TERMS AND CONDITIONS OF BUSINESS
Terms & Conditions Summary of Standard Rates
TermRate as at 20 November 2020
Buyer Premium (Fine Art Sales) 28%
thesaleroom.com premium (other services we use for catalogue sales may have different premiums available) 6%
ARR as advertised
Commercial VAT / Import VATas advertised
Vendor Commision15% / trade 10%
Withdraw Fee £15
Minimum Vendor’s Commision £4
Loss & Damage 2% on Mid value of Auction Estimate
Clients of KR Auctioneers Ltd, in the event of any dispute not being resolved amicably, agree to arbitration by a suitable body as proposed by KR Auctioneers Ltd.
Valuation of items for Sale by Auction are undertaken free as part of our Auction service.
We also provide written valuation services for the purpose of Inheritance Tax, Insurance, Family Division and Private Treaty for which a charge inclusive of VAT will apply.
Our live auctions take place on weekdays. Auction Lots are available to view as advertised. Viewing may be by appointment, as advertised.
Viewing prior to this may be possible by private appointment.
Prospective purchasers are encouraged to attend the sale and must register their details with us beforehand and provide identification with a photo and proof of address..
Bidding is by numbered paddle.
Online Sealed Bid Auctions
Our sealed bid auctions take place as advertised. Clients wishing to leave bids should do so through registration on our website, or in writing, or by emailing a signed scanned page detailing lot numbers, brief description and the bid(s) which they wish to leave. All clients should also have registered with us beforehand and provided provide identification with a photo and proof of address..
All bids must be with us by the cut off time advertised. The winning bid will be the highest left on each lot above the reserve. Bids are non sequential and the highest bid left is the price at which the lot is sold plus buyers premium and any VAT or other charge liable. In the event of there being two identical winning bids being left on the same lot, the earliest received bid shall take precedence. Kings Russell Auctioneers decision on which is the winning bid shall be final. Winning bidders will be invoiced after the bids are opened.
Lots purchased in the online timed auction with services such as The-Saleroom.com will incur a buyer's premium as advertised and will also attract an additional charge for this service as advertised.
There is no public viewing for this timed auction. Viewing may be available by appointment. Condition reports on individual lots are available on request.
Following payment, collection and delivery of purchased lots must be arranged. Payment is due in sterling immediately after the sale and before purchases can be released.
Sale By Private Treaty
Kings Russell Auctioneers shall, from time to time, be offering some lots for sale by Private Treaty.
Prospective Buyers Guide
Buyer's Premium Rates
The buyer's premium payable by the buyer of each lot is at a rate of 28% plus Vat, as advertised
“Kings Russell Auctioneers” means KR Auctioneers Ltd Registered in England and Wales 11859474 trading as Kings Russell Auctioneers. ”Buyer” means the person who is the accepted highest bidder for a lot and is deemed to have won the lot, and who agrees to pay the hammer price plus all commission charges. “Seller” is the person who consigns an item for sale/appraisal/valuation, who confirms that they are the rightful owner of an item, until such time as the item is sold to the Buyer or returned to the Seller. “Auctioneer” means the person conducting the auction. “You” and “Your” refer to the person dealing with Kings Russell Auctioneers (buyer, bidder, seller, or person present in the auction room or via telephone/online service). “Lot” refers to the item or items purchased at auction by the Buyer, or the item or items consigned for sale and/or appraisal/valuation by the Seller. “Terms” means the terms and conditions as laid out in this document, subject to additional notes or amendments stated in the catalogue, on Kings Russell Auctioneers website, or announced or displayed by the Auctioneer.
Should any Lot be sold other than specifically described in writing in terms of appearance or condition, authenticity or originality, the Buyer has 14 days from the date of sale to apply in writing for a refund of the purchase price. Each request shall be adjudged by our Valuation staff on its merits. Any payment agreed is dependent upon KRA receiving the disputed Lot. Shipping or postal or packaging costs are in every case at the expense of the Buyer, even in the case of a refund of the purchase price being agreed. No refunds for purchases will be made after the 14 day period.
