Conditions of Sale
Terms & Conditions
TERMS AND CONDITIONS OF SALE
Welcome to Ted Owen@Co. Please take care and time to read the Terms and Conditions very carefully as they form a legally binding contract between the Seller and Ted Owen&Co will not accept any alterations to the below Terms and Conditions or any variation thereof unless they have been agreed in writing by Ted Owen&Co.
1. Definitions.
In these Conditions Ted Owen&Co who act as auctioneers and agents for the vendor, are called "the Auctioneers", and the representative of Ted Owen &Co conducting the auction is called "The Auctioneer".
2. General.
Whilst Ted Owen & Co make every effort to ensure the accuracy of their catalogue and the description of any lot:
(a) Each lot as set out in the catalogue or as divided or combined with any other lot or lots is sold by the vendor with all faults, imperfections and errors of descriptions.
(b) Ted Owen &Co do not accept responsibility for the authenticity, attribution, genuineness, origin, authorship, date, age, period,condition or quality of any lot, unless they have been instructed in writing by the vendor so to certify, and in such case the Auctioneers do so as agents of the vendor and are not themselves responsible for such claims.
(c) All statements, whether printed in the catalogue or made orally, as to any of the matters set out in (b) above are statements of opinion only and are not to be taken as being or implying any warranties or representations of fact by Ted Owen &Co unless they have been instructed in writing by the vendor so to certify, and in such case the Auctioneers do so as agents of the vendor and are not themselves responsible for such claims.
(d) Any claim under any Statute must be received in writing by the Auctioneer within ten days of the day of the sale.
3. Withdrawal.
(a) If the Seller should withdraw an item prior to catalogue production a withdrawal charge is levied at a flat rate of 20% of the low estimate. Withdrawal post-auction but within the consignment contract period will incur the standard 22% rate commission fee.
(b) The Seller cannot under any circumstances withdraw any lots from the auction once the catalogue has gone into production. The Catalogue is defined as either
a. An online description showing estimates.
b. A hard copy printed catalogue.
(c) The return of goods unsold during the contract period will incur a fee of £10.00 per lot. All sellers warrant that they accept this fee and that the fee must be paid within 7 days of notice from the seller to Ted Owen &Co. The seller warrants that Ted Owen &Co is entitled to retain possession of the Lot or any other lots associated with the same seller until fees are paid in full. After 21 days, the seller warrants that the Fame Bureau may sell the lots at their discretion to defray insurance costs and storage charges.
4. The Auction.
(a) The Auctioneer has absolute discretion to divide any lot, to combine any two or more lots or to withdraw any lot or lots from the sale, to refuse bids, regulate bidding or cancel the sale without in any case giving any reason or without previous notice. He may bid on behalf of the vendor for all goods which are being offered subject to reserve or at the Auctioneer's discretion.
(b) The highest bidder shall be the buyer except in the case of a dispute. If during the auction the Auctioneer considers that a dispute has arisen, he has absolute discretion to settle it or to re-offer the lot. The Auctioneer may at his sole discretion determine the advance of bidding or refuse a bid.
(c) Each lot is put up for sale subject to any reserve price placed by the vendor.
(d) All conditions, notices, descriptions, statements and other matters in the catalogue and elsewhere concerning any lot are subject to any statements modifying or affecting the same made by the Auctioneer from the rostrum prior to any bid being accepted for the lot.
5. Rescission.
Notwithstanding any other terms of these Conditions, if within ten days after the sale The Fame Bureau have received from the buyer of any lot, notice in writing, that in his view the lot is a deliberate forgery and within fourteen days after such notification the buyer returns the same to Ted Owen &Co in the same condition as at the time of sale and by producing evidence, the burden of proof to be upon the buyer, satisfies Ted Owen&Co that considered in the light of the entry in the catalogue the lot is a deliberate forgery, then the sale of the lot will be rescinded. and the purchase price of the same, refunded, not including buyers premium. The seller agrees that all costs including the sellers commission will be met by the seller and paid by the seller to The Fame Bureau in this instance. In the event of a dispute then the matter shall be settled by arbitration, both the buyer and the vendor agree to be bound by the decision.
