Terms, Policies & Compliance — Merchants

This page contains the legal terms, policies, and compliance information governing the use of the Merchants Auctioneers website and services. We encourage all clients to read these documents before using our services or participating in our auctions

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Terms and Conditions of Sale

These Conditions of Sale set out the terms under which “Merchants Auctioneers” offers the lots listed in this catalogue for sale. By registering to bid and/or by placing a bid at auction, you agree to be bound by these terms. You are strongly advised to read them carefully before participating in the auction.

Merchants Auctioneers acts as agent for the Seller. This means we provide services to assist the Seller in the sale of their lot, and that any contract of sale arising from a successful bid is made directly between the Buyer and the Seller. Merchants Auctioneers is not a party to the contract of sale.

A. BEFORE THE SALE

1. Description of Lots

(a) Our descriptions of any lot in the catalogue, any condition reports, and any other statements made by us (whether orally or in writing), including about a lot’s nature, condition, artist, period, materials, approximate dimensions, or provenance are our opinion. They should not be relied upon as statements of fact.

(b) We do not undertake in-depth research comparable to that carried out by professional historians or scholars. All dimensions, weights, and other physical descriptions are approximate and provided for guidance only.

2. Condition

(a) All Lots are sold "as is", in the condition they are in at the time of sale. Neither Merchants Auctioneers nor the Seller gives any representation, warranty or guarantee, express or implied, as to the condition, quality, fitness for purpose or merchantability of any Lot.

(b) The condition of Lots offered at auction will vary according to factors including age, use, storage, previous ownership, repair, restoration, alteration and general wear and tear. Unless specifically stated otherwise, imperfections should be expected and Lots should not be assumed to be in perfect condition.

(c) Any statement regarding condition, whether contained in the catalogue, online listing, condition report or otherwise, is provided as a general guide only and does not constitute a full or comprehensive condition report. Photographs form part of the description but may not accurately represent the true colour, size or condition of a Lot and may not reveal every defect, repair, restoration or alteration.

(d) Unless expressly stated otherwise, Merchants Auctioneers does not guarantee that any watch is in working order, accurate, complete or free from defects. Watches contain delicate mechanical and electronic components and may require servicing, repair, adjustment, replacement parts or a battery at the Buyer's expense immediately following purchase or at any time thereafter.

(e) Many pre-owned watches have been serviced, repaired, restored, polished or modified during their lifetime. As a result, they may contain replacement, aftermarket or generic components that are not original to the manufacturer. Unless specifically stated in the catalogue description, Merchants Auctioneers makes no representation or warranty as to the originality, authenticity or manufacturer origin of any individual component or part.

(f) Watches may include aftermarket-set gemstones, replacement dials, bezels, bracelets, clasps, crowns, crystals, hands or other components. Merchants Auctioneers does not dismantle watches or carry out forensic examinations and cannot guarantee the originality, provenance or manufacturer origin of every component unless expressly stated.

(g) Unless expressly stated otherwise, watches have not been tested for water resistance and no warranty or guarantee is given that any watch is water-resistant to any degree.

(h) Buyers are strongly advised to inspect Lots in person during the viewing period and satisfy themselves as to the condition, originality, completeness and suitability of any Lot before bidding. The placing of a bid shall be deemed conclusive evidence that the Buyer has satisfied themselves as to all aspects of the Lot's condition and accepts the Lot on that basis.

3. Viewing Lots Pre-Auction

(a) If you intend to bid on a lot, you should inspect it personally or appoint a knowledgeable representative to do so. This is to ensure that you are fully satisfied with the lot’s description and condition. We strongly recommend that you seek professional advice from a restorer or other professional adviser.

(b) Pre-auction viewings are open to the public free of charge. Our specialists may be available by prior appointment only to provide general guidance; however, such guidance does not constitute professional advice or a warranty of any kind.

4. Estimates

(a) Estimates are based on a lot’s condition, rarity, quality, provenance, and prices recently achieved for similar items. Estimates are prepared in advance of the sale and may be amended by announcement before or during the auction. Estimates are in no sense definitive.

(b) The auctioneer may make a saleroom announcement before or during the auction that amends the lot’s description, estimate, or other material details. Estimates should not be relied upon as an indication or guarantee of the lot’s final sale price or market value.

Estimates do not include the Buyer’s premium or applicable taxes.

5. Withdrawal of Lots

Merchants Auctioneers reserves the right to withdraw any lot at any time before or during the sale. We accept no liability for any decision to withdraw a lot or for any consequences resulting from such a withdrawal.

B. REGISTERING TO BID

1. New Bidders

If this is your first time bidding at Merchants Auctioneers, you are strongly advised to register in advance of the auction to allow sufficient time for us to process and approve your registration. We reserve the right, at our discretion, to decline to register you as a bidder.

