OROLOGIO CRONOGRAFO JORG GRAY "6500" CON 3 CONTATORI E LANCETTA DEI SECONDI A SCATTI, REALIZZATO PER COMMEMORARE L'INSEDIAMENTO DI BARACK OBAMA E MAI INDOSSATO. 40 mm

01 Before the Sale​

Register to Bid

If you are interested in bidding in person, by telephone, or as an absentee bidder, you will need to register. I.D will be required in the form of a photo I.D and proof of address within the last 3 months. If you intend to bid in person, then this can be done at the saleroom reception. If bidding using a third-party platform, registration will be managed via the bidding platform service provider.

New clients are asked to register at least 24 hours in advance of a sale.

02 After the Sale​

Payment

If you are the successful bidder you will be emailed an invoice setting out hammer price plus Buyer’s Premium and all other applicable charges.

All purchased Lots must be paid for on the day of the auction. Successful Absentee Bids may be paid for the day after the auction.

Payment is accepted by debit card, credit card bank transfer or cash (subject to conditions). We do not accept cheques.

Once all amounts owed are received by Cadmore Auctions in cleared funds, title will pass to the buyer.

Collection

Buyers are kindly asked to collect their property by close of business on the Friday following the sale. Following this, if a Lot remains uncollected, a storage fee may be charged as outlined in our Terms & Conditions.

03 Charge​

A Buyer’s Premium of 20% on the hammer price plus VAT on that commission is charged.

The standard rate of VAT is charged on the premium.

Artist’s Resale Right (Droit de Suite)

Droit de Suite is a royalty payable to a qualifying artist or their estate every time the artist’s work is sold at auction or by an art market professional during the artist’s lifetime and for a period of up to 70 years following the artist’s death.

Royalties are calculated on a cumulative sliding percentage scale based on the hammer price excluding Buyer’s Premium and are outlined in ou

A Buyer’s Premium of 20% on the hammer price plus VAT on that commission is charged.

The standard rate of VAT is charged on the premium.

3% charged by Drouot online will be charged back to the buyer.

Artist’s Resale Right (Droit de Suite)

Droit de Suite is a royalty payable to a qualifying artist or their estate every time the artist’s work is sold at auction or by an art market professional during the artist’s lifetime and for a period of up to 70 years following the artist’s death.

Royalties are calculated on a cumulative sliding percentage scale based on the hammer price excluding Buyer’s Premium and are outlined in our Terms & Conditions.

1. BEFORE THE SALE

1.1 Agent for the seller Unless otherwise agreed, Cadmore Auctions Ltd hereafter referred to as ‘C.A’ acts as agent for the seller. The contract for sale of the property is therefore made between the Seller and the Buyer.

1.2 Definitions For the purposes of the current Terms and Conditions, the Seller shall be defined as the owner of the Goods. It is implied that the Seller is the legitimate owner and is authorised to sell the Lot. 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 C.A and to which the present Terms and Conditions apply.

1.3 Catalogue descriptions any representation in any catalogue or otherwise as to the origin, date, age, attribution, genuineness or estimated selling price of any lot is a statement of opinion only. Such statements do not constitute a representation warranty or assumption of liability by C.A in relation to the Lot. Any prospective Buyer should satisfy themselves prior to the sale as to the reliability of the catalogue description. The absence of mention related to prior restorations in the Catalogue descriptions does not imply that the good is exempt thereof. Photographs of any Lot provided by C.A are for indicative purposes only and are not deemed to be a precise representation of the said Lot. The Buyer is advised to seek independent expert advice in order to be assured of the authenticity and true state of the good.

1.4 Inspection Prior to auction, prospective purchasers are strongly advised to personally examine personally any property in which they are interested to satisfy themselves in relation to matters which may concern them.

1.5 Condition report, C.A may issue a Condition Report on request prior to the sale. This Condition Report is for identification purposes only and cannot be considered as giving a precise account of the Lot’s true state. Thus, some imperfections and faults may not be accounted for in the Condition Report. As aforementioned, and in the absence of any contractual value of the Condition report, it is the Buyer’s sole duty to inspect in person the Lot in order be assured of its true condition and C.A shall not be responsible for assertions within the Condition Report hereto.

