SALES TERMS AND IMPORTANT INFORMATION
Important Note
The majority of property offered at Estuary Auctions comes directly from estates and private collections, and may show signs of use and age. The absence of condition remarks in the description does not mean the item is in perfect condition. We encourage you to thoroughly examine the property before bidding. If you cannot personally inspect a lot, you may request a Condition Report prior to bidding. This service is provided for guidance only, without legal obligation. All lots are sold "as is" and there will be no returns based on condition. Again, prospective buyers are in all cases responsible for determining the physical condition of lots as there are no returns based on condition.
The lots offered by Estuary Auctions as owner or as agent for consignor(s) are subject to the following terms and conditions. By bidding at auction, you agree to be bound by these Conditions of Sale.
BEFORE THE SALE
Prospective buyers are strongly advised to personally examine any property in which they are interested before the auction takes place. Condition reports are usually available on request on lots. All lots are sold AS-IS and without recourse and neither Estuary Auctions nor its consignor(s) makes any warranties or representations, express or implied with respect to such lots. Neither Estuary Auctions nor its consignor(s) makes any express or implied warranty or representation of any kind or nature with respect to merchantability, fitness for purpose, correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, material, genuineness, attribution, provenance, period, culture, source, origin, exhibitions, literature or historical significance of any lot sold. The absence of any reference to the condition of a lot does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging. No statement, whether written or oral, and whether made in the catalogue, or in supplements to the catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, the remarks of an auctioneer, or otherwise, shall be deemed to create any warranty, representation or assumption of liability. Estuary Auctions and its consignor(s) make no warranty or representation, express or implied, that the purchaser will acquire any copyright or reproduction rights to any lot sold. Estuary Auctions expressly reserves the right to reproduce any image of the lots sold in this catalogue.
AT THE SALE
Refusal of Admission - Estuary Auctions has the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid.
Registration before Bidding - A prospective buyer must complete and sign a registration form and provide identification before bidding. We may require bank or other financial references.
Bidding as Principal - When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer's premium, all applicable taxes and all other applicable charges, unless it has been explicitly agreed upon in writing with Estuary Auctions before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to Estuary Auctions and that Estuary Auctions will only look to the principal for payment.
Absentee Bids - We will use reasonable efforts to carry out written bids given 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 UAE Dirhams (AED). If we receive written bids on a particular lot for identical amounts, and these are the highest bids on the lot at the auction, 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 we do not accept liability for failing to execute a written bid or for errors and omissions in connection with the written bid.
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 and we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding.
Online Bids - We will use reasonable efforts to carry out online bids and do not accept liability for equipment failure, inability to access the internet or software malfunctions related to the execution of online bids.
Reserves - Some lots in the sale are subject to a reserve which is the confidential minimum price below which such lot will not be sold. The reserve will not exceed the low estimate of the lot. Reserves are agreed upon with consignors or, in the absence thereof, the absolute discretion of Estuary Auctions. 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.
Auctioneer's Discretion - The auctioneer has the right at his or her absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw any lot, and in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.
Successful Bid - The highest bidder acknowledged by the auctioneer will be the purchaser. In the case of a tie bid, the winning bidder will be determined by the auctioneer at his or her sole discretion. In the event of a dispute between bidders, the auctioneer has final discretion to determine the successful bidder or to reoffer the lot in dispute. If any dispute arises after the sale, Estuary Auctions sale record shall be conclusive. Title passes upon the fall of the auctioneer's hammer to the highest acknowledged bidder subject to the Conditions of Sale set forth herein, and the bidder assumes full risk and responsibility.
AFTER THE SALE
Buyer's Premium - In addition to the hammer price, the buyer agrees to pay Estuary Auctions a buyer's premium.
A Buyers’ Premium will be added to every lot sold depending on the total amount of the purchase price. The buyer will pay a further 25% on the final hammer price as a premium in respect of each lot/s purchased up to 100,000 AED. Purchase/s exceeding 100,000 AED up to 300,000 AED will be charged a 20% buyer’s premium. And, purchase/s totaling 300,001 AED and above will be charged only a 15% buyer’s premium. Please be advised that from January 01, 2018 onwards, 5% VAT will be charged on top of the total buyer’s premium.
