CARTIER: UN FERMACRAVATTE D'ORO, 1967 fermacravatta con decorazione a chevron incisa, firmato Cartier, numerato N5847, punzonatura britannica per oro 18 carati, Londra 1967; insieme a un paio di gemelli in oro, 1900, di forma ovale con maglie di collegamento a figura di otto, timbro 18ct; 22g (3)

IMPORTANT INFORMATION FOR BUYERS

SECTION A

1. INTRODUCTION

The following notes are intended to assist Bidders and Buyers, particularly those who are inexperienced or new to our saleroom. The sale of goods at our auctions are governed by our Terms of Sale (for Live Auctions or Online Auctions as applicable), our Privacy Policy, the Important Information for Buyers, and any notices that are displayed in our saleroom or announced by the Auctioneer (in the case of a Live Auction) or displayed on any Listing for a Lot in our Online Auction catalogue (in the case of an Online Auction) (collectively, the “Terms and Conditions

of Business”). The Terms and Conditions of Business are available for inspection on our Website and at our saleroom on request. Our staff

will be happy to help you if there is anything in our Terms and Conditions of Business that you do not fully understand.

Please make sure that you read the applicable Terms of Sale carefully before bidding. If your bid is successful, you will be obliged to

comply with our Terms of Sale.

2. AGENCY

As Auctioneers we usually act on behalf of the Seller whose identity, for reasons of confidentiality, is not normally disclosed. If you buy at auction your Contract for your purchase of the goods is with the Seller, not with us as Auctioneer.

3. ESTIMATES

Estimates are designed to help you gauge what sort of sum might be involved for the purchase of a particular Lot. Estimates may change and should not be thought of as the Lot’s value or predicted sale price. The lower Estimate may represent the Reserve price (the minimum price for which a Lot may be sold) and will not be below the Reserve price. Estimates do not include the Buyer’s Premium or VAT (where chargeable). Estimates are prepared some time before the auction and may be altered by a saleroom notice or announcement by the Auctioneer before the auction of the Lot (for Live Auctions), or on the Listing for a Lot in our Online Auction catalogue before the auction of the Lot (for Online Auctions). They represent a matter of opinion and are not definitive.

4. BUYER’S PREMIUM

The Terms of Sale oblige you to pay a Buyer’s Premium at 25% on the Hammer Price of each Lot purchased. The Buyer’s Premium is subject

to VAT at the standard rate (currently 20%).

5. VAT

The following paragraphs are intended to give general advice on VAT for items purchased at auction. We have covered the common situations, and this may not be comprehensive. We are unable to offer Tax advice and we suggest you seek independent advice if you require clarifications or further information.

5.1 Items in our catalogue may be marked in the following ways:

(a) (†) indicates that VAT is payable by the Buyer on both the Hammer Price and the Buyer’s Premium. VAT will be chargeable at the standard rate (presently 20%) for most Lots. Qualifying books will be charged at 0%. This imposition of VAT is likely to be because the Seller is registered for VAT within the UK and is not operating the Dealers’ Margin Scheme on their consignment to us.

(b) (‡) indicates that the Lot has been imported from outside the UK using customs Temporary Admissions procedures. Import VAT of 5%

(reduced rate due to nature of the Lot) is due on the Hammer Price and an amount in lieu of VAT at 20% will be included in the Buyer’s Premium. This VAT on the Buyer’s Premium cannot be itemised separately on our invoices. The successful Bidder and therefore Buyer of the

Lot will become its importer.

(c) (Ω) indicates that the Lot has been imported from outside the UK using customs Temporary Admissions procedures. Import VAT of 20% (higher rate) is due on the Hammer Price and an amount in lieu of VAT at 20% will be included in the Buyer’s Premium. This VAT on the Buyer’s Premium cannot be itemised separately on our invoices. The successful Bidder and therefore Buyer of the Lot will become its importer.

(d) Lots which do not display one of the above symbols (referred to herein as unmarked Lots) have no VAT payable on the Hammer Price. This is because such Lots are sold using the Auctioneers’ Margin Scheme. Therefore, an amount in lieu of VAT at the standard rate is included within the Premium and will not be shown separately on our invoice or be recoverable as input Tax.

5.2 For the items marked (‡) or (Ω), Buyers registered for VAT in the UK should notify us as soon as possible after the sale so that we can correctly instruct our shipping agents to complete the import into the UK under the Buyer’s VAT registration and HMRC can issue a form C79. The charge on our invoice for the import VAT is not sufficient evidence to make a claim for the import VAT.

6. REFUNDS OF VAT

6.1 For Buyers from outside the UK, the VAT charged on the Hammer Price and Buyer’s Premium or included in lieu of VAT in the Buyer’s Premium can be refunded so long as the Buyer has:

(a) registered to bid with an address outside the UK; and

(b) discussed with us the proof of export we require and the timeframes to complete the export.

6.2 Once we are satisfied that the requirements referred to in Clause 1.6.1 have been met, and with the proof of export provided, the following VAT will be refunded:

(a) For Lots marked (†): The VAT on the Hammer Price and on the Buyer’s Premium.

(b) For Lots marked (‡) and (Ω): the import VAT and, the VAT in lieu in the Buyer’s Premium.

(c) For unmarked Lots: the amount in lieu of VAT in the Buyer’s Premium.

6.3 To enable us to refund the VAT charged correctly we normally require the use of our international shippers to assist with the required paperwork. For private Buyers, we will only be able to refund the VAT if our shippers are used for the export of the Lot outside the UK.

7. REINVOICING SALES

For unmarked Lots, you can request a Lot to be reinvoiced outside the Auctioneers’ Margin Scheme. VAT at 20% will be charged on the Hammer Price and the VAT on the Buyer’s Premium will be itemised separately on our invoice. This will enable a VAT registered business to reclaim all the VAT. Please note that the item will no longer be eligible to be sold in the Margin Scheme. We recommend you seek advice before proceeding. Requests must be made within 6 months of the sale and certain conditions apply.

8. INSPECTION OF GOODS BY THE BUYER

As we act on behalf of the Seller, we are dependent on information provided by the Seller about their goods. We may inspect Lots and will act reasonably in taking a general view about them. However, we are normally unable to carry out detailed examinations of Lots to check their condition in the way a Buyer would do. You will have the opportunity to inspect the goods (upon request). Where a Lot is made available for inspection, we strongly recommend that you inspect any Lots that you are interested in prior to bidding at the auction. Please carefully note the exclusion of liability for the condition of Lots set out in the Terms of Sale for Online Auctions at Clause 22.5 and the Terms of Sale for Live Auctions at Clause 18.5.

9. GOODS WITH ELECTRICAL COMPONENTS

These are sold as “antiques” for their historical and decorative attributes, and for collection and display only. They are not intended for use.

If you buy goods with electrical components and intend to use them, you must ask a qualified electrician to check them for compliance with safety regulations before you use them.

10. ENDANGERED SPECIES

If you intend to buy goods which contain endangered species, you need to find out if there is a prohibition on the purchase of goods of that character. For goods containing elephant ivory, you also need to satisfy yourself that they have been correctly registered or certified and meet

the exemption conditions under applicable legislation.

11. EXPORT OF GOODS

If you intend to export goods you must find out:

11.1whether an export licence is needed; and

11.2 if there is a prohibition on exporting goods of that character outside of the UK or on importing goods of that character in your

intended country of import such as because the goods contain prohibited materials such as elephant ivory or other protected flora and fauna.

12. BIDDING

Bidders will be required to register with us before the auction starts. We Reserve the right to impose a deadline prior to the auction by which you must register or by which we must receive a commission bid. If you wish to bid on high value Lots this deadline may be several days before the auction in order to allow us sufficient time to carry out the necessary checks. Lots will be invoiced to the name and address on the registration form. Please enquire in advance about our arrangements for telephone or online bidding. You will need to provide us with proof of your identity in a form acceptable to us and such other information as we may require. Please note that we may refuse to register you if you do not provide us with all the information and documentation that we ask for or at our discretion.

13. BIDDING PLATFORMS

We offer free online bidding directly through our Website (www.olympiaauctions.com). You may also bid using an independent Bidding Platform. Bidders using an independent Bidding Platform or service should note that the platform may impose an additional fee or charge, which will be added to the total amount payable in the event your bid is successful. Please refer to the terms and conditions on the relevant independent platform for rates.

14. FINANCIAL CHECKS

As Auctioneers we may have to conduct various checks into our customers under the Money Laundering Legislation, under sanctions legislation and other related legislation. Unless we confirm we already have this information, on registration to bid you will be required to provide the following:

(a) For individuals, official photo identification (driving licence, passport or equivalent) and proof of address (if this is not included in your

ID document).

(b) For corporate entities, the certificate of incorporation (or equivalent) with the entity’s official name, registered number (if any) and registered address, as well as details and ID documentation for directors and beneficial owners of the entity.

(c) For trusts and estates, details and ID documentation for executors/trustees and details of beneficiaries: please contact us for further information.

14.1 You may be asked for further information if we deem this necessary.

14.2 If you are bidding for another person (your Principal) you will be required to provide the above information for yourself and your Principal, along with a signed letter from your Principal authorising you to bid on his/her behalf.

14.3 If you require further information about ID requirements, please contact [email protected]. If we deem that you have not provided sufficient information for us to complete our anti-money laundering, terrorist financing and sanctions checks to our satisfaction, we may refuse to register you to bid and we may postpone completion of or cancel any Contract made by you and the Seller in the event you have made a successful bid.

15. COMMISSION BIDDING

You may leave commission bids with us indicating the maximum amount to be bid against a Lot (excluding the Buyer’s Premium and/or any applicable VAT). We will execute commission bids as cheaply as possible having regard to the Reserve (if any) and competing bids. If two Buyers submit identical commission bids, we may prefer the first bid received (where this can be reasonably ascertained). Please enquire in advance about our arrangements for the leaving of commission bids by telephone or fax/email or via our Website or online Bidding Platform.

16. METHODS OF PAYMENT

16.1 Online: Payment can be made at www.OlympiaAuctions.com/payments. 

16.2 Cheque: Usually any cheques will need to be cleared before you can take the goods away. We require seven days to clear sterling cheques unless special arrangements have been made in advance of the sale.

16.3 Bank Transfer: Payments must be received from a bank account held in the name of the person or entity named on the invoice for the Lot.

16.4 Cash: £6,000 and “card holder not present” payments above £2,000 cannot be accepted.

16.5 Credit Card payments in person: Payments above £6,000 cannot be accepted.

16.6 Debit Card payments in person: Payments are without limit.

17. COLLECTION AND STORAGE

Please note what the applicable Terms of Sale say about collection and storage (see Clause 13 of the Terms of Sale for Live Auctions and Clause 15 of the Terms of Sale for Online Auctions). It is important that you pay for and collect goods promptly. Any delay may involve you having to pay storage charges. You (or your agent) must bring photographic ID for collection. Please note that collection may be made during working hours only, usually Monday to Friday 09:30 to 17:00.

18. POTENTIAL CANCELLATION RIGHTS

If you purchase a Lot in an Online Auction as a Consumer in the UK or EU from a Seller who is a Trader, you may have a right to cancel your purchase of that Lot from the day of the auction up to the day which is 14 days after the date on which you take possession of the Lot. You may also have the right to cancel Services provided by us. Further information is set out in the Terms of Sale for Online Auctions.

SECTION B: CATALOGUING PRACTICE

1.

Please note that all measurements are approximate and that illustrations are not to scale. The condition of a Lot is not usually included in catalogue descriptions, and no assumptions should be made in the absence of this information. Condition reports are available on request.

2. CERAMICS

Obvious faults may be recorded in italics at the end of a description for ceramics.

3. CLOCKS AND WATCHES

All Lots are sold “as is” and the absence of any reference to the condition of a clock or watch does not imply that the Lot is in good condition

and without defects, repairs or restorations. Most clocks and watches have been repaired in the course of their normal lifetime and may now incorporate parts not original to them. Furthermore, we make no representation or warranty that any clock or watch is in working order.

As clocks and watches often contain fine and complex mechanisms, the Bidder should be aware that a general service, change of battery or further repair work, for which the Buyer is solely responsible, may be necessary. The Bidder should be aware that the importation of watches such as Rolex, Frank Muller and Corum into the United States is highly restricted. These watches may not be shipped to the USA and can only

be imported personally.

4. DISPLAY ACCESSORIES

Please note that armour stands and many of the display mounts used in the catalogue(s) and the sale exhibition(s) do not form part of the Lot unless stated in the catalogue, though they may be made available to the successful Buyer of the relevant Lot(s). Please contact us for prices and further details.

5. FIREARMS

Please note that all bore sizes are approximate.

6. JEWELLERY

It is common practice for many gemstones to be treated by a variety of methods to enhance their appearance and the international jewellery trade has generally accepted these methods. Although heat enhancement of colour is usually permanent, in some cases this could affect the durability of a gemstone. Oiled gemstones may need re-oiling after a certain period. If no gemmological report is published in the catalogue, prospective Buyers should be aware that the gemstones or pearls could have been enhanced by some method.

7. PHOTOGRAPHS

In addition to the explanations set out below regarding categorising terms for works, please note the following. The date given is that of the image (negative). Where no further date is given, this indicates that the photographic print is vintage (the term “vintage” may also be included in the Lot description). A vintage photograph is one which was made within approximately 5–10 years of the negative. Where a second, later date appears, this refers to the date of printing. Where the exact printing date is not known, but understood to be printed later, “printed later” will appear in the Lot description.

Unless otherwise specified, dimensions given are those of the piece of paper on which the image is printed, including any margins. Some photographs may appear in the catalogue without the margins illustrated.

All photographs are sold unframed unless stated otherwise in the Lot description.