1.6 Electricals, All electrical items are sold as seen and C.A offers no guarantee as to the working condition of such items or their safety. It is the Buyer’s duty to take necessary steps to be assured that the Lot is safe for normal use.

1.7 Estimates are based on various factors inherent to the situation of the market at the time of the sale, as well as considerations such as the condition, rarity, or quality of the item etc. Estimates are only indicative and represent the opinion of C.A. Estimates provided by C.A cannot constitute a guarantee as to the value of the good. Subsequently, goods may sell at prices lower or higher than the provided estimates.

1.8 Reserves, Many Lots are offered subject to a reserve, which is the confidential minimum sale price. The reserve will never exceed the low estimate printed in the catalogue. C.A may open the bidding on any Lot below the reserve by placing a bid on behalf of the seller, and may in their discretion continue to bid up to the reserve price. This can be achieved by bidding in response to other bidders or alternatively by placing consecutive bids.

1.9 Registration to the sale New bidders will need to register prior to the sale. It is strongly advised bidders register at least 24 hours before the sale. Registration thereafter shall be at the auctioneer’s entire discretion. International bidders may be required to register 48 hours before the sale and to submit bank details. A deposit may be requested prior to each sale. Failure to register shall result in the impossibility for the bidder to purchase a Lot.

1.10 Proof of identity Bidders not previously known to C.A will be required to provide:

Official proof of identity in the form of a passport or photocard driving licence. No other forms of ID are acceptable. • Proof of address of main residence. Only official documents showing name and address will be accepted. • Both landline and mobile telephone numbers • A bank reference for foreign bidders may be requested • Corporate clients will have to provide a certificate of incorporation prior to the auction, along with the representative’s ID in accordance with the abovementioned requirements for proof of identity.

Any Bidder that does not match the provided identity for registration may not purchase during the sale.

2. DURING THE SALE

2.1 Attendance at auction, Attending the auction in person is recommended. C.A has the right in their absolute discretion to refuse participation in any auction, to reject any bid, and to refuse admission to the premises. Bidders are not obliged to be present in person at the auction. Absentee bidders shall be required to make necessary arrangements with C.A prior to the sale.

2.2 Personal bidding, Bidders attending the auction in person shall be required to collect a number plate prior to the sale.

2.3 Commission bids, C.A will use reasonable efforts to carry out Commission bids received by them prior to the sale for the convenience of clients who are not present at the auction in person. This is a free service provided to help clients and C.A does not accept liability for any failure to execute a Commission bid or for errors and omissions in connection with it. Commission bids shall be executed at the lowest possible price, subject to competing bids and reserves. Although C.A will endeavour to inform Buyers, it is the Buyer’s responsibility to check if they have been successful in purchasing a Lot. In the event of multiple commissions at the same price, the commission set at the older date shall be taken into account.

2.4 Telephone bids, If a bidder is not able to attend in person an auction, C.A will use reasonable efforts to contact prospective Buyers who make arrangements prior to commencement of the sale to bid by telephone. C.A cannot be held responsible in the event of issues affecting connectivity, resulting in the loss of a chance of purchasing the Lot for the Bidder.

2.5 Internet bids, Some sales may be available to internet bidding, as well as personal attendance. In this event, C.A shall not be held responsible for issues affecting connection.

2.6 Bidding on behalf of someone, A Buyer may bid by proxy. In this event, proof of identity of both the Buyer and the proxy must be communicated to C.A prior to the sale. A copy of the mandate shall also be required.

2.7 Bidding on an item, Bid incrementing is at the auctioneer’s entire discretion.

2.8 Video transmission, For the purpose of the sale, Lots may be displayed on video during the auction. In the event of transmission issues, C.A shall not be held responsible for any subsequent outcome.

2.9 Online-only auctions, Some auctions may be available to bidders only through an online platform. In this event, Buyers have a 14 day period in which to cancel a purchase, in accordance with EU Consumer Law.

2.10 Dispute resolution during the auction, Any dispute shall be settled at the auctioneer’s absolute discretion. Under no circumstances will a sale be cancelled after the fall of the hammer, except at the auctioneer’s entire discretion.

