Terms and Conditions of Sale
The following Terms and Conditions of Sale are the Larsen Gallery, LLC's ("Gallery") and its agents' and consignor's entire agreement with the prospective bidders and buyers for the lots offered in the Larsen Art Auction. The lots will be offered by the Gallery as agent for the consignors, unless otherwise indicated. All parties wishing to participate in the auction must pre-register. Registration by the prospective bidder, bidder or buyer shall constitute approval and acceptance of the following Terms and Conditions of Sale. These Terms and Conditions of Sale may be amended at any time by posted notice or oral auction room announcement.
Note: BUYER'S PREMIUM DETAILED IN ITEM 6.
Online Bidding
Online bidding service will be available through LiveAuctioneers, Invaluable and Bidsquare as a courtesy to bidders. Please visit these sites for additional terms and conditions in addition to those stated here. Note these online services includes an additional buyer's premium other than that outlined in Item 6. The Gallery assumes no liability for errors or omissions or failure to execute such internet bids.
Telephone Bidding
A telephone bid service will be offered as staff and time allow as a courtesy to bidders. These bids are to be executed by the Gallery on behalf of the bidder. The Gallery assumes no liability for any errors or omissions or failure to execute such telephone bids.
Absentee Bidding
Absentee bids will be accepted as staff and time allow as a courtesy to bidders. These bids will be executed by the Gallery on behalf of the bidder. The Gallery assumes no liability for any errors or omissions or failure to execute such absentee bids.
Auction
1. The Gallery assumes no risk, liability or responsibility beyond the limited warranty contained herein.
2. The Gallery reserves the right to withdraw any property at any time before the auction and shall have no liability as a result of such withdraw.
3. All property is sold "AS IS". Neither the Gallery nor its consignors make any express or implied warranties or representations with respect to the property or correctness of the advertisement, catalog, condition report or any other medium describing the physical attributes or authenticity of the property. Prospective bidders should inspect the lots before bidding to determine the condition, size, restorations, and any other matters of material importance to the prospective bidder relating to the lot. Imperfections, condition, restorations, etc. are not referenced in the catalog. A condition report is available online at larsenartauction.com.
4. The Gallery will refund the full purchase price to the buyer of a lot questioning the authenticity of such lot in the event the buyer provides to the Gallery, within 14 days of the date of the auction, a written notice that the lot is not authentic, a written opinion by a recognized authority on the artist and returns the property to the Gallery within five (5) calendar days of such written notice in the same condition as when sold. The Gallery reserves the right to ascertain whether or not the authority used by the buyer is a recognized authority on the artist.
5. The Gallery and/or auctioneer reserve the right to reject any bids. All bids are per lot as numbered in the catalog, unless otherwise announced. The highest bidder acknowledged by the auctioneer shall be the buyer ("Buyer") subject to reserves. In the event of any dispute between bidders or a tie between bidders, the auctioneer will have absolute and final discretion to identify a Buyer or re-offer the lot for sale. Title to the lot passes to the Buyer upon the fall of the auctioneer's hammer and the announcement by the auctioneer that the lot has been sold, subject to compliance by the Buyer with all other Terms & Conditions of Sale.
6. BUYER'S PREMIUM - Buyer of each lot shall be required to pay the purchase price for each lot defined as the sum of the final bid price (hammer price) plus a buyer's premium plus any applicable sales tax. The buyer's premium is 20% of the final bid price (hammer price) of each lot for the first $500,000 plus 15% of the hammer price in excess of $500,000 up to $5,000,000 plus 10% of the hammer price in excess of $5,000,000. The buyer's premium is calculated separately for each lot. Buyer's bidding through an online bidding platform will experience an additional buyer's premium. Please consult their prospective websites for details.
7. Unless exempt by law, the Buyer will be required to pay any and all applicable Arizona sales taxes. Proof of exemption in the form of a current Non-Taxable Transaction Certificate must be provided at registration. It is the Buyer's responsibility to pay any use tax of another state in the event the artwork purchased is shipped out of the state of Arizona for use in that state.
