SOLD
11,000.00GBP+ buyer's premium + applicable fees & taxes.
This item SOLD at 2023 Nov 12 @ 22:33UTC
Did you win this lot?
A full invoice should be emailed to the winner by the auctioneer within a day or two.
Please note that all bids placed through 3rd party platforms will be subject to a buyer's expense of 5%. There is no fee for bids placed on propstoreauction.com
Day 1 and 2 of the auction will be held live with in-person bidding on Thursday 9th and Friday 10th November 2023 at BAFTA 195 Piccadilly, London, W1J 9LN.
Please note in-person bidding is not available on Days 3 and 4 (Saturday 11th and Sunday 12th November), bids can be placed online or via telephone or written absentee form.
THE WOLF OF WALL STREET (2013) - Jordan Belfort's (Leonardo DiCaprio) ''Sell Me This Pen'' Pen
Jordan Belfort's (Leonardo DiCaprio) ''Sell Me This Pen'' pen from Martin Scorsese's biopic The Wolf of Wall Street. In the film's final scene, Belfort pulled out a pen at a Straight Line seminar and asked several guests to "Sell me this pen".
The chrome Cross metal pen features an engraved grid pattern on the top section and gold-plated accents. Dimensions: 14 cm x 1.5 cm x 1.5 cm (5 1/2" x 1/2" x 1/2")
Estimate: GBP 2000 - 4000 DAGGER DELTA
Bidding for this lot will end on Sunday, November 12th. The auction will begin at 3:00PM BST and lots are sold sequentially via live auctioneer; tune in to the live streaming broadcast on auction day to follow the pace. Note other lots in the auction may close on Thursday, November 9th, Friday, November 10th or Saturday, November 11th.
Auction Location:
BAFTA 195 Piccadilly, London, W1J 9LN, United Kingdom
Previewing Details:
Bidder may preview Lots free of charge by prior appointment with Propstore
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
25% |
Additional Fees:
| Fee | Amount | Applicable Locations | Applied To |
| iCollector Bidding Fee |
5.00
|
Not Applicable
|
This fee applies to the total of the invoice
|
Shipping Details:
5.8. Shipping, storage and abandonment
5.8.1. The Buyer is solely responsible for all shipping and delivery costs. Propstore recommends Lots are custom-packed and its recommended third-party independent freight agents are used. Propstore accepts no liability for the acts or omissions of any delivery or freight carrier appointed by you. Please note if the Buyer changes their address for delivery after Propstore’s delivery checkout process, Propstore may charge the Buyer for any additional charges and/or taxes incurred.
5.8.2. Where Lots are not collected or collected for shipment by the Buyer or otherwise authorised for shipment by the Buyer by Propstore or its recommended agents within 14 calendar days from the due date for payment of Propstore’s invoice for the Lot (or, where a payment plan has been agreed, the due date for payment of Propstore’s final invoice under that payment plan for the Lot), whether or not payment has been made, a storage fee equivalent to 3% of the Hammer Price per month shall be charged to the Buyer by Propstore. If the Buyer has failed to pay the Purchase Price and the cost of shipping and handling, Propstore may, at its option, cancel the sale.
5.8.3. If the Buyer has paid the Purchase Price for a Lot but within 2 years of the end of the Auction in which the Lot was sold: (a) the Lot is not collected or collected for shipment by the Buyer; (b) the Buyer has not provided Propstore with a shipping address; (c) where Propstore organises shipment, the Buyer has not paid shipping or delivery costs to Propstore; (d) where Propstore organises shipment, the Buyer has paid the original shipping or delivery costs to Propstore but the item is returned to Propstore because the Buyer has failed to pay customs fees to receive the Lot into the country of destination and the Buyer has not paid Propstore any returns costs incurred by Propstore in returning the item to Propstore and subsequent shipping or delivery costs to re-ship the Lot to the Buyer; or (e) the Buyer has paid Propstore the relevant shipping or delivery costs but has not authorised Propstore to ship the Lot, then, in each case, Propstore will give the Buyer notice in writing of the need to collect the Lot, provide a shipping address, pay the relevant shipping, delivery and/or return costs and/or authorise the shipment (as applicable). If the Buyer does not take the action required in that notice within 10 calendar days of the date of the notice, Propstore may sell the Lot and the provisions of clause 5.8.4 will apply. Propstore do not agree to give the Buyer any further notice of the potential sale.
5.8.4. If Propstore exercise its rights to sell the Lot pursuant to clause 5.8.3:
5.8.4.1. Propstore may sell the Lot and, to the extent title to the Lot has transferred to the Buyer, it will immediately transfer to Propstore (or at Propstore’s election, back to the Seller);
5.8.4.2. Propstore may pass ownership of the Lot to the new buyer;
5.8.4.3. Propstore will use the proceeds of sale to pay: (a) first, Propstore’s reasonable costs incurred by it in administering the sale process; and (b) secondly, to pay any debt the Buyer owes to Propstore in respect of the Lot (for example, in respect of unpaid storage fees) (collectively, Outstanding Fees), and shall then hold the balance for the Buyer. Propstore will not give the Buyer any interest on the balance. To avoid doubt, if Propstore sells the Lot via Auction, the sale proceeds shall be the Hammer Price and shall not include any Buyer’s Premium, Buyer’s Expenses or Additional Premium paid by the new buyer; and
5.8.4.4. if the proceeds of sale are insufficient to discharge the costs described in clause 5.8.4.3(a) and the Outstanding Fees, the Buyer must pay any outstanding balance to Propstore within 14 calendar days of a written demand from Propstore setting out the balance remaining to it.
5.8.5. If Propstore exercise its rights to sell the Lot pursuant to clause 5.8.3, Propstore may sell the Lot by any method reasonably available to achieve a selling price reasonably obtainable in the open market, considering the costs of sale. If in Propstore’s opinion the Lot cannot be reasonably and economically sold (for whatever reason) or it remains unsold despite Propstore’s efforts, the Buyer authorises Propstore to treat the Lot as abandoned by the Buyer and destroy or otherwise dispose of the Lot at the Buyer’s cost.
5.9. Please note if a Lot is marked ‘O’ and accordingly has been temporarily imported from outside the United Kingdom for sale at auction in London, it will be subject to a temporary import licence for two years from the date of original import to the United Kingdom. If the Buyer has not collected or the Lot has otherwise not been shipped to the Buyer before the expiry of that 2-year period (Propstore will let the Buyer know when that deadline expires), Propstore may ship and repatriate the Lot to its country of origin. The Buyer shall be liable to Propstore for those shipping and repatriation costs and, to avoid doubt, any costs incurred by Propstore in shipping the item to the Buyer from the country of repatriation.
Payment Details:
5. After the Auction
5.1. Successful bids
5.1.1. Propstore will notify successful Bidders and send (by email unless requested otherwise) a payment invoice setting out the Purchase Price and itemising the Hammer Price and Buyer’s Premium (and, where applicable, Buyer’s Expenses and Additional Premium), plus any applicable VAT and other sales taxes and costs within 7 calendar days of the end of the Auction.
5.2. Payment
5.2.1. Unless a payment plan (as set out in clause 5.2.2 of this Buyer’s Guide below) has been agreed by Propstore, payment is due within 7 calendar days from invoice date and must be made by the Buyer. Payments from any other source will not be accepted and shall be returned by Propstore.
5.2.2. At Propstore’s discretion, payment plans will be available to the Buyer in 1, 2, or 3 month increments on any invoice over £1000, unless otherwise specified on the individual Lot. Bidders wishing to utilise the payment plan service, if approved by Propstore, will be responsible for paying a 20% deposit on their Lots within 7 calendar days of invoice date. The balance will then be split over 1, 2 or 3 months in accordance with the Buyer’s selection and Propstore’s agreement. If the 1-month option is selected, the remaining balance on the Lot will be due 30 calendar days after the deposit payment due date. If the 2-month option is selected, half of the remaining balance will be due 30 calendar days after the deposit payment due date and the remaining half 30 calendar days after that, and so on.
5.2.3. Propstore offers no grace period on payment plan deadlines. If the Buyer does not make any payment by the due date for payment, the Buyer will have defaulted. In such circumstances and to the fullest extent permitted by applicable law, all funds already paid to Propstore will be forfeited by the Buyer and may be retained by Propstore as liquidated damages, and title of the Lot will not
transfer to Buyer. To avoid doubt, Propstore may also sell the Lot to a third party. Propstore and the Seller shall also be entitled to all remedies for non-payment as described in the Conditions of Sale and at law.
5.2.4. Payments must be made in Pounds Sterling (GBP). The Buyer is responsible for all currency exchange fees incurred by the Buyer and/or Propstore in converting their local currency to GBP. If payment is sent to Propstore otherwise than in GBP, Propstore may at its discretion either reject or accept the payment. If the payment is rejected, Propstore shall return the payment to the Buyer and the Buyer shall pay Propstore on demand all costs incurred by Propstore in remitting the payment back to the Buyer. If the payment is accepted, the currency conversion rate applied shall be the exchange rate applied to the payment by Propstore’s bank. If the currency conversion results in Propstore receiving less in GBP than the invoiced amount, the Buyer shall be liable to pay the shortfall to Propstore. Payment may be made by electronic transfer, debit card, credit card (up to a maximum of £25,000), Cryptocurrency (in accordance with clause 5.2.6 of this Buyer’s Guide below) or cash (up to a maximum of £5,000). Please quote the Lot number, invoice number and Bidder registration number when making payment to ensure it can be processed as efficiently as possible.
5.2.5. Except as provided in the Guarantee of Attribution and to the fullest extent permitted by applicable law, credit card payments are only acceptable on the express understanding that the Lot is not returnable, refundable nor exchangeable and no charge card credit may be issued in the event of any such return. The Buyer agrees, to the fullest extent permitted by applicable law and except as set out in the Guarantee of Attribution, if payment is made by credit card, Buyer will not undertake any action or effort to stop payment, seek a refund, or attempt a charge back of such amounts or any credit card fee assessed thereon by the issuer of the credit card.
