WONDERFUL 1958 FERRARI 250 GT BERLINETTA COMPETIZIONE 'TOUR DE FRANCE' TOPS RM SOTHEBY'S £16.6 MILLION LONDON SALE
In a packed auction room in London's Battersea Park, RM Sotheby's achieved a fantastic £16,658,410 in sales. Well-established on the global collector car calendar, the central London auction saw Ferraris continue to prove their blue-chip credentials in the market, claiming the top three sales spots of the evening.
GENERAL
The following conditions of business (“Conditions”) apply to all sales by RM at auction or to any retail sale to the exclusion of any other terms that the Buyer, the Seller or any bidder seek to impose or incorporate, or which are implied by trade, custom, practice or course of dealing.
No alteration to the Conditions will be binding unless accepted by RM in writing. The Conditions are subject to amendment by RM by the posting of notices or by oral announcement made by the Auctioneer prior to or during the sale, provided it is reasonable for it to do so.
1. DEFINITIONS
In these Conditions:
1.1 “Auction” means the auction sale in respect of which a Lot is consigned for sale.
1.2 “Auctioneer” means the representative of RM who will conduct the Auction.
1.3 “Buyer” means the person to whom a Lot is knocked down by the Auctioneer.
1.4 “Buyer’s Premium” shall have the meaning given in Condition 10.1 of the Buyer’s Conditions of Business.
1.5 “Catalogue” includes any advertisement, brochure, estimate, price list or other publication relating to one or more Lots.
1.6 “Expenses” in relation to the sale of any Lot means RM’s charges and expenses including, but not limited to, insurance, storage, illustrations, auction entry fee, photography costs, cataloguing costs, special advertising, packing and freight of that Lot and any VAT or other applicable sales tax thereon.
1.7 “Hammer Price” means the price in the currency in which the Auction is conducted at which a Lot is knocked down by the Auctioneer to the Buyer.
1.8 “Lot” means any item(s) consigned with the view to its or their sale at Auction.
1.9 “Motor Vehicle” means any item included or proposed to be included in a sale of motor vehicles.
1.10 “Purchase Price” means the Hammer Price together with the Buyer’s Premium and any VAT or other applicable sales tax thereon, Expenses and any additional charges due.
1.11 “Reserve” means the minimum Hammer Price agreed between RM and the Seller at which a Lot may be sold.
1.12 “RM” means RM Auctions Limited (co. no. 5812660).
1.13 “Sale Proceeds” means the net amount due to the Seller being the Hammer Price less the Seller’s Commission, any VAT thereon, Expenses and any other amount due to RM from the Seller.
1.14 “Seller” means the person who offers the Lot for sale.
1.15 “Seller’s Commission” shall have the meaning given in Condition 11.1 of the Seller’s Conditions of Business.
1.16 “VAT” means Value Added Tax applicable at the prevailing rate in the United Kingdom on the date of the Auction.
2. RM AS AGENT
Except where it is expressly stated to be selling as principal, RM sells as agent for the Seller.
3. RM’S DISCRETION
3.1 RM has the right at its sole discretion to refuse any bid, to divide any Lot, to combine two or more Lots, to withdraw any Lot and, in the case of dispute, to put any lot up for Auction again.
3.2 If RM is notified about the Seller’s alleged breach of any of the Conditions before it has remitted the Sale Proceeds to the Seller, it may at its sole discretion withhold payment until that dispute is resolved. RM may, however, deduct any sums that are due to it from the sum held.
4. LIABILITY
4.1 Nothing in these Conditions shall limit or exclude RM, Buyer or Seller liability for death or personal injury caused by its negligence, or the negligence of its employees, agents or subcontractors (as applicable), fraud or fraudulent misrepresentation or for any matter in respect of which it would be unlawful to exclude or restrict liability.
4.2 Subject to Condition 4.1:
4.2.1 RM shall not be liable to the Buyer, the Seller, any bidder or any other related person for any injury, damage or loss sustained by any person while on RM’s premises (including any premises where an Auction may be conducted or where a Lot or part of a Lot may be on view from time to time);
4.2.2 RM shall not be liable to the Buyer, the Seller, any bidder or any other related person for any damage to or the loss or destruction of a Lot;
4.2.3 RM shall not be liable to the Buyer, the Seller, any bidder or any other related person for any injury, damage or loss caused by any Lot;
4.2.4 RM shall under no circumstances whatever be liable to the Buyer, the Seller, any bidder or to any other person, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, for any loss of profit, or any indirect or consequential loss arising under or in connection with these Conditions;
4.2.5 RM’s total liability to the Buyer in respect of all losses under or in connection with these Conditions, whether in contract, tort (including negligence), breach of statutory duty, or otherwise shall be limited to the aggregate of the Hammer Price of the relevant Lot and the Buyer’s Premium; and
4.2.6 RM’s total liability to the Seller in respect of all losses arising under or in connection with these Conditions, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, shall be limited to the Sale Proceeds of the Lot.
