STANDARD TERMS AND CONDITIONS FOR SELLERS BY AUCTION

These conditions set out the terms on which we Baldwin's Auctions Limited of 399 Strand, London WC2R 0LX (company no. 0348043) contract with you (the Seller). You should read these conditions carefully and sign, where indicated, on the last page.

1 DEFINITIONS

The following definitions apply in these Terms & Conditions:

Auctioneers’ Margin Scheme: A VAT margin scheme as defined by HM Revenue & Customs (HMRC).

Buyer: The person who makes the highest bid for a Lot which is accepted by the auctioneer and if the person is acting as an agent, will be a reference to their principal.

Buyer’s Premium: The additional amount payable by the Buyer on the purchase of the Lot, calculated as the relevant percentage (specified in the auction catalogue) of the Hammer Price.

Estimated Value: An amount equal to the mid-point of the estimated range of values for the Lot, or such other amount that SGA in its reasonable discretion shall consider to be the value for which a Lot should be covered by insurance (whether or not insurance is arranged by SGA).

Expert Committee: A committee of experts to whom a Lot may be sent for an extension in accordance with clause 10.

Forgery: A Lot constituting an imitation originally conceived and executed as a whole with a fraudulent intention to deceive as to authorship, origin, age, period, culture or source where the correct description as to such matters is not reflected by the description in the catalogue and which at the date of the auction had a value materially less than it would have had if it had been in accordance with the description in the catalogue. Accordingly, no Lot shall be capable of being a Forgery by reason of any damage and/or restoration work of any kind.

Hammer Price: The amount of the highest bid accepted by the auctioneer in relation to a Lot.

Lot: Any item deposited with us for sale at auction including items described against any Lot number in an auction catalogue.

Reserve: An amount below which the auctioneer will not sell a Lot as previously agreed with the seller.

SGA: Baldwin's Auctions Limited trading as Baldwin's Auctions.

VAT: Value added tax and any similar replacement or additional tax.

2. SGA’S ROLE AS AGENT

If we undertake a sale at public auction or otherwise on your behalf then we will be acting as your agent and the contract for the sale of the Lot will be between you and the Buyer.

3. COMMISSION

3.1 We shall charge you commission at a rate agreed between you and us prior to the auction. Our standard commission rate is 20%

3.2 VAT at the appropriate rate will be charged on the commission (see clause 11 below for more details). We shall also collect from the Buyer a premium (currently 20% + VAT) in addition to the Hammer Price. SGA shall be entitled to retain this premium.

4. EXPENSES

4.1 Unless otherwise agreed, you shall be responsible for all costs relating to:

a) packing and shipping the Lot to us for sale

b) any applicable transit costs

c) packing and shipping the Lot if it is returned to you

d) any applicable customs duties

e) any restoration of the Lot agreed in advance with you

f) any examination by external experts we believe necessary for catalogue description

g) any external expert opinions we believe appropriate

h) our administration costs if expenses are incurred under e), f) and g), equal to 10% of those expenses

l) any applicable VAT.

5. INSURANCE

5.1 Unless you instruct us otherwise pursuant to clause 6, we will accept liability for the period set out in clause 5.2, up to the Estimated Value or the Reserve (if agreed) for the physical loss of or damage to Lots and subject to clause 19.1 and the terms and conditions of our insurers which are available for inspection during office hours at SGA’s office and are available by post upon request. In particular you should note that subject to clause 14, we do not accept any liability for physical loss or damage caused by wear, tear, deterioration, moth or vermin; loss of market or delay no matter how occurring and any consequential losses; war and civil war; terrorism; radiation; fraudulent or otherwise invalid payments by third parties. The abovementioned terms and conditions of our insurers are deemed to be incorporated in full into these Terms and Conditions.

5.2 Our liability under clause 5.1 commences from the time of handing over the Lots to us or from the time of despatch by you or your agents to us, subject to packing and despatch being performed by professional fine art carriers acting under our instruction, and shall cease on collection of the Lots by the Buyer. If the Lots have not been sold, the Lots will be at your risk on your collection of the Lots.

5.3 Please note that the Estimated Value is not an undertaking by us that the Lot will be sold for this amount.

6. OWNER’S LIABILITY

If you instruct us not to include the Lot under our insurance cover, it will remain at your risk at all times until the Buyer has made payment in full. You will indemnify us and our employees and agents, and the Buyer (where applicable) against any claim made against us or them in respect of the Lot, however that claim may arise. You will also reimburse us and them on demand for any expenses we or they may incur as a result of such a claim, even if we or they are found to have been negligent and even where such reimbursement is required of a payment made without any legal liability being proved. You must notify your insurers of the terms of this clause.

