Santa Fe Art Auction

terms and conditions of sale Santa Fe Art Auction Limited Company’s (“Santa Fe Art Auction”) and its consignors’ entire agreement with the purchaser relative to the property listed in this catalogue. These Terms and Conditions of Sale and all other contents of this catalogue are subject to amendment during or before the sale. The property will be offered by the Santa Fe Art Auction as agent for the consignors, unless the catalogue indicates otherwise. 1. The Santa Fe Art Auction assumes no risk, liability or responsibility beyond the limited warranty contained herein. (a) Except as set forth in paragraph 1(b) below, all property is sold “AS IS.” There are no representations or warranties that extend beyond these Terms and Conditions of Sale. All works shall be available for examination prior to the sale. The Santa Fe Art Auction, and its consignors, make no representations or warranties as to merchantability, fitness for a particular purpose, the correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions, literary or historical relevance of any property and no statement anywhere, whether oral or written, whether made in the catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, or elsewhere, shall be deemed such a warranty, representation or assumption of liability. Nor are there any representations and warranties, express or implied, as to whether the purchaser acquires any copyrights, including but not limited to, any reproduction rights in any property. (b) The authenticity of the authorship attributed to the property as described in this catalogue is guaranteed to the limited extent as stated in this paragraph 1(b). (i) The authorship attributed to an item of property includes name of the artist and any reservations therewith stated, as, for example, “attributed to” or “appears to have been signed by.” The Santa Fe Art Auction makes no warranties whatsoever, express or implied, with respect to any material in the catalogue other than the authorship attributed to the property. (ii) This guarantee is further limited as follows: The benefits of this guarantee are not assignable and shall be available only to the purchaser of record; this guarantee shall remain in force and be effective only if notice of rescission is given to the Santa Fe Art Auction within three years following the date of sale, provided the property is tendered to the Santa Fe Art Auction in Santa Fe, New Mexico, in the same condition as the property was found at the time of sale; and that the rescission of a sale and the refund of the original purchase price paid (the successful bid price, plus the buyer’s premium and applicable tax) is exclusive and in lieu of any other remedy which might be otherwise available, and that the Santa Fe Art Auction and its consignors shall not be liable for any incidental or consequential damages incurred or claimed. (iii) In no event will the liability of the Santa Fe Art Auction, or its consignors, exceed the original purchase price actually paid. 2. Prospective bidders should inspect the property before bidding to determine its condition, size and whether or not it has been repaired or restored. 3. A buyer’s premium will be added to the successful bid price and is payable by the purchaser as part of the total purchase price. If paying by cash or check, the buyer’s premium is 20% of any successful bid price for lots under $50,000, 15% of any successful bid price for lots over $50,000 up to $100,000, and 12% of successful bid prices above $100,000. Credit cards are not accepted. 4. The Santa Fe Art Auction reserves the right to withdraw any property before the sale and shall have no liability whatsoever for such withdrawal. 5. Except as may be announced by the auctioneer, all bids are per lot, as numbered in the catalogue. 6. The Santa Fe Art Auction reserves the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the purchaser, subject to reserves. In the event of any dispute between bidders, or in the event of doubt as to the validity of any bid, the auctioneer will have the final discretion to determine the successful bidder, cancel the sale, or to re-offer and resell the article in dispute. If any dispute arises after the sale, the Santa Fe Art Auction’s sale record shall be final and conclusive. The Santa Fe Art Auction, in its discretion, may execute orders or absentee bids as a convenience to clients who are not present at the auction; however, the Santa Fe Art Auction is not responsible for any errors or omissions in connection therewith. 7. If the auctioneer, in his or her discretion, determines that any bid is below the reserve of the article offered, he or she may reject the same and withdraw the article from sale, and if, having acknowledged an opening or other bid, he or she decides that any advance thereafter is insufficient, he or she may reject the advance. 