Lakeshore Auctions, LLC (“Lakeshore” or “Auction House”) offers each item of property (a “lot” or “lots”) for sale at auction under these Auction Terms of Sale, as amended from time to time (this “Agreement”).
In this Agreement:
•“We,” “us,” “our,” “Lakeshore,” or “Auction House” refer to Lakeshore Auctions, LLC, a Florida limited liability company.
•“You,” “your,” “buyer,” “bidder,” or similar terms refer to the individual or entity bidding on or purchasing a lot from us at auction, whether in person, via the Internet, or through other means.
(Collectively, the buyer and Auction House may be referred to as a “Party” or together as the “Parties.”)
Capitalized terms are defined in the Definitions section at the end of this Agreement.
This Agreement includes mandatory arbitration for dispute resolution (Section 36). Instructions for opting out of arbitration are detailed in Section 36.
1. AGREEMENT
By registering to bid, placing a bid, or purchasing a lot from Lakeshore Auctions, LLC (“Lakeshore”), whether in person, through absentee bid, via an agent, or through a third-party bidding platform, you agree to be bound by and comply with this Agreement. This Agreement governs the relationship between you, as a bidder and/or buyer, and Lakeshore Auctions and its sellers. You acknowledge that, unless otherwise specified on a lot’s Item Page, catalogue entry, or announced at the time of auction, Lakeshore acts solely as an agent for the seller.
Your Bid Is an Offer
•Any bid you submit constitutes a binding offer to purchase the lot for the bid amount, subject to the terms of this Agreement.
•If your bid is accepted, you are contractually obligated to purchase the lot in accordance with the bid and this Agreement.
•Bids may result in a winning purchase, so bid responsibly.
All Sales Are Final
•You are solely responsible for evaluating and satisfying yourself regarding the condition and any other matters concerning the lot before bidding.
•You are strongly encouraged to personally inspect the lot prior to the auction or sale.
•By bidding, you represent and warrant that you have examined the condition of the lot to your satisfaction and accept it as-is. All sales are final, and no returns, refunds, or objections regarding the condition will be permitted post-sale.
Privacy and Security
•Your personal information will be processed and stored in accordance with our Privacy Policy, which can be accessed at https://www.lakeshoreauctions.com/privacy-policy.
2. REGISTRATION & VERIFICATION.
To bid in an auction, you must create an account with us and register for that auction. But, once you have an account with us, you will only need to register for each future auction in which you plan to bid. You may register for and participate in any auction as soon as the auction goes live on our Site.
Verification of Your Identity. As a condition of bidding in an auction or sale of one or more lots, we may require you to do all or any of the following: (a) Verify your identity by providing us with a government issued photo identification; (b) Verify your address by providing us with a valid government-issued identification, a utility bill, bank statement and/or a recent postal envelope; (c) Establish credit and verify your creditworthiness by providing a valid credit card number, credit references and an initial deposit, which may include a pre-authorization hold of a portion of the estimate of the lots on which you may bid; (d) Verify you satisfy an age minimum by providing us with age-bearing identification; and (e) Furnish us with such other documents as we may request.
Verification Of Your Entity. (a) If you represent an entity, we may require you to verify the status of your entity, as well as your entity’s beneficial owners, by providing us with: (i) a list of that entity’s shareholders, members, partners, trustees or beneficiaries; (ii) a copy of your entity’s charter or foundational documents, and/or a good standing certificate; (iii) the entity’s shareholders agreement, operating agreement, partnership agreement or trust agreement; and (iv) any of the documents for identity verification listed above for your entity’s directors and officers; and (b) If you are bidding as agent, we may require you to provide a letter of authorization from your principal, as well as any of the documents for verification listed above.
Verification Activities. Verification activities may be handled by third parties who specialize in remote verification of people and companies, such as Stripe. You understand and agree that if we refer you or require you to submit identification or personal identifying information to a third party verification service, that any information you provide or interactions you have with them will be subject to the third party’s terms, conditions, and privacy policies. We will not be a part of, or be responsible for, the actions or failures to act of, the verification activities of those third parties.
Minimum Deposits May Be Required. We may require you, as a bidder on a lot with an estimate of $2,000 or more: (a) to provide an initial deposit of a portion of the low estimate; and (b) to grant us the right to charge your credit card all or a portion of the selling price on the date of the auction.
3. LIVE AUCTIONS AND TIMED AUCTIONS
Types of Auctions
Lakeshore conducts two types of auctions:
1.Live Auctions:
•Participate in real-time, either in person or online.
•An auctioneer conducts the auction, announces bids, and proclaims the Winning Bid.
2.Timed Auctions:
•Participate in real-time exclusively online.
•The system automatically accepts and announces bids and proclaims the Winning Bid.
Our Role as Auctioneer
At auctions, Lakeshore acts as the auctioneer. In live auctions, this role is fulfilled by one or more individuals leading and conducting the auction. We have exclusive authority over the conduct of any auction, including but not limited to the following actions:
•Advancing bids or rejecting any bid offered.
•Withdrawing any lot from auction for any reason, without liability.
•Reoffering or reselling any lot.
•Resolving disputes related to the sale of a lot.
Our determinations in managing the auction are final and binding on all participants.
Our Record of the Sale
Lakeshore’s records constitute the definitive, factual record of all transactions. If discrepancies arise between our records and any other communication or documentation, you agree that Lakeshore’s records will prevail.
4. HOW WE CONDUCT OUR AUCTIONS
Reserve
•Each lot may be offered subject to a confidential minimum price (the “Reserve”) below which the lot will not be sold. Unless a lot is explicitly labeled as “No Reserve,” it is subject to a Reserve.
•The auctioneer may open the bidding on any lot below the Reserve.
•Sellers are prohibited from bidding on their own lots. However, Lakeshore may bid on behalf of the seller up to the Reserve.
•When parties with a vested interest in a lot (e.g., beneficiaries of an estate) may bid, we will make reasonable efforts to indicate this in the catalogue, by saleroom announcement, or through a notice.
Opening Bid
•The opening bid is determined by Lakeshore based on the Reserve and the lot’s estimates.
•The opening bid may be adjusted at any time depending on bidding activity and interest.
•Bidders are responsible for monitoring the lot’s Item Page to stay updated on bidding activity and changes to the opening bid.
Receipt of Bids
•Each bid is time-stamped with the exact date and time it is received by our system.
