Conditions of Sale – Buying at FA Auctions SAL
Conditions of Sale
The Conditions of Sale set out the terms on which we offer the
lots listed in the catalogue for sale. By registering to bid and/or by
bidding at auction you agree to these terms.
A- Before the Sale
1. Description of lots: Our description of any lot in the catalogue
and any other statement made by us about any lot, including
about its nature or condition, artist, period, materials, approximate
dimensions or Provenance:: are our opinion and/or those of the
seller and not to be relied upon as a statement of fact. Relining,
stretching and mounting are considered measures of preservation
and not a default. Therefore, they will not be mentioned.
If you are planning to bid on a lot, you should inspect it personally
or through a knowledgeable representative before you make a bid
to make sure you accept the description and its condition.
2. Estimates: Estimates are based on the condition, rarity, quality and
Provenance:: of the lots and on prices recently paid at auction for
similar property. Estimates can change. Neither you, nor anyone else,
may rely on any estimates as a prediction or guarantee of the actual
selling price of a lot or its value for any other purpose. Estimates do
not include the buyer’s premium or any applicable tax.
3. Withdrawal: FA Auctions may, at its option, withdraw any lot at
any time prior to or during the sale of the lot.
B- Registering to Bid
1. You must register at least 24 hours before an auction to give us
enough time to process and approve your registration. We may, at
our option, decline to permit you to register as a bidder.
At our discretion, you might be asked for a photo identification
and references.
2. Bidding on behalf of another person: if you are bidding on
behalf of another person, that person will need to complete
the registration before you can bid, and supply a signed letter
authorising you to bid for him/her.
3. Phone bids: your request for this service must be made no
later than 24 hours prior to the auction. We will accept bids by
telephone for lots only if our staff are available to take bids. You
agree that your telephone bid is governed by these conditions of
sale.
4. Absentee bid: you can find a Written Bid Form at the back of
our catalogue or by asking us. We must receive your completed
Written Bid Form at least 24 hours before the auction.
Alternatively, you can leave an absentee bid on the online platform.
The auctioneer will take reasonable steps to carry out written
bids at the lowest possible price, taking into account the reserve. If
we receive written bids on a lot for identical amounts, and at the
auction these are the highest bids on the lot, we will sell the lot to
the bidder whose written bid we received first.
C- At the sale
1. Who can enter the auction: We may, at our option, refuse
admission to our premises or decline to permit participation in
any auction or to reject any bid on our online platform.
2. Reserve: Unless otherwise indicated, all lots are subject to a
reserve. The reserve cannot be more than the lot’s low estimate
3. Auctioneer’s discretion: The auctioneers can at his sole option:
a. Refuse any bid;
b. Move the bidding backward or forward in any way he or she
may decide, or change the order of the lots;
c. Withdraw any lot;
d. Divide any lot or combine any two or more lots;
e. Reopen or continue the bidding even after the hammer has
fallen; and
f. in the case of error or dispute and whether during or after
the auction, to continue the bidding, determine the successful
bidder, cancel the sale of the lot, or reoffer and resell any lot.
If any dispute relating to bidding arises during or after the
auction, the auctioneer’s decision in exercise of this option
is final
4. Bidding: The auctioneers accepts bids from:
a. Online bidders;
b. Telephone bidders;
c. Written bids left by us by a bidder before the auction
5. Currency: the auction will be exclusively conducted in US
Dollars
6. Bidding on behalf of the seller: The auctioneer may, at his or
her sole option, bid on behalf of the seller up to but not including
the amount of the reserve either by making consecutive bids or
by making bids in response to other bidders. The auctioneer will
not identify these as bids made on behalf of the seller and will not
make any bid on behalf of the seller at or above the reserve.
7. Bid increments: Bidding generally starts below the low estimate
and increases in steps (bid increments). The auctioneer will decide
at his or her sole option where the bidding should start and the
bid increments
8. Successful bids: Unless the auctioneer decides to use his or her
discretion as set out in paragraph C3 above, when the auctioneer’s
hammer strikes or the time expires, we have accepted the last
bid. This means a contract for sale has been formed between the
seller and the successful bidder. We will issue an invoice only to the
registered bidder who made the successful bid.
