Rolex: Timepiece & Horology

AUCTION TERMS AND CONDITIONS OF SALE Associated Estate and Appraisal Co. Revised draft covering Live Auctions and Timed Auctions Buyer's Premium Quick Reference Auction Type Bidding Method Buyer's Premium Timed Auction All approved timed-auction bidders unless otherwise stated 18% Live Auction In person, telephone, absentee, or other direct Company-approved bidding 20% Live Auction Online bidding platform 25% 1. Application of Terms; Acceptance These Auction Terms and Conditions of Sale (the "Terms") apply to every auction and sale conducted by Associated Estate and Appraisal Co. ("Associated Estate," "Auctioneer," "Company," "we," "us," or "our"), including live auctions, timed auctions, in-person bidding, telephone bidding, absentee bidding, direct bidding through the Company, and bidding through any online bidding platform designated by the Company. By registering for, bidding in, or purchasing at an auction, each bidder and buyer agrees to be bound by these Terms, any sale-specific notices, any posted or printed catalog terms, any online bidding terms, and any oral or written announcements made before or during the auction. YOUR BID IS A CONTRACT. A bid is a binding offer to purchase the lot, and if accepted, creates a binding contract to purchase and pay for the lot. The Company may modify, supplement, or waive any portion of these Terms at its discretion by posted notice, written addendum, online notice, catalog notice, invoice term, or announcement by the Auctioneer. In the event of a conflict, the more specific sale notice or announcement will control for that sale only. 2. Role of the Company; Lots Offered as Agent Unless otherwise stated, all lots are offered and sold by the Company as agent for the consignor, owner, estate, fiduciary, or seller of the property. The Company is not the owner of the property unless expressly identified as such. Each lot is offered as a separate sale. A lot may include one item, multiple items, or a group of property, as described in the catalog or announced by the Auctioneer. The Company may rely on information provided by consignors, owners, specialists, appraisers, prior sale records, labels, inscriptions, certificates, or other sources, but the Company does not guarantee that such information is complete or error-free. Buyer acknowledges that the Company acts as agent and does not independently warrant the consignor or owner's title, ownership history, right to sell, or legal capacity to consign any lot except to the extent required by applicable law or expressly stated in writing by the Company. 3. Definitions "Bidder" means any person or entity that registers for, submits a bid in, or otherwise participates in an auction. "Buyer" means the successful bidder whose bid is accepted by the Auctioneer, the Company, or the applicable online bidding platform. "Hammer Price" means the final bid price accepted for a lot, excluding buyer's premium, taxes, shipping, handling, storage, platform fees, and other charges. "Buyer's Premium" means the percentage added to the Hammer Price and payable by the Buyer as part of the total purchase price. "Purchase Price" means the Hammer Price plus the Buyer's Premium, applicable taxes, and all other charges, fees, costs, packing, handling, shipping, storage, or expenses owed by Buyer. "Live Auction" means an auction conducted by an Auctioneer in real time, whether bidders participate in person, by telephone, absentee bid, online platform, or other approved method. "Timed Auction" means an auction conducted online over a stated bidding period, in which lots close at posted closing times, subject to any extensions, soft-close procedures, or platform rules. 4. Registration; Bidder Qualification All prospective bidders must register before bidding and must provide identification, contact information, payment information, tax exemption documentation if applicable, and any other information requested by the Company or online bidding platform. The Company may require deposits, credit references, bank letters, proof of funds, resale certificates, identity verification, or other bidder qualification materials before approving registration or accepting bids. The Company reserves the right, in its sole discretion, to refuse admission to the premises, refuse registration, reject or revoke bidder approval, refuse to accept a bid, require additional verification, require a deposit, or bar any person from participating in any auction. A bidder who wishes to appoint an agent to bid on the bidder's behalf must obtain the Company's written approval before the auction begins. The registered bidder remains personally liable for all bids placed by the bidder or the bidder's approved agent. 