Terms And Conditions For Vendors
Commission of 18% including VAT is payable by the Vendor on the first £1000 of the hammer price plus 12% including VAT thereafter.
A lotting fee of £6 is payable by the vendor on all lots entered for sale (VAT inclusive).
Lots will be sold at the Auctioneer’s discretion. If you wish to apply a reserve, you must do so in writing a least three working days prior to the sale. All lots without a reserve will be sold to the highest bidder. Please be advised that unsold lots against a reserve are subject to a 5% buying in fee at the absolute discretion of the Auctioneer.
Loss and Damage Warranty
Gilding’s Ltd accept liability for loss & damage to any item consigned for sale up to but not exceeding the lower estimate or reserve agreed.
Transport is available using our in house service. A quote can be provided upon request.
Buyers Premium at a rate of 18% including VAT on the hammer price is payable by the buyers of all lots. This shall be collected and retained by the Auctioneers. Where indicated by an asterisk in the catalogue VAT is payable on the hammer price.
Droit de Suite
This symbol “AR” indicates works which may be subject to the Droit de Suite or Artist’s Resale Right, which took effect in the United Kingdom on 14th February 2006. We are required to collect a royalty payment for all qualifying works of art. Under new legislation which came into effect on 1st January 2012, this applies to living artists and artists who have died in the last 70 years. This royalty will be charged to the buyer on the hammer price and in addition to the buyer’s premium. See Terms and Conditions for Buyers for details.
All Gilding’s Limited charges, including lotting, commission, photography, advertising, transport and any other services provided, are subject to VAT at the current rate.
Any notice by the Auctioneers to a Vendor consignor, prospective bidder or buyer may be given by first class mail to the addressee’s last address known to the Auctioneers and if so given shall be deemed to have been duly received by the addressee 48 hours after posting.
These Conditions shall be governed by and construed in accordance with English Law. All transactions to which these Conditions apply and all matters connected with them shall also be governed by English Law.
The Auctioneers shall have the right at their discretion to refuse admission to their premises or attendance at their auctions by any person.
The Auctioneers means Gilding’s Limited of The Mill, Market Harborough.
The Vendor means the person or persons named on the schedule hereto. Where the Vendor comprises two or more persons the singular used in these Conditions shall include the plural and any obligations on the part of the Seller should be joint and several.
The Property shall mean the items identified on the schedule hereto.
The Buyer shall mean a person or persons including a firm or company making the highest bid for the Property or any part thereof whose bid shall exceed or be equal to the reserve, if any, under Condition 9.
If there should be any dispute as to who is the Buyer the Auctioneer’s decision on this point shall be final. If a bidder acts for any person who is not bidding, the bidder shall be jointly and severally liable with that person for satisfaction of all obligations and liabilities of the Buyer.
- The Auctioneers are instructed by the Vendor to act as the Vendor’s agents to sell the Property by auction or private treaty subject to the Conditions.
- The Vendor warrants to Gilding’s Limited and to the Buyer that he is the true owner of the Property or is properly authorised to sell the Property by the true owner free from all incumbrances. The Vendor of the property not held by the Auctioneers on their sale premises or under their control, warrants and undertakes to the Auctioneers and the Buyer that the property will be available and in a deliverable state on demand by the Buyer.
- The Vendor will indemnify Gilding’s Limited its servants and agents and the Buyer against any liability under the Misrepresentation Act 1987 or the Consumer Protection Act 1987 or any statutory re-enactment thereof and any breach of these Terms and Conditions of Sale.
- Whilst every effort will be made by the Auctioneers to catalogue the Property correctly the Auctioneers shall not be liable to the Vendor for any errors in the catalogue description and the Vendor shall be liable to the Buyer for any errors in the catalogue description whether or not such errors entitle the Buyer to rescind the sale under the Auctioneers Conditions of Sale by auction and omission to the salerooms.
- The Vendor authorises the Auctioneers to sell their Property on the basis that they are sold as seen with all faults, imperfections and errors of description.
- The Auctioneers as agents for the seller are not authorised to give any warranty in respect of the Property or any part thereof and the Auctioneers should exclude any and every implied condition or warranty relating to the Property otherwise except the warranty as to title implied under Section 12 of the Sale of Goods Act 1979.
