My Collection Vault Terms and Conditions
Last Modified: 6/25/2016
This website is provided as a service to our
customers. Please review the following terms and conditions of use, which
govern your use of this website (the "Agreement").
Specific rules, in addition to these Terms, are provided with respect to transactions conducted on or in connection with the Web Site, and other rules may be provided for the use of certain other items, areas or services provided on or in connection with the Web Site, and you agree to be bound by such rules.
YOUR USE OF THE WEB SITE CONSTITUTES YOUR AGREEMENT TO ALL TERMS, CONDITIONS, AND NOTICES CONTAINED HEREIN OR OTHERWISE POSTED ON THE WEB SITE. (THE CONTENT OF SUCH AGREEMENT, INCLUSIVE OF THE TERMS AND ALL SUCH ADDITIONAL CONDITIONS AND NOTICES, ARE TOGETHER REFERRED TO HEREIN AS THE "AGREEMENT.") IF YOU DO NOT ACCEPT ANY OF THE PROVISIONS OF THE AGREEMENT, DO NOT USE THE WEB SITE.
Unless otherwise noted, this website, and all materials on this website, including text, images, illustrations, designs, icons, photographs, video clips and other materials, and the copyrights, trademarks, and/or other intellectual property in such materials (collectively, the "Contents"), are owned, controlled or licensed by My Collection Vault.
This website and the Contents are intended solely for personal, non-commercial use. You may download or copy the Contents and other downloadable materials displayed on this website for your personal use only. No right, title, or interest in any downloaded Content is transferred to you as a result of any such downloading or copying. You may not reproduce (except as noted above), publish, transmit, distribute, display, modify, create derivative works from, sell or exploit in any way any of the Contents of this website.
All aspects of our website are protected by USA copyright laws, including all design elements, text material, logos, taglines, and metatags. Hash tags, photographic images (both intellectual property of My Collection Vault or submitted to us by our clients), personal stories, My Collection Vault icons, video and audio clips, downloads, and all other data, including all My Collection Vault Designs.
Commission is charged to Sellers at the following rate of 10% paid to My Collection Vault in the form of the consignment fee. An additional 5% is to be paid to the My Collection Vault profit share pool that is distributed at the end of each day.
Items for sale must be consigned to the MyCollectionVault.com handling department by the stated deadline and at your expense. We may be able to assist with this process but any liability incurred to a carrier for shipping and handling charges is solely your responsibility.
Loss and Damage of Goods
(a) My Collection Vault is not authorized to provide insurance to its clients, and does not do so. However My Collection Vault, for its own protection, assumes liability for property consigned to it at the lower pre-sale estimate until the hammer falls. To justify accepting liability, My Collection Vault makes a charge of 1.5% of the hammer price plus VAT. The liability assumed by My Collection Vault shall be limited to the lower pre-sale estimate or the hammer price if the lot has sold.
(b) If the owner of goods consigned instructs us in writing not to take such action, the goods then remain entirely at the owner’s risk unless and until the property in them passes to the Buyer or they are collected by or on behalf of the owner.
The cost of any catalogue illustrations is borne by you. If we consider that the lot should be illustrated, your permission will be asked first. The copyright in respect of such illustrations shall be the property of us, the Auctioneers, as is the text of the catalogue. All lots in every sale are illustrated on My Collection Vault website and major auction search websites.
(a) You are entitled to place order prior to the auction reserve on any lot consigned,
Being the minimum hammer price at which that lot may be sold. Reserves must be reasonable and we may decline to offer goods which in our opinion would be subject to an unreasonably high reserve (in which case goods carry the storage and insurance charges stipulated in these Terms of Consignment).
(b) A reserve once set cannot be changed except with our consent.
(c) Where a reserve has been placed only we may bid on your behalf and only up to the reserve (if any) and you may in no circumstances bid personally on your own lots.
These are subject to detailed statutory safety controls. Where such items are accepted for sale you accept responsibility for the cost of testing by external contractors. Goods not certified as safe by an electrician (unless antiques) will not be accepted for sale. They must be removed at your expense on your being notified. We reserve the right to dispose of unsafe goods as refuse, at your expense.
The sale of soft furnishings is strictly regulated by statute law in the interests of fire safety. Goods found to infringe safety regulations will not be offered and must be removed at your expense. We reserve the right to dispose of unsafe goods as refuse, at your expense. The rights of disposal referred to in the above clauses and this clause are subject to the provisions of The Torts (Interference with Goods) Act 1977, Schedule 1, a copy of which is available for inspection on request.
The original seller must assist us with accurate information as to the provenance and authentication of goods where this is relevant. There is strict liability for the accuracy of descriptions under modern consumer legislation and in some circumstances responsibility lies with sellers if inaccuracies occur. We will assume that you have approved the catalogue description of your lots unless informed to the contrary. Where we are obliged to return the price to the buyer when the lot is a deliberate forgery under the Conditions of Sale and we have accounted to you for the proceeds of sale, you agree to reimburse us the sale proceeds. The liability to reimburse the sale proceeds shall not arise where you are acting reasonably and honestly and are unaware of the forgery but we are or ought to have been aware of it.
