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CONDITIONS OF SALE
THE PLACING OF A BID SHALL CONSTITUTE ACCEPTANCE OF THESE CONDITIONS OF SALE
BIDDING
1.
Unless announced otherwise by the auctioneer, all bids are per lot,
as numbered in the printed Catalogue. Archives International Auc-
tions, as agent for the consignor or vendor, shall regulate the bid-
ding and shall determine the manner in which the bidding shall be
conducted. Archives International Auctions reserves the right to
withdraw any lot prior to sale (without liability to any potential pur-
chaser or agent), to re-offer any withdrawn lot, to divide a lot or to
group two or more lots belonging to the same consignor or vendor,
and to refuse any bid believed not made in good faith. Estimates of
sales prices contained in the printed Catalogue reflect the best
judgment of Archives International Auctions and are not minimum
or upset prices.
2.
(a) Bids shall be made in the steps set forth in paragraph 12.
(b) The highest bid acknowledged by the auctioneer shall prevail.
Should a dispute arise between bidders (including a dispute be
tween a floor bidder and the auctioneer acting on behalf of a
mail bidder, consignor or vendor), the auctioneer alone shall de-
termine who the successful bidder is and whether to reoffer the
lot in dispute. Should a dispute arise after the sale, the auction
eer’s sale records shall be conclusive. On all lots sold, a com-
mission of 18% on the hammer price is payable by the buyer to
the auctioneer.
3.
(a) The auctioneer reserves the right to bid on behalf of clients
(and consignors or vendors) but shall not be liable for errors
and omissions in executing instructions to bid, however re-
ceived, and whether such errors or omissions be those of the
bidder or agent or those of the auctioneer.
(b) Lots may be offered subject to a reserve price. The auctioneer
may implement such reserve price by bidding on behalf of the
consignor vendor.
(c) It may also be assumed that all consignors have been advan-
ced monies against the sale of their consigned material and
Archives International Auctions therefore has a security interest
in the consigned material over and above the normal auction
commission.
(d) Purchases made by a consignor or vendor or his agent on his
own lots shall be considered as a sale subject to commissions
and sales tax as applicable.
(e) Agents are responsible for the payment of the purchase price
for all purchases made on behalf of their clients, unless other
arrangements with the auctioneer have been confirmed in writ-
ing prior to the auction.
PAYMENT FOR PURCHASES
4.
Payment for lots, including those on which opinions are desired (Con
dition of Sale 8), shall be as follows:
(a) Floor Bidders. Payment of the purchase price, or such part
there of as Archives International Auctions shall require, shall
be made by the purchaser in cash or bank or certified check or
in such other manner as Archives International Auctions may
determine. The name and address of the purchaser of each lot
shall be given to the auctioneer immediately following the sale
of such lot.
(b) Mail Bidders. A successful mail bidder will be notified of lots
purchased. Before Archives International Auctions will send
such lots, payment in full must be received by Archives Interna-
tional Auctions within three (3) business days of receipt of the
aforesaid notification by the mail bidder. However, a purchaser
known to Archives International Auctions at its option may have
purchases delivered or forwarded for immediate payment (by a
dollar draft on a U.S. bank in the case of overseas purchasers).
Mailed delivery will be to the address on the bid sheet and
proof by Archives International Auctions of receipt of a sending
at the advised address shall constitute delivery. All charges for
handling, delivery and insurance obtained by Archives Interna-
tional Auctions on behalf of the purchaser shall be added to the
purchase price; a minimum charge of $10.00 will be made. Risk
of loss in transit shall be on the purchaser.
5.
Title shall not pass to the purchaser until full payment has been re-
ceived by Archives International Auctions as agents for the consign-
or or vendor.
6.
(a) Purchasers agree to pay for lots as specified in Condition of
Sale 4 (or as the same may be modified by Condition of Sale 8),
and no credit is extended; a late payment charge of 2% per
month or fraction thereof shall be added if payment is not made
in accordance with the aforesaid conditions.
(b) In the event that a bidder shall fail to comply with these Condi-
tions of Sale (“Non-Complying Bidder”), then, as to any lot with
respect to which such failure to comply occurs, Archives Interna-
tional Auctions may, in its sole discretion, re-offer such lot during
the same auction or at an auction at a later time, or by private
treaty at such time as Archives International Auctions, in its sole
discretion, deems appropriate and the Non-Complying Bidder
shall be liable for the deficiency, if any, between the hammer
price and the net proceeds of a sale to a subsequent purchaser,
whether at auction or by private treaty, as well as for all costs
and expenses of both sales, all other charges due thereunder,
including commissions with respect to both sales, whether
payable to Archives International Auctions or to a third party and
all incidental damages. It shall be in Archives International Auc-
tions’ sole discretion to determine whether to re-offer the lot
theretofore hammered-down to a Non-Complying Bidder at the
same auction, or by private treaty in due course, or at a subse-
quent auction conducted by Archives International Auctions. In
no event shall any surplus arising from the sale of a re-offered
lot be payable to a Non-Complying Bidder.
(c) A defaulting purchaser shall be deemed to have granted Archives
International Auctions a security interest in property in Archives
International Auctions possession owned by such purchaser.
Archives International Auctions shall have all of the rights af-
forded a purchase money secured party under the New York or
New Jersey Uniform Commercial Code with respect to such prop-
erty and may apply against such obligations all monies held or
received by it for the account of, or due from Archives Interna-
tional Auctions to such purchaser. Archives International Auc-
tions is authorized to file a Financing Statement in order to per-
fect its rights as a secured party.
(d) If Archives International Auctions takes any legal steps to secure
payment of a delinquent account, the defaulting purchaser shall
be liable for all legal and other expenses incurred by Archives In-
ternational Auctions to secure such payment, including but not
limited to a reasonable allowance for attorneys’ fees. For pur-
poses of this paragraph, the term legal steps shall be deemed to
include any and all consultation by Archives International Auc-
tions with its attorneys with respect to all matters arising out of a
delinquent account.
(e) Unless otherwise acceptable to Archives International Auctions,
payment is to be made only in the form of cash, bank check or
certified check, credit card (Visa or MasterCard only) or a bank
wire transfer.
EXHIBITION AND INSPECTION OF LOTS; QUALITYAND AUTHENTICITY
7.
(a) On Premises Inspection only. Ample opportunity is given for on
premises inspection prior to the auction date, and, upon written
request and at Archives International Auctions discretion.
(b) Each lot is sold as genuine and correctly described, based on
individual description as modified by any specific notations in this
Catalogue.
(c) Quality. Any lot which a purchaser considers to be incorrectly de-
scribed may be returned to Archives International Auctions within
two weeks of its receipt by such purchaser (“Returning Pur-
chaser”), provided, however, that the same is received by
Archives International Auctions within four weeks of the date of
the auction; however, Archives International Auctions may, in its
discretion, refuse acceptance of such returned lot. If an opinion
of a generally recognized authority is desired, the period of time
within which a lot must be received by Archives International Auc-
tions will be extended in accordance with Condition of Sale 8. In
the event that a dispute cannot be resolved by reference to a
generally recognized authority, and Archives International Auc-
tions thereupon undertakes to re-offer the lot with a description
identical to thedescription disputed, the Returning Purchaser
shall be liable for the deficiency, if any, between the proceeds of
the sale to the Returning Purchaser and the proceeds of a sale
to a subsequent purchaser, as well as for all costs and expenses
of the re-sale, including commission, and all incidental damages.
Any lot, the description of which is disputed, must be returned in-