Inaugural Estate Auction - SESSION TWO

McNally?s RSF Estate Auctions, Inc. guarantees the authenticity of Attribution of property listed in the catalogue or online as stated in the Terms of Guarantee. Except for the Limited Warranty contained in the terms of guarantee all property is sold ?As Is?. We make no warranties, nor does the consignor, as to the merchantability or fitness for a particular purpose, the correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions, literature or historical relevance of any property. No oral or written statements made in the catalogue, online listing, advertisement, bill of sale, and announcement or elsewhere made by employees (including affiliated and related companies) shall be considered a warranty. We and the Consignor make no representations and warranties, express or implied, as to whether the purchaser acquires any copyrights, including but not limited to, any reproduction rights of any property. We and the Consignor are not responsible for errors and omissions in the catalogue, online listings or any other supplemental material. It is the responsibility of prospective bidders of live auctions to inspect the property before bidding to determine its condition, size, and to determine if it has been repaired or restored and/or to request a condition report. Please email for a condition report. A buyer's premium will be added to the successful bid price and is payable by the purchaser as part of the total purchase price. I acknowledge and agree that a 18% Buyer?s Premium will be added to the hammer price on each individual lot with a hammer price of $0 to $50,000, on which I am the successful bidder. I further acknowledge and agree that for each individual lot sold for a hammer price above $50,000, on which I am the successful bidder, a Buyer's Premium of 16% will be added to the hammer price up to $100,000 and an additional Buyer's Premium of 14% will be added to any amount above $100,000. By way of example, on a lot with a hammer price of $125,000, a Buyer's Premium of 18% will be added to the hammer price up to $100,000, for an amount of $18,000, and a Buyer's Premium of 15% will be added to the remainder of the hammer price of $25,000, for an amount of $3,750. Thus, the total Buyer's Premium of $21,750 will be added to the hammer price of $125,000. There will also be an additional 3% buyer's premium charged for any lots won online or charged on a credit card. There is a minimum buyer?s premium of $25 per lot. This is regardless of affiliation with any group or organization. I further acknowledge that I am responsible to pay McNally?s RSF Estate Auctions, Inc. the aggregate of the hammer price and the Buyer's Premium, plus sales tax if applicable, for such lot(s). All invoices must be paid within 10 calendar days after the close of the auction. I authorize McNally?s RSF Estate Auctions, Inc. to charge my credit card provided at registration for all items purchased at this auction, and any future McNally?s RSF Estate Auctions, Inc. I may participate in, if not paid in full within 10 calendar days after the close of the auction. In the event McNally?s RSF Estate Auctions, Inc. has agreed in writing prior to the auction to provide payment terms or an extended period of time for payment to you, you acknowledge and agree that you shall have no right, title, or interest in and to any property purchased by you until all amounts owed by you are paid in full. If you fail to comply with the terms of the payment plan or extended payment period, upon your default, McNally's RSF Estate Auctions, Inc. shall have the unequivocal right, at its sole discretion, to sell some or all of the property on which you were the successful bidder, and to apply the proceeds toward the balance of any monies owed by you to McNally?s RSF Estate Auctions, Inc.. If the monies received through the sale of the items do not meet your outstanding obligations, McNally?s RSF Estate Auctions, Inc. shall have the right to pursue any and all remedies available under the law against you pursuant to the provisions set forth herein. If the monies received through the sale of the items exceed your outstanding obligations, the excess, minus any fees or costs incurred by McNally?s RSF Estate Auctions, Inc. in connection with and arising out of the sale of the properties, shall be refunded to you. Payments: Checks should be made payable to McNally?s RSF Estate Auctions, Inc., P.O. Box 698, Rancho Santa Fe, CA 92067. McNally?s RSF Estate Auctions, Inc. will invoice only for the property (including buyer's premium and any applicable sales tax). We accept wire transfer, cashier?s check or personal check, MasterCard and Visa. Auction items picked up in California and all California residents will be charged sales tax. Processing fees for credit card payments may apply. Invoices under $5,000 will be charged automatically to the credit card on file unless prior arrangements are made. Shipping: Shipping for all items has been contracted by Top Shelf Delivery. Invoices must be paid in full prior to shipping. After the buyer has paid for their item(s) through McNally?s, they must contact Top Shelf Delivery to coordinate shipping. All shipping inquiries can be directed to Top Shelf Delivery at al@topshelfdelivery.com or by phone at (760) 758-0965. Top Shelf Delivery accepts payment by check, bank wire, Visa, MasterCard and Discover. Please allow 2-12 weeks for the delivery of your property depending on the size of the auction, the receiver?s destination, or the mode of transportation. All auction property is shipped at the bidder?s expense. Courtesy to all