Thank you for your interest in this online auction brought to you by Auction Markets, LLC (“Auction Markets” and/or “Auctioneer”). The clock will be selling to the highest bidder regardless of price above the stated minimum bid of $50,000 pursuant to an Order by the US Bankruptcy Court, Eastern District of Virginia, Alexandria Division.
PLEASE READ ALL TERMS AND CONDITIONS BEFORE BIDDING. BY BIDDING, YOU ARE AGREEING TO THESE TERMS AND CONDITIONS.
PLEASE NOTE THAT ALL ONLINE AUCTION SYSTEMS AND BIDDING APPS ARE SUBJECT TO VARIOUS INTERNET SPEEDS. YOU ARE ENCOURAGED TO USE THE MAXIMUM BID FEATURE AND YOU ARE ENCOURAGED TO NOT BID "AT THE LAST SECOND". ENTER YOUR BIDS PROMPTLY TO ALLOW THE ONLINE SYSTEM TO PROCESS ALL BIDS IN A TIMELY FASHION. GOOD LUCK!
15% Buyers Premium and Virginia Sales Tax. A 15% Buyers Premium applies to all bids and is due and payable in full with the final payment. Unless tax exempt, the winning bidder is responsible for paying a 6.0% sales tax on their entire purchase directly to the Auction Company. For example, if you are the winning bidder for $100,000.00, a 15% Buyers Premium will be added ($15,000.00), resulting in a $115,000.00 sales price. The 6% sales tax will be calculated on the $115,000.00 sales price, resulting in a final purchase price due to Auction Markets of $121,900.00. No sales tax will be charged to out-of-state buyers that have their purchase shipped to them and to tax-exempt resellers that provide a tax-exempt certificate to Auction Markets prior to payment. All Virginia residents are subject to payment of the 6% sales tax. Auction Markets reserves the right to reject any tax-exempt certificate it does not deem to be valid and the buyer will be required to apply for a tax refund from the Commonwealth of Virginia.
Payment. Payment may only be made by wire transfer in US Dollars only. No credit cards or checks will be accepted. This is a Court-ordered auction and the terms have been pre-approved by the Chapter 7 Trustee. Please do not bid unless you have the financial resources to immediately pay for your purchase. Final payment for your purchase must by made by Friday, September 29, 2017 at 3:00pm EST. Wiring instructions will be delivered to the successful bidder. No bidder may pick-up their purchase until the entire purchase price has been received by Auction Markets. The initiation of a wire transfer is not considered payment. The funds must be received by Auction Markets prior to pick-up. You are strongly encouraged to initiate all wire transfers by 2:00pm EST on each business day to insure timely payment.
Default. This is a court-ordered auction with very specific terms and conditions that you are agreeing to abide by when you bid. You understand that there are specific legal consequences if you do not follow through with your obligations. Therefore, at Auction Markets, we do not require credit card authorizations prior to bidding and we trust that when you bid, you will follow through with your bid. We may, at our discretion, require proof of funds prior to accepting your registration. We have a “One Strike” policy. If you are a winning bidder and you default on any part of your purchase, for any reason, including that you decide you only want some of the items you purchased, you will (a) be immediately banned from participating in all future Auction Markets auctions, (b) be subject to litigation, specific performance and enforcement of your bid by the Trustee in the US Bankruptcy Court, Eastern District of Virginia, Alexandria Division, including but not limited to either payment in full of your bid plus all legal fees associated with enforcement of your bid and/or payment of any difference between your bid price and the re-sales price and all costs of re-sale in the event we re-sell the item(s) you defaulted on and (c) other legal remedies available to Auction Markets and the Trustee for damages caused. If you do not pay for your item(s) by the payment due date, we reserve the right to immediately re-sell the item without further notice. We have no obligation to “work with you” or “wait for payment”. We are required by the Bankruptcy Court to liquidate the assets we are selling. Please remember that when you bid online, your bid is binding and you are contractually obligated to pay for your purchases if you are the winning bidder. If you are unsure if you have the financial ability to pay for your purchases with cash or wire transfer by the payment deadline, then please do not bid.
Jurisdiction. Auction Markets is selling this asset on behalf of a Chapter 7 Bankruptcy Trustee. The US Bankruptcy Court, Eastern District of Virginia, Alexandria Division shall have exclusive jurisdiction over any disputes that may arise between a buyer, the Chapter 7 Bankruptcy Trustee and/or Auction Markets.
Extended Bidding. All of our auctions will extend an additional three minutes each time there is bidding activity within the last three minutes of any individual item auction closing and will continue to extend three minutes until there is no more bidding activity within the last three minutes. You are strongly encouraged to use the maximum bid feature so the online platform can automatically enter your bid. In order to enter your maximum bid on a Lot, simply enter your highest bid and the bidding platform will enter the next highest bid for you and will raise your bid only by the next increment. For instance, if the current bid is $50,000.00, the minimum bidding increment is $1,000.00 and your maximum bid is $100,000.00, when you enter your maximum bid for $100,000.00, the bidding platform will only increase the bid to $51,000.00 (the current bid plus the $1,000.00 minimum bidding increment). If nobody else bids, you are the high bidder for $51,000.00. If another bid is entered for $52,000.00, then the bidding platform will automatically increase your bid to $53,000.00. This will continue until your maximum bid is reached or you are declared the high bidder.
