Buying at Auction

VIEWING

Prospective purchasers are encouraged to inspect property prior to the sale. All lots offered are available for inspection at the exhibition held prior to the auction. If you are unable to attend the exhibition and would like a condition report on any lot offered, you may contact us and any reasonable request will be dealt with promptly.

ESTIMATES

The pre-sale estimated prices printed in the catalogue are the approximate prices expected to be realized (excluding the Buyer’s Premium). They are intended merely to serve as a guide to prospective purchasers.

BIDDING

To bid at the Auction, you need a Paddle Number. The Registration Desk opens half an hour prior to the commencement of the Auction. You will need to fill out a Registration form. Proof of identity and a trade reference or a refundable deposit will be required if you are not known to Kestenbaum & Company. When you successfully purchase a lot, the Auctioneer will ask you for your Paddle Number.

ABSENTEE BIDDING

Kestenbaum & Company will execute bids on the buyer’s behalf with care and discretion at the lowest possible price as allowed by other bids and any reserves. Use the Absentee Bid Form in the catalogue or available at the viewing. Take care to write the lot number(s) and first word clearly. The bid that you leave represents the highest price that you are willing to pay for the lot, exclusive of the Buyer’s Premium. If there is limited competitive bidding, you will be successful at a lower price. Successful bidders will be notified by receipt of an Invoice e-mailed out shortly after the sale.

PHONE BIDDING

Bidding may also be conducted live via telephone. As the number of telephone bidding lines available in the saleroom is limited, such arrangements must be made at least 24 hours before the sale commences. Successful bidders will be notified by receipt of an Invoice e-mailed out shortly after the sale.

INTERNET BIDDING

Kestenbaum & Company runs our live sales directly with both Invaluable and Bidspirit, two bidding platforms. You must create an account with either of those platforms, and then register through their website for our Auction. Bids are then received live during the sale.

PAYMENT

Payment may be made shortly the sale and lots collected. In order to avoid delays, buyers are advised to make known any special arrangements for payment before the sale. If you have not purchased with us previously, checks will need to be cleared before any purchases are released. Wire transfers are accepted, as are credit cards (subject to a 3% fee).

SHIPPING

Kestenbaum & Company provides packing and shipping services for a fee. Please let us know if you plan to pick up your purchases or have them shipped to you. All items picked up from us, or shipped within New York state are subject to New York State sales tax, unless you provide us with a tax-exempt certificate.

PRICES REALIZED

List of prices realized will be posted on this Website following the sale. All Bids are subject to the Conditions of Sale printed in the Catalogue, and as listed below.

CONDITIONS OF SALE

Property is offered for sale by Kestenbaum & Company as agent for the Consignor.

By bidding at auction, the buyer agrees to be bound by these Conditions of Sale.

1. All property is sold “as is,” and any representation or statement in the auction catalogue or elsewhere as to authorship, attribution, origin, date, age, provenance, condition or estimated selling price is a statement of opinion only. All interested parties should exercise their own judgement as to such matters, Kestenbaum & Company shall not bear responsibility for the correctness of such opinions. 


2. Notwithstanding the previous condition, property may be returned by the purchaser should such property prove to be defective, incomplete or not genuine (provided such defects are not indicated in the catalogue or at the sale). Written notice of the cause for return must be received by Kestenbaum & Company within seven (7) days from the date of the sale of the property, and the property must be returned to Kestenbaum & Company in the same condition as it was at the time of sale. Any lot containing three or more items will be sold “as is” and is not subject to return. 


3. The Auctioneer has the right to refuse admission to the premises and/or refuse the participation in the auction of any person. The Auctioneer has the right to reject any bid and to advance the bidding at his absolute discretion and, in the event of any dispute between bidders, to determine the successful bidder or to reoffer and resell the article in dispute. Should there be any dispute after the sale, the Auctioneer’s record of final sale shall be conclusive.

4. The fall of the Auctioneer’s hammer marks the acceptance of the highest bid and the conclusion of a contract for sale between the seller and the buyer. The buyer will then be required to sign confirmation of purchase, supply his/her legal name and full address and pay the full purchase price.

5. The buyer is obliged to collect his purchased lot(s) and to fulfill his obligations to pay for the lot(s) no later than seven days from the date of the sale of the item. The buyer will not acquire title to the lot until all amounts due to Kestenbaum & Company from the buyer have been received by Kestenbaum & Company in good cleared funds even in circumstances where the lot has been released to the buyer.

6. If the buyer fails to make payment in full in good cleared funds within the time required, Kestenbaum & Company shall be entitled in our absolute discretion to exercise one or more of the following rights or remedies (in addition to asserting any other rights or remedies available to us by law): (a) cancel the sale, retaining as liquidated damages all payments made by the purchaser, (b) resell the property, either publicly or privately, for the account and risk of the buyer, or (c) charge interest at such rate as we reasonably decide. In such event the defaulting buyer shall be liable for the payment of all deficiencies plus all costs, including legal fees, warehousing, the expenses of both sales, and Kestenbaum & Company’s commission at its regular rates and all other charges due hereunder.

7.  Any right of the purchaser under this agreement or under the law shall not be assignable and shall be enforceable only by the original purchaser and not by any subsequent owner or any person who shall subsequently acquire any interest. No purchaser shall be entitled to any remedy, relief or damages beyond return of the property, rescission of the sale and refund of the purchase price; and without limitation, no purchaser shall be entitled to damages of any kind. 

8. Kestenbaum & Company reserves the absolute right to withdraw any property at any time before its actual final sale. 


9. All lots in this catalogue are subject to a reserve, which is the conditional minimum price acceptable to the Consignor. No reserve will exceed the low presale estimate stated in the catalogue.

10. The purchase price paid by the buyer shall be the sum of the final bid and a buyer’s premium of 25% of the first $150,000 of the final bid on each lot, and 20% of the final bid price above $150,000, plus all applicable sales tax. 


11. Payment made via credit card is subject to a 3% convenience charge. Bids placed through Invaluable.com are subject to an additional 5% Invaluable Service Fee.

12. All property must be paid for and removed from our premises by the buyer at his expense not later than seven days following its sale. If not so removed, storage charges may be charged of $5.00 per lot per day. In addition, a late charge of 1.5% per month of the total purchase price may be imposed if payment is not made. 


13. Kestenbaum & Company accepts no responsibility for errors relating to the execution of commission bids, either from the floor, telephone or via the internet. 


14. Kestenbaum & Company is not responsible for unsold lots left on our premises sixty (60) days from their date of sale. 


15. The rights and obligations of the parties shall be governed by the laws of the State of New York. All bidders and the purchaser submit to the personal jurisdiction of the New York State courts and their rules and procedures in the event of any dispute.