YOU MUST AGREE TO THE TERMS AND CONDITIONS BEFORE BIDDING IN THIS AUCTION
Bidders are strongly encouraged to read the Terms and Conditions of Auction Sale which describe the terms governing the purchase of all property sold at auction.
1. Definitions. As used in these Terms and Conditions of Auction Sale, the following words have the meaning set forth below:
Bidder is any person participating, making or attempting to make a bid at an Auction Sale.
Buyer is the person who makes the highest bid accepted by the Auctioneer, including the principal of any Bidder acting as an agent.
Buyer’s Expense means all costs or expenses payable by the Buyer in addition to the Purchase Price, in connection with the sale, such as applicable storage costs.
Buyer’s Premium is the commission payable by the Buyer to the Auctioneer in the amount of twenty one percent (21%) of the Hammer Price
Hammer Price is the bid accepted by the Auctioneer by the fall of the hammer, or in the case of a post auction sale, the agreed upon sales price.
Purchase Price is the sum of the Hammer Price, Buyer‘s Premium and all applicable taxes.
Reserve is the confidential minimum Hammer Price at which the Seller has agreed to sell a lot.
Seller is the person, including agents, personal representatives and executors, offering a lot or lots for sale
2. Auction Basics. This is a public wine auction sale (the "Auction Sale") conducted by SPECTRUM WINE AUCTIONS, LLC, a California limited liability company, a bonded auctioneer (referred to as "Auctioneer" or "Spectrum Wine Auctions”). Lot(s) may carry a Reserve. Prior to bidding, all participants must read the Terms and Conditions of Auction Sale, which describe the terms governing the purchase of wine sold at the Auction Sale. By participating in the auction, a Bidder agrees to be bound by the Terms and Conditions of Auction Sale printed in the auction catalogue, posted on the Auctioneer’s website or posted at the Auction Sale. As auctioneer, Spectrum Wine Auctions acts only as agent for the Seller. The sale contract for the lot(s) purchased at the Auction Sale is made directly between the Buyer and Seller. In those instances when the Auctioneer is the owner of a lot, it will also be the Seller.
Sellers may bid and purchase lot(s) in the Auction Sale consigned by them or by other Sellers. A Seller who re-acquires their own lots in the Auction Sale may pay a different fee, or no fee, than the Buyer’s Premium charged to other Buyers, pursuant to their consignment agreement with the Auctioneer. Spectrum Wine Auctions reserves the right to include its own wine, as well as wine from affiliated or related companies, principals, officers or employees, in any Auction Sale. Spectrum Wine Auctions may have direct or indirect interests in any of the lots in the Auction Sale and may collect commissions other than the Buyer’s Premium. THE TWO PRECEEDING SENTENCES SHALL BE DEEMED A PART OF THE DESCRIPTION OF ALL LOTS CONTAINED IN THE AUCTION CATALOGUE. When a Seller re-acquires a lot, Spectrum Wine Auctions reserves the right to note this in the prices realized from the Auction Sale or to omit the price for such lots from the prices realized.
Spectrum Wine Auctions may bid for its own account at any Auction Sale without being required to pay a Buyer's Commission, or other charges that other Buyers may be required to pay.
3. Descriptions. To the Auctioneer’s, knowledge, which is based primarily on information provided by Sellers, wines offered for sale have been properly stored prior to being delivered to our temperature and humidity-controlled storage facility. Each bottle has been described as accurately as possible. However, Buyers of older and more fragile wines should be aware of and make proper allowances for natural variations of ullage and general conditions. All Bidders are encouraged to inspect and investigate lots they are interested in prior to purchase. Bidder’s acknowledge that Spectrum Wine Auctions is unable to conduct complete due diligence on each lot, and is not representing or warranting, and has no responsibility or liability for the accuracy of the catalogue descriptions, including without limitation, vintage, provenance, authenticity, quality and condition. Any and all statements relating to the wine in the catalogue, or contained in advertisements or promotional materials, are merely statements of opinion and should not be construed as, nor do they constitute representations or warranties of fact or the assumption of any liability on the part of Spectrum Wine Auctions or the Seller. All photographs in this catalogue are of the actual items being sold but may not be the actual size or to scale.
