Terms & Conditions

 

Conditions of Business for Buyers and Sellers

 

Buyers

The contractual relationship of Loddon Auctions Ltd and Sellers with prospective Buyers is governed by these conditions and any additional conditions either printed in the sale catalogue or announced by the Auctioneer before a sale.

As auctioneer, Loddon Auctions Ltd acts as agent for the Seller. Occasionally, Loddon Auctions Ltd may own or have a financial interest in a lot.

 

Definitions

• Bidder is any person making, attempting or considering making a bid, including Buyers
• Buyer is the person who makes the highest bid or offer accepted by the auctioneer Including a Buyer’s principal when bidding as agent  
• Seller is the person offering the lot for sale, including their agent or executors
• LA means Loddon Auctions Ltd, registered at Unit 3, Ducks Nest Farm, Arborfield Road, Eversley Cross, RG2 9PJ, company number 8284677
• Buyer's Expenses are any costs due to Loddon Auctions Ltd from the Buyer
• Buyer's Premium is the commission payable by the Buyer on the Hammer Price at the rates set out in the catalogue, currently 19% +VAT
• Hammer Price is the highest bid for the Property accepted by the auctioneer at the auction or the post auction sale price
• Purchase Price is the Hammer Price plus applicable Buyer's Premium and Buyer's Expenses
• Reserve Price where applicable is the minimum Hammer Price at which the Seller has agreed to sell a lot

 

Viewing of Lots

Each lot is available for examination before each live sale. Bidders are responsible for carrying out examinations and research before the sale to satisfy themselves over the condition of lots and accuracy of descriptions.

All oral and/or written information provided to Bidders relating to lots, including descriptions in the catalogue, condition reports or elsewhere are statements of LA’s opinion and not representations of fact. Estimates may not be relied on as a prediction of the selling price or value of the lot and may be revised from time to time at LA’s absolute discretion.

 

Bidding at Auction

LA has absolute discretion to refuse admission to the auction. Before the sale starts Bidders must complete a Registration Form and supply such information and references as LA requires. Bidders are personally liable for their bid and are jointly and severally liable with their principal, if bidding as agent. LA must consent to an agent arrangement.

 

Online / Internet bidding

Loddon Auctions Ltd offers an online bidding service via www.the-saleroom.com for Bidders who cannot attend the sale.

Any lots purchased via www.the-saleroom.com service will be subject to an additional 4.95% commission charge plus VAT at the rate imposed on the hammer price.

LA is not responsible for interruptions or other failures to make a bid caused by loss of internet connection, fault or failure with the www.the-saleroom.com website or bidding process, or malfunction of any software or system, computer or mobile device.

 

Conduct of the Auction

The Auctioneer has discretion to refuse bids, withdraw or re-offer lots for sale (including after the fall of the hammer) in the event of an error or dispute where this is deemed necessary. Subject to this discretion the contract between the Buyer and the Seller is concluded on the striking of the Auctioneer’s hammer.

The Auctioneer will commence and advance bidding in appropriate increments up to the reserve price where applicable.

In the event of a tied bid, the one which we receive first will take precedence. Online/Internet bids made via www.the-saleroom.com are only received by us as the specific Lot is offered on the day of the sale, as a result of this commission bids made directly with us in advance of the sale will always take precedence over bids via www.the-saleroom.com.

 

Payment

Payment is due within 7 days of receipt of LA’s invoice.

Title will not pass to the Buyer until LA has received the purchase price in cleared funds. LA will generally not release a lot to a Buyer before payment, however earlier release shall not affect passing of title or the Buyer’s obligation to pay the Purchase price.

All packing and handling of goods is at the Buyer’s risk and LA will not be liable for any acts or omissions of any companies involved in this process.

 

Remedies for non-payment

These may be exercised if payment is not received within 7 days of LA’s invoice being issued:

• Charge for storage
• Cancel the sale of the lot
• Set-off any amounts owed to the Buyer by LA against any amounts owed to LA by the Buyer of the lot
• Reject future bids from the Buyer
• Charge interest
• Re-sell the lot by auction or privately
• Commence legal proceedings
• Disclose the Buyer’s details to the seller to enable the Seller to commence legal proceedings

 

Remedies for non-collection

These may be exercised if the Buyer pays the purchase price but fails to collect within 10 working days of the auction:

• Charge a handling and storage fee
• Pack and post the item at the Buyer’s expense and at the Buyer’s risk

 

Returns and Refunds

When participating in an auction, placing a bid is a firm commitment to purchase the item.  All Bidders have the opportunity to view the items and/or ask additional questions about the condition of the items.

Returns are generally not accepted unless the location of the Bidder makes inspecting the items before the auction impossible.

Refunds are generally not accepted unless the item is materially different to the description of the item in the catalogue.

If a Buyer has a query with the item purchased, they must notify us within 7 days of the receipt of the item.

 

 

Sellers

Definitions

• Seller is the owner of the property, their agent or executors or the person in possession of the property
• Seller's Commission is the commission LA charges sellers of property, currently 15% + VAT. With effect from 01/03/2017 vendors will also pay £2 plus VAT per lot contribution towards internet sales and associated administration costs
• Expenses are related to the property and can include illustration fees, admin fees, packing costs, searches & enquiries
• Hammer Price is the highest bid for the Property accepted by the auctioneer at the auction or the post auction sale price.
• Reserve Price, where applicable, is the minimum hammer price at which the Seller has agreed to sell a lot

 

Seller's Warranties

the Seller is the owner of the property and authorised to sell it and shall transfer possession and good title in the property to the Buyer free from any third-party claims, and has provided all relevant information about ownership, condition, authenticity, attribution, & provenance. The Seller will indemnify LA, its director and employees, against all losses or damages resulting from a breach of any of these warranties.

 

Withdrawal of Property

if the Seller withdraws any property after agreeing to sell it then LA may charge the Seller an amount equal to the Seller’s Commission and Buyer’s Premium and any Buyer’s Expenses incurred based on the mid-estimate detailed in the catalogue

 

Payment of net sale proceeds

these will be paid subject to cleared funds from the Buyer within 28 working days of the date of the sale 

 

Sale preparation

LA shall have discretion as to how the property is described, illustrated and marketed and the date, venue and conduct of the sale and this includes publishing of images and marketing and will retain copyright of any images it produces.

Sellers are prohibited from bidding on their own property and will be charged a withdrawal fee if a property is withdrawn after there has been an agreement to sell.

 

Loss or damage to property

LA will assume risk or loss or damage to the Property received from the Seller until risk passes to the Buyer or if unsold until it is released to the Seller.

 

Data protection

LA will use information supplied by Sellers or otherwise obtained lawfully by LA for the provision of auction related services, client administration, marketing, and as otherwise required by law.

By agreeing to these conditions, the bidder agrees to the processing of their personal information and to the disclosure of such information to third parties to enable the provision of services as outlined above.

 

Loddon Auctions Ltd 26/09/2024