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TERMS AND CONDITIONS FOR OUR AUCTIONS
To register to bid at our auctions you must show a verifiable, valid U.S. government-issued photo and signature ID such as a drivers license or state identification card. We also need a telephone number where you can be reached. We may ask for an additional number also. All purchases must be paid for by the end of the auction in either cash, pre-approved check or with Visa, Mastercard or Discover. Unless stated in our advertising or on auction day, there is never a minimum bid, hidden reserve bid or "pending owners approval" condition on any of the items sold at our auctions.
We reserve the right to verify a check prior to its acceptance and also reserve the right to refuse any check payment. We have contracted with an electronic-debit company to handle any returned checks. When you elect to pay with check you are agreeing to have funds plus a $40 handling and returned check fee debited from your account by this company.
Please note: Effective 11-20-04, we do not accept any checks drawn from US Bank. We apologize for the inconvenience.
IMPORTANT WORDS ABOUT CHARGING SALES TAX
We have received many questions from bidders asking why other auction firms in Chicagoland charge sales tax and we do not. The answer is simple. For most of auctions...
We are not required to.
In fact, it´s rare that any Illinois auction company is ever required to charge sales tax.
If you attend an auction where sales tax is being charged it is because the items that are being auctioned are either owned by the auctioneer or auction company, or are owned by a dealer who would be required to charge sales tax if they sold the same items themselves in their normal business course.
Example: If a jewelry store owner wanted to consign diamond rings from his/her store inventory to us, we would be required to charge sales tax. But, if the owner wanted to sell the computer used in their business operation we would not have to charge sales tax because the store does not offer that computer for sale in its business. It's considered a fixture.
(Those who have attended our auctions of retail store merchandise know that we do collect and pay sales tax on all applicable merchandise sold.)
For our firm to charge sales tax when we are not required to is not only bad business, but it gives those bidders who have a tax-exempt resale tax number, usually a dealer, an 7.25% or higher buying advantage over bidders who don´t.
We firmly believe that one of the many reasons the auction method of selling is best is because it is the fairest - both to buyer and seller.
ABSENTEE BID POLICY
For auctions where we do accept absentee bids, they are accepted in-person only with a $25 minimum per lot or item. Please note - absentee bids are starting bids. No competing bids are accepted against an absentee bid unless it is 10% higher than the absentee bid amount if that absentee bid is under $500. An absentee bid left of $500 and more requires a competing bid to be at least 5% higher than the absentee bid.
We place a sticker directly on the item that an absentee bid has been left on stating the starting bid amount, the bidder's number and a description of the lot. Once accepted and a 10% down payment has been left, the bid and sticker cannot be rescinded.
Please note - our fiduciary responsibility is to earn the most for those who have entrusted their personal or business property and collections to us - our sellers. Therefore, we would be guilty of a major conflict of interest if we were to accept "start and stop" bidding on absentee bids. Once a bidder has disclosed their top dollar amount, we are obligated to secure that amount. We will not facilitate a bidder's quest to buy as cheap as possible by executing a stop and start bidding arrangement.
Generally, we do not allow minimum bids on antiques and collectibles. We do consider minimum on certain items - usually vehicles. When we accept those items with minimum bids we advertise the minimum and post the minimum bid directly on the item(s). This allows the buyer to know well in advance what it will take to buy the item(s) offered. We never sell anything with a hidden reserve bid or accept a "pending owner´s approval" clause.
SPECIAL NOTE FOR ALL OF OUR MOVER'S UNCLAIMED STORAGE AUCTIONS
We conduct many of these auctions and it is important to know these auctions have specific laws and procedures. First, these are not self-storage auctions where the entire contents of an outside storage unit with owner-provided locks on roll-up doors is sold. They are more like multi-family estate auctions.
These are auctions for moving companies, i.e. Mayflower, Allied Van Lines, Bekins, etc., who move the contents of homes and businesses and store the contents in 6´ x 8´x 4´ wooden crates at their location. Most of these crates hold up to 1000-lbs. Ideally, the owner contacts the mover with a final destination address or a more permanent destination when available, and arranges for delivery. When the moving company´s rental fees go unpaid, a lien is put on the crates under the provisions of the Illinois Warehousemen´s Lien Act and must be auctioned.
IN ADDITION...The Lien Act law specifies that if the owner of the items being auctioned pays the amount due to the moving company at any time, all unsold items must be withdrawn from the auction. Although extremely rare, it is possible that items advertised for auction may not make it to the auction block or the auction may not take place. Please call our office and/or visit our web site before making the trip as we will update as soon as possible if there are changes.
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IL Lic. 440000361