UN OROLOGIO DA TASCA DI GRANDI DIMENSIONI CON CUSTODIA IN PELLE MONTATA IN ARGENTO

WIMBLEDON AUCTIONS

FINE ART AUCTIONEERS AND VALUERS

Terms and Conditions for Buyers

1. BEFORE THE SALE

1.1 Introduction

The following conditions are intended to assist buyers at Wimbledon Auctions Ltd, hereafter referred to as ‘WA Ltd’. All sales are conducted according to our Terms and Conditions.

1.2 Agency

Unless otherwise agreed, WA Ltd acts as agent for the Seller. The identity of the Seller for reasons of confidentiality is not disclosed unless express permission is granted by the Seller. The contract for sale of the Lot is made between the Seller and the Buyer.

1.3 Definitions

For the purposes of the current Terms and Conditions for Buyers, the Seller shall be defined as the owner of the goods and is authorised to sell the property.

The Bidder is any registered person participating in the auction, and the Buyer is the successful Bidder for a particular Lot.

The Lot means the item(s) put up for sale by WA Ltd and to which the present Terms and Conditions apply.

1.4 Estimates

Estimates are assigned to every Lot and are intended by WA Ltd to help Buyer’s gauge what sort of sum they might be expected to pay to purchase the particular Lot. Estimates do not include Buyer’s Premium or VAT (where chargeable). Estimates are for indicative purposes only and are not definitive. Estimates represent the opinion of WA Ltd and cannot constitute a guarantee as to the value of the Lot.

1.5 Reserves

The reserve for a Lot is the minimum sale price that the Lot may be sold for. Many Lots will be offered subject to a reserve. The lower estimate of a Lot may represent the reserve price or may be above the reserve price. If a lot has a fixed reserve, the auctioneer shall have the right to bid on behalf of the vendor up to that reserve.

1.5 Catalogue Descriptions

Any representation in any catalogue or otherwise as to authenticity, date, origin, period, condition or estimated selling price of any Lot is a statement of opinion only. Such opinions do not constitute a representation warranty or assumption of liability by WA Ltd in relation to the Lot. It is the responsibility of any prospective Buyer to satisfy themselves prior to the sale as to the reliability of the catalogue description. Prior to the auction, prospective Buyers are recommended to personally examine any Lot in which they are interested, to satisfy themselves in relation to the above points. Prospective Buyers are welcome to make an appointment to view any Lot’s for sale at Wimbledon Auctions.

1.6 Condition Reports

Reports on the condition of any Lot are offered by WA Ltd as a statement of opinion only, and not as a fact. WA Ltd are not liable for any errors or omissions in the condition report and are not held responsible for any damage or defect that has not been notified to the Buyer. Catalogue illustrations are for guidance only and will not convey full information as to the actual condition of lots. As mentioned in the above clause 1.5, it is the Buyer’s sole responsibility any Lot in person to assure themselves of the condition.

1.7 Electricals

All electrical items are sold as seen and are to be considered as ‘antiques’ or ‘decorative items’ only. WA offers no guarantee as to the working condition of such items or their safety. It is the Buyer’s responsibility and duty to take the necessary steps to be assured that the Lot is safe for normal use. Electricals bought for use must first be checked by the Buyer for compliance with safety regulations by a qualified electrician.

1.8 Fire Safety Regulation

According to The Furniture and Furnishings (Fire Safety) Regulations 1988, furniture that was upholstered after the 1st January 1950 is subject to restrictions in the UK. Exempt upholstered furniture that does not meet such requirements is deemed sold for purely aesthetic purposes. WA Ltd shall not be responsible for later alterations to the furniture, making it unfit for sale. We reserve the right to dispose of unsafe goods as refuse, at your expense.

1.9 Registration to the Sale

Bidders will need to register to bid prior to the start of the sale and it is strongly advised that Bidders register at least 24 hours prior to the sale.

A deposit may be requested prior to each sale.

Failure to register will result in the bidder being unable to purchase the lot.

Bidders will be required to provide official proof of identity in the form of a Passport or Driving License. They also will be required to provide proof of address of main residence, both landline and mobile telephone numbers.

Any Bidders failing to provide proof of identity may not purchase during the sale.

2. DURING THE SALE

2.1 Attendance at Auction

At present, it is not possible to bid at our auction in person. We therefore recommend bidding online, via commission bid, or on the telephone.

2.2 Internet Bids

All auctions are available for live internet bidding through www.wimbledonauctions.co.uk, and third party platforms. WA Ltd shall not be held responsible for issues affecting internet connection. WA Ltd shall not be held responsible for any issues during registration or bidding via our website or third party platforms.

