MIMO ONLINE CONSIGNMENT AGREEMENT TERMS & CONDITIONS
Important rules, terms and conditions for online consignors:
1. You have to sign up and register to be an online consignor.
2. Professional/ Gallery Consignors
- For security purposes the TAX ID number and the Resale Certificate number ( also please fax a copy of these documents to +1.760.406.5982 ) are required to be an online consignor
3. Individual Consignors
- For security purposes the consignor agree to ship the consignment into MiMo Modern Auctions for the 1st online Auction.
4. Professional/ Gallery and Individual Consignors Uploading the Consignment and Information about the Inventory:
- Make sure your images are in JPG format and named according to the item number in the Excel spreadsheet, for example the for item 1001 you should name the primary image 1001.jpg and the detail photos 1001-1.jpg and 1001-2.jpg
- Use white or off white clear background.
- 1 or 2 total photos and 1 to 3 detail photos are required.
- If the consignor has no chance or technical background to make good quality photos we need the Inventory to be shipped into the Auction house or Consignor agree to pay $10/photo retouch fee.
- MiMo Modern Auctions agree to contact the consignor first before we retouch the uploaded photos to get a permission to do the retouch.
- For the Monthly design auctions we accept the consignments from the 1st to the 10th day of the current month. After the 10th day of the current month your inventory automatically accepted to the next monthly design auction.
5. Consignment holding
- Consignor must hold the consignments until the date of the current monthly auction
- Consignor agree not to sell the consignments during the period between the consignment date and the date of the auction.
6. Information about the Sold/ Unsold lots:
- MiMo Modern Auctions agree to make the sale result public and uploaded to www.mimoauctions.com the next 24-48 hours after the auction.
- If the consignment inventory is sold, MiMo Modern Auctions agree to pay the consignor 45-60 days after the auction.
- MiMo Modern Auctions organize the shipping.
- The certified shipper of MiMo Modern Auctions will pick up the consignment from the consignor
- For Security purposes MiMo Modern Auctions will pick up the consignment from the consignor only after the payment was recieved/deposited and cleared from the buyer not before
- MiMo Modern Auctions will arrange and ship the consignment to the buyer
7. Condition report, Origin and other matters
- Consignor must be very accurate about the condition report of the consignment
- Consignor must be responsible for the origin of the consignment
- No imitations, reproductions and fake consignments accepted
- "NO EXPORT" consignments must be informed by written notice
- Consignor must be the owner of the consignment
- MiMo Modern Auctions are not responsible for third partial consignments
- Consignor are responsible for any third partial consignments in written notice
- Consignments under loan or mortgage are not accepted, only with the permission of the Bank or Lander
- MiMo Modern Auctions has the right to ask any documentation from the consignor if necessary to make sure that the consignor is the owner of the Inventory
- MiMo Modern Auctions has the right to ask documentation from the consignor about the certificate of origin if necessary
- MiMo Modern Auctions has the right to decline the consignor and the consignment without any notice if the condition report doesn’t match with the excel spreadsheet
- MiMo Modern Auctions has the right to review your application and decline if we feel that the consignment are not original, so fake, imitation or copy or the condition report was not accurate and not matching with the condition of the consignment inventory.
Regular Terms and Conditions
This "Agreement" confirms your and our agreement under which the property listed on the attached Consignment Inventory ("Inventory") will be offered for sale at auction, subject to the following terms and our standard Terms & Conditions to be printed in the catalog for the sale, by which you hereby agree to be bound.
1. Selling Commission. For this consignment of Inventory, you will pay us a selling commission on each lot as set forth below, except for those items of Inventory which have specific terms noted on the attached Consignment Inventory.