8. PICTURES

A work catalogued with the name(s) or recognised designation of an artist, without any qualification, is, in our opinion, a work by the artist. In other cases, the following expressions with the following meanings are used:

(a) “Attributed to”: means in our opinion it is probably a work by the artist in whole or in part.

(b) “Studio of” or “workshop of”: means in our opinion a work executed in the studio or workshop of the artist, possibly under his supervision.

(c) “Circle of”: means in our opinion a work of the period of the artist and showing his influence.

(d) “Follower of”: means in our opinion a work executed in the artist's style but not necessarily by a pupil.

(e) “Manner of”: means in our opinion a work executed in the artist's style but of a later date.

(f) “After”: means in our opinion a copy (of any date) of a work of the artist.

(g) “Signed”, “dated”, “inscribed”: means in our opinion the work has been signed, dated or inscribed by the artist. The addition of a question mark (?) adds an element of doubt.

(h) “Bears signature”, “bears date”, “bears inscription”: means in our opinion the signature, date, inscription or stamp is by a hand other than that of the artist.

9. SILVER, GOLD AND PRECIOUS METALS

Weights may only be accurate to within 5 grams. Weights shown as “(* oz)” are in troy ounces and usually rounded down to the full ounce.

10. THE FOLLOWING SYMBOLS MAY BE USED IN OUR AUCTION CATALOGUES

(a) (□) indicates a Lot with no Reserve.

(b) (✧) indicates a “Premium Lot”. For Premium Lots, you must complete the required Premium Lot preregistration application and deliver to us such necessary financial references, guarantees, deposits and/or such other security as we may in our absolute discretion require, as security for your bid. Our decision as to whether to accept any pre-registration application shall be final.

(c) (◉) indicates items that have been identified at the time of cataloguing as containing organic material which may be subject to restrictions regarding import or export. The absence of the symbol is not a warranty that there are no restrictions regarding import or export of the

item. We accept no liability for any Lots which may be subject to restrictions but have not been identified as such. Please refer to section A, paragraph 10 above.

(d) (⊕) indicates a Lot that may be subject to Artist’s Resale Right.

(e) (○) indicates “Guaranteed Property”. The seller of lots with this symbol has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by Olympia Auctions or jointly by Olympia Auctions and a third party. Olympia Auctions and any third parties providing a guarantee jointly with Olympia Auctions benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. A third party providing a guarantee jointly with Olympia Auctions may provide an irrevocable bid, or otherwise bid, on the guaranteed property. If the Guaranteed Property symbol for a lot is not included in the printed or pdf auction catalogue (where applicable), then Olympia Auctions will notify bidders that there is a guarantee on the lot by one or more of the following means: the lot’s specific webpage will be updated to include the guaranteed property symbol, a notice will be added to the Olympia Auctions webpage for the auction, or a pre-sale or pre-lot announcement will be made indicating that there is a guarantee on the lot. If every lot in a sale is guaranteed, a Special Notice will be included to this effect and this symbol will not be used for each lot.

(f) (∏) indicates “Monumental”. Lots with this symbol may, in our opinion, require special handling or shipping services due to size or

other physical considerations. Buyers are advised to inspect the lot and to contact Olympia Auctions prior to the sale to discuss any specific shipping requirements.

(g) (W) indicates property stored and to be collected from off-site storage. Please note that property can only be released once payment has been received in full and cleared funds. If you are sending your own authorised agent to collect property from Olympia Auctions on your behalf, please provide a letter of authorisation, a copy of your paid invoice and photographic ID.

(h) (#) Book sales. Although these items are not free from VAT, Olympia Auctions is able to use the margin scheme and VAT will not normally be charged on the hammer price. Olympia Auctions must bear VAT on the buyer’s premium and hence will charge an amount in lieu of VAT at the standard rate on this premium. This amount will form part of the buyer’s premium on our invoice and will not be separately identified.

TERMS OF SALE FOR LIVE AUCTIONS

The sale of goods at our Live Auctions (as defined below) and your legal relationship, as Bidder and/or Buyer, with us and the Seller are governed by these Terms of Sale for Live Auctions, our Privacy Policy, the Important Information for Buyers and any notices displayed in the saleroom or announced by us at the auction (collectively, the “Terms and Conditions of Business”). These Terms of Sale for Live Auctions are available on our Website and at our saleroom on request.

Please read these Terms of Sale for Live Auctions carefully before bidding and contact us if you have any questions. Please note that if you (or another person acting on your behalf) register to bid and/or bid at auction, this signifies that you agree to be bound by and will comply with these Terms of Sale for Live Auctions. You may also be asked to accept any third party terms and conditions when bidding via an Independent Bidding Platform (as defined below).

Please note that these Terms of Sale for Live Auctions relate to auctions held at our premises only. We have separate terms for Online Auctions (as defined separately below).

1. DEFINITIONS AND INTERPRETATION

1.1 To make these Terms of Sale for Live Auctions easier to read, we have given the following words a specific meaning:

“Auctioneer” means Olympia Auctions Ltd, a company registered in England and Wales with registration number 07982062 and whose registered office is located at 25 Blythe Road, London W14 0PD or its authorised auctioneer, as appropriate. The term “Auctioneer” includes the Bidding Platform where appropriate;

“Art Market Participant” means an art market business registered with HMRC under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended);

“Bidder” means a person participating or planning to participate in bidding at our Live Auction;

“Bidding Platform” means the online bidding platform on which the Online Auction is operated by the Auctioneer, or by a third party service provider on the Auctioneer’s behalf;              

“Bidding Platform Fee” means the fee set out in the Important Information for Buyers;

“Business Day” means any day that is not a weekend or public holiday in England and the Auctioneer is open for business;

“Buyer” means the Bidder who makes the highest bid for a Lot accepted by the Auctioneer including a Buyer’s Principal when acting as agent;

“CITES Regulation” means the Convention on International Trade in Endangered Species of Wild Fauna and Flora;

“Contract” means the contract between the Seller and you referred to at Clause 3;

“Consumer” means an individual acting for purposes which are wholly or mainly outside that individual's trade, business, craft or profession;

“Deliberate Forgery” means:

(a) a copy or imitation made in our reasonable opinion with the intention of deceiving as to authorship, attribution, authenticity, origin, date, age, period, culture, provenance, source or material;

(b) described in the catalogue entry (as amended by any saleroom or Website notice) as being the work of a particular creator without qualification or any indication that there may be any uncertainty or conflict of opinion in relation to the work being such a copy or imitation; and

(c) which at the date of the auction or sale had a value materially less than it would have had if it had been as described;

“Estimate” means the price range within which, in our opinion, a Lot may reasonably be expected to sell. A reference to the “low Estimate” means the lower figure in such price range;

“Hammer Price” means the amount of the highest bid for a Lot (at or above any Reserve) accepted by the Auctioneer by the fall of the hammer;

“Independent Bidding Platform” means an online bidding platform or service that is independent from us and has an arrangement with us to permit a Bidder to review Lots and to bid in our auctions using their platform or service;

“Live Auction” means a public auction where members of the public are given the possibility of attending the sale in person;

“Lot(s)” means an item offered for sale or a group of items offered together;

“Money Laundering Legislation” means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended) and related legislation, together with any applicable terrorist financing and legislation on Restrictive Measures;

“Online Auction” means an auction held over the Website or any Independent Bidding Platform where members of the public are not given the possibility of attending the sale in person;

“Pledge” means any security or charge over the Lot in favour of ourselves or any third party;

“Principal” means a person or entity you are acting on behalf of for the purposes of the purchase of the Lot(s);

“Premium” means the fee in addition to the Hammer Price that we will charge you on your purchase of a Lot to be calculated as set out in

Clause 8.1.2;

“Recorded Delivery” means a method of delivery pursuant to which the sender receives a confirmation that a letter has been posted and a signature is obtained from the recipient as a record that it has been delivered;

“Reserve” means the minimum Hammer Price at which a Lot may be sold;

“Restrictive Measures” means economic or financial sanctions, export controls, embargoes or any other restriction on trade under the laws

of the European Union, the United Kingdom or the United States, or in the jurisdiction in which you, your Principal, or any agent acting for you does business;

“Sale Proceeds” means the net amount due to the Seller;

“Seller” means the person(s) who consigns Lots for sale at our Live Auctions;

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature in any jurisdiction (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) and “Taxes” shall be construed accordingly;

“Terms of Consignment” means the terms on which we agree with Sellers to offer Lots for sale in our auctions as agent on their behalf;

“Terms of Sale for Live Auctions” means these terms of sale for Live Auctions, as amended or updated from time to time;

“Trader” means a person who is acting for purposes relating to that person's trade, business, craft or profession, whether acting personally or through another person acting in the trader’s name or on the trader’s behalf;

“Total Price” means the fee that we will charge you as set out at Clause 8;

“VAT” means Value Added Tax in the UK and any other Tax of a similar nature in any jurisdiction (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) at the rate from time to time applicable; and

“Website” means the Auctioneer’s website.

1.2 In these Terms of Sale for Live Auctions, the words “you”, “yours”, etc. refer to you as the Buyer. The words “we”, “us”, “our” etc. refer to the Auctioneer. Any reference to a ‘Clause’ is to a clause of these Terms of Sale for Live Auctions unless stated otherwise. A reference to legislation or a legislative provision is a reference to it as amended, extended or re-enacted from time to time. We may change these Terms of Sale for Live Auctions from time to time, without notice to you.

2. INFORMATION THAT WE ARE REQUIRED TO GIVE TO CONSUMERS

2.1 A description of the main characteristics of each Lot as contained in the auction catalogue.

2.2 Our name, address and contact details as set out herein, in our auction catalogues and/or on our Website.

2.3 The price of the Lot and arrangements for payment as described in 8, 9, 12 and 13.

2.4 The arrangements for collection of the Lot as set out in Clauses 13 and 14.

2.5 Your right to return a Lot and receive a refund if the Lot is a Deliberate Forgery as set out in Clause 19.

2.6 We and Trader Sellers have a legal duty to supply any Lots to you in accordance with these Terms of Sale for Live Auctions.

2.7 If you have any complaints, please send them to us directly at the address set out on our Website.

2.8 We also refer you to your warranties as a Bidder and Buyer as set out in Clause 10.

3. THE CONTRACT BETWEEN YOU, US AND THE SELLER

3.1 Unless the Auctioneer is selling on its own behalf, the Auctioneer acts as agent for and on behalf of the Seller and the contract for sale is between the Buyer and the Seller.

3.2 Subject to the Auctioneer's discretion at Clause 5.2, the contract for sale of a Lot is formed on the fall of the hammer.

3.3 The contractual relationship between Bidders and Buyers, the Auctioneer and the Seller in relation to any Live Auction is governed by the Terms and Conditions of Business .

3.4 If you purchase an unsold Lot after an auction, the contract for sale is formed when the sale is agreed in writing and the Total Price of the Lot shall be as set out at Clause 8 except that any reference to Hammer Price shall be read as the agreed sale price. So far as appropriate, the remainder of these Terms of Sale for Live Auctions shall apply to the sale as they would to an auction sale.

3.5 You may directly enforce any terms in the Terms of Consignment against a Seller to the extent that you suffer damages and/or loss as a result of the Seller’s breach of the Terms of Consignment. As agent for the Seller, we will not have any responsibility for any default or breach of obligations by you or the Seller (unless we are the Seller of the Lot).

3.6 If you breach these Terms of Sale for Live Auctions, you may be responsible for damages and/or losses suffered by a Seller or us. If we are contacted by a Seller who wishes to bring a claim against you, we may at our discretion provide the Seller with information or assistance in relation to that claim.

3.7 In addition to any other rights we may have to cancel a contract for sale under these Terms of Sale for Live Auctions, we may delay completion of a sale, delay release of a Lot or cancel the sale of a Lot in the event:

3.7.1 you are in breach of your warranties in Clause 10; or

3.7.2 we have not completed our enquiries pursuant to the Money Laundering Legislation to our satisfaction; or

3.7.3 we have reason to believe that the transaction might be unlawful for any reason, or that the sale might put us under any civil or

criminal liability.

4. BIDDER REGISTRATION

4.1 You must register your details with us before bidding and provide us with any requested proof of identity, billing information and any further client due diligence information and documentation that we require, in a form acceptable to us. Further details are set out at Paragraph 1.14 of the Information for Buyers.

4.2 We reserve the right, where we deem we are so required for regulatory purposes, to reveal your identity and contact details (and those of your Principal) to the Seller. You must also satisfy any security arrangements we have in place before entering the auction room to view or bid on any Lot.

4.3 We may at our complete discretion refuse to register any Bidder, delay registration or disable a Bidder’s access to our Website/the Bidding Platform if we are not satisfied with the information or documentation provided or the Bidder’s creditworthiness, including if the Bidder has previously defaulted in paying for or collecting purchases in any of our auctions or at any other auction house.

4.4 If you are a returning Bidder, we may at our discretion require that you provide updated identity and other documentation before permitting you to bid in an auction.

4.5 We do not undertake to register any Bidder in time for any specific auction.

4.6 If you are bidding on behalf of another person, you will need to disclose such information in advance of the auction and that person may also need to complete our registration and client due diligence process and provide us with written authority to accept bids from you on his/her/its behalf. If we are not informed of these arrangements in advance of an auction or do not have clear written authority in place, you will be deemed to be bidding as principal for your own account.

4.7 If you intend to bid on a Lot using pre-approved financing by a third party lender, you must notify us at the time of registration or at the time of securing financing, obtain our agreement to the arrangements and provide any further information or documentation that we may require.

