Terms and Conditions
Conditions of Sale & Bidders Agreement for Penn Ave, LLC Auctions
The following Conditions of Sale and Terms of Guarantee are 55 Penn Ave, LLC and the Consignor's entire agreement with the purchaser and any bidders relative to the property listed in this catalog.
The Conditions of Sale, Terms of Guarantee, and all other contents of this catalog are subject to amendment by us by the posting of such amendments on the 55 Penn website (www.55pennave.com) and the Invaluable website (www.invaluable.com). The property will be offered by us as agent for the Consignor, unless the e-catalog indicates otherwise.
By participating in any sale, you acknowledge that you are bound by these Conditions of Sale and Terms of Guarantee.
1. As Is
Goods auctioned are often of some age. The authenticity of the Authorship (as defined below) of property listed in the catalog is a conservative opinion based upon research. All property is sold "AS IS" without any representations or warranties by us or the Consignor as to merchantability, fitness for a particular purpose, the correctness of the catalog or other description of the physical condition, size, quality, rarity, importance, medium, frame, provenance, exhibitions, literature or historical relevance of any property and no statement anywhere, whether oral or written, whether made in the catalog, an advertisement, a bill of sale, or elsewhere, shall be deemed such a warranty, representation or assumption of liability. 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 in any property. We and the Consignor are not responsible for errors and omissions in the catalog, glossary, or any supplemental material. 55 Penn will not be responsible or liable for damage to frames and glass coverings, regardless of the cause.
2. Inspection
Prospective bidders should inspect the property before bidding to determine its condition, size, and whether or not it has been repaired or restored.
3. Buyer's Premium
A buyer's premium will be added to the hammer price and is payable by the purchaser as part of the total purchase price. Please refer to the Buyer's Premium Schedule.
4. Withdrawal
We reserve the right to withdraw any property before, during and after the sale and shall have no liability whatsoever for such withdrawal.
5. Per Lot
Unless otherwise stated, all bids are per lot as numbered in the catalog.
6. Registration
In order to bid, you must first register on the Invaluable website, or at the Auction site itself. 55 Penn reserves the right, in our sole discretion, to refuse your registration or participation in the auction or to revoke your permission to participate before, during or after the sale. Bidders should also consult the 55 Penn Website or the Invaluable website for the most up to date cataloguing of the property in this catalog. Bidders are responsible for making themselves aware of all available notices, which will be posted online.
7. Bidding
As soon as you place and confirm your bid amount, your bid is submitted. You accept and agree that bids submitted by you are final. Neither 55 Penn nor the Consignor is responsible for any errors in bidding. We reserve the right to reject any bid. The highest bidder acknowledged by the 55 Penn and Invaluable online bidding systems will be the purchaser. 55 Penn has absolute and sole discretion in the case of error or dispute with respect to bidding, and whether during or after the sale, to determine the successful bidder, to re-open the bidding, to cancel the sale or to re-offer and re-sell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.
By participating in the sale, you represent and warrant that any bids placed by you, or on your behalf, are not the product of any collusive or other anti-competitive agreement and are otherwise consistent with federal and state antitrust law.
8. Closing
Bidding Bids may be submitted from the start of the auction until bidding on the specific lot closes. An end time will be displayed for each lot on the lot detail page.
In the event the Auction is bring Broadcast Live, Lots will close in one minute increments unless a bid is placed within 5 minutes of a lot's scheduled end time, in which case we will extend the sale of that lot by 5 minutes from the time of the last bid. The extension of any one lot's closing time does not affect any other lot's closing time; therefore, it is possible that lots will close out of numerical lot order.
9. Bids Below Reserve
If you place a bid below the reserve of the article offered, you will be informed by a message on the screen or by the Auctioneer that the reserve is not met. You will then be able to place a higher bid if you wish to do so. No bidder can successfully win the lot below the reserve.
10. Record of Sale
The record of sale kept by 55 Penn will be taken as absolute and final in all disputes. In the event of a discrepancy between any online records or messages provided to you and the record of sale kept by 55 Penn, the record of sale will govern.
Successful bidders will be notified and invoiced by 55 Penn after the sale. In the event of any discrepancy between any online purchase information and the invoice sent to you by 55 Penn following the sale, the invoice prevails.
