IBNS Auction No. 80 - Auction Rules

AUCTION RULES APPROVED BY THE EXECUTIVE BOARD

GENERAL:

  1. Only IBNS Members in good standing may participate in the IBNS Auctions.
  2. Subject to the Auction rules, the Auctioneer may use their discretion in all matters pertaining to auction procedures, and their decisions are final.
  3. Any inquires about auctions will be directed to the Auctioneer (see current officer list in the IBNS Journal).

RULES FOR AUCTION SUBMITTERS:

  1. Neither the IBNS or the Auctioneer is responsible for any lots not received by Controlled (registered and/or insured) mail.
  2. A maximum of lots allowed for submission in the Auction by any individual submitter will be decided by The Auctioneer at the time of compilation of the Auction.
  3. SUBMITTERS MUST IDENTIFY AND GRADE ALL NOTES. If a catalogue reference is used, give the name and printing data of catalogue used. Unidentified notes will be returned to the submitter.
  4. SUBMITTERS MUST SET A MINIMUM ACCEPTABLE BID PRICE. For each lot submitted. No lot with a minimum bid price of less than $2.00 will be accepted. Notes can be combined together into one lot to meet this requirement. Any lot with a minimum bid price, which in the opinion of an Auctioneer, is far above current retail value will be rejected.
  5. The Auctioneer reserves the right to change grading and/or identification where necessary, but NOT the minimum acceptable bid price. Any note or lot that is rejected (returned) by a successful bidder because of grading and/or identification will be assessed a 10% handling fee, not to exceed $10.00, with a minimum fee of $1.00.
  6. Fifteen percent (15%) of the selling price of each note or lot will be charged by IBNS to help defray auction expenses.
  7. Lots, for an announced auction, must be received by an Auctioneer no later than midnight of the date that will be announced in the IBNS Journal, an Auction Catalogue, the IBNS web site or other IBNS notification. The Auctioneer will decide a maximum of lots allowable for the Auction. An auction catalogue will be made available to all members as soon as possible, thereafter. The auction will close at midnight of the date stated in the auction catalogue.
  8. Payment will be made for all notes sold as soon as payment is received from the successful bidders. All, repeat all, unsold notes or lots will be returned to the submitter at the same time, at the ADDRESSEE’S RISK, repeat ADDRESSEE’S RISK.

RULES FOR AUCTION BIDDERS:

  1. All bids must be submitted in accordance with the instructions to bidders printed in the Auction Catalogue and MUST BE RECEIVED by the Auctioneer by the closing date.
  2. Only bids which offer a specific amount stated in US Dollars and which are equal to or greater than the MINIMUM ACCEPTABLE BID will be accepted. No “buy” or “buy up to” bids will be accepted.
  3. High bids will be reduced as follows:
    1. Bids up to $100.00 will be reduced to 20% above the next lower acceptable bid or to 20% above the minimum acceptable bid where there are no other acceptable bids.
    2. Bids of $100.01 or higher will be reduced to 10% above the next lower acceptable Bid, or to 10% above a minimum acceptable bid of $100.01, or to 20% above a minimum acceptable bid of $100.00 or less, where there are no other acceptable bids.
  4. The winning bid will be determined in accordance with Rules 1,2, & 3 above. In case of tied high bids, the first one received will be declared the winning bid.
  5. A 5% buyer’s fee will be charged to offset auction expenses. However, this fee will be waived for those members who pay their auction obligation by cash or by cheque.
  6. Invoices, which will contain further instructions concerning mailing of money, postage and fees for registration, insurance, etc; will be mailed to successful bidders as soon as possible after the closing date of the auction. Successful bidders may use a credit card to pay for their obligation. These invoices represent a financial obligation to IBNS and PROMPT PAYMENT IS EXPECTED. If successful bidders are unable to meet this obligation, they are expected to contact the Auctioneer immediately to determine if an arrangement can be worked out. If payment is not received within a reasonable time, it will be assumed that the bidder has reneged, and the lot(s) will be returned to the submitter(s). Members who renege on their bids or refuse to pay for the lot(s) they may have won may be prohibited for participation in future auctions and in accordance with the Society’s Bylaws, may be subject to disciplinary action for violation of the IBNS Code of Ethics.
  7. No lots will be mailed to successful bidders until remittance has been received by, or prior arrangements made with, the Auctioneer. All lots will be mailed to successful bidders at the ADDRESSEE’S RISK, repeat ADDRESSEE’S RISK.
  8. The IBNS Auction is not an “approval sale”. NOTES MAY BE RETURNED FOR REASON OF MISTAKE IN GRADING AND/OR IDENTIFICATION ONLY. Unsatisfactory lots must be returned to the Auctioneer within five (5) days of receipt.