Annual Auction

MOMENTUM Annual Spring Fundraiser and Art Auction

AUCTION RULES

GENERAL RULES

The purchase of admission to the MOMENTUM Art Auction allows an individual to register for a bid number and to bid on Live and/or Silent items during the art auction. Bid numbers can be secured by filling out a Bid card. The Silent Auction begins on Saturday, May 6th at 7:30 and runs until 11 PM. The Live Auction is held from 8:30- 9 PM.

VIP donors may place first bids, absentee bids, and/or guaranteed bids for the Silent Auction and silent bids and/or absentee bids for the Live Auction at the VIP Reception on Saturday, May 6th from 6:00 until 7:30 PM.

ALL ACQUISITIONS MUST BE PURCHASED IN FULL AND TAKEN HOME THE EVENING OF THE AUCTION. If your piece is too large to remove, arrangements can be made to pick up the work the following day with Southern Exposure staff at the time of sale. Any arrangements and expenses for delivery are the sole responsibility of the purchaser.

Each auction item is sold AS IS without warranty. Southern Exposure reserves the right to withdraw any item at any time before the actual sale.

The amount that is tax-deductible by law is limited to the positive difference between the amount paid for the item less the retail value stated in the program.

ALL SALES ARE FINAL WITH NO REFUNDS OR EXCHANGES.

LIVE AUCTION RULES

To participate in the Live Auction, place your bid by raising your bid number (located on the back of your catalog) toward the auctioneer.

The highest bidder acknowledged by the Auctioneer shall be the buyer. The Auctioneer has the right to reject any bid and to advance the bidding at his absolute discretion and, in the event of any dispute between bidders, to determine the successful bidder or to re-offer and resell the article in dispute. Should there be any dispute after the sale, the Auctioneer's record of the final sale shall be conclusive.

At the moment the Auctioneer declares it, title to the offered lot shall pass to the buyer, who shall forthwith assume full risk and responsibility for the lot and may be required to sign a confirmation of purchase, supply his/her name and address, and pay the full purchase price. If the buyer fails to comply with such requirements, the lot may, at the Auctioneer's discretion, be put up and sold again.

SILENT AUCTION RULES

All Silent Auction artworks are accompanied by bid sheets. To bid on an item in the Silent Auction, write your bid number (located on the back of your catalog) and your bid amount on the corresponding bid sheet.

The amount of your bid must be equal to or exceed the amount of the starting bid. The minimum amount a bid can successfully be raised is stated on the bid sheet. Only bids that are equal to or exceed the minimum raise amount will be accepted.

The Silent Auction begins to close at 9:45 PM. Sections will close by lot in numerical order until the last lot is closed. In the event of a competitive bidding situation, there may be a Live bid-off for the Silent Auction lot. The Auctioneer or Emcee will conduct the live bid-off. No further bids will be made after an item is closed.

The highest bid will win the piece, but the winning bid must be equal to or exceed the starting bid. Bid sheets will be collected by Southern Exposure.

PAYMENT

Artwork purchased in the Live Auction may be paid for as early as 9:30 PM. Artwork purchased in the Silent Auction may be purchased fifteen minutes after the item is closed. The Silent Auction will end at 11 PM.

Please be prepared to present your bid number at the time of purchase. The cashier will have a record of any pieces purchased under your particular bid number. California sales tax will be charged to all purchases. Payment may be made with cash, check, VISA or Mastercard. Checks should be made out to Southern Exposure.

PICK-UP

After payment, an attendant will de-install your artwork and it will be wrapped for you. PLEASE DO NOT DE-INSTALL THE ARTWORK YOURSELF. Take your receipt to the wrap area and an attendant will bring you the artwork.

KEY TO TERMS

BIDDING NUMBER: The number you were assigned to bid or purchase an auction item. This number is your identity as a buyer and is located on the back of your catalog. Southern Exposure strongly recommends that each potential buyer secure his or her own bidding number. You are responsible for any winning bids made with your bid number. As a result, we recommend that you do not loan your bid numbers to others, unless you are willing to purchase their items as well.

RETAIL VALUE: Retail value reflects the current market value of the auction item. The donor or gallery determines the retail value for these items. Occasionally, a donor declines submission of a value. In this case, Southern Exposure assigns a value that is agreed upon and fair.

GUARANTEED BID: Bidders have the option to guarantee a purchase from the Silent Auction item by bidding the guaranteed bid. Guaranteed bids are set above the retail value of each item determined to be fair by Southern Exposure. The first bidder to sign the bottom of the bid sheet commits to paying the guaranteed price and becomes the winning bid. Live items are not available for guaranteed bids. Host Committee members and individuals who attend the VIP Reception have the privilege to make guaranteed bids the evening of May 6th 2006. Auction items purchased at the VIP Reception must remain on display at Southern Exposure for the remainder of the auction.

STARTING BID: The starting bid is the lowest amount that an item can successfully be bid upon.

MINIMUM RAISE: The minimum amount a bid can successfully be raised is stated on the bid sheet. Bids must be raised in the increments stated. Only bids that are equal to or exceed the minimum raise amount will be accepted. Bids that do not follow the minimum raise may be determined invalid, in which case the next highest acceptable bidder will be determined the highest bid.