January Modern Auction

Buyer's Premium

• 23% (plus 3.5% fee for payment by credit card or paypal)
• 28% for Third-Party bidding platforms including LiveAuctioneers & BidSquare (plus 3.5% fee for payment by credit card or paypal)

Terms of Sale

SHEAFER & KING LLC (Sheafer + King Modern, Sheafer & King Auctions) AS AGENT.

The lots listed in this catalog will be offered by SHEAFER & KING LLC as agent for consignor(s) or as agent for owner, subject to the following terms and conditions. By bidding at auction, you agree to be bound by these Terms of Sale.

THIS AUCTION IS NOT AN APPROVAL SALE AND ALL SALES ARE FINAL. All lots are sold "AS IS" and without recourse, and neither Sheafer & King LLC nor its consignor(s) makes any warranties or representations, express or implied with respect to such lots. Neither Sheafer & King LLC nor its consignor(s) makes any express or implied warranty or representation of any kind or nature with respect to merchantability, fitness for purpose, correctness of the catalog or other description of the physical condition, size, quality, rarity, importance, medium, material, genuineness, attribution, provenance, period, culture, source, origin, exhibitions, literature, value, or historical significance of any lot sold.  

Prospective buyers are strongly advised to exercise due diligence on any property in which they are interested before placing any bids. Due diligence includes but is not limited to reviewing the description, condition report, disclaimers, and photographs for each lot. Photographs should be considered an indication of condition in addition to the written condition report. The absence of any reference to the condition of a lot does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections, or the effects of aging. Notwithstanding the above, Sheafer & King LLC is not responsible for the correctness of any statement of any kind concerning any lot, whether written, photographic, or oral, nor for any other errors or omissions in description or for any faults or defects in any lot. All efforts are made to accurately represent lots via photograph. Sheafer & King LLC is not responsible for differences in color, tone, or lighting of a lot shown in a photograph. All measurements and weights are approximations and should not be relied upon. Any request for additional information or photographs must be received by Sheafer & King, 48-hours prior to the start of the auction. Except as required by local law, any warranty of any kind whatsoever is specifically excluded by this paragraph.  

The auction catalog may use specific words or phases that have a specific meaning in the context of the auction. Definitions include:

• After: A work of art or object made in the style of an artist or maker, generally as a copy, but not by the artist. Sometimes refers to bronzes or other multiples that may have used an artist's mold or plate, but were reproduced by or created by someone other than the artist. Can also be used to describe a direct reproduction after an original work of art.  
• Attributed: In our opinion, possibly a work of art by the artist or maker, but either unsigned, unmarked, and/or lacking adequate provenance or agreement by experts in the field.
• Bears the Signature: The work is signed, but the work and signature may not be by the hand of the artist.
• Circle of: The auction house thinks this work is possibly from the same period of the artist and shows his or her influence.
• Follower of: A work executed in the artist's style but not necessarily by a student, or anyone who worked directly with the artist.  
• Manner of: Made in the likeness or style of an artist, with a slight possibility that it was made by the artist or maker or by a follower or student of him or her.  
• Possibly: Being something that may or may not be true or actual. We do not guarantee it to be true.
• School: Usually relates to a particular artistic or aesthetic movement. It can also relate to an actual school or to followers of a particular artist or maker.
• Studio of / Workshop of: A work executed in the studio or workshop of the artist, possibly under his supervision. But someone other than the famous name actually created the work.
• Style: After the time period in which the style originated, or a more recent reproduction. In artworks, sometimes used to refer to the style of a particular artist or artistic movement, generally made long after that time period.  

Sheafer & King LLC and its consignor(s) make no warranty or representation, express or implied, that the purchaser will acquire any copyright or reproduction rights to any lot sold. Sheafer & King LLC expressly reserves the exclusive right to reproduce any image, description, and information, including buyer details, of the lots sold in the catalog in any physical or digital manner for its sole benefit.

