Terms and Conditions of Sale
Terms and Conditions of Sale
The property offered and sold through New Material Culture, Inc's (hereinafter MC) public auctions (hereinafter the Property) shall be offered and sold pursuant to the terms and conditions set forth below (hereinafter the Agreement). This Agreement constitutes the complete statement of the terms and conditions pursuant to which all Property is offered for sale. By bidding at the auction,whether in person, by agent, in writing, by telephone, internet bid or any other means, the buyer of the Property (hereinafter the Buyer) agrees to be bound by this Agreement.
PROPERTY SOLD AS IS. All Property is sold as is, where is, with all faults. Neither MC nor any consignor makes any guarantees, warranties or representations, expressed or implied with respect to the Property or the correctness of the catalogue or any other description of the Property. In no event shall MC or the consignor be responsible for the correctness, nor be deemed to have made any representation or warranty, of description, genuineness, authorship, attribution, provenance, period, culture, source, origin or condition of the Property. No statement made at the sale, or in the bill of sale, or invoice or elsewhere shall be deemed such a guarantee, warranty or representation.
WITHDRAWAL OF PROPERTY. MC reserves the right to withdraw any Property at any time for any reason and to default any sale in the event of an error or dispute.
COPYRIGHT AND REPRODUCTION RIGHTS. MC and its consignors make no warranty or representation, express or implied, that the Buyer will acquire any copyright or reproduction rights to any Property sold. MC expressly reserves the right to reproduce any image of the Property sold in the catalogue. The copyright in all images, illustrations and written material produced by or for MC relating to Property, including the contents of the catalogue, is, and shall remain at all times, the property of MC and shall not be used by the Buyer, nor by anyone else, without MCs prior written consent.
EXAMINATION OF PROPERTY. All Property is available for examination prior to bidding. The Buyers bidding signifies that the Buyer has examined the Property as fully as desired or has chosen not to examine the Property. MC recommends that prospective bidders examine all items in which they have an interest prior to bidding.
BIDDING.RESERVES. Some of the Property in the sale is offered subject to a reserve. The reserve is a confidential minimum price agreed upon by the consignor and MC below which the lot will not be sold. In most cases, the reserve will be set below the estimated range, but in no case will it exceed the estimates listed. Otherwise, bidding will begin at a price appropriate in the auctioneer's discretion. The auctioneer always reserves the right to withdraw Property for any reason he deems appropriate. At the auctioneer's discretion, no bid of less than one half the low estimate will be accepted from any source, including but not limited to: phone bidding, absentee bidding, internet bidding or bidding in person at the auction.
ORDER OF BIDS. Unless otherwise announced by the auctioneer, all bids are per lot as numbered in the catalogue. MC reserves the right to determine any and all matters regarding the order, precedence or appropriate increment of bids or the constitution of lots.
ABSENTEE AND PHONE BIDDING. Absentee and phone bidding are permitted by prospective bidders who cannot be present at the auction. Please complete the Absentee Bid and/or Phone Reservation form. Absentee bids are executed competitively and confidentially. All reservations for phone bidding are held in the strictest confidence and must be received by 5 pm EST the day before the auction. No additional phone bids will be accepted at such time including additions when speaking with a staff person on the phone. Written absentee bids may be submitted on the Absentee Bid Form up to 30 lots before the item comes up for auction. Leaving an absentee or phone bid on a lot indicates your willingness to open the bidding at one half the printed estimate, and gives the auctioneer the authority to open the bidding at that level, or to open the bidding on a lot with a printed reserve at the reserve price. In the case of identical absentee bids, the bid received first will prevail. Bids left on internet portals are not executed until the item is offered in the live auction and the order in which they are received is not a factor. CUT BIDS. We do not accept cut bids, (bids less than the last interval) from the floor or from absentee bidders including phone and internet bidders. Thus, it is possible that a lot could go to another bidder for less than an absentee bid. For example, if the bids are progressing in $10 dollar increments and an absentee falls at a $5 increment we will not take the bid since it is less than the $10 increment. Following are general guidelines for bidding increments:
$0-$100 by $10 increments
$100-$500 by $25 increments
$500-$1,000 by $50 increments
$1,000 $3,000 by $100 increments
$3,000-$5,000 by $250 increments
$5,000-$10,000 by $500 increments
$10,000-$30,000 by $1,000 increments
$30,000-$50,000 by $2,500 increments
$50,000-$100,000 by $5,000 increments
$100,000-$200,000 by $10,000 increments
Above $200,000 auctioneers discretion
HIGHEST BIDDER. The highest bidder as determined by the auctioneer shall be the Buyer. In the case of a disputed bid, the auctioneer shall have sole discretion in determining the Buyer and may also, at his or her election, withdraw the Property or reoffer the Property for sale. The auctioneer shall have sole discretion to refuse any bid, or refuse to acknowledge any bidder. At such time as the auctioneer has declared Property sold to a given Buyer, said Buyer thereupon assumes full risk and responsibility for the Property, agrees to sign any requested confirmation of purchase, and agrees to pay the full price, plus Buyers Premium, therefore or such part, upon such terms as MC may require.
