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CONDITIONS OF SALE
1.
APPLICATION AND CONTRACTUAL RELATIONSHIP
1.1.
By making a bid, a Bidder acknowledges his acceptance of these Conditions
and will be bound by them.
1.2.
A. H. Baldwin & Sons Ltd., Dmitry Markov Coins & Medals, M&M
Numismatics Ltd., and Ira & Larry Goldberg Coins & Collectibles Inc. (“Auctioneer”)
act as Auction Agent for the Seller for the sale of a Lot to the Buyer unless any of
these entities is in fact the owner of the Lot. As such, Auction Agent is not
responsible for any default by the Seller or the Buyer.
1.3.
The contract for the sale of a Lot is between the Seller and the Buyer and is
subject to these Conditions and the Seller's Conditions.
2.
PRE-SALE AND DESCRIPTIONS
2.1.
Statements made by us in a Catalog, during the course of the Auction or
elsewhere, describing a Lot, including its authorship, origin, age, size, condition,
genuineness, authenticity, value or the state of preservation and strike are intended as a
guide for interested Bidders. When a grade from an independent grading service is
mentioned, the information is provided strictly for the convenience. These are
statements of opinion only and should not be relied on as statements of fact.
Illustrations of the Lots are for general identification only.
2.2.
Lots by their nature are usually aged and varied in condition. The absence of
any description of a defect, damage, modification or restoration in any Catalog does
not imply that there are none.
2.3.
Coins are graded to accepted international standards to the best ability of our
specialists. You acknowledge that the grading of coins is subjective and may vary from
specialist to specialist, as the process is by nature an art and not a science. For this reason, we
do not automatically accept and are not bound by the opinions of third party coin grading
services for any purposes including before and after the sale of a Lot.
2.4.
If you are interested in a Lot, we strongly recommend that you view it in person
before the Auction and form your own opinion of the description of the Lot.
2.5.
We reserve the right to change any aspect of the published description of a Lot prior
to the Auction. Any change may be published on our website, displayed at the Auction,
announced by the auctioneer prior to the sale and/or communicated in any other manner.
2.6.
All copyright in Catalogs, including images, belongs to Auctioneer.
3.
ABSENTEE COMMISSION BIDS
3.1.
If you are unable to attend the Auction personally, you may submit a Commission
Bid and we will endeavour to purchase the Lot on your behalf for the lowest price possible.
You must submit this in writing using the Commission Bid Form and send it to us by post,
fax or email at least 24 hours prior to the Auction.
3.2.
For all Commission Bids, you must supply your name and address, contact
telephone number and email. You must also provide the Lot number and description
of the Lot, the amount of your Bid and any other information requested in the
Commission Bid Form or by us. It is your responsibility to provide the correct
information and to ensure that we have received your Commission Bid.
3.3.
We do not charge for this service and therefore we will not incur any liability
for executing (or failing to execute) the Commission Bid.
3.4.
If you submit a Commission Bid verbally (by telephone or otherwise), we shall not be
responsible for any misunderstandings (by either us or our agents or you) in relation to your
Bid. All bids made in this way must be confirmed in writing before the Auction.
3.5.
If we receive two Commission Bids for equal value for the same Lot, the Bid
received first by us shall take precedence.
3.6.
"Buy" commissions and unlimited Commission Bids will not be accepted.
4.
AUCTION SALE
4.1.
This sale is a public auction sale conducted by licensed and bonded auctioneers.
4.2.
Before the Auction, all potential Bidders must notify their name and address to the
Auctioneer and, if required, provide proof of identity to our satisfaction and bank or other
credit references. Bidders unknown to Auctioneer are requested to establish credit or deposit
25% of their bids before the sale. We cannot accept bids fromminors.
4.3.
The highest Bidder for each Lot shall be the Buyer. If there is a dispute, the
Auctioneer shall have absolute discretion to determine the dispute including re-
offering the disputed Lot for sale. Auctioneer reserves the right to refuse any bid he
feels is not made in good faith.
4.4.
A Bidder must submit a bid for an entire Lot and each Lot constitutes a separate sale.
The Auctioneer shall, however, have absolute discretion to divide any Lot, to combine any
two or more Lots, or to withdraw any Lot from the Auction without giving any reason
(including after the hammer has fallen). Bidding shall be regulated at the absolute discretion
of the Auctioneer. The Auctioneer has the right to refuse any bid.
4.5.
All sales are final. Subject to Condition
4.4
, the contract for the sale of the Lot
is concluded on the fall of the hammer.
4.6.
You cannot cancel your purchase of a Lot once the hammer has fallen.
4.7.
Auctioneer reserves the right to include in any Auction its own material as well as
material from affiliated or related companies, principals, officers or employees. Auctioneer may
have direct or indirect interests in any of the Lots in the Auction and may collect
commissions. THE TWO PRECEDING SENTENCES SHALL BE DEEMED A PART
OF THE DESCRIPTIONOF ALL LOTS CONTAINED IN THE CATALOG.
