TERMS AND CONDITIONS OF SALE

The following sections spell out our Terms and Condition of Sale. By bidding at our Auctions, whether by Absentee Bid, Telephone Bid, Internet Bid, or At-The-Auction Bid, the bidder or prospective buyer acknowledges that he/she has read and accepts our entire Terms & Conditions as set out below.

I. General Terms and Conditions
II. Rules For Absentee and Internet Bids
III. Auction Guarantee of Authenticity
IV. Condition Reports and Grading Philosophy
V. Checkout Procedure For Internet and Absentee Bidders
VI. Shipping Policy
VII. Returns Policy
VIII. Standard Bid Increment Table

I. GENERAL TERMS AND CONDITIONS

1) Registration: All potential bidders must register in advance of the Auction prior to placing a bid. At-The-Auction Bidders may register at our Auction's Registration Desk. Absentee and Telephone Bidders may register via fax or e-mail, or over the telephone. ArtFact Bidders must register through ArtFact. We will require proof of identification & residence and reserve the right to request a credit card or banking reference.

2) Buyer's Premium:
a) For Internet Bids: A Buyer's Premium of 18% will be added to the hammer price of each lot sold to the Internet Bidder and paid with Visa, MasterCard or through PayPal. This Internet Buyer's Premium will be discounted to 15% if paid with Cash, Traveler's Check, Bank or Certified Check, Money Order, Personal Check, or Business Check.
b) For Other Bids: A Buyer's Premium of 13% will be added to the hammer price of each lot sold to non-Internet Bidders and paid with Visa, MasterCard, or through PayPal. This Buyer's Premium will be discounted to 10% if paid with Cash, Traveler's Check, Bank or Certified Check, Money Order, Personal Check, or Business Check.

3) Methods of Payment: We accept Cash, Traveler's Checks, Bank or Certified Checks, Money Orders, and Personal & Business Checks with proper identification at the time of registration. We also accept PayPal and we have Visa & MasterCard access with our in-office terminal. Full payment is due at the time of purchase for those attending the Auction. Full payment is due within 14 calendar days from the Auction date for all successful Absentee, Telephone, and Internet Bids.

4) Sales Tax: Add 6% Sale Tax in Connecticut.

5) Warranties & Guarantees: All property is sold ''As Is, Where Is" and all sales are final. It is the responsibility of the prospective bidder to examine the quality and condition of each lot, either personally or through third party proxy, to best determine their level of interest. Unless an item falls outside the scope of our written Auction Guarantee of Authenticity (see III below), we cannot accept any returns after the fall of the Auctioneer's hammer.

6) In The Event of Dispute: The highest bidder acknowledged by the Auctioneer shall be the buyer and if any dispute arises between the bidders, the Auctioneer shall, in his sole discretion, either decide the same or resell the lot in dispute. As to any dispute after the sale, The Michael Ivankovich Antiques & Auction Co. Inc. records of the sale shall be conclusive.

7) Transfer of Title: Title passes and the sale is completed upon the fall of the Auctioneer's hammer. Thereafter the buyer assumes all risk and responsibility for the purchased lot. All lots must be removed at the conclusion of the sale unless prior arrangements have been made with our company.

8) Starting Price: The Starting Price listed in the Auction Catalog represents the opening bid that must be received from an Absentee, Telephone, Internet, or At-The-Auction Bidder if the lot is to be sold. The Starting Price is determined by the Auction Company and represents only a fraction of the perceived Auction Value. We expect that few items, if any, in this sale will fail to reach the Starting Price.

9) Low and High Estimates: These are nothing more than the Auction Company's educated guess as to the estimated final selling price of the lot. The actual final selling price may be below, in between, higher, or in some instances, significantly higher, than these estimates.

10) Reserves: A limited number of lots in this Auction may carry a reserve or minimum selling price other than the Starting Price. This is a figure set by our company and the consignor below which a lot will not be sold. The reserve will never exceed the low estimate. Estimates can be lowered or eliminated prior to the offering of the lot, but cannot be increased above the low estimate printed in this Auction Catalog.

