ANTIQUES AND REPRODUCTIONS

An antique is defined as any object over 100 years old.

“AS IS”

In reference to the condition of the item, the seller sells the item without warranties to the fitness of the merchandise. The buyer is responsible for inspecting the item before the sale for their own protection. Synonyms are as follows: “where is”, and “in its present condition”.

AUCTION

A form of selling in which goods are sold to the highest bidder in a public setting.

AUCTION WITH RESERVE

An auction where the seller reserves the right to accept or decline any bids within a specific time. A minimum bid may or may not be disclosed.

AUCTION WITHOUT RESERVE

An auction where the merchandise is sold to the highest bidder with no minimums or limiting conditions. The seller may not bid personally or through an agent.

AUCTIONEER

The person whom the seller engages to direct, conduct, or be responsible for a sale by auction.

BID

A buyer’s indication or offer of a price he/she will pay to purchase the item. Bids are usually in standardized increments established by the auctioneer.

BID NOTE

Also known as a Memorandum, a form executed by the high bidders confirming and acknowledging the bidder’s identity, the bid price, and the description of the piece.

BID CALLER

Commonly known as the auctioneer, the person who “calls”, “cries”, or “auctions” the merchandise at an auction, recognizing bidders and acknowledging the highest bidder.

COMMISSION

The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction.

AN ESTATE SALE

An auction at which the sale includes the personal property and/or real property of a living or deceased person.

HAMMER PRICE

The final price of the lot as established by the highest bidder and the auctioneer before dropping the gavel.

LITHOGRAPH

An authorized copy of an original work made by the artist or a skilled craftsman which can be signed or unsigned. Creating a lithograph may even take as long as the length of time it took to create the original artwork itself; so, to preserve the value, only a limited number of prints are allowed. The process involves placing the work on a flat sheet of zinc or aluminum where it is treated to retain ink while the non-image areas are treated to repel ink. Ink is applied to this plate, and then it is pressed onto a paper so that the inked image is transferred to the paper.

MULTI-PROPERTY AUCTION

An auction where a group of properties are offered through a common promotional campaign. The properties may be owned by one seller or multiple sellers.

RESERVE

The minimum price that a seller is willing to accept for the item.

TAX SALE

A public sale in which the property being sold is due to nonpayment of property taxes.

TERMS AND CONDITIONS

Conditions of sale that will vary from auction to auction depending on the type of merchandise being sold. Below are usual stipulations that are typically listed on the backs of bidder cards.

BOOKKEEPER / CLERK

The person in charge of the accounting and paperwork at each auction.

BUYER’S PREMIUM

The percentage added on to the bid amount. Buyer’s premiums are used by almost all auction houses as a way to spread the cost of holding the event from those who benefit the most from the opportunities to purchase, i.e, the buyer. The buyer’s premium is added onto the bid price, and the sales tax is charged onto the buyer’s premium.

Types of Payments Accepted

Although the methods of payment may vary from auction to auction, typically cash, cashier’s checks, personal checks, Visa, MasterCard, and American Express as accepted. A valid identification such as a state-issued Driver’s License or other Government ID is needed for registration. Personal checks, however, are only accepted from customers that are known to the company. Please see the Payment and Delivery tab for more detailed information.

TIE BIDS

When two or more persons bid exactly the same amount at the same time. This issue is resolved by the auctioneer.

Important Notice

Conditions of sales apply when read or not.

As required by law, all customers who wish to pay $10,000 or More in cash must fill out an IRS 8300 form. Cash is defined as all currency, a cashier’s check, money order, bank draft, or traveler’s check having a face amount of $10,000 or more.

Bidding

A 15% buyer’s premium will be added. The sales tax will be charged on the total of the bid price and the 15% buyers’ premium. All goods are sold “final sale as is” at the time of sale subject to all faults and defects whether or not any inspection is made by or on behalf of the purchaser. All lots are subject to a reserve and /or minimum bid. The consignor has the right to withdraw, divide or consolidate any lot and refuse any bid in accordance with uniform commercial code.

