STANDARD VENDOR’S COMMISSION: 15% plus VAT. If a lot remains unsold on a reserve a commission charge of 5% of the reserve price will apply at the Auctioneers' discretion.
ENTRY FEE: An entry fee of £2.50 per lot, plus VAT, will be charged on all lots, irrespective of whether the lot receives a bid.
INSURANCE: All goods on the Auctioneers' premises are covered by an insurance policy against the risk of fire, burglary and water damage. See clause 27 for further details.
BUYER’S PREMIUM: A Buyer’s Premium rate of 22.5% of the hammer price is payable by the Buyers of all lots exclusive of VAT. This shall be collected and retained by the Auctioneers. Buyer’s Premium on specialist auctions will be prominently displayed at the time of sale.
VAT: All charges, including commission, photography, insurance, advertising, transport and any other services provided, are subject to VAT. Where indicated by an asterisk in the catalogue VAT is payable on the hammer price.
GENERAL: Any notice by the Auctioneers to a Vendor consignor, prospective bidder or Buyer may be given by first class mail to the addressee’s last address known to the Auctioneers and if so given shall be deemed to have been duly received by the addressee 48 hours after posting. These conditions shall be governed by and construed in accordance with English law. All transactions to which these conditions apply and all matters connected with them shall also be governed by English law. The Auctioneers shall have the right at their discretion to refuse admission to their premises or attendance at their auctions by any person.
DEFINITIONS: The Auctioneers means Lacy Scott & Knight of 10 Risbygate Street, Bury St Edmunds, Suffolk, IP33 3AA and at Market Place, Stowmarket, IP14 1DN. The Vendor means the person or persons named on the schedule hereto. Where the vendor comprises two or more persons the singular used in these conditions shall include plural and any obligations on the part of the seller should be joint and several. The Property shall mean the items identified on the schedule hereto. The Buyer shall mean a person or persons including a firm or company making the highest bid for the Property or any part thereof whose bid shall exceed or be equal to the reserve, if any, under condition 10.
If there should be any dispute as to who is the Buyer the Auctioneers' decision on this point shall be final. If a bidder acts for any person who is not bidding, the bidder shall be jointly and severally liable with that person for the satisfaction of all obligations and liabilities to the Buyer.
The Auctioneers are instructed by the Vendor to act as the Vendor’s agents to sell the Property by auction or private treaty subject to the conditions.
The Vendor warrants to Lacy Scott & Knight and to the Buyer that he is the true owner of the Property or is properly authorised to sell the Property by the true owner free from all encumbrances. The Vendor of Property not held by the Auctioneers on their sale premises or under their control, warrants and undertakes to the Auctioneers and the Buyer that the Property will be available and in a deliverable state on demand by the Buyer.
The Vendor will indemnify Lacy Scott & Knight its servants and agents and the Buyer against any liability under the misrepresentation act 1987 or the consumer protection act 1987 or any statutory re-enactment thereof of any breach of these terms and conditions of sale.
Whilst every effort will be made by the Auctioneers to catalogue the Property correctly, the Auctioneers shall not be liable to the Vendor for any errors in the catalogue description and the Vendor shall be liable to the Buyer for any errors in the catalogue description whether or not such errors entitle the Buyer to rescind the sale under the Auctioneers' conditions of Sale by auction and omission to the salerooms.
The Vendor authorises the Auctioneers to sell their Property on the basis that they are sold as seen with all faults, imperfections and errors of description.
The Auctioneers as agents for the Seller are not authorised to give any warranty in respect of the Property or any part thereof and the Auctioneers should exclude any and every implied condition or warranty relating to the Property otherwise except the warranty as to title implied under Section 12 of the Sale of Goods Act 1979. The Sale of Goods Act 1979 as amended is not applicable.
The Vendor warrants that all information supplied to the Auctioneers is accurate and indemnifies the Auctioneers against any liability however arising in respect of any inaccuracies in the above information and against all costs and expenses incurred by or on the Auctioneers' behalf in dealing with any claim arising in that respect.
All properties are put up for sale without reserve unless written instructions are received at least 48 hours prior to the sale or indeed a reserve is entered in the schedule hereto.
Where a Vendor cancels instructions for sale or where a lot is withdrawn for any reason other than misattribution or authenticity Lacy Scott & Knight reserve the right to charge a fee equal to the Vendor’s unsold commission of 20% of the reserve or, in the absence of a reserve by reference to an estimated price reasonably fixed by the Auctioneers, plus VAT at the prevailing rate at the date of the sale at which the goods are withdrawn.
The Auctioneers are not authorised to sell the Property other than to a Buyer at or more than or within 75% of the reserve price as is the discretion of the Auctioneers.
After any auction if the Property remains unsold the Auctioneers shall be authorised to sell the Property at the next appropriate sale, unless otherwise instructed by the Vendor that the Property is withdrawn under Condition 9. In the event that the property fails to attract the minimum bid of £10, the Auctioneer reserves the right to dispose of same without recourse to the Vendor.
If the Property is unsold against a reserve the Auctioneers shall be authorised to sell the Property at their earliest convenience without any reserve being applied unless a revised reserve is notified to the Auctioneers at least 48 hours prior to the next appropriate sale.
Should a dispute arise the Auctioneers are authorised by the Vendor to determine the dispute and to put up the Property again at the last disputed bid.
The Vendor authorises the Auctioneers to bid on his behalf at their discretion up to the amount of the reserve to buy in the Property on the Vendor’s behalf as unsold below the reserve or to withdraw the Property as unsold if the reserve is not reached, under Condition 10.
No Vendor may bid, nor may any third party bid on a Vendor’s behalf.
