Conditions of Sale/Notice to Buyers
July 30 - August 9, 2020
The following are our “Conditions of Sale” for the items listed in this catalogue to be sold by Modern Auctions, Inc. (“MAI,” “L.A. Modern Auctions,” or “LAMA”) on August 9, 2020 in a timed auction. We are acting as an agent on behalf of our consignors.
PAYMENT All sales are final. We accept payment by cash, bank wire transfers, checks, and credit cards. Please note: credit card payments carry a 3% processing fee on the total invoice amount. All payments made by personal checks will be subject to clearance before purchases can be collected. Payment must be made within 10 business days after the auction. Buyers who have not purchased from Modern Auctions, Inc. (Los Angeles Modern Auctions) previously are asked to provide a method of payment and/or letter of reference from a bank or creditor prior to the auction. Bank wire information is available upon request. All lots are subject to a Buyer's Premium, this amount is added to the hammer price and is calculated upon when payment is received by MAI. Please see schedule below:
PAYMENT RECEIVED BY August 19, 2020
22.5% on the hammer price up to and including $500,000 if bids are placed directly with Modern Auctions, Inc.
PAYMENT RECEIVED AFTER August 19, 2020
25% on the hammer price up to and including $500,000 if bids are placed directly with Modern Auctions, Inc.
**Payment by credit card carries a 3% processing fee on the total invoice amount and requires a completion of LAMA's “Credit Card Authorization” form.
CALIFORNIA SALES TAX Sales tax of 9.5% will be collected on all purchases removed from our premises or delivered within the state of California. Those holding a valid California State Resale License must register before each auction and present their valid resale number. No purchases will be released until all sales tax requirements are satisfied.
ESTIMATES & RESERVES The estimates printed after each lot should be used as a guide only and should not be relied upon as a prediction of final selling prices. Many of the lots offered for auction carry a reserve and are confidential. The reserve is a minimum price at which the seller has agreed to let the auctioneer sell the property.
CONDITION Everything is sold in “As-Is” Condition. No statement regarding condition of any item, whether it is made orally at the auction, or in writing, or printed in this catalogue, or at any other time shall be deemed to be a warranty, representation, or assumption of liability. It is the sole responsibility of the buyer to inspect all goods prior to the sale. We strongly encourage all bidders to request a condition report on any item before bidding and are advised to bid accordingly without inspecting the lots in person prior to participating in the auction. All electrical items are sold for decorative value only and should be assumed not to be working. All measurements are approximate.
COLLECTION & STORAGE All lots must be removed from the auction showroom by 12:00pm (PT) on September 8, 2020. Purchases not removed by September 8, 2020 will be assessed daily storage fees of $15 per day per lot. Unless other arrangements are made and confirmed in writing, the buyer assumes sole responsibility for shipping, packing, insurance, and storage concerns. A list of shippers can be provided upon request. If a purchased lot is paid for but not collected within six months of the auction, the buyer authorizes MAI, upon notice, to arrange a resale of the item by auction or private sale, with estimates and a reserve set at MAI's reasonable discretion. The proceeds of such sale will be applied to pay for storage charges and any other outstanding costs and expenses owed by the buyer to MAI and the remainder will be forfeited unless collected by the buyer within two years of the original auction.
BIDDING The timed auction will be conducted on LAMA’s remote bidding platform at "bid.lamodern.com". Bidders can access the platform through the LAMA app and the website bid.lamodern.com.
Once you have registered for the auction, you can conduct your bidding. On all lots, you have the options of placing the next incremental bid or you can place a maximum bid. Maximum bids are executed on a first-come, first-served basis; thus, we encourage you to submit your bids as soon as possible. If identical maximum bids are submitted, the earliest received will take precedence. Once submitted, all bids are final and cannot be reduced, retracted, or revoked. MAI is not responsible for any errors you make in bidding. By submitting a bid, you accept personal liability to pay the invoice total, including all applicable fees and taxes. The party responsible for submitting the bids is solely responsible for the payment in full of the total invoice–we will not make any changes to an invoice.