5. GOVERNING LAW
5.1 These Conditions (and any dispute or claim relating to them or their subject matter, their enforceability or their termination (including non-contractual claims)) are to be governed by and construed in accordance with English law.
5.2 The courts of England and Wales shall have jurisdiction to settle any claim, dispute or issue whether arising out of or in connection with Conditions or otherwise (including non-contractual claims). In the case of a dispute which is the subject of a claim by RM such jurisdiction shall be non-exclusive. In any other case such jurisdiction shall be exclusive and the Buyer and Seller agree that it will not institute proceedings in the courts of any country other than England and Wales.
6. MONEY LAUNDERING
The Seller and the Buyer agree to provide all information and assistance reasonably requested by RM to enable RM to comply with the Money Laundering Regulations 2007 or any equivalent legislation in force in the country in which the Auction is located.
7. NOTICES
7.1 Any notice by RM to a Seller, Buyer or any other person under or in connection with these Conditions may be delivered by hand or sent by first class mail or airmail and shall be deemed to have been received:
7.1.1 if hand-delivered, at the time of delivery;
7.1.2 if sent by mail, two days after the date of posting.
7.2 In proving service by delivery:
7.2.1 by hand, it shall be necessary only to produce a receipt for the notice signed by or on behalf of the addressee;
7.2.2 by post, it shall be necessary only to prove that the notice was contained in a pre-paid envelope which was duly addressed and posted first class.
THE BUYER’S CONDITIONS
8. REQUIREMENTS FOR BIDDING REGISTRATION
8.1 In order to register to bid at auction, bidder’s must pay a £100.00 (GBP) bidder registration fee.
8.2 In order to register to bid at an RM sale, RM requires that all bidders provide a Bank Letter of Guarantee. All Bank Letters of Guarantee must be written on bank letterhead.
8.3 In order to register to bid at an RM sale, RM requires a £2,500.00 (GBP) hold be placed on your credit card. If you fail to pay for a lot purchased on or before 5:00 p.m. of the next business day following the auction, you acknowledge that your credit card will be charged £2,500.00 (GBP) for the missed payment; please note that you are still bound to pay your remaining balance. The £2,500.00 (GBP) hold will not be charged to your credit card if you make full payment on or before 5:00 p.m. of the next business day following the auction. If you do not purchase a lot, your credit card will not be charged. If your credit card is not to be charged, the £2,500.00 (GBP) hold will fall off your credit card within three to four business days depending on your credit card company.
9. THE BUYER
9.1 The Buyer shall be the highest bidder at the Hammer Price. Any dispute as to any bid shall be settled by the Auctioneer at his absolute discretion.
9.2 Every bidder shall be deemed to act as principal unless prior to the commencement of the Auction there is a written acceptance by RM that a bidder acts as agent on behalf of the [named] principal.
9.3 No person shall be entitled to bid (whether in person, or via written, telephone or online bids) at the Auction without first having fully completed, signed and delivered to RM a bidder’s registration form, that is in a form acceptable to RM acting in its sole discretion, and RM must have allocated that person a registration number.
9.4 Bidders are responsible for all bids made with the registration number issued to them by RM.
9.5 RM has the right in its sole discretion to refuse admission to its premises or attendance at any Auction to any person.
9.6 All bids submitted (whether in person, via the online bidding service, via telephone or via written bids) are final and bidders are not permitted to amend or retract bids. If a successful bid is submitted to RM (howsoever submitted) the Buyer irrevocably agrees to conclude the contract of sale between the Buyer and the Seller in accordance with these Conditions.
9.7 Due to factors beyond the control of RM, it is possible that one or more Lots described on its website or in the Catalogue may not be present for sale. Bidders are advised to check shortly before auction time for updated information.
9.8 Bidders are responsible for making themselves aware of all saleroom notices and announcements.
10. BUYER’S PREMIUM
10.1 The Buyer shall pay RM an amount equal to 12% of the Hammer Price for automotive lots and 17% for non-automotive lots including motorcycles and memorabilia or other items (“Buyer’s Premium”) together with VAT or any other applicable sales tax on the Buyer’s Premium.
10.2 The Buyer acknowledges that RM may also receive the Seller’s Commission due to RM under Condition 11 of the Seller’s Conditions of Business.
11. PAYMENT
11.1 A contract of sale is made between the Seller and the Buyer on the acceptance of a bid by the fall of the Auctioneer’s hammer. RM is not a party to the contract of sale and has no liability for any act or default by the Seller or the Buyer.
11.2 Immediately after a Lot is sold, the Buyer shall:
11.2.1 give to RM his bidder registration number, his full name and address and, if so requested, proof of identity if he has not already done so; and
11.2.2 pay to RM the Purchase Price unless credit terms have been agreed with RM in writing before the Auction.
