Various LETTERS TO BESS REITZ, YOUNGEST DAUGHTER OF PRESIDENT F. W. REITZ OF THE O. F. S. Please

First time buyers must provide Stephan Welz & Co with a copy of their identity document or passport and a photocopy of the front and back of a valid credit card. Email these details to bids@stephanwelzandco.co.za. A sum of R5000 will be reserved prior to the auction 

The Company carries on its business as auctioneers in accordance
with these Terms and Conditions of Business and Rules of Auction.
A. DEFINITIONS
In these conditions of business, headnotes are for convenience only
and shall not be used in their interpretation, any expression which
denotes any gender shall include the other genders, any expression
which denotes the singular shall include the plural (and vice versa),
any expression which denotes a natural person shall include a juristic
person (and vice versa) and the following terms shall have the following
meanings:
1. “auction” means any private treaty or auction sale at which a lot is
offered for sale by the Company;
2. “auctioneer” means the representative of the Company
conducting an auction;
3. “bidder” means any person making, attempting or considering to
make a bid or offer to buy a lot at an auction, or private treaty sale;
4. “Buyer” means the bidder who makes the bid or offer for any lot
that is fi nally accepted by the auctioneer (after determination by
the auctioneer of any dispute that may exist in respect thereof)
at a sale of that lot, and (where the Buyer is an agent acting for a
principal), the Buyer and the Buyer’s principal jointly and severally;
5. “Buyer’s premium” means the premium payable by the Buyer of
a lot to the Company on the sale of that lot, calculated on the
hammer price of that lot at the relevant current rates;
6. “catalogue” means any advertisement, brochure, estimate,
pricelist, condition report and other publication (in whatever
medium, electronically or otherwise) published by the Company
in respect of any auction;
7. “current rates” means the Company’s current rates of commission,
premiums and other amounts payable to the Company for the
time being, together with VAT thereon (if any), all as published by
the Company (whether in a catalogue or otherwise) or as agreed
between a prospective Buyer or Seller (as the case may be) and
the Company;
8. a “deliberate forgery” means an imitation made with the intention
of deceiving as to authorship, origin, date, age, period, culture
or source, which is not shown to be such in the description in the
catalogue and which at the date of the sale had a value materially
less than it would have had if it had been in accordance with
that description and includes any misrepresentation made with
intention of deceiving as to authorship, origin, date, age, period,
culture or source;
9. “hammer price” means the bid or offer made by the Buyer for any
lot that is fi nally accepted by the auctioneer (after determination
by the auctioneer of any dispute that may exist in respect thereof)
at a sale of that lot, together with VAT thereon (if any);
10. “lot” means any item or items to be offered for sale by the
Company at an auction or private treaty sale;
11. “prime rate” means the publicly quoted base rate of Interest
(percent, per annum compounded monthly in arrears and
calculated on a 365 day year, irrespective of whether or not the
year is a leap year) from time to time published by Standard
Bank of SA Limited, or its successor-in-title, as being its prime
overdraft rate, as certifi ed by any manager of such bank, whose
appointment, authority and designation need not be proved;
12. “private treaty” means the sale of any lot other than by auction
sale at a price privately agreed on by the Buyer and Seller;
13. “purchase price” means the hammer price of any lot at a sale
thereof, plus the applicable Buyer’s premium for that lot, plus all
recoverable expenses for which the Buyer is liable in respect of
that lot;
14. “recoverable expenses” includes all fees, taxes (including VAT),
charges and expenses incurred by the Company in relation to any
lot that the Company is entitled to recover from a Buyer or Seller;
15. “reserve” means the confi dential minimum hammer price (if any)
at which a lot may be sold at an auction as agreed between the
Seller of that lot and the Company in writing;
16. “sale proceeds” means the amount due by the Company to the
Seller of a lot in respect of the sale of that lot, made up of the
hammer price of the lot, less the applicable Seller’s commission
for that lot, less all recoverable expenses for which the Seller is
liable in respect of that lot and any other amounts due to the
Company by the Seller in whatever capacity and howsoever
arising.
