The Young Collectors Auction
BUYING AT AUCTION, GENERAL AUCTION INFORMATION & CONDITIONS OF SALE

Before the Auction

 

The Catalogue: A catalogue prepared by The Young Collectors Auction is published for every schedule live auction and is available prior to the sale date. The catalogue will help familiarize you with property being offered at the designated auction. For more information, please visit www.ayyamgallery.com/auctions. Prospective bidders should also consult www.ayyamgallery.com/auctions for the most up to date cataloguing of the property in this catalogue.
 
Reserve:  All lots in this catalogue are offered subject to a reserve, which is the confidential minimum hammer price at which a lot will be sold. All reserves are equal or lower than the low estimate.
 
Estimates: Each lot in the catalogue is given a low and high estimate, indicating to a prospective buyer a range in which the lot might sell at auction. When possible, the estimate is based on previous auction records of comparable pieces. The estimates are determined several months before a sale and are therefore subject to change upon further research of the property, or to reflect market conditions or currency fluctuations. Estimates should not be relied upon as a representation or prediction of actual selling prices.
 
Provenance: In certain circumstances, The Young Collectors Auction may print in the catalogue the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller’s request for confidentiality or because the identity of prior owners is unknown given the age of the work of art.
 
Specialist Advice: Prospective bidders may be interested in specific information not included in the catalogue description of a lot. For additional information, please contact one of The Young Collectors Auction's Specialists (all of whom are listed in the front of the catalogue). You may also request a condition report from the specialist in charge.
 
The Exhibition: An exhibition of the auction property will be held the week prior to the auction on the days listed in the front of the catalogue. There you will have the opportunity to view, inspect and evaluate the artwork yourself, or with the help of one of The Young Collectors Auction's Specialists (all of whom are listed in the front of the catalogue).
 
Salesroom Notices: Salesroom notices amend the catalogue description of a lot after the catalogue has gone to press. They are posted in the viewing galleries and salesroom or are announced by the auctioneer.
 
During the Auction
 
The Auction:  Auctions are open to the public without any admission fee or obligation to bid. The auctioneer introduces the objects for sale- known as “lots” – in numerical order as listed in the catalogue. Unless otherwise noted in the catalogue or by an announcement at the auction, The Young Collectors Auction acts like agent on behalf of the seller and does not permit the seller to bid on his or her own property. It is important for all bidders to know that the auctioneer may open the bidding on any lot by placing a bid on behalf of the seller. The auctioneer may further bid on behalf of the seller, up to the amount of the reserve, by placing responsive or consecutive bids for a lot. The auctioneer will not place consecutive bids on behalf of the seller above the reserve.
 
Bidding in Person: If you would like to bid, you must register for a paddle upon entering the salesroom. The paddle is numbered so as to identify you to the auctioneer.
To register, you will need a form of identification such as a driver’s license, a passport or some other type of government issued identification. If you are a first time bidder, you will also be asked for your address, phone number and signature in order to create your account. If you are bidding for someone else, you will need to provide a letter from that person authorizing you to bid on that person’s behalf. Issuance of a bidding paddle is in at our discretion. Once the first bid has been placed, the auctioneer asks for higher bids, in increments determined by the auctioneer. To place your bid, simply raise your paddle until the auctioneer acknowledges you. You will know when your bid has been acknowledged; the auctioneer will not mistake a random gesture for a bid.
 
 
Bidding Increments: The bids generally start below the minimum appraised value. Paddles shall be raised in accordance with the following chart. The auctioneer shall be entitled to change the bidding intervals.
 
Between        100              2,000 USD              100 USD
Between        2,000         5,000 USD             200 500 800 USD
Between        5,000        10,000 USD            500 USD
Between       10,000        20,000 USD           1,000 USD
Between        20,000      50,000 USD           2000 5000 8000 USD
Between        50,000      100,000 USD          5000 USD
Above            100,000     10,000 USD
 
Absentee Bidding: If it is not possible for you to attend the auction in person, you may place your bid ahead of time. In the back of every catalogue there is an absentee bid form, which you can use to indicate the item you wish to bid on and the maximum bid you are willing to make. Return the completed absentee bid form to The Young Collectors Auction either by mail or fax. When the lot that you are interested in comes up for sale, an auction specialist will execute the bid on your behalf, making every effort to purchase the item for as little as possible and never exceeding your limit. This service is free and confidential. For detailed instructions and information, please see the Absentee Bid Form and Guide for Absentee Bidders instructions at the back of this catalogue.
 
