LEON UNDERWOOD [1890-1975]. The Inventor, 1928. wood-engraving, edition of 50, 11/50, signed in

Art Auctions Ltd – trading as:
MODERN ART AUCTIONS

auction@btinternet.com

Terms and Conditions
1. The highest bidder will be the buyer and once the hammer has fallen no purchase can be cancelled for any reason and no allowance can be made. If there is a dispute, the auctioneer’s decision will be final. All bidders must register to bid before the day of the auction.
2. The auctioneer has absolute discretion to divide, combine or withdraw any lot[s] and to refuse bids or regulate bidding.
3. All lots are subject to any reserve price imposed by the seller and to the right of the seller to bid personally or through any person, who may be the auctioneer. The auctioneer will commence and advance the bidding at levels and increments he considers appropriate and is entitled to place a bid or series of bids on behalf of the Seller up to the Reserve on the lot, without indicating he is doing so and whether or not other bids are placed.
4. Lots may be viewed at our premises by appointment during the days and times specified on our website. All descriptions and cataloguing of lots will be done by the auctioneer and are sold without guarantee, with all faults, imperfections and errors of description. No sale shall be invalidated by reason of incorrect descriptions. All lots are sold ‘as is’. Buyers’ are advised to seek professional help prior to bidding to satisfy themselves as to the condition and authenticity of lots and must rely on their own judgement. Brief condition reports are usually provided in the auction catalogue online, but must not be relied upon as an accurate assessment of condition. We do not employ professional restorers and have no access to condition aids such as ultra-violet lamps or other equipment and techniques to assess condition. Additional condition questions must be asked well in advance and by 1 pm on the day before the auction at the latest and we cannot guarantee that we will be able to answer these questions and cannot be held liable for unanswered questions. Auction viewers will be held personally liable for any property/lots lost or damaged, accidentally or otherwise, during or after viewing.
5. The auctioneer will only act as agent for the seller and will not be responsible, in any circumstances, for disputes between buyer and seller.
6. Any person bidding for a third party shall be held personally responsible for any purchases.
7. A buyer’s premium of 20% + VAT will be added to the hammer price of each lot for bidders leaving commission bids before or bids during the auction. For live online
bidders, bidding via online platforms e.g. the-saleroom.com, an additional fee of 3% [+VAT] is also charged to cover their hosting fees [total 23% +VAT]. Lots with VAT on hammer price will be marked as such. The 3% [+ VAT] additional charge will also apply to bidding via other live online auction platforms, e.g. Live Auctioneers, Invaluable, etc. if applicable.
8. All lots purchased must be paid for in full and collected within 21 days of the auction date [storage charges of £2 per lot per day will be charged thereafter]. Payments from third parties will not be accepted. Payments must have cleared before lots are released. Collections are not allowed on the auction date under any circumstances. Lots will only be released to the buyer, unless special arrangements have been made in writing to authorise a third party collection. If the buyer fails to pay within the agreed time, the auctioneer will at his sole discretion take whatever steps he deems necessary, appropriate and reasonable, to recover funds from the buyer. The auctioneer is not obliged to take legal action on behalf of the seller to recover sums due from the buyer. Under no circumstances is the auctioneer liable to pay the seller for any amount not paid by the buyer.
9. We offer online bidding via the-saleroom.com and occasionally other online bidding platforms. On completing the bidder registration on their website and providing your credit card details, you authorise Art Auctions Ltd trading as Modern Art Auctions to charge the credit card [there is an additional fee of 3% + VAT for credit card payments], if necessary, in full payment [including all fees, commissions, premiums, etc.] for all lots purchased in the auction. Under normal circumstances, the buyer will wait for the invoice to arrive and pay by whichever method he/she may find convenient, which for a UK buyer will include cheque and bank transfer and for an oversees buyer bank [wire] transfer.
10. If equal bids are received from different bidders, the first to be received takes precedence – so please bid early.
11. Commission bids in writing or by email are accepted if you prefer not to bid live online via online live bidding platforms, e.g. the-saleroom.com. All bids are left at the bidders own risk, we cannot be held responsible for errors or failure to execute bids. Bidders must register their personal details before bidding. Please contact us well before the auction date to ensure we have received your bids, if we have not already acknowledged them.
