Space Lace LLC Auction Terms and Conditions of Sale

CONDITIONS OF SALE:

The lots listed in this catalogue will be offered by Space Lace LLC as owner, or as agent for consignor(s) subject to the following Terms and Conditions of Sale. By bidding at auction you agree to be bound by these Terms and Conditions of Sale.

BUYER’S PREMIUM:

Buyer’s premium and the third-party platform fee for purchases made via Live Auctioneers bidding is twenty-five percent (25%) of the hammer price up to and including $150,000; twenty-three percent (23%) of the hammer price up to $150,001; twenty percent (20%) of any amount in excess of $250,000. Direct bidding through Space Lace, the buyer’s premium is (3%) in each category above.

BIDDING REGISTRATION:

Prospective buyers who wish to bid online must complete registration via Live Auctioneers prior to bidding. We may require bank or other financial references. Bidders who wish to place an absentee or phone bid must register directly with Space Lace LLC. All bidders must have a credit card on file with either Live Auctioneers or the Auction house which has adequate funds available to settle winning bids inclusive of hammer premiums, taxes (if applicable) and shipping.

ABSENTEE & TELEPHONE BIDS:

Absentee bid forms and phone bid requests must be received 24 hours prior to auction.

INTERNET, PHONE AND ABSENTEE BIDDING:

As a convenience to customers who cannot be present at auction, we will execute telephone and absentee bids, in addition to allowing bidding through Live Auctioneers for the purchase of auction lots. Space Lace LLC uses reasonable efforts to carry out online bids. Absentee bids and phone bids will be executed by Space Lace staff in a competitive and confidential manner. Phone and absentee bid arrangements, including any necessary forms, must be made at least 24 hours prior to start of the auction. The Auction House is not responsible for any errors or omissions, or failure by customer to purchase any lot as a result of bidding through absentee, phone or Live Auction bidding. All winning bids must be confirmed directly by Space Lace LLC in order to be valid. Notifications received through the Live Auctioneers system are not final or binding until confirmed by us. Space Lace LLC does not accept liability for platform failure, inability to access the Internet or software malfunctions related to the execution of online bids, phone or failure of any email to reach its destination within an expected time, or at all. The Auction House and the Auctioneer have the sole and exclusive power, discretion, and authority to regulate the bidding and its increments.

AUCTION SHIPPING:

$25.00 shipping to contiguous United States Ask for international & combined shipping rates

Buyer Pays Shipping Cost

PAYMENT:

Invoices are sent via email within 24 hours of the conclusion of the auction. Space Lace accepts: Cash, Money order Bank check Wire transfer. The buyer must pay the entire amount due (including the hammer price, buyer’s premium, all applicable taxes and other charges) no later than 5 p.m. on the seventh (7) business day following the sale. Payment in U.S. dollars may be made with cash; bank check or cashier’s check drawn on a U.S. bank; money order; or wire transfer unless other arrangements are made with Space Lace LLC. Space Lace LLC reserves the right to hold merchandise purchased by personal check until the check has cleared the bank. The purchaser agrees to pay Space Lace LLC a handling charge of $50 for any check dishonored by the drawee.

Accepted payment methods

INSPECTION OF LOTS:

Prospective buyers are strongly encouraged to personally examine any property in which they are interested prior to auction. As a convenience, a condition overview is included in the item description when available. Complimentary in-person and virtual previews are available by appointment for registered bidders at our downtown San Francisco showroom. Auction previews are made publicly available prior to auction via our social media channels.

CONDITION REPORTS:

Prospective buyers should satisfy themselves by personal inspection as to the condition of each lot. Although condition reports may be given on request, such reports are statements of opinion only. The absence of a condition report does not imply that the property is in good condition. All dimensions are approximate. Space Lace LLC makes reasonable efforts to respond to all emails or phone calls regarding condition inquiries up until 24 hours before the sale. If there is no condition report on the web it does not necessarily mean that the item is without repair, refinish, restoration etc. It is the responsibility of the prospective purchaser to contact Space Lace LLC if they are concerned about the condition of an item beyond what is listed online. Space Lace LLC is not responsible for the correctness of any statement of any kind concerning any lot. Except as required by local law, any warranty of any kind whatsoever is excluded by this paragraph.

