Conditions of Auction and Sale
Terms and Conditions
IMAAC Art Auction For Israeli-Arab Youth Relations In The Middle East.
Conditions of Auction and Sale
Israel Museum Australian Ambassadors Circle (IMAAC)
ONLINE AUCTION TERMS AND CONDITIONS
Prospective Buyers and Sellers Guide
1. PRIOR TO AUCTION
PRE-SALE ESTIMATES
The price range estimated against each lot reflects the opinion of our art specialists as to the hammer price expected for the lot at auction and is informed by realised prices for comparable works as well as the particularities of each lot including condition, quality, provenance and rarity. While presale estimates are intended as a guide for prospective buyers, lots can be sold outside of these ranges. Pre-sale estimates include GST (if any) on a lot but do not include the buyer's premium or other charges where applicable.
RESERVES/STARTING BID
The reserve (starting bid) is the minimum hammer price including GST (if any) that the vendor will accept for a lot. If a bid is placed that is equal to or exceeding the starting bid the lot will be sold.
PRE-AUCTION VIEWINGS
For online timed auctions, pre-auction viewings are sometimes scheduled for several days in advance of each auction. IMAAC are available to give obligation free advice at viewings or by appointment and prospective buyers are strongly encouraged to thoroughly examine and request condition reports for potential purchases. Pre-auction viewings are open to the public and are free to attend.
EXPLANATION OF CATALOGUING PRACTICE AND TERMS
All information published in the IMAAC online catalogue represent statements of opinion and should not be relied upon as fact. All dimensions are listed in centimetres, height before width and are approximate. All prices are in Australian dollars.
PROVENANCE
Where appropriate, IMAAC will include the known provenance, or history of ownership of lots. Non-disclosure may indicate that prior owners are unknown or that the seller wishes to maintain confidentiality.
2. THE AUCTION
Online timed auctions are conducted by Deutscher and Hackett and hosted via the third party INVALUABLE.
REGISTRATION
Bidders must register to bid via the Deutscher and Hackett online platform hosted by INVALUABLE prior to the commencement of an auction. Deutscher and Hackett or IMAAC may impose other obligations on the registration of bidders at its discretion.
CONDUCT OF AUCTION
Online timed auctions are offered within a specified date range. Conduct of the auction is determined by IMAAC in conjunction with INVALUABLE and their terms and conditions.
HOW DOES BIDDING WORK FOR TIMED AUCTIONS?
Timed auctions are internet-only auctions that run for a set duration of time and are available for absentee bidding only. These auctions allow you to place bids until the scheduled end time for a particular item. Whoever has the highest bid when the time runs out wins the item.
Items offered in timed internet-only auctions may have set reserve prices. A reserve is the minimum price that an auctioneer will sell their item for. If the reserve price has not been met by the time the auction ends, the item will not be sold.
Another unique feature in INVALUABLE timed auctions is extended bidding. INVALUABLE does not allow sniping. If a bid is placed within the last 5 minutes of a lot's scheduled end time, we extend the sale by 5 minutes from the last bid. This way other bidders have a chance to place a bid. Extended bidding continues until 2 hours after the last lot's scheduled end time.
BIDDING INCREMENTS
Bidding usually opens below the listed pre-sale estimate and proceeds in the following increments (the auctioneer may vary the bidding increments at his or her discretion):
$500 - 1,000 by $50
$1,000 - 2,000 by $100
$2,000 - 3,000 by $200
$3,000 - 5,000 by $200 / $500 / $800
$5,000 - 10,000 by $500
$10,000 - 20,000 by $1,000
$20,000 - 30,000 by $2,000
$30,000 - 50,000 by $2,000 / $5,000 / $8,000
$50,000 - 100,000 by $5,000
$100,000 - 200,000 by $10,000
$200,000 - 300,000 by $20,000
$300,000 - 500,000 by $20,000 / $50,000 / $80,000
$500,000 - 1,000,000 by $50,000
$1,000,000+ by $100,000
SUCCESSFUL BIDS
The highest bid on a lot at the conclusion of the online timed auction indicates the final bid and the buyer assumes full responsibility for the lot from this time.