All lots 15% of the hammer price
2.Fees and Expenses. You agree to pay the following:
- a fee of 1.5% of the Value of the Inventory for maintaining insurance on the Inventory for liability against loss or damage (as provided in paragraph 8 below), except for those items of Inventory which have specific terms noted on the attached Consignment Inventory
- the cost of packing, shipping and customs duties to our premises
- the cost of any other services, such as framing, restoration approved by you
3. Auction. In connection with any auction, we will have absolute discretion as to:
- consulting any expert either before or after the sale
- researching the provenance of the Inventory either before or after the sale
- grouping the Inventory into lots and providing catalog and other descriptions as we believe appropriate
- the date or dates of an auction
- the promotion and marketing of the sale
- the manner of conducting the sale
4. Buyer’s Premium. You authorize us to charge the buyer and retain for our account a commission on each lot sold (the "buyer’s premium"). The Conditions of Sale in the catalog for the auction will state the rate at which the buyer’s premium assessed against the buyer, and such rate will be a percentage of the hammer price of each lot sold. We reserve the right, without further notice to you, to pay out of our commissions a fee to any third party introducing property or clients to us.
5. Settlement. On the Settlement Date(s) – as defined below – we will mail to you the sale proceeds we collect and receive, after deducting our selling commission, buyer’s premium and reimbursable expenses (the "net sale proceeds"), unless the purchaser has notified us of intention to rescind the sale as provided later in paragraph 10. We may also deduct and retain from the net sale proceeds any other amount you owe us or any of our affiliated entities, weather arising out of the sale of the Inventory or otherwise. In addition to other remedies availble to us by law, we reserve the right to impose a late charge of 1.5% per month on any amount due us or any of our affiliated entities and remaining unpaid for more than twenty days after we notify you. If all of the Inventory is sold in the same auction, the "Settlement Date" will be the date that is fourty-five to sixty days after the last session of the auction. If the inventory is to be sold in more than one auction, then the "Settlement Dates" will be the dates that are fourty-five to sixty days after the last session of each auction. We have no obligation to enforce payment by any purchaser. If a purchaser does not pay, and we do not agree on another course of action, we reserve the right to cancel the sale and return the Inventory to you. Notwithstanding the preceding sentence, if we pay you all or part of the net sale proceeds amount we paid to you, simultaneously with, and to the extent of, any such payment by us to you, you assign us to us any and all rights you may have against such purchaser, whether at law, in equity or under the Terms & Conditions. You agree to execute any documents we may reasonably request evidencing this assignment, and you agree that all of your representations, warranties and indemnities set forth in this Agreement shall apply to us or the purchaser, as the case may be, with respect to such items. You authorize us, in our discretion, to impose on any purchaser and retain for our account a late charge if payment is not made in accordance with the Terms & Conditions.
6. Reserves. Unless a different reserve has been agreed upon by you and us and confirmed in writing before the auction, the reserve for each lot of the Inventory will be:
- the reserve specifically noted on the Consignment Inventory,or
- if no reserve is noted on the Consignment Inventory, 60% of our published low pre-sale estimate.
We may sell any lot of the Inventory at a price below the reserve, provided we pay you in accordance with paragraph 5 above the net amount which you would have been entitled to receive had such lot of the Inventory been sold at the reserve (that is the reserve less our selling commission, reimbursable expenses and any amount you owe us or any of our affiliated entities). No reserve for a lot will exceed its low pre-sale estimate. You agree not to bid on the Inventory. Although we shall be entitled to bid on your behalf up to the amount of the reserve, you shall not instruct or permit any other person to bid for the Inventory on your behalf. If , however, you violate your foregoing commitment and you or your agent become the successful bidder on the Inventory, you will pay us the selling commission as set forth in paragraph 1 and the buyer’s premium on the hammer price, the Inventory may be sold without any reserve, and you will not be entitled to the benefit of any warranties under the Terms & Conditions. In the event any lot is bought-in, we will make an announcement that such lot has been "passed", "returned to owner", "bought-in" or "withdrawn".
7. Representations and Warranties; Indemnity. You represent and warrant to us and each purchaser that you have the right to consign the Inventory for sale, that is now, and trough and including its sale will be kept, free of all liens, claims and encumbrances of others including , but not limited to, claims of governments or governmental agencies, that good title and right to possession will pass to the purchaser free of all liens, claims and encumbrances, that you have provided us with any information you have concerning the provenance of the Inventory, that you have no reason to believe that any lot of Inventory is not authentic or is counterfeit, that where the Inventory has been imported into the United States, the Inventory has been lawfully imported into the United States and has been lawfully and permanently exported as required by the laws of any country (including any laws or regulations applicable in the European Union) in which was located, that required declarations upon the export and import of the Inventory have been properly made and any duties and taxes on the export and import of the Inventory have been paid, that you have paid or will pay any and all taxes and/or duties that may be due on the net sale proceeds of the Inventory and you have notified us in writing of any and all taxes and/or duties that are payable by us on your behalf in any country other than the United States, and that there are no restrictions on our right to reproduce photographs of it. We retain the exclusive copyright to all catalog and other illustrations and descriptions of the Inventory created by us. You agree to indemnify and hold us and each purchaser harmless from and against any and all claims, actions, damages, losses, liabilities and expenses (including reasonable attorney’s fees) relating to the breach or alleged breach of any of your agreements, representations or warranties in this Agreement. Your representations , warranties and indemnity will survive completion of the transactions contemplated by this Agreement.
