Fine and Decorative Arts Auction

BEAUX-ARTS AUCTION TERMS AND CONDITIONS OF SALE All bidders must understand and agree to the terms and conditions under which our auctions are conducted. Please carefully read the Conditions of Sale set forth below. Beaux-Arts Auction requires each bidder to sign and return this form acknowledging your understanding and acceptance of these Terms and Conditions of Sale prior to bidding in any of our auctions. The property offered for sale by Beaux-Arts Auction as owner or agent for its consignor(s) to purchasers is subject to these terms and conditions. Where Beaux-Arts Auction is agent, the contract is between the consignor and the purchaser. The following Terms and Conditions of Sale constitute the entire agreement with the purchaser relative to the property offered for sale. By bidding at auction you agree to be bound by the following terms: 1. All property is sold in ?AS IS? condition and without recourse, and neither Beaux-Arts Auction nor the consignor makes any representations or warranties, express or implied, with respect to such lots, including without limitation catalogue description, attribution, authenticity, provenance, origin, size, age or condition of any of the property offered for sale. Prospective purchasers are strongly advised to personally examine any property in which they are interested, prior to the auction sale date. It is the responsibility of the purchaser to examine the property and make his/her own determination as to its value, description, authenticity, physical condition, quality, rarity, provenance, origin, size, period and age of the property. For example, the absence of any reference to the condition of a lot does not imply that it is in perfect condition or completely free from wear and tear, the effects of aging or imperfections. Similarly, a reference to particular defects does not imply the absence of any others. References in the catalogue or the condition report to damage or restoration are only for guidance purposes and should be evaluated by personal inspection by the purchaser or a knowledgeable representative. All statements by Beaux-Arts Auction in a catalogue or in a condition report, or made verbally or in writing elsewhere, are solely statements of opinion and should not to be relied on as statements of fact. Neither Beaux-Arts Auction nor the consignor is responsible in any way for errors or omissions in the catalogue or any supplemental material, including but not limited to an advertisement, bill of sale, salesroom posting or announcement, or remarks made by an auctioneer. 2. Beaux-Arts Auction and its consignors make no warranty or representation, express or implied, that the purchaser will acquire any copyright or reproduction rights to any lot sold. Beaux-Arts Auction expressly reserves the right to reproduce any image of the lots sold at one of its auctions. The copyright in all images, illustrations and written material produced by or for Beaux-Arts Auction relating to a lot, including the contents of a catalogue, is, and shall remain at all times, the property of Beaux-Arts Auction and shall not be used by the purchaser, nor by anyone else, without our prior written consent. 3. Beaux-Arts Auction reserves the right at its sole discretion at any time before bidding commences to withdraw combine or divide any lot and shall have no liability whatsoever for such withdrawal. If the auctioneer determines that any opening bid is below the value of the lot being offered, the auctioneer may reject that bid and withdraw the lot from sale. If, having acknowledged an opening bid, the auctioneer determines that an advance thereafter is insufficient, the auctioneer may reject that advance. 4. Estimates. Each lot offered for sale will be presented in our catalogue with both a low and high estimate representing the range that, in the opinion of Beaux-Arts Auction, represents a fair and probable auction value. The estimate can be based on previous auction records of comparable property, condition, rarity, quality and provenance. The estimates are often determined several months prior to a sale and therefore are subject to revision upon further research of the property, or to reflect market conditions or currency fluctuations. The actual price realized for a lot can fall below or above this range. An estimate of the selling price should not be relied upon as a statement that this is the price at which the lot will sell or its value for any other purpose. Estimates do not include the buyer's premium. Where "Estimate on Request" is indicated, please contact Beaux-Arts Auction for further information. 5. Reserves. Unless otherwise indicated, all lots are offered subject to a reserve, which is the confidential minimum price below which such lot will not be sold. No reserve will exceed the low estimate of the lot. Reserves are agreed upon with the consignor or, in the absence thereof, in the absolute discretion of Beaux-Arts Auction. The auctioneer may implement the reserve on any lot by placing an opening bid on behalf of the consignor. The auctioneer will not specifically identify bids placed on behalf of the consignor. The auctioneer may further bid on behalf of the consignor, up to the amount of the reserve, by placing successive or consecutive bids for a lot or by placing bids in response to other bidders. Unless otherwise noted in the catalogue or by an announcement at the auction, Beaux-Arts Auction acts as agent on behalf of the consignor and does not permit the consignor to bid on his/her own property. 6. Beaux-Arts Auction reserves the right, at its complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid, as well as the right to refuse to acknowledge any bidder. Beaux-Arts Auction shall have the right to reject any bid from anyone who has not provided a current financial reference and identity documents with Beaux-Arts Auction prior to the auction. All bidders must provide their name, home address, company name and address if relevant, telephone number, driver?s license and credit card. Although in our discretion Beaux-Arts Auction may execute absentee bids or accept telephone bids as a convenience to clients who are not present at auctions, we are not responsible for any errors or omissions in connection therewith. 