The Classic Sale At Silverstone Festival 25th - 27th August 2023

290 1.2 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. 1.3 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), via the information provided online or in any Catalogue. No description of a Lot carries with it an implication that it is fit for any particular purpose. 1.4 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 and no warranty. 1.5 The actual condition of a Lot may not be as good as its outward appearance suggests. In particular, parts may have been replaced or renewed and those parts may not be original or of “Satisfactory Quality’. The inside of a Lot may not be visible where, for example, it is covered by upholstery or material, and may not be original or may be damaged, have been damaged or poorly repaired. Given the age of some Lots, no assumption should be made with regard to any aspect of its condition. 1.6 Any person who physically interferes with, scratches or damages the Lot in any way (before or after the Auction) will be held liable for the loss so caused. 1.7 Lots market with an Asterix (*) are either owned or partly owned by IA or an employee of IA. 2. ALTERATIONS AND ESTIMATES 2.1 Estimates and descriptions may be amended at IA’s discretion from time to time by notice given orally or in writing before or during an Auction. 2.2 The Lot will be available to view either via the information provided online or at the auction venue. Any potential bidders must form their own opinion in relation to the Lot. 2.3 IA gives no warranty or representation as to the anticipated or likely selling price of any Lot. Any estimate given, whether written or oral and whether or not contained in any Catalogue, as to the estimated selling price of any Lot is a statement of opinion only and may be subject to revision from time to time at IA’s sole discretion and should not be relied upon as an indication of the actual selling price. 2.4 IA has no duty to the Buyer to investigate the accuracy of the description of any Lot provided by or on behalf of the Seller. 2.5 If there is a Reserve it will be no higher than the lower figure for any Estimate in the catalogue. 3. BIDDING AND RESERVES 3.1 You must be 18 or over in order to bid. You should keep your account details strictly confidential and not permit any third party to access your account on your behalf or otherwise. You will be liable for any and all bids made via your account. 3.2 In order to bid in the auction potential buyers must register for either a bidding paddle, a telephone or commission bid or register via our website or The Saleroom to bid online. All relevant information must be completed and ID requirements met for your bid to be processed. You should not let anyone else use your paddle. The name and address in which you register will be the name and address on your invoice, if successful, and cannot be amended once issued. 3.3 IA may refuse to accept bids from any person who has not registered via one of the methods in Clause 3.1. Buyers are directed to the requirements in place regarding registration before the registration process can be completed. 3.4 IA reserves the right to decline to register bidders and decline to accept their bids if they have been so registered. 3.5 Buyers should ensure they have the necessary funds available to pay before bidding. 3.6 The Auction will be conducted in line with the terms and conditions. 3.7 You cannot reduce or cancel a bid once it has been placed with the Auctioneer and it is the Auctioneers decision as to whether a bid has been validly made. 3.8 A Contract of sale is made between the Seller and the Buyer on the acceptance of a bid by the fall of the Auctioneer’s hammer. IA is not a party to the Contract. The Buyer will be liable to pay the Purchase Price which is the Hammer Price plus the Buyer’s Premium and any applicable VAT. 3.9 Bids placed within one hour of the auction commencing are not guaranteed to be processed. We recommend you call the office on +44 (0) 1926 691 141 and ask for your bid to be checked. 3.10 If two or more bidders submit identical bids for a Lot, the first bid received takes preference. 3.11 Telephone and commission bids are placed at your own risk. We cannot accept liability for failure to receive or place such bids. 3.12 If you are bidding as agent on behalf of another party you must disclose this fact when you register to bid and provide information as required for identification checks on that third party. Where your bid is successful you are jointly and severally liable with the third party for the full amount owing to us. 4. THE BUYER 4.1 Any doubt as to the Hammer Price or Buyer must be brought to the Auctioneers attention immediately. Any dispute as to any bid shall be settled by the Auctioneer at his/ her absolute discretion. Every bidder shall be deemed to act as principal unless prior to the commencement of the Auction there is a written acceptance by IA that a bidder acts as agent on behalf of the named principal, and that its principal has agreed to and/or is bound by these Conditions; in which case he shall be jointly liable with the principal under these Conditions. 