The contractual relationship of Maak and Sellers with prospective Buyers is governed by:-
- Terms and Conditions for Sellers
- Notice to Bidders
- Conditions of Sale
- Maak Authenticity Guarantee
- Any additional notices and terms published on the website
- Appendix I: Definitions
- Appendix II: Data Protection
TERMS AND CONDITIONS FOR SELLERS
These conditions are the basis of the agreement between Maak London Ltd (Maak, we, us, our etc) a company incorporated and registered in England and Wales with the company number 11826294 whose registered office is at Griffins Court, 24-32 London Road, Newbury, Berkshire RG14 1JX, and the Seller (you, your etc).
1.1 In our role as auctioneer Maak acts as agent on behalf of the Seller. Any representation we make in respect of a Lot is made on the Seller’s behalf and any Contract for Sale is between the Buyer and the Seller, not with us.
1.2 The Seller undertakes to Maak and to the Buyer that they are the true owner or are duly authorised to sell the Lot by the true owner and is able to transfer good and marketable title to the property free from any third party claims.
1.3 Maak disclaims all responsibility for statements about any Lot made by the Seller. This does not affect any rights a Bidder or buyer may have against the Seller.
2. Consignment of Lot(s) and Instruction to Sell
2.1 Maak will issue a Receipt & Contract to the Seller listing all Lot(s) consigned on receipt of the Lot(s). Any Description of the Lot(s) on the Receipt & Contract is for the purpose of identification only.
2.2 On signing the Receipt & Contract the Seller authorises Maak as their agent to sell the Lot(s) at the agreed Estimates and Reserves, as listed on the Receipt & Contract or agreed in writing at a later date, either by Auction or Private Treaty.
2.3 On signing the Receipt & Contract the Seller agrees to pay Maak all Commission, Handling Charges and Other Charges, plus VAT as applicable, as detailed on the Receipt & Contract or agreed in writing at a later date.
3. Delivery, responsibilities for the Lot, storage and collection
Unless otherwise agreed, delivery of the Lot to Maak is at the expense of the Seller at the prearranged place and time.
3.2 Responsibility of the Lot
Maak accepts responsibility of the Lot for any damage to loss/or destruction of the Lot whilst the Lot is in our custody (excluding damage, loss or destruction caused directly or indirectly by terrorism). Our sole obligation will be to pay you for any such damage loss or destruction up to an amount equal to:
(i) until the Lot is sold a sum equal to the most recent mid-estimate, less any Commission and Handling Charges plus VAT that would have been payable if the Lot had been sold at that level; or
(ii) after the Lot has been sold, but before title of the Lot has passed to the Buyer, the amount of Hammer Price, less any Commission and Handling Charges plus VAT
From the time when the Lot is delivered into Maak’s custody we will have possession of it as bailee for reward and we will owe you a duty of care as such until title of the Lot passes to the Buyer.
(i) If a Lot is withdrawn by the Seller or if Maak gives notice of our refusal to sell, the Seller must remove the Lot at their own expense within 14 day unless agreed otherwise.
(ii) If the Lot is unsold in the Auction Maak may give the Seller no less that 14 days notice to remove the Lot at their own expense within that period, unless agreed otherwise.
(iii)Before removing the Lot the Seller must pay all sums due to Maak.
(iv) If the Seller does not remove the Lot within the timeframe specified Maak reserves the right to charge storage at a rate of £1.50 plus VAT, per lot, per day.
4. Withdrawal of Lots and Maak’s right to refuse to sell
4.1 The Seller may revoke their instruction for Maak to sell the Lot at anytime prior to an Auction by giving written notice. The Seller will be liable to a withdrawal fee of up to £50 in recovery of reasonable costs incurred by Maak in cataloguing, photographing and storing the Lot. Before removing the Lot the Seller must pay all sums due to Maak.
4.2 Maak may, by notice to you, refuse to sell or choose to withdraw a Lot from an Auction anytime prior to or during an Auction for any reason.
5.1 Each Lot will be published with a written description, Estimate, condition statement and image in the Catalogue.
5.2 Maak has complete discretion as to how Lots are described and illustrated, however our knowledge of Lots is partly dependent on information provided by the Seller.
