Conditions of Sale
CONDITIONS OF SALE
Lofty.com AS AGENT
The lots listed in this catalog will be offered by Lofty.com as owner or as agent for consignor(s) subject to the following terms and conditions.
By bidding at auction you agree to be bound by these Conditions of Sale.
BEFORE THE SALE
Prospective buyers are strongly advised to obtain full condition reports. All lots are sold "AS IS" and without recourse and neither Lofty.com nor its consignor(s) makes any warranties or representations, express or implied with respect to such lots. Neither Lofty.com nor its consignor(s) makes any express or implied warranty or representation of any kind or nature with respect to merchantability, fitness for purpose, correctness of the catalog or other description of the physical condition, size, quality, rarity, importance, medium, material, genuineness, attribution, provenance, period, culture, source, origin, exhibitions, literature or historical significance of any lot sold. The absence of any reference to the condition of a lot does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging. No statement, whether written or oral, and whether made in the catalogue, or in supplements to the catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, the remarks of an auctioneer, or otherwise, shall be deemed to create any warranty, representation or assumption of liability. Lofty.com and its consignor(s) make no warranty or representation, express or implied, that the purchaser will acquire any copyright or reproduction rights to any lot sold. Lofty.com expressly reserves the right to reproduce any image of the lots sold in the catalogue. In the event that there is a discrepancy between the written lot description and the images published, preference will be given to the images and they will be considered the more accurate description of the property.
DURING THE SALE
Refusal of Admission - Lofty.com has the right, at our complete discretion, to refuse participation in any auction and to reject any bid.
Registration before Bidding - A prospective buyer must complete and sign a registration form and provide identification before bidding. We may require bank or other financial references.
Bidding as Principal - When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer's premium, all applicable taxes and all other applicable charges, unless it has been explicitly agreed upon in writing with Lofty.com before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to Lofty.com and that Lofty.com will only look to the principal for payment.
Online Bids - We will use reasonable efforts to carry out online bids and do not accept liability for equipment failure, inability to access the internet or software malfunctions related to the execution of online bids.
Reserves - Some lots in the sale are subject to a reserve which is the confidential minimum price below which such lot will not be sold. The reserve will not exceed the low estimate of the lot. Reserves are agreed upon with consignors or, in the absence thereof, the absolute discretion of Lofty.com. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. The auctioneer may continue to bid on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. With respect to lots that are offered without reserve, unless there are already competing bids, the auctioneer, in his or her discretion, will generally open the bidding at half of the low estimate for the lot. In the absence of a bid at that level, the auctioneer may proceed backwards at his or her discretion until a bid is recognized, and then continue up from that amount.
Auctioneer's Discretion - The auctioneer has the right at his or her absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw any lot, and in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.
Successful Bid - The highest bidder acknowledged by the auctioneer will be the purchaser. In the case of a tie bid, the winning bidder will determined by the auctioneer at his or her sole discretion. In the event of a dispute between bidders, the auctioneer has final discretion to determine the successful bidder or to reoffer the lot in dispute. If any dispute arises after the sale, the Lofty.com sale record shall be conclusive. Title passes upon the fall of the auctioneer's hammer to the highest acknowledged bidder subject to the Conditions of Sale set forth herein, and the bidder assumes full risk and responsibility.
AFTER THE SALE
Buyer's Premium - In addition to the hammer price, the buyer agrees to pay Lofty.com a buyer's premium and the applicable sales tax added to the final total. The buyer's premium for purchases made via Lofty.com is fifteen percent (15%) of the hammer price.
Payment - The buyer must pay the entire amount due (including the hammer price, buyer's premium, all applicable taxes and other charges) no later than 5 p.m. on the seventh (7) business day following the sale. Payment in U.S. dollars may be made with Visa, MasterCard, Discover; cashier's check drawn on a U.S. bank; money order; or wire transfer, unless other arrangements are made with Lofty.com. In the event that Lofty.com agrees to accept a personal check, Lofty.com reserves the right to hold merchandise purchased by personal check until the check has cleared the bank. The purchaser agrees to pay Lofty.com a handling charge of $50 for any check dishonored by the drawee.
Tax Exempt Notice - Lots marked with an asterisk (*) are tax exempt as permitted by law.
Collecting Purchases - Once Lofty.com has received all funds due to us, Lofty.com will coordinate shipping for the buyer. Shipping arrangements shall be confirmed within (7) business days from receipt of payment.
Packing and Shipping - If your bid is successful, you are liable for shipping costs. However, Lofty.com will arrange for shipping via a mutually agreeable shipping provider.
Lofty.com will not be responsible for the acts or omissions of carriers or packers. Property will not be released to the shipper until payment has been made in full.
Non Payment - If we do not receive payment in full, in good cleared funds, within seven (7) business days following the sale, we are entitled in our absolute discretion to exercise one or more of the following measures, in addition to any additional actions available to us by law:
a.) to impose a late charge of one and a half percent (1.5%) per thirty (30) days of the total purchase price b.) to hold the defaulting buyer liable for the total amount due and to begin legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law c.) to cancel the sale d.) to resell the property publicly or privately with such terms as we find appropriate, to resell the property at public auction without reserve, and with the purchaser liable for any deficiency, cost, including handling charges, the expenses of both sales, our commission on both sales at our regular rate, all other charges due hereunder and incidental damages. In addition, a defaulting purchaser will be deemed to have granted us a security interest in, and we may retain as collateral security for such purchaser's obligations to us, any property in our possession owned by such purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds represented by checks, or in the case of bank or cashier's checks, we have confirmed their authenticity. e.) to offset against any amount owed f.) to not allow any bids at any upcoming auction by or on behalf of the buyer g.) to take other action as we find necessary or appropriate
LIABILITY
Condition Reports - Lofty.com is not responsible for the correctness of any statement of any kind concerning any lot, whether written or oral, nor for any other errors or omissions in description or for any faults or defects in any lot. Neither the seller, ourselves, our officers, employees or agents, give any representation, warranty or guarantee or assume any liability of any kind in respect of any lot with regard to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature or historical relevance. Except as required by local law any warranty of any kind whatsoever is excluded by this paragraph. In the event that there is a discrepancy between the written lot description and the images published, preference will be given to the images.
Purchased Lots - If for any reason a purchased lot cannot be delivered in the same condition as at the time of sale, or should any purchased lot be stolen, mis-delivered or lost prior to delivery, Lofty.com shall not be liable for any amount in excess of that paid by the purchaser.
Legal Ramifications - The rights and obligations of the parties with respect to these Conditions of Sale, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws of the jurisdiction in New York State. If any part of these Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law.
Discretion - Any and all of the conditions may be waived or modified in the sole discretion of Lofty.com.
