Conditions of Sale/Notice to Buyers
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 February 25, 2018. We are acting as an agent on behalf of our consignors.
PAYMENT All sales are final. All sold lots are to be paid for on the day of the auction. We accept 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. 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. If payment is not received in full by March 7, 2018, collection and storage fees will begin occurring immediately. 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 MARCH 7, 2018
• 22.5% on the hammer price up to and including $500,000 if bids are placed directly with LAMA;
• 17.5% on the portion of the hammer price in excess of $500,000 up to $2,000,000 if bids are placed directly with LAMA;
• 12.5% on the portion of the hammer price in excess of $2,000,000 if bids are placed directly with LAMA.
PAYMENT RECEIVED AFTER MARCH 7, 2018
• 25% on the hammer price up to and including $500,000 if bids are placed directly with Modern Auctions, Inc.;
• 20% on the portion of the hammer price in excess of $500,000 up to $2,000,000 if bids are placed directly with Modern Auctions, Inc.;
• 15% on the portion of the hammer price in excess of $2,000,000 if bids are placed directly with Modern Auctions, Inc.
THIRD-PARTY ONLINE BIDDERS
• The Buyer's Premium for bidding via a third-party online platform is 28% on the hammer price.
**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. All electrical items are sold for decorative value only and should be assumed not to be working. All measurements are approximate. Photographs of any lots not illustrated can be found on our website, lamodern.com.
COLLECTION & STORAGE All lots must be removed from the auction showroom by 12:00pm (PT) on March 27, 2018. Purchases not removed by March 27, 2018 will be assessed daily storage fees of $15 per day per lot. Items in storage are not insured by MAI. 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 We encourage you to attend the sale in person. However, if you are unable to attend in person we offer an Absentee or Phone Bidding service. For this service fill out and submit a Bid Form. To obtain this form please call 323.904.1950 or go to our website. We will not execute Absentee or Phone bid orders unless a signed and completed bid form has been received. All Bid Forms must be received by Saturday, February 24, 2018 by 5:00pm (PT) via fax to 323.904.1954 or scanned and sent via email to shannon@ lamodern.com. We encourage you to call after faxing to confirm we have received your form. We kindly ask that you do not call on the day of the auction to submit bids or to
check if your bids were successful. All successful Absentee and Phone bidders will be notified by phone or email by February 27, 2018. In addition, the auction's Prices Realized will be posted the day after the auction on our website. Do not rely on any auction results (Prices Realized) unless published on www.lamodern.com or as provided directly by MAI.
Absentee or Phone Bidding service is on a first-come, first-served basis; thus, we encourage you to submit your Bid Form ASAP. If identical absentee bids are submitted, the earliest received will take precedence. The number of phone lines available are limited so please submit your phone requests early. By registering for the Phone Bidding service you acknowledge and consent to allow MAI to record telephone conversations. On all Bid Forms, please leave a valid credit card number with expiration date; a deposit of 25% may be required for all absentee and phone bids. The party responsible for submitting the Bid Form is solely responsible for the payment in full of the total invoice, we will not make any changes to an invoice.
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. Should an item be withdrawn, the auctioneer will make an announcement at the time the lot would have been put up for sale. In addition, the auctioneer may add lots not previously listed in the catalogue or addendum. 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, may be blue, pink, or white type) 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 # 7900453024
Peter Loughrey, Principal Auctioneer
Los Angeles Modern Auctions (LAMA)
16145 Hart Street, Van Nuys, CA 91406