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STANLEY GIBBONS AUCTIONS (SGA) AND MURRAY PAYNE (MP)

STANDARD TERMS AND CONDITIONS OF SALE

(Applicable to all items offered in this auction)

These Terms and conditions set out the purchaser’s rights and obligations and those of Stanley Gibbons Auctions and its affiliates (“SGA”) in relation to the auction services provided by SG. In the event that the Client uses the auction services available on SG’s web site (the “SGA” Auction Web Site”) such use shall be subject to the Terms and Conditions together with Stanley Gibbons (S.G’S) Web Site Terms of Service and Stanley Gibbons (S.G’S.) Privacy Policy. Clients using the SGA Web Site agree to click on the link to, and familiarise themselves with SG’s Web Site Terms of Service and Privacy Policy. In the event that these Terms and Conditions conflict with SG’s Web Site Terms of Service and/or SG’s Privacy Policy then the following priority will apply;

(i)               the Terms and Conditions

(ii)              SG’s Web Site Terms of Service

(iii)             SG’s Privacy Policy (hereinafter referred to collectively as the “Conditions”).

1. DEFINITIONS

The following definitions apply in these Terms & Conditions:

SGA: Stanley Gibbons Auctions

Auctioneers’ Margin Scheme: A V.A.T margin scheme as defined by HMRC.

Buyer: The person who makes the highest bid for a Lot which is accepted by the auctioneer and if the person is acting as an agent, will be a reference to their principal.

Buyer’s Premium: The additional amount payable by the Buyer on the purchase of the Lot, calculated as the relevant percentage (specified in the Auction Catalogue) of the Hammer Price.

Estimate: An amount equal to the mid-point of the estimated range of values for the Lot, or such other amount that Stanley Gibbons in its reasonable discretion shall consider to be the value for which a Lot should be covered by insurance (whether or not insurance is arranged by us).

Expert Committee: A committee of experts to whom a Lot may be sent for an extension in accordance with clause 10.

Forgery: A Lot constituting an imitation originally conceived and executed as a whole with a fraudulent intention to deceive as to authorship, origin, age, period, culture or source where the correct description as to such matters is not reflected by the description in the catalogue and which at the date of the auction had a value materially less than it would have had if it had been in accordance with the description in the catalogue. Accordingly, no Lot shall be capable of being a Forgery by reason of any damage and/or restoration work of any kind.

Hammer Price: The amount of the highest bid accepted by the auctioneer in relation to a Lot.

Lot: Any item deposited with us for sale at auction including items described against any Lot number in an Auction Catalogue.

Reserve: A confidential price for which the auctioneer will not sell a Lot below, previously agreed with the seller and does not exceed the low estimate.

V.A.T: Value added tax chargeable under VAT and any similar replacement or additional tax.

2. Bidding

2.1.1 Buyers premium is set at 20% of the hammer price plus V.A.T

2.1 On-line Bidding

We offer online bidding via the Saleroom.com as a convenience to our clients. We shall not be responsible for any errors or failures to execute bids placed on the internet, including, without limitation, errors or failures caused by

(i) A loss of internet connection by either party for whatever reason;

(ii) A breakdown or problems with the online bidding software and/or

(iii) A breakdown or problems with your internet connection, computer or system. Execution of on-line internet bids submitted by email or via www.stanleygibbons.com is a free service undertaken subject to other commitments at the time of the auction, we do not accept liability for failing to execute bids submitted in this way or omissions in connection with this activity. Buyers who acquire lots on the-saleroom.com will be able to use this service free of charge. 

2.2 Telephone Bids

If you make arrangements with us not less than 24 hours before the sale, we shall use reasonable endeavours to contact you to bid by telephone, for lots estimated £1000 and above,  under no circumstances will we be liable in any way to either the Seller or you as a result of failure to do so.

2.3 Subject to these Conditions, the highest bidder for each lot shall be the purchaser thereof.

2.4 Each lot is put up subject to any reserve price imposed by the vendor. Written instructions as to reserves (if any) must be received by SG at the latest on the day before the date of sale. 2.5 In the event of any reserve price not being reached SG is empowered to sell by private treaty after the auction any lot at not less than the reserve price as long as the goods remain on SG’s premises. In the event of such a sale these Conditions will apply.

2.6 Every bidder shall be deemed to act as principal unless there is in force a written acknowledgement by SG that he/she acts as an agent on behalf of a named principal.

2.7 The bidding and advances shall be regulated by and are at the absolute discretion of SG who shall have full discretion to refuse any bid, to divide any lot, to combine and offer lots as one lot and to withdraw any lot or lots from the sale without in any case giving any reasons. SG reserves the right to bid on behalf of purchasers, but shall not be liable for errors or omissions in executing instructions to bid.

