AUCTION TERMS & CONDITIONS

 

These terms and conditions apply to all buyers participating in any online auctions conducted by MONTHLY MODERN. In the ‘Terms and Conditions,' the terms 'you,' 'your,' 'buyer,' 'bidder,' or similar terms mean a person bidding on a lot. By registering to bid or by placing a bid through any means, you agree to be bound by the following terms and conditions:

 

LOT DESCRIPTIONS, 'AS IS', 'WHERE IS'

All property is sold 'as is', 'where is' with no representation or warranty of any kind from MONTHLY MODERN or the consignor. MONTHLY MODERN assumes no responsibility for errors and omissions contained in the catalog or any supplemental information or material. Any statements made are intended as statements of opinion only and are not to be relied upon as statements of fact and do not constitute representations or warranties of any kind.

 

INSPECTION & CONDITION REPORTS

Condition reports can be viewed online and further information may be requested from MONTHLY MODERN and are a courtesy to prospective bidders.   Please email us at info@monthlymodern.com.  All reports are an opinion only and should be treated as such. MONTHLY MODERN is not responsible for any oral or written statements regarding damages, restorations, defects, losses or alterations of any kind.

 

WITHDRAWALS

MONTHLY MODERN reserves the right to withdraw any item from the auction for any reason.

 

REGISTER FOR ONLINE BIDDING

You must register to bid with us in advance of the sale. In addition to our general registration requirements, we reserve the right to require photo identification and bank references.  Once successfully registered, you will be able to bid at online auctions.

 

Please refer to the online bidding platform website for all necessary information on how to bid and buy online.  Users of third-party internet bidding services shall indemnify and hold MONTHLY MODERN and its consignors harmless against any claim arising out of or resulting from the use of such online bidding services, including all losses, damages, liabilities, and all fees, including reasonable attorney's fees, costs, and expenses incurred in connection with any claim. Under no circumstances, including, but not limited to, negligence, shall MONTHLY MODERN and its consignors be liable for lost profits or any special, incidental, or consequential damages that result from the use of, or the inability to use Internet Bidding Services.

 

ABSENTEE BIDDING

As a convenience to bidders who cannot participate during the live online auction, Absentee Bids can be placed via the Live Auctioneers website by signing into their account and following on-screen instructions.

 

TELEPHONE BIDDING

Bids will not be accepted via telephone for this auction.

 

REJECTING BIDS

MONTHLY MODERN reserves the right to reject any bid. The highest bidder will be the purchaser. In the event of any dispute between bidders, or in the event of doubt on MONTHLY MODERN's part as to the validity of any bid, the auctioneer will have the absolute discretion either to determine the successful bidder or to re-offer and resell the article in dispute. If any dispute arises after the sale, MONTHLY MODERN's sale record is conclusive.

 

AUCTIONEER DISCRETION

The auctioneer has the right, in his absolute discretion, to determine the conduct of the sale, including, without limitation, to advance the bidding, to reject any bid offered, to withdraw any lot, to reoffer and resell any lot, and to resolve any dispute in connection with such sale. In any such case, the judgment of the auctioneer is final, and shall be binding upon you and all other participants in such sale.

 

BIDDING INCREMENTS

All MONTHLY MODERN sales will be conducted in the bid increments as defined on the auction website.

 

RESERVE PRICE

All Lots may be offered subject to a confidential minimum price below which the Lot will not be sold (the "Reserve"). The auctioneer may open the bidding on any lot below the Reserve by placing a Bid on behalf of the Seller. The auctioneer may continue to Bid on behalf of the Seller up to the amount of the Reserve, either by placing consecutive Bids or by placing Bids in response to other bidders.

 

PAYMENT / LATE FEES

Upon the fall of the auctioneer?s hammer, the successful bidder agrees to pay all Buyers? Costs following MONTHLY MODERN acceptance of the winning bid, unless MONTHLY MODERN has approved other arrangements in advance.

 

The winning bidder will receive an invoice within 48 hours of the close of the auction.   All payments are due immediately upon receipt of the invoice.  If payment is not received within 14 days, MONTHLY MODERN reserves the right to a late payment fee of 1.5% per month of the total purchase price, effective from the date of sale.  MONTHLY MODERN reserves the right to hold all goods until payment has cleared.

 

Payments must be made in US Dollars, in any of the following acceptable forms of payment:

 

Live Auctioneer Payments

Credit & Debit Payments via Live Auctioneer Payments (subject to a convenience fee)

 

BUYER'S COSTS

Bidders will be charged a 28% Buyer's Premium on the Hammer Price. The total sales price of an item is the hammer price, plus the buyer's premium, plus sales tax, unless exempt.

 

SALES TAX

Sales tax will be added to all purchases at the rate of 8.75% (San Francisco sales tax rate) of the hammer price unless the buyer has provided us with a valid certificate of exemption from such tax.

 

BILLING

All successful bidders will be sent invoices by e-mail within the two business days that follow the auction.

 

TITLE & RISK OF LOSS

Title to a Lot passes to the buyer on the fall of the auctioneer’s hammer to the highest acknowledged bidder. At that time, that bidder assumes full risk and responsibility for that lot. We reserve the right to delay delivery of or otherwise prevent access to any purchased Lot until MONTHLY MODERN has received all Buyer Costs (including clearance of wire transfers).

