Please read the following "Vendor Terms and Conditions" carefully. These terms are applicable to all vendors. Your submission of all items in any IAG Auction constitutes your full acceptance of these "Vendor Terms and Conditions".
Agency
International Auction Galleries (henceforth referred to as IAG or the Auctioneer) is acting as agent for the vendor. Any contract is therefore between the buyer and the seller and not IAG. All items placed for sale with IAG are subject to the following Terms and Conditions upon receipt of vendor items by IAG and acceptance by the vendor (either via signature or online submission of lots which constitutes acceptance of the terms and conditions).
Catalogue/Images
References in the catalogue to condition or damage are for guidance only and the absence of any such reference does not mean the item is free from defects. The vendor is responsible for any errors or omissions in the catalogue. Images used by IAG are only a guide and are not a representation of colour or condition. Images are not to scale.
Dates/Times
Consigned items are sold in a suitable auction as determined by IAG. The Auction date and type may change, and the vendor will be notified of any changes upon receipt of a final vendor statement. The date of any auction is also subject to change at any time without notice.
Authenticity
The vendor warrants and guarantees that all the lots or items are genuine (except where noted) and the same are not counterfeit, forged, altered or otherwise not what they are purported to be. The Auctioneer has the absolute discretion to seek expert opinion on any items and all costs associated with this opinion may be borne by the vendor. Any costs associated with refunds due to lack of authenticity (including any buyer's premium or commission owed to the Auctioneer) will also be borne by the vendor in this respect. (See Refunds and Returns as below).
Reserves
The Auctioneer shall set a fixed reserve price (in consultation and agreement with the vendor). Changes to raise the reserve price are not allowed within 60 days from the intended date of the auction. Should a vendor wish to raise a reserve within 60 days from intended date of an auction they must pay 10% of the reserve price in full to effect any such changes. In the case of any vendors reserve change, the Auctioneer reserves the right to withdraw and or modify images and descriptions for any and all items of that vendor from any sale at any time.
Buyer's Premium/Commission
The Vendor agrees that a buyer's premium of 22% (including GST) will be added to the hammer price and is payable by the purchaser. The Vendor may be liable to pay a commission on sale to the Auctioneer as stipulated on and at the time of receipt of the goods including any extra handling fees, insurance or commissions as agreed. The buyer's premium and any other commissions or charges may be negotiable with the Auctioneer as mutually agreed with the vendor upon receipt of items for sale, and is to be expressed as such by IAG in said receipt.
Withdrawal
Lots may not be withdrawn from auction by the vendor once an acceptance of the goods by the Auctioneer has been received within 60 days of the date of intended sale. If lots are withdrawn within 60 days of the date of intended sale then the vendor shall be liable to pay a withdrawal fee of 22% of the items reserve price, equivalent to the applicable buyers premium. The Auctioneer shall then have a lien over the withdrawn lots for the amount of the withdrawal fee and the vendor hereby expressly agrees that the Auctioneer has and is hereby given such lien and that such lien shall not cease until such time as the withdrawal fee of 22% (or an amount as agreed on by both parties) is paid to the Auctioneer in full. Additional fees may also apply with respect to any special catalogue production, storage, advertising and promotional costs relating to lots being withdrawn within 60 days of the intended sale as agreed upon initial receipt of any such lots with respect to individual collections and highlight/high value lots requiring any such additional expenses as incurred by the Auctioneer. IAG retains the right to withdraw any lot from sale at any time at their discretion.
Insurance
Vendor items are not covered for insurance by the Auctioneer. If insurance coverage is required, a fee of 1.5% for goods totaling $10,000 or under, or 1% for goods totaling over $10,000 is payable in full in advance of the sale, or as agreed with the Auctioneer prior to sale. Unsold lots or any lots returned to the vendor at any time are otherwise at the vendors risk unless insurance has been paid in full to IAG prior to goods being returned.
Unreserved Items
Vendors must agree that items under $200 are to be reserved at either face value, metal value or are to be offered completely unreserved. A nominal reserve may be set at the Auctioneer's discretion or by mutual consent at the time of consignment or by any later agreed arrangement. Reserves may be removed by the vendor (to make lots unreserved) in consultation with IAG.
Unsold Items
The Auctioneer may (in consultation with the vendor) sell any unsold goods below the reserve price at an agreed figure by both parties. Unsold items may also be offered for resale at a later date with a suitable reduction in reserve price as agreed by both parties (generally to be a minimum reduction of 15%). A new invoice will be issued in this case to reflect any changes in the reserve price(s). Lots will generally not be re-offered without an agreed reduction in reserve.
Risk
Successful bids constitute the conclusion of a contract for sale between the vendor and the buyer. Risk and responsibility for the lot passes immediately to the buyer after the successful bid has been accepted.
Title
The vendor warrants and guarantees that he is the true and absolute owner of the lots or items or is properly authorised to sell the lots or items by the true owner and undertakes to supply such evidence of this authorisation as may be required by the auctioneer. Title does not pass to the buyer until the full amount (hammer price, buyer's premium, taxes and charges) are paid in full to IAG as per the Auction Terms and Conditions.
Refund and Returns
In the case of an item(s) being returned by the buyer due to lack of authenticity or other valid reasons as per the Terms and Conditions of the Auction, title of the item will not transfer to the bidder and will remain with the vendor. The sale in full of said item shall be rendered null and void at the discretion of IAG. In the case of payment being made to the Vendor and the item is then disputed or returned as per the above, the payment shall be returned from the vendor to IAG in full for that item(s). The item(s) in dispute may then be resold after the auction or re-offered for resale via auction at a later date with a possible revision of description and reserve price.
Payment and Non-Payment by the Buyer
Payment of the proceeds of sale will be paid within 30-45 days of the sale, except by prior agreement. The vendor cannot be paid in full until the buyer pays the hammer price, the buyer's premium and all fees and charges in cleared funds in full into the Auctioneer's Trust Account. If some part or the full amount is not paid, then the vendor may have the following options against the buyer;
(i) Payment of any interest at a reasonable rate as obtained from the bidder by IAG;
(ii) Commence legal proceedings against the buyer including any additional costs of such action;
(iii) Cancel the sale;
(iv) Resell the lots on such terms as the vendor and IAG see fit and hold the buyer responsible for any shortfall;
(v) Subject to IAG's approval, sell the goods to IAG for an amount equal to the net proceeds of
the defaulting bid and pass title to IAG to deal with as IAG sees fit;
Packing, Handling and Shipping
The Auctioneer shall take all reasonable care in handling and storing of vendor goods but shall not be liable for any loss or damage to lots or items inadequately presented when received by the Auctioneer or by any further actions of handling involved in the auction process. The vendor has the option of insuring goods in the care of IAG as stipulated above.
Acceptance of Terms
By placing items with IAG though any method for Auction you implicitly agree to and accept the above Vendor Terms and Conditions.
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