CONDITIONS OF SALE

1. Definitions. In these Conditions Jacobs & Hunt act only as auctioneers and agents for the seller and Jacobs & Hunt or their representative conducting the auction is called the "Auctioneer".

2. Third Party Liability. Every person on the Auctioneer's premises at any time shall be deemed to be there at their own risk. They shall have no claim against Jacobs & Hunt in respect of any accident which may occur or injury, damage or loss howsoever caused, save in so far as the injury, damage or loss shall be caused by the direct negligence of Jacobs & Hunt employees.

3. Condition of Lots. Neither the Auctioneer or the Vendor is responsible for the condition of Lots listed. The absence of any such reference does not imply that a Lot is in good order or free from imperfections. All Lots are sold as seen with all faults, imperfections and errors of description. The Auctioneers disclaim for themselves and on behalf of the Vendor all responsibility for authenticity, age, origin, condition or quality. All comments and statements made by the Auctioneer, whether printed in the catalogue or made orally, are statements of opinion and must not be taken as representations of fact. Buyers are deemed to have satisfied themselves on authenticity and condition before bidding. The Auctioneer has no authority to make any representation of fact.

4. Bidding. The Auctioneer has absolute discretion to divide any Lot to combine any two or more Lots, to withdraw any Lot, or Lots from the sale, to refuse bids and to regulate the bidding or cancel the sale without in any case giving any reason or without previous notice. He may bid on the Vendor's behalf for all goods that are being offered subject to a reserve or at the Auctioneer's discretion. Telephone Bidding: In requesting a telephone bid, you are agreeing to a maiden bid of the bottom estimate, which we will bid for you even if we not be able to contact you for any reason. Further bids will only be made with your direct request.

5. Rescission. Notwithstanding any other terms of these Conditions, if within fourteen days after the sale Jacobs & Hunt have received from the buyer of any Lot notice in writing that in his view the Lot is a deliberate forgery and within twenty-one days after such notification the buyer returns the same to Jacobs & Hunt in the same condition as at the time of sale and by producing evidence, the burden of proof to be upon the buyer, satisfies Jacobs & Hunt that considered in the light of the entry in the catalogue the Lot is a deliberate forgery then the sale of the Lot will be rescinded and the purchase price of the same refunded. The seller and the buyer agree to be bound by the Auctioneers decision.

6. Default. Jacobs & Hunt disclaim responsibility for default by either the buyer or the seller because they act as agents for the seller only and therefore do not pay out to the seller until payment is received form the buyer. Instructions given by telephone are accepted at the sender's risk and must be confirmed in writing forthwith. Failure of a Buyer to settle an account within one calendar month will result in the Lot (s) being re-offered at public auction in an attempt to recover the debt Any deficiency in the outstanding amount and all expenses incurred will be charged to the defaulting Buyer and pursued through the courts until the debt is settled. Any further charges incurred in pursuance of the debt will be recovered from the defaulting Buyer. The Auctioneer reserves the right to refuse bids from a defaulting Buyer.

7. Fall of the Hammer. The highest bidder (subject to 4 above) shall be the Buyer. If, however, any dispute arises the Auctioneer has absolute discretion to settle the dispute or to re-offer the Lot. At the fall of the hammer, every Lot shall be at the risk of the Buyer who shall give to the Auctioneer their name and address and if so required by the Auctioneer, their bank and other suitable references. The Buyer may also be required to pay the whole or any part of the purchase price as the Auctioneer may require in default of which the Auctioneer may re-offer and resell the Lot or Lots in question.

8. Buyer's Premium. A Buyer's commission at the current rate published in the room will be charged in addition to the hammer price of each Lot. VAT at the prevailing rate will be charged on such Buyer's commission.

9. VAT. VAT at the prevailing rate will be charged, as appropriate, on Buyer's and Seller's commission and charges. VAT will also be charged on the hammer price of Lots when appropriate. This will be indicated by the Auctioneer prior to the sale, or an asterix after the lot number.

10. Title. Legal title shall not pass to the Buyer of any Lot or Lots until they have been paid for in full, including premium and any additional charges that may have been incurred. However, each Lot will immediately on the fall of the hammer be and remain in every respect at the risk of the Buyer.

11. Payment. All payments must be made at the conclusion of the sale unless prior written arrangements have been made with the Auctioneers. Interest will be charged on monies outstanding 7 days after the sale date at the rate of 5% above the bank base rate, chargeable per week or part thereof. Cheques will be accepted up to the limit of the banker's guarantee card. Intending Buyer's who wish to settle their account by cheques over that limit may be required to produce a banker's reference at the time of payment. The goods will remain in the Auctioneer's possession until the cheque has been cleared. Payment may also be made by Credit or Debit Cards. There will be a surcharge for the use of Credit cards at the current rate published in the room.

12. Collection of Lots. All Lots must be paid for in full at the conclusion of the sale (see 11 above) and are to be collected by 5pm on the Monday following the sale. Goods not collected within this time will be subject to a storage and handling charge of £1 per lot per day or part thereof, at the sole discretion of the Auctioneer. No goods purchased will be handed over without production of a receipt settling both purchase price and any charges that may be incurred through handling.