The Ferrari and Porsche Sale 21st September 2019

Ferrari and Porsche Sale 2019 116 Terms and Conditions GENERAL The following Terms (“Terms”) together with such other terms, conditions and notices as may be set out in any relevant catalogue apply to all sales by Silverstone Auctions Limited (“SAL”) at auction or within 14 days after the auction. No alteration to the Terms will be binding unless accepted by SAL in writing. The Terms may be amended by SAL provided it is reasonable for it do so by the posting of notices or by oral announcement made by the Auctioneer prior to or during the sale. Nothing in the Terms shall affect the statutory rights of a consumer. Additional information applicable to the Auction may be set out in the Catalogue for the Sale, in an insert in the Catalogue and/or in a notice displayed on the Lot or visible elsewhere. Verbal announcements affecting the Auction may be made before and during the bidding. Buyers should be alert to this possibility of changes especially if bidding otherwise than in person at the Auction. SAL acts solely for and in the interests of the Seller. SAL’s duty is to sell the Lot at the highest price obtainable at the Auction to a Buyer. SAL does not act for Buyers in this role and does not give advice to Buyers. When SAL or its employees make statements about a Lot it is doing so as agent for the Seller of the Lot. Buyers who are themselves not expert in the Lots are strongly advised to seek and obtain independent advice on the Lots and their value before bidding for them. DEFINITIONS 1. In these Terms: 1.1 “Auction” means the auction sale in respect of which a Lot is consigned for sale. 1.2 “Auctioneer” means the representative of SAL conducting the Auction. 1.3 “Automobilia” means any memorabilia including but not limited to trophies, badges, programmes, models, prints and other collectables.  1.4 “Buyer” means the only person whose bid is accepted by SAL to conclude the contract for the purchase of a Lot. 1.5 “Buyer’s Premium” means the amount payable by the Buyer to SAL. Buyers premium on Motor Vehicles is 15% including VAT at 20% and on Automobilia and Lifestyle goods is 24% including VAT at 20%. 1.6 “Catalogue” the catalogue relating to the relevant Auction includes any advertisement, brochure, estimate, price list or other publication or webpage relating to one or more Lots. 1.7 “Contract” means the agreement between the Buyer and the Seller on the successful bid of the Buyer on which the Lot is knocked down to them.  1.8 “Entry Fee” means the sum of £300 (inclusive of VAT) per motorcar, £150 (inclusive of VAT) per motorcycle and £30 (inclusive of VAT) per Automobilia item, payable by the Seller for each Lot entered into the Auction. 1.9 “Expenses” in relation to the sale of any Lot means SAL’s charges and expenses payable by the Seller in addition to the Seller’s Commission including insurance, storage, illustrations, auction Entry Fee, cleaning costs, photography costs, catalogue costs, special advertising, packing and freight of that Lot and any VAT thereon. 1.10 “Hammer Price” means the price in pounds sterling at which a Lot is knocked down by the Auctioneer to the Buyer. 1.11 “Lot” means any item(s) consigned to SAL with the view to its or their sale at Auction. 1.12 “Motor Vehicle” means any car or motorbike included or proposed to be included in a sale of motor vehicles together with spares, tools, documentation etc. stated as being part of the Lot. 1.13 “Purchase Price” means the Hammer Price together with the Buyer’s Premium and any additional charges due plus VAT. 1.14 “Reserve” means the minimum Hammer Price agreed between SAL and the Seller at which a Lot may be sold. 1.15 “Sale Proceeds” means the net amount due to the Seller being the Hammer Price less the Seller’s Commission and VAT, Expenses and any other amount due to SAL from the Seller. 1.16 “Seller” means the person who offers the Lot for sale, whether as agent or principal. 1.17 “Seller’s Commission” shall have the meaning given in clause 10. 1.18 “VAT” means Value Added Tax applicable at the prevailing rate from time to time. 1.19 “Working Day” means any day (other than a Saturday and Sunday) at which clearing banks in the city of London are open for the transaction of normal sterling banking business. 1.20 “Provisionally sold” means the bid placed during the auction has not been accepted by the seller. A provisional bid stands until 12pm the day following the auction. 2. Agent SAL sells as agent for the Seller (except where SAL is selling as principal, which SAL will disclose in the Catalogue or otherwise in the Auction). The Contract for the sale of a Lot is between the Seller and the Buyer. SAL shall not be liable for any act or default by the Seller (except where selling as principal) or the Buyer. 3. Discretion 3.1 SAL has the right as its sole discretion to refuse any bid, to divide any Lot, to combine two or more Lots, to withdraw any Lot and, in the case of dispute, to put any Lot up for Auction again. 3.2 If SAL is notified about the Seller’s alleged breach of any of the Terms before it has remitted the Sale Proceeds to the Seller, it may at its sole discretion withhold payment until that dispute is resolved. SAL may, however, deduct any sums that are due to it from the sum held. 3.3 Automobilia lots will be subject to an auctioneers 10% discretion on the reserve unless SAL are notified in writing by the seller otherwise. 4. Loss or injury SAL shall be under no liability for any injury, damage or loss sustained by any person while on SAL’s premises (including any premises where a sale may be conducted or where a Lot, or part of a Lot, may be on view from time to time) except for death or personal injury, damage or loss caused by the negligence of or other breach of duty by SAL, its employees or agents in the ordinary course of their duties to SAL. 5. Lots 5.1 The Catalogue contains details about each Lot. The description printed in the Catalogue is given on behalf of the Seller, from information supplied by the Seller for which SAL is not responsible. 5.2 Photographs, Illustrations and diagrams contained in the Catalogue are for identification purposes only. They may not show the true condition and colour, (which may be inaccurately reproduced) of the Lot.  5.3 Lots are available for inspection prior to the Sale and it is for any potential bidder to satisfy themselves as to each and every aspect of a Lot, including its originality, authorship, condition, provenance, history, background, authenticity, style, period, age, suitability, quality, roadworthiness (if relevant), origin, value and estimated selling price (including the Hammer Price). No description of a lot carries with it an implication that it is fit for any particular purpose. 5.4 Each Lot is sold by its respective Seller to the Buyer. Lots are sold to the Buyer on an “as is” basis, with all faults and imperfections. 5.5 The actual condition of a Lot may not be as good as its outward appearance suggests. In particular parts may