7. YOUR UNDERTAKINGS REGARDING THE LOT

7.1 This clause sets out the basis on which we shall handle the Lot and which will govern your relationship with the Buyer. If that basis proves incorrect in any way, we and/or the Buyer may take legal action against you.

7.2 We shall handle the Lot, and the Buyer will purchase, on the basis of your undertakings that:

7.2.1 you are the sole owner of the Lot with an unrestricted right to transfer title to the Buyer free from all third party rights or claims (including copyright claims)

7.2.2 you have complied with all requirements, legal or otherwise relating to any export or import of the Lot and have notified us in writing of any failure by third parties to comply with such requirements in the past

7.2.3 you have notified us in writing of any material alterations to the Lot of which you are aware and of any concerns expressed by third parties in relation to the ownership, condition or attribution of the Lot.

7.3 If any of the above clauses 7.2.1, 7.2.2 or 7.2.3 is incorrect, you will indemnify us and the Buyer in full on demand against all claims, costs or expenses incurred by us and the Buyer as a result, whether arising in relation to the Lot or the proceeds of sale.

8. IMPORTING ITEMS FOR SALE

8.1 It is essential that all items imported for sale must be declared as such to Customs at the point of entry into the EU, and appropriate documents be obtained for presentation to us prior to the sale.

9. SALE ARRANGEMENTS

9.1 The auction will be conducted in accordance with the terms and conditions printed in the auction catalogue. You must comply with those procedures in addition to these Terms and Conditions.

9.2 We reserve the right to postpone an auction at any time. We shall endeavour to reschedule the auction within a reasonable period.

9.3 We shall have complete discretion as to the way the Lot is described and illustrated in the catalogue or any condition report; the place and manner of sale, and as to which bids should be accepted; whether expert advice should be sought, and the combination or division of goods for sale.

9.4 Any estimate given, orally or in writing, is only an expression of our opinion of the range within which we think the Hammer Price for the Lot is likely to be at auction at that moment in time. It is not an estimate of value. Any estimate should not be relied on as an indication of the actual selling price or value of a Lot.

9.5 Any estimate or opinion given by us or on our behalf will be provided using such skill and care as is reasonable having regard to:

(i) that only a visual evaluation will be carried out;

(ii) the level of expertise of our member of staff carrying out the evaluation; and

(iii) any information you provide us about the Lot. If you are selling the Lot in the course of business, we will be entitled to rely entirely upon the information or description you provide for the Lot in any estimate or opinion we give.

9.6 Except that any estimate or opinion is provided with such skill and care as stated in clause 9.5, we neither make nor agree to make any warranty, representation or guarantee in relation to any such estimate or opinion or in relation to the accuracy of anything stated in or represented by any expression of that estimate or opinion

9.7 You may not withdraw the Lot from the auction without our consent. However, we reserve the right to withdraw the Lot from the auction at any time if:

(i) we have any doubt as to its attribution or authenticity or as to the accuracy of the statements made in clause 7.2.1, 7.2.2 or 7.2.3 above or

(ii) there is any breach of these Terms and Conditions or

(iii) we believe it would be improper to include the Lot in the auction.

9.8 If you withdraw a Lot once the catalogue is published, we reserve the right to charge you a fee equal to the vendor’s commission or buyer’s premium (whichever is greater) on the Reserve. If no Reserve has been agreed at that time, the charge will be calculated according to the Estimated Value, together with any applicable VAT and storage, handling and administrative charges and other expenses as set out in clause 4.

10. EXTENSIONS – STAMPS ONLY

10.1 Prospective buyers may wish to obtain an expert opinion on stamps being sold on your behalf. This is known as an extension. If a request for an extension is accepted by SGA the Lot will be sent to an Expert Committee.

10.2 You should be aware that the length of time to reach an opinion by an Expert Committee is variable. Please note that until a decision has been reached by the Expert Committee and SGA has been advised in writing of such decision and the stamps have been returned to SGA by the Expert Committee, no payment will be made to you in respect of the sale of such stamps. If the Expert Committee determines that any Lot is not authentic or is incorrectly described, such Lot shall be returned to you and all associated costs or charges in this regard shall be borne by you and deducted from the amount due to you under Clause 13.2.

11. VAT

11.1 VAT at the standard rate is charged on the Seller’s commission where lots are sold using the Auctioneers’ Margin Scheme

11.2 Where lots are sold using the Auctioneers’ Margin Scheme, HMRC regulations require that the Seller’s commission must be charged inclusive of any VAT which may be due. Other service charges made to Sellers, such as catalogue illustration costs and handling charges will be subject to VAT in accordance with UK VAT legislation.