McNally?s RSF Estate Auctions, Inc. clients, 30 days free pick up, and storage is offered. After 30 days, we charge 8.00 per lot, per day, unless prior arrangements are made. McNally?s and Top Shelf Delivery will not falsify or claim a lower value on Customs documents. McNally?s and Top Shelf Delivery are not responsible if there is any delay in Customs. McNally?s and Top Shelf Delivery are not responsible for returned shipments. The buyer is responsible for all fees including duties, taxes, VAT, Customs, and other unforeseen charges. The buyer agrees that McNally?s RSF Estate Auctions, Inc. will not be responsible for shipping of the property after the auction and they will deal directly with Top Shelf Delivery. Bids will not be accepted from those persons under the age of eighteen (18) without written consent of said persons parent or legal guardian. Written consent must acknowledge the terms and conditions of sale. This written consent constitutes an agreement to be bound thereby on behalf of the bidder. Bidder registration is required for all persons wishing to bid for McNally?s RSF Estate Auctions, Inc. Any person registering to bid by phone, absentee, or in person will complete a Bidder Registration Form. Online bidders will submit a completed form through McNally?s. Some items are offered subject to a reserve. The reserve is the confidential minimum price acceptable to the Consignor. During a live auction the auctioneer may open any lot by bidding on behalf of the Consignor and may bid up to the amount of the reserve, by placing successive or consecutive bids for a lot or bids in response to other bidders. Online sales may do the same by employing the use of a starting bid which will commence bidding at or below the reserve price agreed to by the Consignor. McNally?s reserves the right to withdraw any property before the completion of the sale and will have no liability for doing so. We reserve the right to accept or decline any bid. Bids must be for an entire lot and each lot constitutes a separate sale. All bids are per lot unless otherwise announced at a live sale by the auctioneer. Live auction lots will be sold in their numbered sequence unless the Auctioneer directs otherwise. It is unlawful and illegal for Bidders to collude, pool, or agree with another Bidder to pay less than the fair value for lot(s). Bidders participating in both live and online auctions acknowledge that the law provides for substantial penalties in the form of treble damages and attorneys' fees and costs for those who violate these provisions. For live auctions the auctioneer will have final discretion in the event that any dispute should arise between bidders. The auctioneer will determine the successful bidder, cancel the sale, or re-offer and resell the lot or lots in dispute. McNally?s will have final discretion to resolve any disputes arising after the sale and in online auctions. If any dispute arise our sale record is conclusive. McNally?s will execute order or absentee bids, and accept telephone bids as a courtesy to clients who are unable to attend the live auctions. All absentee bids and/or telephone bids must be in the gallery by 5PM (SPT) on Thursday. Therefore we take no responsibility for any errors or omissions in connection with this service. Subject to fulfillment of all of the conditions set forth herein, on the fall of the auctioneer's hammer, title to the offered lot will pass to the highest bidder acknowledged by the auctioneer, and such bidder thereupon (a) assumes full risk and responsibility (including without limitation, liability for or damage to frames or glass covering prints, paintings, photos, or other works), and (b) will immediately pay the full purchase price or such part as we may require. In addition to other remedies available to us by law, we reserve the right to impose from the date of sale a late charge of 1 ½% per month of the total purchase price if payment is not made in accordance with the conditions set forth herein. All property must be removed from either our premises by the purchaser at his expense not later than 10 business days following its sale and if it is not so removed, (i) a handling charge of 1% of the total purchase price per month from the tenth day after the sale until its removal will be payable to us by the purchaser, with a minimum of 5% of the total purchase price for any property not so removed within 60 days after the sale, and (ii) we may send the purchased property to a public warehouse for the account, at the risk and expense of the purchaser. If any applicable conditions herein are not complied with the purchaser will be in default and in addition to any and all other remedies available to us and the Consignor by law, including, without limitation, the right to hold the purchaser liable for the total purchase price, including all fees, charges and expenses more fully set forth herein, we, at our option, may (a) cancel the sale of that, or any other lots sold to the defaulting purchaser at the same or any other auction, retaining as liquidated damages all payments made by the purchaser, or (b) resell the purchased property, whether at public auction or by private sale, or (c) effect any combination thereof. In any case, the purchaser will be liable for any deficiency, any and all costs, handling charges, late charges, expenses of both sales, our commissions on both sales at our regular rates, legal fees and expenses, collection fees and incidental damages. We may, in our sole discretion, apply any proceeds of sale then due or thereafter becoming due to the purchaser from us or any affiliated