Terms of Sale
All bidders (including auction agents) are subject to the following Conditions of Sale. Feel free to print out this page for future reference. Thank you.
1. On all lots sold a commission of 15% on the hammer price is payable by the buyer.
2. The terms of sale are strictly cash on delivery to the highest bidder unless special arrangements have been made prior to the sale. The fact that an item is placed on extension (submitted to an expertising committee for certification) does not relieve the successful bidder from this condition of sale.
3. All bids are per lot as numbered in the catalogue unless otherwise announced by the auctioneer at the time of sale. The right is reserved to group two or more lots; to withdraw any lot or lots from the sale, or to act on behalf of the seller. Cherrystone will bid on behalf of clients, but will not be responsible for any errors in the execution of bidding instructions. The auctioneer shall regulate the bidding and in the event of any dispute his decision shall be final.
4. All lots are offered subject to a reserve price. The auctioneer may implement such reserve price by bidding on behalf of the seller. It may also be inferred that all sellers have been given advances against the sale of their material and therefore we have a financial interest in such lots over and above the sellers commission they are charged.
5. Any lot, the description of which is incorrect, is returnable, but only within 14 days of receipt. All disputed lots must be returned intact as received. The following lots may not be returned for any reason whatsoever: Lots containing ten or more stamps; Lots from buyers who have had the opportunity to examine them before the sale; Lots described as having defects or faults may not be returned because of any faults. No illustrated lots may be returned because of centering, margins or other factors shown in the illustrations.
6. Successful bidders, unless they are known to us or supply acceptable references are expected to make payment in full before the lots are delivered. Mail bidders will be notified of the amounts of their purchases. All mail bidders who have established credit with us must make payment within three days after receipt. We reserve the right in our sole and absolute discretion to demand cash payment at the time a lot is knocked down to any bidder who has not previously established credit with us or whose account is in arrears. In the event any buyer refuses to pay cash for any lot at the time it is knocked down to him, the auctioneer reserves the right to reoffer the lot immediately for sale to the highest bidder. Sales tax will be added to purchases where applicable.
7. If the purchase price has not been paid within the time limit, nor lots taken up within seven days from date of sale they may be resold and any loss arising from such sale will be charged to the defaulter. Any account more than thirty days in arrears is subject to a late payment charge of 2% per month so long as the account remains in arrears. If the auctioneer, in his discretion, should institute any action to secure payment of a delinquent account the defaulting purchaser shall pay all expenses incurred by the auctioneer and such charges will be added to the amount owed.
8. All lots are sold as genuine, but should any lot be proved otherwise by written opinion of any competent, responsible authority acceptable to us, immediate refund of the full purchase price will be made, provided that such claim is made in writing within 25 days from date of sale. If claim is not made within this period, no lots are returnable for any reason at any time. So long as we are notified within the 25 day period that an opinion is being sought and the material is submitted to an acceptable authority within that period the matter will remain open until such opinion is rendered. All "Extension" lots will be considered cleared and satisfactory to the buyer if we are not notified to the contrary within six months from date of sale. We will not be responsible for any charges incurred by the buyer for expertization fees and costs unless the opinion states the item is not genuine, in which case we will pay actual costs up to a maximum of $50.00. In the event an item is proved "not as described" it is returnable for full refund, and the buyer will be paid interest (at the prevailing Treasury Bill Rate) for the time his funds have been on deposit with us during the extension period.
9. Until paid for in full, all lots remain the property of Cherrystone Stamp Center, Inc. on behalf of the seller.
10. Some consignors have been advanced monies against the sale of their properties.
11. All forwarding and handling charges will be added to the purchase price. The mode of shipment shall be at our option unless we are given specific instructions.
12. Lots may be sent for inspection to buyers known to us upon written application. All such lots must be returned to us by registered mail, adequately insured and within 24 hours after receipt. The applicant assumes all responsibility and will provide insurance against all risks from time of receipt until they are actually received back by us, and is to pay all expenses of postage and insurance. No lots can be sent for inspection within ten days from date of local viewing. Large lots and collections cannot be sent for inspection. Photocopies of lots are available at 50c per page.
13. Agents are responsible for all purchases made on behalf of their clients unless other arrangements are made prior to the sale.
14. The placing of a bid shall constitute acceptance of the foregoing conditions of sale.
PAUL BUCHSBAYEW, Licensed Auctioneer
New York City License No. 732052 4
Auction Date: February 8-9, 2011