17. “sale” means the sale of any lot at an auction, whether done by
private treaty or auction sale, and “sell” and “sold” shall have
corresponding meanings;
18. “Seller” means the person named as the Seller of any lot, being
the person that offers the lot for sale;
19. “Seller’s commission” means the commission payable by the
Seller to the Company on the sale of a lot that is calculated on the
hammer price of that lot at the relevant current rate;
20. “VAT” means value added tax levied in terms of the Value Added
Tax Act, 1991.
B. GENERAL TERMS AND RULES OF AUCTION
Every auction and/or sale shall be governed by these terms, section 45
of the Consumer Protection Act 68 of 2008 (“the Act”) and the rules of
auction and in accordance with the laws of South Africa.
The provisions of section 45 reads as follows:
1. Auctions
1.1 In this section, “auction” includes a sale in execution of
or pursuant to a court order, to the extent that the order
contemplates that the sale is to be conducted by an auction.
1.2 When goods are put up for sale by auction in lots, each lot is,
unless there is evidence to the contrary, regarded to be the
subject of a separate transaction.
1.3 A sale by auction is complete when the auctioneer announces
its completion by the fall of the hammer, or in any other
customary manner, and until that announcement is made, a
bid may be retracted.
1.4 Notice must be given in advance that a sale by auction is
subject to –
(a) A reserved or upset price; or
(b) A right to bid by or on behalf of the owner, in which case the
owner or auctioneer, or any one person on behalf of the owner
or auctioneer, as the case may be, may bid at the auction.
1.5 Unless notice is given in advance that a sale by auction
is subject to a right to bid by or on behalf of the owner or
auctioneer:
(a) The owner or auctioneer must not bid or employ any person to
bid at the sale;
(b) The auctioneer must not knowingly accept any bid from a
person contemplated in paragraph B.1.5 (a); and
(c) The consumer may approach a court to declare the transaction
fraudulent, if this subsection has been violated.
1.6 The Minister may prescribe requirements to be complied
with by an auctioneer, or different categories of auctioneer, in
respect of:
(a) The conduct of an auction.;
(b) The records to be maintained with respect to property placed
for auction; and
(c) The sale of any such property by auction.
2. The rules of the auction are those promulgated in terms of the
Regulations promulgated by the Minister of Trade and Industry
dated 23 November 2010 under Government Gazette No. 33818
on 1 April 2011 and any subsequent amendment and/or variation
to the rules and these terms.
3. In the event of there being a discrepancy between the rules and
Stephan Welz & Company a division of Scoin Trading (Pty) Limited (“The Company”)
TERMS & CONDITIONS OF BUSINESS AND RULES OF AUCTION
the terms herein, the rules shall be operative and overriding.
4. Every bid constitutes an offer, open for acceptance by the
Auctioneer and such acceptance shall be signifi ed by the fall of
the hammer, or by the acceptance of the offer by the Company in
the event of a private sale.
5. Buyers are solely responsible to satisfy themselves prior to auction/
private treaty sale as to the condition of each lot and should exercise
and rely on their own judgement as to whether the lot accords with
the description or not. It is the Company’s experience that coins/
medallions are best held over a medium term period of 4-7 years
and selling before you have owned your coin/s or medallion/s for
at least 4 years from the date of purchase is not advisable, and
may result in a loss. Any buy backs will be facilitated by your broker
and the Company’s Trading Department on terms to be agreed.
Please note that any communication emanating from us whether
written, oral or otherwise, is merely a general view of products
and markets referred to, and is not to be construed as investment
or other advice or to bind the Company in any way.
