Conditions of Sale
1.The title and description of auction items in the catalogue or elsewhere in written or oral form are for reference only.
Neither EZEALAND nor its consignor make any warranties or representations of any kind or nature with respect to auction items or their values, and in no event EZEALAND nor its consignor shall be responsible for the correctness of title, description, age, genuineness, attribution, provenance, authenticity, authorship, completeness, condition of auction items or estimate of value.
The buyer is responsible for determining the quality and value of the auction item. All auction items are sold AS-IS and have no recourse. All sales are final, no return, no refund, no exchange.
2.All bidders acknowledge their rights to have made or requested full inspection of any and all auction items prior to sale and agree to be charged with all matters such inspection may have disclosed or indicated
3.Ezealand reserve the right to reject a bid from any bidder. The bidder with the highest bid acknowledged by the Ezealand shall be the purchaser.
4.If a lot is offered with reserve price (the confidential minimum price below which a lot will not be sold) EZealand will implement the reserve bidding policy.
5.A buyer's premium of 25% on the bid price of any lot that sells for up to $200,000, plus 20% on any amount between $200,000 and $1,000,000, and 15% on any amount over $1,000,000, plus sales tax unless the purchaser is exempt by law from such taxes.
For example, if an item has a highest bid of $1,500,000, then the buyer's premium is calculated as follows:
(1) $200,000 X 25% = $50,000 (portion up to $200,000)
(2) $800,000 X 20% = $160,000 (portion between $200,000 - $1,000,000)
(3) $500,000 X 15% = $75,000 (portion above $1,000,000)
Total buyer's premium: $50,000+$160,000+$75,000=$285,000
The total amount is $1,785,000 ($1,500,000+$285,000)
If 9% sale tax is also applicable, then the total is $1,945,650 ($1,785,000 X 1.09)
6. Items purchased are subject to an applicable additional 9% of the California sales tax of on the total purchase price (hammer price plus buyer's premium) unless the purchaser is able to provide proof of exemption.
7.If the auction item cannot be delivered to the buyer due to fire, theft or other reasons, our liability will be limited to the actual amount paid by the buyer.
8.After the auction is completed, the winning bidder of the auction item must pay the full payment amount (hammer price plus buyer's premium, plus sales tax if applicable) within 7 business days. Payment can be made by cash or cashier's check, wire transfer, (Visa or MasterCard if the total is less than $5000 USD). For payments using personal checks or company checks, the purchased lot will be retained until the funds are confirmed by the corresponding banking institution.
9.If the buyer fails to pay the full amount within seven days, Ezealand Inc. may exercise all rights under the law and hold the defaulting Buyer liable for the total amount due.
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