WINNING BID:

When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer’s premium, all applicable taxes and other applicable charges to Space Lace LLC. Space Lace LLC may in its sole discretion allow bidder upon prior written approval to act as agent on behalf of a third party acceptable to the Auction House. In such instance, Space Lace LLC will only require payment from the principal. The highest bidder acknowledged by the auctioneer will be the purchaser. In the case of a tie bid, the winning bidder will determined by the auctioneer at their 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 Space Lace LLC sale record shall be conclusive. Title passes upon the fall of the auctioneer’s hammer to the highest acknowledged bidder subject to the Conditions of Sale set forth herein, and the bidder assumes full risk and responsibility.

PAYMENT DUE:

Invoices are sent via email within 24 hours of the conclusion of the auction. The buyer must pay the entire amount due (including the hammer price, buyer’s premium, all applicable taxes and other charges) no later than 5 p.m. on the fifth (5th) business day following the sale. If not paid within this five day period, your Live Auctioneers stored credit card will be used to process your payment. Title shall pass to the Buyer once payment in full has been made. All shipping charges will be paid by the Buyer as set forth in our Shipping Policy.

FORMS OF PAYMENT ACCEPTED:

Space Lace accepts payment in U.S. dollars via: Cash, Wire Transfer, U.S. Bank check, Money Order, Visa, MasterCard, American Express, and PayPal, unless other prior arrangements are made with Space Lace LLC. Space Lace LLC reserves the right to hold merchandise purchased by personal check until the check has cleared the bank. The purchaser agrees to pay Space Lace LLC a handling fee of $50 for any dishonored check. Title to any lot remains with Consignor/Consignor’s agent until the lot is paid for in full with cleared funds by Bidder. TAX: Bidder agrees to promptly pay any taxes assessed to avoid interest and late fees. All purchases are subject to California sales tax of 8.25% unless the purchaser either (a) possesses a valid sales tax exemption form filed with the Auction House prior to sale, or (b) the item(s) is/are being shipped out of state. Exemption numbers from participating states are issued and regulated in accordance with state tax codes of corporate domicile. Signed documentation may be required to qualify for tax exemptions. As regards any tax not assessed to Buyer at the time of invoice, even if not collected by Space Lace LLC by mistake, error, or negligence, Buyer agrees to promptly pay the same upon invoice for same.

RESERVES:

Some lots in the sale are subject to a reserve – a confidential minimum price below which such lot will not be sold. Reserves are agreed upon with consignors or, in the absence thereof, the absolute discretion of Space Lace LLC. The reserve will not exceed the low estimate of the lot. 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.

UNRESERVED ITEMS:

Certain lots may be offered without reserve. Absent competing bids, the auctioneer, in their sole discretion, will generally open 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 their discretion until a bid is recognized, and then continue up from that amount.

COLLECTING PURCHASES:

Once Space Lace LLC has received all cleared funds due to us, the buyer shall collect purchased lots within seven (7) business days from the date of the sale.

PACKING & SHIPPING:

Space Lace endeavors to provide excellent and reasonably priced in-house shipping. We also have a list of recommended third party shippers for your convenience for specialty items and timeframes, or items of exceptional value. We will not be responsible for the acts or omissions of carriers or packers, whether or not recommended by us. Lots won by successful online Bidders will be shipped automatically to the address provided on your Live Auctioneers registration form, once shipping and packaging fees are paid. Space Lace LLC does not ship to P.O. Boxes. The total cost will be charged to the credit card on file or paid directly through Live Auctioneers. Insurance is required for all shipments and is the sole responsibility of the buyer, who must provide a valid credit card number for the shipper to bill. Packing and handling of purchased lots, if performed by us, is at the entire risk of the purchaser, and Space Lace LLC will have no liability for any loss or damage to such items. In House Shipping Services: * Domestic flat-rate shipping fee of $25.00 to anywhere in the contiguous U.S. for most fashion items. Flat shipping rates are noted in lot descriptions, when available. It is Buyer’s responsibility to verify the availability of flat rate shipping prior to bidding. * International: Please contact us prior to bidding should you wish a quote for shipping costs. Fees are dependent upon location. * Combined shipping: We sustainability combine shipping and pass the savings to you whenever possible. Please inquire prior to bidding with any specific lot combinations inquiries to confirm if combined shipping is available.

SHIPPING TIMEFRAMES:

Due to the volume of shipping after auctions, packing and shipping may require up to fourteen (14) business days handling time from receipt of cleared payment. Once the package has been shipped, any shipping related issues or claims are between the shipper and the purchaser. Space Lace LLC shall not be responsible for any acts or omissions in the packing and shipping of purchased lots.

