SERVICED IN JUNE 2023 - Rolex Oyster Perpetual Air-King Precision stainless steel gentleman's

CONDITIONS OF SALE

The Auctioneer acts only as agent for the Seller (unless otherwise specifically declared). Lots sold are likely to have been subject to wear and tear caused by user or the effects of age and may therefore have faults and imperfections. Buyers are given ample opportunity at viewing times to examine lots to be sold and will be assumed to have done so. They must rely solely on their own skill or judgement as to whether lots are fit for any particular purpose.

1. Bids
All bids made shall be treated as offers made upon these Conditions of Sale and all persons present and approved to bid are admitted to a sale on the basis that they have notice of these Conditions.

1A. Internet Bidding

There are no additional surcharges when bidding via our own bidding platform 'GH Live'

We also use two other online bidding platforms via the-saleroom.com and Easylive which will be subject to additional fees. Please see their respective websites for further details and terms.

2. Ascertainment of the Buyer
The Buyer shall be the person making the highest bid which is acceptable to the Auctioneer as signified by the fall of the hammer. No bid may be retracted. In the case of a dispute the Auctioneer may either declare the purchaser or put the lot up again.

3. Auctioneer’s discretion
The Auctioneer has sole discretion, (a) to refuse any bid, (b) to advance the bidding as he may decide, (c) to withdraw or divide any lot or combine one lot with another or others, (d) to exclude any person from the auction rooms, and (e) to require pre-payment in full.

4. Reserves and Seller’s right to bid
Lots put up for sale are subject, (a) to any reserve price imposed by the Seller, (b) the right of the Auctioneer to bid on behalf of the Seller, and (c) where no reserve has been imposed (but in no other case) for the Seller to bid personally or through any one agent. It is the responsibility of the Seller to ensure any reserves are received by the Auctioneer.

5. Buyer’s Duties
The Buyer shall forthwith or as soon as possible after the sale, (a) supply his name and address, (b) supply, if so required, bank or other suitable references, (c) pay the full purchase price in a way acceptable to the Auctioneer, notwithstanding any prior arrangement for advance payment required by the Auctioneer, and (d) on proof of payment clear the lots purchased by the times specified. Lots may not be cleared during the sale except by permission of the Auctioneer.

6. Payments   

ALL LOTS ARE TO BE PAID & CLEARED WITHIN 7 DAYS OF THE AUCTION                                                                                                                                       

Methods of payment include direct bank transfer, debit card, credit card, cash to a maximum of £8,500, Cheque payments are no longer accepted.

For fraud protection we no longer accept payments by credit or debit cards for ‘Customer not Present’ transactions. Card payments at the saleroom will be accepted but must be supported by Chip and PIN.

Card payments for live internet bidding will only be accepted if they have been AVS and 3D Secure authorised via our online platform with a maximum transaction limit of £1000 for Watch & Jewellery auctions; £2000 limit for all other auctions unless previous authorisation has been agreed.

Deposit payments made direct at the bank or via telephone banking will need to be confirmed as 'cleared funds' before any goods are released.

6A. Anti-Money Laundering Policy

New clients spending over £5000 on an individual transaction must be verified, by supplying a current form of ID confirming their name and address to match the invoice. This must be supplied to complete the transaction before the release of goods

7. Liability of the Auctioneer and Sellers
Subject to Condition 8: (a) faults and imperfections (if any) are not stated in the catalogue and neither the Seller nor the Auctioneer is responsible for any defects whatsoever, (b) no warranty is given or authorised to be given by the Seller or the Auctioneer with regard to any lot other than the Seller’s right to sell it, (c) any express or implied conditions or warranties relating to description or quality, are hereby excluded.

8. Catalogue Descriptions
Descriptive statements contained in the advertisements or catalogues or made up by the Auctioneer or any member of his staff should be taken as matters of opinion only and shall not be taken as statement of fact.

i) Items in the catalogue are sold as seen. Where possible significant damage is mentioned, but this does not include all faults and imperfections. The absence of such reference does not imply that the lot is in good condition or free from restoration or repair. Condition reports are available upon request

ii) ’Inscribed’ or ‘Signed’ does not imply that the lot is wholly or partly by that maker

9. Forgeries
Notwithstanding Conditions 6 and 7, if the Auctioneer receives notice in writing from the Buyer WITHIN 7 DAYS OF THE SALE that in his opinion a lot is a forgery (as defined in Condition 12) and on giving such notification the lot in question is returned to the Auctioneer at his working premises in the same condition as when bought, then if on considering such evidence as the Buyer supplies to prove his assertion, the Auctioneer decides that the lot is a forgery the sale of the lot will be rescinded and the purchase price repaid to the Buyer.

10. Property in lots and risk
The Buyer shall not become the owner of any lot, and the Auctioneer shall have a lien thereon, until the Buyer has discharged the purchase price in full together with any other charges due, but after the fall of the hammer the risk of damage or loss shall nevertheless be the Buyer’s.

11. The Premium
The Buyer shall pay to the Auctioneer a premium of 22% of the hammer price together with VAT. (26.4% inclusive of VAT)

12. Default by Buyer
If the Buyer fails to make payment in a way acceptable to the Auctioneer or to remove any lot or lots bought by him within 7 days of the auction or in any other material respect fail to comply with these conditions, the Auctioneer shall have the right, (a) to resell the lot or lots by public auction or otherwise without notice to the Buyer, and if any deficiency arises on such resale, after deducting the Auctioneer’s full costs and expenses, the Buyer shall be responsible to the Auctioneer therefore (but any net surplus to be the Seller’s) or, alternatively, (b) to store the lot at the Auctioneer’s premises or elsewhere and to release the lot to the Buyer only after payment in full of the purchase price together with any other charges due. The Auctioneer reserves the right to charge storage of 50p per lot per day on any lot or lots uncleared by the time specified together with any removal expenses. In addition, interest will be charged at 2.5% per month or part thereof (34.4% APR) on any accounts that remain unpaid in part or full 1 week after the sale. Interest and storage will be charged from the date of sale. In addition, the Buyer shall be liable for all legal and court costs incurred by the Auctioneers in pursuit of payment from the Buyer. The Auctioneer reserves the right to refuse any cheques and will not release lots purchased until evidence has been received that any cheque accepted has been cleared.

