Terms of Guarantee

Terms of Guarantee

1. Definition of Authorship

“Authorship” is defined as the artist, artisan, workshop, designer, school, period, culture, or source of origin, as applicable and indicated in the description of the lot. The warranted information appears in bold print immediately following the individual lot number; no other language in the catalog is warranted, including any supplemental material which appears below the bold print headings. Capsule is not responsible for any errors or omissions in any material, which appears below the bold print headings. The description of authorship in this catalog may be amended by a supplement to the catalog, or by notices or announcements at the time and place of the auction sale. This catalog may contain one or more glossaries explaining the terminology used in the catalog. All terminology used in this catalog, including the contents of the glossaries, are merely qualified statements or opinions and are not intended or made as warranted statements or representations under these Terms of Guarantee. Capsule makes no warranties whatsoever, express or implied, with respect to any material in the catalog, except as set forth in bold print headings following individual lot numbers in this catalog and subject to the exclusions set forth below.

2. Coverage Under the Guarantee

Subject to the exclusions set forth below in paragraphs 5 and 6, Capsule warrants the authorship (as that term is defined above) of each lot in this catalog for a period of five years from the date of the sale of the lot. The guarantee is made only to the original purchaser of record at the auction, and only the registered bidder for the lot at the auction will be considered as the original purchaser. The buyer must give written notice of claim within five years from the date of the auction. Capsule may require, at its option, to have the purchaser obtain at the purchaser’s expense the opinion of two recognized experts (approved by Capsule) in the field relating to the item in question, before Capsule determines whether to rescind a sale under the above warranty. Upon request, Capsule will provide the purchaser with the names of acceptable experts.

3. Non-Assignability

The benefits of this warranty are not assignable and shall be applicable only to the original purchaser of record (i.e., the registered bidder) and not to any subsequent owners (including, without limitation, donees, heirs, successors, beneficiaries or assigns) who have, or may acquire, an interest in any purchased property. The original buyer must have remained the owner of the lot without disposing of any interest in it to any third party.

4. Sole Remedy

The purchaser agrees that in the case of a breach of warranty under these Terms of Guarantee, he shall have no remedy other than rescission of the sale and the refund of the original purchase price paid. The original purchase price paid is defined as the amount of the successful bid price, plus the buyer’s premium. No rescission and refund will be made unless the item is returned to Capsule Gallery at 508 West 26th Street, New York , New York 10001, in the same condition as at the time of sale. The remedy of rescission and refund is exclusive and the purchaser waives any other remedy which may be otherwise available in law or equity. Capsule shall not be liable for any special, consequential or incidental damages incurred or claimed including, without limitation, loss of profits or for interest.

5. Exclusions

This warranty does not apply to:

  1. authorship of any paintings, drawings or sculpture created prior to 1870, unless the lot is determined to be a counterfeit which has a value at the date of the claim for rescission which is materially less than the purchase price paid for the lot; or
  2. any catalog description where it was specifically mentioned that there is a conflict of specialist opinion on the authorship of a lot; or
  3. authorship which on the date of sale was in accordance with the then generally accepted opinion of scholars and specialists, despite the subsequent discovery of new information, whether historical or physical, concerning the artist or craftsman, his students, school, workshop or followers; or
  4. the identification of periods or dates of execution which may be proven inaccurate by means of scientific processes not generally accepted for use until after publication of the catalog, or which were unreasonably expensive or impractical to use at the time of publication of the catalog.

The term counterfeit is defined as a modern fake or forgery, made less than fifty years ago, and made with the intent to deceive. The authenticity of signatures, monograms, initials or other similar indications of authorship is expressly excluded as a controlling factor in determining whether a work is a counterfeit under the meaning of this Terms of Warranty.

6. Limited Warranty

As stated in paragraph 2 of the Conditions of Sale, neither Capsule nor its consignor makes any express or implied representations or warranties whatsoever concerning any property in the catalog, including without limitation, any warranty of merchantability or fitness for a particular purpose, except as specifically and expressly provided in these Terms of Guarantee.