You will be required to provide:

(i) A valid form of photo identification (such as a passport, national identity card, or driving licence); and

(ii) If not shown on the ID, proof of current address (e.g. a recent utility bill or bank statement).

(iii) We may request a deposit or impose bidding limits as a condition of registration, at our sole discretion.

2. Returning Bidders

We may, at our discretion, request up-to-date identification as laid out under paragraph B1, and we may require a deposit as a condition of allowing you to bid.

3. Failure to Provide Required Documents

If, in our opinion, you do not satisfy our registration and identification requirements, including but not limited to compliance with anti-money laundering (AML), we may refuse to register you to bid. If a successful bid has already been made, we reserve the right to cancel the resulting contract of sale at any time before payment and collection.

4. Bidding on Behalf of Another Person

(a) Authorised bidder: If you are bidding on behalf of another person who will pay Merchants Auctioneers directly, that person must complete the registration requirements outlined in paragraph B1. You must also provide a signed letter of authorisation from that person confirming you are permitted to bid on their behalf.

(b) Agent for a principal: If you register in your own name but are acting as agent for another party (the “ultimate buyer(s)”), you accept personal liability for the purchase price and any other amounts due. You must disclose the identity of the ultimate Buyer(s), and we may require documentation to verify their identity.

5. Bidding Services

(a) The following bidding services are offered free of charge as a convenience to clients. Merchants Auctioneers accepts no responsibility for any errors (human or otherwise), omissions, or technical failures in the provision of these services:

(i) Internet Bids: We accept bids via online auction platform. By bidding through any of these platforms, you agree to be bound by our Conditions of Sale in addition to the terms of the relevant platform.

(ii) Absentee Bids: You may place an absentee bid by contacting us. Confirmation of absentee bids will be sent by email.

(b) Commission bids must be expressed in the saleroom’s currency and represent the maximum bid amount excluding Buyer’s premium. The auctioneer will use reasonable efforts to execute absentee bids at the lowest possible price, subject to the reserve.

(c) In the event of two or more absentee bids at the same amount on a lot, and those are the highest bids, the lot will be sold to the bidder whose bid was received first.

6. Customer Due Diligence and Identity Verification

To comply with applicable laws, regulatory requirements, sanctions obligations and good professional practice, Merchants Auctioneers reserves the right to carry out customer due diligence and identity verification checks on any buyer, seller or other customer at any stage before, during or after a transaction.

We may require the production of photographic identification, proof of address, proof of ownership or provenance of goods, information relating to the source of funds or source of wealth where appropriate, and any other information or documentation that we reasonably consider necessary to verify identity, ownership, authority or the legitimacy of a transaction.

Where requested information is not, in our reasonable opinion, provided satisfactorily, or where we reasonably suspect fraud, money laundering, terrorist financing, sanctions breaches, the handling of stolen property or any other unlawful activity, we may, without liability:

refuse to register a bidder or accept goods for consignment;
suspend or cancel a registration, consignment or sale;
withhold the release of any lot or payment pending satisfactory verification;
refuse to proceed with or complete a transaction; and
make such reports or disclosures to law enforcement, regulatory authorities or other competent bodies as may be required or permitted by law.

Any information obtained for customer due diligence purposes will be processed in accordance with our Privacy Policy and applicable data protection legislation.

C. CONDUCTING THE SALE

1. Admission to the Auction

We reserve the absolute right to refuse admission to the premises or participation in the auction without stating a reason.

2. Reserves

Unless explicitly stated otherwise, all lots are subject to a reserve price. Lots offered without reserve will be marked as “to be sold without reserve.”

3. Auctioneer’s Discretion

(a) The auctioneer has complete discretion and may, at any time:

(i) Lower the reserve of any Lot(s) before or during an auction. If the reserve for that Lot(s) is met, it is deemed to be ‘on sale’.

(ii) Refuse any bid;

(iii) Move the bidding forward or backwards in any manner;

(iv) Change the order of the lots;

(v) Withdraw any lot;

(vi) Divide or combine lots;

(vii) Reopen or continue the bidding even after the hammer has fallen; and

(viii) In the event of any error or dispute, whether during or after the auction, determine the successful bidder, cancel the sale of a lot, re-offer or resell the lot, or take such other action as the auctioneer deems appropriate.

(b) If you believe the auctioneer has accepted a bid in error, you must submit a written notice detailing your claim within three business days of the auction. Merchants Auctioneers will consider such claims in good faith.

(c) Nothing in this paragraph limits Merchants Auctioneers’ right to cancel a sale under any other applicable provisions of these Conditions of Sale.

