Additional Premium: a premium calculated in the manner set out in these Conditions relating to the payment of royalties under the Artists Resales Rights Regulations 2006 (as amended), payable by the Buyer to Propstore on any Lot marked 'ARR'.
Auction: a sale by online auction hosted by Propstore.
Bidder: any person or organisation, properly registered and/or approved by Propstore to participate in the Auction who makes, considers making or attempts to make a bid to buy a Lot at Auction.
Buyer: the person or organisation making the highest bid or offer for a Lot accepted by Propstore, including a principal bidding as agent.
Buyer's Premium: a commission of 26% (or £30, whichever is higher) plus VAT (if applicable) of the Hammer Price for a Lot, payable by the Buyer to Propstore.
Cryptocurrency: the virtual or digital currency accepted by Propstore from time to time as payment for a Lot, using Propstore's chosen payment processor as notified to the Buyer.
Entry: a written statement in the Auction catalogue identifying the Lot and its Lot number, which may also contain a photograph of the Lot taken by Propstore. Please note however any photographs or stills extracted from a TV or film production that appear in the Auction catalogue are provided for illustrative purposes only and do not form part of the Entry. They are not a confirmation that the Lot appeared within the scene portrayed in the relevant photograph or still. Any specific on-camera usage of the Lot known to Propstore will be noted within the Entry.
Guarantee of Attribution: Propstore's limited guarantee relating to the provenance of each Lot, as set out in Condition 10.
Hammer Price: the highest bid for a Lot accepted by Propstore's auction platform before the Lot closes) or the post-Auction sale price of that Lot (as applicable).
Lot: each item or group of items consigned by the Seller to Propstore to be made available for sale at an Auction, as detailed in the Entry.
Outstanding Fees: has the meaning given to that term in Condition 7.14.2.3.
Payment Plan: an option made available at Propstore's discretion for a Buyer to pay for a Lot by deposit and then interest-free instalments over a period of up to 3 months in accordance with these Conditions, where the Buyer's total Auction invoice for the Hammer Price exceeds £2,000 (unless specified otherwise with respect to an individual Lot). For clarity, a Seller's individual Lot may have a Hammer Price of equal to or less than £2,000 but still form part of the Buyer's overall Auction invoice that includes multiple Lots with a cumulative Hammer Price that exceeds £2,000 and therefore qualifies for a Payment Plan.
Propstore: Prop Store Limited (company number 08622002) of Great House Farm, Chenies, Rickmansworth, Hertfordshire, WD3 6EP. Propstore is also referred to in these Conditions by the words "we", "us" and "our".
Purchase Price: the Hammer Price plus Buyer's Premium and, where applicable, plus the Additional Premium, VAT and other sales taxes.
Reserve Price: (where applicable) the minimum price at which the Seller has authorised Propstore to sell a Lot.
Seller: the person or organisation offering the Lot for sale, including their agents or personal representatives.
Working Days: a day other than a Saturday, Sunday or bank or public holiday in England.
VAT: value added tax at the prevailing rate in the United Kingdom at the date the Lot sale occurs.
you or your: means the person or organisation reviewing these Conditions and, where applicable, means the Bidder or Buyer.