5.2.6. Cryptocurrency payments are accepted via Propstore’s payment processor, made available by Propstore from time to time. You must pay for the entire balance owed including the Purchase Price and any other relevant charges entirely in one form of Cryptocurrency and you should ensure you have a sufficient balance to pay for all sums owed. We do not accept partial payment or payment plans by Cryptocurrency and a different form of payment in one transaction. To the fullest extent permitted by law and except as set out in the Guarantee of Attribution, Cryptocurrency payment is only acceptable on the express understanding that the Lot is not returnable, refundable nor exchangeable. We also reserve the right to exclude the use of payment by Cryptocurrency on certain Lots, such exclusion to be noted on the listing.
5.3. VAT Status
5.3.1. Where a Lot’s ‘VAT Status’ is marked ‘†’, this means it is sold under standard VAT rules. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, 20% VAT will be due on the Hammer Price; and 20% VAT will also be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. When Lots are exported outside the United Kingdom (proof of export required or shipped by Propstore or through Propstore’s authorised shipper), no VAT will be due on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses only, unless items are exported to a business registered outside the United Kingdom, in which case no VAT is due.
5.3.2. Where a Lot’s ‘VAT Status’ is marked ‘O’, this means the Lot has been temporarily imported from outside the United Kingdom for sale at auction in London. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, 5% VAT will be due on the Hammer Price; and 20% VAT will also be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. When Lots are exported outside the United Kingdom (proof of export required or shipped by Propstore or through Propstore’s authorised shipper), no VAT will be due. However, please note, if such Lots that are not exported outside the United Kingdom within two years from the date the Lot was originally imported into the United Kingdom (Propstore will let the Buyer know
when that deadline expires) then 20% VAT will be due on the Hammer Price; and 20% VAT will also be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses .
5.3.3. Where a Lot’s ‘VAT Status’ is marked ‘?’, this means the Lot is sold under the VAT margin scheme. For Buyers within (i.e., an individual resident in or businesses registered in) Great Britain (i.e. England, Scotland or Wales), no VAT will be due on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. For Buyers in Northern Ireland, 20% VAT will be due on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. When Lots are exported outside the United Kingdom (proof of export required or shipped by Propstore or through Propstore’s authorised shipper), no VAT is due.
5.3.4. Where a Lot’s ‘VAT Status’ is marked ‘US’, this means the Lot is currently located in Propstore’s Los Angeles facility or elsewhere in the USA and will ship directly to the Buyer from the Los Angeles facility or such other location in the USA. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, no VAT will be charged by Propstore on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. For Buyers outside the United Kingdom, no VAT will be charged by Propstore.
5.3.5. Where a Lot’s ‘VAT Status’ is marked ‘EU’, this means the Lot is currently located in a member state of the European Union and will ship directly to the Buyer from such location. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, no VAT will be charged by Propstore on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. For Buyers outside the United Kingdom, no VAT will be charged by Propstore.
5.4. If a Lot is marked ‘AR’ in the catalogue, an Additional Premium will be payable by the Buyer for royalties relating to the Artists Resale Right Regulations 2006. It does not apply on art with a Hammer Price under €1,000. The Additional Premium will be a percentage of the amount of the Hammer Price calculated as follows:
5.4.1. Hammer Price from €0 to €50,000: Additional Premium = 4%;
5.4.2. Hammer Price from €50,000.01 to €200,000: Additional Premium = 3%;
5.4.3. Hammer Price from €200,000.01 to €350,000: Additional Premium = 1%;
5.4.4. Hammer Price from €350,000.01 to €500,000: Additional Premium = 0.5%; and
5.4.5. Hammer Price exceeding €500,000: Additional Premium = 0.25%.
The Additional Premium is not subject to VAT. Buyers will be charged the Additional Premium in Pounds Sterling (GBP), however Propstore’s EUR (€) currency conversion rate from date of the sale is used to determine the Hammer Price and amount payable.
5.5. Buyers whose total invoice is equal to or greater than €10,000 (or the GBP equivalent) are required and agree to undergo enhanced customer due diligence (EDD) checks required by Propstore in accordance with the EU Fifth Money Laundering Directive (5MLD). In accordance with the 5MLD, the Lots won will not be released until the EDD check has been completed and passed. This clause 5.5 applies to UK Auctions only.
5.6. Due to the impact of the U.S. Wayfair ruling, Propstore is obligated to collect sales tax on orders shipped to several states within the United States of America, even when auctioning from London. Additional states become sales tax-eligible regularly due to ongoing updates. You can obtain details on the current list of states Propstore charges sales tax to on request; final taxes will be added to your invoice.
5.7. Export and Import
5.7.1. It is the Buyer’s sole responsibility to arrange and obtain all necessary export/import licences, permits and any other necessary consents before the Lot is dispatched to the Buyer.
5.7.2. Propstore’s third-party independent recommended freight agent will be able to deal with enquiries from Bidders and Buyers on importing and/or exporting of Lots. Propstore accepts no liability for the acts or omissions of any delivery or freight agent appointed by you.
5.7.3. With regards to Lots exported outside the United Kingdom, if your Lots are shipped by Propstore or through Propstore’s authorised shipper, except as provided in clauses 5.3.1 and 5.3.2, you will not be required to pay VAT when settling your invoice. If you are using any other shipper, or hand carrying your Lots outside the United Kingdom, then VAT will be due on the invoice, which will be refunded (except for any VAT chargeable on the Buyer’s Premium and, where applicable, the Buyer’s Expenses pursuant to clause 5.3.1 on exports outside the United Kingdom to a Buyer that is not a registered business outside the United Kingdom and otherwise pursuant to clause 5.3.2 if you have failed to export the Lot within two years of the date the Lot was originally imported into the United Kingdom) once acceptable proof of export is provided by your shipper of choice.
5.7.4. To prove export of your Lots where the ‘VAT Status’ of a Lot is marked ‘O’, ‘†’ or ‘M’ and they are not shipped by Propstore or its authorised shipping agents, you should obtain appropriate official export documentation from your shipper of choice. In all cases Lots must be exported within no more than 3 months of the sale date, and proof of export returned to Propstore.
Accepted Payment Methods:
- VISA
- Master Card
- AMEX
- COD (cash on delivery)
- Wire Transfer
Privacy Policy
Any personal information that you provide to Propstore will be dealt with in line with our privacy policy (available at propstore.com/privacy-policy/ or requested by post or email), which explains what information we collect and hold about you, and how we collect, store, use and share such information, and subject to any additional specific consent(s) you may have given at the time your information was disclosed to Propstore.
BUYER’S GUIDE
1. Introduction
This Buyers’ Guide contains a brief overview of Propstore’s auction process and the terms under which Lots are made available for sale at auction (both live and online). A more detailed statement of our Conditions of Sale follows this Buyer’s Guide. Please read the Buyer’s Guide and the Conditions of Sale carefully.
By registering to bid and/or participating in a Propstore auction, you will be deemed to have agreed to be bound by them.
2. Definitions
2.1 When the following words are used in this Buyers’ Guide, they mean:
Additional Premium: a premium calculated in the manner set out in this Buyer’s Guide and the Conditions of Sale relating to the payment of royalties under the Artists Resales Rights Regulations 2006, which is payable by the Buyer to Propstore on any Lot marked ‘AR’.
Auction: a sale by auction (which may be live or online) hosted by Propstore.
Bidder: any person, properly registered and/or approved by Propstore to participate in the Auction who makes, considers making or attempts to make a bid to buy a Lot at Auction.
Buyer: the person or organisation making the highest bid or offer for a Lot accepted by Propstore or its auctioneer (as applicable), including a principal bidding as agent.
Buyer’s Premium: a commission of 25% (or £30, whichever is higher) plus VAT (if applicable) of the Hammer Price for a Lot, payable by the Buyer to Propstore.
Buyer’s Expenses: a fee of 5% plus VAT (if applicable) of the Hammer Price charged to the Buyer for a Lot won on any bidding platform other than propstoreauction.com, payable by the Buyer to Propstore.
Conditions of Sale: Propstore’s terms and conditions of sale at Auction (as updated by Propstore from time to time), a copy of which follows the Buyer’s Guide or as otherwise made available by Propstore.
Cryptocurrency: the virtual or digital currency accepted by Propstore from time to time as payment, using Propstore’s chosen payment processor notified to the Buyer.
Entry: a written statement in the Auction catalogue identifying the Lot and its Lot number, which may also contain a photograph of the Lot taken by Propstore. Please note however any photographs or stills extracted from a TV or film production that appear in the Auction catalogue are provided for illustrative purposes only and do not form part of the Entry. They are not a confirmation that the Lot appeared within the scene portrayed in the relevant photograph or still. Any specific on-camera usage of the Lot known to Propstore will be noted within the Entry.
Guarantee of Attribution: Propstore’s limited guarantee relating to the provenance of each Lot, as set out in condition 10 of the Conditions of Sale.
Hammer Price: the highest bid for a Lot accepted by the auctioneer at the Auction (in the case of a live Auction) or auction platform before the Lot closes (in the case of an online Auction) or the post-Auction sale price of that Lot (as applicable).
Lot: each item or group of items consigned by the Seller to Propstore to be made available for sale at an Auction, as detailed in the Entry.
Propstore: Prop Store Limited (company number 08622002) of Great House Farm, Chenies, Rickmansworth, Hertfordshire, WD3 6EP.
Purchase Price: the Hammer Price plus Buyer’s Premium and, where applicable, plus the Buyer’s Expenses, the Additional Premium, VAT and other sales taxes.
Reserve Price: (where applicable) the minimum price at which the Seller has authorised Propstore to sell a Lot.
Seller: the person or organisation offering the Lot for sale, including their agents or personal representatives.
Working Days: a day other than a Saturday, Sunday or bank or public holiday in England.
VAT: value added tax at the prevailing rate in the United Kingdom at the date the sale of the Lot occurs.