3. AFTER THE AUCTION
PAYMENTS
Payment must be made within seven days of the date of sale in Australian dollars by cash, cheque, direct deposit, approved credit cards or electronic funds transfer. If payment is made by credit card the price will increase by any merchant fees payable by IMAAC (1.15% (including GST) for Visa and Mastercard and 1.65% (including GST) for American Express). In certain circumstances, extension of payment may be granted at the discretion of IMAAC.
PURCHASE PRICE, BUYER'S PREMIUM AND THE INVALUABLE FEE
In the IMAAC art auction the purchase price will be the final bid price (including any GST). There will be no buyers premium or Invaluable fee charged for this auction. Buyers may be liable for other charges reasonably incurred once ownership has passed.
GOODS AND SERVICES TAX
Auctions are conducted on a GST inclusive basis (where GST applies). GST may be payable on some lots. Any lots consigned by GST registered entities will be indicated as such within the individual lot details in the IMAAC catalogue. Buyers are required to pay a 10% G.S.T which sum is included in the final bid prices where buying from a GST registered vendor.
COLLECTION
Lots paid for in full may be collected from IMAAC the day after the auction occurs but lots paid for by cheque may not be collected until all funds have cleared. Proof of identification is required upon collection and lots not collected within seven days of the sale may incur costs associated with external storage and freight.
LOSS OR DAMAGE
Risk in the lot, including risk of loss or damage, will pass to the buyer on either the date payment is due, whether or not it has been made, or on collection by the buyer, whichever is earlier. The buyer is therefore encouraged to make arrangements to ensure comprehensive cover is maintained from the payment due date.
TRANSPORT AND SHIPPING
Buyers are required to make their own arrangements for packing, handling, shipping and transit insurance for their property, within seven days of payment.
Lots paid for in full may be collected from IMAAC the day after the auction concludes, but lots paid for by cheque may not be collected until all funds have cleared. IMAAC does not accept liability for the acts or omissions of contracted third parties.
EXPORT
Prospective bidders are advised to enquire about export licences -- including endangered species licences and cultural heritage permits, where relevant -- prior to bidding at auction. Telephone the Maritime and Movable Heritage Unit on 02 6274 1810 for further information. The delay or denial of such a licence will not be grounds for a rescission of sale.
COPYRIGHT
The copyright in the images and illustrations contained in this catalogue may be owned by third parties and used under licence by IMAAC. As between IMAAC and the buyer, IMAAC retains all rights in the images and illustrations. IMAAC retains copyright in the text contained in this catalogue. The buyer must not reproduce or otherwise use the images, illustrations or text without prior written consent.
CONNECTIVITY AND TECHNICAL ISSUES
Please note that broadband or other internet capacity constraints, corporate firewalls and other technical problems beyond the reasonable control of INVALUABLE or Deutscher and Hackett may create difficulties for some users including, by way of example, in relation to accessing sales and in maintaining continuity of such access. Errors may occur in the quality of digital images. Deutscher and Hackett do not accept liability for such difficulties or errors.
Terms and Conditions & Privacy Policy
By submitting your bid, you agree that:
• You have read and agree with the Auctioneer Terms and Conditions below and the INVALUABLE Terms of Use Agreement
Terms and Conditions for IMAAC
CONDITIONS OF SALE
The terms and conditions of business set forth below are subject to amendment by verbal or written notice prior to and during the auction and sale. They constitute the entire contractual agreement with the buyer in respect to any lot offered at auction.
By bidding at auction in any manner compliant with bidding procedures, the buyer and all bidders agree to be bound by these terms and conditions. To the extent that an agent acts on behalf of the buyer, liability for obligations arising from these conditions of business will pass to the buyer. Multiple buyers are jointly and severally liable for obligations arising from this agreement.
If you wish to bid you will need to register with INVALUABLE via the Deutscher and Hackett website.
If you are a successful online bidder an invoice will be sent to you via email within a day of the auction. This invoice will be sent by IMAAC.