3. CONTRACT FORMATION AND EFFECTS

3.1 Contract of sale, 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. The sale is deemed complete once the auctioneer announces its completion by the fall of the hammer and the contract shall be binding thereafter between the Buyer and the Seller and C.A When a Buyer purchases multiple Lots, each Lot is the subject of a separate contract of sale.

3.2 Transfer of property of the goods shall pass to the Buyer only once C.A has received full payment for the goods, this includes the price at the fall of the hammer as well as Buyer’s premium, relevant taxes, and costs in relation to shipping. 3.3 Transfer of risks Purchased Lots shall be at the Buyer’s risk in all respects from the fall of the hammer, and neither C.A nor their agents shall be responsible for any loss or damage of any kind, whether caused by negligence or otherwise.

3.4 Cancellation of the sale At the fall of the hammer, the contract is formed between the Buyer and C.A and is binding thereafter. Under no circumstances can the Buyer cancel the sale. C.A 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, whether or not title has passed to the Buyer, and up to a period of 6 months after the said sale.

Grounds for cancellation under the present section shall include but not be limited to any dispute relating to the attribution or provenance of the Lot, ownership and title, fraud or deceit, lack of relevant licences or certificates, any subsequent changes in domestic or international legislations restricting the sale of export of goods etc. In the event of internet-only auctions, the Buyer shall have a 14 day right to retract, after reception of the Lot, under EU Consumer Law. Public auctions are not covered by this right to retract.

3.5 Returns and refunds C.A will only issue a refund using the same method of payment originally used by the Buyer to pay for the purchase, or by bank transfer. The Buyer’s refund will be processed without undue delay and in any event within no more than 28 days of the day the Buyer gave C.A notice of cancellation. If the Buyer exercises their right of retraction when authorised to do so by Law, C.A shall proceed to issue a complete refund, comprising the hammer price of the Lot, buyer’s premium and shipping fees. However return fees shall remain at the expense of the Buyer.

4. AFTER THE SALE

4.1 Payment All purchased lots must be paid for on the day of the auction. Commission bids must be paid for no later than the day after the auction. Payment must be in cash, debit, credit card or bank transfer. Cheques are not accepted. Cash payments shall not be receivable for amounts over €10,000, regardless of the payment being for one or multiple Lots. Payments made by someone other than the registered Buyer shall not be accepted. Title will not pass to the Buyer until C.A has received all amounts due to them in cleared funds even if the Lot has been released to the Buyer.

4.2 Buyer’s Premium The Buyer will pay C.A a premium of 20% on the hammer price plus VAT on that commission on the first £500,000 and 12% plus VAT on the balance thereafter.

The VAT payable varies by symbol as below: No Symbol: The standard rate of VAT is charged on the premium under the Auctioneers Margin Scheme in accordance with Art. 333 of 2006/112/EC. Standard UK VAT will be charged on the buyers’ premium and invoiced on an inclusive basis. †: Normal VAT rules apply and the standard rate of VAT will be charged on both hammer price and premium. *: These lots have been imported from outside the EU for sale and placed under the Temporary Admission regime. Import VAT is payable at 5% on the hammer price. VAT at 20% will be added to the buyer’s premium but will not be shown separately on the invoice. In order to receive a refund of VAT amounts/Import VAT (as applicable) non-EU buyers must:

(a) have registered to bid with an address outside of the EU; and

(b) export the lot from the EU within 30 days of collection for * lots and 3 months of collection for all other lots and immediately afterwards provide us with satisfactory proof of export. (c) Details of the documents which you must provide to us to show satisfactory proof of export/shipping are available from our Finance team. A processing fee of £35.00 per invoice is charged to check shipping/export documents. (d) No VAT amounts or Import VAT will be refunded where the total refund (after deducting the processing fee) is under £35.

4.3 Taxes The Buyer is responsible for paying VAT on any Lot, above hammer price and Buyer’s premium. The rate applicable shall be the legal rate at the date of the sale. Goods such as books and antique books, music, maps and charts etc. are subject to zero-rated VAT. In addition, any import taxes that may be incurred shall be paid by the Buyer above hammer price, VAT and Buyer’s premium. The present paragraph applies in particular to imports within the United-States and Australia. The Buyer is advised to verify such matters prior to the sale.