8. Loss or Damage to Inventory. We will pay you of the Value of the Inventory (as defined below) or the Depreciation Amount (as defined below), as the case may be, in the event of loss or damage as set forth below, from the time of our receipt of such Inventory, and while the Inventory is in our custody and control. The maximum amount of our liability to you resulting from loss or damage to the Inventory shall not exceed the Value of such Inventory (as defined below). For purposes of this limitation of liability, the Value of the Inventory is: (a) for Inventory which has been sold, the hammer price ( excluding buyer’s premium ), (b) for Inventory which has failed to sell at auction, the reserve, or (c) for Inventory not yet offered for sale, the mean of our latest pre-sale estimates.
In the event of total loss(Inventory which has been lost, or Inventory which has been damaged and has depreciated in value, in the opinion of our insurer, by more than 50%) , we will pay you the Value of such Inventory, less in any case the selling commission and expenses payable by you under this Agreement, and simultaneously with such payment, all title and interest to the Inventory shall pass to us. In the event of a partial loss (Inventory which has been partially damaged or lost and has depreciated in value, in the opinion of our insurer, by less than 50% ), we will pay you the amount of depreciation, as determined by our insurer (the "Depreciation Amount"), and such Inventory will be offered for sale or, at your request, returned to you. Neither we nor our insurer will be responsible for Inventory that is not within our custody and control or liable for damage to frames or glass covering prints, paintings or other works, for damage occurring in the course of any process undertaken by independent contractors employed with your consent (including restoration, framing or cleaning), or for damage caused by changes in humidity or temperature, inherent conditions or defects, normal wear and tear, war, acts of terrorism, nuclear fission or radioactive contamination, or chemical, bio-chemical or electromagnetic weapons. We maintain insurance for loss or damage to all property that is in our custody and control. As a result of the insurance costs that we incur for maintaining insurance of the Inventory, we will charge you a fee in the amount of 0.00% of the Value of the Inventory. If at the time you deliver the Inventory to MiMo Modern Auctions, you provide us with a certificate of insurance with a waiver of subrogation, in form acceptable to us, you will not be charged this fee, and shall have no obligation or responsibility to pay you the Value of the Inventory or the Depreciation Amount.
9. Withdrawal. You may not withdraw any Inventory from the sale after the date on which we issue a receipt or you sign this Agreement, whichever is earlier. Regardless of whether we have previously issued a receipt, published a catalog including the Inventory or advertised its sale, we may withdraw any Inventory at any time before sale if in our sole judgment :
- there is doubt as to its authenticity or attribution
- there is doubt as to the accuracy of any of your representations and warranties, or
- you have breached any provision of this Agreement
If we withdraw any Inventory under the sections above of this paragraph 9, you must within ten days of our notice to you of withdrawal pay us a withdrawal fee equal to 20% of the mean of our latest pre-sale estimates for the withdrawn Inventory, as well as all out-of-packet expenses incurred by us up to and including the date of withdrawal (the "withdrawal fee"), If any Inventory is withdrawn by you in breach of this Agreement, you will pay us a Withdrawal Fee as well as any special, incidental or consequential damages incurred as a result of your breach, notwithstanding anything to the contrary in this Agreement. If any Inventory is withdrawn under the sections above, you will not be charged a Withdrawal Fee and, subject to any liens or claims to the Inventory, such Inventory will be returned to you at your expense.