•If two or more identical bids are received simultaneously, priority will be given to the first bid received.
•Lakeshore retains sole discretion to determine the official time a bid is considered received.
The Winning Bid
•The Winning Bid is the highest and final bid accepted by the auctioneer or system for a lot.
•If you hold the Winning Bid, you agree to:
1.Pay the Purchase Price, which includes the Winning Bid amount, the Buyer’s Premium, and any applicable Buyer Costs.
2.Assume all risk of loss or damage to the lot.
3.Fulfill any other obligations outlined in this Agreement.
Notifying You of Your Winning Bid
•If your bid is a Winning Bid, you will receive an email notification.
•You can also review your Winning Bids by visiting the “My Account” section on our site under the ‘Won Lots’ tab.
Auction Results
•Preliminary auction results will be available online shortly after the auction concludes.
•Final auction results, reflecting audited and verified sales and bids, will be posted online once the review process is complete.
5. INFORMATION ABOUT LOTS
Index Page and Item Page
•Each auction has an Index Page on our Site, displaying all the lots in that auction.
•Each lot has an Item Page providing detailed information, including descriptions, images, and other relevant details.
Estimates
•We may provide estimated price ranges (low, mid, and high) for each lot on our Site. These estimates are guidelines for the potential hammer price and do not include:
•The Buyer’s Premium.
•Applicable taxes.
•Artist resale royalties.
•Export, import, or shipping charges.
•Estimates are based on factors like recent prices for similar items, rarity, quality, and market appeal. They are preliminary, subject to revision at our sole discretion, and not guaranteed.
•We make no warranties regarding a lot’s sale price, whether it will sell, or the price it may achieve upon resale.
Lot Descriptions and Photographs
•Each lot’s Item Page may include details such as:
•Artist and title.
•Estimated year of completion.
•Dimensions and materials.
•Ownership history (provenance), exhibition history, and references in writings about the art.
•Descriptions are not exhaustive and may omit certain details or faults. Dimensions and weights are approximate.
•Photographs are for identification purposes and may approximate size using common objects for scale. Images may not clearly reflect a lot’s condition, and colors may appear differently on screens.
•You are responsible for personally examining a lot; descriptions and images are not a substitute for physical inspection.
Condition Reports and Descriptions
•Condition Reports are available before the sale to help evaluate a lot’s condition and may be downloaded from the Site. However:
•They may not disclose all faults, inherent defects, restorations, or alterations.
•Lakeshore assumes no responsibility for errors or omissions in reports, catalogues, or descriptions.
•Statements about a lot, whether written or oral, are opinions, not facts, and are not guaranteed.
•We do not warrant the condition of any frame accompanying a lot. Please review Condition Reports carefully.
Preview, Inspection, and Due Diligence
•Lots are typically available for viewing and inspection before the auction.
•Before bidding, you agree to:
•Fully investigate and examine the lot to your satisfaction.
•Contact us with any questions.
•Conduct your own research to ensure the lot meets your expectations.
•If you wish to preview a lot, contact us to arrange an appointment.
•All information we provide, including lot descriptions and Condition Reports, reflects our opinion and does not represent any fact or guarantee.
•By bidding, you confirm that you have conducted your due diligence and fully satisfied yourself regarding the lot.
6. THIRD-PARTY INTERNET BIDDING SERVICES AND PLATFORMS
Availability of Auctions via Bidding Platforms
•Our auctions may be accessible through third-party online bidding platforms, including but not limited to Live Auctioneers, Artsy, Invaluable, and iBid (collectively, “Bidding Platforms”).
•These Bidding Platforms may charge additional commissions or fees for their services and operate under their own rules for bidding and purchasing online.
Lakeshore’s Limited Responsibility
•Lakeshore has no control over, and assumes no responsibility for:
•The content, terms, or privacy policies of any Bidding Platform.
•The practices, performance, or services of any Bidding Platform.
•Your interactions and dealings with Bidding Platforms are solely between you and the respective platform.
Your Responsibility
•It is your responsibility to review and understand the terms and conditions, as well as the privacy policies, of any Bidding Platform you use.
•Bids placed through Bidding Platforms are transmitted to Lakeshore when the relevant lot comes up for sale.
Liability Disclaimer
•Lakeshore and its sellers are not liable for any damages—including but not limited to lost profits, special, incidental, or consequential damages—that result from:
•Your use of, or inability to use, any Bidding Platform.
•Errors, omissions, or interruptions associated with the Bidding Platforms.
Changes to Bidding Platforms
•Lakeshore reserves the right to add, modify, or discontinue the use of any Bidding Platforms at its sole discretion.
Release of Liability
•By using any Bidding Platform, you expressly release Lakeshore from any and all liability arising from your use of the platform or any third-party website or service.
7. BUY-NOW
Option to Buy Now
•If a lot is listed with a “Buy Now” or “Buy It Now” option, you may purchase the lot at a fixed price without participating in an auction.
Governing Terms
•Any purchase made using the Buy Now option is considered a Private Sale and remains subject to the terms and conditions outlined in this Agreement.
8. BIDDING INCREMENTS
Bidding Increment Requirements
•All bids at auction must conform to the Bidding Increments set for that specific auction.
•The Bidding Increments for live auctions are outlined in the chart below:
Nonconforming Bids
•We reserve the right to reject bids that do not conform to the established Bidding Increments.
•At our discretion, we may modify the Bidding Increments during an auction.
Absentee Bids
•If an Absentee Bid does not align with the Bidding Increments, we may reduce the bid to the nearest lower Bidding Increment to ensure conformity.
9. MANAGE YOUR BIDS ONLINE
You can manage all your bids through your account on our Site. This includes the ability to:
•Follow lots you’re interested in.
•Place new bids.
•Monitor the progression of bids.
•Update or adjust your bids as needed.
We encourage you to actively monitor your account and stay updated on lots of interest to ensure a smooth bidding experience.
10. LIVE AUCTION BIDDING
Registration Requirements
To bid at a live auction, you must create an account with us and register for the specific auction. We offer several ways to place bids both before and during the live auction.
Absentee Bids
You can place bids before the start of a live auction, referred to as “Absentee Bids,” using the following methods:
•Online through our Site: Click the “Bid” button on the lot’s Item Page.
•Online via a Third-Party Bidding Platform: Additional charges may apply.
•By Fax: Complete the faxable bid form available on our Site.
