Contents

1. Agreement to Terms
2. Account Creation and Registration
3. Account Ownership
4. Age and Identity, Right to Refuse Service
5. Morrell as Agent; Lots
6. Descriptions, Condition and Inspection
7. No Warranty, As Is
8. Estimates and Reserves
9. Bidding
10. Buyer's Premium and Purchase Price
11. Payment
12. Taxes and Passage of Title
13. Collection, Storage, Shipping and Delivery
14. No Returns; Catalogue Errors
15. Default by Buyer
16. Limitations of Liability and Indemnity
17. Limited License, Personal Use Only
18. Copyright, Intellectual Property
19. Content You Share, External Links
20. Privacy
21. Governing Law and Disputes
22. Waiver and Severability
23. General Terms
24. Contact Us

Agreement to Terms

THIS SITE AND ITS AUCTIONS ARE INTENDED FOR ADULTS 21 YEARS OF AGE OR OLDER ONLY.

These Terms and Conditions of Sale, together with our Privacy Policy, govern your use of the Morrell Auctions website at morrellwineauctions.com and any related app(s) (individually and collectively, the "site") and your participation in any auction conducted by Morrell & Company ("Morrell," "we," or "us"). By registering, bidding, or buying at auction, you agree to be bound by these terms and conditions ("Terms"), and you represent that you are at least 21 years of age. If you do not agree to these Terms, you may not access the site or participate in any auction.

If you place the highest bid accepted by Morrell, or otherwise agree to purchase a lot, you are the "Buyer." Each bid is a binding offer, and a winning bid creates a binding contract to pay the full Purchase Price described below.

These Terms are subject to change. We may amend them, or any lot description, at any time through notices posted on the site or in the sale. The version posted when a sale opens governs that sale.

Account Creation and Registration

To bid, you must register for an account. Registration requires your name, phone number, date of birth, billing and delivery address, email address, a password, and a valid credit card (Visa, MasterCard, or American Express), which you authorize us to validate. You agree not to create an account if you have been previously banned from our auctions or services.

We may ask for government-issued photo identification, bank or financial references, or a deposit before approving an account or accepting bids above a set amount. Businesses may be asked for proof of registration and authority. If you bid as an agent for another person, you and your principal are jointly responsible under these Terms, and your principal must meet the same registration requirements.

Our site is powered by Bidpath, a third-party auction platform provider; your data may be stored with Bidpath as described in our Privacy Policy.

Account Ownership

You are responsible for maintaining the confidentiality and security of your account and password, and for every bid and other activity that occurs under your account. You may not allow others to use your account. You agree to (a) notify us immediately of any known or suspected unauthorized use of your account or password, or any breach of security, including loss, theft, or disclosure of your password or card information; and (b) sign out at the end of each session. We are not liable for any loss arising from your failure to comply with (a) and (b), or for bids placed by anyone using your account.

Age and Identity, Right to Refuse Service

By registering or bidding, you represent and warrant that (a) you are at least 21 years of age; (b) you have the legal right and capacity to buy, receive, and possess the lots you bid on; (c) your bids are not made under any anti-competitive agreement and otherwise comply with applicable law; (d) funds used for payment were not obtained from criminal activity; and (e) neither you nor any principal is subject to trade sanctions or embargoes.

You may be required to show proof of age and identity at registration, payment, pickup, or delivery. We reserve the right to refuse registration, reject any bid, cancel any sale, close any account, or refuse service to anyone for any reason at any time, including suspected fraud or use of false identification.

Morrell as Agent; Lots

Except where stated otherwise, Morrell acts as agent for the consignor ("Consignor") of each lot. The contract for sale is between the Consignor and the Buyer. Occasionally we may offer property we own in whole or in part; see Estimates and Reserves below.

Property is grouped into lots at our sole discretion, and each lot is bid on separately. We may withdraw, divide, or combine any lot before or during a sale without liability.

Descriptions, Condition and Inspection

We work to describe every lot accurately, including fill levels, labels, capsules, and packaging. However, every description, condition note, tasting note, score, provenance statement, and estimate, whether written or oral, is a statement of opinion only. You must make allowance for the natural variation in ullage, corks, capsules, labels, cases, and the wine itself, especially in older bottles. Images are for illustration only and may not show every defect.

