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CONDITIONS WHICH MAINLY CONCERN THE SELLER
Auctioneer’s Discretion
22.
With regard to the sale of any Lot the Auctioneer shall have the following
powers exercisable solely in the discretion of the Auctioneer:
(i)
To decide whether to offer any Lot for sale or not;
(ii)
To decide whether a particular Lot is suitable for sale by the Auction-
eer and, if so, to determine which auction, the place and date of sale,
the conditions of sale and the manner in which such sale should be
conducted;
(iii)
To determine the description of any Lot in a Catalogue.
(iv)
To decide whether the views of any expert shall be obtained and to
submit Lots for examination by any such experts.
(v)
To determine what illustration of a Lot (if any) is to be included in the
Catalogue.
23.
The seller warrants to the Auctioneer and to the buyer that he is the true owner
of the Lot or is legally authorised to sell the Lot on behalf of the true owner and
can transfer good and marketable title to the Lot free from any third party claims.
As regards Lots not held by the Auctioneer on its premises or under its control
the seller warrants and undertakes to the Auctioneer and the buyer that the Lot
will be available and in a deliverable state on demand by the Auctioneer or buyer.
The seller shall indemnify the Auctioneer and the buyer or any of their respective
employees, servants or agents against any loss or damage suffered by any of them
in consequence of any breach of the above warranties or undertakings by the seller.
Reserves
24.
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 Order 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 Lots 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. This
commission and any VAT payable thereon must be paid before removal of the Lot
after the auction. The minimum commission hereunder shall be €50. The Auction-
eer may in its sole discretion sell a Lot at a Hammer Price below the reserve therefore
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 reverse.
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 another auction pursuant to condition 31 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 modification, apply to such sale.
Commission
25.
The seller shall pay the Auctioneer commission at the rate of 10% on the
Hammer Price of all Lots sold on behalf of the seller at Irish Art Sales and 17.5%
on the Hammer Price of all Lots sold on behalf of the seller at Fine Art, Wine
and Militaria Sales together with V.A.T. thereon at the applicable rate. The seller
authorises the Auctioneer to deduct from the Hammer Price paid by the buyer the
Auctioneer’s Commission under this condition; VAT payable at the applicable rates
and any other amounts due by the seller to the Auctioneer in whatever capacity
howsoever arising. The seller agrees that the Auctioneer may also receive commis-
sion from the buyer pursuant to condition 13.
Insurance
26.
Unless otherwise instructed by the seller, all Lots (with the exception of motor
vehicles) deposited 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 such sum as the Auctioneer shall from time to time in its absolute discre-
tion determine. 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 seller who undertakes to indemnify the Auctioneer and hold the Auction-
eer 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, warranty 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 seven (7) days from the date on which the Auctioneer has notified the
seller to collect the Lots.
Recision of Sale
27
. If before the Auctioneer has paid the Proceeds of Sale to the seller the buyer
proves to the satisfaction of the Auctioneer that the Lot sold is a Forgery and the
requirements of condition 20 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
28.
The Auctioneer shall remit the Proceeds of Sale to the seller not later than
thirty (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 seven (7) working days after the
date on which theTotal 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 thirty (30) days after the date of the auction
unless otherwise 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 fourteen
(14) days after the date of the auction, the Auctioneer shall endeavour to notify the
seller and take the seller’s instructions on the course of action to be taken and, to
the extent that it is in the sole 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 Auctioneer to issue proceedings against the buyer
in the Auctioneer’s own name. If circumstances do not permit the Auctioneer to
take instructions from the seller or, if after notifying the seller, it does not receive
instructions within seven (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 Auctioneer shall in its absolute
discretion think fit, to take such steps as are necessary to collect monies due by
the buyer to the seller and, if necessary, to rescind the sale and refund money to
the buyer.
Payment of Proceeds to Overseas Sellers
29.
If the seller resides outside Ireland the Proceeds of Sale shall be paid to such
seller in Euro unless it was agreed with the seller prior to the auction that the
Proceeds of Sale would be paid in a currency (other than Euro) specified by the
seller in which case the Proceeds of Sale shall be paid by the Auctioneer to the seller
in such specified currency (provided that that currency is legally available to the
Auctioneer in the amount required) calculated at the rate of exchange quoted to the
Auctioneer by its bankers on the date of payment.