Terms of Consignment for Sellers

1. Interpretation

In these Terms the words ‘you’, ‘yours’ etc refer to the Seller and if the consignment of goods to us is made by an agent we assume that the Seller has authorised the consignment and that the consignor has the Seller’s authority to contract. Similarly the words ‘we’, ‘us’ etc refer to the Auctioneers.

2. Commission

is charged to sellers at 15% + vat (18% inclusive) of the hammer price of each lot. In addition, there is a lotting fee of £5 per lot. Both of these charges are subject to VAT at 20%.

3. Removal costs

Items for sale must be consigned to the sale room by any stated deadline and at your expense. We may be able to assist you with this process but any liability incurred to a carrier for haulage charges is solely you responsibility.

4. Loss and damage of Goods

(a) Loss and Damage – Andrew Smith & Son is not authorised by the FSA to provide insurance to its clients and does not do so. However, Andrew Smith & Son for its own protection, assumes liability for property consigned to it at the lower pre-sale estimate until the hammer falls. This cost is included in clause 2.. The liability assumed by Andrew Smith & Son shall be limited to the lower pre-sale estimate, or the hammer price if the lot has sold, or to the reserve if the lot was unsold. Items are insured whilst in the possession of Andrew Smith & Son against the risks of fire, theft following forcible entry and water damage but not against accidental breakage or damage.

(b) If the owner of goods consigned instructs us in writing not to take such action, the goods then remain entirely at the owner’s risk unless and until the property in them passes to the Buyer or they are collected by or on behalf of the owner, and clause 4(a) is inapplicable.

5. Illustrations

The copyright of any illustrations shall be the property of us, the auctioneers, as is the text of the catalogue.

6. Minimum bids and our discretion

Goods will normally be offered subject to a reserve agreed between us before the sale in accordance with clause 7. We may sell Lots below the reserve provided we account to you for the same sale proceeds as you would have received had the reserve been the hammer price. If you specifically give us a ‘discretion’ we may accept a bid of up to 10% below the formal reserve.

7. Reserves

(a) You are entitled to place prior to the auction a reserve on any lot consigned, being the minimum hammer price at which that lot may be sold. Reserves must be reasonable and we may decline to offer good which in our opinion would be subject to an unreasonably high reserve (in which case goods carry the storage and insurance charges stipulated in these Terms of Consignment).

(b) A reserve once set cannot be changed except with our consent.

(c) Where a reserve has been placed only we may bid on your behalf and only up to the reserve (if any) and you may in no circumstances bid personally.

8. Electrical items

These are subject to detailed statutory safety controls. Where such items are accepted for sale you accept responsibility for the cost of testing by external contractors. Goods not certified as safe by an electrician (unless antiques) will not be accepted for sale. They must be removed at your expense on your being notified. We reserve the right to dispose of unsafe goods as refuse, at your expense.

9. Soft furnishings

The sale of soft furnishings is strictly regulated by statute law in the interests of fire safety. Goods found to infringe safety regulations will not be offered and must be removed at your expense. We reserve the right to dispose of unsafe goods as refuse, at your expense.

The rights of disposal referred to in clause 8 and 9 are subject to the provisions of The Torts (Interference with Goods) Act 1977, Schedule 1, a copy of which is available for inspection on request.

10. Descriptions

Please assist us with accurate information as to the provenance etc of goods where this is relevant. There is strict liability for the accuracy of descriptions under modern consumer legislation and in some circumstances responsibility lies with sellers in inaccuracies occur. We will assume that you have approved the catalogue description on your lots unless informed to the contrary. Where we are obliged to return the price to the buyer when the lot is a deliberate forgery under Condition 15 of the Conditions of Sale and we have accounted to you for the proceeds of sale you agree to reimburse us the sale proceeds. The liability to reimburse the sale proceeds shall not arise where you are acting reasonably and honestly and are unaware of the forgery but we are or ought to have been aware of it.

11. Unsold and withdrawn items

Unsold lots may at the entire discretion of Andrew Smith & Son be re-offered in another sale at NO RESERVE unless the Seller contacts Andrew Smith & Son within three days of receiving notification of unsold lots and agrees a new reserve figure. Where in our opinion an item is unsaleable you must collect such items from the saleroom promptly on being so informed. Otherwise, storage charges may be incurred. We reserve the right to charge for storage in these circumstances at a reasonable daily rate.

12. Withdrawn items

These are liable to incur a charge of 10% of the low estimate plus VAT if withdrawn after being catalogued.

13. Conditions of Sale

You agree that all goods will be sold on our Conditions of Sale. In particular you undertake that you have the right to sell the goods either as owner or agent for the owner. You undertake to compensate us and any buyer or third party for all losses liabilities and expenses incurred in respect of and as a result of any breach of this undertaking.

14. Authority to deduct commission and expenses and retain premium and interest

(a) You authorise us to deduct commission at the stated rate and all expenses incurred for your account from the hammer price and consent to our right to retain beneficially the premium paid by the buyer in accordance with our Conditions of Sale and any interest earned on the sale proceeds until the date of settlement.

(b) You authorise us in our discretion to negotiate a sale by private treaty not later than the close of business on the Friday after the sale in the case of lots unsold at auction, in which case the same charges will be payable as if such lots had been sold at auction and so far as appropriate these Terms apply.

(c) Clients’ monies are held at Lloyds Bank Plc, High Street Branch, PO Box 1000, BX1 1LT account name Andrew Smith & Son (Win. Auc. Rm) Ltd – CLIENT account. This account does attract interest and charges which Andrew Smith & Son meets, and you therefore authorise Andrew Smith & Son to retain any interest gained to offset said charges.

15.

We disclaim all liability for goods delivered to our saleroom without sufficient sale instructions and reserve the right to make minimum warehousing charge of £5 per lot per day. Unsold lots are subject to the same charges if you do not remove them within a reasonable time of notification. If not removed within three weeks we reserve the right to sell them and defray charges from any net proceeds of sale or at your expense to consign them to the local authority for disposal.

16. Settlement

After sale settlement of the net sum due to you normally takes place within 28 days of the sale (by crossed cheque to the seller) unless the buyer has not paid for the goods. In this case no settlement will then be made but we will take your instructions in the light of our Conditions of Sale. You authorise any sums owed by you to us on other transactions to be deducted from the sale proceeds. You must note the liability to reimburse the proceeds of sale to us as under the circumstances provided for in Condition 10 above. You should therefore bear this potential liability in mind before parting with the proceeds of sale until the expiry of 28 days from the date of sale.

17. Complaints

Andrew Smith & Son operate a Complaints Handling Procedure, and full details are available on request from our office, or can be accessed via our website.