4. Acceptable Bidding Methods

The auctioneer may accept bids from:

(i) Internet bidders; and

(ii) Absentee bidders who have placed bids with us before the auction.

5. Bidding on Behalf of the Seller

(a) The auctioneer may bid on behalf of the Seller up to, but not including, the reserve price. Such bids may be made consecutively or in response to other bids. Seller bids made by the auctioneer will not be disclosed or identified during the sale.

(b) For lots offered without reserve, the auctioneer may open the bidding at approximately 50% of the lot’s low estimate. If no bid is received, the auctioneer may lower the starting bid at their discretion until a bid is placed, then proceed upward. If no bids are received, the lot will be deemed unsold.

6. Bid Increments

Bidding will generally start below the low estimate and advance in increments determined solely by the auctioneer. The auctioneer retains full authority over the opening bid and any subsequent increments.

7. Timed Auction Extensions

(a) Where a Lot is offered in a timed online auction, a bid received within the closing period specified by the relevant online bidding platform may automatically extend the closing time for that Lot. Further bids received during any extended period may result in additional extensions, and this process may continue until no further qualifying bids are received.

(b) The closing time displayed for a Lot may therefore be extended automatically in accordance with the settings and procedures of the relevant online bidding platform. Bidders are responsible for monitoring the Lot and its closing time.

(c) Once a bid has been submitted and accepted, it may not be withdrawn or retracted except with the express consent of Merchants Auctioneers. Once bidding has closed and a successful bid has been determined, the Buyer is bound by the resulting contract of sale, subject to these Conditions.

8. Successful Bids

(a) Unless the auctioneer exercises discretion as laid out under paragraph C3 above, a legally binding contract for sale is formed when the auctioneer’s hammer falls on the final bid in a live auction or, in the case of a timed online auction, when bidding for the Lot closes and the successful bidder is determined, provided that any applicable reserve has been met.

(b) An invoice will be issued only to the registered bidder who placed the successful bid. While invoices will be sent by email after the sale, we accept no responsibility for any failure to notify you of the outcome of your bid. If you believe you are the successful bidder but have not received an invoice, it is your responsibility to contact us to confirm the result.

9. Compliance with Local Laws

By bidding in any sale, you agree to comply fully with all applicable local laws and regulations in force at the location of the auction.

D. BUYER’S PREMIUM AND TAXES

1. Buyer’s Premium

(a) In addition to the hammer price, the successful bidder agrees to pay a Buyer’s Premium on each Lot sold. The Buyer’s Premium will be charged as follows:

20% of the hammer price.

(b) Value Added Tax (VAT) will be applied to the Buyer’s Premium at the prevailing rate and is payable by the Buyer.

2. Taxes

(a) VAT will not normally be charged on the hammer price unless specifically stated in the catalogue, Lot description or other sale information. Where VAT is applicable to the hammer price of a Lot, the Buyer will be responsible for payment of that VAT in addition to the hammer price, Buyer’s Premium and any other applicable charges.

(b) The Buyer is responsible for any other taxes, duties or charges applicable to the purchase which are not collected by Merchants Auctioneers, including where applicable any import duties or taxes arising from delivery outside the United Kingdom.

E. WARRANTIES

1. Seller’s Warranties

(a) The Seller is fully authorised to enter and perform its obligations under these Conditions of Sale

(b) The Seller warrants to Merchants Auctioneers and the Buyer that at all relevant times (including the time of the consignment of any item and the time of the sale):

(i) The Seller is the sole and absolute owner of the property consigned, or is duly and properly authorised by the owner to sell it;

(ii) The Seller has, and shall transfer, good and marketable title to the Buyer free from any third-party rights, claims, liens, charges, encumbrances, or potential claims (including, without limitation, claims by governmental or regulatory authorities);

(iii) The Seller has provided Merchants Auctioneers in writing with complete, accurate, and not misleading information regarding: the property’s provenance, authenticity, attribution, condition, and any restoration, repair, or alteration; the presence of any endangered or protected species materials within the property; any concerns, disputes, or challenges, whether known to the Seller or raised by third parties, relating to the property’s ownership, authenticity, attribution, condition, export, or import history;

(iv) Where the property has been imported into the United Kingdom, it was lawfully imported in compliance with all relevant laws, and all required duties, taxes, and levies have been paid in full;

(v) The property is not subject to any export or import prohibition that would prevent its lawful sale, transfer, or shipment to the Buyer;

(vi) Unless the Seller advises Merchants Auctioneers in writing otherwise, before the delivery of the item, there are no restrictions on Merchants Auctioneers’ rights to reproduce photographs or other images for any purpose related to the sale, marketing, or promotion of the lot;

(vii) Any electrical or mechanical goods or components are in safe operating condition. They are free from any defect not apparent on external inspection that could present a danger to human life or health.

