GENERAL CONDITIONS OF SALE

 

Anti-Money Laundering
 

Semley Auctioneers Limited is regulated under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, per Amendment no. 1511 (2019). The reference number as a supervised business is XZML00000183748. Accordingly, for qualifying transactions and in certain situations, Semley Auctioneers Limited will be required to collect information necessary to comply. The completion of sales is contingent on the provision of such information by customers, and any suspicious activity will be reported to the National Crime Agency.

 

1. Definitions

In these Conditions Semley Auctioneers Limited, who act only as auctioneers and agents, are called "The Auctioneers", and the representative of Semley Auctioneers Limited conducting the Auction is called "The Auctioneer".

 

2. General

Whilst Semley Auctioneers make every effort to ensure the accuracy of their catalogue and the description of any lot:

• Each lot as set out in the catalogue or as divided or combined with any other lot or lots is sold by the vendor with all faults, imperfections and errors of descriptions.  

 

• Semley Auctioneers do not accept responsibility for the authenticity, attribution, genuineness, origin, authorship, date, age, period, condition or quality of any lot, unless they have been instructed in writing by the vendor so to certify, and in such case the Auctioneers do so as agents of the vendor and are not themselves responsible for such claims.  

 

• All statements, whether printed in the catalogue or made orally, as to any of the matters set out in (b) above are statements of opinion only and are not to be taken as being or implying any warranties or representations of fact by Semley Auctioneers, unless they have been instructed in writing by the vendors so to certify, and in such case the Auctioneers do so as agents of the vendor and are not themselves responsible for such claims.  

 

• Any claim under any Statute must be received in writing by the Auctioneer within ten days of the day of sale.  

 

• Semley Auctioneers reserve the right at their absolute discretion to refuse admission to their premises or attendance at their sales, without giving any reason therefore.                                                                                                                                                                                                                                                                            

3. The Auction                                                                                                                                                                                                                          

• The Auctioneer has absolute discretion to divide any lot, to combine any two or more lots, to withdraw any lot or lots from the sale, to refuse bids, regulate bidding or cancel the sale without in any case giving any reason or without previous notice.   He may bid on behalf of the vendor for all goods which are being offered subject to reserve or at the Auctioneer’s discretion.  

 

• The highest bidder shall be the buyer except in the case of a dispute.   If the Auctioneer considers that a dispute has arisen, he has absolute discretion to settle it or to re-offer the lot.   The Auctioneer may at his sole discretion determine the advance of bidding or refuse a bid.  

 

• Each lot is put up for sale subject to any reserve price placed by the vendor.  

 

• All conditions, notices, descriptions, statements and other matters in the catalogue and elsewhere concerning any lot are subject to any statements modifying or affecting the same made by the Auctioneer from the rostrum prior to any bid being accepted for the lot.  

 

4. Rescission

Notwithstanding any other terms of these Conditions, if within ten days after the sale Semley Auctioneers have received from the buyer of any lot notice in writing that in his view the lot is a deliberate forgery, and within fourteen days after such notification the buyer returns the same to Semley Auctioneers in the same condition as at the time of sale and by producing evidence, the burden of proof to be upon the buyer, satisfies Semley Auctioneers that considered in the light of the entry in the catalogue or, in the case of an amended lot description as announced from the rostrum or printed in any Saleroom Notice prior to the lot being sold, the lot is a deliberate forgery, then the sale of the lot will be rescinded and the purchase price of the same refunded.   In the event of a dispute then the matter shall be settled by arbitration, the arbitrator to be nominated by the President of the Royal Institution of Chartered Surveyors.   Both the buyer and the vendor agree to be bound by the decision.  

 

5. Default

Semley Auctioneers disclaim responsibility for default by either the buyer or the vendor because they act as agents for the vendor only and therefore do not pay out to the vendor until payment is received from the buyer.   Instructions given by telephone are accepted at sender’s risk and must be confirmed in writing forthwith.  

 

6. Private Treaty

In the event of a sale by private treaty both the vendor and the buyer agree to be bound by the General and any Special Conditions of Sale.

 

VENDORS CONDITIONS

 

7. Instructions.

As auctioneers all goods delivered to Semley Auctioneers or collected by Semley Auctioneers after correspondence with the vendors or their agents will be deemed to be for sale by auction unless otherwise stated in writing, and will be catalogued and sold at Semley Auctioneers’ discretion and accepted by Semley Auctioneers subject to the General Conditions of Sale.   In the event of a lot failing to sell or selling but not being paid for by the buyer the vendors or their agents agree to that lot being re-entered into a later sale either at a lower reserve (in the event of that lot failing to meet the reserve), or at the same reserve (in the event of that lot selling but not being paid for by the buyer).   Each vendor or their agents acknowledges that he or she has accepted and agreed to be bound by all these conditions.  

