TERMS AND CONDITIONS OF SALE FOR ON LINE BIDDING
ALL JEWELRY AND PRECIOUS METALS TO BE PAID BY WIRE TRANSFER ONLY. NO EXCEPTIONS
Some lots in the auction are being sold by a Chapter 7 Trustee on behalf of a Chapter 7 bankruptcy estate. As a result Abell shall submit to the Trustee an Auction Report which must include: (1) the date and sale of the item sold; (2) the sale price and the name, address, and telephone number of the purchaser; and (3) a description of the sold lot. The Trustee shall file the Auction Report with the Bankruptcy Court within 7 days of such report; therefore, any successful bidder must pay immediately.
This Auction is presented by Abell Auction and Live Auctioneers and is conducted under these Terms and Conditions as well as applicable state and local law. By participating in the auction, buyer affirmatively represents and acknowledges that he or she has read and understood the terms and conditions of sale set forth herein, and agrees to be bound by the same.
Any condition statement is given as a courtesy to a client, is only an opinion and should not be treated as a statement of fact. Abells shall have no responsibility for any error or omission. The absence of a condition statement does not imply that a lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging.
By bidding at an Abell Auction Company auction, you hereby agree to be bound by the following:
1. As Is: All lots are sold As Is and without recourse and neither Abell nor the consignor makes any warranties or representations, express or implied, with respect to such lots. DO NOT BID ON ANY LOT UNLESS YOU HAVE PERSONALLY INSPECTED IT TO DETERMINE ITS PROVENANCE, CONDITION, SIZE AND WHETHER OR NOT IT HAS BEEN REPAIRED OR RESTORED.
2. Bidding at Auction: The highest bidder recognized by the auctioneer will be the purchaser. The successful bidder will be personally responsible to pay the hammer price plus a Buyer's Premium of twenty five (25) percent of the gross hammer price, plus applicable sales tax. Title to the property purchased shall not pass to the purchaser until such time that all credit card transactions and checks have been cleared by Abell's banking facilities. All unpaid balances shall bear interest at the highest rate permitted by law, until paid in full.
3. All Sales Are Final/Removal of Property: All sales are final. Quantities and condition must be checked before removal from Abell, as adjustments will not be made after removal from the premises. All purchases, upon payment, shall be immediately removed from the premises at the purchaser?s expense. Abell is not responsible for any property left on the premises after seven (7) days. Packing and handling of purchased lots is at the entire risk of the purchaser. Abell is not responsible for any shipping or removal of property, including work conducted by a third party representative.
4. Storage Fees: Without exception for all merchandise left on the premises, Abell will charge a storage fee of the greater of $50 per lot per day or 10% of selling price, plus handling a fee of $150 if left over fifteen (15) days past the date of sale for items purchased at our Quarterly fine art and antique auctions. For items purchased at our weekly auctions, Abell will charge a storage fee of the greater of $25.00 per lot per day or 10% per item left in our warehouse over 10 days (plus a handling fee of $75). Abell reserves the right to re-sell any item purchased and left in our warehouse for over 30 days. Lot fees and handling fees will be deducted from the gross sales proceeds.
5. Pre-Auction Bids: Bids which are submitted to Abell prior to the auction may, at the discretion of Abell, be executed for the convenience of the bidders. Abell shall not be responsible for failing to execute such bids or errors relating to the execution of such bids. Any third party representative bidding on behalf of a third party is personally responsible for any purchase made.
6. Sales Taxes: Buyers are responsible for the payment of all applicable sales taxes, unless legal documentation is on file with Abell prior to the commencement of the Auction.
7. Default: If any conditions contained in this document are not complied with by the Buyer, Abell, in addition to all remedies available by law, including the right to hold such buyer liable for the purchase price plus buyer?s premium and applicable sale tax, may: (i) cancel the sale, retain as liquidated damages any payment paid by the buyer; (ii) resell the property without reserve at public auction or privately, on seven (7) days? notice to the buyer; and (iii) take such other legal action as it deems necessary or appropriate. If Abell resells the property, the original defaulting buyer shall be liable for the payment of any deficiency in the purchase price and all costs and expenses, including storage fees, the expenses of both sales, attorneys? fee incurred, incidental charges and all other charges due hereunder. Any buyer who fails to comply with the conditions contained in this Agreement shall be deemed to have granted Abell a security interest in any other property owned by such buyer that is in Abell's possession. Abell shall have the benefit of all rights of a secured party under the California Uniform Commercial Code.
8. Attorneys? Fees/Court Costs: Should any action be brought to enforce any of the terms and/or conditions set forth in this Agreement, the prevailing party shall be entitled to all court costs and actual attorneys? fees incurred.
9. Forms of Payment: cash, personal and business checks (on local banks only), VISA, MasterCard, Discovery and American Express cards. Buyers will be charged a $50.00 processing fee for all returned checks. All motor vehicles must be paid for by bank cashier?s check or cash. ALL INTERNATIONAL BIDDERS MUST SUBMIT PAYMENT BY WIRE; please contact Abell for wiring instructions. Any item paid by credit card over the telephone is subject to a ten (10) day hold
Abell DOES NOT offer shipping services. The buyer is responsible for arranging and paying all packing and shipping costs for the removal and shipment of their purchases. Abell will furnish recommendations to area shippers. Buyers may pick up their items from our facility in Los Angeles. Local pickups will be subject to CA sales tax unless a state issued Resale Certificate is submitted at the time of the pick up. Successful first-time buyers that wish to purchase via credit card will have a ten-day hold on the release of the property. Any purchased items with a question of authentication must be addressed within thirty (30) days of the sale date; there are no exceptions.
Wednesday February 26th and Saturday February 29th (9 am to 4 pm PST) at 2613 Yates Avenue in Los Angeles. No condition reports will be given after noon PST the day before auction.