12. CONDUCT OF THE AUCTION

12.1 Where applicable, the Lot will be sold subject to the Reserve, which cannot be above the low estimate printed in the catalogue unless the Reserve is agreed to in a currency other than pounds sterling and the exchange rates fluctuate between the time the Reserve is agreed and the day of the auction. In this case, unless we agree otherwise, the Reserve shall be an amount equal to the pound sterling equivalent based on the closing exchange rate on the business day immediately preceding the auction. We shall in no circumstances be liable if bids are not received at the level of the Reserve. We shall however be entitled to sell the Lot below the Reserve. If we do so, we shall be obliged to account to you as if the Hammer Price was equal to the Reserve.

12.2 You may not bid for the Lot nor employ any person to do so on your behalf, although we shall have the right to bid on your behalf up to the amount of the Reserve.

13. AFTER THE AUCTION

13.1 Following the auction, we will provide you with a statement detailing the number of Lots sold by us on your behalf, the price realised on such Lots and the number and description of Lots which have been sent to an Expert Committee for an extension in accordance with clause 10.

13.2 After the auction, we shall require payment in full from the Buyer, including payment of the Buyer’s Premium. Provided this has occurred and subject to clause 10.2 or unless we receive notice that the Lot is a Forgery or we receive information indicating a breach of clause 12.2, we shall remit to you an amount equal to the Hammer Price less all charges due from you 25 days after the date of the auction.

13.3 SGA reserves the right to set off any amounts which you may owe to Baldwin's Auctions Limited in any other transaction against the proceeds of sale due to you.

13.4 In the event of late payment by the Buyer on any lot where there is no reason to believe the sale will not complete, SGA will remit the funds due to you, subject to clause 10.2, 12.2, 13.8 or other circumstances impacting the validity of the sale to the buyer and notified to you, 25 days after the date of the auction.

13.5 If for any reason we make payment to you of the amount due before payment by the Buyer, we shall acquire complete ownership of and title in the Lot, save only that in the event that we are obliged to accept the Lot back from the Buyer on the basis that it is a Forgery, you will refund to us the proceeds of sale paid to you.

13.6 Payment will be made in sterling for sales held in the United Kingdom unless you instruct otherwise in writing. If you require payment other than in sterling, you will be charged a handling fee for the currency exchange.

13.7 Non-Payment by the Buyer. If the Buyer fails to pay the full amount due within and SGA has not remitted the funds for the sale to you 25days after the date of auction, we shall be entitled to agree special terms on your behalf for payment, storage and insurance, and to take any steps we consider necessary to collect the amount due from the Buyer. However, we shall not be obliged to remit the price due to you ourselves, nor to take any legal proceedings on your behalf. We shall discuss with you the appropriate course of action to be taken to recover the purchase price from the Buyer.

13.8 Forgeries. If within seven days of the date of the auction the Buyer satisfies us that the Lot is a Forgery (as defined in Clause 1 of these Terms and Conditions), then:

(i) if the Buyer at that time has not yet paid the full amount due, we shall have the right to cancel the transaction and/or

(ii) if we have at that time paid you the whole or part of the full amount due to you, then you must refund to us, on demand, the total amount paid. In the latter case we shall exercise a lien over any of your property under our control as security for the amount due.

13.9 Unsold Lots. Unless we are informed to the contrary, any unsold Lot will be entered into the next suitable auction at 70% of the previous estimate and reserve. If the vendor has more than one unsold Lot, we reserve the right to consolidate said lots and sell together where we deem it appropriate.

13.10 If any Lot is bought in or otherwise unsold by auction, we are authorised as the exclusive agent for you for a period of 30 days following the auction to sell such Lot privately for a price that will result in a payment to you of not less than the net amount – i.e. after deduction of all charges due from you – to which you would have been entitled had the Lot been sold at a price equal to the Reserve, or for such lesser amount as we and you shall agree. In such event your obligations to us with respect to such a Lot are the same as if it had been sold at auction.

13.11 If any Lot is unsold by auction, we may make you an offer to purchase the Lot directly into our stock for future sale by auction or privately by us as a principal. Any offer to purchase the Lot by us from you is not an estimate of the value of the Lot but the price we are willing to pay you for the Lot. You are responsible for deciding to accept the offer we make and obtaining an independent estimate or valuation if required. You recognise and accept that we may thereafter sell the Lot for more or less than the price we purchased it from you.