10. Rescission. You authorize us to rescind the sale of any Inventory in accordance with the Terms & Conditions, or if we learn that the Inventory is inaccurately described in the catalog, or we learn that the Inventory is a counterfeit (a modern forgery intended to deceive), or if we determine in our sole judgment that the offering for sale of any lot of Inventory has subjected or may subject us and/or you to any liability, including liability under the warranty of title or warranty of authenticity included in the Terms & Conditions. If we receive from a purchaser notice of intention to rescind and we determine that a lot of the Inventory is subject to rescission under the Terms & Conditions or as otherwise set forth above, we will credit the purchaser with the purchase price, you will return to us on ten days notice to you any sale proceeds for such Inventory payed by us to you or to a third party as directed by you, and we will return the Inventory to you upon your reimbursing us for expenses incurred in connection with the rescinded sale, and paying us any other amounts you owe us or any of our affiliated entities.
11. Private Sales. If any lot fails to reach its reserve and is bought-in for your account, you authorize us, as your exclusive agent, for a period of 60 days following the auction, to sell the lot privately for a price that will result in a payment to you of not less than the net amount (after our selling commission and expenses) to which you would have been entitled had the lot been sold at a price equal to the agreed reserve. In such event, your obligations to us hereunder with respect to such lot are the same as if it had been sold at auction.
12. Treatment of Unsold Inventory. If any Inventory remains unsold for any reason after the auction, we will notify you. If such Inventory has not been sold privately pursuant to paragraph 11, and if it is not reconsigned to us for sale on mutually agreed-upon terms or picked up within 60 days after such notification, we may:
- return it to you at your expense
- sell it at public auction without reserve at a place and date determined
- transfer it to a third-party warehouse
The proceeds of any sale pursuant to the sections above will be applied to any amount you owe us or any of our affiliated entities, including, but not limited to, our commissions and expenses, and any excess will be remitted to you. In the event of the transfer of any unsold Inventory to a third-party warehouse, you shall bear all cost and risk thereof and shall be liable to such warehouse for the payment of all storage and insurance charges as such warehouse’s standard rates. You shall not be entitled to reclaim any unsold Inventory until all commissions, expenses and other amounts owed to us or any of our affiliates have been paid in full. Unless and until we re-offer and sell such Inventory or return it to you, we will hold it without charge for a period of 30 days after the auction in which it is offered but not sold. Thereafter, a handling charge of 1% per month of the mean of our pre-sales estimates will be payable by you to cover our costs of handling.
13.Estimates and Catalog Descriptions. Pre-sale estimates, if any, are intended as guides for prospective bidders. We make no representations or warranties of the anticipated selling price of any Inventory and no estimate anywhere by us of the selling price of any Inventory may be relied upon as a prediction of the actual selling price. Estimates included in receipts, catalogs or elsewhere are preliminary only and are subject to revision by us from time to time in our sole discretion.We will not be liable for any errors or omissions with respect to the auction, or int he catalog or other descriptions of the Inventory and make no guarantees, representations or warranties whatsoever to you with respect to the Inventory, its authenticity, attribution, legal title, condition, value or otherwise.
14. Use of Name. We may use your name as owner of the Inventory as set forth on the first page of this Agreement or we may designate the Inventory as indicated by you below (please print your instructions and initial the box next to it), when we offer the Inventory for sale, advertise or otherwise promote the sale, both before or after the auction. If you do not want us to use your name or otherwise designate the Inventory, please initial the box below.
You may designate the Inventory as follows ( )
You may not use my name ( )
15. Legal Status. If you are acting as a fiduciary in executing this Agreement and in the transactions contemplated hereunder, please initial "Fiduciary" and sign and return to us our standard "Fiduciary Agreement".
Fiduciary ( )
If you are acting as an agent for someone who is not signing this Agreement, you and your principal jointly and severally assume your obligations and liabilities hereunder to the same extent as if you were acting as principal.