3. Before the Auction
3.1. Bidder Registration
3.1.1. If you wish to make a bid you will need to register with Propstore before participating at an Auction. Propstore may however, at our discretion, forgo that registration requirement from time to time (this is typically the case if you have a previous purchase history with us).
3.1.2. If registration by you is required by Propstore, to register, the registration form made available by Propstore must be completed in full and Propstore provided with valid Visa, MasterCard or American Express credit card details to be held on file. If you are registering for a live Auction, you must also provide Propstore with, if you are:
3.1.2.1. an individual, at least one (1) form of ID (this must include one (1) government-issued photo identification). If this does not state your current address, proof of address will also be required;
3.1.2.2. an organisation, a certified copy or original certificate of incorporation, or, in the case of unregistered entities, other evidence satisfactory to Propstore. Please contact Propstore on +44 (0)1494 766485 for confirmation of what will be acceptable; or
3.1.2.3. a person registering as an agent to bid on behalf of a third party, appropriate identification documents as set out above for themselves and for the third party on whose behalf they are authorised to make a bid. You must also provide to Propstore a signed authorisation from the third party confirming your authority to participate at the Auction on their behalf. Please note, any person placing a bid on behalf of another (whether they have disclosed that fact) will be jointly and severally liable with the principal to Propstore and the Seller under the Conditions of Sale.
3.1.3. Propstore reserve the right at its discretion to request such additional information from time to time to complete its registration and identification processes, and to decline to register any person as a Bidder.
3.2. Pre-Auction Viewing
3.2.1. For live Auctions, during the pre-Auction viewing period set out in the Auction catalogue, any Bidder may preview Lots free of charge by prior appointment with Propstore.
3.2.2. For online Auctions, all Lots are available for viewing during the auction period by prior appointment with Propstore.
3.3. Delivery Costs
3.3.1. Propstore can provide a shipping estimate for a Lot before the Auction. A Bidder requiring this information should email support@propstore.com including the Lot number and shipping address at least 3 Working Days before the start of the Auction. However, Propstore is not entering into a contract with you in respect of any shipping estimate provided and accordingly, to fullest extent permitted by applicable law, does not accept any responsibility to you in connection with it. Any shipping estimate provided represents a guide and Propstore does not represent or warrant that it is complete, accurate or not subject to change.
3.4. Bidders outside the United Kingdom.
3.4.1. If the Bidder is based outside the United Kingdom, the Bidder should ensure in advance of the Auction that the Lot can be exported from the United Kingdom and imported into the country of destination. No sale will be cancelled because the Lot may not be imported into the country of destination.
3.4.2. Propstore’s recommended third-party independent freight agent can advise Bidders on relevant export licensing regulations and may submit export licence applications upon request. Neither Propstore nor its recommended freight agents can guarantee that any licences, permits or consents will be granted.
4. At the Auction
4.1. Estimates
4.1.1. Lot estimates represent Propstore’s guide to Bidders made on behalf of the Seller and do not give any indication or representation of actual values or likely bids. Estimates do not include any Buyer’s Premium, Buyer’s Expenses, Additional Premium or VAT.
4.1.2. Propstore reserves the right to amend any Lot estimate at any time.
4.2. Reserve Price
4.2.1. The Reserve Price is the minimum price the Seller will accept for a Lot. The Reserve Price will not be more than the lowest estimate given by Propstore. Propstore may disclose or keep confidential the Reserve Price at its discretion.
4.3. Bidding
4.3.1. All bids are by individual Lot unless stated to the contrary. Lots will usually be sold in their numbered sequence, unless stated otherwise.
4.3.2. All bids must be made in English only.
4.3.3. The following provisions only apply in relation to live Auctions:
4.3.3.1. The auctioneer may accept bids from Bidders present in the sale room, via telephone, online or written bids delivered to Propstore before the Auction commences (using such forms made available by Propstore for such purposes from time to time).
4.3.3.2. Telephone Bidders must provide to Propstore a list of Lots on which they intend to bid at least 24 hours before the start of the Auction. Telephone bids will only be accepted on Lots with a low-end estimate of at least £500 and telephone calls may be recorded by or on behalf of Propstore.
4.3.3.3. Written bids will be executed at the lowest possible price, considering the Reserve Price.
4.3.3.4. Online bids shall be made in accordance with and subject to the terms of the online auction platform access provider.
4.3.3.5. The auctioneer may also execute (non-identified) bids on behalf of the Seller up to the Reserve Price only. No bids may be made by the Seller in excess of the Reserve Price.
4.3.3.6. At its discretion, Propstore reserves the right to apply a bidding cap or suspend bidding privileges to individual Bidders at any point during the Auction period. The cap will be withdrawn once evidence has been submitted to Propstore’s satisfaction that all bids are genuine, the Bidder has the means to complete the purchase(s) and any other security checks Propstore may be obliged to carry out have been completed.
4.3.4. Employees of Propstore may bid in any Auction, however they will have no advantage over other Bidders.
4.3.5. The procedure for placing bids online during both online and live Auctions is a one-step process; as soon as the “Place Bid” button (or similar) is clicked, a bid is submitted. By bidding online, the Bidder accepts and agrees that bids submitted in this way are final and that the Bidders will not under any circumstances be permitted to amend or retract their bid. If a successful bid is sent to Propstore from the computer, electronic or mobile device used by you to place the bid, you irrevocably agree to pay the full Purchase Price if you are the highest Bidder.
4.3.6. Save as expressly stated in this Buyer’s Guide and to the fullest extent permitted by applicable law, Propstore accepts no liability for errors or omissions in respect of bids made online, by telephone or in writing (unless Propstore is at fault).
4.3.7. Propstore (and during live Auctions, the auctioneer) may accept or decline bids at its (or their) entire discretion.
5. After the Auction
5.1. Successful bids
5.1.1. Propstore will notify successful Bidders and send (by email unless requested otherwise) a payment invoice setting out the Purchase Price and itemising the Hammer Price and Buyer’s Premium (and, where applicable, Buyer’s Expenses and Additional Premium), plus any applicable VAT and other sales taxes and costs within 7 calendar days of the end of the Auction.
5.2. Payment
5.2.1. Unless a payment plan (as set out in clause 5.2.2 of this Buyer’s Guide below) has been agreed by Propstore, payment is due within 7 calendar days from invoice date and must be made by the Buyer. Payments from any other source will not be accepted and shall be returned by Propstore.
5.2.2. At Propstore’s discretion, payment plans will be available to the Buyer in 1, 2, or 3 month increments on any invoice over £1000, unless otherwise specified on the individual Lot. Bidders wishing to utilise the payment plan service, if approved by Propstore, will be responsible for paying a 20% deposit on their Lots within 7 calendar days of invoice date. The balance will then be split over 1, 2 or 3 months in accordance with the Buyer’s selection and Propstore’s agreement. If the 1-month option is selected, the remaining balance on the Lot will be due 30 calendar days after the deposit payment due date. If the 2-month option is selected, half of the remaining balance will be due 30 calendar days after the deposit payment due date and the remaining half 30 calendar days after that, and so on.
5.2.3. Propstore offers no grace period on payment plan deadlines. If the Buyer does not make any payment by the due date for payment, the Buyer will have defaulted. In such circumstances and to the fullest extent permitted by applicable law, all funds already paid to Propstore will be forfeited by the Buyer and may be retained by Propstore as liquidated damages, and title of the Lot will not
transfer to Buyer. To avoid doubt, Propstore may also sell the Lot to a third party. Propstore and the Seller shall also be entitled to all remedies for non-payment as described in the Conditions of Sale and at law.
5.2.4. Payments must be made in Pounds Sterling (GBP). The Buyer is responsible for all currency exchange fees incurred by the Buyer and/or Propstore in converting their local currency to GBP. If payment is sent to Propstore otherwise than in GBP, Propstore may at its discretion either reject or accept the payment. If the payment is rejected, Propstore shall return the payment to the Buyer and the Buyer shall pay Propstore on demand all costs incurred by Propstore in remitting the payment back to the Buyer. If the payment is accepted, the currency conversion rate applied shall be the exchange rate applied to the payment by Propstore’s bank. If the currency conversion results in Propstore receiving less in GBP than the invoiced amount, the Buyer shall be liable to pay the shortfall to Propstore. Payment may be made by electronic transfer, debit card, credit card (up to a maximum of £25,000), Cryptocurrency (in accordance with clause 5.2.6 of this Buyer’s Guide below) or cash (up to a maximum of £5,000). Please quote the Lot number, invoice number and Bidder registration number when making payment to ensure it can be processed as efficiently as possible.
5.2.5. Except as provided in the Guarantee of Attribution and to the fullest extent permitted by applicable law, credit card payments are only acceptable on the express understanding that the Lot is not returnable, refundable nor exchangeable and no charge card credit may be issued in the event of any such return. The Buyer agrees, to the fullest extent permitted by applicable law and except as set out in the Guarantee of Attribution, if payment is made by credit card, Buyer will not undertake any action or effort to stop payment, seek a refund, or attempt a charge back of such amounts or any credit card fee assessed thereon by the issuer of the credit card.
5.2.6. Cryptocurrency payments are accepted via Propstore’s payment processor, made available by Propstore from time to time. You must pay for the entire balance owed including the Purchase Price and any other relevant charges entirely in one form of Cryptocurrency and you should ensure you have a sufficient balance to pay for all sums owed. We do not accept partial payment or payment plans by Cryptocurrency and a different form of payment in one transaction. To the fullest extent permitted by law and except as set out in the Guarantee of Attribution, Cryptocurrency payment is only acceptable on the express understanding that the Lot is not returnable, refundable nor exchangeable. We also reserve the right to exclude the use of payment by Cryptocurrency on certain Lots, such exclusion to be noted on the listing.