(viii) The Seller agrees to provide such identification, ownership documentation and other information as Merchants Auctioneers may reasonably require to verify the Seller's identity, authority to consign the property and compliance with our customer due diligence procedures.

(c) The Seller shall fully indemnify Merchants Auctioneers and the Buyer against all claims, demands, proceedings, losses, liabilities, damages, costs, and expenses (including legal fees) arising out of or in connection with:

(i) Any breach by the Seller of these warranties;

(ii) Any inaccuracy, omission, or misrepresentation by the Seller concerning the property;

(iii) Any failure by the Seller to comply with applicable laws, regulations, or requirements relating to the property.

(d) Where Merchants Auctioneers reasonably believes that there has been, or may be, a breach of any of the Seller’s warranties or representations, Merchants Auctioneers may rescind the sale without liability.

(i) Should a breach of any of the Seller’s warranties or representations become apparent prior to the sale, the lot/s may be withdrawn and 20% + VAT of the agreed reserve is payable by the Seller to Merchants Auctioneers within 30 days of the sale.

2. Buyer’s Warranties

(a) You represent and warrant that all funds used in connection with the purchase are lawfully obtained and not connected to criminal conduct, including but not limited to fraud, money laundering, or tax evasion. You further warrant that you are not under investigation for, nor have you been charged with or convicted of, money laundering, terrorist financing, or any other criminal offence.

(b) You agree to cooperate fully in providing documentation to support our anti-money laundering (AML) and know-your-customer (KYC) requirements, including audit requests where necessary.

(c) If you are bidding as an agent on behalf of an ultimate buyer who will fund the purchase before you pay Merchants Auctioneers, you further warrant that:

(i) You have conducted appropriate customer due diligence on the ultimate Buyer(s) and complied with all applicable anti-money laundering, counter-terrorist financing, and sanctions laws;

(ii) You will disclose the identity of the “ultimate buyer(s)” to us (including any officers, beneficial owners, or persons acting on their behalf) and, upon request, provide documentation to verify their identity;

(iii) The arrangements between you and the “ultimate buyer(s)”, concerning the lot or otherwise, do not facilitate tax crimes in whole or in part; and

(iv) You have no knowledge or suspicion that the “ultimate buyer(s)”, their officers, beneficial owners, or any persons acting on their behalf, are on any sanctions list, under investigation for, charged with, or convicted of money laundering, terrorist financing, or other crimes, or that the funds used are linked to criminal proceeds, including tax evasion.

F. PAYMENT

1. How to Pay

(a) Immediately following the auction, you must pay the full purchase price, which comprises:

(i) The hammer price;

(ii) The Buyer’s premium;

(iii) Any applicable duties, sales, use, compensating, service tax or VAT.

(b) Payment is due no later than 48 hours after the auction ending.

(c) We will only accept payment from the registered bidder. Once an invoice is issued, we are unable to change the Buyer’s name or reissue the invoice under a different name. Payment is due immediately, even if you intend to export the lot or require an export licence.

(d) All payments for lots bought at Merchants Auctioneers in the United Kingdom must be made in the currency stated on the invoice and can be made using one of the following methods:

(i) Bank Transfer: Payments should be made to;

Bank Name: Lloyds (Business Client Account)
Account Name: Merchants Auctioneers T/A Merchants Auctioneers of Norfolk
Account Number: 23122863
Sort Code: 30-54-66
BIC: LOYDGB21F95
IBAN: GB42LOYD30546623122863

(ii) Credit Card: Credit Card payments are not able to be accepted.

(iii) Cash: Cash payments are not able to be accepted.

(iv) Cheque: Cheque payments are not able to be accepted

(e) When making payment, please quote (either):

(i) Your Buyer Number (ii) Your Full Name

2. Transfer of Ownership

You will not acquire title or legal ownership of any lot until complete and cleared payment of the entire purchase price has been received.

3. Transfer of Risk

Responsibility for and risk in the lot passes to you when the auctioneer’s hammer falls, and your bid is successful.

4. Consequences of Non-Payment

(a) If you fail to pay the full purchase price by the due date, we may exercise one or more of the following rights, in addition to any other legal remedies or the rights set out below:

(i) Cancel the sale of the lot and resell it (publicly or privately) on terms we deem appropriate. If the resale results in a shortfall compared to your original purchase price, you are liable to pay us the difference, including all resulting costs, expenses, legal fees, and any commission shortfall payable to the Seller;

(ii) Initiate legal proceedings against you to recover the purchase price and associated costs (including interest, legal fees, and damages);

(iii) Offset your debts by deducting from any amounts we owe you (including any deposits or part- payments you’ve made);

(iv) Refuse bids made by or on behalf of you at future auctions or require a deposit from you before accepting further bids;

(v) Take any other action we deem necessary or appropriate.