11) Auctioneer's Right To Reject Bids: The Auctioneer reserves the right to reject any bid which is merely a nominal advance outside the scope of our Standard Bid Increments (See VIII below) if, in his judgment, such a bid would be likely to have an injurious effect on the sale.

II. RULES FOR ABSENTEE and INTERNET BIDS

Understanding that many bidders will find it difficult to travel to each of our Auctions, or to remain for the entire Auction, we have implemented an Absentee & Internet Bid Policy that we believe is easy to understand and fair to everyone.

12) Not Responsible For Bidding Errors: Our company will be happy to execute Absentee Bids as a courtesy to those bidders unable to attend our Auctions in person, or for those bidders who choose not to remain for the entire Auction. However, neither The Michael Ivankovich Antiques & Auction Co. Inc, nor any of its staff, will be held responsible for any errors in the execution of your Absentee Bids, or for the possible failure to execute any of your Absentee Bids.

13) Your Responsibility to Inspect For Condition: It is your responsibility to personally inspect any items that interest you for condition. If you are unable to personally inspect those items, we highly recommend that you have a third party or proxy whose opinion you trust inspect the items for you and report back to you with their opinion.

14) Condition Reports: In the absence of the above you are welcome to call us for a Condition Report. A Condition Report is nothing more than our subjective professional opinion regarding the Condition of each item in the Auction. When you call us for a Condition Report, we do not physically inspect the actual item at that time. Rather, we refer to notes that have been taken when keying that item for the Auction Catalog. We will always be as honest and forthright as possible with you about Condition. However, when cataloging as many as 1,000+ lots per Auction, honest mistakes may occur. And, Condition may possibly change between the time we originally catalog the item, to when the item is moved to the Auction, during Auction set-up, during the Auction Preview, and during the Post Auction wrap-up and shipping process. As a result we do not accept responsibility for any errors when evaluating or reporting Condition and we cannot accept the return of any items purchased by an Absentee Bidder due to Condition...for any reason.

15) All Bidding Will Start on the Floor or on the Internet: We will execute your Absentee Bid in your absence up to your stated maximum. As a result, you may be able to purchase an item for less than your stated maximum bid. Under no circumstances will we bid higher for you than the maximum authorized amount. There are three possible exceptions to this rule. Exception #1: No Opening Bid From Floor: In the rare event that there is no opening bid from the floor, we will open the bidding with a $10.00 bid from the Absentee Bidder. Exception #2: If We Receive Multiple Absentee Bids On The Same Lot: In the event that we receive two or more different Absentee Bids on the same item, we will open the bidding at the second highest bid...plus one standard bid increment. (e.g., If Absentee Bids of $100 and $200 are received on the same lot, we would open the bidding at $110. If Absentee Bids of $300, $600 and $900 are received on the same lot, we would open the bidding at $650). Exception #3: If We Receive Two Identical Absentee Bids On The Same Lot: In the event that we receive two identical Absentee Bids on the same lot (e.g., two bids at $100), we will execute the first $100 bid that was received and the second $100 bid will be voided. Therefore it is to your advantage to submit your Absentee Bids as early as possible.

16) Absentee Bids Must Correspond to our Standard Bid Increments: Please refer to our Standard Bid Increment Table in "VIII" below. If a submitted Absentee Bid fails to follow these Standard Bid Increments, we will automatically lower your bid to the next lowest Standard Bid Increment.

17) Required Deposits on Absentee and Internet Bids: Unless you are already known by us and are an established customer, all Absentee Bids must be executed in writing and contain either a) an amount equal to 20% of your maximum Absentee Bid amount, or b) a valid Visa or MasterCard number and Expiration Date on file at our offices. There is no deposit required for ArtFact Bidders who have been accepted by the ArtFact registration process.