12. The auctioneer reserves the right to sell subject to a reserve price, to advance bidding at his own discretion and to refuse the bid of any person or persons for any reason.
13. Collections can usually be made from our premises by appointment, but not on the day of the auction. We may be
able to arrange packing and shipping in-house for small items like coins or quotes may be obtained from shipping companies who will be able to ship worldwide. We recommend that buyers obtain a quote for shipping before bidding. Shipping is at the buyers own risk and expense. Once sold, all lots will be held uninsured at the buyers’ risk.
14. If the buyer fails to comply with any of our terms and conditions, the auctioneer may re-sell the lot[s] by public or private sale without warranty or reserve and without notice to the buyer. If re-sale results in a lower price than obtained at our first auction, the difference in price and all charges and costs will be payable by the buyer.
15. Copyright to photographs taken by the auctioneer or his representative, or photographs provided by the seller, will remain with the auctioneer after the lot has been removed and may be reproduced by the auctioneer at any time thereafter. Photographs in our catalogues are usually not taken by professional photographers and must not be relied upon as an accurate depiction of the lot. Bidders are recommended to view all lots they intend to bid for in person.
16. The auctioneer acts in the sale of goods as agent only and is not responsible for any default by either buyer or seller. In particular, the auctioneer shall not be liable to pay the seller until cleared payment has been received from the buyer. We usually aim to pay the seller within 35 days of the auction date, unless payment from the buyer is delayed.
17. No person visiting the auctioneer’s premises shall have a claim against the auctioneer in respect of any injury sustained or any accident or damage which may occur from any cause whatsoever.
18. The buyer or seller is responsible for any damage to the auctioneer’s premises or the building containing those premises caused by the delivery or removal of items, or any other reason. This includes premises rented or hired by the auctioneer to conduct the auction or view lots.
19. All statements contained in any catalogue or listings: [a] as to any lot, are made without responsibility on the part of the sellers or auctioneer; [b] as to the authenticity, attribution, genuineness, origin, authorship, date, age, period, condition or quality of any lot[s] are statements of opinion and are not to be taken as, or as implying, statements or representations of fact. Intending buyers must satisfy themselves by inspection, employment of experts and professional advisors or otherwise as to all such matters and to the physical condition and description of any lot[s]. Neither the seller nor the auctioneer make or give any representation or warranty in relation to any lot. The auctioneer disclaims all responsibility for statements about any lot made by the seller.
20. The auctioneer reserves the right to change these terms and conditions at any time.
21. When the seller instructs the auctioneer to sell property, he appoints the auctioneer as exclusive agent to sell that property. The seller also agrees to pay all fees, expenses and costs where applicable.
22. The seller agrees to pay the following costs: [a] packing, shipping and insuring the property to the auctioneer’s premises; [b] packing, shipping and insuring the property if they are returned to the seller unsold; [c] any applicable customs duty or VAT; [d] any external opinion where deemed necessary or appropriate by the auctioneer, and approved by the seller in advance; [e] any marketing initiative likely to increase the appeal of the property, where deemed appropriate by the auctioneer and approved by the seller; [f] storage charges as applicable to unsold lots not collected within 14 days of the auction date. Property not collected within 30 days of the auction date may be re-offered for sale with no reserve.
23. The seller must be the sole owner of the property with unrestricted rights to sell to the buyer, free from all third party claims or rights [including copyright and other property rights]. The seller must also inform the auctioneer of any known facts which may affect the value or appeal of the property, including any concerns expressed by third parties as to authenticity, provenance, attribution, ownership, etc.
24. Any estimate given by the auctioneer is a matter of opinion and is not an undertaking or forecast as to the amount an item may fetch at auction.
25. The auctioneer will agree a reserve with the seller, but where no reserve has been agreed the auctioneer may sell to the high bidder regardless of the amount offered by that bidder.