16. Re-consignment. We may, at our discretion, reconsign any lot of Inventory so that it shall be offered for sale at public auction by one of our affiliates, unless you object in writing within ten days of the date of our notice of re-consignment. Any reconsigned lot shall be offered for sale pursuant to the terms of this Agreement, and subject to the Conditions of Business and the Authenticity Guarantee, if any, applicable to the auction where offered. If there is a conflict between the applicable Conditions of Business and the Authenticity Guarantee and the terms of this Agreement, the terms of this Agreement shall control. With respect to any such reconsigned lot, the terms "Terms & Conditions" referred to in this Agreement shall mean the Conditions of Business and the Authenticity Guarantee, if any, applicable to such auction. Any net sale proceeds of the Inventory in such sale shall be remitted to you in the currency in which the auction is conducted, and all local taxes shall apply.
17.Amendment. Neither you nor we may amend, supplement or waive any provision of this Agreement other than by means of a writing signed by both parties except that if at any time we propose by written notice to amend or supplement any provision of this Agreement, or provide additional terms or conditions as to your future consignments, you will be deemed to have agreed thereto with respect.
18.Miscellaneous. The validity of this Agreement and its terms or provisions, as well as the rights and duties of the parties, will be interpreted and construed pursuant to and in accordance with the laws of the State of California. This Agreement may not be assigned by either party without the prior written consent of the other party. Subject to this limitation, this Agreement will inure to the benefit of and be binding on the successors and assigns of the respective parties. This Agreement, including the Inventory and the Terms & Conditions, contains the entire agreement between the parties relating to the rights granted and the obligations assumed. Any oral representations or modifications concerning this Agreement will be of no force or effect excepting a subsequent modification in writing, signed by the party to be charged. As used in this Agreement, "we", "us", and "ours" means MiMo Modern Auctions and any affiliated company offering Inventory for sale under this Agreement, and "you" and "your" mean the individual, corporation, or other entity listed above (jointly and severally if there is more than one listed above).
19.MiMo Monthly Auctions Information. The MiMo Monthly Design Auctions to be held every last weekend of the current month ( otherwise stated ). These auctions we do online by LiveAuctioneers.com ( no room ) , and with Absentee and Telephone Bid optione. We have the right to change the date anytime of the „MiMo Monthly Auctions” . These or any kind of changes we do , we inform the Consignors and Buyers only on www.mimoauctions.com . All Bidding forms are avaible to download on www.mimoauctions.com . The „MiMo Monthly Auctions” we have the same terms and conditions otherwise stated.
20.MiMo Monthly Auctions. Please put an „X” if you want your Inventory to be listed on the MiMo 2 Design and Contemporary 2009 May and the MiMo Monthly Auctions as well. Please note that the minimum value for the MiMo 2 Design and Contemporary Auction is $500.00.
The parties are agree to the foregoing by signing in the spaces provided below.
Gabor P Ujvari, Principal Auctioneer,
CA Auctioneer Bond # 0601 70487525
Consignor as a buyer
Each lot in this catalog is offered subject to the following Terms and Conditions of Sale, as supplemented in writing or otherwise by us at
any time prior to the sale. By registering to bid at the auction, or by placing a bid through any means, you agree to be bound by these Terms
and Conditions of Sale. In these Terms and Conditions of Sale, “we,” “us,” “our,” “MiMo” or similar terms mean MiMo Auctions and any of its agents, and “you,” “your,” “buyer” or similar terms mean a person bidding on or buying property.
1. Examination of Property
Except as stated under “Limited Warranty” in paragraph 4 below, all property is sold “as is,” with no representation or warranty of any kind
from MiMo Auctions or the consignor. Because buyers are responsible for satisfying themselves as to condition or any other matter concerning the property, they are advised to personally examine any property on which they intend to bid prior to the auction. As a courtesy, condition reports for any lot are available from MiMo Auctions prior to the sale, but MiMo Auctions assumes no responsibility for errors and omissions contained in the catalog or in
any such report provided at the request of a buyer. Any statements made in this catalog or in any condition report, whether orally or in writing, are intended as statements of opinion only, are not to be relied upon as statements of fact and do not constitute representations or warranties
of any kind.
2. Bidding at Auction
All prospective bidders are required to register with us in advance of the sale. We may require photo identification and bank references for registration. By bidding at the auction, a buyer assumes personal responsibility to pay the purchase price bid, plus the buyer’s premium
and any additional charges that become due and payable in connection with the purchase of the property. Upon the fall of the auctioneer’s hammer, the buyer assumes all risk of loss and damage to the property, in addition to any obligations, costs and expenses relating to the handling, shipping, insurance, taxes and export of the property.
