These Terms and Conditions of Sale set forth the terms of a public auction sale conducted in Los Angeles, California by Ira & Larry Goldberg Coins & Collectibles, Inc., a Nevada corporation, California Auction Bond No. 3S95453300 (hereinafter, the “Auctioneer” or “Goldberg”). The Terms and Conditions of sale, the glossary, if any, and all other contents of this catalog are subject to amendment by us by the posting of notices or by oral announcements made during the sale. By participating in any sale, you acknowledge that you are bound by these terms and conditions.
1 This catalog contains the description of property of multiple consignors (the “Consignors”), and may include consignments from Goldberg, its principals, and affiliated or related companies and their employees, officers, or principals. All persons seeking to bid, whether in person, through an agent or employee, or by telephone, facsimile or mail, must have a catalogue and register to bid at the auction, either by completing a registration card or by completing the bid sheet incorporated into the catalogue. The Purchaser acknowledges that an invoice describing a lot by number incorporates the catalogue by reference.
2 By submitting a bid, whether in person, by mail, by phone, by facsimile or through an employee or agent, the Bidder acknowledges (i) receipt of the catalogue, (ii) that the Bidder has read the Terms and Conditions of Sale and the descriptions for the lots on which they have bid, and (iii) that they agree to adhere to these Terms and Conditions of Sale. Acceptance of Bids: Anyone wishing to place bids on lots who will not be attending the live auction must submit their bid(s) at least six (6) business hours prior to the auction session. Bidder is responsible for verifying said bids were received by Goldberg.
3 Each Bidder’s determination of it’s bid should be based upon its own examination of the item(s), rather than the grade represented in this Catalogue or elsewhere. In any purchase or sale, the value of the item(s) is determined by the price. THE PURCHASER HEREBY ASSUMES ALL RISKS OF VALUATION CONCERNING ANY AND ALL PURCHASES. All Floor Bidders acknowledge that the Auctioneer can decline to accept bids from the a Floor Bidder who is known to have not, in fact, examined the lot prior to the sale.
4 All material shall be sold in separate lots to the highest Bidder as determined by Auctioneer. If any dispute arises during or immediately after the sale of a lot, Auctioneer shall have the right to rescind the lot offered and put the lot up for sale again. In all cases, Auctioneer’s decision shall be final. For the protection of any Mail Bidder, no “unlimited” or “buy” bids will be accepted. Goldberg shall have the right in its sole and absolute discretion to reject any such bid received. When identical bids are received for a lot, preference is given to the first bid received as determined by the Auctioneer. A mail bid will take precedence over an identical floor bid; a Floor Bidder must bid higher than the highest mail bid to be awarded any lot.
5 Bids must be for an entire lot and each lot constitutes a separate sale. No lot will be broken up unless the Auctioneer determines otherwise. Lots will be sold in their numbered sequence unless Auctioneer directs otherwise.
6 All lots may carry a reserve. For purposes of these Terms and Conditions of Sale, a reserve means a confidential price below which the Auctioneer will not sell an item or will re-purchase on behalf of the Consignor or for the account of Goldberg.
7 The Auctioneer may open the bidding on any lot by placing a bid on behalf of the seller; a Bidder by mail, telephone or facsimile; or any other participant in the sale. The Auctioneer may also bid on behalf of the Consignor up to the amount of the reserve, by (i) accepting bids from floor agents on behalf of the Consignor, or any affiliated or related company of the Auctioneer or the Consignor; (ii) by placing successive or consecutive bids for any lot; or (iii) by placing bids in response to other Bidders.
8 Auctioneer reserves the right, at his sole discretion, (i) to accept or decline any bid, (ii) to accept or decline any challenge to any bid or bidding increment, (iii) to reduce any mail bid received, (iv) to open the bidding of a lot at any level deemed appropriate by the Auctioneer, and (v) to determine the prevailing bid. Bids will not be knowingly accepted from persons under eighteen (18) years of age without a parent’s written consent containing an acknowledgment that the Terms and Conditions of Sale herein and indicating their agreement to be bound thereby on behalf of the Bidder.
9 It is unlawful and illegal for Bidders to collude, pool, or agree with another bidder to pay less than the fair value for a lot. Bidders in the sale acknowledge that the law provides for substantial penalties in the form of treble damages and attorneys’ fees and costs for those who violate these provisions.