11.3 Full payment for all Lots must be made to RM by 5:00pm the next business day following the Auction. Payment must be made in the currency in which the Auction is conducted by wire transfer, unless other arrangements have been agreed by RM in advance. Where the Buyer wishes to pay by cheque (supported by a Bank Letter of Guarantee) and RM has agreed that the Buyer may do so, the Lot will not be released until the cheque has been cleared.
11.4 No Lot may be collected until the Purchase Price has been received by RM and payments by a Buyer to RM may be applied by RM towards any such sums due from that Buyer to RM on any account whatsoever notwithstanding any directions to the contrary by the Buyer or his agent whether express or implied.
11.5 Title to the Lot will pass to the Buyer when the Purchase Price in cleared funds has been received by RM.
11.6 Risk in the Lot shall pass to the Buyer on the Lot being knocked down by the Auctioneer to the Buyer notwithstanding that possession will not be given and title will not pass to the Buyer until the Purchase Price has been received in cleared funds by RM. With effect from passing of risk to the Buyer in accordance with these Conditions and subject to Condition 4.1 of the Seller’s Conditions of Business, the Buyer shall indemnify and keep indemnified RM against all liabilities, costs, expenses, damages and losses suffered or incurred by RM in connection with any claim made against RM in respect of any loss or damage to the Lot or injury, loss or damage caused by the Lot.
12. NON-PAYMENT OR FAILURE TO COLLECT
12.1 If the Purchase Price is not paid in full in accordance with these Conditions RM, as the 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 remedies:
12.1.1 to charge to any credit or debit card of the Buyer the Purchase Price and any interest and storage and removal costs up to the maximum limit of the credit or debit card (where applicable);
12.1.2 to charge the Buyer interest on the overdue amount at the rate of 8% per annum above the Bank of England’s base rate from time to time. Such interest shall accrue on a daily basis from the due date until actual payment of the overdue amount, whether before or after judgment. The Buyer shall pay the interest together with the overdue amount;
12.1.3 to remove, store (either at RM’s premises or elsewhere) and insure the Lot at the Buyer’s expense;
12.1.4 to retain that or any Lot sold to the same Buyer at the same or any other auction and to release it only after payment of the total amount due;
12.1.5 to reject or disregard any bid or bids made by or on behalf of the Buyer at any future auction or to require payment of a deposit before any future bid made by or on behalf of that Buyer;
12.1.6 to apply any money due or to become due to the defaulting Buyer in or towards settlement of the total amount due and to exercise a charge or lien on any property of the Buyer which is in RM’s possession for any purpose.
12.2 If the Buyer fails to pay the purchase price within 14 days after the date and time referred to in Condition 11 of the Buyer’s Conditions of Business.
12.3 RM 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 additional remedies:
12.2.1 to proceed against the Buyer for damages for breach of contract;
12.2.2 to cancel or declare void the sale of that or any other Lot sold to the Buyer at the same or any other auction notwithstanding the total amount due in respect of such other Lot shall have been paid;
12.2.3 to re-sell the Lot or cause it to be resold by auction or private treaty, and, if this results in a lower price being obtained, the defaulting Buyer shall then pay to RM, on demand, any deficiency, together with re-sale costs and any costs incurred in connection with the Buyer’s failure to make payment and any surplus shall belong to the Seller.
12.3 If the Lot is not taken away on the date and time referred to in Condition 11.3, whether or not the Purchase Price has been paid, RM shall remove, store (either at RM’s premises or elsewhere) and insure the Lot at the expense of the Buyer and only release the Lot after payment of the total amount due.
12.4 If the Buyer fails to collect the Lot within 28 days after the date and time referred to in Condition 11.3, RM 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 additional remedies:
12.4.1 to cancel or declare void the sale of the Lot;
12.4.2 to re-sell the Lot or cause it to be re-sold by auction or private treaty and to set off the total amount due in respect of that Lot against the sale proceeds and any surplus shall belong to the defaulting Buyer.
13. BUYER RESPONSIBILITIES AND ACKNOWLEDGMENTS
13.1 Buyers are solely responsible for ensuring that Motor Vehicles are safe for use, roadworthy and comply with all relevant laws and regulations in force in all relevant jurisdictions and for ensuring that any necessary test certificates are in force. Any reference in the Catalogue or other documentation to ‘mileage’ or ‘recorded mileage’ is based upon the Motor Vehicle’s milometer reading and is not guaranteed to correspond with the actual distance covered by the Motor Vehicle. Buyers are solely responsible for satisfying themselves that the condition of the Motor Vehicle is commensurate with the milometer reading. Electrical or mechanical items are not checked prior to sale and are purchased at the Buyer’s risk. It is the Buyer’s responsibility to inspect the Lot prior to bidding and satisfy himself as to the accuracy of its description in the Catalogue and, if necessary, arrange for an inspection to be carried out by a suitably qualified independent expert with regard to checking the ownership, attribution, authenticity, date, period, provenance, restoration condition and roadworthiness of the Lot. Any Motor Vehicle is sold as a collector item and not as a means of transport. Buyers are specifically advised that any Motor Vehicle sold as such may well have had parts replaced and paint renewed or be made up of parts from other vehicles the condition of which may be difficult to establish. RM has to rely on information as to date, condition and authenticity provided by Sellers and does not, and cannot, undertake its own inspection of Motor Vehicles or other Lots to establish whether the Motor Vehicle or other Lot conforms to the description in the Catalogue. It is the responsibility of the Buyer to carry out such inspection as he thinks necessary.
