TERMS AND CONDITIONS OF SALE
1. Auction Company. This public auction is being presented by Park Avenue Numismatics Auctions (Park Avenue).
2. Binding Effect of Terms and Conditions. These Terms and Conditions are legally binding on anyone that registers to bid, or actually does bid, at a PARK AVENUE auction. They define the relationship between bidders and PARK AVENUE before, during and after the auction, and limit PARK AVENUE’s liability to bidders. PARK AVENUE urges anyone considering bidding in a PARK AVENUE auction to read these Terms and Conditions carefully before doing so.
3. Buyer’s Premium. Unless otherwise noted in these Terms and Conditions, there will be a 12.5% Buyer’s Premium charged in addition to the hammer price on all PARK AVENUE internet-only auctions.
4. Shipping Fees. Standard domestic shipping is $15 fifteen dollars. Express and International shipping will be charged based on the schedule published on our web site.
5. Consignors and Reserves. This catalogue contains descriptions of property belonging to many persons known as consignors. PARK AVENUE is not required to divulge to prospective bidders the identity of any consignor, except as provided by these Terms and Conditions. PARK AVENUE’s relationship with a consignor is governed by a separate Consignment Agreement, the terms of which PARK AVENUE is not required to disclose to prospective bidders. This Consignment Agreement may provide for a reserve, or confidential price below which PARK AVENUE will not sell an item or will repurchase the item on behalf of the Consignor or PARK AVENUE itself. The Consignment Agreement may also permit a consignor to bid on his or her own lots and pay commissions at different rates from other bidders if successful. If a consignor bids from the floor for his or her own lots, PARK AVENUE may so note to all present. PARK AVENUE reserves the right to omit from its published prices realized the purchase prices of items re-purchased by their consignor(s).
6. Who Can and Cannot Bid. Persons may bid at a PARK AVENUE internet-only auction using PARK AVENUE’s online platform or by telephone through a designated PARK AVENUE employee. Phone bids can be placed for a registered bidder only and the bidder must have completed the online registration, or sent legal authorization to PARK AVENUE by fax or mail. PARK AVENUE reserves the right to reject bids from any person in its sole discretion. In particular, PARK AVENUE will not accept bids from corporate bidders unless an officer, director or principal of the corporation agrees in writing to personally guarantee payment. Likewise, bids will be accepted from persons under age 18 only if a parent or legal guardian agrees in writing to accept these Terms and Conditions and be responsible for any purchases by the bidder. In addition, PARK AVENUE may require bidders without established credit with PARK AVENUE to furnish satisfactory credit references or deposit such amount as PARK AVENUE may require in its sole and absolute discretion before bidding. Such deposits will be applied to purchases and unused portions returned after the auction.
7. Conflicts of Interest. PARK AVENUE, its principals, and affiliated or related companies and their employees, officers or principals may either consign to, or bid at, a PARK AVENUE auction and pay commissions at different rates from other consignors or bidders. In addition, these persons or entities may loan or advance funds to consignors and/or prospective bidders, and may thereby acquire interests in items sold at a PARK AVENUE auction. To the extent that actual or apparent conflicts of interest are created by such situations, bidders consent to such conflicts.
8. Disclaimer of Representations or Warranties from PARK AVENUE. The descriptions in this online auction as to grade, mintmark, quality, designation, variety, rarity, provenance, and historic relevance are qualified statements of good faith opinion and not warranties. PARK AVENUE relies on the opinions of leading third party certification services such as PCGS, NGC CAC and other third party grading services, and supplies information relating to certified items only for the convenience of internet or phone bidders. The attributes of particular items may have a material impact on their value, and bidders assume all risk of differing opinions thereof. No employee or agent of PARK AVENUE is authorized to make any representations or warranties regarding the characteristics of items sold by PARK AVENUE or the correctness of catalogue descriptions, and PARK AVENUE DISCLAIMS ANY WARRANTY, EXPRESS OR IMPLIED, AS TO THE MERCHANTABILITY, FITNESS OR CONDITION OF ITEMS BEING SOLD.
9. Title. PARK AVENUE relies on representations and warranties from its consignors that the consignors own the items consigned and are legally entitled to sell those items. Bidders are entitled to rely on those same representations and warranties in making their purchases, but are encouraged to make their own investigations in case of doubt.
10. Viewing. PARK AVENUE internet-only auction lots may be viewed online on PARK AVENUE’s website. While all lots have images and descriptions, bidders may contact PARK AVENUE numismatists via phone or email for further descriptions and analysis. PARK AVENUE encourages all Internet bidders to contact PARK AVENUE with any questions or concerns prior to placing bids.
