Terms & Conditions for Auction Vendors
TERMS & CONDITIONS FOR AUCTION VENDORS
1. These Terms and Conditions apply to all transactions relating to the consignment of items by a vendor (referred to as “you”) for sale at auction by The Pedestal Limited, trading as The Pedestal (referred to as “we”), and may not be varied unless agreed in writing in advance by one of our directors.
2. When you contact us with a view to offering one or more items for consignment at auction, we will provide you with our estimate of potential sale values. Estimates are given after due consideration and to the best of our knowledge and experience, but cannot be taken as a guarantee or statement of value. It may be necessary for us to vary an estimate given “unseen” from images or after initial inspection once we have the chance to inspect fully and research the item.
Estimates will be published in our auction listings. If you do not agree with our proposed estimate, or if we feel that an item offered by you is not suitable for sale by us, the consignment will not proceed and any lots already delivered to us will require to be collected as if they were unsold lots (see 14 below).
3. Once an estimate is agreed we will provide you with a contract (“Contract”) setting out the agreed terms, including the estimate, the reserve if any (see 8 below) and our charges.
4. By signing the Contract, you appoint us as your agent pursuant to these terms and conditions, warrant and undertake that you have the right and title so to do and that the sale of the item will not breach any applicable law or regulation and that any relevant tax and duties on the import of the item or otherwise have been paid, and indemnify us and our buyer/s, if any, against any breach of this warranty and undertaking. We reserve the right to ask new clients for identification and proof of address.
5. We will charge a vendor’s fee of 15% on the first £5,000 realised by each item at auction, and 10% on any amount realised by each item above £5,000.
6. All lots will be illustrated in our catalogue online, for which we will charge a fee per lot which will be specified in the Contract. If the lot is sold by us at auction copyright in the illustration/s will be retained by us and we may publish the image for our marketing purposes. If the lot is unsold copyright will pass to you provided that the illustration fee and other charges owed to us have been paid, provided that we also retain the right to use the image/s for research and cataloguing purposes.
7. A deadline for delivery of items for consignment, which will be at your cost and risk, will be specified in the Contract. We are happy to provide details of a reputable carrier upon request.
8. The Contract will also specify the reserve which has been agreed with you, as well as any agreed discretion which you have agreed to allow us to accept bids below the reserve. The reserve will not be notified to potential bidders. The reserve will be no higher than the lower estimate. We are allowed to accept bids below the reserve provided that we account to you at no less than you would have received had the winning bid been at the reserve.
9. You may not bid or authorise or allow anyone else to bid on your behalf, on your own items, provided that we may (but are not obliged to) bid on your behalf up to the level of the reserve, but not beyond.
10. Provided that you have agreed to pay us the loss and damage warranty fee for each item specified in the Contract which is calculated at 1.5% of the lower estimate, we will take responsibility for loss or damage caused to such items whilst they are in our possession. The valuation of the item in such event will be the reserve or if none, the lower estimate before the sale, the hammer price after the sale or if unsold the reserve or if none the lower estimate, in each case net of what would have been our seller’s fees if the item had been sold at auction. We cannot, however accept responsibility for any loss or damage however caused relating to wear and tear, warping or shrinkage, woodworm or other such pest, or to any item which has been specified as “Fragile” in the Contract.
11. You are entitled to withdraw any item before the sale upon notice to us in writing, provided that you will pay us a fee of 50% of what would have been our buyer’s and seller’s fees based on the lower estimate, unless the withdrawal is within one week of the sale date in which event the fee will be 100% of such fees, together with any additional charges to cover costs incurred by us before the date of or due to the withdrawal.
12. You agree that we are entitled to deduct from any amounts received by us (a) the buyer’s premium, (b) the vendor’s fee and charges referred to in these terms and conditions (c) any VAT or the like required to be deducted under applicable law and (d) any interest earned on the proceeds of sales between the date on which we are paid and the date on which we account to you.
13. In certain circumstances, including deliberate forgery, the buyer is entitled to rescission of the purchase contract and refund of sums paid. Under such circumstances you agree that we have the right, without limitation, to withhold all sums otherwise due to you, or if we have already accounted to you, to recover all sums paid to you. If you disagree with our cataloguing of any of your items please inform us immediately, failing which you are deemed to have approved such cataloguing.
14. Any items unsold at auction must be collected at your expense from such address as we inform you no later than 14 days of the sale date unless alternative arrangements have been agreed, failing which we will have the right to charge you storage and unsold lot charges and/or to arrange delivery of your item/s at your expense and/or sell the item at auction including a third party auction in order to defray the cost of such charges.
15. If we are made an offer after the sale by a potential purchaser of an item of yours which was unsold at the sale, we are entitled to conclude a sale by private treaty, provided that the amount you receive net of vendor’s fees is no less than you would have received if the item had sold at reserve level at the sale, unless you have at the time of such offer already indicated to us that you wish the item to be returned to you. If the after-sale offer is such that you would receive an amount lower than if the item had sold at the reserve, we will conclude such a sale only with your prior agreement.
16. We will not release your item/s to any purchaser until we have been paid in full, which includes all relevant charges and premiums.
17. We will account to you for all sums owed, which will be net of all fees and charges owed to us by you on this or other transactions, within 21 days of the sale date, provided that we have paid in full by the purchaser by such date. If the purchaser has not so paid we may take legal steps against them subject to agreement with you including as to costs, but we reserve the right to rescind the sale and deem the lot to be unsold. Under some circumstances the purchaser may have the right to cancel a purchase made after the sale for a certain period after delivery, and in such circumstances we will account to you only after the expiry of such time period. Settlement will be by bank transfer unless otherwise agreed, and must be made to an account in your name which you have notified to us in the Contract. We are not obliged to investigate the credit-worthiness or bona fides of any bidder or purchaser and nor are we obliged to enforce any rights which we may have against any such bidder or purchaser.