A prospective buyer must complete and sign a registration form and provide identification before bidding. At our discretion, we may require bank or other financial references. Leonard Auction, Inc. has the right, at our complete discretion, to refuse registration to the auction, to require any additional documentation, to refuse admission to the premises or participation in any auction and to reject any bid.
The auctioneer has the right at their absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw any lot, and in the case of error or dispute, whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to re-offer and resell the lot in dispute. If any dispute arises after the sale, the sale record of Leonard Auction, Inc. is conclusive and final.
The auction bidding generally progresses on the following increments but is subject to the discretion of the auctioneer and may change at any time.
We will use reasonable efforts to carry out absentee bids given to us at least 24 hours prior to the sale for the convenience of clients who are not present at the auction. Bids must be placed in U.S. dollars on the set increment table. Bids that do not conform to the increment table, will be rounded down to the next increment. If we receive absentee bids on a particular lot for identical amounts, and these are the highest bids on the lot at the auction, it will be sold to the bidder whose absentee bid was received and accepted first. Execution of absentee bids is a complimentary service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute an absentee bid or for errors and omissions in connection with the absentee bid. Leonard Auction, Inc. may act as a dual agent when accepting and executing absentee bids.
We will use reasonable efforts to carry out telephone bids given to us at least 24 hours prior to the sale for the convenience of clients who are not present at the auction. Bids must be placed in U.S. dollars on the set increment table. Telephone bids will not be accepted for those lots with a low estimate below $1,000. Execution of telephone bids is a complimentary service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a telephone bid or for errors, omissions or technical issues in connection with the telephone bid. Leonard Auction, Inc. may act as a dual agent when accepting and executing telephone bids.
We will use reasonable efforts to carry out online bids. Execution of online bids is a complimentary service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute an online bid or for errors, omissions or technical issues in connection with the online bid. Online bids are provided by 3rd party providers who may have additional terms and conditions not under the control of Leonard Auction, Inc. Leonard Auction, Inc. may act as a dual agent when accepting and executing online bids.
Some or all lots in the sale may be subject to a reserve which is the confidential minimum price below which such lot will not be sold. The reserve will not exceed the low estimate of the lot. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. The auctioneer may continue to bid on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders
The highest bidder acknowledged by the auctioneer will be the purchaser. In the case of a tie bid, the winning bidder will be determined by the auctioneer at his or her sole discretion. In the event of a dispute between bidders, the auctioneer has final discretion to determine the successful bidder or to re-offer the lot in dispute. If any dispute arises after the sale, the Leonard Auction, Inc. sale record shall be conclusive. Title passes upon the fall of the auctioneer’s hammer to the highest acknowledged bidder subject to the Terms of Sale set forth herein and the bidder assumes full risk and responsibility
In addition to the hammer price, the buyer agrees to pay Leonard Auction, Inc. a buyer’s premium. The buyer’s premium charged to all buyers is twenty-two (22) percent (%) of the hammer price. Leonard Auction will also collect an additional buyer’s premium for Online bids according to the following table:
Some or all lots in the sale may be subject to a state sales tax based on the item and location of the buyer. Buyer’s may present a full copy of their valid State resale tax identification or exemption identification number, complete an Illinois CRT-61 form and have the invoice name match the certificate to waive sales tax. Sales tax is charged according to the below table.
The buyer must pay the entire amount due (including the hammer price, buyer’s premium, all applicable taxes and other charges) no later than the seventh (7th) business day following the sale. Payment in U.S. dollars may be made with cash, wire transfer, bank check or cashier’s check drawn on a U.S. bank; money order; Paypal (subject to a 3.99% convenience fee) or major credit / debit card (subject to a 3.99% convenience fee). Paypal, credit and debit card purchases are only permitted for United States based buyers with invoices totaling less than $5,000. Leonard Auction, Inc. reserves the right to change payment terms, request additional information or require a specific type of payment from any buyer. The buyer agrees to pay Leonard Auction, Inc. a handling charge of twenty-five ($25) for any dishonored check. Buyer credits issued by Leonard Auction, Inc. expire one-year from issue. Leonard Auction, Inc. reserves the right to hold merchandise prior to shipping or release at its discretion.
If we do not receive payment in full, in good cleared funds, within seven (7) business days following the sale, we are entitled in our absolute discretion to exercise one or more of the following measures, in addition to any actions available to us by law:
Once Leonard Auction, Inc. has received all funds due to us, the buyer shall collect purchased lots from our location in Addison, Illinois within ten (10) business days from the date of the sale. All pick-ups, whether in-person or via third-party, must be scheduled by calling our office at 630-495-0229 extension 0. Pick-ups must be scheduled and completed during normal business hours, Monday – Friday from 10:00am – 3:30pm (central time).
If property is not picked up within ten (10) business days following the sale, whether or not payment has been made, Leonard Auction, Inc. will assess a storage fee of $10 per lot, per business day. Leonard Auction, Inc. shall have no liability for any damage to property left on its premises for more than ten (10) business days following the sale. Property which is paid for, but left on our premises for any reason in excess of forty-five (45) business days will be considered abandoned and at the discretion of Leonard Auction, Inc. may be re-offered for sale. Any property re-offered for sale, will be charged a 50% selling commission and storage fees with the balance of any funds recovered being remitted to you.
If your bid is successful, Leonard Auction, Inc. will directly ship select lots as noted in the catalog. The buyer is responsible for all transportation fees, packaging, handling, insurance and confirmation fees. All packages shipped require adult signature confirmation.
The Buyer is responsible for all customs fees, import taxes, VAT, duties and any other fee associated with the purchase. All customs forms completed by Leonard Auction, Inc. will reflect the accurate sales price including hammer price, buyer’s premium and any other fees.
Purchased Lots
If for any reason a purchased lot cannot be delivered in the same condition as at the time of sale, or should any purchased lot be stolen, mis-delivered or lost prior to delivery, Leonard Auction shall not be liable for any amount in excess of that paid by the purchaser.
Legal Ramifications
The rights and obligations of the parties with respect to these Terms of Sale, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws of DuPage County in Illinois. If any part of these Terms of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law.
Discretion
Any and all of the conditions may be waived or modified at the sole discretion of Leonard Auction.