You are encouraged to inspect lots before bidding, in person by appointment or by requesting additional photographs at auctions@morrellwine.com. We may amend any description at any time before or during a sale.

No Warranty, As Is

ALL LOTS ARE SOLD "AS IS." Except as provided under No Returns; Catalogue Errors below, Morrell and the Consignor make no representations or warranties, express or implied, as to merchantability, fitness for a particular purpose, or the origin, condition, quality, rarity, authenticity, provenance, storage history, potability, or value of any lot. Content on the site, including lot information, may be incorrect or out of date, and we are under no obligation to update it.

Estimates and Reserves

Each lot carries a low and high estimate of the expected hammer price, based on recent sales of comparable property, condition, rarity, and provenance. Estimates exclude the Buyer's Premium and taxes. They are a general guide, not a prediction or guarantee of price or value, and may be revised before bidding opens.

Unless stated otherwise, every lot is offered subject to a confidential reserve agreed with the Consignor. The reserve will not exceed the low estimate. If bidding does not reach the reserve, the lot will not be sold. Morrell may bid on the Consignor's behalf up to, but not at or above, the reserve, and will not identify such bids.

Lots in which Morrell or an affiliate has a financial interest, including full or partial ownership or a minimum price guarantee to the Consignor, will include a notice of that interest in the lot details.

Bidding

Morrell Auctions are conducted online as timed auctions. Each lot has a scheduled closing time shown on the site. You may place a single bid at the next increment or a maximum bid. With a maximum bid, the system bids for you only as much as needed to keep you the high bidder, up to your maximum. If two identical maximum bids are placed, the earlier one prevails. All bids are final and cannot be retracted once submitted. All bids are in U.S. dollars and exclude the Buyer's Premium and taxes.

Extended bidding. If a bid is placed on a lot within the final 5 minutes before its scheduled close, bidding on that lot is extended by 5 minutes from the time of that bid, and continues to extend until no bid is received for 5 minutes. No contract is formed until bidding on the lot has closed.

Bidding increments. Increments generally follow the schedule below and may be changed at our discretion. A maximum bid that does not match an increment will be rounded down to the nearest valid increment.

Our discretion. Morrell may accept or reject any bid, correct errors, reopen or extend bidding on a lot, and, in the event of error, dispute, or a technical failure, determine the successful bidder, cancel the sale of the lot, or reoffer it. Our sale records are conclusive. Bid-status notifications (such as "winning" or "outbid") are for convenience and may be overridden by our records.

Bidding by Morrell and staff. Morrell reserves the right to bid for its own account on the same terms as any other bidder. Morrell employees may bid for their own accounts only by maximum bid placed before the final day of the sale and only on lots for which they hold no confidential information.

No bidding by consignors. Consignors and their agents are strictly prohibited from bidding on, or causing others to bid on, their own lots. Morrell may cancel any sale affected by a violation and recover its costs from the consignor.

Technical issues. Online bidding is offered as a convenience. We are not liable for errors, delays, or failures in placing or executing bids, including loss of internet connection, site or app outages, or device issues. We may suspend, extend, or cancel a sale in the event of a technical failure.

Buyer's Premium and Purchase Price

The Purchase Price for each lot is the hammer price (your winning bid) plus a Buyer's Premium of 20% of the hammer price, plus any applicable sales tax and any fees described in these Terms. Morrell may offer reduced Buyer's Premium rates to clients who meet spending thresholds; any such program may be changed or withdrawn at any time and does not apply to charity lots.

Payment

Winning bidders will be notified and invoiced by email after the auction closes. By bidding, you authorize Morrell to charge the credit card on file within 24 hours after the auction closes for invoice amounts up to $10,000, unless you have paid by another accepted method first. Invoices over $10,000 must be paid by wire transfer, ACH, or check within 5 business days of the auction close.

We accept Visa, MasterCard, American Express, wire transfer, ACH, Zelle, and check drawn on a U.S. bank. Credit card payments are limited to $10,000 per invoice and carry a 3% surcharge on the amount charged. Payment must be made in U.S. dollars, and is not complete until we receive good, cleared funds. Please allow at least five business days for checks to clear. Returned checks are subject to a $50 fee. Contact 212-688-9370 for wire instructions. If your card is declined, you must provide alternative payment within 5 business days of the auction close.

