London Art Exchange Ltd
General Terms & Conditions (Gallery, Private Sales
& Auctions)
These Terms & Conditions (“Terms”) govern all
transactions, services, and interactions with London Art Exchange Ltd (“LAX”,
“we”, “us”, “our”), including gallery sales, private sales, online sales,
auctions (timed and live), consignments, delivery, storage, and associated
administrative services.
By purchasing artwork, consigning artwork, placing a bid, or
otherwise engaging with LAX, you agree to be legally bound by these Terms.
1. DEFINITIONS AND INTERPRETATION
In these Conditions:
“Auctioneer”, “we”, “us”, “our” means The London Art
Exchange Ltd
“Seller” means the legal owner or authorised consignor of a Lot
“Buyer” means the highest bidder accepted by the Auctioneer
“Lot” means any item offered for sale
“Hammer Price” means the final bid accepted
“Buyer’s Premium” means the commission payable by the Buyer
“Reserve” means the confidential minimum price
“Online Platform” means any digital bidding system used
These Conditions govern all auctions, consignments, bids,
and sales conducted by the Auctioneer and override all prior representations.
2. STATUS AND AGENCY
The Auctioneer acts solely as agent for the Seller.
The contract of sale is between Buyer and Seller.
The Auctioneer is not the owner of any Lot and assumes no
liability as principal.
3. SELLER WARRANTIES AND AUTHORITY
The Seller warrants that:
They have good and marketable title.
The Lot is free from liens, claims, or encumbrances.
The Lot is not stolen, looted, or unlawfully exported.
All information supplied is accurate.
The Seller indemnifies the Auctioneer against all claims,
losses, and costs arising from breach of these warranties.
4. DESCRIPTIONS, ESTIMATES, AND OPINIONS
All descriptions, estimates, catalogues, images, videos, and
condition reports are statements of opinion only.
They do not constitute warranties or representations.
Estimates may be revised at any time.
Reserves are confidential.
The Auctioneer may place bids on behalf of the Seller up to
the reserve.
5. CONDITION OF LOTS
All Lots are sold “as is”.
No guarantee is given as to condition, quality,
completeness, or functionality.
Buyers confirm they have inspected the Lot or waived the
right to inspect.
No claim will be accepted for defects visible or
discoverable on inspection.
6. CONDITION REPORTS
Condition reports are advisory only.
They are not exhaustive.
Failure to request or receive a report does not invalidate a
sale.
7. AUTHENTICITY AND MISATTRIBUTION
Authenticity is warranted only where expressly stated.
Claims must be submitted in writing, supported by two
independent recognised experts, and made within 21 days of the sale.
No claim will be accepted if the Lot has been altered,
reframed, cleaned, or resold.
Liability is strictly limited to refund of the Hammer Price
only.
Buyer’s Premium, VAT, and fees are non-refundable.
8. BIDDING AND REGISTRATION
All bidders must register.
The Auctioneer may refuse registration, reject any bid,
withdraw or re-offer Lots, and resolve bidding disputes at absolute discretion.
The Auctioneer’s decision is final.
Online bidding is a convenience only.
No liability is accepted for platform or connectivity
failure.
9. BUYER’S PREMIUM, VAT, AND ARTIST RESALE RIGHT
A Buyer’s Premium applies to all Lots.
Applicable rates will be published prior to sale.
VAT is payable where applicable.
Artist Resale Right applies in accordance with UK law and is
payable by the Buyer.
All premiums and fees are non-refundable.
10. PAYMENT TERMS
Payment is due immediately upon invoice.
Cleared funds must be received within 7 days of the sale.
Accepted methods are bank transfer and debit card.
We do not accept PayPal.
Title does not pass until full cleared funds are received.
11. BUYER DEFAULT
If a Buyer fails to pay, the Auctioneer may, without notice,
cancel the sale, resell the Lot, retain deposits, and recover losses, interest,
and costs.
The Buyer remains liable for any shortfall.
12. SETTLEMENT TO SELLER
Settlement to the Seller is made only after cleared funds
are received from the Buyer.
The Auctioneer is not required to advance funds.
Payment may be withheld if a dispute arises, ownership is
challenged, or compliance checks are incomplete.
13. COLLECTION, SHIPPING, AND RISK
Risk passes to the Buyer at the fall of the hammer.
Collection is the Buyer’s responsibility.
Storage charges may apply automatically.
Packing and shipping are provided at the Buyer’s risk.
Insurance is the Buyer’s responsibility.
The Auctioneer accepts no liability for loss, damage, or
carrier exclusions.
14. INSURANCE AND LOSS
Any insurance arranged by the Auctioneer is discretionary,
may exclude categories or values, and does not constitute a guarantee.
Uninsured loss remains the responsibility of the Buyer or
Seller, as applicable.
15. EXPORT AND REGULATORY COMPLIANCE
Buyers are responsible for export licences, customs
clearance, and import restrictions.
The Seller warrants lawful export history where relevant.
The Auctioneer provides no export guarantees.
16. TAX, VAT, AND ARR RESPONSIBILITIES
Sellers are responsible for VAT status and declarations.
Buyers are responsible for VAT, ARR, and import taxes where
applicable.
The Auctioneer provides no tax advice.
17. INTELLECTUAL PROPERTY AND MARKETING
The Seller grants the Auctioneer a royalty-free licence to
photograph, publish, market, and archive.
Images may be used before and after sale.
18. DATA, AML, AND COMPLIANCE
The Auctioneer may require proof of identity, proof of
address, and source of funds.
Accounts may be suspended or sales cancelled for
non-compliance.
19. INDEMNITIES
The Seller indemnifies the Auctioneer against title
disputes, authenticity claims, export violations, and third-party claims.
The Buyer indemnifies the Auctioneer against losses arising
from breach of these Conditions.
20. LIMITATION OF LIABILITY
The Auctioneer’s total liability is limited to the Hammer
Price actually received.
No liability is accepted for loss of profit, market
fluctuation, or indirect or consequential loss.
21. GOVERNING LAW AND JURISDICTION
These Conditions are governed by the laws of England and
Wales.
The courts of England and Wales have exclusive jurisdiction.