5. Live Auction Bidding Procedures In a Live Auction, the Auctioneer controls the conduct of the sale and may accept bids from the floor, telephone bidders, absentee bidders, online bidders, and any other approved bidding method. The highest bidder acknowledged by the Auctioneer will be the Buyer. A Live Auction sale is complete when the Auctioneer announces the lot sold by the fall of the hammer or other customary manner of announcing completion of the sale. The Auctioneer has absolute discretion to determine bidding increments, refuse or reject any bid, reopen bidding, advance the bidding, withdraw a lot, pass a lot, combine or divide lots, resolve disputes, determine the successful bidder, or re-offer and resell any lot in dispute. The Auctioneer's decision is final and conclusive. Absentee bids are accepted as a convenience only. The Company is not responsible for failing to execute an absentee bid or for errors or omissions in the execution of absentee bids. If two or more identical absentee bids are the highest bids, the lot will be sold to the absentee bidder whose bid was received and accepted first, as determined by the Company's records. Telephone bidding is accepted as a convenience only and is subject to availability. Requests for telephone bidding should be received no later than forty-eight (48) hours before the auction. The Company will make reasonable efforts to contact approved telephone bidders but is not responsible for missed calls, dropped calls, busy signals, incorrect telephone numbers, poor reception, or other telephone bidding errors or failures. Online bidders in a Live Auction are also bound by the terms, conditions, fees, privacy policies, and bidding rules of the online bidding platform through which they bid. 6. Timed Auction Bidding Procedures In a Timed Auction, bidding takes place online during the posted bidding period. Each lot will close at the posted closing time unless extended by a soft-close feature, platform rule, sale-specific term, or action by the Company. Unless otherwise stated in the sale-specific terms, if a bid is placed during the final two (2) minutes before a lot closes, the closing time for that lot may be automatically extended. Extension periods may vary by platform or sale, and bidders should review the applicable online bidding page before bidding. The Buyer in a Timed Auction is the highest bidder recorded by the applicable online bidding platform when the lot closes, subject to the Company's acceptance of the result and these Terms. The Company's and/or platform's records of bids, bid times, extensions, and successful bidders are conclusive. Bidders are responsible for monitoring their bids and the closing times of lots. The Company recommends placing bids early and not waiting until the final moments of a Timed Auction. The Company is not responsible for bids that are late, lost, delayed, unsubmitted, rejected by the platform, or not received for any reason. The Company may, in its discretion, pause, extend, reopen, cancel, or reschedule one or more Timed Auction lots if the Company believes a technical, administrative, clerical, platform, or bidding issue affected the integrity or orderly conduct of the sale. 7. Buyer's Premium A Buyer's Premium will be added to the Hammer Price of each lot and is payable by the Buyer as part of the Purchase Price. For Timed Auctions, the Buyer's Premium is eighteen percent (18%) of the Hammer Price unless the Company states otherwise in the sale-specific terms. For Live Auctions, the Buyer's Premium is twenty percent (20%) of the Hammer Price for bidders participating in person, by telephone, by absentee bid, or by another direct bidding method approved by the Company. For Live Auctions, the Buyer's Premium is twenty-five percent (25%) of the Hammer Price for bidders participating through an online bidding platform. Buyer's Premiums are taxable where required by law. Online platforms may display, collect, or describe premiums or fees separately. Any platform fees, payment fees, taxes, shipping, handling, storage, or other charges are in addition to the Hammer Price and Buyer's Premium unless expressly stated otherwise. 8. Reserves; No-Reserve Lots; Seller Bidding Some lots may be offered subject to a confidential reserve, which is the minimum price below which the lot will not be sold. Unless otherwise stated, a reserve will not exceed the low estimate for the lot. For lots offered with reserve, the Auctioneer may open bidding below the reserve and may bid on behalf of the consignor or owner up to the amount of the reserve. This may be done by placing consecutive bids or bids in response to other bidders. Lots expressly offered "without reserve" will be sold to the highest bidder, subject to these Terms and applicable law. For a no-reserve lot, unless there are already competing bids, the Auctioneer may open bidding at a reasonable level, including at or below one-half of the low estimate, and may adjust the opening level until a bid is received. The Company reserves the right to withdraw any lot at any time before the sale is complete and will have no liability for such withdrawal. 9. Estimates, Descriptions, Condition Reports, and Announcements Catalog descriptions, photographs, condition reports, dimensions, weights, counts, provenance, attribution, authorship, dates, periods, cultures, origin, quality, rarity, and estimates are statements of opinion only and are not guarantees, warranties, or representations of fact. Estimates are provided only as a guide to prospective bidders and should not be relied upon as predictions of selling price, value, marketability, or resale value. Actual results may be higher or lower than estimates. Condition reports are provided solely as a courtesy and reflect the Company's good-faith opinion at the time given. A condition report is not a substitute for personal inspection and does not create any warranty or representation. The absence of a condition report or the absence of reference to a defect does not imply that a lot is free from wear, repairs, restoration, damage, defects, alterations, losses, or the effects of age. The Company may correct, amend, supplement, or withdraw any description, estimate, condition report, photograph, or other information at any time before the sale. Sale-room announcements, posted notices, online notices, and written addenda take precedence over prior catalog or website descriptions. 