18) Subjective Grading and Condition Reports: You should recognize that the items we are selling at Auction are often nearly 100 years old. Grading and Condition can be very subjective and grading perceptions will vary from individual to individual. We are also sometimes grading as many as 500-1000 items per Auction and honest mistakes may occur. While we will attempt to be as honest and as forthright as possible in our Condition Reports, we will not accept any returns due to Condition...on any item...for any reason. Our Condition Report and Grading Philosophy is further explained under "V." below.

19) Auction Company-Consignor Contractual Relationship: Our company will be happy to execute Absentee Bids as a courtesy to those individuals unable to travel to our Auctions or unable to remain for the entire sale. By submitting any Absentee Bids to our Auctions, Absentee Bidders acknowledge that they have read and agree to our Terms and Condition of Sale contained herein. And although we are happy to execute your Absentee Bids, Absentee Bidders should understand that our Auction Company has entered into a contractual relationship with each of our Consignors and that throughout the entire bidding process we represent our Consignors and not our Absentee Bidders. However, we promise to always deal with you honestly and fairly. Neither The Michael Ivankovich Auction Co. Inc, nor any of its staff, will be held responsible for any errors in the execution of your Absentee Bids, or for the possible failure to execute any of your Absentee Bids.

20) DSL or Cable Modem vs. Dial-Up: You should recognize that DSL or Cable Modem can be ten times faster than the dial-up service and occasionally dial-up modem bidders may lose out on bids altogether due to the slowness of their connection.

III. OUR AUCTION GUARANTEE OF AUTHENTICITY

The Michael lvankovich Auction Company Guarantees that unless clearly indicated otherwise in the Auction Catalog, every item offered in this sale is an authentic and original picture or print. Unless clearly indicated otherwise we also Guarantee that both the matting and the signature, is authentic and original. If a picture is subsequently determined to be other than as represented within 15 days of the Auction Date...we will immediately return your full purchase price and return shipping expense. In order to minimize the need to utilize this guarantee, The Michael Ivankovich Auction Company will take the following steps to avoid any problems with authenticity:

21) FAKES: A "fake" picture or print is something that has been changed or altered in some way in an attempt to pass it off as something that it is not. We will do our absolute best to screen-out all "fake" and "problem" pictures. In our opinion "fakes" are not a legitimate part of collecting and we will reject any picture we determine to be a "fake" rather than sell it at Auction. If a picture is subsequently determined to be a "fake", we will remove it from the Auction.

22) REPRODUCTIONS: Although we would prefer that reproductions of original art did not exist, they are a fact of life in today's world. In our opinion, reproductions are a legitimate part of collecting...as long as they are clearly identified as such. We rarely sell reproductions at our Auctions but, when we do, they will be clearly marked as "Reproductions". The absence of such a statement in our Auction Catalog indicates that, in our opinion, the picture is an authentic and original piece, and most definitely NOT a reproduction, and you can bid with confidence.

23) ORIGINALITY OF SIGNATURES: We will clearly identify any signatures which, in our opinion, are not authentic. This is the most difficult part of our job because there were so many different legitimate signatures. Most signatures are easily identifiable as being either original...or later additions. However. for many different reasons, some signatures fall within a gray area...and are not clearly identifiable. The Michael Ivankovich Auction Company will do its best to identify any signature which, in our opinion, is not original, and we will identify it as not being original in our Auction Catalog. The absence of such a statement in our Auction Catalog indicates that, in our opinion, the signature is authentic and original and you can bid with confidence.

24) ORIGINALITY OF MAT: We will identify all pictures that, in our opinion, have been re-mounted. Re-mounted pictures, in our opinion, are a legitimate part of collecting. However, whether the re-mounted picture is a loose, never-mounted picture, or a picture salvaged from a damaged original mat, the originality of the mat will have a significant impact upon the value of the picture. The Michael Ivankovich Auction Company will do its best to identify any matting which, in our opinion, is not original, and we will identify it as not being original in our Auction Catalog. The absence of such a statement in our Auction Catalog indicates that, in our opinion, the matting is authentic and original and you can bid with confidence.