- The Vendor warrants that all information supplied to the Auctioneers is accurate and indemnifies the Auctioneers against any liability however arising in respect of any inaccuracies in the above information and against all costs and expenses incurred by or on the Auctioneers behalf in dealing with any claim arising in that respect.
- All Properties are put up for sale without reserve unless written instructions are received at least 48 hours prior to the Sale or indeed a reserve is entered in the schedule hereto.
- Where a Vendor cancels instructions for sale or where a lot is withdrawn for any reason other than misattribution or authenticity Gilding’s Limited reserves the right to charge a fee equal to the Vendor’s unsold commission of 5% of the reserve or in the absence of a reserve by reference to an estimated price reasonably fixed by the Auctioneers, plus VAT at the prevailing rate at the date of the Sale from which the goods are withdrawn.
- After any auction if Property remains unsold the Auctioneers shall be authorised to sell the Property at the next appropriate Sale unless otherwise instructed by the Vendor that the Property is withdrawn under Condition 9.
- If the Property is unsold against a reserve the Auctioneers shall be authorised to sell the Property at their earliest convenience without any reserve being applied unless a revised reserve is notified to the Auctioneers at least 48 hours prior to the next appropriate Sale.
- Should a dispute arise the Auctioneers are authorised by the Vendor to determine the dispute and to put up the Property again at the last undisputed bid.
- The Vendor authorises the Auctioneers to bid on his behalf at their discretion up to the amount of the reserve to buy in the Property on the Vendor’s behalf as unsold below the reserve or to withdraw the Property as unsold if the reserve is not reached.
- No Vendor may bid nor may any third party bid on a Vendor’s behalf.
- The Vendor authorises the Auctioneers to bid on behalf of those persons who have left with them before the Auction written authority to bid on their behalf, neither the Auctioneers nor their servants or agents being responsible for any neglect or default relating to bids left to be made in that way, or for any failure of telecommunications relating to bids made.
- The Auctioneers are authorised to take reasonable steps to regulate the bidding and to refuse undesirable bids at their discretion.
- The Auctioneers have the Vendor’s authority to divide any lot, to combine any two or more lots or withdraw any lot or lots from the Sale.
- The Vendor authorises Gilding’s Limited to deduct commission at the stated rates, plus VAT at the prevailing rate on the date of the Sale, in addition to expenses from the hammer price and acknowledges Gilding’s Limited right to retain the Buyers Premium payable by the Buyer in accordance with Gilding’s Limited Conditions of Sale.
- The Auctioneers may deduct their commission and charges from any sum received by them from the Buyer and authorised by the Vendor to retain possession of the Property until such time as all charges relating to the goods and the Sale price plus Buyers Premium and VAT have been paid provided the Auctioneers have been duly paid by the Buyer subject to the Conditions of Sale.
- The Auctioneers shall pay the Vendor the net proceeds of the Sale less any sum due to the Auctioneers from the Vendor less any charges incurred within 28 days of the date of the Sale BUT if by that date the Auctioneers have not received the total amount due from the Buyer, then the Auctioneers will remit the sum due to the Vendor within five working days after the date on which the total amount is received from the Buyer.
- The Auctioneers act as the Vendor’s agents and are not liable to the Vendor for any default by the Buyer.
- If the property or any part thereof sold as a separate lot prove to be a deliberate forgery the Vendor authorises the Auctioneers to repay the Buyer the purchase price including Buyers Premium and VAT already paid by the Buyer and the Vendor shall pay to the Auctioneers a sum equal to the Buyers Premium plus VAT at the prevailing rate and in addition Conditions 11 and 18 shall apply.
- The Vendor undertakes to notify the Auctioneers of any change of address and shall be deemed to have had due and proper notice of any matters relating to these Conditions.
- The Auctioneers reserve the right to store or arrange for the storage of Property delivered to them for sale, either on their own premises or elsewhere, at their sole discretion.
- If the Property is left in the Auctioneers possession for 14 days after written notification to the Vendor to remove them the Auctioneers will charge storage at £12 per lot per week for furniture and £2 per lot per week for small items plus VAT at the prevailing rate and are authorised by the Vendor to sell the Property at their discretion to defray costs and storage charges.