(vi) 'Late Fees' can be charged to the buyer at a flat rate of £20 (+VAT) per day, as referenced in section F1(b) a payment is considered late after 48 hours of auction end.

(b) If you owe money to us, we may apply any payments you do make, whether deposits, part- payments, or funds otherwise due to you, towards satisfying any outstanding balance.

A successful bid creates a legally binding obligation to complete the purchase in accordance with these Conditions of Sale. If any amount remains unpaid fourteen calendar days after the auction, and no alternative payment arrangement has been agreed by Merchants Auctioneers in writing, we may refer the outstanding account to a third-party debt recovery agency or commence legal proceedings for recovery.

The Buyer shall remain liable for the outstanding purchase price and, to the extent permitted by law, any reasonable costs and expenses incurred by Merchants Auctioneers in recovering the debt, including debt recovery and legal costs.

Title to the Lot will not pass to the Buyer until the purchase price and all other amounts properly due have been received by Merchants Auctioneers in full and in cleared funds.

We may charge interest on overdue amounts at a reasonable rate specified by Merchants Auctioneers, subject always to applicable law and any statutory rights or restrictions.

5. Seller’s payment

(a) Net proceeds (after commission and other agreed-upon charges) will be paid to the Seller no later than 28 calendar days following the auction, provided the Buyer has paid in full and no dispute is pending.

G. COLLECTION AND STORAGE

1. Collection Timeline

(a) You must collect any purchased lots within fourteen calendar days from the date of the auction. Collections are strictly by prior appointment only.

(b) Please note that lots will not be released until we have received full and cleared payment of all amounts due, including the purchase price, Buyer’s premium, and any applicable taxes or fees.

2. Uncollected Lots

If you do not collect your lot within fourteen calendar days after the auction, we may, at our discretion:

(i) Charge storage fees at a rate of £20 + VAT per lot from day 14. Storage charges will continue to accrue until the lot is collected and all outstanding balances are paid in full.

(ii) Sell the lot in any commercially reasonable manner and apply the proceeds toward any amounts owed to us, including storage charges, resale costs, and administrative expenses.

3. Unsold Lots

Unsold lots must be collected within fourteen calendar days following the auction, unless they have been formally agreed in writing by Merchants Auctioneers to be re-entered into a future sale. Where no such agreement exists, and the lot remains uncollected after this period, Merchants Auctioneers may, at its sole discretion, impose storage charges, re-offer the lot for sale, or dispose of it in such manner as it deems appropriate.

H. TRANSPORT, SHIPPING, EXPORT AND IMPORT

1. Collection and Shipping

(a) Buyers are responsible for collecting purchased lots or arranging their delivery.

(b) Where requested, Merchants Auctioneers can arrange insured shipping on the buyer's behalf. All shipping charges, insurance costs and any applicable taxes are payable by the buyer.

- Up to £2,500 total invoice value: £25 + VAT (Royal Mail Special Delivery™).

- Over £2,500 total invoice value: 1.5% + VAT of the total invoice value (Royal Mail Special Delivery™ or an insured courier service, at our discretion).

(d) International shipping is available on request. Shipping costs and available insurance cover vary depending on the destination, value, size and nature of the Lot and the carrier used. Quotations are available upon request by telephone, email or WhatsApp.

Where the value of a Lot exceeds the standard insurance limit offered by the relevant postal or courier service, additional or full-value insurance may be arranged where available, at the Buyer's expense. Merchants Auctioneers may refer the Buyer to our trusted mailing agent or another suitably insured specialist carrier for this purpose.

International shipping arrangements must be agreed prior to dispatch.

(e) Whilst every reasonable care will be taken in packing and dispatching items, Merchants Auctioneers is not a professional packing or shipping company. Once a lot has been collected by, or delivered to, Royal Mail, an insured courier, freight carrier or any third-party shipping agent, all risk passes to the buyer, subject only to any rights the buyer may have under the relevant shipping or insurance contract.

(f) Where a buyer instructs their own courier or collection agent, that person acts solely on the buyer's behalf. Merchants Auctioneers accepts no responsibility for any loss, damage or delay occurring after the lot has been released from our premises.

(g) Delivery and Security

Once a Lot has been delivered to the delivery address agreed with the Buyer, responsibility for its care and security rests with the Buyer. Where, at the Buyer's request, delivery is made to an address other than the Buyer's registered address, the Buyer accepts responsibility for that delivery instruction and for the security of the Lot following delivery.