Kings Russell Auctioneers acts at all times in the sale of goods as agents of the Seller of the Lots put up for auction only, and are not responsible for any default by either the Buyer or the Seller. As Kings Russell Auctioneers act as agent only, title to any Lot at no time passes to Kings Russell Auctioneers and accordingly they are not liable for any fault in connection with any Lot or defect or restrictions in the title of the Seller to sell any Lot . The Seller shall indemnify Kings Russell Auctioneers against any claims in connection with any Lot sold by Kings Russell Auctioneers on their behalf.
As Auctioneers we usually contract as agents for the Seller whose identity, for reasons of confidentiality, is not normally disclosed. Accordingly if you buy, your primary contract is with the Seller.
Kings Russell Auctioneers does not knowingly accept Lots where there may be a doubt as to the validity or the legitimacy of the Seller’s right to sell. However, it should be noted that Kings Russell Auctioneers (as with any auction company) acts only as an agent of the Seller and, as such, we have and the Buyer agrees that Kings Russell Auctioneers has no liability in any claims by a Buyer.
VAT on Hammer Price and Buyer's Premium and VAT Symbols in the Catalogue Property with no VAT symbol
Where there is no VAT symbol, Kings Russell Auctioneers are able to use the Auctioneer's Margin Scheme and VAT will not normally be charged on the hammer price.
Kings Russell Auctioneers can charge VAT on the buyer's premium and hence will charge an amount in lieu of VAT at 20% on this premium, which will not be shown separately on the invoice.
Property with a † symbol
These items will be sold under the normal UK VAT rules and VAT will be charged at 20% on both the hammer price and buyer's premium.
Property with a Î± symbol
It is assumed that items sold to buyers whose address is in the European Union (EU) will be remaining in the EU. The property will be invoiced as if it had no VAT symbol. It is assumed that items sold to buyers whose address is outside the EU, will be exported from the EU. The property will be invoiced under the normal VAT rules (see 'Property with a â€ symbol above).
Property sold with a † or ‡ symbol
These items have been imported from outside the EU to be sold at auction under temporary importation. When Kings Russell Auctioneers release such property to buyers in the UK, the buyer will become the importer and must pay Kings Russell Auctioneers import VAT at the following rates on the hammer price:
‡ @ 5%
† @ 20%
Sales and Uses Taxes
Buyers from outside the UK should note that local sales taxes or use taxes may become payable upon import of items following purchase (for example, the Use Tax payable on import of purchased items to certain States of the USA). Buyers should obtain their own advice in this regard.
Artist's Resale Right
Where a lot is an artwork created uniquely by an artist from an EU state, currently living or deceased within 70 years we attempt to flag the lot marked with the following symbol (ARR) as it will will be subject to payment of the Artist's Resale Right, at a percentage of the hammer price, if the hammer price goes above €1000, calculated as follows:
Portion of the hammer price (in €) Royalty Rate.
From €1 to €999 0%
From €1000 to €50,000 4%
From 50,001 to 200,000 3%
From 200,001 to 350,000 1%
From 350,001 to 500,000 0.5%
Exceeding 500,000 0.25%
The Artist's Resale Right payable will be the aggregate of the amounts payable under the above rate bands, subject to a maximum royalty payable of €12,500 for any single work each time it is sold. The maximum royalty payable of €12,500 applies to works sold for € 1 million and above. Calculation of the artist's resale right will be based on the Pounds Sterling / Euro reference exchange rate quoted on the date of the sale by the European Central Bank.
Before The Auction
Pre-sale estimates are intended as a guide for prospective buyers but all lots can realise prices above or below the pre-sale estimates. Seller's confidential reserves are set no higher than the low pre-sale estimates.
The estimates printed in the auction catalogue do not include the buyer's premium or VAT.
In certain circumstances, Kings Russell Auctioneers may print in the catalogue the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller's request for confidentiality or because the identity of prior owners is unknown given the age of the work of art.
Condition of Lots
All lots are available for inspection (subject to current legislation) and written Condition Reports are available on request. However, all lots are of an age and type which means that they may not be in perfect condition and should be viewed by prospective bidders; please refer to Condition 3 of the Conditions of Business for Buyers.
Electrical and Mechanical Goods
All electrical and mechanical goods are sold on the basis of their artistic and decorative value only, and should not be assumed to be operative. It is essential that any electrical system is checked and approved by a suitably qualified electrician, prior to use. The same commitment for the Buyer to have a safety inspection applies to fabrics, sofas and the like.