Payment Terms

• All Lots are paid in full at the conclusion of the auction and any exceptions thereof are at the sole discretion of the auctioneer.
• In the event of a default in payment or otherwise, a purchaser shall be responsible for all costs of collection including reasonable attorney fees.
• Interest will be assessed at a rate of 24% (twenty-four percent) per annum on any and all outstanding sums due pursuant to this agreement from the due date until paid.
• If the purchase price is not paid, or the items are not removed from the place of auction, the auctioneer, at his sole exclusive discretion, has the right to remove said items from the premises to storage and/or to cancel the sale and /or seek any and all legal remedies against the Purchaser including monetary damages for the purchase price. The auctioneer retains the right, upon the bidder refusing to accept the goods, to resell the goods at a reasonable price where the bidder will be liable for the difference between the resale price and the original price excepted by the bidder. Additionally, the bidder shall be liable for all costs of such subsequent sale including warehousing and auctioneer’s commissions.
• IRS Form 8300 must be completed and filed for all customers who wish to pay $10,000 or more in cash.
• Cash is defined as all currency, a cashier’s check, money order, bank draft, or travelers check having a face amount of $10,000 or more.
• All payment and financial invoice information will be kept confidential. A copy of sales tax exemption certificates must be submitted and a sales tax exemption form must be filled out at registration to be sales tax exempt.
• Invoices are subject to audit for errors and bidder is responsible for paying any balance due therein. If there exists a deficiency in sales taxes due to incorrect sales tax exemption information or if there is a balance due for other reasons, the customer grants permission to charge balance on credit card.

Appraisals

Appraisals provide a description of each item offered and submit a retail replacement value to the item for insurance purposes. We do not recommend you base your decision to buy an item based on the appraisal value. Please be informed that the appraisals have been prepared by independent appraisers, and the retail value may be very high or very low and there may be variation in the grading of the jewels. However, due to the subjective nature of the grading and the appraising process, the auctioneer does not assume any liability for the appraisal certificates.

Warranty & Appraisal

• While descriptions are believed to be accurate, all statements or representations on such matters, whether printed in a catalog or made orally, are statements of opinion only and are not a representation of facts.
• The auctioneer disclaims all warranties, express or implied, including fitness for a particular purpose and merchantability as to any items purchased.
• The auctioneer specifically makes no warranty or representation as to the value of any particular item.
• The auctioneer disclaims for itself and for the vendor and/or the consignor, any and all responsibility for authenticity, age, origin, condition, size, weight, quality or kind. Purchasers are deemed to have satisfied themselves on authenticity, condition, etc. before bidding.
• No one in the auctioneers employ has the authority to make any representation of fact whatsoever.
• The terms of this warranty may only be varied in writing.
• No oral warranties or representation may modify this disclaimer.
• While in the course of the auction the auctioneer may make statements about the goods subject to auction, such statements do not constitute warranties, shall not be relied up by the buyer, and are not part of these terms and conditions of sale.
• Any dispute arising under or in connection with this agreement shall be resolved by private, binding arbitration administered by the uniform arbitration act in the county where the auction was held.
• A hearing before a single arbitrator shall be held in the corresponding County where the auction was held. The results of the arbitration shall be and remain confidential and unpublished.
• A violation of confidentiality shall result in the forfeiture and return of any consideration received from the arbitration, as liquidated damages and not as a penalty.

Surveillance Cameras

I hereby consent to being recorded and/or photographed.

Note:

Other terms and conditions including terms and conditions on jewelry certificates may be presented prior to the auction. Terms and conditions herein will combine to be binding on the purchaser.

Why gold is up and could continue to rise

Different investors cite different reasons for owning gold. For one, it has a reputation to maintain or increase in value during periods of inflation, though that track record is spotty. For another, it’s considered a store of value should paper money become significantly devalued — after all, gold has been considered currency for millennia