Bidding Information and Auction Rules ~ How the Auction Works 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 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 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 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 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 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.
Revised: 8/15/2009
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