General Conditions of Sale

Conditions of Sale - {{ viewVars.auctionTitle }}

SALE TERMS

Welcome to RJ BULLION LLC's auction! By participating in our auction, either by registering to bid or placing a bid, you agree to abide by the following terms and conditions:

A. BEFORE THE AUCTION

1. DESCRIPTIONS AND WARRANTIES OF LOTS

Our descriptions of each lot, including statements regarding its condition, artist, period, materials, dimensions, weight, exhibition or publication history, or provenance, represent our opinion and should not be taken as factual statements. Apart from the limited authenticity warranty outlined in paragraphs E and F below, we do not guarantee the accuracy of our descriptions or the nature of the lots.

2. CONDITION

The physical condition of lots in our auctions can vary due to factors such as age, normal wear and tear, previous damage, and restoration/repair. All lots are sold 'as is,' reflecting their condition at the time of the auction. We and the seller do not make any representation or warranty regarding the condition of the lots. Descriptions in the catalog or condition reports may not fully detail all faults, defects, restoration, alteration, or adaptation. Additionally, catalog images may not precisely represent the lot's appearance due to variations in color and shade between print and physical inspection. We do not undertake to provide detailed descriptions of lot conditions in the catalog or condition reports.

3. VIEWING

We offer free pre-auction viewings, either by scheduled appointments or at specified times. If you find the catalog descriptions or condition reports insufficient, we recommend personally inspecting the lot or utilizing a knowledgeable representative to ensure acceptance of the description and its condition before bidding. If you're unfamiliar with assessing the nature or condition of an object, we advise seeking guidance from a professional adviser. RJ BULLION has multiple salerooms across the country, and it's essential to check our website for the location of each lot, both for viewing and shipping purposes.

4. ESTIMATES

Lot estimates consider factors such as condition, rarity, quality, and provenance, based on prices realized for similar objects in previous auctions. Our estimates do not guarantee the actual selling price of a lot or its value for any other purpose, and they exclude the buyer's premium, taxes, and any additional charges.

5. WITHDRAWAL

We reserve the right, at our sole discretion, to withdraw a lot from auction at any time before or during the sale, without incurring liability to you for our decision to do so.

B. BIDDING REGISTRATION

1. GENERAL

We retain the right to decline any bid. By engaging in the auction, you affirm and warrant that:

(a) The bidder and/or purchaser is not subject to trade sanctions, embargoes, or any other trade restrictions in the jurisdiction where it operates, as well as under the laws and regulations of the United States, and is not owned or controlled (partially or wholly) by such sanctioned individuals or entities (collectively referred to as "Sanctioned Persons").

(b) In cases where you act as an agent, your principal is not a Sanctioned Person(s) nor owned or controlled (partially or wholly) by Sanctioned Person(s).

(c) The bidder and/or purchaser ensures that none of the purchase price originates from any Sanctioned Person(s), nor are any parties involved in the transaction—including financial institutions, freight forwarders, or other intermediaries—Sanctioned Person(s) or owned or controlled (partially or wholly) by Sanctioned Person(s), unless such activities are authorized in writing by the governing authority having jurisdiction over the transaction or by applicable law or regulation.

2. NEW BIDDERS

First-time bidders must register at least twenty-four (24) hours prior to an auction and furnish us with identity documentation, as follows:

(a) Individuals must present photo identification (driver's license, non-driver ID card, or passport) and, if not stated on the photo identification, proof of current address (a current utility bill or bank statement).

(b) Corporate clients must provide a Certificate of Incorporation or equivalent document showing the company's name and registered address, along with documentary proof of directors and beneficial owners.

(c) Trusts, partnerships, offshore companies, and other business entities must contact us in advance of the auction to discuss specific requirements. Failure to satisfy our bidder identification and registration procedures may result in refusal to register for bidding, and if a successful bid is made, we reserve the right to annul the sale contract between you and the seller. New bidders may be asked to furnish a financial reference and/or deposit before being permitted to bid.

3. RETURNING BIDDERS

Returning bidders who have not made recent purchases from us may be required to register anew, as detailed in the preceding paragraph. Kindly contact us at least twenty-four (24) hours prior to the auction.

4. BIDDING ON BEHALF OF ANOTHER

If bidding as an agent for another person, your principal must be a registered bidder and must provide written authorization for you to bid. As the agent, you assume personal liability for paying the purchase price and any other dues unless prior written agreement stipulates that you act solely on behalf of your principal, with payment sought exclusively from them.