4.8        You may de-register at any time on request. This will leave any accrued rights and obligations unaffected.

5. BIDDING PROCEDURES

5.1 We strongly recommend that you attend the auction in person if possible. However, you may bid in any of the following ways following successful registration to bid:

5.1.1 in person;

5.1.2 by telephone, in which case you must make such arrangements at least 24 hours before the start of the auction;

5.1.3 via an Independent Bidding Platform; or

5.1.4 if you instruct us in writing, we may execute commission bids on your behalf. Neither we nor our employees or agents will be responsible for any failure to execute your commission bid. Where two or more commission bids are recorded at the same level, we have the right, at our sole discretion, to prefer one over any others, without providing any reasons.

5.2 The Bidder placing the highest bid for a Lot accepted by the Auctioneer on the fall of the hammer will be the successful Buyer at the Hammer Price and bound by the contract formed pursuant to Clause 3.2 and governed by the Terms and Conditions of Business, unless the Auctioneer has for any reason at its/his/her option refused the bid, reopened the bidding and/or cancelled the sale and reoffered the Lot. Any dispute about a bid will be settled at our sole discretion, giving due consideration to any circumstances and acting reasonably. We may settle disputes at our discretion in any way we think fit including by reoffering the Lot and our decision will be final. If there is any discrepancy between our record of an auction and the information provided in any communication to you, our record will prevail.

5.3 We may withdraw a Lot at any time prior to or during the sale of a Lot or cancel an auction. We will not be liable to you for our decision to withdraw a Lot or cancel an auction.

5.4 All bidding will be in the currency of the sale location.

5.5 Bidders will be deemed to act as Principals (in other words, acting for their own account and not on behalf of someone else), even if the Bidder is acting as an agent for a third party.

5.6 We may bid on Lots on behalf of the Seller up to one bidding increment below the Reserve.

5.7 We may at our sole discretion refuse to accept any bid.

5.8 If you make a successful bid but in our opinion you do not satisfy our client due diligence requirements, including but not limited to, completing any checks required by Money Laundering Legislation and/or anti-terrorism financing checks to our satisfaction, we may cancel the contract for sale between you and the Seller. Upon notice of our election to cancel the contract for sale, you shall promptly return the Lot to us and we will then refund the Total Price paid to us. The refund shall constitute the sole remedy and recourse you may have against us and the Seller with respect to such a cancelled sale.

5.9 We do not accept responsibility for any bids missed by the Auctioneer.

5.10 Bidding increments will be at our sole discretion.

5.11 In the event you participate in the auction using the services of an Independent Bidding Platform, you will incur an additional fee or additional commission payable to that platform. This will be collected by us as part of the Total Amount Due in the event you are the Buyer of the Lot on which you bid.

6. INSPECTION OF LOTS

6.1 The Auctioneer provides descriptions, Estimates, illustrations and condition reports (on request) to assist Bidders in deciding whether to bid on a Lot but subject to Clause 18 accepts no responsibility for their accuracy.

6.2 Lots may be available for viewing on request in person at our premises or another location. Viewing information will be available on our Website and in the auction catalogue. Where a Lot is made available for inspection, we strongly recommend that you inspect any Lots that you are interested in prior to bidding at the auction. You are responsible for your decision to bid for a particular Lot and for undertaking your own due diligence in relation to the Lot. If you bid on a Lot, you will be deemed to have carefully inspected the Lot and satisfied yourself regarding its suitability, quality and condition.

7. ESTIMATES

Estimates are provided as a guide to what, in our opinion, the sale price of a Lot is reasonably likely to be. The Estimate is not a guarantee of what the actual selling price or value may be and cannot be relied on as such. The Estimate does not take into account Premium, VAT or any other applicable charges.

8. OUR CHARGES

8.1 As Buyer, you will pay:

8.1.1 the Hammer Price;

8.1.2 a Premium of 25% of the Hammer Price;

8.1.3 any artist’s resale right royalty identified as payable on the sale of the Lot (as set out at Clause 11);

8.1.4 any Bidding Platform Fee;

8.1.5 any VAT or other duties, fees or Taxes applicable to the Lot (as set out at Clause 9);

8.1.6 any additional charges payable by a late paying or defaulting Buyer under these Terms of Sale for Live Auctions.

9. VAT AND OTHER DUTIES

9.1 You shall be solely responsible for ascertaining the overall cost of your bid and paying any applicable VAT and other fees, Taxes or duties payable in addition to the Hammer Price and Premium (where applicable) due for a Lot. Please see the symbols used in the auction catalogue for that Lot and the “Information for Buyers” in our auction catalogue for further information.

9.2 We will charge VAT and other duties, fees and Taxes at the current rate at the date of the Live Auction.

9.3 For Lots sold under the rules for the Auctioneers’ Margin Scheme, VAT will be charged on the Premium at the standard rate. The VAT cannot be itemised separately on our invoices and is not reclaimable by UK VAT registered Sellers.

9.4 For Lots offered under the Temporary Admission VAT rules, the VAT may not be shown separately on our invoice because of Tax legislation. You may be eligible to have a VAT refund in certain circumstances if the Lot is exported.

10. BUYER WARRANTIES

10.1 You warrant to us, and where you are acting on behalf of someone else (your Principal), you will procure that your Principal warrants

to us, that:

10.1.1 any client due diligence information or documentation provided to us in accordance with Clause 4.3 is and continues to be true and accurate;

10.1.2 any bids you place, or which are placed on your behalf, are not part of any collusive or other anti-competitive arrangement and are not in breach of any applicable law;

10.1.3 the funds used for the purchase of the Lot(s) are not connected with nor are derived from any criminal activity, including without limitation Tax evasion, money laundering or terrorist financing and are not attributable, either directly or indirectly to an individual or entity that is subject to Restrictive Measures;

10.1.4 neither you, nor any agent acting for you, nor your Principal, are engaged in, or under investigation for, and have not been previously charged for or convicted of any offences in relation to, without limitation, Tax evasion, money laundering, terrorist financing, fraud or other criminal behaviour; and

10.1.5 you are not and have no reason to suspect that you, nor any agent acting for you, nor your Principal, nor the ultimate Buyer are subject to Restrictive Measures or owned, partly owned or controlled by person(s) subject to such Restrictive Measures.

10.2 Where you are bidding on a Lot on behalf of another person (your Principal) and you are an Art Market Participant, you warrant that:

10.2.1 you have conducted appropriate customer due diligence on your Principal in accordance with all applicable Money Laundering Legislation, have obtained and kept a record of documents required to establish your Principal's identity, and have no reason to suspect or believe that he/she/it is engaged in money laundering, terrorist financing, tax evasion, fraud or other criminal behaviour nor subject to Restrictive Measures;

10.2.2 upon request, you will provide us or any independent third party auditor (employed at our cost) with any identification and any other relevant documentation you have obtained for customer due diligence purposes on your Principal of the Lot;

10.2.3 you consent to us relying on this due diligence;

10.2.4 you will retain for a period of not less than five years the documentation evidencing the due diligence;

10.2.5 you have authority to bid on that Lot on behalf of your Principal; and

10.2.6 you have been placed in funds by your Principal to cover the Total Price and any additional fees and charges.

10.3 Where you are bidding on behalf of another person (your Principal) and you are not a regulated Art Market Participant, you warrant that:

10.3.1 you will provide accurate and complete information about your Principal to us;

10.3.2 you have authority to bid on that Lot on behalf of your Principal; and

10.3.3 you have been placed in funds by your Principal to cover the Total Price and any additional fees and charges.

11. ARTIST’S RESALE ROYALTY

11.1 Works by certain artists sold in certain countries are subject to royalty fees accruing to the artist or their estate. The fees are levied on a sliding scale relative to Hammer Price and capped at £12,500 per item. We will collect these fees from you on behalf of the artist.

11.2 If applicable, artist’s resale royalties (in Euros) are charged at:

11.2.1 4% of the Hammer Price up to £50,000;

11.2.2 3% of the Hammer Price from £50,000.01 to £200,000;

11.2.3 1% of the Hammer Price from £200,000.01 to £350,000;

11.2.4 0.5% of the Hammer Price from £350,000.01 to £500,000; and

11.2.5 0.25% of the Hammer Price above £500,000, subject to an overall cap of £12,500.

12. PAYMENT

12.1 Following your successful bid on a Lot you will:

121.1.1 immediately give to us, if not already provided to our satisfaction, any further proof of identity or source of funds, or client due diligence documentation, in a form acceptable to us (and any other information that we require in order to comply with our anti-money laundering obligations – please refer to Paragraph 15 of the Information for Buyers in the auction catalogue); and

12.1.2 unless we have agreed otherwise and subject to the terms of any Pledge, pay to us the Total Price within 3 Business Days of the date of the auction in cleared funds in GBP Sterling in any way that we agree to accept payment including in cash (for which there is an aggregate upper limit of £6,000 for all purchases made in auction). Please see the Important Information for Buyers for further information about how to make a payment.

12.2 If payment is late, we reserve the right to charge interest on the Total Price or any part thereof in accordance with Clause 14.1.5.

12.3 If you owe us any money, we may use any payment made by you to repay the money you owe us before applying such monies towards your purchase of the Lot(s).

12.4 All Lots sold will be invoiced in the name of the registered Bidder at the address given to us at the time of registration and cannot be transferred to other names or addresses.

13. TITLE AND COLLECTION OF LOTS

13.1 While you are bound by the contract for the purchase of the Lot from the fall of the hammer on your successful bid, the transaction is not completed and ownership in the Lot will not pass to you until:

13.1.1 we receive the Total Price in full and cleared funds for that Lot;

13.1.2 you have provided us with the information set out in Clause 4 and provided your continuing compliance with Clause 10; and

13.1.3 we have completed our enquiries pursuant to the Money Laundering Legislation to our satisfaction.

13.2 You may not claim or collect a Lot until:

13.2.1 you have paid for it;

13.2.2 ownership has passed to you; and

13.2.3 any applicable storage charge applicable under Clause 13.7 and accrued up until the day of collection have been paid in full by you (at law, the right for a professional to hold on to goods until its services have been paid for is called a “lien”).

13.3 We may (i) refuse to accept payment, (ii) refuse to release the Lot or any other property to you, (iii) cancel the contract for sale between you and the Seller, or (iv) without any refunds to you would otherwise be entitled to if we require further information or verification and until we satisfy ourselves of the client due diligence and source of funds related to the transaction.

13.4 For any Lots stored at a third-party location and not available for collection from our premises, your provision to us of instructions authorising the release to you or your agent shall constitute collection by you.

13.5 If you have purchased a Lot using third party pre-approved financing, with our knowledge and agreement, and the Lot remains subject to a Pledge, we will hold the Lot until we receive confirmation from the beneficiary of the Pledge that we are authorised to release the Lot. In such cases, time starts to run under Clauses 13.6 and 13.7 below from the date that we inform you that the Lot can be released, rather than the date of the auction.

13.6 Unless notified otherwise, and subject to the passing of ownership in the Lot to you under Clause 13.1, you will (at your own expense) collect any Lots that you have purchased and paid for at such location as you are notified of either:

13.6.1 not later than 5 Business Days following the day of the auction; or

13.6.2 not later than 5 Business Days following the date that we have received payment of the Total Price in cleared funds, if later.

13.7 Subject to Clause 13.1 if you do not collect a Lot you have agreed to purchase within any of the time periods set out at Clause 13.6 above, we shall start charging a minimum warehousing charge of £10 per Lot per day plus any applicable VAT, starting from the latest of the time periods to the date of collection (inclusive). You will also be responsible for any reasonable removal, storage and insurance charges in relation to that Lot.

13.8 Risk of loss or damage to the Lot will pass to you at the fall of the Hammer or when you have otherwise purchased the Lot. Once risk passes to you, you irrevocably release us, our officers and employees, agents and the Seller from any and all claims, causes of action, liabilities, damages, losses and expenses (including but not limited to reasonable legal fees) for loss or damage to the Lot.

13.9 Subject to Clause 13.1, if you do not collect the Lot that you have paid for within 28 days of the date of the auction, we may sell the Lot by auction or private treaty with the Estimate and Reserve or purchase price, as applicable, set at our discretion. We will pay the proceeds of any such sale to you, but will deduct any storage charges or other sums that we have incurred in the storage and sale of the Lot and any other sums owed by us to you. We reserve the right to charge you a selling commission at our standard rates on any such resale of the Lot.

14. REMEDIES FOR NON-PAYMENT OR FAILURE TO COLLECT PURCHASES

14.1 Please do not bid on a Lot if you do not intend to buy it. If your bid is successful, our Terms and Conditions of Business form your contract of purchase. This means that you will have to carry out your obligations set out in our Terms and Conditions of Business including these Terms of Sale for Live Auctions. If you do not comply with these Terms of Sale for Live Auctions we may (acting on behalf of the Seller and ourselves) pursue one or more of the following measures:

14.1.1 take legal action against you to recover the Total Price and/or pursue damages for breach of contract, including any fees, interest, legal expenses or other costs that we incur;

14.1.2 reverse the sale of the Lot to you and/or any other Lots sold by us to you (in which case we may charge you an administration fee of £150 plus VAT per Lot or, if lower, the Total Price of the Lot and retain any partial payment of the Total Price as liquidated damages);

14.1.3 cancel the sale of the Lot and resell it by auction or private treaty (in which case you will have to pay any difference between the Total Price for the Lot and the Hammer Price we sell it for as well as the charges, outlined in Clause 9 and any other costs and expenses or legal fees incurred by us in reselling the Lot or any loss to us of Seller’s commission. Please note that if we resell the Lot for a higher amount than the Hammer Price on the sale of the Lot to you, the additional sale proceeds will be paid to the Seller and we will retain any increase in Premium;

14.1.4 remove, store and insure the Lot at your sole risk and expense until you pay the Total Price together with any removal, storage and insurance fees as set out at Clause 13.7, or we agree alternative arrangements;

14.1.5 if you do not pay us within three Business Days of your successful bid, we may charge interest at a rate not exceeding 5% per annum above HSBC Bank plc base rate on the total amount due, or any part remaining unpaid;

14.1.6 assist the Seller in pursuing you for payment and/or damages including by revealing your identity and contact details;

14.1.7 keep the Lot, any other Lot sold to you, or any item(s) consigned for sale by you to us as security for payment until you pay the Total Price and at our discretion sell any of your property in our possession and apply the proceeds to the amount owed by you to us after deduction of the commission due to the Seller and any sale expenses including any applicable Taxes;

14.1.8 if you owe money to us we can apply any payments including deposits or part payments made by you towards part settlement of the Total Price due for the Lot or any other Lot purchased by you, or to any shortfall on the resale of any Lot pursuant to Clause 14.1.3 or to any outstanding sums owed by you to us including but not limited to any removal, storage or insurance charges in relation to any Lot that you have purchased or to any loss or damage suffered by us as a result of your failure to comply with these Terms of Sale for Live Auctions;

14.1.9 refuse to allow you to register to bid, reject or ignore bids from you or your agent at future auctions, suspend your ability to place bids on the Bidding Platform and/or impose conditions before we accept bids from you;

14.1.10 offset any amounts due from you against any amounts that we may owe you, including if we sell any Lots for you; and/or

14.1.11 take any other action we consider necessary.