company, or any payment made by the purchaser to us or any affiliated company, where or not intended to reduce the purchaser's obligations with respect to the unpaid lot or lots, to the deficiency and any other amounts due to us or any affiliated companies. In addition, a defaulting purchaser will be deemed to have granted and assigned to us and our affiliated companies, a continuing security interest of first priority in any property or money of our owing to such purchaser in our possession or in the possession of any of our affiliated companies, and we may retain and apply such property or money as collateral security for the obligations due to us or to any affiliated company of ours. Payment will not be deemed to have been made in full until we have collected good funds. In the event the purchaser fails to pay any or all of the total purchase price for any lot and McNally?s elects to pay the Consignor any portion of the sale proceeds, the purchaser acknowledges that McNally?s shall have all of the rights of the Consignor to pursue the purchaser for any amounts paid to the Consignor, whether at law, in equity, or under these Conditions of Sale. Under no circumstance will McNally?s incur liability to a purchaser in excess of the purchase price actually paid. The terms and conditions of sale herein described shall be enforced in accordance with, and governed by the laws of the State of California. Any claim or controversy arising out of or relating to the Auction, the Bidder Registration Form or any breach thereof between the registered bidder and McNally?s shall be submitted to mediation in writing within 30 days in San Diego County, California. The parties or their authorized and empowered representatives shall meet by telephone or in person to mediate their differences. If the parties agree a mutually acceptable mediator shall be selected and the parties will equally share mediators? fees. The mediator shall be a retired Judge or an attorney familiar with commercial law and trained in a qualified by experience in handling mediators any communication made during the mediations process shall not be admissible in any subsequent arbitration, mediation or judicial proceeding. If mediation does not resolve all disputes between the parties or in any event no longer than 60 days the dispute will be submitted to a binding arbiter and conducted under Comprehensive Arbitration Rules, as the exclusive remedy for such claim or controversy. All proceedings and any resolutions thereof shall be confidential. Both parties further agree that the arbitration shall be conducted before a single arbitrator who is a retired California or federal judge or justice. By agreeing to arbitrate, the parties waive any right they have to a court or jury trial. The decision of the arbitrator shall be final and binding. The parties further agree that, upon application of the prevailing party, any Judge of the Superior Court of the State of California, for the County of San Diego, may enter a judgment based on the final arbitration award issued by the arbitrator, and the parties expressly agree to submit to the jurisdiction of this Court for such a purpose. The prevailing party shall be entitled to recover the party?s attorneys? fees and costs incurred in connection with the arbitration. Terms of Guarantee ?Attribution? is defined by McNally?s as the creator, period, culture, source of origin, as the case may be as set forth in the Bold Type Heading of a lot in a live auction catalogue or the lot Title of an online auction, as amended by any oral or written salesroom notices and announcements or online notices and announcements. We make no warranties to information not contained in an online lot heading or information not contained in the Bold Type Heading of any live auction catalogue subject to the exclusions listed below. McNally?s warrants the ?Attribution?, as defined above and subject to the exclusions listed below, of a lot for a period of one (1) year from the date of sale and only to the original purchaser on record at the auction. If it is determined to our satisfaction that the ?Attribution? is incorrect, the sale will be rescinded if the lot is returned to the McNally?s RSF Estate Auctions, Inc. warehouse facility in the same condition in which it was at the time of sale. In order to satisfy McNally?s that the ?Attribution? of a lot is indeed incorrect we reserve the right to require the purchaser to obtain, at the purchaser's expense, the opinion of two experts in the field, mutually acceptable to McNally?s and the purchaser, before we agree to rescind the sale under the warranty. This warranty is not assignable and applies only to the original purchaser on record with McNally?s. This warranty does not transfer to any subsequent owners of any purchased property (this includes without limitation, heirs, successors, beneficiaries or assigns). Should a sale be rescinded and the purchase price paid (final successful bid price, plus the buyer's premium), it is specifically understood that this will be considered the sole remedy. It is exclusive and in lieu of any other remedy available as a matter of law, or in equity. Exclusions will be made and this warranty does not apply to ?Attribution? which on the date of sale was in accordance with the then generally accepted opinion of scholars and specialists, or the identification of periods or dates of execution which may be proven inaccurate by means of scientific processes not generally accepted for use until after publication of the catalogue or listing online, or which were unreasonably expensive or impractical to employ.