2. Export and Import

(a) Buyers are solely responsible for ensuring that any lot may be lawfully exported from the United Kingdom and imported into the destination country.

(b) Buyers must obtain, at their own expense, any export licences, import permits, CITES permits or other authorisations required by law.

(c) Certain lots may contain materials that are subject to export or import restrictions, including but not limited to ivory, tortoiseshell, coral, reptile skins, endangered species, cultural property or other protected materials. Buyers should make all necessary enquiries before bidding.

(d) Failure or delay in obtaining any required licence or permit shall not affect the buyer's obligation to pay for the lot in full or entitle the buyer to cancel the purchase.

(e) All customs duties, import VAT, tariffs, taxes, handling charges and any other government or carrier-imposed fees are the sole responsibility of the buyer.

(f) Merchants Auctioneers may, at its discretion, assist buyers by providing information relating to export documentation or shipping arrangements, but accepts no responsibility for the granting of licences, customs clearance or compliance with the laws of any jurisdiction.

I. OUR LIABILITY TO YOU

(a) To the extent permitted by law, we make no representation or warranty, express or implied, regarding any statement or information provided by us, our employees, or representatives about any lot.

(b) All other warranties, terms, or conditions implied by law (including but not limited to satisfactory quality, merchantability, or fitness for purpose) are expressly excluded.

(c) The warranties provided by the Seller under Section E1 are the Seller’s own. We do not accept any liability for those warranties.

1. Exclusions of Liability

We are not liable to you in connection with your purchase of or bid for any lot, or for any matter arising under these Conditions of Sale, except:

(i) In the case of fraud or fraudulent misrepresentation by us, or

(ii) Where our liability is otherwise explicitly provided for in these Conditions of Sale.

2. No Guarantee of Lot Characteristics

We do not guarantee or accept liability for any lot concerning (whether stated or implied):

(i) Merchantability, fitness for a particular purpose, or satisfactory quality;

(ii) Accuracy of description, size, condition, quality, or attribution;

(iii) Authenticity, provenance, rarity, importance, medium, literature, or exhibition history; or

(iv) Any other aspect that might affect a lot’s value or desirability.

3. Limit of Liability

If, despite the above exclusions, we are found to be liable to you for any reason, our liability shall not exceed the purchase price you paid to us for the relevant lot, and we shall not be liable for any indirect or consequential losses, including but not limited to:

(i) Loss of profit or revenue;

(ii) Loss of opportunity;

(iii) Loss of anticipated savings or interest;

(iv) Business interruption; or

(v) Any other incidental or consequential damages or expenses.

J. OTHER TERMS

(a) We reserve the right to cancel the sale of a lot at our discretion if:

(i) Any of your warranties under Section E are found to be inaccurate or false;

(ii) We reasonably believe that completing the transaction would be unlawful or may become unlawful; or

(iii) We reasonably believe that proceeding with the sale could expose us or the Seller to liability or reputational harm.

(b) If any part of these Conditions of Sale is found by a court to be invalid, illegal, or unenforceable, that portion will be treated as deleted.

The remainder of the agreement will remain in full force and effect.

(c) You may not transfer, assign, or create a security interest over your rights or obligations under these Conditions of Sale without our prior written consent. These Conditions are binding upon your estate, successors, and any party that acquires your rights or obligations.

(d) Any delay or failure by us to enforce a right or remedy under these Conditions shall not be considered a waiver of that right or remedy. Similarly, the partial or single exercise of a right or remedy does not prevent further enforcement of that or any other right or remedy.

(e) By registering to bid, you agree to our use of your personal data under our Privacy Policy. This includes storing your data securely on our systems and contacting you about the sale or other relevant auctions or services. You may request access to, or deletion of, your data at any time in accordance with applicable data protection laws.

(f) These Conditions of Sale, and any contractual or non-contractual dispute arising out of or in connection with them, shall be governed by and construed in accordance with English law and disputes shall be exclusively resolved in the English courts.

(g) We shall not be liable for any delay or failure to perform any obligations under these Conditions caused by events beyond our reasonable control, including but not limited to natural disasters, strikes, governmental actions, or internet outages.

(h) These Conditions of Sale constitute the entire agreement between you and us concerning the subject matter and supersede any previous agreement, understanding, or representation.

Anti-Money Laundering (AML) Policy/ Know Your Customer (KYC) Policy

Merchants Auctioneers - Merchants Auctioneers Partners (Policy Owners)
Effective Date: 10 July 2026
Review Date: 09 July 2027

1. Purpose

This policy sets out the approach taken by Merchants Auctioneers to help prevent money laundering and other financial crime.

