Auction Consignment Agreement
PRINT AUCTIONS and Consignor
In consideration of the mutual covenants and agreements the parties agree as follows:
- Defined Terms:
“Auction” means the public auction to be conducted by PRINT AUCTIONS
“Buyer” means the person, corporation or other entity or such entity’s agent who bids successfully on the Goods at the auction.
“Buyer’s commission” means the commission, as determined by PRINT AUCTIONS, payable by the Buyer to PRINT AUCTIONS on the hammer price.
“Sellers commission” means the commission payable by the Seller to PRINT AUCTIONS as follows:
10% of the hammer price for lots selling for R50 000 or more
15% for lots selling between R 5000 – 49 999
20% for lots selling between R 500- R 4999.
“Hammer price” means the price at which PRINT AUCTIONS sells the Goods to the buyer.
“Goods” is in reference to the attached in the Email to the Seller.
“lot” means those Goods consigned by the Consignor to PRINT AUCTIONS for sale and listed on the attached
List of “Items on Consignment” as described by lot number in PRINT AUCTIONS’ catalogue for the auction.
“proceeds of sale” means the net amount due to the Consignor from PRINT AUCTIONS, which shall be the hammer
price less the consignor’s commission and any other amounts due to PRINT AUCTIONS or any associated company
of PRINT AUCTIONS by the Consignor.
“reserve” is the confidential minimum sale price established on a lot by the Consignor and PRINT AUCTIONS. The
reserve will not exceed the low pre-sale estimate published in PRINT AUCTIONS’ catalogue for the auction.
- PRINT AUCTIONS shall act as the Consignor’s agent only and not as principal in the sale of the Goods and shall
have absolute discretion in determining whether the Goods are suitable for sale; the particular auction
sale for the Goods; the date and location of the auction; the manner in which the auction is conducted,
including the refusal of any bid and the advancement of bidding; the catalogue descriptions of the
Goods and any other matters relating to the sale of the Goods at the auction, including the sale of the
Goods individually or in lots combined with other Goods consigned by the Consignor. PRINT AUCTIONS, as agent of
the Consignor, is and shall not be responsible for any default by the Consignor or the Buyer.
- The Consignor will deliver, at the Consignor’s expense, the Goods to PRINT AUCTIONS in saleable and presentable
condition not less than 75 days prior to the auction. The Consignor may not withdraw the Goods
without the consent of PRINT AUCTIONS. In the event that such consent is given, the Consignor agrees to pay PRINT AUCTIONS
any and all damages as well as a fee of 20% based upon the low pre-sale estimate set by PRINT AUCTIONS on the
Goods or, if no pre-sale estimate has yet been determined, a charge of 20% of the value of the Goods
determined by PRINT AUCTIONS for insurance purposes, together with GST thereon.
- PRINT AUCTIONS, with the consent and at the cost of the Consignor, may refurbish the Goods to bring them to
presentable condition for the auction, and/or retain the services of an independent expert for
authentication, certification or providing a condition report and shall deduct any such costs incurred
from the proceeds of sale.
- The Consignor agrees that the description of the Goods as set out above is the Consignor’s
responsibility and hereby indemnifies PRINT AUCTIONS and its agents against any loss or harm resulting from the
Consignor’s mis-description of the Goods. In the event of any mis-description, the Consignor hereby
authorizes PRINT AUCTIONS, at its sole discretion and as the Consignor’s agent, to refund the purchase price of the
mis-described Goods to the buyer and to pay PRINT AUCTIONS as a fee the greater of 20% of the high pre-sale
estimate or 20% of the hammer price of the mis-described Goods, together with all expenses and GST.
- PRINT AUCTIONS reserves the right to withdraw the Goods at any time prior to the auction if it determines in its
sole discretion that:
[a] there is doubt as to the authenticity of the Goods;
[b] there is doubt as to the accuracy of the Consignor’s representations or warranties herein;
[c] the Consignor has breached or is about to breach any provision of this agreement; or
[d] any other just cause exists.
In the event the Goods are withdrawn pursuant to this clause, the Consignor agrees to pay the charge
to PRINT AUCTIONS provided for in clause 3 above.
- The Consignor:
[a] warrants that the Consignor has good title and right to sell the Goods and warrants to PRINT AUCTIONS and
to the Buyer that the Goods are wholly owned by the Consignor and that they are not subject to any
lien or liens;
[b] indemnifies PRINT AUCTIONS, its employees and agents and the Buyer against all claims made or
proceedings brought by persons entitled or purporting to be entitled to the Goods or due to any default
of the Consignor in complying with any applicable legislation, regulations or requirements;
[c] shall reimburse PRINT AUCTIONS in full and on demand for all payments, costs, expenses or any other loss
or damage whatsoever made, incurred or suffered as a result of any and all breaches by the Consignor
pursuant to 7 [a] or 7 [b] above.