5.3 Maak assumes that the Seller approves the Catalogue Description unless informed to the contrary. The Seller must notify Maak immediately in writing if there is any information in relation to the Lot which the Seller is aware is, or may be, inaccurate or incomplete in any material respect.
5.4 Where Maak is obliged to return the Purchase Price to the Buyer when the Lot is a Deliberate Forgery under condition 11 of the Conditions of Sale and we have accounted to you for the Proceeds of the Sale, you agree to reimburse Maak the sale proceeds. The liability to reimburse the Sale Proceeds shall not arise where you are acting reasonably and honestly and are unaware of the Forgery but Maak are or ought to have been aware of it.
6.1 A reserve may be set on any Lot by the Seller prior to the Auction in agreement with Maak, being the minimum Hammer Price at which that Lot may be sold.
6.2 A Reserve must be equal to or lower than the low Estimate as provided by Maak.
6.3 Maak may decline to offer a Lot for sale if the Reserve requested by the Seller is unreasonably high in which case the terms of condition 4.1 of this agreement may apply.
6.4 A Lot’s Reserve price will be as stated on the Contract, any changes to the reserve at a later date can only take place with Maak’s consent and must be confirmed in writing
6.5 If the Contract states that the Reserve is ‘0’ it is agreed that the Lot will be sold with No Reserve and may be stated as such in the Catalogue.
6.6 Maak may sell Lots below the Reserve provided Maak account to you for the same Sale Proceeds as would have been received had the Hammer Price been equal to the Reserve
7. The Sale
7.1 Maak will conduct the sale in accordance to the Conditions of Sale
7.2 Neither the Seller nor anyone acting on the Sellers behalf may bid on the Lot whether a Reserve has been placed or not. If any such bid is nonetheless made, in the event of such bid being successful it will be legally binding and the Seller will pay to Maak the Buyer’s Premium in addition to the Commission and other charges.
8. Payment to Seller
8.1 Title to the Lot will only pass to the Buyer on receipt by Maak in cleared funds of the full Purchase Price and the Lot will not be released to the Buyer until such time.
8.2 All sums received by Maak on account of the Purchase Price of the Lot will be paid into the Maak Client Account.
8.3 Maak will issue payment to the Seller of the Sale Proceeds 21 days after the sale Auction subject to Maak having received cleared funds of the full Purchase Price from the Buyer.
8.4 Payment will be made in GBP by cheque drawn in the name as stated on the Contract. If the Seller wishes for Maak to send payment by bank transfer the Seller agrees to Maak deducting any fees charged for such transfers from the amount transferred
8.5 Maak may deduct from the Sale Proceeds any money due to Maak from the Seller whether relating to this or any other Lot.
8.6 If before Maak pays the Sale Proceeds to the Seller the Buyer or any other person makes claim against the Seller or Maak in relation to the Lot Maak may withhold payment of the Sale Proceeds until such time as the claim has been resolved.
8.7 If the Buyer fails or refuses to pay the Purchase Price for the Lot, in accordance with their obligations to do so, Maak will notify the Seller as soon as practicable and a course of action agreed. Maak will not be liable to pay the Seller any amount due but not paid from the Buyer.
8.8 Where Maak is obliged under the Maak Authenticity Warranty to return the Purchase Price to the Buyer when the Lot is accepted as being a Deliberate Forgery under Condition 13 of the Conditions of Sale and Maak has accounted the Seller for the Proceeds of the sale, the Seller agrees to reimburse Maak the Sale Proceeds. The liability to reimburse the sale proceeds shall not arise where the Seller is acting reasonably and honestly and is unaware of the forgery but Maak are or ought to have been aware of it.
NOTICE TO BIDDERS
1.1 In our role as auctioneer Maak acts as agent on behalf of the Seller whose identity, for reasons of confidentiality, is not normally disclosed. Any representation we make in respect of a Lot is made on the Seller’s behalf and accordingly any Contract for Sale is between the Buyer and the Seller, not with Maak.
