Abacus Auctions

All overseas shipments are sent by DHL Express (5-7 days delivery instead of 30-45 days via postal services). All DHL shipments must have the full value declared to prove that they have been exported (and therefore the local VAT can be deducted from the Buyer’s Premium and other charges).

Abacus Auctions

Director Torsten Weller

29 Hardner Road
Mount Waverley, Victoria 3149
AUSTRALIA

[email protected]

Tel: (03) 8513 0595

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Terms of Sale

1. ABACUS: Abacus Auctions Pty Ltd, a company incorporated in the State of Victoria (Abacus), is the Auctioneer. Abacus is a member
of the Australasian Philatelic Traders Association (APTA) and the Australasian Numismatic Dealers Association (ANDA).

2. DESCRIPTIONS: The Description of a lot comprises the written description, the Symbols and Grading (set out on the next page), all
illustrations of the lot or part of the lot in a printed catalogue and all illustrations & videos of the lot or part of the lot presented on
the Abacus website, as well as any amendments to any of these published in Saleroom Notices and/or on the Abacus website.

3. ESTIMATES & RESERVES: The Estimates & Reserves are set in Australian Dollars. The Reserve is set at 75% of the Estimate
(rounded to the nearest bidding step) unless otherwise indicated in the Description. Bids below the Reserve will not be accepted.

4. HAMMER PRICES: The Hammer Price is the price at which a lot is sold to the Buyer. In the absence of any other bids, the
Hammer Price will be the Reserve. In the event of competing bids, the Hammer Price will be one Bid Step over the second-highest
bid received before the lot is sold. Lots marked “T” attract GST on the Hammer Price when sold to Australian-resident Buyers only.

5. BIDDING: A bid is a binding offer to purchase a lot and once placed cannot be retracted nor reduced by the bidder. Bids may be
placed in advance of the auction by mail, phone (with written confirmation), email or online until such time as notified (together,
Absentee Bids), or in person, by live internet bidding, by phone bidding (prior arrangement required; see website for conditions) or
by an Agent during the auction (together, Room Bids). All Agents must identify their Principal to Abacus before the auction or will be
personally liable as Buyer. Abacus will use its best endeavours to ensure that all Absentee Bids are executed but does not accept any
liability whatsoever for errors or omissions. Abacus has absolute discretion to refuse to accept Bids for any reason whatsoever.

6. BID STEPS: Abacus uses the following Bid Steps:
Up to $50 $2
$50 - $150 $5
$150 - $300 $10
$300 - $500 $20
$500 - $750 $25
$750 - $1500 $50
$1500 - $3000 $100
$3000 - $5000 $200
$5000 - $7500 $250
$7500 - $15000 $500
$15000 - $30000 $1000
over $30000 5% approx.
Abacus reserves the right to raise or lower non-conforming Absentee Bids depending on the bidder’s apparent intention.

7. BUYER: The Buyer is the person to whom a lot is sold, either as the highest bidder at auction or the earlier bidder in the case of tied
bids, or by completing an after-auction purchase at the Reserve, or upon acceptance of a post-auction offer, or by any other means.
The sale of each lot sold is a binding contract between Abacus and the Buyer. In the event of a dispute, Abacus shall have absolute
discretion in deciding who is the Buyer. Legal title does not pass to the Buyer until full Payment of the Invoice Total is received.

8. BUYER’S PREMIUM: Abacus charges a Buyer’s Premium of 20% of the Hammer Price (plus GST for Australian-resident Buyers only).
Abacus accepts payment by Visa, Mastercard & American Express without any credit card surcharge.

9. PAYMENT: Payment of the Hammer Price, the Buyer’s Premium, any applicable GST, shipping & insurance charges and for overseas
Buyers any applicable VAT and other import fees, taxes & duties (together the Invoice Total) for all lots sold to the Buyer are due and
payable to Abacus immediately upon receipt of the invoice. Payment must be made in Australian Dollars by a method listed on the
invoice unless otherwise agreed by Abacus. If the Buyer does not make Payment of the Invoice Total in full within 30 days of the
invoice, Abacus may at its absolute discretion -
1) add an accounting fee of $20 plus an interest charge of 2% per month (or part thereof) to the Invoice Total;
2) apply any monies due at any time from Abacus to the Buyer against the Invoice Total;
3) terminate the sale, retain any monies paid, re-offer the lot(s), and recover any shortfall plus costs from the Buyer; and/or
4) take legal action against the Buyer for breach of contract.

10. RETURN OF LOTS: A lot may be returned only if there is a material error in the Description and the Buyer has informed
Abacus within 30 days from the date of the auction of the intention to return the lot (regardless of whether or not the Buyer has
taken possession of the lot by this time). However, a lot is not eligible for return under this clause if -
1) the lot has been personally inspected prior to the sale by the Buyer or the Buyer's Agent; or
2) the reason relied on for return is apparent from any illustration supplied to the Buyer or to the Buyer’s Agent; or
3) the lot contains more than 10 items or is stated to be offered ‘as is’; or
4) the lot, and all items within it, is no longer in exactly the same condition as sold; or
5) the Buyer has not been granted an ‘Extension’ under Clause 11 and has independently submitted the lot for expertising.

11. CERTIFICATES OF AUTHENTICITY & EXTENSIONS: The Buyer may request that the sale of a lot be made conditional upon the
receipt of a satisfactory Certificate of Authenticity, with the sale to be on ‘Extension’. Such a request must be made in writing prior to
the sale of the lot, and Abacus shall have absolute discretion whether to grant the request and to which expert or expert committee
it shall submit the lot for a Certificate. An Extension request will generally not be granted if the lot is offered with a recent Certificate
or if the lot is of a type for which experts do not provide Certificates. Where an Extension request is granted, the Buyer must make
full Payment for the lot and bear all costs of obtaining the Certificate. If the Certificate is unsatisfactory, the Buyer is entitled to return
the lot under Clause 10 for a full refund including Certificate costs. A Certificate shall be considered unsatisfactory only if it states that
a lot is materially different from its Description. Where a lot is described as defective or not genuine in any respect, a Certificate is not
unsatisfactory merely because it mentions any defects not listed in the Description. Where the expert or expert committee is unable
to render an opinion, this does not constitute an unsatisfactory Certificate.

12. GOVERNING LAW: The Terms of Sale shall be governed by and interpreted in accordance with the laws of the State of Victoria.

13. ACCEPTANCE: Placing a Bid by any method constitutes acknowledgment and acceptance of these Terms of Sale.