5.3. VAT Status
5.3.1. Where a Lot’s ‘VAT Status’ is marked ‘†’, this means it is sold under standard VAT rules. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, 20% VAT will be due on the Hammer Price; and 20% VAT will also be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. When Lots are exported outside the United Kingdom (proof of export required or shipped by Propstore or through Propstore’s authorised shipper), no VAT will be due on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses only, unless items are exported to a business registered outside the United Kingdom, in which case no VAT is due.
5.3.2. Where a Lot’s ‘VAT Status’ is marked ‘O’, this means the Lot has been temporarily imported from outside the United Kingdom for sale at auction in London. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, 5% VAT will be due on the Hammer Price; and 20% VAT will also be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. When Lots are exported outside the United Kingdom (proof of export required or shipped by Propstore or through Propstore’s authorised shipper), no VAT will be due. However, please note, if such Lots that are not exported outside the United Kingdom within two years from the date the Lot was originally imported into the United Kingdom (Propstore will let the Buyer know
when that deadline expires) then 20% VAT will be due on the Hammer Price; and 20% VAT will also be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses .
5.3.3. Where a Lot’s ‘VAT Status’ is marked ‘?’, this means the Lot is sold under the VAT margin scheme. For Buyers within (i.e., an individual resident in or businesses registered in) Great Britain (i.e. England, Scotland or Wales), no VAT will be due on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. For Buyers in Northern Ireland, 20% VAT will be due on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. When Lots are exported outside the United Kingdom (proof of export required or shipped by Propstore or through Propstore’s authorised shipper), no VAT is due.
5.3.4. Where a Lot’s ‘VAT Status’ is marked ‘US’, this means the Lot is currently located in Propstore’s Los Angeles facility or elsewhere in the USA and will ship directly to the Buyer from the Los Angeles facility or such other location in the USA. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, no VAT will be charged by Propstore on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. For Buyers outside the United Kingdom, no VAT will be charged by Propstore.
5.3.5. Where a Lot’s ‘VAT Status’ is marked ‘EU’, this means the Lot is currently located in a member state of the European Union and will ship directly to the Buyer from such location. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, no VAT will be charged by Propstore on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. For Buyers outside the United Kingdom, no VAT will be charged by Propstore.
5.4. If a Lot is marked ‘AR’ in the catalogue, an Additional Premium will be payable by the Buyer for royalties relating to the Artists Resale Right Regulations 2006. It does not apply on art with a Hammer Price under €1,000. The Additional Premium will be a percentage of the amount of the Hammer Price calculated as follows:
5.4.1. Hammer Price from €0 to €50,000: Additional Premium = 4%;
5.4.2. Hammer Price from €50,000.01 to €200,000: Additional Premium = 3%;
5.4.3. Hammer Price from €200,000.01 to €350,000: Additional Premium = 1%;
5.4.4. Hammer Price from €350,000.01 to €500,000: Additional Premium = 0.5%; and
5.4.5. Hammer Price exceeding €500,000: Additional Premium = 0.25%.
The Additional Premium is not subject to VAT. Buyers will be charged the Additional Premium in Pounds Sterling (GBP), however Propstore’s EUR (€) currency conversion rate from date of the sale is used to determine the Hammer Price and amount payable.
5.5. Buyers whose total invoice is equal to or greater than €10,000 (or the GBP equivalent) are required and agree to undergo enhanced customer due diligence (EDD) checks required by Propstore in accordance with the EU Fifth Money Laundering Directive (5MLD). In accordance with the 5MLD, the Lots won will not be released until the EDD check has been completed and passed. This clause 5.5 applies to UK Auctions only.
5.6. Due to the impact of the U.S. Wayfair ruling, Propstore is obligated to collect sales tax on orders shipped to several states within the United States of America, even when auctioning from London. Additional states become sales tax-eligible regularly due to ongoing updates. You can obtain details on the current list of states Propstore charges sales tax to on request; final taxes will be added to your invoice.
5.7. Export and Import
5.7.1. It is the Buyer’s sole responsibility to arrange and obtain all necessary export/import licences, permits and any other necessary consents before the Lot is dispatched to the Buyer.
5.7.2. Propstore’s third-party independent recommended freight agent will be able to deal with enquiries from Bidders and Buyers on importing and/or exporting of Lots. Propstore accepts no liability for the acts or omissions of any delivery or freight agent appointed by you.
5.7.3. With regards to Lots exported outside the United Kingdom, if your Lots are shipped by Propstore or through Propstore’s authorised shipper, except as provided in clauses 5.3.1 and 5.3.2, you will not be required to pay VAT when settling your invoice. If you are using any other shipper, or hand carrying your Lots outside the United Kingdom, then VAT will be due on the invoice, which will be refunded (except for any VAT chargeable on the Buyer’s Premium and, where applicable, the Buyer’s Expenses pursuant to clause 5.3.1 on exports outside the United Kingdom to a Buyer that is not a registered business outside the United Kingdom and otherwise pursuant to clause 5.3.2 if you have failed to export the Lot within two years of the date the Lot was originally imported into the United Kingdom) once acceptable proof of export is provided by your shipper of choice.
5.7.4. To prove export of your Lots where the ‘VAT Status’ of a Lot is marked ‘O’, ‘†’ or ‘M’ and they are not shipped by Propstore or its authorised shipping agents, you should obtain appropriate official export documentation from your shipper of choice. In all cases Lots must be exported within no more than 3 months of the sale date, and proof of export returned to Propstore.
5.8. Shipping, storage and abandonment
5.8.1. The Buyer is solely responsible for all shipping and delivery costs. Propstore recommends Lots are custom-packed and its recommended third-party independent freight agents are used. Propstore accepts no liability for the acts or omissions of any delivery or freight carrier appointed by you. Please note if the Buyer changes their address for delivery after Propstore’s delivery checkout process, Propstore may charge the Buyer for any additional charges and/or taxes incurred.
5.8.2. Where Lots are not collected or collected for shipment by the Buyer or otherwise authorised for shipment by the Buyer by Propstore or its recommended agents within 14 calendar days from the due date for payment of Propstore’s invoice for the Lot (or, where a payment plan has been agreed, the due date for payment of Propstore’s final invoice under that payment plan for the Lot), whether or not payment has been made, a storage fee equivalent to 3% of the Hammer Price per month shall be charged to the Buyer by Propstore. If the Buyer has failed to pay the Purchase Price and the cost of shipping and handling, Propstore may, at its option, cancel the sale.
5.8.3. If the Buyer has paid the Purchase Price for a Lot but within 2 years of the end of the Auction in which the Lot was sold: (a) the Lot is not collected or collected for shipment by the Buyer; (b) the Buyer has not provided Propstore with a shipping address; (c) where Propstore organises shipment, the Buyer has not paid shipping or delivery costs to Propstore; (d) where Propstore organises shipment, the Buyer has paid the original shipping or delivery costs to Propstore but the item is returned to Propstore because the Buyer has failed to pay customs fees to receive the Lot into the country of destination and the Buyer has not paid Propstore any returns costs incurred by Propstore in returning the item to Propstore and subsequent shipping or delivery costs to re-ship the Lot to the Buyer; or (e) the Buyer has paid Propstore the relevant shipping or delivery costs but has not authorised Propstore to ship the Lot, then, in each case, Propstore will give the Buyer notice in writing of the need to collect the Lot, provide a shipping address, pay the relevant shipping, delivery and/or return costs and/or authorise the shipment (as applicable). If the Buyer does not take the action required in that notice within 10 calendar days of the date of the notice, Propstore may sell the Lot and the provisions of clause 5.8.4 will apply. Propstore do not agree to give the Buyer any further notice of the potential sale.
5.8.4. If Propstore exercise its rights to sell the Lot pursuant to clause 5.8.3:
5.8.4.1. Propstore may sell the Lot and, to the extent title to the Lot has transferred to the Buyer, it will immediately transfer to Propstore (or at Propstore’s election, back to the Seller);
5.8.4.2. Propstore may pass ownership of the Lot to the new buyer;
5.8.4.3. Propstore will use the proceeds of sale to pay: (a) first, Propstore’s reasonable costs incurred by it in administering the sale process; and (b) secondly, to pay any debt the Buyer owes to Propstore in respect of the Lot (for example, in respect of unpaid storage fees) (collectively, Outstanding Fees), and shall then hold the balance for the Buyer. Propstore will not give the Buyer any interest on the balance. To avoid doubt, if Propstore sells the Lot via Auction, the sale proceeds shall be the Hammer Price and shall not include any Buyer’s Premium, Buyer’s Expenses or Additional Premium paid by the new buyer; and
5.8.4.4. if the proceeds of sale are insufficient to discharge the costs described in clause 5.8.4.3(a) and the Outstanding Fees, the Buyer must pay any outstanding balance to Propstore within 14 calendar days of a written demand from Propstore setting out the balance remaining to it.
5.8.5. If Propstore exercise its rights to sell the Lot pursuant to clause 5.8.3, Propstore may sell the Lot by any method reasonably available to achieve a selling price reasonably obtainable in the open market, considering the costs of sale. If in Propstore’s opinion the Lot cannot be reasonably and economically sold (for whatever reason) or it remains unsold despite Propstore’s efforts, the Buyer authorises Propstore to treat the Lot as abandoned by the Buyer and destroy or otherwise dispose of the Lot at the Buyer’s cost.
5.9. Please note if a Lot is marked ‘O’ and accordingly has been temporarily imported from outside the United Kingdom for sale at auction in London, it will be subject to a temporary import licence for two years from the date of original import to the United Kingdom. If the Buyer has not collected or the Lot has otherwise not been shipped to the Buyer before the expiry of that 2-year period (Propstore will let the Buyer know when that deadline expires), Propstore may ship and repatriate the Lot to its country of origin. The Buyer shall be liable to Propstore for those shipping and repatriation costs and, to avoid doubt, any costs incurred by Propstore in shipping the item to the Buyer from the country of repatriation.