5.1 Neither the Company, its servants, its employees, its agents
and/or the Auctioneer shall be responsible whether directly
or indirectly for any errors, omissions, acts of negligence,
incorrect and/or inadequate descriptions or defects or lack
of authenticity and/or inadequate descriptions or defects
or lack of authenticity or lack of ownership or genuineness
in any goods auctioned and sold. The Company shall
not be held responsible for any incorrect, inaccurate or
defective description of the goods listed for sale in the
catalogue or in any condition report, publication, letter, or
electronic transmission or to the attribution, origin, date,
age, provenance, condition and description of the goods
sold, and shall not be responsible for any loss, damage,
consequential damages and/or patrimonial loss of any kind
or nature whatsoever and howsoever arising thereout.
5.2 No warranty, whether express, implied or tacit is given by
the Company, its servants, its agents, or its employees, or
the Auctioneer or the Seller or the Buyer of any lot shall be
binding or legally enforceable.
5.3 Any lot which proves to be a ‘deliberate forgery’ (which will
only be the case if an expert appointed by the Company for
such purposes confi rms same in writing) may be returned
by the Buyer (as his sole remedy hereunder or at law) to
the Company within 21 days of the date of auction in the
same condition in which it was at the time of the auction,
accompanied by a statement of defects, the number of the
lot, and the date of the auction at which it was purchased. If
the Company is satisfi ed that the item is a ‘deliberate forgery’
and that the Buyer has and is able to transfer a good and
marketable title to the lot, free from any third-party claims,
the sale will be set aside and any amount paid in respect of
the lot will be refunded, subject to the express condition that
the Buyer will have no rights or claims against the Company
if:
5.3.1 the description in the catalogue at the date of the sale
was in accordance with the then generally accepted
opinion of scholars and experts or fairly indicated that
there was confl ict of such opinion; or
5.3.2 the only method of establishing at the date of
publication of the catalogue that the lot was a
‘deliberate forgery’ was by means of a scientifi c process
not generally accepted for use until after publication of
the catalogue, or by a process which was unreasonably
expensive or impractical.
5.4 Buyer’s claiming under this condition will be limited to any
amount paid in respect of the lot and will not extend to any loss
or damage of whatsoever nature suffered, or expense incurred by
him/her.
5.5 The benefi t of this condition will not be assignable and will rest
solely and exclusively in the Buyer who, for the purpose of this
condition, will be and only be the person to whom the original
invoice is made out by the Company in respect of the lot sold.
6. The Company will have the sole, exclusive and absolute right, at
its discretion, to refuse admission to any person to its premises or
any other premises at which such auction is to be conducted.
7. The Company has the sole and absolute discretion without
having to give any reasons therefore, to refuse any bid, withdraw
or reoffer lots for auction (including after the fall of the hammer),
cancel any sale if the Auctioneer and/or the Company believes
that there may be an error or dispute of any nature whatsoever,
and shall have the rights, as it deems fi t, to divide any lot; to
combine any two or more lots, or to put up any lot for auction
again.
8. Any notice required to be given in connection with this agreement:
8.1 if given by the Company, shall be delivered by hand,
or sent by registered post; or by telefax or by email,
provided such address is given in which event such
address shall constitute the domicilium citandi et
executandi of the person to whom notice must be given.
Notice shall be deemed to have been received by the
person who is required to receive such notice, whether
given personally or to a third party or any other manner as
envisaged by this clause:
8.1.1 on the date of delivery if delivered by hand or telefax or
email;
8.1.2 on the fourth (4th) day from the date of posting,
including the date of posting if posted by prepaid
registered post from within the Republic of South
Africa, which postage shall be deemed to have been
sent on receipt of the post offi ce of proof of posting.
8.2 if required by the Company, such written notifi cation must
be given to the Company at its telefax number and/or email
address as published in the brochure, alternatively the
Company’s published address and/or fax number.
9. The Seller submits to the non-exclusive jurisdiction of the South
African courts.
10. The Buyer and/or Seller, as the case may be, hereby pledges the
goods either sold and/or bought as security to the Company for
all amounts which are owing to it.
