2020 September Premier, Volume I

1. TERMS & CONDITIONS OF SALE. The following conditions
of sale make up the entire terms and conditions on which
items listed in Rock Island Auction Company’s (known
hereafter as “RIAC”) catalog, on the internet web site and
addendum sheets will be offered for sale or sold by RIAC.
All bidders who participate by bidding in this auction agree
to the terms and conditions of sale and agree to be bound
by same. Any notices, posted or oral, during the sale, are
also part of our terms and conditions of sale agreement.
Acceptance of a bidder card or a bidder number constitutes
acceptance of the following terms and conditions of sale.
The purchaser’s rights and RIAC’s respective rights and
obligations hereunder are governed by Illinois law. By
bidding at RIAC’s auction, whether in person or by agent,
sealed bid, telephone bid, via the internet or other means,
the purchaser or bidder agrees that the contract created by
these terms and conditions of sale is made and performed
in the County of Rock Island, State of Illinois and further
agrees that should any dispute arise from this contract the
sole and exclusive jurisdiction for contractual disputes is
Rock Island County, State of Illinois. THE AUCTIONEER IS
NOT RESPONSIBLE FOR ANY ERRORS OF THE PURCHASER
INCLUDING BUT NOT LIMITED TO THE PURCHASER BIDDING
ON THE WRONG LOT.
2. BUYER”S PREMIUM. All bid prices “hammer prices”
(“hammer prices” mean the price at which a lot is knocked
down to the purchaser) will be subject to a buyer’s
premium 18.5% payable by the purchaser. The buyer’s
premium shall be reduced to 15% provided the payment
is paid by cash or the equivalent of cash (cashier’s check,
wire transfer, or approved personal check). If the account
is settled by credit card, the buyer’s premium then shall be
the standard 18.5%. This is not an aggregate percentage
on the total items bid, but rather a per item percentage
rate. In addition, if the purchaser utilizes RIAC’s live bidding
platform ‘RIAC Live’, there will be an additional 1% of the
hammer price added to the buyer’s premium. The premium,
which includes the additional 1% if the purchaser utilizes
RIAC’s live bidding platform ‘RIAC Live’, is added to the
purchaser’s successful bid and the two together equal
the total purchase price. RIAC has been authorized by the
consignor to retain as part of RIAC’s remuneration, the
buyer’s premium, which includes the additional 1% of the
hammer price if the purchaser utilizes RIAC’s live bidding
platform ‘RIAC Live’, payable by the purchaser.
3. SALES TAX.
AK, AL, AZ, AR, CA, CO, CT, DC, GA, ID, IN, IA, IL, KY, MD, MA,
MN, NE, NV, NJ, NM, NY, ND, OH, OK, PA, RI, SC, SD, TX, UT,
VT, VA, WA, WV, WI and WY.
RIAC is a Marketplace Facilitator (as defined in the
applicable regulations for each state) for purposes of
collecting and submitting sales tax for each applicable
state. A Marketplace Facilitator is a business that contracts
with sellers to facilitate the sale of tangible goods and
administers all aspects of the transaction. A Marketplace
Facilitator is required to collect sales tax from the buyer
and remit such sales tax to the state to which the items are
shipped. The sale tax is based on the ship to address. If the
item is picked-up from the RIAC facility or shipped to an
Illinois address, Illinois sales tax of 8.5% will be collected.
Generally, all items included on the invoice are taxable.
4. METHOD OF PAYMENT. Auction sales are strictly for cash,
cashier’s check, personal checks (with prior approval of
RIAC’s management), MasterCard, Visa or Discover. NOTE TO
FOREIGN BUYERS: Method of payment will be U.S. currency,
certified check drawn on an American bank or wire transfer.
5. TERMS OF PAYMENT. At the announcement of “SOLD”,
the highest bidder will have purchased the offered lot. All
sales are final at the fall of the Auctioneer’s hammer or at
the announcement of “SOLD”. The purchase is subject to all
the terms and conditions set forth herein. The purchaser
assumes full responsibility thereof and if requested will
sign a confirmation of the purchase. The purchaser further
agrees to pay the Total Amount Due. The Total Amount Due
must be paid in full the day of sale if attending in person,
otherwise upon receipt of the buyer’s invoice. All property
must be removed from RIAC’s premises at the purchaser’s
expense no later than 5:00 p.m. five days following the
date of sale unless otherwise agreed. If the property is not
removed within five days following the date of sale, it will
be stored at RIAC’s facility at a cost of $50 per month. The
purchaser will then be unable to pick up the purchased lots
until the storage fees are paid to RIAC. If the purchased lots
are not picked up and storage fees paid to RIAC, the items
will be sold pursuant to the Illinois Labor and Storage Lien
Act, 770 ILCS 45/0.01 et seq. and/or 770 ILCS 50/0.01 et seq.
