Archives International Auctions Part XXVII August 4

Archives International Auctions AIAXXVII

239

August 4, 2015

Archives International Auctions

www.archivesinternational.com

CONDITIONS OF SALE

THE PLACING OF A BID SHALL CONSTITUTE ACCEPTANCE OF THESE CONDITIONS OF SALE

BIDDING

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chaser or agent), to re-offer any withdrawn lot, to divide a lot or to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.

(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.

(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.

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

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.

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.

(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.

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

(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.

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-