PAYMENT. Payment is due within 7 business days. Payment must be made by cash, approved check, wire transfer, Mastercard or Visa credit cards. MC reserves the right to require bank checks for purchases over $5,000. Personal checks will be acceptable only if credit has been established with MC or if a bank authorization has been received guaranteeing a personal check. MC reserves the right to hold Property purchased by personal check until the check has cleared the bank. Buyer agrees to pay MC a handling charge of $25.00 for any check dishonored by the drawee. MC reserves the right to not issue a Buyers number or to withhold merchandise if appropriate credit has not been established. Credit arrangements must be made by the Friday prior to the day of auction so bank statements can be verified. Any bidder that plans on spending in excess of $100,000 should make arrangements with the MC accounting department at least five (5) days in advance of the sale, as a deposit may be required to participate. All Property purchased must be paid for no later than 5 pm EST on the seventh business day following the sale. MC may impose, and the Buyer agrees to pay, a monthly interest charge of 1.5% of the purchase price of any Property not paid by the Buyer within thirty (30) days of the date of sale. MC reserves the right to rescind any sale of Property in the event payment is not received within seven (7) business days of the sale.
BUYERS PREMIUM. A Buyers premium of 25% will be applied to the purchase price of all Property.
REMOVAL OF PROPERTY. All items are located in Chicago, Illinois and must be picked up, or shipping arrangements made, within two weeks of the day of sale. Items not collected or shipped by the 15th day following the sale will incur storage fees at a rate of $5.00 per lot per day regardless of the size or value of the lot. Items not collected by the 30th day following the sale may be sold by MC or sent by MC to a public warehouse at the sole risk of, and charge to, the Buyer and MC may prohibit the Buyer from participating, directly or indirectly, as a bidder or purchaser in any future sale. No Property may be removed from the premises until the Buyer has paid in full the purchase price including Buyers premium. MC shall have no liability for any damage to Property left on the premises after the auction. A defaulting Buyer will be deemed to have granted and assigned to MC a continuing security interest of first priority in any Property or money of, or owing to such Buyer and MC may retain and apply such Property or money as collateral security for the obligations due to MC. MC shall have all of the rights accorded a secured party under the Pennsylvania Uniform Commercial Code.
PACKING AND SHIPPING. Buyer agrees that packing and shipping are done at the Buyer's risk and that Buyer will pay in advance all packing expenses, materials, carrier fees and insurance charges. Shipping is the sole responsibility of the Buyer. Neither MC nor any of its consignors will have liability for any loss or damage to shipped items. Upon request, MC will provide a list of shippers who deliver to destinations within the United States and overseas.
TAXES. All purchases are subject to applicable sales tax unless the Buyer possesses an applicable sales tax exemption number. Buyer is responsible for any and all tariffs, taxes and assessments that might be made on the Property. International Buyers are responsible for tariffs, taxes, or assessments of shipped items to the Buyers country.
IMPORT/EXPORT RESTRICTIONS. Some property that is sold at auction can be subject to laws governing export from the United States, such as items that include material from some endangered species. Import restrictions from foreign countries are subject to these same governing laws. Granting of licensing for import or export of Property from local authorities is the sole responsibility of the Buyer. Denial or delay of licensing will not constitute cancellation or delay in payment for the total purchase price of said Property.
