Fine Jewellery, Watches and Objects of Vertu

Saluto Auctions Terms & Conditions Definitions In these Terms & Conditions (T&Cs) of sale: 'auctioneer', 'agent', 'we', 'us', etc means Saluto Auctions (which is a trading name of EDEE Limited); ' 'seller', 'vendor', 'consignor' refer to the individual, organisation or institution who is in ownership of any given item which the agent has been contracted to offer for sale; 'buyer' refers to the holder of the highest bid accepted by the auctioneer conducting the sale and shall be contractually bound to complete the purchase at this price; 'bidder' refers to anyone who places a bid on any lot at auction; 'hammer price' refers to the level of bidding reached in the auction (at or above any given reserve price) at the time the auctioneer closes the lot; 'total amount due' means the sale price for any given lot sold, together with any other premium, other additional charges payable, and Value Added Tax chargeable; 'lot' refers to any piece or pieces of property offered at auction by Saluto Auction on behalf of any given vendor or agent; 'sale' refers to the auction and or auction day within which the property is offered; 'reserve price' refers to the pre-agreed, confidential figure below which an item may not be sold; 'aftersale' refers to the agreement of sale of any lot which was not sold during the auction, but which was agreed after the auction has ended. 'Underbidder' refers to the last bid accepted above the low estimate before a lot is sold. Buyers T&Cs Saluto Auctions undertakes business with bidders and buyers in connection with a sale on the following General Terms & Conditions. 1. Agency (a) Saluto Auctions, unless otherwise agreed, acts only as an agent for the seller. Any contract for the sale of property is therefore made between the buyer and the seller. (b) The seller warrants to the auctioneer and to the buyer that the seller is the true owner of the property consigned or is authorised by the true owner to consign it for sale and is able to transfer good and marketable title to the property, free from any third party claims. 2. Descriptions and Condition (a) Whilst we seek to describe lots accurately, in some instances we may not be able to carry out the level of research that would be undertaken by experts in the field of scholarship relevant to the lot. (b) Prospective buyers are given sufficient time to view the property online and are invited to send in requests for additional information on the property which would be supplied should this be available. Buyers must satisfy themselves as to the accuracy of any description applied to a lot. (c) Any mention of the condition of lots within a catalogue entry is not considered an exhaustive description of its condition. . Condition reports may be available on request and will assess the condition of a lot with reasonable care and attention. (d) Prospective buyers bid on the understanding that representations or statements by Saluto Auctions whether in the form of a condition report, catalogue entry or other, as to; authorship, origin, age, condition, provenance or estimated value are our professional opinion only. We look to ensure that all information provided is accurate, however neither Saluto Auctions nor any employees, nor the vendor, accept liability for the accuracy of such opinions or claims. 3. Estimates Estimates are provided as a guide to assist buyers in understanding the expected range that we believe the lot may sell at in an auction setting (excluding any additional premiums and charges). 4. Registration and Admission (a) If a bidder is leaving bids with us directly rather than through one of our bidding partners then we will request certain information to adhere to UK Anti-Money Laundering regulations, we may ask for the following; a valid identification document, two proofs of address and proof of funds. (b) We reserve the right at our discretion to refuse bids from an individual in any auction. 5. Bidding When bidding, a bidder is accepting personal liability to pay the purchase price plus all other applicable taxes and charges. In some instances, if it has been agreed prior to the sale that the bidder is acting as an agent then we may seek funds from the principal rather than the agent in these circumstances. 6. Absentee Bids If a prospective buyer chooses to leave a bid directly with Saluto Auctions and does so in the pre-agreed format, then we will act on their behalf to bid up to the agreed amount. If for whatever reason the bid is not executed on the prospective buyer?s behalf then neither Saluto Auctions nor any of its agents should be accountable. If more than one absentee bid is left with us at the same level, the first will be used. 7. Telephone Bids Where a buyer has indicated they would like to arrange a telephone bid on a lot or multiple lots, we will ask the bidder to fill out a telephone bidding form and then will inform them in advance of the sale as to whether it will be possible to bid by phone for this sale. In the event that we agree that the bidder can have a telephone line for the lot(s), we will make efforts to contact them but will not be held responsible if we are unable to contact them before the property comes up for sale. 8. Reserves (a) Property is usually consigned subject to a reserve price which is the minimum price at which a lot can be sold. The reserve price will not exceed the low estimate listed in the catalogue entry. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. 