 

NON-PAYMENT

If a buyer fails to make timely payment as required in these Terms & Conditions, we shall be entitled, at our discretion, to exercise any remedies legally available to us, including, but not limited to, the following:(a) cancellation of the sale of the property to the non-paying buyer, including the sale of any other property to the same buyer; (b) reselling the property at public or private sale, with or without reserve; (c) retention of any amounts already paid by the buyer as liquidated damages; (d) rejection of any bids by the buyer at future auctions; (e) setting off any amounts owed by us to the buyer in satisfaction of unpaid amounts; and (f) taking of any other action we deem necessary or appropriate under the circumstances.

 

SHIPPING/PICK-UP/STORAGE

Upon payment, the buyer will arrange for the purchased items to be removed from MONTHLY MODERN premises within 14 days of the sale.  We are not responsible for any damage or loss on property purchased but not removed from premises.  Thirty (30) days after the sale, a storage fee of $10 per lot, per day will be applied to any purchases, which have not been collected.

 

Buyers may arrange collection from MONTHLY MODERN premises by contacting us at info@monthlymodern.com.  Buyers are required to give at least 24 hours notice of collection.

 

The buyer is responsible for the shipment of all purchased property. MONTHLY MODERN will work with your chosen shipper. It is the buyer?s responsibility to ensure that the shipper is adequately insured since MONTHLY MODERN is not responsible for any damage or loss that occurs, arising from handling by your chosen shipper.

 

All international customs, duties, and other tariffs are the responsibility of the Buyer.

 

AUTHORSHIP WARRANTY

Subject to the following terms and conditions, MONTHLY MODERN warrants, for a period of one (1) year following the date of sale, the information as set out in the BOLD or CAPITALIZED type heading in the catalogue description of the lot, as amended by oral or written salesroom notes or announcements.  The term "Author" or "Authorship" refers collectively to the authorship, period, culture, source or origin of the property

 

Exclusions From And Conditions To The Authorship Warranty

Notwithstanding, this warranty is subject to the following:

 

i. The benefits of this warranty are only available to the original buyer of a Lot from MONTHLY MODERN, and not to any subsequent purchasers, transferees, successors, heirs, beneficiaries or assigns of the original buyer.

 

ii. This warranty shall not apply to any Lot for which a MONTHLY MODERN catalogue description states that there is a conflict of opinion among specialists as to Authorship.

 

iii. This warranty shall not apply to any Lot for which, at the time of sale, the statements regarding Authorship made by MONTHLY MODERN conformed with the generally accepted opinion of scholars, specialists or other experts, despite the subsequent discovery of information that modifies such generally accepted opinions.

 

iv. The buyer must provide written notice of any claim under this warranty to MONTHLY MODERN (validated by no fewer than two (2) written opinions of experts whose principal line of business is the appraisal and authentication of art, antiquities, design objects or other valuable objects similar to the Lot) not later than thirty (30) days after becoming aware of the existence of such a claim, an in any event no later than one (1) year following the date of sale, and must return the Lot subject to such claim to MONTHLY MODERN in the same condition as at the time of the original sale. MONTHLY MODERN reserves the right to appoint two independent specialists to examine the Lot and evaluate the buyer's claim prior to buyer's receipt of any remedy pursuant to this warranty.

 

Buyer's Only Remedy For Authorship Warranty Breach

The buyer's sole remedy, and MONTHLY MODERN?s sole liability, under this warranty shall be the cancellation of the sale of the Lot in question, or (if the sale has already concluded) the refund of the purchase price originally paid by such buyer for the Lot in question (not including any late fees, taxes, shipping, storage or other amounts paid to MONTHLY MODERN in accordance with these Terms). Buyer hereby waives any and all other remedies at law or equity with respect to breaches of this warranty.

 

Limit Of Liability: IN NO EVENT SHALL MONTHLY MODERN BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL, EXEMPLARY, INDIRECT, SPECIAL, PUNITIVE, INCIDENTAL OR SIMILAR DAMAGES, WHETHER FORESEEABLE OR UNFORESEEABLE, REGARDLESS OF THE CAUSE OF ACTION ON WHICH THEY ARE BASED, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OCCURRING. WITH RESPECT TO ANY SALE OF A LOT, IN NO EVENT SHALL MONTHLY MODERN BE LIABLE TO YOU OR ANY THIRD PARTY FOR LOSSES IN EXCESS OF THE PURCHASE PRICE PAID BY YOU TO MONTHLY MODERN AUCTIONS FOR SUCH LOT TO WHICH THE CLAIM RELATES.

 

RESCISSION OR VOIDING OF SALE

If we become aware of an adverse claim of a third party relating to a Lot purchased by you, we may, in our discretion, rescind the sale. Upon notice of our election to rescind a sale, you will promptly return such Lot to us, at which time we will refund to you the Hammer Price and Buyer's Premium paid to us by you for such Lot. This refund will represent your sole remedy against us and/or the consignor in case of a rescission of sale under this paragraph, and you agree to waive all other remedies at law or equity with respect to the same. If you do not return such Lot to us in accordance with this paragraph, you agree to indemnify, defend and hold MONTHLY MODERN, its officers, directors, employees, agents and their successors and assigns, harmless from any damages, costs, liabilities or other losses (including attorney's fees) arising as a result of such third party claim.

 

GOVERNING LAW

The 'Terms and Conditions' shall be governed by and construed and enforced in accordance with the laws of the State of California.  By bidding at an auction, whether online or other means, all bidders including the purchaser, shall be deemed to have consented to the exclusive jurisdiction of the state courts of, and the federal courts sitting in, the State of California.