Terms and Conditions of Sale
1. INTRODUCTION
Each Lot in a Wright Auction or Wright Catalogue is offered subject to the following Terms and Conditions of Sale ("Terms"), as supplemented in writing or otherwise by us at any time prior to the sale. By Registering to Bid, Bidding, or otherwise purchasing a Lot from Wright, you agree to be bound by these Terms.
In these Terms, "we," "us," "our," "Wright" or similar terms mean R. Wright, Inc. and any of its agents, and "you," "your," "buyer" or similar terms mean a person Bidding on or buying a Lot at a Wright Auction, Private Sale, Wright Now Sale or otherwise through us. Please see Section 9 below for the meanings of capitalized terms or phrases that are not defined elsewhere in these Terms.
2. BIDDING AT AUCTION
Prerequisites: To Bid, you must Register to Bid with us in advance of the sale. In addition to our general registration requirements, we reserve the right to require (a) photo identification; (b) bank references; (c) a credit card; and (d) a monetary deposit (which will be refunded immediately if you do not submit the highest bid on a lot and will be applied to any Purchase Price Bid).
Assumed Costs and Risks: By Bidding, you understand that any Bid you submit can and may be regarded as the Purchase Price Bid for a particular Lot; accordingly, your Bid constitutes a legally binding agreement to purchase the Lot in accordance with your Bid if accepted by the auctioneer. You agree to assume personal responsibility to pay the Purchase Price Bid, plus the Buyer's Premium and any additional charges that become due and payable in connection with your purchase of a Lot; and that upon the fall of the auctioneer's hammer or other indication by the auctioneer that bidding has closed for a particular Lot, if your last Bid is the Purchase Price Bid, you agree to purchase the Lot and assume all risk of loss and damage to such Lot, in addition to any obligations, costs and expenses relating to its handling, shipping, insurance, taxes and export. All sales are final.
Auctioneer Discretion: The auctioneer has the right, in his absolute discretion, to determine the conduct of any Wright Auction sale, including, without limitation, to advance the bidding, to reject any Bid offered, to withdraw any lot, to reoffer and resell any lot, and to resolve any dispute in connection with such sale. In any such case, the judgment of the auctioneer is final, and shall be binding upon you and all other participants in such sale.
Bidding Increments: All Wright Auction sales will be conducted in the following increments, and nonconforming Bids will not be executed, honored or accepted:
Price of Lot Increments for Proper Bids
$25 to $500 $25 increment
$500 to $1,000 $50 increment
$1,000 to $2,000 $100 increment
$2,000 to $3,000 $200 increment
$3,000 to $5,000 $250 increment
$5,000 to $10,000 $500 increment
$10,000+ $1,000 increment or auctioneer's discretion
Reserve: All Lots may be offered subject to a confidential minimum price below which the Lot will not be sold (the "Reserve"). 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.
Remote Bidding: As a convenience to buyers who cannot be present on the day of a Wright Auction and have Registered to Bid, we will use reasonable efforts to execute (i) written, properly completed absentee Bids described on Wright bid forms delivered to us prior to that sale; or (ii) Bids delivered to us via the Internet, whether by properly completed Wright absentee bid forms or, if available, a live bidding service authorized by Wright. We assume no responsibility for a failure to execute any such Bid, or for errors or omissions made in connection with the execution of any such Bid. If requested prior to a Wright Auction in writing, we will use reasonable efforts to contact the buyer by telephone to enable the buyer to Bid by telephone on the day of the sale, but we assume no responsibility for errors or omissions made in connection with any such arrangement (including without limitation miscommunication of instructions given over the phone or failure to establish a connection prior to a sale). You acknowledge that there may be additional terms and conditions governing the use of any third-party service in connection with Bidding on the Internet, including, but not limited to, those providing for additional charges and fees relating to the execution of such Bids. Wright has no control over, and assumes no responsibility for, the content, privacy policies, or practices of any third party websites or services. You expressly release Wright from any and all liability arising from your use of any third-party website or services. Additionally, your dealings with such third party sites, including payment and delivery of goods, and any other terms (such as warranties) are solely between you and such third parties. We encourage you to be aware of, and to read, the terms and conditions and privacy policy of any third-party website or service that you visit.
