Terms of Sale
The following Terms and Conditions of Sale are Revolver Auctions' and the Consignor's agreement with the Buyer relative to the property listed in the auction catalog. The Conditions of Sale and all other contents of the catalog are subject to amendment by Revolver Auctions by the posting of notices or by oral announcements made during the sale. All property is offered by Revolver Auctions as agent for the Consignor unless the catalog indicates otherwise. By participating in any sale the Consignor, Bidder, and Buyer agree to be bound by these terms and conditions. Bidding on any item indicates the Bidder's acceptance of these terms and all other terms printed within, posted, and announced at the time of sale whether bidding in person, through a representative, by phone, by Internet, or other absentee bid.
1. Property. All property is sold 'As Is'. Neither Revolver Auctions nor the Consignor makes any warranties as to the property (including but not limited to the property's merchantability or fitness for a particular purpose, and the correctness of the catalog or other description of the property in the catalogue or elsewhere). No oral or written statements made in the catalogue, condition report, online listing, advertisement, bill of sale, announcement, elsewhere made by employees and/or representatives (including affiliated and related companies) shall be considered an express or implied warranty. Revolver Auctions and the Consignor are not responsible for errors and omissions in the catalogue, online listings or any other supplemental material. Revolver Auctions and Consignor provide any condition reports, photos and video or digital images as a courtesy. Revolver Auctions and the Consignor make no representations and warranties, express or implied, as to whether the Buyer acquires any copyrights (including reproduction rights) to the property.
Prospective Buyers and Bidders are responsible for satisfying themselves concerning the condition of the property and the matters referred to in the catalog entry. Prospective bidders or their agents should inspect the property before bidding to determine its condition, size and whether or not it has been repaired or restored.
2. Bidding Registration. Bidder registration is required for all persons wishing to bid on auction items. 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 our site. Bids will not be accepted from persons under eighteen (18) years old without written consent of said person's parent or legal guardian. Written consent constitutes an agreement to be bound thereby on behalf of the bidder, and it must acknowledge the terms and conditions of sale.
Bidders attending the auction are required to complete and return a bidder registration form and provide proof of identification. Revolver Auctions may require Bidders to produce financial references, and prospective bids over 200,000 U.S. Dollars may be subject to additional registration steps. Registered bidders agree to be fully liable for all bids, including the liability to timely pay in full for any lot that is the subject of a successful bid submitted by the bidder in accordance with the Terms and Conditions of Sale.
3. Bid Confirmation Card. Bidders attending the auction are required to sign a bid confirmation card upon Bidder Registration and may not take delivery of purchases until their checks have cleared (unless they have previously established credit or made payment arrangements). All invoices must be paid within seven (7) calendar days after the close of the auction. If payment is not made in full within this period, Buyer authorizes Revolver Auctions to charge Buyer's credit card provided at Registration for all items purchased at this auction, and any future Revolver Auctions said Buyer may participate in.
4. Buyer's Premium. A buyer's premium will be added to the successful bid price and is payable by the Buyer as part of the total purchase price. Revolver Auctions' Buyer's Premium is 25% on items up to $100,000, and 20% on items from $100,001 and up. If the lot is sold via an online bidding service, an additional 3% premium shall apply and be added the aforementioned buyer's premium rates. Buyer is responsible for paying Revolver Auctions the sum of the hammer price and the Buyer's Premium, plus sales tax if applicable.
5. Withdrawal. Revolver Auctions reserves the right to withdraw any property before completion of the sale and will incur no liability for doing so.
6. Bid Per Lot. Unless otherwise announced by the auctioneer, all bids are per lot as numbered in the catalogue. Each lot constitutes a separate sale.
7. Video or digital images. At some auctions a video or digital screen may be used. Revolver Auctions is not liable for any errors in the operation or quality of the image presented.
8. Reserves. Unless the sale is advertised and announced as a sale without reserves, each lot may be offered subject to reserve. The reserve is the confidential minimum price agreed upon by the Consigner and Revolver Auctions below which the lot will not be sold. Revolver Auctions may implement such reserves by bidding through its representatives on behalf of 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. Online sales may do the same by using a starting bid which will commence bidding at or below the reserve price. In any event and whether or not a lot is subject to a reserve, the auctioneer may reject any bid or raise not commensurate with the value of such lot.
9. Bidding. Revolver Auctions reserves the right to reject a bid from any bidder or refuse to acknowledge any bidder. The auctioneer has the right to split any bidding increment and to advance the bidding in any manner as the auctioneer may decide. The highest bidder acknowledged by the auctioneer shall be the buyer. Should a dispute between bidders arise during a live auction, the auctioneer has sole and final discretion to determine the successful bidder, cancel the sale, or re-offer and resell the lot(s) in dispute. Revolver Auctions will have sole and final discretion to resolve any disputes arising after the sale and in online auctions. If any dispute arises after the sale or in an online auction, Revolver Auctions' sale record is conclusive. All sales are contingent on Revolver Auctions' approval.