In addition any Lot determined to be a deliberate forgery or suspected of being so by Ted Owen &Co may be withdrawn at TO& CO total discretion. The Seller warrants that any costs arising due to promotion, insurance, storage or administration of the Lot will be met by the seller in this instance.
6. Default.
Ted Owen &Co disclaim responsibility for default by either the buyer or the vendor because they act as agents for the vendor only and therefore do not payout to the vendor until payment is received from the buyer. Instructions given by telephone are accepted at the sender's risk and must be confirmed in writing forthwith.
7. Treaty Sales
In the event of a sale by private treaty both the vendor and the buyer agree to be bound by the General and any SpecialConditions of Sale.
VENDORS CONDITIONS
8. Instructions.
As Ted Owen &Co are auctioneers, all goods delivered to Ted Owen &Co premises will be deemed to be delivered for sale by auction unless otherwise stated in writing and will be catalogued and sold at Ted Owen &Co,s discretion and accepted by TO&CO subject to all the Sale Conditions. By delivering the goods to TO&CO for inclusion in their auction sales each vendor acknowledges that he or she has accepted and agreed to be bound by all these Conditions.
9. Collections.
TO&CO do not themselves usually undertake the collection of goods but will, if required in writing, instruct a contractor on the vendor's behalf in their capacity as agents. TO&CO disclaim all responsibility for loss or damage to goods or for unauthorised removal of goods and for damage to premises caused by the contractor who should be insured for such risks. Unless instructions are received to the contrary the charge for these services will be deducted from the proceeds of sale.
10. Loss or Damage.
TO&CO disclaim all responsibility for loss or damage to goods or for unauthorised removal of goods unless caused by the direct negligence of their employees.
11. Storage.
TO&CO reserve the right to store or arrange for the storage of goods delivered to them for sale either on their own premises or elsewhere at their sole discretion. They exempt themselves from any liability for loss or damage to goods delivered to their sale rooms without sufficient sale instructions and reserve the right to make a minimum storage charge at £5.00 per lot per day for such goods (unless the loss or damage is caused by the negligence of their employees).
12. Right to Sell.
(a) Vendors will be charged after seven days of notice for goods left on the premises if the vendor has been requested to remove them and if the goods are not removed within twenty one days of such request The Fame Bureau reserve the right to sell the goods to defray costs and storage charges.
(b) TO&CO reserves the exclusive right to act upon the Sellers behalf for a minimum of six weeks after the sale has concluded should the lot be unsold unless otherwise specifically stated. TO&CO also reserves the right to deduct appropriate commissions during that period.
13. Insurance.
(a) Unless otherwise instructed in writing all goods on TO &CO premises and in their custody will be held insured against the risks of fire, theft following forcible entry and water damage (but not against accidental breakage or damage), for which TO &CO will charge a premium of £1.50 per £100 (minimum lOp). The value of the goods so covered shall be the gross amount realised, or in the case of unsold lots the best bid, or in the case of goods withdrawn prior to a sale that which the specialised staff of TO &CO shall in their absolute discretion estimate to be the auction value of such goods. Those goods withdrawn prior to a sale shall incur an insurance charge at a rate of 1.5% of the valuation per week if not collected within 7 days of notice to remove.
(b)
TO& CO shall not be responsible for damage to or the loss, theft or destruction of any goods not so insured upon the owner's written instructions.
(c) TO& CO shall not be responsible for accidental breakage, loss or damage howsoever caused unless directly caused by negligence of their employees.
(d) In respect of any article delivered to TO &CO if the vendor has in force a policy or policies of insurance in which the article is specifically mentioned as being insured, whether or not for an agreed sum or value, the vendor shall notify his insurers of and shall himself note TO&CO as bailees in such policy or policies. Otherwise Insurance will be levied at 1.5% of the lower estimate or hammer price result.