11. Purchaser's Responsibility
Subject to fulfillment of all conditions set forth herein, at the close of a lot, the contract between the consignor and the purchaser is concluded, and the winning bidder thereupon will immediately pay the full purchase price or such part as we may require. Title in a purchased lot will not pass until 55 Penn has received the full purchase price in cleared funds. The purchaser's obligation to immediately pay the full purchase price or such part as we may require is absolute and unconditional and is not subject to any defenses, setoffs or counterclaims of any kind whatsoever. 55 Penn is not obligated to release a lot to the purchaser until title to the lot has passed and any earlier release does not affect the passing of title or the Purchaser's unconditional obligation to pay the full purchase price. 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 the annual percentage rate of Prime + 6% of the total purchase price if payment is not made in accordance with the conditions set forth herein. Please note 55 Penn reserves the right to refuse to accept payment from a source other than the buyer of record.
Unless otherwise agreed by 55 Penn, all property must be removed from our premises by the purchaser at his expense within FIVE DAYS (5) following the day of the Auction unless other terms are agreed upon in writing, prior to the Auction date. Buyers are reminded that 55 Penn liability for loss or damage to sold property shall cease at the close of the Auction. If any applicable conditions herein are not complied with by the purchaser, 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 (x) cancel the sale of that, or any other lot or lots sold to the defaulting purchaser at the same or any other auction, retaining as liquidated damages all payments made by the purchaser, or (y) resell the purchased property, whether at public auction or by private sale, or (z) 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, whether 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, a continuing security interest of first priority in any property or money of or owing to such purchaser in our possession, custody or control or in the possession, custody or control of any of our affiliated companies, in each case whether at the time of the auction, the default or if acquired at any time thereafter, and we may retain and apply such property or money as collateral security for the obligations due to us. We shall have all of the rights accorded a secured party under the Connecticut Uniform Commercial Code. You hereby agree that 55 Penn may file financing statements under the Connecticut Uniform Commercial Code without your signature. Payment will not be deemed to have been made in full until we have collected good funds. Any claims relating to any purchase, including any claims under the Conditions of Sale or Terms of Guarantee, must be presented directly to 55 Penn. In the event the purchaser fails to pay any or all of the total purchase price for any lot and 55 Penn nonetheless elects to pay the Consignor any portion of the sale proceeds, the purchaser acknowledges that 55 Penn 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.
12. Reserve
Unless otherwise indicated, by the Auctioneer, at the time the lot is offered, no lots in this catalog are offered subject to a reserve, which is the confidential minimum hammer price at which a lot will be sold. No reserve will exceed the low presale estimate stated in the catalog, or as amended by notices posted on the 55 Penn and Invaluable websites. If you place a maximum bid that equals or exceeds the reserve on a lot for which the reserve has not already been met, the system will automatically raise the current bid to meet the reserve price.
13. Tax
Unless exempted by law, the purchaser will be required to pay the combined Connecticut State and local sales tax, any applicable compensating use tax of another state, and if applicable, any federal luxury or other tax, on the total purchase price. The rate of such combined tax is 6.35%.
14. Export and Permits
It is the purchaser's sole responsibility to identify and obtain any necessary export, import, firearm, endangered species or other permit for the lot. Any notices in the sale catalog reflect 55 Penn reasonable opinion at the time of cataloguing and are for bidders' general guidance only; 55 Penn and the Consignor make no representations or warranties as to whether any lot is or is not subject to export or import restrictions or any embargoes.
15. Governing Law and Jurisdiction
These Conditions of Sale and Terms of Guarantee, as well as bidders', the purchaser's and our respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of Connecticut. By bidding at an auction, all bidders including the purchaser, shall be deemed to have consented to the exclusive jurisdiction of the state courts of, and the federal courts sitting in, the State of Connecticut. All parties agree, however, that 55 Penn shall retain the right to bring proceedings in a court other than the state and federal courts sitting in the State of Connecticut.
16. Packing and Shipping
We are not responsible for packing or shipping of purchased lots or of other carriers or packers of purchased lots, whether or not recommended by us. Packing and handling of purchased lots is at the entire risk of the purchaser.
