Auction No 145 - Prestige Philately

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Prestige Philately - Auction No 145 Jun 13, 2009
Prestige Philately - Public Auction Terms of Sale
(amended as at 1 st January 2009: see in particular Paragraph 10 relating to Extensions)
1. AUCTIONEER: Prestige Philately (Prestige), a company incorporated in the State of Victoria, is the auctioneer, and adheres to the
standard terms of sale of the Australasian Philatelic Traders Association.
2. DESCRIPTIONS: We endeavour to describe lots fully and accurately. The description of a lot comprises 1) the codes to the left of the
description (for details of our symbols and grading codes, see the previous page of this catalogue); 2) the description; and 3) any
illustration of the lot or part of the lot. (The various codes and symbols are explained on the previous page.
3. ESTIMATES: The figure in the right-hand column following each lot description is the starting price of the lot in Australian dollars. A
bidder - may bid at, above or below the estimate. Bids below the reserve price (usually 75% of the estimate) will not be accepted. There is
no reserve on lots listed at $20 or less.
4. BIDDING: Bids may be made to Prestige by mail, by fax, by e-mail or by phone. Bids received by phone must be confirmed in writing.
At public auctions, bids may also be made in person, by phone (by prior arrangement) or through an agent attending an auction. An agent
must advise Prestige of the person(s) for whom bids are being submitted or else the agent will be personally liable for payment and
delivery of any lots purchased. Prestige reserves the right to refuse any bid, or to refuse bids from any person, for any reason.
In most cases, Prestige's bidding steps are as follows:
$150 - 300 $10 rises $3000 - 5000 $200 rises
$300 - 500 $20 rises $5000 - 10000 $250 rises
Under $30 $1 rises $500 - 750 $25 rises $10000 - 15000 $500 rises
$30 - 50 $2 rises $750 - 1500 $50 rises $15000 - 30000 $1000 rises
$50 - 150 $5 rises $1500 - 3000 $100 rises over $30000 average of 5% rises
Prestige reserves the right to raise or lower postal bids (depending on the bidder's apparent intention) to conform to these bidding steps.
5. TELEPHONE BIDDING: Bidding by telephone during the course of a public auction is permitted. However, clients wishing to use this
service must contact Prestige at least 24 hours before the auction regarding the special conditions that apply. [To see these special
conditions, go to www.prestigephilately.com from where the Telephone Bidding Terms can be read and downloaded.]
6. GOODS & SERVICES TAX (GST): Australian law requires that GST equal to 10% of the knock-down or sale price of a taxed lot shall be
payable by the buyer, unless the taxed lot is exported to another country. Taxed lots are indicated in the catalogue by the estimate figure:
being printed in bright green, followed by a small "T". GST equal to 10% of the amount of any fees or charges added by Prestige is
also payable by Australian buyers.
7. BUYER: The buyer of a lot shall be the person to whom the lot is sold ("knocked-down") by Prestige. In the event of equal bids being
received, the earliest such bid shall be successful. In the event of a dispute, Prestige shall have absolute discretion in the settling of the
dispute.
A lot is at the buyer's risk once it has been sold ("knocked-down") but ownership (legal title) will not pass to the buyer until Prestige has
received payment in full for the lot.
8. PAYMENT: Payment is due immediately a lot is sold, or immediately upon receipt of an invoice. For public auctions only, in addition to
the price for which a lot is sold, the buyer shall pay a premium of 15% of that price, plus any fees for postage packing and insurance or
credit card use that are charged by Prestige, plus GST as appropriate. No buyer's premium is charged or payable in respect of postal
auctions. (Payment should always be made in Australian dollars. If payment is made in another currency the buyer shall add the
equivalent of $A50 towards bank fees, any resulting credit being placed to the buyer's account.)
In the event that the buyer does not make payment in full for the lot(s) within 30 days from the date of the invoice, Prestige shall have
the right to exercise any one or more of the following rights and remedies:
1) To impose an accounting fee of $10 per month (or part thereof) plus compound interest at the rate of 2.5% per
month (or part thereof) of the total amount outstanding;
2) To terminate the contract with the buyer, in which case any monies received from the buyer shall be forfeited to
Prestige;
3) To terminate the contract and resell the lot(s) at any time, in which case any resulting shortfall, plus costs
including accounting fees, interest, insurance and resale expenses, shall be met by the original buyer;
4) To apply any monies due at any time from Prestige to the buyer in payment of the outstanding amount;
5) To take legal action against the buyer for damages for breach of contract.
9. RETURN OF LOTS: A lot may be returned, within a reasonable time, only because of an error in the description: see clause 2 for the
definition of "the description". A lot that has been inspected by the buyer or by the buyer's agent cannot be returned for any reason. A lot
that is illustrated in the catalogue or of which an illustration has been supplied to the buyer or to the buyer's agent cannot be returned for
any reason that is apparent from the illustration.
A lot expressed to be a "range", "group", "selection", "array", "collection"," accumulation" or similar, or any other lot containing more than
10 items - excepting sets of stamps - is always offered "as is" and cannot be returned for any reason. Similarly, other lots offered "as is"
cannot be returned.
10. "EXTENSIONS": A request for an extension to submit a lot to a recognised expert or expert committee for a Certificate of Authenticity
must be made in writing prior to or on the day of the auction. Prestige Philately shall have an absolute discretion to not grant an
extension. (In particular, an extension will not normally be granted if the lot is offered with a recent Certificate of Authenticity, or one from
a prominent authority, or if the stamp(s) has/have perforated initials (perfins).) If an extension is granted, the buyer must make payment
in full for the lot including the buyer’s premium and any GST payable, in accordance with Paragraph 8 of our "Terms of Sale". The
amount paid including the buyer’s premium will be refunded in full if the lot is returned with an acceptable “bad” Certificate. All costs
associated with obtaining a Certificate shall be borne by the buyer, unless the lot is found to be not as identified in the catalogue in which
case all costs associated with obtaining the Certificate shall be borne by the vendor and refunded to the buyer.
A lot described as being defective in any way may not be returned should the Certificate obtained mention any fault not noted in the lot
description. The buyer shall not be entitled to return the lot if the certificate includes any statement that does not materially affect the
grading of the lot.
Unless otherwise agreed, nomination of the appropriate expert or expert committee shall be made by Prestige, and Prestige will be
responsible for submitting the lot to that expert or expert committee. (Should Prestige agree to the buyer’s nomination of an expert or
expert committee, or should the buyer submit the lot for examination, the extension granted shall be for a period of no more than 90
days from the date of the auction. In that case, if a Certificate has not been obtained within 90 days from the date of the auction, the
extension shall lapse and Prestige may thereafter refuse to accept the return of the lot.)
11. GOVERNING LAW: These Terms of Sale shall be governed by and interpreted in accordance with the laws of the State of Victoria.
12. Submitting a bid by any method constitutes acknowledgment and acceptance of these Terms of Sale.