1.2 All Auctions are conducted according to Maak’s Conditions of Sale as stipulated in the Terms and Conditions
1.3 Maak’s Auctions are public Auctions where bidding takes place online via them Maak iRostrum bidding platform or by Absentee Bids submitted to Maak. Lots are available to view by the public as published on the websites and the Notice to Bidders.
1.4 Maak reserves the right at our sole discretion to refuse admission or participation in any Auction without stating a reason.
2.1 All Lots are available for examination prior to the sale at the Venue and on the dates as published on the Website.
2.2 Bidders must therefore accept responsibility to carry out examinations and research to satisfy themselves as to the accuracy of descriptions and condition of a Lot before bidding.
3. Catalogue Descriptions of Lots, Estimates and Images
Each Lot will be published with a written description, Estimate, condition statement and image in the Catalogue
Any oral and/or written statement made by Maak as to attribution, authenticity, description, date, provenance and condition are matters of opinion. Maak shall exercise reasonable care and any such opinion shall be honestly and reasonably held. Maak’s knowledge of lots is partly dependent on information provided by the Seller. Whilst Maak seeks to describe Lots accurately it is not always possible to carry out exhaustive due diligence on each lot.
(i) A brief Condition Statement may be published as part of the Catalogue Description. The Condition Statement and any oral condition information provided by Maak is a matter of opinion as held at that time only. Neither Maak nor the Seller accept any liability for the correctness of such opinions and all conditions and warranties relating to condition, express, implied or statutory, are hereby excluded.
(ii) Bidders may request a written Condition Report on a Lot’s physical condition from Maak. Any written description of the physical condition of a Lot contained in a Condition Report is a matter of opinion as held at that time only. However Maak accepts reasonable responsibility to notify any Bidder provided with a Condition Report for a Lot if they become aware of any material change to the condition of this Lot at a later date.
(iii) All Condition Statements and Condition Reports provided by Maak only supply information regarding any detected post-firing damage and/or restoration. Due to the wide range of glaze effects and production methods employed Maak does not as a matter of course make any comments as to the qualities of specific glaze or firing features. These effects may be viewed as intrinsic to the piece and therefore in Maak’s opinion it is not possible to view or report them as an issue of condition.
An estimate is an expression of Maak’s opinion of the range within which Maak thinks the Hammer Price for a Lot is likely to be. It is not an estimate of value and it does not take account of any Buyer’s Premium or VAT payable. Lots can in fact sell for Hammer Prices below and above the estimates. Any estimates should not be relied on as an indication of the actual selling price or value of a Lot.
Images contained in the Catalogue and elsewhere of any Lots are for identification purposes only. They may not reveal the true condition of the Lot and may not reflect an accurate reproduction of the colour(s) of the Lot.
The copyright of all images, text and any other materials on the Websites or in any marketing or promotional material belongs to Maak. It is not permitted for anyone else to use or reproduce such materials without Maak’s prior written consent.
4.1 Where a Reserve has been applied to a Lot on behalf of the Seller this will be no higher than the low Estimate.
4.2 Maak is not responsible to the Bidder in respect to the presence or absence of any Reserve in respect of any Lot.
4.3 If a Seller requests for a Reserve on a Lot to be reduced during an Auction then any Bids already placed on that Lot that were previously below the reserve and are now equal to or above that Reserve will become accepted Bids. Maak accepts reasonable responsibility to notify any effected Bidder of the change to Reserve and subsequent Bid status.
Descriptions and Estimates may be amended at Maak’s discretion from time to time by written notice on the Website before or during an Auction. It is the responsibility of the Bidder to keep themselves informed of any such amendments.
CONDITIONS OF SALE
1.1 Maak’s Auctions are public Auctions where bidding takes place online via the Maak iRostrum bidding platform. Lots are available to view by the public as published on the websites and the Notice to Bidders.
1.2 Maak reserves the right at our sole discretion to refuse admission or participation in any Auction without stating a reason.
1.3 The Conditions of Sale shall also apply to any Private Treaty sales arranged by Maak.
2.1 In order to participate in an Auction, Bidders must register their details on the Maak iRostrum biding platform thereby agreeing to the Maak Terms and Conditions for Buyers.
