Buying & Selling

If you are buying or selling at Heritage 1 USA, this guide aims to help you from both a buyer’s and seller’s perspective. From a buyer’s perspective, Heritage 1 USA is one of the most exciting ways to buy fine art, fine jewelry, fine gems, luxury cars, and antiques to name a few. You will find many types of collectibles and you may even discover a unique bargain, which adds to the fun. Follow our guide to getting the most out of an auction.
When buying at auction, make sure you allow yourself enough time to thoroughly examine the lot, and for those that are new to the process, it helps to go to auctions regularly, even as a visitor. This activity really helps you to find out what you are interested in before beginning your quest.
Be certain to obtain a catalog, read the description and ask questions. The catalog helps you to acquaint yourself with the goods and their prices. It also lists all the objects, or groups of objects, in the order in which they will be sold. In the auction world, these are known as ‘lot’ numbers. It is very important to pay attention to the exact wording of each entry. Read the explanations at the beginning of the catalog. The explanations tell you the significance of words such as ‘attributed to’, ‘style of’, and ‘after’. This terminology also helps you gauge the date and authenticity of a piece and affects its value.
Each item in the catalog will show the price Heritage 1 USA expects the object to sell for. If there is no estimate in the catalog, it may be pinned up in the saleroom. If not, you can ask the auctioneer. Please note that our estimates should always be taken as only a rough guide. Our estimates are never a guarantee of the final sale price.

Payment and delivery policy

Payment

The price to be paid for any particular item is indicated by the hammer price, which is the price upon the fall of the auctioneer’s hammer. In addition to this, there is also a 15% buyer’s premium (percentage taken from the final hammer price), and value-added taxes. Each buyer will receive an invoice with their name and address, as indicated on their registration form. The invoice will list all items purchased and the cost of each item. All details regarding payment are listed on the back of each bidder card and our staff is happy to explain any questions you may have in further detail.

Methods of payment

You may pay for your items at your convenience whether it is immediately after each purchase, or when you are ready to leave. Heritage 1 USA accepts Certified Checks, Visa, MasterCard, and American Express. For Certified Checks, submit a Personal Check the day of the auction. On the next business day, the Personal Check must be replaced with a Certified Check.

If you wish to pay $10,000 or more in cash, you must fill out the IRS 8300 Form located at http://www.irs.gov/pub/irs-pdf/f8300.pdf. Our staff will also have these forms available at the registration desk. Law requires that any trade or business that receives a payment like this must report the transaction to the IRS within 15 days of receipt of the cash on Form 8300. The law also requires that the form includes the correct cash payer’s name, address, and tax identification number, as well as the amount of cash received and the date and nature of the transaction.

Picking up your items

You may pay for your item(s) at the cashier’s desk at any time during the auction. After you have paid for your item, you may collect it and take it home with you. As soon as you buy an item at a Heritage 1 USA auction, you are responsible for it. That includes removing it from the premises of the auction. If you live outside of our 30-mile radius driving policy, you may need to arrange a moving service.

If you live within a 30-mile radius of the auction site and you wish for your item to be delivered, Heritage 1 USA will happily deliver your merchandise for a flat fee of $300. In unusual situations, we will offer a delivery service outside of our 30-mile radius for a fee of $500. However, the rates may increase depending on the distance and circumstances.

If need be, Heritage 1 USA will ship internationally in very special cases via storage and/or customs clearance. Given that the terms of shipment are unique, they will be determined on a case-by-case basis upon which both parties must agree once the dispatch instructions and full payments, including shipping costs, have been received.

Conditions of Sale

Bidding

A 15% buyer’s premium will be added. The sales tax will be charged on the total of the bid price and the 15% buyers’ premium. All goods are sold “final sale as is” at the time of sale subject to all faults and defects whether or not any inspection is made by or on behalf of the purchaser. All lots are subject to a reserve and /or minimum bid. The consignor has the right to withdraw, divide or consolidate any lot and refuse any bid in accordance with the uniform commercial code

Payment Terms

• All Lots are paid in full at the conclusion of the auction and any exceptions thereof are at the sole discretion of the auctioneer.
• In the event of a default in payment or otherwise, a purchaser shall be responsible for all costs of collection including reasonable attorney fees.
• Interest will be assessed at a rate of 24% (twenty-four percent) per annum on any and all outstanding sums due pursuant to this agreement from the due date until paid.
• If the purchase price is not paid, or the items are not removed from the place of auction, the auctioneer, at his sole exclusive discretion, has the right to remove said items from the premises to storage and/or to cancel the sale and /or seek any and all legal remedies against the Purchaser including monetary damages for the purchase price. The auctioneer retains the right, upon the bidder refusing to accept the goods, to resell the goods at a reasonable price where the bidder will be liable for the difference between the resale price and the original price excepted by the bidder. Additionally, the bidder shall be liable for all costs of such subsequent sale including warehousing and auctioneer’s commissions.
• IRS Form 8300 must be completed and filed for all customers who wish to pay $10,000 or more in cash.
• Cash is defined as all currency, a cashier’s check, money order, bank draft, or traveler’s check to have a face amount of $10,000 or more.
• All payment and financial invoice information will be kept confidential. A copy of sales tax exemption certificates must be submitted and a sales tax exemption form must be filled out at registration to be sales tax exempt.
• Invoices are subject to audit for errors and the bidder is responsible for paying any balance due therein. If there exists a deficiency in sales taxes due to incorrect sales tax exemption information or if there is a balance due for other reasons, the customer grants permission to charge the balance on the credit card.

Appraisals

Appraisals provide a description of each item offered and submit a retail replacement value to the item for insurance purposes. We do not recommend you base your decision to buy an item based on the appraisal value. Please be informed that the appraisals have been prepared by independent appraisers, and the retail value may be very high or very low and there may be variation in the grading of the jewels. However, due to the subjective nature of the grading and the appraising process, the auctioneer does not assume any liability for the appraisal certificates.

Warranty & Appraisal

• While descriptions are believed to be accurate, all statements or representations on such matters, whether printed in a catalog or made orally, are statements of opinion only and are not a representation of facts.
• The auctioneer disclaims all warranties, express or implied, including fitness for a particular purpose and merchantability as to any items purchased.
• The auctioneer specifically makes no warranty or representation as to the value of any particular item.
• The auctioneer disclaims for itself and for the vendor and/or the consignor, any and all responsibility for authenticity, age, origin, condition, size, weight, quality, or kind. Purchasers are deemed to have satisfied themselves on authenticity, condition, etc. before bidding.
• No one in the auctioneer’s employ has the authority to make any representation of fact whatsoever.
• The terms of this warranty may only be varied in writing.
• No oral warranties or representation may modify this disclaimer.
• While in the course of the auction the auctioneer may make statements about the goods subject to auction, such statements do not constitute warranties, shall not be relied up by the buyer, and are not part of these terms and conditions of sale.
• Any dispute arising under or in connection with this agreement shall be resolved by private, binding arbitration administered by the uniform arbitration act in the county where the auction was held.
• A hearing before a single arbitrator shall be held in the corresponding County where the auction was held. The results of the arbitration shall be and remain confidential and unpublished.
• A violation of confidentiality shall result in the forfeiture and return of any consideration received from the arbitration, as liquidated damages and not as a penalty.

Surveillance Cameras

you hereby consent to be recorded and/or photographed.