BUYERS BREACH. If the Buyer breaches any of its obligations under this Agreement, including its obligation to pay in full the purchase price of all Property for which it is the highest successful bidder, MC may exercise all of its rights and remedies under the law including, without limitation, (a) canceling the sale and applying any payments made by the Buyer to the damages caused by the Buyers breach, and/or (b) offering at public auction, without reserve, any lot or item for which the Buyer has failed to pay in full the purchase price, holding the Buyer liable for any deficiency plus all costs of sale.
GOVERNING LAW. These conditions of sale shall be governed by the laws of the Commonwealth of Pennsylvania (excluding the laws applicable to conflicts or choice of law). The Buyer agrees that any suit for the enforcement of this Agreement may be brought, and any action against MC in connection with the transactions contemplated by this Agreement shall be brought, in the courts of the Commonwealth of Pennsylvania or any federal court sitting therein. The Buyer consents to the nonexclusive jurisdiction of such courts and waives objections that it may now or hereafter have to the venue of any such suit.
AMENDMENTS TO TERMS AND CONDITIONS. No claimed modification or amendment of this Agreement on the part of any party shall be deemed extant, enforceable or provable unless it is in writing that has been signed by the parties to this Agreement. No course of dealing and no delay or omission on the part of MC in exercising any right under this Agreement shall operate as a waiver of such right or any other right and waiver on any one or more occasions shall not be construed as a bar to or waiver of any right or remedy of MC on any future occasion.
Credit Cards
IMPORTANT INFORMATION FOR BIDDERS AND BUYERS
CONDITION OF BUSINESS
All lots are offered subject to Art Europe Auctions B.V. Conditions of Business which are printed in the catalogue. The conditions in the catalogue are leading.
BUYERS PREMIUM & VAT A buyer's premium of 24,2% is applicable to all lots in this sale. The buyer's premium is including VAT (currently 21%). Lots are normally offered for sale under the auctioneer's Margin Scheme.
This means that VAT is charged only over the buyer's premium. Lots which are marked with a VAT Symbol (V) indicate that VAT is payable by the purchaser at the standard rate (21%) on the hammer price as well as being an element in the buyer's premium. Lots which are marked with a double VAT symbol (VV) indicate that the lot has been imported from outside the European Union. VAT charges on these lots always include the hammer price as well as the buyer's premium.
ARTIST'S RESALE RIGHT
Purchase of lots marked with the following symbol R will be subject to payment of the Artist's Resale Right, at a percentage of the hammer price calculated as follows: Royalty 4.00% up to 50.000 3.00% between 50.000 and 200.000 1.00% between 200.000 and 350.000 0.50% between 350.000 and 500.000 0.25% in excess of 500.000. The Buyer agrees to pay AEA an amount equal to the resale royalty. Resale royalty applies where the price realized (Hammer and Premium) is 3,000 Euro or more.
BIDDING IN PERSON
To bid with us you must register to obtain a bid- ding number. Before the auction, ll in the form at the registration desk, provide proof of identity and you will be given a paddle number. All lots sold will be invoiced to the name and address in which the paddle has been registered and may not be transferred to other names and addresses. If you instruct an agent to bid on your behalf you will need to provide a letter of authority and they will also need to provide proof of identity. AEA reserves the right to refuse bids.
ABSENTEE BIDS
Art Europe Auctions will be pleased to execute bids on behalf of those clients unable to attend the sale in person. All bids must be submitted in writing in good time and lots will always be purchased as inexpensively as possible (de- pending on any other bids received, reserves & competition in the salesroom). It will be possible to arrange auction room telephone bidding, but subject always to availability. These services are offered free of charge and are subject to our Conditions of Business.
PAYMENT
Payment is due in Euro's immediately after the sale and before purchases can be released. Payments in person can be made in the saleroom on the day of the auction in cash, debit Card or Credit Card.
Credit Card
We are pleased to accept all major credit cards. A surcharge will be made to cover the charge made to us by the creditcard company or bank.
Debit Card
We accept Debit Card payments. Their is no charge for payment by Debit Card.
Cash
Cash payments will not be accepted above 10.000 Euro's. Shortly after your successful bid in the auction you will receive an email with: The Invoice (hammerprice, buyer's premium and applicable taxes); Payment instructions, property collection notice and shipping information.