Registration
By registering to bid in an auction, you agree to these terms and conditions. At our discretion, we may require bank or other financial references. Sheafer & King LLC has the right, at our sole discretion, to refuse registration to the auction, to require any additional documentation, to refuse admission to the premises or participation in any auction and to reject any bid.

Auctioneer's Discretion
The auctioneer has the right at his/her absolute and sole discretion to refuse any bid, to
 advance the bidding in such a manner as he or she may decide, to withdraw any lot, and in the case of error or dispute, whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the lot in dispute. If any dispute arises after the sale, the sale record of Sheafer & King LLC is conclusive and final.

Absentee Bids
We will use reasonable efforts to carry out absentee bids given to us at least 24 hours prior to the sale for the convenience of clients who are not present at the auction. Bids must be placed in U.S. dollars on the set increment table. Bids that do not conform to the increment table, will be rounded down to the next increment. If we receive absentee 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 bidder whose absentee bid was received and accepted first. Execution of absentee bids is a complimentary service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute on an absentee bid or for errors and omissions in connection with the absentee bid. Sheafer & King LLC may act as a dual agent when accepting and executing absentee bids.

Telephone Bids
We will use reasonable efforts to carry out telephone bids given to us at least 24 hours prior to the sale for the convenience of clients who are not present at the auction. Bids must be placed in U.S. dollars on the set increment table. Telephone bids will not be accepted for those lots with a low estimate below $1,000. Execution of telephone bids is a complimentary service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute on a telephone bid or for errors, omissions or technical issues in connection with the telephone bid. Sheafer & King LLC may act as a dual agent when accepting and executing telephone bids.

Online Bids
We will use reasonable efforts to carry out online bids. Execution of online bids is a
 complimentary service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute on an online bid or for errors, omissions or technical issues in connection with the online bid. Online bids are provided by 3rd party providers who may have additional terms and conditions not under the control of Sheafer & King LLC. Sheafer & King may act as a dual agent when accepting and executing online bids. Sheafer & King has no control over, and assumes no responsibility for, the content, privacy policies, orpractices of any Bidding Platforms. Your dealings with Bidding Platforms are solely between you and such Bidding Platforms. We encourage you to be aware of, and to read, the terms and conditions and privacy policy of any Bidding Platforms that you visit. You expressly release Sheafer & King LLC from any and all liability arising from your use of any Bidding Platform or other third-party website or service. Bids left with Bidding Platforms are released to Sheafer & King LLC when a lot comes up for sale. UNDER NO CIRCUMSTANCES, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE, WILL WE AND OUR SELLERS BE LIABLE FOR ANY DAMAGES, LOST PROFITS OR ANY SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES THAT RESULT FROM THE USE OF, OR THE INABILITY TO USE, THESE BIDDING PLATFORMS.

Reserves
Some or all lots in the sale may be subject to a reserve which is the confidential minimum price below which such lot will not be sold. 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.

Successful Bid
The highest bidder acknowledged by the auctioneer will be the purchaser. In the case of a tie bid, the winning bidder will be determined by the auctioneer at his or her sole discretion. In the event of a dispute between bidders, the auctioneer has final discretion to determine the successful bidder or to re-offer the lot in dispute. If any dispute arises after the sale, the Sheafer & King LLC sale record shall be conclusive.