4. Bidder Registration Required. All persons seeking to bid must have a catalogue and register to bid at the Auction Sale by completing a registration card or bid sheet. Please be prepared to provide bank references, identification and a major credit card. Major credit cards and/or driver’s licenses will be required as identification. Bidders must be at least 21 years old and may be required to show proof of age. By submitting a bid, the Bidder acknowledges that Bidder has read the Terms and Conditions of Auction Sale, the descriptions for the lot(s) on which they have bid, and that they agree to adhere to these Terms and Conditions of Auction Sale. All Bidders are personally liable for their bids, whether or not acting as an agent. This agreement shall be deemed to have been made in California. The Bidder acknowledges that the invoice describing a lot by number incorporates the catalogue and Terms and Conditions of Auction Sale.
5. The Bidding Process. The Auctioneer may open or accept the bidding on any lot by placing a bid on behalf of the Seller, a mail, telephone, internet or telefax Bidder; or any other Bidder in the Auction Sale. The Auctioneer may accept or decline any bid, challenge any bid or set bidding increments, as the Auctioneer in its sole discretion shall determine. All wine shall be sold in separate lots to the highest Bidder as determined by the Auctioneer. Bids must be for an entire lot and each lot constitutes a separate sale. No lot will be broken up unless otherwise permitted by the Auctioneer. Lots will be sold in their numbered sequence unless Auctioneer directs otherwise. Auctioneer shall have the right in its sole and absolute discretion to adjudicate all bidding disputes and shall have the right, but not the obligation, to rescind the acceptance of any bid and place the lot(s) for Auction Sale again. Auctioneer's decision on all bidding disputes shall be binding and final. For the mail and internet Bidder's protection, no "unlimited" or "buy" bids will be accepted. When identical bids are received for a lot, preference is given to the first bid received as determined by the Auctioneer. An absentee bid will take precedence over an identical floor bid; a Floor Bidder and Telephone Bidder must bid higher than the highest absentee bid to be awarded any lot. Auctioneer reserves the right to refuse any bid, to reduce any absentee bid received, to open the bidding of a lot at any level deemed appropriate by the Auctioneer and to determine the prevailing bid, in its sole discretion.
THIS IS NOT AN APPROVAL SALE. Bidders who physically attend the Auction Sale, either personally or through an agent ("Floor Bidders") should carefully examine all lots which they are interested in purchasing. Bidders who bid by telephone, either personally or through an agent, receive a similar benefit as Floor Bidders in being able to actively participate in the live Auction Sale ("Telephone Bidders"). Therefore, except as otherwise expressly provided in these Terms and Conditions of Auction Sale, WINE LISTED IN THIS CATALOGUE MAY NOT BE RETURNED FOR ANY REASON WHATSOEVER BY ANY BIDDER. If it is determined in a review by Auctioneer that there is a material error in the catalogue description of a lot, the lot may be returned if written notice is received by Auctioneer within seventy-two (72) hours of Buyer’s receipt of the lot(s). Thereafter, the lot(s) must be received by Auctioneer no later than fourteen (14) calendar days after such written notice, in the same condition the lot(s) were delivered to the Bidder, in their original, wooden cases (if applicable). Late return constitutes just cause for revocation of all return privileges. All prospective Bidders who have the opportunity to examine the lot(s) prior to the Auction Sale personally assume all responsibility for any damage that Bidder causes in connection with examining the lot(s). Auctioneer shall have sole discretion in determining the value of the damage caused, which shall be promptly paid by the prospective Bidder.
AUCTIONEER IS NOT RESPONSIBLE FOR ANY ERRORS IN BIDDING. A Bidder should make certain to bid on the correct lot and that the bid is the bid intended. Once the hammer has fallen and the Auctioneer has announced the winning Bidder, the Bidder is unconditionally bound to pay for the lot, even if the Bidder has made a mistake. Auctioneer reserves the right to withdraw any lot at any time, even after the hammer has fallen, until the Bidder has taken physical possession of the lot. No Bidder shall have a right to claim any consequential damages if a lot is withdrawn, even after the Auction Sale.