3. PAYMENT FOR AND COLLECTION OF PURCHASES
You Pay Buyer Costs: If your Bid results in a Purchase Price Bid (or you agree to pay the purchase price for a Lot as a part of a Wright Now Sale or Private Sale), you agree to pay the following charges associated with the purchase of such Lot:
(i) Hammer Price (for Auction Sales) or Lot purchase Price (for Wright Now Sales and Private Sales);
(ii) Buyer's Premium (for Auction Sales); which is 25% of the Hammer Price (or part thereof) up to and including $100,000; 20% of the Hammer Price (or part thereof) in excess of $100,000 up to and including $1,000,000; and 12% of the Hammer Price (or part thereof) in excess of $1,000,000. An additional 3% premium will be added to any successful bid accepted thru a third-party online bidding platform.
(iii) any applicable sales tax, late payment charges, storage fees, Enforcement Costs or other costs, damages or charges assessed in accordance with these Terms (for all sales) ((i) - (iii) collectively, the "Buyer Costs"). All purchases will be subject to state sales tax unless the buyer has provided us with a valid certificate of exemption from such tax.
Payment Procedure: You agree to pay all Buyer Costs immediately following Wright's acceptance of the Purchase Price Bid unless other arrangements have been approved by Wright in advance. If Wright approves of such other arrangement for payment, Wright may at its discretion require you to make a nonrefundable down payment on Buyer Costs. All payments must be made in US Dollars, in any of the following acceptable forms of payment:
Cash
Check, with acceptable identification
Visa, MasterCard or American Express.
Wright reserves the right to charge and collect an additional 2% of payments made by credit card.
Title and Risk of Loss: Title to a Lot purchased in accordance with these Terms shall not pass to the buyer until Wright has received the Buyer Costs (including clearance of checks and wire transfers). We reserve the right to delay delivery of or otherwise prevent access to any purchased Lot until Wright has received all Buyer Costs. Notwithstanding passage of title, risk of loss to a Lot passes immediately to buyer upon Wright's acceptance of a Purchase Price Bid. All sales are final.
Security: As security for full payment to us of all amounts due from the buyer and prompt collection of your purchased Lots in accordance with these Terms, we retain, and the buyer grants to us, a security interest in any Lot purchased by the buyer in accordance with these Terms (and any proceeds thereof), and in any other property or money of the buyer in our possession or coming into our possession subsequently ("Security Interest"). We may apply any such money or treat any such property in any manner permitted under the Uniform Commercial Code and/or any other applicable law. You hereby grant us the right to prepare and file any documents to protect and confirm our Security Interest including but not limited to a UCC-1 Financing Statement.
Delivery: Buyer is solely responsible for collection of purchased Lots from Wright facilities, including making arrangements and paying all costs associated with packing and delivery. We may, as a courtesy to the buyer, provide or arrange packing, shipping or similar logistical services, or refer the buyer to third parties who specialize in these services. Any such services referred, provided or arranged by us are at the buyer's sole risk and expense, we assume no responsibility for any act or omission of any party in connection with any such service or reference, and we make no representations or warranties regarding such parties or their services. You expressly release Wright from any and all liability arising from your use of any third-party website or services.
Storage, Abandonment And Related Charges: All purchased Lots not collected from Wright's facilities by buyer or buyer's authorized agents within thirty (30) days following the Sale Date will become subject to storage fees of not less than $5 per day. A late payment fee equal to 1.5% per month may be assessed on any Buyer Costs remaining unpaid thirty (30) days following the Sale Date. If a purchased Lot has not been collected from us within sixty (60) days after the Sale Date, and Wright has not consented to continue to store the Lot, the buyer will be deemed to have defaulted under these Terms, and, in addition to any other remedies we may have at law or equity, we shall be entitled to foreclose on the Security Interest by selling such Lots and using the proceeds from such sale for any purpose (including payment of storage fees and administrative expenses of handling such matter), without any further liability to the buyer. You agree that this remedy is reasonable in light of the costs Wright would have to incur to continue to store and process purchased Lots after sale.
