Conditions of Sale
The Potomack Company Terms and Conditions of Sale and Limited Guarantee<br>
By bidding on items at our auction, you agree to accept the following conditions:<br>
Registration<br>
In order to bid, you will need to register with a Potomack Company representative and obtain a bidding number. The Auctioneer will only recognize bidders who have a number so you will not be able to bid for a lot without one.<br>
All Goods Sold 'As Is'<br>
All items that are sold at our auctions are sold 'as - is'. Neither The Potomack Company nor the consignor makes any representations or warranties of any kind concerning any items offered for sale. Neither the Auctioneer nor The Potomack Company or its representatives is responsible for the accuracy of any printed or verbal communications and descriptions. No statement in the catalogue, made at the sale, or otherwise, shall be construed to be a representation, warranty or admission of liability. All measurements are approximate.<br>
Limited Guarantee<br>
Notwithstanding the preceding paragraph, The Potomack Company does offer a limited guarantee that items that are offered for sale are not counterfeit, unless otherwise noted in the catalogue or at the time of the sale. A counterfeit for this purpose is defined as a modern fake or forgery that was made with the intent to deceive. If a buyer gives us notice within 14 days of the sale that an item that was purchased was a counterfeit and, within 7 days of such notice, provides a written report from an authority that demonstrates that the item was indeed counterfeit and that a fair reading of the catalogue description and the auctioneer's statements at the time of the sale did not indicate this, then The Potomack Company will rescind the sale and refund the purchase price to the buyer. This guarantee is made only to the original buyer (i.e. a registered bidder) and does not extend to any subsequent purchasers. In any event, any liability that The Potomack Company has for such a sale is limited to the purchase price of the item sold.<br>
Inspection and Conditional Reports<br>
We strongly encourage you to come and examine lots that you are interested in purchasing. Although we do not include condition reports in this catalogue, our representatives are happy to assist you in determining the condition of items that you are interested in as they are able. Given the high volume of requests for condition reports, however, we must reserve the right to limit such requests to those items with a pre-sale estimate of more than $500.<br>
Buyer's Premium<br>
A buyer's premium will be added to the hammer price of each lot sold. The buyer's premium is equal to 25% of the hammer price (an additional 5% is added by Invaluable for online bidding).<br>
Bidding<br>
We reserve the right to reject any bid for any reason. The highest bidder acknowledged by the Auctioneer at the time his hammer drops will be the buyer of the lot. The Auctioneer has the sole right to re-offer any lot and/or settle disputed bids. In the event that a dispute arises after the end of the sale, our sale record shall be conclusive.
The Auctioneer reserves the right to reject any opening bid (or advance from an accepted opening bid) that he believes, in his sole discretion, is not commensurate with the value of the lot or that does not meet the reserve, and withdraw that lot from sale.
Although we are happy to accept your absentee, telephone, and internet bids, we will not be held responsible for any errors or failure to properly execute such bids. Bidders may submit absentee, internet, and telephone bids until 12:00 pm Alexandria Time the day before the auction.
All bids placed at auction are per lot.<br>
Online Bidding<br>
Any bids placed online will be subject to Invaluable's online bidding fee equal to 5% of the hammer price, in addition to The Potomack Company's 25% buyer's premium.
Buyer's Responsibilities<br>
If you are the buyer of the lot, title to the items in the lot passes to you as soon as the Auctioneer's hammer falls. At that time, you assume full risk and responsibility for the items you have purchased. You must then pay the hammer price plus the buyer's premium and Virginia sales tax, as applicable. The sum of the buyer's premium and the hammer price equals the purchase price. The Virginia sales tax is calculated as 6% of the purchase price.