9. Winning Bid (a) The bidder who leaves the final bid accepted by the auctioneer, shall be the buyer at the hammer price at the time the auctioneer closes the lot, which completes a binding contract for sale between the seller and the buyer. 10. Purchase Price The purchase price shall be the hammer price together with the buyer?s premium. The premium is payable at rate of 25% of the final bid price of a lot. Premium may be subject to VAT at the appropriate rate. The purchase price does not include any online buyer charges, shipping, or other charges, nor any VAT incurred on these charges. 11. VAT Property Value Added Tax on the hammer price of any given item is imposed by law on all items marked with a ?+? symbol. VAT is charged at the appropriate rate prevailing by law at the date of sale.. 12. Payment and Shipping (a) At your earliest convenience, and no later than five working days after the sale of a lot in auction you will: (i) give to us, if requested, proof of identity (ii) pay to us the total amount due in the agreed currency (b) Shipping is available on all items within our auctions and will be charged at the following rates: (i) Domestic UK packages up to £2500 in value charged at £25.00 per package; (ii) Domestic UK packages in excess of £2500 in value charged at £25.00 per package plus insurance at a rate of 2.5% of the total purchase price; (iii) International packages up to £300 in value charged at £35.00 per package; (iv) International packages in excess of £300 in value charged at £45.00 per package plus insurance at a rate of 2.5% of the total purchase price. (d) Saluto Auctions will endeavour to carefully and securely wrap any property which we have been asked to ship on behalf of the buyer. We do not accept liability for any damage or loss to the property in transit, but would act on the buyer?s behalf to carry out an insurance claim against the relevant courier should any damage or loss occur and will pass on any funds from any successful claim. (e) All payments will be automatically taken from the card used for registration by all online bidders using any of our bidding partners, including but not limited to: Live Auctioneers, Invaluable and Easy Live Auction. on the tenth day after the auction, unless the invoice has already been settled except in a case where an alternative arrangement has been made. We ask any successful bidders to get in touch as soon as possible to avoid any funds being taken by our bidding partners if a separate agreement has been made. (f) Payments may be made in any of the following ways: (i) Cash on collection (up to a maximum of the sterling equivalent of ?10,000.00. Please note that we cannot accept more than ?10,000.00 from a buyer in one calendar year; (ii) Bank transfer; (iii) Credit or debit card (subject to an additional surcharge of 3% for non-EU registered cards), up to a maximum of £30000.00 per invoice where the cardholder is present for the transaction, and up to a maximum of £250.00 per invoice where the cardholder is not present; (iv) GBP cheque. Please note no purchases will be released for collection or shipping until cheques have cleared in full. 13. Title and Collection of Purchases (a) Title of the property will not transfer until we have received payment in full and cleared funds. No property will be released until the items have been paid for in full. (b) If you choose not to proceed with our shipping services then collection from our office for property paid for in full should occur within ten working days of the auction. 14. Export Licenses / CITES Regulations For all lots which require export licences or may be subject to CITES regulations when exported, it is the exclusive responsibility of any buyers to make themselves aware of these regulations and arrange relevant licenses and certificates. We shall not rescind any sale on the basis that an item cannot be exported and if payment is not made within the given period of ten working days after the day of the sale, we will at our discretion exercise any of the rights and remedies outlined in Condition 15. 15. Non Payment (a) If any lot is not paid for in full we may act, as agent for the seller and on our own behalf at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise any of the following rights and remedies: (i) to proceed against you for damages for breach of contract; (ii) to rescind the sale of that lot and/or any other lots sold to you by us or withhold funds owed to to you from the sale of your property if applicable until the debt is satisfied in full (iii) to resell the lot (by auction or private treaty); in the event there is a shortfall on the total amount due you will be responsible for any loss incurred to us or the seller of the property; (v) to charge interest at a rate not exceeding 1.75% per month on the total amount due to the extent it remains unpaid for more than ten working days after the sale; (vi) to retain that or any other lot bought until you pay the total amount due; (vii) to reject or ignore bids from you or your agent at future auctions or to impose conditions before any such bids shall be accepted; 16. Terms of Sale The seller acknowledges that lots are sold subject to the stipulations set out in these Conditions in their entirety, and on the Terms of Consignment as notified to the consignor at time of entry of the lot. 17. Online Only and Public Auctions (a) Where in-person bidding is possible, any sale of the property will be final and binding and are exempt from the Sale of Goods Act of 1989. (b) For online-only auctions, the buyer shall have 14 days to rescind the sale after