6. Passage of Title and Other Conditions of Sale. Subject to fulfillment of all of the conditions set forth herein, on the fall of the Auctioneer’s hammer, title to the offered lot will pass to the highest Bidder acknowledged and accepted by the Auctioneer, and thereupon, such Bidder: (a) assumes full risk and responsibility for the purchased lot, and (b) shall pay the Purchase Price and all Buyer Expenses in full, in accordance with the conditions set forth herein. Payment will not be deemed to have been made in full until Auctioneer has collected good funds. In the event the Buyer fails to pay any or all of the total Purchase Price for any lot and Auctioneer nonetheless elects to pay the Seller any portion of the sale proceeds, the Buyer acknowledges that Auctioneer shall have all of the rights of the Seller to pursue the Buyer for any amounts paid to the Seller, whether at law, in equity, or under these Conditions of Sale.
7. Prices, Payment and Delivery. A Buyer's Commission of twenty percent (21%) of the Hammer Price on each individual lot will be added to all purchases (with the exception of re-acquisitions by Sellers). Payment is due immediately upon receipt of notification. Payment is delinquent and in default if not made in good funds in full within fourteen (14) days after the Auction Sale, without exception. Unless otherwise agreed in writing, auction sales are strictly cash in U.S. funds payable through a bank in the United States. On any cash transaction or series of transactions exceeding $10,000, Treasury Form 8300 will be filed. Contact Spectrum Wine Auctions for wiring instructions before sending a wire. Lots must be paid for prior delivery. Spectrum Wine Auctions reserves the right to decline to release lots for which good funds have not yet been received. On any accounts past due, Spectrum Wine Auctions reserves the right to extend credit and impose periodic charges. Bidder agrees to pay reasonable attorney's fees and cost incurred to collect on such past due accounts. Payment by Visa, Mastercard, American Express or Discover may be accepted only for internet bidders whose total purchases for the Auction Sale do not exceed $5,000. Bids will not be accepted from those persons under twenty-one (21) years of age. Bidders personally and unconditionally guarantee payment of the Purchase Price for all purchased lots and any amounts that are or become owed to Spectrum Wine Auctions. If a corporation is the Bidder, the corporate representative present at the sale shall provide Spectrum Wine Auctions at the time of registration with a statement signed by each principal, director and officer that they each personally and unconditionally guarantee any and all current or future obligations owed to Spectrum Wine Auctions or such other statement as may be acceptable to Spectrum Wine Auctions, in its sole discretion. Bidders who have not established credit with Spectrum Wine Auctions must furnish satisfactory credit references or deposit at least twenty-five percent (25%) of their total bids for that Auction Sale session(s) or such other amounts as Spectrum Wine Auctions may, in its sole and absolute discretion, require before such bids will be accepted. Deposits submitted will be applied to purchases. Any remaining deposits will be promptly refunded, upon clearance of funds.
Spectrum Wine Auctions will not assume responsibility for the shipping and packaging of purchased lots. It is the Bidder's responsibility to arrange for pick up or delivery of purchased lots within fourteen (14) days of the Auction Sale. All purchased lots are at Buyer’s risk, including the responsibility to insure, at the earlier of pick up or fourteen (14) days after the Auction Sale. All packing and handling is at the Buyer’s risk. Spectrum Wine Auctions will not be liable for any acts or omissions of third party packers or shippers.
Licensees who intend to bid should provide Auctioneer well in advance of the Auction Sale a photocopy of the license issued by their state’s liquor authority. Licensees within the state of California should also provide a resale certificate. Lots purchased by licensees will be routed through a properly licensed California wholesaler, who will charge the applicable taxes and fees.
Bidders/Buyers are cautioned that many states impose restrictions on the quantity of alcoholic beverages which may be purchased and brought into its jurisdiction from another state. In some instances, special permits or licenses may be required for the Buyer or shipper. Spectrum Wine Auctions assumes no responsibility for any required permits or licenses.