•By Phone: Use the phone number listed on the auction’s Information Page.
•By Email: Send your bid to bid@lakeshoreauctions.com.
•Phone Bids: Arrange to bid live during the auction through one of our phone operators.
Confirmation of Absentee Bids
•We endeavor to confirm Absentee Bids via email. If you do not receive confirmation, it is your responsibility to contact us.
•Verify the accuracy of your bid confirmation. We are not liable for errors in bids, including incorrect confirmations that were not corrected.
Disclaimers About Absentee Bidding
•Absentee Bids are executed at our discretion and your risk.
•We are not responsible for:
•Failures to execute a bid.
•Errors or omissions in bid execution.
•We will take reasonable steps to execute Absentee Bids at the lowest bid price, subject to the Reserve, but are not liable if we fail to do so.
You Must Cancel Conflicting Bids
If you place multiple bids on a lot via different methods or platforms, you are responsible for canceling conflicting or competing bids. You will be held responsible for any lot for which you place a Winning Bid.
Bidding During the Live Auction
You can bid during a live auction using the following methods:
•In Person: Attend the applicable sale room (details available on the auction’s Information Page).
•Online through our Site: Bidding opens 30 minutes before the auction and continues until the lot is closed. Use the “Bid” button on the lot’s Item Page.
•Online via a Third-Party Bidding Platform: Additional charges may apply.
•Through a Phone Bid: Schedule a Phone Bid to bid live during the auction.
•By Phone: Call us directly at the number provided on the auction’s Information Page.
•By Email: Send your bid to bid@lakeshoreauctions.com.
Last-Minute Requests
•Calls and emails received on the day of the auction regarding new bids or changes will be addressed as we are able.
•While we make every effort to accommodate all requests, we cannot guarantee we can fulfill last-minute requests.
Phone Bids
Schedule a Phone Bid to participate in a live auction by following these steps:
•Set up a Phone Bid via the “Set Up Phone Bid” button on the lot’s Item Page at least 2 hours before the auction.
•Phone Bids are not always available; check the lot’s Item Page for details.
•If received in time, we will attempt to call you at up to two (2) phone numbers you provide.
•If we cannot reach you or accurately place your bid, we are not liable.
Back-Up Bids
•When registering for a Phone Bid, you may submit a back-up bid that our agent can execute on your behalf if we are unable to reach you during the live auction.
Call Recordings
•All phone bidding calls are recorded for record-keeping, quality assurance, and training purposes.
11. TIMED AUCTION BIDDING
Registration and Online-Only Bidding
•To participate in a timed auction, you must create an account and register for the specific auction.
•All bidding for timed auctions must be conducted online, either through our Site or via a participating Bidding Platform.
•Timed auctions follow the same general rules and procedures as live auctions, subject to the additional terms outlined below.
Special Terms for Timed Auctions
1.Bidding Period:
•Each lot is open for bidding for a specified period listed on the timed auction’s Index Page and the lot’s Item Page.
•You may place bids only during the dates and times listed.
2.Countdown Clock:
•Each lot features a countdown clock showing the remaining time for bidding.
3.Bidding Increments:
•All bids must conform to the Bidding Increments set for timed auctions.
•Bidding Increments may change at our discretion.
4.Reserve Prices:
•Most lots are subject to a Reserve, a secret minimum selling price.
•If your maximum bid is below the Reserve, it may appear as the current bid, but you cannot purchase the lot for less than the Reserve.
•If your maximum bid meets or exceeds the Reserve, your bid will be registered as the current bid to meet the Reserve.
5.Tracking Your Bids:
•View the lots you’ve bid on in the ‘My Timed Bids’ section of your account.
6.Electronic Bid Processing:
•All bids are processed electronically.
•If you are outbid, you will be notified on-screen (if logged in) and via email. However, we are not responsible for any missed notifications.
7.Monitoring Bids:
•You may place additional bids if you are outbid while the auction remains open.
•It is your responsibility to monitor the auction and respond to outbid notices.
•Stay alert during the final minutes of the auction, as you may be outbid quickly.
8.Automatic Time Extensions:
•If a bid is placed within 3 minutes of a lot’s closing time, the bidding period for that lot will automatically extend by 3 minutes.
•Extensions will continue until no additional bids are received for 3 minutes.
•These extensions apply only to the affected lot and do not impact other lots’ closing times, so lots may close out of order.
9.Binding Bids:
•Once you confirm your bid, it is submitted, and you cannot revoke or change it.
•You are responsible for any errors in bidding.
•By submitting a bid, you accept personal liability for paying the Purchase Price if you win the lot.
•Winning bidders are responsible for arranging shipping or delivery of the lot.
Managing Your Bids
You can monitor and manage your bids at any time by logging into your account on our Site.
12. PAYMENT FOR AND COLLECTION OF PURCHASES
Purchase Price
If your bid is a Winning Bid, you agree to pay the total Purchase Price, which includes:
1.Hammer Price: The winning bid amount.
2.Buyer’s Premium: A commission charged on each lot (details below).
3.Applicable Sales Tax: Taxes applied as required by law.
4.Transaction Fees: Any credit card charges or wire transfer fees.
5.Buyer Costs: Additional charges as applicable, which may include:
•Late payment charges.
•Storage Fees.
•Enforcement Costs.
•Artist resale royalties.
•Other costs, damages, or charges as specified in this Agreement.
Invoices
Invoices will be sent to all successful bidders by email (or by mail if no email address is on file) shortly after the auction.
Payment is due upon receipt of the invoice.
Buyer’s Premium
A Buyer’s Premium is charged on each lot purchased at auction:
•27% of the Hammer Price up to $700,000.
•21% of the part of the Hammer Price exceeding $700,000.
Additional premiums may apply for lots purchased through a third-party Bidding Platform, as per their terms.
13. PAYMENT PROCEDURES
Payment Timeline
You must pay the Purchase Price immediately upon receiving our invoice unless other arrangements are approved in advance.
•Once an invoice is issued, the buyer’s name cannot be changed, and the invoice cannot be reissued under a different name.
Accepted Payment Methods
All payments must be made in US Dollars using one of the following methods:
•Check: Requires acceptable identification.
•Credit Card: Visa, MasterCard, Discover, or American Express.
•A 2.5% processing fee applies to all credit card payments.
•PayPal.
•Bank Wire or ACH: You are responsible for any associated bank wire fees.
