Chicago, IL, United States
DoneSun, Jun 8, 2008 5:00 PM UTC
The Spring Fine Art Sale
19th & 20th Centuries, American & European Paintings, Photographs, Prints, Sculpture, & Works on paper. With just over 200 lots, our Spring Fine Art sale offers quality European & American Masters set amongst expanded Works on Paper, Photographs and Sculpture selections.
Auction & Auctioneer Information
Thursday June 05, 2008 9am - 7:30pm; Friday June 06, 2008 10am - 6pm; Saturday June 07, 2008 10am - 6pm; Sunday June 08, 2008 9am -11am
Terms & Conditions
The following Conditions of Sale, as amended by and posted notices or verbal announcements during the Sale, constitute the entire terms and conditions on which property listed in the catalog shall be offered for sale or sold by The Chicago Art Auction, L.L.C., and any consignor of such property for whom we act as agent. As used herein "The Chicago Art Auction, L.L.C." "we" and "us" refer to The Chicago Art Auction, L.L.C.. 1. As used herein, the term "Bid Price" means the price at which a lot is successfully knocked down to the purchaser. The term "Purchase Price" means the aggregate of (a) the Bid Price, (b) a Premium retained by us and payable by the purchaser equal to 20% of the final Bid Price up to and including US$100,000, and 18.5% from $US100,001 up to and including US$300,000, and 15% of the amount of the Bid Price over US$300,001. 2. On the fall of the auctioneer's hammer, the highest bidder shall have purchased the lot in accordance with all of the conditions set forth herein and (a) assumes full risk and responsibility therefore, (b) if requested will sign a confirmation of purchase and (c) will pay the purchase price in full or such part as we may require for all lots purchased. No lot may be transferred. Unless otherwise agreed, payment in good funds is due and payable within five (5) business days from the day of the auction sale. Whenever the purchaser pays only a part of the total purchase price for one or more lots purchased, we may apply such payments, at our sole discretion, to the lot or lots we choose. Payment will not be deemed made in full until we have collected good funds for all amounts due. Payment for purchases may be made in or by (a) cash(In House Only), (b) cashiers check or money order, (c) personal check with approved credit, (d) wire(bank) transfer, or (e) Visa or MasterCard. The purchaser grants us a security interest in the property, and we may retain as collateral security for the purchaser's obligations to us, any property and all monies held or received by us for the account of the purchaser in our possession. We retain all rights of a secured party under the Illinois Uniform Commercial Code. If the foregoing conditions or any other applicable conditions herein are not complied with, in addition to other remedies available to us and consignor by law, including without limitation, the right to hold the purchaser liable for the purchase price, we at our option may either (a) cancel the sale, retaining as liquidated damages all payments made by the purchaser, (b) resell the property, either publicly or privately, and in such event the purchaser shall be liable for the payment of any deficiency plus all costs and expenses of both sales, our commission at our standard rates, all other charges due hereunder, attorney's fees and incidental damages. If all fees, commissions, premiums, bid price and other sums due to us from the purchaser are not paid promptly as provided in these Conditions of Sale, we reserve the right to impose a finance charge equal to 1.5% per month on all amounts due to us beginning on the last day in the month following the sale until payment is received, in addition to other remedies available to us by law. 3. We reserve the right to withdraw any property at any time before the actual sale. Unless otherwise announced by the auctioneer at the time of the sale, all bids are per lot as numbered in the catalog and no lot shall be divided for sale. 4. All sales are subject to Cook County, Illinois state sales tax of 9% unless the purchaser provides the auction house with a valid resale certificate exempting him from payment of the tax, or if the purchaser is from outside of Illinois and has the purchase shipped to a location outside of the state. Lots purchased online through www.ebayliveauctions.com may be subject to a different buyer's premium, as specified in the online version of the catalog as it appears on eBay. The Chicago Art Auction, LLC has the right to hold merchandise if paid for by personal check until such time as the check has cleared. 5. We reserve the right to reject a bid from any bidder. In the event of any dispute between bidders, or in the event the auctioneer doubts the validity of any bid, the auctioneer shall have sole and final discretion either to determine the successful bidder or to re-offer and resell the article in dispute. If any dispute arises after the sale, our sales records shall be conclusive in all respects. 6. If we are prevented by fire, theft or any other reason whatsoever form delivering any property to the purchaser or a sale otherwise cannot be completed, our liability shall be limited to the sum actually paid therefore by the purchaser and shall in no event include any incidental or consequential damages. 7. If a lot is offered subject to a reserve, we may implement such reserve by bidding on behalf of the consignor, whether by opening bidding or continuing bidding in response to other bidders until the reaching the reserve. If we have an interest in an offered lot and the proceeds there from other than our commissions, we may bid therefore to protect such interest. CONSIGNORS ARE NOT ALLOWED TO BID ON THEIR OWN ITEMS. 