London Art Exchange (LAX) – Terms and Conditions
Last Updated: 17/09/2025
These Terms and Conditions (“Terms”) govern all use of the London Art Exchange website, mobile applications, physical gallery, and auction services (collectively, the “Services”). By purchasing artwork, consigning artwork, or using the LAX.art auction platform, you agree to be bound by these Terms.
1. Definitions
- “LAX” / “We” / “Us” – London Art Exchange Limited, trading as London Art Exchange and LAX.art.
- “Client” – any person purchasing artwork through our gallery, website, or third-party sales channels.
- “User” – any person using the LAX.art auction platform.
- “Buyer” – a User who places a successful bid on a Lot.
- “Seller” / “Consignor” – a User who lists property for sale through the auction platform.
- “Lot” – any item offered for auction.
- “Hammer Price” – the highest Bid accepted at the close of auction.
- “Buyer’s Premium” – a 20% fee charged on top of the Hammer Price, subject to VAT where applicable.
- “Total Purchase Price” – Hammer Price + Buyer’s Premium + VAT (where applicable) + shipping or storage charges.
2. Scope of Services
LAX operates in two capacities:
- Gallery & Private Sales – Direct purchase of artworks and collectibles through our London gallery and online shop.
- Auctions – Timed and live online auctions through the LAX.art platform.
These Terms apply to both areas. Where provisions relate only to auctions, this will be clearly stated.
3. Eligibility
- Clients and Users must be at least 18 years old.
- Registration for the auction platform requires identity verification (photo ID, proof of address) and valid payment details.
- LAX reserves the right to refuse, suspend, or terminate any account or sale at its discretion.
4. Pricing, Fees & Buyer’s Premium
- Gallery/Private Sales: Prices are as marked and may be subject to VAT.
- Auctions: A flat 20% Buyer’s Premium is added to the Hammer Price. VAT is charged where applicable under UK law.
- Fees are non-refundable.
5. Bidding & Auction Rules
- All Bids are final, binding, and cannot be withdrawn.
- Bidding increments are determined by LAX and displayed during the auction.
- Auctions may use anti-sniping/extended bidding at LAX’s discretion.
- LAX reserves the right to:
- Refuse any Bid.
- Withdraw any Lot.
- Cancel or re-open auctions in the event of error, fraud, or technical failure.
6. Payment Terms
- Gallery/Private Sales: Payment is due immediately upon invoice, unless otherwise agreed.
- Auctions:
- Full payment of the Total Purchase Price must be received within 5 business days of auction close.
- Accepted methods: credit/debit card, bank transfer, Stripe, Adyen, or other approved gateways.
- Late payment may incur interest charges and account suspension.
- Deposits or pre-authorisation holds may be required for high-value Lots.
7. Title & Risk
- Title to purchased artwork passes to the Buyer/Client only upon receipt of full cleared funds.
- Risk passes to the Buyer/Client upon collection, delivery, or transfer to storage, whichever occurs first.
- Buyers are responsible for insurance from that point forward.
8. Delivery, Shipping & Storage
- Delivery, collection, and storage options will be made available through LAX.
- Costs are borne by the Buyer/Client unless otherwise agreed.
- LAX is not responsible for delays, loss, or damage in transit.
9. Seller/Consignor Terms (Auctions Only)
- Sellers warrant they hold full title and right to sell the property consigned.
- Sellers indemnify LAX against all third-party claims (ownership disputes, authenticity claims, etc.).
- Commission, reserves, and fees are agreed in writing prior to sale.
- Unsold Lots may be subject to withdrawal or relisting fees.
10. Lot Descriptions & Authenticity
- Gallery Sales: LAX provides descriptions in good faith. Where certificates of authenticity are provided, these are passed to the Client.
- Auctions: Lots are sold strictly “as is, where is.”
- Descriptions, images, and condition reports are statements of opinion only and not warranties.
- LAX disclaims liability for differences in opinion regarding condition, age, or authenticity.
11. Defaults
- Buyer Default: If a Buyer fails to pay, LAX may cancel the sale, resell the Lot, and recover losses, including fees and damages.
- Seller Default: If a Seller withdraws or fails to complete, LAX may charge the agreed commission and additional damages.
12. Limitation of Liability
- LAX shall not be liable for:
- Technical errors, internet failures, or missed Bids.
- Indirect or consequential losses.
- Misrepresentation by Sellers.
- Liability Cap: The lesser of (a) the Buyer’s Premium paid, or (b) £500.
13. Intellectual Property
- All images, text, and content on LAX platforms are owned by LAX or licensed to us.
- Users may not reproduce or exploit content without written consent.
14. Privacy & Data Protection
- LAX complies with GDPR and UK data laws.
- Data is collected for transactions, KYC, AML, and marketing (with consent).
- Full details are available in our Privacy Policy.
15. AML & Compliance
- LAX complies with UK Anti-Money Laundering (AML) regulations.
- We may request further documents at any stage.
- We reserve the right to cancel transactions if compliance checks fail.
16. Governing Law & Dispute Resolution
- These Terms are governed by the laws of England & Wales.
- Disputes must first go through mediation or arbitration before litigation.
- Exclusive jurisdiction: London courts.
17. Force Majeure
- LAX is not responsible for delays or failures caused by events beyond reasonable control (including strikes, pandemics, or government restrictions).
18. Amendments
- LAX may update these Terms at any time. Updates will be published on the Platform and are binding upon publication.