The Vendor authorises the Auctioneers to bid on behalf of those persons who have left with them before the auction written authority to bid on their behalf. Neither the Auctioneers nor their servants or agents being responsible for any neglect or default relating to bids left to be made in that way, or for any failure of telecommunications relating to bids made.
The Auctioneers are authorised to take reasonable steps to regulate the bidding and to refuse undesirable bids at their discretion.
The Auctioneers have the Vendor’s authority to divide any lot, to combine any two or more lots or withdraw any lot or lots from the sale.
The Vendor authorises Lacy Scott & Knight to deduct commission at the stated rates, inclusive of VAT at the prevailing rate on the day of the sale, in addition to expenses from the hammer price and acknowledges Lacy Scott & Knight’s rights to retain the Buyer’s Premium payable by the Buyer in accordance with Lacy Scott & Knight’s Condition of Sale.
The Auctioneers may deduct their commission and charges from any sum received by them from the Buyer and authorised by the Vendor to retain the possession of the Property until such time as all charges relating to the goods and the sale price plus Buyer’s Premium and VAT have been paid provided the Auctioneers have been duly paid by the Buyer subject to the Conditions of Sale.
Payment is made by bank transfer or cheque. Bank transfers are processed and cheques are posted out 5 working days after the Homes & Interiors sale and 10 working days after all other sales. Unpresented cheques up to a value of £10 will be paid into a charity account 6 months after the date of sale. Unpresented cheques over £10 will be held on account for six years, after which point they will be paid to charity. The Auctioneers shall pay the Vendor the net proceeds of the sale unless any sum due to the Auctioneers from the Vendor less any charges incurred within 21 days of the date of the sale BUT if by that date the Auctioneers have not received the total amount due from the Buyer, then the Auctioneers will remit the sum due to the Vendor within 5 working days after the date on which the total amount is received from the Buyer.
If the Property or any part thereof sold as a separate lot proved to be a deliberate forgery the Vendor authorises the Auctioneers to repay the Buyer the purchase price including Buyer’s Premium and VAT already paid by the Buyer and the Vendor shall pay to the Auctioneers a sum equal to the Buyer’s Premium plus VAT at the prevailing rate and in addition Conditions 12 and 19 shall apply.
The Vendor undertakes to notify the Auctioneers of any change of address and shall be deemed to have had due and proper notice of any matters relating to these Conditions.
The Auctioneers can themselves undertake the collection of goods or acting expressly as agents they will if necessary instruct a Contractor on the Vendor’s behalf. The Auctioneers disclaim all responsibility for loss or damage of goods, for unauthorised removal of goods and for damage to premises. The Auctioneers reserve the right to make a storage charge for all goods held on their premises. The Vendor will be liable for all removal charges.
The Auctioneers' reserve the right to store or arrange for the storage of Property delivered to them for sale either on their own premises or elsewhere, at their sole discretion.
If the Property is left in the Auctioneers' possession for 7 days after written notification to the Vendor to remove them the Auctioneers will charge £2 per lot per day for the storage plus VAT at the prevailing rate and are authorised by the Vendor to sell the Property at their discretion to defray costs and storage charges.
Loss & damage; Lacy Scott & Knight is not authorised by the FCA to provide insurance to its clients, and does not do so. However Lacy Scott & Knight, for its own protection, assumes liability for property consigned to us at mid-pre-sale estimate, until title passes to the buyer, or at our valuation if no estimate has been agreed. Should an item(s) be subject to a claim following its sale by auction, the settlement figure will be the price achieved, less charges, and should the item be subject to a claim following an auction where it has been unsold, then the highest bid, if any, shall be the settlement figure.
The Auctioneers shall not be responsible for accidental breakage, loss or damage howsoever caused unless directly caused by negligence of their employees.
The Vendor of electrical or mechanical goods warrants and undertakes to Lacy Scott & Knight that at the date on which the Property is consigned to Lacy Scott & Knight that the same are safe if reasonably used for the purpose for which they were designed and free from any defect not obvious on external inspection which could prove dangerous to human life or health and will indemnify Lacy Scott & Knight, its servants and all agents against any loss or damage suffered by any of them in consequence of any breach of the above warranty and undertaking. In accordance with law the Auctioneers will have electrical goods tested for safety; the Vendor authorises the Auctioneers to make a charge for this service.
Any properties which the Auctioneers consider unsaleable or in any way unsuitable may be disposed of at the Auctioneers' discretion for which a charge will be incurred and is payable by the Vendor.
The Auctioneers assume the right to take and use photographs at their discretion for which a contribution shall be made by the Vendor at the Auctioneers' discretion.
A charge will be incurred solely at the discretion of the Auctioneers for verbal valuations made on behalf of prospective Vendors. This shall be refunded to the Vendor in the event of instructions received to proceed with the sale of the Vendor’s Property within one calendar month of an initial valuation.
Lacy Scott & Knight Anti-Money Laundering Policy (Public)
Lacy Scott & Knight is committed to counter money laundering activities and terrorist financing activities. In accordance with recent Anti Money Laundering regulations as set out by law in the EU Fifth Money Laundering Directive (5MLD), we will take all reasonable steps to ensure that we comply with correct procedure. We are registered and supervised by HM Revenue & Customs for compliance.
To meet these obligations and before any sale is concluded over €10,000 (approx. £8,000), we are obliged by law to verify the identity of clients buying or selling works of art with us.
We will ask for a copy of a valid photo identity (a passport, driving licence or national ID card) which shows the buyer's full name, date of birth, nationality and permanent residential address.
We will require company details including proof of incorporation, directors and the ultimate beneficial owners.
When acting on behalf of a buyer, we will require you to identify the ultimate buyer in addition to yourself.
Payments will need to be received from a bank account held in the same name of the client named on the invoice and match the identity documents given, or by a card registered to the address in the invoice.
Any information you provide us with will be held securely and confidentially.