Terms & Conditions
THIS DOCUMENT CONTAINS IMPORTANT INFORMATION REGARDING YOUR RIGHTS AND OBLIGATIONS, AS WELL AS CONDITIONS, LIMITATIONS, AND EXCLUSIONS THAT APPLY TO YOU. PLEASE READ IT CAREFULLY.
BY ACCESSING OR USING THE DIGITAL PLATFORMS (AS DEFINED BELOW), YOU ACCEPT AND AGREE TO BE BOUND BY THESE TERMS OF USE (“TERMS OF USE”) (INCLUDING THE ARBITRATION AGREEMENT AND CLASS ACTION WAIVER SET FORTH HEREIN, PURSUANT TO WHICH YOU AGREE THAT DISPUTES BETWEEN YOU AND US WILL BE RESOLVED BY BINDING, INDIVIDUAL ARBITRATION (EXCEPT AS OTHERWISE PROVIDED HEREIN) AND YOU WAIVE YOUR RIGHT TO PARTICIPATE IN A CLASS ACTION LAWSUIT OR CLASS-WIDE ARBITRATION) and our Privacy Policy , AND YOU REPRESENT THAT (A) YOUR ACCESS TO AND USE OF THE DIGITAL PLATFORMS WILL BE IN ACCORDANCE WITH THESE TERMS OF USE AND ALL APPLICABLE LAWS, RULES AND REGULATIONS AND (B) YOU ARE OF LEGAL AGE TO ENTER INTO A BINDING CONTRACT. If you do not agree to these Terms of Use and the Privacy Policy , you may not access or otherwise use the Digital Platforms.
1. Introduction
These Terms and Conditions (“Terms”) govern the relationship between Sotheby’s Auction (“Sotheby’s,” “we,” “us,” or “our”) and any artist, collector, or consignor (“Consignor,” “you,” or “your”) who submits artwork or collectibles for sale through Sotheby’s auction platform. By consigning an item to Sotheby’s, you acknowledge that you have read, understood, and agreed to be bound by these Terms.
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2. Eligibility and Consignment Acceptance
2.1 Sotheby’s reserves the sole discretion to accept or reject any artwork or item submitted for auction.
2.2 All consigned items must be authentic, legally owned by the consignor, and free from any liens, disputes, or third-party claims.
2.3 The consignor must be at least 18 years of age or legally authorized to enter into binding agreements.
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3. Authenticity and Representations
3.1 The consignor guarantees that all information provided regarding the artwork, including authorship, provenance, date, medium, and condition, is accurate and truthful.
3.2 Sotheby’s may conduct independent research and expert evaluation but does not assume liability for undiscovered defects or misattributions unless required by law.
3.3 Any artwork later found to be inauthentic may result in cancellation of sale and recovery of damages.
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4. Valuation and Estimates
4.1 Pre-sale estimates are opinions only and do not constitute guarantees of sale price.
4.2 Estimates may be revised at Sotheby’s discretion prior to the auction.
4.3 Sotheby’s is not responsible for failure of an item to sell within its estimated range.
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5. Reserve Prices
5.1 A reserve price is the minimum confidential price at which an item may be sold.
5.2 Reserve prices must be agreed upon in writing prior to the auction.
5.3 Sotheby’s may place bids on behalf of the consignor up to the reserve price.
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6. Fees and Commissions
6.1 Sotheby’s shall charge a seller’s commission, the rate of which will be agreed upon prior to consignment.
6.2 Additional fees may apply, including but not limited to photography, insurance, marketing, storage, shipping, and restoration.
6.3 All fees will be deducted from the final sale proceeds unless otherwise agreed.
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7. Marketing and Promotion
7.1 Sotheby’s retains the right to photograph, reproduce, and publish images of consigned items for marketing, cataloging, and promotional purposes.
7.2 Promotion may include online platforms, printed catalogs, exhibitions, and media publications.
7.3 No additional compensation is owed for promotional use of images.
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8. Auction Process
8.1 Auctions may be conducted live, online, or through private sale.
8.2 The highest accepted bid at the close of the auction constitutes a binding sale.
8.3 Sotheby’s reserves the right to withdraw any item prior to sale if necessary.
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9. Payment and Settlement
9.1 Sale proceeds, minus applicable fees and expenses, will be paid to the consignor within the agreed settlement period following receipt of full payment from the buyer.
9.2 Sotheby’s is not liable for delays caused by buyer default or external factors beyond reasonable control.
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10. Insurance and Risk
10.1 Sotheby’s will insure consigned items while in its custody, subject to policy limits and exclusions.
10.2 Risk of loss transfers to the buyer upon completion of the sale unless otherwise stated.
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11. Unsold Items
11.1 If an item fails to sell, Sotheby’s may offer it in a future auction or return it to the consignor at their expense.
11.2 Storage fees may apply for unsold items held beyond the agreed period.
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12. Termination
12.1 Either party may terminate the consignment agreement prior to auction, subject to written notice and reimbursement of incurred costs.
12.2 Sotheby’s may terminate immediately in cases of misrepresentation or breach of these Terms.
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13. Limitation of Liability
13.1 Sotheby’s shall not be liable for indirect, incidental, or consequential damages.
13.2 Liability, where applicable, shall not exceed the net proceeds payable to the consignor.
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14. Confidentiality
14.1 All reserve prices, estimates, and private details are treated as confidential unless disclosure is required by law.
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15. Governing Law
15.1 These Terms shall be governed and interpreted in accordance with applicable international auction and commercial laws.
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16. Amendments
16.1 Sotheby’s reserves the right to amend these Terms at any time.
16.2 Continued participation constitutes acceptance of updated Terms.
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17. Acceptance
By consigning an item to Sotheby’s Auction, the consignor confirms acceptance of these Terms and Conditions in full.