SHIPPING RELEASE AUTHORIZATION:

We require a written authorization from the client to release property to any third party. You may email a Shipping Release Form to shipping@spacelace.com. Items are also available for curbside pickup from our downtown San Francisco location.

PER LOT:

Unless otherwise announced by the Auction House, all bids are per lot as numbered in the catalog. Bids are for the entire lot and each lot constitutes a separate sale. No lot will be broken up unless otherwise permitted by the Auction House. Lots will be sold in their numbered sequence unless Auction House directs otherwise.

FAILURE TO COLLECT PURCHASES:

Space Lace LLC shall have no liability for any damage to property left on its premises for more than seven (7) business days following the sale. In addition, we reserve the right to impose a late charge of one and a half percent (1.5%) per month (18% APR) of the total purchase price if payment is not made in accordance with the conditions set forth herein. For property that is not picked up after thirty (30) calendar days, an additional administration fee of $75 will be charged. Property which is paid for but left on our premises for any reason in excess of sixty (60) calendar days is subject to sale by us with the balance of any funds recovered in excess of storage charges and any other fees being remitted to you.

NON PAYMENT:

If we do not receive payment in full, in good cleared funds, within seven (7) 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 additional actions available to us by law: (a) to impose a late charge of one and a half percent (1.5%) per thirty (30) days of the total purchase price (18% APR) (b) to hold the defaulting buyer liable for the total amount due and to begin legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law (c) to cancel the sale (d) 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 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 as well as any incidental or consequential damages (e) to offset against any amount owed (f) to not allow any bids at any upcoming auction by or on behalf of the buyer (g) to take other action as we find necessary or appropriate. Space Lace LLC shall not be obligated to store or remove purchaser’s property. In addition, a defaulting purchaser will be deemed to have granted Space Lace LLC and Consigner (if applicable) 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 purchaser regardless of when Auction House acquired such possession. Auction House shall have all of the rights afforded by a secured party under the California Commercial Code with respect to such property and Auction House may apply against such obligation all monies held or received by Auction House for the account of, or due from Auction House to such 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.

AUCTIONEER DISCRETION:

Space Lace LLC has the right in it sole discretion to refuse admission to the premises or participation in any auction. The auctioneer has the right at their absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as they may decide, to withdraw any lot, and in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to re-offer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.

AS IS:

ALL LOTS ARE SOLD “AS IS” and all sales are final. While the Auction House and the Auctioneer will, to the best of their abilities, describe the items for sale, neither Space Lace LLC nor its consignor(s) makes any express or implied warranty or representation with respect to the merchantability, fitness for purpose, correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, material, genuineness, attribution, provenance, period, culture, source, origin, exhibitions, literature or historical significance of any lot sold. 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. No statement, whether written or oral, and whether made in the catalogue, or in supplements to the catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, the remarks of an auctioneer, or otherwise, shall be deemed to create any warranty, representation or assumption of liability. Space Lace 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. Space Lace LLC expressly reserves the right to reproduce any image of the lots sold in the catalogue.

DELIVERABILITY OF PURCHASED LOTS:

LIMITATION OF LIABILITY If we are prevented by fire, theft, COVID or any other reason whatsoever from delivery of any property to the purchaser, our liability shall be limited to the Hammer Price of a lot provided that the transaction has completed. If there has been no completion, Space Lace LLC accepts no liability to the buyer.

GOVERNING LAW AND JURISDICTION:

By bidding at the auction, whether present in person or by agent, order bid, telephone or Internet bid, the purchaser shall be deemed to have consented to the jurisdiction of the state courts of California. The rights and obligations of the parties with respect to these Terms and Conditions 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 jurisdiction in California.

SEVERABILITY:

Any part, section, provision, term or clause in this Agreement which is prohibited or which is held to be void or unenforceable shall be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. DISCRETION: Any and all of the conditions may be waived or modified in the sole discretion of Space Lace LLC. Terms Last Modified: 07/01/2020

BID INCREMENTS:

Price Bid Increment

$0–$5

$50–$10

$100–$25

$500–$50

$1,000–$100

$2,000–$250

$5,000–$500

$10,000–$1,000

$50,000–$2,500

$100,000–$5,000