10 Goldberg reserves the right to withdraw any lot at any time, even after the hammer has fallen, until the Purchaser has taken physical possession of the lot. No Consignor who has registered to bid at the sale (or at any other time unless otherwise provided in the consignment agreement), or any Purchaser or prospective Bidder shall have a right to claim any damages, direct, consequential or otherwise, if a lot is withdrawn, even after the sale.
11 GOLDBERG IS NOT RESPONSIBLE FOR ERRORS IN BIDDING. A Bidder should make certain to bid on the correct lot and that the bid is for an amount (plus the twenty percent (20%) Buyer’s Commission that he or she is willing and able to pay. Since other Bidders (by mail, facsimile or other electronic media and in person) will be present, and since a re-offering could damage the momentum of the sale, once the hammer has fallen and the Auctioneer has announced the winning Bidder, such Bidder is unconditionally bound to pay for the lot, even if the Bidder has made a mistake.
12 THIS IS NOT AN APPROVAL SALE. All lots sold to the highest Bidder as determined by Auctioneer are final. Floor Bidders are encouraged to carefully examine all lots which they are interested in purchasing because all sales of items viewed by Purchasers in advance of a sale, even if the sale is by mail, telephone or facsimile, and all lots bid upon by the Floor Bidders, together with all those presenting Goldberg with a resale cer tificate, out of state resale certificate, or similar evidence that they are acting as a dealer ARE FINAL AND SUCH ITEMS MAY NOT BE RETURNED. If the description of any lot in the catalogue is incorrect, the lot is returnable if returned within five (5) calendar days of receipt, and received by Goldberg no later than twenty-one (21) calendar days after the sale date. No return or refund of any auction lot will be considered except by reason of lack of authenticity, unless otherwise provided in these Terms and Conditions of Sale. All lots are sold under the condition that any claims challenging grading, authenticity or methods of manufacture must be made in writing within five (5) calendar days of receipt of material.
All disputed lots must be returned intact as received in their original, sealed and unopened container. Late remittance or removal of any lot from its original container constitutes just cause for revocation of all return privileges for any reason.
13 All prospective Bidders who are allowed the opportunity to examine lots prior to the sale shall personally assume all responsibility for any damage they cause in so doing. Goldberg shall have sole discretion in determining the value of the damage caused, which shall be promptly paid by the prospective Bidder.
14 Title to any lot remains with Consignor, any secured party of the Consignor, or assignee of Consignor, as the case may be, until the lot is paid for in full by Purchaser. Goldberg reserves the right to require payment in full before delivering any lot to the successful Purchaser. In the event the lot(s) are delivered to the successful purchaser prior to full payment, Goldberg reserves the right to file a UCC Financing Statement to secure full payment.
15 It is the Purchaser’s responsibility and obligation to have the lots fully insured while in his or her possession. Purchaser assumes any and all RISK OF LOSS once the lot(s) is in Purchaser’s possession.
16 BUYER’S COMMISSION OF TWENTY (20%). will be added to all purchases made by all Purchasers, except Consignors, regardless of Purchaser’s affiliation with any group or organization, and will be based upon the total amount of the final bid.
17 Pursuant to a separate agreement with Auctioneer, Consignors or their agents may be permitted to bid on their own lots in the sale and may receive a rebate commission in whole or in part if successful. Under some circumstances, Goldberg may agree with a Consignor (i) not to require the Consignor to pay for all or part of any items bid upon or re-purchased by the Consignor; (ii) when or where an advance has been made, to have the Consignor pay an agreed upon difference to Goldberg; or (iii) to allow an offset against other transactions with Consignor. Where the Consignor has re-purchased a lot and the lot is either returned to the Consignor or otherwise dealt with or disposed of in accordance with the Consignor’s direction, or pursuant to contractual agreement, Goldberg reserves the right to so note in the prices realized or to omit a price from the price realized. Every Consignor who registers to bid in the sale, whether to “protect” a lot, or for any other purpose, agrees to all other Terms and Conditions of Sale per this agreement.
18 Lots must be paid for within 14 days of receipt of invoice or delivery. Unless otherwise agreed in writing, auction sales are strictly cash above $2,500.00 in U.S. Funds payable through a bank in the United States. Contact Goldberg for wiring instructions before sending a wire. Goldberg reserves the right to decline to release lots for which funds have not yet cleared. Credit card (Visa & Mastercard only)purchases will be accepted on totals not exceeding $5,000. On any cash transaction or series of transaction exceeding $10,000, Treasury Form 8300 may be filed.