2.2 Bidders may be required to provide some form of identification on request.
3. Bidding Procedures
3.1 Each Lot has an individual Auction End Time as stated on the Website.
3.2 Any Bid placed within the last 5 minutes of a Lot’s Auction End Time will extend this period of bidding by up to 5 minutes to allow time for counter bids.
3.3 Any bid submitted by a Bidder via the Maak iRostrum bidding platform or as an Absentee Bid to Maak constitutes a legal and binding offer.
3.4 Any bid made by a Bidder on a Lot will remain valid for the duration of the Lot’s bidding period as stated on the website.
3.5 The Successful Bid in any Auction will be the first highest bid as registered by the Maak iRostrum bidding platform that equals or exceeds the Reserve price at the point of the Lot’s Auction End Time
3.6 A Bidder accepts that a Successful Bid constitutes a legally binding contract to purchase the Lot at that Hammer Price plus Buyer’s premium, VAT and any applicable Artist Resale Right premium.
3.7 A successful Bidder will be contacted in writing by Maak to confirm the successful bid and will receive an invoice shortly after the sale. Any invoice will be drawn under the name of the registered name of the successful bidder.
3.8 Maak may set minimum bids or Reserves and are entitled to change these at any time during the Auction period.
3.9 Bidders may not retract a bid except for limited circumstances allowed under applicable law.
3.10 Any bid placed by a Bidder below the Reserve price will no longer be legally binding once the auction has ended.
4.1 Bidding increments are set at the discretion of Maak and are generally set at 10% of the Current Bid
4.2 Where appropriate any Bids submitted that do not comply with the preset increments will be accepted and rounded down to the nearest correct Bid, not exceeding the Maximum Bid amount submitted
5. Withdrawal of Lots
5.1 Maak reserves the right to withdraw any Lot, refuse a Bidder’s registration and refuse Bids, and to otherwise regulate the bidding at anytime.
6. Purchase Price
6.1 The price payable by the Buyer to Maak is equal to the sum of the Hammer Price and Buyer’s Premium of 20% plus VAT at the appropriate rate and any applicable Artist Resale Right premium.
6.2 Buyer’s Premium is calculated at 20% of the Hammer Price and is subject to VAT.
6.3 Artist Resale Right
On certain Lots marked ‘AR’ in the Catalogue that are sold for a Hammer Price of €1,000 or greater (converted into GBP using the European Central Bank Reference rate prevailing on the Auction End date) an additional premium will be payable to Maak by the Buyer to cover our expenses relating to the payment of royalties under the Artist Resale Right Regulations 2006. The additional premium will be a percentage of the amount of the hammer price calculated in accordance with the table below, and shall not exceed the equivalent of €12,500.
Hammer Price Percentage Amount
From €0 to €50,000 4%
From €50,000.01 to €200,000 3%
From €200,000.01 to €350,000 1%
From €350,000.01 to €500,000 0.5%
Exceeding €500,000 0.25%
As standard no VAT is charged on the hammer price, but VAT at the prevailing rate, currently 20%, will be added to the buyer’s premium.
The following symbols are used to denote that VAT is due on the hammer price and buyer’s premium:
† VAT at 20% on hammer price and buyer’s premium
Ω VAT on imported items at 20% on hammer price and buyer’s premium
* VAT on imported items at reduced rate of 5% on hammer price and 20% on buyer’s premium
● Zero rated for VAT, no VAT will be added to the hammer price or the buyer’s premium
8.1 Payment of the total Purchase Price will be due from a successful Bidder in cleared funds within seven (7) days of the Auction end. Payment must be by one of the methods stated below. Unless agreed otherwise by Maak in advance, payments made by anyone other than the registered buyer will not be accepted.
Sterling personal cheque drawn on a UK branch of a bank or building society: all cheques must be cleared prior to collection of Purchased Lots. Cheques must be made payable to Maak.
