A lady’s 18k yellow gold Sapphire & Diamond DRESS RING, Size S, stamped 18k, approx.

CONDITIONS OF SALE

Diamond Mills & Co. carries on business with bidders, buyers and all those present in the auction room prior to or in connection with a sale on the following General Conditions and on such other terms, conditions and notices as may be referred to herein.

1. DEFINITIONS                                                                                                              

In these Conditions:

(a) “auctioneer” means the firm of Diamond Mills & Co. or its authorised auctioneer, as appropriate

(b) “hammer price” means the level of bidding reached (at or above any reserve) when the auctioneer brings down the hammer;

(c) “terms of consignment” means the stipulated terms and rates of commission on which Diamond Mills & Co. accepts instructions from sellers or their agents;

(d) “total amount due” means the hammer price in respect of the lot sold together with any premium, Value Added Tax chargeable and any additional charges payable by a defaulting buyer under these Conditions;

(e) “sale proceeds” means the net amount due to the seller, being the hammer price of the lot sold less commission at the stated rate, Value Added Tax chargeable and any other amounts due to us by the seller in whatever capacity and however arising;

(f) “You”, “your”, etc. refer to the buyer as identified in Condition 2;

(g) The singular includes the plural and vice versa as appropriate.

2. BIDDING PROCEDURES AND THE BUYER

(a) Bidders are required to register their particulars before bidding and to satisfy any security arrangements before entering the auction room to view or bid;

(b) the maker of the highest bid accepted by the auctioneer conducting the sale shall be the buyer at the hammer price and any dispute about a bid shall be settled at the auctioneer’s absolute discretion by re-offering the Lot during the course of the auction or otherwise;

(c) Bidders shall be deemed to act as principals;

(d) Once made, no bid may be withdrawn. Our right to bid on behalf of the seller is expressly reserved up to the amount of any reserve and the right to refuse any bid is also reserved.

3. INCREMENTS

Bidding increments shall be at the auctioneers sole discretion.

4. THE PURCHASE PRICE

The buyer shall pay the hammer price together with a premium thereon of 20% (or incremental) which shall include VAT on the premium at the rate imposed by law.

4A. DROIT DE SUITE. On certain Lots, which will be marked “AR” in the Catalogue and which are sold for a Hammer Price together with Buyer’s premium (but excluding VAT) of € or greater (converted into the currency of the Sale using the European Central Bank Reference rate prevailing on the date of the Sale), the Additional Premium will be payable to use by the Buyer to cover our expenses relating to the payment of royalties under the Artists Resale Right Regulations 2006. The Auctioneer will announce the equivalent of €1000 in the currency in which the Sale will take place at the beginning of the Sale. The Additional Premium will be a percentage of the amount of the hammer Price pus Buyer’s Premium calculated in accordance with the able below and shall not exceed €12,500 (converted into the currency of the Sale using the European Central Bank Reference rate prevailing on the date of the Sale). Amount of the Hammer Price plus Buyer’s Premium (but excluding VAT) Percentage amount 4% €0-50,000.

5. VALUE ADDED TAX

Value Added Tax on the hammer price is imposed by law on all items affixed with an asterisk or double asterisk. Value Added Tax is chained at the appropriate rate prevailing by law at the date of sale and is payable by buyers of relevant Lots. (Please refer to “Information for Buyers” for a brief explanation of the VAT position).

6. PAYMENT

(1) Immediately a Lot is sold you will:

(a) give to us, if requested, proof of identity, and

(b) pay to us the total amount due in cash or in such other way as is agreed by us.

(2) Any payments by you to us may be applied by us towards any sums owing from you to us on any account whatever without regard to any directions of you or your agent, whether express or implied.

7. TITLE AND COLLECTION OF PURCHASES

(1) The ownership of any Lots purchased shall not pass to you until you have made payment in full to us of the total amount due.

(2) You shall at your own risk and expense take away any lots that you have purchased and paid for not later than 3 working days following the day of the auction after which you shall be responsible for any removal, storage and insurance charges.

(3) No purchase can be claimed or removed until it has been paid for.

