MOLAA’S INAUGURAL LIVE ART AUCTION

TERMS & CONDITIONS OF SALEThis catalog, as amended by any posted notices or oral announcements during the sale, isthe Museum of Latin American Art’s entire agreement with the purchaser relative to the propertylisted herein. The following Conditions of Sale and any glossary contained herein are thecomplete and only terms and conditions on which all property is offered for sale. The Conditionsof Sale may be amended by posted notices or oral announcements made before or during thesale. By bidding at auction you agree to be bound by these terms and conditions.1We reserve the right to withdraw any propertybefore sale and shall have no liability for suchwithdrawal.2Lots offered in this auction will be exhibited forpreview at the Museum of Latin American Art at628 Alamitos Ave, Long Beach, CA 90802 on Wednesday,May 2, 2012 from 11:00 a.m. - 5:00 p.m., andthereafter following MOLAA’s regular hours of operation,through Friday, May 11, 2012; closing at 4:00pm.3All bidders must register in order to bid on itemsin the auction. Registration will be on aconfidential basis and no bids will be accepted fromunregistered bidders. To register, prior to the day of theauction, call MOLAA at 562.437.1689.4On the day of the auction, registered bidders willreceive a numbered paddle for identificationduring the bidding and as an instrument with which tomake their bids. The lots listed in the catalog will beoffered in their numerical order. We reserve the rightto withdraw any property at any time and shall have noliability for each such withdrawal. We reserve the rightto reject any bid. The highest bidder acknowledged bythe auctioneer will be the purchaser. In the event ofany dispute between the bidders or in the event ofdoubt on our part as to the validity of any bid, theauctioneer will have the final discretion either todetermine the successful bidder or to re-offer andresell the article in dispute. If any dispute arises afterthe sale, our sale record is conclusive. Although in ourdiscretion we will execute absentee bids as a convenienceto clients who are not present at the auctions, we arenot responsible for any omissions therewith.5If the auctioneer decides that any opening bid isbelow the value of the article offered, he mayreject the same and withdraw the article from sale, andif, having acknowledged an opening bid, he decidesthat any advance thereafter is insufficient, he mayreject the advance.6On the fall of the auctioneer’s hammer, title tothe offered lot will pass to the highest bidderacknowledged by the auctioneer, subject to fulfillmentby such bidder of all conditions set forth herein, andsuch thereupon (a) assumes full risk and responsibilitytherefore and (b) will pay the full purchase price therefore.In addition to other remedies available to us by law,we reserve the right to impose a late charge of 1% permonth of the total purchase price if payment is notmade in accordance with the conditions set forthherein. The late charge will be imposed pro rata forperiods of less than one month. All property must beremoved from our premises by the purchaser at his orher expense not later than 5 business days following itssale, and if it is not so removed, (a) a handling chargeof 1% of the purchase price per month until itsremoval will be payable to us by the purchaser, with aminimum of 5% for any property not so removedwithin 60 days of the sale, or (b) we may send the purchaseproperty to a public warehouse at the account,risk and expense of the purchaser. If any applicableconditions herein are not complied with by thepurchaser, in addition to other remedies available to usby law, including without limitation the right to holdthe purchaser liable for the total purchase price, we atour option may either (a) cancel the sale, retaining asliquidated damages all payments made by thepurchaser, or (b) resell the property at public auctionwithout reserve, and the purchaser will be liable forany deficiency and costs, including handling chargesand incidental damages. We shall have the rightsafforded a secured party under the CaliforniaCommercial Code with respect to such property, andwe may apply against such obligations all monies orother property held or received by us for the accountof, or due from us to, such purchaser. At our option,payment will not be deemed to have been made in fulluntil we have collected funds represented by checks,or in the case of bank or cashiers checks, we haveconfirmed their authenticity. The purchaser may notremove any lot from our premises until it has beenpaid for in full.30