10. Inspection; All Sales Final; As-Is, Where-Is The Company strongly advises all bidders to inspect lots in person, request additional information, and ask questions before bidding. It is the bidder's responsibility to determine condition, authenticity, completeness, age, quality, attribution, value, and suitability before bidding. ALL LOTS ARE SOLD AS IS, WHERE IS, WITH ALL FAULTS, AND WITHOUT RECOURSE. ALL SALES ARE FINAL. Except for any limited remedy expressly stated in Section 11 or any non-waivable rights under applicable law, the Company, Auctioneer, consignors, owners, employees, agents, and representatives make no warranties or representations of any kind, express or implied, including without limitation any warranty of merchantability, fitness for a particular purpose, title, condition, authenticity, provenance, attribution, authorship, period, culture, source, quality, rarity, importance, completeness, mechanical function, or value. No employee, agent, representative, auctioneer, consignor, owner, online platform, shipper, or third party is authorized to make any warranty or representation that modifies these Terms unless confirmed in a written instrument signed by an authorized representative of the Company. 11. Limited Claim for Forgery, Counterfeit, or Material Misdescription The sole exception to the finality of sale is a timely and valid written claim that a lot is forged, counterfeit, or materially and fraudulently misrepresented in the catalog description. This limited claim does not apply to ordinary condition issues, restoration, repairs, wear, damage, age cracks, losses, size or weight variations, framing, mounting, color variation in photographs, estimated dates, opinion-based attributions, market value, or changes in scholarly or market opinion after the sale. A Buyer asserting a claim under this section must notify the Company in writing within forty-eight (48) hours after Buyer's receipt of the lot, must provide the factual basis for the claim and any supporting documentation requested by the Company, and must return the lot to the Company in the same condition as sold, with no alteration, repair, cleaning, conservation, transfer, or resale. The Company may require opinions from recognized experts, at Buyer's expense unless otherwise agreed in writing. The Company will determine in good faith whether the claim is valid. If the Company determines that a claim under this section is valid, Buyer's sole remedy will be rescission of the sale for that lot and refund of the amount actually paid to the Company for that lot, consisting of the Hammer Price, Buyer's Premium, and applicable sales tax paid on that lot. Buyer will not be entitled to shipping, packing, insurance, storage, interest, lost profits, consequential damages, incidental damages, punitive damages, or any other amount. 12. Payment Terms Payment is due immediately upon receipt of invoice and, unless otherwise stated by the Company in writing, no later than five (5) calendar days after the auction closes or the invoice is issued, whichever occurs first. Payment must be made in U.S. dollars by cash, cashier's check, certified check, in-state personal check with prior Company approval, wire transfer, or credit card accepted by the Company. The Company may refuse any payment method, require wire transfer, require cleared funds, or impose additional verification requirements at its discretion. International buyers must pay by wire transfer only. The Company does not accept credit cards or PayPal for international purchases unless expressly approved in writing by the Company. If Buyer pays by credit card, Buyer may be charged a three percent (3%) processing fee unless prohibited by applicable law or waived by the Company. Buyer is responsible for wire fees, bank fees, returned payment fees, currency conversion costs, and similar charges. Payment is not complete until the Company receives good and cleared funds. No lot will be released to Buyer, Buyer's agent, or any shipper until all amounts owed by Buyer have been paid in full with cleared funds. If payment is made by check, the Company may hold all purchased property until the check clears. Buyer agrees to pay a handling charge of fifty dollars ($50.00) for any dishonored check, together with all bank fees, collection costs, and other resulting expenses. By submitting credit card information, Buyer authorizes the Company to charge the card for the Purchase Price and any other amounts due. Buyer agrees not to initiate a chargeback or payment dispute for any matter covered by these Terms without first providing written notice to the Company and a reasonable opportunity to respond. Buyer remains liable for improper chargebacks, payment reversals, collection costs, and reasonable attorney's fees to the fullest extent permitted by law. 13. Sales Tax; Exemption Certificates The Company will collect sales tax and any other applicable tax as required by law. Taxes may be calculated on the Hammer Price, Buyer's Premium, and other taxable charges as required by the applicable taxing authority. Buyers claiming tax exemption must provide a valid resale certificate or other exemption certificate acceptable to the Company before invoicing or payment, unless the Company agrees otherwise in writing. The Company may refuse to remove sales tax from an invoice until it receives and verifies acceptable exemption documentation. No refund of collected sales tax will be issued after payment except as required by law or approved by the Company in writing. Buyer is responsible for any use tax, import tax, VAT, customs duty, or similar tax not collected by the Company. 