For Sellers & Prospective Sellers
This section includes for items left with Kings Russell Auctioneers for sale, appraisal, Evaluation or Valuation
Commission is charged to Sellers at the rate of 15% of the hammer price plus VAT. The Seller authorises Kings Russell Auctioneers to deduct this commission from the hammer price and other charges which may apply.
Delivery of Goods
Delivery of items for sale to Kings Russell Auctioneers premises is undertaken at the risk of the Seller/owner. Kings Russell Auctioneers staff can assist with items but responsibility for the items lies with the Seller. Items should be at Kings Russell Auctioneers in advance of deadlines to allow for cataloguing and photography (where applicable).
Consigning a Lot for Sale
By consigning a Lot for sale the Seller confirms that he is the rightful owner of the item and understands that any breach of the Terms and Conditions will result in charges being applied.
Cataloguing and Photography
All items entered for sale are catalogued and described as the Auctioneer and staff see fit. Items entered into specialist auctions are in most cases photographed by Kings Russell Auctioneers resident professional photographer. There is a £15 plus VAT Lotting Fee per lot. For items entered into all Kings Russell Auctioneers auctions there is a minimum commission of £5 plus VAT per lot.
A reserve price can be agreed on a Lot in advance of the auction between the Seller and the Auctioneer. An agreed reserve price allows the Auctioneer 10% discretion (or permits the Auctioneer to sell within one bid increment). Reserve prices must be reasonable and Kings Russell Auctioneers reserves the right to decline to offer any Lot on which the reserve price is deemed unreasonable. The Seller may at no time bid on any Lot entered for sale by himself/herself. Increases in reserve prices will not be accepted after consignment.
Catalogue Descriptions and Inaccuracies
Where mis-information is provided by the Seller regarding a Lot, including authenticity and condition, the Seller will be liable for expenses incurred by Kings Russell Auctioneers. The Seller agrees that in the case of mis-information being supplied to Kings Russell Auctioneers that they will refund to Kings Russell Auctioneers the total amount paid to them plus any expenses (for example shipping costs) incurred by the Buyer that are required to be refunded by Kings Russell Auctioneers. The Seller shall not be held responsible where reasonable behaviour and non-deliberate inaccuracy have occurred.
Unsold and Withdrawn Items
Unsold items are automatically re-offered for sale. Where the item originally had a reserve price, this reserve price will be reduced at the discretion of the Auctioneer. By consigning an item for sale the Seller agrees that this reserve reduction will apply to the Lot should it be unsold. Should the Seller not wish to have the Lot re-offered, he/she must inform Kings Russell Auctioneers of this and collect the Lot within seven days of the first auction date. Any unsold Lot uncollected within seven days will be offered for sale with a reserve price reduced to the level deemed reasonable by the Auctioneer.
Where a reasonable offer is received after the auction for an unsold Lot, the Auctioneer reserves the right to accept this offer and process the sale on behalf of the Seller.
If, following an auction, a Lot is deemed by the Auctioneer to be of no commercial value the Seller authorises the disposal of the Lot at no cost to the Seller.
The Seller is not authorised to withdraw any Lot consigned for sale, once the auction catalogue has been closed to entries (usually two weeks in advance of the auction date). For items withdrawn prior to this date, a handling fee of £15 plus VAT per Lot will be charged.
The Seller will receive settlement by BACS for Lot(s) sold 4-6 weeks following the sale once payment is received from the Buyer(s). Payment is never made in cash. Where payment has not been received from the Buyer(s) for any Lot(s), the Seller will not receive a settlement until the Lot(s) has been paid or re-offered at auction and paid.
Items, including Lots, left with Kings Russell Auctioneers
You shall at your own risk and expense remove unsold/withdrawn items within seven days of the auction, after which time Kings Russell Auctioneers reserves the right to hold the Seller liable for charges in storing the item(s) or for expenses incurred by Kings Russell Auctioneers for storage of the item(s) at a facility outwith the premises. (After seven days from the auction date a £10 handling charge per item will apply, followed by a £5 per item per day storage fee, all plus VAT.) Responsibility and risk for an item(s) held by Kings Russell Auctioneers prior to sale, including items held for appraisal, evaluation or valuation lies with the Seller and not with Kings Russell Auctioneers. Kings Russell Auctioneers shall not be responsible for damage or loss, however occasioned or arising, in respect of any item consigned with or otherwise held by Kings Russell Auctioneers except where such loss or damage shall be caused by fault and/or negligence of Kings Russell Auctioneers and/or a person for whom Kings Russell Auctioneers is responsible.