5.10. Special Notices
5.10.1. Notice on Firearm Deactivation. Firearms with this disclaimer have been permanently and sympathetically deactivated to United Kingdom legal requirements and no longer retain any functional capacity to fire. A United Kingdom proof house certificate of deactivation is included. For Buyers within the U.S., these Lots may still need to transfer through a Federal Firearms Dealer. It is solely the Buyer’s responsibility to check, prior to bidding, the legal status of this weapon within their own country and the importation therein. All costs associated with the transfer will be the Buyer’s responsibility.
5.10.2. Notice on Live Firearms. These items are legally a firearm and capable of firing ammunition. It must therefore be transferred to a U.S. based Buyer through a Federal Firearms License. You will then have to go through the necessary steps to purchase a firearm, which vary state by state. All costs associated with the transfer will be the Buyer’s responsibility. Exporting the piece to the United Kingdom or Europe may be possible if it is deactivated at additional cost; please inquire with Propstore for details.
5.10.3. Notice on Replica Firearms and UK Restrictions. Buyers should be aware that ownership of Lots with this disclaimer is restricted for United Kingdom residents to registered re-enactors, galleries, or individuals in film, television, or theatre production. Please inquire with Propstore for further details. There may be restrictions applicable to Buyers in other countries as well; it is solely the Buyer’s responsibility to check, prior to bidding, the legal status of this item within their own country and the importation therein.
5.10.4. Notice on Copyright (or similar). Lots with this disclaimer are sold without copyright, reproduction rights, licencing agreements or any other type of legal release.
5.10.5. Notice on Electronics and Mechanics. Some Lots in the auction contain electronic and/or mechanical components. While Propstore makes reasonable efforts to describe them accurately, no guarantee or warranty is made as to the functionality, lifespan or safety of those components. It is entirely incumbent on the Buyer to satisfy themselves as to their safe use and maintenance.
5.10.6. Notice on Lots Requiring Special Shipping. Lots with this disclaimer, due to their size and/or nature will require a specialist shipping service with additional cost. Bidders are strongly advised to contact Propstore for a shipping quote prior to bidding on these Lots.
5.10.7. Propstore Interest ?. From time to time, Propstore may offer a Lot which it owns in whole or in part or in which it has a financial interest. Any such Lot will be identified in the catalogue with the symbol ? next to its Lot number.
5.10.8. Notice on Off-Site Storage. Some Lots in the Auction are stored off-site, outside of Propstore’s primary facility. They will ship from their current location to the Buyer’s location, at Buyer’s expense. These Lots will not be available to preview before the Auction without special arrangements. The Buyer will be responsible for all shipping costs of Lots, regardless of Lot storage location. Please contact Propstore for a shipping quote prior to bidding on off-site storage Lot.
5.10.9. Certain Lots contain, or may contain, organic materials that may be CITES-listed and therefore subject the Lots to additional restrictions on trade, import, or export. It is the Buyer’s responsibility to ensure that any Lot purchased from Propstore can be imported to their location lawfully. Buyer understands that Propstore has no obligation or responsibility in relation to Buyer’s ability to import Lots, and an inability to import Lots will not affect Buyer’s obligation to complete purchase and make payment. Certain permits may be required to accompany the transaction of Lots, for example a CITES permit for Appendix I-listed materials such as rosewood; Propstore will assist in facilitating these permits to the extent that it is able.
CONDITIONS OF SALE
These terms and conditions of sale (“Conditions”) set out the legal relationship between the Bidder/Buyer and Propstore and the Seller. By registering to bid and participate in a Propstore Auction, you will be deemed to have read and agreed to be bound by these Conditions and the accompanying Buyer’s Guide, as set forth in the catalogue for the Auction and online at propstore.com.
1. Interpretation
These Conditions shall include the terms set out in the Propstore Buyer’s Guide, a copy of which has been made available to the Bidder. In the event of any conflict between these Conditions and the Buyer’s Guide, these Conditions shall take precedence.
2. Definitions
2.1. Words that are capitalised but have not been defined in these Conditions have the meanings given to them in the Buyer’s Guide.
3. Propstore as agent
3.1. Unless expressly agreed otherwise, Propstore acts as agent for the Seller. That means we are not personally responsible to you for any breach of contract or other default by the Seller. The contract for the sale of the Lot is made between the Seller (as principal) and the Buyer.
4. Catalogue Entry and condition of Lots
4.1. All Lots are sold subject to their condition at the date of the Auction. The nature and age of the Lots means they are often unique and may have wear and tear, damage and other imperfections and may have been totally or partially restored or repaired. By making a bid, the Bidder accepts the actual condition of the Lot and acknowledges that if a bid is successful, the Buyer will buy the Lot from the Seller ‘as is’, with such faults and imperfections.
4.2. Propstore’s staff are not professional restorers so the Entry for a Lot, images and statements of condition in Propstore’s brochure or on its website are for illustrative purposes only. Poster Lots in the Auction may have undergone restoration; Propstore staff will make reasonable efforts to identify any restoration and this will be disclosed within the Entry. Propstore cannot guarantee that colours
are properly shown. Save for the Guarantee of Attribution (see condition 10 of these Conditions below), all Lots are sold ‘as is’.
4.3. To avoid doubt, Propstore cannot and does not warrant any restoration or the longevity of any restoration work carried out at any point in a Lot’s lifetime. Bidders are encouraged to inspect Lots and satisfying themselves as to condition before bidding, taking independent professional advice where required.
4.4. Condition reports are available for each Lot upon request. However, Propstore is not entering into a contract with you in respect of any condition report provided and accordingly, to fullest extent permitted by applicable law, does not accept any responsibility to you in connection with it. Any condition report provided represents a guide as to the Lot’s general condition in the manner stated in the report and Propstore does not represent or warrant that the condition report is complete.
4.5. Film posters in the sale include condition abbreviations: M = mint; EX = excellent; VG = very good; G = good; F = fair.
4.6. Lots are sold only as collectibles and unless stated expressly to the contrary, Propstore makes no representation or warranty that any Lot is fit for any other purpose.
4.7. Mannequins, display stands, scale measures and other display equipment are not included with the Lots unless expressly stated in the Lot Entry in the catalogue.
4.8. Estimates are simply a guide given by Propstore and should not be relied upon as to advice on value, Hammer Price or the ultimate Purchase Price, which could be significantly higher. Estimates do not take into account any Buyer’s Premium, Buyer’s Expenses, Additional Premium, VAT, sales taxes or any other costs or fees payable by the Buyer as detailed elsewhere in these Conditions or the Buyer’s Guide.
5. Before the Auction
5.1. Unless the requirement is waived by Propstore, the Bidder must register with Propstore (including providing evidence of identity) in accordance with the Buyer’s Guide. Personal information shall be used only in accordance with Condition 8 below.
5.2. Bidders acknowledge and accept that, due to the one-of-a-kind nature of the materials, Propstore only guarantees the provenance of Lots to the extent set out in the Guarantee of Attribution (see Condition 10 below), and, to the fullest extent permitted by applicable law Propstore, will not accept returns of any material and will not issue refunds, credits or exchanges except as provided for in the Guarantee of Attribution.
5.3. As a courtesy to Buyers and subject to Propstore’s approval, Propstore offers payment plans on all Auction invoices with a value of more than £1,000 (see condition 7.3 of these Conditions below). Please note however that you cannot use the payment plan if you wish to use Cryptocurrency as payment.
6. During the Auction
6.1. Propstore reserves the right to:
6.1.1. refuse admission to any person at a live Auction in its sole discretion, without stating a reason;
6.1.2. decide whether an Auction proceeds, whether any Lot is included in the Auction, the manner in which the Auction is conducted (notwithstanding the numbers given to Lots in the catalogue);
6.1.3. refuse participation at the Auction, to reject any bid and to nominate any bidding increment Propstore considers appropriate. Bids may not be accepted from unregistered bidders and all Bidders must be 18 or over; and
6.1.4. in connection with any live Auction, apply a bidding cap or suspend bidding privileges to individual Bidders at any point during the Auction period. The cap will be withdrawn once evidence has been submitted to Propstore’s satisfaction that all bids are genuine, the Bidder has the means to complete the purchase(s) and any other security checks Propstore may be obliged to carry out have been completed.
6.2. All bids must be made in Pound Sterling (GBP). Propstore (including, in the case of live Auctions, the auctioneer) has the right to exercise reasonable discretion in refusing any bid, advancing the bidding in such a manner as they may decide, withdrawing or dividing any Lot, combining any two or more Lots and, in the case of error or dispute, and whether during or after the sale, determining the successful Bidder, continuing the bidding, cancelling the sale or reoffering and reselling the Lot in dispute. If any dispute arises after the sale, then, in the absence of any evidence to the contrary the sale record maintained by Propstore (including, in the case of live Auctions, the auctioneer) will be conclusive.
6.3. Unless otherwise indicated, all Lots are offered subject to a Reserve Price. The Reserve Price will not exceed the low estimate printed in the catalogue. The Reserve Price will not be more than the lowest estimate given by Propstore. Propstore may disclose or keep confidential the Reserve Price at its entire discretion.
6.4. In connection with live Auctions, the auctioneer may open the bidding on any Lot below the Reserve Price by placing a bid on behalf of the Seller. The auctioneer may continue to bid on behalf of the Seller up to the amount of the Reserve Price, either by placing consecutive bids or by placing bids in response to other Bidders.
6.5. When making a bid, every Bidder acknowledges that such bid is a binding offer to buy the Lot at that price (plus the Buyer’s Premium, Buyer’s Expenses (if applicable), Additional Premium (if applicable), all applicable taxes and any and all shipping charges, storage and other costs). A successful Bidder will be deemed to be the Buyer unless it has been explicitly agreed in writing with Propstore before the start of the Auction that the Bidder is acting as agent on behalf of an identified third party acceptable to Propstore (and registered with Propstore), and only then will Propstore regard that third party as the Buyer. In such circumstances, the Bidder acting as agent confirms that they are authorised to bind the third party and that the Buyer has been made aware of and accepts these Conditions. Please note, any person placing a bid on behalf of another (whether they have disclosed that fact) will be jointly and severally liable with the principal to Propstore and the Seller under the Conditions of Sale.
