Conditions of Sale
These Terms and Conditions of Sale are made by and between I.M. Chait Gallery/Auctioneers, Inc. ("I.M. Chait," "Auction House," "We," "Our" or "Us") and Bidder ("Purchaser," "Buyer or "Agent"). The Terms and Conditions of Sale and all contents of catalogue are subject to amendment by I.M. Chait either by the posting of notices or announcements made by auctioneer. By participating in any sale, Bidder hereby acknowledges to be bound by these terms and conditions.
1. On the fall of the Auctioneer's hammer, or upon the statement of "sold," the highest bidder or authorized agent shall be deemed to have purchased the offered lot in accordance with all of the conditions set forth herein and will pay the purchase price in full plus buyers premium and any applicable taxes. If the foregoing conditions or any other applicable conditions herein are not complied with, in addition to other remedies available to us and the consignor by law, including but without limitation to the right to hold the Purchaser liable for the purchase price, we, at our option, may either: (i) cancel the sale, retaining as liquidated damages all payments made by the Purchaser, or (ii) resell the property on three (3) days notice to the Purchaser and for the account and risk of the Purchaser, either publicly or privately, and in such event the Purchaser shall be liable for the payment of any deficiency plus all costs and expenses of both sales, our commission at our regular rates, all other charges due and incidental damages.
2. We reserve the right to withdraw any property at any time before the actual sale. Unless otherwise announced by Auctioneer at the time of sale, all bids are per lot as numbered in the catalogue and no lot shall be divided for sale.
3. We 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, or in the event the Auctioneer doubts the validity of any bid, the Auctioneer shall have sole and final discretion either to determine the successful bidder or to re-offer and resell the article in dispute. If any dispute arises after the sale, our sales records shall be preeminent in all respects.
4. If we are prevented by fire, theft, damage or any other reason whatsoever from delivery of any property to the Purchaser within 10 days after the auction, our liability shall be limited to the sum actually paid by the Purchaser.
5. Where the consignor is indebted to us or has a monetary guarantee from us, and in certain other circumstances, we may have interest in the offered lots and the proceeds there from other than our commissions, and may bid to protect such interest. We are entitled to our standard commission rate where a lot is "bought-in" to protect our interest.
6. If a lot is offered subject to reserve (the confidential minimum price below which a lot will not be sold), we may implement such a reserve by bidding on behalf of the consignor.
7. All statements contained in the catalogue or in any bill of sale, invoice or elsewhere as to authorship, period, source, origin, measurement or condition are qualified statements and shall not be deemed to be representations or warranties. Please note: (i) These Terms and Conditions of Sale take precedence over any statements made to the contrary by the Auctioneer, staff or affiliates. If the Auctioneer warrants the quality or condition of a lot during or before the auction, that statement is not binding on the Auction House or the Buyer and the "as is" provisions of these Terms and Conditions take precedence. (ii) Notwithstanding the statement in paragraph 7, buyers have the right of rescission, PROVIDED that within 48 hours of their receipt of the property they inform us that the physical condition materially differs from a provided condition report or the catalogue description is inaccurate, TO OUR SATISFACTION. Buyers must return the property immediately and show clearly any differences or inaccuracies with the catalogue and the property must be received in the same condition as when it was sent. (iii) As conditions are not always included in the lot description, prospective bidders should inspect all property before bidding to determine condition, size, and whether or not it has been repaired or restored. Absence of condition statements are not indications that lots are free of flaws/damage or without signs of wear consistent with age. As a service to prospective bidders, condition reports are available on all items upon request. Please contact chait@chait.com. Per these terms and conditions, condition reports are our educated opinions but should not be held as absolute guarantees.
8. Payment terms: All items are to be paid for by: i. Cash ii. Cashier's Check iii. Personal check with approved credit iv. Bank wire transfer v. Properly authorized Visa, MasterCard, Discover Card or American Express. PLEASE NOTE THAT A 3% DISCOUNT WILL BE APPLIED FOR ALL CASH & CASH EQUIVALENT PAYMENTS.