11. No variation, alteration, consensual termination, representation,
condition, term or warranty, relaxation or waiver or release by the
Company, or estoppel against the Company, or the suspension
by the Company, in respect of these terms and conditions of
business, or any part thereof, shall be of any force or effect unless
reduced to writing and signed by the Company and the Buyer.
12. The Buyer shall be responsible for the payment of the Company’s
legal costs, calculated on the scale as between attorney and
client incurred by the Company in enforcing any of its rights of
its principal whether such rights are exercised by way of legal
proceedings or not.
13. Notwithstanding the nature or amount of the claim by the
Company, the Company and the Buyer hereby consent to the
jurisdiction of the Magistrate’s Court otherwise having jurisdiction;
this consent is without prejudice to the right of the Company to
institute proceedings and to obtain judgment or any order in the
High Court of competent jurisdiction, the Company nevertheless
still being entitled to claim on the High Court scale of costs and
expenses, all as set out in this agreement.
The Company carries on its business as auctioneers in accordance with these Terms and Conditions of Business and Rules of Auction.
TERMS & CONDITIONS OF BUSINESS AND RULES OF AUCTION
C. TERMS RELATING TO BUYERS OF GOODS AT AN AUCTION
OR BY PRIVATE TREATY
1. Buyer’s Registration
1.1 Buyer bidders must prior to the commencement of an auction
register his/her identity on the Company’s Buyer’s card and
such registration must with the necessary changes meet the
requirements of Chapter 1 of the regulations in terms of the
Financial Intelligence Centre Act, 2011, published in Notice No.
R. 1595 in Gazette No. 24176 of 20 December 2002, in respect
of establishment and verifi cation of identity, and sign that entry.
First time buyers must provide the Company with a copy of
their identity document or passport and a photocopy of the
front and back of a valid credit card. A sum of R5,000 will be
reserved prior to the auction.
1.2 A Buyer who intends to bid on behalf of another Buyer must
produce a letter of authority expressly authorising him/her to
bid on behalf of that Buyer.
1.3 If a Buyer will be bidding on behalf of a company, a letter
of authority must appear on the letterhead of the Buyer
company and must be accompanied by a certifi ed copy of the
resolution authorising him/her to do so.
2. Auction Bids
2.1 The goods (lots) sold shall be to the highest bidder whether the
sum bid be equivalent to the real value or not. Where the sale
is announced to be with reserve, the goods shall be sold to the
highest bidder, either on or in excess of the reserve price.
2.2 No person shall, at any bid, advance less than the amount fi xed
for that purpose by the Auctioneer. Bids can be retracted before
the fall of the hammer but the Auctioneer may refuse any bid.
2.3 Should there be a dispute as to the highest bid, even after the
fall of the hammer, the auctioneer shall in his sole and absolute
discretion, determine which bid shall be accepted and the
Company and/or the Auctioneer shall be absolved of any liability
of any nature whatsoever in regard thereto. In the event of a
dispute the Auctioneer may determine the dispute in his absolute
discretion, or the property may, at the Auctioneer’s option, either
be put up again at the last undisputed bid, or be withdrawn.
3. Minimum Bid
The auctioneer shall have the sole and absolute discretion and right to
refuse any bid which does not exceed the previous bid by at least 5%
(fi ve percent) or such other percentage as the Auctioneer, in his/her
discretion deems meet.
4. Buyer’s Premium
A Buyer’s premium, calculated at the applicable current rate of the
hammer price, shall be payable by the Buyer to the Company in
respect of the sale of each lot. The Buyer acknowledges that the
Company, when acting as agent for the Seller of any lot, may also
receive a Seller’s commission and/or other fees for or in respect of that
lot. VAT at the prevailing rate is applicable on such Buyer’s premium.
5. Value Added Tax (“VAT”)
The Company acts as agent on behalf of the Seller and should the
Seller be registered as a South African VAT vendor and has informed
the Company that his lots must be charged with VAT, then such lots
will be indicated in the catalogue with the symbol “†” and VAT at
the prescribed rate will be charged on the hammer price and will be
payable by the Buyer.
