Loddon Auctions Ltd

  The collectables specialist 

Terms, Conditions and Payment


Terms & Conditions

Conditions of Business for Buyers and Sellers


Buyers

The contractual relationship of Loddon Auctions Ltd and Sellers with prospective Buyers is governed by these conditions and any additional conditions either printed in the sale catalogue or announced by the Auctioneer before a sale.

As auctioneer, Loddon Auctions Ltd acts as agent for the Seller. Occasionally, Loddon Auctions Ltd may own or have a financial interest in a lot.



Definitions

Bidder   is any person making, attempting or considering making a bid, including Buyers
Buyer    is the person who makes the highest bid or offer accepted by the auctioneer Including a Buyer’s principal when bidding as agent  
Seller    is the person offering the lot for sale, including their agent or executors
LA         means Loddon Auctions Ltd, registered at Victoria House, 26 Queen Victoria Street, Reading, RG1 1TG, company number 8284677
Buyer's Expenses      are any costs due to Loddon Auctions Ltd from the Buyer
Buyer's Premium       is the commission payable by the Buyer on the Hammer Price at the rates set out in the catalogue, currently 19% +VAT
Hammer Price           is the highest bid for the Property accepted by the auctioneer at the auction or the post auction sale price
Purchase Price          is the Hammer Price plus applicable Buyer's Premium and Buyer's Expenses
Reserve Price            where applicable is the minimum Hammer Price at which the Seller has agreed to sell a lot


Viewing of Lots

Each lot is available for examination before each live sale. Bidders are responsible for carrying out examinations and research before the sale to satisfy themselves over the condition of lots and accuracy of descriptions.

All oral and/or written information provided to bidders relating to lots, including descriptions in the catalogue, condition reports or elsewhere are statements of Loddon Auctions Ltd opinion and not representations of fact. Estimates may not be relied on as a prediction of the selling price or value of the lot and may be revised from time to time at LA’s absolute discretion.



Bidding at Auction

LA has absolute discretion to refuse admission to the auction. Before the sale starts Bidders must complete a Registration Form and supply such information and references as LA requires. Bidders are personally liable for their bid and are jointly and severally liable with their principal, if bidding as agent. LA must consent to an agent arrangement.



Conduct of the Auction

The Auctioneer has discretion to refuse bids, withdraw or re-offer lots for sale (including after the fall of the hammer) in the event of an error or dispute where this is deemed necessary. Subject to this discretion the contract between the Buyer and the Seller is concluded on the striking of the auctioneer’s hammer.

The Auctioneer will commence and advance bidding in appropriate increments up to the reserve price where applicable.



Payment

Payment is due immediately after the auction unless agreed otherwise in advance.

Title will not pass to the Buyer until LA has received the purchase price in cleared funds. LA will generally not release a lot to a Buyer before payment, however earlier release shall not affect passing of title or the Buyer’s obligation to pay the Purchase price.

All packing and handling of goods is at the Buyer’s risk and LA will not be liable for any acts or omissions of any companies involved in this process.



Remedies for non-payment

These may be exercised if payment is not received within 5 working days of the auction:

  • Charge for storage
  • Cancel the sale of the lot
  • Set-off any amounts owed to the Buyer by LA against any amounts owed to LA by the buyer of the lot
  • Reject future bids from the buyer
  • Charge interest
  • Re-sell the lot by auction or privately
  • Commence legal proceedings
  • Disclose the Buyer’s details to the seller to enable the Seller to commence legal proceedings


Remedies for non-collection

These may be exercised if the Buyer pays the purchase price but fails to collect within 10 working days of the auction:

  • Charge a handling and storage fee
  • Pack and post the item at the Buyer’s expense and at the Buyer’s risk



Sellers


Seller    is the owner of the property, their agent or executors or the person in possession of the property


Seller's Commission     is the commission LA charges sellers of property, currently 15% + VAT. With effect from 01/03/2017 vendors will also pay £2 plus VAT per lot contribution towards internet sales and associated administration costs


Expenses     are related to the property and can include illustration fees, admin fees, packing costs, searches & enquiries


Hammer Price     is the highest bid for the Property accepted by the auctioneer at the auction or the post auction sale price. Loddon Auctions Ltd offers an online bidding service via the-saleroom.com for bidders who cannot attend the sale. In completing the bidder registration on www.the-saleroom.com and providing your credit card details and unless alternative arrangements are agreed with Loddon Auctions Ltd you authorise Loddon Auctions Ltd, if they so wish, to charge the credit card given in part or full payment including all fees, for items successfully purchased in the auction via the saleroom.com and you confirm that you are authorised to provide these credit card details to Loddon Auctions Ltd through www.the-saleroom.com and agree that Loddon Auctions Ltd are entitled to ship the goods to the card holder name and card holder address provided in fulfilment of the sale. Please note that any lots purchased via the-saleroom.com live auction service will be subject to an additional 4.95% commission charge plus VAT at the rate imposed on the hammer price. 


Reserve Price     where applicable is the minimum hammer price at which the Seller has agreed to sell a lot


Seller's Warranties    the seller is the owner of the property and authorised to sell it and shall transfer possession and good title in the property to the buyer free from any third party claims, and has provided all relevant information about ownership, condition, authenticity, attribution, & provenance.  The seller will indemnify LA ,its  director and employees, against all losses or damages resulting from a breach of any of these warranties. 


Withdrawal of Property     if the seller withdraws any property after agreeing to sell it then LA may charge the seller an amount equal to the sellers commission and buyers premium and any expenses incurred based on the mid-estimate detailed in the catalogue


Payment of net sale proceeds    these will be paid subject to cleared funds from the buyer within 28 working days of the date of the sale 



Sale preparation

LA shall have discretion as to how the property is described, illustrated and marketed and the date, venue and conduct of the sale and this includes publishing of images and marketing and will retain copyright of any images it produces.

Sellers are prohibited from bidding on their own property and will be charged a withdrawal fee if a property is withdrawn after there has been an agreement to sell.



Loss or damage to property

LA will assume risk or loss or damage to the Property received from the Seller until risk passes to the Buyer or if unsold until it is released to the Seller,



Data protection

LA will use information supplied by Sellers or otherwise obtained lawfully by LA for the provision of auction related services, client administration, marketing, and as otherwise required by law.

By agreeing to these conditions the bidder agrees to the processing of their personal information and to the disclosure of such information to third parties to enable the provision of services as outlined above.



Loddon Auctions Ltd 07/06/2021