We are happy to work with you to locate an approved location or method to ship wine to in these states.
The following states currently impose various restrictions:
If a Buyer pays the Purchase Price and all applicable Buyer’s Expenses but fails to pick up a purchased lot within twenty-one (21) days of the Auction Sale, the lot will be stored at Spectrum Wine Auctions facility or with a third party at the Buyer’s risk and expenses. Further, if such purchased lot is not picked up within six (6) months of the date of the Auction Sale, Buyer authorizes Spectrum Wine Auctions to arrange for a resale of the lot, either by auction or private sale, with reserves established at the Auctioneers discretion. All proceeds, less cost of sale and any unpaid applicable Buyer’s Expenses, will be remitted to the Buyer.
California residents will be charged sales tax as well as Bidders who pick up at the Auction without a valid Resale Certificate. On any tax not paid by Bidder which should have been paid, even if not collected by Spectrum Wine Auctions by mistake, error, negligence or gross negligence, Bidder agrees to promptly pay the same on demand together with any interest or penalty that may be assessed.
8. Financial Responsibility. In the event a Buyer fails to make payment when due, in addition to other remedies available to Auctioneer and the Seller by law, including without limitation, the right to hold the Buyer liable for the total Purchase Price, Spectrum Wine Auctions reserves the right, in its sole discretion, to rescind the sale or to resell the lot(s) in a commercially reasonable manner, which may include a public or private sale. Buyer agrees to pay for the reasonable cost of such a sale, together with any incidental costs of sale, including reasonable attorney's fees and costs, cataloguing and any other reasonable charges. Buyer grants to Spectrum Wine Auctions or its assignees the right to offset any sums due, or found to be due to Spectrum Wine Auctions or its affiliates, and to make such offset from any past, current, or future consignment, or purchases that are in the possession or control of Spectrum Wine Auctions or its affiliates; or from any sums due to Buyer from Spectrum Wine Auctions or its affiliates. In addition, a defaulting Buyer will be deemed to have granted and assigned to Spectrum Wine Auctions and its affiliated companies, a continuing security interest of first priority in any property or money of or owing to such Buyer in our possession or in the possession of any of its affiliated companies, and Spectrum Wine Auctions may retain and apply such property or money as collateral security for the obligations due to us or to any of its affiliates. We shall have all of the rights accorded a secured party under the California Uniform Commercial Code. Such defaulting Buyer grants Spectrum Wine Auctions the right to file a UCC-1 financing statement for such items and to assign such interest to any affiliated or related company or any third party deemed appropriate by Spectrum Wine Auctions. If the auction invoice is not paid for in full when due per invoice terms, the unpaid balance will earn interest at the rate of one-and-one-half percent (1-1/2%) per month until it is paid in full. In the event this interest rate exceeds the interest permitted by law, the same shall be adjusted to the maximum rate permitted by law, and any amount paid in excess thereof shall be allocated to principal. Buyer agrees to pay all reasonable attorney's fees, court costs and other collection costs incurred by Spectrum Wine Auctions or any affiliated or related company to collect past due invoices or to interpret or enforce the terms hereof or in any action or proceeding arising out of or related to the Auction Sale. Spectrum Wine Auctions reserves the right to assign its interest to any third party. To the extent that the winning Bidder for any lot consists of more than one person or entity, each such person or entity is jointly and severally liable for all obligations of the Bidder, regardless of the title or capacity of such person or entity.
9. DISCLAIMER AND WARRANTIES. NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE IS MADE OR IMPLIED ON ANY LOT. NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, IS MADE WITH RESPECT TO ANY LOT EXCEPT FOR WARRANTY OF TITLE, AND IN THE CASE OF TITLE, THE AUCTION IS SELLING ONLY THAT RIGHT OR TITLE TO THE LOT THAT THE SELLER MAY HAVE AS OF THE AUCTION SALE DATE. ALL LOTS ARE SOLD "AS IS" AND WITH ALL FAULTS. BUYER HEREBY ASSUMES ALL RISKS CONCERNING AND RELATED TO THE QUALITY, DESCRIPTION, CONDITION, AUTHENTICITY, AND PROVENANCE OF A LOT.