4.8.
Auctioneer may bid for its own account at any auction.
4.9.
All Lots are offered for sale subject to a Reserve.
4.10.
Estimates in the Catalog are not limits or reserves but reflect the actual market
prices and are intended as a guide for bidders. The actual prices realized may be higher
or lower than these valuations. The starting price will be about 80% of the estimates,
unless there are higher offers.
5.
PAYMENT
5.1.
The Purchase Price payable by a Buyer is the Hammer Price plus a
Buyer’s
Premium of 18% of the Hammer Price. Buyer of a lot is responsible for paying
New York sales tax, unless the Lot is exempt.
5.2.
Buyer of a Lot shall pay the Purchase Price in full before the Lot can be
delivered to the Buyer.
5.3.
Except where Condition
5.2
applies, any part of the Purchase Price
outstanding after the Auction shall be payable by you within 14 days of the date of the
Auction, the due date.
5.4.
The Purchase Price is payable by you in cash in full in US funds. You are not
entitled to set-off any amounts that you claim are due from us or anyone else or make
any other deductions.
5.5.
Unless we have agreed in writing otherwise, you shall act on your own account as
principal in respect of the sale and therefore if you accept a commission from a third party to
bid on their behalf, you do so at your own risk and will remain personally liable (jointly
with your principal) to us for the Purchase Price in accordance with these Conditions.
5.6.
The methods of payment and surcharges are set out below.
5.7.
If the Purchase Price has not been settled within 30 days of the Auction date interest
will be charged at 2% per month from the due date of payment to the date that cleared funds
are received whether that is before or after any legal judgment. This is without prejudice to
any other rights that we have for non-payment.
5.8.
If you fail to comply with your obligations under these Conditions, the Lot, in
respect of such non-compliance, may at our discretion be put up for sale at Auction or
privately and resold. In this case, you will be liable in full and will indemnify us for all losses,
costs and expenses (including attorneys’ fees and legal costs) incurred as a result, including the
costs of the resale and the amount (if any) by which the Hammer Price obtained on the
resale is less than the Hammer Price obtained on the original sale of the Lot to the Buyer.
6.
RISK, TITLE AND DELIVERY
6.1.
The risk of damage/loss to the Lot will pass to the Buyer on the fall of the hammer.
Title in a Lot will not pass to the Buyer until the Purchase Price has been paid in full.
6.2.
Unless agreed by us, you should collect the Lot within 7 days of the date of payment
in full. We reserve the right to charge for storage and to resell by Auction or privately
without notice to you, if a Lot is not collected. Alternatively, we will send the Lot to you
by recorded post. Postage and insurance costs will be charged as additional costs.
6.3.
Except in relation to Forgeries, you must satisfy yourself that the correct Lot
has been delivered to you at the time of collection/delivery. We will not be
responsible for any discrepancy which might be discovered after the Lots have been
collected. If we have shipped the Lot to you, we will not be responsible for any
discrepancies if you fail to notify us within 24 hours of receipt.
6.4.
It is the Buyer's responsibility to obtain any necessary import, export or other
licences required in relation to a Lot.
7.
GUARANTEE FOR FORGERIES
7.1.
Auctioneer is a member of the International Association of Professional
Numismatists and in accordance with the conditions of membership, shall provide a
guarantee to the Buyer for all Lots against Forgeries on the terms set out in these
Conditions (‘Guarantee’).
7.2.
For the purposes of these Conditions, a ‘Forgery’ means an imitation that has been
created with the fraudulent intent to deceive in respect of the authorship, origin, date, age,
period and the correct description does not correspond with the description in the Catalog
and as a result has a value significantly less than it would have been had it been genuine.
7.3.
You must notify us in writing within one (1) month of you becoming aware
that the Lot may be a Forgery. The Lot must be returned to us in the same condition
as at the time of sale and you must submit evidence that the Lot is a Forgery, the onus
being on you to prove that it is a Forgery.
7.4.
You acknowledge that:
(a)
we reserve the right to re-assess the Lot or engage at our expense any
expert or authority considered by us at our sole discretion to have the necessary
expertise to undertake a re-assessment of the Lot;
(b)
following our re-assessment of the Lot, you agree to be bound by our
decision as to whether or not the Lot is a Forgery.
7.5.
You shall not be entitled to a refund for a Forgery if:
(a)
the grounds for claiming that the Lot is a Forgery is based primarily on a
difference of opinion between us and a third party providing coin grading services;
(b)
the grounds for claiming that the Lot is a Forgery is by reason of any
damage and/or restoration and/or modification work of any nature;
(c)
the description of the Lot in the Catalog was in accordance with generally
accepted opinions of numismatic specialists as at the date of publication or the catalog
indicated that there was a conflict of opinion.
(d)
it has been proved that the Lot is a Forgery by applying a method that
was unavailable or not generally applied within the industry of numismatics as at the
date of publication of the catalog or was disproportionately expensive, in both cases as
determined in our absolute discretion.