The contract for the sale of the property is therefore made between the Seller and the Buyer. All bids, “hammer price”, “reserves”, “Buyers Premium” and other expressions of value are understood by all parties to be in New Zealand Dollars (NZD$) unless otherwise specified.Įxcept as otherwise stated Webb’s Ltd acts as agent for the Seller. Means the amount that Webb’s in its absolute discretion from time to time shall consider the value for which a lot should be covered for insurance (whether or not insurance is arranged by Webb’s).Īll values expressed in Webb’s Ltd catalogues (in any format) are in New Zealand Dollars (NZD$). Accordingly no lot shall be capable of being a forgery by reason of any damage or restoration work of any kind (Including re-painting). Means an item constituting an imitation originally conceived and executed as a whole, with a fraudulent intention to deceive as to authorship, origin, age, period, culture or source, where the correct description as to such matters is not reflected by the description in the catalogue. Means the lowest amount at which Webb’s has agreed with the Seller that the lot can be sold. Means the charge payable by the Buyer to the auction house as a percentage of the hammer price. Means the amount of the highest bid accepted by the auctioneer in relation to a lot.
Means any item depicted within the sale for auction and in particular the item or items described against any lot number in the catalogue. Means the person with the highest bid accepted by the Auctioneer. The conditions that are listed below contain terms that are used regularly and may need explanation. Background to the Terms used in these Conditions
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