INFORMATION FOR BUYERS AT AUCTIONS
1. INTRODUCTION
All auctions are governed by these Conditions of Sale, together with any notices in the saleroom or announcements made by the auctioneer.
Please read these Conditions carefully before bidding. By bidding, you agree to be bound by them.
2. DESCRIPTION & CONDITION OF LOTS
While Lots Road Auctions make every effort to ensure the accuracy of their catalogues and the description of any lot:
2a) All lots are sold as seen, with all faults, imperfections, and errors of description. Electrical items are untested.
2b) Descriptions in the catalogue or elsewhere reflect our opinion only. We do not guarantee authenticity, attribution, origin, age, condition, or quality unless expressly stated in writing.
2c) Buyers are responsible for inspecting lots before bidding. Condition reports are provided as a guide only and do not form part of the contract. Condition reports can be requested by emailing conditionreports@lotsroad.com. We cannot guarantee a response to requests received later than 24 hours before the start of the auction.
2d) Nothing in these Conditions excludes or limits statutory consumer rights.
3. AGENCY
We act as agent for the seller whose identity is not normally disclosed for reasons of confidentiality. The contract of sale is between the buyer and the seller, not Lots Road Auctions.
4. ESTIMATES
Estimates are guides only and may change. They do not include buyer’s premium, VAT, or other surcharges. Estimates may be altered by saleroom notice or announcement by the Auctioneer before the auction of the lot; they are not definitive.
5. REGISTRATION & BIDDING
5a) Bidders must register before bidding and provide proof of identity. We reserve the right to impose a deadline prior to the auction by which you must register to allow us time to carry out the relevant checks.
5b) Personal information will be processed in accordance with our Privacy Policy available on our website at www.lotsroad.com
5c) We may refuse registration or bidding at our discretion.
5d) Lots are invoiced to the registered bidder only.
5e) We are not liable for the failure or error of external bidding platforms (such as the-saleroom.com or Easy Live Auction), internet connectivity, software or bidding systems.
6. ANTI-MONEY LAUNDERING
6a) We are required to carry out identity checks to comply with Anti-Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and related legislation.
6b) For individuals we require official photo identification and proof of address.
6c) For corporate entities we require the certificate of incorporation, official name, registration number and registered address along with photo identification for all Directors and beneficial owners of the entity.
6d) For trusts and estates we require photo identification for all executors/trustees.
6e) Failure to provide requested information may result in refusal to bid or cancellation of a sale.
7. COMMISSION BIDS
7a) Commission bids are executed at the lowest possible price, subject to reserves and competing bids.
7b) Identical bids may be decided by order of receipt.
7c) We reserve the right to impose a deadline prior to the auction by which you must register your commission bid, usually 24 hours before the start of an auction.
8. CONDUCT OF THE AUCTION
8a) The Auctioneer shall have the right, at their absolute discretion, to refuse any bid, withdraw any lot, divide any lot, combine any lots, advance the bidding, reopen the bidding in the event of dispute, and otherwise regulate the conduct of the auction.
8b) The highest bidder is the buyer unless a dispute arises. The Auctioneer has absolute discretion to settle all disputes which may include re-offering the lot and the Auctioneer’s decision shall be final.
8c) The Auctioneer may bid on behalf of the seller up to the reserve.
8d) Any information provided about a lot in the catalogue or elsewhere - including its condition and description - may be changed or clarified by the Auctioneer from the rostrum before it is offered and/or prior to any bids accepted. Any oral or written announcement made by the Auctioneer before the fall of the hammer shall take precedence over any catalogue description or other published information.
9. BUYER’S PREMIUM
9a) A buyer’s premium of 33.6% inclusive of VAT (28% + VAT) plus a £5 lot fee (inclusive of VAT) is applicable to each lot. Additional platform surcharges may apply.
9b) Certain works by living artists will incur an Artist’s Resale Right royalty charge of 4% when sold with a hammer price of €1000 (approx. £850) or more. Artist Resale Right royalties are not subject to VAT.
10. VAT
VAT may at times be payable on the hammer price and/or buyer’s premium. Relevant lots will be marked in the catalogue with a (*). VAT is chargeable at the standard rate (presently 20%). VAT is not applicable on books, unframed maps and some works on paper.
11. AUTHENTICITY & FORGERY CLAIMS
11.1 If a buyer reasonably believes a lot is a deliberate forgery, they must notify Lots Road Auctions as soon as reasonably practicable after discovery, but no later than six months after purchase in writing.