5. SALEROOM BIDDING

For saleroom bidding, acquisition of a bidding paddle is necessary at least thirty (30) minutes before the auction.

6. BIDDING SERVICES

We offer various bidding services for client convenience, subject to these Sale Conditions. However, we disclaim responsibility for any errors, omissions, or failures, whether human or otherwise, in providing these services:

(a) Phone Bids: Arrangements for phone bids must be made at least twenty-four (24) hours before the auction. We accept telephone bids only if our staff is available to receive them, with the understanding that such bids may be recorded.

(b) Internet Bids: Live sales bidding is possible via our bidding platform or third-party bidding sites.

(c) Written Bids: Written Bid Forms are available at the auction site or online at www.RJBULLION.COM. Completed forms must reach us at least twenty-four (24) hours prior to the auction. We will strive to execute written bids at the lowest feasible price, in line with the reserve. In instances where there is no reserve and no higher bid than yours, we will bid on your behalf at approximately fifty percent (50%) of the low estimate or, if lower, the amount of your bid. Priority is given to the first received written bid among those of identical amounts.

7. CREDIT CARD AUTHORIZATION HOLD

Upon bid registration, you may be requested to furnish a valid credit card number. Authorization is granted to verify the card's validity through a temporary authorization hold, typically lasting 2 to 7 days.

C. DURING THE AUCTION

1. BIDDING PROCEDURE

(a) Live Auctions: An appointed auctioneer will oversee live auctions, accepting bids from written submissions, saleroom attendees, telephone participants, and online bidders, including those on third-party platforms. Bidding typically commences below the low estimate and advances in preset increments, determined at the auctioneer's discretion. You are expected to comply with all pertinent laws and regulations governing your bidding.

(b) Online Auctions: The auctioneer entertains bids from internet participants, including those via third-party platforms. Similar to live auctions, bidding generally begins below the low estimate and progresses in designated increments.

(c) Timed Auctions: Bids may solely be submitted on our website within specified timeframes outlined in each lot's description. Your bid is finalized upon placement and confirmation. Once placed, bids are irreversible, and you bear full responsibility for any bidding errors. Typically, bidding initiates at or below the low estimate and escalates in predetermined increments, at RJBULLION's discretion.

2. AUCTIONEER'S DISCRETION

The auctioneer holds absolute discretion to:

(a) Admit or exclude bidders from the saleroom or online auction.

(b) Accept or reject any bid.

(d) Adjust bidding direction.

(e) Withdraw lots from auction.

(f) Divide or merge lots.

(g) Extend bidding beyond hammer fall.

(h) Determine successful bidders, annul lot sales, or offer lots for resale in the event of bidding discrepancies or reserve application errors, whether during or post-auction. Any claims regarding erroneous acceptance of bids must be submitted in writing within three (3) business days of the auction date, with the auctioneer having final authority to validate the sale, void the transaction, or proceed with lot resale. This provision does not impede our ability to cancel lot sales under other applicable conditions, including cancellation rights stipulated elsewhere.

B. BIDDING ON BEHALF OF THE SELLER

3. SELLER REPRESENTATION BIDDING

The auctioneer reserves the discretion to bid on behalf of the seller up to one increment before reaching the reserve, utilizing consecutive or responsive bids. Such bids on behalf of the seller will not be explicitly disclosed. In the absence of a reserve, bidding for a lot will commence at an increment below the lot's low estimate, with subsequent bids solicited to escalate the price. If no bids are received for a lot, it may be considered unsold.

4. WINNING BIDS AND INVOICING

Upon acceptance of the final bid, indicated by the auctioneer's hammer strike, a sales contract is formed between the seller and the successful bidder, in accordance with paragraph C(2). The hammer price constitutes the successful bid amount, and an invoice will be issued exclusively to the registered bidder who placed the winning bid. While invoices are dispatched via mail and/or email post-auction, we are not liable for informing bidders of the bid outcome. Bidders are advised to promptly contact us post-auction to confirm the status of their bid and avoid incurring storage charges. Please note that RJBULLION will only accept payments for purchased lots from the purchaser, unless alternative arrangements have been agreed upon between the purchaser and RJ BULLION prior to the sale.

