Bidding, Buyer's Premium and Payment

1Scope and Acceptance

These terms govern bidding, the buyer's premium, and payment for lots offered through the house's timed auctions and fixed-price ("Buy Now") listings. They supplement, and do not replace, the house's Conditions of Sale, which govern the sale generally. Placing a bid, submitting an offer, or completing a fixed-price purchase is agreement to these terms in full, together with the Conditions of Sale.

2Registration and Bidding Eligibility

To bid, a prospective buyer must register for an account and be approved by the house. Approval requires a valid form of identification and a payment card on file in good standing, and may include other verification the house considers appropriate for a given bidder or a given lot. The house may decline to approve an application, or may revoke, suspend, or restrict an existing account, at its sole discretion and without obligation to state a reason. An approved bidder is responsible for keeping the account's contact, billing, and card information current and accurate, and for the security of the account's login credentials; the house is not responsible for a bid placed through an account by anyone who had access to those credentials. Each person may hold only one account. The house may suspend or merge accounts it believes were created, or are being used, to evade this limit, a prior suspension, or any bidding restriction.

3Bids Are Binding

Every bid placed, by any means the house makes available, is binding and irrevocable once submitted. A bidder may not withdraw, amend, or retract a bid after it has been placed, including the winning bid at the close of a lot. Placing a bid is a representation that the bidder intends, and has the financial means, to pay the full purchase price -- including the buyer's premium and any applicable tax -- if the bid prevails.

4Bid Increments

Bids advance according to a bid increment schedule set by the house, which may vary by lot or by price range. The bidding platform will not accept a bid that does not meet the applicable increment, and will not accept a bid the platform identifies as a duplicate of the bidder's own standing high bid. To confirmfull bid increment table by price range

5Proxy Bidding

To confirmwhether proxy (maximum) bidding is offered, and if so, how a proxy bid is entered, held in confidence, and executed against competing bids

6Auction Close and Extension

Each lot in a timed auction closes at the time stated in its listing. To deter last-moment bidding, a bid placed within To confirmlength of the extension window before scheduled close of a lot's scheduled close automatically extends that lot's close by To confirmlength of each extension under the house's extended-bidding policy. This may repeat for as long as qualifying bids continue to arrive within the extension window, and it applies only to the individual lot on which such a bid was placed.

7Reserves

A lot may carry a reserve, a confidential minimum price, agreed with the consignor, below which the house will not sell the lot on the consignor's behalf. If bidding does not reach the reserve, the lot will not sell at that price, and the house may pass the lot, offer it to the underbidder subject to the consignor's agreement, or handle it by other means at its discretion. The house is not obligated to disclose whether a given lot carries a reserve or its amount, and a lot's estimate is not a statement of its reserve.

8Offers

On listings that accept them, a buyer may submit an offer instead of, or in addition to, bidding. An offer is not binding on the house. The house may accept, decline, or counter an offer, or refer it to the consignor, at its discretion. An offer remains open for the house's consideration for To confirmoffer expiration period unless withdrawn earlier by the buyer or superseded by a sale of the lot. Once the house accepts an offer, the resulting sale is binding on the buyer on the same terms as a winning bid.

9Fixed-Price Purchases

A "Buy Now" purchase at a listed fixed price is binding and irrevocable at the moment the buyer completes the purchase; there is no cancellation period or right of return once a purchase is completed, except as the Conditions of Sale provide. Fixed-price lots are sold on a first-come basis; a lot may sell to another buyer, or be withdrawn by the house or the consignor, at any time before a purchase is completed, including while an item is in another buyer's cart.

10Buyer's Premium

A buyer's premium is added to the hammer price of every lot won at auction and, where the listing states, to the price of a fixed-price purchase. The premium is calculated at To confirmbuyer's premium rate or tiered schedule of the hammer price or purchase price, and is due together with that price.

11Sales Tax and Resale Certificates

The house collects sales or use tax on a purchase where required to do so, based on settings configured for the buyer's shipping or billing location and the rules of the applicable jurisdiction. To confirmlist of tax jurisdictions in which the house currently collects, and how that list is kept current. A buyer holding a valid resale certificate may submit it before invoicing to purchase without tax; the house may accept or decline a certificate and may require supporting documentation. To confirmresale certificate submission process and deadline

12Invoices and Payment

The house issues an invoice for each completed purchase, itemizing the hammer or purchase price, the buyer's premium, tax where applicable, and shipping charges once determined. Payment in full is due within To confirmpayment period measured from invoice date. The house accepts payment by To confirmaccepted payment methods. Title to a lot does not pass to the buyer until payment has been received in full and has cleared.

13Late Payment and Buyer Default

A buyer who does not pay an invoice within the payment period is in default. The house may charge a late fee of To confirmlate fee amount or rate, and accrual schedule on an overdue balance. In addition to any late fee, and without limiting any other remedy available to it, the house may: cancel the sale; resell the lot at auction or privately and hold the defaulting buyer liable for any shortfall between the original purchase price (including the buyer's premium) and the resale proceeds, together with the costs of resale; charge the payment card on file for the amount due; withhold delivery of the lot, and of any other lot the buyer has purchased, until the account is brought current; and report the default to the consignor. These remedies are cumulative, not exclusive.

14Account Suspension and Termination

The house may suspend or terminate a buyer's account, and may refuse to accept further bids, offers, or purchases from that buyer, for a default, a chargeback, suspected bid manipulation, abuse of the offers mechanism, or other conduct the house determines is inconsistent with these terms or with the Conditions of Sale. Suspension does not relieve the buyer of an obligation already incurred.

15Estimates and Condition

An estimate published with a lot is the house's opinion of a probable auction result, not an appraisal of value, and is not a representation that the lot will sell within, above, or below that range; a lot may realize a hammer price outside its published estimate. Condition is likewise a matter of opinion; a condition report reflects the house's opinion at the time it was prepared, is provided as a convenience, and is not a warranty. A buyer's decision to bid, make an offer, or purchase is the buyer's own, made on the buyer's own judgment of the lot; bidders and buyers should rely on their own inspection, or on an inspection arranged on their behalf, before bidding, making an offer, or purchasing.

16Relationship to the Conditions of Sale and Authenticity Guarantee

This document addresses bidding, the buyer's premium, and payment; it does not restate the house's Conditions of Sale or its authenticity guarantee. Both apply in full to every bid, offer, and purchase and are incorporated into these terms by reference. Where this document is silent, or if a conflict arises, the Conditions of Sale govern.

17Auctioneer Licensing

To confirmCalifornia auctioneer licensing and bond statement — counsel to supply; seat must not draft this

18Governing Law and Venue

These terms are governed by the laws of the State of California, without regard to its conflict-of-laws rules. Any dispute arising out of or relating to bidding, an offer, a purchase, or payment under these terms will be brought exclusively in the state or federal courts located in To confirmcounty for venue, California, and each party consents to the jurisdiction of those courts.

(Draft -- counsel to finalize.)