11.2 The claim must be supported by independent expert evidence, and the burden of proof rests with the buyer.
11.3 The lot must be returned within 21 days of notification in the same condition as at the time of sale.
11.4 If, after review, the lot is determined to be a deliberate forgery, the sale will be rescinded, and the buyer refunded the purchase price and buyer’s premium. We may reclaim such costs from the Vendor.
11.5 Claims based on changes in scholarly opinion, market re-attribution, or new research are excluded.
11.6 Nothing in this clause limits statutory consumer rights.
12. DEFAULT
12 a) If a buyer or seller defaults, we are not liable for their failure as we act as agent only
12b) Instructions given by telephone, email, online platform or other electronic means are accepted at the sender's risk.
13. PRIVATE TREATY SALES
Private treaty sales are subject to these Conditions unless otherwise agreed in writing.
14. METHODS OF PAYMENT
14a) Payment must be made by cleared funds namely bank transfer or by card within three days of the auction closing. We do not accept cash, cheques or American Express.
14b) Late payments may be subject to reminder fees. Lots that have not been paid for within 10 days of the auction closing may be re-offered without notice.
14c) Card payments taken over the phone are subject to a limit of £1,500 and in person £4,000.
14d) Goods will not be released until full payment is received.
15. LIABILITY ON PREMISES
Visitors enter at their own risk. We are not liable for loss or injury unless caused by our negligence.
16. ELECTRICAL GOODS
Electrical items are sold for display only and must be checked by a qualified electrician before use.
17. EXPORT
Buyers are responsible for export licences and compliance with import restrictions. VAT Applicable VAT refunds will only be made in-line with HMRC VAT Notice 703 and will carry an admin fee of £30 plus VAT.
18. COLLECTION & STORAGE
18a) All lots must be removed at the Buyer’s risk and expense within four days of the auction closing.
18b) Lots Road Auctions is not responsible if the item is lost, stolen, damaged or destroyed past this timeframe. The risk passes to the Buyer in full on the fourth calendar day after the auction closes.
18c) Lots that have not been collected within this timeframe may incur a storage fee of £5 per day + VAT (per lot), or such higher storage charges as may be notified for oversized items.
18d) Lots that have not been paid for or collected within 10 calendar days of the auction date may be re-offered into the next available sale following written notice to the Buyer.
18e) Lots that have been paid for but not collected within 30 calendar days of the auction without an agreed collection extension date in writing may be re-offered without further notice to the Buyer. We may sell, dispose of, donate, recycle or otherwise deal with the lot as we see fit, deduct all charges incurred and apply any proceeds towards outstanding sums due.
18f) If an item is found to be damaged or becomes unavailable prior to collection following a sale we will notify you immediately and issue a refund if an invoice has been settled.
19. Force Majeure
19a) We shall not be liable for failure to perform our obligations where such failure results from events beyond our reasonable control including power outages, internet failures, industrial action, governmental action, flood, fire, pandemic, cyberattack, failure of telecommunications networks, supplier failure, transportation disruption or other force majeure events.
20. AGREEMENT
20a) By registering and bidding, you confirm that you have read and agree to these Conditions.
20b) In the event of any failure of the Buyer to comply with any of the above conditions the damages recoverable by the seller or Lots Road Auctions from the defaulter shall include any loss arising on any re-sale of the lots, together with the charges and expenses in respect of both sales including legal costs, storage charges, transport charges and administrative expenses, together with interest at 10% above HSBC Base Rate upon the price of any lot which has not been paid for within 72 hours of an auction. Any money deposited in part payment shall be held by the Auctioneers on account of any liability of the defaulter to them or the seller.
20c) These Conditions and any dispute arising from them shall be governed by English law and subject to the exclusive jurisdiction of the courts of England and Wales.
20d) Nothing in these Conditions excludes or limits liability for death or personal injury caused by negligence, fraud, fraudulent misrepresentation, or any liability that cannot legally be excluded. Subject to the foregoing, Lots Road Auctions shall not be liable for indirect or consequential loss, loss of profit, loss of opportunity, loss of business or loss of goodwill.
20e) Our total liability shall never exceed the purchase price actually paid by the Buyer together with the Buyer’s Premium.
20f) The Auctioneer reserves the right to amend these Conditions from time to time. The Conditions published and in force on the date the auction opens shall apply to that auction.