15. HEALTH AND SAFETY

Although we take reasonable precautions regarding health and safety, you are on our premises at your own risk. Please note the lay-out of the premises and security arrangements. Neither we nor our employees or agents are responsible for the safety of you or your property when you visit our premises, unless you suffer any injury to your person or damage to your property as a result of our, our employees’ or our agents’ negligence.

16. EXPORT AND IMPORT RESTRICTIONS

16.1 Exporting a Lot out of the United Kingdom or importing it into another country may be subject to legal requirements and restrictions depending on factors such as the type of goods, their age and monetary value and destination. It is solely your responsibility to ascertain what

the requirements are in relation to any Lot and obtain the necessary endangered species licenses or permits or export or import licence

where applicable.

16.2 Lots made of restricted organic matter or endangered species are identified in the catalogue. These may be subject to prohibitions on export or import pursuant to the CITES Regulation and otherwise may require licences. Subject to Clause 18.7, you are solely responsible for identifying and obtaining any necessary licence. The information provided in our catalogue reflects our reasonable opinion at the date of publication but is intended as guidance only and neither the Auctioneer nor the Seller make any representation or give any warranty as to whether any Lot is subject to a prohibition or restriction on export or import.

16.3 You acknowledge that your purchase of the Lot and fulfilment of your obligations under the Terms and Conditions of Business is not conditional on successfully obtaining an export, import or other licence or permit for any Lot and that you will pay for and collect the Lot regardless of whether a licence has been or is likely to be granted. We will not cancel your purchase of a Lot if for any reason it is refused a licence or is seized or confiscated by government authorities.

16.4 We may on request assist you with applying for a licence to export your Lot(s) out of the United Kingdom and will charge a fee for doing so to cover the costs of our time and out of pocket expenses.

17 SELLER’S WARRANTIES

17.1 The Seller warrants to us and to you in relation to each Lot that:

17.1.1 the Seller is the true owner of the Lot for sale or a joint owner of the Lot acting with the co-owner's consent or, if acting on the owner's behalf, is authorised by the true owner to offer and sell the Lot at auction;

17.1.2 the Seller is able to transfer clear and unencumbered legal title to the Lot, subject to any restrictions set out in the Lot description, to you free from any third party rights or claims;

17.1.3 as far as the Seller is aware, the main characteristics of the Lot set out in the auction catalogue (as amended by any notice displayed in the saleroom or on any Independent Bidding Platform, or announced by the Auctioneer at the auction), and any documentation provided to you by the Seller in relation to the Lot, are correct.

17.2 If, after you have placed a successful bid and paid for a Lot, any of the warranties above are found not to be true, please notify us in writing. Neither we nor the Seller will be liable, under any circumstances, to pay you any sums over and above the Total Price and we will not be responsible for any inaccuracies in the information provided by the Seller except as set out below.

17.3 If you purchase a Lot as a Consumer from a Seller that is a Trader, a number of additional terms may be implied by law in addition to the Seller’s warranties set out at Clause 17.1 (in particular under the Consumer Rights Act 2015). These Terms of Sale for Live Auctions do not seek to exclude your rights under law as they relate to the sale of these Lots.

17.4 Save as expressly set out above, all other warranties, conditions or other terms which might have effect between the Seller and you, or us and you, or be implied or incorporated by statue, common law or otherwise are excluded to the fullest extent that they can be lawfully excluded.

18. DESCRIPTIONS, CONDITION AND SAFETY

18.1 Our descriptions of the Lot will be based on: (a) information provided to us by the Seller of the Lot (for which we are not liable); and

(b) our opinion (as set out at Clause 18.4) (although it is likely that we will not be able to carry out a detailed inspection of each Lot).

18.2 Any photographs that we provide are for identification purposes only and may not reveal a Lot's condition or be accurate in colour or other features. The actual colour of the Lot may vary from the images in the auction catalogue.

18.3 On request, we will give you the opportunity to view and inspect the Lots before the auction. You (including any agents or independent consultants acting on your behalf) must satisfy yourself about the accuracy of any description of a Lot and of any other characteristics of a Lot relevant to your decision to place a bid. We shall not be responsible for any failure by you or your agent or consultants to properly inspect a Lot.

18.4 Certain words used in the catalogue description have special meanings. You can find details of these in the Important Information for Buyers which form part of the Terms and Conditions of Business. Any description and/or statements by us about any Lot, including but not limited to its authorship, attribution, authenticity, origin, date, age, period, culture, provenance, source, material, dimensions, condition or estimated selling price, whether oral or in writing, are matters of our opinion genuinely held but are not to be relied on as a statement of fact or contractual representation. We do not warrant that we have carried out a detailed inspection of each Lot. Any references to dimensions or weight are approximate only.

18.5 Please note that of the majority of Lots sold by the Auctioneer are second-hand and are unlikely to be in perfect condition. Lots are sold

“as is” (i.e. as you see them at the time of the auction). Neither we nor the Seller accept any liability for the condition of any Lot.

18.6 The sale of Lots containing elephant ivory is banned, subject to exceptions. Please note that we may offer Lots containing elephant ivory from time to time. Subject to Clause 18.7, where this is the case, we rely on the documentation obtained by the Seller of the Lot confirming that the Lot satisfies the relevant exemptions. Therefore, we cannot guarantee that any certificate or other documentation provided by us (on the Seller’s behalf) to you in connection with the sale of the Lot is valid or accurate.

18.7 From time to time and only upon request, we may apply for the relevant certificates, registrations or other documentation required pursuant to the CITES Regulation. In the event that we do apply for such documentation on your behalf, we guarantee that is valid and accurate.

18.8 All Lots with electrical components are sold as “antiques” for their historical and decorative attributes for collection and display only, and are not intended for use. If you buy Lots with electrical components and intend to use them, you must first ask a qualified electrician to check them for compliance with safety regulations.

18.9 All Lots of furniture are sold as a collector’s item for display purposes and are not supplied for use. Such Lots may not comply with applicable furniture and safety regulations. Therefore, if you do intend to use such Lots for private use or otherwise, you must first ensure that they are refurbished and rendered compliant with any applicable furniture and safety regulations.

19. DELIBERATE FORGERIES

19.1 You may return any Lot which is found to be a Deliberate Forgery to us within twelve months of the date of the Live Auction provided that you return the Lot to us at your expense in the same condition as when it was released to you, accompanied by a written report by two recognised experts approved in advance by us on the subject matter identifying the Lot as a Deliberate Forgery with reference to the catalogue description and fully explaining the reasoning behind any conclusions drawn in the report. We shall not be bound by any expert report produced by you and reserve the right to consult our own experts at our expense.

19.2 If we are satisfied, acting reasonably, that the Lot is a Deliberate Forgery and it has been returned to us within the time specified in Clause 19.1, we will cancel the sale of the Lot and we will refund the Total Price to you for the Lot (including any Premium and applicable VAT) to you provided that you will have no right to a refund under this Clause 19.2 if any of the following circumstances apply:

19.2.1 the catalogue description reflected the accepted view of experts, specialists or scholars as at the date of the Live Auction;

19.2.2 the catalogue description reflected that there is a conflict of expert opinion on the authorship of the Lot;

19.2.3 the Lot can only be shown to be a Deliberate Forgery on the basis of scientific examination which was not available at the time of the auction or in the circumstances was not practicable or reasonable to expect;

19.2.4 there has not been a material loss in value from the value of the Lot had it been described differently in the heading of the catalogue entry;

19.2.5 you were not the original Buyer (i.e. the registered Bidder) of the Lot named on the invoice for the Lot issued at the time of the sale; or

19.2.6 you personally are not able to transfer clear legal title in and any right to possession of the Lot to us, free of any claim, interest or restriction by anyone else, on the date of the return of the Lot to us.

19.3 If you have sold the Lot to another person, we will only be liable to refund the Total Price. We will not be responsible for repaying any additional money you may have made from selling the Lot. The rights under this Clause 19 are given to you as Buyer in our auction; they are not given to, and may not be transferred or assigned to, any third party.

19.4 In the event that we cancel the sale and refund the Total Price to you, such refund shall constitute the sole remedy and recourse you may have against us and/or the Seller with respect to such cancelled sale. We and the Seller will not in any circumstances be liable to you for any loss, damage, expense, costs, loss of profit, loss of business or loss of opportunity.

19.5 Your right to return a Lot that is a Deliberate Forgery does not affect your legal rights and is in addition to any other right or remedy provided by law or by these Terms of Sale for Live Auctions.

20. OUR DISCLAIMER AND LIMITATION OF OUR LIABILITY TO YOU

20.1 The Website and the Bidding Platform are provided by us or our service providers without any warranties or guarantees in relation to any statements or representations made or information given in connection with the conduct of the auction or for any other matter relating to the sale of any Lot by us, or our employees or agents whether oral or in writing and accept no liability in connection therewith, including in relation to any errors (human or otherwise) or omissions unless Clause 19 applies. All users of our Website and/or the Bidding Platform bear the risks associated with the use of the internet. Both our Website and the Bidding Platform provide content from users, internet sites or resources. While we try to ensure that material included on our Website and/or the Bidding Platform is correct, reputable and of high quality, we are not responsible if this is not the case. Except as expressly set out herein, we will not be responsible for any errors or omissions or for the results obtained from the use of such information or for any technical problems users may experience with the Website and/or the Bidding Platform or participating in any Live Auction, including but not limited to any loss of internet connection, problems with using any bidding software or hardware faults. We do not accept any liability for any delay or failure in placing a bid, any failure to execute bids or any errors or omissions owing to technical failings, whether on our part or yours. If we are informed of any inaccuracies in the material on our Website or the Bidding Platform we will attempt to correct the inaccuracies or ask our service providers to do so as soon as we reasonably can.

20.2 You acknowledge that the Website and the Bidding Platform are provided as is for public use, subject to registration. Registration is free of charge and as such we have no responsibility to users of our Website and/or the Bidding Platform for any downtime or errors on our Website or the Bidding Platform. If, because of errors on our Website and/or the Bidding Platform an auction cannot be completed, our only responsibility to you is to enable Sellers to re-list the Lot(s) once our Website and/or the Bidding Platform is back up. In particular, we will not be liable for any loss of opportunity or disappointment suffered as a result of participating in our Live Auction.

20.3 We accept no liability in relation to any of the Seller’s warranties at Clause 17, including any warranty of satisfactory quality and fitness for purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, completeness, value, frame, medium, provenance, exhibition history, literature, or historical relevance or any breach by the Seller of their obligations under our Terms of Consignment. Unless Clause 19 applies, all warranties express or implied are specifically excluded by us to the fullest extent permitted by law.

20.4 We accept no liability for damage to gilded picture frames, plaster picture frames or picture frame glass.

20.5 We do not accept any liability to any Bidders for any failure to register a Bidder or any acts or omissions in relation to the sale of Lots and the conduct of our auctions and will not be liable for any loss, damage, expense, costs, loss of profit, loss of business, loss of opportunity or disappointment as a result of participating in our auctions.

20.6 Subject to Clause 20.10 below, if we are found to be liable to you for any reason (including, amongst others, if we are found to be negligent, in breach of contract or to have made a misrepresentation), our total liability will be limited to the Total Price as paid by you to us for any Lot. We will not be responsible to you for any loss, damage, expense, costs, loss of profit, loss of business or lost of opportunity. We have no responsibility to any person other than you in connection with the purchase of any Lot.

20.7 Neither we, nor the Seller shall be responsible to you and you shall not be responsible to the Seller or us for any failure to meet any obligations which we, you or the Seller has under the Terms and Conditions of Business which is caused by circumstances beyond our, your or the Seller’s reasonable control. This includes but is not limited to strikes, lock-outs, fire, flood, natural disasters, war, armed conflict, terrorist attack, nuclear and chemical contamination, epidemic and pandemic.

20.8 You should note that Lots are sold as antiques for their decorative attributes rather than for use, and are often of considerable age and uncertain manufacture; neither we nor the Seller accepts any liability for loss or damage to the Lots, or any other loss or damage, that is caused by or results from any inherent vice or defect affecting the Lots.

20.9 In addition to the above, neither we nor the Seller shall be responsible to you and you shall not be responsible to the Seller or us for

any other loss or damage that any of us suffer that is not a foreseeable result of any of us not complying with the Terms and Conditions of Business. Loss or damage is foreseeable if it is obvious that it will happen or if at the time of the sale of the Lot, we, you and the Seller knew it might happen.

20.10 Notwithstanding the above, nothing in these Terms of Sale for Live Auctions shall limit our liability (or that of our employees or agents) for:

20.10.1 death or personal injury resulting from negligence (as defined in the Unfair Contract Terms Act 1977);

20.10.2 fraudulent misrepresentation; or

20.10.3 any liability which cannot be excluded by law.