•Cash: Subject to the terms outlined in Cash Payment Rules below.
Third-Party Payment Processing
Payment information may be collected and processed by third-party service providers, including but not limited to Braintree, PayPal, Stripe, and Plaid (each a “Payment Service Provider”).
•We do not retain any credit card information.
•By paying via credit or debit card online, you:
1.Warrant that you are the cardholder.
2.Acknowledge that we are not liable if your payment does not reach us, such as in cases where your card supplier refuses or declines payment.
Cash Payment Rules
We accept cash payments up to $5,000.
•To comply with legal reporting requirements, including filing Form 8300 with the IRS, we may require you to provide information such as:
•Your taxpayer identification number.
•Your occupation.
•Government-issued identification.
•We reserve the right to deny or limit cash payments or to accept amounts exceeding $5,000 at our discretion.
Late Payment
•If payment is not received in full within 15 days of the invoice date, interest will accrue on the outstanding amount at 1.5% per month.
•You will reimburse us for all expenses incurred in enforcing our rights, including attorneys’ fees and court costs.
•Interest at 1.5% per month will also apply to these Enforcement Costs, and payment is due within 15 days of receiving the invoice for such costs.
14. SALES TAX
Obligation to Collect Sales Tax
Lakeshore is legally required to collect sales tax on all property sold through or by us in states where we have offices or conduct more than occasional sales.
•Sales tax will be included on your invoice when applicable.
•The sales tax rate and conditions are determined by the state, county, or locale where the lot will be shipped or where the buyer (or the buyer’s agent) takes possession.
•Purchases may be subject to sales tax in the jurisdiction where you or your agents receive or take possession of the property.
Buyer’s Responsibility
•Even if Lakeshore is not required to collect sales tax, you are responsible for paying any applicable use tax on your purchases.
Resale Certificate
•If you hold a valid resale certificate, you can be exempted from sales/use tax charges.
•To claim this exemption, submit your completed and valid resale certificate through the My Account section on our Site.
15. YOU ARE RESPONSIBLE FOR SHIPMENT
Buyer’s Responsibility
You are solely responsible for the shipment of any lot you purchase (“Purchased Property”) under this Agreement. The costs of packing, insurance, shipping, and delivery are separate from and in addition to the Purchase Price of the lot. You may choose to:
•Pick up the Purchased Property in person.
•Hire a shipper independently.
•Use a shipper we refer to you (at your discretion and risk).
You must supply your own packing materials and cannot claim or take possession of any lot until the Purchase Price is paid in full.
Deadlines
The Purchase Price must be paid, and the Purchased Property removed from our premises within 15 days of the Sale Date. Pick-ups must be arranged with at least 24 hours’ notice and are available during our normal business hours:
•Monday – Friday, 9:00 a.m. to 5:00 p.m. (local time), excluding government holidays.
•Weekend pick-ups may be arranged by special appointment.
Shippers
If you choose to ship Purchased Property, you are responsible for the shipment. Upon your written direction, we will release the Purchased Property to a third-party shipper of your choice. Ensure your chosen shipper carries insurance. We are not responsible for damage or loss once the lot is released to a third-party shipper. If you choose a shipping method we have advised against, we may require you to sign a waiver acknowledging this.
Referred Shippers
As a courtesy, we may:
•Provide or arrange packing, shipping, or related logistical services.
•Refer you to third parties specializing in such services.
These services are provided solely at your risk and expense. We do not assume any responsibility for acts or omissions by third parties, nor do we guarantee the quality of their services. By using any referred shipper, you expressly release Lakeshore from liability for any loss or damage incurred.
International Shipments
All international customs, duties, and tariffs are your responsibility. We and any third-party shippers will declare the Hammer Price plus Buyer’s Premium as the value of the lot. Payment is required immediately, even if export licensing is needed for the lot.
Oversized Lots
Oversized lots include items such as furniture, floor vases, and other objects that exceed the limits of common carriers. Packing and shipping oversized, heavy, or large items may be expensive, and we urge you to consider these costs before bidding.
16. CONSEQUENCES OF LATE PICK-UP OR SHIPMENT
You are required to retrieve your Purchased Property from Lakeshore’s facilities within 15 days of the Sale Date. If you fail to retrieve your Purchased Property within thirty (30) days after the Sale Date (the “Retrieval Period”), Lakeshore may, without further notice:
•Deliver the Purchased Property to you at your expense and invoice you for associated costs as Buyer Costs.
•Continue to store your Purchased Property at our facilities or a third-party location and charge a Storage Fee of $10 per day per lot. You agree to pay all applicable Storage Fees.
Abandoned Property
Lakeshore has no obligation to store any Purchased Property indefinitely. Any property still in our possession sixty (60) days after the Retrieval Period (90 days after the Sale Date) will be considered Abandoned Property. Title to such property, to the extent it has passed to you, will revert to Lakeshore.
In the case of Abandoned Property:
•Lakeshore is authorized to discard or sell the property and retain any proceeds from its sale.
•You release Lakeshore from any claims related to the Abandoned Property, including claims for refunds, possession, or damages.
•Lakeshore is not responsible for any damage or loss to Abandoned Property.
This remedy is reasonable and reflects the costs Lakeshore would incur to continue storing and processing purchased lots after sale.
17. TITLE
Title and ownership of Purchased Property will not transfer to you (or any third-party buyer, if applicable) until we have received full payment of the Purchase Price for the lot.
18. RISK OF LOSS
Risk of loss for your Purchased Property passes to you immediately:
(a) when you, your agent, or a shipper picks up and takes possession of the property, or
(b) on the thirtieth (30th) day after the Sale Date, whichever occurs first.
Once the risk of loss passes, Lakeshore is not responsible for any damage or loss to your Purchased Property. If you return the property to us for any reason, the risk of loss remains with you until it is delivered to our facility.
Exceptions to Risk of Loss
Lakeshore and its insurers are not liable for damage resulting from:
•Changes in humidity, temperature, or environmental conditions.
•Defects inherent to the lot.
•Normal wear and tear.
•War, acts of terrorism, or similar events.
Additionally, Lakeshore is not responsible for insuring your Purchased Property after the Retrieval Period.
Loss Payment Amounts and Limits
Your sole and exclusive remedy for any loss or damage to your Purchased Property for which Lakeshore is liable is limited to the following amounts:
1.Total Loss: For a lot that suffers a Total Loss, you will receive the lot’s Hammer Price and Buyer’s Premium.
