These Conditions of Sale and the Important Notices and Explanation of Cataloguing Practice set out the terms governing the legal relationship of Christie’s and the seller with the buyer. You should read them carefully before bidding.
1. Christie’s As Agent
Except as otherwise stated Christie’s acts as agent for the seller. The contract for the sale of the property is therefore made between the seller and the buyer.
2. Catalogue Descriptions and Condition
Lots are sold as described and otherwise in the condition they are in at the time of the sale, on the following basis.
(a) Condition
The nature of the lots sold in our auctions is such that they will rarely be in perfect condition, and are likely, due to their nature and age, to show signs of wear and tear, damage, other imperfections, restoration or repair. Any reference to condition in a catalogue entry will not amount to a full description of condition. Condition reports are usually available on request, and will supplement the catalogue description. In describing lots, our staff assess the condition in a manner appropriate to the estimated value of the item and the nature of the auction in which it is included. Any statement as to the physical nature or condition of a lot, in a catalogue, condition report or otherwise, is given honestly and with appropriate care. However, Christie’s staff are not professional restorers or trained conservators and accordingly any such statement will not be exhaustive. We therefore recommend that you always view property personally, and, particularly in the case of any items of significant value, that you instruct your own restorer or other professional adviser to report to you in advance of bidding.
(b) Cataloguing Practice
Our cataloguing practice is explained in the Important Notices and Explanation of Cataloguing Practice, which appear after the catalogue entries.
(c) Attribution etc
Any statements made by Christie’s about any lot, whether orally or in writing, concerning attribution to, for example, an artist, school, or country of origin, or history or provenance, or any date or period, are expressions of our opinion or belief. Our opinions and beliefs have been formed honestly and in accordance with the standard of care reasonably to be expected of an auction house of Christie’s standing, due regard having been had to the estimated value of the item and the nature of the auction in which it is included. It must be clearly understood, however, that, due to the nature of the auction process, we are unable to carry out exhaustive research of the kind undertaken by professional historians and scholars, and also that, as research develops and scholarship and expertise evolve, opinions on these matters may change. We therefore recommend that, particularly in the case of any item of significant value, you seek advice on such matters from your own professional advisers.
(d) Estimates
Estimates of the selling price should not be relied on as a statement that this is the price at which the item will sell or its value for any other purpose.
(e) Fitness for Purpose
Lots sold are enormously varied in terms of age, category and condition, and may be purchased for a variety of purposes. Unless otherwise specifically agreed, no promise is made that a lot is fit for any particular purpose.
3. At The Sale
(a) Refusal of admission
Christie’s has the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid.
(b) Registration before bidding
Prospective buyers who wish to bid in the saleroom can register online in advance of the sale, or can come to the saleroom on the day of the sale approximately 30 minutes before the start of the sale to register in person. Prospective buyers must complete and sign a registration form with his or her name and permanent address, and provide identification before bidding. We may require the production of bank details from which payment will be made or other financial references.
(c) Bidding as principal
When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer’s premium and all applicable taxes, plus all other applicable charges, unless it has been explicitly agreed in writing with Christie’s before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to Christie’s, and that Christie’s will only look to the principal for payment.
(d) Absentee bids
We will use reasonable efforts to carry out written bids delivered to us prior to the sale for the convenience of clients who are not present at the auction in person, by an agent or by telephone. Bids must be placed in the currency of the place of the sale. Please refer to the catalogue for the Absentee Bids Form. If we receive written bids on a particular lot for identical amounts, and at the auction these are the highest bids on the lot, it will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time of the sale and provided that we have exercised reasonable care in the handling of written bids, the volume of goods is such that we cannot accept liability in any individual instance for failing to execute a written bid or for errors and omissions in connection with it arising from circumstances beyond our reasonable control.
(e) Telephone bids
If a prospective buyer makes arrangements with us prior to the commencement of the sale we will use reasonable efforts to contact them to enable them to participate in the bidding by telephone but we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding arising from circumstances beyond our reasonable control.
(f) Currency converter
At some auctions a currency converter may be operated. Errors may occur in the operation of the currency converter. Where these arise from circumstances beyond our reasonable control we do not accept liability to bidders who follow the currency converter rather than the actual bidding in the saleroom.
(g) Video or digital images
At some auctions there may be a video or digital screen. Errors may occur in its operation and in the quality of the image. We do not accept liability for such errors where they arise for reasons beyond our reasonable control.
(h) Reserves
Unless otherwise indicated, all lots are offered subject to a reserve, which is the confidential minimum price below which the lot will not be sold. The reserve will not exceed the low estimate printed in the catalogue. If any lots are not subject to a reserve, they will be identified with the symbol • next to the lot number. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. The auctioneer may continue to bid on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders.