All successful bidders may be notified by phone or email as late as August 10, 2020. The auction's Prices Realized will be posted the day after the auction on the website "www.lamodern.com". Do not rely on any auction results (Prices Realized) unless published on "www.lamodern.com" or as provided directly by MAI. Should a dispute arise after the auction, our records are conclusive. We are not responsible for failure to execute a bid and have the right to reject any bid. We reserve the right to withdraw any property before the auction and shall have no liability whatsoever for such withdrawal. In addition, MAI may add lots not previously listed.
If the buyer does not comply with all of the Conditions of Sale/Notices to Buyers, MAI reserves the right to cancel the sale, hold the defaulting buyer liable for the purchase price and Buyer’s Premium, retain or process any deposit, and resell the property privately or at auction without further notice. In the latter, the defaulting buyer will be held responsible for all incurred expenses, such as warehouse and transportation costs, commissions, incidentals, and shall be liable for payment of any deficiency in the purchase price. This is strictly enforced. We reserve the right to assess a late charge of 1.5% of the total purchase price per month if payment is not made in accordance with any of these Conditions of Sale.
LEGAL FEES & VENUE If a suit, action, arbitration or other proceeding of any nature whatsoever is instituted in connection with any controversy arising out of these Conditions of Sale, the sale of items, the auction or any breach thereof between the bidder or buyer and Modern Auctions, Inc., the prevailing party shall be entitled to recover its attorney's fees and costs incurred in connection with such proceeding. This Agreement shall be governed by and construed in accordance with California law, without reference to the conflicts of law rules and principles of such State. The parties agree that all actions or proceedings arising in connection with this Agreement shall be litigated exclusively in the Los Angeles Superior Court. This choice of venue is intended by the parties to be mandatory, thereby precluding the possibility of litigation between the parties with respect to or arising out of this Agreement in any other jurisdiction.
GUARANTEE The authenticity of every item offered for auction is guaranteed. MAI warrants only the authorship of an item (as printed in the line directly below the lot number) and does not guarantee the condition, age, or any identifying characteristic used by MAI in any descriptions such as color, method of construction, and type of materials. Any lot using the terms “attributed,” “attribution,” “in the style of,” “in the manner of,” or “after” does not qualify for our guarantee. In addition, the buyer assumes responsibility for reading all addendums and posted corrections to the catalogue prior to bidding.
RESCISSION Should the authenticity of an item be disputed after a sale, the buyer has 90 days from the date of the auction to provide written documentation or conclusive opinion of a mutually agreed upon independent expert, retained at the buyer’s sole expense, that the item in question is not as stated in the catalogue. In the event of an error, MAI will rescind the purchase contract. MAI will reimburse the buyer for no more than the hammer price plus the Buyer’s Premium and only after the item is returned to the original point of sale in the condition in which it was sold. Taxes, packing, shipping, and storage costs will not be reimbursed. MAI is not liable for any costs, such as expert and attorney fees. If the item is authentic, as stated in the auction catalogue or lamodern.com, then the purchaser shall bear MAI’s expenses incurred in defense of the allegation, such as attorney fees and other costs. The limited right of rescission is only available to the original purchaser from MAI. Once the item is resold, then all rights and liabilities of MAI regarding authenticity end. The Purchaser’s sole and exclusive remedy against MAI for any reason is the limited right of rescission described in this section. The purchaser shall not be entitled to damages, compensatory, incidental, consequential, nominal or punitive, nor any expenses incurred during the proceedings, such as expert’s fees, attorney’s fees, and other costs.
RIGHTS TO PHOTOGRAPHS All images and text contained in this catalogue are the sole property of MAI and may not be used or reproduced in any medium without the expressed written permission of MAI.
Modern Auctions, Inc. | Bond # 7901002777
Shannon Loughrey, Principal Auctioneer
Los Angeles Modern Auctions (LAMA)
16145 Hart Street, Van Nuys, CA 91406