17. Limitation of Liability
In no event will our liability to a purchaser exceed the purchase price actually paid. 55 Penn will not be responsible for any errors or failures to execute bids placed online or for any errors or omissions in connection therewith including, without limitation, errors or failures caused by (i) a loss of connection to the internet or the 55 Penn or Invaluable's Online Platform software by either 55 Penn or the client; (ii) a breakdown or problem with 55 Penn or Invaluable's Online Platform software; or (iii) a breakdown or problem with a client's Internet connection, mobile network or computer.
18. Data Protection
55 Penn will use information provided by its clients (or which 55 Penn otherwise obtains from other sources relating to its clients) for the provision of auction and other art-related services, loan services, client administration, marketing and otherwise to manage and operate its business, or as required by law, in accordance with 55 Penn Privacy Policy. This will include information such as the client's name and contact details, proof of identity, financial information, records of the client's transactions, and preferences. Some gathering of information about 55 Penn clients will take place using technical means to identify their preferences in order to provide a higher quality of service to them. 55 Penn may also disclose the client information to other 55 Penn Companies and/or third parties acting on their behalf to provide services for these purposes.
Sometimes, 55 Penn may also disclose this information to carefully selected third parties for their own marketing purposes. If you do not wish your details to be used for this purpose, please email 55 Penn Ave, LLC.
If the client provides 55 Penn with information that is defined by European data protection laws as "sensitive", the client agrees that it may be used for the purposes set out above.
In the course of these disclosures, personal data collected in the European Economic Area may be disclosed to countries outside the European Economic Area. Although such countries may not have legislation that protects a client's personal information, 55 Penn shall take great care to keep such information secure and in accordance with European data protection principles. By agreeing to these Conditions of Sale, the client is agreeing to such disclosure.
Please be aware that 55 Penn may film auctions or other activities on 55 Penn premises and that such recordings may be transmitted over the Internet via 55 Penn website, the Invaluable website and other Online Platforms.
Under European data protection laws, a client may object, by request and free of charge, to the processing of their information for certain purposes, including direct marketing, and may access and rectify personal data relating to them and may obtain more information about 55 Penn data protection policies by writing to 55 Penn Ave LLC, at 55 Pennsylvania Avenue, Niantic, CT 06357.
19. Conflict
For bidders bidding through the Invaluable platform, in the event of any conflict between Invaluable's Terms and Conditions and 55 Penn Conditions of Sale and Terms of Guarantee, 55 Penn Conditions of Sale and Terms of Guarantee will control.
TERMS OF GUARANTEE
As set forth below and in the Conditions of Sale, for all lots 55 Penn guarantees that the authorship, period, culture or origin (collectively, "Authorship") of each lot in this catalog is as set out in the BOLD and CAPITALIZED type in the initial heading following the lot number in the lot level catalog description of the lot, as amended by notices posted on the 55 Penn and Invaluable websites. Purchasers should refer to the Glossary of Terms, if any, for an explanation of the terminology used in the Bold and Capitalized type heading and the extent of the Guarantee. 55 Penn makes no warranties whatsoever, whether express or implied, with respect to any material in the catalog other than that appearing in the Bold and Capitalized heading and subject to the exclusions below.
In the event 55 Penn in its reasonable opinion deems that the conditions of the Guarantee have been satisfied, it shall refund to the original purchaser of record the hammer price and applicable Buyer's Premium paid for the lot by the original purchaser of record.
This Guarantee is provided for a period of 14 days from the closing date of the relevant auction, is solely for the benefit of the original purchaser of record at the auction and may not be transferred to any third party. To be able to claim under this Guarantee of Authorship, the original purchaser of record must: (i) notify 55 Penn in writing within 10 days of receiving any information that causes the original purchaser of record to question the accuracy of the Bold and Capitalized type heading, specifying the lot number, closing date of the auction at which it was purchased and the reasons for such question; and (ii) return the Lot to 55 Penn at the original selling location in the same condition as at the closing date of sale to the original purchaser of record and be able to transfer good title to the Lot, free from any third party claims arising after the date of such sale.
55 Penn has discretion to waive any of the above requirements. 55 Penn may require the original purchaser of record to obtain at the original purchaser of record's cost the reports of two independent and recognized experts in the field, mutually acceptable to 55 Penn and the original purchaser of record. 55 Penn shall not be bound by any reports produced by the original purchaser of record, and reserves the right to seek additional expert advice at its own expense. It is specifically understood and agreed that the rescission of a sale and the refund of the original purchase price paid (the successful hammer price, plus the buyer's premium) is exclusive and in lieu of any other remedy which might otherwise be available as a matter of law, or in equity. 55 Penn and the Consignor shall not be liable for any incidental or consequential damages incurred or claimed, including without limitation, loss of profits or interest.
