Auction Terms and Conditions

1 The buyer

The highest bidder shall be the buyer at the ‘hammer price’ and any dispute shall be settled at the auctioneer’s absolute discretion. Every bidder shall be deemed to act as principal unless there is in force a written acknowledgement by Silbury Coins Ltd. (“Silbury”) that he acts as agent on behalf of a named principal. Bids will be executed in the order that they are received.

2 Minimum increment

The auctioneer shall have the right to refuse any bid which does not conform to Silbury’ published bidding increments which are shown below:

£0 to £99 £5
£100 to £199 £10
£200 to £499 £20
£500 to £999 £50
£1,000 to £1,999 £100
£2,000 to £5,000 £200
£5,001 to £10,000 £500
£10,001 to £20,000 £1,000
£20,001 to £50,000 £2,000

3 The premium

The buyer shall pay to Silbury a premium of 20% on the ‘hammer price’ and agrees that Silbury, when acting as agent for the seller, may also receive commission from the seller in accordance with Condition 16.

4 Value Added Tax (VAT)

The buyers’ premium is subject to the current rate of Value Added Tax if the lot is delivered to or collected by the purchaser within the UK.

Lots marked ‘X’ are subject to importation VAT of 5% on the hammer price unless re-exported outside the UK, as per the conditions below.

Lots marked ‘XX’ are subject to importation VAT of 20% on the hammer price unless re-exported outside the UK, as per the conditions below.

Buyers who wish to hand carry their lots to export them from the UK will be charged VAT at the prevailing rate and importation VAT (where applicable) and will not be able to claim a VAT refund.

Buyers will only be able to secure a VAT free invoice and/or VAT refund if the goods are exported by Silbury or a pre-approved commercial shipper. Where the buyer instructs a pre-approved commercial shipper, proof of correct export out of the UK must be provided to Silbury by the buyer within 30 days of export and no later than 90 days from the date of the sale. Refunds are subject to a £50 administrative fee.

5. Artist’s Resale Rights (Droit de Suite)

Lots marked ARR in the catalogue indicate lots that may be subject to this royalty payment.

The royalty will be charged to the buyer on the ‘hammer price’ and is in addition to the buyers’ premium. Royalties are charged on a sliding percentage scale as shown below but do not apply to lots where the hammer price is less than 1000 Pounds Sterling.

All royalty charges are paid in full to The Design and Artists Copyright Society (DACS).

Portion of the hammer price (Royalty)

From 0 to £50,000 (4%)
From £50,000.01 to £200,000 (3%)
From £200,000.01 to £350,000 (1%)
From £350,000.01 to £500,000 (0.5%)
Exceeding £500,000 (0.25%)

VAT does not apply to the Artist’s Resale Right

6 Payment

When a lot is sold the buyer shall:

(a) confirm to Silbury his or her name and address and, if so requested, give proof of

identity; and

(b) pay to Silbury the ‘total amount due’ in pounds sterling within five working days of the end of the sale (unless credit terms have been agreed with Silbury before the auction). Please note that we will not accept cash payments in excess of £5,000 (five thousand pounds) in settlement for purchases made at any one auction.

7 Silbury may, at its absolute discretion, agree credit terms with the buyer before an auction under which the buyer will be entitled to take possession of lots purchased up to an agreed amount in value in advance of payment by a determined future date of the ‘total amount due’.

8 Any payments by a buyer to Silbury may be applied by Silbury towards any sums owing from that buyer to Silbury on any account whatever, without regard to any directions of the buyer, his or her agent, whether expressed or implied.

9 Collection of purchases

The ownership of the lot(s) purchased shall not pass to the buyer until he or she has made payment in full to Silbury of the ‘total amount due’ in pounds sterling.

10 (a) The buyer shall at his or her own expense take away the lot(s) purchased not later than 5 working days after the day of the auction but (unless credit terms have been agreed in accordance with Condition 7) not before payment to Silbury of the ‘total amount due’.

(b) The buyer shall be responsible for any removal, storage and insurance charges on any lot not taken away within 5 working days after the day of the auction.

(c) The packing and handling of purchased lots by Silbury staff is undertaken solely as a courtesy to clients and, in the case of fragile articles, will be undertaken only at Silbury’ discretion. In no event will Silbury be liable for damage to glass or frames, regardless of the cause. Bulky lots or sharp implements, etc., may not be suitable for in-house shipping.

11 Buyers’ responsibilities for lots purchased

The buyer will be responsible for loss or damage to lots purchased from the time of collection or the expiry of 5 working days after the day of the auction, whichever is the sooner. Neither Silbury nor its servants or agents shall thereafter be responsible for any loss or damage of any kind, whether caused by negligence or otherwise, while any lot is in its custody or under its control.

Loss and damage warranty cover at the rate of 1.5% will be applied to any lots despatched by Silbury to destinations outside the UK, unless specifically instructed otherwise by the consignee.

