First Arts Inaugural Sale

TERMS OF SALE Any participant in an auction held by First Arts, including any prospective bidder, actual bidder, or purchaser (a “Participant”), whether by way of a Live Internet platform such as Live Auctioneers, in person, by phone, or via absentee bid, is expressly subject to acceptance of these Terms of Sale. A Participant’s participation in any Auction held by First Arts therefore constitutes binding acceptance of these Terms of Sale. Failure to read these terms does not release the Participant from its obligations pursuant to the Terms of Sale set forth herein, as follows. 1. The authenticity of the Authorship (as defined below) of property listed in the catalogue is guaranteed solely to the extent set forth in this Section 1, and subject to the limitations set forth in this Section 1, as follows: (a) All property is sold "AS IS" and neither First Arts nor any of its consignors makes any warranties, representations, or assumptions of liability, expressed or implied, with respect to the property, including without limitation, as to merchantability, fitness for a particular purpose, the correctness of any description in the catalog, condition report, advertisement, bill of sale, a salesroom posting or announcement, or elsewhere, of the of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions, literature or historical relevance of any property and no statement anywhere, whether oral or written, whether made in the catalog, condition report, advertisement, bill of sale, a salesroom posting or announcement, or elsewhere, shall be deemed such a guarantee, warranty, representation or assumption of liability. We and the consignor make no representations, warranties, or assumptions of liability, express or implied, as to whether the purchaser acquires any copyrights, including but not limited to, any reproduction rights in any property. Any condition statement is given as a courtesy to a client, is solely an opinion and shall not be treated as a statement of fact. We and the consignor are not responsible for errors and omissions in the catalogue, glossary, advertisement or any other supplemental material. “AS IS” goods are often of some age. (b) First Arts guarantees that the authorship, period, or culture of origin (collectively, “Authorship”) as set forth in BOLD TYPE in the title of a given lot in the catalogue. First Arts makes no guarantees or warranties whatsoever, express or implied, with respect to any material in the catalogue other than that appear in BOLD TYPE in the title of a given lot. (c) The limited guarantee set forth in Section 1(b), above, is further limited, and does not apply, if: (i) the Authorship was in accordance with the opinion(s) of generally accepted scholar(s) and expert(s) as of the date of the sale, or the catalog indicated that there was a conflict of such opinions; or (ii) the only method of establishing that the Authorship was not as stated in BOLD TYPE of the title of a given lot in the catalog at the date of the sale would have been by means or processes not then generally available or accepted, unreasonably expensive or impractical to use; or likely (in First Arts’ reasonable opinion) to have caused damage to the lot or likely to have caused loss of value to the lot; or (iii) there has been no material loss in value of the lot from its value had it been in accordance with the Authorship as stated in BOLD TYPE of the titled of a given lot at the date of the sale. (d) Any lot for which the Authorship is inaccurately set forth in the BOLD TYPE of the title of the catalog at the date of sale may be returned within ten days. All returned lots must be adequately insured against loss or damage and must be received by First Arts in the same condition as when shipped to the purchaser. Any dispute as to authenticity must be made by the original purchaser of record in possession of the lot, in writing, within three months of the sale date. First Arts may require the original purchaser or record to obtain, at its own expense, the reports of two independent and recognized experts in the field, mutually acceptable to First Arts and the original purchase of record. First Arts 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. After three months from the sale date, all sales will be considered final. All lots for which the Authorship is accurately set forth are not returnable. (e) First Arts strongly recommends viewing the items in person as opinions regarding condition, size, repair and restoration vary considerably from person to person. Private viewings can be arranged during weekdays to accommodate bidders. 2. First Arts reserves the right to withdraw any property before sale and shall have no liability whatsoever for such withdrawal. 3. First Arts reserves the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the purchaser. Subject to the fulfillment of all the terms and conditions set forth herein, the contract between the consignor and the highest bidder acknowledged by the auctioneer shall conclude upon the fall of the auctioneers "hammer." 4. All lots 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 oral or posted notices. We may implement such reserve by opening the bidding on behalf of the consignor and may bid up to the amount of the reserve, by placing successive or consecutive bids for a lot, or bids in response to other bidders. In instances where we have an interest in the lot other than our commission, we may bid up to the reserve to protect such interest. In addition, if the auctioneer determines that any opening bid is below the reserve of the article offered, the auctioneer may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, he determines that any advance thereafter is insufficient, he may reject the advance. 