Breach: If a buyer fails to make timely payment as required in these Terms, or breaches any other covenant, representation or warranty in this Agreement, we shall be entitled, in our discretion, to exercise any remedies legally available to us, including, but not limited to, the following:
(i) cancellation of the sale of the Lot to the non-paying buyer, including the sale of any other Lot to the same buyer (whether or not paid);
(ii) reselling the Lot, at public or private sale, with or without reserve;
(iii) retention of all amounts already paid by the buyer to Wright, which shall constitute a processing and restocking fee (which you acknowledge would be reasonable in light of the costs Wright would have to incur to process your breach and attempt to re-auction or resell the Lot);
(iv) rejection of any Bids by the buyer at future auctions;
(v) setting-off any amounts owed by Wright to the buyer in satisfaction of unpaid amounts; and/or
(vi) taking any other action we deem necessary or appropriate under the circumstances.
Confession of Judgment If you default on payment of one or more Purchase Price Bids under this Agreement, you hereby authorize any attorney to appear in a court of record and confess judgment against you in favor of Wright for the payment of such Purchase Price Bids and all related Buyer Costs. Accordingly, the confession of judgment may be without process and for any amount due on this Note including collection costs and reasonable attorneys' fees. This authorization is in addition to all other remedies available to Wright.
4. LIMITED WARRANTY
"As Is", "Where Is": Except as expressly stated below, each Lot is sold "as is" "where is", with no representation or warranty of any kind from any party (including Wright or the consignors of the Lots), express or implied, including warranties of merchantability, fitness for a particular purpose and non-infringement. Because you are responsible for satisfying yourself as to condition or any other matter concerning each purchased Lot, you are advised to personally examine any Lot on which you intend to bid prior to the auction and/or sale. As a courtesy, condition reports for any Lot are available from Wright prior to the sale, but Wright assumes no responsibility for errors and omissions contained in any such report, a Wright Catalogue or other description of a Lot that may be available on the Wright website. Any statements made by Wright with respect to a Lot (whether in a condition report, a Wright Catalogue or on the Wright website), whether orally or in writing, are intended as statements of opinion only, are not to be relied upon as statements of fact and do not constitute representations or warranties of any kind.
Authorship Warranty: Subject to the following terms and conditions, Wright warrants, for a period of two (2) years following the date of sale, the information presented in a Wright Catalogue with respect to Authorship of any Lot is true and correct, so long as the name of the Author is set forth unqualifiedly in a heading in BOLD CAPITAL type in the applicable and most current Wright Catalogue. The term "Author" or "Authorship" means the creator, designer, culture or source of origin of the property, as the case may be, as specifically identified in BOLD CAPITAL type in the applicable and most current Wright Catalogue, and shall not include any supplemental text or information included in any other descriptions (whether or not in the Wright Catalogue).
Exclusions From And Conditions To The Authorship Warranty: Notwithstanding, this warranty is subject to the following:
(i) The benefits of this warranty are only available to the original buyer of a Lot from Wright, and not to any subsequent purchasers, transferees, successors, heirs, beneficiaries or assigns of the original buyer.
(ii) This warranty shall not apply to any Lot for which a Wright Catalogue description states that there is a conflict of opinion among specialists as to Authorship.
(iii) This warranty shall not apply to any Lot for which, at the time of sale, the statements regarding Authorship made by Wright conformed with the generally accepted opinion of scholars, specialists or other experts, despite the subsequent discovery of information that modifies such generally accepted opinions.
(iv) The buyer must provide written notice of any claim under this warranty to Wright (validated by no fewer than two (2) written opinions of experts whose principal line of business is the appraisal and authentication of art, antiquities, design objects or other valuable objects similar to the Lot) not later than thirty (30) days after becoming aware of the existence of such a claim, an in any event no later than two (2) years following the date of sale, and must return the Lot subject to such claim to Wright in the same condition as at the time of the original sale. Wright reserves the right to appoint two independent specialists to examine the Lot and evaluate the buyer's claim prior to buyer's receipt of any remedy pursuant to this warranty.
Buyer's Only Remedy For Authorship Warranty Breach: The buyer's sole remedy, and Wright's sole liability, under this warranty shall be the cancellation of the sale of the Lot in question, or (if the sale has already concluded) the refund of the purchase price originally paid by such buyer for the Lot in question (not including any late fees, taxes, shipping, storage or other amounts paid to Wright in accordance with these Terms). Buyer hereby waives any and all other remedies at law or equity with respect to breaches of this warranty.