- If the Goods are subject to a reserve, the Consignor hereby authorizes PRINT AUCTIONS to sell the Goods below
the reserve provided that the proceeds of sale paid by PRINT AUCTIONS to the Consignor is an amount not less than
the reserve less the consignor’s commission.
- The Consignor authorizes PRINT AUCTIONS to deduct from the hammer price the consignor’s commission, any
expenses incurred by PRINT AUCTIONS on behalf of the Consignor pursuant to clause 4 above, together with any
GST thereon, and any other amount due hereunder. The Consignor acknowledges that, notwithstanding
that PRINT AUCTIONS is its agent, PRINT AUCTIONS is entitled to and shall retain the buyer’s premium.
- PRINT AUCTIONS shall, within 21 days after the auction, provide the Consignor and lien holder [s], if any, with a
statement setting out the hammer price of the Goods and shall pay to the Consignor and/or to the lien
holder [s], if applicable, the proceeds of sale provided that the Buyer of the goods has paid PRINT AUCTIONS in full
for the Goods. In the event that PRINT AUCTIONS pays the Consignor an amount equal to the proceeds of sale prior
to receiving payment in full from the Buyer, then title to the Goods shall pass to PRINT AUCTIONS.
- In the event that the Buyer fails to pay PRINT AUCTIONS the purchase price of the Goods within 14 days after
the auction, then PRINT AUCTIONS will endeavour to obtain the Consignor’s instructions as to the appropriate
course of action to be taken and, so far as in PRINT AUCTIONS’ sole opinion such instructions are reasonable, will
assist the Consignor, at the Consignor’s cost, to recover the purchase price from the Buyer, save that
PRINT AUCTIONS shall not be obligated to issue judicial proceedings against the Buyer in its own name.
Notwithstanding the foregoing, PRINT AUCTIONS reserves the right and is hereby authorized at the Consignor’s
expense, and in each case at PRINT AUCTIONS’ absolute discretion, to agree to special terms for payment of the
purchase price, to remove, store and insure the goods sold, to settle claims made by or against the
Buyer on such terms as PRINT AUCTIONS shall think fit, to take such steps as are necessary to collect monies from
the Buyer and to set aside the sale and refund money to the Buyer.
- PRINT AUCTIONS shall insure the Goods in its possession against loss by fire, theft and vandalism based upon a
value equivalent to the low pre-sale estimate of the Goods. Any additional insurance coverage is the
sole responsibility of the Consignor. PRINT AUCTIONS shall not be responsible for any damage sustained by the
Goods as a result of perils not required to be insured against or any amount in excess of the low presale
estimate of the Goods.
- Withdrawn or unsold Goods returned at the Consignor’s request shall be returned at the
Consignor’s risk and expense and shall not be insured in transit unless PRINT AUCTIONS is otherwise instructed to
do so by the Consignor and at the Consignor’s expense. PRINT AUCTIONS shall also be entitled to charge the
Consignor a reasonable fee for packing or crating the returned Goods.
- Unsold Goods must be collected by the Consignor and at the Consignor’s expense within 30 days
after the auction, after which time PRINT AUCTIONS shall be entitled to charge the Consignor a storage fee of $2 per
day per lot.
- If any unsold Goods have not been collected by the Consignor within 180 days after the auction,
then title to the Goods shall pass to PRINT AUCTIONS.
- The Consignor hereby grants to PRINT AUCTIONS exclusive right to illustrate and photograph the Goods at PRINT AUCTIONS’
expense and to use such photographs, illustrations or images therefrom, as well as any illustrations,
photographs or images provided by the Consignor to PRINT AUCTIONS, at any time and for such purposes as it sees
fit, whether such purposes are related to the sale of the Goods or not. All rights to any photographs,
illustrations or images taken by PRINT AUCTIONS shall be retained by PRINT AUCTIONS.
- The Consignor warrants that the Consignor will not bid for themselves at the auction nor employ
any person to bid on their Goods. The Consignor acknowledges that PRINT AUCTIONS acts in good faith as a dual
agent when, for example, accepting and executing absentee bids or facilitating telephone bids from
- Any indemnity or other protection against financial burden hereunder shall extend to all actions,
proceedings, costs, claims and demands whatsoever incurred or suffered by the person for whose
benefit the protection is given; and, any protection expressed to be for the benefit of PRINT AUCTIONS, shall extend
to its employees and agents.
- This Agreement comprises the entirety of the contract between PRINT AUCTIONS and the Consignor and PRINT AUCTIONS
shall not be held liable in respect of any representation not made in writing herein.
- This Agreement shall be governed by the laws in force in South Africa, whose Courts shall have the sole
jurisdiction to adjudicate claims made in respect of this Agreement.