Payment - The buyer must pay the entire amount due (including the hammer price, buyer's premium, tax) no later than 5p.m. on the seventh (7) business day following the sale. Payments may be made with Credit Card; Wire Transfer; bank check (UAE bank); or other arrangements made with Estuary Auctions. Online Bidders must pay by Wire Transfer. Estuary Auctions reserves the right to hold merchandise purchased by personal check until the check has cleared the bank. The purchaser agrees to pay Estuary Auctions a handling charge of AED 500 for any check dishonored by the drawee.
PAYMENT OPTIONS
Bidding in Person and /or Bidding online and wishing to pay at our offices:
1. Credit Card
2. Wire Transfer
3. Cheque issued from UAE bank
International Online Bidders wishing to pay from outside the UAE:
1. Wire Transfer
Collecting Purchases - Once Estuary Auctions has received all funds due to us, the buyer shall collect purchased lots within seven (7) business days from the date of the sale.
Packing and Shipping - If your bid is successful, we can provide you with a list of shippers. We will not be responsible for the acts or omissions of carriers or packers whether or not recommended by us.
Property will not be released to the shipper without the buyer's written consent and until payment has been made in full. Packing and handling of purchased lots by us is at the entire risk of the purchaser, and Estuary Auctions will have no liability of any loss or damage to such items.
Non Payment - If we do not receive payment in full, in good cleared funds, within seven (7) business days following the sale, we are entitled in our absolute discretion to exercise one or more of the following measures, in addition to any additional actions available to us by law: a.) to impose a late charge of one and a half percent (1.5%) per thirty (30) days of the total purchase price b.) to hold the defaulting buyer liable for the total amount due and to begin legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law c.) to cancel the sale d.) to resell the property publicly or privately with such terms as we find appropriate, to resell the property at public auction without reserve, and with the purchaser liable for any deficiency, cost, including handling charges, the expenses of both sales, our commission on both sales at our regular rate, all other charges due hereunder and incidental damages. In addition, a defaulting purchaser will be deemed to have granted us a security interest in, and we may retain as collateral security for such purchaser's obligations to us, any property in our possession owned by such purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds represented by checks, we have confirmed their authenticity. e.) to offset against any amount owed f.) to not allow any bids at any upcoming auction by or on behalf of the buyer g.) to take other action as we find necessary or appropriate.
Failure to Collect Purchases - If property is not picked up within seven (7) business days following the sale, whether or not payment has been made, Estuary Auctions reserves the right to charge AED 20 per lot per day or to deliver said property to a public warehouse for storage at the purchaser's expense. Estuary Auctions shall have no liability for any damage to property left on its premises for more than seven (7) business days following the sale. In addition, we reserve the right to impose a late charge of one and a half percent (1.5%) per month of the total purchase price if payment is not made in accordance with the conditions set forth herein. For property that is not picked up after thirty (30) calendar days, an additional administration fee of 500 AED will be charged. Property which is paid for but left on our premises for any reason in excess of sixty (60) calendar days is subject to sale by us with the balance of any funds recovered in excess of storage charges and any other fees being remitted to you.
LIABILITY
Condition Reports - Estuary Auctions is not responsible for the correctness of any statement of any kind concerning any lot, whether written or oral, nor for any other errors or omissions in description or for any faults or defects in any lot. Neither the seller, ourselves, our officers, employees or agents, give any representation, warranty or guarantee or assume any liability of any kind in respect of any lot with regard to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature or historical relevance. Except as required by local law any warranty of any kind whatsoever is excluded by this paragraph.
Purchased Lots - If for any reason a purchased lot cannot be delivered in the same condition as at the time of sale, or should any purchased lot be stolen, misdelivered or lost prior to delivery, Estuary Auctions shall not be liable for any amount in excess of that paid by the purchaser.
Legal Ramifications - 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 the jurisdiction in the UAE. 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.
Discretion - Any and all of the conditions may be waived or modified in the sole discretion of Estuary Auctions.