13.2 Buyers are solely responsible for ensuring that any Motor Vehicle purchased at Auction complies with the appropriate statute or regulation for driving, using or transporting it and for ensuring that any necessary test certificate is in force.
13.3 The Buyer shall be responsible for obtaining any export license that may be required in connection with the Lot.
13.4 No warranty is given by RM as to the accuracy of the description of any Lot in any Catalogue or as to the age, authenticity, suitability, provenance, attribution, origin, condition, fitness for purpose, merchantable or satisfactory quality of any Lot or roadworthiness of any Motor Vehicle. Buyers are solely responsible for verifying any documents relating to any Motor Vehicle on which they wish to bid, prior to the Auction. All warranties, conditions and other terms implied by statute or common law are, to the fullest extent permitted by law, excluded from these Conditions.
13.5 In bidding for any Lot, the Buyer acknowledges that he does not rely on any representation, warranty or promise made to him by RM, its employees or agents unless such representation has been specifically confirmed by RM in writing prior to the Auction (statements in Catalogues do not qualify for this purpose).
14. ABSENTEE AND TELEPHONE BIDS
14.1 In relation to absentee and telephone bids the provisions of this Condition 14 of the Buyer’s Conditions of Business will apply in addition to the other provisions of these Conditions.
14.2 RM will use reasonable efforts to carry out written bids delivered to it prior to the sale for the convenience of bidders who are not present at the Auction in person. Bids must be placed in the currency in which the Auction is conducted. If RM receives written bids on a particular Lot for identical amounts and at the Auction these are the highest bids on the Lot, it will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time of the Auction and provided that RM has exercised reasonable care in the handling of written bids, the volume of goods is such that it cannot in any circumstances accept liability for failing to execute a written bid or for any errors and omissions in connection with it.
14.3 If a prospective Buyer makes arrangements with RM prior to the commencement of the Auction, RM will use reasonable efforts to contact that person to enable him to participate in the bidding by telephone but RM does not accept any liability for failure to do so or for errors and omissions in connection with telephone bidding. By participating in telephone bidding, bidders acknowledge that RM has the right to record all telephone calls.
14.4 RM reserves the right to refuse or revoke permission to bid via telephone or through written bids and to remove such privileges during an Auction.
15. INTERNET BIDS
15.1 In relation to internet bids the provisions of this Condition 15 of the Buyer’s Conditions of Business shall apply in addition to the other provisions of these Conditions.
15.2 From time to time RM offers an internet (online) bidding service (“BidLive”) allowing prospective buyers to participate in its auctions and bid for Lots via the internet. Whilst every care is taken with the delivery of this service, RM does not accept any liability for technical failures or for errors and omissions in connection with internet bidding.
15.3 Bids other than internet bids will be displayed on an internet bidder’s computer screen as “Floor” bids. “Floor” bids include those bids taken from the live auction room, telephones, and absentee bidders. If an online bid and a “Floor” bid are placed simultaneously, the “Floor” bid will take precedence. In the event that there are two identical auto (absentee) bids placed, the earliest bid received will take precedence.
15.4 Live online bidding will be recorded. The record of sale, kept by RM, will be taken as absolute and final in all disputes. In the event of a discrepancy between any online records or messages provided to bidders and the record of sale kept by RM, the record of sale will govern.
15.5 A person bidding online must be 21 years of age or older.
15.6 RM reserves the right to refuse or revoke permission to bid online and to remove such privileges during an Auction.
16. CURRENCY CONVERSION
At some auctions a currency converter may be operated. Errors may occur in the operation of the currency converter. Where these arise, RM does not accept liability to bidders who follow the currency converter rather than the actual bidding in the saleroom.
17. VIDEO OR DIGITAL IMAGES
At some auctions there may be a video or digital screen. Errors may occur in its operation and in the quality of the image. RM does not accept liability for such errors where they arise for reasons beyond its reasonable control.
18. REMOVAL OF PURCHASED LOTS
All purchased lots must be removed from the auction site by 5:00 p.m. on the next business day following the auction. If the lot is not removed by the bidder by 5:00 p.m. on the next business day following the sale, the bidder will be charged a £250.00 (GBP) plus VAT removal fee. A storage fee of £15.00 (GBP) per day will be charged after September 14th until the lot is removed. Please note that bidder is required to insurance their lot while it is being stored on their behalf. If the lot is not removed from the auction site by 5:00 p.m. on the next business day following the auction, bidder is responsible for any transportation expense incurred transporting the lot to a storage facility.