9. ALL PROPERTY IS SOLD "AS IS" AND NEITHER WE NOR THE CONSIGNOR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESSED OR IMPLIED, AS TO THE MERCHANTABILITY, FITNESS OR CONDITION OF THE PROPERTY OR AS TO THE CORRECTNESS OF DESCRIPTION, GENUINENESS, ATTRIBUTION, PROVENANCE OR PERIOD OF THE PROPERTY. (See also paragraph 7ii.) (i) Please note that all Chinese scrolls/paintings are sold AS IS, with no guarantee as to authorship nor as to authenticity. It is the responsibility of the potential buyer to determine whether or not any of these scrolls might be original paintings, reproductions, etc. Unless specifically noted so in the description, neither scrolls nor Chinese paintings are warranted or guaranteed to be by any particular artist nor of any particular age. Condition reports are available when requested, but will only refer to the physical condition of the scroll or painting. (ii) Please note: The lot description translations in Chinese are not our translations and therefore may contain discrepancies from the English description. These translations are for informational use only and should not be used to determine age, condition, authenticity, etc. Please contact us for a detailed condition report in Chinese.
10. ABSENTEE BIDS - As a service to those wishing to place bids, we will accept absentee bids without charge, in advance of the sale, on bidding forms available from us and online. In the event identical bids are submitted, the earliest bid will take precedence. Absentee bids shall be executed in competition with other absentee bids, any applicable reserve, live floor bidders and all online bids.
11. ESTIMATED PRICES - As a convenience to our clients, we furnish pre-sale estimates for all materials included in the auctions. These estimates are approximate valuations and are based upon comparable auction values. These estimates are NOT prices. Bidding normally begins at about one-half the low estimate, but the final bid price may well be less than or more than any estimate printed.
12. With respect to all property, a premium of 22% of the successful bid price will be added thereto (EXCEPT AS NOTED FOR SPECIAL SALES EVENTS) and is payable by the Purchaser as part of the total purchase price. Please note that online bidders may be charged an additional online service fee as determined by online provider.
13. International Bidders: YOU ARE RESPONSIBLE FOR MEETING ALL CUSTOMS/IMPORT-EXPORT REGULATIONS. WE CANNOT BE HELD LIABLE FOR INTERNATIONAL LAWS AFFECTING THE DELIVERY OF YOUR ITEMS.
14. CONDITION OF PROPERTY - Prospective bidders are advised to inspect all lots prior to bidding to determine age, condition, size, medium, repairs and any restoration or lack thereof. As a service to prospective bidders, condition reports are available on ALL lots upon request. Please contact sales@chait.com for any condition report requests. Please note per our terms, these reports are simply our professional opinions and should not be considered absolute.
15. With respect to sold property; all lots must be removed from our premises at the Purchaser's expense, no later than ten (10) days following the date of the sale. Purchaser will incur a $10 per day fee per lot until the sold property is removed. In addition, applicable interest on each lot not so removed will accrue. We reserve the right to transfer non-removed property to a storage facility at the Purchaser's risk and expense. After expiration of the 10 day period following the sale any auction house liability on item(s) will cease and be null and void.
16. No property will be released until payment in full is made on the items. Packing, shipping and insurance (including reimbursement for damage or loss) of purchased lots is the responsibility of the Purchaser. I.M. Chait does not provide in-house shipping and can recommend packing/shipping through a third party carrier. We are not responsible for any delays on the part of this third party, should there be any. We recommend shipping all items insured. Insurance costs through third party carriers will be borne by the Purchaser and in case of damage, insurance claims should be taken up with the third party carrier. Should any damage or loss occur to items transported by a third party shipper, we will not be held responsible for the outcome. Upon request, I.M. Chait will advise Purchasers of recommended shipping methods or possible third party carriers. (Note: on occasion, quotes from some of the third party carriers may take additional time.)
17. BUYER'S PREMIUM - I.M. Chait provides a venue to bring buyers and sellers ("consignors") together. We take possession of consignor's property months before the auction. We use this time to research, catalogue, photograph and market the items before they go up for sale. When an object is sold, I.M. Chait receives a percentage of the hammer price (seller's commission) plus certain fees as our payment from the consignor. We also collect a percentage of the hammer price from the Buyer (Buyer's Premium).
