Somoza & Smith Fine Art Auction

Conditions of Sale

If you are placing a bid at any Somoza & Smith Auction, such bid constitutes the acceptance of the following conditions of sale:

1.
All lots in any of our auctions are sold "As Is." No statement regarding condition, kind, value or quality of a lot, whether made orally at the auction or any other time, or in writing in this catalog or elsewhere, shall be construed to be an expressed or implied warranty, representation or assumption of liability. Any such warranty is waived. Regarding works of Art, Somoza & Smith does not make any express or implied warranty as to the authorship. No statement in this catalog or elsewhere, orally or in writing, shall be construed as an express or implied warranty, representation or limitation of liability as to authorship. Any such warranty is waived.

2.
The purchase price payable by a buyer will be the sum of the hammer price plus the buyer’s premium as well as any applicable sales tax.

3.
Somoza & Smith reserves the right to withdraw any property before or after the sale and shall have no liability whatsoever for such withdrawal.

4.
Somoza & Smith reserves the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the buyer. The auctioneer will have full discretion to determine the successful bidder should any dispute arise between bidders. The auctioneer will also have full discretion to reopen the bidding, cancel the sale or reoffer and resell the property. Should a dispute arise after the auction, our sale record is conclusive.

5.
Although in our discretion we will execute absentee bids or accept telephone or internet bids, we are not responsible for failing to execute such bids or for any errors or omissions in connection with these bids.

6.
All lots in this auction are subject to reserve bids. In no case will these bids be set above the minimum pre-sale estimate. The reserve is confidential. If any lot is to be sold without reserve the lot number will be noted with the symbol *. Somoza & Smith will act to protect the reserve by bidding through the auctioneer. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the consignor and may continue to bid on behalf of the consignor up to the amount of the reserve. This may be done by placing consecutive bids or by placing bids in response to other bidders.


7.
Once the auctioneer’s hammer has fallen, the title to the property passes to the buyer. At that point, the buyer assumes full responsibility for the property and shall immediately pay the full purchase price, unless other arrangements have been made in advance. The buyer will also be required to sign a confirmation of purchase. We reserve the right to impose a 15% late fee of the total purchase price if payment is not made within these guidelines.

8.
No lot will be released to the buyer until payment in full has been made to Somoza & Smith including the buyer’s premium and any applicable taxes or has satisfied any terms which have been agreed to prior to the auction. If payment has not been received and no other arrangements have been agreed to in writing, the buyer will be subject to storage and late fees to be determined by Somoza & Smith. These fees will not exceed $50.00 per day per lot.

9.
Packing and handling of any and all purchased lots are at the entire risk of the buyer. We are not responsible for any acts or omissions in regard to handling, packing or shipping. If we arrange for these services, Somoza & Smith will charge the buyer with an administration charge.

10.
If the buyer fails to comply with any of the Conditions of Sale, we reserve the right to utilize any remedies available to us by law and/or:
A. Hold the defaulting buyer liable for the purchase price
B. Cancel the sale
C. Resell the property without reserve at public auction with seven day written notice to the defaulting buyer
D. Pay the consignor the amount equal to the net proceeds of the purchase price less the buyer’s premium and taxes.
If we are forced to resell the property at public auction or purchase the property from the consignor, the defaulting buyer will be responsible for the difference between the original purchase price and the final sales price. The defaulting buyer will also be responsible for any costs incurred by Somoza & Smith including: insurance, legal fees, administration, handling, storage, attorney’s fees, commissions, incidental damages and any other costs relating to this transaction.

11.
All transactions will be governed and interpreted by the laws of the State of Texas and the Federal courts sitting in the State of Texas.

Local Taxes Apply