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 are as follows:

• 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 Remedies for non-payment If the Buyer fails to make full payment in cleared funds within the time required as aforementioned, C.A shall be entitled to exercise any one or more of the following rights or remedies additional to such other rights or remedies available:

• To cancel the sale • To charge interest at 4% per annum above the base rate of Lloyds Bank Plc. • To resell the Lot on such terms by auction or otherwise entirely at C.A discretion. 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 against any sums which C.A may owe the Buyer the outstanding sums unpaid by the said Buyer • Where the Buyer owes sums to C.A in respect of different transactions, to discretionarily apply any sum paid by the Buyer for discharge of any owed sums. • To refuse entry to the Buyer at any future auction and/or reject any future bids by the Buyer and/or seek a deposit from the Buyer entirely in the discretion of C.A • To exercise a lien over the Buyer’s property in the possession of C.A as collateral for any outstanding sums owed and to exercise all the rights and remedies of a person holding security over any such property, whether by way of pledge, security interest or in any other way to the extent permitted by Law. • To commence legal proceedings for the recovery of the total amount due together with interest, legal fees and costs. • To take such other action as is permissible by Law and in the discretion of C.A.

4.6 Collection Purchased Lots can be collected from the auction room after the sale has ended or between 10am and 6pm up until close of business on the Friday following the sale. Special arrangements may be made for collection on Saturday at C.A’s discretion.

4.7 Storage C.A offers a discretionary 14 days free storage on purchased Lots from the date of the sale. Thereafter Lots not collected shall incur storage charges of £5.00 per lot, per day or part thereof. C.A shall be entitled to retain purchased Lots sold until all sums due have been paid to C.A. If any purchased lot remains uncollected 21 days after the sale, storage charges shall thereafter be £10 per day and C.A shall, in accordance with the Law, have the right to sell the purchased Lot to recover payment of storage charges outstanding. Any balance proceeds of sale received after payment of all sums outstanding and due to C.A shall be held for the account of the Buyer.

4.8 Shipping Any shipping costs that may arise subsequently to the sale shall be at the Buyer’s expense. Such costs may include but not limited to postage, import and export permits where required and any other licence necessary for goods to be shipped outside of the European Union. C.A does not offer insurance for shipping. However, C.A may help arrange insurance upon the Buyer’s request and at the Buyer’s expense. C.A cannot be held responsible for any damages that may be incurred to goods prior to the fall of the hammer.

4.9 Loss or Damage C.A does not accept liability for loss or damage occurring to Lots after the sale. C.A will use reasonable efforts when handling/packing/storing purchased Lots, but 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 Cultural Goods import and export restrictions Cultural goods may be subject to import and export restrictions. Under EU Regulations related to the trade of cultural goods, export licences may be required for export outside of the European Union if the item’s value exceeds the EU threshold. Under UK Law, a licence may also be required for intra-EU trade. Licenses are issued by Arts Council England and it is the Buyer’s duty to obtain them. Some countries restrict the import of specific cultural goods. For example, the United States prohibits the import of pre-Columbian monumental or architectural sculpture or murals, as well as any cultural goods in provenance from some countries subject to armed conflicts. The Buyer must verify local legislation prior to the sale in order to be assured that import or export is possible.

4.11 CITES import and export restrictions Certain endangered species are listed in the CITES Convention. Listed specimens and any parts or products thereof are subject to issuance of an export permit when leaving the European Union. Appendix I species, are also subject to issuance of a prior import permit from the country in which the goods are to be imported. Such permits are necessary before applying for export permits and it is the Buyer’s duty to initiate the proceedings with the relevant authority. The Buyer must be aware that certain countries prohibit the import of some species or any parts or products derived thereof. For example, the United States prohibit all import of African elephant ivory, and any item containing parts that may merely resemble African elephant ivory must be accompanied by relevant documentation stating it is not the latter. Worked items that are dated before 1947 are exempt from import restrictions for intra-EU trade and shall not require export licences. Please be aware that all Lots marked with the symbol λ are subject to CITES regulations.

