2017 Auction Rules


Friday, May 5, 2017
Contact Roger Wooten, 815-547-9348


Rules, Regulations, and Conditions
Chicago Pen Auction

Commissions

A commission will be charged to all sellers and a buyer's premium to all buyers on each item sold; the rates for both sellers and buyers will be 10% on amounts up to and including $1000 and 5% on amounts in excess of $1000. The sponsors reserve the right to negotiate commissions with sellers on exceptional items.

Changes in the following Term of Sale may be announced by the Auctioneer from the podium and if so announced will take precedence over those written below.

The identifications, descriptions, conditions and other information in this catalog are solely for the convenience of the buyers and are subject to correction at any time. The buyer is solely responsible for verifying all information in the catalog. The buyer is solely responsible for verifying the condition of any lot. The sponsors take no responsibility for the correctness of the information. No warranties are expressed or implied.

Terms of Sale for Buyers

1) Some of the items to be auctioned have a reserve price below which they will not be sold. These reserves will not be disclosed. The auctioneer will start the bidding at whatever price he chooses, which may be lower or higher than the reserve, and will supervise the bidding until no higher bid can be reached. If the reserve has not been reached, the Auctioneer may offer the lot to the highest bidder at the reserve.

2) Items will be available for inspection before the auction begins. It is solely the buyer's duty to inspect the items and to form his or her own opinion about the condition and value of each item.

3) Sponsors reserve the right to add or withdraw any item or lot at any time, including during the progress of the sale. The sponsors reserve the right to change the contents of any lot consisting of multiple items up until the moment of sale.  Non cataloged lots may be added to the sale.

4) The Auctioneer may reject any bid or bidder for any reason. The Auctioneer may alter the order of the sale. The Auctioneer may bid for himself, the sponsors may bid for themselves or for clients.

5) Bid by number only, please obtain a bid number card from the clerk by completing a form requesting your name, address, telephone number, etc. Each successful bidder is asked to identify himself by number to the auctioneer and the clerk. Resellers, interstate purchasers and others exempt from sales taxes may be asked to complete a sales tax exemption form.

6) Sponsors believe the Auction not to be subject to Illinois Retailer's Occupation Tax, in the event that such taxes are levied upon the sponsors, the purchaser of any lot agrees to reimburse the sponsors for the amount of such tax.

7) All sales are final. Purchases must be claimed and paid for immediately after the end of the auction. All payments must be by cash, cashier's check, traveler's check, certified check or money order. The sponsors cannot extend credit nor accept personal checks. The consignors of certain lots expected to sell for more than $1000 have agreed to take checks. The sponsors, with the prior consent of the consignor, may agree to accept the purchaser's check in payment of the portion of the hammer price which will be payable to the consignor. Specific authorization to pay by check for a given lot must be obtained from Donald Lavin, or Michael Fultz prior to the start of the auction. The sponsors reserve the right to decline to accept checks for any reason. Checks drawn on U.S. banks only. In the event of a dispute, the purchaser agrees, without limitation, to hold the sponsors harmless for any liability, including attorney's fees, court costs, collection fees, discounts, bank charges, etc. Cash and traveler's checks will always be preferred.

8) When the hammer falls, the lot becomes the property of the buyer; all risks of loss, damage, etc. also passing to the buyer.

9) Decisions of the Auctioneer and/or the sponsors are final and are not subject to appeal.

Terms of Sale for Consignors

1) All terms of sale for buyers apply equally to consignors.

2) A commission of 5% of the reserve price will be charged on items not sold.

3) Sponsors will settle with consignors as soon as possible. The sponsors take no responsibility for unsold, unclaimed or unpaid items or lots.

4) Consignors and/or their agents are prohibited from bidding on any lot which they have consigned.

Definitions of Terms Used In the Catalog

Condition: While the descriptions of most lots include an estimate of the use, wear and tear that the item has received, these are merely labels. The Sponsors do not warrantee condition. It is solely the responsibility of the bidder to inspect the lot and determine its condition.

In general, 'Mint' means an item is unused but it may be shopworn, dirty or otherwise in less than brand new condition. 'Near Mint', 'Excellent', 'Very Good', and 'Good' are each progressively more worn. A pen labeled 'Excellent' will show obvious wear, a pen labeled 'Good' may be much worn. The bidder must also be aware that items are sometimes damaged in the preview or in transport. (Should you discover a serious defect during the preview which is not mentioned in the catalog, please call this to the attention of the Sponsors).

Working: The filling mechanism of a pen draws fluid into the pen. Working does not mean that the Sponsors warrantee the pen to write. Dropper-filled pens are presumed to be 'working'.

Estimated Selling Price: The amount the sponsors estimate the lot will bring at auction. This may be higher or lower than the Reserve Price, if any.

Reserve Price: An amount set by the Consignor below which the lot may not be sold.