Cover for Loss and Damage
Unless specified by the Seller in writing, all items held by Kings Russell Auctioneers, including items held for sale, appraisal, evaluation or valuation, will be covered for Loss and Damage by Kings Russell Auctioneers against fire, theft and accidental damage, for which Loss and Damage cover Kings Russell Auctioneers shall charge a premium of 2% plus VAT on its Mid valuation of the item(s). An Item is considered to have a Low value of £10 upon consignment, unless otherwise agreed. Kings Russell Auctioneers shall have absolute discretion to determine the level of cover provided by said Loss and Damage cover. Sellers may, at their own discretion, obtain separate policies of insurance in respect of the item(s) to be left with Kings Russell Auctioneers.
Auction speeds vary, and generally average between 50 and 110 lots per hour. The auctioneer will commence and advance the bidding at levels and in increments they consider appropriate. Please note Conditions 5 and 6 of the Conditions of Business for Buyers contain additional information on bidding.
Bidding in Person
To bid at auction you must register with us to obtain a bidding number and provide photographic ID and proof of address. Before the auction, fill in the form at the registration desk, provide proof of identity for copying, and you may be given a paddle showing your bidding number. This paddle should be used for bidding. The auctioneer will note this number when you purchase a lot.
Our live auctions take place on a Tuesday, Wednesday or Thursday and are on view from at least two days preceding. Viewing prior to this may be possible by private appointment. The auction takes place in our gallery and saleroom with each lot displayed on a large screen as it is sold. Prospective purchasers are encouraged to attend the sale and must register their details with us beforehand - a prerequisite of our Landlord to allow access to the Building. Bidding is by numbered paddle.
If you cannot attend the auction we will be happy to execute written bids on your behalf, so long as you have registered your details with us beforehand, with photographic proof of ID and address. This service is confidential. Lots will always be bought as cheaply as is consistent with other bids, the reserves and other commission bids. To avoid confusion, the sale date, lot number and a brief description should be filled in and signed. Commission bids by email without a signature will not be accepted. In the event of identical bids, the earliest received will take precedence. Always indicate a top limit, i.e. the highest price you would bid if you were attending the auction. Don't forget that buyers premium and any VAT applicable will also be added onto your bid if you are successful. "Buy" and unlimited bids will not be accepted. Please refer to our conditions of business for buyers, which is also printed in the back of our catalogues. To ensure a satisfactory service please ensure that we receive your bids at least 24 hours beforehand.
If you cannot attend the auction, it is usually possible to bid on the telephone on lots with a minimum low estimate of £1,000. You will need to have registered your details with us 5 days before the auction. As the number of telephones is limited, it is necessary to make arrangements on which lots you wish to bid on, at least 24 hours before the sale. We also suggest that you leave a maximum bid which we can execute on your behalf in the event we are unable to reach you by telephone. Please refer to our conditions of business for buyers, which is also printed in the back of our catalogues.
Sealed bid auctions
Our sealed bid auctions take place from time to time. Clients wishing to leave bids should do so in writing, by fax or by emailing a signed scanned page detailing lot numbers, brief description and the bid(s) which they wish to leave. All clients should also have registered with us beforehand and provided photographic identification. All bids must be with us, at the latest, by the day before the published date of the sealed bid auction at which time the bids will be opened. The winning bid will be the highest left on each lot above the reserve. Bids are non sequential and the highest bid left is the price at which the lot is sold plus buyers premium and any VAT liable. In the event of there being two identical winning bids being left on the same lot, the earliest received bid shall take precedence. Kings Russell Auctioneers decision on which is the winning bid shall be final.
Sale by private treaty
Kings Russell Auctioneers shall, from time to time, be offering some lots for sale by Private Treaty.
Payment is due in sterling immediately after the sale and before purchases can be released. Payments in person can be made in the saleroom on the day of the auction, subject to legislation. Payments may also be made by electronic transfer to our bank. Cash will not be accepted. Kings Russell Auctioneers welcome the following methods of payment:
Debit Card / Bank Transfer
There is no charge for payments made by debit card. Sterling Banker's Draft or Building Society Cheque and Electronic or Wire Transfer Drawn on a recognised UK bank or building society. Wire Transfers can be made directly to our Bank
We only accept sterling cheques by written agreement, and under exceptional circumstances. Please note that we require seven days to clear sterling cheques, 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.