Limit Of Liability: IN NO EVENT SHALL WRIGHT BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL, EXEMPLARY, INDIRECT, SPECIAL, PUNITIVE, INCIDENTAL OR SIMILAR DAMAGES, WHETHER FORESEEABLE OR UNFORESEEABLE, REGARDLESS OF THE CAUSE OF ACTION ON WHICH THEY ARE BASED, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OCCURRING. WITH RESPECT TO ANY SALE OF A LOT, IN NO EVENT SHALL WRIGHT BE LIABLE TO YOU OR ANY THIRD PARTY FOR LOSSES IN EXCESS OF THE PURCHASE PRICE PAID BY YOU TO WRIGHT FOR SUCH LOT TO WHICH THE CLAIM RELATES.
5. RECISSION/VOIDING OF SALE BY WRIGHT
If we become aware of an adverse claim of a third party relating to a Lot purchased by you, we may, in our discretion, rescind the sale. Upon notice of our election to rescind a sale, you will promptly return such Lot to us, at which time we will refund to you the Hammer Price and Buyer's Premium paid to us by you for such Lot. This refund will represent your sole remedy against us and/or the consignor in case of a rescission of sale under this paragraph, and you agree to waive all other remedies at law or equity with respect to the same. If you do not return such Lot to us in accordance with this paragraph, you agree to indemnify, defend and hold Wright, its officers, directors, employees, agents and their successors and assigns, harmless from any damages, costs, liabilities or other losses (including attorney's fees) arising as a result of such third party claim.
6. COPYRIGHT NOTICE
Wright and its licensors will retain ownership of our intellectual property rights, including, without limitation, rights to the copyrights and trademarks and other images, logos, text, graphics, icons, audio clips, video clips, digital downloads in, and the "look and feel" of, the Wright website and each Wright Catalogue. You may not obtain any rights of ownership, use, reproduction or any other therein by virtue of these Terms or purchasing a Lot. You may not use any of our trademarks or service marks in any way.
7. SEVERABILITY
If any provision of these Terms is held by any court to be invalid, illegal or unenforceable, the invalid/illegal/unenforceable aspect of such provision shall be disregarded and the remaining Terms enforced in accordance with the original document and in accordance with applicable law.
8. GOVERNING LAW
These Terms shall be governed by and interpreted in accordance with the law of the State of Illinois and, by Registering to Bid or Bidding in the Wright Auction (whether personally, by telephone or by agent), the you agree to submit to the exclusive jurisdiction of the state and federal courts located in Cook County, Illinois in connection with any matter related to these Terms, the Wright Auction or other sale of a Lot to you by Wright.
9. EXPENSES
In addition to the foregoing, you agree to pay to Wright or Seller on demand the amount of all expenses paid or incurred by Wright and Seller, including attorneys' fees and court costs paid or incurred by Wright or Seller in exercising or enforcing any of its rights hereunder or under applicable law, together with interest on all such amounts at 1.5% per month (the "Enforcement Costs") within thirty (30) days of the buyer's receipt of Wright's invoice for such Enforcement Costs.
10. DEFINITIONS
The following terms have the following meanings:
"Author" and "Authorship" have the meanings given in Section 4.
"Bidding", "Bid" or "place a Bid" means a prospective buyer's indication or offer of a price he or she will pay to purchase a Lot at a Wright Auction which conforms with the provisions of Section 2.
"Buyer Costs" has the meaning given in Section 3.
"Buyer's Premium" means the following for any Lot: (i) 25% of the Hammer Price (or part thereof) up to and including $50,000; (ii) 20% of the Hammer Price (or part thereof) in excess of $50,000 up to and including $1,000,000; and (iii) 12% of the Hammer Price (or part thereof) in excess of $1,000,000. An additional 3% premium will be added to any successful bid accepted thru a third-party online bidding platform.
"Hammer Price" means the price for a Lot established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel or otherwise indicating the bidding on such Lot has closed.
"Lot" means the personal property offered for sale by Wright, whether at a Wright Auction, Private Sale, Wright Now Sale or otherwise.
"Passed Lot" a Lot which does not reach its reserve or otherwise fails to sell at a Wright Auction.
"Private Sale" a non-public, discrete sale of a Lot (such Lot typically not being exhibited by Wright).
"Purchase Price Bid" means the bid submitted by a Buyer for a Lot which is accepted as the Hammer Price, or in the case of Private Sales or Wright Now Sales, the price accepted by Wright for the sale of such Lot.