14. Reserves.
(a) All goods are put up for sale WITHOUT RESERVE at the Auctioneer's discretion unless written instructions as to reserves are received by TO & CO prior to the commencement of the sale.
(b) In the event of any reserve price not being reached at auction TO &CO are empowered to sell after the auction, by private treaty, at not less than the reserve price, as long as the goods remain on TO & CO premises. In the event of such a sale by private treaty the Conditions of Sale applicable to a buyer governing the auction will apply.
15. Indemnity.
The vendor shall duly indemnify TO & CO against any claims in connection with any goods sold by TO &CO on the vendor's behalf. In the case of a rescinded sale, the vendor warrants that he is entirely responsible for the repayment of the buyers premium in addition to the hammer price.
16. Value Added Tax.
A vendor who sends for sale by auction any chattel(s) which is an asset of his business must disclose to the Auctioneer whether or not he is a registered person for Value Added Tax purposes and, if so, his registered number and whether or not he intends to operate the special scheme covering works of art, etc.
This information must be supplied to the Auctioneer on or prior to delivery of the goods.
17.
The vendor authorises the Auctioneer to deduct commission and expenses at the stated rates from the hammer price and acknowledges the Auctioneer's right to retain any premium payable by the purchaser.
18. Rights to Photographs and Illustrations.
The vendor gives TO & CO 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 provided by the vendor at any time at its absolute discretion (whether or not in connection with the auction).
BUYERS CONDITIONS
Below are the Conditions and Terms for purchasing in our Auctions. They form a legally binding agreement. Please review them carefully.
19. Registration.
(a) You are required to register with TO & CO to participate and bid in any Live / On-line Auction. This can either be on-line, via telephone or at the sale.
(b) TO&CO will issue you with a confidential password which must be quoted each time you participate in a TO&CO Sale.
20. Inspection.
Each buyer by making a bid for a lot acknowledges that he has satisfied himself fully before bidding by inspection or otherwise as to all the Sale Conditions the physical condition of and description of the lot including but not restricted to whether the lot is damaged or has been repaired or restored.
21. Property and Risk.
Legal title will not pass to the buyer until the lot(s) has been paid for in full and the Auctioneers shall be entitled to a lien on any lot sold until the purchase price is paid in full but each lot is at the sole risk of the buyer from the fall of the hammer. Each buyer shall forthwith give his full names and permanent address and if called upon to do so by the Auctioneer shall forthwith pay to The Fame Bureau such proportion of the purchase price as the Auctioneer may require. If the buyer fails to do so, the lot may at the Auctioneer's sole discretion be put up again and re-sold.
22. Proxy
Every bidder shall be deemed to act as principal unless there is in force a written acknowledgement by TO &CO that he acts as agent on behalf of a named principal.
23. Liability.
The maximum sum of TO &CO liability for any reason e.g. negligence, breach of obligation or other, shall be the successful bid price of any lot, provided that the Auction has been completed. If the auction has not been completed The Fame Bureau accepts no liability to the Buyer to the fullest extent permissible by law.
24. Delivery.
The TO &CO do not themselves usually undertake the Delivery of goods but will, if required in writing, instruct a contractor on the vendor's behalf in their capacity as agents. TO & co disclaim all responsibility for loss or damage to goods or for unauthorised removal of goods and for damage to premises caused by the contractor who should be insured for such risks. Unless instructions are received to the contrary the charge for these services will be added to the purchase price of the item.
25. Agreement in its Entirety.
It is agreed that this contract between TO & CO and the Seller shall be governed by the exclusive jurisdiction of the English courts, should any dispute occur between TO & CO and the Buyer.
