Terms and Conditions
The property listed in this auction catalog will be offered by Tenmoku Auctions Inc. as owner or as agent for their consignor(s) subject to the following terms and conditions. The majority of property offered comes directly from estates and private collections, and may show signs of use and age. The absence of condition remarks in the description does not mean the item is in perfect condition. Tenmoku Auctions Inc. attempts to catalog every lot correctly and will attempt to point out any defects but will not be responsible or liable for the correctness of the catalog or other descriptions of the lot. We encourage you to thoroughly examine the property before bidding. If you cannot personally inspect a lot, you may request a Condition Report prior to bidding. Any of the following conditions of sale may be amended, waived, or modified in the sole discretion of Tenmoku Auctions Inc.
Unless otherwise indicated, all Property will be offered by Tenmoku Auctions Inc. as agent for Consignor Tenmoku Auctions Inc. reserves the right to vary the terms of sale and any such variance shall become part of these Conditions of Sale. All items are sold AS IS, WHERE IS with all faults. There are no warranties or representations of merchantability, of fitness, nor of any other kind, express or implied. All sales are final. No returns.
By placing a bid, whether present in the saleroom or by any other means, the buyer (bidder, purchaser) agrees to be bound by the following conditions of sale:
- Registration before Bidding - A prospective buyer must complete and sign a registration form and provide identification before bidding. We may require bank or other financial references.
- Refusal of Admission - Tenmoku Auctions Inc. has the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid.
- Absentee Bids - We will use reasonable efforts to carry out written bids given to us prior to the sale for the convenience of clients who are not present at the auction in person, by an agent or by telephone. Bids must be placed in U.S. dollars. If we receive written bids on a particular lot for identical amounts, and these are the highest bids on the lot at the auction, it will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with the written bid.
- Telephone Bids - If a prospective buyer makes arrangements with us prior to the commencement of the sale we will use reasonable efforts to contact them to enable them to participate in the bidding by telephone and we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding.
- Online Bids - We will use reasonable efforts to carry out online bids and do not accept liability for equipment failure, inability to access the internet or software malfunctions related to the execution of online bids.
- Bidding as Principal - When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer's premium, all applicable taxes and all other applicable charges, unless it has been explicitly agreed upon in writing with Tenmoku Auctions Inc. before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to Tenmoku Auctions Inc. and that Tenmoku Auctions Inc. will only look to the principal for payment.
- Reserves - Some lots in the sale are subject to a reserve which is the confidential minimum price below which such lot will not be sold. In accordance with NJ State Law, the reserve will not exceed the low estimate of the lot. Reserves are agreed upon with consignors or, in the absence thereof, the absolute discretion of Tenmoku Auctions Inc. 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. With respect to lots that are offered without reserve, unless there are already competing bids, the auctioneer, in his or her discretion, will generally open the bidding at half of the low estimate for the lot. In the absence of a bid at that level, the auctioneer may proceed backwards at his or her discretion until a bid is recognized, and then continue up from that amount.
- If the auctioneer determines that any opening or later bid or any advance bid is not commensurate with the value of the Property offered, he may reject the same and withdraw the Property from sale.
- The highest bidder acknowledged by the auctioneer shall be the buyer. The auctioneer has the right to reject any bid, to advance the bidding at this absolute discretion and in the event of any dispute between bidders, the auctioneer shall have the sole and final discretion either to determine the successful bidder or to re-offer and resell the article in dispute. If any dispute arises after sale, the Tenmoku Auctions Inc. sale record shall be conclusive in all respects.
- Buyer's Premium In addition to the hammer price, the buyer agrees to pay Tenmoku Auctions Inc. a buyer's premium and the applicable sales tax added to the final total. The buyer's premium for all purchases *except* via live online bidding is twenty-five (25%) of the hammer price up to and including $200,000; twenty (20%) of any amount in excess of $200,000 up to and including $1,000,000; and fifteen (15%) of any amount in excess of $1,000,000. Online bidding is as follows: twenty-six (26%) of the hammer price up to and including $100,000; twenty-two (22%) of any amount in excess of $100,000 up to and including $200,000; and eighteen (18%) of any amount in excess of $200,000.
- All sales to highest bidder are final with NO Discount, NO Refund, or Return, and must be paid in a timely matter.
- All property shall be paid for and removed by the purchaser at his/her expense within seven (7) business days of sale and, The Company will not be responsible for any loss, damage, theft, or otherwise responsible for any goods left in the Company's possession after seven (7) business days. If the foregoing conditions or any applicable provisions of law are not complied with, in addition to other remedies available to the Company and the Consignor (including without limitation the right to hold the purchaser(s) liable for the bid price) the Company, at its option, may either cancel the sale, retaining as liquidated damages all payments made by the purchaser(s), or resell the property. In such event, the purchaser(s) shall remain liable for any deficiency in the original purchase price and will also be responsible for all costs, including warehousing, the expense of the ultimate sale, and the Company's commission at its regular rates together with all related and incidental charges, including legal fees. Payment is a precondition to removal. Payment shall be by cash, certified check or similar bank draft, or any other method approved by the Company. Checks will not be deemed to constitute payment until cleared. The Company will charge interest of one and one-half percent (1.5%) per month on any balance remaining thirty (30) days after the day of sale. Any exceptions must be made upon the Company's written approval of credit prior to sale.
After sale Information
Once Tenmoku Auctions Inc. has received all funds due to us, the buyer shall collect purchased lots within fifteen (15) days from the date of the sale.
Collections are by appointment only a booking email or phone call are required in advance to ensure lots are ready at time of collection, photographic id will be required at time of collection if a third party is collecting written authorization from the successful buyer is required in advance. Photographic id of the third party will requested at the time of collection.
All other sold lots will remain in the Collections room at Tenmoku for fifteen (15) day
Storage will be free of charge for the first 15 calendar days from & including
Pictures and small objects: $5 per day
Furniture, large pictures and large objects: $10 per day
(Note: Charges apply every day including weekends and Public Holidays)
Loss and Damage insurance
Extended Liability cover for the value of the Hammer Price will be charged at 0.5%
but will not exceed the total value of all other transfer and storage charges.
Packing and Shipping
If your bid is successful, we can provide you with a list of shippers. We will not be responsible for the acts or comissions of carriers or packers whether or not recommended by us. Property will not be released to the shipper without the buyers written consent and until payment has been made in full. Packing and handling of purchased lots by us is at the entire risk of the purchaser, and Tenmoku Auctions Inc. will have no liability of any loss or damage to such items.
These terms and conditions of sale, as well as the respective rights and obligations of Tenmoku Auctions Inc. and any purchasers or bidder at any sale of Tenmoku Auctions Inc., shall be governed by and construed and enforced in accordance with the laws of the State of New Jersey.