Chargeback waiver. When paying by credit card, you irrevocably waive any chargeback rights you may have under your cardholder agreement or otherwise. Any dispute about a lot must be raised with Morrell under these Terms.

Balances unpaid more than 15 days after the close incur a late charge of 1.5% per month, calculated daily, until paid. We may withhold release of any property, including lots from prior sales, until all amounts owed to Morrell are paid in full. Invoices are issued in the name of the registered bidder and cannot be transferred.

Taxes and Passage of Title

All lots are sold, fulfilled, and released by Morrell & Company as seller in the State of New York. All sales settle in New York: title to and ownership of purchased lots passes to the Buyer in New York, and New York State and local sales tax is applied to the Purchase Price, including the Buyer's Premium, unless one of the three exceptions below applies: a Vintage Wine Warehouse Delaware storage account, shipment to a state where Morrell holds a direct-to-consumer shipping permit, or shipment outside the United States. In every case, title passes only upon Morrell's receipt of full payment in cleared funds; until then, the property remains with the Consignor or Morrell.

Delaware title through Vintage Wine Warehouse Delaware. Where permitted, a Buyer who holds a storage account with Vintage Wine Warehouse Delaware, Morrell's storage partner, before release takes title in the State of Delaware, where the lots are delivered into Vintage Wine Warehouse Delaware storage. Delaware does not currently impose sales tax on these purchases, so no sales tax is charged.

Direct shipment and export. For lots shipped to a state in which Morrell holds a direct-to-consumer shipping permit or to a destination outside the United States, title passes in the state or country to which the lots are shipped, or at the port of exit, as applicable, and any taxes are applied according to that location.

Morrell makes no representation as to the legal rights of anyone to deliver or import alcoholic beverages into any state or country. You are solely responsible for the transport of your purchases from the state of sale to your chosen destination, for determining its legality and tax and duty consequences, and for all taxes, duties, and tariffs imposed at delivery, which must be paid before release. Licensed dealers may claim a resale exemption by providing a valid resale certificate and alcoholic beverage license before release. We urge you to investigate the laws of your state or country before bidding.

Risk of loss passes to the Buyer upon payment in full or, if earlier, upon release of the property to the Buyer, the Buyer's agent, a carrier, or a third-party storage facility. Morrell's insurance on paid property held in our care is described under Collection, Storage, Shipping and Delivery.

Collection, Storage, Shipping and Delivery

Purchased lots are held by Morrell in New York until paid. For Buyers with a Vintage Wine Warehouse New York or Delaware storage account only, lots are transported to Vintage Wine Warehouse storage immediately after payment is received.

Once you have paid in full, you may (a) pick up your purchases by appointment at 600 Albany Post Road, Briarcliff Manor, NY 10510, or, for Vintage Wine Warehouse account holders, at their Vintage Wine Warehouse location in Briarcliff Manor, New York or New Castle, Delaware 19720 (the exact address is provided when the pickup appointment is confirmed); (b) have Morrell coordinate delivery as described below; (c) keep them in storage under the terms below; or (d) release them to a licensed carrier, freight forwarder, or storage company you engage. Please give at least 72 hours' notice for pickup. Proof of age and identity is required at pickup and delivery, and every recipient must be at least 21 years of age.

Delivery. Please allow up to 48 hours after release for our logistics team to coordinate delivery. Deliveries within New York State are made by UPS, FedEx, regional carriers, or truck, subject to route availability. For destinations outside New York State, compliance with state and local laws on the transportation of alcohol is your responsibility, and our team may contact you to discuss available delivery options. For destinations outside the United States, we will do our best to arrange shipment; the minimum charge is $200, and duties and customs charges are yours. Call 212-688-9370 to arrange any delivery.

Returned shipments. Any shipment returned to Morrell, including because no person at least 21 years of age was present, the address was invalid, or the recipient refused it, is subject to new shipping fees, which will be quoted at the time of redelivery.

