Auction No 151 - Prestige Philately

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Page: 6 Prestige Philately - Auction No 151 Oct 24, 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.
Oct 24, 2009 Prestige Philately - Auction No 151 Page: 7 Introduction for New Bidders If you have not been a regular bidder with Prestige Philately you are probably not aware of the key ingredients that make up what we call "The Prestige Difference". Reading the following section will help you get the most from your relationship with Prestige by understanding why and how we are not just another auction firm. 1. The Prestige Philately Grading System for Philatelic Material provides you with an instant assessment of the overall quality of an item, including such aspects as centring, perforations and cancellation. No more wondering if an item is good, bad or indifferent. If we say it is graded 'A' you can be confident that it has no faults. And, if we get it wrong…see paragraph 7 below. For details of our Grading System see page 5 headed "Understanding our Symbols & Unique Grading System". 2. We provide you with a comprehensive and extensive "Cross Reference Index" that is unequalled anywhere in the world. It enables you to quickly locate every lot in the sale that has some connection with your collecting interests, regardless of where it is listed in the catalogue. This is particularly valuable if you collect by subject or theme: see pages 8 and 9. 3. Have you ever struggled to find the photo of a lot you are interested in? We not only tell you the page on which each illustration appears, we also tell you the position on that page. 4. Our website is the innovative extension of our office-based activities. It provides you with an enormous amount of information, everything from Frequently Asked Questions (FAQs) about Prestige Philately to more than 20 published articles by Gary Watson, from a Currency Converter to our impressive virtual catalogue. All of our catalogues are available on our website, with many more scans than can be included in the printed catalogue. By visiting www.prestigephilately.com you can check on the reserve prices of lots in a sale. We regularly update Starting Prices on-line, giving you the opportunity to assess the level of interest before you bid, or to increase or otherwise vary bids you have already submitted. You can place your bids on-line right up to the time an auction starts. 5. Our Buyer's Premium remains at only 15%, which is becoming more and more competitive as other firms raise their charges. 6. We actually encourage you to pay by credit card, and do not penalise you for doing so. We do not charge you any fee for using your card (unless it’s Amex, in which case 2½% must be added to your invoice). 7. Finally, we are committed to providing you with the highest possible levels of service. This is reflected in us not charging existing clients for our catalogues, in making despatch of your purchases a priority, in encouraging you to return items that do not conform to our high standards and numerous little things you won’t even know about. Other firms may offer some or most of what we cover here. But we have one special ingredient that is missing from most stamp auction businesses: passion! By adding passion to the mix, we create "The Prestige Difference". We are committed to making your every transaction with Prestige Philately an enjoyable and rewarding experience.
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Auction No 151 - Prestige Philately

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