19. MISCELLANEOUS
19.1 The benefit and burden of the Conditions may not be assigned by the Seller or the Buyer without the prior agreement of RM in writing.
19.2 If any Condition or any part of any Condition shall be held to be unenforceable or invalid such unenforceability or invalidity shall not affect the enforceability and validity of the remaining Conditions or the remainder of the relevant Condition.
19.3 The headings and numbering used in the Conditions are for convenience only and shall not affect their interpretation.
19.4 Reference to the male gender shall be deemed to be a reference to male or female as appropriate.
19.5 Any concession or latitude allowed by RM shall not affect the rights of RM under or release the Seller to the Buyer from liability in respect of the Conditions.
CONSIGNORS’ CONDITIONS OF BUSINESS
GENERAL
The following conditions of business (“Conditions”) apply to all sales by RM at auction or to any retail sale to the exclusion of any other terms that the Buyer, the Seller or any bidder seek to impose or incorporate, or which are implied by trade, custom, practice or course of dealing.
No alteration to the Conditions will be binding unless accepted by RM in writing. The Conditions are subject to amendment by RM by the posting of notices or by oral announcement made by the Auctioneer prior to or during the sale, provided it is reasonable for it to do so.
1. DEFINITIONS
In these Conditions:
1.1 “Auction” means the auction sale in respect of which a Lot is consigned for sale.
1.2 “Auctioneer” means the representative of RM who will conduct the Auction.
1.3 “Buyer” means the person to whom a Lot is knocked down by the Auctioneer.
1.4 “Buyer’s Premium” shall have the meaning given in Condition 10.1.
1.5 “Catalogue” includes any advertisement, brochure, estimate, price list or other publication relating to one or more Lots.
1.6 “Expenses” in relation to the sale of any Lot means RM’s charges and expenses including, but not limited to, insurance, storage, illustrations, auction entry fee, photography costs, cataloguing costs, special advertising, packing and freight of that Lot and any VAT or other applicable sales tax thereon.
1.7 “Hammer Price” means the price in the currency in which the Auction is conducted at which a Lot is knocked down by the Auctioneer to the Buyer.
1.8 “Lot” means any item(s) consigned with the view to its or their sale at Auction.
1.9 “Motor Vehicle” means any item included or proposed to be included in a sale of motor vehicles.
1.10 “Purchase Price” means the Hammer Price together with the Buyer’s Premium and any VAT or other applicable sales tax thereon, Expenses and any additional charges due.
1.11 “Reserve” means the minimum Hammer Price agreed between RM and the Seller at which a Lot may be sold.
1.12 “RM” means RM Auctions Limited (co. no. 5812660).
1.13 “Sale Proceeds” means the net amount due to the Seller being the Hammer Price less the Seller’s Commission, any VAT thereon, Expenses and any other amount due to RM from the Seller.
1.14 “Seller” means the person who offers the Lot for sale.
1.15 “Seller’s Commission” shall have the meaning given in Condition 11.1.
1.16 “VAT” means Value Added Tax applicable at the prevailing rate in the United Kingdom on the date of the Auction.
2. RM AS AGENT
Except where it is expressly stated to be selling as principal, RM sells as agent for the Seller.
3. RM’S DISCRETION
3.1 RM has the right at its sole discretion to refuse any bid, to divide any Lot, to combine two or more Lots, to withdraw any Lot and, in the case of dispute, to put any lot up for Auction again.
3.2 If RM is notified about the Seller’s alleged breach of any of the Conditions before it has remitted the Sale Proceeds to the Seller, it may at its sole discretion withhold payment until that dispute is resolved. RM may, however, deduct any sums that are due to it from the sum held.
4. LIABILITY
4.1 Nothing in these Conditions shall limit or exclude RM, Buyer or Seller liability for death or personal injury caused by its negligence, or the negligence of its employees, agents or subcontractors (as applicable), fraud or fraudulent misrepresentation or for any matter in respect of which it would be unlawful to exclude or restrict liability.
4.2 Subject to Condition 4.1:
4.2.1 RM shall not be liable to the Buyer, the Seller, any bidder or any other related person for any injury, damage or loss sustained by any person while on RM’s premises (including any premises where an Auction may be conducted or where a Lot or part of a Lot may be on view from time to time);
4.2.2 RM shall not be liable to the Buyer, the Seller, any bidder or any other related person for any damage to or the loss or destruction of a Lot;
4.2.3 RM shall not be liable to the Buyer, the Seller, any bidder or any other related person for any injury, damage or loss caused by any Lot;
4.2.4 RM shall under no circumstances whatever be liable to the Buyer, the Seller, any bidder or to any other person, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, for any loss of profit, or any indirect or consequential loss arising under or in connection with these Conditions;
4.2.5 RM’s total liability to the Buyer in respect of all losses under or in connection with these Conditions, whether in contract, tort (including negligence), breach of statutory duty, or otherwise shall be limited to the aggregate of the Hammer Price of the relevant Lot and the Buyer’s Premium; and
4.2.6 RM’s total liability to the Seller in respect of all losses arising under or in connection with these Conditions, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, shall be limited to the Sale Proceeds of the Lot.