21. NOTICES

21.1 All notices or other communications between you and us regarding these Terms of Sale for Live Auctions must be in writing and signed by or on behalf of the party giving it.

21.2 Any notice referred in Clause 21.1 may be given:

21.2.1 by delivering it by hand;

21.2.2 by first class pre-paid post or Recorded Delivery; or

21.2.3 by email, provided that a copy is also sent by first class pre-paid post or Recorded Delivery. A notice given by email will be deemed to be signed for the purposes of this Clause 21.2 if the name of the sender appears in a signature position after the body of the email and has not been added automatically by the sender’s email server.

21.3 Notices must be sent:

21.3.1 by hand, by first class pre-paid post or Recorded Delivery:

(a) to us, at our address set out in these Terms of Sale for Live Auctions or at our registered office address appearing on our Website; and

(b) to you, at the last postal address that you have given to us as your contact address in writing.

21.3.2 by email:

(a) to us, by sending the notice to the following email address: [email protected], marked for the attention of the

Sale Administration Team

(b) to you, by sending the notice to any email address that you have given to us as your contact email address in writing.

21.4 Notices will be deemed to have been received:

21.4.1 if delivered by hand, on the day of delivery; or

21.4.2 if sent by first class pre-paid post or Recorded Delivery, two Business Days after posting, exclusive of the day of posting; or

21.4.3 if sent by email, at the time of transmission unless sent after 17.00 in the place of receipt in which case they will be deemed to have been received on the next Business Day in the place of receipt (provided that a copy has also been sent by pre-paid post or Recorded Delivery as set out in Clause 21.3.1.

21.5 Any notice or communication given under these Terms of Sale for Live Auctions will not be validly given if sent by fax, any form of messaging via social media or text message (including WhatsApp).

22. DATA PROTECTION

We will hold and process any personal data in relation to you in accordance with our current privacy policy, a copy of which is available on our Website.

23. GENERAL

23.1 We may, at our sole discretion, though acting reasonably, refuse any person admission to our premises or attendance at our Live Auctions.

23.2 We act as an agent for our Sellers. The rights we have to claim against you for breach of these Terms of Sale for Live Auctions or our Terms and Conditions of Business may be used by either us, our employees or agents, or the Seller, its employees or agents, as appropriate. Other than as set out in this Clause, these Terms of Sale for Live Auctions are between you and us and no other person will have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any of their terms.

23.3 The Terms and Conditions of Business shall be binding on the parties' respective heirs, beneficiaries, executors, successors and assigns, but neither party may assign the contract between us without the prior written consent of the other party.

23.4 We may use special terms in the catalogue descriptions of particular Lots. You must read these terms carefully along with any glossary provided in our auction catalogues.

23.5 Each of the Clauses of these Terms of Sale for Live Auctions operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining Clauses will remain in full force and effect.

23.6 We may change these Terms of Sale for Live Auctions from time to time, without notice to you. Please read these Terms of Sale for Live Auctions carefully, as they may be different from the last time you read them.

23.7 Except as otherwise stated in these Terms of Sale for Live Auctions, each of our rights and remedies are: (a) are in addition to and not exclusive of any other rights or remedies under these Terms of Sale for Live Auctions or general law; and (b) may be waived only in writing and specifically. Our delay in exercising or non-exercise of any right under these Terms of Sale for Live Auctions is not a waiver of that or any other right. Our partial exercise of any right under these Terms of Sale for Live Auctions will not preclude any further or other exercise of that right or any other right under these Terms of Sale for Live Auctions. Our waiver of a breach of any term of these Terms of Sale for Live Auctions will not operate as a waiver of breach of any other term or any subsequent breach of that term.

23.8 The Terms and Conditions of Business and any dispute or claim arising out of or in connection with them (including any non-contractual claims or disputes) shall be governed by and construed in accordance with the laws of England and Wales and the parties irrevocably submit to the exclusive jurisdiction of the English courts.

TERMS OF SALE FOR ONLINE AUCTIONS

The sale of goods at our Online Auctions (as defined below) and your relationship as Buyer/Bidder with us and the Seller are governed by these Terms of Sale for Online Auctions, our Privacy Notice, the Important Information for Buyers and, in relation to specific lots, any notices that are displayed on the Listing for that Lot at the time of the auction (collectively, the “Terms and Conditions of Business”). These Terms of Sale for Online Auctions are available on our Website.

Please read these Terms of Sale for Online Auctions carefully before bidding and contact us if you have any questions. Please note that if you (or another person acting on your behalf) register to bid and/or bid at auction this signifies that you agree to be bound by and will comply with these Terms of Sale for Online Auctions. You may also be asked to accept any third party terms and conditions when bidding via an independent bidding platform (as defined below).

Please note that these Terms of Sale for Online Auctions relate to auctions held online only. We have separate terms for auctions held

at our premises.

1. DEFINITIONS AND INTERPRETATION

1.1 To make these Terms of Sale for Online Auctions easier to read, we have given the following words a specific meaning:

“Auctioneer” means Olympia Auctions Ltd, a company registered in England and Wales with registration number 07982062 and whose registered office is located at 25 Blythe Road, London W14 0PD or its authorised auctioneer, as appropriate. The term “Auctioneer” includes the Bidding Platform where appropriate;

“Art Market Participant” means an art market business registered with HMRC under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended);

“Bidder” means a person participating or planning to participate in bidding at our Online Auction;

“Bidding Platform” means the online bidding platform on which the Online Auction is operated by the Auctioneer, or by a third party service provider on the Auctioneer’s behalf;              

“Bidding Platform Fee” means the fee set out in the Important Information for Buyers;

“Business Day” means any day that is not a weekend or public holiday in England and the Auctioneer is open for business;

“Buyer” means the Bidder who makes the highest bid for a Lot accepted by the Auctioneer, including a Buyer’s Principal when acting as agent;

“CITES Regulation” means the Convention on International Trade in Endangered Species of Wild Fauna and Flora;

“Contract” means the contract between the Seller and you referred to at Clause 12;

“Consumer” means an individual acting for purposes which are wholly or mainly outside that individual’s trade, business, craft or profession;

“Consumer Rights Directive” means the EU Consumer Rights Directive and any implementing legislation;

“Deliberate Forgery” means:

(a) a copy or imitation made in our reasonable opinion with the intention of deceiving as to authorship, attribution, authenticity, origin, date, age, period, culture, provenance, source or material;

(b) described in the catalogue entry (as amended by any saleroom or Website notice) as being the work of a particular creator without qualification or any indication that there may be any uncertainty or conflict of opinion in relation to the work being such a copy or imitation; and

(c) which at the date of the auction or sale had a value materially less than it would have had if it had been as described;

“Estimate” means the price range within which, in our opinion, a Lot may reasonably be expected to sell. A reference to the low Estimate means the lower price in such price range;

“Hammer Price” means the level of the highest executed bid for a Lot (at or above any Reserve) when the Listing Period for the Lot ends;

“Listing” means a listing of a Lot for sale on the Website or Bidding Platform;

“Listing Period” means the period during which Bidders may place bids to purchase a Lot;

“Lot(s)” means an item offered for sale or a group of items offered together;

“Money Laundering Legislation” means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended) and related legislation, together with any applicable terrorist financing and legislation on Restrictive Measures;

“Online Auction” means an auction held over the Website or any Bidding Platform where members of the public are not given the possibility of attending the sale in person;

“Order Confirmation” means the email confirmation that we send to you to confirm that we have accepted your bid to purchase a Lot;

“Pledge” means any security or charge over the Lot in favour of ourselves or any third party;

“Principal” means a person or entity you are acting on behalf of for the purposes of the purchase of the Lot(s);

“Premium” means the fee in addition to the Hammer Price that we will charge you on your purchase of a Lot to be calculated as set out in Clause 8.1.2;

“Recorded Delivery” means a method of delivery pursuant to which the sender receives a confirmation that a letter has been posted and a signature is obtained from the recipient as a record that it has been delivered;

“Reserve” means the minimum Hammer Price at which a Lot may be sold;

“Restrictive Measures” means economic or financial sanctions, export controls, embargoes or any other restriction on trade under the laws of the European Union, the United Kingdom or the United States, or in the jurisdiction in which you, your Principal, or any agent acting for you does business;

“Sale Proceeds” means the net amount due to the Seller;

“Seller” means the person(s) or entity who consigns Lots for sale at our Online Auctions;

“Services” means the auction-related services that we agree to provide you, including the maintaining of the Website with descriptions of the Lot(s), the provision of a Bidding Platform, the coordination of your potential purchase via such online auction and/or storage and warehousing services;

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature in any jurisdiction (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) and “Taxes” shall be construed accordingly;

“Terms of Consignment” means the terms on which we agree to offer Lots for sale as agent on behalf of Sellers;

“Terms of Sale for Online Auctions” means these terms of sale for online only auctions, as amended or updated from time

to time;

“Total Price” means the fee that we will charge you as set out at Clause 8;

“Trader” means a person who is acting for purposes relating to that person’s trade, business, craft or profession, whether acting personally or through another person acting in the trader’s name or on the trader’s behalf;

“VAT” means Value Added Tax in the UK and any other Tax of a similar nature in any jurisdiction (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) at the rate from time to time applicable; and

“Website” means the Auctioneer’s website. 

In these Terms of Sale for Online Auctions the words “you”, “yours”, etc. refer to you as the Buyer. The words “we”, “us”, “our” etc. refer to the Auctioneer. Any reference to a ‘Clause’ is to a clause of these Terms of Sale for Online Auctions unless stated otherwise. A reference to legislation or a legislative provision is a reference to it as amended, extended or re-enacted from time to time. We may change our Terms from time to time, without notice to you.

2. INFORMATION THAT WE ARE REQUIRED TO GIVE TO CONSUMERS

2.1 A description of the main characteristics of a Lot is contained in the Listing for that Lot. This description will also be contained in the Order Confirmation referred to in Clause 11.

2.2 A description of our Services, as set out in these Terms of Sale for Online Auctions.

2.3 Our name, address and contact details as set out herein and/or on our Website.

2.4 The technical means for concluding the contract to buy Lots are set out in Clause 4. If you have made a mistake in inputting information prior to submitting your bid, please click on the back arrow and you will be able to change it.

2.5 The price of the Lot and arrangements for payment as described in Clauses 8, 9, 11, 14 and the manner in which our storage charges (as part of the Services) are calculated (see Clause 15.6).

2.6 The arrangements for collection of the Lot as set out in the Order Confirmation and in Clauses 15 and 19.

2.7 Your right to cancel your purchase of a Lot and to receive a refund as set out in Clause 16 (provided you return the Lot to us at your own cost) and a copy of the Model Cancellation Form (see Clause 17.2).

2.8 Your right to cancel our Services as set out in Clause 18, a copy of the Model Cancellation Form (see Clause 17.2), information on your obligation to pay for Services supplied up to cancellation, and confirmation of the loss of the right to cancel if we have performed our Services in full.

2.9 Your right to return a Lot and receive a refund if the Lot is a Deliberate Forgery as set out in Clause 23.

2.10 We and Trader Sellers have a legal duty to supply any Lots to you in accordance with these Terms of Sale for Online Auctions.

2.11 We also refer you to your warranties as a Bidder and Buyer as set out in Clause 7.

2.12 If you have any complaints, please send them to us directly at the address set out on our Website.

3. BIDDER REGISTRATION

3.1 You must register your details with us and login to our Website/the Bidding Platform before bidding and provide us with any requested proof of identity, billing information and any further client due diligence information and documentation that we require, in a form acceptable to us (more details are set out at section A, paragraph 14 of the Information for Buyers).

3.2 We may at our complete discretion refuse to register any Bidder, delay registration or disable a Bidder’s access to our Website/the Bidding Platform if we are not satisfied with the information or documentation provided or the Bidder’s creditworthiness, including if the Bidder has previously defaulted in paying for or collecting purchases in any of our auctions, or at any other auction house.

3.3 We will send you confirmation by email that you have completed the registration process and have approval to bid in our auctions.

3.4 If you are a returning Bidder, we may at our discretion require that you provide updated identity and other documentation before permitting you to bid in an auction.

3.5 We do not undertake to register any Bidder in time for any specific auction. 

3.6 If you are bidding on behalf of another person, you will need to disclose such information in advance of the auction and that person may also need to complete our registration and client due diligence process and provide us with written authority to accept bids from you on his/her/its behalf. If we are not informed of these arrangements in advance of an auction or do not have clear written authority in place, you will be deemed to be bidding as principal for your own account.

3.7 If you intend to bid on a Lot using pre-approved financing by a third party lender, you must notify us at the time of registration or at the time of securing financing, obtain our agreement to the arrangements and provide any further information or documentation that we require.

3.8 You may de-register at any time on request. This will leave any accrued rights and obligations unaffected.

3.9 We reserve the right, where we deem we are so required for regulatory purposes, to reveal your identity and contact details (and those of your Principal) to the Seller. You must also satisfy any security arrangements we have in place before using our online auction room to bid on any Lot.

4. BIDDING PROCEDURES

4.1 Your contract with us for the Services will be formed when you register your details on our Website/the Bidding Platform, and we will send you a confirmation of the information listed in Clause 2 upon registration. You may register on our Website less than fourteen days before an online auction. By registering on our Website/the Bidding Platform, you acknowledge that you are asking us to start performing the Services before the end of the cancellation period (see Clause 18).

4.2 Bids can only be placed during the date and time period that bidding is open, which will be displayed on our Website. The Bidder placing the highest bid for a Lot accepted by the Auctioneer at the end of the Listing Period will be the Buyer at the Hammer Price and bound by the contract formed pursuant to Clause 12.2 and governed by the Terms and Conditions of Business, unless the Auctioneer has for any reason at its/his/her option refused the bid, reopened the bidding or cancelled the sale and reopened the Lot.

