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Conditions of Sale

Terms and conditions

1. Conditions of Sale

It is of great importance that all bidders have a thorough understanding of the following terms and conditions, and, only bid if you agree to comply with all of the terms and conditions for this auction. Any bidders who do not agree to the terms and conditions will not be entitled to receive the product/s bid on.

2. Purchaser

The purchaser is to be the highest bidder. Any dispute arising as to who is the highest bidder, will be determined by the Auctioneer who may re-offer any disputed lot.

3. Auctioneer

The Auctioneer shall regulate all bidding throughout the auction. Usual procedure is for bids to be advanced by not less than 5% on the previous bid. The Auctioneer’s starting price shall be one bid over the second highest absentee bid received. Please remember when 2 bids of the same amount are received, the first bid received will be taken.

4. Online platform Bid Increment Table:



From

To
Increment
$0
$100
$5
$100
$200
$10
$200
$300
$20
$300
$500
$25
$500
$1000
$50
$1000
$2000
$100
$2000
And Up
$200


5. The Auctioneer reserves the right to:

(i) refuse any bid

(ii) bid on behalf of clients

While every care and attention is taken in executing bids and written instructions, the Auctioneer regrets that they cannot accept responsibility for any errors. The bidder therefore accepts full responsibility for all bids made as the auctioneer intends to hold them liable for any outstanding amounts related to the subject bid/s.

The Auctioneer shall not be liable to the Vendor for any default of the Purchaser or Vendor.

6. Disputes

In the event of a dispute, the Auctioneer shall have sole discretion to resolve the dispute and may re-offer the disputed lot.

7. Buyer’s Premium

A 19.25% buyer’s premium (including GST) will be added to the hammer price of each lot and is payable by ALL buyers.

8. Bidder Details

All bidders must complete a bidder’s registration form and supply sufficient information and references as required by Master Metals Exchange – including sufficient proof of identity. The submission of absentee bids constitutes registration; though the Auctioneer reserves the right to further establish the bona fides of such bidders and require a security deposit or credit card details prior to acceptance of the bids. Clients unknown to Master Metals Exchange must register no later than 24 hours prior to the commencement of the sale.

9. Agent Bidding

Agents bidding on behalf of disclosed and undisclosed clients, do so on their own responsibility, for both payment and safe delivery of the lots successfully won. Agents will be responsible for any non-payment or shortfall of these accounts.

10. Payment Terms

Title of purchased lots shall not pass until the purchase price and buyer’s expenses are paid in full with cleared funds in Australian Dollars. We accept Bank Transfers, Cash, EFTPOS, Bank or Personal Cheque (subject to processing fee), Credit Card (subject to surcharge) and Paypal (subject to surcharge). Clearance of cheques and confirmation of direct deposits can delay collection/delivery.

11. Purchaser Responsibilities

The buyer of each lot is to be responsible for it from the time it is “knocked down”. For the purposes of this auction, knock down is taken to be defined as the final bid price at the conclusion of the auction. Payment is to be made in full with cleared funds before delivery or collection. The lot(s) are to be paid for by Australian buyers within 48 hours of receiving the invoice, and by overseas buyers within 7 days of receiving the invoice. A service charge of 2% per month will be added to all overdue accounts. Failure to pay in full within the specified time also entitles the Auctioneer to re-sell the lots, with any resulting deficiency being made good by the defaulter.

12. Delivery/Collection of Lots

Lots can be picked up from 576 Kingsford Smith Drive, Hamilton. No lots will be delivered to buyers without full payment, full payment including postage and handling. Lots purchased on behalf of absentee bidders will be forwarded, fully insured, by the most practical method at the risk of the purchaser who shall bear all costs incurred. Absentee bidders may vary these delivery methods, at their own risk by emailing to accounts@mmxgroup.com.au.

13. General

(i) Each lot is sold as genuine and correctly described. The purchaser is at liberty to return the lot by giving written notice within seven days (or in the case of overseas buyers, within 14 days) at the conclusion of the auction, if they prove that the lot is not genuine or not correctly described. The onus on proving a lot to be not genuine lies with the purchaser.

(ii) Watches, instruments and devices with working mechanisms are verified to be accurately described. Whilst every care is taken to provide secure packaging for all items in transit, no responsibility may be assigned to the Auctioneer for lots which are described as being ‘in working order’ but are found to be not working at time of receipt. Such lots are sold “as is” and are not subject to return.

(iii) No lot is to be rejected if, subsequent to the sale, it has been removed from its sealed holder and/or has been treated by any process, unless the Auctioneer’s permission to subject the lot to such treatment has first been obtained in writing.

(iv) No rejected lot will be accepted, where the purchaser or their agent have inspected the lot prior to the sale, irrespective of whether or not any item or items are incorrectly described.

(v) Failure on the part of the bidder or purchaser to comply with the conditions stated previously entitles the Auctioneer to cause the bidder or purchaser to forfeit any deposit held. Any uncleared lots may be re-sold by public or private sale and any resultant deficiency shall be made good by the defaulter.

(vi) Bids from minors will not be accepted unless accompanied by a full cash deposit or suitable guarantee.

14. All bidders please note:

(i) For this Auction a 19.25% buyer’s commission (including  GST) per lot will be added to the hammer price of each lot. All successful buyers (Australian and overseas) must pay the full charge.

(ii) Purchases paid for by credit card will incur a 1.5% charge on VISA/MasterCard (including GST).

(iii) For clients wishing to pay by Electronic Funds Transfer, our banking details are as follows:

Bank: Commonwealth Bank

Name: Master Metals Exchange Pty Ltd

BSB: 064 145

Account Number: 1035 6373

Swift Code: CTBAAU2S

Pay ID: 89616963412

(iv) For clients wishing to pay via Paypal, our paypal details are as follows:

Paypal: accounts@mmxgroup.com.au

Paypal fees are as follows:

Paypal surcharge: 2.2% on total invoice amount

A service charge of 2% (GST inclusive) per month will be added to all overdue accounts.