12 Remedies for non-payment or failure to collect purchase

If any lot is not paid for in full and taken away in accordance with Conditions 6 and 10, or if there is any other breach of either of those Conditions, Silbury as agent of the seller shall, at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise one or more of the following rights and remedies:

(a) to proceed against the buyer for damages for breach of contract.

(b) to rescind the sale of that or any other lots sold to the defaulting buyer at the same or any other auction.

(c) to re-sell the lot or cause it to be re-sold by public auction or private sale and the defaulting buyer shall pay to Silbury any resulting deficiency in the ‘total amount due’ (after deduction of any part payment and addition of re-sale costs) and any surplus shall belong to the seller.

(d) to remove, store and insure the lot at the expense of the defaulting buyer and, in the case of storage, either at Silbury’ premises or elsewhere. (e) to charge interest at a rate not exceeding 2 percent per month on the ‘total amount due’ to the extent it remains unpaid for more than 5 working days after the day of the auction.

(f) to retain that or any other lot sold to the same buyer at the sale or any other auction and release it only after payment of the ‘total amount due’.

(g) to reject or ignore any bids made by or on behalf of the defaulting buyer at any future auctions or obtaining a deposit before accepting any bids in future.

(h) to apply any proceeds of sale then due or at any time thereafter becoming due to the defaulting buyer towards settlement of the ‘total amount due’ and to exercise a lien on any property of the defaulting buyer which is in Silbury’ possession for any purpose.

13 Liability of Silbury and sellers

(a) Goods auctioned are usually of some age.

All goods are sold with all faults and imperfections and errors of description. Illustrations in catalogues are for identification only. Buyers should satisfy themselves prior to the sale as to the condition of each lot and should exercise and rely on their own judgement as to whether the lot accords with its description. Subject to the obligations accepted by Silbury under this Condition, none of the seller, Silbury, its servants or agents is responsible for errors of descriptions or for the genuineness or authenticity of any lot. No warranty whatever is given by Silbury, its servants or agents, or any seller to any buyer in respect of any lot and any express or implied conditions or warranties are hereby excluded.

(b) Any lot which proves to be a ‘deliberate forgery’ may be returned by the buyer to Silbury within 15 days of the date of the auction in the same condition in which it was at the time of the auction, accompanied by a statement of defects, the number of the lot, and the date of the auction at which it was purchased. If Silbury is satisfied that the item is a ‘deliberate forgery’ and that the buyer has and is able to transfer a good and marketable title to the lot free from any third party claims, the sale will be set aside and any amount paid in respect of the lot will be refunded, provided that the buyer shall have no rights under this Condition if:

(i) the description in the catalogue at the date of the sale was in accordance with the then generally accepted opinion of scholars and experts or fairly indicated that there was a conflict of such opinion; or (ii) the only method of establishing at the date of publication of the catalogue that the lot was a ‘deliberate forgery’ was by means of scientific processes not generally accepted for use until after publication of the catalogue or a process which was unreasonably expensive or impractical.

(c) A buyer’s claim under this Condition shall be limited to any amount paid in respect of the lot and shall not extend to any loss or damage suffered or expense incurred by him or her.

(d) The benefit of the Condition shall not be assignable and shall rest solely and exclusively in the buyer who, for the purpose of this condition, shall be and only be the person to whom the original invoice is made out by Silbury in respect of the lot sold.

Conditions mainly concerning Sellers and Consignors

14 Warranty of title and availability

The seller warrants to Silbury and to the buyer that he or she is the true owner of the property or is properly authorised to sell the property by the true owner and is able to transfer good and marketable title to the property free from any third party claims. The seller will indemnify Silbury, its servants and agents and the buyer against any loss or damage suffered by either in consequence of any breach on the part of the seller.

15 Reserves

The seller shall be entitled to place, prior to the first day of the auction, a reserve at or below the low estimate on any lot provided that the low estimate is more than £100. Such reserve being the minimum ‘hammer price’ at which that lot may be treated as sold. A reserve once placed by the seller shall not be changed without the consent of Silbury. Silbury may at their option sell at a ‘hammer price’ below the reserve but in any such cases the sale proceeds to which the seller is entitled shall be the same as they would have been had the sale been at the reserve. Where a reserve has been placed, only the auctioneer may bid on behalf of the seller.

16 Authority to deduct commission and expenses

The seller authorises Silbury to deduct commission at the ‘stated rate’ and ‘expenses’ from the ‘hammer price’ and acknowledges Silbury’ right to retain the premium payable by the buyer.

17 Rescission of sale

If before Silbury remit the ‘sale proceeds’ to the seller, the buyer makes a claim to rescind the sale that is appropriate and Silbury is of the opinion that the claim is justified, Silbury is authorised to rescind the sale and refund to the buyer any amount paid to Silbury in respect of the lot.

18 Payment of sale proceeds

Silbury shall remit the ‘sale proceeds’ to the seller 35 days after the auction, but if by that date Silbury has not received the ‘total amount due’ from the buyer then Silbury will remit the sale proceeds within five working days after the date on which the ‘total amount due’ is received from the buyer. If credit terms have been agreed between Silbury and the buyer, Silbury shall remit to the seller the sale proceeds 35 days after the auction unless otherwise agreed by the seller.