6. Absentee Bids
6.1 Upon request, the Company shall execute absentee bids on
behalf of intending Buyers. Absentee bids are a service provided
by the Company for the Buyers’ benefi t and the Company cannot
be held responsible for errors or omissions with respect to the
bidding process. Lots will be bought as cheaply as is allowed
by other bids placed and the Seller’s reserves. In the event of
identical bids, the earliest will take precedence. When absentee
bids are placed by telephone they are accepted at the Buyer’s
risk, and must be confi rmed prior to the sale by letter or facsimile.
6.2 All absentee bids shall be registered with the Company in
accordance with the Company’s procedures and requirements
not less than twenty-four (24) hours before the auction and/or the
private treaty sale. The Company reserves its rights, at its sole and
absolute discretion, to receive and/or reject such absentee bids
and/or to receive and/or reject absentee bids if given less than
twenty-four hours before the auction and/or private sale.
6.3 Absentee bidders must register his/her identity as per clause C.1
above.
7. Telephone Bids
7.1 Subject to a Buyer arranging with the Company at least
twentyfour hours before the published time of the auction
and subject to a Buyer completing such documentation as
the Company may require it to do, whether it be by fax or by
electronic transmission, or any other form of transmission a
Buyer, on making such telephone call, is deemed to accept
these Terms and Conditions and to be bound thereby and
shall be permitted to bid by means of a telecommunication.
The right of a Buyer to bid is subject to a telecommunication
line being available, fully functional and operative. The person
who makes the bid on the telephone shall be deemed to be
the Buyer and shall be deemed to be personally liable for
the payment of the purchase price and other amounts as are
required to be paid. In executing bids on the telephone, the
Buyer waives and abandons any claim howsoever or whatsoever
arising against the Company and/or the Auctioneer, including
any act or omission and/or act of negligence and/or any act on
the part of the Company and the Auctioneer, or in failing to
have regard or failing to take cognisance of such bid.
7.2 The Company reserves its rights, at its sole and absolute
discretion, to receive and/or reject such telephone bids and/
or to receive and/or reject telephone bids if given less than
twenty-four hours before the auction and/or private treaty
sales.
7.3 The Company reserves the right to record telephone bidding
and the telephone bidder consents to such recording.
8. Payment
8.1 The hammer price as defi ned in clause A. 9 above, including
further amounts payable in terms hereof such as Value Added
Tax and the Buyer’s premium, shall forthwith become due,
owing and payable to the Company in full immediately upon
the knock down of the hammer and/or acceptance of the offer.
8.2 Any payment by a Buyer to the Company shall be applied by
the Company towards any sums owing by the Buyer to the
Company on any account whatever without regard to any
directions of the Buyer or his/her agent, whether express or
implied.
8.3 The purchase price shall be paid in South African rands.
Foreign Buyers are required to make arrangements with their
banking houses to transfer forex funds equivalent to the Rand
value as stated on the purchase tax invoice. All fees relating to
this transfer of funds from the foreign bank to the Company’s
RSA account shall be for the account of the Buyer.
8.4 The Company accepts the following methods of payment:
8.4.1 First-time Buyers
Only bank transfers or electronic funds transfer will
be accepted. No cheque or cash payment will be
accepted.
8.4.2 Cash
The Company carries on its business as auctioneers in accordance with these Terms and Conditions of Business and Rules of Auction.
TERMS & CONDITIONS OF BUSINESS AND RULES OF AUCTION
It is against the Company’s general policy to accept
cash payment in excess of R5,000 (Five thousand South
African Rand). However, cash can be paid directly into
the Company’s Current Account:
Stephan Welz & Company (Pty) Limited
STANDARD BANK OF SOUTH AFRICA LIMITED
Branch: Rosebank, Johannesburg
Branch code: 00-4305-17
The 8 digit branch code is required for international
banking.
The fi rst 6 digit (00-4305) code is required for online
banking.
