the Lot or cause it to be resold whether by public auction or private sale.
(d) To exercise a lien on any property of the buyer in the possession of the Auctioneer or whatever reason.
8. Prior to auction ample opportunity is given for the inspection of the Lots on sale and each buyer by making a bid acknowledges that he has, by exercising and relying on his own judgment, satisfied himself as to the physical condition, age and catalogue description of each Lot (including but not restricted to whether the Lot is damaged or has been repaired or restored). All Lots are sold with all faults and imperfections and errors of description. Neither the seller, the Auctioneer nor any of their employees, servants or agents shall be responsible for any error of description or for the condition or authenticity of any Lot. No warranty whatsoever is given by the seller or Auctioneer or by any of their employees, servants or agents in respect of any Lot and any condition or warranty express, or implied by statute or otherwise is hereby specifically excluded.
9. The buyer authorises the Auctioneer at any time to make use of any photographs or illustrations of the Lot purchased by the buyer for such purposes as the Auctioneer may require.
10. All lots are sold within the Auctioneer’s VAT margin scheme. HMRC Regulations require that the buyer’s premium must be invoiced at a rate which is inclusive of VAT. This VAT is not recoverable by any VAT registered buyer.
11. Wokingham Auctions offer an online bidding service via the-saleroom.com for bidders who cannot attend the sale. In completing the bidder registration on the-saleroom.com and providing your credit card details and unless alternative arrangements are agreed with Wokingham Auctions:
(i) authorise Wokingham Auctions, if they so wish, to charge the credit card given in part or full payment, including all fees, for items successfully purchased in the auction via the-saleroom.com, and
(ii) confirm that you are authorised to provide these credit card details to Wokingham Auctions through the-saleroom.com and agree that Wokingham Auctions are entitled to ship the goods to the card holder name and card holder address provided in fulfilment of the sale.
(iv) the-saleroom.com live auction service will be subject to an additional 3% commission charge + VAT at the rate imposed on the hammer price
Artist's Resale Rights (“Droit De Suite”)
The buyer agrees to pay the Auctioneer an amount equal to the resale royalty. Resale royalty applies to both a living artist and the estate of an artist for a period of 70 years after their death where the Hammer Price is €1,000 or more and the amount cannot be more than €12,500 per lot.
The amount is calculated as follows:
Royalty for the portion of the Hammer Price (in Euro)
4.00% up to 50,000
3.00% between 50,000.01 and 200,000
1.00% between 200,000.01 and 350,000
0.50% between 350,000.01 and 500,000
0.25% in excess of 500,000