"Register to Bid" or "Registering to Bid" means providing Wright with your complete, accurate contact information (including address, phone and email) and a current, valid credit card number (including security code), and (i) in the case of phone or absentee bidders, a properly completed Wright bid form, links to which can be found under "Bid Form" here http://www.wright20.com/buying/how_to_bid/; (ii) in the case of online bidders, registration with such authorized third-party online auctioneer service providers described here http://www.wright20.com/buying/how_to_bid/.
"Reserve" has the meaning given in Section 2.
"Sale Date" means, in the case of Wright Auctions, the date of the closing of bidding for a particular Lot and acceptance of the Purchase Price Bid for such Lot; in the case of all other sales by Wright, the date Wright agrees in writing to sell a Lot to a buyer.
"Security Interest" has the meaning given in Section 3.
"Seller" means the owner of a Lot offered for sale at a Wright Auction, Private Sale, Wright Now Sale or other sale administered by Wright.
"Terms" has the meaning given in the Introduction to this Agreement.
"Wright Auction" means the sale of Lots to the public through competitive bidding administered by Wright (including sales administered through a third-party Internet auctioneer authorized by Wright).
"Wright Catalogue" means the design catalogues published by Wright which features Lots available at particular Wright Auctions.
"Wright Now Sale" is a sale of a Lot valued less than $10,000 consigned to Wright by a third party, either posted on Wright's website directly or solicited after a Lot fails to sell at auction.
Shipping
Conditions
of purchase
in voluntary
auction sales
Artcurial SAM
Artcurial SAM is an operator of voluntary auction sales. In such capacity Artcurial SAM acts as the agent of the seller who contracts with the buyer.
The relationships between Artcurial SAM and the buyer are subject to the present general conditions of purchase that can be modified by saleroom notices or oral indications before the sale, which will be recorded in the official sale record.
1?-?Goods for auction
The photographs reproduced in the catalogue have no legal value and are not to be considered as guarantee of quality. Artcurial SAM reserves the right to modify the scale and proportions of an object for the purpose of the page setup of a catalogue.
a) The prospective buyers are invited to examine any goods in which they may be interested, before the auction takes place, and notably during the exhibitions.
Artcurial SAM is available to the prospective buyers to provide them with reports about the conditions of lots. Pieces of furniture, paintings and works of Art are sold in their current condition.
b) Description of the lots resulting from the catalogue, reports, labels and verbal statements or announcements are only the expression by Artcurial SAM of their perception of the lot, but cannot constitute the proof of a fact.
c) The statements by made Artcurial SAM about any restoration, mishap or harm arisen concerning the lot are only made to facilitate the inspection thereof by the prospective buyer and remain subject to the buyer's own or to the buyer's expert's evaluation. The absence of statements Artcurial SAM in regard to a restoration, mishap or harm, in the catalogue, condition reports, on labels or orally, does not imply that the item is exempt from any current, past or repaired defect. Inversely, indication of any defect whatsoever does not imply the absence of any other defects. Artcurial SAM is bound only within the limits of due care.
d) Estimates are provided for guidance only and cannot be considered as implying the certainty that the item will be sold for the estimated price or even within the bracket of estimates.
Estimates cannot constitute any warranty assurance whatsoever.
The estimations can be provided in several currencies ; the conversions may, in this case or, be rounded off differently than the legal rounding
e) Regarding clockmaking, watches and
pendulum clocks are sold «as is». No warranty
is given as the correct operation of the watches
and clocks or to the condition of the bracelet
or hand wrists. Most of the watches have been
opened, as required in order to identify the type and quality of the movement, including the waterproof watches. It is therefore recommended to the purchasers who would like to check the waterproofness of a watch to consult a clockmaker. Any dial of a watch that has been restored or repainted shall be considered as the subject of a measure of conversation, and hence shall not be reported.
The replacement of any bracelets, as well as the waterproofness, the restorations, revisions and settings are the responsibility of the purchaser. Artcurial SAM shall not accept
any quotation for restoration from any clockmaker whatsoever. Once adjudication has been awarded, all claims shall be rejected, as the purchasers will have had the opportunity to examine the items before acquisition.
f) Concerning jewels sales, gem stones and pearls:
1) Our expert Cabinet Déchaut-Stetten indicates those gem stones which have been altered as being «traditional lapidary methods» in the same manner as thosestones which have not been altered.