2.8 “Buy” bids without an upper limit are not accepted without prior discussion with the Auction Department.

2.9 If any dispute arises as to the highest bidder, SG shall have absolute discretion to determine the dispute and may, without any obligation to do so, put up again and re-sell the lot in respect of which the dispute arises.

2.9.1 SG acts as agent of the vendor save only in respect of collection of the Buyer’s Premium, where applicable, which SG shall be entitled to retain irrespective of and in addition to such remuneration as it may receive from the vendor, and where SG is stated to act as principal in any individual sale.

2.9.2 In the event that the purchaser makes a successful bid for a lot on which Buyer’s Premium is chargeable then in addition to the hammer price the purchaser shall also pay the Buyer’s Premium on the following basis:

2.9.3 for taxable lots which are prefixed with letters “T” or “X” in the sale catalogue the Buyer’s Premium is subject to the addition of VAT at the prevailing rate. For non-taxable lots, which are sold using the auctioneers’ VAT margin scheme the Buyer’s Premium shall be exclusive of VAT

3. Extensions

If you wish to obtain an expert opinion or Certificate of Authenticity for any Lot (other than a mixed Lot or Lot containing undescribed stamps) you must notify us in writing no less than forty-eight hours before the start of the first session of the sale. If accepted by us, such request shall have the same effect as notice of an intention to question the genuineness or description of the Lot for the purposes of clause 3.1 (Refund in the case of Forgery) of these Terms and Conditions and the provisions of clause 3.1 (Refund in the case of Forgery) shall apply accordingly.

3.2 Notice of a request for an expert opinion or Certificate of Authenticity must give the reason why such opinion is required and specify the identity of your proposed expert which will be subject to agreement by us. We reserve the right, at our discretion, to refuse a request for an expert opinion or Certificate of Authenticity including (without limitation) where the proposed expert is not known to us.

3.3 If we accept a request for an expert opinion or Certificate of Authenticity we will submit the Lot to the Expert Committee. You acknowledge and accept that the length of time taken by an Expert Committee to reach an opinion will vary depending on the circumstances and in any event is beyond our control. 3.4 We will not accept a request for an extension on account of condition. Any Lot described in the catalogue as having faults or defects may not be returned even if an expert opinion or Certificate of Authenticity cites other faults or defects not included in the catalogue description, other than in the case of a Forgery.

3.5 Should SGA accept a request for an extension under the foregoing provisions of this paragraph, the fact may be stated by the Auctioneer from the rostrum prior to the sale of the Lot. 3.6 It should be noted that any stamp accompanied by a Certificate of Authenticity is sold on the basis of that Certificate only and not on the basis of any other description or warranty as to authenticity. No request for an extension will be accepted on such a stamp and the return of such a stamp will not be accepted.

3.7 If you receive any correspondence from the Expert Committee in relation to the Lot, including but not limited to a Certificate of Authenticity, you must provide us with copies of such correspondence no later than 7 days after you receive such correspondence.

4. Payment

4.1 The purchaser you will not acquire title to the Lot until all amounts due have been paid in full. This includes instances where special arrangements were made for release of Lots prior to full settlement.

4.1.1 The Price shall be paid by the purchaser to SG on acceptance of his/her bid save that purchasers located overseas shall pay within seven days of the date of sale or such longer period as shall be agreed in writing between SG and the purchaser (the onus for such prior arrangements lies with the prospective purchaser).

4.1.2 If any purchaser fails to pay the Price within the time stated in clause 4.1.1, such lot may at any time thereafter at SGA’s discretion be put up for sale by auction again or sold privately in which event the purchaser undertakes to make good any reduction in the Price to the vendor together with the costs of re-sale, which shall become a debt due from him to the vendor to the extent that any increased price on re-sale does not fully cover the amount of such debt.

4.1.3 An administration fee of 2% per month or part thereof shall he payable by the purchaser on any overdue account, but SGA shall have discretion to waive payment of such a fee by notice in writing.

4.1.4 Postage and packing will be charged unless the purchaser indicates, prior to the Auction closing, that they will collect their lots. In the event that the purchaser collects their lots having indicated otherwise on the bid form, Postage and Packing will not be refunded. All postage charges are subjest to V.A.T. at the prevailing rate.

5. SGA’s Warranties and Liability

5.1 SGA warrants the description and genuineness of all lots comprising three or less items as:

5.1.1 genuine, unless otherwise described in the sale catalogue or by SG;

5.1.2 Correctly described, including where applicable the date of any certificate forming part of the description of the lot.

5.2 Except as expressly stated in these Conditions SG excludes all other warranties and conditions with regard to the information, lots and services whether express or implied or statutory (including all implied warranties and conditions of merchantability and fitness for a particular purpose.