8. REMEDIES FOR NON-PAYMENT OR FAILURE TO COLLECT PURCHASES

If any Lot is not paid for in full and taken away in accordance with these Conditions or if there is any breach of these Conditions, we as agent for the seller shall at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise all or any of the following rights and remedies:

(a) to proceed against you for damages for breach of contract;

(b) to rescind the sale of that Lot and/or any other Lot sold by us to you;

(c) to re-sell the Lot (by auction or private treaty) in which case you shall be responsible for any resulting deficiency in the total amount due (after crediting any part payment and adding any resale costs). Any surplus so arising shall belong to the seller;

(d) to remove, store and insure the Lot at your expense and, in the case of storage, either at our premises or elsewhere;

(e) to charge interest at a rate not exceeding 1.5% per month on the total amount due to the extent it remains unpaid for more than 3 working days after the sale;

(f) to retain that or any other Lot sold to you until you pay the total amount due;

(g) to reject or ignore bids from you or your agent at future auctions or to impose conditions before any such bids shall be accepted;

(h) to apply any proceeds of sale of other Lots due or in future becoming due to you towards the settlement of the total amount due and to exercise a lien on any of your property in our possession for any purpose.

9. THIRD PARTY LIABILITY

All members of the public on our premises are there at their own risk and must note the lay-out of the accommodation and security arrangements. Accordingly neither the auctioneer nor our employees or agents shall incur liability for death or personal injury (except as required by law by reason of our negligence) or similarly for the safety of the property of persons visiting prior to or at a sale.

10. COMMISSIONS BIDS

Whilst prospective buyers are strongly advised to attend the auction and are always responsible for any decision to bid for a particular Lot and shall be assumed to have carefully inspected and satisfied themselves as to its condition we will if so instructed clearly and in writing execute bids in their behalf. Neither the auctioneer nor our employees or agents shall be responsible for any neglect or default in so doing or failing to do so. Where two or more commission bids at the same level are recorded we reserve the right in our absolute discretion to prefer the first bid so made.

We regret that we are unable to accept telephone bids on items estimated below £500.

INFORMATION FOR BUYERS

1.         Introduction.   The following informative notes are intended to assist Buyers, particularly those inexperienced or new to our salerooms.  All sales are conducted on our printed Conditions of Sale which are readily available for inspection and normally accompany catalogues.  Our staff will be happy to help you if there is anything you do not fully understand.

2.         Agency.   As auctioneers we usually contract as agents for the seller whose identity, for reasons of confidentiality, is not normally disclosed.  Accordingly if you buy your primary contract is with the seller.

3.         Estimates.   Estimates are designed to help buyers gauge what sort of sum might be involved for the purchase of a particular lot.  The lower estimate may represent the reserve price and certainly will not be below it.  Estimates do not include the Buyers Premium or VAT (where chargeable).  Estimates are prepared some time before the sale and may be altered by announcement before the sale.  They are in no sense definitive.

4.         Buyer’s Premium.   The Conditions of Sale oblige buyers to pay a buyer’s premium at 20% on the hammer price of each lot purchased.  In addition, VAT will be added to this premium (see below).  

Please note that any lots purchased via the-saleroom.com live auction service will be subject to an additional 4.95% commission charge + VAT at the rate imposed on the hammer price

5.         V.A.T. (*) indicates that VAT is payable by the purchaser at the standard rate (presently 20%) on the hammer price as well as being an element in the buyer’s premium.  This imposition of VAT is likely to be because the seller is registered for VAT within the European Union and is not operating the Dealers Margin Scheme or because VAT is due at 20% on importation into the UK.  The double symbol (**) indicates that the lot has been imported from outside the European Union and the present position is that these lots are liable to a reduced rate of Vat (5%) on the gross lot price (i.e. both the hammer price and the buyer’s premium).  Lots which appear without either of the above symbols indicate that no VAT is payable on the hammer price.  This is because such lots are sold using the Auctioneers’ Margin Scheme and it should be noted that the VAT included within the Premium is not recoverable as input tax.

6.         Condition of lots.  Please note carefully the exclusion of liability for the condition of lots contained in the Conditions of Sale.  Intending buyers have ample opportunity for inspection of goods and neither the seller nor we as the auctioneers accept any responsibility for their condition.  In particular, mechanical objects of any age are not guaranteed to be in working order.  Please note that we cannot guarantee the authenticity of any lots.

