These Auction Consignent Terms tell you (the “Consignor,” “you” or “your”) the conditions on which you appoint String Letter Publishing Inc. (“we”, “us” or “our”) to offer and sell your property (the “Property”).
1.2) You will deliver and consign to us the Property (which we may subdivide into one or more “Lots”) for the sole purpose of our acting as your agent in accordance with clause 1.1, where we contract to sell the Property on your behalf.
1.3) We intend to offer the Property for sale at public Internet auctions (“Auctions”) and we will choose the venue, day, time, and place of such Auction and related viewings and the conditions of sale, including descriptions of the Property.
1.4) We will sell your Property to the highest bidder at our Auction although you acknowledge that we do not guarantee that any Lot will be sold. We are also entitled to bid and purchase a Lot for our own account.
1.5) We may, in our sole discretion, permit your Property to be made available to bidders with a “Buy Now” option, the price of which option shall be confirmed by written agreement between us.
1.6) We are not responsible for cases and other accessories delivered with any Lot unless specified in this Agreement.
1.7) You agree that we may, for a reasonable charge to you, make small repairs to the Property, such as small gluings, truss rod adjustment, fret polishing, and the like. We will provide a written estimate of such charges, subject to your approval, in advance of performing the work. You also agree that we may, at no charge to you, perform other minor services such as string replacement.
1.8) We may withdraw any Lot prior to final sale for reasonable cause. With our approval, you may also withdraw any Lot for reasonable cause prior to the start of the viewings and, in such event, you will pay us 25% of the average of the high and low pre-sale estimates for such Lot.
1.9) If we have not sold any Lot at our intended Auction, we may, during a period of time after such Auction (not to exceed 30 days), make a private sale of the Lot; or unless and until you request in writing the return of the unsold Lot within a period of 90 days after such Auction, continue to offer the Lot for sale at any subsequent Auction.
1.10) We may sell any Lot at a price below the reserve price, if any, that is set out for that Lot on the front page of this Agreement, provided that we must in such event pay you the same amount which you would have been entitled to receive from us had such Lot been sold at its reserve price.
1.11) No ownership rights in any Lot are being transferred to us pursuant to this Agreement; ownership rights remain vested in you until sold as contemplated by this Agreement.
1.12) You will not bid, or instruct somebody else to bid on your behalf, on any Lot you consigned to us.
1.13) If and only if a Lot is sold, you will pay us a seller’s commission equal to 20% of the first $5,000 of the sale proceeds for that Lot, subject to a minimum commission on each Lot of $100. We do not charge a seller’s commission on the portion of the sale proceeds that exceeds $5,000.
1.14) If and only if a Lot is sold, you will pay to us a supplemental insurance charge equal to 1% of the Lot’s sale proceeds.
1.15) We are responsible for return shipping of unsold property and agree to pay all charges for this transport. Insurance will be purchased at our expense. In no event will we be liable for property damaged or lost in transit.
1.16) You represent that as of the date of this Agreement and through to and including the date of sale by us of each Lot:
● You are the uncontested, sole, and exclusive direct and beneficial owner of such Lot, free and clear of all liens, encumbrances and other third party rights (including without limitation those of governments or governmental or administrative agencies);
● You have the right to enter into this Agreement and give us possession of such Lot, and upon sale by us pursuant to this Agreement, good title and right to possession will pass to the purchaser, free of all liens, encumbrances and other third party rights;
● Your and all other acquisitions, imports, and exports of such Lot (other than temporary imports and exports by us for viewing purposes) have been in compliance with all applicable laws and regulations, including without limitation with respect to the making of required administrative notifications and the payment of required customs duties and value added or other taxes.
● You have informed us of all information of which you have been made aware regarding the provenance, authenticity, attribution, or condition of such Lot, or any part thereof (and without limitation, you have delivered to us all original certificates of authenticity and condition reports regarding such Lot of which you are aware);
● All of your descriptions of such Lot and statements of provenance, condition, authenticity or attribution, whether such descriptions are set forth on the front of this Agreement or are made elsewhere by you orally or in writing, are true and complete.
1.17) You grant to us a security interest in and lien upon each Lot and all proceeds with respect to each Lot to secure your performance of your obligations under this Agreement.
1.18) We are not liable for any errors or omissions with respect to any Auction, or in any catalogue or other descriptions of a Lot, other than resulting from our gross negligence or willful misconduct.