14. LIABILITY

Nothing in these Terms and Conditions limits or excludes our liability for:

14.1 death or personal injury resulting from negligence; or

14.2 Any damage or liability incurred by you as a result of our fraud or fraudulent misrepresentation.

15. USE OF YOUR PERSONAL INFORMATION

15.1 We will use the personal information you provide to us to: 15.1.1 handle the sale of the Lot on your behalf;

15.1.2 after sale of the Lot, for the remittance of payments to you from the Buyer in accordance with these Terms and Conditions;

15.1.3 inform you about similar products or services that we provide, but you may stop receiving these at any time by contacting us.

15.2 You agree that we may pass your personal information to customs, storage suppliers, shipping companies and our insurers.

15.3 We will not give your personal data to any third party.

16. COPYRIGHT

16.1 We shall have the right (on a non-exclusive basis) to photograph, video or otherwise produce an image of the Lot. All rights in such an image will belong to us, and we shall have the right to use it in whatever way we see fit.

16.2 The copyright in all images, illustrations and written material relating to a Lot is and shall remain at all times our property and we shall have the right to use it in whatever way we see fit. You shall not use or allow anyone else to use such images, illustrations or written material without our prior written consent.

17. VAT

You shall give us all relevant information about your VAT status and that of the Lot to ensure that the correct information is printed in the catalogues. Once printed, the information cannot be changed. If we incur any unforeseen cost or expense as a result of the information being incorrect, you will reimburse to us on demand the full amount incurred.

18. NOTICES

All notices given under these Terms and Conditions may be served personally, sent by first class post, or emailed to the address given to the sender by you, the Seller. Any notice sent by post will be deemed to have been received on the second working day after posting or, if the addressee is overseas, on the fifth working day after posting. Any notice sent by email or served personally will be deemed to be delivered on the first working day following despatch.

19. ADDITIONAL PROVISIONS

The following provisions of this clause 19 shall apply only if you are acting for the purposes of your business.

19.1 Limitation of Liability. Subject to clause 14, we shall not be liable, whether in tort (including for negligence or breach of statutory duty), contract, and misrepresentation or otherwise for any:

19.1.1 loss of profits, loss of business, depletion of goodwill and/or similar losses, loss of anticipated savings, loss of goods, loss of contract, loss of use, loss of corruption of data or information; or

19.1.2 any special, indirect, consequential or pure economic loss, costs, damages, charges or expenses.

19.2 Severability. If any part of these Terms and Condition is found by any court to be invalid, illegal or unenforceable, that part may be discounted and the rest of the conditions shall continue to be valid and enforceable to the fullest extent permitted by law.

19.3 Force majeure. We shall have no liability to you if we are prevented from, or delayed in performing, our obligations under these Terms and Conditions or from carrying on our business by acts, events, omissions or accidents beyond our reasonable control, including (without limitation) strikes, lock-outs or other industrial disputes (whether involving our workforce or the workforce of any other party), failure of a utility service or transport network, act of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation or direction, accident, breakdown of plant or machinery, fire, flood, storm or default of suppliers or subcontractors.

19.4 Waiver. A waiver of any right under these Terms and Conditions is only effective if it is in writing and it applies only to the circumstances for which it is given. No failure or delay by a party in exercising any right or remedy under these Terms and Conditions or by law shall constitute a waiver of that (or any other) right or remedy, nor preclude or restrict its further exercise. No single or partial exercise of such right or remedy shall preclude or restrict the further exercise of that (or any other) right or remedy.

19.5 Unless specifically provided otherwise, rights arising under these Terms and Conditions are cumulative and do not exclude rights provided by law.

20. LAW AND JURISDICTION

20.1 These Terms and Conditions and any dispute or claim arising out of or in connection with them or their subject matter, shall be governed by, and construed in accordance with, the law of England and Wales.

20.2 The parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of, or in connection with, Terms and Conditions or their subject matter.

Ref SGA/TAC/ 02.2021

These conditions set out the terms on which we Strand Collectibles Group Ltd of 399 Strand, London, WC2R 0LX, contract with you (the Buyer) either as agent on behalf of the Seller or as principal if we are the Seller. You should read these conditions carefully. 