7.         Condition reports.  We may be able to assist buyers unable to view by posting or faxing a condition report, but these reports are based solely on our own opinion and are for guidance only and no responsibility is accepted for their accuracy.  Intending buyers are strongly encouraged to view.  (Please see our Conditions of Sale).

8.         Electrical goods.  These are sold as ‘antiques’only and if bought for use must be checked over for compliance with safety regulations by a qualified electrician first.

9.         Export of goods.  Buyers intending to export goods should ascertain (a) whether an export licence is required and (b) whether there is any specific prohibition on importing goods of that character because, e.g. they may contain prohibited materials such as ivory.  Ask us if you need help.

10.       Bidding.  Bidders may be required to register before the sale commences and lots will be invoiced to the name and address on the registration form.  Some form of identification may be required if you are unknown to us.  Please enquire in advance about our arrangements for telephone bidding.

11        Commission bidding.  Commission bids may be left with the auctioneers indicating the maximum amount to be bid excluding buyers’ premium.  They will be executed as cheaply as possible having regard to the reserve (if any) and competing bids.  If two buyers submit identical commission bids the auctioneers may prefer the first bid received.  Please enquire in advance about our arrangements for the leaving of commission bids by telephone or FAX. All bids must be received by 4pm the day before the sale.

12.       Methods of Payment.   As a general rule any cheques tendered will need to be cleared before removal of the goods is permitted.  Please discuss with our Office in advance of the sale if other methods of payment are envisaged.  (except cash).

13.       Collection and storage.  Please note what the Conditions of Sale state about collection and storage.  It is importantthat goods are paid for and collected promptly.  Any delay may involve the buyer in paying our storage charges.

14.       † = Buyers Premium and other charges may apply.

GLOSSARY OF TERMS

Notice applicable to Sale of Paintings, Drawings and Prints, etc.

Diamond Mills & Co., Fine Art Auctioneers, for themselves and for the seller of each Lot, give notice to intending Purchasers at their Sales of Pictures that certain terms used in description of Lots contained in Diamond Mills Co., Fine Art Auctioneers’ catalogues have by convention the meaning ascribed to them as follows:

The full Christian name(s) and the surname of the artist In our opinion a genuine work painted by the artist

Attributed to… In our opinion probably a mark by the artist; e.g. Attributed to John Moore

The initials of the Christian names and surname of the artist In our opinion a work which may be possibly or partly by the artist

The words Studio of… In our opinion a work from the studio of the artist which may or may not have been executed under his immediate influence; e.g. Studio of John Moore.

The surname only of the artist In our opinion a work of the school or by one of the followers of the artist or in his style

The phrase Circle of… In our opinion a work of the period of the artist executed under immediate influence, e.g. Circle of John Moore

The word ‘after’ associated with the surname of the artist In our opinion a copy of the work of the artist

The words Follower of… In our opinion a work by a painter working in the artist’s style, contemporary or nearly contemporary, but not necessarily a pupil; e.g. Follower of John Moore

The words Manner of… In our opinion a work in a style related to that of the artist, but of a later date; e.g. Manner of John Moore

Care is taken to ensure that any statement as to authorship, attribution, origin, date, age, provenance and condition is reliable and accurate but all such statements of origin and are not to be taken as statements of representation of fact. Diamond Mills & Co. Fine Art Auctioneers, reserve the right in forming their option to consult and rely upon any expert authority reasonably considered by them to be reliable. Where ‘*’ is shown, this indicates that the conventional term in this glossary is not appropriate but, in our opinion the work is work of the artist named.

Should any oil painting be executed on paper whether stated in the catalogue or not, this shall in no way give rise to rescission of purchases or claim for damages by the purchaser.

Paintings may be painted on panel, canvas or paper and the Auctioneers bear no responsibility whatsoever to point out whatever

the medium the painting may be executed on. Nor do they bear the responsibility to point out that a painting may be coloured over a photographic background and in no way shall such a matter rescind a sale or give rise to a claim for damages by the purchaser.

A picture catalogued as School accompanied by the name of a place, country or date means that that in our opinion the picture was

executed at the time and in that location; e.g. Suffolk School, 19th Century.

The phrase Bears signature and/or date and/or an inscription means that in our opinion the artist’s name and/or date and/or inscription have been added by another hand.

All references to signature, inscriptions and dates refer to the present state of the work. Dimensions are given height before width