BIDDING INFORMATION AND AUCTION
RULES
How the Auction
Works
1. Upon entry,
each guest will be given a bid card. To bid in the
silent auction, simply write your bid number on the silent auction bid
form. To bid in the live auction, hold your bid card up high with the
number toward the auctioneer. By bidding in the live or silent
auctions, each bidder agrees to these auction rules.
2. A bid
acknowledged by the live auctioneer is a legal contract to
purchase the item. Additionally, in the silent auction, designation of
the bid you have written by the silent auction official as the top bid
is a legal contract to purchase that silent auction item.
3. Top bidders may
pay for their items at the auction cashiering
stations, which open for regular service during or at the conclusion of
the live auction. It is not necessary to pay for each item individually
after its purchase, and we encourage you to pay for your purchases only
once, at the end of the live auction. Payment in full, however, is
mandatory at the auction.
4. Per IRS
regulations, auction items will be awarded to one purchaser
only. The top bid amount for an auction item will not be split among
those who may have agreed to pay a portion of the top bid amount. A
purchaser who wishes to so split the payment for an auction item must
collect the individual payments from the participant(s) and then either
present those payments to the cashiers at the time the purchaser pays
for the top bidder’s purchases, or accept those payments as a partial
reimbursement for the total payment the purchaser has made, and obtain
a receipt. The purchaser gives payment participants a copy of the
receipt.
5. All purchases
are final and there will be no exchanges or refunds on items unless
otherwise noted.
6. The Auctioneer
reserves the right to reject any bid which is a
minimal fractional advance over the prior bid. The Auctioneer and the
organization reserve the right to add or withdraw, without notice,
items to or from the auction.
7. Payments may be
made by check, currency, or by the credit cards
announced at the auction. Please make your check payable to The
Founders’ Circle Ltd. The Internal Revenue Service has granted The
Founders’ Circle Ltd. charitable organization status. We are, thus, a
501(c)3 charitable organization and your payments are tax deductible as
a charitable contribution, only to the extent provided by law.
Generally you may deduct as a charitable contribution the amount you
pay above the fair market value of the item. Please see your tax
professional for deductibility to you.
8. Unless
otherwise noted, all goods and services must be claimed and used within
one year of the auction date.
9. The purchaser
assumes the responsibility to locate and remove
purchases from the auction premises. Purchasers may claim from the
Certificate Table the certificate(s) for services and tangible items
not displayed. Just show your paid receipt and you will receive the
gift certificate.
10. Reservations
for trips and vacation accommodations must be mutually
arranged with the donor unless otherwise noted. No refunds will be
allowed on travel packages for cancelled accommodations.
11. Travel will be
provided by donors as described even if the prices
increase above those stated. Because travel charges change, travel
costs may decrease the values stated, but no refunds will be allowed.
12. All items not
removed from the auction premises may be claimed
during the week following the auction at the Mint Museum of Craft +
Design office during normal office hours. You may make shipping
arrangements at the auction or with Eric Speer at 704.337.2048 or Lorne
Lassiter at 704.999.5417.
13. The Founders’
Circle has attempted to describe and catalog all
items correctly, but each items is offered as is (in current
condition), where is (in current location). The Founders’ Circle
neither warrants nor represents, and in no event shall be responsible
for the correctness of descriptions, genuineness, authorship,
provenance or condition of the items. No statement made in this catalog
or made orally at the auction or elsewhere shall be deemed such a
warranty for tax purposes or fair
market value.
Items have not been appraised unless otherwise noted.
14. Each person
issued a bid number (bidder) assumes all risks and
hazards related to the auction and items obtained at the auction. Each
bidder agrees to hold harmless from any liability arising there from
The Founders’ Circle, its elected and
appointed
officials, members and employees, the auctioneer(s), the
auction company and its agents and employees, the event organizers,
sponsors, and/or volunteers connected with the auction.
15. In your
auction catalogue, generally, we depend on the donor to give us a
reasonable estimate of the item's retail value.
16. Some items may
be offered subject to a reserve price, a price below
which the item may not be sold. Most items involve a payout to a
gallery or artist who supplied the item. These items are added to the
auction to give you a wider bidding selection, and to help the
organization earn additional funds. The organization keeps any funds
bid above the payout amount. The live auction item description normally
contains any full donations so you will know how much of your top bid
amount is retained by The Founders’ Circle.
Silent
Auction
1. Items offered
in the silent auction will have silent auction bid
forms displayed near them or on a table nearby. You may bid by simply
writing your bid number on the form, opposite the amount you want to
bid. Please press hard as you are making three copies.
2. You do not have
to take the next available bid amount, but may skip
ahead on the form to find the amount you really want to bid. The next
bidder must bid a higher amount than you did to be successful.
3. If you really
want an item, just write your bid number opposite the
amount labeled Guaranteed Purchase and you own the item. Once you write
your bid number on the Guaranteed Purchase line, the bidding on that
item is concluded.
4. You may bid on
any item in the silent auction until the section is
closed. Bidding for items in the silent auction sections will close at
the time posted. A silent auction official will circle the top bid
number and amount. You can see if you are the successful purchaser by
looking at a copy (pink) of the silent auction bid form, which is left
in its place after the section is closed.
Live
Auction
1. You may preview
the live auction from the time the doors open until
the start of the live auction. Please feel free to enter the Bank of
America Gallery where the Live Auction items will be displayed (from
September 21). We want you to have adequate time and opportunity to see
the excellent quality of the live auction items. Also, please note any
restrictions, limitations, sizes, etc.
2. To ensure that
the auction concludes at a reasonable hour, the live
auction will begin during dinner and continue without intermission
until all items have been auctioned.
3. You may bid in
the live auction by holding your bid card up high
with the number toward the auctioneer. Either the auctioneer or bid
spotter can recognize your bid.
|
|
|
|
|
