Auction Terms & Conditions – Vendors

Below are the full Terms and Conditions applicable for items submitted into BMFA Auctions as well as the key facts for reference.

Please ensure you have read the Submitting Items document and have spoken with the Auction Team before submitting items for sale.

Lotting of Items

  1. A lotting fee of £2.20 per Lot will be payable by the Vendor.
  2. A commission of 10% of the hammer price is payable by the Vendor.
  3. If you wish to apply a reserve this must be included on your submission form.
  4. If you do not stipulate a reserve our valuers will apply a fair reserve guided by discussion with the Vendor.
  5. All Lots are sold at the Auctioneers discretion, and a 10% discretion will be applied in circumstances where the reserve figure is not reached.
  6. If you wish your reserve figure to be a “hard reserve” (no Auctioneers discretion) then this must be noted on your submission form.
  7. The BMFA can refuse all or part collections in circumstances where the items are not in accordance with initial discussions (in such circumstances there is always a conversation).

Loss and Damage

  1. The BMFA accepts liability for loss and damage to any item entered for sale up to but not exceeding the lower estimate or reserve agreed.
  2. High value collections may be subject to an additional fee in respect of increased insurance provisions.

Payment

  1. A Vendors Payment Details Form must be completed by the Vendor.
  2. Payment will be made using the Vendor details provided – alternative payee details can be used following written instructions from the original Vendor/owner.
  3. Payment will be made by Bank transfer only.
  4. Payment will be made within 20 working days of the sale date.
  5. Vendors will receive a final Vendors report and statement of account following the completion of the sale and all associated transactions.

Transportation

  1. The BMFA is able to assist with the collection of items to be entered into Auctions.
  2. Access to collection services will be assessed on an individual basis.
  3. Where transport is chargeable the rate will be 50p per mile.
  4. Transport costs will be deducted from the final balance and charges detailed by email.

Definitions/conditions

  1. The Auctioneers means the BMFA.
  2. The Vendor means person or persons named on the auction submission forms.
  3. Lots will mean items/property offered for sale by auction as detailed on the auction submission form.
  4. The BMFA are instructed by the Vendor to act as the Vendor’s agent in respect of items detailed on the auction submission form.
  5. The Vendor warrants the BMFA and the Buyer that they are the true and rightful owner of items offered for sale and detailed on the auction submission form.
  6. Whilst every effort will be made by the Auctioneers to catalogue Lots correctly the Auctioneers shall not be liable to the Vendor for any errors in the catalogue description.
  7. The Vendor warrants that all information supplied to the Auctioneers is accurate.
  8. Where a Vendor cancels instructions for sale or where a Lot is withdrawn the Auctioneers reserves the right to charge a fee equal to 25% of the reserve figure.
  9. Once items for Lotting are placed with the Auctioneers the terms of this contract become binding. Lotted items may only be withdrawn in exceptional circumstances and will be subject to a catalogue reworking fee over and above point 8 above of £20 per Lot removed.
  10. Where Lots are removed as described in points 8 and 9 above the Vendor assumes responsibility for their collection from the Auctioneers premises (BMFA National Centre).
  11. The Auctioneers are authorised to take reasonable steps to regulate the bidding and to refuse undesirable bids at their discretion.
  12. The Auctioneers have the Vendors authority to divide any lot, to combine any two or more lots or withdraw any lots from the sale.
  13. The Vendor authorises the BMFA to deduct commission at the stated rates, plus VAT at the prevailing rate on the date of the Sale, in addition to expenses from the hammer price and acknowledges the BMFA’s right to retain the Buyer’s Premium payable by the Buyer in accordance with the BMFA Auctions Terms and Conditions.
  14. The Auctioneers may deduct their commission and charges from any sum received by them from the Buyer and are authorised by the Vendor to retain possession of the Lots until such time as all charges relating to the Sale have been paid in accordance with Terms and Conditions.
  15. The Auctioneers shall pay the Vendor the net proceeds of the Sale less any sum due to the Auctioneers from the Vendor less any charges incurred within 20 working days of the date of the Sale BUT if by that date the Auctioneers have not received the total amount due from the Buyer, then the Auctioneers will remit the sum due to the Vendor within five working days after the date on which the total amount is received from the Buyer.
  16. If Lots are left in the Auctioneers possession for 14 days after written notification to remove them, the Auctioneers may charge a per Lot storage fee.
  17. Unless otherwise instructed the BMFA will cover all Property whilst in their custody against the risk of fire, burglary and water damage (but not against accidental breakage or damage). In respect of any article delivered to the BMFA if the Vendor has in force a policy or policies of insurance in which the article is specifically mentioned as being insured, whether or not for an agreed sum or value, the Vendor shall notify his insurers of and shall himself note the BMFA’s interest as bailee in such policy or policies.