TERMS AND CONDITIONS

If you are buying or selling at Global 1 USA, this guide aims to help you from both a buyer and seller’s perspective.

From a buyer’s perspective, Global 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 Global 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.

Set yourself a bidding limit. Pay particular attention to the condition of the piece and take into account the potential cost of restoration, which can be considerable, before deciding on your bidding limit. Choose a top price and stick with it.

Work out your timing. Some sales last for several hours. So, if the lots which interest you are towards the end of the sale find out how many lots the auctioneer expects to sell per hour to work out roughly when your lot will be sold; but always remember to allow yourself extra time.

Follow the bidding. When the sale begins, the auctioneer will call out each lot number and will start the bidding at slightly below the lower estimate. As the people signal to him by waving or nodding, he will call out their bids in regular sums or increments.

Attract attention to your bid. In a packed saleroom don’t be afraid to attract the auctioneer’s attention: wave your catalog or bidding card and call out if need be. However, if the bidding is rising rapidly, the auctioneer will usually only take bids from two people at a time. When one drops out, he will look around the room for someone else to join in. If you are still within your limit that is your moment.

The auctioneer will indicate that the bidding is finished by banging a small hammer, called a gavel, on the rostrum, and recording the sale and the name or number of the successful bidder.

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 Global 1 USA, 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, Global 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, Global 1 USA will ship internationally in very special cases via the 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.

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.

You may pay for your items at your convenience whether it is immediately after each purchase, or when you are ready to leave. Global 1 USA auctions 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.

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 Global 1 USA auctions event, 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, Global 1 USA auctions 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, Global 1 USA auctions will ship internationally in very special cases via the 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.

As required by law, all customers who wish to pay $10,000 or more in cash must fill out an IRS 8300 form. Cash is defined as all currency, a cashier’s check, money order, bank draft, or traveler’s check having a face amount of $10,000 or more.

Note: Other terms and conditions including terms and conditions on jewelry certificates may be presented prior to the auction. The terms and conditions herein will combine to be binding on the purchaser.

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 uniform commercial code.

• 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 travelers check having 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 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 balance on the credit card.

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.

• 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 auctioneers 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 upon 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 JAMS, pursuant to the Virginia Uniform Arbitration Act.
• 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.

I hereby consent to being recorded and/or photographed.

Gold is a timeless and very rare metal that is extremely durable and will not rust or tarnish. It can be melted into any kind of shape and can be alloyed with many other metals to become stronger and create a variety of different colors. The most popular colors other than yellow are rose and white.

GOLD CONTENT

The content of gold is measured in karats, and not in carats, which is used to measure the weight of diamonds. As the K number increases, so does the gold content and price. Karats represent how many parts, by weight, pure gold is present in the 24 parts of the alloy. Below is the range of gold content:

10k = 10/24 = 41.7% pure gold

14k = 14/24 = 58.3% pure gold

18k = 18/24 = 75.0% pure gold

24k = 24/24 = 100% pure gold

Regarding the decision of which karat to select, it is a matter of personal taste. 14k gold is stronger than 18k, however, 18k has a higher gold content and a richer yellow color.

CARING FOR YOUR GOLD

As any piece of high-end jewelry, proper care is necessary to maintain the beauty of your gold. Always remove jewelry during physically arduous activities. Clean your gold with a mild solution of soap and water and gently scrub it with a soft-bristled brush. Store and/or pack your jewelry separately in a fabric-lined case or box in order to avoid scratching or damaging your gold. Periodically check diamond settings for damage and take the set to a professional if there happens to be a loose prong.

FACTS ABOUT GOLD

Gold is extremely rare. It is estimated that all the gold that can be mined would fit under the Eiffel Tower in Paris. Additionally, it takes a few tons of ore to produce only one ounce of gold. Gold has a beautiful, warm golden color that can be mixed with many other metals to produce an array of other beautiful colors. As an example, mixing copper with gold creates rose gold, mixing gold with silver creates green gold, and mixing gold with palladium creates white gold. Gold is exceptionally durable. The sheer number of ancient gold artifacts and jewelry that we have today attests to the strength and permanence of its beauty. Pure gold is quite soft, yet when combined with other metals, it takes on indestructible characteristics. Gold is pure, and because of this, it is resistant to the air, heat, moisture, and therefore does not tarnish. It is also very malleable and easy to work with as it can be melted into any kind of design. These combined characteristics have made gold a tremendously valuable commodity.

Although genuine oriental carpets are designed to endure normal wear and tear, proper attention, care, and cleaning is still necessary in order to maintain their beauty and value for many years to come.

CARPET MAINTENANCE

Many people believe that wearing shoes on an oriental carpet can cause damage by the rubbing action of shoes, but this is not the case. Oriental rugs are actually damaged when the dirt particles that are tracked indoors by our shoes sift into the roots of the rug. Consequently, each time we walk on the carpet with our outdoor shoes, the grit from our shoes cuts the strands of wool or silk and dissolves the small pieces of the pile. The best solution to this problem would be to remove one’s shoes upon entering the house and to wear indoor slippers. If this is not a suitable option, there are viable remedies that can be considered:

CARPET MAINTENANCE

One should vacuum their oriental carpet once a week in order to prevent the grit from severing the wool. Vacuuming should be done in the direction of the pile to separate the particles that have made their way between the fine knots. Do not be afraid to over-vacuum your carpet as there is no such thing. The skillfully crafted hand-tied knots are woven so tightly that they cannot be disrupted or removed by a vacuum. If the carpet is new, some shedding is expected, though as time passes the shedding will subdue naturally with regular care and use.

WASHING

At times the particles of grit can become so deeply embedded that a vacuum will not suffice. In this case, a professional cleaning will remove the dirt that is ingrained in the carpet as well as soiling that can slowly dull a carpet. It should be noted that this kind of cleaning should never be attempted at home and can only be done by a professional with the proper equipment and facilities as it is an intricate process. For more mild washing, such as cleaning a spill, remember to clean the spill immediately before it soaks in. Scrape off any solid dirt and/or soak up any excess liquid with a paper towel. Then, clean the spill with a mild solution of soap, water, and a bit of white vinegar. After this, elevate the spot to dry in order to let air flow properly through the rug. If the stain happens to be oil or grease, a mild cleaning fluid or dry power petroleum base agent may be used. Test the solution on a small area of your carpet to make sure it is color-fast. Be sure to start cleaning the stain from the edge inwards to prevent spreading. If need be, call a professional oriental rug cleaner.