4.3 We may at our sole discretion and without any liability to you:

4.3.1 suspend your account at any time;

4.3.2 refuse to accept any bid;

4.3.3 reopen bidding after it has closed whether during or after the auction;

4.3.4 withdraw a Lot at any time prior to or during the sale of the Lot;

4.3.5 divide a Lot or combine one or more Lots; and/or

4.3.6 cancel a sale and re-offer a Lot.

4.4 We may withdraw a Lot at any time prior to or during the sale of the Lot or cancel an auction. We will not be liable to you for our decision to withdraw a Lot or cancel an auction.

4.5 A countdown timer is displayed for each Lot listed showing the time left before bidding closes on that Lot.

4.6 While bidding is active, the Bidder can enter a maximum bid at any time. The Bidder will be sent a confirmation email acknowledging the bid and confirming whether it is the winning bid at the time of submission. You will also receive notification by email if you have been outbid on a Lot.

4.7 Bids can be revised to the extent that they have not already been executed prior to the end of the Listing Period.

4.8 All bids have a time stamp and are prioritised strictly in the time order that they are received. If you wish to cancel a bid, please notify us in writing at [email protected]. Any such notification must be submitted by no later than 48 hours before the end of the Listing Period.

4.9 All bidding will be in the currency of the sale location.

4.10 Bidders will be deemed to act as principals (in other words, acting for their own account and not on behalf of someone else), even if the Bidder is acting as an agent for a third party.

4.11 If you make a successful bid but in our opinion you do not satisfy our client due diligence requirements, including, but not limited to, completing any checks required by Money Laundering Legislation and/or anti-terrorism financing checks to our satisfaction, we may cancel the contract for sale between you and the Seller. Upon notice of our election to cancel the contract for sale, you must promptly return the Lot to us and we will then refund the Total Price paid to us. The refund shall constitute the sole remedy and recourse you may have against us and the Seller with respect to such cancelled sale.

4.12 Bidding increments will be at our sole discretion.

4.13 Any dispute about a bid will be settled at our sole discretion, giving due consideration to any circumstances and acting reasonably. We may settle disputes at our discretion in any way we think fit including by re-offering the Lot and our decision will be final. If there is any discrepancy between our record of an auction and the information provided in any communication to you, our record will prevail.

5. INSPECTION OF LOTS

5.1 The Auctioneer provides descriptions, Estimates, illustrations and condition reports (on request) to assist Bidders in deciding whether to bid on a Lot but subject to Clause 22 accepts no responsibility for their accuracy.

5.2 Lots may be available for viewing on request in person at our premises or another location. Viewing information will be available on our Website. Where a Lot is made available for inspection, we strongly recommend that you inspect any Lots that you are interested in prior to bidding at the auction. You are responsible for your decision to bid for a particular Lot and for undertaking your own due diligence in relation

to the Lot. If you bid on a Lot, you will be deemed to have carefully inspected the Lot and satisfied yourself regarding its suitability, quality

and condition.

6. ESTIMATES

Estimates are provided as a guide to what, in our opinion, the sale price of a Lot is reasonably likely to be. The Estimate is not a guarantee of what the actual selling price or value may be and cannot be relied on as such. The Estimate does not take into account Premium, VAT or any other applicable charges.

7. BUYER WARRANTIES

7.1 You warrant to us, and where you are acting on behalf of someone else (your Principal), you will procure that your Principal warrants to

us, that:

7.1.1 any client due diligence information or documentation provided to us in accordance with Clause 3.2 is and continues to be true

and accurate;

7.1.2 any bids you place, or which are placed on your behalf, are not part of any collusive or other anti-competitive arrangement and are not in breach of any applicable law;

7.1.3 the funds used for the purchase of the Lot(s) are not connected with nor are derived from any criminal activity, including without limitation Tax evasion, money laundering or terrorist financing and are not attributable, either directly or indirectly to an individual or entity that is subject to Restrictive Measures;

7.1.4 neither you, nor any agent acting for you, nor your Principal, are engaged in, or under investigation for, nor have you been previously charged with or convicted of any offences in relation to, without limitation, Tax evasion, money laundering, terrorist financing, fraud or other criminal activities; and

7.1.5 you are not and have no reason to suspect that you, nor any agent acting for you, nor your Principal, not the ultimate Buyer are subject to Restrictive Measures or owned, partly owned or controlled by person(s) subject to such Restrictive Measures.

7.2 Where you are bidding on behalf of another person (your Principal) and you are an Art Market Participant, you warrant that:

7.2.1 you have authority to bid on that Lot on behalf of your Principal;

7.2.2 you have been placed in funds by your Principal to cover the Total Price and any additional fees and charges;

7.2.3 you have conducted appropriate customer due diligence on your Principal in accordance with all applicable Money Laundering Legislation and have obtained and kept a record of documents required to establish your Principal’s identity and have no reason to suspect or believe that he/she/it is engaged in money laundering, terrorist financing, tax evasion, fraud or other criminal behaviour nor subject to Restrictive Measures;

7.2.4 upon request, you will provide us or any independent third party auditor (employed at our cost) with any identification and any other relevant documentation you have obtained for customer due diligence purposes on your Principal of the Lot;

7.2.5 you consent to us relying on this due diligence; and

7.2.6 you will retain for a period of not less than five years the documentation evidencing the due diligence.

7.3 Where you are acting on behalf of another person (your Principal) and you are not an Art Market Participant, you warrant that:

7.3.1 you will provide accurate and complete information about your Principal to us;

7.3.2 you have authority to bid on that Lot on behalf of your Principal; and

7.3.3 you have been placed in funds by your Principal to cover the Total Price and any additional fees and charges.

8. OUR CHARGES

8.1 As Buyer, you will pay us:

8.1.1 the Hammer Price;

8.1.2 a Premium of 25% of the Hammer Price;

8.1.3 any artist’s resale right royalty payable on the sale of the Lot (as set out at Clause 10); and

8.1.4 any VAT, import VAT or other duties, fees or Taxes applicable to the Lot (as set out at Clause 9);

8.1.5 any additional charges payable by a late paying or defaulting Buyer under these Terms of Sale for Online Auctions; and

8.1.6 any Bidding Platform Fee.

9. VAT AND OTHER DUTIES

9.1 You shall be solely responsible for ascertaining the overall cost of your bid and the payment of any applicable VAT and other fees, Taxes or duties payable in addition to the Hammer Price and Premium (where applicable) due for a Lot. Please see the symbols used in the online auction catalogue for that Lot and the Important information for Buyers for further information.

9.2 We will charge VAT and other duties, fees and Taxes at the current rate at the date of the Online Auction.

9.3 For Lots offered under the rules for the Auctioneers’ Margin Scheme, VAT at the standard rate will be charged on the Premium. This VAT cannot be itemised separately on our invoices and is not reclaimable by UK VAT registered Sellers.

9.4 For Lots offered under the Temporary Admission VAT rules, the VAT may not be shown separately on our invoices because of Tax legislation. You may be eligible to have a VAT refund in certain circumstances if the Lot is exported.

10. ARTIST’S RESALE ROYALTY

10.1 Works by certain artists sold in certain countries are subject to royalty fees accruing to the artist or their estate. The fees are levied on a sliding scale relative to Hammer Price and capped at £12,500 per item. We will collect these fees from you on behalf of the artist.

10.2 If applicable, artist’s resale royalties are charged at:

10.2.1 4% of the Hammer Price up to £50,000;

10.2.2 3% of the Hammer Price from £50,000.01 to £200,000;

10.2.3 1% of the Hammer Price from £200,000.01 to £350,000;

10.2.4 0.5% of the Hammer Price from £350,000.01 to £500,000; and

10.2.5 0.25% of the Hammer Price above £500,000, subject to an overall cap of £12,500.

11. ORDER CONFIRMATION PROCESS

11.1 Once we have received your successful bid on a Lot, an automated confirmation of receipt will be displayed on the online auction page of the Bidding Platform. Please note that this does not mean that your bid has been accepted or that a contract has been made. We will confirm acceptance of your bid to you by sending you an Order Confirmation by e-mail which confirms that we have accepted your bid and that the Lot will be ready for you to collect at the given location following our receipt of the Total Price from you in cleared funds. The contract between the Seller and you (the “Contract”) will only be formed when we send you the Order Confirmation.

11.2 The Order Confirmation will include the following information:

11.2.1 the description of the Lot that you have successfully bid for;

11.2.2 the Hammer Price for the Lot that you have successfully bid for plus the Premium and any applicable VAT or artist’s resale

right royalty;

11.2.3 confirmation of the arrangements for your payment for and collection of the Lot;

11.2.4 details of your right to cancel the Contract and a model cancellation form;

11.2.5 details of our legal duty to supply the Lot in conformity with these Terms of Sale for Online Auctions;

11.2.6 our identity, address and contact details (including our telephone number, fax number and e-mail address, where available), and how you can complain;

11.2.7 details of your right to return the Lot and receive a refund if the Lot is a Deliberate Forgery; and

11.2.8 a copy of the Terms of Sale for Online Auctions.

11.3 We reserve the right to cancel the Contract on behalf of the Seller in (amongst others) the following situations in this Clause 11.3 and

Clause 11.4, without being liable for any damage or costs:

11.3.1 your contact or billing information is not correct or not verifiable;

11.3.2 your bid is flagged up by our security systems as an unusual bid or a bid susceptible to fraud; or

11.3.3 your payment is not received within five Business Days of our acceptance of your bid.

11.4 In addition to any other rights we may have to cancel a contract for sale under these Terms of Sale for Online Auctions, we may delay completion of a sale, delay release of a Lot or cancel the sale of a Lot in the event:

11.4.1 you are in breach of your warranties in Clause 7; or

11.4.2we have not completed our enquiries pursuant to the Money Laundering Regulations and related legislation to our satisfaction; or

11.4.3 we have reason to believe that the transaction might be unlawful for any reason, or that the sale might put us under any civil or

criminal liability.

12. THE CONTRACT BETWEEN YOU, US AND THE SELLER

12.1 Unless the Auctioneer is selling on its own behalf, the Auctioneer acts as agent for and on behalf of the Seller and the contract for sale is between the Buyer and the Seller.

12.2 As set out at Clause 11 above, we will confirm acceptance of a successful bid for a Lot to you by sending you an Order Confirmation by

e-mail. The contract for the purchase of the Lot between you and the Seller will be formed when we send you the Order Confirmation.

12.3 The contractual relationship between Bidders or Buyers, the Auctioneer and the Seller in relation to any Online Auction is governed by the Terms and Conditions of Business.

12.4 As agent for the Seller, we will not have any responsibility for any default or breach of obligations by you or the Seller (unless we are the Seller of the Lot). You may directly enforce any terms in the Terms of Consignment against a Seller to the extent that you suffer damage and/or loss as a result of the Seller’s breach of the Terms of Consignment.

12.5 If you breach these Terms of Sale for Online Auctions, you may be responsible for damages and/or losses suffered by a Seller or us. If we are contacted by a Seller who wishes to bring a claim against you, we may at our discretion provide the Seller with information or assistance in relation to that claim.

12.6 If you purchase an unsold Lot after an auction, the contract for sale is formed when the sale is agreed in writing and the Total Price of the Lot shall be as set out at Clause 8 except that any reference to Hammer Price shall be read as the agreed sale price. So far as appropriate, the remainder of these Terms of Sale for Online Auctions shall apply to the sale as they would to an auction sale.

13. DATA CHECK

When you submit a successful bid, we may run some checks on it before it is fulfilled. These checks may include verifying your address, creditworthiness, and checking for fraud. As to the latter, we run partly automated checks on all bids to filter out unusual or suspect transactions, or transactions which can be identified as susceptible to fraud. Suspected fraud on our Online Auctions will be investigated and if necessary prosecuted. By submitting your bid, you agree to this.

14. PAYMENT

14.1 Following your successful bid on a Lot you will:

14.1.1 immediately give to us, if not already provided to our satisfaction, any further proof of identity or source of funds, or client due diligence documentation in a form acceptable to us (and any other information that we require in order to comply with our anti-money laundering obligations, please refer to section A and paragraph 14 of the Information for Buyers); and

14.1.2 unless we have agreed otherwise and subject to the terms of any Pledge, pay us the Total Price within 3 Business Days of the date of the auction in cleared funds in GBP Sterling in any way that we agree to accept payment including in cash (for which there is an aggregate upper limit of £6,000 for all purchases made in any auction) Please see the Important Information for Buyers for further information about how to make a payment.

14.2 If payment is late, we reserve the right to charge interest on the Total Price or any part thereof in accordance with Clause 19.1.5.

14.3 If you owe us any money, we may use any payment made by you to repay the amounts owed by you before applying such monies towards your purchase of the Lot(s).

14.4 All Lots sold will be invoiced in the name of the registered Bidder at the address given to us at the time of registration and cannot be transferred to other names or addresses.

15. TITLE AND COLLECTION OF PURCHASES

15.1 While you are bound by the contract for the purchase of the Lot from us sending the Order Confirmation, the transaction is not completed and ownership in the Lot will not pass to you until:

15.1.1 we have received the Total Price in full and cleared funds for that Lot;

15.1.2 you have provided us with the information set out in Clause 3 and provided your continuing compliance with Clause 7; and

15.1.3 we have completed our enquiries pursuant to the Money Laundering Legislation to our satisfaction.

15.2 You may not claim or collect a Lot until:

15.2.1 you have paid for it;

15.2.2 ownership has passed to you; and

15.2.3 any applicable storage charge applicable under Clause 15.7 and accrued up until the day of collection have been paid in full by you (at law, the right for a professional to hold on to goods until its services have been paid for is called a “lien”).