Bank Transfer: You may electronically transfer funds to the Maak Client Account. Please quote your invoice number and Surname as the reference. The Maak Client Account details are:
Bank: HSBC Bank plc
Address: 172 Upper Richmond Road, Putney, London SW15 2SH
Account Name: Maak Client Account
Sort Code: 40-05-31
Account Number: 31514482
IBAN Number: GB50HBUK40053173663841
If paying by bank transfer the amount received after the deduction of any bank fees and/or conversion of the currency of payment into Sterling must not be less than the Sterling amount payable, as set out on the invoice.
Cash: You may pay for Lots purchased by you in the Auction in Sterling Cash, provided that the total amount payable in respect of all Lots purchased by you in the Auction does not exceed £5,000. If the amount payable exceeds that sum, the balance must be paid by other means.
UK and EU Consumer Debit Cards and Credit Cards There is no additional charge for purchases made with personal consumer debit and credit cards issued by a bank within the EEA.
All Commercial Cards and Non-EU Debit Cards and Credit Cards For all Commercial Debit and Credit Card payments and payments made with debit and credit cards issued by a bank outside the EEA there is a 2.5% surcharge on the total invoice value.
9. Transfer of Title and Collection
9.1 Title to the Lot will only pass to the Buyer on receipt by Maak in cleared funds of the full Purchase Price and the Lot will not be released to the Buyer until such time.
9.2 Collection of a Lot is at the risk and expense of the Buyer
9.3 Details relating to the Collection and Storage of a Lot after an Auction are set out in Bidder Info on the Website
9.4 For all sold Lots not collected within 14 days of the Auction end without prior arrangement, Maak reserves the right to charge storage a daily rate of £1.50 per lot and storage will be at the Buyer’s risk
It is the sole responsibility of the Buyer to comply with all export and import regulations relating to your purchases and also to obtain any relevant export and/or import licence(s). Please refer to the Notice for Bidders for all shipping enquiries and enquires relating to import and export licences.
11. Failure to make Payment or Remove the Lot
11.1 If the Buyer without prior agreement fails to make payment for the lot within seven (7) days of the Auction end and/or the lot is not removed in accordance with this agreement, Maak may in our sole discretion exercise one or more of the following remedies (without prejudice to any rights that the Seller may have):
(i) Store the lot at Maak’s storage facility or elsewhere at the Buyer’s sole risk and expense;
(ii) Cancel the sale of the lot;
(iii) Set off any amounts owed to the Buyer by Maak against any amounts owed to Maak by the Buyer for the lot;
(iv) Reject future bids from the Buyer;
(v) Charge interest at 5% per annum above The Bank of England’s Base Rate from the Payment Date to the date that the Purchase Price is received in cleared funds;
(vi) Re-sell the Lot by Auction or Private Treaty, following 3 months written notice to the Buyer, with Estimates and Reserves at Maak’s discretion. The Buyer will remain liable for any shortfall between the original Purchase Price and the amount achieved on re-sale, including all costs incurred in such re-sale. The sale proceeds, less all Maak’s costs, will be forfeited unless collected by the Buyer within 2 years of the original auction.
(vii) Exercise a lien over any of the Buyer’s other property in Maak’s possession, applying the sale proceeds to any amounts owed by the Buyer to Maak. Maak shall give the Buyer 60 days written notice before exercising such lien;
(viii) Commence legal proceedings to recover the Purchase Price for the lot, plus interest and legal costs;
(ix) Disclose the Buyer’s details to the Seller to enable the Seller to commence legal proceedings
12. Maak Authenticity Guarantee
12.1 Notwithstanding the terms set out in condition 3, if Maak sells a Lot which is later shown to be a Deliberate Forgery, subject to the terms below Maak will rescind the sale and refund the Buyer the total amount paid by the Buyer to Maak for that Lot, up to a maximum of the Purchase Price.
12.2 The Guarantee lasts for one (1) year after the date of the relevant auction, is for the benefit of the Buyer only and is non-transferable.
12.3 A Deliberate Forgery is a Lot that in Maak’s reasonable opinion is an imitation intended by the maker or any other person to deceive as to authorship, attribution, origin, authenticity, style, date, age, period, provenance, culture, source or composition, which at the date of the Auction had a value materially less than it would have had if the lot had not been such an imitation, and which is not stated to be such an imitation in any description of the Lot.
