3.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 Owner/Agent 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 buyâ€“in fee will be fifty dollars ($50) up to five thousand dollars ($5,000) and one percent (1%) of the reserve price over five thousand dollars ($5000) ______ (Initials)
4.Owner/Agent covenants & agrees that neither Owner/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 execute any reserve stipulated herein by bidding on Owner/Agentâ€™s behalf.
5.Any Town & Country Auction item(s) unsold will be reoffered or combined with other lots to make salable. If the item canâ€™t be re-offered, it will be donated or discarded ______ (Initials)
6.Auctioneer will remit to Owner/Agent the net proceeds of the auction (less expenses trucking, repairs and cleaning if warranted and commission) forty-five (45) banking days provided we are in receipt of buyerâ€™s payment (Banking days do not include weekends or holidays). In certain instances payment may be held longer 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, the Auctioneer in its sole discretion may (a) reoffer Property at a future auction, (b) cancel the sale and return the Property to Owner/Agent, (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/Agent as a result of non-payment by the buyer ______ (Initials)
7. Should a consignor withdraw consigned item(s) subsequent to sale, a fee of fifty dollars ($50.00) per lot will be incurred. This fee shall serve to defray Auctioneerâ€™s expenses associated with the inventory, storage, insurance and value point marketing costs associated with such items and shall be considered damages and such fees shall be paid prior to return of items to owner/Agent. ______ (Initials)
8. Any transportation costs incurred in moving the Property to the auction gallery will be borne by Owner/Agent. Trucking fee per trip $___________
At the time of pick up, if the agreed upon consignment items have been withdrawn, the trucking fees will be doubled ______ (Initials)
9. Owner/Agent, herein, authorizes the Auctioneer to photograph each item of the Property as is necessary in auctioneerâ€™s sole judgment for proper
promotion. All printing, advertising, and auction expenses will be the responsibility of the Auctioneer, unless otherwise stipulated.
10.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. This fee is to provide for temporary storage.
11.Storage of the Property prior to the auction will be the responsibility of the Auctioneer, unless such goods have not been 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 within seven (7) days after the auction or charges will be assessed at $10 per item per day.
12.Reasonable care will be taken of all Property received. Auctioneer carries fire and burglary insurance except on motor vehicles. In the event of a loss, the consignorâ€™s home ownerâ€™s policy precedes the auctioneerâ€™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. Owner/Agent and Auctioneer will share the cost of such appraisal equally. Owner/Agent must insure consigned automobiles until title is transferred to buyer.
13.Seller, hereby, warrants that he is the Owner/Agent of each item of the Property, that the Property is free and clear of all liens and that Owner/Agent
has complete power of sale.
14.Owner/Agent agrees to indemnify and hold auctioneer harmless from and against any and all claims, actions, damages, losses, liabilities and
expenses (including reasonable attorneyâ€™s fees) relating to the breach of any of Owner/Agentâ€™s obligations, representations or warranties herein. Owner/Agentâ€™s representations, warranties and indemnity herein shall survive completion of the transaction, as contemplated by this Agreement.
15.Complete Disclosure â€“ 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 this provision here by relieves the Auctioneer from any potential liability resulting from good faith sales of consigned item(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, or in violation of the presentations obtained in Sec. 15 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.