1.0 Agreement to Consign for Auction
1.1 I, the undersigned consignor or legal representative for consignor ("Consignor") agrees to consign for sale or sale at auction to the Larsen Gallery ("Gallery") the work(s) of art ("Artwork(s)") listed on Page 1 of this Auction Consignment Agreement ("Agreement).
1.2 Consignor attests and warrants that the Artwork(s) being consigned herein are authentic, legally owned by the Consignor and free of all liens and encumbrances.
1.3 Consignor attests and warrants that the Consignor has the legal right to sell the Artwork(s) and will defend the title to and authenticity of the Artwork(s) against any and all claims and demands of all persons.
1.4 Consignor agrees that for the duration of this Agreement, Consignor will not sell the Artwork(s) himself/herself directly or indirectly, or consign for sale the Artwork(s) to any other gallery, agent, auction or dealer without the Gallery's express written authorization.
1.5 This Agreement supersedes and replaces any previous consignment agreement with the Gallery for the Artwork(s) listed on Page 1 of this Agreement.
2.0 Delivery and Return of Artwork(s) to the Gallery
2.1 Delivery of Consignor's Artwork(s) to the Gallery will be the sole responsibility and expense of Consignor.
2.2 If necessary, return of Consignor's Artwork(s) to the Consignor will be the sole responsibility and expense of Consignor.
3.0 Condition of Artwork(s)
3.1 Artwork(s) are to be in excellent and displayable condition prior to delivery to the Gallery. It is the responsibility of the Consignor to disclose to the Gallery any and all damage, flaws or defects to the Artwork(s) and frames prior to delivery to the Gallery. Gallery has the right upon inspection of the Artwork(s) to refuse consignment of Artwork(s) for any reason.
3.2 Gallery agrees to exercise reasonable care in the handling, displaying, and storage of the Artwork(s) while in the Gallery's possession.
3.3 In the event Artwork(s) are damaged while in the custody of the Gallery, Gallery shall notify Consignor in writing detailing the damage. Gallery shall be responsible for the cost of repair or cleaning of the Artwork(s). Minor repairs or cleaning shall be permitted by the Gallery without consent of the Consignor.
4.0 Use of Artwork(s)
4.1 There will be no restriction on the Gallery's right to photograph or image Artwork(s) for use in advertisements, brochures, catalogues or websites describing the sale of the Artwork(s) or results of the sale of the Artwork(s).
4.2 There will be no restriction on the Gallery's right to display Artwork(s) in the Gallery, exhibitions, displays, and/or promotional events arranged by the Gallery.
4.3 The Gallery retains the exclusive copyright of all catalogue, brochure and other illustrations and descriptions of the Artwork(s) created by the Gallery.
5.1 All auction items are offered for sale in accordance with the terms and conditions of sale published at larsenartauction.com and in the Gallery's auction catalogue and any amendments thereto.
5.2 The "Reserve" dollar figure for Artwork(s) as listed on Page 1 of this Agreement represents the confidential minimum dollar figure for which the Artwork(s) will be sold at auction.
5.3 The "Low Est" and "High Est" for Artwork(s) as listed on Page 1 of this Agreement are estimates only based on recent auction results of similar works by the artist. The Consignor acknowledges and agrees that the Gallery makes no representations, warranties or guarantees whatsoever whether the Artwork(s) will be sold above the reserve or within the auction estimates.
5.4 The "Commission" for Artwork(s) as listed on Page 1 of this Agreement represents the percentage of the Hammer Price payable to the Gallery by the Consignor upon sale of the Artwork(s).
5.5 As defined in the terms and conditions of sale, the "Hammer Price" is the dollar price at which the Artwork(s) are sold at auction. As defined in the terms and conditions of sale the term "Buyer's Premium" is the dollar amount payable to the Gallery by the buyer in excess of the Hammer Price.
5.6 Auction results posted by the Gallery on websites, brochures, catalogues or advertisements or other websites will reflect the Hammer Price plus the Buyer's Premium.
5.7 The winning bidder of the Artwork(s) is allowed fourteen (14) days from the date of the auction to provide written notice to the Gallery that an Artwork(s) is not authentic that includes an opinion by a recognized authority on the artist. The Gallery, at its sole discretion, has the authority to accept this opinion and refund the purchase price to the winning bidder.
5.8 If the Consignor decides to withdraw the Artwork(s) from the auction in violation of this Agreement, Consignor agrees to pay the Gallery the resulting proceeds if the Artwork(s) would have sold at the Reserve at auction. This amount to equal the Reserve price times the Commission percentage listed on Page 1 plus the Reserve price times the Buyers Premium percentage listed in the terms and conditions of sale.
5.9 The Gallery, at its sole discretion, reserves the right to remove any Artwork(s) from the auction at any time prior to the start of the auction.
6.0 Post Auction
6.1 If the Artwork(s) does not sell at auction, the Gallery has the right but is not obligated to offer the Artwork(s) for sale privately for a period of sixty (60) days following the date of the auction under the terms of this Agreement.
6.2 At the end of this period, the Gallery will provide Consignor written notice to the Consignor to arrange for return of the Artwork(s). The Consignor will then have fourteen (14) days to arrange for return of the Artwork(s) before storage fees of $50 per month per work of art will apply.
7.0 Payments to Consignor upon Sale of Artwork(s)
7.1 Payment to the Consignor for Artwork(s) sold by the Gallery at auction shall equal the Hammer Price less the Gallery's commission defined as the Hammer Price times the Commission percentage listed on page 1 of this Agreement. Payment to the Consignor for Artwork(s) sold by the Gallery shall be paid within thirty (30) days of the date the sale is finalized and shall be made payable by check to the Consignor. The Gallery considers a sale finalized when 100% of the sale proceeds has been collected by the Gallery.
7.2 All payments will be made payable by check to the Consignor listed in this Agreement mailed to the address listed in this Agreement.
8.1 Artwork(s) consigned to the Gallery listed in this Agreement are insured by the Gallery only while in the Gallery's possession. In the event of loss, injury, damage or disappearance of Artwork(s), Consignor shall be entitled to the minimum amount due Consignor defined as the payment that would be due Consignor if the Artwork(s) sold for the Reserve at auction. The Gallery is in no way responsible for the Artwork(s) while in transport to the Gallery or in return transport to the Consignor.
9.0 Disputes - Any dispute between the parties that cannot be resolved after negotiation will be resolved under Arizona law in Maricopa County Arizona.