Terms & Conditions of Business
Vendors Title: The Vendor warrants to Lugosi Auctioneers that he is the true owner of the property or is properly authorised to sell the property by the true owner and is able to transfer a good and marketable title to the property free from any third party claim. The Vendor undertakes to indemnify Lugosi Auctioneers, its Servants and Agents and the Buyer against any loss or damage suffered by either in consequence of any breach of the above on the part of the Vendor. The Vendor affirms that the particulars entered on the front of this form are true and complete.
Indemnity: The Vendor shall duly indemnify Lugosi Auctioneers against any claims with any goods sold by Lugosi Auctioneers on the Vendor’s behalf.
Admission: Lugosi Auctioneers reserve the right to refuse any person or persons admission to, or to eject from the auction site.
Entry Form: No lot will be accepted unless entered on an appropriate Entry Form. Completion of Entry Forms does not necessarily reserve space in any sale, dates being subject to the Auctioneer’s discretion, and dependent upon availability of space
Vendors Commission Payable on Sale: Commission of 15% + GST is payable by the Vendor of all lots sold, unless otherwise agreed in advance.
Other Charges:
Lotting fee - $1.50
Photography – No charge
Unsold fee – No charge
Withdrawal fee – See below
GST: A Vendor who sends for sale by auction any chattel(s) which is an asset of his business must disclose to Lugosi Auctioneers whether or not he is a registered person for GST purposes and, if so, his registered number and whether or not he intends to operate the special scheme covering the works of art, etc. This information must be supplied to Lugosi Auctioneers on or prior to delivery of the goods.
Warehousing before Auction: Goods delivered to Lugosi Auctioneers are stored without charge. However Lugosi Auctioneers exempts itself from any liability for loss or damage to goods delivered to its salerooms without sufficient sale instructions and reserves the right to make a minimum storage charge of $5 per lot per day for such goods (unless the loss or damage is caused by negligence of its employees.
Warehousing after Auction: Lugosi Auctioneers exempt themselves from any liability for goods left on our premises after the Vendor has been informed that they are unsold. We also reserve the right to make a charge for warehousing of $5.00 per lot per day from the first Monday following the sale (unless we have agreed to re-enter the items in another auction). If then the goods are not removed within 14 days of the sale, we reserve the right to sell them WITHOUT RESERVE and pay ourselves the outstanding charges before submitting the net proceeds to the seller. If, however, the goods are considered unsaleable Lugosi Auctioneers will, in addition to charging for storage, include tipping charges which may be incurred in disposing of the item(s).
Reserves: The Auctioneers will not agree to reserve prices on goods to the value of $50.00 or less and other reserves must be agreed mutually between Lugosi Auctioneers and the Vendor. THIS CONDITION WILL BE STRICTLY ENFORCED. All goods are offered for sale WITHOUT RESERVE unless specific written instructions are received at the office of Lugosi Auctioneers 48 hours prior to the day of the sale or reserves are agreed between Lugosi Auctioneers and the Vendor at the time of consignment of the goods. All reserves are subject to 10% discretion unless confirmed in writing as ‘FIRM’. The Vendor will not in person or through the agency of any other except the auctioneer bid for his own property.
Sale by Private Treaty: In the event of a lot remaining unsold at auction Lugosi Auctioneers are hereby empowered by the Vendor to sell after the auction, by private treaty, at not less than the reserve price or with 10% discretion, as long as the goods remain on the premises. In the event of such a sale by private treaty the Conditions of Sale applicable to a Vendor governing the auction will apply.
Unsold lots: Unsold lots may at the entire discretion of Lugosi Auctioneers be re-offered in another sale at NO RESERVE unless the Vendor contacts Lugosi Auctioneers within three days of receiving notification of unsold lots and agrees a new reserve figure.
Collection of Unsold Lots: The Vendor must give Lugosi Auctioneers at least 24 hours notice of intention to collect unsold or withdrawn items.