Title and Risk of Loss
TITLE. Title and ownership to Purchased Property will not pass to you (or the third-party buyer if applicable) until we have received payment in full of the Purchase Price for a lot.
RISK OF LOSS. Notwithstanding passage of title, risk of loss to your Purchased Property passes immediately to you: (a) when you or your agent or a shipper pick-ups and takes possession of it; or (b) on the tenth (10th) day after the Sale Date (whichever occurs first). We are not responsible for any damage or loss that occurs to your Purchased Property once risk of loss passes to you or your agent or shipper. Further, if for any reason, you return your Purchased Property back to us, risk of loss remains with you until your Purchased Property is delivered to us at our door and it is accepted by us.
Exceptions to Risk of Loss. Under no circumstances will Sheafer & King LLC or its insurers be liable for damage caused by changes in humidity or temperature, conditions, or defects inherent to the lot, normal wear and tear, war, or acts of terrorism or other acts of God. Payments for loss are limited by the next paragraph entitled Loss Payment Amounts and Limits. Sheafer & King LLC is not responsible for insuring your Purchased Property after the Retrieval Period.
Loss Payment Amounts and Limits. You acknowledge and agree that your sole and exclusive remedy for any loss or damage to your Purchased Property for which Sheafer & King LLC is liable pursuant to this Agreement will be receipt of the amounts prescribed in this Section. Accordingly, for any loss or damage to your Purchased Property for which you have paid the Purchase Price and for which we bear the risk of loss at the time of the event causing the loss, you will be entitled to the following: (a) Total Loss. For a lot that suffers a Total Loss, the lot’s Hammer Price and Buyer’s Premium. (b) Partial Loss. For a lot that suffers a Partial Loss: (i) if you choose to refrain from repairing or restoring the lot, we will pay either (at our election) (A) the amount of depreciation in value from the hammer price as a result of the loss (and you will keep title to the lot); or (B) the lot’s hammer price and Buyer’s Premium (but we or our insurer will take title to the lot); but (ii) if you choose to repair or restore the lot, we will bear the costs to repair or restore the lot, approved by us in writing and our insurer in advance (and you will retain title to the lot).

Buyer's Premium 
In addition to the hammer price (“Hammer Price”), the buyer agrees to pay Sheafer & King LLC a buyer's premium. The buyer's premium charged to all buyers is twenty three (23) percent (%) of the Hammer Pprice (known as a “Buyer’s Premium”). Sheafer & King LLC will also collect an additional five (5) percent (%) buyer's premium for Online bids on third-party platforms including LiveAuctioneers and BidSquare. An additional fee of 3.5% will be added for payments made by credit card or paypal.

Sales Tax
All lots in the sale may be subject to a state sales tax based on the item and location of the buyer. Buyer's may present a full copy of their valid State resale tax identification or exemption identification number, complete an Indiana ST-105 form and have the invoice name match the certificate to waive sales tax.

Payment
The buyer must pay the entire amount due (including the Hammer Price, Buyer's Premium, all applicable taxes, applicable credit card or wire fees, and other charges) no later than the seventh (7th) business day following the sale. Payment in U.S. dollars may be made with cash, wire transfer, bank check or cashier's check drawn on a U.S. bank; money order; Paypal or major credit / debit card. Paypal, credit and debit card purchases are only permitted for United States based buyers with invoices totaling less than $5,000. Sheafer & King LLC reserves the right to change payment terms, request additional information or require a specific type of payment from any buyer. The buyer agrees to pay Sheafer & King LLC a handling charge of twenty-five ($25) for any dishonored check. Sheafer & King LLC reserves the right to hold merchandise prior to shipping or release at its discretion, until all payments have cleared the financial institutions drawn on.

Non-Payment
If we do not receive payment in full, in good cleared funds, within five (5) business days
 following the sale, we are entitled in our absolute discretion to exercise one or more of the following measures, in addition to any actions available to us by law:
 a.) assess a 1.5% monthly interest fee for late payments
 b.) to cancel the sale
 c.) to resell the property publicly or privately with such terms as we find appropriate, to resell the property at public auction without reserve, and with the non-paying purchaser liable for any deficiency, cost, including handling charges, the expenses of both sales, our commission on both sales at our regular rate, all other charges due hereunder and incidental damages. In addition, a defaulting purchaser will be deemed to have granted us a security interest in, and we may retain as collateral security for such purchaser's obligations to us, any property in our possession owned by such non-paying purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds represented by checks, or in the case of bank or cashier's checks, we have confirmed their authenticity.
 d.) to offset against any amount owed
 e.) to not allow any bids at any upcoming auction by or on behalf of the buyer
 f.) to hold the defaulting buyer liable for the total amount due and to begin legal proceedings for its recovery together with interest, legal fees incurred and costs to the fullest extent permitted under applicable law
 g.) to take other action as we find necessary or appropriate