D-The Buyer’s Premium and Taxes
1. The buyer’s premium: In addition to the hammer price, the
successful bidder agrees to pay us a buyer’s premium on the
hammer price of each lot sold. On all lots we charge 18% of the
hammer price
2. Taxes: The successful bidder is responsible for any applicable tax
including any VAT or sales tax or equivalent wherever such taxes
may arise on the hammer price and the buyer’s premium. It is the
buyer’s responsibility to ascertain and pay all taxes due.
3. Total bill: For the avoidance of doubts, the total invoice will
comprise of the hammer price + 19.98%
E-Warranties
1. Seller’s Warranties: For each lot, the seller gives a warranty that
the seller:
a. is the owner of the lot or a joint owner of the lot acting
with the permission of the other co-owners or, if the seller
is not the owner or a joint owner of the lot, has the written
permission of the owner to sell the lot, or the right to do so
in law; and
b. has the right to transfer ownership of the lot to the buyer
without any restrictions or claims by anyone else
c. If either of the above warranties are incorrect, the seller shall
not have to pay more than the purchase price paid by you to
us. The seller will not be responsible to you for any reason for
loss of profits or business, expected savings, loss of opportunity
or interest, costs, damages, other damages or expenses.
2. Our Authenticity Warranty: We warrant that the lots in our
sales are authentic. If within 3 years of the date of the auction,
you give notice with reliable proof to us that your lot is not
authentic, we will refund the purchase price paid by you. At our
option, we may require you to provide the written opinions of two
recognized experts in the field of the lot mutually agreed by you
and us in advance. Your only right under this authenticity warranty
is to cancel the sale and receive a refund of the purchase price
paid by you to us. We will not, in any circumstances, be required to
pay you more than the purchase price nor will we be liable for any
loss of profits or business, loss of opportunity or value, expected
savings or interest, costs, damages, other damages or expenses.
F- Payment
1. How to pay: Immediately following the auction, you must pay
the purchase price being:
a. the hammer price; and
b. the buyer’s premium; and
c. any sales or service tax or VAT.
Payment is due no later than by the end of the second calendar
day following the date of the auction. We will only accept payment
from the registered bidder.
Payment is exclusively in US Dollars, either by cheque, bank
transfer or cash.
2. Transferring ownership to you: You will not own the lot and
ownership of the lot will not pass to you until we have received
full and clear payment of the purchase price.
3. What happens if you do not pay: If you fail to pay us the
purchase price in full by the due date, we will be entitled to do
one or more of the following:
a. To charge a fee of 5% of the purchase price;
b. Ask you to pay in cash US Dollars, at the auction date rate;
c. We can cancel the sale of the lot. If we do this, we may sell
the lot again, publicly or privately on such terms we shall think
necessary or appropriate, in which case you must pay us
any shortfall between the purchase price and the proceeds
from the resale. You must also pay all costs, expenses, losses,
damages and legal fees we have to pay or may suffer and any
shortfall in the seller’s commission on the resale;
d. we can hold you legally responsible for the purchase price
and may begin legal proceedings to recover it together with
other losses, interest, legal fees and costs as far as we are
allowed by law.
G- Collection and Storage
You must collect purchased lots within two days from the auction.
Removal of purchases will be at the buyer’s expense.
If you do not collect any lot within fifteen days following the auction
we can at our option: charge you storage costs, remove the lot to
another location, sell the lot in any commercially reasonable way
we think appropriate
H- Law and disputes
This agreement, and any non-contractual obligations arising out
of or in connection with this agreement, or any other rights you
may have relating to the purchase of a lot will be governed by
Lebanese law. Beirut courts are the sole competent jurisdictions
to hear any dispute arising or related to the present Conditions
of Sale.