Auctions, the rules you will need

The complete rules are published in the Members’ Handbook

ISC Auctions are a service to members which enables them to dispose of unwanted material and to purchase material. Any member participating in an ISC Auction, whether as vendor or buyer, is deemed to abide by these rules. 

Postal Auctions 

B1. Prospective Vendors may send material to the Auctioneer(s) at any time, unless an Auctioneer has declared a temporary stop because of his absence, excess of material etc. Details of heavy items and bulk lots should be sent in advance to ascertain their acceptability. Material which is accepted will be offered to members at the earliest convenient date.

B2. Members requiring acknowledgement of material sent for sale are asked to send postage [or a reply coupon] for the purpose. Vendors will then receive a list of their auction lot numbers while the Auction List is in preparation. If they disagree with valuations or descriptions, the lot(s) will be withdrawn and returned at the Vendor’s expense. To expedite this process it is recommended that the Auctioneer has details of a vendor’s telephone, fax or email contact points.

B3. Vendors should suggest a Valuation or Reserve price for each lot. The Auctioneer has the right to amend a Valuation [but not a Reserve] or a description at his discretion, or to reject a lot considered to be unsuitable.

B4. If the Vendor does not give alternative instructions should the lot remain unsold, the Auctioneer may offer the lot in a subsequent Auction at a lower valuation or Reserve.

B5. Payment to the Vendor, less Commission, will be made as soon as possible – but only after payment by the Buyer(s). The Commission charged is currently 5%.

Buyers

B6. Reserves [the minimum acceptable bid] will be indicated by ‘R’ in the Catalogue.

B7. The purchaser of each lot shall be the highest bidder. In the event of level bids, the lot will be awarded to the member whose bid was received earliest.

B8. 'Buy' bids, [instructions to buy at any price] are not acceptable. All bids must be in Sterling.

B9. So long as two or more bids are received for a lot, it will be sold at one increment above the nearest under-bidder’s offer. The increment sizes are at the Auctioneer’s discretion, but will be modest and variable, depending on the value of the lot. Bids below the indicated starting price are unlikely to succeed 

B10. 'Reserved' lots will be sold at the Reserve price if there is only one bid.

B11. Omitted

B12. Members living outside Europe are asked to indicate whether lots for which they have successfully bid should be sent by sea or air. Registered post is used when requested or when the Auctioneer feels this is justified.

B13. Members requiring further details of a lot should contact the Auctioneer to determine whether it is possible to send a lot for viewing, whether it can be photocopied or an image emailed. In any case, small lots for viewing may only be sent to members in the u.k. The viewer will have to pay all return postage charges and ensure that Auctioneer’s instructions for return are fully adhered to. Failure by the viewer to do this will make him/her liable for full reimbursement of any lots lost in transit. Other costs may be iwill normally be levied to handle these currencies. Payment in advance of despatch of lots may be required – at the Auctioneer’s discretion.

B14. Buyers who have established a poor record by not making prompt payment for their lots will be required to send a post-dated blank cheque [or returnable deposit] before their bids are accepted. In extreme circumstances, such members will be precluded from bidding in these Auctions.

B15. Successful bidders will receive their lots as soon as practicable after the closing date of the Auction sale. Invoices will show the charges payable by the buyer. Payments in currencies other than Sterling are acceptable only if previously agreed with Auctioneer.