2.Partial Loss:
•If you choose not to repair or restore the lot:
(i) Lakeshore will pay either:
(A) the amount of depreciation in value from the Hammer Price as a result of the loss, while you retain title to the lot, or
(B) the lot’s Hammer Price and Buyer’s Premium, in which case title to the lot will transfer to Lakeshore or its insurer.
•If you choose to repair or restore the lot:
Lakeshore will cover the repair or restoration costs, as pre-approved by us and our insurer, while you retain title to the lot.
19. GRANT OF SECURITY INTEREST
To secure full payment of the Purchase Price in accordance with this Agreement, you grant Lakeshore a security interest in:
•Your Purchased Property (and any proceeds thereof), and
•Any other property or money of yours currently in our possession or that comes into our possession in the future (collectively, the “Security Interest”).
Lakeshore may apply such money or property in any manner permitted under the Uniform Commercial Code (UCC) and/or other applicable laws. You also grant Lakeshore the right to prepare and file any documents necessary to protect and confirm its Security Interest, including but not limited to a UCC-1 Financing Statement.
20. BREACH
If you fail to make timely payment as required under this Agreement, or breach any other covenant, representation, or warranty, Lakeshore may exercise any remedies legally available, including but not limited to:
•Canceling the Sale: Cancel the sale of the lot and any other sale of a lot to you.
•Reselling the Lot: Resell the lot with or without a Reserve.
•Retaining Payments: Retain all amounts previously paid to us as a processing and restocking fee, which you acknowledge as reasonable due to the costs incurred in addressing your breach and attempting to re-auction or resell the lot.
•Rejecting Future Bids: Reject any bids you place at future auctions.
•Set-Off Rights: Set-off any amounts owed by Lakeshore to you against unpaid amounts.
•Additional Actions: Take any other actions deemed necessary or appropriate under the circumstances.
Rescission or Voiding of Sale
If, within two (2) years of the Sale Date, Lakeshore becomes aware of a third-party claim adverse to your Purchased Property, we may, at our discretion, cancel or rescind the sale. Upon such rescission:
•You must promptly return the Purchased Property to us.
•Lakeshore will refund the Hammer Price and Buyer’s Premium you paid for the lot.
This refund is your sole remedy, and you waive all other legal or equitable claims against Lakeshore.
If you fail to return the Purchased Property as required:
•You agree to indemnify, defend, and hold Lakeshore, its officers, directors, employees, agents, successors, and assigns harmless from any damages, costs, liabilities, or losses (including attorneys’ fees) arising from the third-party claim.
Additional Right of Cancellation
Lakeshore may cancel the sale of Purchased Property before title passes to you if we reasonably believe that:
•Completing the transaction may violate this Agreement or the law.
•Completing the sale could place us or the seller under liability to a third party.
21. LAKESHORE’S DETERMINATIONS
Lakeshore reserves the right, at its sole discretion, to:
•Reject your registration or bid.
•Revoke your bid, even if previously accepted.
•Withdraw, divide, or combine lots.
•Resolve any bidding disputes absolutely and finally.
Lakeshore also reserves the right to hold any Purchased Property if we believe you are connected to a breach of this Agreement or any other agreement with Lakeshore.
If you owe Lakeshore money for Purchased Property under this or any other auction or Private Sale, Lakeshore may:
•Retain Purchased Property in our possession.
•Resell the Purchased Property and apply the proceeds to your outstanding obligations.
•Require you to pay any shortfall remaining after the resale.
22. ANTI-MONEY LAUNDERING
Lakeshore is committed to detecting and deterring money laundering, protecting our sellers from failed transactions, and promoting ethics and fairness in the art and design market. To this end, Lakeshore may, at its sole discretion:
•Refuse your participation in sales, auctions, or other activities.
•Cancel your registration with Lakeshore.
•Cancel or refuse to accept your bid at any time before, during, or after the close of the sale.
•Require documentation or information to verify your identity, the identity of officers, directors, or beneficial owners of any entity you represent, and the legality of the source and use of funds involved in a transaction.
23. EXPORT, IMPORT | ENDANGERED SPECIES LICENSES AND PERMITS
You are solely responsible for all matters related to the export or import of any lot you purchase. This includes compliance with all requirements, restrictions, declarations, customs duties, or other regulations. An export or import license may be required to transport your Purchased Property to your designated destination, and it is your responsibility to:
•Familiarize yourself with international, U.S. federal, and state laws or requirements regarding any necessary export, import, or other permits.
•Determine whether a license is required before bidding on a lot.
•Comply with all applicable laws and obtain any necessary licenses or permits.
We make no representations or warranties regarding whether any lot is subject to export or import restrictions or embargoes and accept no responsibility for these matters. By bidding on a lot, you represent, warrant, and covenant that you have fully examined and satisfied yourself regarding any licensing requirements for its transportation to your desired destination.
Failure to obtain a required license or permit will not justify:
•Cancellation of the sale.
•Delay in the full payment of the Purchase Price for the lot.
We will not rescind the sale of a lot that is transferred to you and subsequently seized by authorities due to the presence of endangered species material.
Regulated Materials
As a courtesy, we may provide general advice to clients regarding lots containing potentially regulated plant or animal material. However, we accept no liability for errors or omissions in such advice.
•Many countries prohibit or restrict the import of items made from or incorporating plant or animal materials, such as coral, crocodile, ivory, whalebone, Brazilian rosewood, rhinoceros horn, Mother of Pearl, or tortoiseshell, regardless of age, percentage, or value.
Your Obligations
Even if you are unable to bring your Purchased Property to your desired destination due to legal restrictions, you must still fulfill all purchase obligations, including:
•Payment of the Purchase Price.
•Timely removal of the lot from our facility.
24. JEWELRY
For centuries, natural gemstones have been enhanced through methods such as heating, oiling, and other treatments, which are widely accepted in the international jewelry and gemstone trade.
•We make no representations or warranties, express or implied, regarding whether natural stones have been treated or enhanced, regardless of whether such treatments are specifically mentioned.
•Stones are identified through standard gemological field tests to the extent allowed by their mounting.
Gemological Certificates
•Any gemological certificates in our possession will be made available to prospective buyers.
•It may not always be feasible to obtain a qualified lab report for every stone offered for sale.
