All bidders must complete a bidding card or absentee bidding form prior to the commencement of the auction. It is required that a correct name, address, telephone number and email address be supplied.
In each instance, the highest bidder on a lot will be its purchaser, subject to both the bid being above the lot’s reserve and the auctioneer’s right to refuse the bid that they have placed on it. By bidding on a lot (either in person, over the telephone or by way of absentee bid) the bidder acknowledges that they may become the lot’s purchaser and that they are responsible for any payments required by their purchase of it. The auctioneer has sole discretion with regards to the increments at which bidding increases. No bids that have been placed above reserve may be withdrawn by the bidder. However, the auctioneer has the right to withdraw any bids before a lot has closed or return to a previous bid in the advent of a dispute about the highest bid arising. The auctioneer also has the right to bid on behalf of the vendor up to the reserve. Any person wishing to bid on behalf of a third party must provide Bowerbank Ninow with written authority to do so prior to bidding.
All lots in this sale are subject to reserve and will be sold subject to bids meeting the reserve price, which is set by Bowerbank Ninow in consultation with the vendor or his/her agent.
When the highest bid falls below the reserve, the auctioneer will announce to the room, and the bidder who has placed the highest bid, in particular, that the lot has been sold “subject to the vendor’s consent,” or some such words to the same effect. This “subject bid” remains binding until the vendor either accepts or refuses the sale, until which time no other offers may be put to the vendor. Prior to the vendor’s acceptance of the “subject bid,” it may be withdrawn at any time by the bidder who has placed it but, once accepted by the vendor, the bidder has entered into a contract to purchase the lot at the accepted price plus the buyer’s premium.
By registering to bid at auction and then subsequently bidding on a lot, the bidder accepts that a buyers premium of 17.5% + GST will be charged in addition to the hammer price of any lot sold to them.
It is assumed that bidders have inspected any lots that they bid on, or made sufficient enquiries into the condition and authenticity of any lots that they bid on prior to the auction. Advice about each lot is made available by Bowerbank Ninow to any prospective purchasers but it is not intended to replace the expert opinion of third-party specialists such as conservators. Any purchase is ultimately made according to the purchasers own judgment and any bids made on a lot (either in person, over the telephone or by way of absentee bid) constitute an acceptance of the lot’s present condition.
Successful bidders are required to make payment to Bowerbank Ninow on either the same day as the sale or the following day. A deposit of 20% may be made in lieu of full payment if, for any reason, full payment cannot be made on, or before, the day after the sale. If a 20% deposit is made instead of full payment, a payment of the balance must be made within 5 working days of the sale. Eftpos, bank cheques or cash are accepted as payment. Credit cards are also accepted but are subject to an additional charge of 2.5% for Visa and MasterCard and 4% for AMEX. All amounts specified are in New Zealand Dollars.
FAILURE TO MAKE PAYMENT
If the purchaser fails to fulfill their obligation to make the required payment(s), Bowerbank Ninow has the right to a) cancel the sale, b) pursue the purchaser for damages from their breach of contract, c) without notice, sell the lot to another individual, either by private sale or by auction, d) store the lot, either at Bowerbank Ninow’s premises or off-site at the purchaser’s expense. The difference between any lower amount made from the re-sale of the lot (as per point c) and the amount still owed by the original purchaser, will remain owed to Bowerbank Ninow by the original purchaser. If payment has not been made after seven days, Bowerbank Ninow has the right to charge interest on any monies owed by the purchaser of an amount equal to their bank’s then current interest rate for commercial overdraft facilities.
Purchased items must be collected, or freighted, at the purchaser’s expense within a week of payment being received by Bowerbank Ninow.