Electronic transfers may be sent directly to our bank:
ABN AMRO Bank
Leidseplein 29 Amsterdam
The Netherlands
IBAN: NL31ABNA0453211550?BIC
Number: ABNANL2A
Account name: Stichting Derdengelden Art Europe Auctions
CONDITIONS OF BUSINESS FOR BUYERS
1. INTRODUCTION?
Art Europe Auctions B.V. (AEA or the Company) carries on business, including the conduct of Auctions, on the following general conditions.
2. DEFINITIONS`
?* Bidder is any person making, attempting or considering making a bid
* Buyer is the person who makes the highest bid or offer accepted by the auctioneer, including a Buyer's principal when bidding as agent
* Seller is the person offering a lot for sale, including their agent, or executors * AEA means Art Europe Auctions B.V. registered KNSM Laan 121, 1019 LB Amsterdam, The Netherlands
* Buyer's Expenses are any costs or expenses due to AEA from the Buyer
* Buyer's Premium is the commission payable by the Buyer on the Hammer Price at the rate set out in the important information for bidders and buyers
* Hammer Price is the highest bid for the Property accepted by the auctioneer at the auction or the post auction sale price
* Purchase Price is the Hammer Price plus applicable Buyer's Premium and Buyer's Expenses.
* Reserve Price is the minimum Hammer Price at which the Seller has agreed to sell a lot. The Buyer's Premium, Buyer's Expenses and Hammer Price are subject to VAT where applicable.
3. EXAMINATION OF LOTS?
AEA's knowledge of lots is partly dependent on information provided by the Seller and AEA is unable to exercise exhaustive due diligence on each lot. Each lot is available for examination before sale. Bidders are responsible for carrying out examinations and research before sale to satisfy themselves over the condition of lots and accuracy of descriptions. All oral and/or written information provided to Bidders relating to lots, including descriptions in the catalogue, condition reports or elsewhere are statements of AEA's opinion and not representations of fact. Estimates may not be relied on as a prediction of the selling price or value of the lot and may be revised from time to time at AEA's absolute discretion.
4. EXCLUSIONS AND LIMITATIONS OF LIABILITY TO BUYERS?AEA shall refund the Purchase Price to the Buyer in circumstances where it deems that the lot is a Counterfeit, subject to the terms of AEA's Authenticity Guarantee. Subject to this neither AEA nor the Seller:
*is liable for any errors or omissions in any oral or written information provided to Bidders by AEA, whether negligent or otherwise
** gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded other than the express warranties given by the Seller to the Buyer under the
Conditions of Business for Sellers
*** accepts responsibility to Bidders for acts or omissions by AEA in connection with the conduct of auctions or for any matter relating to the sale of any lot. Without prejudice to the above Condition any claim against AEA and/or the Seller by a Bidder is limited to the Purchase Price for the relevant lot. Neither AEA nor the Seller shall be liable for any indirect or consequential losses.
5. BIDDING AT AUCTION?
AEA has absolute discretion to refuse admission to the auction. Before sale, Bidders must complete a Registration Form and supply such information and references as AEA requires. Bidders are personally liable for their bid and are jointly and severally liable with their principal, if bidding as agent (in which case AEA's prior and express consent must be obtained). AEA advises Bidders to attend the auction, but AEA will endeavor to execute absentee written bids provided that they are, in AEA's opinion, received in sufficient time and eligible form. When available, written and telephone bidding is offered as a free service at the Bidder's risk and subject to AEA's other commitments; AEA is therefore not liable for failure to execute such bids. Telephone bidding may be recorded. When available online bidding is offered as a free service via our website arteuropeauctions.com or via other online platforms such as the www.thesaleroom.com or others. For further information we refer to the additional terms and conditions for online bidding published on our website.
6. IMPORT, EXPORT AND COPYRIGHT RESTRICTIONS?a. AEA and the Seller make no representations or warranties as to whether any lot is subject to import, export or copyright restrictions. It is the Buyer's sole responsibility to obtain any copyright clearance or any necessary import, export or other license required by law, including licenses required under the Convention on the International Trade in Endangered Species (CITES).