Holding and storage. Mirroring Morrell retail, the first 90 days after the auction close are complimentary. Purchases not collected or given delivery instructions by the 91st day are transferred to Vintage Wine Warehouse in your name (lots of Vintage Wine Warehouse account holders are already there), and storage fees of $0.50 per unit per month, plus applicable taxes, apply from the 91st day. You authorize Morrell to open a Vintage Wine Warehouse account in your name under its customary terms and conditions, which are available on request. Morrell's insurance on property held in our care ends 90 days after the auction close; after that, the property is covered only as provided under your Vintage Wine Warehouse account, and you are responsible for insuring it.

Unpaid or abandoned property. If property remains uncollected and storage charges unpaid six months after the auction, after three written attempts to contact you, Morrell may resell the property for your account and apply the proceeds to amounts owed, with any balance held for you as required by law. Morrell may use third-party delivery services, which may have their own terms.

Protection Fee / Shipping Insurance. Any delivery Morrell coordinates or is directly responsible for automatically incurs a 1.5% Protection Fee / Shipping Insurance, unless you waive it at the time of delivery coordination and the waiver is noted on the final delivery invoice. The fee covers goods in transit lost to breakage, proven theft, or carrier-reported loss. It does not cover cork or closure failure, shipping in unsuitable weather at your request, or packages not signed for by you or your agent. If you waive it, you assume all risk of loss or damage once the packages leave Morrell's care. Shipments made on your or your agent's own accounts, including third-party storage and transport companies, are covered by Morrell's insurance only until they leave our premises.

Inspection on receipt. Due to the fragile nature of fine and vintage wine, we strongly recommend collection. Inspect your wine on receipt and note any loss or breakage in writing on the delivery documents. Claims not noted on the delivery documents and reported to Morrell within 24 hours of delivery will not be honored.

Extreme weather. Morrell may hold any delivery for a later date due to weather conditions that may harm the wine. If you choose to ship during extreme weather, Morrell is not responsible for the result.

Original packaging. Original wooden cases and cartons are kept with the lot where available. To protect the wine, we may repack bottles in shipping containers and ship original cases separately at additional cost.

No Returns; Catalogue Errors

MORRELL DOES NOT ACCEPT RETURNS AND DOES NOT GUARANTEE THE AUTHENTICITY OF ANY LOT. Neither Morrell nor the Consignor warrants the producer, vintage, provenance, or genuineness of any property, and refund is not available on those grounds except as stated below.

Catalogue errors. Morrell will accept the return of a lot that was mis-catalogued (for example, the wrong producer, vintage, bottle size, or quantity), or whose actual condition is materially and dramatically different from our written condition description. You must notify us in writing within 5 days after delivery or pickup. Every such claim is subject to inspection by Morrell and to Morrell's confirmation of the error, in its sole discretion. If confirmed, Morrell will rescind the sale and refund the Purchase Price for the affected bottles.

Not grounds for return. Minor differences in fill level, label, capsule, or packaging; cork failure, sediment, or bottle variation; the taste or character of a wine; differences in importer; and errors in bottle or sequence numbers.

Requirements for any claim. A claim may be made only by the original Buyer of record, who must still own the property. The property must bear Morrell's auction reference sticker, must be in the same condition as when released, and must have been stored and transported under appropriate conditions. We do not accept claims for issues discovered after the Buyer cuts a band on original packaging. Failure to meet these requirements or deadlines waives the claim.

Suspected fraud. If Morrell suspects a lot is counterfeit or connected to fraud, we may cancel the sale and hold the property, refunding any payment received.

Sole remedy. Refund of the Purchase Price under this section is your sole remedy for any claim relating to a lot.

Default by Buyer

If you do not pay in full within 30 days after the auction close, or otherwise fail to comply with these Terms, Morrell may, at its sole discretion and in addition to any other rights at law or in equity, do any one or more of the following:

• Cancel the sale, with any partial payments and deposits forfeited as liquidated damages.
• Resell the property publicly or privately for your account and at your risk, and charge you any shortfall plus the costs of both sales.
• Charge the late charge described under Payment, plus collection costs and reasonable attorneys' fees.
• Set off amounts owed to you by Morrell, including consignment proceeds, against amounts you owe.
• Retain as collateral, with the rights of a secured party, any of your property in Morrell's possession.
• Refuse future bids or purchases from you, directly or indirectly.
• Release your name and address to the Consignor so the Consignor may pursue payment.