Swift code: SBZAZAJJ
Current account number: 402-328-213
8.4.3 Cheque and Banker’s Drafts
South African Rand Cheques and Banker’s Drafts made
payable to: Stephan Welz & Company (Pty) Limited. The
invoice number should be used as a reference with your
instructions to your bank. Purchases will not be released
until payment has been cleared by the bank.
8.4.4 Bank Transfers in South African Rands
Stephan Welz & Company (Pty) Limited
STANDARD BANK OF SOUTH AFRICA LIMITED
Branch: Rosebank, Johannesburg
Branch code: 00-4305-17
The 8 digit branch code is required for international
banking.
The fi rst 6 digit (00-4305) code is required for online
banking.
Swift code: SBZAZAJJ
Current account number: 402-328-213
8.4.5 Credit Cards
Payment by accepted credit cards will be accepted only
within 48 hours of the date of the sale. Thereafter, an
alternative method of payment as indicated above must
be used.
9. Credit terms
No credit shall be given to any Buyer unless prior to the auction
the Company has in its absolute discretion agreed in writing in
response to a request to grant the Buyer credit. The Buyer shall
make payment of such amounts of interest and other charges
as are permitted in terms of the National Credit Act 34 of 2005.
Ownership of the goods sold shall not vest and/or pass to the
Buyer until such time as the full purchase price including VAT
thereon and any other amounts have been paid in full.
10. Collection of goods
10.1 Ownership of the goods purchased by a Buyer whether
credit or cash sales shall remain vested in the principal (and/
or the Company under circumstances where the Company
sells its own goods), until such time as the Buyer has made
full payment to the Company which payment includes the
payment of the purchase price of the goods, the Company’s
commission, Value Added Tax on the sale and any other
amounts as provided for herein.
10.2 The Buyer shall, at his/her/its expense, collect the goods
(“take delivery”) purchased by it at the auction and/or sale
immediately after the auction, unless such goods due to
their size and/or weight cannot immediately be removed in
which event such goods shall be collected from the auction
site by no later than 16h00 on the day following the auction
unless such day is a Saturday or a Sunday or a public holiday
in which event such goods will be collected by no later than
16h00 on the following business day. The Company shall
not render any assistance to the Buyer to pack, remove,
transport or store such goods on the Buyer’s behalf. The
Buyer will be responsible for all packing, removal, insurance
and storage charges. Goods not collected within 30 days of
the auction will be dealt with as per clause C.11.
10.3 Should the Company render any assistance at all of any
nature whatsoever to a Buyer in removing the goods from
the auction site then and in such event the Company’s
employees shall be deemed to be the agents and/or
servants and/or employees of the Buyer and the Company is
exempt from any liability or any culpability in respect of the
Company’s employees and/or servants executing such work.
11. Uncollected Goods
The Buyer will be responsible for the collection of all goods
purchased on auction or private treaty and such collection of
goods must be made within 30 days of the auction or private
treaty sale. Goods not collected will be dealt with as follows:
The Company will notify the Buyer that the goods must be
collected within 30 days of such notice. The notice required to
be given shall be in terms of clause B.8.1.
11.1 Should the Buyer not have collected the goods within 30
days of notifi cation, the Buyer hereby irrevocably transfers
ownership of such goods to the Company who shall
retain ownership of such goods, whose ownership shall
be indisputable. The Company shall then, in its sole and
absolute discretion, dispose of such goods at the best price
it can obtain from a willing and able Buyer.
11.2 Subject to paragraph C.11.1 above, if the Company is able
to sell the lot at an auction and/or private treaty sale, the
Company shall dispose of such goods at the best available
price and shall deduct from the proceeds of such sale, all
amounts as were expended by the Company in insuring,
storing, carrying, transporting, retaining and/or keeping such
goods after the deduction of its commission, VAT, and any
other expenses it incurred in respect of such goods. Should
there be a shortfall, then and in such event the Buyer shall
make payment to the Company, on demand, of such shortfall
and all costs incurred by the Company in recovering such
shortfall, including attorney and client costs shall be for the
account of the Buyer.