5. GOVERNING LAW
5.1 These Conditions (and any dispute or claim relating to them or their subject matter, their enforceability or their termination (including non-contractual claims)) are to be governed by and construed in accordance with English law.
5.2 The courts of England and Wales shall have jurisdiction to settle any claim, dispute or issue whether arising out of or in connection with Conditions or otherwise (including non-contractual claims). In the case of a dispute which is the subject of a claim by RM such jurisdiction shall be non-exclusive. In any other case such jurisdiction shall be exclusive and the Buyer and Seller agree that it will not institute proceedings in the courts of any country other than England and Wales.
6. MONEY LAUNDERING
The Seller and the Buyer agree to provide all information and assistance reasonably requested by RM to enable RM to comply with the Money Laundering Regulations 2007 or any equivalent legislation in force in the country in which the Auction is located.
7. NOTICES
7.1 Any notice by RM to a Seller, Buyer or any other person under or in connection with these Conditions may be delivered by hand or sent by first class mail or airmail and shall be deemed to have been received:
7.1.1 if hand-delivered, at the time of delivery;
7.1.2 if sent by mail, two days after the date of posting.
7.2 In proving service by delivery:
7.2.1 by hand, it shall be necessary only to produce a receipt for the notice signed by or on behalf of the addressee;
7.2.2 by post, it shall be necessary only to prove that the notice was contained in a pre-paid envelope which was duly addressed and posted first class.
THE SELLER’S CONDITIONS
8. WARRANTIES BY THE SELLER
8.1 The Seller warrants to RM and to the Buyer that:
8.1.1 the Seller is the owner of the Lot or is properly authorized to sell the Lot by the owner and is able to sell the Lot with full title guarantee free from all encumbrances and third party claims;
8.1.2 the Seller has complied with all requirements relating to any export or import of the Lot or has notified RM in writing of any failure to comply with such requirements by the Seller or any previous owner of the Lot;
8.1.3 the Seller has notified RM in writing of any material alterations to the Lot of which the Seller is aware and of any concerns expressed by third parties in relation to the authenticity, provenance, origin, age, condition or quality of the Lot and has provided RM with all such information in the Seller’s possession or control;
8.1.4 the Motor Vehicle may lawfully be used on a road and complies with all statutory provisions and that there is in force any test certificate required by law in relation to such use or the Seller has notified RM in writing that the Motor Vehicle cannot lawfully be used on a road;
8.1.5 the information about the Lot given to RM, and statements made about it, are true and accurate. In the event of a Lot which is discovered not to be in the state in which the Seller represented to RM that it was, RM may at its absolute discretion whether before or after the Lot is sold carry out such work to the Motor Vehicle as is necessary to put it into the state that the Seller represented it to be and shall deduct the cost of such work from any sums due to the Seller.
8.2 The Seller shall compensate RM and the Buyer in full for all losses, Expenses and other costs which are caused by the Seller’s breach of any obligation of the Seller under the warranties set out in Condition 8.1.
9. VEHICLE REGISTRATION NUMBERS
9.1 If the Seller wishes to sell the Motor Vehicle but to retain the right to the registration number of the Motor Vehicle it is the Seller’s responsibility to notify RM in writing.
9.2 It shall be the Seller’s responsibility to take all necessary steps to ensure that the current vehicle registration number is reserved and that a new number is allocated prior to the Motor Vehicle being sold at the Auction and if he does not do so RM shall not be responsible for any loss or damage whatsoever arising out of the sale of the Motor Vehicle or its registration number.
9.3 RM may, at its discretion, (without any assumption of responsibility or duty towards the Seller or the Buyer) take such steps to facilitate the reservation or transfer of any particular registration number as it thinks fit in order to assist the Seller or Buyer but strictly on condition that no claim attaches to RM for taking any such steps whether arising out of RM’s negligence or any other cause whatsoever.
10. RESERVES
10.1 The Auctioneer will commence and advance the bidding at levels and in increments he considers appropriate and is entitled to place a bid or series of bids on behalf of the Seller, up to the Reserve on the Lot.
10.2 The Seller may place a Reserve on any Lot prior to the Auction and once placed it may not be changed without the written consent of RM. All Lots will be sold without Reserve unless a Reserve has been agreed by RM in writing.