SELLING CONDITIONS
Estuary Auctions has a team of professional evaluators that will help appraise your item/s and welcome your consignment/s for sale at our auction. Estuary Auctions reserves the right to accept or reject item/s to be consigned. Upon signature of the sellers agreement the seller will be deemed to have entered into a binding agreement with Estuary to promote, market, advertise and offer for sale at Auction item/items belonging to the seller at Estuary's effort and expense.
Withdrawal - If the seller wishes to withdraw a Lot entered for sale through Estuary Auctions then a written notice must be delivered to Estuary Auctions no later than 30 days prior to the scheduled Auction date whereby a 10% withdrawal fee of the agreed reserve price will be charged and the lot will only be returned once the fee is paid in full to Estuary.
Late Entry Lots - Late entry tots consigned within 30 days prior to Auction date will not be withdrawn by the Seller prior to the scheduled auction date and will be offered for sale at auction on the agreed sale date.
Insurance - The Seller is expected to fully insure their property, items, goods and/or equipment prior to consignment. Estuary Auctions reasonably insures consigned items through a third-party insurer covering against loss or damage by Estuary Auction’s handling in which and if so then the Seller will be reimbursed the contractually agreed reasonable reserve price. Only after full payment is received and confirmed, the Buyer may receive the purchased item/s, however, upon delivery of such item/s, Estuary Auctions insurance and all liabilities thereafter are terminated. In the case of shipped out item/s the Buyer is responsible for all costs of shipping and insurance.
Sellers Fee - Estuary Auctions charges a 20% fee of the value of the Hammer Price and an additional 5% VAT of that fee, effective January 01, 2018 onwards, to be paid by the Seller on each lot sold. Once the lot is consigned and the seller’s contract is signed, the lot/s may no longer be withdrawn. If the Buyer fails to pay for item/s, Estuary Auctions will pursue legal action and no longer accept future bids or participation at auction and will return unpaid item/s to the Seller. Once the Buyer has paid for items sold by the Seller, the Seller will be paid the hammer price less the Sellers fee after 30 days. Estuary Auctions reserves the right to accept or reject items to be consigned. Estuary Auctions reserves the right to withdraw consigned items prior or during auction without advice and return to the seller.
AUCTION ESTIMATES
Estimates are a publicized complimentary service provided prior to auctions, they are a forecasted prediction by Estuary of the approximate range of the hammer prices upon sale of the lots. Estimates are not an exact and final binding value or price guide to be strictly adhered to. Factors taken into consideration upon providing an estimate include and are not limited to: the nature of the lot and the date of the auction sale at a particular marketplace.
PRIVATE and MANAGED AUCTIONS
Seller and Buyer Premiums may differ at managed and private auctions and are to be agreed contractually with clients at a case by case basis.
STORAGE
In the event that a purchased item is not collected within 1 week after the auction date, a storage fee will apply.
TARIFFS
Estuary Auctions will not be responsible for local, import or export duties and tariffs on purchased or consigned item/s.
EXCLUSION OF LIABILITY
Estuary Auctions reserves the right to accept or reject potential consignment/s without necessarily providing an explanation. The Seller enters into a binding contract, whereby, Estuary Auctions reasonably authenticates and registers the seller’s identification along with confirming detailed and documented full cover insurance of their item/s, property and/or equipment. Estuary Auctions will act in a professional capacity, good faith and perform reasonable precautionary measures on the matter of appraisals, estimates, advice and representation, however, All lots sold are ‘AS IS’, certain Items/goods such as antiques and fine art rarely have their original receipts or invoices, therefore, Estuary Auctions holds no warranties and will not be held liable with regards to and not limited to misinterpreted, misrepresented, represented and/or stolen items that are consigned, sold or purchased through Estuary Auctions. In the event of any discrepancy as of which is mentioned or in relation to the above, Estuary Auctions will provide fair and reasonable cooperation, assistance and support to the strictly jurisprudential and legally or potentially harmed party after the claim, report, or complaint is officially delivered to Estuary Auctions within reasonable time. Any proven discrepancy in a lot resulting in a claim by the Buyer against Estuary Auctions or the Seller will be limited to the actual purchase price of the lot and as governed by the local laws and regulations.
The above Terms and Conditions are as of January 01, 2018. For Further information regarding the above, please Contact Estuary Auctions.