As a convenience to buyers who cannot be present on the day of the sale, we will use reasonable efforts to execute, on a competitive basis, written absentee bids left with us prior to the sale. We assume no responsibility for a failure to execute any such bid, or for errors or omissions made in connection with the execution of any such bid. If requested prior to the sale, we will use reasonable efforts to contact the buyer by telephone to enable the buyer to participate in the bidding by telephone on the day of the sale, but we assume no responsibility for errors or omissions made in connection with any such arrangement. As a convenience to buyers who cannot be present on the day of the sale, we will use reasonable efforts
to execute, on a competitive basis, bids left with us via the Internet, whether by absentee or, if available, a live bidding program. We assume
no responsibility for a failure to execute any such bid, or for errors or omissions made in connection with the execution of any such bid.
Buyers are advised that there may be additional terms and conditions governing the use of Internet bidding services including, but not limited to, those providing for additional charges and fees relating to the execution of such bids. Any such additional terms and conditions are hereby incorporated by reference into these Terms and Conditions of Sale as though such terms and conditions were included herein, and buyers are therefore advised to familiarize themselves with any such terms and conditions prior to utilizing any Internet bidding service.
All lots may be offered subject to reserve, which is the confidential minimum price below which the lot will not be sold. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. The auctioneer may continue to bid on behalf of the seller up to
the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders.
The auctioneer has the right, in his absolute discretion, to determine the conduct of the sale, including, without limitation, to advance the
bidding, to reject any bid offered, to withdraw any lot, to reoffer and resell any lot, and to resolve any dispute in connection with the sale. In any such case, the judgment of the auctioneer is final, and shall be binding upon all participants in the sale.
The sale will be conducted in the following increments:
to $500 | $25 increment |
$500 –1,000 | $50 increment |
$1,000–3,000 | $100 increment |
$3,000–5,000 | $250 increment |
$5,000–10,000 | $500 increment |
$10,000+ | $1000 increment or auctioneer’s discretion |
3. Payment for and Collection of Purchases
In addition to the hammer price, the buyer of a lot agrees to pay us a buyer’s premium, together with any applicable sales tax, late payment charges and storage fees. The buyer’s premium on any lot equals 20% of the hammer price up to and including $500,000 plus 12% of any amount in excess of $500,000. Buyer’s premium for internet bidding on any lot equals 22.5% of the hammer price, regardless of form of payment. All purchases will be subject to state sales tax unless the buyer has provided us with a valid certificate of exemption from such tax. Buyers are required to pay for purchases immediately following the auction unless other arrangements have been made in advance of the auction. All payments must be made in US Dollars, in any of the following acceptable forms of payment:
– Cash
– Check, with acceptable identification
– Visa, MasterCard or American Express, with a 2% surcharge for any such payment.
In the event that the buyer has not made satisfactory arrangements with us for the payment of all amounts owed within five (5) business days
after the auction date or has otherwise defaulted in the performance of its obligations under these Terms and Conditions of Sale, we reserve the right to bill the buyer’s credit card in an amount equal to ten percent (10%) of the sum of the hammer price plus the Buyer’s Premium. Any charge made by us under this provision shall be credited against all amounts owed to us by the buyer under these Terms and Conditions of Sale, and shall in no way limit or restrict the exercise of any of our rights and remedies available at law or in equity with respect to payment of all other sums owed to us. We reserve the right to delay delivery of any property until clearance or collection of funds in connection with any payment and, in any event, title to the property shall not pass to the buyer until clearance or collection of funds has occurred.
In any case, as security for full payment to us of all amounts due from the buyer, we retain, and the buyer grants to us, a security interest in the property purchased by the buyer at auction, and in any other property or money of the buyer in our possession or coming into our possession subsequently. We may apply any such money or treat any such property in any manner permitted under the Uniform Commercial Code and/or any other applicable law.
All property not collected within thirty (30) days following the sale date will become subject to storage fees of not less than $5 per day, and property may be moved to alternate storage facilities at the buyer’s risk and expense. A late payment fee equal to 1.5% per month may be assessed on any amounts remaining unpaid thirty (30) days following the date of the sale.