12.4 A Lot will not be a Deliberate Forgery by reason of any damage to, and/or restoration and/or modification work having been carried out on the Lot.
12.5 Please note that this Guarantee does not apply if either:-
(i) The catalogue description was in accordance with the generally accepted opinions of scholars and experts at the date of the sale, or the catalogue description indicated that there was a conflict of such opinions; or
(ii) The only method of establishing at the date of the sale that the item was a Deliberate Forgery would have been by means of processes not then generally available or accepted, unreasonably expensive or impractical, or likely to have caused damage to or loss in value to the Property in Maak’s reasonable opinion; or
(iii) There has been no material loss in value of the Property from its value had it accorded with its catalogue description.
12.6 To claim under this Guarantee, the Buyer must:
(i) Notify Maak in writing within one (1) month of receiving any information that causes the Buyer to question the authenticity or attribution of the Property, specifying the lot number, date of the auction at which it was purchased and the reasons why it is believed to be Counterfeit; and
(ii) Return the Property to Maak in the same condition as at the date of sale and be able to transfer good title in the Property, free from any third party claims arising after the date of the sale.
12.7 Maak has discretion to waive any of the above requirements.
12.8 Maak may require the Buyer to obtain at the Buyer's cost the reports of two independent and recognised experts in the relevant field. Maak shall not be bound by any reports produced by the Buyer, and reserves the right to seek additional expert advice at our own expense. In the event Maak decides to rescind the sale under this Guarantee, it may refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports, provided always that the costs of such reports have been approved in advance and in writing by Maak.
13. Exclusions and limitations of liability to Buyers
13.1 Maak shall refund the Purchase Price to the Buyer in circumstances where it deems that the lot is a Deliberate Forgery, subject to the terms of Maak’s Authenticity Guarantee as outlined in Condition 13.
13.2 Subject to Condition 14.1, neither Maak nor the Seller:
(i) Is liable for any errors or omissions in any oral or written information provided to Bidders by Maak, whether negligent or otherwise;
(ii) Gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded (save in so far as such obligations cannot be excluded by English law), other than the express warranties given by the Seller to the Buyer (for which the Seller is solely responsible) under the Conditions of Business for Sellers;
(iii) Accepts responsibility to Bidders for acts or omissions (whether negligent or otherwise) by Maak in connection with the conduct of auctions or for any matter relating to the sale of any lot.
13.3 Without prejudice to Condition 14.2, any claim against Maak and/or the Seller by a Bidder is limited to the Purchase Price for the relevant Lot. Neither Maak nor the Seller shall be liable for any indirect or consequential losses.
13.4 Nothing in Condition 14 shall exclude or limit the liability of Maak or the Seller for death or personal injury caused by the negligent acts or omissions of Maak or the Seller.
14. Third Party Liability
All members of the public on the premises of the Auction Venues are there at their own risk and must note the lay-out of the accommodation and security arrangements. Accordingly Maak shall not incur liability for death or personal injury, except as required by law by reason of our negligence, or similarly for the safety of the property of persons visiting the Venue.
Appendix I: DEFINITIONS
"Art Handler" is the company providing storage and shipping facilities as detailed in Auction Information on the Website
"Auction" is the online Auction at which a Lot is offered for sale by Maak through the Maak iRostrum bidding platform.
"Authenticity Guarantee" the obligation undertaken personally by Maak to the Buyer in respect of any Deliberate Forgery
“Bailee” is a person to whom goods are entrusted
"Bidder" is any person making, attempting or considering making a bid on a Lot, including buyers either through the Maak iRostrum bidding platform or any other means, also referred to as ‘you’.
“Buyer” is the person who makes the highest Successful Bid or offer on a Lot accepted by the Maak iRostrum bidding platform or Maak, also referred to as ‘you’.
"Buyer's Premium" is the commission payable by the buyer on the hammer price at the rates set out in the Notice to Bidders.
"Catalogue" is the online catalogue relating to the relevant Sale published by Maak.