DEFINITIONS
1. Definition of terms:
a. The 'buyer' refers to the party with the highest accepted bid for any lot at auction and/or such party's principal where bidding as agent.
b. The 'vendor' refers to the party consigning property for sale and/or such party's principal where acting as agent.
c. 'IMAAC ' refers to Israel Museum Australian Ambassadors Circle ACN, its subsidiaries, officers, employees and agents.
d. The 'hammer price' refers to the final bid price (including any GST) accepted by IMAAC
e. 'GST' refers to the goods and services tax imposed by the A New Tax System (Goods and Services) Act 1999 as amended.
f. The 'lot' refers to the item(s) described against any lot number in the catalogue.
g. The 'reserve' (starting bid) refers to the minimum hammer price (including any GST) the vendor will accept for a lot.
PRELIMINARY CONDITIONS AND DISCLAIMER
2. Agency: IMAAC acts as agent for the vendor and the contract of sale for the lot will be between the buyer and the vendor.
3. Property is sold 'as is': To the extent permitted by law:
a. no guarantees, warranties or representations are made (express or implied) by IMAAC or the vendor in relation to the nature and condition of any lot; and
b. IMAAC disclaims liability for any misrepresentations, errors or omissions, whether verbal or in writing, in the catalogue or any supplemental material.
All factual information provided by the vendor is merely passed on by Deutscher and Hackett from IMAAC or the vendor. All additional statements of opinion whether verbal or in writing should not be relied upon as statements of fact.
4. Responsibility to inspect: Responsibility remains with the buyer to satisfy its, his or her self by inspection and evaluation prior to purchase as to the nature and condition of any property.
CONDITIONS AT AUCTION
5. Registration: Bidders must register to bid via INVALUABLE
6. Auctioneer's discretion: With the exception of the terms and conditions outlined by INVALUABLE, IMAAC reserves the right to absolute discretion over the conduct of the auction including the regulation of bidding and its increments. This discretion extends to the challenge or rejection of any bid, the right to withdraw any lot and the right to determine the successful bidder or reoffer a lot in the event of a dispute. INVALUABLE provides a prospective buyers guide detailing an indicative process for the conduct of auctions which can be viewed at http://www.INVALUABLE.com/INVALUABLE/help.cfm. All parties are strongly urged to read this guide.
7. Bidding: The highest bid on each lot at the conclusion of the online timed auction marks the acceptance of the highest bid and the conclusion of a contract for sale between the vendor and the buyer. The individual who submits the bid accepts personal liability to pay the purchase price, including all applicable fees, taxes and charges.
GOODS AND SERVICES TAX
8. Amounts inclusive of GST: Unless otherwise specified, all amounts specified in this section as payable by the buyer, or otherwise used to calculate payment to IMAAC, are inclusive of any GST component. IMAAC will provide buyers with a tax invoice that meets the requirements of the Australian Taxation Office.
9. Application of GST to buyers: Auctions are conducted on a GST inclusive basis (where GST applies). Buyers are required to pay a 10% GST which is included in the final bid prices where buying from a GST registered vendor (any lots consigned by GST registered entities will be indicated as such within the lot details in the IMAAC online catalogue.
POST-SALE CONDITIONS
10. Payment: With respect to each lot purchased, the buyer agrees to make the following payments within seven days from the date of sale:
a. The hammer price.
b. Post-sale packing, handling, shipping and storage where applicable.
c. If payment is made via Visa, Mastercard or American Express, any merchant fees payable by IMAAC on the transaction as indicated in the prospective buyers and sellers guide.
Payment must be made within seven days of the date of conclusion of sale in Australian dollars by cash, cheque, direct deposit, approved credit cards or electronic funds transfer using the form and/or trust account details provided on the sale invoice. In certain circumstances, extension of payment may be granted at the discretion of IMAAC. Application for a cultural heritage export licence or any other licence in no way affects the buyer's obligation to make payment or collection within the periods specified in sections 10 and 12a.
The buyer will not acquire title until payment has cleared in full. Interest at a rate of 17.5% p.a. will be charged over outstanding accounts where no extension of terms has been granted. Interest will be payable from the payment due date.