D. POST-AUCTION PROCEDURES

1. BUYER'S PREMIUM

In addition to the hammer price, the successful bidder agrees to remit a buyer's premium on the hammer price of each sold lot. Our buyer's premium structure is as follows: twenty-six percent (26%) of the hammer price up to and including $1,000,000; twenty percent (20%) for amounts exceeding $1,000,001 up to and including $5,000,000; and fifteen percent (15%) for amounts surpassing $5,000,001. Bidders using third-party platforms agree to pay a surcharge equal to the fee levied by the platform, in addition to the buyer's premium.

2. TAX OBLIGATIONS

The successful bidder assumes responsibility for any applicable taxes, including sales or use tax or equivalent tax on the hammer price, buyer's premium, and/or any other charges related to the lot. The imposition of sales or use tax is contingent upon various factors, including our sales volume and the lot's delivery location, irrespective of the bidder's nationality or citizenship. The applicable sales tax rate will be determined based on the state, county, or locale to which the lot will be shipped or picked up in person. Sales tax collection is conducted in states where legally mandated.

3. PAYMENT PROCEDURE

(a) Following the auction, payment of the purchase price—comprising the hammer price, buyer's premium, and any applicable duties and taxes—is due by the end of the seventh (7th) calendar day following the auction, referred to as the "due date."

(b) Payment will solely be accepted from the registered successful bidder. Once issued, invoices cannot be amended with a different buyer's name or reissued.

(i) Wire transfer.

(ii) Bank checks payable to RJBULLION LLC, subject to potential additional conditions. Property release is contingent upon a five (5) business day clearance period post-check deposit.

(iii) Personal checks payable to RJ BULLION LLC, drawn from US dollar accounts at US banks. Property release is contingent upon check clearance and fund receipt by us.

(iv) Credit card payments are capped at $10,000, subject to a 3% convenience fee per transaction.

(v) ACH Bank Transfer.

(d) Quoting the invoice number is mandatory for all payment transactions. Payments via mail should be addressed to RJ BULLION LLC, 1338 West Lake Street, Chicago, IL 60607, ATTN: Client Accounting Department.

4. OWNERSHIP TRANSFER

Ownership and title transfer of the lot will not occur until we have received full payment in cleared funds of the purchase price, even if the lot has been released to you.

5. RISK TRANSFER

Unless otherwise agreed upon, risk and responsibility for the lot will transfer to you upon the earlier of:

(a) Your collection of the lot.

(b) The thirtieth (30th) day following the auction date or, if sooner, when the lot is entrusted to a third-party warehouse.

6. FAILURE TO PAY

In the event of failure to remit the purchase price in full in cleared funds by the due date, we reserve the right, at our discretion, to take one or more of the following actions, in addition to enforcing other legal rights and remedies:

(a) Imposing interest from the due date at a rate of up to one and one-half percent (1.5%) per month on the outstanding amount.

(b) Canceling the lot sale and conducting a resale, publicly or privately, with you liable for any shortfall between your owed amount and the resale price, along with associated costs, expenses, losses, damages, and legal fees.

(d) Pursuing legal recourse to recover the owed amount, plus additional losses, interest, legal fees, and costs as permissible by law.

(e) Disclosing your identity and contact details to the seller.

(f) Rejecting future bids made by or on behalf of you in subsequent auctions or requiring a deposit before accepting any bids.

(g) Exercising all rights and remedies akin to a secured party over any property under our possession owned by you, in compliance with relevant laws.

(h) Undertaking any other measures deemed necessary or appropriate.

7. SHIPPING, COLLECTION, AND STORAGE

(a) Purchased lots must be collected within thirty (30) days of the auction. While we can assist in shipping arrangements by recommending service providers, you are solely responsible for arranging transport, with no liability on our part for their actions or neglect. RJ BULLION operates multiple salerooms nationwide, with varying sale or item locations, necessitating verification on our website for viewing and shipping details.

(b) Failure to collect a purchased lot within thirty (30) days post-auction may result in us, at our discretion, taking one of the following actions:

(i) Charging storage and insurance costs.

(ii) Relocating the lot to another RJBULLION site or a third-party warehouse, with associated transport, insurance, and administration fees, along with liability for standard third-party storage fees and costs.

(iii) Selling the lot in a commercially reasonable manner.

(c) In compliance with applicable state law, failure to collect a lot within the specified timeframe may result in the application of state sales tax to the lot.

(d) The provisions of this paragraph do not limit our rights under paragraph D(6).

8. EXPORTATION, IMPORTATION, AND ENDANGERED SPECIES

(a) Lot shipment is subject to US export laws or foreign import laws. International bidders are solely responsible for understanding and complying with relevant laws prior to bidding.

