The activities at our auction events, including the sale of items and your interactions with us, are regulated by the Offer Terms (primarily relevant to sellers), the Sale Terms (primarily relevant to bidders and purchasers), and any notices exhibited in the auction room or announced by us during the auction. Collectively, these are referred to as the "Terms". The Offer Terms and Sale Terms can be obtained at our auction room upon request.
Please ensure you familiarise yourself with these Sale Terms. If you register to bid and/or participate in the bidding at the auction, it is taken as your agreement to the Sale terms and your commitment to adhere to them. Please note that the Sale Terms apply to auctions held at our premises only, separate terms are in place for online-only auctions.
A: To simplify the Sale Terms, we have assigned specific meanings to certain words:
“Auctioneer” refers to Lords Plaza Ltd (trading as Lords Auctions), a company registered in England and Wales with registration number 14829109, or its authorised auctioneer, as appropriate.
"Bidder" refers to an individual participating in the auction bidding, while "Buyer" denotes the individual who places the highest accepted bid for a Lot.
"Deliberate Forgery" is defined as an imitation made with the intent to deceive regarding its authorship, origin, date, age, period, culture or source.
"Hammer Price" refers to the highest bid for a Lot accepted by the Auctioneer.
"Lot(s)" are the items we offer for sale at our auctions.
"Offer Terms" are the terms under which we agree to offer Lots for sale in our auctions on behalf of Sellers.
"Premium" is the fee we charge on your purchase of a Lot, calculated as per Clause 4.
"Reserve" is the minimum selling price for a Lot.
"Sale Proceeds" is the net amount due to the Seller.
"Sale Terms" are the terms of sale, subject to amendments or updates.
"Seller" refers to individuals who offer Lots for sale at our auctions.
"Total Amount Due" is the sum of the Hammer Price for a Lot, the Premium, any applicable artist’s resale right royalty, any VAT due, and any additional charges payable by a defaulting buyer under the Sale Terms.
"Trader" is a Seller acting for purposes relating to their trade, business, craft or profession.
"VAT" is any value added tax or equivalent sales tax.
"Website" refers to our website at www.lordsauctions.com
In the Sale Terms, "you" and "yours" refer to you as the Buyer, while "we" and "us" refer to the Auctioneer. Any reference to a "Clause" is to a clause of the Sale Terms unless stated otherwise.
B: Information we are required to give to our customers
Please refer to our auction catalogues for a description of the main characteristics of each Lot, our contact details, the price of the Goods, arrangements for payment, arrangements for collection of the Goods, and your right to return a Lot and receive a refund if the Lot is a Deliberate Forgery.
If you have any complaints, please direct them to us at the address provided on our website.
C: Bidding protocol and the Buyer
C.1 Before bidding, you must register your details with us and provide proof of identity and billing information in a form acceptable to us. You must also satisfy any security arrangements we have in place before entering the auction room to view or bid.
C.2 We highly recommend that you attend the auction in person. You are responsible for your decision to bid for a particular Lot. If you bid on a Lot, we assume that you have carefully inspected the Lot and are satisfied with its condition.
C.3 If you instruct us in writing, we may execute commission bids on your behalf. We or our employees or agents will not be responsible for any failure to execute your commission bid, unless our failure to do so is unreasonable.
C.4 The Bidder placing the highest bid for a Lot accepted by the Auctioneer will be the Buyer at the Hammer Price. Any dispute about a bid will be settled at our discretion.
C.5 Bidders will be deemed to act as principals, even if the Bidder is acting as an agent for a third party.
C.6 We may bid on Lots on behalf of the Seller up to one bid below the Reserve.
C.7 We may refuse to accept any bid if it is reasonable for us to do so.
C.8 Bidding increments will be at our sole discretion.
D: Purchase Price
As a Buyer, you will pay the Hammer Price, a premium of 20% inclusive of VAT of the Hammer Price, any artist’s resale right royalty payable on the sale of the Lot, and any VAT due.
E: VAT
E.1 You shall be liable for the payment of any VAT as applicable in Clause D.
E.2 We will charge VAT at the current rate at the date of the auction.
F: Contract between Bidder and Seller
F.1 The contract for the purchase of the Lot between you and the Seller will be formed when the hammer falls accepting the highest bid for the Lot at the auction.
G: Payment
Immediately following your successful bid on a Lot you will provide us with proof of identity and pay us the Total Amount Due by bank transfer, card payments in person only or in cash. If you owe us any money, we may use any payment made by you to repay these debts.
H: Acquisition and Collection of Purchased Items
H.1 Upon full payment of the Total Amount due for any Lot, the ownership of the said Lot will be transferred to you. The Lot can only be claimed or collected once it has been paid for in full.
H.2 It is your responsibility to collect any Lots you have purchased and paid for at your own expense, either:
H.2.1 within two business days following the auction day; or
H.2.2 within two business days following the date we have received payment of the Total Amount Due in cleared funds, if later.
H.3 Failure to collect the Lot within the stipulated time period will result in you being liable for any reasonable removal, storage and insurance charges related to that Lot.
H.4 The risk of loss or damage to the Lot will be transferred to you when you (or your agents) take physical possession of the Lot.
H.5 If the Lot that you have paid for is not collected within 30 days after the auction, we reserve the right to sell the Lot. The proceeds from such a sale will be paid to you, after deducting any storage charges or other costs we have incurred in the storage and sale of the Lot. We also reserve the right to charge you a selling fee.
I: Consequences of Non-payment or Failure to Collect Purchases
I.1 Bidding on a Lot implies an intention to purchase it. If your bid is successful, the Sale Terms will apply to you, obligating you to fulfil the responsibilities outlined in the Sale Terms. Non-compliance with the Sale Terms may result in us (acting on behalf of the Seller and ourselves) taking one or more of the following actions:
I.1.1 Pursue legal action against you for breach of contract;
I.1.2 Reverse the sale of the Lot to you and/or any other Lots sold by us to you;
I.1.3 Resell the Lot by auction or private treaty (you will be liable to pay any difference between the price you should have paid for the Lot and the price we sell it for, as well as the charges outlined in Clause 8.5). Please note that if we sell the Lot for a higher amount than your winning bid, the extra money will belong to the Seller;
I.1.4 Remove, store and insure the Lot at your expense;
I.1.5 If payment is not received within five business days of your successful bid, we may charge interest at a rate not exceeding 2% per month on the total amount due;
I.1.6 Retain that Lot or any other Lot sold to you until the Total Amount Due is paid;
I.1.7 Reject or ignore bids from you or your agent at future auctions or impose conditions before we accept bids from you; and/or
I.1.8 If we sell any Lots for you, we use the money made on these Lots to repay any amount you owe us.
I.2 We will act reasonably when exercising our rights under Clause I.1. We will contact you before exercising these rights and try to work with you to correct any non-compliance by you with the Terms.
J: We reserve the right to change the Terms at any time