Collection and Storage
On receipt of cleared funds lots can be collected from us by appointment. If you are unable to collect your purchases yourself we would be delighted to obtain shipping quotes on your behalf. If Lots have not been collected within 24 hours of the auction date then storage charges will be applied. Buyers are reminded that liability for loss and damage transfers to the buyer from the fall of the hammer. Whilst the majority of lots will remain in their location until collected, Kings Russell Auctioneers accept no responsibility for any damage which may occur, even in the event of Kings Russell Auctioneers’ staff assisting carriers during collection.
We are happy to arrange shipping quotations for items under £1000 and have extensive experience in working in conjunction with leading domestic and international shippers. There is no charge for arranging quotations. Kings Russell will offer a minimum shipping price inside mainland UK of £15 for items under £40 hammer price, with no shipping insurance offered. All Items can be shipped in Mainland UK for a minimum £30 with shipping insurance, subject to weight and parcel size. Territories outside Mainland UK must have specific pricing for shipping. You may request higher insurance and we will quote for you.
Payment is due in sterling immediately after the sale and before purchases can be released. Payments in person can be made in the sale-room on the day of the auction and thereafter, subject to legislation. Payments may also be made by electronic transfer to our bank. Cash will not be accepted, unless by written agreement.
Kings Russell Auctioneers reserves the right to reject bids by You until outstanding debts to Kings Russell Auctioneers have been cleared. Buyers should contact their bank to arrange credit approval prior to the sale. Title of the Lot transfers to the Buyer only when payment is made in full.
Collection and Storage of Items Sold at Auction
Goods will be released only to the registered Buyer. Collection by courier/carriers will only be permitted upon receipt of written instruction from the Buyer and with the agreement of Kings Russell Auctioneers. Collections by taxis or unauthorised individuals will be refused. You shall at your own expense remove items purchased and paid for with cleared funds within 24 hours of the auction, after which time Kings Russell Auctioneers reserves the right to hold the Buyer liable for charges in storing the item(s) on the premises or for expenses incurred by Kings Russell Auctioneers for storage of the item(s) at a facility outwith the premises. (After 24 hours from completion from the auction date, a £10 handling charge per item will apply, followed by a £5 per item per day storage fee, all plus VAT). Items not paid and collected within seven days of the sale date may be re-sold by Kings Russell Auctioneers (and any financial loss sustained by Kings Russell Auctioneers must be settled by the Buyer) or otherwise disposed of at Kings Russell Auctioneers’ discretion. Any financial surplus will belong to Kings Russell Auctioneers.
Kings Russell Auctioneers is not liable in any way for the safe keeping of any Lot(s) sold whether paid for or unpaid. Responsibility and risk for an item(s) held by Kings Russell Auctioneers after sale, whether before or after payment in full or in part by or on behalf of the Buyer, lies with the Buyer and not with Kings Russell Auctioneers. Kings Russell Auctioneers gives no warranty and/or undertaking that any such item shall be insured by Kings Russell Auctioneers against loss and/or damage. Kings Russell Auctioneers shall not be responsible for damage or loss however occasioned or arising in respect of any item held by Kings Russell Auctioneers except where such loss or damage shall be caused by fault and/or negligence of Kings Russell Auctioneers and/or a person for whom Kings Russell Auctioneers is responsible.
Non-payment of Items
Kings Russell Auctioneers reserves the right to direct any proceeds of sale from other lots due to a Buyer (past or future sales) towards the settlement of amounts due to Kings Russell Auctioneers, or to retain any proceeds to cover costs incurred by Kings Russell Auctioneers.
Where a Buyer refuses to make payment, Kings Russell Auctioneers reserves the right to proceed against the Buyer for breach of contract, pursuing all monies due and expenses incurred by Kings Russell Auctioneers in so doing. In the first instance, Kings Russell will apply a ban on the failed Buyer, including on online bidding systems.
It is not permitted for anyone under the age of 18 to bid for or to collect alcoholic drinks from Kings Russell Auctioneers. Proof of age may be requested.
20 November 2020 KR Auctioneers Ltd