11.3 The Company reserves the right to charge R25 (twenty fi ve
rand) plus VAT per day to store any one item not collected
from the Company’s place of business from the time the
Buyer has been notifi ed and until such time as the item has
been collected.
12. The Buyer’s Risk
The Buyer shall be solely responsible for any loss of and/or
damage to and/or diminution in value of and/or deterioration to
any goods (lots) purchased at the auction or at a private treaty
sale immediately upon the knock down by the Auctioneer to the
Buyer of the hammer price.
13. Import, export, copyright restrictions and licenses and quality in
the goods sold
13.1 The Company makes no representation or warranties whether
express, implied or tacit pertaining to the authenticity,
quality, genuineness, condition, value, origin, ownership of
any goods or whether express, implied or tacit as to whether
any Lot is subject to import, export, copyright and licence
restrictions including permission from SAHRA. Endangered
Species – any item made of or incorporating animal material
such as ivory, bone, etc irrespective of value, will require a
specifi c permit from the Department of Nature Conservation
prior to exportation. It is the Buyer’s sole responsibility to
obtain any copyright clearances or any necessary import,
The Company carries on its business as auctioneers in accordance with these Terms and Conditions of Business and Rules of Auction.
TERMS & CONDITIONS OF BUSINESS AND RULES OF AUCTION
export or other licence required by law, including licences
required under the Convention of the International Trade in
Endangered Species (CITES). The refusal of an export permit
shall not permit the rescission of a sale.
13.2 The sale of any fi rearm is subject to the express conditions
of the Firearms Control Act 60 of 2000 and any amendments
promulgated thereunder. No fi rearm will be delivered to any
Buyer until he/she/it has produced a valid fi rearm license or
a collector’s permit or any other document as required by
the said Act. No sale shall be cancelled without proof to the
Company’s satisfaction that the Buyer has the authority and
license to receive such fi rearm. The onus to comply with the
provisions of the said Act is solely on the Buyer.
14. Breach by the Buyer
14.1 Should the Buyer breach any of the terms and conditions
thereof, alternatively not make payment in full or collect the
items bought as provided herein, or should there be any other
breach, the Company, agent for the Seller (alternatively the
Company in the event of it being the Seller of its own goods)
will, and at its absolute and sole discretion, and without
prejudice to any other rights it may have in law, be entitled to
exercise on or more or all of the following remedies:
14.1.1 to institute proceedings against the Buyer for payment
and/or damages for breach of contract;
14.1.2 to cancel the sale of that or any other lots sold to the
defaulting Buyer at the same time or at any other
auction;
14.1.3 to resell the goods (lot) or cause it to be resold by
public auction or private sale;
14.1.4 to remove, store and insure the goods at the sole
expense of the defaulting Buyer and if such goods are
stored either at the Company’s premises or any other
place as the Company may require such goods to be
stored at, the Buyer shall be responsible for all charges
associated therewith;
14.1.5 to charge interest on such monies as are due, owing
and payable in an amount of two percent (2%) above
the prime rate granted to a customer by the Company’s
bankers;
14.1.6 to retain that or any other lot sold to the same Buyer at
the same time, or at any other auction and to allow the
Buyer to take delivery of such goods after all amounts
due, owing and payable have been paid by the Buyer
to the Company in terms of this agreement, including
interest, storage charges and any other charges;
14.1.7 to reject any bid made by or on behalf of the defaulting
Buyer at any future auction/sale;
14.1.8 to exercise a right of retention over the goods sold and
not to release such goods to the Buyer until full payment
has been made to the Company in terms of this
agreement. For such purpose and in so far as ownership
of goods may have passed to the Company, the Buyer
hereby pledges such goods to the Company as security
for the Company’s claim;
14.1.9 to charge a rental charge of R10 (ten rand) plus VAT per
day for each item stored by the Company from the date
of auction until the time of collection.