4.12 Limitation of liability regarding CITES export licenses Where licences are required for importing or exporting outside of the European Union, it is the Buyer’s duty to obtain them. C.A cannot be held responsible if the Buyer’s application for an export permit is unsuccessful. Subsequently, in the event of failure thereof, C.A shall not permit cancellation or rescission of the sale.

4.13 Warranties C.A does not provide the Buyer with warranties relating to any Lot, unless required by Law.

4.14 Authenticity warranty in the event of a Lot being sold as authentic under the catalogue description and the Buyer provides evidence in the form of a written report by a recognised expert or test results that the said Lot is not, C.A will refund the purchase price. The Buyer shall give notice to C.A within 28 days from knowledge or any event giving reasons for suspecting that the item is not authentic, and within one year of the said sale. Any claim thereafter shall not be receivable. For the purposes of the present paragraph, authenticity shall be defined as the state of a Lot that is genuine and not a forgery or a copy.

5. ANTIQUITIES AND TRIBAL ART

5.1 Import and export restrictions and regulations Archaeological goods over 100 years of age, unless covered by exemption of limited scientific interest, will require an EU Licence for export to a third country, regardless of their value. It is recommended that the Buyer contact the Export Licensing Unit at Arts Council England in order to be assured the good is or not of limited archaeological or scientific interest. Archaeological goods found on United-Kingdom soil or in UK territorial waters over 50 years of age shall require a UK Licence regardless of their value and regardless of the export destination. Other archaeological objects regardless of their origin will require an Individual Licence or OGEL depending on their value. Both European-Union and UK Licences may be required simultaneously for some items. It is the Buyer’s duty to undertake the necessary steps. C.A cannot be held responsible and the sale cannot be cancelled in the event of failure to obtain the relevant licences.

6. JEWELLERY

6.1 Gemstone treatment and estimates Many gemstones on the market have been treated so as to augment their appearance, in a reversible or permanent manner. Treatments under the present section may be but not limited to:

• Heat treatment to enhance sapphires and rubies’ clarity and colour • Oil and resin treatments for emeralds applied in different ways, to enhance clarity of the stone • Staining • Irradiation • Coating

Estimates provided by C.A are deemed to be based on the fact that the gemstone may have been subject to any type of treatment in the past. C.A shall not be responsible in the absence of mention thereof.

A certificate may be issued by a laboratory, providing with detailed information on the condition of the gemstone and any treatment applied thereto. The Buyer must be aware that different laboratories have different approaches as to the degree or type of treatment for a particular gemstone. If a certificate accompanies the Lot, the Buyer must be aware that it is merely a statement of the laboratory’s opinion and in no way can C.A be held responsible for any mentions therein. Such certificates are deemed to be delivered with the Lot for informative purposes only.

6.2 Estimated weights If a stone’s exact weight appears within the body of the description, the stone has been un-mounted and weighed by C.A. If the weight of a stone is stated to be approximate, the stone has been assessed by C.A within its setting, and the defined weight is a statement of opinion only. This information is given as a guide and bidders should satisfy themselves with regards to this information as to its accuracy.

6.3 Signatures ‘A diamond ring, by X’: When the maker’s name appears in the title, in ‘Cadmore Auctions’ opinion the piece is by that maker. ‘A diamond ring, signed X’: Has a signature that, in ‘Cadmore Auctions’ opinion, is authentic but may contain gemstones that are not original, or the piece may have been altered. ‘A diamond ring, mounted by X’: Has been created by the jeweller, in ‘Cadmore Auctions’ opinion, but using stones or designs supplied by the client. ‘Maker’s mark for X’: Has a maker’s mark which in ‘Cadmore Auctions’ opinion is authentic. Some items may include parts or products derived from endangered species, such as ivory or coral. Such items may be subject to import or export restrictions. See section on CITES regulations for more details.

7. CLOCKS AND WATCHES

All Lots are sold as seen. Clocks and watches are therefore not deemed to be sold in working condition. Absence of reference thereof in the description does not imply that the Lot is in good condition and without defects, or has been subject to repair or restoration. C.A makes no representation or warranty that any clock or watch is in working order. As clocks and watches often contain fine and complex mechanisms, bidders should be aware that a general service, change of battery or further repair work, for which the Buyer is solely responsible, may be necessary. Most clocks and watches are likely to have been repaired in the past, and as a result may include parts that are not original thereto. The United-States restrict the importation of watches such as Rolex, Frank Muller or Corum. Such models can only be imported personally by the Buyer and C.A cannot assist with shipping thereof. Some watches may include leather straps derived from endangered species. Buyers may be required to obtain appropriate permits for import or export purposes in accordance with CITES regulations. C.A acts in compliance with such legislations and shall take necessary steps where required. Subsequently, watches may be deemed sold without their straps.