6.6. Propstore will use reasonable efforts to execute written bids delivered before a live Auction for Bidders unable to attend the Auction in person, by an agent or by telephone or online. All such written bids must be made on Propstore’s Absentee Bids Form (in the catalogue).
6.7. In relation to live Auctions, if Propstore receives written bids on a particular Lot for identical amounts, and at the Auction these are the highest bids on the Lot, it will be sold to the person whose written bid was received and accepted first.
6.8. Online bidding at Propstore live Auctions is made available via third party service providers and use of their services and all online bidding is subject to their respective terms of use. Successful online bids in connection with items at a live Auction will be subject to payment of Buyer’s Expenses.
6.9. Live Auctions will be tracked on a video or digital screen, which may display, among other things, a photograph of the Lot offered for sale and the then-current bid. Bidders understand and agree that errors may occur in its operation and, except as expressly stated in the Buyer’s Guide or these Conditions, Propstore shall have no liability arising out of or related to any errors or omission in respect thereto.
6.10. By participating in and/or attending a live Auction and signing the registration form, each person consents to be filmed and/or photographed and agrees and authorises Propstore to use and publish such film and/or photographs, name and likeness for use in: (a) providing online access to the live Auction; (b) recording the results of the live Auction; (c) print, digital, online and all other media for marketing purposes (including without limitation, on Propstore’s website, YouTube and other online platforms); and (d) in any other Propstore publications of whatever nature. The participant releases Propstore and holds it harmless from any reasonable expectation of confidentiality or privacy associated with such images and releases Propstore and any third parties involved in the making, creation or publication of the images or any marketing or other materials from all and any liability for claims made in respect of such publication. Publication of the images in whatever format confers no right of ownership on the individual or right to royalties or payment. A designated area at the live Auction will be set aside if you do not wish to be filmed. If you wish to withdraw consent, please email support@propstore.com.
6.11. At a live Auction and subject to the auctioneer’s reasonable discretion, the Bidder placing the highest bid accepted by the auctioneer (subject to any applicable Reserve Price) will be the Buyer and the striking of his hammer marks the acceptance of the highest bid and the conclusion of a contract for sale between the Seller and the Buyer. However, please note, if a bid is received shortly after the striking of his hammer (as determined by the auctioneer in his reasonable discretion), the auctioneer reserves the right to reopen the auction for the Lot and shall determine the highest accepted bid.
6.12. In connection with online Auctions, each Lot is open for bidding for 15 calendar days unless stated otherwise. If any bid is placed within the final minute of the Auction period, the Auction will automatically be extended by 1 additional minute. Please note that the timer may reflect that the remaining Auction period is “0” but the Auction period has not concluded because it has been extended by a bid made within the last minute. It is the Bidder’s responsibility to refresh the page to determine whether the Auction period has been extended. In any event, the Auction period for any Lot shall not be deemed completed until it states “Closed”.
6.13. The record of sale (Propstore’s records which relate to the sale) will be taken as absolute and final in all disputes. In the event of a discrepancy between any online records or messages provided to you and the record of sale, the record of sale will govern.
6.14. To the fullest extent permitted by applicable law, risk and responsibility for the Lot (including frames or glass where relevant) passes to the Buyer on the date 7 calendar days from the date of the sale or on collection by the Buyer if earlier and the Buyer should arrange insurance cover for the Lot if required.
7. After the Auction
7.1 Successful bids
7.1.1 Propstore will notify successful Bidders and send (by email unless requested otherwise) a payment invoice setting out the Purchase Price and itemising the Hammer Price and Buyer’s Premium (and, where applicable, Buyer’s Expenses and Additional Premium) plus any applicable VAT and other sales taxes and costs within 7 calendar days of the end of the Auction.
Payments
7.2. Unless a payment plan (as set out in condition 7.3 below) has been agreed by Propstore, payment is due within 7 calendar days from invoice date and must be made by the Buyer. Payments from any other source will not be accepted and shall be returned by Propstore.
7.3. At Propstore’s discretion, payment plans will be available to the Buyer in 1, 2, or 3 month increments on any invoice over £1000, unless otherwise specified on the individual Lot. Bidders wishing to utilise the payment plan service, if approved by Propstore, will be responsible for paying
a 20% deposit on their Lots within 7 calendar days of invoice date. The balance will then be split over 1, 2 or 3 months in accordance with the Buyer’s selection and Propstore’s agreement. If the 1-month option is selected, the remaining balance on the Lot will be due 30 calendar days after the deposit payment due date. If the 2-month option is selected, half of the remaining balance will be due 30 calendar days after the deposit payment due date and the remaining half 30 calendar days after that, and so on.
7.4. Propstore offers no grace period on payment plan deadlines. If the Buyer does not make any payment by the due date for payment, the Buyer will have defaulted. In such circumstances and to the fullest extent permitted by applicable law, all funds already paid to Propstore will be forfeited by the Buyer and retained by Propstore as liquidated damages, and title of the Lot will not transfer to Buyer. To avoid doubt, Propstore may also sell the Lot to a third party. Propstore and the Seller shall also be entitled to all remedies for non-payment as described below and at law.
7.5. Payments must be in Pounds Sterling (GBP).The Buyer is responsible for all currency exchange fees incurred by the Buyer and/or Propstore in converting their local currency to GBP. If payment is sent to Propstore otherwise than in GBP, Propstore may at its discretion either reject or accept the payment. If the payment is rejected, Propstore shall return the payment to the Buyer and the Buyer shall pay Propstore on demand all costs incurred by Propstore in remitting the payment back to the Buyer. If the payment is accepted, the currency conversion rate applied shall be the exchange rate applied to the payment by Propstore’s bank. If the currency conversion results in Propstore receiving less in GBP than the invoiced amount, the Buyer shall be liable to pay the shortfall to Propstore. Payment may be made by electronic transfer, debit card, credit card (up to a maximum of £25,000), Cryptocurrency (in accordance with condition 7.7 below), or cash (up to a maximum of £5,000). Please quote the Lot number, invoice number and Bidder registration number when making payment to ensure it can be processed as efficiently as possible.
7.6. Except as provided in the Guarantee of Attribution and to the fullest extent permitted by applicable law, credit card payments are only acceptable on the express understanding that the Lot is not returnable, refundable nor exchangeable and no charge card credit or refund may be issued in the event of any such return. The Buyer agrees, to the fullest extent permitted by applicable law and except as set out in the Guarantee of Attribution, if payment is made by credit card, Buyer will not undertake any action or effort to stop payment, seek a refund, or attempt a charge back of such amounts (or any credit card fee assessed thereon) by the issuer of the credit card.
7.7. Cryptocurrency payments are accepted via Propstore’s payment processor, made available by Propstore from time to time. You must pay for the entire balance owed including the Purchase Price and any other relevant charges entirely in one form of Cryptocurrency and you should ensure you have a sufficient balance to pay for all sums owed. We do not accept partial payment or payment plans by Cryptocurrency and a different form of payment in one transaction. To the fullest extent permitted by law and except as set out in the Guarantee of Attribution, Cryptocurrency payment is only acceptable on the express understanding that the Lot is not returnable, refundable nor exchangeable. We also reserve the right to exclude the use of payment by Cryptocurrency on certain Lots, such exclusion to be noted on the listing.
7.8. VAT Status
7.8.1. Where a Lot’s ‘VAT Status’ is marked ‘†’, this means it is sold under standard VAT rules. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, 20% VAT will be due on the Hammer Price; and 20% VAT will also be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. When Lots are exported outside the United Kingdom (proof of export required or shipped by Propstore or through Propstore’s authorised shipper), no VAT will be due on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses only, unless items are exported to a business registered outside the United Kingdom, in which case no VAT is due.
7.8.2. Where a Lot’s ‘VAT Status’ is marked ‘O’, this means the Lot has been temporarily imported from outside the United Kingdom for sale at auction in London. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, 5% VAT will be due on the Hammer Price; and 20% VAT will also be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. When Lots are exported outside the United Kingdom (proof of export required or shipped by Propstore or through Propstore’s authorised shipper), no VAT will be due. However, please note, if such Lots that are not exported outside the United Kingdom within two years from the date the Lot was originally imported into the United Kingdom (Propstore will let the Buyer know when that deadline expires) then 20% VAT will be due on the Hammer Price; and 20% VAT will also be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses.
7.8.3. Where a Lot’s ‘VAT Status’ is marked ‘?’, this means the Lot is sold under the VAT margin scheme. For Buyers within (i.e., an individual resident in or businesses registered in) Great Britain (i.e. England, Scotland or Wales), no VAT will be due on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. For Buyers in Northern Ireland, 20% VAT will be due on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. When Lots are exported outside the United Kingdom (proof of export required or shipped by Propstore or through Propstore’s authorised shipper), no VAT is due.
7.8.4. Where a Lot’s ‘VAT Status’ is marked ‘US’, this means the Lot is currently located in Propstore’s Los Angeles facility or elsewhere in the USA and will ship directly to the Buyer from the Los Angeles facility or such other location in the USA. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, no VAT will be charged by Propstore on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. For Buyers outside the United Kingdom, no VAT will be charged by Propstore.
7.8.5. Where a Lot’s ‘VAT Status’ is marked ‘EU’, this means the Lot is currently located in a member state of the European Union and will ship directly to the Buyer from such location. For Buyers within (i.e., an individual resident in or businesses registered in) the United Kingdom, no VAT will be charged by Propstore on the Hammer Price; and 20% VAT will be due on the Buyer’s Premium and, where applicable, the Buyer’s Expenses. For Buyers outside the United Kingdom, no VAT will be charged by Propstore.
