Adam's The Deborah Brown Collection 1st October 2024

121 the buyer pursuant to condition 22. Minimum Charges: Each individual lot is subject to a mini- mum fee of €25.00 plus VAT. Reserves 27. Subject to the Auctioneer’s discretion, the seller shall be entitled prior to the auction to place a reserve on any Lot. All reserves must be agreed in advance by the Auctioneer and entered on the Sale Agreement Form or subsequently be confirmed in writing to the Auctioneer prior to auction. This also applies to changes in reserves. A reserve may not be placed upon any Lot under €500 in value. The reserve shall be the minimum Hammer Price at which the Lot may be sold by the Auctioneer. A reserve once in place may only be changed with the consent of the Auctioneer. A commission shall be charged on the ‘knock-down’ bid for Lots which fail to reach the reserve price. Such commission shall be 5% of the ‘knock-down’ bid (Buying In Fee). This commission and any VAT payable thereon must be paid before removal of the Lot after the auction. The minimum commission here- under shall be €25 per lot. The Auctioneer may in its sole discretion sell a Lot at a Hammer Price below the reserve but in such case the Proceeds of Sale to which the seller shall be entitled shall be the same as they would have been had the sale been at the reserve.Unless a reserve has been placed on a Lot in accordance with the provisions set out above such Lot shall be put up for sale without reserve. In the event that any reserve price is not reached at auction then for so long as the Lot remains with the Auctioneer and to the extent that the Lot has not been re-entered in an- other auction pursuant to condition 36 the seller authorises the Auctioneer to sell the Lot by private treaty at not less than the reserve price. The Auctioneer shall ensure that in such a case those conditions herein which concern mainly the buyer shall, with any necessary modifications, apply to such sale. Reserve Instructions Fixed - sell at a pre-determined value, no higher than the low estimate Discretion - sell up to 10% below the low estimate Wide Discretion - sell up to 30% below the low estimate No Reserve - sell to the highest bidder Sell - sell to the highest bidder at any amount irrespective of the Lot value Loss Warranty 28. Unless otherwise instructed by the seller, all Lots de- posited with the Auctioneer or put under its control for sale shall automatically be insured by the Auctioneer under the Auctioneer’s own fine arts policy for the median esti- mate, as determined solely at the Auctioneer’s discretion. The seller shall pay the Auctioneer a contribution towards such insurance at the rate of 1.5% of the Hammer Price plus VAT. If the seller instructs the Auctioneer not to insure a Lot then the Lot shall at all times remain at the risk of the sell- er who undertakes to indemnify the Auctioneer and hold the Auctioneer harmless against any and all claims made or proceedings brought against the Auctioneer of whatever nature and howsoever and wheresoever occurring for loss or damage to the Lot. The sum for which a Lot is covered for insurance under this condition shall not constitute and shall not be relied upon by the seller as a representation, war- ranty or guarantee as to the value of the Lot or that the Lot will, if sold by the Auctioneer, be sold for such amount. Such insurance shall subsist until such time as the Lot is paid for and collected by the buyer or, in the case of Lots sold which are not paid for or collected by the buyer by the due date hereunder for payment or collection such due date or, in the case of Lots which are not sold, on the expiry of 7 days from the date on which the Auctioneer has notified the sell- er to collect the Lots. Professional Indemnity Insurance 29. The Auctioneer holds PI Insurance with: Insurer’s Name: Hiscox Insurance PLC Address:​The Hiscox Building, Peasholme Green, York, YO1 7PR, UK. Duration of Agreement 30. Duration of this agreement shall commence from the the date of consignment, as recorded on the sale agree- ment/receipt, and shall continue in force until the property is either sold or collected (The Contract Period). If terminat- ed before the end of the contract period, 30 days notice shall be given. Termination of Agreement 31. The Agreement can be terminated at the complete dis- cretion of the Auctioneer at any time, subject to the 30 days notice, as outlined in condition 30. A vendor is able to end an agreement at any point up to the sale of the Lot but will be held subject to charges for withdrawn Lots, as outlined in Article 35. Recision of Sale 32. If before the Auctioneer has paid the Proceeds of Sale to the seller the buyer proves to the satisfaction of the Auc- tioneer that the Lot is a Forgery and the requirements of condition 19 are satisfied the Auctioneer shall rescind the sale and refund to the buyer any amount paid to the Auctioneer by the buyer in respect of the Lot. Payment of Proceeds of Sale 33. It is a condition of sale that payment to the seller cannot be made unless the buyer has paid, and their funds cleared through our bank. The Auctioneer shall remit the Proceeds of Sale to the seller not later than 30 days after the date of the auction, provided however that, if by that date, the Auctioneer has not received the Total Amount Due from the buyer then the Auctioneer shall remit the Proceeds of Sale within 7 working days after the date on which the Total Amount Due is received from the buyer. If credit terms have been agreed between the Auctioneer and the buyer the Auctioneer shall remit to the seller the Proceeds of Sale not later than 30 days after the date of the auction unless other- wise agreed by the seller. If before the Total Amount Due is paid by the buyer the Auctioneer pays the seller an amount equal to the Proceeds of Sale then title to the Lot shall pass to the Auctioneer. If the buyer fails to pay the Auctioneer the Total Amount Due within 14 days after the date of the auc- tion, the Auctioneer shall endeavour to notify the seller and take opinion of the Auctioneer feasible, shall endeavour to assist the seller to recover the Total Amount Due from the buyer provided that nothing herein shall oblige the Auction- eer to issue proceedings against the buyer in the Auction- eer’s own name. If circumstances do not permit the Auction- eer to take instructions from the seller or, if after notifying the seller, it does not receive instructions within 7 days, the Auctioneer reserves the right, and is hereby authorised by the seller at the seller’s expense, to agree special terms for payments of the Total Amount Due, to remove, store and insure the lot sold, to settle claims made by or against the buyer on such terms as the Auctioneers shall in its absolute discretion think fit, to take such steps are necessary to col-