3.In addition, Owner authorizes Auctioneer, as Owner's agent, to collect from the successful bidder and retain as an additional commission an amount equal to fifteen to twenty eight percent (15%-28%) of the successful bid price for each item of Property sold in our Fine Arts Auctions and Town & Country sales.
4. All lots sold in our Fine Art Sales will have an estimate, and will carry an automatic reserve of fifty percent (50%) of the low estimate. If a consignor dictates a reserve price higher than the opening bid on an item and the item goes unsold, having not reached the reserve, a buy-in fee will be charged to the consignor. The buy-in fee will be fifty dollars ($50) up to five thousand dollars ($5000) and one percent (1%) of the reserve price over five thousand dollars ($5000).
5. Should a consignor wish to withdraw consigned item(s) within (14) fourteen days of scheduled sale of said lot(s), a fee of fifty dollars ($50.00) per lot will be incurred.
6. Any transportation costs incurred by Auctioneer in moving the Property to the auction gallery will be borne by Owner. Trucking $ _____
7. Owner/Agent, herein, authorizes Auctioneer to photograph each item of the Property as is necessary in Auctioneer's sole judgement for proper promotion. All printing, advertising and auction expenses will be the responsibility of the Auctioneer, unless otherwise stipulated.
8. In the event properties are removed, because of time constraints on the seller, there will be a charge of one hundred twenty five dollars ($125) per month to accommodate the consigned items. This fee is to provide for temporary storage and will not exceed three (3) months.
9. Storage of the Property prior to the auction will be the responsibility of the Auctioneer unless such goods are not as yet authorized to be sold. Property held awaiting court order or other contingency shall be charged a storage/handling fee. Unsold or withdrawn Property must be removed by the consignor within seven (7) days after the auction or charges will be assessed at $10 per item per day.
10. Auctioneer will remit to Owner the net proceeds of the auction (less expenses;trucking, repair and cleaning if warranted and commission) within thirty (45) Banking days (excludes weekends) provided we are in receipt of buyer's payment. In certain instances payment may be be held if a work is to be vetted by the buyer. Auctioneer has no obligation to enforce payment by the buyer. In the event of non-payment by the buyer, Auctioneer, in its sole discretion may (a) re-offer Property at a future auction, (b) cancel the sale and return the Property to Owner, (c) enforce payment by the buyer, or (d) take any other actions permitted by law. Auctioneer shall not, under any circumstances, be liable for any consequential damages to Owner as a result of non-payment by the buyer.
11. Reasonable care will be taken on all items of Property received. Auctioneer carries fire and burglary insurance except on motor vehicles. In the event of a loss, the consignor's home owner's policy proceeds Auctioneer's insurance claim. If a settlement cannot be agreed upon, an independent appraiser will be retained and his decision on fair market value less commission and expenses will be binding on both parties; the cost of such appraisal will be shared equally by Owner and Auctioneer. Consigned automobiles must be insured by owner until title is transferred to buyer.
12. Owner hereby warrants that he is the owner of each item of the Property, that the property is free and clear of all liens and that Owner has complete power of sale.
13. Owner agrees to indemnify and hold Auctioneer harmless from and against any and all claims, actions, damages, losses, liabilities and expenses (including reasonable attorney's fees) relating to the breach or alleged breach of any of Owner's obligations, representations or warranties herein. Owner's representations, warranties and indemnity herein shall survive completion of the transaction completed by this Agreement.
14. Owner covenants and agrees that neither Owner nor their agent, shall enter or cause to be entered a bid on any item of the Property at any auction in which any item of the Property is being offered. Auctioneer shall protect any reserve stipulated herein by bidding on Owner's behalf.
15. Complete Disclosure – Owner/Agent warrants that they have divulged all information, to the best of their knowledge, that may have bearing upon the consigned item(s), including but not limited to authenticity, condition (restoration), age, provenance, previous sales information. Failure to comply with complete disclosure relieves the Auctioneer from any potential liability resulting from good faith sales of consigned items(s). Owner/Agent accepts responsibility for any potential liability under these conditions.
16. If information (identification, age, condition, provenance, etc) provided by the consignor proves to be inaccurate and results in the return of that item, the consignor will be charged a fee of 10% of the hammer price, or $100, whichever is higher.
17. All items (lots) sold through Live Auctioneers or any other electronic media are subject to an additional (30) day hold after payment is made, which ever is greater, before the consignor payment will be made.