2) Cabinet Déchaut-Stetten indicates those gem stones which have been modified by other processes with the stone's name, followed by the mention «treated/traité» or by the name of the treatment applied. Those gemstones presented without a laboratory certificate have
been evaluated and estimated by the Cabinet Déchaut-Stetten, the possible modifications having been taking into account as noted in paragraph 1).
Cabinet Déchaut-Stetten remains at the buyer's disposal for further information concerning the various types of treatment. The identification techniques and the analysis results concerning the origins and the classification of stones and pearls may vary from one laboratory to another. Therefore, it is possible to obtain, in certain cases, a different result depending on the laboratory used.
3) ) If a buyer wishes to get the opinion of another gemological laboratory, he must submit this request at the latest 15 days prior to the sale. No dispute will be considered valid on the gem certificates provided by Artcurial SAM. These certificates are provided as a service only.
4) Lots which include rubies/jades from Burma can be exported to the US, providing they have a certificate or invoice which states that they were exported from Burma before 2007. There exist no restriction for rubies/jades circulating within the EU.
g) Regarding animal matter (ivory, coral, tortoiseshell, rare skins, etc.), some lots offered for sale are potentially composed of elements from endangered or protected species. Artcurial SAM reserves the right to refuse any jewelery and / or object whose composition would violate the Convention on International Trade in Endangered Species of Wild Flora and Flora (CITES) applicable in the Principality of Monaco under Sovereign Order No. 67 of 23 May 2005.
2?-?The auction
a) In order to assure the proper organization of the auction, prospective buyers are invited to make themselves known to Artcurial SAM before the auction to register their personal identification and information.
Artcurial SAM will ask all prospective buyers to prove their identity as well as provide bank references, and will request a deposit.
Artcurial SAM reserves the right to refuse admission to the auction premises to any prospective buyer for legitimate reasons.
b) Any person who is a bidder undertakes to pay personally and immediately the hammer price increased by the costs to be born by the buyer and any and all taxes or fees/expenses that may be due.
Any bidder is deemed to be acting on his own behalf except when prior notification, accepted by Artcurial SAM, unless proof is provided that he is acting as an agent on behalf of a third party. The personal data that have been transmitted during the recording will be carried forward in the same way if no prior indications are otherwise given.
c) The usual way to bid consists in attending the sale on the premises. However, Artcurial SAM may graciously accept to receive some bids by telephone from a prospective buyer who has expressed such a request before the sale.
Artcurial SAM will bear no liability / responsibility whatsoever, notably if the telephone contact is not made, or if it is made too late, or in case of mistakes or omissions relating to reception of the phone call. For variety of reasons, Artcurial SAM reserves the right to record all telephone calls during the auction. Such records shall be kept until complete payment of the auction price, except claims.
d) Artcurial SAM may agree to execute orders submitted before the auction and by Artcurial SAM that have been deemed acceptable. Artcurial SAM is entitled to request a deposit that will be refunded within 72 hours after the auction if the lot is not sold to this buyer.
Should Artcurial SAM receive several instructions to bid for the same amounts, it is the instruction bid first received that is given preference. Artcurial SAM will bear no liability/responsibility in case of mistakes or omission of performance of the written order.
e) In the event a reserve price has been stipulated by the seller, Artcurial SAM reserves the right to bid on behalf of the seller until the reserve price is reached. The seller will not be admitted to bid himself directly or through an agent. The reserve price may not be higher than the low estimate for the lot printed in or publicly modified before the sale.
f) Artcurial SAM will conduct auction sales at their discretion, ensuring free auction conditions and equality among all bidders, in accordance with established practices.
Artcurial SAM reserves the right to refuse any bid, to organize the bidding in such manner as may be the most appropriate, to move some lots in the course of the sale, to withdraw any lot in the course of the sale, to combine or to divide some lots in the course of the sale.
In case of challenge or dispute, Artcurial SAM reserves the right to designate the successful bidder, to continue the bidding or to cancel it, or to put the lot back up for bidding.
g) to the decision of the person conducting the bidding for Artcurial SAM, the successful bidder will be the bidder making highest bid, provided the final bid is equal to or higher than the reserve price if such a reserve price has been stipulated.
The hammer stroke will mark the acceptance of the highest bid and the pronouncing of the word "adjugé" ("sold") or any equivalent will indicate the conclusion of the purchase contract between the seller and the last bidder taken in consideration.