 1. Definitions 

The following definitions apply in these Terms & Conditions: 

Auctioneers Margin Scheme: A VAT margin scheme as defined by HM Revenue & Customs; 

Buyer: The person who makes the highest bid for a Lot which is acceptable by the auctioneer and if the person is acting as an agent, will be a reference to their principal; 

Buyer’s Premium: The additional amount payable by the Buyer on the purchase of the Lot, calculated as the relevant percentage (specified in the auction catalogue) of the hammer price; 

Certificate of Authenticity: A certificate issued by and Expert Committee confirming the authenticity of a Lot; 

Expert Committee: A committee of experts to whom a Lot may be sent for an extension in accordance with clause 5.9.3; 

Forgery: A Lot constituting an imitation originally conceived and executed as a whole with a fraudulent intention to deceive as to authorship, origin, age, period, culture or source where the correct description as to such matters is not reflected by the description in the catalogue and which at the date of the auction had a value materially less than it would have had if it had been in accordance with the description in the catalogue. Accordingly, no Lot shall be capable of being a Forgery by reason of any damage and/or restoration work of any kind; 

Hammer Price: The amount of the highest bid accepted by the auctioneer in relation to a Lot; 

Lot: Any item deposited with us for sale at auction and, in particular, the item or items described against any Lot number in any catalogue; 

Reserve: The amount below which we agree with the Seller that the Lot cannot be sold; 

Seller: The owner of the Lot being sold by us; 

VAT: Value added tax chargeable under VAT and any similar replacement or additional tax; 

VAT Symbols: The symbols detailing VAT status of the Lot details of which are set out at the front of the auction catalogue. 

 2. Baldwin’s Role as Agent 

2.1 All sales undertaken by us either at auction or privately are undertaken either as agent on behalf of the Seller or from time to time, as principal if we are the owner of Lot. Please note that even if we are acting as agent on behalf of the Seller rather than as principal, we may have a financial interest in the Lot. 

 3. Catalogue Descriptions

3.1 Catalogue descriptions 

3.1.1 Statements by us in the catalogue or condition report, or made orally or in writing elsewhere, regarding the authorship, origin, date, age, size, medium, attribution, genuineness, provenance, condition or estimated selling price of any Lot are merely statements of opinion, and are not to be relied on as statements of definitive fact. Catalogue and web illustrations are for guidance only, and should not be relied on either to determine the tone or colour of any item. No lot shall be rejected on the grounds of inaccurate reproduction. No Lot illustrated in the catalogue and online shall be rejected on the grounds of cancellation, centring, margins, perforation or other characteristics apparent from the illustration. Estimates of the selling price should not be relied on as a statement that this price is either the price at which the Lot will sell or its value for any other purpose.

3.1.2 Many items are of an age or nature which precludes their being in perfect condition and some descriptions in the catalogue or given by way of condition report make reference to damage and/or restoration. We provide this information for guidance only and the absence of such a reference does not imply that an item is free from defects or restoration nor does a reference to particular defects imply the absence of any others. 

3.1.3 Other than as set out in clause 5.10, and in the absence of fraud, neither the Seller nor we, nor any of our employees or agents, are responsible for the correctness of any statement as to the authorship, origin, date, age, attribution, genuineness or provenance of any Lot nor for any other errors of description or for any faults or defects in any Lot. Every person interested should exercise and rely on his own judgment as to such matters. 

3.1.4 You are responsible for satisfying yourself as to the condition of the goods and the matters referred to in the catalogue description. 

3.2 Examination of goods 

You are strongly advised to examine personally any goods in which you are interested, before the auction takes place. Condition reports are usually available on request. We provide no guarantee to you other than in relation to Forgeries, as set out in clause 5.10 of these Terms and Conditions. 

4. Bidding

4.1 Registration before bidding 

 You must complete and sign a bid registration form before making a bid at auction. Please be aware that we may require buyers who have not purchased before from BALDWIN’S to submit references prior to bidding. If you have not bid successfully with BALDWIN’S in the past, or you are registering with us for the first time, we reserve the right to require a deposit of up to 50% of the amount you intend to spend. Such deposit will be deducted from your invoice should you be successful. If you are unsuccessful at auction, your deposit will be returned by the same means it was paid to BALDWIN’S. 

4.2 Bidding as Principal 

 When making a bid (whether such bids are made in person or by way of telephone bids, commission or online or email bids), you will be deemed to be acting as principal and will be accepting personal liability, unless it has been agreed in writing, at the time of registration, that you are acting as agent on behalf of a third party buyer acceptable to us. 

4.3 Commission Bids 

 If you give us instructions to bid on your behalf, by using the form provided in our catalogues or via our website, we shall use reasonable endeavours to do so, provided these instructions are received not later than 24 hours before the auction. If we receive commission bids on a particular Lot for identical amounts, and at auction these bids are the highest bids for the Lot, it will be sold to the person whose bid was received first. Commission bids are undertaken subject to other commitments at the time of the sale, and the conduct of the auction may be such that we are unable to bid as requested. Since this is undertaken as a free service to prospective buyers on the terms stated, we cannot accept liability for failure to make a liability for failure to make a commission bid. You should therefore always attend personally if you wish to be certain of bidding. 