14. Title, Risk of Loss, and Release of Property Subject to the Company's receipt of good and cleared funds and the Company's rights and remedies under these Terms, title and risk of loss pass to Buyer when the sale is complete. In a Live Auction, the sale is complete when the Auctioneer announces the lot sold by the fall of the hammer or other customary manner. In a Timed Auction, the sale is complete when the lot closes and the successful bidder is determined according to the applicable platform records and these Terms. Buyer assumes full risk and responsibility for the lot upon completion of the sale, whether or not Buyer has paid for or removed the lot. The Company may retain possession of any lot until all amounts owed by Buyer are paid in full with cleared funds. The Company retains a possessory lien and security interest in all property purchased by Buyer and any other property of Buyer in the Company's possession to secure payment of all amounts owed to the Company. 15. Removal, Pickup, Storage, and Abandonment Buyer is responsible for removing all purchased property at Buyer's sole expense, risk, and responsibility during the posted pickup times or by the deadline stated by the Company. Unless otherwise stated, purchased property must be picked up within five (5) business days after the auction or invoice date. Property not removed by the applicable deadline may be moved, stored, transferred to a public warehouse or storage facility, resold, or otherwise handled by the Company at Buyer's sole risk, responsibility, and expense. The Company will not be responsible for loss, theft, damage, deterioration, or breakage of property left after the pickup deadline. If purchased property is not picked up within five (5) business days, the Company may charge storage fees of twenty-five dollars ($25.00) per lot per day or ten percent (10%) of the invoice total per month, whichever is greater, together with an administrative fee of two hundred dollars ($200.00), handling charges, moving costs, insurance costs, and any third-party storage or warehouse charges. If purchased property is not picked up within thirty (30) calendar days after the auction, invoice date, or posted pickup deadline, whichever is earliest, the Company may deem the property abandoned and may resell, donate, discard, store, or otherwise dispose of the property in any manner the Company deems appropriate, without further liability to Buyer. Buyer remains liable for all unpaid amounts, storage, handling, moving, administrative, resale, legal, and collection costs. 16. Packing, Shipping, and Third-Party Shippers Shipping is not included in the Purchase Price unless expressly stated. Buyer is responsible for all packing, handling, shipping, insurance, and delivery costs. The Company may, as a convenience, provide an in-house packing and shipping quote or provide a list of third-party shippers. The Company is not responsible for the acts, omissions, estimates, delays, packing methods, charges, or errors of any carrier, packer, or third-party shipper, whether or not suggested by the Company. Property will not be released to a third-party shipper without Buyer's authorization and without the Company's receipt of full payment in cleared funds. Any packing, handling, or shipping performed by the Company is performed at Buyer's sole risk, and the Company will not be liable for loss, damage, breakage, or delay in transit. Buyer is responsible for requesting insurance, confirming shipping arrangements, and complying with all carrier, customs, export, import, and delivery requirements. The Company may refuse to pack or ship any item that the Company determines is fragile, oversized, hazardous, restricted, high value, or otherwise unsuitable for in-house shipping. 17. Default by Buyer; Remedies Buyer will be in default if Buyer fails to pay in full with cleared funds, fails to pick up property, fails to provide requested information, initiates an improper chargeback, breaches these Terms, or otherwise fails to complete the purchase. Upon Buyer's default, the Company may exercise one or more remedies, in addition to any other remedies available at law or in equity, including without limitation: (a) hold Buyer liable for the full Purchase Price and all related charges; (b) cancel the sale; (c) retain any deposit or partial payment; (d) resell the property publicly or privately, with or without reserve; (e) hold Buyer liable for any deficiency between the original Purchase Price and the resale price; (f) charge storage, handling, insurance, moving, administrative, resale, commission, platform, legal, and collection costs; (g) charge interest on overdue amounts at the maximum rate permitted by law; (h) set off amounts owed against any property or funds of Buyer held by the Company; and (i) prohibit Buyer from participating in future auctions. Buyer will be responsible for all costs incurred by the Company in connection with Buyer's default, including without limitation storage, handling, shipping, resale costs, commissions, platform