receiving the property under EU consumer law. 18. Returns and Refunds (a) As outlined in Condition 17, all goods purchased at Public Auction are second hand and sold as seen, meaning they are exempt from the Sale of Goods Act 1989 and the Consumer Contracts Regulations 2013, thus no returns or refunds will be accepted under any circumstances, except those outlined in Condition 19. (b) Goods purchased in online-only auctions ware covered under the Consumer Contracts Regulations 2013 and may be returned in exchange for a full refund without reason by the buyer satisfying the following: (i) You contact us not later than fourteen days following receipt of the item to inform us by writing of your wish to return the item for a refund; (ii) You return the goods to us via a tracked, registered and insured method of shipment not later than fourteen days after the date of notifying us of your wish to return them for a refund; (iii) The goods are returned in their original condition and with all original accompanying boxes, paperwork, etc. (c) Goods which have been altered or customised for clients, including but not limited to resizing, metal polishing, stone polishing, plating, stone replacement, repair, de-bruising, re-boxing, cleaning, engraving, etc will not be eligible for return under any circumstances. 19. Saluto Auctions Authenticity Guarantee (a) Saluto Auctions offers an Authenticity Guarantee to all buyers for a period of three calendar months from the date of any given auction. (b) The Authenticity Guarantee is only available to the original buyer shown on the invoice for the lot at the time of sale, and may not be transferred to any third party. (c) If Saluto Auctions sells any property which the buyer subsequently shows to have been misrepresented, or misdescribed in any of the following ways set out below Saluto Auctions will rescind the sale and refund the buyer the original purchase price:(i) any lot catalogued to be of a particular age / period, which is later proven to be reproduction; (ii) any lot catalogued as being made of one or other precious metals which is later proven to be made of a metal which at the time of cataloguing has lesser material value per ounce than the metal stated in the catalogue; (iii) any lot catalogued as being in Saluto Auctions? qualified opinion the authentic work of a particular n jewellery house which is later proven to not be the work of that house; (e) In order to undo the sale under the Authenticity Guarantee you must: (i) Give us written notice of the claim within three calendar months of the auction; (ii) at Saluto Auctions? discretion we may require you to provide the written opinions of two recognised experts in the appropriate field of the lot mutually agreed by both you and us. (iii) return the lot at your expense to Saluto Auctions and in the original condition it was bought in. Please note that the authenticity guarantee will not under any circumstances apply to any lot which has been customised in any way, including but not limited to resizing, polishing, stone replacement, repair, re-boxing, or engraving; (iv) your only right under this authenticity guarantee is to cancel the sale and receive a refund of the original purchase price, as defined in condition 10, paid for the lot. We will not in any circumstances be obliged to pay you any more than the original purchase price, and will not be liable for any other costs incurred including but not limited to; acquiring expert opinions, scientific testing, loss of profits, loss of opportunity or value, loss of savings or expected interest, costs and any other damages . 20. Value Added Tax (VAT) (a) No VAT will be charged on the Buyer?s Premium for our initial sale, due to take place in April 2021. We reserve the right to charge inclusive VAT on the Buyer?s Premium for future sales. (b) No VAT on online buyer surcharges will be deductible as this is VAT charged on a service offered by our bidding partners which is not classed as an exportable and reclaimable item. 21. Buyer Warranties (a) As the buyer you warrant to Saluto Auctions that the funds used for payment are not connected with criminal activity. (b) If you are acting as an agent on behalf of the ultimate buyer, you warrant that: (i) you have relevant KYC (know your customer) and AML (anti money laundering) regulations in place and that you have conducted sufficient due diligence to ensure that the conditions outlined in 21(a) are also satisfied by your customer; (ii) you will, at our request and at any time within five (5) years of the date of the auction, make available any and all documentation referencing the due diligence checks carried out on your customer; 22. Cataloguing Terms The following is a brief summary of terms which may be used in auction catalogue descriptions. Attributions where the artists name is stated in title description:(i) ?Cartier? ? the lot is in Saluto Auctions qualified opinion a work by that artist / jeweller, and is guaranteed to be such in accordance with the Authenticity Guarantee set out in condition 19; (ii) ?attributed to Cartier? ? the lot, whilst unsigned, is in Saluto Auctions qualified opinion a work by that artist / jewellery house, however no strict guarantee to that effect is made. (b) If the artists name is stated in the remainder of the catalogue description then the attribution applies as following: (i) ?signed Cartier? ? the property bears the signature of that artist / jeweller, which in Saluto Auctions qualified opinion is authentic; (ii) ?maker?s mark for Cartier? ? the property