Results: Successful absentee bidders will be notified after the sale. Printed lists of auction prices are available at our galleries approximately one week following each auction and are sent on request to catalogue subscribers. Results may also be obtained online at www.ayyamgallery.com/auctions.
 
Telephone Bidding: In some circumstances, we offer the ability to place bids by telephone live to one of our representatives on the auction floor. Please contact the Bid Department prior to the sale to make arrangements or to answer any questions you may have. Telephone bids are accepted only at The Young Collectors Auction's discretion and at the caller’s risk. Calls may also be recorded at The Young Collectors Auction's discretion. By bidding on the telephone, prospective buyers consent thereto.
 
Hammer Price and the Buyer’s Premium: For lots which are sold, the last price for a lot as announced by the auctioneer is the hammer price. A buyer’s premium will be added to the hammer price and is payable by the purchaser as part of the total purchase price. The buyer’s premium will be the amount stated in the Conditions of Sale.
 
After the Auction
 
Payment: If your bid is successful, you can go directly to Client Accounting to make payment arrangements. Otherwise, your invoice will be mailed to you. The final price is determined by adding the buyer’s premium to the hammer price on a per-lot basis. Sales tax, where applicable, will be charged on the entire amount. Payment is due in full immediately after the sale. However, under certain circumstances, The Young Collectors Auction may, in its sole discretion, offer bidders an extended payment plan. Such a payment plan may provide an economic benefit to the bidder. Credit terms should be requested at least one business day before the sale. However, there is no assurance that an extended payment plan will be offered. Please contact Client Accounting or the specialist in charge of the sale for information on credit arrangements for a particular lot. You may pay by cash, wire transfer, check, or credit card.
 

Conditions of Sale

 

The following Conditions of Sale and Terms of Guarantee are The Young Collectors Auction, Inc. and the Consignor’s entire agreement with the purchaser relative to the property listed in this catalogue. The Conditions of Sale, Terms of Guarantee, the glossary, if any, and all other contents of this catalogue are subject to amendment by us by the posting of notices or by oral announcements made during the sale. The property will be offered by us as agent for the Consignor, unless the catalogue indicates otherwise.

 

By participating in any sale, you acknowledge that you are bound by these terms and conditions.

 

1. As Is Goods: auctioned are often of some age. The authenticity of the Authorship of property listed in the catalogue is guaranteed as stated in the Terms of Guarantee and except for the Limited Warranty contained therein, all property is sold “AS IS” without any representations or warranties by us or the Consignor as to merchantability, fitness for a particular purpose, the correctness of the catalogue or other description 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 catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, or elsewhere, shall be deemed such a warranty, representation or assumption of liability. We and the Consignor make no representations and warranties, express or implied, as to whether the purchaser acquires any copyrights, including but not limited to, any reproduction rights in any property. We and the Consignor are not responsible for errors and omissions in the catalogue, glossary, or any supplemental material.

 

2. Inspection Prospective: bidders should inspect the property before bidding to determine its condition, size, and whether or not it has been repaired or restored.

 

3. Buyer’s Premium: A buyer’s premium will be added to the hammer price and is payable by the purchaser as part of the total purchase price. The buyer’s premium is 20%.

 

4. Withdrawal: We reserve the right to withdraw any property before the sale and shall have no liability whatsoever for such withdrawal.

 

5. Per Lot: Unless otherwise announced by the auctioneer, all bids are per lot as numbered in the catalog.

 

6. Bidding: We reserve the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the purchaser. 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 discretion to determine the successful bidder, cancel the sale, or to reoffer and resell the article in dispute. If any dispute arises after the sale, our sale record is conclusive. Although in our discretion we will execute order or absentee bids or accept telephone bids as a convenience to clients who are not present at auctions, we are not responsible for any errors or omissions in connection therewith.