5. BUYER’S PREMIUM 5.1 The Buyer shall pay the Buyer’s Premium to IA at the following rates on the hammer price: Motor Cars - 12.5% (plus VAT) on the first £300,000 of the hammer price and 10% (plus VAT) on the balance thereafter, Motorcycles – 15% plus VAT, Automobilia and Lifestyle items - 20% (plus VAT) and Number Plates - 10% (plus VAT). The Buyer acknowledges that IA may also receive the Seller’s Commission due to IA. 5.2 VAT may also be payable on the hammer price of a Lot. Any lots will be clearly marked as such in the catalogue description as follows: † VAT on hammer price and buyer’s premium at the prevailing rate Ω VAT on imported items on the hammer price and buyer’s premium at the prevailing rate* VAT on imported items at a rate of 5% on the hammer price and buyer’s premium plus the prevailing rate on the buyer’s premium* VAT on imported items on the hammer price and buyer’s premium at the prevailing rate, plus 10% duty on the hammer price* Note - * This import VAT is not payable by buyers exporting to the EU. However, import VAT will be due in the country you are exporting to. All other Lots will be sold using the Auctioneers Margin Scheme (VAT Notice 718/2). VAT will not be charged on the hammer price. The VAT on the buyer’s premium will not be split out on the invoice and cannot be reclaimed by UK VAT registered businesses or individuals. Purchases being exported to the EU within 3 months of the auction date will be zero rated purchases. It is the Buyers responsibility to provide evidence of export within the time specified. Failure to do so will result in the VAT becoming payable to IA immediately. 5.3 Further duties and VAT may be applicable on exporting Lots from the UK. It is the responsibility of the Buyer to settle these charges. 6. PAYMENT 6.1 Once a lot is sold, the Purchase Price shall become immediately payable to IA. 6.2 Full payment for all Lots must be made to IA by 5:00pm the next Working Day. Payment should be made by bank transfer and can only be accepted in GBP. Payment by card can only be made in person up to £20,000 by debit card and £5,000 by credit card. We do not accept AMEX or cash. 6.3 No Lot may be collected until the Purchase Price has been received by IA and payments by a Buyer to IA may be applied by IA towards any such sums due from that Buyer to IA on any account whatsoever notwithstanding any directions to the contrary by the Buyer or his agent whether express or implied. 6.4 Title to the Lot will pass to the Buyer only when the Purchase Price in cleared funds has been received by IA. 6.5 Immediately a Lot is sold the risk shall pass to the Buyer notwithstanding that possession will not be given and title will not pass to the Buyer before payment of the Purchase Price. 6.6 The Buyer shall, at his/her own expense, remove the Lot purchased but not before payment in full to IA of the Purchase Price whether in respect of this or any other Lot. The Buyer must collect the vehicle or arrange for its delivery in accordance with the terms in the Key Sale Information in the Auction Catalogue. 6.7 It is the Buyers responsibility to comply with all export and import regulations relating to the Lot and to settle any applicable taxes and duties. 7. INSURANCE 7.1 Only on payment of the Purchase Price in cleared funds shall title in the Lot pass from the Seller to the Buyer. However, the risk in the Lot passes to the Buyer as soon as the Lot is sold to the Buyer. The Lot is sold when the highest bid is accepted by the Auctioneer. It is therefore the responsibility of the Buyer to insure the Lot from the fall of the hammer. 8. RESPONSIBILITY FOR PURCHASED LOTS 8.1 The Buyer will be responsible for loss or damage to a Lot they have purchased from when the Lot is sold to them. Neither IA nor its employees or agents shall be responsible for any loss or damage unless caused by the negligence of IA, its employees or agents in the ordinary course of their duties to IA if and in so far as the Lot is in IA’s custody or under its control. 8.2 The Buyer shall be responsible for all removals, insurance, storage and other charges on any Lot from the point at which the Lot is sold in accordance with the Key Sale Information in the Auction Catalogue. 8.3Where applicable, IA will retain the V5C and notify the DVLA of the change of keeper as soon as possible following full payment of the Lot in accordance with Clause 6.