26. Once the seller has agreed to sell and delivered the property to the auctioneer, the seller cannot withdraw the property without the written consent of the auctioneer. Any lot[s] withdrawn within 35 days of the auction date, for any reason, will incur a withdrawal fee of 20% [+VAT] of the lower estimate of the lot[s]. The property will not be returned to the seller unless this fee has been paid in full. The auctioneer may withdraw the property or postpone the sale for a reasonable time for any reason, including doubt about authenticity, attribution, ownership dispute or provenance. In that situation the buyer must pay the auctioneer’s reasonable costs, including photography, cataloguing, storage, etc. The seller agrees that the auctioneer will hold the property as security until these costs have been paid in full.
27. Estimates appearing in online or printed catalogues are not representations of fact, but merely the auctioneer’s current opinion of the price a willing buyer may pay. The actual price achieved in the auction may be substantially different from these estimates
and the auctioneer shall not be liable for any difference between the estimate and actual price obtained for the property [or part thereof] at a subsequent auction or other resale.
28. Whilst you can browse our auction catalogue on the-saleroom.com website without registering to bid, you will be required to register on that website to bid and you must be 18 years or over to do this. If you are registering to bid on behalf of a business you must provide the necessary written authority to prove you are entitled to bid on behalf of that business. The auctioneer reserves the right to refuse any registration to bid for any reason. To leave commission bids prior to the auction or bid during the auction, bidders must register first in writing.
29. All auctions are conducted in GB pounds [£] sterling. Bidders are responsible for ensuring that they have sufficient funds to cover the cost of bids [including any premiums, commissions, fees, VAT, etc.] and are able to pay promptly. Any bid constitutes a legally binding contract and bids may not be retracted.
30. The auctioneer reserves the right to cancel, pause or stop an auction for any reason and at any time.
31. If you are the successful high bidder [buyer] please wait to be contacted by the auctioneer before making payment. Invoices will be sent out to buyers a few days after the auction ends. Payment may only be made by using the specified payment methods as indicated on the invoice. The auctioneer will not accept the return of sold items under any circumstances. The Consumer Protection [Distance Selling] Regulations 2000, do not apply to these auctions.
32. Buyers and Sellers must acknowledge that due to the nature of the internet, the auctioneer cannot guarantee that access to the websites [ours and online bidding platforms e.g. the-saleroom.com] will be uninterrupted during the auction or that emails, bidding, browsing or other transmissions or procedures will function properly during, or before and after, the auction. We apologise in advance if this happens, but cannot be held responsible in any way for these problems.
33. Many items in our auctions are likely to be subject to a reserve, i.e. the price below which bids will not be successful in securing the lot. The reserve is confidential, but will not exceed the lower estimate.
34. Artists Resale Rights [ARR] taxes, usually 4% on hammer price for art lots selling for the UK pound equivalent of 1000 euros or more [up to 50,000 euros] will apply to auctions of art lots but not coins. This additional charge will be clearly identified on invoices. Please contact an ARR collection agency, e.g. DACS or ACS, for more detailed information.
35. VAT is payable on auction premiums at the current rate, but may also be payable on the hammer price too in certain circumstances e.g. where the seller is VAT registered or the property has been imported from outside the EU [usually 5%]. If the buyer [usually located outside the EU] is seeking a VAT refund, they must contact HM Revenue & Customs directly for the appropriate forms, the auctioneer will not be responsible or involved in such applications.
36. Buyers from outside the UK may have to pay import taxes for property shipped to them and should fully research this before bidding. We normally only accept payment from non-UK buyers by bank transfer.
37. Before bidding on any property, bidders are advised to make their own enquiries as to whether a licence is required to export the property from the UK. It is solely the responsibility of the buyer to comply with any export or import regulations which may apply. Failure to obtain a licence or delay in so doing shall not constitute a basis to cancel a purchase or delay in making payment for a lot purchased.
38. Users of our website, visitors to our premises, sellers, bidders and buyers all agree to fully indemnify, defend and hold the auctioneer, Art Auctions Ltd t/a Modern Art Auctions, harmless immediately upon demand from and against all actions, liability, claims, losses, damages, costs and expenses [including legal fees] that we incur arising directly or indirectly as a result of their breach of these terms and conditions.
These Terms and Conditions may be inspected at our premises or can be emailed to you on request. They should also appear on live online bidding host websites, e.g. the-saleroom.com.
Art Auctions Ltd t/a Modern Art Auctions
Company reg. no. 03391981
VAT reg. no. 714718632