25) PROCESS PRINTS, PIRATE PRINTS & OTHER FACSIMILE PRINTS: We will clearly identify all Wallace Nutting Process & Pirate Prints and other Facsimile prints. Process and Facsimile Prints are, in our opinion, a legitimate part of collecting. However, they are machine produced, not hand-colored...which impact their value and collectibility. Process and Facsimile prints will generally be sold towards the end of the sale and will be clearly identified as Process or Facsimile prints.

26) IF A CONFLICT ARISES: Our Auctions are self-policing. Many of the country's leading collectors are normally in attendance and everyone attending our Auctions is encouraged to bring anything that may not appear to be right to our attention. And, as one last final check on Auction Day, after the pictures are laid out in the Auction Room, and before the doors open for inspection, we have several well-known and experienced collectors preview the Auction.
If any discrepancy is brought to our attention, either by the above individuals or anyone else attending the Auction, we will either:
a) Present the questionable lot to several experienced collectors for a 3rd opinion
b) Verbally amend the Auction Catalog prior to the start of the Auction, and before the lot is actually sold... or announce that the lot in question will be sold "as is".
c) Remove the questionable lot from the Auction.

27) SIZES: All sizes listed in the Auction Catalog are approximate. In most lots the measurements can be interpreted as width x height.

28) ORIGINALITY OF FRAME: We do not guarantee the originality of the frame. We provide you with our opinion as to whether the frame is "Original", "Period", "Older", "Newer" and but this is nothing more than our professional opinion.

29) AMENDMENTS TO THE AUCTION CATALOG: In those instances where it is subsequently determined that an amendment to the Auction Catalog's description is necessary, the Auctioneer's verbal description and correction will supersede the written Auction Catalog description.

IV. OUR CONDITION AND GRADING PHILOSOPHY

Most items in our Auction Catalog contain a Numerical Condition Grade. This Numerical Condition Grade is nothing more than our subjective, personal opinion regarding the condition of each item in the Auction. As we are keying each lot into the Auction Catalog, and while the item is literally in our hands, we make a quick observation and analysis, noting any damage, blemishes, or unique characteristics. At the same time we translate this subjective, personal opinion into a Numerical Condition Grade which is based upon our Standard 5-Point Grading System.

We are correct in our Numerical Condition Grading far more often then we are wrong and would estimate that our Numerical Condition Grades are correct to within 1/4 point almost 100% of the time. That is, if we report that an item has a 3.75 Grading, you can rest assured that the item is most likely a 3.75, but most definitely would fall within the 3.5-4.0 range.

We will always be as honest and forthright as possible with you about condition, however, when cataloging as many as 1,000 lots per Auction, honest mistakes may occur. And because we are grading things that are often nearly 100 years old, it is very possible that our opinion will differ from yours regarding condition. As a result we do not accept responsibility for any errors when evaluating or reporting condition and we cannot accept the return of any item due to your dissatisfaction with condition.

We understand that we are the eyes and ears of our Absentee and E-Bay Live bidders when it comes to condition and we want you to be happy with your purchase. We also understand that if you feel that we have misrepresented condition to you, you will not come back to bid again. And of course we want you to come back. Therefore we are generally more conservative in our grading, and in most cases our grading will probably be slightly more stringent than yours. But to repeat our "Return Policy" just one more time... "We do not accept responsibility for any errors when evaluating or reporting condition and we cannot accept the return of any item due to your dissatisfaction with condition...for any reason". If you are not willing to accept our company's "Return Policy" we would suggest that you either attend the Auction in person, or not bid.

V. CHECK-OUT PROCEDURE FOR INTERNET AND ABSENTEE BIDDERS

1) We are a Live Auction…generally selling between 500-1000+ lots per Auction…with items selling to Live Auction Attendees, Internet Bidders, Absentee Bidders, and Telephone Bidders. The more successful Internet and Absentee Bidders that we have (conceivably in the hundreds), the longer it takes to sort through the paperwork and match up winning lots with winning bidders.