19 If the buyer fails to pay to Silbury the ‘total amount due’ within 35 days after the auction, Silbury will endeavour to notify the seller and take the seller’s instructions as to the appropriate course of action and, so far as in Silbury’ opinion is practicable, will assist the seller to recover the ‘total amount due’ from the buyer. If circumstances do not permit Silbury to take instructions from the seller, the seller authorises Silbury at the seller’s expense to agree special terms for payment 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 Silbury 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 if appropriate.

20 If, notwithstanding that, the buyer fails to pay to Silbury the ‘total amount due’ within 35 days after the auction and Silbury remits the ‘sale proceeds’ to the seller, the ownership of the lot shall pass to Silbury.

21 Charges for withdrawn lots

Where a seller cancels instructions for sale, Silbury reserve the right to charge a fee of 15% of Silbury’ then latest middle estimate of the auction price of the property withdrawn, together with Value Added Tax thereon if the seller is resident in the UK, and ‘expenses’ incurred in relation to the property.

22 Rights to photographs and illustrations

The seller gives Silbury full and absolute right to photograph and illustrate any lot placed in its hands for sale and to use such photographs and illustrations and any photographs and illustrations provided by the seller at any time at its absolute discretion (whether or not in connection with the auction).

23 Unsold lots

Where any lot fails to sell, Silbury shall notify the seller accordingly. The seller shall make arrangements either to re-offer the lot for sale or to collect the lot.

24 Silbury reserve the right to charge commission up to one-half of the ‘stated rates’ calculated on the ‘bought-in price’ and in addition ‘expenses’ in respect of any unsold lots.

General Conditions and Definitions

25 Silbury sells as agent for the seller (except where it is stated wholly or partly to own any lot as principal) and as such is not responsible for any default by seller or buyer.

26 Any representation or statement by Silbury, in any catalogue as to authorship, attribution, genuineness, origin, date, age, provenance, condition or estimated selling price is a statement of opinion only. Every person interested should exercise and rely on his or her own judgement as to such matters and neither Silbury nor its servants or agents are responsible for the correctness of such opinions.

27 Whilst the interests of prospective buyers are best served by attendance at the auction, Silbury will, if so instructed, execute bids on their behalf. Neither Silbury nor its servants or agents are responsible for any neglect or default in doing so or for failing to do so.

28 Silbury shall have the right, at its discretion, to refuse admission to its premises or attendance at its auctions by any person.

29 Silbury has absolute discretion without giving any reason to refuse any bid, to divide any lot, to combine any two or more lots, to withdraw any lot from the auction and in case of dispute to put up any lot for auction again.

30 (a) Any indemnity under these Conditions shall extend to all actions, proceedings costs, expenses, claims and demands whatever incurred or suffered by the person entitled to the benefit of the indemnity.

(b) Silbury declares itself to be a trustee for its relevant servants and agents of the benefit of every indemnity under these Conditions to the extent that such indemnity is expressed to be for the benefit of its servants and agents.

31 Any notice by Silbury to a seller, consignor, prospective bidder or buyer may be given by first class mail, airmail or email and if so given shall be deemed to have been duly received by the addressee within 48 hours.

32 These Conditions shall be governed by and construed in accordance with English law. All transactions to which these Conditions apply and all matters connected therewith shall also be governed by English law. Silbury hereby submits to the exclusive jurisdiction of the English courts and all other parties concerned hereby submit to the non-exclusive jurisdiction of the English courts.

33 In these Conditions:

(a) ‘catalogue’ includes any advertisement, brochure, estimate, price list or other publication;

(b) ‘hammer price’ means the price at which a lot is knocked down by the auctioneer to the buyer;

(c) ‘total amount due’ means the ‘hammer price’ in respect of the lot sold together with any premium, Value Added Tax chargeable and additional charges and expenses due from a defaulting buyer in pounds sterling;

(d) ‘deliberate forgery’ means an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source which is not shown to be such in the description in the catalogue and which at the date of the sale had a value materially less than it would have had if it had been in accordance with that description;

(e) ‘sale proceeds’ means the net amount due to the seller being the ‘hammer price’ of the lot sold less commission at the ‘stated rates’ and ‘expenses’ and any other amounts due to Silbury by the seller in whatever capacity and howsoever arising;

(f) ‘stated rate’ means Silbury’ published rates of commission for the time and any Value Added Tax thereon;

(g) ‘expenses’ in relation to the sale of any lot means Silbury charges and expenses for insurance, illustrations, special advertising, certification, remedials, packing and freight of that lot and any Value Added Tax thereon;

(h) ‘bought-in price’ means 5 per cent more than the highest bid received below the reserve.

34 Vendors’ commission of sales

A commission of 15 per cent is payable by the vendor on the hammer price on lots sold. Insurance is charged at 1.5 per cent of the hammer price.

35 VAT

Commission, illustrations, insurance and expenses are subject to VAT if the seller is resident in the UK.