- Unless otherwise instructed Gilding’s Limited will cover all Property whilst in their custody against the risk of fire, burglary and water damage (but not against accidental breakage or damage) for which the Vendor will be charged 1% of the hammer price plus VAT at the prevailing rate on the day of sale, or if unsold, the reserve price or if no reserve by reference to an estimated price reasonably fixed by the Auctioneers. In respect of any article delivered to Gilding’s Limited 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 Gilding’s Limited’s interest as bailee in such policy or policies.
- The Vendor of electrical or mechanical goods warrants and undertakes to Gilding’s Limited that at the date on which the Property is consigned to Gilding’s Limited that the same are safe if reasonably used for the purpose for which they were designed and free from any defect not obvious on external inspection which could prove dangerous to human life or health and will indemnify Gilding’s Limited, its servants and all agents against any loss or damage suffered by any of them in consequence of any breach or alleged breach of the above warranty and undertaking.
- Any Properties which the Auctioneers consider unsaleable or in any way unsuitable may be returned to the Vendor or disposed of at the Auctioneers discretion for which a charge will be incurred and is payable by the Vendor.
- The Auctioneers assume the right to take and use photographs at their discretion for which a contribution shall be made by the Vendor to a maximum of £36 per colour photograph, VAT inclusive.
- The Auctioneers will charge a fee for formal Valuations undertaken on behalf of prospective Vendors. This fee shall be retained and returned in the event of the majority of the chattels being received for sale upon instructions received within one calendar month.
- A charge will be incurred solely at the discretion of the Auctioneers for verbal Valuations made on behalf of prospective Vendors. This shall be refunded to the Vendor in the event of instructions received to proceed with the sale of Vendor’s Property within one calendar month of an initial valuation.
Conditions of Sale – For Buyers
- Vendors are reminded that the Vendor’s Conditions of Sale and Terms of Agreement are incorporated into Gilding’s Ltd. Entry Form.
- The Auctioneers, Gilding`s Ltd., have absolute discretion to divide any lot, to combine any two or more lots or to withdraw any lot from the sale, to refuse bids, regulate bidding or to cancel the sale without in any case giving any reason, or without any previous notice.
- Any instructions given to the Auctioneers over the telephone, by fax or through the internet by vendors or prospective buyers are accepted at the vendors or prospective buyers risk and must, in any event, be confirmed in writing.
- Gildings Ltd. act only as agents for the vendor. At his discretion, the auctioneer may bid on behalf of the vendor for all goods which are being offered, subject to reserve or otherwise.
- The highest bidder shall be the buyer. The auctioneer may, at his sole discretion, determine the advance of the bidding or refuse a bid. If during the auction the auctioneer considers that a dispute has arisen he has absolute discretion to settle the dispute or re-offer the lot. The auctioneers may only re-offer if a bidder contests a matter immediately, and before the offering of the next lot.
- The auctioneers accept no responsibility for the accuracy of any statement, whether printed in the catalogue, published on the internet or made orally, as to grading, authorship, attribution, genuineness, origin, date, age, provenance and/or condition. All such statements are statements of opinion and are not to be taken as being, or implying, warranties, guarantees or representations of fact. The Auctioneers reserve the right in forming their opinion, to consult and rely on any expert or authority considered by them to be reliable.
- Ample opportunity is given for inspection. Each purchaser, by making a bid for a lot, is deemed to have knowledge of all the Conditions of Sale and to have satisfied themselves as to the physical condition and accuracy of the description of the lot, including, but not restricted to, whether the lot is damaged or has been repaired.
- All lots are sold as shown, with all faults, imperfections and errors of description. However, if within seven days of the sale of any lot, the buyer gives notice in writing to the auctioneers that the lot sold is a “forgery” *, and if within fourteen days of giving such notice the buyer returns the lot in the same condition as it was at the time of the sale to the premises of the auctioneers and there is shown, to the satisfaction of the auctioneers, that having regard to the catalogue description the lot sold is a “forgery”, the auctioneers are authorised to, and will, rescind the sale and refund the purchase price received by them. This right is limited to the buyer and may not be assigned.
