Bidding Information and Auction Rules~ 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 up high your bid card 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. As well, in the silent auction, designation of the bid you have written by the silent auction official as the top bid is legal contract to purchase that silent auction item. The seller of all items is the Founders’ Circle Ltd. The auction simply establishes the sale price. 3. Top bidders may pay for their items at the auction cashiering stations. The cashiering stations and the pick-up desks are located in the Hearst Plaza lobby. Both the cashiering stations and the pick-up desks open for regular service at the conclusion of the live auction. It is not necessary to pay for each item 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. 5. 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. 6. You may make shipping arrangements at the auction. All fees associated with shipping including packing, insurance, and transport will be the responsibility of the successful bidder. Please give the auction staff your shipping information. You may contact Kristen Watts at 704.377.2058 if you have questions. 7. Payments may be made by check, currency, or by credit cards. Visa, MasterCard and American Express cards are accepted. 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 on your federal income tax return 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 pick-up desks the certificate(s) for services and tangible items not displayed. Just show your paid receipt and you will receive the gift certificate. 10. 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. Contact the Founders’ Circle office at 704.999.5417 or Eric Speer at 704.337.2048. 11. The Founders' Circle has attempted to describe and catalog all items correctly, but all items are offered as is, where is. The Founders' Circle neither warrants nor represents, and in no event shall be responsible for the correctness of descriptions, the authenticity, genuineness, authorship, provenance, physical condition of the items, quality, rarity, value or importance of the object, or its fitness for any purpose, or whether the person acquiring the item has any reproduction rights in the property. 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. Fair market value is an estimate of the retail value. Generally, we depend on the artist or donor to give us a reasonable estimate of the item's retail value. The item’s fair market value is an estimate only, based on current retail prices. 12. 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 and the Mint Museum of Craft + Design, 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. 13. All items are offered subject to a reserve price, a price below which the item may not be sold. You may bid the amounts you like and the auctioneer will inform the audience when the bidding has passed the reserve price amount, and thus the item will be sold. Most items involve a payout to a donor, artist, vendor who supplied the item. The organization keeps any funds bid above the payout amount 14. This auction benefits the programs, exhibitions and acquisitions of the Mint Museum of Craft + Design. Sales tax, thus, will not be added to the purchase price of an auction item.
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, or as announced by the auctioneer. 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 items, located in the Bank of America Gallery in Hearst Tower, from the time the doors open until the start of the live auction. Please feel free to come right up to the display of the live auction items. 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 for you 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 up high your bid card with the number toward the auctioneer. Either the auctioneer or volunteer bid spotter may recognize your bid. Volunteer bid spotters will relay your bids to the auctioneer. Only the auctioneer may accept your bid.
Revised: 07/14/2008 |