"Sale" means any private treaty or Auction Sale at which a Lot is offered for Sale. "Reserve" means the confidential lowest amount at which Gibson's has contractually agreed with the Seller that the Lot can be sold. "Prospective Buyer" means any person or entity with the intention of purchasing any Lot in the Auction. "Lot" means any item within the Sale for Auction and in particular the item or items described against any Lot number in the catalogue. "Insured Value" means the amount that Gibson's in its absolute discretion from time to time shall consider the value for which a Lot should be covered for insurance (whether or not insurance is arranged by Gibson's).
"Hammer Price" means the amount of the highest Bid accepted by the Auctioneer in relation to a Lot. Accordingly no Lot shall be capable of being a forgery by reason of any damage or restoration work of any kind (including re-painting). "Forgery" means an item constituting an imitation originally conceived and executed with fraudulent intention to deceive as to authorship, origin, age, period, culture, provenance or source where the correct description as to such matters is not reflected by the description in the catalogue. "Buyer's Premium" means the charge payable by the Buyer to the Auction house as a percentage of the Hammer Price. "Buyer" means the person with the highest Bid accepted by the Auctioneer. Bidding is understood by both the Bidder and Gibson's to be contractually obliging. The Bidder is any person or entity that makes this makes this action. "Bid" / "Bidder" means the action of notifying the Auctioneer of the intention to purchase the Lot by the Prospective Buyer. "Auctioneer" means the representative of Gibson's conducting the Auction.
"Auction" means the event at which any Lot is offered for Sale by Gibson's. The following conditions that are listed contain terms that are used regularly and have the following meanings: By Bidding at Auction you agree to be bound by these terms. They may be amended by printed Saleroom Notices or oral announcements made before and during the Sale. They are the Terms on which Gibson's and the Seller contract with the Buyer. The Terms and Conditions of Sale listed here contain the policies of Gibson's Auctioneer's & Valuers Pty Ltd (herein after referred to as "Gibson's"). *Gibson's takes no responsibility whatsoever for the actions of any recommended third party. Please see below for a list of carriers.*:
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