10. Absentee bids. Revolver Auctions will, if so instructed, execute written absentee bids for the convenience of bidders who cannot attend a sale in person. Absentee bidders should complete the Absentee Bid Form provided in the catalog or online and submit the absentee bid in advance of the auction. If Revolver Auctions receives absentee bids for identical amounts on a particular lot, and at the auction these are the highest bids on the lot, the lot will be sold to the person whose absentee bid was received and accepted first. Revolver Auctions is not responsible errors or omissions in connection with absentee bids, including the failure to execute such bids. Lots are purchased on behalf of absentee bidders at the lowest possible price (which may be below the written absentee bid price), subject to other bids or reserves.
11. Phone bids. If a bidder makes arrangements with Revolver Auctions prior to commencement of the sale, Revolver Auctions will use reasonable efforts to contact said bidder to enable the bidder to participate in the bidding by telephone. Revolver Auctions is not responsible for any failure to contact bidder or for errors and omissions in connection with telephone bidding.
12. Online bids. Revolver Auctions will use reasonable efforts to carry out online bids made through our site. However, Revolver Auctions is not responsible for errors and omissions in connection with online bidding, including but not limited to equipment failure, inability to access the Internet, or software errors related to the execution of online bids.
13. Auctioneer's Discretion. If the auctioneer determines that any opening bid is not commensurate with the value of the article offered, he may reject the same and withdraw the article from the sale. If having accepted an opening bid, the auctioneer decides that any advance thereafter is not of sufficient amount, he may reject the advance.
14. Successful Bid. On the fall of the auctioneer's hammer, title to the offered lot will pass from Consignor to the highest bidder acknowledged by the auctioneer, subject to all the Terms and Conditions of Sale set forth herein. Such bidder (a) assumes full risk and responsibility (including, without limitation, liability for or damage to frames or glass covering the artwork or item), (b) if requested will sign a confirmation of purchase, and (c) will immediately pay the purchase price in full or such part as Revolver Auctions may require for all lots purchased.
In addition to other remedies available to Revolver Auctions by law, Revolver Auctions reserves the right to impose from the date of sale a late charge of 1.5% 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 Revolver Auction's premises by the Buyer at his expense not later than ten (10) business days following its sale. If the property is not so removed, Revolver Auctions reserves the right to impose on Buyer (i) a handling charge of 1% of the total purchase price per month from the tenth day after the sale until its removal, with a minimum of 5% of the total purchase price for any property not so removed within sixty (60) days after the sale, and (ii) Revolver Auctions may send the purchased property to a public warehouse at the risk and expense of the Buyer.
15. Payment. The buyers are expected to make payment for purchases immediately after the auction for the entire amount due (including hammer price, buyer's premium and applicable taxes and other charges including handling charges and storage costs). Payment in U.S. Dollars can be made by wire transfer, cashiers check, cash up to $10,000, or credit card. When credit card is the selected method of payment, a 3% processing fee shall apply. The Buyer grants Revolver Auctions a security interest in the property and Revolver Auctions may keep as collateral security for the Buyer's obligations to Revolver Auctions, any property or monies held or received by Revolver Auctions for the account of the Buyer. Full payment is not deemed to have been made until Revolver Auctions has collected funds represented by cash, or, in the case of wire transfers and cashier's checks, until Revolver Auctions has confirmed their authenticity. Buyer agrees that a 1.5% per month late charge will be imposed on the total purchase price if payment is not made in accordance with all of the conditions set forth herein and agrees to pay any returned check charges that may be incurred.
16. Tax. Auction items picked up in California and all California and residents will be charged sales tax. Buyer will be required to pay California sales tax at a rate of 9.00%, or any taxes that are applicable at this date, including any federal luxury or other tax, unless exemption from such taxes is established to Revolver Auctions' satisfaction. Deliveries outside California may be subject to the compensating use tax of another state and, where a duty of collection is imposed upon them by law, Revolver Auctions requires payment of such taxes.
17. Removal of Property. The Buyer at his/her expense must remove all property from Revolver Auctions not later than ten (10) business days following the sale. Removal of purchases during the auction is encouraged. Purchases not so removed will be subject to the following charges to cover handling and storage costs: After ten (10) business days following the sale, a handling charge of 1% of the purchase price will be payable by the buyer per month until all the items are removed, with a minimum of 5% for any property not so removed within sixty (60) days after the sale. Buyer agrees that any property which is paid for but left at Revolver Auctions' premises, for any reason, more than sixty (60) calendar days after the sale may be sold by Revolver Auctions in a subsequent auction, without Reserve, to be sold to the highest bidder, with the balance of any funds recovered in excess of the storage charges and auction charges being remitted to the Buyer.