8. On the fall of the auctioneer’s gavel, the highest bidder acknowledged by the auctioneer assumes full risk and responsibility for the offered lot, subject to all of the terms and conditions set forth herein, and is immediately obligated to pay the full purchase price or such parts thereof as the Santa Fe Art Auction may then require. All sales are final, and there shall be no exchanges or returns. Payment shall be made by cash, check, or wire transfer. In addition to other remedies available to us by law, the Santa Fe Art Auction reserves the right to impose, from the date of sale, a late charge of 1.5% per month (18% per annum) of the total purchase price, if payment is not made in accordance with the conditions set forth herein. (a) All property must be removed by the purchaser at his or her expense not later than (10) business days following the sale, and, if it is not so removed, (i) a handling charge of 1% of the total purchase price per month from the tenth day after the sale (until its removal) will be payable to us by the purchaser, with a minimum of 5% of the total purchase price due for any property not so removed within 60 days after the sale, and (ii) we may send the purchased property to a public warehouse for the account, at the risk and expense of the purchaser. (b) If any applicable conditions herein are not complied with by the purchaser, the purchaser will be in default, and in addition to any and all other remedies available to the Santa Fe Art Auction and its consignors by law, including without limitation the right to hold the purchaser liable for the total purchase price, including all fees, charges and expenses set forth herein; the Santa Fe Art Auction, at its sole option, may (i) cancel the sale of that, or any other lot or lots sold to the defaulting purchaser, or (ii) resell the purchased property, whether at auction or by private sale, or (iii) effect any combination thereof. The purchaser will be liable for any deficiency, any and all costs, handling charges, late charges, expenses and commissions of both sales, legal fees and expenses, collection fees, and incidental damages. In addition, a defaulting purchaser will be deemed to have granted and assigned the property or money to the Santa Fe Art Auction or its consignors or any of their affiliated companies, and the Santa Fe Art Auction may retain and apply such property or money as collateral security for the obligations due. The Santa Fe Art Auction and its consignors shall have all of the rights accorded to a secured party under the New Mexico Uniform Commercial Code. Payment will not be deemed to have been made in full until the Santa Fe Art Auction shall have collected good funds. The Santa Fe Art Auction reserves the right to hold all purchases pending collection of funds. 9. Lots marked with the symbol n immediately preceding the lot number are subject to a reserve, which is the confidential minimum price acceptable to the consignor. The Santa Fe Art Auction or its consignors may implement such reserve by opening the bidding or they or either of them may bid up to the amount of the reserve, by placing successive or consecutive bids for a lot, or bids in response to other bidders. In instances where the Santa Fe Art Auction has an interest in the lot, it may bid up to the reserve to protect such interest. The Santa Fe Art Auction, or its consignors, may also bid upon other property listed in this catalogue. 10. Santa Fe Art Auction is the owner of images of each lot offered for sale and may use such images for its own archival purposes, as well as for advertising and publicity in connection with this or future sales by the Santa Fe Art Auction. 11. Unless exempted by law, the purchaser will be required to pay all applicable State and local sales, gross receipts, and compensation tax. Proof of exemption in the form of a current Non-Taxable Transaction Certificate must be provided at registration. 12. These Terms and Conditions of Sale, together with the parties’ respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of New Mexico. 13. By bidding at the auction, purchasers agree that in the event of any controversy or claim arising out of or relating to a sale of property the party asserting such controversy or claim shall provide written notice thereof to the other party. Any such controversy or claim then not settled within (60) days of receipt of notice by the other party, or any such controversy or claim arising from, or relating to, the sale or to these Terms and Conditions of Sale, including the terms of this paragraph, shall be resolved and settled by binding arbitration in Santa Fe, New Mexico, or such other place upon which the parties may agree, in writing; such arbitration shall be pursuant to the commercial arbitration rules of the American Arbitration Association then in effect, and judgment on the award may be entered in any court having jurisdiction. 14. The Santa Fe Art Auction may, in its discretion and at a purchaser’s request, package and ship items as directed by the purchaser. In such event, purchaser agrees to the following conditions: (a) All such packaging, handling, and shipping is at the sole risk of the purchaser, and the Santa Fe Art Auction shall have no liability for any loss or damage to such items; and (b) Purchaser shall pay all related expenses in advance. Allow four to six weeks for shipping. 15. Results are sent to buyers, catalogue subscribers, absentee and phone bidders, and other registered bidders four weeks after the sale.

Unless exempted by law, the purchaser will be required to pay all applicable State and local sales, gross receipts, and compensation tax. Proof of exemption in the form of a current Non-Taxable Transaction Certificate must be provided at registration. 12. These Terms and Conditions of Sale, together with the parties' respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of New Mexico.