10. Waiver and Release. Bidder, for himself, his heirs, agents, successors and assignees, generally and specifically waives and releases, and forever discharges Spectrum Wine Auctions, and its respective affiliates, parents, shareholders, agents, subsidiaries, employees, officers, members of their respective boards of directors, and each of them, and their respective successors and assignees from any and all claims, rights, demands and causes of actions and suits, of whatever kind or nature, including but not limited to claims based upon Auctioneer’s negligence, whether in law or equity, whether known or unknown, suspected or unsuspected, which Bidder may claim to have with respect to and/or arising out of, or in connection with any challenge to the title to any goods purchased, the sale itself, any lot bid upon or consigned, and/or the Auction Sale. It is the intention of Bidder that this waiver and release shall be effective as a bar to each and every claim, demand, cause of action and suit that may arise hereunder or be related to the Auction Sale, and Buyer hereby knowingly and voluntarily waives any and all rights and benefits otherwise conferred upon him by the provisions of Section 1542 of the California Civil Code, which reads in full as follows:
"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR."
11. Disputes. If a dispute arises concerning ownership of a lot that has been bid upon or concerning proceeds of any sale, Spectrum Wine Auctions reserves the right to commence a statutory inter-pleader proceeding at the expense of the Seller and successful Bidder and any other applicable party, and in such event shall be entitled to its reasonable attorneys' fees and costs. Spectrum Wine Auctions reserves the right to cancel or postpone the Auction Sale or any session thereof for a reasonable period of time for any reason whatsoever. Neither Spectrum Wine Auctions nor any affiliated or related company shall be responsible for incidental or consequential damages arising out of any failure of the Terms and Conditions of Auction Sale, the Auction Sale or the conduct thereof and in no event shall such liability exceed the purchase price, premium, or fees paid. If the Bidder fails to comply with one or more of these Terms and Conditions of Auction Sale, then, in addition to all other remedies which it may have at law or in equity, Spectrum Wine Auctions may at its sole option either (a) rescind the sale, retaining all payments made by Bidder as liquidated damages, it being recognized that actual damages may be speculative or difficult to compute, or (b) sell a portion or all of the lot(s) held by Spectrum Wine Auctions, in a quantity sufficient in the opinion of Spectrum Wine Auctions to satisfy the indebtedness, plus all accrued charges, and Spectrum Wine Auctions may sell such portion at an Auction Sale or private sale conducted by Spectrum Wine Auctions and charge a seller’s commission that is commercially reasonable. More than one such sale may take place at the option of Spectrum Wine Auctions. Notice of the sale shall be by U.S.P.S. Certified Mail, Return Receipt Requested to the address utilized on the Bid Sheet, Auction Consignment and Security Agreement or other last known address by Spectrum Wine Auctions. The proceeds shall be applied first to the satisfaction of any damages occasioned by Bidder's breach, then to any other indebtedness owed to Spectrum Wine Auctions, including without limitation, commissions, handling charges, the expenses of both sales, reasonable attorneys' fees, costs, collection agency fees and costs and any other costs or expenses incurred. Bidder shall also be liable to Spectrum Wine Auctions if the proceeds of such sale or sales are insufficient to cover the indebtedness. Rights granted to Bidders under the within Terms and Conditions of Auction Sale are personal and apply only to the Bidder who initially purchases the lot(s) from Spectrum Wine Auctions. The rights may not be assigned or transferred to any other person or entity, whether by sale of the lot(s), operation of law or otherwise. Any attempt to assign or transfer any such rights shall be absolutely void and unenforceable. No third party may rely on any benefit or right conferred by these Terms and Conditions of Auction Sale.