11. Risk and Title: Risk in the lot, including risk of loss or damage, will pass to the buyer on the earlier of:
a. the date payment is due, whether or not it has been made; and
b. collection by the buyer. The buyer assumes risk for the property in all respects from this date and neither IMAAC, Deutscher and Hackett nor the vendor will be liable for loss or damage occurring after the payment due date. The buyer is encouraged to make arrangements to ensure comprehensive cover is maintained from this date. Title in the lot does not pass to the buyer, even if the lot is released to the buyer, until the buyer has paid all sums owing to IMAAC. If a buyer makes a claim against IMAAC for damage or loss after sale, the final bid price shall be payable notwithstanding.
12. Freight:
a. The buyer may only collect the lot once payment has been cleared in full and must be removed no later than seven days after the date of sale. Should items not be removed by this time, storage and insurance costs may be charged to the buyer. If a lot has not been collected within 30 days after the date of sale and alternative arrangements have not been made with IMAAC, the lot may be re-sold by IMAAC without reserve at the next auction and IMAAC may set off any amounts owed for storage and insurance costs and its standard commission before remitting the proceeds to the buyer. Buyers are required to make their own arrangements for packing, handling, shipping and transit insurance for their property. IMAAC does not accept responsibility or liability for the acts or omissions of any third party, such as a shipping agent, whether or not such a party has been recommended or suggested by IMAAC.
13. Limited Warranty of Authorship: If a buyer is able to establish that a lot is a forgery in accordance with these conditions for sale within five years of the date of sale, the buyer shall be entitled to rescind the sale and obtain a refund of the hammer price from the vendor. The buyer must return the lot in the state in which it was sold within fourteen days of notifying IMAAC of the forgery allegations. For a lot to be established as a forgery, the following conditions must be satisfied:
a. the buyer must supply two independent expert testimonies attesting to the forgery. IMAAC is entitled to request further expert evidence where it deems the evidence provided to be unsatisfactory;
b. there must be no conflict of opinion among accepted experts in the field; and
c. the forgery must be able to be proven through means that at the time of publication of the catalogue were commonly employed and that will not damage or otherwise put the lot in jeopardy. The limited warranty and the right to rescind the sale is not assignable and the buyer must have retained title to the lot without disposing of any interest in it up until the buyer notifies IMAAC of the forgery allegations. The buyer acknowledges that it has no rights directly against IMAAC if a lot is established to be a forgery.
14. Termination, Breach and Legalities:
a. IMAAC breach: To the extent permitted by law, the sole and maximum remedy to a buyer for breach of warranty is a refund of original purchase price. In such an event the sale contract shall be rescinded, and all costs associated with returning the property (in the state in which it was sold) to the premises of IMAAC are to be borne by the buyer. IMAAC is not liable for any indirect or consequential loss or damage for any matter arising directly or indirectly as a result of the sale.
b. Buyer breach: IMAAC may, in addition to other remedies available by law, exercise one or more of the following rights or remedies for breach:
i. Cancel the sale and retain any payment or property in IMAAC's custody as collateral or liquidated damages.
ii. Charge the buyer interest at the rate of 2% above the rate fixed under section 2 of the Penalty Interest Rates Act 1984 (Vic).
iii. Resell the property without reserve at the next auction or privately on five days' notice. Any disparity between sale and resale prices, including associated costs such as, but not limited to, legal, storage and sale expenses, will be to the account of the defaulting buyer.
iv. Apply any part payment received from the buyer in respect of any lots at its discretion.
v. Retain any of the buyer's property held by IMAAC until the buyer has satisfied its obligations to IMAAC.
vi. Take any other action IMAAC deems necessary or appropriate.
vii. Refuse to permit the buyer to participate in future auctions.
viii. Provide the vendor with the buyer's details to permit the vendor to take action against the buyer to recover the money.
15. No Refund Policy: Unless otherwise permitted by law or reasons outlined in sections 13 and 14 IMAAC do not allow refund of purchase.
16. Governing law and jurisdiction: These terms and conditions and any matters concerned with the foregoing fall within the exclusive jurisdiction of the courts of the country and state in which the auction is held.
17. Severability: In the event that any provisions of this agreement should be found unenforceable in a court of law, that part shall be discounted, and the remaining conditions shall continue in full force and effect to the extent permitted by law.
Buyers Premium:
No buyers premium will be charged in the IMAAC art auction.