(i) Auctioneer’s discretion
The auctioneer has the right to exercise reasonable discretion in refusing any bid, advancing the bidding in such a manner as he may decide, withdrawing or dividing any lot, combining any two or more lots and, in the case of error or dispute, and whether during or after the sale, determining the successful bidder, continuing the bidding, cancelling the sale or reoffering and reselling the item in dispute. If any dispute arises after the sale, then, in the absence of any evidence to the contrary the sale record maintained by the auctioneer will be conclusive.
(j) Successful bid and passing of risk
Subject to the auctioneer’s reasonable discretion, the highest bidder accepted by the auctioneer will be the buyer and the striking of his hammer marks the acceptance of the highest bid and the conclusion of a contract for sale between the seller and the buyer. Risk and responsibility for the lot (including frames or glass where relevant) passes to the buyer at the expiration of seven calendar days from the date of the sale or on collection by the buyer if earlier.
4. After The Sale
(a) Buyer’s premium
In addition to the hammer price, the buyer agrees to pay to us the buyer’s premium together with any applicable value added tax. The buyer’s premium is 25% of the final bid price of each lot up to and including £25,000, 20% of the excess of the hammer price above £25,000 and up to and including £500,000 and 12% of the excess of the hammer price above £500,000. Exceptions: Wine: 15% of the final bid price of each lot, VAT is payable at the applicable rate.
(b) Artist’s Resale Right (“Droit de Suite”)
If the Artist’s Resale Right Regulations 2006 apply to the lot the buyer also agrees to pay to us an amount equal to the resale royalty provided for in those Regulations and we undertake to the buyer to pay such amount to the artist’s collection agent. Lots affected are identified with the symbol λ next to the lot number.
(c) Payment and ownership
The buyer must pay the full amount due (comprising the hammer price, buyer’s premium and any applicable taxes or resale royalty) immediately after the sale. This applies even if the buyer wishes to export the lot and an export licence is, or may be, required. The buyer will not acquire title to the lot until all amounts due to us from the buyer have been received by us in good cleared funds even in circumstances where we have released the lot to the buyer.
(d) Collection of purchases
We shall be entitled to retain items sold until all amounts due to us, or to Christie’s International plc, or to any of its affiliates, subsidiaries or parent companies worldwide, have been received in full in good cleared funds or until the buyer has performed any other outstanding obligations as we, in our sole discretion, shall require, including, for the avoidance of doubt, completing any anti-money laundering or anti-terrorism financing checks we may require to our satisfaction. In the event a buyer fails to complete any anti-money laundering or anti-terrorism financing checks to our satisfaction, Christie’s shall be entitled to cancel the sale and to take any other actions that are required or permitted under applicable law. Subject to this, the buyer shall collect purchased lots within two calendar days from the date of the sale unless otherwise agreed between us and the buyer.
(e) Packing, handling and shipping
Although we shall use reasonable efforts to take care when handling, packing and shipping a purchased lot and in selecting third parties for these purposes, we are not responsible for the acts or omissions of any such third parties. Similarly, where we suggest other handlers, packers or carriers if so requested, our suggestions are made on the basis of our general experience of such parties in the past and we are not responsible to any person to whom we have made a recommendation for the acts or omissions of the third party concerned.
(f) Export licence
Unless otherwise agreed by us in writing, the fact that the buyer wishes to apply for an export licence does not affect his or her obligation to make payment immediately after the sale nor our right to charge interest or storage charges on late payment. If the buyer requests us to apply for an export licence on his or her behalf, we shall be entitled to make a charge for this service. We shall not be obliged to rescind a sale nor to refund any interest or other expenses incurred by the buyer where payment is made by the buyer in circumstances where an export licence is required.
(g) Remedies for non payment
If the buyer fails to make payment in full in good cleared funds within 7 days after the sale, we shall have the right to exercise a number of legal rights and remedies. These include, but are not limited to, the following:
(i) to charge interest at an annual rate equal to 5% above the base rate of Lloyds TSB Bank Plc;
(ii) to hold the defaulting buyer liable for the total amount due and to commence legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law;
(iii) to cancel the sale;
(iv) to resell the property publicly or privately on such terms as we shall think fit;
(v) to pay the seller an amount up to the net proceeds payable in respect of the amount bid by the defaulting buyer;
(vi) to set off against any amounts which we, or Christie’s International plc, or any of its affiliates, subsidiaries or parent companies worldwide, may owe the buyer in any other transactions, the outstanding amount remaining unpaid by the buyer;
(vii) where several amounts are owed by the buyer to us, or to Christie’s International plc, or to any of its affiliates, subsidiaries or parent companies worldwide, in respect of different transactions, to apply any amount paid to discharge any amount owed in respect of any particular transaction, whether or not the buyer so directs;
(viii) to reject at any future auction any bids made by or on behalf of the buyer or to obtain a deposit from the buyer before accepting any bids;
(ix) to exercise all the rights and remedies of a person holding security over any property in our possession owned by the buyer, whether by way of pledge, security interest or in any other way, to the fullest extent permitted by the law of the place where such property is located. The buyer will be deemed to have granted such security to us and we may retain such property as collateral security for such buyer’s obligations to us;
(x) to take such other action as we deem necessary or appropriate.