8. FURNITURE

8.1 Upholstered furniture after 1950 According to The Furniture and Furnishings (Fire Safety) Regulations 1988, furniture that was upholstered after the 1st of January 1950 is subject to restrictions in the United-Kingdom. Exempt upholstered furniture that does not meet such requirements is deemed sold for purely aesthetic purposes. C.A shall not be responsible for later alterations to the furniture, making it unfit for sale.

9. GLOSSARY OF PICTURE CATALOGUING TERMS

Any Statement as to authorship, attribution, origin, date, age, provenance and condition is a statement of opinion and is not to be taken as a statement of fact. The Company reserve the right, in forming their opinion, to consult and rely upon any expert or authority considered by them to be reliable.

1 John Constable: In our opinion a work by the artist. When the artist’s forename(s) is not known, a series of asterisks, followed by the surname of the artist, whether preceded by an initial or not, indicates that in our opinion the work is by the artist named. 2 Attributed to John Constable: In our opinion probably a work by the artist, but less certainly as to the authorship expressed than in the preceding category. 3 Studio of John Constable: In our opinion probably a work by an unknown hand in the studio of the artist, which may or may not have been executed under the artist’s direction. 4 Circle of John Constable: In our opinion a work by an as yet unidentified but distinct hand, closely associated with the named artist and of the period, but not necessarily his pupil. 5 Style of…; Follower of John Constable: In our opinion a work by a painter working in the artist’s style, but not necessarily his pupil. 6 Manner of John Constable: In our opinion a work in the style of the artist and of a later date. 7 After John Constable: In our opinion a copy (of any date) of a known work of the artist. 8 The term ‘signed’ and/or ‘dated’ and/or ‘inscribed’ means that in our opinion the signature and/or date and/or inscription are from the hand of the artist. 9 The term ‘with signature’ and/or ‘with date’ and/or ‘with inscription’ means that in our opinion the signature and/or date and/or inscription have been added by another hand than that of the artist. 10 Pictures are framed unless otherwise stated.

10. BOOKS AND MANUSCRIPTS

Books and manuscripts sold as incomplete are not subject to returns. Printed books may be returned for a full refund only if they prove to be defective in text or illustration. This shall not apply to the absence of blanks, half titles or advertisements, to un-named books or to books sold under the heading of ‘binding’ or ‘bindings’.

11. COPYRIGHT

C.A shall own the copyright on all images, illustrations and written material produced by or for C.A relating to a Lot, including catalogue contents. Such copyright shall remain at all times the property of C.A. Neither the Buyer nor anyone else shall use the abovementioned materials without the prior written consent of C.A. Some Lots may be subject to copyright protection, C.A does not guarantee said Lots are free thereof.

12. DATA PROTECTION

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

13. 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.

14. AMENDMENTS

The current Terms and Conditions may be amended, verbally or in writing, prior to the sale.

15. LAW AND JURISDICTION

The rights and obligations of the parties with respect to these Conditions of Sale and the conduct of the auction and any matters related to any of the foregoing shall be governed by and interpreted in accordance with the Law of England and Wales. For the benefit of C.A, all bidders and sellers agree that the Courts of England are to have exclusive jurisdiction to settle all disputes arising in connection with all aspects of all matters or transactions to which these Conditions of Sale and Authorship warranty relate or apply. All parties agree that C.A shall retain the right to bring proceedings in any court.

1. BEFORE THE SALE

1.1 Agent for the Seller

Cadmore Auctions (hereafter C.A) acts as an agent for the Seller. The Seller agrees that C.A shall promote and offer the Lot(s) for sale on their behalf.

For the purposes of the present Terms and Conditions, the Seller is defined as the legitimate owner of the Lot(s). The Contract of Sale is between the Buyer and the Seller.