Each purchaser at this auction grants RIAC a security
interest in the property purchased. Any of the purchaser’s
property and all monies held or received by RIAC on the
purchaser’s behalf will be retained as collateral security
for the purchaser’s obligations to RIAC. RIAC may apply
against such obligations monies held or received by RIAC
for the account of, or owing to, the purchaser. RIAC retains
all rights of a secured party under the Illinois Commercial
Code. Whenever the purchaser pays only a part of the Total
Amount Owed for one or more lots purchased, RIAC may
apply such payments, at RIAC’s sole discretion, to the lot or
lots RIAC chooses. Payment will not be deemed made in full
until RIAC has collected the Total Amount Due in cash or
good funds. RIAC has the sole discretion to determine what
is considered good funds. In the event Purchaser pays by
check and the check is returned due to insufficient funds,
stopped payment, closed account, or for any other reason,
and Purchaser already has possession of the property,
such possession of the property will be deemed theft by
deception and/or theft under 18 U.S.C. § 922(u), which may
result In penalties of a fine of up to $250,000, imprisonment
in federal prison for up to 10 years, or both. In addition to
remedies available to RIAC and the consignor by law, if the
purchaser does not comply with the terms and conditions
of sale (this includes but is not limited to payment in full
of the Total Amount Due), RIAC, at its option, may either:
(1) cancel the sale and retain as liquidated damages all
payments made by the purchaser; or (2) resell the property
either publically or privately, and in such an event the
purchaser shall be liable for the payment of the deficiency,
plus all costs and expenses of both sales and RIAC’s
commission for both sales at RIAC’s standard rates, as well
as any other damages, including but not limited to loss of
profits. The purchaser hereby waives any and all notices of
disposition of collateral and sale required under the Illinois
Commercial Code. The purchaser is also responsible for all
other charges due hereunder, in addition to any attorney’s
fees incurred by RIAC, incidental damages, and any other
damages incurred by RIAC.
6. INTEREST AND DEFAULT. Payment of the Total Amount
Due is due upon receipt of the buyer’s invoice. If the
amount noted within the buyer’s invoice is not paid in full
within 15 days of the auction, RIAC has the right and will
charge the purchaser’s credit card of record on file for the
total invoice amount. Interest will be charged on all unpaid
balances at the rate of 1-1/2% per month (18% APR), or the
highest allowable rate under Illinois law, whichever is lower,
beginning 15 days after the date of purchase/auction.
The purchaser acknowledges that should the purchaser
not comply with any of the terms and conditions of sale,
including payment of the full amount indicated on the
buyer’s invoice, the damages incurred by RIAC includes,
without limitation, consignor commission, loss of use of
money for an indefinite period, costs to relist the item
and potential depreciation of the item, and loss arising
on the resale of the lot, whether such damages are now
known or may become known in the future. Accordingly,
in the event the purchaser fails to pay the full amount
indicated on the buyer’s invoice within 45 days after the
auction, purchaser shall be immediately liable for liquidated
damages in an amount equal to 30% of the amount on the
buyer’s invoice. These liquidated damages are in addition
to the total amount invoiced on the buyer’s invoice and any
applicable interest. RIAC shall hold any money deposited in
partial payment on account of any liability of the defaulted
item and will apply it at the sole discretion of RIAC to the
outstanding debt.
7. WITHDRAWAL. RIAC reserves the right to withdraw any
property from the auction prior to sale.
8. PROTESTS, DISPUTES AND THE AUCTIONEER. RIAC
reserves the right to reject a bid from any bidder. The
highest bidder, acknowledged by the Auctioneer, will be
the purchaser. The Auctioneer shall have sole and final
discretion as to the disposition of any dispute including the
re-offer and resale of any article in dispute. RIAC’s records
will be deemed conclusive in all respect in the event there
is any dispute after the sale.
9. FAILURE TO DELIVER PURCHASER’S PROPERTY. If RIAC
is prevented by fire, theft, or any other reason from
delivering any property to the purchaser, RIAC’s liability
shall be limited to the sum actually paid therefore by the
purchaser and shall in no event include any incidental or
consequential damages.