Limitations of Liability and Indemnity

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL MORRELL, ITS AFFILIATES, OR ANY CONSIGNOR (OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS) BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES WHATSOEVER, INCLUDING DAMAGES FOR LOSS OF PROFITS, LOSS OF RESALE VALUE, BUSINESS INTERRUPTION, LOSS OF DATA OR GOODWILL, OR DAMAGE FROM ANY SECURITY BREACH, HOWEVER CAUSED AND ON ANY LEGAL OR EQUITABLE THEORY, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. OUR MAXIMUM LIABILITY FOR ANY CLAIM RELATING TO A LOT SHALL NOT EXCEED THE PURCHASE PRICE YOU PAID FOR THAT LOT.

We are not liable for failures or delays in fulfilling our obligations caused by events beyond our reasonable control, for the performance, operation, or security of the Bidpath auction platform or other third-party services, or for the acts or omissions of any carrier, freight forwarder, or storage facility you engage.

You agree to indemnify and hold harmless Morrell, its affiliates, and the Consignor from any loss, claim, or expense, including reasonable attorneys' fees, arising from your breach of these Terms, any inaccurate information you provide, your violation of any law, or any act or omission by you or your agents affecting the property. These obligations survive completion of the sale.

Limited License, Personal Use Only

You are granted, subject to these Terms, a personal, nonexclusive, non-transferable, limited license to access and use the site to view and bid in our auctions. Collection or "scraping" of lot listings, images, descriptions, estimates, prices realized, or other site data, whether manually or by any automated tool, is prohibited and is a violation of these Terms.

Copyright, Intellectual Property

All content on the site and in our catalogues, including images, lot descriptions, tasting notes, text, graphics, logos, and data compilations, is the property of Morrell or its licensors and is protected by United States and international copyright and trademark laws. You may not copy, reproduce, republish, or create derivative works from it without our prior written consent. Purchasing a lot does not convey any copyright or reproduction right in any image or material.

Content You Share, External Links

Any questions, comments, or other content you submit must not be illegal, defamatory, infringing, or otherwise objectionable. We may remove or edit such content, and you grant us an irrevocable, royalty-free right to use it. The site may link to third-party websites for convenience only; we are not responsible for their content and do not endorse them.

Privacy

We collect and use your personal information, including identification and payment information, to operate our auctions, verify identity and age, process payments, conduct fraud and compliance screening, and communicate with you about sales and events, as described in our Privacy Policy, posted at morrellwineauctions.com. Your information (not including credit card information) may be transferred unencrypted; please see the terms of our platform and payment providers for their data practices.

Governing Law and Disputes

These Terms, and all matters relating to our auctions, are governed by the laws of the State of New York, without regard to conflict-of-law principles. You consent to the exclusive jurisdiction of the state and federal courts located in New York County, New York. TO THE MAXIMUM EXTENT PERMITTED BY LAW, YOU WAIVE ANY RIGHT TO A JURY TRIAL, AND AGREE THAT ANY CLAIM WILL BE BROUGHT ONLY ON AN INDIVIDUAL BASIS AND NOT AS PART OF ANY CLASS OR REPRESENTATIVE ACTION.

Morrell's auctions are conducted pursuant to New York Alcoholic Beverage Control Law §99-g. Morrell & Company holds New York State Liquor Authority Wine & Liquor Auction Permit No. 0531-25-10399.

Waiver and Severability

The failure to exercise or enforce any right or provision in these Terms shall not constitute a waiver of such right or provision. If any provision, or portion thereof, is held invalid, illegal, or unenforceable, it shall be eliminated or limited to the minimum extent, and the remaining provisions will continue in full force and effect.

General Terms

These Terms, with our Privacy Policy and any notices posted for a specific sale, are the entire agreement between you and Morrell regarding our auctions, and control over any conflicting website or retail terms. You may not assign your rights or obligations without our written consent. These Terms bind your heirs, successors, and permitted assigns. The Consignor of each lot is an intended third-party beneficiary of these Terms. Section headings are for convenience only.

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