2.3 Commission Bids

Bidders are able to leave absentee or commission bids for any Lot at auction. WA Ltd encourage prospective buyers to notify us of their commission bids at least 24 hours prior to the commencement of the auction.

WA Ltd will carry out commission bids received by them prior to the sale for the convenience of prospective buyers who are not able to bid live at auction. Execution of commission bids is a free service, and hereby WA Ltd does not accept any liability for failure to execute a commission bid or for any errors or omissions in connection with it.

Commission bids shall be executed at the lowest possible price, whilst taking account of competing bids and reserves.

In the event of multiple commission bids for the same price on any Lot, WA Ltd will give priority to the earliest registered bid.

2.4 Telephone Bids

Bidders may request for WA Ltd to contact them via telephone during the sale, to guide them through the bidding process on any Lot and to bid on their behalf.

WA Ltd shall not be held responsible for any issues affecting telephone bids, such as telephone reception and connection, resulting in the loss of the chance of purchasing the Lot for the bidder. WA Ltd shall not be held responsible for any neglect or default in executing or failing to execute telephone bids.

3. FORMATION OF CONTRACT

3.1 Contract of Sale

As stated in Clause 1.2 above, The Contract of Sale is between the Buyer and the Seller.

The buyer shall be the bidder at the highest price at the fall of the hammer on any Lot. The sale is complete upon the fall of the hammer and the announcement by the Auctioneer that the lot has sold, and the contract shall be binding thereafter between the Buyer and the Seller and WA Ltd.

In the event of a buyer purchasing multiple Lots, each Lot is the subject of a separate contract of Sale.

3.2 Transfer of Risks in relation to Lot or Lots purchased by the Buyer

All Lots purchased shall be at the Buyers risk in all regards from the fall of the hammer, and WA Ltd shall not be responsible for any loss or damage of any kind, whether caused by negligence or otherwise.

3.3 Transfer of Property

Property of Lots shall pass to the Buyer only once WA Ltd has received full payment for the goods, including the price at the fall of the hammer as well as Buyers Premium and relevant taxes.

3.4 Cancellation of Sale

Following the fall of the hammer for any given Lot, the contract between the Buyer and the Seller and WA Ltd has been formed and is binding thereafter.

Under no circumstances can the Buyer cancel the sale.

WA Ltd may at its entire discretion, during or after the auction, cancel the sale of the Lot or reoffer and resell the Lot if it becomes aware of any error or dispute of any nature, up to a period of 3 months after the sale in question.

Grounds for cancellation may include but not be limited to, any dispute relating to provenance of the lot, ownership, fraud or deceit, lack of relevant licenses, any subsequent changes in domestic or international legislations.

4. AFTER THE SALE

4.1 Payment

All lots must be paid for within five business days of the auction date. Payment must be made by cash, debit, credit card or bank transfer. We do not accept cheques, or American Express.

Cash payments shall not be receivable for amounts over €10,000.

Payments made by someone other than the registered Buyer shall not be accepted. Title will not pass to the Buyer until WA Ltd has received all amounts due, even if the Lot has been released to the Buyer.

4.2 Buyers Premium

The Buyer shall pay WA Ltd a premium of 24% on the hammer price plus VAT on that premium on the first £500,000 (28.8% inclusive of VAT) and 20% + VAT from £500,001 thereafter (24% inclusive of VAT). Buyer’s premium is subject to VAT at the standard rate. Lots are sold using the Auctioneers’ Margin Scheme and Buyer’s should note that the VAT included within the premium is not recoverable as input tax.

4.3 Online Bidding Surcharges

Customers bidding through our website are liable to pay a 3% surcharge on the hammer price + VAT (3.6%). This is in addition to the buyer’s premium.

Customers bidding through third party auction platform thesaleroom.com are liable to pay a 4.95% surcharge on the hammer price + VAT (5.94%). This is in addition to the buyer’s premium.

Customers bidding through third party auction platform easyliveauction.com are liable to pay 3% or £3 flat fee dependent on which option they choose when registering. This is in addition to the buyer’s premium.

4.4 Artist Resale Rights / Droit de Suite

Lots marked with ‘ARR’ may be subject to a levy.

Droit de Suite is a royalty payable to a qualifying artist or to the artist’s heir each time a work is resold during the artist’s lifetime and up to a period of 70 years after the artist’s death. Royalties are calculated on a cumulative sliding percentage scale based on the hammer price excluding the buyer’s premium. The royalty does not apply to Lots selling below the sterling equivalent of €1,000 and the maximum royalty payable on any single Lot is the sterling equivalent of €12,500.