 4.4 Online Bidding 

 We offer internet services as a convenience to our clients. We will not be responsible for errors or failures to execute bids placed on the internet, including, without limitation, errors or failures caused by

(i) a loss of internet connection by either party for whatever reason; 

(ii) a breakdown or problems with the online bidding software and/or 

(iii) a breakdown or problems with your internet connection, computer or system. Execution of on-line internet bids on www.baldwins.co is a free service undertaken subject to other commitments at the time of the auction and we do not accept liability for failing to execute an online internet bid or for errors or omissions in connection with this activity. 

4.5 Telephone Bids 

 If you make arrangements with us not less than 24 hours before the sale, we shall use reasonable endeavours to contact you to enable you to participate in bidding by telephone, but in no circumstances will we be liable to either the Seller or you as a result of failure to do so. This service is available only for lots with a lower estimate of £1000 or above. 

4.6 Video images 

 At some auctions there will be a video screen. Mistakes may occur in its operation, and we cannot be liable to you regarding either the correspondence of the image to the Lot being sold or the quality of the image as a reproduction of the original. 

4.7 Bidding by Baldwin's 

4.7.1 We reserve the right to bid on Lots on the Seller’s behalf up to the amount of the Reserve (if any), which will never be above the low estimate printed in the auction catalogue. 

 4.7.2 Strand Collectibles Group reserves the right to bid on and purchase Lots as principal. 

4.8 The Auctioneer’s Discretion 

 The auctioneer has the right at his absolute discretion to refuse any bid, to advance the bidding in such manner as he may decide, to withdraw or divide any Lot, to combine any two or more Lots and, in the case of error or dispute, to put an item up for bidding again. 

4.9 Successful Bid 

 Subject to the auctioneer’s discretion, the striking of his hammer marks the acceptance of the highest bid, provided always that such bid is higher than the Reserve (where applicable), and the conclusion of a contract for sale between you and the Seller. 

4.10 Private Sale Agreements 

 If you enter into any private sale agreements for any Lot with the Seller within 60 days of the auction, we, as exclusive agents of the Seller reserve the right to charge you the applicable Buyer’s Premium in accordance with these Terms and Conditions, and the Seller a commission in accordance with the terms of the Seller’s agreement. 

4.11 Return of Lot 

 4.11.1 Once your bid has been accepted for a Lot then you are liable to pay for that Lot in accordance with these Terms and Conditions. If there are any problems with a Lot then you must notify us within 7 days of receipt of the Lot, specifying the nature of the problem. We may then request that the Lot is returned to us for inspection. Save as set out in clause 5.10, the cancellation of the sale of any Lot and the refund of the corresponding purchase price is entirely at our sole discretion. We will not normally exercise that discretion if the Lot is not received by us in the same condition that it was in at the auction date. 

4.11.2 No lot may be returned on account of condition if the condition was stated on a Certificate of Authenticity accompanying the Lot. 

5. After the Auction

 5.1 Buyer’s Premium and other charges 

 In addition to the Hammer Price, you must pay us the Buyer’s Premium at a rate of 20% of the final Hammer price of each lot and any VAT applicable. 

5.2 Value Added Tax 

VAT is chargeable on the Buyer’s Premium at the standard rate (currently 20%). Lots subject to 20% VAT on the Hammer Price are indicated by the Symbol ∑ next to the Estimate in the auction catalogue. Lots subject to 5% Tax on the Hammer Price are indicated by the symbol next to the Estimate in the auction catalogue. 

5.3 VAT Refunds 

 5.3.1 As we remain liable to account for VAT on all Lots unless they have been exported outside the UK within 3 months of the date of sale, you will generally be asked to deposit all amounts of VAT invoiced. Credits will be made when proof of export is provided. If you export the Lot yourself you must obtain customs documents from the Administration Department for which a charge may be made. 

5.3.2 If you export the Lot you must return the valid proof of export certificate to us within such period and you have not already accounted to us for the VAT, you will be liable to us for the full amount of the VAT due on such Lot and we shall be entitled to invoice you for this sum. 

 5.3.3 To apply for a refund of any VAT paid, the proof of export certificate must be sent to our Administration Department clearly marked ‘VAT Refund’ within 3 months of the date of sale. No payment will be made where the total amount of VAT refundable is less than £50. 

5.4 Payment 

 5.4.1 You must provide us with your full name and permanent address and, if so requested, details of the bank from which any payments to us will be made. You must pay the full amount due (comprising the Hammer Price, the Buyer’s Premium and any applicable VAT) within seven days after the date of the sale or such longer period as shall be agreed in writing between Baldwin’s and the purchaser prior to the auction (the onus for arrangements lies with the prospective purchaser). 