1.2 Seller Undertakings

The Seller undertakes to C.A that they are the true owner of the Lot, or have been duly mandated by the true owner to sell the Lot, and that there are no claims relating to ownership or title or any other claim thereon.

All information provided by the Seller prior to the sale, including but not limited to attribution or provenance is deemed to be true and accurate.

The Seller shall be bound by such assertions and may be liable to indemnify C.A for any false statements made. Any Seller acting in the course of

Business shall be bound by the description they make. In relation to imported items, the Seller undertakes that the Laws of the countries from which the item was exported have been complied with and that the item has been lawfully imported. It is the Seller’s duty to obtain necessary licenses and authorisations for the purposes of the sale.

1.3 Proof of identity

The Seller shall be required to provide proof of identification in the form of a passport and photocard driving licence. No other forms of ID are acceptable. Proof of address of main residence is also required. Only official documents showing name and address will be accepted.

1.4 Lot examination and description

C.A shall proceed to a free standard examination of the Seller’s Lot, which does not involve in depth investigation or tests unless otherwise agreed. The Seller may request further research and tests which may incur extra costs. Such undertakings by C.A shall be at the Seller’s expense.

Identification and description of the Lot is a statement of opinion by C.A and at this point is made for the sole purposes of informing the Seller. Until the Lot is entered for sale, the basic description given by C.A is not binding.

1.5 Estimates

Estimates at C.A are made for indicative purposes only and are merely a statement of the auctioneer’s opinion, based on a variety of factors such as the item’s market value at the time of the sale, quality, rarity etc.

The Seller accepts that any estimate or valuation provided by C.A is a genuinely held opinion only and can in no way be considered as a guarantee of the selling price or value of the item. Estimates do not include Seller’s Commission or VAT.

C.A shall not be held responsible if a Lot does not sell within the range of the provided estimate and by no means can the sale be cancelled by the Seller in such circumstances.

1.6 Reserves

The Seller may place a reserve price on items offered for auction. Reserve prices of less than £50 shall not be accepted. Where Lots are entered on a signed contract or receipt without reserve, the Lot may

be sold to the highest bidder, irrespective of the price achieved by the said Lot at auction. Lots with discretionary reserves may be sold at 15% below the lower estimate.

1.7 Cataloguing / Marketing

A basic description of the Lot shall be made prior to cataloguing. This basic description is for identification purposes only and by no means is C.A held by such assertions.

An agreed processing charge, which may include a marketing fee where applicable, will be incurred on sold lots only as per the figure stated in the Consignment Agreement.

Marketing and any promotion of a lot(s) in any medium is at the sole discretion at C.A

C.A shall own the copyright on all images, illustrations and written material produced by or for C.A relating to a Lot, including catalogue contents. The Seller shall not use the said materials without the prior consent of C.A.

1.8 Item withdrawal before the sale

In the event a catalogued Lot is withdrawn by the Seller prior to the sale, a charge of £30 plus VAT or 10% of the reserve plus VAT (whichever is greater) will be levied. C.A may at its entire discretion and at any time before or during the sale withdraw a Lot consigned by the Seller for any reason it deems reasonable, such as where disputes have arisen with respect to questionable authenticity or attribution, or in the event of any other claim on the Lot.

1.9 Charges

Any costs in relation to the sale that may arise, such as Seller’s Commission, taxes, and any other costs relating to the promotion of the Lot by C.A (when agreed) or obtaining relevant authorisations for the purposes of the sale shall be at the Seller’s expense. C.A may, upon the Seller’s request or prior consent, arrange additional services such as restoration of the item or authenticity tests. Any additional costs that may be incurred for the purposes of promoting and selling the Lot shall be at the Seller’s expense.

2. DURING THE SALE

2.1 Bidding policies

C.A shall regulate the bidding at its entire discretion.

Neither the Seller nor anyone on behalf of the Seller shall be permitted to bid for their own Lots.

Where Lots are entered with a reserve, C.A alone shall have the right to bid on behalf of the Seller and up to the set reserve price only. Bidding thereafter shall be incremented at the auctioneer’s discretion in response to interested third parties.

