Terms and Conditions
Terms and Conditions
Terms and Conditions October 2015 Torex Auction Sale – TERMS OF SALE
This is a public, mail, email, phone/fax and Internet auction sale conducted and licensed. All bids are per lot. No lots will be broken. Auction sales are not approval sales. First two sessions will be held at the Hyatt Regency Toronto Hotel, 370 King Street West. (Downtown Toronto), Ontario. Please make your reservation by calling the Hyatt hotel at 416-343-1234.
All lots shall be sold to the highest bidder as determined by the auctioneer. If any dispute arises during the sale, the auctioneer has the right to reopen the lot and put it up for sale again. The auctioneer’s decision will be final. In the case of identical (tied) bids during our Live Auctions, the earliest received bid shall take priority. In the case of a tie bid during our Sales, between a mail/fax bid and an Internet bid, the Internet bid will take precedence and obtain the lot. PLEASE CONTACT US IF YOU REQUIRE FURTHER EXPLANATION. No BUY bids or unlimited bids will be accepted. Bids may be made by mail, fax, email, phone or place your bids on our website, either before the sale or by bidding online during the sessions. If you have yet to do so, take a moment to familiarize yourself with our new Internet bidding platform program, an improved online bidding experience which allows bidders to watch and participate in the auction in real time through a live feed.
A 15% buyer’s fee will be added to the invoice of each successful bidder, including mail/fax/email bidders and phone bidders. An 18% buyer’s fee is applicable to all INTERNET bidders. All successful mail/fax/telephone bidders will receive an invoice by mail. All successful internet bidders will receive an invoice by e-mail.
Prices realized will be published and posted on our website a few days after the sale. Prices realized may be mailed upon request.
ALL LOTS MUST BE PAID FOR IN FULL PRIOR TO DELIVERY. Payments must be made in Canadian funds by cheque, bank wire transfer to TCNC’s account or cash. We DO NOT accept PAYPAL, sorry. Payment in U.S. funds will be accepted at 1,5% above spot rate, on the day of the said auction, invoices will be converted accordingly on request. To be fair with our customers who pay cash, Visa and Master Card will be accepted with a 2.95% premium. If you choose the credit card payment, please be advise that the fees are not refundable) Bidders who do not have an established business relationship with The Canadian Numismatic Company will be required to provide credit references prior to the sale. For our established customers, your lots are shipped when your cheque is received. For new customers, your cheque must clear before shipping lots. If you wish to receive your lots faster, you might consider a certified cheque or you can wire your payment directly to our Laurentian Bank account # 492317-01, Branch # 0147. All auction invoices should be received and paid for in full no later than 15 days following the auction date. Invoices not paid in full within 30 days will be liable to a 2% interest fee, charged on a monthly basis. This fee will commence as of the initial invoice date and continue until paid for in full. If the Auctioneer requires use of an attorney for payment resolution, the buyer agrees to pay all attorney fees related to the case.
The auctioneer will open the bidding at the higher of approximately 10% above the second highest bid received or the consignor’s reserve. All bids received will be reduced whenever possible. So, don’t be afraid to bid high. If there are no bids received or reserve, the auctioneer will open bidding at about 50% of the estimate or at the starting bid indicated with the price in RED, bracketed right before the catalogue value. The auctioneer reserves the right to withdraw any lot for any reason at any time prior to its sale. In a case of a significant event which, in the judgement of the auctioneer reserves the right to cancel or postpone this sale.
Prices are in Canadian funds. Bidding in this auction will be in Canadian funds. Mail bids received from USA customers will be converted at the exchange rates of the sale’s date rate.
The estimates listed are taken from the Canadian Coin News, Charlton catalogues, Canadian Dealers News letter and retail prices, e-bay sales, Cornwell report and/or the actual market selling/ asking prices. Key dates and Highest grade material will generally command a premium and should sell close to and/ or above the estimates. Our estimates are fair and very reasonable, please bid accordingly. No lot should sell less than 50% of the low estimates. With a bid of 80% of the estimate, you have a fair chance of succeeding, with a bid of 100% of the highest estimate, you will be likely to succeed.
The cataloguer has taken every reasonable measure to ensure that all of the lots in this sale are as described and genuine. All raw coins and banknotes have been graded by the cataloguer or the auction house which represent our best professional opinion. To grade coins and banknotes, we use Canadian grading standards, 34 years of experience and good conscience. Grading is a subjective description in the opinion of the cataloguer or the auction house. Among experts there are often differences of opinion on the grading and the eye appeal of a coin. The strike and the state of preservation are often debated. TCNC acts as an agent between consignors and buyers. TCNC does not guarantee that any coin or banknote catalogued will meet the standards, or the grade, of any third party grading companies. No warranty, whether impressed or implied.
Title to all lots remains with the auction house until paid for in full by the purchaser. But they are held at the risk of the purchaser once the time of the sale.
All lots delivered outside Canada are exempt of tax. Sales tax, if applicable will be added to the total amount of each invoice including the buyer’s charge. To all lots delivered in Canada, appropriate GST/HST will be charged. To all lots delivered in Quebec PST of 9.975% will be charged. To all lots delivered in USA or overseas, NO TAX will be charged.
Shipping and insurance will be charged to all successful bidders. Insurance will be charged at 0.0040% ($0.40 for $100 purchase). If declined, parcel will be sent at buyer’s risk. All overseas shipments are sent at buyer’s risk.
Mail bidders may return incorrectly described lots for full refund within 5 days of receipt, (except on bulk lots or any lot that contains more than 5 items). NO RETURNS can be accepted for ANY REASON after November 16, 2015 as consignors must be paid. Sorry, no exceptions.
TCNC acts ONLY as agent for the consignors and makes no independent warranty to title. TCNC hereby disclaims all liability for damages, incidental, consequential or otherwise, arising out of or in connection with the sale of any property by TCNC to the purchaser. TCNC reminds all bidders that grading, attribution, and method of manufacture are crucial to the determination of the value of any numismatic item.
Please check your bid sheet carefully, we cannot be responsible for the mistakes of others.
Shipping and insurance will be charged to all successful bidders. Insurance will be charged at 0.4% ($0.40 for $100 purchase). If declined, parcel will be sent at buyer’s risk. All overseas shipments are sent at buyer’s risk.
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