Keys Fine Art Auctioneers is a trading name of Keys Auctioneers Limited whose registered office is: 2 Prince of Wales Road, Norwich NR1 1LB.
1. Insurance Unless otherwise instructed, Keys Auctioneers Ltd will insure property consigned to it or put under its control for sale and may, at its discretion, insure property put under its control for any other purpose. Keys Auctioneers Ltd, will insure for the amount estimated by Keys Auctioneers Ltd, from time to time, the current value of the property at auction and will subsist until whichever is the earlier or ownership of the property passing from the seller, or the seller or consignor becoming bound to collect the property. In no event will we be liable for damage to glass.
2 (a) The Seller warrants to Keys Auctioneers Ltd and to the Buyer that he is, and will be able to transfer, good and marketable title to the Goods free from all liens and encumbrances and Keys Auctioneers Ltd reserve the right to diligently enquire if they think fit, or if they are required by legal Statute, to satisfy themselves of this title.
2 (b) The Seller shall indemnify Keys Auctioneers Ltd, its employees and agents and the Buyer against all claims made or proceedings brought by persons entitled or purporting to be entitled to the Goods and shall reimburse Keys Auctioneers Ltd on demand for all payments, costs, expenses or any other loss or damage whatsoever made, incurred or suffered as a result of any breach by the Seller of (a) above.
3. The Auctioneers, reserve the right to refuse any entries they, or their staff, consider not up to the standard for a specific sale. The Auctioneers also reserve the right to sell items not considered suitable for a specialised auction in the Weekly Furniture Sale, likewise items remaining unsold from the specialised sales may be transferred to the Weekly Furniture Sale, unless otherwise instructed. All entries should be delivered at least 28 days prior to sale for specialised sales and for weekly auctions please enquire before delivery.
4. The Auctioneers reserve the right to use their discretion in cataloguing the entries for sale.
5. Reserves. The seller shall be entitled to place prior to the auction a reserve on any lot, being the minimum ‘hammer price’ at which that lot may be treated as sold. The minimum accepted Reserve is £30 (£100 in our Picture Sales), with a 10% Auctioneers Discretion. All reserves must be confirmed in writing 24 hours before commencement of sale.
6. Reserves given by telephone are accepted only at the Vendor’s risk and must be confirmed in writing prior to commencement of the sale.
7. Any unsold items which are subject to a reserve price will be forwarded to a second Sale, where the original reserve will be reduced by 20%. Lots remaining unsold will be entered into a third, or subsequent Sales will be SOLD WITHOUT RESERVE unless the Vendor gives specific instructions, which must be in writing. At our weekly auctions where items receive no bids the Auctioneers reserve the right to dispose of these lots at their discretion, unless specifically instructed NOT to do so.
8. The Seller shall not bid for his property nor employ any person to bid for him and Keys Auctioneers Ltd alone shall have the right to bid on behalf of the Seller up to the amount of the reserve or guide price.
9. Auctioneer Charges Sliding Scale as follows: 15% on all individual lots £1-£1,000 12.5% on all individual lots of £1,001 – £5,000, 10% on all individual lots of £5,001 or over. Entry/Lotting Fee of £2.00 per Lot, per Sale. All charges are subject to VAT at the current rate. For supplementary charges please refer to Conditions 18 & 21 below.
10. Commission and Expenses The Seller authorises Keys Auctioneers Ltd to deduct commission at the agreed Rates and Expenses from the Hammer Price and notwithstanding that Keys Auctioneers Ltd is his agent, acknowledge that Keys Auctioneers Ltd may retain the premium payable by the Buyer.
11. Misrepresentation Act 1967 Vendors should note that this Act may in some circumstances make a Vendor liable to a Purchaser in respect of disputed catalogue descriptions even though they have been made innocently and in good faith.
12. Payments Vendors will normally receive proceeds of sale 14 working days after. However, where individual consigned Lots have sold for £500, or above Keys Auctioneers Ltd reserve the right to hold payment until we have been paid by the purchaser. We also reserve the right to rescind a sale, it if is clear that having pursued all the usual channels Keys Auctioneers Ltd are unlikely to receive payment on any Lot. In such circumstances, the Lot(s) involved will be reoffered in a later Sale with the same reserve (if applicable).
13. The Auctioneers may have to by Government Finance Acts to declare to HM Inspector of Taxes the name and address of a Vendor where any individual lot exceeds £6,000.
14. Rescission of the Sale If before the proceeds of the sale have been paid to the Seller Keys Auctioneers Ltd receives notice from the Buyer that, in the buyers view the sale should be rescinded and Keys Auctioneers Ltd agrees with that view, Keys Auctioneers Ltd will rescind the sale and refund to the Buyer any amount paid to Keys Auctioneers Ltd in respect of the lot, and if such notice is received after payment of the proceeds of this sale the Seller will on notice reimburse Keys Auctioneers Ltd to the full amount of the sum refunded to the Buyer.
15. V.A.T. Would registered Vendors please note that they are responsible for any V.A.T. due to Customs and Excise, and in some cases on a self billing invoice.
16. Vendors should note that cheques will not be sent for accounts due to them under £20, unless they are prepared to pay the costs involved. The Auctioneers also reserve the right to dispose of any items, as per clause 7 of these conditions.
17. If a collection has been arranged through our Transport Department, those charges will be deducted prior to payment at the appropriate rate.
18. Electrical Items Values of all electrical items are based on the assumption they will pass our safety test prior to the auction, also that they are in working order, as the buyer has a 48 hour ‘Guarantee’ to rescind the sale if the item is not in a working state. The electrical item must have the current B.S. flex and sleeved plug attached to it at time of sale. (There are a few exceptions to the above, namely, if in the Auctioneers opinion the item can be classified as of a collectable nature). The Electrical Testing Fee is currently £3 per item.
19. Fire and Foam €“ (Fire Safety Regulations 1988) Any furniture which contains foam cannot be sold at auction or through retail outlet, unless it has attached the permanent label stating that it is fire resistant as per the 1988 regulations. Furniture made before 1950 is normally exempt from the Regulations.
20. Charges for Withdrawn Lots Where a seller cancels instructions for sale, Keys Auctioneers Ltd reserve the right to charge a fee of 10% of Keys Auctioneers Ltd’s latest estimate or middle estimate of the auction price of the property withdrawn, together with V.A.T thereon and ‘expenses’ incurred in relation to the property.
21. Rights to Photographs and Illustrations The Seller gives Keys Auctioneers Ltd full and absolute right to photograph and illustrate any lot placed in his hands for sale and to use such photographs and illustrations provided by the seller at any time at their absolute discretion (whether or not in connection with the auction). A fee of £10 + VAT per Lot will be charged for colour illustrations in our €œSelected Quality Picture€ and €œEast Anglian Art€ Catalogues.
22. Private Sales If any lot fails to reach its reserve and is bought-in for your account, you authorise us, as your exclusive agent, for a period of sixty days following the auction to sell the lot privately for a price that will result in a payment to you of not less than the net amount (after our commissions and expenses) to which you would have been entitled had the lot been sold at a price equal to the agreed reserve. In such event, your obligations to us hereunder with respect to such lots are the same as if it had been sold at auction.
23. These Conditions shall be governed by and constructed in accordance with English law. All transactions to which these Conditions apply and all matters connected therewith shall also be governed by English law. Keys Auctioneers Ltd 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.
24. Valuations for Probate, Insurance, Family Division or Matrimonial purposes of chattels, residential and commercial property etc can be undertaken at fees agreed prior to commencement.