Authority to deduct commission and expenses and retain premium and interest
(a) You authorize us to deduct commission at the stated rate and all expenses incurred for your account from the hammer price and consent to our right to retain beneficially the premium paid by the buyer in accordance with our Conditions of Sale and any interest earned on the sale proceeds until the date of settlement.
(b) You authorize us in our discretion to negotiate a sale by private treaty not later than the close of business on the day of the sale in the case of lots unsold at auction, in which case the same charges will be payable as if such lots had been sold at auction and so far as appropriate these Terms apply.
Conditions of Sale
My Collection Vault carries on business with bidders, buyers and all those present in the auction room prior or online to or in connection with a sale on the following General Conditions and on such other terms, conditions and notices as may be referred to herein.
You agree that all goods will be sold under our Conditions of Sale. In particular you undertake that you have the right to sell the goods either as owner or agent for the owner. You undertake to compensate us and any buyer or third party for all losses, liabilities and expenses incurred in respect of and as a result of any breach of this undertaking.
My Collection Vault takes forgeries very seriously and if a seller sends in a counterfeit item their account may be frozen until an investigation can be complete by the My Collection Vault staff and any other third party authority in the authenticity of said item. Damages and losses caused by the seller of counterfeit items will be responsible for all losses and legal fees that may be incurred.
My Collection Vault gives the buyer of consigned items 15 days to return the item back to the my collection vault for resale without any listing fees. All items are sold as is and all sales are final, All items for sale through My Collection Vault are antiques and collectables and are considered used items and there is a no return policy in place.
In these Conditions:
(a) “Auctioneer” means the firm of My Collection Vault or its authorized auctioneer, as appropriate;
(b) “deliberate forgery” means an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source but which is unequivocally described in the catalogue as being the work of a particular creator and which at the date of the sale had a value materially less than it would have had if it had been in accordance with the description;
(c) “Hammer price” means the level of bidding reached (at or above any reserve) when the auctioneer brings down the hammer;
(d) “Terms of consignment” means the stipulated terms and rates of commission on which My Collection Vault accepts instructions from sellers or their agents;
(e) “total amount due” means the hammer price in respect of the lot sold together with any premium, Value Added Tax chargeable and any additional charges payable by a defaulting buyer under these Conditions;
(f) “sale proceeds” means the net amount due to the seller, being the hammer price of the lot sold less commission at the stated rate, Value Added Tax chargeable and any other amounts due to us by the seller in whatever capacity and however arising;
(g) “You”, “Your”, etc. refer to the buyer as identified above.
(h) The singular includes the plural and vice versa as appropriate.
Bidding Procedure and the Buyer
(a) Bidders are required to register their particulars before bidding and to satisfy any security arrangements before entering the auction room to view or bid;
(b) the maker of the highest bid accepted by the auctioneer conducting the sale shall be the buyer at the hammer price and any dispute about a bid shall be settled at the auctioneer’s absolute discretion by re-offering the Lot during the course of the auction or otherwise. The auctioneer shall act reasonably in exercising this discretion;
(c) Bidders shall be deemed to act as principals;
(d) Our right to bid on behalf of the seller is expressly reserved up to the amount of any reserve and the right to refuse any bid is also reserved.
Bidding increments shall be at the sole discretion of the auctioneer.
Value Added Tax
Value Added Tax on the hammer price is imposed by law on all items affixed with an asterisk or double asterisk. Value Added Tax is charged at the appropriate rate prevailing by law at the date of sale and is payable by buyers of relevant Lots.
(1) Immediately a lot is sold you will:
(a) Give to us, if requested, proof of identity, and
(b) Pay to us the total amount due in cash or in such other way as is agreed by us.
(2) Any payments by you to us may be applied by us towards any sums owing from you to us on any account whatever, without regard to any directions of you or your agent, whether express or implied.
Title and Collection of Purchase
(1) The ownership of any lots purchased shall not pass to you until you have made payment in full to us of the total amount due, though risk shall pass to you from the fall of the hammer.
(2) You shall, at your own risk and expense, collect any lots that you have purchased and paid for from our premises through our online shipping system. There is no deadline on items that need to be shipped back to the new owner if new owner decides to relist the item for sale. If the item does not have a sale value placed within 15 days after the sale or upon the clearance of your payment (if later), after which you shall be responsible for any collection, storage and insurance charges.
(3) No purchase may be collected and we shall not release any lot to you or your agent until it has been paid for.