No lot will be delivered to the buyer until full payment has been made. In case of payment by an ordinary draft/check, payment will be deemed complete only when the check has been cashed. Artcurial SAM will deliver any purchase once the bank cheque has been cashed.
h) So as to facilitate the price calculation for prospective buyers, a currency converter may be operated by Artcurial SAM as guidance. Nevertheless, the bidding cannot be made in foreign currency and Artcurial SAM will not be liable for errors of conversion.
3?-?Concluding the sale
a) In addition of the lot's hammer price, the buyer must pay the following costs and fees/taxes by lot and by decreasing scale :
1) Lots from the UE:
• From 1 to 30,000 euros: 25 % + current VAT.
• From 30,001 to 1,500,000 euros: 20 %
+ current VAT.
• Over 1,500,001 euros: 12 % + current VAT.
2) Lots from outside the UE: (identified by an ). In addition to the commissions and taxes indicated above, importation expenses will be charged (5.5% of the hammer price, 20% for jewelry and watches, motorcars, wines and spirits and multiples).
3) Artcurial SAM being subject to VAT on the margin, no document mentions VAT.
4) The VAT on buyer's premium and importation expenses may be refund to the purchaser on presentation of written proof of exportation outside the UE.
An UE purchaser who will submit his intra-Community VAT number will be exempted from paying the VAT on buyer's premium providing he can prove with an adequate document that his purchase will be shipped to his EU country home address.
5) The payment of the lot will be made in cash, for the entire price, costs and taxes, even when an export license is required.
The purchaser will be authorized to pay by the following means:
- In cash, up to 30,000 euros, on presentation of their identity papers ;
-By bank check drawn on a Monegasque or French bank upon presentation of identification and to any legal person, registration certificate society (checks drawn on a foreign bank are not accepted).
- By bank transfer in euros;
- By credit card: VISA, MASTERCARD or AMEX (in case of payment by AMEX, a additional 1.85 % commission corresponding to cashing costs will be collected).
6) Rights for the authors of graphic and art works: The foregoing shall not preclude, as appropriate, the application of Article 11-1 of the Act No. 491 of 24 November 1948 on the protection of Literary and artistic Works and the Ministerial Decree No. 87-007 of 12 January 1987 on its application.
b) Artcurial SAM will be authorized to reproduce in the official auction record and on the bid summary the information that the buyer will have provided before the sale. The buyer will be responsible for any false information given.
Should the buyer have neglected to give his personal information before the sale, he will have to give the necessary information as soon as the sale of the lot has taken place.
Any person registered by Artcurial SAM has right of access and of rectification to the personal data provided to Artcurial SAM pursuant to the provisions of Law No. 1165 of 23 December 1993, as amended by Law No. 1353 of 4 December 2008 on the protection of personal information.
c) The lot must to be insured by the buyer immediately after the purchase. The buyer will have no recourse against Artcurial SAM, in the event where, due to a theft, loss or deterioration of his lot after the purchase, the compensation he received from Artcurial SAM 's insurer proves insufficient.
d) The lot will be delivered to the buyer only after the entire payment of the price, costs and taxes. If payment is made by check, the lot will be delivered after cashing, eight working days after the check deposit.
In the meantime Artcurial SAM may invoice to the buyer the costs of storage of the lot, and if applicable the costs of handling and transport.
Should the buyer fail to pay the amount due, and after notice to pay has been given by Artcurial SAM to the buyer without success, at the seller's request, the lot is re-offered for sale, under the procedure known as "procédure de folle enchère" (irresponsible bidding). If the seller does not make this request within three months from the date of the sale, the sale will be automatically cancelled, without prejudice to any damages owed by the defaulting buyer.
In addition, Artcurial SAM reserves the right to claim against the defaulting buyer, if they so choose:
- interest at the legal rate increased by five points,
- reimbursement of additional costs generated by the buyer's default,
- payment of the difference between the initial hammer price and the price of sale after "procédure de folle enchère" if it is inferior as well as the costs generated by the new auction.
Artcurial SAM also reserves the right to set off any amount Artcurial SAM may owe the defaulting buyer with the amounts to be paid by the defaulting buyer.