BUYING AT AUCTION
The following will help in understanding the auction buying process as well as some of the terms commonly used in an auction catalog. All bidders should read the Conditions of Sale and Terms of Guarantee in this catalog, as well as the Glossary or any other notices. By bidding in the auction, bidders are bound by the Conditions of Sale and Terms of Guarantee, as amended by notices, which together form the sale contract among 55 Penn, the seller (consignor) of the lot and any bidders, including the successful bidder (purchaser).
Reserves
Unless indicated by the Auctioneer at the time of offering, no lots in this catalog are offered subject to a reserve. A reserve is the confidential minimum hammer price at which a lot will be sold. The reserve is generally set at a percentage of the low estimate and will not exceed the low estimate of the lot.
2. DURING THE AUCTION
The catalog
The catalog will be available online at the start of the auction and is available throughout the auction.
Estimates
A majority of Lots in the catalog are given a low and high estimate, indicating to a prospective buyer a range in which the lot might sell at auction. When possible, the estimate is based on previous auction records of comparable pieces. The estimates are often determined several months before a sale and are therefore subject to change upon further research of the property, or to reflect market conditions or currency fluctuations. Estimates should not be relied upon as a representation or prediction of actual selling prices.
Provenance
In certain circumstances, 55 Penn may publish in the catalog the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller's request for confidentiality or because the identity of prior owners is unknown given the age of the work of art.
The Exhibition
An exhibition of the auction property will be held during the dates indicated on the 55 Penn website. There you will have the opportunity to view, inspect and evaluate the property yourself, or with the help of a 55 Penn specialist.
Notices
Notices amend the catalog description of a lot after our catalog has been published on the 55 Penn and Invaluable websites. Please take note of them.
Registration
55 Penn may require such necessary financial references, guarantees, deposits and/or such other security, in its absolute discretion, as security for your bid. If you are not successful on any lot, 55 Penn will arrange for a refund (subject to any right of set off) of the deposit amount paid by you without interest within 14 working days of the last day of the sale. Any exchange losses or fees associated with the refund shall be borne by you.
The Auction
Unless otherwise noted in the catalog or by a notice posted on the 55 Penn and Invaluable websites, 55 Penn acts as agent on behalf of the seller and does not permit the seller to bid on his or her own property.
Bidding
If you would like to bid, you must register on the 55 Penn, the Invaluable website, or on site, the day of the Auction. 55 Penn reserves the right, in our sole discretion, to refuse your registration or participation in the auction or to revoke your permission to participate before, during or after the sale.
All lots sold will be invoiced to the name and address registered for the bid and cannot be transferred to other names and addresses. 55 Penn reserves the right to refuse to accept payment from a source other than the buyer of record. For information about registering to bid please visit the 55 Penn or Invaluable website.
Employee Bidding
55 Penn employees may bid in a 55 Penn auction only if the employee does not know the reserve and if the employee fully complies with 55 Penn internal rules governing employee bidding.
US Economic Sanctions
The United States maintains economic and trade sanctions against targeted foreign countries, groups and organizations. There may be restrictions on the import into the United States of certain items originating in sanctioned countries, including Burma, Cuba, Iran, North Korea and Sudan. The purchaser's inability to import any item into the US or any other country as a result of these or other restrictions shall not justify cancellation or rescission of the sale or any delay in payment. Please check with the specialist department if you are uncertain as to whether a lot is subject to these import restrictions, or any other restrictions on importation or exportation.
Hammer Price and the Buyer's Premium
For lots which are sold, the last price for a lot noted by the 55 Penn and Invaluable online bidding systems is the hammer price. A buyer's premium will be added to the hammer price and is payable by the purchaser as part of the total purchase price. The buyer's premium will be the amount stated in the 55 Penn Conditions of Sale.