10.3 Where a Reserve has been agreed, only RM may bid on behalf of the Seller. If the Seller makes a bid, then the Auctioneer may knock the Lot down to the Seller without observing any Reserve and the Seller shall pay to RM the Buyer’s Premium in addition to the Seller’s Commission and Expenses. Otherwise than in accordance with this Condition 10.3, the Seller shall not bid on his own Lot.
10.4 Where a Reserve is agreed, RM may sell a Lot for less than the Reserve but shall account to the Seller as if the Lot had been sold for the Reserve.
10.5 If no Reserve has been placed on a Lot, RM shall in no way be held liable should the Lot be purchased for a price below any lowest estimate of the Lot given in any Catalogue.
10.6 Any Reserve agreed with the Seller in a currency other than that in which the Auction is conducted shall be converted into the currency in which the Auction is conducted on the day of the Auction at an exchange rate determined by RM acting in its sole discretion.
11. SELLER’S COMMISSION AND EXPENSES
11.1 RM shall be entitled to deduct from the Hammer Price and retain an amount equal to 10% of the Hammer Price or such other sum agreed by RM in writing (“Seller’s Commission”), plus VAT or any other applicable sales tax on the Seller’s Commission, together with Expenses and any other sums due from the Seller to RM.
11.2 The Seller acknowledges RM’s right to retain the Buyer’s Premium payable by the Buyer.
12. PHOTOGRAPHY AND ILLUSTRATIONS
The Seller permits RM to photograph and make illustrations of any Lot and to use at RM’s discretion any photograph or illustration of or in respect of a Lot supplied by the Seller whether or not in conjunction with the Auction. The copyright for all photographs taken and illustrations made of any Lot by or on behalf of RM shall be the absolute property of RM.
13. RM’S ESTIMATES AND DESCRIPTIONS
13.1 RM gives no warranty or representation as to the anticipated or likely selling price of any Lot. Any estimate given by RM, whether written or oral and whether or not printed in any Catalogue, as to the estimated selling price of any Lot is a statement of opinion only and may be subject to revision from time to time at RM’s sole discretion and should not be relied upon as an indication of the actual selling price.
13.2 RM shall not be liable to the Seller for any error or misstatement in or omission from the description of any Lot in any Catalogue where RM has:
13.2.1 been provided with such description by the Seller or any person on his behalf; or
13.2.2 provided the Seller with a copy of such description prior to publication of the Catalogue and neither the Seller nor any person on his behalf has notified RM in writing within 7 days of provision of such description of any error or misstatement in or omission from the description.
13.3 RM has no duty to the Seller or Buyer to investigate the accuracy of the description of any Lot provided by or on behalf of the Seller.
14. UNSOLD LOTS
14.1 It is the Seller’s responsibility to check if a Lot has been sold.
14.2 Where any Lot fails to sell, RM will have the sole and exclusive right to sell the Lot by private treaty within 45 days of the Auction.
14.3 If RM sells the Lot by private treaty pursuant to Condition 14.2 RM shall account to the Seller for a sum being not less than the sum due to the Seller as if the Lot had been sold for the Reserve.
14.4 Any sale by private treaty shall be subject to the Conditions and to Seller’s Commission and Expenses as if it had been sold by auction.
14.5 RM shall have the right to exercise a charge or lien on the unsold Lot, or any other property belonging to the Seller in the possession of RM for any purpose, and to apply any money due or to become due to the Seller in or towards settlement of any sum due at any time to RM from the Seller.
15. RISK OF LOSS
15.1 The Lot shall at all times remain at the risk of the Seller until the Lot is knocked down by the Auctioneer to the Buyer at which time risk of the Lot passes from the Seller to the Buyer under these Conditions.
15.2 Subject to Condition 4.1 the Seller shall indemnify and keep indemnified RM against all liabilities, costs, expenses, damages and losses suffered or incurred by RM in connection with any claim made against RM in respect of:
15.2.1 loss or damage to or destruction of a Lot; or
15.2.2 injury, loss or damage caused by the Seller’s negligence or any breach of these Conditions by the Seller (including any breach of the Seller warranties contained at Condition 8.1).
16. PAYMENT OF SALE PROCEEDS
16.1 RM shall pay the Sale Proceeds to the Seller within 28 days of the Auction provided that the Purchase Price has been received in full by RM. Unless an alternative method of payment has been agreed by RM in writing, payment shall be made by wire transfer. In the event of an unsettled hire purchase, finance agreement or any other charge or lien affecting the Lot, RM reserves the right to settle the amount due of such charges not exceeding the Sale Proceeds and if the Sale Proceeds are less than the charges outstanding the Seller will be responsible for the settlement of the balance forthwith.
16.2 If the Purchase Price has not been received in full by RM within the time specified in Condition 16.1 RM will pay the Sale Proceeds to the Seller within 7 days of the date on which the Purchase Price is received in full and clear funds from the Buyer.
