Terms of Sale
Auctions | Terms of Sale
Registration
Auctioneer's Discretion
Bid Increments
Bid Range | Increment |
---|---|
$0 - 299 | $25 |
$300 - 999 | $50 |
$1,000 - 1,999 | $100 |
$2,000 - 2,999 | $200 |
$3,000 - 4,999 | $250 |
$5,000 - 9,999 | $500 |
$10,000 - 19,999 | $1,000 |
$20,000 - 49,999 | $2,000 |
$50,000 - 99,999 | $5,000 |
$100,000 - 199,999 | $10,000 |
$200,000+ | $20,000 |
Absentee Bids
We will use reasonable efforts to carry out absentee bids given to us at least 24 hours prior to the sale for the convenience of clients who are not present at the auction. Bids must be placed in U.S. dollars on the set increment table. Bids that do not conform to the increment table, will be rounded down to the next increment. If we receive absentee bids on a particular lot for identical amounts, and these are the highest bids on the lot at the auction, it will be sold to the bidder whose absentee bid was received and accepted first. Execution of absentee bids is a complimentary service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute an absentee bid or for errors and omissions in connection with the absentee bid. Leonard Auction, Inc. may act as a dual agent when accepting and executing absentee bids.
Telephone Bids
We will use reasonable efforts to carry out telephone bids given to us at least 24 hours prior to the sale for the convenience of clients who are not present at the auction. Bids must be placed in U.S. dollars on the set increment table. Telephone bids will not be accepted for those lots with a low estimate below $1,000. Execution of telephone bids is a complimentary service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a telephone bid or for errors, omissions or technical issues in connection with the telephone bid. Leonard Auction, Inc. may act as a dual agent when accepting and executing telephone bids.
Online Bids
We will use reasonable efforts to carry out online bids. Execution of online bids is a complimentary service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute an online bid or for errors, omissions or technical issues in connection with the online bid. Online bids are provided by 3rd party providers who may have additional terms and conditions not under the control of Leonard Auction, Inc. Leonard Auction, Inc. may act as a dual agent when accepting and executing online bids.
Reserves
Successful Bid
Buyer's Premium
Online Bidding Site | Additional Buyer's Premium |
---|---|
Proxibid | 3% |
AuctionZip | 5% |
Bidsquare | 5% |
Invaluable | 5% |
Live Auctioneers | 5% |
The-Saleroom | 5% |
Sales Tax
State | Sales Tax Rate | Exceptions |
---|---|---|
California | 7.25% | Coins |
Florida | 6% | Coins, currency and bullion |
Georgia | 8.5% | Coins and currency |
Illinois | 8.25% | Items from estates and private sellers; coins, currency and bullion |
Kansas | 6.5% | |
New Jersey | 6.625% | |
New Mexico | 5.125% | |
New York | 8.875% | Bullion |
Pennsylvania | 6% | Coins and currency |
Washington | 10.5% | Coins and currency |
Payment
Non-payment
If we do not receive payment in full, in good cleared funds, within seven (7) business days following the sale, we are entitled in our absolute discretion to exercise one or more of the following measures, in addition to any actions available to us by law:
a.) assess a 1.5% monthly interest fee for late payments
b.) to cancel the sale
c.) to resell the property publicly or privately with such terms as we find appropriate, to resell the property at public auction without reserve, and with the purchaser liable for any deficiency, cost, including handling charges, the expenses of both sales, our commission on both sales at our regular rate, all other charges due hereunder and incidental damages. In addition, a defaulting purchaser will be deemed to have granted us a security interest in, and we may retain as collateral security for such purchaser’s obligations to us, any property in our possession owned by such purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds represented by checks, or in the case of bank or cashier’s checks, we have confirmed their authenticity.
d.) to offset against any amount owed
e.) to not allow any bids at any upcoming auction by or on behalf of the buyer
f.) to hold the defaulting buyer liable for the total amount due and to begin legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law
g.) to take other action as we find necessary or appropriate
Collecting Purchases
Once Leonard Auction, Inc. has received all funds due to us, the buyer shall collect purchased lots from our location in Addison, Illinois within ten (10) business days from the date of the sale. All pick-ups, whether in-person or via third-party, must be scheduled by calling our office at 630-495-0229 extension 0. Pick-ups must be scheduled and completed during normal business hours, Monday – Friday from 10:00am – 3:30pm (central time).
If property is not picked up within ten (10) business days following the sale, whether or not payment has been made, Leonard Auction, Inc. will assess a storage fee of $10 per lot, per business day. Leonard Auction, Inc. shall have no liability for any damage to property left on its premises for more than ten (10) business days following the sale. Property which is paid for, but left on our premises for any reason in excess of forty-five (45) business days will be considered abandoned and at the discretion of Leonard Auction, Inc. may be re-offered for sale. Any property re-offered for sale, will be charged a 50% selling commission and storage fees with the balance of any funds recovered being remitted to you.
Re-Offer Purchased Lots
Direct Shipping
If your bid is successful, Leonard Auction, Inc. will directly ship select lots as noted in the catalog. The buyer is responsible for all transportation fees, packaging, handling, insurance and confirmation fees. Packages shipped to multi-unit addresses or those valued at $200 or more require signature confirmation.
Buyer is responsible for all customs fees, import taxes, VAT, duties and any other fee associated with the purchase. All customs forms completed by Leonard Auction, Inc. will reflect the accurate sales price including hammer price, buyer’s premium and any other fees.
Third Party Shipping
Liability
Purchased Lots
If for any reason a purchased lot cannot be delivered in the same condition as at the time of sale, or should any purchased lot be stolen, mis-delivered or lost prior to delivery, Leonard Auction, Inc. shall not be liable for any amount in excess of that paid by the purchaser.
Legal Ramifications
The rights and obligations of the parties with respect to these Terms of Sale, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws of DuPage County in Illinois. If any part of these Terms of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law.
Discretion
Any and all of the conditions may be waived or modified at the sole discretion of Leonard Auction, Inc.