3. AFTER THE AUCTION
Payment
If your bid is successful, you are required to pay all costs the date of the auction. The final price is determined by adding the buyer's premium to the hammer price on a per-lot basis. Sales tax, where applicable, will be charged on the entire amount. Payment is due in full immediately after the sale. However, under certain circumstances, 55 Penn may, in its sole discretion, offer bidders an extended payment plan. Such a payment plan may provide an economic benefit to the bidder. Credit terms should be requested at least one business day before the sale. However, there is no assurance that an extended payment plan will be offered. Please contact Post Sale Services or the specialist in charge of the sale for information on credit arrangements for a particular lot. Please note that 55 Penn will not accept payments for purchased lots from any party other than the purchaser, unless otherwise agreed between the purchaser and 55 Penn prior to the sale.
Payment by Cash
It is against 55 Penn general policy to accept single or multiple related payments in the form of cash or cash equivalents in excess of the local currency equivalent of US $10,000. It is 55 Penn policy to request any new clients or purchasers preferring to make a cash payment to provide: verification of identity (by providing some form of government issued identification containing a photograph, such as a passport, identity card or driver's license), confirmation of permanent address and identification of the source of the funds.
Payment by Credit Cards
55 Penn accepts payment by credit card for Visa, MasterCard, and American Express only. Credit card payments may not exceed $50,000 per sale.
Payment by Check
55 Penn accepts personal, certified, banker's draft and cashier's checks drawn in US Dollars (made payable to 55 Penn). While personal and company checks are accepted, property will not be released until such checks have cleared, unless you have a pre-arranged check acceptance agreement. Application for check clearance can be made through the Post Sale Services.
Certified checks, banker's drafts and cashier's checks are accepted at 55 Penn discretion and provided they are issued by a reputable financial institution governed by anti-money laundering laws. Instruments not meeting these requirements will be treated as "cash equivalents" and subject to the constraints noted in the prior paragraph titled "Payment By Cash".
Payment by Wire Transfer
To pay for a purchase by wire transfer, please refer to the payment instructions on the invoice provided by 55 Penn or contact Post Sale Services to request instructions.
Sales and Use Tax
Connecticut sales tax is charged on the hammer price, buyer's premium and any other applicable charges on any property picked up or delivered in Connecticut State, regardless of the state or country in which the purchaser resides or does business. Purchasers who wish to use their own shipper who is not a considered a "common carrier" by the Connecticut Department of Taxation and Finance will be charged Connecticut sales tax on the entire charge regardless of the destination of the property.
Once your payment has been received and cleared, property may be released. Unless otherwise agreed by 55 Penn, all purchases must be removed at the time of the Auction.
Collecting your Property
If you are using your own shipper to collect property from 55 Penn, please provide a letter of authorization and kindly instruct your shipper that they must provide a Bill of Lading prior to collection. Both documents must be sent to Post Sale Services prior
to collection.
The Bill of Lading must include: the purchaser's full name, the full delivery address including the street name and number, city and state or city and country, the sale and lot number.
All property releases are subject to the receipt of cleared funds.
Endangered Species
Certain property sold at auction, for example, items made of or incorporating plant or animal materials such as coral, crocodile, ivory, whalebone, tortoiseshell, rhinoceros horn, rosewood, etc., irrespective of age or value, may require a license or certificate prior to exportation and additional licenses or certificates upon importation to another country. 55 Penn suggests that buyers check on their government wildlife import requirements prior to placing a bid. Please note that the ability to obtain an export license or certificate does not ensure the ability to obtain an import license or certificate in another country, and vice versa. It is the purchaser's responsibility to obtain any export or import licenses and/or certificates as well as any other required documentation. In the case of denial of any export or import license or of delay in the obtaining of such licenses, the purchaser is still responsible for making on-time payment of the total purchase price for the lot.
Although licenses can be obtained to export some types of endangered species, other types may not be exported at all, and other types may not be resold in the United States. Upon request, 55 Penn is willing to assist the purchaser in attempting to obtain the appropriate licenses and/or certificates. However, there is no assurance that an export license or certificate can be obtained. Please check with the specialist department or the Shipping Department if you are uncertain as to whether a lot is subject to these export/import license and certificate requirements, or any other restrictions on exportation.
Where 55 Penn is Not Required to Collect Sales Tax
55 Penn is not required to collect sales tax on property delivered to states other than those listed above. If the property is delivered to a state where 55 Penn is not required to collect sales tax, it is the responsibility of the purchaser to self-assess any sales or use tax and remit it to taxing authorities in that state.
55 Penn is not required to collect sales tax for property delivered to the purchaser outside of the United States.