7.9. If a Lot is marked ‘AR’ in the catalogue, an Additional Premium will be payable by the Buyer for royalties relating to the Artists Resale Right Regulations 2006. It does not apply on art with a Hammer Price under €1,000. The Additional Premium will be a percentage of the amount of the Hammer Price calculated as follows:
7.9.1. Hammer Price from €0 to €50,000: Additional Premium = 4%;
7.9.2. Hammer Price from €50,000.01 to €200,000: Additional Premium = 3%;
7.9.3. Hammer Price from €200,000.01 to €350,000: Additional Premium = 1%;
7.9.4. Hammer Price from €350,000.01 to €500,000: Additional Premium = 0.5%; and
7.9.5. Hammer Price exceeding €500,000: Additional Premium = 0.25%.
The Additional Premium is not subject to VAT. Buyers will be charged the Additional Premium in Pounds Sterling (GBP), however Propstore’s EUR (€) currency conversion rate from date of the sale is used to determine the Hammer Price and amount payable.
7.10. The Buyer will not acquire title to the Lot until all amounts due to the Seller and Propstore from the Buyer have been received by Propstore in cleared funds even in circumstances where Propstore has released the Lot to the Buyer.
7.11. By registering for the Auction the Buyer authorises Propstore to charge the credit card provided at registration for all Lots purchased at the Auction, and any future Auction a Bidder may participate in, if not paid in full within 7 calendar days after the Auction close.
7.12. If the Buyer does not make any payment due to Propstore by the due date for payment, Propstore may to the fullest extent permitted by applicable law, charge a fee on the overdue amount at the rate of 5% a year above the base lending rate of Lloyds Bank plc from time to time. This fee shall accrue on a daily basis from the due date until the date of actual payment of the overdue amount, whether before or after judgment. The Buyer must pay Propstore fee together with any overdue amount.
7.13. In addition to its rights in conditions 7.11 and 7.12 of these Conditions and at law, in the event of default by the Buyer, Propstore may, to the fullest extent permitted by applicable law, take one or more of the following actions:
7.13.1. hold the Buyer liable for the total amount due and commence legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law;
7.13.2. cancel the sale for the Buyer’s breach of contract and retain any amounts already paid by the Buyer as liquidated damages;
7.13.3. resell the Lot publicly or privately on such terms as Propstore shall think fit;
7.13.4. pay the Seller an amount up to the net proceeds payable in respect of the Hammer Price;
7.13.5. set off against any amounts which Propstore or any of its affiliates may owe to the Buyer in any other transactions, some or all of the outstanding amount remaining unpaid by the Buyer;
7.13.6. apply any amount paid to discharge any amount owed in respect of any particular transaction, whether or not the Buyer so directs;
7.13.7. reject at any future Auction any bids made by or on behalf of the Buyer or to require a deposit from the Buyer before accepting any further bids;
7.13.8. exercise all the rights and remedies of a person holding security over any Lot in Propstore’s possession owned by the Buyer, whether by way of pledge, security interest or in any other way by the law of the place where such Lot is located. The Buyer will be deemed to have granted such security to Propstore and Propstore may retain such Lot as collateral security for such Buyer’s obligations;
7.13.9. take such other action as Propstore deems necessary or appropriate. If Propstore resells the Lot under condition 7.13.3 of these Conditions above, the Buyer shall be liable for the payment of any deficiency between the total amount originally due to Propstore and the amount received upon resale as well as all reasonable costs, expenses, damages, legal fees and commissions and premiums of whatever kind associated with both sales or otherwise arising from the default. If Propstore pays any amount to the Seller under condition 7.13.4 of these Conditions above, the Buyer acknowledges that Propstore shall have the right to enforce all of the rights of the Seller, however arising, to pursue the Buyer for such amount; and
7.13.10 release the name and address of the Buyer to the Seller to enable the Seller to commence legal proceedings to recover the amounts due and legal costs.
7.14. Propstore shall be entitled to retain Lots sold until all amounts due have been received in full in cleared funds (including, to avoid doubt, all amounts payable under all instalments of a payment plan) or until the Buyer has performed any other outstanding obligations as Propstore shall reasonably require. Subject to this, the Buyer shall collect, or have shipped or collected for shipment, purchased Lots within 7 calendar days from the date of the sale unless otherwise agreed between Propstore and the Buyer. Lots can be collected in person by appointment only.
7.15. Each Lot will require a custom packing service and by bidding on a Lot a Bidder agrees to pay all relevant shipping costs. Some Lots will require special freight service. Potential shipping estimates can be obtained by emailing support@ propstore.com detailing the Lot number of interest and the shipping address prior to the Auction.
7.16. Propstore recommends working with its preferred third-party independent freight agent on any questions regarding importing and exporting Lots.
7.17. If the Buyer has requested and Propstore agrees to ship the Lot to the Buyer: (a) the Buyer should contact Propstore within 14 calendar days of the date of dispatch if they have not received the Lot; or (b) and the item is damaged when delivered to the Buyer, the Buyer should contact Propstore immediately and retain all packaging provided with the shipment.
7.18. It is the Buyer’s sole obligation and responsibility to be aware of, to comply with, and to pay for all relevant import duties, taxes, VAT, customs and other fees charged in the Buyer’s local jurisdiction. Propstore will ship all packages with the full value of the Lot declared. Buyer understands and agrees that Propstore shall have no obligation or responsibility for any import duties, taxes, VAT, customs, shipping or other charges for the Lots shipped. Failure by the Buyer to pay all necessary amounts may result in the relevant authorities returning the Lot to Propstore and in those circumstances the Buyer will be charged and will pay any return costs incurred by Propstore, storage cost in accordance with these Conditions and Propstore’s additional reasonable costs and expenses.
7.19. It is the Buyer’s responsibility to ensure that any Lot purchased from Propstore enters the shipping location lawfully, that all duties and taxes have been paid and that all required export procedures, regulations, and laws were properly complied with. Buyer understands and agrees that Propstore shall have no obligation or responsibility for complying with any export procedures, regulations, or laws applicable to the Lot.
7.20. Unless otherwise agreed by Propstore in writing, the fact that the Buyer wishes to apply for an export licence does not affect or postpone the Buyer’s obligation to make payment in accordance with Propstore’s payment terms nor Propstore’s right to charge fees or storage charges on late payment. If the Buyer requests Propstore to apply for an export licence on his or her behalf, Propstore shall be entitled to make a charge and be paid for this service. Propstore shall not be obliged to rescind or cancel a sale nor to refund any monies paid by the Buyer to Propstore as a result of or related to the Buyer’s failure or inability to obtain an export license.
7.21 Where Lots are not collected or collected for shipment by the Buyer or authorised for shipment by the Buyer by Propstore within 14 calendar days from the due date for payment of Propstore’s invoice for the Lot (or, where a payment plan has been agreed, the due date for payment of Propstore’s final invoice under that payment plan for the Lot), whether or not payment has been made, a storage fee equivalent to 3% of the Hammer Price per month shall be charged to the Buyer by Propstore. If the Buyer has failed to pay the Purchase Price and the cost of shipping and handling, Propstore, at its option may cancel the sale.
7.22 If the Buyer has paid the Purchase Price for a Lot but within 2 years of the end of the Auction in which the Lot was sold: (a) the Lot is not collected or collected for shipment by the Buyer; (b) the Buyer has not provided Propstore with a shipping address; (c) where Propstore organises shipment, the Buyer has not paid shipping or delivery costs to Propstore; (d) where Propstore organises shipment, the Buyer has paid the original shipping or delivery costs to Propstore but the item is returned to Propstore because the Buyer has failed to pay customs fees to receive the Lot into the country of destination and the Buyer has not paid Propstore any returns costs incurred by Propstore in returning the item to Propstore and shipping or delivery costs to re-ship the Lot to the Buyer; or (e) the Buyer has paid Propstore the relevant shipping or delivery costs but has not authorised Propstore to ship the Lot, then, in each case, Propstore will give the Buyer notice in writing of the need to collect the Lot, provide a shipping address, pay the relevant shipping, delivery
and/or return costs and/or authorise the shipment (as applicable). If the Buyer does not take the action required in that notice within 10 calendar days of the date of the notice, Propstore may sell the Lot and the provisions of condition 7.23 will apply. Propstore do not agree to give the Buyer any further notice of the potential sale. Please note the 2-year period referenced in this clause may be shorted if the relevant Lot is subject to an export licence. In such circumstances, the relevant period shall be equivalent to the term of the export licence.
7.23. If Propstore exercise its rights to sell the Lot pursuant to condition 7.22:
7.23.1. Propstore may sell the Lot and, to the extent title to the Lot has transferred to the Buyer, it will immediately transfer to Propstore (or at Propstore’s election, back to the Seller);
7.23.2. Propstore may pass ownership of the Lot to the new buyer;
7.23.3. Propstore will use the proceeds of sale to pay: (a) first, Propstore’s reasonable costs incurred by it in administering the sale process; and (b) secondly, to pay any debt the Buyer owes to Propstore in respect of the Lot (for example, in respect of unpaid storage fees) (collectively, Outstanding Fees), and shall then hold the balance for the Buyer. Propstore will not give the Buyer any interest on the balance. To avoid doubt, if Propstore sells the Lot via Auction, the sale proceeds shall be the Hammer Price and shall not include any Buyer’s Premium, Buyer’s Expenses or Additional Premium paid by the new buyer;
7.23.4. if the proceeds of sale are insufficient to discharge the costs described in condition 7.23.3(a) and the Outstanding Fees, the Buyer must pay any outstanding balance to Propstore within 14 calendar days of a written demand from Propstore setting out the balance remaining to it; and
7.23.5. If Propstore exercise its rights to sell the Lot pursuant to condition 7.22, Propstore may sell the Lot by any method reasonably available to achieve a selling price reasonably obtainable in the open market, considering the costs of sale. If in Propstore’s opinion the Lot cannot be reasonably and economically sold (for whatever reason) or it remains unsold despite Propstore’s efforts, the Buyer authorises Propstore to treat the Lot as abandoned by the Buyer and destroy or otherwise dispose of the Lot at the Buyer’s cost.