10. GUARANTEE. All property offered for sale is as is,
where is. ALL SALES ARE FINAL. THERE WILL BE NO
REFUNDS AND NO EXCHANGES. RIAC does not guarantee
or make warranties on any lot sold. The bold headline
of the description is the only written statement RIAC
will guarantee as correct. Descriptions in the catalog are
opinion. They are written as an aid to potential bidders.
RIAC acknowledges that there may be errors in what
is written beyond the bold headline description. RIAC
recommends that you personally view any item you
bid on or have an acknowledged expert view the item.
Statements starting with the word condition are opinions,
not statements of fact or guarantees. If a dispute about a
lot arises it is the purchaser’s responsibility to provide a
written statement by an acknowledged qualified expert
within 30 days after the auction that the bold headline is in
fact incorrect. The 30 day return period IS NOT calculated
from the date payment is made or the date the items are
received. The 30 day return period will not be extended
due to delay in payment or delay in receipt of the goods.
If the expert’s statement is indeed correct RIAC will make
a full refund upon return of the merchandise, provided
that the merchandise is returned in the same condition it
was received. In the unlikely event that you need to return
the merchandise to RIAC, Purchaser is responsible for all
shipping costs. RIAC must again reiterate the guarantee is
only on the bold headline of the description and RIAC will
only honor this guarantee within 30 days of an auction.
This right to return an item purchased at an auction shall
be expressly limited to situations where errors occurred in
the bold headline description of an auction item and such
30-day return provision shall not apply to a return of an
auction item for any other reason. RIAC will have no further
obligation, i.e., no refunds or returns will be accepted, if
the above conditions are not met. Items offered for sale as
described in the catalog or any bill of sale, advertisement,
addendum sheet, or elsewhere as to authorship, period,
culture, source, origin, measurement, quality, rarity,
provenance, importance, exhibition, or physical condition
are qualified statements of opinion and not representations
or warranties. No employee of RIAC or any person
purporting to act on behalf of RIAC is authorized to make
on RIAC’s or the consignor’s behalf, any representation or
warranty, oral or written, with respect to any lot or item
for sale.
11. BINDING EFFECT, MODIFICATIONS, AND SEVERABILITY.
The terms and conditions of sale shall bind the successors
and assigns of all bidders and purchasers and inure to
the benefit of RIAC’s successors and assigns. No waiver,
amendment or modification of the terms hereof (other than
posted notices or oral announcements during the sale) shall
bind RIAC unless specifically stated in writing and signed
by RIAC. If any part of these terms and conditions of sale is
for any reason invalid or unenforceable, the invalid portion
shall be stricken and the rest of the terms and conditions of
sale shall remain valid and enforceable.
12. RESERVES. Some items in this auction may be subject
to reserve (the confidential minimum price below which
the lot will not be sold). If a lot is offered with a reserve,
RIAC may implement that reserve by bidding on behalf of
the consignor. No reserve will be allowed higher than the
high estimate and in many cases the reserve is lower than
the low estimate. This bidding will not generally constitute
opening bidding. If RIAC declares an opening bid and no
advance to that bid is received RIAC will pass the item.
However, once bidding is opened RIAC will bid on behalf
of the consignor to reach the reserve price. The Auctioneer
may reject nominal bids, which are small opening bids
or very nominal advances made with the purpose of
disparaging an item. If a lot fails to achieve a bid equal to
or exceeding 25 – 30% of the low estimate, the item may
be passed and not sold and may not be re-offered until a
later sale. This determination of whether to sell the item at
the current auction or re-offer it at a later auction is at the
sole discretion of the Auctioneer. RIAC buys items on the
open market or may offer a guarantee to a consignor. In
either event, RIAC can have an ownership or other financial
interest in the item(s) being auctioned. Such interest in the
item(s) being auctioned may not be disclosed. If RIAC has
an interest in an offered lot and the proceeds therefrom,
other than our commission, RIAC may bid on the offered
lot to protect such interest and such bidding shall not be
prohibited under Section 12 below. Items which are not
reserved are sold at the Auctioneer’s discretion.
13. BIDS OF CONSIGNORS. Consignors, other than RIAC,
are not allowed to bid on their own merchandise nor have
any agent bid on their behalf. If the Auctioneer recognizes
such bidding or is advised of same, the Auctioneer reserves
the right to withdraw any or all items consigned by the
Terms and Conditions
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