18. Non-Payment. If the Buyer does not make full payment for the purchases within the time required, the buyer will be in default. In the event of Buyer's default, Revolver Auctions has sole discretion to exercise one or more of the following remedies, in addition to other remedies available to Revolver Auctions and the Consignor by law. Revolver Auctions is authorized to: (a) hold the Buyer liable for the total purchase price; (b) cancel the sale and keep all payments made by the Buyer as liquidated damages; (c) resell the property at public auction or private sale with terms that Revolver Auctions deems appropriate; (d) resell the property at public auction without reserve and the Buyer shall be liable for any deficiency, cost, handling charges and the expenses of both sales and the commissions on both sales; (e) offset the full purchase price against any amount owed by Revolver Auctions to the Buyer; (f) to not allow any bids at any upcoming auctions by or on behalf of the Buyer; and (h) to take other actions as Revolver Auctions finds necessary and appropriate.
The Buyer grants Revolver Auctions a security interest in any property in Revolver Auctions' possession which is owned by such Buyer, and Revolver Auctions is authorized to hold such property as collateral security for such Buyer's obligations. Buyer shall be liable to Revolver Auctions for all other charges incurred as a result of Buyer's non-payment, including attorney fees, expenses and incidental damages. As between Revolver Auctions and Consignor, if the successful bidder does not pay for the property, collection procedures shall be the responsibility of the Consignor and not Revolver Auctions.
In the event the Buyer fails to pay any or all of the total purchase price for any lot and Revolver Auctions elects to pay the Consignor any portion of the sale proceeds, the Buyer acknowledges that Revolver Auctions shall have all of the rights of the Consignor to pursue the Buyerr for any amounts paid to the Consignor, whether at law, in equity, or under these Terms and Conditions of Sale.
19. Packing and Shipping. Packing and shipping arrangements are the Buyer's responsibility and expense. If needed, Revolver Auctions can assist in finding a certified shipper. Buyer agrees that packing and handling of purchased lots by Revolver Auction's representatives are undertaken solely as a courtesy for the convenience of the buyers. Revolver Auctions is not responsible for damage or breakage which may occur during packing, handling, and shipping by any carriers or packers of purchased lots, whether or not recommended by Revolver Auctions. Packing and handling of purchased lots is at the entire risk of the buyer. Granting of licensing for import or export of goods from local authorities is the sole responsibility of the Buyer. Denial or delay of licensing will not be deemed a cancellation or delay in payment for the total purchase price of these lots.
20. Limited Right of Rescission. If within ten (10) days of the sale of any lot, the Buyer gives written notice to Revolver Auctions alleging that the identification of authorship (which is defined in the catalog Glossary and set forth in the heading in the auction catalog) of such lot as set forth in the catalog description of such lot (as amended by any oral announcements or written notices during the sale) is not substantially correct based on a fair reading of the catalog, and (b) if within ten (10) days of such notice the buyer returns the lot to Revolver Auctions in the same condition as when sold, and (c) establishes the written allegations to Revolver Auctions' satisfaction (including by providing the written opinions of recognized experts in the field), then the sale will be rescinded with only the purchase price and buyer's premium refunded. Shipping costs will not be reimbursed. If, prior to receiving such notice from the original Buyer alleging such defect, Revolver Auctions has paid the Consignor monies owed to him in connection with this sale, Revolver Auctions agrees to refund only the buyer's premium and applicable sales taxes paid. Consignor agrees to refund any payments made to Consignor for such property. If the Consignor refuses to refund the payments, Revolver Auctions may disclose the Consignor's identity and assign to the Buyer Revolver Auctions' rights against the Consignor with respect to the lot the sale of which is sought to be rescinded. Upon such disclosure and assignment, any liability of Revolver Auctions as Consignor's agent with respect to said lot shall automatically terminate.
21. Limitation of Liability. If, for any reason a purchased lot cannot be delivered in the same condition as at the time of sale, or in the event that any purchased lot be stolen, mistakenly delivered or lost prior to delivery, Revolver Auctions shall not be liable for any amount in excess of that paid by the buyer.
22. Arbitration. Any claim or controversy arising out of or relating to the Terms and Conditions of Sale or any breach thereof between the Bidder/Buyer and Revolver Auctions shall be submitted to arbitration in Los Angeles County, California, as the exclusive remedy for such claim or controversy. 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 Los Angeles, 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.
23. Severability. If any part of the Terms and Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent of the law.