Although the business is committed to operating with integrity and supporting efforts to prevent financial crime, it is not subject to supervision under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 because it does not operate as a High Value Dealer.

2. Scope

This policy applies to all Partners, employees and anyone permitted to act on behalf of Merchants Auctioneers.

3. Business Activities

Merchants Auctioneers operates an online auction through 3rd Party Platforms for the sale of jewellery and other goods.

The business does not accept cash payments under any circumstances. All payments are made electronically using approved payment methods such as: Bank transfers.

As cash payments are not accepted, the business does not meet the definition of a High Value Dealer.

4. Payment Policy

The business will:

Refuse all cash payments.
Accept payment only through approved electronic payment methods.
Maintain records of payments received and made.
Retain transaction records in accordance with legal and accounting requirements.

5. Know Your Customer (KYC) / Customer Due Diligence (CDD)

Sellers

Before accepting items for auction, the business will seek to verify the identity of sellers by obtaining:

Full name, Residential address, Contact telephone number and Email address.
Proof of identity (such as a current passport or driving licence) where appropriate and Proof of address where considered necessary.
Also confirmation that the seller has the legal right to sell the goods will be required.

For higher-value items or where ownership is unclear, the business may request additional information, such as purchase receipts, valuations, insurance documentation or other evidence of provenance.

Buyers

For most online purchases, buyers will be identified through the payment process and account information on the platform being used.

Where a transaction is considered unusual, high value or gives rise to concern, the business may request:

Proof of identity.
Confirmation of billing and delivery addresses.
Additional information regarding the source of funds where appropriate.

Refusal of Business
Merchants Auctioneers reserves the right to refuse, suspend or cancel any transaction where:

The identity of a buyer or seller cannot be satisfactorily established.
Information provided appears false or misleading.
The provenance or ownership of goods cannot be reasonably verified.
The transaction gives rise to concerns regarding fraud, money laundering or other criminal activity.

As the business is not regulated under the Money Laundering Regulations, formal customer due diligence is not normally required.

However, where circumstances give rise to concern, the business may:

Request proof of identity from buyers or sellers.
Request proof funds have been obtained legally.
Request additional information regarding ownership of goods. Decline to proceed with a transaction if concerns cannot be resolved.

6. Suspicious Activity

If staff become aware of circumstances suggesting criminal activity, fraud or money laundering, they should immediately report their concerns to the business owner / partner.

The business reserves the right to:

Suspend or cancel a transaction.
Refuse to provide services.
Report suspected criminal activity to the appropriate authorities where necessary.

7. Record Keeping

The business will retain appropriate records of:

Auction transactions.
Payment information.
Seller details.
Correspondence relating to transactions.

Records will be kept securely and in accordance with applicable data protection legislation.

8. Staff Awareness

Anyone working for Merchants Auctioneers will be made aware of:

This policy.
The prohibition on accepting cash payments.
The importance of reporting suspicious behaviour.

9. Review

This policy will be reviewed annually, or sooner if there are significant changes to the business or relevant legislation.

Approved by:
Partners, Merchants Auctioneers Date: 10 July 2026

Privacy/ Cookies Policy

Last updated: 15 July 2026

Merchants Auctioneers respects your privacy and is committed to protecting your personal information.

This policy explains what personal information we collect, why we use it and your rights.

We process personal information in accordance with applicable UK data-protection law, including the UK General Data Protection Regulation, the Data Protection Act 2018 and the Data (Use and Access) Act 2025.

1. Who we are

Merchants Auctioneers is responsible for the personal information covered by this policy.

Correspondence address:
Merchants Auctioneers
37 St Andrews Street
Norwich
Norfolk
NR2 4TP

Email: contact@merchantsauctioneers.co.uk
Telephone: 01603 850 121 or 07471 580 863
Website: www.merchantsauctioneers.co.uk

2. Information we collect

We may collect:

your name, address, email address and telephone number;
information you provide through our website enquiry form, email, telephone or WhatsApp;
auction-registration and bidding information;
details of items you buy, sell, consign or ask us to value;
invoices, bank-transfer records and transaction information;
collection, delivery and shipping information;
correspondence and complaints;
photo identification and proof of address;
information needed for anti-money laundering, identity, fraud-prevention or sanctions checks; and
technical information about your use of our website, such as your IP address, browser and device information.

3. How we collect information

We may receive information:

directly from you;
when you contact us, register, bid, buy, sell or request a valuation;
through our website;
from an online auction platform;
from delivery, postal, courier, identity-checking or professional service providers;
from another person authorised to act for you; or
from publicly available sources where checks are reasonably required.

When you register through a third party online auction platform, that platform will also process your information under its own privacy policy.

