Terms and Conditions of Business and Rules of Auction


Stephan Welz & Company (Pty) Limited carries on business (whether with actual or prospective buyers and sellers or consignors requiring inspection, appraisal or valuation of property or persons reading catalogues or otherwise) on the following terms and conditions and on such other terms, conditions and notices as may be set out in any relevant catalogue or publication or communication.

The Terms and Conditions of Business and Rules of Auction and all other contents of any catalogue, publication or communication are subject to amendment by the posting of notices, by oral announcement made by the auctioneer prior to or during the sale, or by way of an agreement in writing signed by the parties concerned.

The definition of words and phrases with special meanings will be found in Clause A of the attached Terms and Conditions of Business and Rules of Auction pdf document.

Terms and Conditions of Business.pdf

Memorandum Agreement.pdf

The attached documents cover the following conditions in detail:

Terms and Conditions of Business and Rules of Auction

  • Definitions
  • General terms and rules of auction
  • Terms relating to buyers of goods at an auction or by private treaty
  • Buyer's registration
  • Auction bids
  • Minimum bid
  • Buyer's premium
  • Value added tax (VAT)
  • Absentee bids
  • Telephone bids
  • Payment
  • Credit terms
  • Collection of goods
  • Uncollected goods
  • The buyer's risk
  • Import, export, copyright restrictions and licenses and quality in the goods sold
  • Breach by the buyer
  • Rescission of the sale
  • Treatment and condition of gemstones
  • Wristwatches 

Memorandum of agreement made and entered into between the Company and the Seller

  • Definitions
  • Inspections and authorisations 
  • The seller's warranty of title 
  • Late entries 
  • Value added tax (VAT)
  • VAT status 
  • VAT on imported goods 
  • Seller's commission and illustration charges 
  • Reserve price
  • Written valuations 
  • Insurance 
  • Payment of sale proceeds 
  • Goods fit for the purpose for which they are intended
  • Rescission of the sale
  • Charges for withdrawn lots
  • Intellectual property rights
  • Provenance
  • Unsold lots and uncollected items
  • Notices
  • Consumer protection act
  • Declaration of ownership


Published January 28, 2015