"Client Account" is the bank account of Maak into which all sums received in respect of the Purchase Price of any lot will be paid, such account to be a distinct and separate account to Maak’s normal business bank account.
"Commission" is the commission payable by the Seller to Maak calculated at the rates stated in the Receipt & Contract.
“Condition Statement” is any brief description of the condition as mentioned in the Catalogue or provided orally by Maak on behalf of the Seller
"Condition Report" is a formal written report on the physical condition of a Lot provided to a Bidder by Maak on request
“Contract for Sale” is the sale contract entered into by the Seller with the Buyer.
"Deliberate Forgery" is a Lot that in Maak’s reasonable opinion is an imitation intended by the maker or any other person to deceive as to authorship, attribution, origin, authenticity, style, date, age, period, provenance, culture, source or composition, which at the date of the Auction had a value materially less than it would have had if the lot had not been such an imitation, and which is not stated to be such an imitation in any description of the Lot.
"Description" any statement or representation in any way descriptive of the Lot, including any statement or representation relating to its authorship, attribution, condition, provenance, authenticity, style, period, age, suitability, quality, origin, value, estimated selling price (including the Hammer Price).
"Estimate" a statement of Maak’s opinion of the range within which the hammer is likely to fall.
"Hammer Price" is the highest bid accepted by Maak for a Lot that equals or exceeds the Reserve price
“Handling Charge” is the charge payable by the Seller to Maak per lot per auction as stated on the Contract.
“iRostrum” is iRostrum Limited a Company registered in England and Wales with company number 8112845 with its registered office at 6 Wellington Cottages, Warren Row, Berkshire RG10 8QX.
“Lot” or “Item” is any item consigned to Maak with a view to sell at Auction or by Private Treaty
“Maak” is Maak London Ltd, incorporated and registered in England and Wales with the company number 11826294 whose registered office is at Griffins Court, 24-32 London Road, Newbury, Berkshire RG14 1JX, also referred to as ‘us’, ‘our’ or ‘we’.
" Maak iRostrum bidding platform" is the instance of the iRostrum bidding platform licensed by Maak and accessed at http://maaklondon.irostrum.com
“Maximum Bid” is the confidential maximum price submitted by a Bidder for a Lot in an Auction through the Maak iRostrum bidding platform excluding Buyer’s Premium, VAT and AR.
"No Reserve" is where there is no minimum price at which a Lot may be sold.
"Notice to Bidders" the notice published on Maak and the Maak iRostrum bidding platform websites.
“Private Treaty” is a sale of a Lot sold outside of the Maak iRostrum bidding platform.
"Purchase Price" is the sum payable by the Buyer of the Hammer Price, Buyer’s Premium plus VAT at the appropriate rate and any applicable Artist Resale Right premium.
"Reserve" the minimum price at which a Lot may be sold (whether at auction or by private treaty).
“Receipt & Contract” is the form listing the items consigned by the Seller to Maak. On signing the Receipt & Contract the Seller authorises Maak as their agent to sell the Lot(s) at the agreed Estimates and Reserves as listed on the Receipt & Contract or confirmed in writing at a later date, either by Auction or Private Treaty
"Sale Proceeds" is the net amount due to the Seller from the sale of a Lot, being the Hammer Price less the Commission, any VAT charges, and other charges due to Maak.
“Seller” is the person(s) offering a lot for sale as named on the Contract, including their agents or executors, also referred to as ‘you’.
“Successful Bid” is the first highest bid in any Auction as registered by the Maak iRostrum bidding platform that equals or exceeds the Reserve price at the point of the Lot’s Auction End Time
"VAT" Value Added Tax and Import Value Added Tax as applicable calculated at the rate at the time of sale.
“Venue” is the temporary location where Maak will present Lots available for public view during the published dates as detailed in the Notice to Bidders and on the websites.
"Website(s)" is the Maak website at www.maaklondon.com and/or the Maak iRostrum bidding platform website at maaklondon.irostrum.com as indicated.
“Withdrawn Lot” a lot withdrawn from an Auction by Maak or the Seller at anytime prior to or during an Auction.
Appendix II: DATA PROTECTION – Use of your information