14.2 In the event of the Company reselling the goods at a
subsequent auction or by way of private treaty sale and
should such goods be sold for a lesser amount than the
amount sold, the Buyer shall be liable for any loss (if any)
being the difference between the initial sale price and the
resale price if lower than the initial price and the Company
shall be entitled forthwith to proceed against the Buyer for a
claim for damages.
15. Rescission of the sale
If before 21 days after the auction or within 48 hours of a private
treaty sale, the Buyer makes a claim to rescind the sale under the
defi nition of deliberate forgery or otherwise and the Company is
of the opinion of the claim is justifi ed, the Company reserves the
right in its sole discretion to rescind the sale and refund the Buyer
any amounts paid to the Company in respect of that sale and the
Seller authorises the Company to do so.
16. Treatment and Condition Of Gemstones
The Buyer acknowledges that gemstones and precious stones
and/or semi-precious stones have been treated by a variety of
techniques to enhance their colour, appearance and clarity.
These or other techniques, such as dyeing, irradiation, coating and
impregnation, may be used on other gemstones.
Although it is widely believed that heat treatments are permanent,
Buyers should assume that any treatment may not be permanent
and that over time special care of the stone may be required.
Prospective Buyers are reminded that, unless the catalogue
description specifi cally states that a stone is natural, the Company
have assumed that some form of treatment may have been used
and that such treatment may not be permanent.
To the extent that the Company has laboratory reports containing
specifi c information on the treatment of a stone, these reports are
made available for review by potential Buyers. Available reports
from internationally recognised gemmological laboratories will
be noted in the description of the item. New forms of treatments
and new scientifi c methods to discern them are constantly being
developed. Consequently, there may be a lack of consensus
among laboratories as to whether gemstones have been treated,
the extent of the treatment or the permanence of the treatment.
References in the catalogue descriptions to certifi cates or reports
issued by gemmological laboratories are included only for the
information of Buyers, and the Company accepts no responsibility
for the accuracy, terms or information contained in such certifi cates
or reports.
Statements in the catalogue regarding the condition of lots in this
sale usually appear in the description. However, the absence of
any such reference does not imply that a lot is in perfect condition
or completely free from wear or imperfections. The Company
will be pleased to offer condition reports on all lots of the sale to
potential Buyers.
17. Wristwatches
All wristwatches are sold as viewed and cannot be returned on the
grounds that repairs have been carried out or parts supplied by
anyone other than the named makers.
Watches may not be taken apart whilst on view. Prospective Buyers
or their agents wishing to do so should make an appointment with
the Watch Department for a private view the week before the sale.
Although condition reports may be given on request, such reports
are statements of opinion only and may not specify all mechanical
replacements or imperfections in the movement, case and dial. All
dimensions are approximate.
The Company offers no guarantees with regard to the working
order of wristwatches, and will not be liable for any losses which
may be incurred in this respect. As with all items included in the
sale, it is the prospective Buyer’s responsibility to conduct a full
inspection of the lot prior to the sale. Water-resistant cases may
The Company carries on its business as auctioneers in accordance with these Terms and Conditions of Business and Rules of Auction.
TERMS & CONDITIONS OF BUSINESS AND RULES OF AUCTION
have been opened and no warranty is offered with regard to
the water resistance of any watches.
The Company does not guarantee the authenticity of any individual
component parts, such as wheels, hands, crowns, crystals,
screws, bracelets and leather bands, since subsequent repairs
and restoration work may have resulted in the replacement of
original parts. Straps made of material derived from endangered
or otherwise protected species (i.e. alligator and crocodile) are
not sold with the watches and are for display purposes only. The
Company reserve the right to remove these straps prior to shipping.
Furthermore, in reference to watch bands, the Company does not
guarantee the material of manufacture.
The Company carries on its business as auctioneers in accordance with these Terms and Conditions of Business and Rules of Auction.
TERMS & CONDITIONS OF BUSINESS AND RULES OF AUCTION