4. How and why we use your information

We may use your information to:

answer enquiries and provide valuations;
register and approve bidders;
manage bids, purchases, sales and consignments;
issue invoices and record bank-transfer payments;
arrange collections, postage and international shipping;
communicate with buyers, bidders and sellers;
verify identity and comply with anti-money laundering, sanctions and fraud-prevention requirements;
maintain accounting, tax and business records;
protect our business, customers, website and systems;
deal with complaints or legal claims; and
send information about future auctions where you have agreed or where the law otherwise allows us to do so.

Our lawful reasons for using personal information include:

Contract: where the information is needed to provide auction or valuation services or complete a purchase or sale.
Legal obligation: where we must comply with tax, accounting, anti-money laundering, sanctions or other legal requirements.
Legitimate interests: where reasonably necessary to operate and protect our business, prevent fraud, provide customer service or deal with legal claims.
Consent: where you have given us permission, for example for certain marketing or non-essential cookies.

You may withdraw your consent at any time.

5. Payments

Merchants Auctioneers does not accept debit-card or credit-card payments.

We do not ask for, collect or store card details.

Payment for auction purchases is accepted by bank transfer only. We may receive and retain information connected with a bank transfer, including the payer’s name, payment amount, date and payment reference.

We do not accept cash or cheque payments.

6. Who we share information with

Where necessary, we may share information with:

online auction platforms;
website, email, IT and administrative service providers;
banks and accounting providers;
Royal Mail, couriers, delivery, storage and collection providers;
identity-checking, anti-money laundering, sanctions and fraud-prevention providers;
valuers, specialists and other auction service providers;
buyers or sellers where necessary to complete a transaction;
insurers, accountants, solicitors and other professional advisers; and
HMRC, regulators, law-enforcement agencies, courts or other public authorities where legally required.

We do not sell personal information.

Third parties that provide their own services may also use personal information under their own privacy policies.

7. How long we keep information

We keep personal information only for as long as it is reasonably needed.

Auction, invoice, payment, tax and accounting records will normally be retained for up to six years, or longer where required by law or needed for a legal claim.

Where anti-money laundering law applies, identification and customer due-diligence records will normally be retained for five years after the relevant transaction or business relationship ends. They will then be deleted unless another legal reason requires us to keep them.

Enquiries that do not result in a transaction will be kept only for as long as reasonably necessary to answer and manage the enquiry.

Marketing information will be kept until you unsubscribe or object. We may retain a limited record of your request so that we do not contact you again.

8. Security

We use reasonable technical and organisational measures to protect personal information against loss, misuse, unauthorised access, alteration or disclosure.

No website, email service or electronic storage system can be guaranteed to be completely secure.

9. Cookies

Our website may use cookies and similar technologies to operate correctly and understand how it is used.

Essential cookies may be used without consent where permitted by law. We will request consent before using non-essential cookies where consent is legally required.

You can control cookies through your browser or any cookie settings provided on our website.

10. International transfers

Some auction, website, communications or delivery providers may process information outside the United Kingdom.

Where UK law treats this as a restricted international transfer, we will ensure that an appropriate legal protection is in place, such as UK adequacy regulations, approved contractual safeguards or another lawful transfer mechanism.

11. Your rights

Depending on the circumstances, you may have the right to:

obtain a copy of your personal information;
correct inaccurate or incomplete information;
request deletion of your information;
restrict how your information is used;
object to certain uses of your information;
receive certain information in a portable format; and
withdraw consent.

These rights are not absolute and legal exceptions may apply.

To exercise a right, email contact@merchantsauctioneers.co.uk or write to the address in section 1. We may ask for information to confirm your identity.

12. Complaints

You may complain to us about how we have handled your personal information.

Complaints can be sent to:

Email: contact@merchantsauctioneers.co.uk

Post:
Merchants Auctioneers
37 St Andrews Street
Norwich
Norfolk
NR2 4TP

We will:

acknowledge receipt of a data-protection complaint within 30 days;
investigate the complaint appropriately;
keep you informed where necessary; and
explain the outcome without undue delay.

You may also complain to the Information Commissioner’s Office:

Information Commissioner’s Office
Wycliffe House
Water Lane
Wilmslow
Cheshire
SK9 5AF

Telephone: 0303 123 1113
Website: www.ico.org.uk

13. Other websites

Our website contains links to other websites.

We are not responsible for how those organisations use your information. You should read their privacy policies before providing personal information through their services.

14. Changes to this policy

We may update this policy when our services, suppliers or legal obligations change.

The latest version will be published on our website with its updated date.

Information Commissioner’s Office Certificate

Date Registered: 28 July 2026
Expiry: 27 July 2027

*Please see below Data Protection Registration Certificate attachment: