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Frequently Asked Questions
General:
What is a 'Lot'?
A lot is any item offered for sale; it may comprise a single item or include several individual items for sale as a group.
What is a 'Bid'?
A bid is a legally binding offer to purchase a lot made in person by the bidder or by other means at any auction sale. When the hammer falls, the highest bid offered becomes the selling price, with addition of the buyer's premium and VAT and a legally enforceable contract is immediately entered into between seller and buyer, executed through the agency of TimeLine Auctions Ltd.
What is an 'Estimate'?
An estimate is an approximate possible selling price range, based upon information available at the time of cataloguing. Bids of less than 80% of the low estimate would not be accepted. The hammer price attained for a lot will however be influenced by many factors, including such matters as competition between bidders and general market demand at the time of sale and might be considerably higher than the high estimate fugure.
What is the 'Hammer Price'?
The hammer price is the amount of the highest bid offered for a lot, at the time the Auctioneer bangs his hammer.
What is the 'Selling Commission'?
The Selling Commission is the amount, calculated as a percentage and with the addition of VAT, of the hammer price payable by the seller to TimeLine Auctions Ltd. Selling Commission, together with the VAT and any other charges are deducted from the sale proceeds by TimeLine Auctions Ltd and the net proceeds are forwarded to the seller, after cleared funds have been received from the buyer.
What is the 'Buyer's Premium'?
The Buyer's Premium is the amount, calculated as a percentage of the hammer price and inclusive of any VAT element, payable by the buyer to TimeLine Auctions Ltd in addition to the hammer price. The Buyer's Premium, together with the VAT amount plus any additional charges must be paid and funds cleared before any lot may be released or shipped. The amount of the Buyer's Premium is 17.25% (inclusive) of the Hammer Price.
What is 'Viewing'?
Viewing is the opportunity for potential bidders to inspect and examine the lots. General public viewing will be available at the sale venue on the day and evening before the sale and on sale day itself. The opportunity to view lots may also be possible on other dates, subject to appointment or announcement.
Why do I have to provide Proof of Identity and Address?
This is needed by us to prevent fraud and to combat identity theft and can be needed to comply with anti-money laundering rules. Security is of great importance to our clients. We do not hold this information electronically and we comply with Data Protection requirements.
Selling:
How do I sell my item or collection?
Contact us and we will advise if your item or collection is suitable for inclusion in one of our auction sales.
How much will it cost to sell my item or collection?
For single items of modest value, the selling commission rate is 15% of the hammer price (plus VAT). For high value single items, significant collections or regular consignors, lower rates usually apply; please contact us for further information.
When will I get payment?
Payment is usually made within 45 days of the date of the sale, subject to cleared funds having been received from the buyer.
Are there any other costs?
In some circumstances, there can be additional selling related costs, for such matters as collection of goods, storage, insurance or specialist services. Such matters would be discussed and a quotation provided at the time of entering any item for sale.
What happens if I live outside the UK?
Sellers who live abroad must check their local laws and regulations regarding the export of items for sale in the UK. In addition, UK Import VAT may be payable at the time of importation into the UK (at 5% of the assessed value) and is payable by the seller. Please contact us before sending any items.
Buying:
How do I bid on something?
You may attend any sale in person and bid yourself. Bidding is simple and straightforward and there is no fear that you might inadvertently be bidding if you scratch your nose! If you cannot attend the sale, then we can enter bids on your behalf through our Commission Bidding service. This is a fully confidential and free service where we make bids on your behalf up to your specified limit. We will always make bids at the lowest level possible. Telephone bidding facilities may be available for higher value iots but this service must be booked well in advance. You may also bid through the internet by using the-saleroom.com website and this service does incur additional costs to the buyer.
How much will I pay?
The amount you will pay for any lot will be the hammer price plus the Buyer's Premium at 17.25% (inclusive) of the Hammer Price, together with any other charges, such as shipping, that may be applicable.
Are there any other costs?
In some circumstances, additional buyer costs may be payable. These can include such matters as packing/shipping, storage and insurance. All such costs will be quoted at the time of invoicing and buyers are welcome to collect items in person or to make their own arrangements.
How do I pay?
Payment may be made in cash (in pounds sterling up to a limit of £5,000 in any one sale), by sterling cheque drawn on a UK bank (subject to clearance), by bank debit card, by credit card (with a 3% surcharge), by banker's draft or by direct bank transfer. Payments may also be made in US dollars or Euros (subject to conversion charges and exchange rates).
What happens if I don't pay?
Payment is required within 14 days of the date of invoice. Buyers who do not pay promptly may incur interest charges and may be barred from participating in future sales. A winning bid at auction is a binding contract. Sellers may take legal action to recover unpaid monies.
Should I rely only on the catalogue and description?
All potential buyers should personally inspect any lots which they might be interested in. It is always the bidder's responsibility to satisfy themselves fully about everything. Viewing of lots can be done at the sale venue on the day or evening before the sale and on the day of the sale. Arrangements can be made for viewing at other times before the sale, subject to appointment.
When and how do I get my item?
If you attend the sale in person then, provided that you pay in full at that time by a method giving instant clearance of funds (cash, debit card/credit card, etc.), you may usually take your purchases away on the day of the sale. For bidders who are unable to attend the sale, we will send you an invoice which will include a quotation for shipping your purchase to you. Your purchase will be shipped within 48 hours after your payment has been received and cleared. If you prefer to collect your purchase in person after the sale, this can be done by appointment, again after your payment has been received and cleared.
Who is responsible for my item after the sale?
The buyer becomes the owner of any lot from the moment the hammer falls. Buyers must make arrangements to fully insure their lots from that moment.
What happens if I live outside the UK?
Bidders living abroad may visit to attend the sale or make use of our confidential Commission Bidding service or may bid through the internet. Matters that will need to be taken into account will include shipping costs and the possible need for an Export Licence to remove an item from the UK, together with any duties, laws or regulations regarding import to the buyer's home country.