 

8. Collections.

Semley Auctioneers do not themselves usually undertake the collection of goods but will, if required in writing, instruct a contractor on the vendor’s behalf in their capacity as agents.  Semley Auctioneers disclaim all responsibility for loss or damage to goods or for unauthorised removal of goods to and for damage to premises caused by the contractor who should be insured for such risks.   Unless instructions are received to the contrary the charge for these services will be normally deducted from the proceeds of sale.  

 

9. Loss or Damage.

Semley Auctioneers disclaim all responsibility for loss or damage to goods or for unauthorised removal of goods unless caused by the direct negligence of their employees.  

 

10. Storage.

Semley Auctioneers reserve the right to store or arrange for the storage of goods delivered to them for sale either on their own premises or elsewhere at their sole discretion. They exempt themselves from any liability for loss or damage to goods delivered to their sale rooms without sufficient sale instructions and reserve the right to make a minimum storage charge of £ 2.00 plus VAT per lot per day for such goods (unless the loss or damage is caused by the negligence of their employees).  

 

11. Right to Sell.

Vendors will be charged for goods left on the premises if the vendor has been requested to remove them and if the goods are not removed within fourteen days of such request Semley Auctioneers reserve the right to sell the goods to defray costs and storage charges.  

 

12. Loss or Damage Indemnity.

• Unless otherwise instructed in writing all goods on Semley Auctioneers’ premises and in their custody will be held insured against the risks of fire, theft following forcible entry and water damage (but not against accidental breakage or damage) for which insurance Semley Auctioneers will charge a premium of 1.5% plus VAT. The value of the goods so covered shall be pre-sale mid estimate.   Semley Auctioneers shall not be responsible for damage to or the loss, theft or destruction of any goods not so insured upon the owner’s written instructions.  Semley Auctioneers shall not be responsible for accidental breakage, loss or damage howsoever caused unless directly caused by the negligence of their employees.  

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• In respect of any article delivered to Semley Auctioneers if the vendor has in force a policy or policies of insurance in which the article is specifically mentioned as being insured, whether or not for an agreed sum or value, the vendor shall notify his insurers of and shall himself note Semley Auctioneers’ interest as bailees in such policy or policies.  

 

13. Reserves.

All goods are put up for sale WITHOUT RESERVE at the Auctioneer’s discretion unless written instructions as to reserves are received by Semley Auctioneers prior to the commencement of the sale.

 

• The Vendor shall be entitled to place prior to the auction a reserve in writing on any lot, being the minimum ‘hammer price’ at which that lot may be treated as sold.   A reserve once placed by the vendor shall not be changed without the consent of the Auctioneers.   The Auctioneers may at their option sell at a ‘hammer price’ below the reserve or the reserve less any agreed discretion on that reserve, but in any such cases the sale proceeds to which the vendor is entitled shall be the same as they would have been had the sale been at the reserve or the reserve less any agreed discretion on that reserve.

 

• In the event of any reserve not being reached at auction the Auctioneers are empowered to sell after the auction, by private treaty, as long as the goods remain on Semley Auctioneers’ premises and may at their option sell at a price below the reserve or the reserve less any agreed discretion on that reserve, but in any such cases the sale proceeds to which the vendor is entitled shall be the same as they would have been had the sale been at the reserve or the reserve less any agreed discretion on that reserve. In the event of such a sale by private treaty the Conditions of Sale applicable to a buyer governing the auction will apply.

 

• Where a reserve has been placed, only the Auctioneer may bid on behalf of the Vendor.

 

14. Indemnity.

The Vendor shall duly indemnify Semley Auctioneers against any claims in connection with any goods sold by Semley Auctioneers on the vendor’s behalf.

 

15. Value Added Tax.

A vendor who sends for sale by auction or private treaty any item which is an asset of his business must disclose to the Auctioneer whether or not he is a registered person for Value Added Tax purposes in the UK or any other EU country and if so, declare his registered number and whether or not he intends to operate the margin scheme for second-hand goods. This information must be supplied to the Auctioneer on or prior to the items being released to the Auctioneer.

