If you wish to
be a vendor for Lockdales auctions you may apply in person, or contact
us and we will send out a contract to you. The contract is with
Lockdale Coins Ltd trading as Lockdales, (hereafter referred to as
Lockdales)All correspondence and lots will be sent to the
premises at 37 upper Orwell Street, Ipswich, Suffolk IP4 1HP.
Commission payable to Lockdales is 15% of the prices realized,
subject to an overall minimum charge of £25.
The minimum charge is based on the premise that 15% of the combined
hammer prices realized for your items must come to £25 or above.
In the event that the total
amount realized for your items does not come to at least £25 you
will be billed for an amount to match this or cover the difference.
This charge covers the cost of services rendered.
The
buyer’s premium is set at a rate of 12.5%.
This charge is relevant to the purchasers of your items. Whatever
the final hammer price is for any given lot, there is an additional
charge of 12.5% to the buyer, which is on top of the hammer price,
and which does not directly affect the vendor. This charge also
covers costs of services rendered.
There
is an additional charge of £1 per Kilogram for any lot that weighs
in excess of 5 Kilograms.
This is a measure to cover our costs for transporting such lots to
and from the auction venue.
On the
occasion of consignment for each auction there is a charge to the
vendor of 1% of the total declared value of items submitted.
This
is for insurance purposes. The declared value is based on the
reserves stipulated by the vendor. Additional charges will thus be
incurred if the vendor decides to raise his/her reserves. The
conditions under which reserves may be altered will be outlined
further on. It is essential that any high value items insured in
this way be accurately photographed and documented by the vendor
prior to our receipt of said items, in order to support any possible
legal claim.
Each
individual lot stipulated by the vendor must have a realistic
minimum reserve value of £25.
The
reserve is the minimum bid that will be accepted for the purchase of
any given lot. Items of lesser value are frequently bulked together
with other items belonging to the vendor to make up saleable lots.
The vendor is
entitled to set the reserves on their items themselves. A reserve
placed by the vendor may be altered prior to the auction, but not
within 7 days of the day of sale. We advise that if the reserve on
an item is so high that it is unlikely to sell, the vendor will be
liable to pay unsold fees as described below.
Lockdales may in
some cases, at their option, sell at a 'hammer price' reasonably
below the reserve:
This applies only in the case that the vendor is sufficiently
well-known to us that we are of the opinion that said vendor would
gladly accept the price than have the inconvenience of dealing with
unsold lots. This measure is mostly applicable in the case of
finding private buyers for unsold lots after the sale. This will
apply only if a general consent is granted by the vendor giving us
the flexibility to use our initiative in this fashion. Vendors will
be contacted and asked as to whether they will accept any post-sale
offer on a high value unsold lot. Vendors are entitled to stipulate
that their reserves are definite and immovable, and Lockdales will
act in accordance.
In the
case of unsold lots: The vendor is liable for a charge of £4 for
each lot unsold in the auction.
This
charge is designed to discourage the submission of un-saleable lots,
or the imposition of unrealistic reserves.
Many vendors will
have the experience to know whether the lots they submit have a high
probability of selling at auction. Such experience qualifies the
vendor to set the reserves on their items themselves. To circumvent
the possibility of incurring charges for unsold lots the vendor may
give written consent for Lockdales to decide the reserves. In the
case of consent being given: Lockdales guarantees that in the event
of such lots being unsold in the auction, they will themselves offer
to purchase unsold items at the reserve level.
In the
event of lots being unsold on which the vendor has specified and set
the reserves: in the days after the auction Lockdales may
endeavour to find private buyers for such lots at or above the
reserve price set. In the event of lots remaining unsold after these
efforts, Lockdales will contact the vendor to ascertain arrangements
for possibly re-lotting in a subsequent sale, or to issue
instructions for the items' return to the vendor. If unsold lots are
returned to the vendor at our expense then the reasonable cost of
carriage, or the cost of postage will be charged to the vendor, or
deducted from the sum payable by Lockdales to the vendor for lots
sold in the auction. Thus to avoid cost, it is recommended that
unsold lots are collected in person at the Ipswich branch as soon as
possible after the day of sale.
The
withdrawal of any lots within four weeks of the auction date will
result in a sum being charged by Lockdales to the vendor of the
total of commission (basic 15%) and buyer's premium (currently
12.5%), based on the reserve value of each lot withdrawn, or the sum
of £25, whichever is higher. The cost of any carriage or postage
will be paid by the vendor in the event of withdrawn lots having to
be returned at our expense.
These measures are held in place to protect the reputation of our
company, and to prevent the disappointment of buyers who would
otherwise have been interested in such lots advertised in our sale.
Before Lockdales
pays the final sales proceeds to the vendor, if a buyer makes a
claim to return any lot, and Lockdales is of the opinion that the
claim is justified: Lockdales is authorised to cancel the sale,
refund the buyer the purchase price of the lot (not including
postage) and return the lot to the vendor at the vendor's expense.
Such lots may of course be collected in person from the Ipswich
shop.
Payment to the vendor by Lockdales on behalf of the bidder will be
sent approx. 24 days after the day of sale. In the event of payment
not being made by the bidder on any item belonging to the vendor
within this period then the payment to the vendor will be delayed
until payment from the bidder has been received. Any lots unsold in
this way can be marked for collection by the vendor 28 days after
the auction.
Lots unsold in such a case will not be subject to the unsold fee
as described above.
The vendor
guarantees to Lockdales and to the buyer that he/she is the true
owner of the property or is legally authorised to sell the property
on behalf of it's owner, and is able to transfer good and marketable
title to the property free from any third party claims or liens. The
vendor will indemnify Lockdales, it's servants and agents and the
buyer against any loss or damage suffered by either in consequence
of any breach on the part of the seller.
This basically means that you will not sell stolen property in our
sale, and the vendor is entirely responsible to pay the owner of the
property sold if selling on behalf of somebody else. The vendor is
responsible for all legal implications and financial damages and
Lockdales is absolved of all knowledge or responsibility in such
cases should the vendor fail to pay the true owner of the property
the money owed to them.
Lockdales reserves
the right to alter the terms and conditions with sufficient prior
notice to all vendors, in such a way that vendors will not be bound
to the new conditions in relevance to lots already supplied to
Lockdales before the new terms and conditions were agreed.
You may contact us by phone, fax, email or post if you wish to become
a vendor in our auction, we will send you a contract for you to sign and
return, you may even conduct all your business with us simply by sending
us your lots and information in the post. Presenting the quality
of your goods in person will allow us to negotiate the commission rate
to a level satisfactory to both parties, if such negotiation is deemed
suitable by us from the standard of your goods.