13. Release of Goods

Payment and clearance should be made within seven days after the sale. Goods will not be released until full payment has been cleared and a paid invoice produced. For clients arranging courier or third-party collection: written instruction must be received by the purchaser; identification will be requested from the courier and their vehicle’s registration number taken. For security purposes our premises are monitored by 24-hour CCTV

14. Definitions and interpretation
In these conditions: (a) Reference to the ‘the Auctioneer’ shall be taken to mean the firm of Gardiner Houlgate or any director, partner or employee thereof at the time of sale; (b) Buyers shall be deemed to be the principals unless to the prior knowledge of the Auctioneer they are acting as agent on behalf of a named principal; (c) ‘Forgery’ means a lot (i) which is so constituted as deliberately to deceive when considered in the light of its catalogue description, and (ii) whose value as such is materially less that if it had complied with the catalogue description; (d) The Interpretation Act 1978 shall apply to the general construction of terms and expressions used in these Conditions as if contained in a statute.

15. Law and Jurisdiction
These Conditions of sale are subject to English law, which shall apply to their construction as well as their effect. The Seller and Buyer agree to submit to the exclusive jurisdiction of the English courts.

16. What is Temporary Importation?

Temporary Importation is a system that applies to lots which have been imported for sale from outside the EU. It allows the point of importation to be delayed until after the sale at auction.

These lots are indicated in catalogues by the use of the following symbol *

Only the Hammer Price will be treated as the import price and the Buyer’s Premium will be subject to UK domestic VAT at 20%. So whilst the Hammer Price will continue to be charged with Import VAT at 5% or 20” as appropriate, the Buyer’s Premium will always be charged with domestic VAT at 20%

Lots subject to Temporary Importation will be offered under the Auctioneer’s Margin Scheme and will be subject to import VAT of either 5% or 20% on the buyer’s Premium. Anyone who wishes to buy outside the Margin Scheme should notify us immediately. An invoice under the normal VAT rules and charging VAT at 20% on both Hammer and Premium will then be issued

Temporary Importation should affect only private individual buyers who are resident within the EU. Anyone who is registered for VAT in the EU should be able to recover the VAT on the Buyer’s Premium either on their VAT returns or through the 8th Directive Refund Scheme. Any non-EU buyer who exports the lots from the EU will be able to have the VAT refunded provided the appropriate export regulations are complied with

17. Property sold with a * Symbol

These items have been imported from outside the EU to be sold at auction under temporary importation. When Gardiner Houlgate releases such property to buyers in the UK, the buyer will become the importer and must pay Gardiner Houlgate import VAT at 5% on the Hammer Price

These lots will be invoiced under the Auctioneer’s Margin Scheme. Gardiner Houlgate must bear VAT on the Buyer’s Premium and hence charge an amount in lieu of VAT at 20% on this Premium. This amount will form part of the Buyer’s Premium on our invoice and will not be separately identified

VAT registered buyers from the EU should note that the import VAT charged on property released in the UK cannot be cancelled or refunded by Gardiner Houlgate

VAT registered buyers from the UK should note that the invoice issued by Gardiner Houlgate for these items is not suitable evidence in respect of import VAT

VAT registered buyers from the EU countries may be able to seek repayment of the import VAT paid by applying to HM Revenue and Customs. On request, immediately after the sale, the office can either ask HM Revenue and Customs to generate a C79 certificate (for UK buyers), or obtain a copy of the import C88 (for other EU VAT registered buyers), which may be used to claim recovery of the VAT. Otherwise Gardiner Houlgate may re-invoice the lot and charge VAT at 20% on both the Hammer Price and the Premium and provide a tax invoice to the buyer

18. CITES Restrictions

Any lots containing any amount of Brazilian rosewood and endangered species may be subject to restrictions when exporting outside of the EU. It will be the buyer’s responsibility to make sure that the relevant paperwork is in place before shipping.

Some lots are sold with CITES article 10 certificates, allowing the commercial use of an item containing an endangered species. Lots subject to this are marked in the catalogue

Import/Export

It is the buyer’s responsibility to obtain the correct import/export licenses and CITES licenses for items which they have purchased. Gardiner Houlgate take no responsibility for the export of goods.

19. Gemstones

Many gemstones have been treated in various ways to enhance their appearance. For example, sapphires and rubies are routinely heat treated and emerald treated with oils and resins. Some stones may require re-treating or oiling periodically. Enhancement affects market value, and all Gardiner Houlgate estimates assume that gemstones may have been enhanced.

20. Artists Resale Rights (or Droit de Suite)

On certain lots marked in the catalogues and which are sold for a hammer price of 1000 Euros or greater (converted into the currency of the sale using The Design and Artists Copyright Society threshold calculator on the date of the Sale) the Additional Premium will be the percentage of the amount of the Hammer Price calculated as follows:

0-50,000 Euros 4%

50,000.01 to 200,000 3%

200,000.01 to 350,000 1%

350,000.01 to 500,000 0.5%

Exceeding 500,000 0.25%