The following Conditions of Sale are the complete and only terms and conditions on which all auction items are offered for sale, and constitute the entire agreement by and between the Center for Exploratory and Perceptual Arts (CEPA), a nonprofit, tax exempt arts corporation, and any purchasers of property at this benefit auction.
The property offered in this sale will be offered and sold by CEPA Gallery. Any questions should be directed to CEPA and not to Sotheby’s, Inc., (“Sotheby’s”), which serves merely as auctioneer for the CEPA in conducting the auction sale and participates on the following terms and conditions, as amended by any posted notices or oral announcements during the sale, which govern the sale of all the property offered at the auction:
1. All lots will be sold in the order in which they are listed in the catalogue and in any addendum to the catalogue that may be necessary for works received and accepted into the auction after press time.
2. Bids will be accepted from registered bidders only. All bidders present at the sale must register and receive an official number at the registration desk.
3. Absentee bids online or by telephone, fax or mail will be accepted until 5pm, Friday, April 25, 2014. Please use the absentee bid form in this catalogue, or online. All absentee bids must state the highest amount that the bidder is willing to pay. Such bids will be executed at the lowest possible price, subject to the reserve price, to other absentee bids, and/or to the competitive bids at the sale. The earliest of any identical bids shall take preference. Absentee bids are executed by CEPA as a convenience only; CEPA is not responsible for any errors or omissions in connection therewith.
4. Neither Sotheby’s nor CEPA assume any risk, liability or responsibility for the authenticity of the authorship of any property offered at this auction (that is, the identity of the creator or the period, culture, source or origin, as the case may be, with which the creation of any property is identified).
5. ALL PROPERTY IS SOLD “AS IS” AND NEITHER SOTHEBY’S NOR CEPA MAKES ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXPRESSED OR IMPLIED, WITH RESPECT TO THE PROPERTY, AND IN NO EVENT SHALL EITHER OF THEM BE RESPONSIBLE FOR THE CORRECTNESS OF ANY CATALOGUE OR NOTICES OR DESCRIPTIONS OF PROPERTY, NOR BE DEEMED TO HAVE MADE, ANY REPRESENTATIONS OR WARRANTY OF PHYSICAL CONDITION, SIZE, QUALITY, RARITY, IMPORTANCE, GENUINENESS, ATTRIBUTION, AUTHENTICITY, PROVENANCE OR HISTORICAL RELEVANCE OF THE PROPERTY. No statement in any catalogue, notice or description or made at the sale, in any bill of sale invoice or elsewhere, shall be deemed such a representation or warranty or any assumption of liability. Neither Sotheby’s nor CEPA makes any representation or warranty, expressed or implied, as to whether the purchaser acquires any reproduction rights in the property. Prospective bidders should inspect the property before bidding to determine its condition, size and whether or not it has been repaired or restored.
6. Sotheby’s and/or CEPA reserves the right to withdraw any article offered for sale before the actual sale without any liability therefor, up until the point the auctioneer announces the item sold. Each lot is offered subject to a reserve, which is the confidential minimum price below which the lot will not be sold. We may implement such reserves by bidding on behalf of ourselves. If the auctioneer determines that any opening bid is below the value of the article offered, he may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, he decides that any advance is insufficient, he may reject the advance.
7. Sotheby’s and CEPA reserve the right to reject a bid from any bidder. The highest bidder acknowledged by the auctioneer shall be the purchaser. In the event of any dispute between bidders, the auctioneer shall have sole and final discretion either to determine the successful bidder or to reoffer and resell the article in dispute. If any dispute arises after the sale, CEPA’s sale records shall be conclusive in all respects.
8. On the fall of the auctioneer’s hammer, the highest bidder shall be deemed to have purchased the offered lot subject to all of the conditions set forth herein and thereupon (a) assumes the risk and responsibility thereof (including without limitation damage to frames or the glass covering prints), (b) will sign a confirmation of purchase thereof and (c) will pay the full purchase price therefor or such part as CEPA may require. In addition to other remedies available to us by law, CEPA reserves the right to impose a late charge of 1-1/2% per month of the total purchase price if payment is not made in accordance with the conditions set forth herein. The late charge will be imposed pro rata for periods of less than one month. All property must be removed from CEPA’s premises by the purchaser at his or her expense no later than three business days following the sale and, if it is not removed, a handling charge of 1% of the purchase price per month until its removal will be payable to CEPA by the purchaser with a minimum of 5% for any property not so removed within sixty days after the sale, and CEPA may send the purchased property to public warehouse at the account, risk and expense of the purchaser. If any applicable conditions herein are not complied with by the purchaser, in addition to other remedies available to CEPA by law, including without limitation the right to hold the purchaser liable for the total purchase price, CEPA at its option may either (a) cancel the sale, retaining as liquidated damages all payments made by the purchaser or (b) resell the property at public auction without reserve, and the purchaser will be liable for any deficiency costs, including handling charges, the expenses of both sales, all other charges due hereunder, and incidental damages. In addition, a defaulting purchaser will be deemed to have granted a security interest in, and CEPA may retain as collateral for such purchaser’s obligations to us, any property in our possession owned by such purchaser regardless of when we may acquire possession. CEPA shall have all of the rights afforded a secured party under the New York Uniform Commercial Code with respect to such property and we may apply or set off against such obligations all monies held or received by us for reasons of the account of, or due from us to, such purchase. At our option payment will not be deemed to have been made in full until we have collected funds reflected by checks or, in the case of bank or cashier’s checks, we have confirmed their authenticity.
9. CEPA is not responsible for the acts or omissions of carriers or packers of purchased lots, whether or not recommended by us. Packing and handling of purchased lots by CEPA is at the entire risk of the purchaser. In no event will CEPA’s liability to a purchaser exceed the purchase price actually paid.
10. The laws of the State of New York shall govern all party’s rights and obligations hereunder. By bidding, absentee or otherwise, a buyer shall be deemed to have consented to the jurisdiction of the State of New York.
11. Any waiver or nonvalidity of any part of these Conditions of Sale shall not constitute a continuing waiver nor shall it affect the validity of any other part.