WHAT YOU NEED TO KNOW
Terms and Conditions
Before placing any bids please read our Terms & Conditions. Any bids placed will be done in agreement to Lugosi Auctioneers & Valuers. This includes accepting the 20% Buyers Premium + GST and 5% online bidding fee with Invaluable.
Vendors Title: The Vendor warrants to Lugosi Auctioneers that he/she is the true owner of the property or is properly authorised to sell the property by the true owner and is able to transfer a good and marketable title to the property free from any third party claim. The Vendor undertakes to indemnify Lugosi Auctioneers, its Servants and Agents and the Buyer against any loss or damage suffered by either in consequence of any breach of the above on the part of the Vendor. The Vendor affirms that the particulars entered on the front of this form are true and complete.
Indemnity: The Vendor shall duly indemnify Lugosi Auctioneers against any claims with any goods sold by Lugosi Auctioneers on the Vendor’s behalf.
Admission: Lugosi Auctioneers reserve the right to refuse any person admission to, or to eject any disreputable person from the auction site.
Bidding: The Auctioneer reserves the right to regulate the bidding and also to refuse any bid. Any bid accepted and relied upon by the auctioneer cannot be subsequently withdrawn by the bidder.
Disputes: In the event of a dispute the Auctioneer has the final say on whether to reopen the bidding this applies even after the hammer has fallen.
Consignment Forms: No lot will be accepted unless entered on an appropriate Consignment Form and signed by the vendor [s]. This signed form will form a binding contract between the vendor and Lugosi Auctioneers.
Vendors Commission Payable on Sale: Commission of 16% + GST is payable by the Vendor of all lots sold unless otherwise agreed in advance. There is a $2 per lot lotting fee. Lugosi Auctioneers do not charge for photographs or advertising.
GST: A Vendor who sends for sale by auction any chattel [s] which is an asset of his business must disclose to the Lugosi Auctioneers whether or not he is a registered person for GST purposes and, if so, his registered number and whether or not he intends to operate the special scheme covering the works of art, etc. This information must be supplied to Lugosi Auctioneers on or prior to delivery of the goods.
Storage Charges: Lugosi Auctioneers exempt themselves from any liability for goods left on our premises after the Vendor has been informed that they are unsold. We also reserve the right to make a charge for warehousing of $10.00 per lot per day from the first Monday following the sale (unless we have agreed to re-enter the items in another auction). If then the goods are not removed within 14 days of the sale, we reserve the right to sell them WITHOUT RESERVE and pay ourselves the outstanding charges before submitting the net proceeds to the seller.
Reserves: The Auctioneers will not agree to reserve prices on goods to the value of $100.00 or less and other reserves must be agreed mutually between Lugosi Auctioneers and the Vendor. This Condition Will Be Strictly Enforced. All goods are offered for sale WITHOUT RESERVE unless specific written instructions to the contrary are received. All reserves are subject to 10% discretion unless confirmed in writing as ‘FIRM’. The Vendor will not in person or through the agency of any other except the auctioneer bid for his own property.
Sale by Private Treaty: In the event of a lot remaining unsold at auction Lugosi Auctioneers are hereby empowered by the Vendor to sell after the auction, by private treaty, at not less than the reserve price or with 10% discretion. In the event of such a sale by private treaty, the Conditions of Sale applicable to a Vendor governing the auction will apply.
Description: Lugosi Auctioneers have the sole right as to the description of any article offered for sale and to its grouping with any other belonging to the Vendor. Any representation, statement or opinion made by Lugosi Auctioneers either orally by any of their employees or printed in any catalogue, valuation, advertisement, brochure or list concerning authorship, attribution, genuineness, origin, date, provenance, condition or value is a statement of opinion only and is not to be taken as being or implying any warranty or representation of fact by Lugosi Auctioneers. Buyers must satisfy themselves before bidding
as once the lot is knocked down this forms a binding contract of sale.
Withdrawal of Lots: The Vendor is entitled to withdraw any lot up to the point of sale. However, in the event of a Vendor seeking to withdraw a lot or alter the agreed reserves, commission rates and other terms of sale after the catalogue has been produced or the sale advertised, Lugosi Auctioneers will charge a withdrawal fee of 16% of the low estimate on any lot (s) in addition to any other charges that may be applicable.
Insurance: If instructed Lugosi Auctioneers will ensure property consigned to it for sale or put under its control for any other purpose. Such insurance will be at the expense of the Vendor or consignor and will be assessed at a premium of 1.5% of the reserve. Lugosi Auctioneers shall not be responsible for the damage, loss, theft or destruction of any item not so insured upon the Vendors instructions. Lugosi Auctioneers shall not be responsible for accidental breakage loss or damage however caused unless by the negligence of their employees. In respect of any item delivered to Lugosi Auctioneers premises if the Vendor has in force a policy or policies of insurance in which the article is specifically mentioned whether or not for an agreed value the Vendor will immediately notify his insurers of and shall himself note the interest of Lugosi Auctioneers as bailees in respect of such policy or policies.
Authority to Deduct Commission and Expenses: The Vendor authorises Lugosi Auctioneers to deduct commission and proper expenses plus any GST thereon from the hammer price and acknowledges the right of Lugosi Auctioneers to retain the premium payable by the buyer.
Payment of Sale Proceeds: Lugosi Auctioneers will remit the sale proceeds to the Vendor after deducting commission, removal charges (if applicable) and other proper expenses and GST within ten days after the sale provided Lugosi Auctioneers has been paid in full by the Buyer. In the event that the Buyer has not paid in full Lugosi Auctioneers will remit the net proceeds to the Vendor five working days after such payment has been cleared by our bank. If payment has not been received by the Buyer twenty-one days following the sale Lugosi Auctioneers will endeavour to take the Vendors instructions notwithstanding the Vendor authorises Lugosi Auctioneers to take such steps as Lugosi Auctioneers think necessary to attempt to recover monies due from the seller on the buyer’s behalf. The Vendor hereby affirms that it shall not be incumbent upon Lugosi Auctioneers to pursue the buyers in the matter of amounts due provided always that Lugosi Auctioneers has retained possession of the lot or lots.
Photography and Illustrations: The Vendor authorises Lugosi Auctioneers to photograph and illustrate in its catalogue or promotional literature or advertisements any lot consigned for sale and acknowledges Lugosi Auctioneers copy-right to such illustration, which may be used at any time whether or not in connection with the particular auction.
Third Party Liability: Any person attending an auction conducted by Lugosi Auctioneers or visiting the premises of the auctioneers affirms that he is there at his own risk and shall have no claim against Lugosi Auctioneers in respect of any accident, injury, loss or damage incurred before, during or after the sale.
Buyer Registration: All intending buyers must complete and sign a buyer’s registration form providing Lugosi Auctioneers with name, address, telephone numbers and if required proof of identity i.e. Drivers Licence. Internet bidders may be asked to provide credit card details before being allowed to bid. There is a 20% Buyer’s Premium + GST on the hammer price of all lots. There is a surcharge of 1.5% on payment by Visa & Mastercard credit cards. There is no charge for Eftpos. We accept Cash, Visa, Mastercard and Bank Deposit into our nominated Trust Account. Personal cheques are accepted only by prior approval of Lugosi Auctioneers. Invaluable live internet bidding incurs a 5% surcharge.