8. All statements contained in the catalog or in ay bill of sale, invoice or elsewhere as to authorship, period, culture, source, origin, measurement, quality, rarity, provenance, importance, exhibition and literature of historical relevance or physical condition ARE QUALIFIED STATEMENTS OF OPINION AND NOT REPRESENTATIONS OR WARRANTIES. No employees or agent of The Chicago Art Auction is authorized to make on our behalf or on that of the consignor any representation or warranty, oral or written, with respect to any property 9. All purchased property shall be removed from our premises at the purchaser's expense not later than 5:00 pm ten (10) business days following the date of the sale. If not so removed, a storage fee of US$5.00 per lot per day will be payable to us by the purchaser until the property's removal and payment in full. We may transfer the property to a public warehouse at the purchaser's expense and risk. Accounts must be settled in full before the property will be released. Packing and handling of purchased lots is the responsibility of the purchaser. The Chicago Art Auction can provide and recommend packing and shipping services. 10. These Conditions of Sale shall bind the successors and assigns of all bidders and purchasers and inure to the benefit of our successors and assigns. No wavier, amendment or modification of the terms hereof (other than posted notices or oral announcements during the sale) shall bind us unless specifically stated in writing and signed by us. If any part of these Conditions of Sale is for any reason invalid or unenforceable, the rest shall remain valid and enforceable. 11. These Conditions of Sale and the purchaser's and our respective rights and obligations hereunder are governed by the laws of the State of Illinois. BY bidding at auction, each purchaser and bidder agrees to be bound by these Conditions of Sale. Any dispute, controversy or claim arising out of or relating to this agreement, or the breach, termination, or validity thereof, brought by or against The Chicago Art Auction, (but not including claims brought against the consignor by the purchaser of lots consigned hereunder) shall be resolved by mediation with venue in Chicago, Illinois. 12. Limited Right of Recession If within one month (30 days) from the date of the sale, the original purchaser (a) gives written notice to us alleging that the identification of Authorship (as defined below) of such lot as set forth in the BOLD TYPE heading of the catalog description of such lot (as amended by any posted notices or verbal announcements during the sale) is not substantially correct based on a fair reading of the catalog (including the terms of any glossary contained therein), and (b) within 10 (ten) days after such notice returns the lot to us in the same condition as at the time of sale, and (c) establishes the allegation in the notice to our satisfaction, then the sale of such lot will be rescinded and, unless we have already paid to the consignor monies owned him in connection with the sale the original purchase price will be refunded. If, prior to receiving such notice from the original purchaser alleging such defect, we have paid the consignor monies owed him in connection with the sale, we shall pay the original purchaser the amount of our commissions, any other sale proceeds to which we are entitled and applicable taxes received from the purchaser on the sale and make demand on the consignor to pay the balance of the original purchase price to the original purchaser. Should the consignor fail to pay such amount promptly, we shall disclose the identity of the consignor and assign to the original purchaser our rights against the consignor with respect to the lot in the sale of which is sought to be rescinded. Upon such disclosure and assignment, any liability of The Chicago Art Auction as consignor's agent with respect to said lot shall automatically terminate. The foregoing limited right to recession is available to the original purchaser only and may not be assigned to or relied upon by any subsequent transferee of the property sold. The purchaser hereby accepts the benefit of the consignor's warranty of title and other representations and warranties made by the consignor for the purchaser's benefit. Nothing in this section shall be construed as an admission by us of any representation of fact, express or implied, obligation or responsibility with respect to any lot. THE PURCHASER'S SOLE AND EXCLUSIVE REMEDY AGAINST THE CHICAGO ART AUCTION FOR ANY REASON WHATSOEVER IS THE LIMITED RIGHT OF RECESSION DESCRIBED IN THIS SECTION. "Authorship" means only the identity of the creator, the period, the culture and source or origin of the lot, as the case may be, as set forth in BOLD TYPE heading of the print catalog entry. The right of recession does not extend to (a works executed before 1870 (unless these works are determined to be counterfeits created since 1870), as this a matter of current scholarly opinion which can change, or (b) titles, descriptions, or other identification of offered lots, which information normally appears in lower case type below the BOLD TYPE heading identifying the Authorship. 13. Limitation of Liability - EXCEPT AS EXPRESSLY PROVIDED ABOVE, ALL PROPERTY IS SOLD "AS IS" NEITHER THE CHICAGO ART AUCTION NOR THE CONSIGNOR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, MERCHANTABILITY, FITNESS, OR CONDITION OF THE PROPERTY OR AS TO THE CORRECTNESS OF DESCRIPTION, GENUINENESS, ATTRIBUTION, PROVENANCE, OR PERIOD OF THE PROPERTY OR AS TO WHETHER THE PURCHASER ACQUIRES ANY COPYRIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS IN LOTS SOLD OR AS TO WHETHER A WORK OF ART IS SUBJECT TO THE ARTIST'S MORAL RIGHTS OR OTHER RESIDUAL RIGHTS OF THE ARTIST. THE PURCHASER EXPRESSLY ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL THE CHICAGO ART AUCTION BE LIABLE FOR ANY DAMAGES INCLUDING WITHOUT LIMITATION, ANY COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES. The Chicago Art Auction reserves the right to amend the Condition of Sale at anytime including changing the Conditions of Sale with respect to the buyer's premium and other terms and conditions of purchase.
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