7.24. Please note if a Lot is marked ‘O’ and accordingly has been temporarily imported from outside the United Kingdom for sale at auction in London, it will be subject to a temporary import licence for two years from the date of original import to the United Kingdom. If the Buyer has not collected or the Lot has otherwise not been shipped to the Buyer before the expiry of that 2-year period (Propstore will let the Buyer know when that deadline expires), Propstore may ship and repatriate the Lot to its country of origin. The Buyer shall be liable to Propstore for those shipping and repatriation costs and, to avoid doubt, any costs incurred by Propstore in shipping the item to the Buyer from the country of repatriation.
7.25. Buyers whose total invoice is equal to or greater than €10,000 (or the GBP equivalent) are required to and agree to undergo enhanced customer due diligence (EDD) checks required by Propstore in accordance with the EU Fifth Money Laundering Directive (5MLD). In accordance with the 5MLD, the Lots won will not be released until the EDD check has been completed and passed. This condition 7.22 applies to UK Auctions only.
7.26. Due to the impact of the U.S. Wayfair ruling, Propstore is obligated to collect sales tax on orders shipped to a number of states within the United States of America, even when auctioning from London. Additional states become sales tax-eligible regularly due to ongoing updates. You can obtain details on the current list of states Propstore charges sales tax to on request; final taxes will be added to your invoice upon checkout.
8. Data Protection - Use of information
8.1. When Propstore obtain any personal information about you, Propstore shall only use it in accordance with the terms of the Propstore privacy policy (available at propstore.com/privacy-policy/ or requested by post or email), which explains what information Propstore collect and hold about you, and how Propstore collect, store, use and share such information, and subject to any additional specific consent(s) you may have given at the time your information was disclosed.
9. Liability
9.1. If Propstore fails to comply with these Conditions it is responsible for loss or damage a Buyer suffers that is a foreseeable result of Propstore’s breach or its negligence. Propstore is not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if an obvious consequence of Propstore’s breach or if contemplated by the Buyer and Propstore at the time the hammer falls on the Lot at the Auction.
9.2. Subject to condition 9.3, Propstore’s liability shall be limited to the amount of the Purchase Price of the Lot. Save to the extent required by law, in no event shall Propstore be liable for any loss of business, loss of profits, loss of revenue, loss of reputation, or for incidental or consequential damages of any kind.
9.3. Propstore does not exclude or limit its liability for:
9.3.1. death or personal liability caused by its negligence or the negligence of its employees, agents or subcontractors;
9.3.2. fraud or fraudulent misrepresentation; or
9.3.3. for any liability that, by applicable law, cannot be limited or excluded.
9.4. Propstore will not be liable for any service delays, interruptions or other failures to make a bid caused by losses of internet connection, fault or failure with the Propstore website or bidding process, or malfunction of any software, system, computer or mobile device.
10. Guarantee of Attribution
10.1. Propstore warrants the attribution of each Lot as stated in the title block (film title and item title) of that Lot in the Entry, subject to any revisions (which may be given in writing or online before or during the Auction at which the Lot is purchased by the Buyer); this is Propstore’s Guarantee of Attribution. Buyers should be aware that multiple examples of props and costumes are frequently used during production and it is often impossible to determine whether a specific piece has been used on-camera. Please note any photographs or stills extracted from a TV or film production appearing in the Auction catalogue are provided for illustrative purposes only and do not form part of the Entry. They are not a confirmation that the Lot appeared within the scene portrayed in the relevant photograph or still. Any specific on-camera usage known to Propstore will be noted within the Entry, but no warranties are given by Propstore on that Entry. The benefit of the Guarantee of Attribution is personal to the Buyer and is not capable of being assigned. If the Buyer sells or otherwise disposes of its interest in the Lot, the Guarantee of Attribution will cease.
10.2. If a Buyer demonstrates, to Propstore’s reasonable satisfaction, that the Guarantee of Attribution is materially incorrect, the sale will be rescinded if the Lot is returned to Propstore in the same condition in which it was at the time of sale. The Buyer must notify Propstore as soon as reasonably practicable after they become aware that the Guarantee of Attribution is materially incorrect. In order to satisfy Propstore that the Guarantee of Attribution is materially incorrect, Propstore reserves the right to require the Buyer to obtain, at the Buyer’s expense, the opinion of two experts in the field, mutually acceptable to Propstore and the Buyer.
10.3. If Propstore are satisfied the Guarantee of Attribution is materially incorrect and in the event a sale is rescinded in accordance with condition 10.2 of these Conditions, Propstore shall repay to the Buyer the Purchase Price paid by the Buyer and the Buyer will automatically on receipt of such
payment transfer the title to the Lot to Propstore or the Seller (as notified by us), free from any encumbrance. Repayment of the Purchase Price shall be the Buyer’s sole remedy for an incorrect Guarantee of Attribution, to the exclusion of all other remedies to the fullest extent permissible at law. It is specifically understood that this will be considered the Buyer’s sole remedy for any breach of the Guarantee of Attribution.
10.4. The Buyer expressly agrees that Propstore shall not be liable in whole or in part, for, and the Buyer shall not be entitled to recover, any special, indirect, incidental or consequential damages including loss of profits or value of investment or opportunity cost.
10.5. Bidders acknowledge and accept that Entry revisions may occur on some Lots. Bidders should inquire before the Auction whether any Entry revisions have occurred on a given Lot and/or examine a lot before bidding on it. Propstore will make all reasonable efforts to make Entry revisions readily available during the Auction.
10.6. Except as expressly provided in these Conditions, Propstore shall have no liability to the Buyer in respect of a Lot and all and any implied warranties and conditions are excluded to the fullest extent permitted by law.
10.7 Please note, if the Guarantee of Attribution document provided by Propstore is misplaced, torn or damaged, Propstore will not be able to replace it, nor can Propstore create multiple Guarantee of Attribution documents for separate items within a Lot. For an authentic Guarantee of Attribution, Propstore only provide one document per Lot.
11. Intellectual property rights
11.1. The copyright in all images, illustrations and written material produced by or for Propstore relating to a Lot (including the contents of the Auction catalogue), is and shall remain at all times the property of Propstore (or its licensors) and shall not be used by the Buyer, nor by anyone else, without Propstore’s (or the relevant licensor’s) written consent. Unless expressly identified by Propstore in writing to the contrary and subject to condition 11.3, Propstore and the Seller make no representation or warranty that the Buyer of a Lot will acquire any copyright or other reproduction rights in it. To the fullest extent permitted by applicable law, the Buyer agrees to indemnify and hold harmless Propstore, its directors, employees, affiliates, contractors and agents and the Seller from any third-party claims, actions, suits, judgments, losses, damages, costs and expenses asserted against or incurred by Propstore or any of those persons that arise out of or result from any act or omission by the Buyer arising out of or relating to the Buyer’s infringement of any copyrights, trademarks or other intellectual property rights in or to the Lots.
11.2. In the catalogue Entry, Propstore takes steps to identify and provide provenance for Lots offered at Auction. In many cases, the Lots offered were used in or in conjunction with motion pictures or other programmes and information is furnished in order to fully identify and describe the Lot offered at Auction, including photographs and illustrations. Propstore in no way claims any connection to or relationship with the producers of the motion picture or other programme. In all cases, the use of the titles or other elements of a motion picture or other programme is for informational purposes only.
11.3. The Buyer is solely responsible for ascertaining that each Lot is cleared for publication by it including but not limited to satisfying any publicity right that persons appearing in an image may have under any statute or common law. Except as set out in the Auction catalogue, no representation or warranty is given as to any matters that need to be cleared prior to publication by the Buyer or in respect of any intellectual property rights vesting in the Lot. All publication issues should be referred to the Buyer’s own professional advisors. If any representations or warranties as to copyright, rights to publish or other intellectual property rights in respect of a Lot are made in the Auction catalogue, they are solely made by the Seller and not Propstore. The Buyer agrees
that Propstore will not be liable to Buyer in any respect for alleged breach of any such representation or warranty in such circumstances.
12. Events outside our control
Propstore will not be liable or responsible for any failure to perform, or delay in performance of, any of its obligations under these Conditions that is caused by an event outside its control, including, without limitation, strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks. Propstore’s obligations shall be suspended and it shall have a reasonable amount of extra time to perform the obligation impacted by the event outside it’s control.
13. Other important terms
13.1. If any part of these Conditions is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the Conditions shall continue to be valid to the fullest extent permitted by law.
13.2. The contract for the sale of the Lot is between the Seller, Buyer and Propstore and no other person shall have any rights to enforce any of its terms.
13.3. If Propstore fails to insist on performance of any of a Buyer’s obligations under these Conditions, or if it delays in doing so, that will not mean that Propstore has waived its rights against the Buyer and does not mean the Buyer no longer has to comply with those obligations.
13.4. These Conditions and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by English law, although if the Bidder or Buyer is resident (in the case of an individual) or incorporated (in the case of a business) outside of England and Wales, the Bidder or Buyer will retain the benefit of any mandatory protection given to the Bidder or Buyer by the laws of that country.
13.5. Propstore, the Seller and the Bidder/Buyer (as applicable) agree to submit to the exclusive jurisdiction of the courts of England and Wales, although each party retains the right to bring proceedings against any other for breach of the Conditions in the other party’s country of residence (in the case of an individual) or incorporation (in the case of a business). To the fullest extent permitted by applicable law, the prevailing party shall be entitled to an award of all Lawyers’ fees and expenses incurred by it/him/her in connection with the dispute. “Lawyers’ fees and expenses” includes, without limitation, paralegals’, solicitors’, consultants’, attorneys’, expert witness’ fees, costs and expenses, and all other expenses incurred by the prevailing party or its lawyers in the course of their representation of the prevailing party in anticipation of and/or during the course of the dispute, whether or not otherwise recoverable as “lawyers’ fees” or as “costs” under applicable law; and the same may be sought and awarded in accordance with applicable procedure as pertaining to an award of contractual Lawyers’ fees and expenses.
13.6. By registering for an Auction, any supplied card may automatically have a sum of £0.01 held and subsequently returned within 30 Working Days to verify the validity of the card.