15.3 We may (i) refuse to accept payment, (ii) refuse to release the Lot or any other property to you, (iii) cancel the contract for the sale between you and the Seller or (iv) withhold any refunds you would otherwise be entitled to if we require further information or verification and until we satisfy ourselves of the client due diligence and source of funds related to the transaction.

15.4 For any Lots stored at a third-party location and not available for collection from our premises, your provision to us of instructions authorising the release to you or your agent shall constitute collection by you.

15.5 if you have purchased a Lot using third party pre-approved financing, with our knowledge and agreement, and the Lot remains subject to a Pledge, we will hold the Lot until we receive conformation from the beneficiary of the Pledge that we are authorised to release the Lot. In such cases, time starts to run under Clauses 15.6 and 15.7 below from the date that we inform you that the Lot can be released, rather than the date of the auction.

15.6 Unless notified otherwise, and subject to the passing of ownership in the Lot to you under Clause 15.1, you will (at your own expense) collect any Lots that you have purchased and paid for at the location notified in the Order Confirmation either:

15.6.1 not later than 5 Business Days following the day of the auction; or

15.6.2 not later than 5 Business Days following the date that we have received payment of the Total Amount Due in cleared funds, if later.

15.7 Subject to Clause 15.1, if you do not collect the Lot within any of the time periods set out at Clause 15.6 above, we shall start charging a minimum warehousing charge of £10 per Lot per day plus any applicable VAT, starting from the latest of the time periods to the date of collection (inclusive). You will also be responsible for any reasonable removal, storage and insurance charges in relation to that Lot.

15.8 Risk of loss or damage to the Lot will pass to you when you purchase the Lot. Once risk passes to you, you irrevocably release us, our offices and employees, agents, and the Seller from any and all claims, causes of action, liabilities, damages, losses and expenses (including but not limited to reasonable legal fees) for loss or damage to the Lot.

15.9 Subject to Clause 15.1, if you do not collect the Lot that you have paid for within 28 days of the date of the auction, we may sell the Lot by auction or private treaty with the Estimate and Reserve or purchase price, as applicable, set at our discretion. We will pay the proceeds of any such sale to you, but will deduct any storage charges or other sums that we have incurred in the storage and sale of the Lot and any other sums owed to us by you. We reserve the right to charge you a selling commission at our standard rates on any such resale of the Lot.

16. CONSUMER’S RIGHT TO CANCEL THE CONTRACT

16.1 If you purchase a Lot at an Online Auction and you are contracting as a Consumer habitually residing in the UK or the EU and the Seller of a Lot is a Trader, you will have a statutory right under the Consumer Rights Directive to cancel the contract for your purchase of that Lot without giving any reason conditional upon satisfaction of the requirements set out at Clause 16.2 to 17.3. The provisions below set out your legal right to cancel. If the Lot is being sold by any person or entity other than a Trader, the right to cancel does not apply. Further advice about your legal right to cancel your purchase is available from your local Citizens Advice Bureau or Trading Standards Office.

16.2 If applicable, you may exercise the right to cancel from the date of purchase of the Lot in the Online Auction for a period of 14 days starting on the day after the day on which you acquire, or a third party other than the carrier and indicated by you acquires, physical possession of the Lot (the “Cancellation Period”). Where the Lot consists of more than one item delivered separately, the Cancellation Period will expire 14 days from acquiring physical possession of the last item within the Lot.

17. EXERCISING THE CONSUMER’S RIGHT TO CANCEL THE CONTRACT

17.1 In order to exercise your right to cancel your purchase, you must inform us clearly in writing (by letter sent by post or email) of your decision to cancel the contract within the Cancellation Period. To meet the cancellation deadline, it is sufficient for you to send your communication within the Cancellation Period even if we do not receive it before the Cancellation Period has expired (the cancellation is effective from the date you send us the email or post the letter to us). You may, but are not required to, notify us by using the model cancellation form set out below.

17.2 Model cancellation form:

To: Sale Administration Team, Olympia Auctions Ltd, 25 Blythe Road, London W14 0PD, [email protected]

I/We [*] hereby give notice that I/We [*] cancel my/our [*] contract of sale of the following goods [*]:

Auction Title:

Auction Date:

Lot No:

Brief Description of Lot:

Bid successfully on [*]/received on [*]:

Name of consumer(s):

Address of consumer(s):

Signature of consumer(s) (only if this form is notified on paper):

Date:

[*] Delete as appropriate

17.3 You must return the Lot to us without undue delay and in any event not later than 14 days from the day on which you communicate your cancellation of the contract to such address as we specify. The deadline is met if you send back the Lot before the period of 14 days has expired.

17.4 You will bear the direct cost of returning the Lot. We cannot provide an estimate of the cost of returning any Lot as we do not arrange delivery ourselves.

17.5 If you exercise your right to cancel your purchase, you will receive a refund of the Price paid for the Lot in accordance with Clause 17.

17.6 You are entitled to a reasonable opportunity to inspect the Lots you have purchased (which will include removing them from their packaging and inspecting them). At all times, you must take reasonable care of the Lots and must not let them out of your possession. If you are in breach of your obligations to take reasonable care of the Lots in this Clause 17.9, we will have a claim against you and may deduct from the refund costs incurred by us as a result of the breach. We are permitted by law to reduce your refund to reflect any reduction in the value of the Lot, if this has been caused by your handling of the Lot in a way contrary to the conditions specified in these terms or which would not be permitted during a pre-sale exhibition held prior to an auction. If we refund you the price paid before we are able to inspect the Lot and later discover you have handled the Lot in an unacceptable way, you must pay us an appropriate amount.

17.7 Details of this statutory right, and an explanation of how to exercise it, are also provided in the Order Confirmation. This provision does not affect your statutory rights.

17.8 The cancellation right described in this Clause is in addition to any other right that you might have to reject a Lot, for instance because it is a Deliberate Forgery as set out in Clause 23 below.

17.9 Where you have validly returned a Lot to us under your right of cancellation described in Clause 16, we will refund the full amount paid by you for the Lot. This does not include costs of delivery as we do not provide a delivery service or any fees, taxes or duties paid to other parties in relation to the Lot, including in order to export or import the Lot.

17.10 You will be responsible for returning the Lot to us at your own cost.

17.11 We will process any refund due to you within the deadlines below:

17.11.1 if you have collected the Lot but have not returned it to us: fourteen days after the day on which we receive the Lot back from you or,

if earlier, the day on which you provide us with evidence that you have sent the Lot back to us; or

17.11.2 if you have not collected the Lot or you have already returned the Lot to us: fourteen days after you inform us of your decision to cancel the Contract.

17.12 We will refund you using the same means of payment that you used for the transaction.

Legal ownership of a Lot will immediately revert to the Seller (or us if we are the Seller) if we refund any such payment to you.

17.13 Legal ownership of a Lot will immediately revert to the Seller (or us if we are the Seller) if we refund any such payment to you.

17.14 For further information on how to return Lots to us, please get in touch with us using the contact details provided on our Website.

18. RIGHT TO CANCEL OUR SERVICES

18.1 Separately from your right to cancel your contract with the Seller per Clause 16.1 (where applicable), you will have the statutory right

under the Consumer Rights Directive to cancel the contract for the Services (such as delivery or other post-sale services) we provide you in connection with your purchase of the Lot from the Seller.

18.2 If applicable, you may exercise the right to cancel the contract for our Services from the day the contract is formed for a period up to the end of the fourteenth day after the date of formation of that contract (the “Cancellation Period”).

18.3 In order to exercise your right to cancel the contract for Services, you must inform us clearly in writing (by letter sent by post or email) of your decision to cancel the contract for Services within the Cancellation Period. To meet the cancellation deadline, it is sufficient for you to send your communication within the Cancellation Period even if we do not receive it before the Cancellation Period has expired (the cancellation is effective from the date you send us the email or post the letter to us). You may, but are not required to, notify us by using the model cancellation form set out below.

18.4 Model cancellation form

To Sale Administration Team, Olympia Auctions Ltd, 25 Blythe Road, London W14 0PD, [email protected]

I/We [*] hereby give notice that I/We [*] cancel my/our [*] contract of sale of the supply of the following service [*]:

Date of registration for the service [*]:

Name of consumer(s):

Address of consumer(s):

Signature of consumer(s) (only if this form is notified on paper):

Date:

[*] Delete as appropriate

18.5 You request that we begin the performance of our Services during the cancellation period. You shall pay us an amount which is in proportion to what has been performed until you have communicated us your cancellation from this contract. You acknowledge that if any of our Services are fully performed by the time the contract for our Services is cancelled, we will not reimburse you for such fully performed Services.

19. REMEDIES FOR NON-PAYMENT OR FAILURE TO COLLECT PURCHASES

19.1 Please do not bid on a Lot if you do not intend to buy it. If your bid is successful, our Terms and Conditions of Business will form your contract of purchase. This means that you will have to carry out your obligations set out in these Terms of Sale for Online Auctions. Subject to any cancellation of a purchase under Clauses 16 and 17, if you do not comply with these Terms of Sale for Online Auctions we may (acting on behalf of the Seller and ourselves) pursue one or more of the following measures:

19.1.1 take legal action against you to recover the Total Price and/or pursue damages for breach of contract, including any fees, interest, legal expenses or other costs that we incur;

19.1.2 reverse the sale of the Lot to you and/or any other Lots sold by us to you (in which case we may charge you an administration fee of £150 plus VAT per Lot or, if lower, the Total Price of the Lot and retain any partial payment of the Price as liquidated damages;

19.1.3 cancel the sale of the Lot and resell it by auction or private treaty (in which case you will have to pay any difference between the Total Price for the Lot and the Hammer Price we sell it for as well as the charges outlined in Clause 11 and any other costs and expenses or legal fees incurred by us in reselling the Lot or any loss to us of Seller’s commission). Please note that if we resell the Lot for a higher amount than the Hammer Price on the sale of the Lot to you, the additional sale proceeds will be paid to the Seller and we will retain any increase in Premium;

19.1.4 remove, store and insure the Lot at your sole risk and expense until you pay the Total Price together with any removal, storage and insurance fees as set out in Clause 15.7 or we agree alternative arrangements;

19.1.5 if you do not pay us within three Business Days of your successful bid, we may charge interest at a rate not exceeding 5% per annum above the HSBC Bank plc base rate on the total amount due, or any part remaining unpaid;

19.1.6 assist the Seller in pursuing you for payment and/or damages including by revealing your identity and contact details;

19.1.7 keep the Lot, any other Lot sold to you, or any item(s) consigned for sale by you to us as security for payment until you pay the Total Price and at our discretion sell any of your property in our possession and apply the proceeds to the amount owed by you to us after deduction of the commission due to the Seller and any sale expenses including any applicable Taxes;

19.1.8 if you owe money to us we can apply any payments including deposits or part payments made by you towards part settlement of the Total Price due for the Lot or any other Lot purchased by you, or to any shortfall on the resale of any Lot pursuant to Clause 19.1.3 or to any outstanding sums owed by you to us including but not limited to any removal, storage or insurance charges in relation to any Lot that you have purchased or to any loss or damage suffered by us as a result of your failure to comply with these Terms of Sale for Online Auctions;

19.1.9 refuse to allow you to register you to bid, reject or ignore bids from you or your agent at future auctions, suspend your ability to place bids on the Bidding Platform and/or impose conditions before we accept bids from you;

19.1.10 offset any amounts due from you against any amounts that we may owe you, including if we sell any Lots for you; and/or

19.1.11 take any other action we consider necessary.

20. EXPORT AND IMPORT RESTRICTIONS

20.1 Exporting a Lot out of the United Kingdom or importing it into another country may be subject to legal requirements and restrictions depending on factors such as the type of goods, their age and monetary value and destination. It is solely your responsibility to ascertain what

the requirements are in relation to any Lot and obtain the necessary endangered species licenses or permits or export or import licence

where applicable.

20.2 Lots made of restricted organic matter or endangered species are identified in the catalogue. These may be subject to prohibitions on export or import pursuant to the CITES Regulation and otherwise may require licences. Subject only to Clause 22.7, you are solely responsible for identifying and obtaining any necessary licence. The information provided in our catalogue reflects our reasonable opinion at the date of publication but is intended as guidance only and neither the Auctioneer nor the Seller make any representation or give any warranty as to whether any Lot is subject to a prohibition or restriction on export or import.

20.3 You acknowledge that your purchase of the Lot and fulfilment of your obligations under the Terms and Conditions of Business is not conditional on successfully obtaining an export, import or other licence or permit for any Lot and that you will pay for and collect the Lot regardless of whether a licence has been or is likely to be granted. We will not cancel your purchase of a Lot if for any reason it is refused a licence or is seized or confiscated by government authorities.

20.4 We may on request assist you with applying for a licence to export your Lot(s) out of the United Kingdom and will charge a fee for doing so to cover the costs of our time and out of pocket expenses.

21. SELLER’S WARRANTIES

21.1 The Seller warrants to us and to you in relation to each Lot that:

21.1.1 the Seller is the owner of the Lot for sale or a joint owner of the Lot acting with the co-owners authority or, if acting on the owner’s behalf, is authorised by the owner to offer and sell the Lot at auction;

21.1.2 the Seller is able to transfer clear and unencumbered legal title to the Lot to you free from any third party rights or claims; and

21.1.3 as far as the Seller is aware, the main characteristics of the Lot set out in the catalogue (as amended by any notice on our Website or any Bidding Platform) are correct.

21.2 If, after you have placed a successful bid and paid for a Lot, any of the warranties above are found not to be true, please notify us in writing. Neither we nor the Seller will be liable, under any circumstances, to pay you any sums over and above the Total Price and we will not be responsible for any inaccuracies in the information provided by the Seller except as set out below.