•If you wish to obtain a grading or gemological report from a recognized laboratory (e.g., Gemological Institute of America, European Gemological Laboratories, or American Gemological Institute), you may do so at your own expense or hire an independent adviser at your expense.
Stone Weights
•Weights provided for stones are based on measurements and known gemological formulae; they are approximate and not exact.
•Actual weight may vary if a stone is removed from its setting.
•Buyers are advised to verify weight estimates before bidding at auction.
25. COINS AND CURRENCY
All coins and currency are sold “as is,” except with respect to authenticity. Grading is subjective and based on opinion, which may vary among grading services, independent experts, dealers, collectors, and auction houses, including Lakeshore. These opinions, which influence grading, condition, and other attributes, can materially affect value.
Grading and Warranties
•Coins and currency are sold without any additional warranties, express or implied, including but not limited to:
•The grade assigned.
•References to third-party grading service opinions.
•Opinions offered by Lakeshore.
•Subsequent grading or certification by third-party grading services.
•Encapsulation, which prevents physical examination.
•Lakeshore reserves the right to disagree with grades assigned by any third-party grading service or expert, such as National Guaranty Company (NGC), Professional Coin Grading Service (PCGS), Paper Money Guaranty (PMG), or Currency Grading and Authentication (CGA).
•There is no guarantee that grading standards used by Lakeshore will align with those of third-party grading services now or in the future.
Uncertified Coins and Currency
•For uncertified items, Lakeshore grades coins and currency with reference to the American Numismatic Association’s standards as interpreted at the time of grading.
•Lakeshore may re-grade any lot due to changes in grading standards, differences of opinion, or handling over time.
Encapsulation and Defects
•Lakeshore is not liable for any defects or disputes related to encapsulated coins or currency.
•Any claims regarding defects or controversies with encapsulated items must be pursued directly with the certifying service, and buyers agree that Lakeshore holds no liability in such matters.
Care and Storage
•Certain plastics may react with a coin’s metal or transfer plasticizers to notes, potentially causing damage.
•Buyers are advised to store items only in inert materials to avoid damage.
26. ARTIST’S RESALE ROYALTY
In certain jurisdictions, local laws may require us to charge and collect an additional fee to compensate the artist for the resale of their work. This fee, known as the artist’s resale right, will be applied when applicable.
If the artist’s resale right applies to a lot, this will be clearly noted on the lot’s Item Page.
27. AS IS, WHERE IS
Except as expressly stated in the sections entitled Limited Warranty and Authorship Warranty, each lot is sold “as is” and “where is”, without any representation or warranty of any kind from Lakeshore or the seller, express or implied. This includes but is not limited to warranties of:
•Merchantability.
•Fitness for a particular purpose.
•Non-infringement.
You acknowledge that each lot has been previously handled, transported, and owned by others, and as a result, it may not be in perfect condition.
28. WARRANTIES
Limited Warranty
The seller represents and warrants to Lakeshore, and to you as the buyer, that the seller is the owner of the lot or is acting as the authorized agent of the owner and has the right to transfer title to the lot free of all liens, claims, and encumbrances (the “Limited Warranty”).
Authorship Warranty
Lakeshore warrants, for a period of two (2) years from the Sale Date, that the lot’s Authorship is accurate and correct.
•Authorship refers to the creator, designer, culture, or source of origin specifically identified in BOLD and CAPITAL type in the lot’s current catalogue or on the lot’s description on the auction’s Index Page.
•The Authorship Warranty excludes supplemental text or information not in bold or capitalized type (the “Authorship Warranty”).
Warranty Conditions
All warranties provided by Lakeshore are subject to the following conditions and limitations:
Exclusions
The Authorship Warranty does not cover:
•Lot descriptions stating there is a conflict of specialist opinion.
•Typographical errors in lot descriptions or catalogues.
•Descriptions including terms like “in the style of,” “attributed to,” “the school of,” “in the manner of,” or “after.”
•Wear on furniture, flakes, surface scratches, or manufacturing flaws in glass or ceramic lots.
•Cases where Authorship statements made by Lakeshore conform to the generally accepted opinions of scholars, specialists, or experts at the time of sale, even if subsequent discoveries modify such opinions.
•Failures to conform to the Authorship Warranty that can only be demonstrated using a scientific process unavailable, not generally accepted, unreasonably expensive, or impractical at the time of sale or that could damage the lot.
Buyer-Only Warranty
Warranties apply exclusively to the original buyer of the lot from Lakeshore and are not transferable to subsequent purchasers, transferees, heirs, beneficiaries, or assigns.
Intellectual Property
Neither the seller nor Lakeshore makes any representation or warranty, express or implied, regarding the acquisition of reproduction rights, copyrights, or other intellectual property rights associated with a lot.
Clocks and Lights
Descriptions of watches, clocks, and lighting devices in catalogues or Condition Reports may be incomplete and may not identify all mechanical replacements, repairs, or defects.
•Absence of reference to a watch, clock, or lighting device’s condition does not imply that it is in working condition or free from defects, repairs, restorations, or replacement parts.
•No warranty is provided regarding the functionality or condition of such items. Buyers are advised to inspect these items prior to bidding.
Jewelry
Descriptions of jewelry in catalogues or Condition Reports are opinions and not representations of fact, including opinions on:
•Authenticity, enhancement, or treatment of gemstones.
•Weight or origin of gemstones.
•Authorship or origin (manufacture) of an item.
•Period or authenticity of marks.
29. WARRANTY CLAIMS AND REMEDIES
How to Make a Warranty Claim
To make a claim under any warranty provided in this Agreement, you must:
•Submit Written Notice: Provide written notice of your claim within 60 days of becoming aware of the issue and no later than 2 years from the Sale Date.
•Authorship Warranty Claims: For claims under the Authorship Warranty, you must submit, at your expense, written opinions from at least two (2) experts whose primary business is the appraisal and authentication of art, antiquities, design objects, or other similar valuable items. These experts must state that the lot fails to materially conform to the Authorship Warranty.
•Return the Lot: If Lakeshore determines you are entitled to a remedy, you must return the lot to us in the same condition as it was at the Sale Date before receiving any refund of the Hammer Price or Buyer’s Premium.
Remedies for Warranty Claims
Your sole remedies for any breach of a warranty under this Agreement are:
•Before Payment to Seller: If we have not yet paid the seller their portion of the Purchase Price, Lakeshore will refund the Hammer Price and Buyer’s Premium you paid for the lot.