12. General Terms. These Terms and Conditions of Auction Sale and the auction shall be construed and enforced in accordance with, and governed by, the laws of the State of California, regardless of the location of the Auction Sale. Any dispute arising out of or related to these Terms and Conditions of Sale, the Auction Sale or any lot, with the sole exception of actions by Spectrum Wine Auctions to collect the purchase price and other damages, shall be determined by arbitration in Orange County, California, before one arbitrator. The arbitration shall be administered by JAMS pursuant to its Streamlined Arbitration Rules and Procedures. Judgment on the Award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction. The arbitrator shall in the Award, allocate all or part of the costs of the arbitration, including the fees of the arbitrator and the reasonable attorneys’ fees of the prevailing party. The Arbitrator shall have the authority to award compensatory damages (as may be limited by these Terms and Conditions) and reasonable attorney’s fees and cost to the prevailing party, but shall not have the power to award punitive or consequential damages or to amend, modify, expand or excuse performance of any material term of these Terms and Conditions. The arbitrator shall be required to follow applicable law. The parties acknowledge the arbitration shall have limited discovery as determined by the arbitrator, to be completed within one hundred twenty (120) days of the appointment of the arbitrator. The Arbitrator shall be required to return his decision no later than thirty (30) days after completion of the arbitration hearing and shall include a statement of the findings of facts. The award of the arbitrator may be enforced by any court of competent jurisdiction. Bidder acknowledges and agrees that the competent courts of the State of California shall have exclusive jurisdiction, subject to the requirement to arbitrate, over any dispute(s) arising hereunder, regardless of any party's current or future residence or domicile. Bidder further agrees that venue shall be in the Superior Court in Orange County, in the State of California. Bidder agrees that any arbitration or legal action with respect to this Auction Sale is barred unless commenced within one (1) year of the date of this Auction Sale. These Terms and Conditions of Sale and the information on the Spectrum Wine Auction’s website constitute the entire agreement between the parties hereto on the subject matter hereof and supersede all other agreements, understandings, warranties and representations concerning the subject matter hereof. If any section of these Terms and Conditions of Auction Sale or any term or provision of any section is held to be invalid, void, or unenforceable by any court of competent jurisdiction, the remaining sections or terms and provisions of a section shall continue in full force and effect without being impaired or invalidated in any way. Spectrum Wine Auctions may at its sole and absolute discretion, make loans or advances to Sellers and/or Bidders.
Any and all claims that an item is not authentic must be made in writing to Spectrum Wine Auctions within seventy-two (72) hours after receipt of the item. Spectrum Wine Auctions will determine the authenticity of the item in its sole discretion.
All oral and written statements made by Spectrum Wine Auctions and its employees (including affiliated and related companies) are statements of opinion only, and are not warranties or representations of any kind, unless stated as a specific written warranty, and no employee or agent of Spectrum Wine Auctions has authority to vary or alter these Terms and Conditions of Auction Sale. Any alteration shall be effective only if in writing and signed by an officer of Spectrum Wine Auctions authorized to do so.
Bidders shall have no recourse against the Seller for any reason whatsoever.
Bidder acknowledges and agrees that neither Spectrum Wine Auctions, nor its employees, affiliates, agents, third-party providers or Sellers warrant that auctions will be unimpaired, uninterrupted or error free and accordingly shall not be liable for such events.
13. Special Services. If you wish to limit your total expenditures, please fill in the maximum amount you wish to spend on the MAXIMUM EXPENDITURE line at the upper portion of your bid sheet. You can then submit bids for amounts up to eight times the amount of the maximum expenditure. This is a personal service and a Spectrum Wine Auctions customer representative will personally attend to your bid sheet by bidding from the auction floor, buying lots for your account until your authorized expenditure is reached. While we will do our best in your behalf, due to the speed of the auction sale and the sometimes crowded conditions, we cannot be responsible for failure to execute such a bid properly. Due to the bookkeeping involved, this service is offered only to bidders with maximum expenditures of $1,000 or more.
For PRICES REALIZED after the sale, call 1-888-982-1982 or +1-949-748-4845. Preliminary prices realized will also be posted on the Internet soon after the session closes at www.spectrumwine.com