PETRIDES AUCTIONS TERMS AND CONDITIONS OF BUSINESS
RELATING TO BIDDERS AND BUYERS
EVERY PERSON WHO PARTICIPATES IN A SALE BY AUCTION, EITHER IN PERSON, OR BY TELEPHONE, OR BY ABSENTEE BID OR COMMISSION BID AND/OR WHO BUYS A LOT BY AUCTION, IS DEEMED TO HAVE RECEIVED NOTICE OF, READ, UNDERSTOOD AND ACCEPTED TO BE BOUND BY THESE TERMS AND CONDITIONS OF BUSINESS. ATTENTION IS ALSO DRAWN TO THE TERMS AND CONDITIONS OF BUSINESS RELATING TO SELLERS.
1. In these Conditions, the following definitions apply and the plural of any term defined below shall be construed accordingly:
Auction House: Petrides Auctions and Arts Quorum Ltd and includes their directors, employees, servants and agents.
Auctioneer: The person conducting the Auction.
Bidder: Any person considering, making or attempting to make a bid (and includes the Buyer).
Buyer: The person who is accepted as the highest bidder for a Lot and who agrees to pay the Total Amount Due.
Buyer’s Premium: The commission payable to the Auction House by the Buyer for each Lot purchased.
Company: The Auction House.
Conditions: The Terms and Conditions of Business relating to Bidders and Buyers set out in this document, as may from time to time be amended or supplemented.
Droit de Suite: Artist’s resale right, according to which living artists or artists deceased within 70 years prior to the sale, are entitled to receive a resale royalty each time their work of art is sold, subject to certain conditions. (4% up to €50,000)
Hammer Price: The price at which a Lot is knocked down by the Auctioneer in favour of the Buyer.
Lot: An item or items of property for which a person bids and/or which a person buys at auction.
Reserve Price or Starting Price: The (confidential) minimum Hammer Price at which the Seller has agreed to sell a Lot.
Seller: The person offering a Lot for sale, for whom the Company acts as agent.
Sellers’ Conditions: The terms and conditions of business relating to Sellers.
Total Amount Due: The Hammer Price in respect of the Lot sold together with Buyer’s Premium, VAT, any Droit de Suite and additional charges and expenses, e.g. storage charges and/or insurance, in Euro.
VAT: Value-added tax, at the rate applicable from time to time.
2. The Auctioneer and/or the Company acts at all times as agent of the Seller (except where a Lot is owned by the Company) and accordingly is not responsible for any default of either the Seller or Buyer. The contract of sale between Seller and Buyer is concluded at the stroke of the Auctioneer’s hammer and title to any Lot does not, at any time, pass to the Company.
3. Registration and Bidding: (i) Bidders. Bidders are required to register their details with the Company in advance of the auction and obtain a numbered bidding paddle. Any Buyer acting for any person who is not bidding shall be jointly and severally liable with that person for all obligations and liabilities, except the Auctioneer when acting on behalf of a commission bidder. (ii) Paddles. To register for a paddle, bidders will be required to complete a registration form and present proof of identity and address and valid credit card details, which details may be retained on file by the Company and used to secure payment for purchased lots. No bid will be accepted from a bidder who has not registered for a paddle number. When a Buyer is successful, the Buyer will hold up the paddle to enable the Auctioneer to record the number. (iii) Commission Bids. Persons who cannot attend an auction may request the Auctioneer to bid on their behalf. This service is free of charge. Bidding forms must be completed by all clients and delivered to the Company. Commission bidders will be required to provide proof of identity and address and valid credit card details in their name, which details may be retained on file by the by the Company and used to secure payment for purchased lots. Commission bidders are urged to ascertain whether or not they have been successful on the day of the sale or within 3 days thereafter. Lots will be purchased by the Auctioneer on behalf of the commission bidder for the lowest price allowed by other bids and/or reserves if any, up to and including their maximum bid amount recorded. ‘Buy’ bids will not be accepted by the Company. The Company cannot accept responsibility for any neglect or default in executing or failing to execute commission bids, or where a bidding slip has been incorrectly completed. Commission bidders are urged to ensure that the correct lot number and price are recorded on their bidding forms. (iv) Telephone Bids. Persons who cannot attend the auction may request to bid on a specific Lot by telephone. This facility is only available by prior arrangement with the Auction House, is dependent on the availability of telephone lines, and is only available on Lots carrying a lower estimate of at least €200 (e.g. catalogue estimate €200-300). Telephone bidders will be required to supply proof of identity and address and valid credit card details in their name, which details may be retained on file by the Company and used to secure payment for purchased lots. The Company cannot accept responsibility for any neglect or default in executing or failing to execute telephone bids. (v) Condition Reports. Reports on the condition of any lot are provided by the Auction House as a statement of opinion only, and not of fact and as such the Auction House will not be liable for any errors or omissions contained therein. (vi) In the case of a dispute during the auction, the Auction House reserves the right to re-offer any lot. (vii) The bidding increments are a matter to be determined by the Auctioneer, at his sole and absolute discretion. (viii) A sale is complete when the Auctioneer announces its completion by the fall of the hammer. Title of the property in a lot shall not pass until the Buyer has paid the Total Amount Due, but notwithstanding this, the responsibility for risk, loss or damage to any lot falls to the bidder upon the fall of the hammer or, if the lot is purchased privately, to the purchaser on the day when the contract is made. The Company shall not be liable for any loss or damage to a lot during clearing, even when the Company provides assistance to a Buyer during clearing.