Description: Lugosi Auctioneers have the sole right as to the description of any article offered for sale and to its grouping with any other belonging to the Vendor. Any representation or statement made by Lugosi Auctioneers either orally by any of their employees or printed in any catalogue valuation advertisement brochure or list concerning authorship attribution genuineness origin date provenance condition or value is a statement of opinion only and is not to be taken as being or implying any warranty or representation of fact by Lugosi Auctioneers.
Rescission: If within fourteen days after the sale the Buyer makes a claim to rescind the sale on any grounds set out in the immediate foregoing term of these Conditions and Lugosi Auctioneers consider that the claim be justified Lugosi Auctioneers is authorised to rescind the sale and refund to the buyer any amount paid to Lugosi Auctioneers in respect of the lot in question, reclaiming the net proceeds of the sale from the Vendor, if already paid.
Choice of Auction: Lugosi Auctioneers will select the appropriate sale for each item which in our opinion will be the most beneficial to the Vendor and reserve the right to proceed on this basis without any further reference to the Vendor.
Withdrawal of Lots: The Vendor is entitled to withdraw any lot up to the point of sale. However, in the event of a Vendor seeking to withdraw a lot or alter the agreed reserves, commission rates and other terms of sale after the catalogue has been produced or the sale advertised, Lugosi Auctioneers will charge a withdrawal fee of 10% of the lower estimate on any lot (s) in addition to any other charges that may be applicable.
Insurance: Unless otherwise instructed Lugosi Auctioneers will insure property consigned to it for sale or put under its control for any other purpose. Such insurance will be at the expense of the Vendor or consignor and will be assessed at a premium of 1% of the hammer price. Items are insured whilst in the possession of Lugosi Auctioneers against the risks of fire, theft following forcible entry and water damage but not against accidental breakage or damage. Lugosi Auctioneers shall not be responsible for the damage, loss, theft or destruction of any item not so insured upon the Vendors instructions. Lugosi Auctioneers shall not be responsible for accidental breakage loss or damage however caused unless by the negligence of their employees. In respect of any item delivered to Lugosi Auctioneers premises if the Vendor has in force a policy or policies of insurance in which the article is specifically mentioned whether or not for an agreed value the Vendor will immediately notify his insurers of and shall himself note the interest of Lugosi Auctioneers as bailees in respect of such policy or policies.
Authority to Deduct Commission and Expenses: The Vendor authorises Lugosi Auctioneers to deduct commission and proper expenses and any GST thereon from the hammer price and acknowledges the right of Lugosi Auctioneers to retain the premium payable by the buyer.
Payment of Sale Proceeds: Lugosi Auctioneers will remit the sale proceeds to the Vendor after deducting commission, insurance charges and other proper expenses and GST within twenty-one days after the sale provided Lugosi Auctioneers has been paid in full by the Buyer. In the event that the Buyer has not paid in full Lugosi Auctioneers will remit the net proceeds to the Vendor five working days after such payment has been cleared by our bank. If payment has not been received by the Buyer thirty days following the sale Lugosi Auctioneers will endeavor to take the Vendors instructions notwithstanding the Vendor authorises Lugosi Auctioneers to take such steps as Lugosi Auctioneers think necessary to attempt to recover monies due from the seller on the buyers behalf. The Vendor hereby affirms that it shall not be incumbent upon Lugosi Auctioneers to pursue the buyers in the matter of amounts due provided always that Lugosi Auctioneers has retained possession of the lot or lots.
Photography and Illustrations: The Vendor authorises Lugosi Auctioneers to photograph and illustrate in its catalogue or promotional literature or advertisements any lot consigned for sale and acknowledges Lugosi Auctioneers copy-right to such illustration, which may be used at any time whether or not in connection with the particular auction.
Third Party Liability: Any person attending an auction conducted by Lugosi Auctioneers or visiting the premises of the auctioneers affirms that he is there at his own risk and shall have no claim against Lugosi Auctioneers in respect of any accident injury loss or damage unless caused by the negligence of Lugosi Auctioneers employees.