21.3 If you purchase a Lot as a Consumer from a Seller that is a Trader, a number of additional terms may be implied by law in addition to the Seller’s warranties set out at Clause 21.1 (in particular under the Consumer Rights Act 2015). These Terms of Sale for Online Auctions do not seek to exclude your rights under law as they relate to the sale of these Lots.

21.4 Save as expressly set out above, all other warranties, conditions or other terms which might have effect between the Seller and you, or us and you, or be implied or incorporated by statute, common law or otherwise are excluded to the fullest extent that they can be lawfully excluded.

22. DESCRIPTIONS, SAFETY, CONDITION AND DISCLAIMERS

22.1 Our descriptions of the Lot will be based on: (a) information provided to us by the Seller of the Lot (for which we are not liable); and

(b) our opinion (as set out at Clause 22.3) (although it is likely we will not be able to carry out a detailed inspection of each Lot).

22.2 On request, we will give you the opportunity to view and inspect the Lots before auction. You (including any agents or consultants acting on your behalf) must satisfy yourself about the accuracy of any description of a Lot and of any other characteristics of a Lot relevant to your decision to place a bid. We shall not be responsible for any failure by you or your agent or consultant to properly inspect a Lot.

22.3 Certain words used in the catalogue description have special meanings. You can find details of these on the pages headed “Important Information for Buyers” which form part of these Terms of Sale for Online Auctions. Any descriptions and/or statements by us about any Lot, including but not limited to its authorship, attribution, authenticity, origin, date, age, period, culture, provenance, source, material, dimensions, condition or estimated selling price, whether oral or in writing, are matters of our opinion genuinely held but are not to be relied on as a statement of fact or contractual representation. We do not warrant that we have carried out a detailed inspection of each Lot. Any references to dimensions or weight are approximate only.

22.4 Any photographs that we provide are for identification purposes only and may not reveal a Lot’s condition or be accurate in colour or

other features. The actual colour of the Lot may vary from the images in the auction catalogue.

22.5 Please note that the majority of Lots sold by the Auctioneer are second-hand and will not be in perfect condition. Lots are sold “as is”

(i.e. as you see them at the time of the auction). Neither we nor the Seller accept any liability for the condition of any Lot.

22.6 The sale of Lots containing elephant ivory is banned, subject to exceptions. Please note that we may offer Lots containing elephant ivory from time to time. Subject only to Clause 22.7, where this is the case, we rely on the documentation obtained by the Seller of the Lot confirming that the Lot satisfies the relevant exemptions. Therefore, we cannot guarantee that any certificate or other documentation provided by us (on the Seller’s behalf) to you in connection with the sale of the Lot is valid or accurate.

22.7 From time to time and only upon request, we may apply for the relevant certificates, registrations or other documentation required pursuant to the CITES Regulation. In the event that we do apply for such documentation on your behalf, we guarantee that is valid and accurate.

22.8 All Lots of furniture are sold as a collector’s item for display purposes and are not supplied for use. Such Lots may not comply with applicable furniture and safety regulations. Therefore, if you do intend to use such Lots for private use or otherwise, you must first ensure that they are refurbished and rendered compliant with any applicable furniture and safety regulations.

22.9 All Lots with electrical components are sold as “antiques” for their historical and decorative attributes for collection and display only, and are not intended for use. If you buy Lots with electrical components and intend to use them, you must first ask a qualified electrician to check them for compliance with safety regulations.

23. DELIBERATE FORGERIES

23.1 You may return any Lot which is found to be a Deliberate Forgery to us within twelve months of the date of the Online Auction provided that you return the Lot to us at your expense in the same condition as when it was released to you, accompanied by a written report by two recognised experts approved in advance by us on the subject matter identifying the Lot as a Deliberate Forgery with reference to the catalogue description and fully explaining the reasoning behind any conclusions drawn in the report. We shall not be bound by any expert report produced by you and reserve the right to consult our own experts at our expense.

23.2 If we are satisfied, acting reasonably, that the Lot is a Deliberate Forgery and it has been returned to us within the period specified in

Clause 23.1, we will cancel the sale of the Lot and refund the Total Price to you save that you will have no right to cancel the sale or receive a refund under this Clause 23.2 if and of the following circumstances apply:

23.2.1 the online auction catalogue description reflected the accepted view of experts, specialists or scholars as at the date of the Online Auction;

23.2.2 the catalogue description reflected that there is a conflict of expert opinion on the authorship of the Lot;

23.2.3 the Lot can only be shown to be a Deliberate Forgery on the basis of scientific examination which was not available at the time of the auction or in the circumstances was not practicable or reasonable to expect;

23.2.4 there has not been a material loss in value from the value of the Lot had it been described differently in the heading of the catalogue entry;

23.2.5 if you were not the original Buyer (i.e. the registered Bidder) of the Lot named on the invoice for the Lot issued at the time of the sale; or

23.2.6 you personally are not able to transfer clear legal title in and right to possession of the Lot to us, free of any claim, interest or restriction by anyone else, on the date of the return of the Lot to us.

23.3 If you have sold the Lot to another person, we will only be liable to refund the Total Price. We will not be responsible for repaying any additional money you may have made from selling the Lot. The rights given under this Clause 23 are given to you as a Buyer in our Online Auction: they are not given to, and may not be transferred or assigned to, any other party.

23.4 In the event that we cancel the sale and refund the Total Price to you, such refund shall constitute the sole remedy and recourse that you may have against us and/or the Seller with respect to such cancelled sale. We and the Seller will not in any circumstances be liable to you for any loss, damage, expense, costs, loss of profit, loss of business or loss of opportunity.

23.5 Your right to return a Lot that is a Deliberate Forgery does not affect your legal rights and is in addition to any other right or remedy provided by law or by these Terms of Sale for Online Auctions.

24. OUR DISCLAIMERS AND OUR LIABILITY TO YOU

24.1 The Website and the Bidding Platform are provided by us or our service providers without any warranties or guarantees in relation to any statements or representations made or information given in connection with the conduct of the auction or for any other matter relating to the sale of any Lot by us, or our employees or agents whether oral or in writing and accept no liability in connection therewith, including in relation to any errors (human or otherwise) or omissions unless Clause 23 applies. All users of our Website and/or the Bidding Platform bear the risks associated with the use of the internet. Both our Website and the Bidding Platform provide content from users, internet sites or resources. While we try to ensure that material included on our Website and/or the Bidding Platform is correct, reputable and of high quality, we are not responsible if this is not the case. Except as expressly set out herein, we will not be responsible for any errors or omissions or for the results obtained from the use of such information or for any technical problems users may experience with the Website and/or the Bidding Platform or participating in any Online Auction, including but not limited to any loss of internet connection, problems with using any bidding software or hardware faults. We do not accept any liability for any delay or failure in placing a bid, any failure to execute bids or any errors or omissions owing to technical failings, whether on our part or yours. If we are informed of any inaccuracies in the material on our Website or the Bidding Platform we will attempt to correct the inaccuracies or ask our service providers to do so as soon as we reasonably can.

24.2 You acknowledge that the Website and the Bidding Platform are provided as is for public use, subject to registration. Registration is free of charge and as such we have no responsibility to users of our Website and/or the Bidding Platform for any downtime or errors on our Website or the Bidding Platform. If, because of errors on our Website and/or the Bidding Platform an auction cannot be completed, our only responsibility to you is to enable Sellers to re-list the Lot(s) once our Website and/or the Bidding Platform is back up. In particular, we will not be liable for any loss of opportunity or disappointment suffered as a result of participating in our Online Auction.

24.3 You should note that Lots are sold as antiques for their decorative attributes rather than for use, and are often of considerable age and uncertain manufacture; neither we nor the Seller accepts any liability for loss or damage to the Lots, or any other loss or damage, that is caused by or results from any inherent vice or defect affecting the Lots. We accept no liability for damage to gilded picture frames, plaster picture frames or picture frame glass.

24.4 In addition to the above, neither we nor the Seller shall be responsible to you and you shall not be responsible to the Seller or us for

any other loss or damage that any of us suffer that is not a foreseeable result of any of us not complying with the Terms and Conditions of Business. Loss or damage is foreseeable if it is obvious that it will happen or if at the time of the sale of the Lot, we, you and the Seller knew

it might happen.

24.5 We accept no liability in relation to any of the Seller’s warranties at Clause 21, including any warranty of satisfactory quality and fitness for purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, completeness, value, frame, medium, provenance, exhibition history, literature or historical relevance or any breach by the Seller of their obligations under the Terms of Consignment. Unless Clause 23 applies, all warranties express or implied are specifically excluded by us to the fullest extent permitted by law.

24.6 We do not accept any responsibility to any Bidders for any failure to register a Bidder or any acts or omissions in relation to the sale of Lots and the conduct of our auctions and will not be liable for any loss, damage, expense, costs, loss of profit, loss of business or loss of opportunity suffered as a result of participating in our auctions.

24.7 Subject to Clause 24.9, if we are found to be liable to you for any reason (including, amongst others, if we are found to be negligent, in breach of contract or to have made a misrepresentation), our total liability will be limited to the Total Price paid by you to us for any Lot. We will not be responsible to you for any reason for any loss, damage, expense, costs, loss of profit, loss of business or loss of opportunity. We have no responsibility to any person other than the Buyer in connection with the purchase of any Lot.

24.8 Neither we, you nor the Seller will be responsible for any failure to meet any obligations which we, you or the Seller has under the

Terms and Conditions of Business which is caused by circumstances beyond our, your or the Seller’s reasonable control. This includes but is

not limited to strikes, lock-outs, fire, flood, natural disasters, war, armed conflict, terrorist attack, nuclear and chemical contamination, epidemic and pandemic.

24.9 Notwithstanding the above, nothing in these Terms of Sale for Online Auctions shall limit our liability (or that of our employees or

agents) for:

24.9.1 death or personal injury resulting from negligence (as defined in the Unfair Contract Terms Act 1977);

24.9.2 fraudulent misrepresentation; or

24.9.3 any liability which cannot be excluded by law.

25. NOTICES

25.1 All notices or other communications between you and us regarding these Terms of Sale for Online Auctions must be in writing and signed

by or on behalf of the party giving it.

25.2 Any notice referred in Clause 25.1 may be given:

25.2.1 by delivering it by hand;

25.2.2 by first class pre-paid post or Recorded Delivery; or

25.2.3 by email, provided that a copy is also sent by first class pre-paid post or Recorded Delivery. A notice given by email will be deemed to be signed for the purposes of this Clause 25.1 if the name of the sender appears in a signature position after the body of the email and has not been added automatically by the sender’s email server.

25.3 Notices must be sent:

25.3.1 by hand, by first class pre-paid post or Recorded Delivery:

(a) to us, at our address set out in these Terms of Sale for Online Auctions or at our registered office address appearing on our Website; and

(b) to you, at the last postal address that you have given to us as your contact address in writing.

25.3.2 by email:

(a) to us, by sending the notice to the following email address: [email protected], marked for the attention of the

Sale Administration Team

(b) to you, by sending the notice to any email address that you have given to us as your contact email address in writing.

25.4 Notices will be deemed to have been received:

25.4.1 if delivered by hand, on the day of delivery;

25.4.2 if sent by first class pre-paid post or Recorded Delivery, two Business Days after posting, exclusive of the day of posting; or

25.4.3 if sent by email, at the time of transmission unless sent after 17.00 in the place of receipt in which case they will be deemed to have been received on the next Business Day in the place of receipt (provided that a copy has also been sent by pre-paid post or Recorded Delivery as set out in Clause 25.3.1).

25.5 Any notice or communication given under these Terms of Sale for Online Auctions will not be validly given if sent by fax, any form of messaging via social media or text message (including WhatsApp).

26. DATA PROTECTION

We will hold and process any personal data in relation to you in accordance with our current privacy policy, a copy of which is available on

our Website.

27. GENERAL

27.1 We may, at our sole discretion, though acting reasonably, refuse any person admission to our premises or participation in our

Online Auctions.

27.2 We act as an agent for our Sellers. The rights we have to claim against you for breach of these Terms of Sale for Online Auctions or our Terms and Conditions of Business may be used by either us, our employees or agents, or the Seller, its employees or agents, as appropriate. Other than as set out in this Clause, these Terms of Sale for Online Auctions are between you and us and no other person will have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any of their terms.

27.3 The Terms and Conditions of Business shall be binding on the parties’ respective heirs, beneficiaries, executors, successors and assigns, but neither party may assign the contract between us without the prior written consent of the other party.

27.4 We may use special terms in the Listings for particular Lots. You must read these terms carefully along with any glossary provided on

our Website.

27.5 Each of the clauses of the Terms and Conditions of Business operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining clauses will remain in full force and effect.

27.6 We may change these Terms of Sale for Online Auctions from time to time, without notice to you. Please read these Terms of Sale for Online Auctions carefully, as they may be different from the last time you read them.

27.7 Except as otherwise stated in these Terms of Sale for Online Auctions, each of our rights and remedies are: (a) are in addition to and not exclusive of any other rights or remedies under these Terms of Sale for Online Auctions or general law; and (b) may be waived only in writing and specifically. Our delay in exercising or non-exercise of any right under these Terms of Sale for Online Auctions is not a waiver of that or any other right. Our partial exercise of any right under these Terms of Sale for Online Auctions will not preclude any further or other exercise of that right or any other right under these Terms of Sale for Online Auctions. Our waiver of a breach of any term of these Terms of Sale for Online Auctions will not operate as a waiver of breach of any other term or any subsequent breach of that term.

27.8 The Terms and Conditions of Business and any dispute or claim arising out of or in connection with them (including any non-contractual claims or disputes) shall be governed by and construed in accordance with the laws of England and Wales and the parties irrevocably submit to the exclusive jurisdiction of the English Courts.

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