Royalties for Droit de Suite:

• From 0 to €50,000: 4%

• From €50,000.01 to €200,000: 3%

• From €200,000.01 to €350,000: 1%

• From €350,000.01 to €500,000: 0.5%

• Exceeding €500,000: 0.25%

4.5 Consequences for non-payment

Should the buyer fail to make full payment in cleared funds within the aforementioned time period, WA Ltd shall any one or more of the following rights:

• To cancel the sale

• To resell the lot at auction. The buyer will be liable for all costs including legal fees incurred in the sale and will remain liable for any shortfall arising upon sale.

• To offset any sums WA Ltd may owe to the buyer against outstanding unpaid sums owed by the buyer.

• To reject future bids by the buyer or seek a deposit from the buyer before bidding.

• To commence legal proceedings for the recovery of the total amount due together with interest, legal fees, and costs.

• To take any other action permissible by law.

4.6 Collection

All purchased lots are to be collected by 5pm within five working days after the sale, unless the buyer has contacted the auctioneer to make alternative arrangements and an agreement has been reached. Any alternative agreements depend on the size of the item and are at the entire convenience and discretion of WA Ltd.

4.7 Storage

WA Ltd reserves the right to charge storage fees of £5.00 per item, per business day that the buyer has not collected the item after the allotted time specified.

4.8 Shipping

The buyer is responsible for any shipping costs that may arise subsequent to the sale. Costs may include but not be limited to postage, import and export permits where required and any other licence necessary for goods to be shipped outside of the European Union.

4.9 Loss or Damage

WA Ltd does not accept liability for loss or damage occurring to Lots after the sale. WA Ltd shall not be responsible for any loss or damages that may occur whilst the said Lot is in any third party’s care.

4.10 Warranties

WA Ltd does not provide buyers with warranties relating to any lot, unless required to by Law.

4.11 Authenticity Warranties

WA Ltd do not accept returns of any items under any grounds except if a lot is a suspected forgery.

Any lot proven to be a deliberate forgery may be returned to us within 14 days of the auction date, provided it is in the same condition as it was when purchased. Provided also that WA Ltd are satisfied with the evidence given by the buyer which proves this lot is a deliberate forgery, we shall refund the money paid by you along with the buyer’s premium. Returns shall only be made on forgeries if we have explicitly stated in the lot description that we believe it to be a genuine and have sold it as such. As stated clearly in above, Wimbledon Auctions are not responsible for discerning a lot’s “authenticity, date, origin, period or condition”.

4.12 Severability

Whenever and to the extent that any provisions of these terms would or might contravene the provision of any relevant legislation, such provision is to take effect only in so far as it may do so without contravening such legislation and the legality, validity, and enforceability of any of the remaining provisions are not in any way to be affected or impaired as a result.

4.13 Amendments

WA Ltd may be amend the Terms and Conditions verbally or in writing at any time, prior to the sale.

4.14 Jurisdiction

All parties agree that the sale of each lot shall be governed by English Law.

Conditions of Sale Applicable to Vendors

1. Interpretation

In these terms, ‘you’ and ‘yours’ refer to the vendor. ‘Us’ or ‘We’ refers to Wimbledon Actions Ltd. If consignment of goods is made by an agent, Wimbledon Auctions Ltd assume that you the seller has authorised the consignment and that the agent is acting under your instruction.

2. Commission and Charges

a. Vendors commission is charged on each lot at 10% +VAT. This commission covers our specialist research, catalogue description, photography, and marketing via our website and the various third-party bidding platforms.

b. There is no lot entry fee for items.

3. Loss and Damage of Goods

a. Wimbledon Auctions Ltd is not authorised by the FSA to provide insurance to its clients and so does not do so. However, Wimbledon Auctions Ltd for its own protection have undertaken insurance on all lots consigned to our premises and assumes liability for property consigned to it at the lower pre-sale estimate or to the reserve if the item was unsold. To justify accepting liability for items on our premises, Wimbledon Auctions Ltd charge the vendor 1.5% of the hammer price plus VAT. Settlement in any claim arising shall be subject to commission as if the lot had sold in the normal manner.

b. If the owner of the goods consigned instructs us in writing not to take such action, the goods shall then remain entirely at the owner’s risk unless and until the property passes to the Buyer or is collected by or on behalf of the owner. We will not compensate for loss or damage to property caused by changes in humidity or temperature, normal wear and tear, gradual deterioration, or inherent defect.

4. Transportation Costs

Items for sale must be consigned to the sale room by any stated deadline and at your expense. We may be able to assist you with this process, but any liability incurred to a carrier for haulage charges is solely your responsibility.