26. Removal of Goods.
(a) No purchase shall be claimed or removed until it has been paid for and the sale has been concluded. All purchases shall be paid for and removed at the buyer's risk and expense by the end of the second working day after the sale, failing which the Auctioneer shall not be responsible if the same are lost, stolen, damaged or destroyed, and all lots not so removed shall remain at the risk of the buyer and subject to a minimum warehousing charge of £5.00 per lot per day. If they are not paid for and removed within seven days of the sale the Auctioneer may re-sell them by auction or privately without notice to the buyer. Any liability which there may be on the part of the Auctioneer in respect of any loss shall be restricted to a maximum of the price paid by the buyer of the lot.
(b) In the event of any failure of the buyers to comply with any of the above conditions the damages recoverable by the seller or the Auctioneers from the defaulter shall include any loss arising on any re-sale of the lot, together with the charges and expenses in respect of both sales, and together with interest at 2% above Barclays Bank PLC Base Rate upon the price of any lot which has not been paid for within 48 hours of the sale, and any money deposited in part payment shall be held by the Auctioneers on account of any liability of the defaulter to them or to the seller. The Auctioneers are unable to accept payment from successful bidders other than in cash or by the bidder's own cheque. Cheques drawn by third parties, whether in the Auctioneers' favour or requiring endorsement, cannot be accepted.
27. Rights to Photographs and Illustrations.
The buyer gives TO & CO full and absolute right to use such photographs and illustrations of lots sold at auction at any time at its absolute discretion (whether or not in connection with the auction).
Consignment for AuctionTO & CO expertise lies in its ability to bring to auction The world's greatest pieces of memorabilia and achieve the best prices. Through our extensive research and contacts we will give your items the very best platform available to achieve the prices that our customers demand.
Full set of our Terms and Conditions can be found below.
Seller's Commission
TO & CO charge a commission of 17.5% of the hammer price of each lot we sell.
Insurance
Insurance is arranged as a matter of course and charged at 1.5% of the hammer price. If you do not wish your property to be covered by our insurances, please confirm this in writing prior to consignment. All other fees such as advertising and marketing costs will be discussed and agreed with the consignor in advance, and will be detailed in your consignment receipt.
Unsold Fees
TO & CO levy a fee of £10 inc vat for lots with an agreed reserve that do not sell at auction. We reserve the right however to charge the level of unsold commission in exceptional cases.
Shipping Arrangements
Consignors must arrange for the delivery of lots to TO & CO at the consignor's risk and expense. TO & CO can supply a list of known independent packers and shippers if required.
Price Guide
TO & CO, provides a description and price guide for each lot in the auction. The guides are to aid prospective bidders and as far as possible reflect prices attained by similar items in the past.
Public Viewing
A public viewing is normally arranged prior to each auction to provide prospective bidders with the opportunity to examine any lots of interest, during which time TO & CO experts will be available to answer any questions. Public viewing dates and times will be included in the front of the catalogue, as well as being promulgated on the website. For those unable to attend public viewings, TO & CO will be pleased to provide a condition report on specific lots. Prospective buyers are reminded however that this is only a guide based on our best opinion and that each lot is sold 'as is'. If you have any questions please direct them to a member of staff at info@tedowenandco.com.
Registration
In order to bid in any TO&CO auction it is first necessary to register. The process is quick and free and is required to provide us with a suitable proof of identity to ensure that we can secure payment in accordance with our terms and conditions of business. Please note that by registering you will not be obligated to make a purchase, neither will your information be passed onto any third party or used for direct marketing purposes. In the event that you are acting for a third party we will require prior written authorization from the individual or organisation. In the absence of such authorization we will assume that you are the principal and you will be invoiced for any purchases accordingly.
Bidding options
There are five possible ways to place a bid at a TO & CO auction.
In person using a bidding card if the auction is held publicly
Through absentee bidding, using an absentee bidding form available in the catalogue and on the website.
Through an online bid placed through this website.
Through telephone bidding during the auction.
Bidding
As a general rule, bids usually increase in 10% increments. If you wish to make a bid, please raise your catalogue or bidding card clearly for the auctioneer to see. If you are the successful bidder, the auctioneer will acknowledge this and ask for or call out your bidding number. The speed of this process varies but generally we would expect to get through about 120 lots per hour.