Bidding Mistake. If at any time during the auction you mistakenly make a bid that needs to be correct, such as bidding $500,000 instead of $50,000, please immediately email Auction Markets at email@example.com to report the error. Please write in the subject line – URGENT BIDDING MISTAKE – or similar text to notify us of the mistake and we will attempt to correct it promptly.
Asset Condition. We have taken great care to accurately describe each asset being sold. Regardless, all assets are being sold in "AS-IS, WHERE-IS" condition and with all faults. Auction Markets, the Chapter 7 Bankruptcy Trustee, and their representatives, make no representation, guaranty, or warranty, express or implied, as to the nature, quality, value, provenance, use, merchantability, marketability, completeness, or condition of any asset. Auction Markets and the Chapter 7 Bankruptcy Trustee expressly disclaim any warranty of merchantability or fitness for a particular purpose. No sale shall be invalidated by reason of any defect or inaccuracy in any description or listing, and no liability shall be borne by Auction Markets and/or the Chapter 7 Bankruptcy Trustee with respect to such errors. All information has been obtained from sources generally believed to be reliable, but the accuracy cannot be guaranteed or warranted by Auction Markets or the Chapter 7 Bankruptcy Trustee. By bidding you acknowledge it is your responsibility to inspect the asset(s) being sold and to make your own inquires and conclusions prior to bidding. Please submit any inquiries about any item being sold to firstname.lastname@example.org.
Provenance and Authenticity. All items described are based on our research, based on the label(s) on the item(s) being sold and based on our conversation(s) with the former owner or Debtor. This clock has been inspected and described by Tina L. Leight, Graduate Gemologist, GIA, owner of Gems Jewelry and Appraisals, Round Hill, Virginia. You acknowledge that you have read the appraisal prepared by Tina L. Leight, Graduate Gemologist, GIA, owner of Gems Jewelry and Appraisals, Round Hill, Virginia dated June 27, 2017 and the enclosed Hidden Treasurers appraisal dated June 1, 2011. You understand that these are independent appraisals and are the professional opinions of each of the respective appraisers.
This Clock has also been inspected by Sotheby’s and Weschler's Auctioneers & Appraisers, LLC. You acknowledge that you have read the Full Description of the Clock summarizing the informal opinions of Sotheby’s and Weschler's. You understand that these are independent auctioneers and are the independent opinions of each of the respective auctioneers.
While we have taken great care to provide the most accurate description(s), we do not take responsibility for any errors whatsoever in any description(s). All measurements are approximate. Certain descriptions may also indicate that a certain part of an item being sold may be “Gold” or “Silver” or some other type of metal. Unless a specific carat weight is provided in the description, please assume that the reference to the type of metal may only be the color and not the actual metal. All assets are being sold in "AS-IS, WHERE-IS" condition and with all faults. Auction Markets, the Chapter 7 Bankruptcy Trustee, and their representatives make no representation, guaranty, or warranty, express or implied, as to the nature, quality, value, provenance, use, merchantability, marketability, completeness, or condition of any asset. Specifically, Auction Markets and the Chapter 7 Bankruptcy Trustee make no representation, guaranty, or warranty, that the Clock is a Faberge by Workmaster Hjalmar Armfelt. Auction Markets and the Chapter 7 Bankruptcy Trustee expressly disclaim any warranty of merchantability or fitness for a particular purpose. No sale shall be invalidated by reason of any defect or inaccuracy in any description or listing, and no liability shall be borne by Auction Markets and/or the Chapter 7 Bankruptcy Trustee with respect to such errors. All information has been obtained from sources generally believed to be reliable, but the accuracy cannot be guaranteed or warranted by Auction Markets or the Chapter 7 Bankruptcy Trustee. By bidding you acknowledge it is your responsibility to inspect the asset(s) being sold and to make your own inquires and conclusions prior to bidding. Please submit any inquiries about any item being sold to email@example.com.
Asset Inspection. The clock will only be available for inspection by appointment by contacting Stephen Karbelk, Auction Markets at 571-481-1037 or firstname.lastname@example.org or Stephanie Young, Auction Markets at 571-223-9975 or email@example.com. The clock is located at bank in Reston, Virginia and may only be inspected at the bank during the bank’s business hours.
Shipping Services. No shipping services are provided by Auction Markets for this auction. The winning bidder is responsible for arranging the pick-up of the clock by October 13, 2017.
Time is of the Essence. Time is of the essence with respect to all timelines and deadlines described in these terms and conditions. All times are local time.