5. Descriptions

Wimbledon Auctions Ltd shall provide a free standard examination of the vendors items. This does not include further tests and in-depth investigatory research which may incur extra costs. Wimbledon Auctions Ltd may recommend these tests and may be able to undertake this on behalf of the vendor, but such undertakings shall be entirely at the vendor’s expense. We will assume that you have approved the catalogue description of your lots unless informed to the contrary.

The vendor gives the auctioneer the absolute right to photograph any lot placed in their hands for sale and to use such photographs at any time at their absolute discretion (whether in connection with the auction or not).

6. Estimates

Estimates are for indicative purposes only, are merely serve as the auctioneer’s opinion at the time of examination of the vendors items. The vendor accepts that any estimates and valuations provided by Wimbledon Auctions Ltd is an opinion only and in no way can be interpreted as a guarantee of the selling price or value of the item. Estimates do not include vendors commission or VAT, and Wimbledon Auctions Ltd shall not be held responsible should the lot not sell within the estimate provided, and in no circumstances can be sale be cancelled by the vendor.

7. Reserves

Vendors have the right to place a reserve on any lots consigned to Wimbledon Auctions Ltd, provided that the bottom end of the estimate is greater or equal to £100. There are no reserves on items valued at under £100. Once a reserve is set, it cannot be changed without consent from the auctioneer and written notice must be given one week in advance of the auction date. Where reserves are placed on items consigned, only the auctioneer may bid up to the reserve price only on your behalf and under no circumstances can the vendor bid personally.

Wimbledon Auctions Ltd have absolute discretion to refuse any goods without giving reason, and to withdraw any lot in instance of a dispute. If we are unable to offer the goods at auction, the vendor may be charged storage charges if they are left uncollected.

8. Unsold items

There is no charge for unsold items. Wimbledon Auctions Ltd request that the vendor collects their unsold item within one week of the auction date. Alternatively, the item can be reoffered in the next suitable auction, with the low estimate reduced by 50%. Where the item is unsaleable, Wimbledon Auctions Ltd are able to donate items to charity on behalf of the vendor.

Unsold items that are left uncollected by the vendor for over 10 working days after the auction date and are not being reoffered in the next available auction will be subject to storage charges at a daily rate of £5 per item. If a lot remains uncollected for 21 working days, Wimbledon Auctions Ltd reserves the right to sell the item in the next available auction without reserve and to deduct any storage charges owed from the final total.

9. Withdrawn items

Once an item is consigned to Wimbledon Auctions Ltd and has entered the premises, the vendor accepts that any withdrawn items will be subject to charges of 10% plus VAT of the bottom estimate of the item. This fee covers administration, handling, storage and loss and damage whilst the item was held on our premises. Wimbledon Auctions Ltd will store the withdrawn items for 7 working days without charge. If the item is uncollected after this time, a storage charge will be incurred by the vendor at a daily rate of £5 per item.

10. Authority to Deduct Commission and Expenses and Retain Premium and Interest

a. The vendor authorises us to deduct commission from the hammer price at the agreed rate plus all applicable expenses occurred on your account and consent to our right to retain beneficially the premium paid by the buyer.

b. The vendor authorises us at our discretion to negotiate a sale by private treaty within the agreed reserves in the case of lots unsold at auction, in which case the same charges will be payable as if such lots had been sold at auction.

11. Settlement

Settlement of funds due to the vendor will be facilitated within 21 working days after the sale (by bank transfer), provided that the buyer has paid for the items. If the buyer has not paid for the items within this period, the funds will not be transferred, and we will take instruction from you the vendor with regards to reoffering the items in a suitable forthcoming auction.

12. Data Protection

The vendor agrees that personal information transmitted to Wimbledon Auctions Ltd may be disclosed exclusively for the purposes of business, or as required by Law. Wimbledon Auctions Ltd shall not use personal information for any other purpose without the Buyer’s prior consent Wimbledon Auctions Ltd shall never sell, lend, or trade in personal data provided by any Party.

13. Law and Jurisdiction

All aspects of all matters, transactions and disputes shall be governed by and interpreted in accordance with English Law Jurisdiction. For the benefit of Wimbledon Auctions Ltd, all vendors agree that the Courts of England are to have exclusive jurisdiction to settle any disputes arising in connection with all matters or transactions.

14. Conditions of Sale

You agree that all goods will be sold according to our Conditions of Sale. You undertake that you have the right to sell the goods either as owner or agent for the owner. You undertake to compensate us and any buyer or third party for all losses liabilities and expenses incurred in respect of and as a result of any breach of this undertaking.