 

7. Purchaser’s Responsibility: On the fall of the auctioneer’s hammer, title to the offered lot will pass to the highest bidder acknowledged by the auctioneer, and such bidder thereupon (a) assumes full risk and responsibility therefore (including, without limitation, liability for or damage to frames or glass covering prints, paintings or other works), and (b) will immediately pay the full purchase price or such part as we may require. All property must be removed from our premises by the purchaser at his expense not later than 7 business days following its sale and, if it is not so removed, (i) a handling charge of 1% of the total purchase price per month from the tenth day after the sale until its removal will be payable to us by the purchaser, with a minimum of 5% of the total purchase price for any property not so removed within 60 days after the sale, and (ii) we may send the purchased property to a public warehouse for the account, at the risk and expense of the purchaser.

 

8. Reserve: All lots in this catalogue are offered subject to a reserve, which is the confidential minimum hammer price at which a lot will be sold. All reserves are equal or lower than the low estimate.

 

9. Tax: Unless exempted by law, the purchaser will be required to pay any applicable taxes or customs.

 

 

GUIDE FOR ABSENTEE & TELEPHONE BIDDERS
 
If you are unable to attend an auction in person, you may give one of the auction specialists (all of whom are listed in the front of the catalog) instructions to bid on your behalf by completing the form overleaf. This service is free and confidential.
 
Please record accurately the lot numbers, descriptions and top hammer price you are willing to pay for each lot. 
 
We will try to purchase the lot(s) of your choice for the lowest price possible and will never exceed the maximum bid amount indicated on the reverse of this form.
 
Alternative bids can be placed by using the word “OR” between lot numbers. If your bid on an early lot is successful, we will not continue to bid on other lots for you. If your early bids are unsuccessful, we will continue to execute bids for alternative lots until a bid is successful, maintaining your maximum bid amounts.
 
Bids must be placed in the chronological order as in the catalog.
 
The form can be used for one sale only – please clearly indicate the sale number and date.
 
Please place your bids as early as possible, as in the event of identical bids the earliest received will take precedence.
 
Wherever possible, bids should be submitted at least twenty- four hours before the auction.
 
Where appropriate, your bids will be rounded down to the nearest amount consistent with the auctioneer’s bidding increments. See the ‘Conditions of Sale” in the back of the catalogue for more information on increments.
 
Important
 
Please note that the execution of written and telephone bids is offered as a gratuitous service and is undertaken at the bidder’s risk. It is undertaken subject to The Young Collectors Auction’s other commitments at the time of the auction. The Young Collectors Auction therefore cannot accept liability for failure to place bids, whether through negligence or otherwise. All bids will be executed and are accepted subject to the “Conditions of Sale” printed in the auction catalogue. Please note that a buyer’s premium in the amount stated in paragraph 3 of the “Conditions of Sale” in the back of the auction catalogue will be added to the hammer price as part of the total purchase price, plus any applicable sales tax if relevant. Successful bidders will receive an invoice detailing their purchases and giving instructions for payment and clearance of goods. Unsuccessful bidders will also be notified.
 
 
All purchases must be paid for and artworks collected within seven days of the auction date or the works may be subject to forfeiture or if it is not removed, (i) a handling charge of 1% of the total purchase price per month from the tenth day after the sale until its removal will be payable by the purchaser, with a minimum of 5% of the total purchase price for any property not so removed within 60 days after the sale, and (ii) we may send the purchased property to a public warehouse for the account, at the risk and expense of the purchaser.
 
New Clients
 
Please note that we may contact you to request a bank reference. In addition, The Young Collectors Auction requires a copy of government issued photo ID in order to generate a new account.
 
For Written/Fixed Bids
 
Bids will be executed for the lowest price as is permitted by other bids or reserves. Stating “Buy” or unlimited bids are not be accepted, nor are “plus one” bids.
 
For Telephone Bids
 
Please clearly specify the telephone number on which you may be reached at the time of the sale, including the country code. We will call you from the salesroom shortly before your lot is offered.