18. A Buyer's Premium is added to the winning bid price of each individual lot purchased. The winning bid price plus the premium constitute the total purchase price for the lot. Applicable sales taxes are computed based on this figure. This total becomes the final purchase price.
19. ONLINE BIDDING - By using and accessing our website and/or third party bidding platforms and websites, Buyer agrees to be bound by these Terms and Conditions. I.M. Chait is not liable for any viruses that may affect a computer while accessing these sites, missed bids or outages. We make no warranties, express or implied, that sites will be error free or that use will be uninterrupted. I.M. Chait is not liable for damages relating to or arising from use of online platforms. A sale online is determined complete when payment confirmation is sent. I.M. Chait takes no responsibility for the information, content, or other materials on any website or bidding platform.
20. PREVIEW SAFETY - We are concerned for your safety while you are on our premises and we endeavor to display items safely so far is reasonably practicable. Nevertheless, should you handle any items on view on our premises, you do so at your own risk. Some items can be large and/or heavy and can be dangerous if mishandled. Should you wish to view or inspect any items more closely, please ask for assistance from a member of the staff to ensure your safety and the safety of the property on view. Some items on view may be labeled "DO NOT HANDLE" or "PLEASE ASK FOR ASSISTANCE". Should you wish to view these items, you must ask for assistance from a staff member who will be pleased to assist you.
For Consignors
21. Once you sign a consignment agreement for the sale of your property in an I.M. Chait auction, we begin marketing it to potential buyers. After scheduling your property in an upcoming auction, your objects will then be catalogued as lots for our printed and online catalogues. Your property will also be photographed for inclusion in our online catalogue and for live online bidding. Special auctions include full color photography in our printed catalogues for which we charge the consignor (based on the photo fees scale) per photo.
22. For a lot to be pictured in the online catalog, a $25 online imaging and upload fee will apply (the per lot handling fee).
23. We create an extensive marketing plan for each auction that includes direct mailings, advertisements, online promotions, special events, and public previews. All of our sales are posted online so I.M. Chait has unique access to millions of Internet auction buyers worldwide who can bid live online in real time.
24. DISPUTE RESOLUTION - Any dispute resulting from or arising out of any purchase or consignment related to these Terms and Conditions must be resolved through binding arbitration in Los Angeles County California. The results of any arbitration are final and nonappealable. I.M. Chait reserves the right to invoke jurisdiction of a competent court to remedy or prevent violation of any provision. These procedures are the exclusive procedures for the resolution of all such disputes between the parties.
25. INDEMNITY - I.M. Chait will not be subject to indemnification for any claim by a third party arising out of your breach of these Terms and Conditions.
ALL PROPERTY IS SOLD AS IS.
ALL SALES ARE FINAL.
A 25% PREMIUM WILL BE PAID BY THE PURCHASER AS PART OF THE PURCHASE PRICE EXCEPT AS NOTED FOR SPECIAL SALES EVENTS. PLEASE NOTE THAT ONLINE BIDDERS MAY BE CHARGED AN ADDITIONAL ONLINE SERVICE FEE AS DETERMINED BY ONLINE PROVIDER.
WE RESERVE THE RIGHT TO CHANGE, MODIFY, AND ADD TO THESE TERMS AND CONDITIONS.
Severability: If any of the provisions in these Terms and Conditions are held void, invalid, or unenforceable, the other provisions remain in full force and effect. Each provision is severable from all other provisions.
These Terms and Conditions of Sale constitute the sole entire agreement among the Buyer and I.M. Chait Gallery/Auctioneers, Inc. with respect to the subject matter hereof, and no representations, warranties, inducements, promises or agreements, oral or otherwise, not embodied or incorporated herein have been made concerning or in connection with this Agreement. Any prior discussions or negotiations, agreements, commitments and understandings relating hereto are superseded hereby and merged herein.