5. In the event of any dispute between bidders, or in the event of doubt on our part as to the validity of any bid, the auctioneer will have the final and absolute discretion either to determine the successful bidder, to re-open the bidding, to re-offer and resell the item in dispute, or to cancel the sale. The auctioneer will be the final judge as to which bidder is the highest bidder. If any dispute arises after the sale, First Arts’ sales record is conclusive. Although in our discretion First Arts will execute order bids or accept telephone bids as a convenience to clients who are not present at auctions, First Arts is not responsible for any errors or omission in connection therewith. By participating in the sale, Participant represents and warrants that any bids it places, or placed on its behalf, are not the product of any collusive or other anti-competitive agreement and are otherwise consistent with federal and state antitrust law. 6. All items purchased on the Live Auctioneers platform must be paid for in full within 10 days from the date of sale, unless prior arrangements confirmed in writing have been made with First Arts. Title in a purchased lot will not pass until First Arts has received the full purchase price in cleared funds. Claim to unpaid items after 10 days from the date of the sale, absent prior arrangements confirmed in writing, are void, and First Arts shall be entitled to re-auction or resell such items, or return them to the consignor, without further notice, and deposits (if any) shall be forfeited. Please note First Arts reserves the right to refuse to accept payment from a source other than the buyer of record, and no transfer will be recognized from one buyer to another. 7. Merchandise will be packed, transported and insured by the purchaser at his own risk and expense. First Arts is not responsible for the acts or omissions in our packing or shipping of purchased lots or of other carriers or packers of purchased lots, whether or not recommended by us. 8. If you are a successful bidder, please contact First Arts to confirm auction details, intended payment method, and to make shipping arrangements. All transactions must be complete before property is shipped or otherwise removed from the premises. Possession of purchased property will not turn over to bidder until checks have been cleared or arrangements for payment have been made and effected. Payment methods accepted are credit card (VISA, MasterCard or American Express), check, cashiers check, cash, wire transfer, Paypal. 9. Unless otherwise agreed by First Arts, all property must be removed from our premises by the purchaser at his expense not later than 30 calendar days following its sale. 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 (a) 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 (b) resell the purchased property, whether at public auction or by private sale, or (c) charge a storage fee of $5 per day after the 30 day period expires, or (d) effect any combination of the foregoing. 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. First Arts may, in its sole discretion, apply any proceeds of sale then due or thereafter becoming due to the purchaser from us, or any payment made by the purchaser to us, 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. 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 or to any affiliated company of ours. We shall have all of the rights accorded a secured party under the New York Uniform Commercial Code. You hereby agree that First Arts may file financing statements under the New York 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 Terms of Sale, must be presented directly to First Arts. In the event the purchaser fails to pay any or all of the total purchase price for any lot and First Arts nonetheless elects to pay the consignor any portion of the sale proceeds, the purchaser acknowledges that First Arts 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 Terms of Sale. 11. All Participants are required to register and give full identification prior to the beginning of the auction and are required to use the number issued to them when identifying themselves as the successful bidder. Bidders that sign up on the Live Auctioneers platform less then 30 minutes before the start of the sale will not be approved. First Arts is privately owned and operated and reserves the right to refuse admittance to any person and the right to decline or exclude any bidder. 12. All internet sales are subject to an 20% buyer’s premium. 13. All sales are subject to New York state and local sales tax. A tax resale certificate MUST be on file with First Arts in order to be tax exempt. 14. It is the purchaser’s sole responsibility to identify and obtain any necessary export, import, endangered species or other permit for the lot. 15. If an article sold cannot be delivered by reason of theft, breakage, or other damage, the sale shall be deemed canceled without any liability on the part of the First Arts. 16. Participants do hereby indemnify and hold harmless First Arts, the auctioneer, and seller from any and all damages, claims, or liabilities from injuries to persons or property of any type whatsoever, caused before, during, or after the auction. 17. In no event will our liability to a purchaser exceed the purchase price actually paid. 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. First Arts and the consignor shall not be liable for any incidental or consequential damages incurred or claimed, including without limitation, loss of profits or interest. 18. These Terms of Sale, as well as Participant’s and First Arts’ respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of New York. By bidding at an auction, whether present in person or by agent, order bid, telephone, online or other means, all Participants 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 New York. All Participants agree, however, that First Arts shall retain the right to bring proceedings in a court other than the state and federal courts sitting in the State of New York. If you have any questions or need further information, please do not hesitate to contact us. All sales are final. Auction License: Howard Nowes [# 2003464-DCA]