TERMS AND CONDITIONS OF SALE

1 THE BUYER - The highest bidder acknowledged as such by the auctioneer will be the buyer. If any dispute arises, the auctioneer shall have absolute discretion to settle the matter. The auctioneer shall rule the bidding and no bid shall be retracted. The auctioneer reserves the right to refuse any bid. The bidder in the room who is successful in purchasing any lot or lots is entirely responsible for paying for such lot or lots in accordance with our general conditions of sale. Purchases made on behalf of a third party are entirely the responsibility of the bidder in the room. The auctioneer reserves the right to bid on behalf of the vendors for any lot and to withdraw, consolidate or divide any lot or lots.

2 REGISTRATION - To assist the progress of sale, all prospective buyers must register their name and address at reception and collect a bidding number before the sale commences. Should there be any doubts as to price or buyer, please drawer the auctioneer’s attention to it immediately.

3 BUYER’S PREMIUM - A buyer’s premium of 12.5% plus VAT at the standard rate of the hammer price is payable on each lot.

4 PURCHASE VIA LIVE/TIMED BIDDING – Any lots purchased via i-bidder.com auction service will be subject to an additional 3% commission charge plus VAT at the current rate imposed on the hammer price. In completing the bidder registration on www.i-bidder.com and providing your credit card details and unless alternative arrangements are made with Durrants you hereby agree to the following terms:

a) Durrants are authorised to charge the credit/debit card given in part or full payment including all fees for items successfully purchased in the auction via the sale-room.com, and

b) You are authorised to provide these credit/debit card details to Durrants through www.i-bidder.com and agree that Durrants are entitled to ship the goods to the cardholder name and address provided in fulfilment of the sale.

5 VALUE ADDED TAX - Lots on which Value Added Tax may be payable by the buyer on the “hammer price” are indicated in the catalogue by a symbol beside the lot number. The buyer shall pay and VAT which may be due on any amounts owed by the buyer under these conditions of sale at the rates prevailing on the day of the auction.

6 AUCTIONEERS MARGIN SCHEME - The Auctioneers Margin Scheme allows auctioneers to sell items without VAT on the hammer price. Under the margin scheme an amount equivalent to VAT at the current rate is added to the buyer’s premium. This amount cannot be refunded. The VAT element will not be shown separately on the buyer’s invoice.

7 PAYMENT - Our methods of payment are with cash, debit or credit card or by cheque supported by a valid guarantee card or bankers reference. All purchases must be paid in full on the day of the sale before any lot is removed from the premises. No goods will be released to buyers unknown to the auctioneers without adequate reference or before their cheques have cleared. Anyone who, for whatever reason, is unable to pay for their goods on the day of the sale must inform the Saleroom Manager as to the date and methods that payment will be made.

8 ATTRIBUTION AND CONDITION OF LOTS - Every effort is made to ensure the accuracy of any statement as to authorship, attribution, origin, date, age, provenance and condition of any lot whether or not such statement forms part of the description of any such lot. Whether any such statement is made orally or in the catalogue it is an expression of opinion. Each buyer by making a bid for a lot acknowledges that he has satisfied himself fully as to the attribution and condition of the lot. If any damage is done to any lot at the viewing or before, during or after the sale, such damage shall be made good by the person committing such damage, principals being responsible for the acts of their servants, such damage to be assessed by the auctioneers.

9 ATTRIBUTION OF PICTURES - (Condition 7 also refers).

(a) The forename(s) (or asterisks where not known) and surname of the artist indicates in our opinion a work by the artist

(b) The initials of the forename(s) and the surname of the artist indicates in our opinion a work of the period of the artist which may be wholly or in part his work.

(c) The surname of the artist indicates in our opinion a work of the school or by one of the followers of the artist or in his style and of uncertain date.

(d) Bears signature indicates in our opinion that this is not the signature of the artist.

(e) All other terms are self-explanatory.

10 OWNERSHIP OF PURCHASES - The ownership of the lot(s) purchased will not pass to the buyer until the buyer has paid the auctioneers in full the total amount due and the auctioneers have applied such payment to the lot.

11 TRANSFER OF RISK - Each lot shall be the purchaser’s sole risk from the fall of the hammer and shall be sold with all faults and imperfections, the auctioneer not being responsible for the correct description, genuineness or authenticity of any lot and making no warranty whatsoever. The purchaser is deemed to have inspected the lots and satisfied himself as to their condition.

12 COMMISSION BIDS - If instructed, the auctioneers will execute bids and advise prospective purchasers. This service is free. Lots will always be purchased as cheaply as is allowed by such other bids and reserves as are on the auctioneer’s books. In the event of identical bids, the earliest will take precedence. There must always be a maximum limit indicated, i.e. the amount to which you would bid if you were attending the auction yourself. “Buy” or unlimited bids will not be accepted. Commission bids placed by telephone are accepted at the client’s risk. We do accept commission bids by facsimile. We urge our clients to place such commission bids within one hour of the close of the view day.

13 TELEPHONE BIDS - Requests for telephone bidding must be registered with the Saleroom Manager within one hour of the close of the view day. It may not be possible to accept requests on sale days. Written confirmation of such bids from persons unknown to the auctioneers must be received before the commencement of the sale. Whilst every effort will be made to execute telephone bidding, the auctioneers cannot be held responsible for any default or neglect in connection with this service. All such arrangements therefore are made entirely at the prospective buyer’s risk.

14 COLLECTION OF GOODS - At the purchaser’s sole cost and expense, the purchaser shall collect the lot(s) purchased not later than 12 mid-day after the day of the auction, not before payment to the auctioneers of the total amount due. After 7 working days, storage charges of £2 + VAT per day per lot will apply to any goods that have not been collected.

15 COMPLIANCE - Upon failure of any purchaser to comply to any of the above conditions any money deposited by him or her in part payments shall be forfeited to the owner of the lot, he paying there from, all just expenses. Any lot not paid for within 1 month of the purchase date shall be resold by public auction or private contract and the deficiency (if any) arising from such a resale together with all expenses attending the same shall be made good by the defaulter at this sale who shall have no claim to any surplus which may arise on a resale.

16 PRE SALE ESTIMATES - Given by the auctioneers or a member of their staff are their opinion as to what they consider any particular lot is likely to realise. However any lot may sell at a figure less than the lower estimate and for more than the higher estimated figure. The auctioneers and their staff reserve the right to alter their pre-sale estimates, either upwards or downwards, on any lot at any time, up until such time as the lot is offered for sale.

17 RESERVES - The auctioneers and vendors reserve the right: -

(a) To remove the reserve completely from a previously reserved lot at any time up until it is offered for sale.

(b) To place a reserve on a previously unreserved lot at any time up until it is offered for sale.

(c) To alter a reserve, either upwards or downwards, on any lot at any time up until it is offered for sale.

18 THIRD PARTY LIABILITY - Every person on the auctioneers’ premises before, during or after a sale or at any other time, shall be deemed to be there at their own risk and shall have no claim against the auctioneer in respect of any injury they may sustain or any accident which may occur.

19 ANY NOTICES - Any notices that may be displayed from time to time by the auctioneers in the sale ground or salerooms shall be deemed to form part of and be included within the general conditions of sale.

20 MONEY LAUNDERING REGULATIONS - In order to comply with current anti-money laundering legislation we are unable to accept cash payments over £8,000. Any purchaser wishing to pay cash for any purchase over £1,000 may be asked for identification e.g. Passport or photo driving licence.