(b) Lots containing endangered or protected wildlife species may be subject to export controls in the US and import controls in other countries. Bidders should familiarize themselves with relevant wildlife laws and regulations before bidding on such lots. The purchase of lots containing protected species is at the bidder's own risk, with responsibility for any necessary scientific tests.

E. WARRANTIES

1. SELLER WARRANTIES:

For each lot, the seller warrants that:

(a) They are the owner of the lot or a joint owner acting with permission, or they have legal authority from the owner to sell the lot.

(b) They have the right to transfer ownership of the lot to the buyer without any encumbrances.

If either of these warranties is incorrect, the seller's liability is limited to the purchase price paid by the buyer. The seller is not liable for any consequential damages, including loss of profits, business, or other economic loss. The seller's warranties are restricted to the above conditions, and any additional obligations implied by law are excluded to the extent permitted by law. No employee or agent of RJBULLION is authorized to modify or add to these warranties.

2. OUR LIMITED AUTHENTICITY WARRANTY:

We provide a limited authenticity warranty for one (1) year from live auctions or three (3) months from online-only auctions. This warranty covers the authenticity of lots as defined in paragraph H. To avail of this warranty, you must notify RJBULLION in writing within the specified time frame. Upon receipt of written notification, RJBULLION will refund the purchase price, subject to the terms below:

(a) Claims must be made within the specified time frame.

(b) The warranty applies only to information presented in UPPERCASE in the catalog Heading.

(d) It applies to the Heading as adjusted by any saleroom notice.

(e) It does not apply if expert opinion has evolved since the auction.

(f) It does not apply if scientific testing was not feasible or likely to damage the lot at the time of catalog publication.

(g) It is only available to the original buyer named on the invoice.

(h) To claim, written notice, expert opinions, and return of the lot are required.

(i) The sole remedy under this warranty is cancellation of the sale and a refund of the purchase price.

(j) No employee or agent of RJBULLION is authorized to modify this warranty.

3. ADDITIONAL WARRANTY FOR BOOKS:

For book lots, we offer an additional warranty under specific circumstances:

(a) We will refund the purchase price if we determine, at our discretion, that the book is defective in text or illustration, subject to certain exclusions.

(b) Claims must be made in writing within twenty-one (21) days of the sale date.

No employee or agent of RJ BULLION is authorized to modify this warranty.

4. JEWELRY:

(a) Colored gemstones may have undergone treatments to enhance appearance, and buyers should exercise care accordingly.

(b) Gemological reports are available upon request, with associated fees.

(d) Estimates for jewelry lots are based on catalog information, and treatment status should be assumed if no report is available.

5. WATCHES AND CLOCKS:

(a) Watches and clocks may have non-original parts and are sold without warranties on individual components.

(b) Buyers are responsible for servicing and repairs.

(d) Some watches may have straps made of protected animal materials, which may be removed before shipment.

6. YOUR WARRANTIES:

You warrant that:

(a) Your funds are not associated with criminal activities, including tax evasion.

(b) When bidding on behalf of another, you have conducted appropriate due diligence.

F. OUR LIABILITY TO YOU:

(a) Our warranties are limited to those explicitly stated herein.

(b) We are not liable except in cases of fraud or as expressly provided in these conditions.

(d) Free services provided, such as bidding and condition reports, are without warranties.

(e) Our liability is limited to the purchase price paid by the buyer, excluding any consequential damages.

G. OTHER TERMS:

1. OUR ABILITY TO CANCEL:

We reserve the right to cancel a sale under certain circumstances, including non-compliance with buyer warranties or legal concerns.

2. RECORDINGS:

We may record auctions but will keep personal information confidential unless required by law.

3. COPYRIGHT:

We own the copyright to all auction-related material and prohibit unauthorized use.

4. ENFORCING THIS AGREEMENT:

Invalid clauses will be disregarded, but the rest of the agreement remains valid.

5. TRANSFERRING YOUR RIGHTS AND RESPONSIBILITIES:

Transfer of rights requires written permission, and the agreement binds successors.

6. PERSONAL INFORMATION:

We handle personal information according to our privacy policy.

7. WAIVER:

Failure to exercise a right does not waive that right, and partial exercise does not preclude further action.

8. LAW AND DISPUTES:

This agreement is governed by Illinois law. Disputes will be settled through mediation and, if necessary, arbitration conducted in accordance with specified rules.

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