Sale Terms and Important Information

IMPORTANT INFORMATION FOR BIDDERS & BUYERS

Conditions of Business
All lots are offered subject to Graham Budd Auctions Ltd's Conditions of Business which you can view here.

Estimates and Reserves
Estimates are published as a guide only and are subject to review. The actual hammer price of a lot may be higher or lower than the range of figures given and there are no predetermined starting prices. Estimates can be subject to revision in which case a saleroom notice will be posted. The estimates are exclusive of buyer’s premium and VAT. 

All lots are subject to reserves. The reserve price is never set higher than the low pre-sale estimate. 

Buyer’s Premium & VAT
A buyer’s premium (BP) of 20.5% is applicable to all lots in this sale when bidding with Graham Budd Auctions via the-saleroom.com. This is exclusive of VAT (sales tax).

The majority of lots in the auction are offered under the Auctioneer’s Margin Scheme (AMS) and as such BP is subject to VAT (currently set at a rate of 20% in the UK). The invoice total for the majority of lots will be therefore be the hammer price + 24.6% inclusive of VAT.

Under VAT rules some lots are deemed to be zero rated (ZR) for VAT purposes, such as books, programmes, magazines, newspapers etc. The invoice total for ZR lots will be therefore be the hammer price + 20.5%. 

VAT in respect of non-EU buyers

If a non-European Union (EU) buyer instructs the auctioneer to export a purchased lot outside of the EU, then the auctioneer can demonstrate proof of export and is thereby authorised to remove the VAT from the buyer’s invoice. If however the buyer is handling the export in person or through an instructed shipper outside the control of the auctioneer, the VAT will have to be paid and then reclaimed by the buyer or the buyer’s shipper at the port of departure. Buyers are reminded that it is their responsibility to comply with UK export regulations and with any local import requirements.  

Artist's Resale Rights
Some lots may be subject to artist's resale rights and if so will be indicated at lot level. Purchase of these lots will be subject to the payment of an Artist's Resale Right, at a percentage of the hammer price calculated as follow:
Portion of the hammer price (in Euros) Royalty Rate
Under 1,000 Nil
1,000-50,000 4%
50,000-200,000 3%
For further information on Artist's Resale Rights see Design and Artists Copyright Society (DACS) website www.dacs.org.uk

Auction & Exhibition venue

Our sales are held at Sotheby’s auction room, 34-35 New Bond Street, London, W1A 2AA. Our auctions are also on public view prior to and for the duration of the auction. Full details can be found in the general information section for the sale.

Condition Reports
All prospective bidders are encouraged to attend the exhibition and view lots in person. If this is not possible, however, we will be pleased to provide condition reports on lots where practical. All condition reports are provided in good faith. Buyers are reminded that it is their responsibility to satisfy themselves over the condition of lots (refer to Conditions of Business paragraphs 3 a & b). 

Credit Card Registration for Internet Bidding

In completing the bidder registration at the-saleroom.com you will be required to provide your credit card details. If you are a successful bidder you do not have to use the registered card as your method of payment (a full list of payment methods follow). However, if you do not advise the auctioneer of an alternative payment arrangement by registering your card at the-saleroom.com you authorise Graham Budd Auctions Ltd, if they so wish, to charge the credit card given in part or full payment, including all fees, for items successfully purchased online at the auction. By registering at the-saleroom.com you also confirm that you are authorised to provide these credit card details to Graham Budd Auctions Ltd and agree that Graham Budd Auctions Ltd are entitled to ship the goods to the card holder name and card holder address provided in fulfilment of the sale

Methods of Payment
Payment is due in sterling immediately upon the issue of the invoice. In all cases and without exception purchases cannot be released until the auctioneer is in receipt of cleared funds.

Graham Budd Auctions Ltd welcome the following Methods of Payment: 

Electronic transfer sent directly to our bank

The details will be included in the email invoice to the successful buyer

Online payment with STRIPE

Clients who register an account with Graham Budd Auctions at our website can take advantage of paying securely and free online with STRIPE. 

Paypal

Payment can be made by Paypal but is subject to Paypal’s fee of 3.4%. 

Credit/Debit Card
We are pleased to accept card payments by Visa, Mastercard and American Express. Payments by credit card will incur a surcharge of 3% of the transaction total. There is no charge for payments made by debit card. 

Sterling Bankers Draft or Building Society Cheque
Drawn on a recognised UK bank or building society. Plese note that we require seven days to clear sterling cheques where the amount exceeds the cheque card guarantee limit, unless special arrangements have been made with the auctioneer in advance of the sale, normally the presentation of a letter of guarantee from your bank. We always reserve the right to hold goods until a cheque is cleared. 

Cash

Cash payments will not be accepted above £6,000. 

STORAGE, COLLECTION AND SHIPPING LOGISTICS 

Payments in person can be made in the saleroom on the day of the auction and on receipt of cleared funds, lots can be collected from the saleroom during the auction or immediately after its completion. 

Thereafter, all purchase lots will be transferred to Graham Budd Auctions' storage facility in Enfield, north London. Please contact the auctioneer for full details. All collections are strictly by pre-arranged appointment. Alternatively, we can organise packing for postage and shipping on a worldwide basis. Please contact us for a quote. Buyers are reminded that it is their responsibility to comply with UK export regulations and with any local import requirements. 

Conduct of the Auction 

The auctioneer will commence the bidding at the “starting bid” as published in the auction catalogue and advance the bidding in such increments as he considers appropriate. The contract between the buyer and the seller is concluded on the striking of the auctioneer’s hammer. The auctioneer shall have discretion to refuse bids, withdraw or re-offer for lots for sale (including after the fall of the hammer) if he believes that there may have been an error or dispute, and may also take such other action as he reasonably deems necessary. Title in a lot will not pass to the buyer until GBA has received the purchase price in cleared funds. 

Remedies for non-payment 

Without prejudice to any rights that the seller may have, if the buyer fails to make payment for the lot, GBA may in its sole discretion exercise one or more of the following remedies:- 

(a) cancel the sale of the lot; 

(b) charge interest at 4% per annum above The Bank of England’s Base Rate from the payment date to the date that the purchase price is received in cleared funds; 

(c) re-sell the lot by auction or privately, with the new sale price at GBA’s discretion, in which case the buyer will be liable for any shortfall between the original purchase price and the amount achieved on re-sale; 

(d) commence legal proceedings to recover the purchase price for the lot, plus interest and legal costs; 

(e) disclose the Buyer’s details to the seller to enable the seller to commence legal proceedings. 

Data Protection 

GBA will use information supplied by bidders or otherwise obtained lawfully by GBA for the provision of auction related services, client administration, marketing and as otherwise required by law. By agreeing to these Conditions of Business, the bidder agrees to the processing of their personal information and to the disclosure of such information to third parties world-wide for the purposes outlined in the above service provisions, and to the seller solely in the event on non-payment.

Miscellaneous 

a) All images of lots, catalogue descriptions and all other materials produced by GBA are the copyright of GBA.

b) These Conditions of Business shall be interpreted in accordance with English Law, under the exclusive jurisdiction of the English Courts, in favour of GBA.