•After Payment to Seller: If we have already paid the seller their portion of the Purchase Price, Lakeshore may, at its sole discretion:
•Refund to you the Hammer Price and Buyer’s Premium; or
•Demand a refund from the seller for the portion of the Purchase Price we paid to them and refund you the portion we retained.
If the seller fails to issue a refund:
•Lakeshore will provide you with the seller’s name and address.
•Lakeshore will assign its rights against the seller to you. Upon assignment, Lakeshore will have no further liability to you and no obligation to pursue your claim against the seller.
30. NO INTERNET DAMAGES
While we strive to provide a seamless online experience, technical issues may occur that are beyond our control, including but not limited to:
•Broadband or internet capacity constraints.
•Firewalls affecting connectivity.
•Errors in the quality or display of digital images.
•Software malfunctions or other technical problems.
You agree that Lakeshore will not be responsible or liable for any failure to send, receive, or place bids due to issues such as:
•Technology malfunctions.
•Internet connection problems.
•Software or phone connection errors.
•Failures in our information technology systems.
Furthermore, neither Lakeshore nor its affiliates, directors, officers, employees, or agents will be liable, regardless of the cause or duration, for:
•Errors, inaccuracies, or omissions in the information on our site.
•Untimeliness or inauthenticity of the information provided.
•Delays or interruptions in transmission.
•Claims or losses arising from or related to such issues.
31. LIMIT OF LIABILITY
Lakeshore will not, under any circumstances, be liable to you or any third party for:
•Consequential, exemplary, indirect, special, punitive, incidental, or similar damages, whether foreseeable or unforeseeable.
•Damages arising from any cause of action, even if we have been advised of the possibility of such damages.
For any sale of a lot, Lakeshore’s total liability to you or any third party will not exceed the Purchase Price you paid to Lakeshore for the lot in question.
Lakeshore is not liable for any breach or default by the consignor or seller of a lot, nor for any terms implied by law into contracts, which are the responsibility of the seller.
32. INDEMNITY
You agree to indemnify, defend, and hold harmless Lakeshore, its officers, directors, employees, agents, successors, and assigns from and against any and all claims, actions, damages, losses, liabilities, and expenses (including reasonable attorneys’ fees and costs) arising from:
•Any breach or alleged breach of your agreements, covenants, representations, or warranties as set forth in this Agreement.
33. INTELLECTUAL PROPERTY
Lakeshore and its licensors retain full ownership of all intellectual property rights, including, but not limited to:
•Copyrights to photographs or other images of lots created by Lakeshore (including images of your Purchased Property).
•Copyrights, trademarks, and other intellectual property related to images, logos, text, graphics, icons, audio clips, video clips, digital downloads, and the overall “look and feel” of our Site and Lakeshore catalogues.
By entering into this Agreement, you do not acquire any rights to ownership, use, reproduction, or any other rights in Lakeshore’s intellectual property. You are expressly prohibited from using any of Lakeshore’s trademarks or service marks in any manner.
34. BUYER’S REPRESENTATIONS AND WARRANTIES
By registering for an auction and submitting a bid, you represent, warrant, and covenant the following:
Legal Status
•You are bidding on your own behalf, or if acting as an agent for another party, both you and your principal are jointly and severally liable for all terms and conditions of this Agreement as though you were acting as the principal.
Payment
•The Purchase Price will be paid entirely from your own funds.
Information
•All information provided to Lakeshore about yourself, your principal (if applicable), your business, your identity, and your funds is accurate, truthful, and complete.
Legal Compliance
•Your purchase of any lot is for lawful purposes and does not violate this Agreement.
•Your funds are not, and will not be, connected to criminal activity, tax fraud, money laundering, or terrorist activities.
•Neither you nor any principal or beneficiary you represent is under investigation for, or has been charged with or convicted of, criminal activity, tax fraud, money laundering, or terrorism.
•Your purchase does not violate any sanctions laws.
Notification
•You agree to notify Lakeshore promptly in writing of any events or circumstances that may cause your representations and warranties to become inaccurate or breached in any way.
35. GOVERNING LAW
This Agreement, along with all rights and obligations arising from it, will be governed by the laws of the State of Florida, excluding its conflict of laws principles and the United Nations Convention on Contracts for the International Sale of Goods.
36. DISPUTE RESOLUTION
Any dispute, controversy, or claim arising out of or related to this Agreement, including its breach, termination, or validity (“Dispute”), will be resolved as follows:
Good Faith Discussions
The Parties will attempt to resolve the Dispute through good faith discussions between appropriate representatives within 45 days.
Mediation
If the Dispute is not resolved within the 45-day period, either Party may refer the Dispute to the American Arbitration Association (AAA) under its Commercial Mediation Procedures for mediation in West Palm Beach, Florida, for a period of 120 days.
Arbitration
If mediation fails to resolve the Dispute within 120 days, it will be settled by arbitration administered by the AAA in accordance with its Commercial Arbitration Rules, as follows:
•Arbitrator(s):
•Disputes involving claims of $250,000 or less will be heard by a single arbitrator.
•Claims exceeding $250,000 will be heard by a panel of three arbitrators.
•Location: Arbitration will take place in West Palm Beach, Florida.
•Governing Law: Proceedings will be governed by the laws of the State of Florida, Title 9 (Arbitration) of the United States Code, and the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958).
•Timelines:
•Hearings will take place within 90 days of filing.
•Awards will be rendered within 120 days.
•Arbitrators must agree to these timelines before accepting appointment.
Hearing Procedures
Hearings will follow the AAA’s standard Commercial Arbitration Rules, which typically require in-person proceedings. However, hearings may be conducted virtually with the prior written consent of both Parties.
Costs and Confidentiality
•Each Party will bear its own costs and expenses and share equally the arbitrators’ and administrative fees.
•Except as required by law, neither a Party nor an arbitrator may disclose the existence, content, or results of the arbitration without the prior written consent of both Parties.
Failure to Pay Arbitration Fees
Failure or refusal by a Party to pay its share of required deposits for arbitrator compensation or administrative fees constitutes a waiver of that Party’s ability to present evidence or cross-examine witnesses. The other Party will then present evidence and arguments as required by the arbitrator(s) to make an award.
Finality of Arbitration Decision
The arbitrator’s decision is final and non-appealable and may be entered in any court with jurisdiction.
