Buyer Terms and Conditions
Definitions:
1.1 "Auctioneer" includes and means the person authorised as agent to conduct a sale and his, her, its or their employees or agents in any way assisting in the auction or the recording of it.
1.2 "Bidder" means any Person (whether present or not) and his, her or its agent or employee placing or making bids or leading the auctioneer to believe that person, agent or employee is making bids. The bidder shall be deemed a principal and personally liable to complete any purchase including for absentee bids.
1.3 "Lot(s)" means the Property for sale by way of Auction at any one time.
1.4 "Person" means any company, firm or legally recognized body whether incorporated or not.
1.5 "Property" means the goods, items, chattels, land, estates or interests being auctioned.
1.6 "Purchaser" means the person to whom the Property is knocked down by the auctioneer in an at that time uncontested auction.
1.7 "Vendor" means the person placing the property with the auctioneer for sale and includes such a person's actual or purported agents or employees.
2 Registration: All Purchaser's must register with the Auctioneer prior to bidding by completing a registration card with their correct details and particulars.
3 Bidding: The highest Bidder shall become the Purchaser subject to the Auctioneer having the right to refuse any bid or resolve any dispute by putting such Lot up for immediate resale, and the Auctioneers declaration shall be conclusive. The Auctioneer alone may fix the amount of a bid or permit it to be withdrawn. The Auctioneer will resolve any dispute about the bidding, whether at or after the auction. The Auctioneer may combine or divide Lots. A bid authorises the Auctioneer to note the auction sheet and, where writing is required, to execute the contract at that bid on behalf of the bidder and authorises the charge of any buyer's premium referred to in clause 8.
4 Payment: Unless arranged otherwise in writing with the Vendor and Auctioneer, the terms of sale are cash on the fall of the hammer for all Property except real estate, and subject to Watsons Payment Conditions.
5 Reserves / Vendor Bidding: If the Auctioneer has stated whether in relation to the particular Lot, that the auction is subject to a reserve price and/or that the Vendor reserves the right to bid, the Vendor may personally or through the Auctioneer bid as often as desired. Where the highest bid is below the vendor's reserve, the Auctioneer may state the sale is subject to the Vendor's consent or words to that effect, and the highest bid shall remain valid until either accepted or rejected by the Auctioneer.
6 Attribution: Where any Property has been attributed to a particular artist it shall be clearly stated as being "attributed" in the auction guide, catalogue, or at the auction. The Auctioneer accepts no liability whatsoever in respect of erroneous or false attribution.
7 Vendor Warranty: Unless specifically stated otherwise in relation to identified Property the Vendor warrants only:
(a) That the title in the property sold will pass to the purchaser only upon the purchaser completing payment in full by cash, cleared cheque, or cleared electronic bank transfer.
(b) That there are or will be no security interests, liens, or encumbrances on the Property not advised in particulars of sale or by the Auctioneer before entering upon the auction.
8 Buyers Premium: Where announced or notified before the auction that there is a buyer's premium and the amount of or the method of calculating it, the Purchaser is to pay, upon the fall of the hammer, the amount or rate announced plus GST.
9 Delivery: All Property sold shall be removed on the day of the auction, subject to payment in full as required or as otherwise provided in the particulars or announced. If not removed the Auctioneer may charge a reasonable sum for warehousing Property, but will not be liable to the Purchaser for them in any respect.
10 Default: If the Purchaser fails to pay the purchase price or collect the Property as required, the Auctioneer may elect to resell the Property in any manner without notice to the Purchaser who will be liable for any deficiency in price (after allowing all commissions or expenses of resale whether of the Auctioneer, Vendor or others), the buyer's premium and liquidated damages of one and a half times the standard overdraft interest rate being charged by the Auctioneer's bank at the time of sale (as conclusively certified by the apparent manager of the bank) or may sue for the price, liquidated damages as calculated above and solicitor and client costs for pursuing the Purchaser, whether or not cancelling the contract. In the event of there being any surplus following resale it will belong to the Vendor. The Purchaser may not recover more than actually paid by the Purchaser.
11 Storage: In the event of any Purchaser's default, the Auctioneer shall be entitled to store any Property at the expense of the Purchaser in its own store or elsewhere, to charge interest on the purchase price at a rate of 5% per month, and to retain possession of any other Property the Purchaser has purchased until such time as all charges then owing have been met by the Purchaser.
12 Provenance: If provenance of Property is warranted it shall be clearly stated in the auction guide, catalogue or at the auction by the Auctioneer. A Purchaser may within 14 days of the auction prove to the satisfaction of the Auctioneer that the property is a forgery, whereupon the Vendor will repay the purchase price or deposit, as the case may be, in full, subject to the return of the Property in good condition.
13 Antiquities / Firearms: Purchaser's who purchase an item classified by the Antiquities Act 1975 or the Arms Act 1958 may not take possession until they have produced a valid licence under the requisite Act.
14 Auctioneers Liability: The Auctioneer will not be liable to the bidder or Purchaser for:
(a) Except for any statement or warranty by the Auctioneer personally, otherwise all Lots are sold as viewed with all errors, misdescriptions, faults and imperfections whether visible or not;
(b) Any warranty of title or freedom from encumbrances;
(c) Any misdescription or errors in condition, state, size, quality or quantity or for any other error whatsoever;
(d) Any Vendor bidding without the Auctioneer's knowledge; or
(e) Any failure to bid for a bidder.
The Auctioneer will not be liable to the Vendor:
(f) Directly or by indemnity for any of the matters referred to in clause 14, except where the breach, or other wrong, was deliberate and without authority from or assistance by the Vendor; or
(g) For any failure to collect the price or deposit from the Purchaser as the case may be.
15 Risk: The Auctioneer will not guarantee the safety of any Property or documents of provenance warehoused following sale, but undertakes to the Purchaser alone that the Auctioneer's premises are reasonably secure (but not measured in relation to the Property held) and to hold bailee's insurance.
16 Monies Received: All moneys received by the Auctioneer will be held in trust for the credit of the Vendor, but the Auctioneer may deduct fees (whether the liability of the Vendor or Purchaser), expenses and any moneys necessary to perfect title to the Purchaser or to ensure compliance by the Vendor of any other warranty or undertaking to the Purchaser.
17 Licence: The Auctioneer warrants to all persons that the Auctioneer is the holder of a current Auctioneers Licence pursuant to the Auctioneers Act 1928.
18 Vendor Warranties: The Vendor has warranted to the Auctioneer that they have the power to sell the Property and that at the time of delivery the Property shall be free of all encumbrances.
19 Watson's Payment Conditions:
(a) Credit cards accepted are Visa and MasterCard; they will attract a 2.5% charge on top of the Hammer price plus buyer's premium. A buyer's premium at the stated rate + GST is applicable to all Lots sold.
(b) Watson's are happy to give condition reports on specific Lots to the best of our ability, but they are only given as a guide not as a statement of fact refer clause 18(a).
(c) All Lots are to be taken away at the buyer's expense within TWO days from the date of sale.