4. A Buyer’s Premium of 20% (incl. VAT) on the Hammer Price is payable on all purchased lots. Any lots marked with an asterisk (*) will, in addition, be subject to VAT at the appropriate rate on the Hammer Price. Any lots marked with an arrow (→) are subject to Droit de Suite. (4% up to €50,000)
5. Payment by the Buyer for all purchased lots must be made within 3 days following the sale. Thereafter, the Company is entitled to cancel any sale or to re-offer lots for which payment has not been received in a future sale without reserve. In the latter case, the original bidder will be held liable for any shortfall between the selling price at re-offer, plus expenses, and the Total Amount Due on their unpaid account.
6. Payment should be made cash or by card or by bank transfer to the Company’s bank account, details of which will be provided on request (name of buyer and invoice number to be quoted with the transfer instructions as well as all bank charges to be paid by the buyer). Personal and company cheques will also be accepted, however, purchased lots will not be released to buyers until such cheques have cleared.
7. No lots may be cleared whilst the auction is in progress. Payments may be made to the cashier after the auction. Lots purchased and paid for may be claimed and cleared at the conclusion of the sale. Lots will be released only on production of a release slip from the Accounts Department. Ownership of a purchased lot shall not pass to a Buyer until full payment of the Total Amount Due has been made to the Company.
8. Purchased lots will be stored free of charge for 3 working days following the sale and thereafter the Company will impose on the Buyer a storage and handling charge of €3 plus VAT per lot per day. Lots may be dispatched to Buyers upon request and all dispatch charges, as well as carriage charges incurred by the Company in having goods removed to storage, will be the responsibility of the Buyer.
9. Liability of Auction House and Sellers: (i) Goods sold are not new and are sold on an ‘as-is’ basis, with all faults and imperfections and errors of description. An absence of indication of damage, does not imply that a lot is free from defect. Any representation or statement by the Auction House in any catalogue as to ownership, attribution, genuineness, origin, date, age, provenance, condition or estimated selling price is a statement of opinion only and the Auction House hereby disclaims responsibility for the correctness of such opinions. Illustrations in the catalogue and any other illustrations provided are for identification only and colours and/or appearance may differ to the actual item(s). (ii) Prior to bidding, Bidders should inspect and will be deemed to have inspected the Lot and satisfied themselves as to its condition and the accuracy of its description. (iii) Neither the Company nor the Seller, nor their servants and agents, are responsible for errors of description or for the authenticity of any Lot nor do they give any warranty whatsoever; any express or implied conditions or warranties are hereby excluded.
10. Buyers acknowledge the Auction House’s right to reproduce illustrations and to publish sale results.
11. Electrical and mechanical goods are sold only as decorative objects with no guarantee as to working order or safety and it is the Buyer’s responsibility to modify, if necessary, the goods to render them safe, fit for their original use and legislation-compliant.
12. Where a member of the public causes damage to a lot (or part thereof), the Auction House reserves the right either to (i) sell such lot without reserve and to hold the person responsible liable for the difference, if any, between the Hammer Price and the reserve or lower estimate, whichever is the higher, or (ii) hold the person responsible liable for the cost of restoration where appropriate, or (iii) hold the person responsible liable for the full amount of the reserve price or lower estimate, whichever is the higher.
13. Lots entered into this sale are subject to confidential Reserve Prices.
14. It is the Buyer's responsibility to ascertain whether a license is required to export property sold at auction from the country where it was purchased and/or to import into another country and to familiarize himself with any relevant restrictions.
15. The Auctioneer has the right at his absolute discretion without giving any reason to refuse any bid, to advance the bidding as he may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of a dispute, to put up any lot for auction again.
16. The Company may, at its absolute discretion, refuse admission to its premises or attendance at its auctions by any person.
17. To gain access to viewing rooms, visitors shall be required to leave coats, bags and large items in a designated area and in such case, visitors shall be deemed to have removed any money and valuables therefrom. The Company shall accept no responsibility for any loss in connection therewith.
SELLER’S GUIDE - Selling at Auction
When you are ready to sell art, antiques and collectible items at auction, we can help you throughout the process.
The first step is to determine the auction value of your property. You can obtain an auction estimate by sending us clear photographs by e-mail or through your mobile phone.
Following your request, we shall contact you for further explanations or more information we might need. Auction estimates based on photographs are preliminary only and may change based on first hand inspection and further research. Please note that Petrides gives no representation, warranty or guarantee in respect to an item’s origin, provenance, attribution, condition, date, age or authenticity.
After you receive an estimate, you may consign your property to us for sale in the next appropriate auction. We can assist you throughout the process arranging transportation of your items to our premises (at the consignor’s expense), providing a detailed inventory of your consignment and reporting the prices realized for each lot.
We provide secure storage for your property in our warehouses and all items are insured throughout the auction process.
If your lot fails to reach the low estimate, we will generally not sell it. You may choose to take the work back or we may mutually agree to offer it in another auction. We will happily discuss your options with you to help you reach a decision. Please note that we levy an unsold minimum fee per lot to cover the costs we have incurred in handling your property.
You will receive payment for your property approximately 20 working days after completion of sale.
Professional Appraisal Services
We can conduct insurance and fair market value appraisals for private collectors, corporations and Museums.
Insurance appraisals reflect the cost of replacing property in today’s retail market.
Fair market value appraisals are used for estate and family division purposes and reflect prices paid by a willing buyer to a willing seller.
When we conduct a private appraisal, we will prepare a thorough inventory listing of all your appraised property. A complete description together with locations and values of items are included in the documentation.
Appraisal fees vary according to the nature of the property, the amount of work involved, travelling distances and whether the property will be consigned for auction.
We can also serve the needs of fiduciaries (Lawyers, Trust Officers, Accountants and Executors) in the disposition of large and small estates. Our services aid in the efficient appraisal and disposition of fine art, antiques, jewelry and collectibles.