Opt-Out of Arbitration
To opt out of mandatory arbitration, you must send written notice within 30 days of your purchase by emailing info@lakeshoreauctions.com.
37. ENFORCEMENT COSTS
Notwithstanding the previous section on Dispute Resolution, Lakeshore may bring a Dispute related to Enforcement Costs or pursuant to Section 19 (Grant of Security Interest) in any court with jurisdiction over you.
If Lakeshore initiates an action to enforce this Agreement or to collect any amounts owed, Lakeshore will be entitled to recover, in addition to any other amounts owed, its reasonable attorneys’ fees, collection agency fees, and costs of proceedings, including without limitation Enforcement Costs.
38. RULES
No Waiver
Failure, delay, relaxation, or indulgence by a Party in exercising any power or right conferred by this Agreement does not operate as a waiver of that power or right unless expressly stated in writing to be a waiver.
No Reliance
In entering this Agreement, the Parties affirm they have not relied on any representations or warranties regarding its subject matter except as explicitly stated within this Agreement.
Amendments
Lakeshore may revise, modify, amend, or delete any part of this Agreement (“Changes”). Notice of Changes will be provided by posting them on our Site.
•All Changes take effect immediately upon notice.
•Your continued use of the Site, participation in auctions, or bidding or purchasing any lot constitutes your acceptance of these Changes.
•If you disagree with any Changes, you must immediately cease using the Site, participating in auctions, or bidding or purchasing from us.
Notices
Unless otherwise specified, all notices, requests, or communications under this Agreement must be sent to the designated addresses below or as updated in writing by the receiving Party. Notices will be considered delivered as follows:
•Overnight or Two-Day Delivery: Upon receipt, as evidenced by the delivery service’s records.
•Certified or Registered Mail: Seven (7) calendar days after posting.
•Email: One (1) day after the email is sent or immediately upon acknowledgment of receipt by the recipient.
Notices to Lakeshore Auctions:
Lakeshore Auctions, LLC
7817 Dixie Highway
West Palm Beach, Florida 33405
Attn: Legal Dept
Email: info@lakeshoreauctions.com
Notices to You (Buyer):
The address you provided during registration or as updated later.
Further Assurances
You agree to provide additional information upon request to ensure compliance with applicable laws. This includes verifying your identity in a format acceptable to Lakeshore.
39. INTERPRETATION
Validity
If any provision of this Agreement is deemed invalid, illegal, or unenforceable by a court or arbitrator, that provision will be considered deleted. The remaining provisions of this Agreement will remain valid and enforceable.
Entire Agreement
This Agreement constitutes the entire agreement between the Parties regarding the transactions contemplated herein. It supersedes all prior or contemporaneous understandings, agreements, and communications (whether written or oral) related to the subject matter of this Agreement.
Construction
For purposes of this Agreement, unless otherwise required by context:
•References to sections, exhibits, attachments, and schedules pertain to those within this Agreement. Headings are included for convenience only.
•Words in the plural include the singular, and vice versa.
•References to a “person” include individuals, companies, enterprises, firms, partnerships, joint ventures, associations, or organizations, regardless of legal personality.
•Use of the word “will” denotes agreement, promise, or covenant by a Party to perform the specified action.
•Use of the word “may” denotes a Party’s right, but not obligation, to perform the specified action.
•References to “it,” “its,” “they,” “their,” and “them” include all applicable gender pronouns (e.g., she, hers, her, he, his, him, it, its, they, their, them).
The following terms and expressions shall have the meanings assigned to them when used in this Agreement:
•“Abandoned Property”: As defined in Section 16.
•“Absentee Bid”: As defined in Section 10.
•“Agreement”: As defined in the Preamble.
•“Authorship”: As defined in Section 28.
•“Authorship Warranty”: As defined in Section 28.
•“Bidding Increments”: The price increments that bids must follow at auction. The increments for live auctions are detailed in Section 8, and those for timed auctions are in Section 11.
•“Bidding Platforms”: As defined in Section 6.
•“Buy It Now”: As defined in Section 7.
•“Buy Now”: As defined in Section 7.
•“buyer”: As defined in the Preamble.
•“Buyer Costs”: As defined in Section 12.
•“Buyer’s Premium”: As defined in Section 12.
•“Changes”: As defined in Section 38.
•“Condition Report”: A report detailing the physical condition of a lot, as discussed in Section 5.
•“Dispute”: As defined in Section 36.
•“Enforcement Costs”: As defined in Section 13.
•“Hammer Price”: The price for a lot:
(a) Submitted by the final bidder and acknowledged by the auctioneer or system as the Winning Bid; or
(b) Achieved through a Private Sale or Buy It Now sale.
•“Index Page”: As defined in Section 5.
•“Item Page”: As defined in Section 5.
•“Limited Warranty”: As defined in Section 28.
•“lot”: As defined in the Preamble.
•“lots”: As defined in the Preamble.
•“Maximum Bid”: The maximum bid amount on a lot, allowing our bidding system or customer service operator to place incremental bids up to that amount on your behalf.
•“our”: As defined in the Preamble.
•“Partial Loss”: A lot partially damaged or lost, resulting in depreciation of less than 50% of its original value, as determined by Lakeshore’s insurer.
•“Parties”: As defined in the Preamble.
•“Party”: As defined in the Preamble.
•“Payment Service Provider”: As defined in Section 13.
•“Phone Bid”: As defined in Section 10.
•“Private Sale”: A non-public, discreet sale of a lot to a buyer outside the auction process.
•“Property”: As defined in the Preamble.
•“Purchase Price”: As defined in Section 12.
•“Purchased Property”: Any lot you have agreed to purchase under the terms of this Agreement.
•“Lakeshore”: As defined in the Preamble.
•“Reserve”: As defined in Section 4.
•“Retrieval Period”: As defined in Section 16.
•“Sale Date”: The date on which a lot is sold.
•“Security Interest”: As defined in Section 19.
•“Site”: All websites operated by Lakeshore, currently: lakeshoreauctions.com.
•“Storage Fee”: As defined in Section 16.
•“Total Loss”: A lot that has been:
(a) Lost; or
(b) Damaged, resulting in depreciation of more than 50% of its original value, as determined by Lakeshore’s insurer.
•“us”: As defined in the Preamble.
•“we”: As defined in the Preamble.
•“Winning Bid”: As defined in Section 4.
•“you”: As defined in the Preamble.
•“your”: As defined in the Preamble.