Remedies for Non-Payment or Failure to Collect Purchases
(1) If any lot is not paid for in full and taken away in accordance with these Conditions or if there is any other breach of these Conditions, we, as agent for the seller and on our own behalf, shall at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise one or more of the following rights and remedies:
(a) To proceed against you for damages for breach of contract;
(b) To rescind the sale of that lot and/or any other lots sold by us to you;
(c) To resell the lot (by auction or private treaty) in which case you shall be responsible for any resulting deficiency in the total amount due (after crediting any part payment and adding any resale costs). Any surplus so arising shall belong to the seller;
(d) To remove, store and insure the lot at your expense and, in the case of storage, either at our premises or elsewhere;
(e) To charge interest at a rate not
exceeding 1.5% per month on the total amount due to the extent it remains unpaid for more than 6 working days after the sale;
(f) To retain that or any other lot sold to you until you pay the total amount due;
(g) To reject or ignore bids from you or your agent at future auctions or to impose conditions before any such bids shall be accepted;
(h) to apply any proceeds of sale of other lots due or in future becoming due to you towards the settlement of the total amount due and to exercise a lien (that is a right to retain possession of) any of your property in our possession for any purpose until the debt due is satisfied;
(2) We shall, as agent for the seller and on our own behalf, pursue these rights and remedies only so far as is reasonable to make appropriate recovery in respect of breach of these conditions.
Third Party Liability
All members of the public on our premises are there at their own risk and must note the lay-out of the accommodation and security arrangements. Accordingly neither the auctioneer nor our employees or agents shall incur liability for death or personal injury (except as required by law by reason of our negligence) or similarly for the safety of the property of persons visiting prior to or at a sale.
of Title and Availability
The seller warrants to the auctioneer and the buyer that the seller is the true owner of the property consigned, or is properly authorized by the true owner to consign it for sale, and is able to transfer good and marketable title to the property free from any third party claims.
The auctioneer normally acts as agent only and disclaims any responsibility for default by sellers or buyers.
Terms of Sale
The seller acknowledges that lots are sold subject to the stipulations of these Conditions in their entirety and on the Terms of Consignment as notified to the consignor at the time of the entry of the lot.
Description and Condition
(1) Whilst we seek to describe lots accurately, it may be impractical for us to carry out exhaustive due diligence on each lot. Prospective buyers are given ample opportunity to view and inspect via the web before any sale and they (and any independent experts on their behalf) must satisfy themselves as to the accuracy of any description applied to a lot. Prospective buyers also bid on the understanding that representations or statements by us as to authorship, genuineness, origin, date, age, provenance, condition, completeness or estimated selling price involve matters of opinion. We undertake that any such opinion shall be honestly and reasonably held and accept liability for opinions given negligently or fraudulently. Subject to the foregoing, neither we the auctioneer nor our employees or agents nor the seller accept liability for the correctness of such opinions and all conditions and warranties, whether relating to description, condition or quality of lots, express, implied or statutory, are hereby excluded.
(2) Private treaty sales made under these Conditions are deemed to be sales by auction for purposes of consumer legislation.
Notwithstanding the preceding Condition, any lot which proves to be a deliberate forgery (as defined) may be returned to us by you within21 days of the auction provided it is in the same condition as when bought, and is accompanied by particulars identifying it from the relevant catalogue description and a written statement of defects. If we are satisfied from the evidence presented that the lot is a deliberate forgery, we shall refund the money paid by you for the lot including any buyer’s premium provided that (1) the catalogue description reflected the accepted view of scholars and experts as at the date of sale or (2) you personally are not able to transfer a good and marketable title to us, you shall have no rights under this condition. The right of return provided by this Condition is additional to any right or remedy provided by law or by these Conditions of Sale.
(2) Such rights and exclusions shall extend to and be deemed to be for the benefit of employees and agents of the seller and/or the auctioneer who may themselves enforce them.
The materials on this website are provided "as is" without warranties of any kind, either express or implied, including without limitation, warranties of title, implied warranties of merchantability, fitness for a particular purpose or non-infringement of intellectual property.
My Collection Vault expressly disclaims any duty to update or revise the materials on this website, although My Collection Vault may modify the materials at any time without notice. Your use of this website is at your sole risk, and you assume full responsibility for any costs associated with your use of this website. My Collection Vault shall not be liable for any damages of any kind related to your use of this website.
Modification and Notice
You agree that My Collection Vault may modify these Terms and Conditions and any other policies on our Site at any time and that posting the modified Terms and Conditions or policies on our Site will constitute sufficient notice of such modification.
If any provision of these Terms and Conditions shall be deemed unlawful, void or for any reason unenforceable, then that provision shall be deemed severable from these Terms and Conditions and shall not affect the validity and enforceability of any remaining provisions.
Any relevant terms and conditions, policies and notices shall be governed by and construed in accordance with the laws of USA without giving effect to any principles of conflict of law. You hereby consent to the exclusive jurisdiction of Nevada, USA in respect of any disputes arising in connection with the website, or any relevant terms and conditions, policies and notices or any matter related to or in connection therewith.