Artcurial SAM reserves the right to exclude from any future auction, any bidder who has been a defaulting buyer or who has not fulfilled these general conditions of purchase.
e) For items purchased which are not collected within seven days from after the sale (Saturdays, Sundays and public holidays included), Artcurial SAM will be authorized to move them into a storage place at the defaulting buyer's expense, and to release them to same after payment of corresponding costs, in addition to the price, costs and taxes.
f) ) The buyer may obtain a certificate of sale upon request which will be invoiced EUR60.
4?-?Auction procedures
In case of dispute, Artcurial SAM reserves the right to designate the successful bidder, to continue the sale or to cancel it, or to put the lot up for sale.
a) In case two bidders have bidden vocally, by mean of gesture or by telephone for the same amount and both claim title to the lot, after the bidding the lot, will immediately be offered again for sale at the previous last bid, and all those attending will be entitled to bid again.
b) So as to facilitate the presentation of the items during the sales, Artcurial SAM will use video technology.
Should any error occur in operation of such, which may lead to showing an item during the bidding that is not the one on which the bids have been made, Artcurial SAM shall bear no liability/responsibility whatsoever, and will have sole discretion to decide whether or not the bidding will take place again.
5?-?Pre-emption of the Monaco state
The Monaco state in entitled to use a right of pre-emption on works of art. In accordance with the laws in force in Article 2-1 of the Law No. 1014 of 29 December 1978 concerning public sales of furniture.
The use of this right comes immediately after the hammer stroke, the representative of the State expressing then the intention of the State to substitute for the last bidder, provided he confirms the pre-emption decision within fifteen days. In the absence of confirmation at the end of this period, the object will return to the highest bidder Artcurial SAM will not bear any liability/responsibility for the conditions of pre-emption by the State of Monaco.
6?-?Intellectual Property Right - Copyright
The copyright in any and all parts of the catalogue is the property of Artcurial SAM.
Any reproduction thereof is forbidden and will be considered as a counterfeit to their detriment.
Furthermore, Artcurial SAM benefits from a legal exception allowing them to reproduce the lots for auction sale in their catalogue, even though the copyright protection on an item has not lapsed.
Any reproduction of Artcurial SAM catalogue may therefore constitute an illegal reproduction of a work that may lead its perpetrator to be prosecuted for counterfeiting by the holder of copyright on the work.
The sale of a work of art does not transfer to its buyer any reproduction or representation rights thereof.
7?-?Removal of purchases
The buyer must insure his purchase, and Artcurial SAM assumes no liability for any damage items may incur after the sale. All transportation arrangements are the sole responsibility of the buyer.
Monte-Carlo
Hôtel Hermitage
Tuesday, July 21st, 2015 / 11am - 7pm
Wednesday, July 22nd, 2015 / 11am - 7pm
Thursday, July 23rd, 2015 / 11am - 4pm
Paris
At Artcurial
7, rond-point
des Champs-Élysées
75008 Paris
From Tuesday, July 28th to Friday, July 31st, 2015
10am - 12:30am & 2:30pm - 5:30pm
8?-?Severability
The clauses of these general conditions of purchase are independent from one other.
Should any clause whatsoever be found null and void, the others shall remain valid and applicable.
9?-?Law and Jurisdiction
These general conditions of purchase, and all that relates to the sale are governed by Monegasque law and, in particular, by Law No. 1014 of 29 December 1978 concerning public auctions of furniture.
Any dispute regarding the existence, validity, and enforceability for any bidder or buyer falls under the exclusive jurisdiction of the courts of the Principality of Monaco.
10?-Protection of cultural property
Artcurial SAM follows a policy to prevent the sale of looted or stolen cultural property.
For lots marked with a box:
Livestock specimen not subject to regulation under the Washington Convention, or under EC regulation 338/97 09/12/1996 or uner the French Environment Code. Commercial use is free of charge in the EU and internationally.
For lots marked with a diamond:
For this auction, CITES re-export and CITES import permits were issued by both the French and Monegasque authorities for the commercial use of this specimen in Monte Carlo. The purchaser of this specimen must apply to the relevant administrative departments for a CITES re-export or CITES import permit if the specimen leaves the EU.
For lots marked with a triangle:
Commercial use of this specimen is free of charge in the EU. However, for this auction, CITES re-export and import permits were issued by both the French and Monegasque authorities for the commercial use of this specimen in Monte Carlo. The purchaser of this specimen must apply to the relevant administrative departments for a CITES re-export or CITES import permit if the specimen leaves the EU.
