Golden Oak Online Auctions Terms & Conditions of Sale
THE PLACING OF A BID SHALL CONSTITUTE ACCEPTANCE OF THESE CONDITIONS OF SALE BETWEEN BIDDER AND GOLDEN OAK ONLINE AUCTIONS ("GOOA")
1. ALL bids are per lot, as numbered in the online presentation. GOOA, as agent for the consignor, shall regulate the bidding and shall determine the manner in which the bidding shall be conducted. GOOA reserves the right to withdraw any lot prior to sale (without liability to any potential purchaser or agent), to re-offer any withdrawn lot, and to refuse any bid believed not made in good faith. Estimates of sales prices contained in the online presentation reflect the best judgment of GOOA and its consultants.
2. (a) Bids shall be made in the increments set forth on the website. Bidding steps are as published in the following link: click here to see them online. Bids made out of increment will be reduced to the next increment. Example: $603 bid will be reduced to $600, etc.
(b) The highest bid acknowledged by GOOA shall prevail. Should a dispute arise between bidders GOOA alone shall determine who the successful bidder is and whether to reoffer the lot in dispute. Should a dispute arise after the sale, GOOA's records shall be conclusive. On all lots sold, a commission of 20% on the hammer price is payable by the buyer to GOOA together with any sales and use tax or customs duties.
3. (a) GOOA reserves the right to bid on behalf of clients (and consignors or vendors) but shall not be liable for errors and omissions in executing instructions to bid, however received, and whether such errors or omissions be those of the bidder or agent or those of GOOA.
(b) Some lots being offered may be subject to a reserve price.
(c) In some instances, consignors may have been advanced monies against the sale of their consigned material and GOOA therefore will have a security interest in the consigned material over and above the normal auction commission.
(d) Any purchases made by a consignor or vendor or his agent on his own lots shall be considered as a sale subject to commissions and sales tax as applicable.
PAYMENT FOR PURCHASES
4. Payment for lots, including those on which opinions for experts are desired shall be made as follows: successful bidders will be notified of lots purchased immediately following the sale. Before GOOA will send such lots, payment in full must be received by GOOA within five (5) business days of receipt of the aforesaid notification by the bidder. However, a purchaser known to GOOA at its option may have purchases delivered or forwarded for immediate payment. Unless otherwise acceptable to GOOA, payment is to be made only in the form of cash, bank check or certified check, personal check (which must clear prior to delivery of lots), credit card (AMEX, Visa, MasterCard and Discover), PayPal or a bank wire transfer (Please contact us for our wiring instructions.) Payments made by credit card are accepted as a courtesy without surcharge, if paid within 15 days of sale date.
5. Title shall not pass to the purchaser until full payment has been received by GOOA as agents for the consignor or vendor.
6. Mailed delivery of purchases will be to the address on file and proof by GOOA of receipt of a sending at the advised address shall constitute delivery. All charges for handling, delivery and insurance obtained by GOOA on behalf of the purchaser shall be added to the purchase price.
7. (a) Purchasers agree to pay for lots as specified in Condition of Sale 4 and no credit is extended; a late payment charge of 2% per month or fraction thereof shall be added if payment is not made in accordance with the aforesaid conditions.
(b) In the event that a bidder shall fail to comply with these conditions of sale ("non-complying bidder"), then, as to any lot with respect to which such failure to comply occurs, GOOA, may, in its sole discretion, re-offer such lot during the same auction or at an auction at a later time, or by private treaty at such time as GOOA, in its sole discretion, deems appropriate and the non-complying bidder shall be liable for the deficiency, if any, between the hammer price and the net proceeds of a sale to a subsequent purchaser, whether at auction or by private treaty, as well as for all costs and expenses of both sales, all other charges due thereunder, including commissions with respect to both sales, whether payable to GOOA or to a third party and all incidental damages. It shall be in GOOA's sole discretion to determine whether to re-offer the lot theretofore hammered-down to a non-complying bidder at the same auction, or by private treaty in due course, or at a subsequent auction conducted by GOOA. In no event shall any surplus arising from the sale of a re-offered lot be payable to a non-complying bidder.
(c) A defaulting purchaser shall be deemed to have granted GOOA a security interest in property in GOOA's possession owned by such purchaser. GOOA shall have all of the rights afforded a such a purchase with respect to such property and may apply against such obligations all monies held or received by it for the account of, or due from GOOA to such purchaser. GOOA is authorized to file a financing statement in order to perfect its rights as a secured party.
(d) If GOOA takes any legal steps to secure payment of a delinquent account, the defaulting purchaser shall be liable for all legal and other expenses incurred by GOOA to secure such payment, including but not limited to a reasonable allowance for attorneys' fees. For purposes of this paragraph, the term legal steps shall be deemed to include any and all consultation by GOOA with its attorneys with respect to all matters arising out of a delinquent account.
QUALITY AND AUTHENTICITY: Coins
8. Each lot is sold as genuine, unless specifically described as "sold as is". This is a limited warranty that the item sold is not counterfeit, that its date or mintmark has not been altered, and that the coin has not been repaired. Any other warranty is expressly disclaimed; GOOA offers no representation that a numismatic item has or has not been cleaned; that any toning is natural or artificial; that any coin will meet the standards or grade of any independent grading service; that any item has a particular provenance or pedigree, or that a numismatic item is struck or produced in a particular style. Any statement concerning such matters reflects an opinion only. Questions regarding the minting of a coin as a proof or as a business strike relate to the method of manufacture and not to authenticity.