- Each lot, at the fall of the hammer, will be at the risk of the purchaser and will be taken away at the purchasers risk and expense on the day of the sale unless prior arrangements have been made with the auctioneers (see clause 12). In the event of any liability upon the auctioneers in respect of any loss, this shall be restricted to a maximum of the price paid by the buyer.
- The title of the goods shall not pass to the buyer until the purchase price has been paid in full and including the premium at the stated rate
- Each purchaser will be required to register in order to bid at the auction and if successful may be required to pay immediately a percentage of the purchase price. If the buyer fails to comply with these requirements the lot may, at the auctioneers sole discretion, be put up again and resold. No lots may be taken away until paid for and a pass obtained from the auctioneers.
- All lots must be paid for on the day of sale. Purchasers who intend to pay by cheque must make arrangements with the auctioneers prior to the auction. Gildings have a debit card maximum limit of £3000, amounts in excess of this figure must be paid by bank transfer. All international purchasers must make payment by bank transfer or debit card in person.
- If any lot is not paid for and removed in accordance with the provisions of the Conditions of Sale, then the Auctioneers may, without prejudice to any other right they have, remove, store and insure the lot/s at the expense of the defaulting buyer. A contingency storage charge of £10 per lot per week for small lots and £30 per lot per week for furniture lots will come into effect 14 days after the date of sale. If after the expiry of fourteen days from the date of the sale, the purchaser is still in default, the Auctioneers may resell the lot/s, either by public auction or private contract. The purchaser, making such default, shall be liable for any deficiency arising from such resale and for resulting expenses. Any surplus arising shall belong to the auctioneer.
- The buyers premium shall be the same for all buyers where the service offered is the same. Bidders in the room shall pay a premium of 15% plus VAT on the hammer price.
- Any lot(s) purchased online through the ATG Media Live Auction facility www.the-saleroom.com will attract an additional charge for this service in the sum of 3% of the hammer price plus VAT at the current rate. In completing the bidder registration on www.the-saleroom.com and providing your registered bank card details and unless alternative arrangements are agreed with Gildings Limited you;(i) authorise Gildings Limited, if they so wish, to charge the debit card given in part or full payment, including all fees, for items successfully purchased in the sale via the-saleroom.com, and(ii) confirm that you are authorised to provide these debit card details to Gildings Limited through www.the-saleroom.com and agree that Gildings Limited are entitled to ship the goods to the cardholder’s name and cardholder’s address provided in fulfilment of the sale.
- Gilding’s Ltd. reserve the right to illustrate any lot offered for auction and will use such photographs/digital images, both before and after the auction, at their discretion. The copyright in respect of such illustrations shall be the property of us, the auctioneers, as is the text of the catalogue.
- The export of any lot from the United Kingdom, or import into another country, may be subject to licences being granted. It is the buyers responsibility to obtain any relevant import or export licence/s. The denial of any such licence or delay in obtaining a licence shall not justify the rescission or cancellation of the sale.
- Droit de Suite – the Artist`s Resale Right
Droit de Suite is a royalty payable to a qualifying artist or the artist`s heirs each time a work is re-sold during the artist`s lifetime and for a period up to 70 years following the artist`s death.
Following the introduction of the Artist`s Resale Right Regulations Gilding’s has decided an amount equal to the resale royalty will be collected from the buyer of a work of art covered by these Regulations. This will then be passed to the relevant collecting agency.
Resale Royalty applies where the hammer prices is €1000 or more. Resale royalty does not apply when the hammer price is less than €1,000. The total amount of Resale Royalty on any one sale or lot shall not exceed €12,500.
The Resale Royalty amount is calculated as follows:
Royalty for the portion of the Hammer Price
From 0 to €50,000 euro4%
From €50,000.01 to €200,000 euro3%
From €200,000.01 to €350,000 euro1%
From €350,000.01 to €500,000 euro0.5%
Exceeding €500,000 euro0.25%
Invoices will be issued in Pounds Sterling. For the purposes of calculating the Resale Royalty, the Pounds Sterling/Euro rate of exchange will be the European Central Bank reference rate on the date of the sale.
Each time you bid on a lot covered by the ARR, you agree to pay an amount equal to the resale royalty, if you are the successful bidder. This amount will be added to your invoice.
Lots which may be affected by Droit de Suite – the Artists Resale Right will be identified by the symbol “AR” next to the lot number.