TERMS OF SALE
This is a public auction
and mail bid sale conducted by Gemini Numismatic Auctions, LLC (GNA). Bidding in the auction constitutes full
acceptance of the following terms.
1) The property contained
in this auction catalog is offered for sale by GNA for itself and on behalf
of consignors. GNA may, at its sole discretion, set
opening bidding levels, determine bidding increments, reject any bid, reopen a
lot in the event of a dispute and withdraw any lot. GNA further reserves the right to bid on
its own behalf, bid on behalf of the consignor or allow the consignor to bid on
his own property.
An 21% buyer’s premium will be added to the hammer price of each lot sold. The buyer’s premium will be reduced to
18% if settlement is made by wire transfer, bank draft or personal check within thirty days of the auction date. The same
buyer’s fee format is applicable to all purchases of unsold lots after the sale. Anyone purchasing on live internet bidding through the sale-room.com pays an additional 3% in addition to the above gemini fees
3) All property offered
herein is guaranteed genuine. Grades, descriptions of condition, assessment
of rarity and attribution are the opinion of the cataloguer and in no way imply
or express warranty. This auction is not
an approval sale. Lots may not be
returned for any reason except lack of authenticity or misdescription. Group lots, containing more than one coin,
are sold “as is” and may not be returned for any reason. Bidders attending the sale, including those
acting as agents for others, are excluded from returning any lot for any reason
except for lack of authenticity. Any
claim of misdescription, excluding a claim of lack of authenticity, must be made
within five days of delivery of the property.
Any claim of lack of authenticity must be made in writing by the
original purchaser immediately on determining the item is not authentic. The original purchaser then must return the
item to GNA in the same condition as when purchased.
4) Settlement is due immediately upon receipt of
the invoice. Interest charges and late
fees of 2% per month, or the highest rate allowable by law, whichever is less,
will be applied to invoices not settled within thirty days of the auction date
and will accrue from the auction date.
Bidders personally guarantee payment for lots purchased in the auction,
including those executing commission bids for other parties. Payment by check, cash, money order, bank wire transfer, Visa Mastercard, American
Express and Discover are accepted.
Checks must be made in US dollars and drawn on a US bank. All successful bidders who choose to pay by
bank wire transfer will be charged an additional $20 for bank charges.
5) Title does not pass
until payment is made in full. GNA
reserves the right to maintain possession of all lots and to require full
payment before delivery is made.
6) Bidders unknown to
GNA must establish satisfactory credit prior to bidding or must pay a
deposit determined by GNA. Bids from
those under 18 years of age must be accompanied by the written consent of a
parent or legal guardian guaranteeing payment.
7) Estimates printed in
this catalog are in US dollars. They are
intended only as a guide to bidders and not as statements of value. Selling reserves will apply to all property
sold in this auction and are normally placed at, but never more than, 80% of
the printed estimates. Therefore, a bid
of less than 80% of estimate will not be accepted. In no instance will a selling reserve exceed the
8) Bids must be in even
dollar amounts. GNA will represent
mail bidders and will execute mail bids at approximately 10% above the next
highest bid. In the event identical mail
bids are received, GNA will execute the earliest bid. A mail bid has priority over an identical floor bid. GNA accepts no responsibility for errors
made in bidding and urges that bid sheets be checked carefully before
9) In the event a
successful bidder fails to make payment when due, GNA reserves the right to
resell the property, or to have an affiliated company do so, and the bidder
agrees to pay for the reasonable cost of such a sale and also to pay the
difference between the resale price and the previously successful bid. GNA also reserves any and all rights that
it is entitled to under the Illinois Uniform Commercial Code, including the
right to offset any sums due from a successful bidder against any future
consignment or purchase or monies or goods in possession of GNA or its
10) Sales tax, postage,
handling and insurance are the responsibility of the buyer and these charges
will be added to all invoices where applicable.
Foreign purchasers are advised to comply with all customs regulations. GNA declines any responsibility for
consequences arising from contravention of such regulations.
11) Bidders hereby waive
any claim for incidental, consequential or exemplary damages arising from this
auction. The sole remedy that any bidder
shall have for any claim or controversy arising out of the auction shall be a
refund of all or part of the purchase price.
12) The rights conferred
under these Terms of Sale are personal and may not be transferred to any other
person or entity. No third party may
rely on any benefit or right granted under these Terms.
13) Any dispute regarding
this auction shall be governed by the laws of Illinois and shall be adjudicated by the appropriate courts of law
in Cook County, Illinois.
All bidders submit themselves to the jurisdiction of these courts for this purpose.