Collecting Purchases 
Once Sheafer & King LLC has received all funds due to us, the buyer shall collect purchased lots from our location in Indianapolis, Indiana within ten (10) business days from the date of the sale. All pick-ups, whether in-person or via third-party, must be scheduled by calling our office at 317-983-3575. Pick-ups must be scheduled and completed during normal business hours, Monday - Friday from 10:00am - 5:00pm. Weekend pick-ups may be available by appointment only.

If property is not picked up within ten (10) business days following the sale, whether or not payment has been made, Sheafer & King LLC will assess a storage fee of $10 per lot, per day. Sheafer & King LLC shall have no liability for any damage to property left on its premises for more than ten (10) business days following the sale. Property which is paid for, but left on our premises for any reason in excess of forty-five (45) business days will be considered abandoned.

Abandoned Property.
Notwithstanding the foregoing, Sheafer & King LLC has no duty to store any lot indefinitely. Any Purchased Property that is still in our possession forty-five (45) days after the sale date will be deemed abandoned by you and title to it, to the extent it has passed to you, will pass to us (such abandoned property, “Abandoned Property”). You authorize Sheafer & King LLC to discard or sell any Abandoned Property and to keep any proceeds from the sale of Abandoned Property. You hereby release Sheafer & King LLC of and from any claims related to such Abandoned Property (including without limitation claims for purchase price refunds, possession of such lot or other damages or losses). You acknowledge and agree that Sheafer & King LLC is not responsible for damage or loss that occurs to Abandoned Property. You agree that this remedy is reasonable in light of the costs Sheafer & King LLC would have to incur to continue to store and process purchased lots after sale.

Direct Shipping
If your bid is successful, Sheafer & King LLC offers the service to directly ship select lots as noted in the catalog. The buyer is responsible for all transportation fees, packaging, handling, insurance and confirmation fees. Packages shipped to multi-unit addresses or those valued at $200 or more require signature confirmation. Buyer is responsible for all customs fees, import taxes, VAT, duties and any other fee associated with the purchase. All customs forms completed by Sheafer & King LLC will reflect the accurate sales price including Hammer Price, Buyer's Premium and any other fees.

Third Party Shipping
If your bid is successful, some lots may require third party shipping. We will furnish a list of recommended shipping providers, however, Sheafer & King LLC is not responsible for the acts or omissions of shipping providers whether or not recommended by us. Property will not be released to any shipping provider until payment has been made in full, cleared the bank and a statement of release has been provided by the buyer.

LIABILITY
Purchased Lots
If for any reason a purchased lot cannot be delivered in the same condition as at the time of sale, or should any purchased lot be stolen, mis-delivered or lost prior to delivery, Sheafer & King LLC shall not, in any event, be liable for any amount in excess of that paid by the purchaser.
Legal Ramifications
The rights and obligations of the parties with respect to the above terms of sale (“Terms of Sale”), the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws of the state of, Indiana. If any part of these Terms of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law.
Discretion
Any and all of the conditions may be waived or modified at the sole discretion of Sheafer & King LLC.
Jurisdiction
If legal proceedings arise out of any purchase from Shaefer & King LLC, the preferred venue for such litigation shall be the state courts located in Marion County, state of Indiana. The undersigned agrees to this venue for any and all future litigation pertaining to items purchasedand litigation the undersigned initiates.

By registering to bid, the Bidder acknowledges that he/she/they have read this Agreement, understand it and agree to be bound by its terms and conditions.