7. Bidding. The highest bidder acknowledged by the auctioneer shall be the purchaser. The auctioneer shall advance the bid at his/her sole discretion. The auctioneer in his/her sole discretion may determine to re-offer any lot in dispute between bidders, or in the event of doubt as to the validity of any bid, to continue the bidding or to cancel the sale. In the event of any dispute, whether during or after the sale, Beaux-Arts Auction?s record of the bids shall be conclusive, and Beaux-Arts Auction reserves the right at its discretion to cancel any disputed sale. 8. At the fall of the auctioneer?s hammer, title will pass to the highest bidder, subject to the terms and conditions of sale set forth herein. Such bidder thereupon assumes full risk and responsibility for the property, including without limitation, liability for or damage to frames and glass covering prints, paintings or other works as well as the obligation to immediately pay the full price plus buyer?s premium and any applicable sales tax or such price as Beaux-Arts Auction may require, unless it has been explicitly agreed in writing with Beaux-Arts Auction before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party, acceptable to Beaux-Arts Auction, and that Beaux-Arts Auction will look only to the principal for payment. 9. The purchase price paid by the buyer shall be the amount of the final bid plus a twenty-five percent (25%) buyer?s premium. For example, if the final bid is $500.00, the purchase price is $625.00. All purchases are subject to state and local taxes where applicable, which are computed on the purchase price. Beaux-Arts Auction reserves the right to hold merchandise purchased by personal check until the check has cleared the bank. The purchaser agrees to pay Beaux-Arts Auction a handling charge of $25.00 for any check dishonored by the drawee and/or its bank. 10. Property purchased at auction by a successful bidder may not be removed from the Beaux-Arts Auction premises until the full purchase price including the buyer?s premium and all applicable taxes have been paid. The purchaser must pay for and remove all property from the premises within five (5) Business Days following the Auction. For example, if the auction takes place on Saturday, all property must be paid for and removed by no later than 4:00 pm on the following Friday. After that time all property will be moved to a third-party storage facility at the risk and expense of the purchaser, and Beaux-Arts Auction will add a $75.00 handling charge to the purchase price. Beaux-Arts Auction shall have no liability for any damage to property left on its premises for more than five (5) Business Days following the sale. 11. If the purchaser fails to fulfill these conditions, in addition to all legal remedies available to Beaux-Arts Auction, Beaux-Arts Auction may: a) cancel the sale and retain any payments made as liquidated damages; b) resell the property for the account of the purchaser, in which case the purchaser shall be liable to Beaux-Arts Auction for all its costs and damages, including the commissions for both auctions; or c) remove the property to a public warehouse for the account and at the risk and expense of the purchaser. 12. More specifically, if any applicable conditions herein are not complied with by the purchaser, in addition to other remedies available to us and the consignor by law, including without limitation the right to hold the purchaser liable for the total purchase price, including all fees, charges and expenses more fully set forth herein, Beaux-Arts Auction shall be entitled in its absolute discretion to exercise one or more of the following rights or remedies: a) To charge interest at such rate as we shall reasonably select; b) To hold the defaulting purchaser liable for the total purchase amount due and to commence legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law; c) Cancel the sale of that, or any other lot or lots sold to the defaulting purchaser at the same or any other auction, retaining as liquidated damages all payments made by the purchaser; d) Resell the property whether at private sale or public auction without reserve, and the purchaser will be liable for any deficiency, costs incurred related to the resale including handling charges, the expenses of both sales, our commission on both sales at our regular rate, all other charges due hereunder and incidental damages; e) To set off the outstanding amount remaining unpaid by the purchaser against any amounts which Beaux-Arts Auction may owe the purchaser in any other transactions; f) In the event several amounts are owed by the purchaser to Beaux-Arts Auction, in respect of different transactions, to apply any amount paid to discharge any amount owed in respect of any particular transaction, whether or not the purchaser so directs; g) To reject at any future auction any bids made by or on behalf of the purchaser or to require a deposit from the purchaser before accepting any bids; h) To take such other actions as Beaux-Arts Auction deem necessary or appropriate; or i) To effect any combination thereof. A defaulting purchaser will be deemed to have granted and assigned to Beaux-Arts Auction a continuing security interest of first priority in, and Beaux-Arts Auction may retain as collateral security for such purchaser's obligations to Beaux-Arts Auction, any property or money of or owing to such purchaser in Beaux-Arts Auction?s possession. Beaux-Arts Auction shall have all of the rights accorded a secured party under the New York Uniform Commercial Code with respect to such property and Beaux-Arts Auction may apply against such obligations all monies held or received by us for the account of, or due from Beaux-Arts Auction, to such purchaser. In the event the purchaser fails to pay any or all of the total purchaser price for any lot and Beaux-Arts Auction nonetheless elects to pay the consignor any portion of the sale proceeds, the purchaser acknowledges that Beaux-Arts Auction shall have all of the rights of the consignor to pursue the purchaser for any amounts paid to the consignor, whether at law, in equity, or under these Terms and Conditions of Sale. 13. Limited liability. If for any reason a purchased lot cannot be delivered in as good condition as at the time of sale, or should any purchased lot be stolen, mis-delivered or lost prior to delivery, Beaux-Arts Auction shall not be liable for any amount in excess of that paid by the purchaser. Beaux-Arts Auction is not responsible for the acts or omissions of carriers or packers of purchased lots, whether or not recommended by Beaux-Arts Auction. Packing and handling of purchased lots by Beaux-Arts Auction is at the entire risk of the purchaser and Beaux-Arts Auction will have no liability for any loss or damage to such items. 14. Waiver of terms and conditions. Any and all of these terms and conditions may be waived or modified in the sole discretion of Beaux-Arts Auction. The Terms and Conditions of Sale, and all other contents of any catalogue are subject to amendment by Beaux-Arts Auction by oral announcements made during the sale, including salesroom notices amending the catalogue description of a lot after our catalogue has been posted or printed. 15. If any part of these Terms and Conditions of Sale is found by any court to be invalid, illegal or unenforceable, the balance of the conditions shall continue to be valid to the fullest extent permitted by law.