7. CONDUCT OF THE AUCTION?
a. The auctioneer has direction to refuse bids, withdraw re-offer lots for sale (including after the fall of the hammer) if he believes that there may be an error or dispute, and may also take such other action as he reasonably deems necessary.
b. The auctioneer will commence and advance the bidding in such increments as he considers appropriate and is entitled to place bids on the Seller's behalf up to the Reserve Price for the lot, where applicable.?c. Subject to Condition, the contract between the Buyer and the Seller is concluded on the striking of the auctioneer hammer.?
d. Any post-auction sale of lots shall incorporate these Conditions of Business.?
8. Payment and Collection?a. Unless otherwise agreed in advance, payment of the Purchase Price is due in euros immediately after the auction (the "Payment Date")?b. Title in a lot will not pass to the Buyer until AEA has received the Purchase Price in cleared funds. AEA will generally not release a lot to a Buyer before payment. Earlier release shall not affect passing of title or the Buyer's obligation to pay the Purchase Price as above.?c. The refusal of any license or permit required by law, as outlined in Condition 6, shall not affect the Buyer's obligation to pay for the lot, as per Condition 8a.?d. On receipt of cleared funds, the buyer may collect lots from the saleroom during the auction and immediately after its completion. (see Important Notice for Bidders and Buyers). Thereafter all purchased lots will be transferred to AEA's appointed shippers and independent storers, details of which are printed in the auction catalogue or available on request. Purchased lots in the possession of the appointed company will be subject to their own Conditions of Business and insurance arrangements.
e. All packing and handling of lots is at the Buyer's risk. AEA will not be liable for any acts or omissions of third party shippers, storers or packers.
9. REMEDIES FOR NON PAYMENT?
Without prejudice to any rights that the Seller may have, if the Buyer without prior agreement fails to make payment for the lot within 5 working days of the auction, AEA may in its sole discretion exercise one or more of the following remedies:?a. store the lot at its premises or elsewhere at the Buyer's sole risk and expense;?b. cancel the sale of the lot?c. set off any amounts owed to the Buyer by AEA against any amounts owed to AEA by the Buyer for the lot;?d. reject future bids from the Buyer;?e. charge interest at a rate equal to the legal interest rate from the moment he is in default.?f. re-sell the lot by auction or privately, with estimates and reserves at AEA's discretion, in which case the Buyer will be liable for any shortfall between the original Purchase Price and the amount achieved on re-sale, including all costs incurred in such re-sale, including any shipping, storing, packing, insurance and handling fees owed to third parties;?g. commence legal proceedings to recover the Purchases Price for the lot, plus interest and legal costs proceedings.
10. DATA PROTECTION?AEA will use information supplied by Bidders or otherwise obtained lawfully by AEA for the provision of auction related services, client administration, marketing and as otherwise required by law.
11. MISCELLANEOUS
?a. All images of lots, catalogue descriptions and all other materials produced by AEA are the copyright of AEA.?
b. All notifications and communications to AEA shall be made in writing.?c. These Conditions of Business shall be interpret- ed in accordance with Dutch Law.
ART EUROPE AUCTIONS B.V. AUTHENTICITY GUARANTEE?
If AEA sells an item of Property which is later shown to be a "Counterfeit" subject to the terms below AEA will rescind the sale and refund the Buyer the total amount paid by the Buyer to AEA for that Property, up to a maximum of the Purchase Price. The Guarantee lasts for one year after the date of the relevant auction, is for the bene t of the Buyer only and is non-transferable. "Counterfeit" means an item of Property that in AEA reasonable opinion is an imitation created with intent to deceive. Property shall not be considered Counterfeit solely because of any damage and/or restoration and/ or modi cation work. To claim under this Guarantee, the Buyer must notify AEA in writing within one month of receiving any information that causes the Buyer to question the authenticity or attribution of the Property, specifying the lot number, date of the auction at which it was purchased and the reasons why it is believed to be Counterfeit; and return the Property to AEA in the same condition as at the date of sale and be able to transfer good title in the Property, free from any third party claims arising after the date of the sale. AEA may require the Buyer to obtain at the Buyer's cost the reports of two independent and recognized experts in the relevant field.
