Great Estate Auction

BUYER MUST ARRANGE AND PAY FOR PACKING AND SHIPPING. As the winning bidder, it is the responsibility of the buyer to arrange and pay for packing and shipping. This means the buyer must contact a company (e.g. UPS, Craters and Freighters) to pick up the item(s) from Lewis & Maese Antiques & Auctions, pack the item(s), and ship the item(s) to the buyer. For more information, please email Lewis & Maese at office@lmauctionco.com. Conditions of Sale: If you are placing a bid at any Lewis and Maese Auction then that 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 our catalog or elsewhere, shall be construed to be an expressed or implied warranty or representation. Any such warranty is waived. Regarding works of Art, Lewis and Maese does not make any express or implied warranty as to the authenticity, history or artist. No statement in this catalog or elsewhere, orally or in writing, shall be construed as an express or implied warranty, representation or assumption of liability as to authenticity. 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. Lewis and Maese reserves the right to withdraw any property before the sale and shall have no liability whatsoever for such withdrawal. 4. Lewis and Maese 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. 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. Some lots in our auction are subject to reserve bids. In no case will these bids be set above the minimum pre-sale estimate. Lewis and Maese 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 promptly 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 on 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 Lewis and Maese including the buyer's premium and any applicable taxes or the buyer has satisfied any terms which have been agreed to prior to the auction. Payment must be received within seven business days from the date of sale. If payment has not been received within the seven day period and no other arrangements have been agreed to in writing, the buyer will be subject to storage and late fees to be determined by Lewis and Maese. 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. 10. If the buyer fails to comply with and 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 Lewis and Maese including: insurance, legal fees, administration, handling, storage, attorney's fees, commissions, incidental damages and any other costs relating to this transaction. If we agree with the buyer to cancel the sale, we will impose a charge equal to 15% of the total sales price, including buyer's premium. 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. Pre-sale estimates Every lot offered for auction at this sale will have an estimated price range which reflects the opinions of our specialists. These estimates are based on what comparable items have sold for at recent auctions. They also reflect condition, rarity, quality and provenance (history of ownership). Estimates are prepared well in advance and do not include any applicable taxes or buyer's premium. The estimates are subject to revision. Reserves The reserve is the minimum price the seller is willing to accept and below which the lot will not be sold. The reserve is confidential, but will not exceed the low pre-sale estimate. Buyer's Premium and Taxes Please be reminded that the actual purchase price will be the sum of the hammer price plus the buyer's premium (18%) and State Taxes of 8.25%, plus any shipping charges. Lewis and Maese's Interest in Consigned Property Lewis and Maese generally offers property that is consigned by others for sale at private auction. On occasion, lots are offered for sale that Lewis and Maese or an affiliate company owns in whole or part. These lots will be offered with a reserve and identified with the symbol ^ next to the lot number. Before the Auction You are invited to attend a viewing for all our auctions held several days before the sale. You are encouraged to examine lots thoroughly and request condition reports on all lots you are interested in purchasing. Condition Reports If you would like additional information on any particular lot or cannot attend the viewing, we will be pleased to provide you with a condition report. Please contact the administrative offices. Keep in mind, these reports are not a warranty, but opinion only. Registration If you are planning to bid or buy at our auction you must first register with our Registration Department in the saleroom. This must be done at least 30 minutes prior to the auction so that we may have time to enter your information into our system. This ensures rapid processing of invoices after the sale. You will receive a bidding paddle at this time. No bids will be taken by bidders unless they have received a paddle. If you are a new client of Lewis and Maese Auction Company, you will be asked to supply a major credit card or bank reference at this time. The Auction All Lewis and Maese Auction Company are open to the public whether intending to purchase or not. Bidding Property being auctioned will be in lot number order as shown in the catalog. The lot being sold will be displayed in the front of the room or on screen. The auctioneer will accept bids from those present in the room as well as absentee, telephone and internet bids. Bidding Increments The auctioneer will generally begin the bidding at a price less than the low estimate and will increase the bids in the following manner: $0.00 - 1,000 in $100 increments $1,000 - 3,000 in $200 increments $3,000 - 5,000 in $200, $500 and $800 increments $5,000 - 10,000 in $500 