— 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. Any payment made via credit card is subject to a 3% convenience charge. 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.