Conditions of sale
These conditions of Sale and important notices and explantation of cataloguing practice set out the terms on which we offer lots listed in our catalogues and online for sale. By offering a lot for sale at auction you agree to these terms so you should read them carefully before signing your sellers agreement. Unless otherwise agreed Truman Ward acts as agent for the seller. The contract for sale of all property is therefore made between the Seller and the Buyer.
1. Agent for the Seller
Truman Ward acts as an agent for the Seller. The Seller agrees that Truman Ward shall promote and offer for sale lots on your behalf.
2. Seller Undertakings
(a) You agree that all lots offered for sale by you that you have the right to sell the lots as owner or agent for the owner and that there are no claims relating to ownership, title or any other claim. 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.
(b) For imported lots (lots arriving for sale from outside the UK) you agree that the laws of the countries from which the lot was exported have been complied with and that all lots have been lawfully imported into the UK. It is the Seller’s duty to obtain all licenses and authorisations before the sale.
(c) First time sellers will be required to provide photo identification in the form of a passport or driving licence. Proof of current address is also required such as a recent utility bill or current bank or credit card statement.
3. Estimates and Reserves
Estimates are based on the condition , rarity, quality and provenance of the lots and on prices achieved at auction for similar property. Estimates can from time to time change and are not a guarantee of the actual selling price or a lots value for any other purpose. Estimates DO NOT include the buyer’s premium or any other costs (charges) or applicable taxes.
The Seller must agree with the relevant specialist a reserve on all lots. The reserve is the minimum hammer price the Seller agrees to sell for. The reserve cannot be more than the low estimate.
4. Cataloguing (Description of Lots)
(a) Certain words used in the catalogue descriptions have special meanings. You can find details of these on the page headed “Important Notices”
(b) Our descriptions of any lot in the catalogue, any condition reports and any other statement made by us (whether orally or in writing) about any lot including about its nature or condition, artist, period, materials, approximate dimensions or provenance are our opinion and not to be relied upon as a statement of fact.
before the sale Truman Ward may withdraw any lot at any time prior to or during the sale. Truman Ward has no liability to any potential sellers or other interested parties for any decision to withdraw any lot. In the event that a lot is withdrawn by the Seller prior to the sale a withdrawal charge of £100 plus VAT or 10% of the reserve plus VAT will be charged by Truman Ward (whichever is higher).
6. Charges Any costs in relation to the sale such as sellers commission, Loss Damage Liability, Marketing, Unsold charges, Taxes and any other costs shall be at the sellers expense and agreed in writing on the Sellers agreement pre sale. All charges are plus VAT.
The auctioneer accepts bids from:
(a) Bidders in the saleroom
(b) Telephone and internet bidders
(c) Written bids (also known as absentee or commission bids)
The auctioneer may bid on behalf of the seller up to but not including the the amount of the reserve. No bids on behalf of the seller will be actioned at or above the reserve.
2. Who can attend the auction
Sellers are welcome to attend the auction. All auctions are open to the public, however Truman Ward may in our opinion refuse admission to the auction premises to any persons.
3. Bidding on behalf of the seller
The auctioneer may bid on behalf of the seller up to but not including the amount of the reserve. No bids on behalf of the seller will be actioned at or above the reserve.
4. Auctioneers discretion
The auctioneer can at his/her sole option:
(a) refuse any bid
(b) Move the bidding backwards or forwards in any way he or she may decide.
(c) Withdraw any lot
(d) reopen or continue the bidding even after the hammer has fallen
(e) In the case of error or dispute, cancel the sale or re open bidding in or after the sale.
Truman Ward will make payment of the sale proceeds (Hammer Price less all charges) to the seller 30 calendar days from the date of sale provided the buyer has settled their invoice in full. Payment will be made via bank transfer direct to the sellers bank account. Truman Ward can only pay the registered seller and therefore cannot pay any 3rd party.
2. Unsold Lots
(a) We ask that you collect all unsold lots on the day of the the auction.
(b) If you do not collect any lot on the day of the auction we can remove the lot to a third party warehouse.
(c) If you do not collect a lot within 14 calendar days from the date of auction then unless otherwise agreed in writing:
(i) we will charge you storage charges from that date
(ii) the third party warehouse will charge you transport and handling fees.
(iii) All unsold lots will be charged a handling fee of £15 plus VAT.
3. Loss/Damage Liability
Truman Ward is not authorised by the Financial Services Authority (FSA) to provide insurance to its clients and does not do so. However Truman Ward does provide a Loss/Damage Liability warranty (LDL), therefore assuming liability for lots consigned to it at the pre sale low estimate, until title passes to the buyer at the fall of the hammer or if unsold up to 14 calendar days after the sale date (if not collected or re entered into a sale). A fee of 1.5% of the Hammer price will charged on sold lots. Unsold lots LDL will be covered as part of the £15 handling charge fee that is charged on all unsold lots. Truman Ward will not be liable under these terms for damage to frames, glass, damage caused by vermin, woodworm or insufficient packing or preparation by the seller.
4. Our ability to cancel
In addition to the other rights of cancellation contained in this agreement we can cancel a sale of a lot if we reasonably believe that completing the transaction is, or may be, unlawful or that the sale places us or the seller under any liability to anyone else or may damage our reputation.
5. Law and disputes
This agreement and non-contractual obligations arising out of or in connection with this agreement, or any other rights you may have relating to the sale of a lot will be governed by the laws of England and Wales.