8. Terms of all purchases will be cash, check, wire transfer or credit card (American Express, Discover, MasterCard or Visa). Credit cards will not be accepted for purchases totaling in excess of $25,000 USD. Buyers will be invoiced and shall pay for their purchases within five (5) days of the date of the auction. Checks are to be made payable to the Larsen Gallery. Contact the gallery to obtain wire transfer instructions prior to the sale. The Buyer of a lot is responsible for the full purchase price. If payment is not completed in full the Gallery has the right to hold the Buyer liable for the total amount due and begin legal proceedings, cancel the sale, or resell the property publicly or privately. If payment is not completed in full, the Buyer will be responsible for the difference if successfully sold. At the Gallery's discretion, payment will not be deemed to have been made in full until funds by credit cards or checks have been collected or the authenticity of bank or cashier's checks has been confirmed.
9. Auction lots may not be removed from the Larsen Gallery the day of the auction. No lot may be removed from the Gallery until the Buyer has paid in full the purchase price as defined in Item 6. Subject to the foregoing and Item 7, all lots are to be removed from the Gallery within fourteen (14) days of the date of the auction. The Gallery is not responsible for the shipment or delivery of purchased lots. Delivery and shipping companies' information is provided at larsenartauction.com as a courtesy. The Gallery assumes no liabilities resulting from the use of these companies services. Items not removed from the gallery within fourteen (14) days of the date of the auction will be subject to a storage charge.
10. Some lots may be offered subject to a "reserve" or confidential minimum price below which the lot will not be sold. In such instances the auctioneer will exercise the reserve by bidding on behalf of the Consignor. The auctioneer may open bidding on any lot below the reserve by placing a bid on behalf of the Consignor up to the amount of the reserve by placing consecutive bids or bids in response to other bidders. In no event shall the reserve exceed the low estimate listed in the catalog. The Gallery, at its discretion and as a disinterested party, may execute orders or absentee bids as a courtesy to clients who are not present at the auction. The Gallery reserves the right to purchase property on its own behalf or on behalf of another party.
11. The Gallery makes no representations whatsoever that the Buyer of a work of art will acquire any reproduction rights thereto.
12. These Terms and Conditions of Sale and procedures of auction as well as the Buyer's and Gallery's rights and obligations herein shall be governed by, construed and enforced in accordance with the laws of the State of Arizona.
13. Bidding increments are at the sole discretion of the Auctioneer but will typically follow the below pattern.
Estimate Increment
Under $ 500 $ 50
$ 500 - $ 2,000 $ 100
$ 2,000 - $ 5,000 $ 250
$ 5,000 - $ 10,000 $ 500
$10,000 - $ 20,000 $ 1,000
$20,000 - $ 50,000 $ 2,500
$50,000 - $100,000 $ 5,000
Over $100,000 $10,000
14. Bidding on any item indicates your acceptance of these terms and conditions and all other terms announced before or during the auction whether bidding in person, by internet, by phone, by absentee bid or through a bidder's representative.
BUYER'S PREMIUM
Buyer of each lot shall be required to pay the purchase price for each lot defined as the sum of the final bid price (hammer price) plus a buyer's premium plus any applicable sales tax. The buyer's premium is 20% of the final bid price (hammer price) of each lot. The buyer's premium is calculated separately for each lot for the first $500,000 plus 15% of the hammer price in excess of $500,000 up to $5,000,000 plus 10% of the hammer price in excess of $5,000,000. Buyer's bidding through an online bidding platform will experience an additional buyer's premium. Please consult their prospective websites for details.
PAYMENT
Terms of all purchases will be cash, check, wire transfer or credit card (American Express, Discover, MasterCard or Visa). Credit cards will not be accepted for purchases totaling in excess of $25,000. Buyers will be invoiced and shall pay for their purchases within five (5) days of the date of the auction. Checks are to be made payable to the Larsen Gallery. Contact the gallery to obtain wire transfer instructions prior to the sale. The Buyer of a lot is responsible for the full purchase price. If payment is not completed in full the Gallery has the right to hold the Buyer liable for the total amount due and begin legal proceedings, cancel the sale, or resell the property publicly or privately. If payment is not completed in full, the Buyer will be responsible for the difference if successfully sold. At the Gallery's discretion, payment will not be deemed to have been made in full until funds by credit cards or checks have been collected or the authenticity of bank or cashier's checks has been confirmed.