increments $10,000 - 20,000 in $1,000 increments $20,000 - 30,000 in $2,000 increments $30,000 - 50,000 in $2,000, $5,000 and $8,000 increments $50,000 + Auctioneers discretion The above table is generally how bidding progresses. However, the auctioneer may choose to alter the increments at his discretion. Winning Bids If you are unable to attend the auction, Lewis and Maese Auction Company can bid for you. We do not charge a fee for this service. You will simply pay the purchase price plus the buyer's premium and State Taxes. You will need to contact our Credit Management Department to arrange for this service. Absentee Bids If you are unable to attend an auction, you may bid in other ways. The most common is the absentee bid. Absentee bids are written instructions from you directing Lewis and Maese to bid for you on one or more lots. You will specify in on your Absentee Form the maximum amount you are willing to pay for each lot. Lewis and Maese will attempt to execute your absentee bid at the lowest possible price with consideration of the reserve price and other bids. If more than one bid is received for the same exact price, the first bid received by Lewis and Maese will take preference. Absentee bids are available in the back of this catalog or by calling our Customer Service Department at 713/880-0891. Lewis and Maese offers this service free of charge to our customers, but is not responsible for errors or failures to execute bids. Telephone Bids We do accept telephone bids for our auction. You will need to arrange this through our Client Services Department at least 24 hours prior to the auction. You will supply us with a telephone number where you can be reached and we will contact you during the auction. This service is only available on lots with an estimate of $1,000 or more. It should be noted, that we do not accept any responsibility for bids that we fail to execute. Moreover, we reserve the right to request a 30% deposit on any advance bidding. Internet Bids All Lewis and Maese auctions are carried live through Ebay Live Auctions. You will be responsible for registering as a bidder on their website at www.liveauctioneers.com. The buyers premium for successful internet bidders is 18%. All bidding on the internet is in real time and will be accepted only during the actual auction. Successful Bids Once the auctioneer's hammer has fallen he will announce and record the name or paddle number of the bidder. You will need to proceed to the Purchase Counter to pay in full for your item unless previous arrangements have been made with our Credit Management Department. If you are the successful bidder with a written bid, you will be notified the next day by telephone. The auctioneer may re-open bidding on any item at his discretion. Unsold Property If any lots fail to reach the reserve then they will be "brought-in" or "passed" by the auctioneer and either offered for sale at a later auction or returned to the seller. It is possible to make after auction offers. Please contact the administrator who will be present at all auctions. Post Auction Payment and Collection of Property Payments must be made to Lewis and Maese Auction Company within 7 working days of the auction. Once payments have cleared you will then be able to collect your property. Payments may be made with cash, check (corporate or individual) or most major credit cards. To avoid delay in collecting your property, you should supply a bank reference during registration. Lots may not be transferred and the successful bidder during the auction is solely responsible for payment to Lewis and Maese. Purchases made online through our website will be charged to the credit card registered when placing absentee bids. Storage All winning bid items must be paid and picked up by 5:00pm of the seventh calendar day or the buyer will be responsible for any & all charges associated with storage, moving and/or the resale of your purchase. Unless prior arrangements have been made with Lewis & Maese, items not removed by the specified time will be picked up by a third party storage facility and the buyer will be responsible for any fees the third party requires to release the item. Please call ahead to ensure your items are ready when you arrive. Before the Auction Estimates If you are considering selling at one of our auctions, Lewis and Maese will gladly view your property and give you a verbal estimate of the auction value of your property. You may call our office to schedule an appointment or send us a clear photograph with any other pertinent information and we will contact you directly. Consigning Property If you decide to sell your property, Lewis and Maese will supply you with a consignment agreement providing you with information and setting forth our fees and terms. Catalog Once you have signed our Consignment Agreement we will arrange to photograph your property for our catalog. You will then receive a catalog including your item once they have been produced this usually occurs about four to six weeks prior to the scheduled auction date. Post Auction Notification Within 72 hours of the auction you will receive notification of the final hammer price for your item. If the bidding failed to meet you reserve price, then you will be notified that your item was "brought-in" and arrangements will be made to return your property. Payment Approximately 35 days after the auction, you will be sent payment for your item and a statement itemizing commission and other expenses. Payment can only be made when Lewis and Maese has been paid by the buyer.