5.3 Vendor and purchaser agree that SG will not be liable to them either jointly or severally, or to any third party for:

5.3.1 Loss of items received inadequately packed, mounted or arranged; and

5.3.2 Any indirect or consequential loss or damage including loss of profits, revenue or business howsoever caused (whether arising out of any negligence or breach of these Conditions or otherwise) even if that loss or damage was reasonably foreseeable by, or the possibility of it was brought to the attention of SG.

5.4 Save where the purchaser is entitled to reject a lot pursuant to clause 6.3, in which case that shall be the purchaser’s sole remedy, the liability of SG under these Conditions (whether arising in negligence or otherwise) will not exceed the greater of 125% of the amount of any relevant successful bid or if no successful bid, the reserve price if any (whichever is applicable to the circumstances) regardless of the cause or form of action. 5.5 Nothing in these Conditions shall limit SG’s liability for death or personal injury resulting from SG’s negligence. Vendor and purchaser (respectively) agree to indemnify SG against all liability, claims and expenses that may arise from any breach of these Conditions by either of them.

6. Right to Reject Lots

6.1 Subject to Clause 6.5 and 6.6 the purchaser shall be at liberty to reject any lot comprising three or less items if he/she has paid the Price and if he/she:

6.1.1 Gives SG written notice of intention to question the genuineness or as the case may be the accuracy of description of the lot within twenty one days from the date of sale; and 6.1.2 Proves that the lot is not genuine or was incorrectly described;

6.1.3 Returns to SG within seven days from the date of sale the lot in the same condition as it was at the time of sale PROVIDED that SG may, at its discretion on receiving a request in writing from the purchaser, extend for a reasonable period the time for return of the lot to enable it to be submitted to expertisation.

6.2 Where a lot has been submitted to expertisation the costs of such expertisation shall be paid by the person (which term shall include any company) who returns the certificate and item(s) to which such certificates relates. The onus and cost of proving a lot to be not genuine or incorrectly described is on the purchaser. The inability of any recognised expert or expert committee to express a definite opinion shall serve to discharge the onus on the purchaser and shall be a ground for rejection of the lot concerned.

6.3 Where the purchaser of a lot discharges such onus of proof and complies with the provisions of clause 6.1 SG shall set aside the sale and repay to the purchaser the Price paid by him in respect of the lot.

6.4 Any lots comprising four or more items, or miscellaneous lots containing items which are undescribed shall be taken by the purchaser with all (if any) faults, lack of genuineness and/or errors of description and/ or numbers of items in the lot and the purchaser shall have no right to reject any such lot; save that, notwithstanding the foregoing where before a sale a person intending to bid at the sale, gives notice in writing to and satisfies SG that any such lot contains any item or items undescribed in the sale catalogue and that person specifically describes that item or those items in that notice then that item or those items, shall, as between SG and that person be taken to form part of the description of the lot for the purpose of clause 5.1 and clauses 6.1, 6-2 and 6.3.

6.5 No lot shall be rejected if subsequent to the sale, it has been damaged and/or marked or treated by any process whatsoever unless SG’s permission to subject the lot to such marking or treatment has first been obtained in writing.

6.6 No lot illustrated in the sale catalogue or on the SG Auction Web Site shall be rejected on the ground of characteristics apparent from its illustration. Whilst care has been taken to-show colour illustrations as accurately as possible, reprographic and printing processes cannot always guarantee true reproduction of colour images. Therefore, no lot illustrated in colour shall be rejected on the grounds that actual colour differs from that of the illustrations. These Conditions together with any special conditions, notices, descriptions, statements and other matters in the sale catalogue and elsewhere, including the SG Auction Web Site, concerning any lot are subject to any statements modifying or affecting the same made by the auctioneer from the rostrum prior to any bid being accepted for the lot.

7 VAT SG operate an auctioneers’ VAT margin scheme for the auction of lots which are eligible. Lots suffixed by the letters “T” & “X” in the sale catalogue are subject to VAT at the rate then prevailing on the hammer price. If such a lot is exported, outside the EU, and the purchaser produces proof of export in the correct form, the VAT on the hammer price is refundable by SG.

8. General

8.1 SG shall not be liable for any delay or failure to perform its obligations under these Conditions caused by circumstances beyond its reasonable control.

8.2 SG reserves the right to vary these Conditions with immediate effect from time to time without notice.

8.3 In the event that these Conditions are held by any competent authority to be invalid or unenforceable in whole or in part, the validity of the remaining terms shall not be affected.

8.4 These Conditions and any sale organised by SG shall be governed by English law and shall be subject to the exclusive jurisdiction of the English Courts.

Ref. SGA/TAC/08.01 A division of Stanley Gibbons Limited 399 Strand, London WC2R 0LX S