Reserves
The Reserve is a confidential minimum sale price which will be established between the seller and TO &CO prior to the auction, below which the lot will not be sold. The reserve price will not exceed the low estimate of the lot.
Prohibition of Seller bidding
As an agent for the seller, TO &CO prohibits the seller from bidding on their own property. The auctioneer is at liberty to open the bidding on any lot, and thereafter continue bidding for the seller only up to the reserve price.
The Hammer Price and the Buyer's Commission
The Hammer Price is the highest bid at the time that the hammer falls. The buyer is required to pay a commission of 17.5% of the hammer price of each lot sold, together with any additional VAT to TO &CO Buyers purchasing through internet platforms will incur a further 3% handling charge.
Payment
Payment becomes due on the completion of the sale. TO &CO reserves the right to charge interest on all accounts that remain outstanding over 5 working days, together with storage and removal charges where appropriate.
TO &CO accepts the following methods of payment;
Cash - We are happy to accept cash but advance warning for larger amounts is appreciated.
Cheques in Sterling - All cheques must be cleared before collection of goods. A valid cheque guarantee card must support all purchases.
Bankers Draft or Building Society Cheque - These will enable you to collect your purchases immediately if accompanied by a suitable proof of identity, assuming of course that the lots are in the possession of TO &CO
Bank Transfer - TO &CO banking details are available upon request. When transferring funds, please use the invoice number as a reference. Please also note that there will be a 1% surcharge for using this payment method.
Paypal - Credit cards can be used VIA PayPal there is a handling 3% charge for this payment method.
Collection of Goods
Purchases can usually be collected during normal working hours up to one week after the auction assuming that we have received cleared funds. The collection address can be arranged through info@tedowenandco.com Please note that some lots may not be located at our offices and we will therefore need to make arrangements for collection or transportation. Any lots not collected during this period will be subject to a storage charge. If you wish for an agent or courier to collect goods on your behalf, we will only release the goods on presentation of the correct paperwork including a written authority.
Export Permits
It is important to remember that certain items may require an export permit. This can include animal based materials such as Ivory, or other products relating to endangered species. Certain goods over a certain value may also require special export licensing. Our Customer Services department can offer advice on this area, but it is the buyers responsibility to ensure that the relevant permits can be obtained.
To consign contact info@tedowenandco.com
Private Treaty Sales If you have any entertainment Memorabilia that you wish to sell TO &CO will use their extensive contact list to find the buyer at the price you want.
Valuations .TO &CO have over 30 years experience in valueing entertainment memorabilia. Rest assured that our experience will help you determine the correct current market value of your items.
Consignment for Auctions. Ted Owen & Co expertise lies in its ability to bring to auction The world's greatest pieces of memorabilia and achieve the best prices. Through our extensive research and contacts we will give your items the very best platform available to achieve the prices that our customers demand.
Full set of our Terms and Conditions can be found below.
Seller's Commission
The TO&CO charge a commission of 17.5% of the hammer price of each lot we sell.
Insurance
Insurance is arranged as a matter of course and charged at 1.5% of the hammer price. If you do not wish your property to be covered by our insurances, please confirm this in writing prior to consignment. All other fees such as advertising and marketing costs will be discussed and agreed with the consignor in advance, and will be detailed in your consignment receipt.
Unsold Fees
TO &CO a fee of £10 inc vat for lots with an agreed reserve that do not sell at auction. We reserve the right however to charge the level of unsold commission in exceptional cases.
Shipping Arrangements
Consignors must arrange for the delivery of lots to TO &CO at the consignor's risk and expense. TO &CO can supply a list of known independent packers and shippers if required.
Price Guide
TO &CO provides a description and price guide for each lot in the auction. The guides are to aid prospective bidders and as far as possible reflect prices attained by similar items in the past.