fees, credit card fees, bank fees, collection agency fees, court costs, and reasonable attorney's fees to the fullest extent permitted by law. 18. Technology, Online Platforms, and Communication Failures The Company is not responsible for internet outages, platform outages, software errors, server delays, data errors, display errors, bid transmission delays, bid rejections, missed bids, lost bids, interrupted connections, cyber events, telephone failures, voicemail issues, email delays, spam filters, or any other technical or communication failure that may affect bidding or participation. Bidders using online platforms are responsible for creating and maintaining their own accounts, passwords, devices, internet access, payment credentials, and platform access. Online bidders should review and comply with the platform's own terms and conditions. If a technical or administrative issue occurs, the Company may take any action it considers appropriate, including pausing, extending, reopening, canceling, or rescheduling bidding for one or more lots. The Company has no obligation to do so and will have no liability for not doing so. 19. Restricted, Regulated, or Special-Handling Property Certain property may be subject to federal, state, local, or international laws and restrictions, including without limitation firearms, ammunition, weapons, vehicles, ivory, marine ivory, tortoiseshell, taxidermy, protected species materials, cultural property, hazardous materials, alcohol, electronics, or items subject to import, export, permitting, registration, or transfer restrictions. Buyer is solely responsible for determining before bidding whether Buyer may lawfully purchase, receive, possess, transport, import, export, or resell any lot. Buyer is responsible for obtaining all permits, licenses, background checks, registrations, shipping approvals, and other authorizations. The inability or delay in obtaining permits, approvals, shipping, import, export, or delivery does not cancel the sale and does not relieve Buyer of payment obligations. The Company may refuse to release property until required documentation is provided and may decline to ship restricted or regulated property. 20. Limitation of Liability To the fullest extent permitted by law, the Company's total liability to any bidder or buyer for any claim relating to a lot, auction, bid, invoice, shipment, description, condition report, platform issue, or transaction will not exceed the amount actually paid to the Company for the specific lot giving rise to the claim. The Company, Auctioneer, consignors, owners, employees, agents, representatives, and online platforms will not be liable for incidental, consequential, special, indirect, exemplary, or punitive damages, including without limitation lost profits, lost opportunities, loss of use, diminution in value, emotional distress, travel expenses, expert fees, storage, shipping, insurance, or attorney's fees, except to the extent expressly required by applicable law. These limitations apply regardless of the legal theory asserted, including contract, tort, negligence, strict liability, warranty, misrepresentation, statute, or otherwise. 21. Indemnification Buyer agrees to defend, indemnify, and hold harmless the Company, Auctioneer, consignors, owners, employees, agents, and representatives from and against any claims, demands, liabilities, damages, losses, costs, and expenses, including reasonable attorney's fees, arising out of or related to Buyer's breach of these Terms, Buyer's bidding or purchase, Buyer's failure to pay, Buyer's removal, handling, shipping, possession, use, resale, import, export, or transfer of any lot, Buyer's tax exemption claim, Buyer's chargeback or payment dispute, or Buyer's violation of law. 22. Governing Law; Venue; Severability These Terms, the auction, and all transactions between Buyer and the Company are governed by the laws of the State of Rhode Island, without regard to conflict-of-law principles. Buyer agrees that any claim, dispute, or action arising out of or related to these Terms, an auction, a bid, a purchase, an invoice, a lot, or any transaction with the Company will be brought exclusively in the state or federal courts located in Rhode Island, and Buyer consents to personal jurisdiction and venue in those courts. If any provision of these Terms is found invalid, illegal, or unenforceable, that provision will be enforced to the maximum extent permitted by law or severed, and the remaining provisions will remain in full force and effect. The Company's failure to enforce any provision of these Terms will not be deemed a waiver of that provision or of the Company's right to enforce it later. 23. Entire Agreement; Headings; Electronic Acceptance These Terms, together with sale-specific notices, catalog notices, online platform terms, posted notices, written addenda, invoices, and announcements, constitute the entire agreement between Buyer and the Company regarding the auction and purchase of lots. Section headings are for convenience only and do not affect interpretation. References to written notice include email and platform messages where permitted by the Company. By registering, bidding, clicking to accept terms online, submitting an absentee bid, requesting telephone bidding, placing a bid through an online platform, or otherwise participating in an auction, Bidder acknowledges that Bidder has read, understands, and agrees to be bound by these Terms.