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
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.
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.
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
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.
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.
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.
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
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.
Reserve: Unless otherwise indicated, all lots are subject to a reserve. The reserve cannot be more than the lot’s low estimate
Auctioneer’s discretion: The auctioneers can at his sole option:
Refuse any bid;
Move the bidding backward or forward in any way he or she may decide, or change the order of the lots;
Withdraw any lot;
Divide any lot or combine any two or more lots;
Reopen or continue the bidding even after the hammer has fallen; and
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
Bidding: The auctioneers accepts bids from:
Written bids left by us by a bidder before the auction
Currency: the auction will be exclusively conducted in US Dollars
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.
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
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
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
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.
Total bill: For the avoidance of doubts, the total invoice will comprise of the hammer price + 19.98%
Seller’s Warranties: For each lot, the seller gives a warranty that the seller:
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
has the right to transfer ownership of the lot to the buyer without any restrictions or claims by anyone else
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.
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.
How to pay: Immediately following the auction, you must pay the purchase price being:
the hammer price; and
the buyer’s premium; and
any sales or service tax or VAT.
Payment is due no later than by the end of the seventh 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.
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.
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:
To charge a fee of 5% of the purchase price;
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;
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.