(a) The descriptions of each numismatic lot represent the cataloger's good faith opinion, or the opinion of an independent grading service, as to the state of preservation and strike. When a grade from an independent grading service is utilized, the information is provided strictly for the convenience of the bidder by mail, telephone or facsimile. Bidders and purchasers acknowledge that (i) grading is an art, not a science; (ii) the grades contained in the catalog represent the opinion of the auctioneer based upon its experience; (iii) that it is possible that two people will not always grade the same items alike; and (iv) as market conditions change, grading standards change, and will most likely continue to do so in the future. No warranty, whether expressed or implied, including any warranty of saleability, is made with regard to any grade description, which is merely an opinion that is likely to differ, even among experts. The purchaser assumes all risks related to the grading of a lot by an independent grading service.
(b) Grading or condition of rare coins may have a material effect on the value of the item(s) purchased; and the opinion of third parties (including independent grading services) may differ from the independent grading service's opinion or interpretation of GOOA. GOOA shall not be bound by any prior or subsequent opinion, determination or certification by any independent grading service.
(c) All oral and written statements made by GOOA and its employees (including affiliated and related companies) are statements of opinion only, and are not warranties or representations of any kind, unless stated as a specific written warranty, and no employee or agent of GOOA has authority to vary or alter these Terms and Conditions of Sale. Any alteration shall be effective only if in writing and signed by an officer of GOOA authorized to do so.
(d) Bidders shall have no recourse against the consignor for any reason whatsoever.
(e) Notwithstanding anything to the contrary in these Terms and Conditions of Sale, any coin offered by us that has been graded by PCGS, NGC, ICG, SEGS, ACCUGRADE, PCI, NTC or ANACS may not be returned for any reason whatsoever. Please note that lack of a CAC seal does not necessarily mean that a coin was rejected. Not all coins were submitted for examination.
QUALITY AND AUTHENTICITY: Stamps, Autographs, Art and All Other Non-Numismatic
9. Each lot is sold as genuine and correctly described, unless specifically described as "sold as is". Potential buyers may request additional imaging or clarification to GOOA on any lot(s).
(a) Quality. Any lot which a purchaser considers to be incorrectly described may be returned to GOOA within two weeks of its receipt by such purchaser ("returning purchaser"), provided, however, that the same is received by GOOA within four weeks of the date of the auction; however, GOOA may, in its discretion, refuse acceptance of such returned lot. In the event that a dispute cannot be resolved by reference to a mutually acceptable authority, and GOOA thereupon undertakes to re-offer the lot with a description identical to the description disputed, the returning purchaser shall be liable for the deficiency, if any, between the proceeds of the sale to the returning purchaser and the proceeds of a sale to a subsequent purchaser, as well as for all costs and expenses of the re-sale, including commission, and all incidental damages. Any lot, the description of which is disputed, must be returned intact and in the original packaging and in the condition received (unaltered) by the purchaser. The following lots are not returnable except at the discretion of GOOA: (i) lots examined by postal viewers; (ii) lots on account of their appearance, if they are illustrated online; (iii) lots described as having repairs, defects or faults for any reason, (iv) lots containing more than ten (10) items.
(b) Authenticity. If an opinion of a mutually acceptable authority is desired, the period of time within which a lot must be received by GOOA will be extended however, GOOA must be notified within 15 days of the date of the auction. Any lot which is declared otherwise than genuine by a mutually recognized authority is returnable, provided such lot is received by GOOA within four weeks of the date of the auction. Proof that a mutually acceptable authority declines to express an opinion is not grounds for the return of a lot. (i) Expenses incurred by a purchaser in the submission and the return of a lot under Conditions of Sale 7 is not subject to refund. (ii) Numerical grading is subjective and is based upon the condition of each issue. Lots may not be returned if a third party grades a stamp at lower than our grade. (iii) Lots with existing certificates from any widely accepted and reputable expertizing authority, within their specialty and dated within the last seven (7) years from the date of sale, will be offered and sold on an "as-is" basis and as so stated on the certificate. Such lots may not be returned for any reason, including but not limited to a contrary verbal or written opinion or certificate.
SALES TAX/CUSTOMS DUTIES
10. Unless presentation of satisfactory proof that it is exempted by law, a purchaser shall pay to GOOA the sales and use tax of the State claiming jurisdiction. Buyers outside the U.S. are responsible for all customs duties. A purchaser shall indemnify GOOA and hold it harmless of and from any claims of any jurisdiction for sales taxes relating to the purchase of articles at the auction, whenever the same may arise.
APPLICABLE LAW, JURISDICTION, ETC.
11. All matters arising out of this auction shall be governed by the laws of the state of Texas without giving effect to the choice of law principles thereof.
12. Any controversy or claim arising out of or relating to this auction shall be settled by arbitration in the city of Dallas, state of Texas in accordance with the rules of the American Arbitration Association and judgment upon the award rendered by the arbitrator or arbitrators may be entered in any court having jurisdiction.
JURISDICTION AND VENUE OF ACTIONS
13. The purchaser at this auction:
(a) consents and submits to the jurisdiction of the courts of the state of Texas and of the courts of the United States for a judicial district within the territorial limits of the state of Texas for all matters arising out of this auction sale, including, without limitation, any action or proceeding instituted for the enforcement of any right, remedy, obligation and liability arising under or by reason thereof; and
(b) consents and submits to the venue of such action or proceeding in the city of Dallas, state of Texas (or such judicial district of a court of the United States as shall include the same), and
(c) further consents that service of process in any action relating thereto may be effected by registered mail, return receipt requested address to the purchase at the address given to the auctioneer at the time of the sale.
BIDS BY TELEPHONE
14. (a) Must be confirmed in writing unless waived by GOOA.
(b) Any errors are the responsibility of the bidder.
(c) No bids accepted less than 1 hour before the commencement of the sale.
BIDS BY EMAIL
15. Bids must be received 1 hour before sale commences — be sure to use EMAIL: