Selling
Our Live Auctions take place on Tuesdays. Auction Lots are available to view by appointment. The auction takes place in our purpose built gallery and saleroom with each lot displayed on a plasma screen as it is sold. Prospective purchasers are encouraged to attend the sale and must register their details with us beforehand. As a seller, we are also always happy to welcome you during viewing days where you can see your lots displayed in our landscaped grounds or gallery.
Anti-Money Laundering Policy
Summers Place Auctions is required to comply fully with the Money Laundering Regulations 2017 (‘‘Regulations’’) (Amendment) 2019 and as such we are required by law to get satisfactory evidence of the identity of our clients and and/or any third parties involved in the transaction. This information must be provided at the time of forming a business relationship. If this information is not provided as agreed, your transaction may be delayed, or we may have to withdraw our services from the sale. For an individual person, we require a current form of photographic identification such as a current passport or driving licence and a document that provides a satisfactory proof of address such as a bank statement or utility bill which is no more than 3 months old. Please note if a driving licence is provided as a form of identification it cannot be used as a proof of address.
The requirements for corporate entities such as companies or partnerships are more complex and you will be required to provide documentation e.g. certificate of incorporation, articles of association etc., that confirm whom the beneficial owner is of the firm or the person(s) with significant control over it. The beneficial owner of a company is someone who has more than 25% of the shares or voting rights in the company or any person who exercises control over the management of the company. In the case of Trusts this might include full details of the Settlor and or the Beneficiaries.
Original documentation will be required for verification purposes wherever possible but if copies are provided, they must be independently verified by a professional person such as a solicitor and accountant and the photocopy marked up accordingly. In all cases and in line with the ‘Regulations’, the firm will retain copies of your ID in either paper or electronic form up to a period of 5 years after the date we have ceased the business relationship. In addition, we also reserve the right to use the services of third parties including on-line credit check companies to carry out identity verification of any client.
In addition to verification of the client the firm will have to verify the source of any funds that are being used for the purchase. Funds received on your behalf from a third party require the same levels of identification and verification checks as the client themselves. For example, proof of funds in the form of a bank statement might be requested. In addition to verification of the source of funds there are occasions when the firm must be satisfied as to the source of wealth of any client instructing us, and we may need to ask you for an explanation of that source.
Summers Place Auctions has a professional and legal duty to keep your affairs confidential. However, it is important to note that should Summers place Auctions form a suspicion that a client is in any way concerned with money laundering we are under a legal obligation as set out in the Proceeds of Crime Act 2002 to make a formal report to the National Crime Agency (NCA) who are responsible for collating all reports of potential money laundering. The firm is legally prohibited from notifying the client that a report has been made or the outcome of such a report.
Collection
We have an extensive network of national and international carriers and are happy to get transport quotations for collection. In some instances we are happy to settle the transport bill and deduct it from sale proceeds once we have sold your lots.
The saleroom estimate and reserve price
An auction valuation is an estimate usually given as a price range, e.g. £800-1200. This is the range in which our specialist believes the item will sell at auction. It is based upon a range of factors, including past auction results for similar items and market trends. All lots offered for sale with us have a reserve price below which they cannot be sold, unless by agreement with you. In the event of a lot failing to find a buyer, we will recommend either offering it in another of our sales with a lower estimate and reserve, or you have the option of having it back. Since many of the garden pieces we offer are large and involve cost to move, we recognise that it may be both impractical and financially unviable for owners to have their goods returned to them. In these instances we can arrange to have lots transported to another local auction house (with no transport cost to you).
The catalogue
Your lots will be fully described and photographed in the catalogue as well as on our website, The-Saleroom.com website and other selling platforms ensuring the widest possible exposure to both British and International clients.
Given the specialist nature of many of the lots we handle, we may need to do further research and many of the lots will also have academic footnotes giving further information on the lot. As the global leaders in the fields of garden statuary and natural history, our catalogues are widely read by clients and institutions around the world. Since over 50% of our buyers are from overseas, the catalogue is published around a month before the sale. You will be sent a complimentary catalogue with an email/letter sent separately highlighting your lots.
Some lots maybe included in an online only sale, in which case, the above criteria will not apply, however the lead in time between deadline and the item going up for sale maybe considerably shortened.
The Auctions
The auctions takes place in our purpose built gallery and saleroom with each lot displayed on a plasma screen as it is sold. Prospective purchasers are encouraged to attend the sale and must register their details with us beforehand. As a seller, we are also always happy to welcome you during viewing days where you can see your lots displayed in our landscaped grounds or gallery.
See The Buyers Guide for more information on how the auctions works.
After the auction
After the auction, we will email/post you the results of your lots. Although we normally pay out the proceeds of sold and paid for lots 35 days after the sale, once enhanced client registration has been achieved, we are happy to remit the proceeds minus selling charges as soon as we can after we’ve been paid. The quickest means is by bank transfer and we will ask you for your account details before the auction. Alternatively we can issue a cheque.
Vendors commission
Standard sellers commission is 15% + VAT, per lot including liability for loss or damage whilst in our care. In addition a photographic charge of £25 upwards plus VAT per lot is also applicable, depending on size and value. Lower rates for collections or trade consignments are negotiable.
May we help with a valuation?
Please complete our online valuation form
Or contact the office directly on +44 (0)1403 331 331 or info@summersplaceauctions.com.