16.3 In respect of road registered vehicles, RM reserves the right not to remit the Sale Proceeds to the Seller unless the Seller has deposited with RM the title or vehicle registration certificate relevant and appropriate to the country of origin of the Motor Vehicle, along with proof of EU taxes paid (where relevant) and any other documentation relating to the Motor Vehicle in the Seller’s possession or control which he agreed with RM to supply.
16.4 If the Buyer fails to pay the Purchase Price within 28 days of the Auction, RM will notify the Seller who may instruct RM as to the appropriate course of action. RM may assist the Seller with such instructions but RM shall be under no obligation to do so and shall not be under any obligation to institute proceedings in its own name or take any action which could adversely affect the goodwill of RM.
16.5 In the absence of any written instructions from the Seller to RM within 7 days of RM having notified the Seller under Condition 16.4 RM shall be entitled to do any of the following:
16.5.1 agree terms for the payment of the Purchase Price;
16.5.2 remove, store and insure the Lot;
16.5.3 settle claims and/or proceedings made by or against the Buyer on such terms as RM shall at its absolute discretion think fit;
16.5.4 take such steps as RM shall, at its absolute discretion, consider necessary to collect the monies due from the Buyer;
16.5.5 where appropriate, to rescind or declare void the sale and refund any monies to the Buyer;
16.5.6 to offer the Lot for re-sale by auction or private treaty, with or without reserve;
16.5.7 where appropriate, to rescind or declare void the contract with the Buyer and to purchase the Lot itself. If it does so, ownership of the Lot shall pass to RM on its election and RM shall remit the Purchase Price to the Seller within 14 days of its election less the Seller’s Commission and Expenses or sums due to RM which would have been payable had the contract not been rescinded; and
16.5.8 to appoint a solicitor and/or other agent to pursue any of the courses of action referred to in this Condition 16.5 and the Seller authorizes RM to take any of the courses referred to in this Condition, including the issue and prosecution of proceedings on the Seller’s behalf.
16.6 Any monies recovered by and paid to RM in consequence of RM taking one or more of the steps referred to in Condition 16.5 shall be applied to the payment of:
16.6.1 legal or other costs incurred by RM in connection with such steps; and then
16.6.2 Expenses; and then
16.6.3 the Buyer’s Premium and the Seller’s Commission on the sale of the Lot and then;
16.6.4 any balance remaining shall be paid by RM to the Seller (or, if appropriate, the Buyer). If there shall be a shortfall any such shortfall shall be made good by the Seller to RM on demand.
16.7 If within 7 days of receipt of the notice referred to in Condition 16.5 the Seller informs RM that he wishes to take re-delivery of the Lot, he shall be entitled to do so but only upon prior payment of all Expenses and all legal and other costs reasonably incurred by RM so as to keep RM fully recompensed.
17. WITHDRAWAL OF LOTS
17.1 The Seller may not withdraw the Lot from the Auction. If RM is unable to sell the Lot at the Auction due to action or interference by the Seller or for the reasons set out in Condition 17.2 the Seller shall be liable to pay RM 22% of the estimated value of the Lot (such amount representing a genuine pre-estimate of RM’s loss) plus VAT and Expenses thereon. The estimated value shall be the highest value estimated in the Catalogue (or draft Catalogue if not yet published).
17.2 If RM has reasonable cause for believing that either the Seller is in breach of any one or more of the warranties set out in Condition 7 or RM and/or the Seller may be restrained by order of any Court or other competent authority from selling the Lot, RM may, by giving notice in writing to the Seller, decline to sell the Lot and Condition 17.1 shall apply.
17.3 The Seller shall indemnify and keep indemnified RM against all liabilities, costs, expenses, damages and losses reasonably incurred by it in investigating any claim concerning the ownership of a Lot and/or the Seller’s right to sell the Lot, the accuracy of the description of the Lot contained or to be contained in the Catalogue or in defending any claim relating thereto and RM shall be entitled to set-off the amount of such costs from any payment due to be made to the Seller in accordance with Condition 16.
18. REMOVAL AND STORAGE OF UNSOLD LOTS
18.1 Immediately following the Auction, any unsold lots shall be removed to a storage facility at the Seller’s expense by a transport company designated by RM. The fee for this removal is compulsory and shall be outlined in the Catalogue.
18.2 It is the Seller’s responsibility to arrange for collection and transport of the unsold Lot from the storage facility within the period of 48 hours after the Auction. Failure to remove any unsold Lot within this time will entitle RM to charge the Seller any storage, insurance and other Expenses in accordance with the relevant section of the Catalogue.
18.3 Without prejudice to Condition 14.2, if within 30 days after the Auction the Seller fails to give instructions to RM regarding the disposal of the Lot, RM shall have the exclusive right to sell the Lot by (i) private treaty and to deduct from the sale price any sums owing to RM or (ii) auction without Reserve and to deduct from the Hammer Price any sums owing to RM.
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