2) You Will Hear From Us Within 2 BUSINESS DAYS After The Auction. We will send you an Invoice for the total amount due as quickly as possible. Please understand that we are conducting a Live Auction on Friday and/or Saturday, and it is not uncommon for several hundred pictures at our Auctions to sell to the Internet Bidder. Once back in the office, it takes some time to unpack, sort, prepare invoices, and make contact with each successful bidder so please be patient. We do value your business and we will contact you as quickly as possible.

3) If You Have a Question About Your Invoice…PLEASE CALL…DON'T E-MAIL. If you want personal and quick service, call us at (215)-345-6094. If you get our Voice Mail, leave your telephone number and we will call you back. We receive literally hundreds of e-mails per day and if you e-mail rather than call, we will probably not be able to respond as quickly.

4) Acceptable Forms of Payment:
a) PAYPAL (Immediate Shipping) Go to: www.paypal.com & use: [email protected])
b) VISA/MASTERCARD (Immediate Shipping) Call 215-345-6094 to use our in-office credit card terminal if you are unfamiliar with or prefer not to use PayPal. We will need the following information to process the transaction: b-1) Credit Card Number along with Expiration Date b-2) Your Credit Card Billing Address b-3) Verification Number (which is the 3-4 digit number located on the back of your card to the far right of where you write your name)
c) TRAVELER'S CHECKS, CERTIFIED CHECKS or MONEY ORDERS (Immediate Shipping)
d) PERSONAL or BUSINESS CHECKS: We reserve the right to delay shipping on all Personal or Business Checks until the check clears.

VI. OUR SHIPPING POLICY

Please recognize that we are a Live Auction Company and not a packaging/shipping company. Once your Auction balance is settled we will deliver your item(s) at no extra charge to the UPS Store in Doylestown PA. They will contact you directly and you can arrange your own shipping instructions and payment with them. We have had very good success with this shipper and recommend them. Please keep in mind that the UPS Store not only charges for ground transfer, but also for all packaging material (sometimes having to double-box in accordance with UPS Shipping Guidelines), labor, plus Insurance to protect you in the event that the package does not arrive safely. So please consider shipping costs prior to bidding…not after you bid.

For a Pre-Auction Shipping Quote you should contact The UPS Store directly (215-230-9898) and provide them with the approximate size and weight of the package, and final destination. They will then be able to give you a reasonable shipping cost estimate. However, you should do this BEFORE bidding, not after you have won the item.

You can also pick up your items at our Doylestown PA offices, or you are welcome to arrange for your own preferred method of pick up or shipping.

VII. OUR RETURN POLICY

We will stand by our written Auction Guarantee (see III above) and will accept the return of an item if we have made a mistake in describing the Authenticity of an item.

However…We do not accept responsibility for any errors when evaluating or reporting Condition and we cannot accept the return of any item due to your dissatisfaction with Condition...for any reason. If you are not willing to accept our company's "Return Policy" we would suggest that you either attend the Auction in person, or not bid at all.

VIII. STANDARD BID INCREMENT TABLE

The Auctioneers will use the following Standard Bid Increments throughout the Auction. However, the Auctioneer reserves the right to deviate from these standard increments at his discretion.

These Terms and Conditions of Sale constitute the terms of the agreement under which lots are offered for sale. The respective rights and obligations of the parties in respect to the Terms and Conditions of Sale and the conduct of the Auction shall be governed and interpreted by the laws of the State in which this Auction is held and the buyer hereby submits to the jurisdiction of the courts of this state.

The Michael Ivankovich Auction Company, Inc.
P.O. Box 1536 * Doylestown, PA 18901 * (215) 345-6094 * Fax (215)-345-1760
PA# AU00349L * NH#2939