Auction Consignment Terms
- CONSIGNMENT: The owner employs the Auction House to sell at public auction certain property, including, but not necessarily limited to the items described on the reverse of this page and all attached pages. Auction House reserves the right to return any items that Auction House deems unsuited or when consignments exceed capacity.
- COMMISSION: The commission outlined on the reverse side of this contact shall be payable from the auction proceeds. It is further understood and agreed that the Auction House will charge a Buyers Premium over and above the hammer price and said buyer premium will be retained by Auction House.
- BILL OF SALE: The Auction House is hereby authorized to sign on behalf of the owner, a memorandum of sale and is required to receive from the buyer of the goods the full purchase price of any items sold at the auction.
- NO BIDDING BY SELLER: The property involved herein shall remain the property of the owner until sold to a buyer at auction, however, the owner agrees not to withdraw any property contained on reverse side of contract, prior to the holding of the auction and further agrees not to bid on any item, either personally or through an agent. The bids shall advance only by amount named or accepted by the auctioneer at the time of the auction.
- RISK OF LOSS: Auction House assumes the risk of loss or damage to property while in the possession of auctioneer, to the extent that the auctioneer is insured for such loss or damage. Settlement for loss or destroyed lots would be based on the INSURANCE EVALUATION figure assigned the property in the designated column on the front of the consignment sheet.
- WARRANTIES: The Auction House will attempt to describe the lots as accurately as possible and will in some cases guarantee these descriptions for a period of 14 days after the purchaser has taken possession of the item(s). (It is important that if the owner knows of specific problems or repairs, that they advise the auctioneer in advance so as to insure that all significant faults are pointed out prior to their sale to insure that none of the lots will be returned.) Payment for any and all lots will not be made until after the grace period has elapsed. It is understood by owner that if any lot is returned in compliance with the guarantee provided by the auctioneer, that the lots will be considered a no sale and the lots will be returned to the original owner. In such case of a sale forfeiture, there will be no commission charge to the owner.
- PRESALE ESTIMATE: The presale estimate is not a guarantee but an educated judgment of what the selling range might be.
- OWNERSHIP: Owner covenants with the Auction House that owner is either individually or in the capacity set forth on reverse, the owner of all said property and that all said property is free from all encumbrances, and that owner has the full right to sell the same in accordance with the terms of this agreement, and that owner will warrant and defend the same unto auctioneer or his assigns, and against the lawful claims and demands of all persons and will indemnify and hold auctioneer harmless from all such claims and demands.
- SETTLEMENT OF ACCOUNT: The Auction House shall make an accounting and payment to the owner for all consummated sales as follows:
- Approximately 35 days after auction all consummated sales will be accounted for and paid for (a consummated sale is a sale in which we have received clear payment on, delivery has been made and guarantee grace period has expired).
- If the sale of any of your lots has not been consummated within the 35-day period, a second final payment will be made for the remaining lots once they have all been consummated.
- If for any reason the Auction House is not able to collect on a purchase or, if for any other reason the lot becomes a no sale, there will be no commission charge to the consignor and the lot may be returned to the owner or resold at a future auction subject to mutual agreement.
- RESERVES: Reserves are an agreed upon confidential price between the Auction House and the owner, a price at which the lot will not be sold for less than. YOUR NET RESERVE IS THE MINIMUM AMOUNT OF MONEY YOU REALIZE FROM THE SALE OF YOUR ITEM, AFTER COMMISSION. We discourage reserves, however, will allow them on important lots provided that:
- The reserve is realistic and conservative in relation to the market value of the lot
- The reserve is negotiated and agreed upon at the time this contract is prepared.
- Any reserve amount must be so noted in the “Reserve” column on the front of this. Please be sure this is done before signing this contract.
- A buy-in fee of 10%, with a minimum of $200, will be charged on the "bought in price" of any lot subject to a reserve, which fails to sell at auction. The buy-in percentage fee will be assessed, based on the bought in price, not the actual reserve price. I.E. - An item with a reserve of $3,000 is bought in at $2,000. The fee would be based on the $2,000 figure, and not the top reserve of $3,000. The purpose of this fee is to help allow the auctioneer to recoup some of his outlay for promoting, insuring and handling these lots.
- The net reserve figure is subject to agreed upon charges.
- In the event the lot does not meet the reserve price, consignor will pay packing and shipping for return.
- RESERVES CANNOT BE CHANGED AFTER CATALOG HAS BEEN PRINTED.
- Auction House reserves the right to sell any item at THE RESERVE price up to 60 days after the auction date.
- CASH ADVANCE TO OWNER: Under special circumstances Auction House may advance funds to the owner prior to the
scheduled auction. When said funds are advanced, they shall bear simple interest at 8% per annum until the actual date of the scheduled sale.
- COMBINATION OF LOTS: Auction House reserves the right to combine similar items with other lots of the same consignor in the event the low estimate of any individual lot falls below $1500.
- PREPARATION FOR SALE: If, in the event there are expense paid by consignee for approved cleaning, repair, re-framing or other enhancements of any of the items consigned herein, said expenses will be deducted from the net proceeds owed to consignor.
ALL CONTRACTS WILL BE CONSIDERED APPROVED AS SUBMITTED IF NOT RETURNED BY CONSIGNOR TO AUCTION CO WITHIN 10 DAYS FROM RECEIPT!