 

16.  Commissions and Buyers Premium.

The vendor authorises the Auctioneer to deduct commission and expenses at the stated rates from the hammer price and acknowledges the Auctioneer’s right to retain any premium payable by the purchaser. Commission is charged at 15% of the hammer price, with a minimum commission of £8.33 per lot. The auctioneers reserve the right to apply unsold charges at 15% of the Auctioneers' mid estimate, together with all other charges incurred. VAT is payable on all charges. Payments are normally issued three weeks after the sale, provided that Semley Auctioneers has received cleared payment from the buyer.

 

17. Rights to Photographs and Illustrations.

The vendor gives Semley Auctioneers full and absolute rights to photograph and illustrate any lot placed in its hands for sale and to use such photographs and illustrations and any photographs provided by the vendor at any time at its absolute discretion (whether or not in connection with the auction).   Charges apply to photographs and illustrations used in catalogues and advertisements. Illustrations are charged at 5% of the hammer price of each lot, irrespective of how many images are used for the lot, to a maximum of £18.00 per lot.   This charge covers all publications and platforms.   These charges are subject to VAT at the standard rate.   The Auctioneers have sole discretion in disclosing the names of vendors.   

 

18. Electrical and Mechanical Goods, and soft furnishings.

Electrical and mechanical items will be offered for sale as decorative items only, and Semley Auctioneers accepts no responsibility for lots purchased for any other purpose, including the purpose for which the item was originally manufactured.   Soft furnishings are subject to stringent fire safety regulations, and non-compliant lots will be removed from sale and disposed of, the costs to be borne by the vendor or agent of the vendor.    

 

BUYERS CONDITIONS

 

19. Inspection.

Each buyer by making a bid for a lot acknowledges that he has satisfied himself fully before bidding by inspection or otherwise as to all the Sale Conditions, the physical condition of and description of the lot including but not restricted to whether the lot is damaged or has been repaired or restored.

 

20. Property and Risk.

Legal title will not pass to the buyer until the lot(s) has been paid for in full and the Auctioneers shall be entitled to a lien on any lot until the purchase price (as defined in 22 below) is paid in full but each lot is at the sole risk of the buyer from the fall of the hammer.   Each buyer shall, if called upon to do so by the Auctioneer, pay forthwith to Semley Auctioneers such proportion of the purchase price as the Auctioneer may require as a deposit, failing which the Auctioneers may, at their sole discretion, re-offer the lot to be sold.

 

21. Bidder Status.

Every bidder shall be deemed to act as principal unless there is in force a written acknowledgement by Semley Auctioneers that he acts as agent on behalf of a named principal.

 

22. Removal of Goods.  

• No purchase shall be claimed or removed until it has been paid for and the sale has been concluded.   All purchases shall be paid for and removed at the buyer’s risk and expense by 13.00 hours on the tenth working day after the sale, failing which the Auctioneer shall not be responsible if the same are lost, stolen, damaged or destroyed, and all lots not so removed shall remain at the risk of the buyer and subject to a minimum warehousing charge of £ 2.00 plus VAT per lot per day.   If they are not paid for and removed within thirty days of the sale the Auctioneer may re-sale them by auction or privately without notice to the buyer.   Any liability that there may be on the part of the Auctioneer in respect of any loss shall be restricted to a maximum of the price paid by the buyer of the lot.

 

• In the event of any failure of the buyers to comply with any of the above conditions the damages recoverable by the seller or the Auctioneers from the defaulter shall include any loss arising on any re-sale of the lot, together with the charges and expenses in respect of both sales, and together with interest at 2% above Barclays Bank PLC base rate upon the price of any lot which has not been paid for within thirty days of the sale, and any money deposited in part payment shall be held by the Auctioneers on account of any liability of the defaulter to them or to the seller. The Auctioneers are unable to accept payment from third parties without the written agreement of both the buyer and Semley Auctioneers.

 

23. Purchase Price.

The purchaser shall pay the hammer price together with a premium of 22% of the hammer price plus VAT at the standard rate.   The premium at the appropriate rate is payable by all purchasers.   The amount invoiced in respect of the premium will be inclusive of VAT but this VAT will not normally be recoverable by the buyer.

 

24. Third Party Liability.

Every person on Semley Auctioneers' premises at any time shall be deemed to be there at their own risk.   He or she shall have no claim on Semley Auctioneers in respect of any accident which may occur or injury, damage or loss howsoever caused, save in so far as the injury, damage or loss shall be caused by the direct negligence of Semley Auctioneers' employees.