3. AFTER THE SALE

3.1 Unsold Lots

If a Lot does not sell during the auction, the Seller must collect said Lot no later than close of business on the Friday following the sale, or agree a re-entry schedule with C.A.

C.A does not store unsold Lots without arrangement. Uncollected items shall be sold without reserve, or prior notice. Storage of said items shall incur storage fees at £5 per lot per day plus VAT at the Seller’s expense until collection by the Seller or disposal by C.A. Unsold or withdrawn Lots will not be released until all outstanding charges have been settled in full.

3.2 Unsold without reserve

Should any item (estimated at £50 or under) without reserve not attract a bid during the auction, C.A reserves the right to dispose of the item in the absence of an agreed arrangement with the seller.

3.3 Seller’s Commission

A commission charge of 15% of the hammer price on any Lot, plus VAT on that commission, shall be payable by the Seller to C.A. Exemptions to this fixed rate must be detailed in the ‘Special Instructions’ section of the Consignment Agreement.

3.4 Payment

C.A shall make the payment for the proceeds of the sale to the Seller within 35 days of said sale. Payment shall be made by cheque or bank transfer within the above-mentioned time limit after full payment for any outstanding charges owed by the Seller has been made to C.A.

Cheques for the proceeds of the sale (minimum of £5) less all applicable charges, will be mailed to the seller 35 days after the auction date - provided that C.A has received full payment from the purchaser.

3.5 Loss or Damage

C.A shall store consigned Lots on its premises.

C.A is not authorised by the Financial Services Authority (F.S.A.) to provide insurance to its clients and does not do so. However, C.A provides a Loss or Damage Liability Warranty, therefore assuming liability for Lots consigned to it at the lower pre-sale estimate, until title passes to the Buyer at the fall of

the hammer. A Loss and Damage Liability Warranty fee of 1.5% of the hammer price plus VAT will be charged.

The liability assumed by C.A under the present section shall be limited to the lower pre-sale estimate or to the set reserve price if the Lot was unsold.

C.A shall not be liable for loss or damage to: frames or glass covered prints, paintings or other works OR for damage caused by: moths, vermin, woodworm, insufficient packing, preparation carried out by the Seller or on their behalf.

Old frames are often fragile or subject to deterioration and whilst C.A will do its upmost to ensure

the safety and care of frames and glass, it 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. Settlement in any claim arising shall be subject to commission as if the lot had sold in the normal manner.

3.6 Cancellation

In the event C.A becomes aware of any error or dispute of any nature during or after the auction, it may entirely at its discretion cancel the sale or reoffer and resell the Lot, whether or not title has passed to the Buyer, and up to a period of 6 months after said sale.

Grounds for cancellation under the present section shall include but not be limited to: any dispute relating to the attribution or provenance of the Lot; ownership and title; fraud or deceit; lack of relevant licences or certificates; any subsequent changes in domestic or international legislations restricting the sale of export of goods etc.

In the event fraud is committed, the Seller may be liable to indemnify both the Buyer and C.A. Ltd. By no means can the Seller cancel the sale upon the fall of the hammer. However, the Seller must notify

C.A within 28 days of any event which may give rise to a claim failing in which C.A reserve the right to decline any such claim.

If C.A has made payment for the proceeds of the sale to the Seller prior to cancellation of the said

sale, the Seller shall make a full refund of the proceeds within 5 working days from notification of the cancellation by C.A.

3.7 Data protection

The Seller agrees that personal information transmitted to C.A may be disclosed exclusively for the purposes of business, or as required by Law.

C.A shall not use personal information for any other purpose without the Buyer’s prior consent.

C.A shall never sell, lend or trade in personal data provided by any Party.

3.8 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.

3.9 Law and Jurisdiction

The rights and obligations of the parties with respect to these Conditions of Sale and the conduct of

the auction and any matters related to any of the foregoing shall be governed by and interpreted in accordance with the Law of England and Wales.

For the benefit of C.A all bidders and sellers agree that the Courts of England are to have exclusive jurisdiction to settle all disputes arising in connection with all aspects of all matters or transactions to which these Conditions of Sale and Authorship warranty relate or apply. All parties agree that C.A shall retain the right to bring proceedings in any court other than the Courts of England.