19 Purchaser agrees to promptly pay, on demand, any sales tax, or any other tax, if required by law to be collected, postage, handling, and shipping insurance plus the twenty percent (20%) Buyer’s Commission and any other taxes required by law to be charged or collected, together with any interest or penalty that may be assessed.
20 Purchaser grants to Goldberg or its assigns the right to offset any sums due, or found to be due Purchaser by Goldberg, and to make such offset from any past, subsequent or future consignment, or items acquired by Purchaser in possession or control of Goldberg or from any sums due to Purchaser by Goldberg. Purchaser further grants Goldberg a purchase money security interest in such sums or items to the extent applicable, and agrees to execute such documents as may be reasonably necessary to grant Goldberg such security interest. Purchaser agrees that Goldberg and its assigns shall be a secured party with respect to items bought by Purchaser and in the possession of Goldberg, to the extent of the maximum indebtedness, plus all accrued expenses, until the indebtedness is paid.
21 By bidding in this sale, Purchaser personally and unconditionally guarantees payment. If the Purchaser is a corporation, the officers, directors, and principals of the corporation hereby agree to personally and unconditionally guarantee payment as part of the corporation’s agreement to bid. The authorized representative of any corporate Purchaser who is present at the sale shall provide Goldberg or its agent, prior to the commencement of the bidding (or at the time of registration), with a statement signed by each principal, director and officer that they each personally and unconditionally guarantee any payment due Goldberg.
22 No bids will be accepted from Floor Bidders and Mail Bidders who have not previously established credit with Goldberg unless they first (i) furnish satisfactory credit references or (ii) deposit at least twenty-five percent (25%) of their total bids for that session(s), or such other amounts as Goldberg may require, in its sole and absolute discretion. Any deposits made pursuant to this paragraph will be applied to such Bidders purchases. Any unused portion of such deposit will be promptly refunded upon clearance of the funds.
23 On any accounts past due, Goldberg reserves the right to extend credit and impose periodic charges, pursuant to these Terms and Conditions of Sale or as set forth in the Purchaser’s invoice. If the auction invoice is not paid in full when due, the unpaid balance will earn interest at the rate of one-and-one-half percent (1 1/2%) per month until paid. In the event this interest rate exceeds the interest permitted by law, the same shall be adjusted to the maximum rate permitted by law. Goldberg further reserves the right to resell the merchandise, or to have an affiliated or related company do so. Purchaser agrees to pay all reasonable attorneys’ fees, court costs and other collection costs incurred by Goldberg or any affiliated or related company to collect past due invoices, including reasonable costs of any resale of the merchandise. Purchaser also agrees to pay the difference between the resale price and any previous disbursements. Money realized from the resale shall be applied as follows: (i) to pay sums due to the consignor, (ii) to pay Goldberg standard commissions and fees for the resale, (iii) to pay Goldberg any sums owed to it by purchaser, and the remainder, if any, will be paid to the Purchaser. Goldberg reserves the right to assign its interest to any third party.
24 Goldberg may at its sole and absolute discretion, make loans or advances to Consignors and/or prospective Purchasers.
25 The Auctioneer may bid for his or its own account at any auction (even though it may not be required to pay a Buyer’s Commission, or other charges that other Purchasers may be required to pay) and may have access to information concerning the lots and items contained therein that is not otherwise available to the public. Any conflict of interest or claim of competitive advantage resulting therefrom is expressly waived by all participants in the sale.
26 If a dispute arises concerning ownership of a lot that has been bid upon, Goldberg reserves the right to commence a statutory interpleader proceeding at the expense of the Consignor and successful Purchaser and any other applicable party, and in such event Goldbergs shall be entitled to its reasonable attorney’s fees and costs.
27 In the event of a successful challenge to the title to any goods purchased, Goldberg agrees to reimburse any Purchaser in an amount equal to the successful bid price actually paid by Purchaser at auction plus any Buyer’s Commission actually paid, in full and complete satisfaction of all claims, such reimbursement once tendered by Goldberg, relieves and releases Goldberg from any responsibility whatsoever to the Purchaser, even if the instrument is not cashed or is returned.
28 Goldberg reserves the right to post-pone the auction sale or any session thereof for a reasonable period of time for any reason whatsoever, and no Bidder or prospective Bidder shall have any claim as a result thereof, including consequential damages.