If we resell the property under paragraph (iv) above, the defaulting buyer shall be liable for payment of any deficiency between the total amount originally due to us and the price obtained upon resale as well as for all reasonable costs, expenses, damages, legal fees and commissions and premiums of whatever kind associated with both sales or otherwise arising from the default. If we pay any amount to the seller under paragraph (v) above, the buyer acknowledges that Christie’s shall have all of the rights of the seller, however arising, to pursue the buyer for such amount.
(h) Failure to collect purchases
Where purchases are not collected within two calendar days from the date of the sale, whether or not payment has been made, we shall be permitted to remove the property to a third party warehouse at the buyer’s expense, and only release the items after payment in full has been made of removal, storage, handling, and any other costs reasonably incurred, together with payment of all other amounts due to us.
(i) Selling Property at Christie’s
In addition to expenses such as transport, all consignors pay a commission according to a fixed scale of charges based upon the value of the property sold by the consignor at Christie’s in a calendar year. Commissions are charged on a sale by sale basis.
5. Limited Warranty
In addition to Christie’s liability to buyers set out in clause 2 of these Conditions, but subject to the terms and conditions of this paragraph, Christie’s warrants for a period of five years from the date of the sale that any property described in headings printed in UPPER CASE TYPE (i.e. headings having all capital-letter type) in this catalogue (as such description may be amended by any saleroom notice or announcement) which is stated without qualification to be the work of a named author or authorship, is authentic and not a forgery. The term “author” or “authorship” refers to the creator of the property or to the period, culture, source or origin, as the case may be, with which the creation of such property is identified in the UPPER CASE description of the property in this catalogue. Only UPPER CASE TYPE headings of lots in this catalogue indicate what is being warranted by Christie’s. Christie’s warranty does not apply to supplemental material which appears below the UPPER CASE TYPE headings of each lot and Christie’s is not responsible for any errors or omissions in such material. The terms used in the headings are further explained in Important Notices and Explanation of Cataloguing Practice. The warranty does not apply to any heading which is stated to represent a qualified opinion. The warranty is subject to the following:
(i) It does not apply where (a) the catalogue description or saleroom notice corresponded to the generally accepted opinion of scholars or experts at the date of the sale or fairly indicated that there was a conflict of opinions; or (b) correct identification of a lot can be demonstrated 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 publication of the catalogue was unreasonably expensive or impractical or likely to have caused damage to the property.
(ii) The benefits of the warranty are not assignable and shall apply only to the original buyer of the lot as shown on the invoice originally issued by Christie’s when the lot was sold at auction.
(iii) The original buyer must have remained the owner of the lot without disposing of any interest in it to any third party.
(iv) The buyer’s sole and exclusive remedy against Christie’s and the seller, in place of any other remedy which might be available, is the cancellation of the sale and the refund of the original purchase price paid for the lot. Neither Christie’s nor the seller will be liable for any special, incidental or consequential damages including, without limitation, loss of profits nor for interest.
(v) The buyer must give written notice of claim to us within five years from the date of the auction. It is Christie’s general policy, and Christie’s shall have the right, to require the buyer to obtain the written opinions of two recognised experts in the field, mutually acceptable to Christie’s and the buyer, before Christie’s decides whether or not to cancel the sale under the warranty.
(vi) The buyer must return the lot to the Christie’s saleroom at which it was purchased in the same condition as at the time of the sale.
6. Copyright
The copyright in all images, illustrations and written material produced by or for Christie’s relating to a lot including the contents of this catalogue, is and shall remain at all times the property of Christie’s and shall not be used by the buyer, nor by anyone else, without our prior written consent. Christie’s and the seller make no representation or warranty that the buyer of a property will acquire any copyright or other reproduction rights in it.
7. Severability
If any part of these Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law.
8. Law and Jurisdiction
The rights and obligations of the parties with respect to these Conditions of Sale, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws of England. By bidding at auction, whether present in person or by agent, by written bid, telephone or other means, the buyer shall be deemed to have submitted, for the benefit of Christie’s, to the exclusive jurisdiction of the courts of the United Kingdom.
05/01/10