 5.4.2 You will not acquire title to the Lot until all amounts due have been paid in full. This includes instances where special arrangements were made for release of Lot prior to full settlement. 

 5.4.3 Payment should be made in sterling by one of the following methods: 

•  Direct bank transfer to our account details of which are set out on the invoice. All bank charges shall be met by you. Please ensure that your client number is noted on the transfer. 

• Please note we do not accept payment via cheque. Any cheques received will be returned to you or destroyed and will not be presented to our bank.

• By Visa or Mastercard. For all card payments there are limits to the amounts we will accept depending on the type of card being used and whether or not the cardholder is present. 

5.4.4 Payments should be made by the registered buyer and not by third parties, unless it has been agreed at the time of registration that you are acting as an agent on behalf of a third party. 

5.5 Collection of Purchases 

 5.5.1 Unless specifically agreed to the contrary, we shall retain lots purchased until all amounts due to us, or to the Strand Collectibles Group, have been paid in full. Buyers will be required to pay for their lots when they wish to take possession of the same, which must be within 7 days of the date of the sale, unless prior arrangements have been made with Baldwin's. 

5.5.2 Unless we notify you to the contrary, items retained by us will be covered in accordance with our insurance policy which is available for inspection at our offices from the date of sale for a period of seven days or until the time of collection, whichever is sooner. After seven days or from the time of collection, whichever is the earlier, the Lot will be entirely at your risk. 

5.6 Notification 

 Any Lot described in the catalogue as having faults or defects may not be returned even if an expert opinion or Certificate of Authenticity cites other faults or defects not included in the catalogue description, other than in the case of a Forgery. 

You are requested to contact us by telephone or in person as soon as possible after the auction to obtain details of the outcome of your bids to avoid incurring charges for late payment. 

5.7 Packing and handling 

 5.7.1 Postage and packing will be charged unless the purchaser indicates, prior to the Auction closing, that they will collect their lots. In the event that the purchaser collects their lots having indicated otherwise on the bid form, Postage and Packing will not be refunded. All postage charges are subject to V.A.T. at the prevailing rate

Invoice Value  UK  EU Non EU

 Up to £1,000  £10  £15  £30 

Up to £10,000  £15  £25  £40 

Above £10,000  £20  £35  £60 

 Boxed lots going to the UK will be charged at cost plus £15 per box in addition to the above charges to cover handling and administration. 

 5.7.2 It is the responsibility of the Buyer to be aware of any Import Duties that may be incurred upon importation to the final destination. Baldwin's will not accept return of any package in order to avoid these duties. 

 5.7.3 If the Buyer requires delivery of the Lot to an address other than the invoice address he must notify Baldwin's in writing. 

5.8 Remedies for non-payment or failure to collect purchases; 

 5.8.1 If you fail to make payment within seven days of your stipulated payment date set out in your invoice, we shall be entitled to exercise one or more of the following rights or remedies: 

5.8.1.1 to charge interest at the rate of 8% per month compound interest, calculated on a daily basis, from the date the full amount is due; 

5.8.1.2 to set off against any amounts which the Strand Collectibles Group may owe you in any other transaction the outstanding amount remaining unpaid by you; 

5.8.1.3 to reject at any future auction any bids made by you or on your behalf or obtain a deposit from you before accepting any bids. 

 5.8.2 If you fail to make payment within thirty-five days, we shall in addition be entitled: 

5.8.2.1 to cancel the sale of the Lot or any other item sold to you at the same or any other auction; 

5.8.2.2 to arrange a resale of the Lot, publicly or privately, and, if this results in a lower price being obtained, claim the balance from you together with all reasonable costs including a 20% seller’s commission, expenses, damages, legal fees, commissions and premiums of whatever kind associated with both sales or otherwise, incurred in connection with your failure to make payment; 

5.8.2.3 take any other appropriate action as we deem fit. 

5.8.3 If you fail to collect within 35 days after the sale, whether or not payment has been made, you will be required to pay a storage charge of £5 per item per day plus any additional handling cost that may apply. 

5.9 Right to Reject Lots 

 5.9.1 If you wish to obtain an expert opinion or Certificate of Authenticity for any Lot (other than a Lot comprising three or more stamps or a Lot containing undescribed stamps) you must notify us in writing no less than forty-eight hours before the start of the first session of the sale. If accepted by us, such a request shall have the same effect as notice of an intention to question the genuineness or description of the Lot for the purposes of clause 5.10 (Refund in the case of Forgery) of these Terms and Conditions and the provisions of clause 5.10 (Refund in the case of Forgery) shall apply accordingly. 