bears a mark denoting the maker which in Saluto Auctions qualified opinion is authentic; (iii) ?by Cartier ? ? the property, although not signed, is in Saluto Auctions qualified opinion an authentic work by that artist / jeweller; 23. Certifications and Stone Treatments (a) Some lots in this catalogue are accompanied by gemmological reports and other certificates which give an opinion on aspects of some or all of the stones or authenticity of the maker of a particular lot. These certificates may have been provided to Saluto Auctions by the vendor, or obtained by Saluto Auctions on behalf of the vendor. It should be noted that the content of these certificates is a statement of opinion of the issuing laboratories and research centres only, and cannot be guaranteed by Saluto Auctions . We can also not be held responsible for any retrospective change of opinion by the providers of any given certificate. (b) It is common for diamonds and other gems to be subject to treatment to enhance their appearance. Unless stated otherwise in the catalogue description, prospective buyers should assume that all stones offered for sale by Saluto Auctions may have been subject to treatments. If you have any questions regarding stone treatments or enhancements, please contact Saluto Auctions prior to the sale. 24. VAT symbols and other lot symbols (a) Some lots in this catalogue may be marked with certain symbols relating to their VAT status as follows: (i) No symbol ? no VAT will be charged on the hammer price; (iii) ?^? ? the lot has been imported for sale from outside the UK and full import VAT at a rate of 20% will be payable by the buyer on both the hammer price and buyer?s premium; (iv) ?*? ? the lot has been imported for sale from outside the UK and reduced rate import VAT at a rate of 5% will be payable by the buyer on both the hammer price and buyer?s premium; (b) Some lots in this catalogue may be marked with certain symbols relating to other aspects aside from VAT as follows: (i) CT ? the lot contains restricted material which may be subject to certain regulations; 25 Severability If any part of these Conditions of Business shall be found to be unlawful, invalid, illegal or unenforceable by any jurisdiction or court then that part alone shall be denounced and all other terms will remain valid to the fullest extent permitted by the law. 26. Underbidder Commission If a lot is sold one increment above the low estimate, the underbidder will be entitled to 2.5% of the value of their last bid to be used as credit against future purchases. (a) If the underbidder accrues credit from previous sales to be used against the purchase of lots but returns or disputes any purchases from any sales, we will at our discretion invalidate any credits accrued. 27. Law and Jurisdiction (a) English law applies to the interpretation of these conditions. (b) All parties involved irrevocably agree that the courts of England alone have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with the Agreement or its subject matter or formation (including non-contractual disputes and claims). Sellers? T&Cs 1. Vendor Commission (a) There is no commission charged to vendors unless explicitly agreed prior to the sale. (b) Saluto Auctions will in some cases give a share of the buyer?s commission to the vendor to reach the pre agreed net reserve price. 2. Loss and Damage Once in our possession, we accept full liability for property at the agreed reserve price; there is no charge to the vendor for this insurance cover. 3. Reserves (a) When consigning the property, a reserve price will be agreed. You will not receive lower than this agreed price when the lot sells. The hammer price for this lot may be less than the agreed reserve in which case we will cover any shortfall. (b) A reserve may not be changed except as outlined in condition 4. 4. Alterations To Reserve and Withdrawal of Property There will be an administration fee of £75 or 7.5% of the agreed reserve price, whichever is greater, for any property withdrawn from the sale or for any alterations to the reserve price. In some instances we will agree to waive these fees if explicitly agreed in advance. 5. Settlement (a) We will settle vendor accounts five days after we receive cleared funds from the buyer. (b) In instances where the vendor has an outstanding balance from previous purchases we reserve the right to take funds from any proceeds owed. 6. Severability If any part of these Conditions of Business shall be found to be invalid, unlawful, illegal or unenforceable by any jurisdiction or court under English law, then that part alone shall be rescinded and all other parts will remain valid to the fullest extent permitted by the law. 7. Warranties (a) The vendor affirms that they are either the owner or act as an agent for the owner and have the right to sell any consigned property. (b) The vendor affirms that any information they provide about the property is true and accurate to the best of their knowledge. The vendor accepts full liability to Saluto Auctions for the hammer price plus additional premiums if any information they have provided on the provenance, age or authenticity of the piece is proved to be false and leads to the sale being rescinded. 8. Law and Jurisdiction (a) English law applies to the interpretation of these conditions. (b) All parties involved irrevocably agree that the courts of England alone have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with the Agreement or its subject matter or formation (including non-contractual disputes and claims).