11. Bidding on Auction Items. The auction shall take place at the time and place set forth by PARK AVENUE as noted per auction. The auctioneer will offer lots in number sequence within each auction, subject to PARK AVENUE's right to withdraw any lot at any time. Only entire lots will be offered unless PARK AVENUE directs otherwise. Bidding will open at an amount set by PARK AVENUE in their sole discretion, and will continue at such increments as the on-line auction directs until the PARK AVENUE declares the lot sold and the bidding for that item closed. PARK AVENUE may accept or decline any bid. In the last 3 minutes of the auction, if a bid is placed by a bidder, an additional 3 minutes will be added for each bid that is placed until there is no further bidding. The highest bidder at the time of the close of the auction, pending reserves being met, will be the winner of the said item. In case of any disputes regarding the existence or amount of bids the auctioneer may rescind the sale of that lot and re-sell it, or otherwise direct disposition of the lot in his sole discretion. In all cases, the auctioneer's decision shall be final. PARK AVENUE IS NOT RESPONSIBLE FOR ERRORS IN BIDDING, and mistaken bids will not justify rescission of a sale.
12. Buyer's Commission and Taxes. There is a 12.5% BUYER’S FEE for all lots in PARK AVENUE Auctions. THE PURCHASE PRICE FOR ALL LOTS INCLUDES THE SUCCESSFUL BID, BUYER’s FEE PLUS SHIPPING FEES, WHERE APPLICABLE (SEE #3 & #4), AS WELL AS APPLICABLE STATE TAXES (6.9% FOR LOTS DELIVERED IN MN), except as otherwise provided by written agreement between a bidder and PARK AVENUE NUMISMATICS (PARK AVENUE). Bidders acknowledge that they are responsible for all sales, use or other taxes applicable to their purchases, and for any interest or penalty related to unpaid tax, regardless of whether PARK AVENUE collected such taxes at the time of purchase.
13. Payment, Risk of Loss and Remedies for Late Payment/Security Interest. After the auction, all successful purchasers will receive an invoice from PARK AVENUE detailing their purchases and the date payment is due. Title and risk of loss to goods passes when the purchase price is paid in full, and PARK AVENUE reserves the right to withhold delivery of lots until full payment is made in good funds. PARK AVENUE will accept payment for auction lots in the form of personal check, money order, certified funds, bank wire, major credit cards (Visa, MasterCard, Discover, American Express add 3.5%), PayPal (add 3.5%) or other negotiated payment as agreed by an authorized PARK AVENUE representative. Such alternatives may include trade-ins or other monies due to consignor from another transaction with PARK AVENUE. *Please note: credit card and PayPal payments will be accepted up to $10,000 per invoice. Invoices totaling more than $10,000.00 will require a check, money-order or wired-funds for the remaining balance. Layaways or extended payment terms are not allowed on the Internet-only auction without prior agreement from PARK AVENUE. In such cases, an interest fee may apply.
There will be a $25.00 fee for any returned check. Purchasers agree that if payment is not made in full in accordance with the invoice terms, they will be liable to PARK AVENUE for interest on the unpaid balance at the rate of 1 1/2% per month (or the maximum rate permitted by law, whichever is lower), and for reimbursement of all collection costs incurred by PARK AVENUE (including the costs of engaging an attorney and pursuing legal proceedings). In addition to the foregoing, purchasers grant PARK AVENUE a security interest in any items purchased by them, to secure any outstanding indebtedness to PARK AVENUE (whether from purchase of the items themselves or other items), and agree to execute such documents as PARK AVENUE may deem needed to evidence this security interest. Purchasers agree that PARK AVENUE may exercise all the rights of a secured party, including the right to re-sell the collateral item(s) and apply the proceeds to purchaser's debt and to reimbursing PARK AVENUE for costs related to the resale.
14. Limited Return Privilege. Auction purchases may only be returned upon approval by an authorized PARK AVENUE representative within 3 days of the buyer’s receipt of such item. Approved returns will be subject to a restocking fee of 15%. Note that bidders who return too many items, or return item without pre-authorization, may be asked not to participate in future auctions as other bidders are unnecessarily inconvenienced by such returns. Thank you for your discretion on this matter.
15. No Rights for Subsequent Purchasers or Assignees. Only the actual purchaser of an item at a PARK AVENUE auction may claim any rights under these Terms and Conditions, and such rights may not be transferred or assigned to anyone else.
16. Disclaimer of Compensatory, Incidental or Consequential Damages. PARK AVENUE’s liability to purchasers for returned items, items to which title issues are raised, or in connection with any claim arising from the purchase of an item at a PARK AVENUE auction is limited to reimbursing the purchaser for the sums actually paid to PARK AVENUE for the item(s) (including buyer's commission and taxes), and PARK AVENUE DISCLAIMS ANY LIABILITY FOR COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING FROM PURCHASE OF ANY ITEM AT AN PARK AVENUE AUCTION.
17. Florida Law/Arbitration of All Disputes. These Terms and Conditions shall be construed and enforced in accordance with Florida law (excluding choice of law rules). Any claim or controversy arising out of or involving an PARK AVENUE auction or any provision of Terms and Conditions shall be resolved by arbitration by the American Numismatic Association (ANA) in accordance with ANA rules and procedures, or, if the ANA cannot or will not hear the matter, by the American Arbitration Association (AAA) with the venue to be Miami, Florida. Either the ANA or the AAA shall be authorized to award to the prevailing party that party’s attorney’s fees and costs associated with the arbitration. Judgment upon an arbitration award may be entered in any court of competent jurisdiction.
As of 7/9/2020