We may, as a courtesy to the buyer, provide or arrange packing, shipping or similar logistical services, or refer the buyer to third parties who specialize in these services. Any such services provided or arranged by us are at the buyer’s sole risk and expense, and we assume no responsibility for any act or omission of any party in connection with any such service or reference.
If a buyer fails to make timely payment as required in this paragraph 3, we shall be entitled, in our discretion, to exercise any remedies legally available to us, including, but not limited to, the following:
– cancellation of the sale of the property to the non-paying buyer,
including the sale of any other property to the same buyer;
– reselling the property, at public or private sale, with or without reserve;
– retention of any amounts already paid by the buyer as liquidated damages;
– rejection of any bids by the buyer at future auctions;
– setting-off any amounts owed by us to the buyer in satisfaction of unpaid amounts
– taking any other action we deem necessary or appropriate under the circumstances.
4. Limited Warranty
Subject to the following terms and conditions, MiMo Auctions warrants, for a period of five (5) years following the date of sale, the authorship and authenticity of any work as set forth unqualifiedly in a heading in BOLD CAPITAL type in this catalog. The term “author” or “authorship” means
the creator, designer, culture or source of origin of the property, as the case may be, as specifically identified in BOLD CAPITAL type in this catalog, and shall not include any supplemental text or information included in the catalog descriptions. Other than as specifically set forth above, MiMo Auctions provides no warranty regarding any statements made in this catalog or elsewhere, whether orally or in writing, and MiMo Auctions shall not
be responsible for errors or omissions contained in the text of this catalog. MiMo Auctions’s warranty does not apply to any heading in this catalog
that contains a qualified opinion or attribution of authorship, and the warranty is subject to the following:
The benefits of the warranty are only available to the original buyer of the property, and not to any subsequent purchasers, transferees, successors, heirs, beneficiaries or assigns of the original buyer.
The warranty shall not apply to any lot for which the description states that there is a conflict of opinion among specialists as to authorship or origin.
The warranty shall not apply to any lot for which the attribution conforms with the generally accepted opinion of scholars, specialists or other experts on the date of sale, despite the subsequent discovery of information that modifies such generally accepted opinions.
The buyer’s sole remedy, and MiMo Auctions’s sole liability, under the warranty shall be the cancellation of the sale of the property in question, and the refund of the purchase price originally paid by the buyer in respect of the property (not including any late fees, shipping or storage charges incurred by the buyer).
In no event shall MiMo Auctions be liable to the buyer or any third party for any special or consequential damages including, without limitation, lost profits or interest.
The buyer must provide written notice of any claim under the warranty to MiMo Auctions not later than five (5) years following the date of sale, and must return the property to MiMo Auctions in the same condition as at the time of the original sale. MiMo Auctions reserves the right to appoint two independent specialists to examine the property and evaluate the buyer’s claim before determining whether to cancel the sale in question.
5. Rescission of Sale by MiMo Auctions
If we become aware of an adverse claim of a third party relating to property purchased by the buyer, we may, in our discretion, rescind the sale. Upon notice of our election to rescind a sale, the buyer will promptly return the property to us, at which time we will refund to the buyer the hammer price and buyer’s premium paid to us by the buyer in respect of the property. This refund will represent the buyer’s sole remedy against
us and/or the consignor in case of a rescission of sale under this paragraph 5.
6. Private Sales
These Terms and Conditions of Sale shall govern, to the extent applicable, any private sale of property by us not made through auction.
7. Copyright Notice
All images and text contained in this catalogue or in any other publication by us, in whatever form, shall remain the property of their respective owners, and the buyer shall have no right of ownership, use or reproduction of any such material by virtue of any purchase of property or otherwise.
8. Severability
If any provision of these Terms and Conditions of Sale is held by any court to be invalid, illegal or unenforceable, such provision shall be disregarded and the remaining Terms and Conditions of Sale enforced in accordance with the original document and in accordance with applicable law.
9. Governing law
These Terms and Conditions of Sale shall be governed by and interpreted in accordance with the law of the State of California and, by registering
for and bidding in the auction (whether personally, by telephone or by agent), the buyer agrees to submit to the exclusive jurisdiction of the state courts located in Palm Springs, CA in connection with any matter regarding this auction.