 5.9.2 Notice of a request for an expert opinion or Certificate of Authenticity must give the reason why such opinion is required and specify the identify of your proposed expert which will be subject to agreement by us. We reserve the right, at our discretion, to refuse a request for an expert opinion or Certificate of Authenticity including (without limitation) where the proposed expert is not known to us. 

 5.9.3 If we accept a request for an expert opinion or Certificate of Authenticity we will submit the Lot to the Expert committee. You acknowledge and accept that the length of time taken by an Expert committee to reach an opinion will vary depending on the circumstances and in any event is beyond our control. 

 5.9.4 We will not accept a request for an extension on account of condition. 
Any Lot described in the catalogue as having faults or defects may not be returned even if an expert opinion or Certificate of Authenticity cites other faults or defects not included in the catalogue description, other than in the case of a Forgery. 

 5.9.5 Should Baldwin's accept a request for an extension under the foregoing provisions of this paragraph, the fact may be stated by the Auctioneer from the rostrum prior to the sale of the Lot. 

 5.9.6 Where a lot has been submitted to expertisation the costs of such expertisation shall be paid by the person (which term shall include any company) who returns the certificate and item(s) to which such certificates relates. The onus and cost of proving a lot to be not genuine or incorrectly described is on the purchaser. 

 5.9.7 Where the purchaser of a lot discharges such onus of proof and complies with the provisions of this clause Baldwin's shall set aside the sale and repay to the purchaser the Price paid by him in respect of the lot. 

 5.9.8 It should be noted that any stamp accompanied by a Certificate of Authenticity is sold on the basis of that Certificate only and not on the basis of any other description or warranty as to authenticity. No request for an extension will be accepted on such a stamp and the return of such a stamp will not be accepted. 

 5.9.9 If you receive any correspondence from the Expert Committee in relation to the Lot, including but not limited to a Certificate of Authenticity, you must provide us with copies of such correspondence no later than 7 days after you receive such correspondence. 

 5.9.10 No lot shall be rejected if subsequent to the sale, it has been damaged and/or marked or treated by any process whatsoever unless Baldwin's permission to subject the lot to such marking or treatment has first been obtained in writing. 

 5.9.11 No lot illustrated in the sale catalogue or on the Baldwin's Web Site shall be rejected on the ground of characteristics apparent from its illustration. Whilst care has been taken to show colour illustrations as accurately as possible, reprographic and printing processes cannot always guarantee true. 

 5.10 Refund in the case of Forgery 

 5.10.1 A sale will be cancelled, and the amount paid refunded to you if a Lot (other than a miscellaneous item not described in the catalogue) sold by us proves to have been a Forgery. We shall not however be obliged to refund any amounts if either (a) the catalogue description or saleroom notice at the auction date corresponded to the generally accepted opinion of scholars or experts at that time, or fairly indicated that there was a conflict of opinions, or (b) it can be demonstrated that the Lot is a Forgery only by means of either a scientific process not generally accepted for use until after publication of the catalogue or a process which at the date of the auction was unreasonably expensive or impracticable or likely to have caused damage to the Lot. Furthermore, you should note that this refund can be obtained only if the following conditions are met: 

5.10.1.1 you must notify us in writing, within seven days of the receipt of the Lot(s), that in your view the Lot concerned is a Forgery; 

5.10.1.2 you must then return the item to us within fourteen days from receipt of the Lot(s), in the same condition as at the auction date; and; 

5.10.1.3 as soon as possible following return of the Lot, you must produce evidence satisfactory to us that the Lot is a Forgery and that you are able to transfer good title to us, free from any third party claims. 

5.10.1.4  you must provide to us all evidence obtained by you that a Lot is a Forgery no later than 7 days after you receive such evidence. 

5.10.2 In no circumstances shall we be required to pay you any more than the amount paid by you for the Lot concerned and you shall have no claim for interest. 

5.10.3 The benefit of this guarantee is not capable of being transferred, and is solely for the benefit of the person to whom the original invoice was made out by us in respect of the Lot when sold and who, since the sale, has remained the owner of the Lot without disposing of any interest in it to any third party. 

5.10.4 We shall be entitled to reply on any scientific or other process to establish that the Lot is not a Forgery, whether or not such process was used or in use at the date of the auction. 

 6. Liability

 Nothing in these Terms and Conditions limits or excludes our liability for: 

6.1 death or Personal injury resulting from negligence; 

6.2 or any damage or liability incurred by you as a result of our fraud or fraudulent misrepresentation.