Although you are encouraged to take your property with you the day of the auction, items may be left on our premises for up to two working days after the sale. After that time, however, we reserve the right to transfer any remaining items to a public warehouse at your risk and expense. Any items that are not picked up within the two day time period will be subject to a handling and storage fee of 5% of the purchase price. This fee will be assessed weekly. We assume no risk or responsibility for items that are left on our premises after the sale or that are transferred to a public warehouse.<br>
Reserves<br>
Some lots may carry reserves or minimum selling prices. This is a confidential figure set by the consignor and The Potomack Company below which the item will not be sold. The reserve will always be less than (or equal to) our final low estimate for the lot. The Auctioneer will execute the reserve bid.<br>
Estimates<br>
All pre-sale estimates of the value of the lots are intended only as guides for potential bidders. Our pre-sale estimates may not be relied upon by anyone as a prediction of the selling price or the fair market value of any lot. The actual selling price may differ greatly from our estimates. All estimates that are provided by us are subject to revision at any time.<br>
Withdrawal<br>
Items may be withdrawn from sale at anytime prior to the offering of each lot.<br>
Payment<br>
We accept cash, checks and major credit cards. We reserve the right to hold items that you have purchased until your payment clears. If you are planning to purchase an expensive lot, you should discuss payment in advance and are encouraged to bring letters of reference from your financial institutions. We reserve the right to refuse to accept a personal check for any reason. A $50 fee will be added for any returned checks. We reserve the right to charge you a late fee of 10% for any unpaid balances over 30 day.
As previously noted, payment is due at the end of each sale unless we have authorized other arrangements.<br>
Buyer's Default<br>
If you fail to comply with any of these Terms and Conditions, we reserve the right to hold you liable for the purchase price plus any expenses we have incurred. In addition, we may, at our option, cancel the sale of the lot that you purchased while holding any payments you have made as liquidated damages. In addition, we may re-sell the items at public auction or through private sale and retain the proceeds for our account.<br>
Shipping<br>
Although we do not provide shipping services, we are happy to provide you with contact information for shippers so that you may inquire as to shipping costs before you bid on an item. Arranging shipping and paying for shipping costs will be solely your responsibility. We strongly recommend that you determine the costs of shipping before you bid on any item.<br>
Announcements<br>
Any announcements made at the time of the auction take precedence over any other communications, written or verbal.<br>
Special Additional Terms and Conditions for Jewelry Sales<br>
Metals not tested. When items are stamped, fineness will be stated; as a courtesy to our clients. All Jewelry items are sold 'as - is'.
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BUYER'S PREMIUM
A buyer's premium will be added to the hammer price of each lot sold. The buyer's premium is equal to 25%. All bids placed online will be subject to Invaluable's online bidding fee, equal to 5% of the hammer price, in addition to The Potomack Company's 25% buyer's premium.
CONTRACT
Your bid is a binding and legal contract.
CONDITION REPORTS
We strongly encourage you to come and examine lots that you are interested in purchasing. Although we do not include condition reports in this catalogue, our representatives are happy to assist you in determining the condition of items that you are interested in as they are able. Given the high volume of requests for condition reports, however, we must reserve the right to limit such requests to those items with a pre-sale estimate of more than $500.
Special Additional Terms and Conditions for Jewelry Sales
Metals not tested. When items are stamped, fineness will be stated; as a courtesy to our clients. All Jewelry items are sold 'as - is'.
Diamond and colored stones weights are approximations ascertained by volumetric proportions.
PAYMENT
We accept cash, checks and major credit cards. We reserve the right to hold items that you have purchased until your payment clears. If you are planning to purchase an expensive lot, you should discuss payment in advance and are encouraged to bring letters of reference from your financial institutions. We reserve the right to refuse to accept a personal check for any reason. A $50 fee will be added for any returned checks. We reserve the right to charge you a late fee of 10% for any unpaid balances over 30 day.
As previously noted, payment is due at the end of each sale unless we have authorized other arrangements.
SHIPPING
It is the Buyer's responsibility to determine condition, age, genuineness, value or any other determinative factor. Posner Fine Art, Inc. will provide information available from the seller and other common sources in the item description or upon additional request from a prospective buyer.
Posner Fine Art, Inc. does not make its own formal or expert representation, certification or guarantee when providing item descriptions, certifications and other information to potential buyers.
TAXES
The Virginia sales tax is calculated as 6% of the purchase price.
