SOLD
3,250.00USD+ buyer's premium + applicable fees & taxes.
This item SOLD at 2020 Jun 27 @ 10:11UTC-7 : PDT/MST
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Autographs
Robert Morris Signed Asylum Company Stock Certificate a.k.a. “The First R.E.I.T.” Declaration Signer known as "The Financier of the American Revolution" Rarity
ROBERT MORRIS (1734-1806). Signer of the Declaration of Independence, the Articles of Confederation & the United States Constitution, Revolutionary War financier often called "The Financier of the American Revolution," and Federal Period Land speculator.
November 28th, 1794-Dated Federal Period, Partially-Printed Document Signed, “Robert Morris” as President, Asylum Company, Issued Stock Certificate Number 420, One Share, Philadelphia, Fine. This large Certificate Folio, measures 16” x 10”, 4 pages (bifolium), Letterpress Typeset, printed by Zachariah Poulson, Junior, 80 Chestnut Street, Philadelphia on heavy laid period paper. This Document is fully completed and boldly Signed by hand “Robert Morris”.
This rare form Certifying that, “John Nicholson Esquire of Philadelphia (1757-1800) (financier, land speculator, and Comptroller General of Pennsylvania from 1782 to 1794 and manager of the Asylum Company) is entitled to One Share of the Asylum Company equivalent of two hundred acres of land.” Boldly Signed by Robert Morris as President of the Company, and James Duncan, as Secretary both being in deep rich brown ink. This Document has early paper conservation strips to reinforce along the horizontal folds reinforcing the paper and hinging. The facing sheet is even in moderate tone with some scattered soiling, its outer edges chipped. The heavy laid period paper is somewhat delicate yet displays Morris’s 2.25” long signature very boldly. This is a well known, highly collected rare and historically important item to Stock and Bond collectors. It may be of special interest due to its being noted as (Number 7) “No 7” handwritten at the top edge of the front page and being made to the name of Morris’s business venture partner, John Nicholson.
This 1794 Stock Certificate is for One Share, “in the entire property of the Asylum Company.” The Asylum Company was originally formed in 1794 by a group headed by Robert Morris and John Nicholson. That company was formed to create a colony for French refugees including King Louis XVI Marie Antoinette, and other elite members of the overthrown French government who were displaced due to the French Revolution. The company never materialized. However, in 1801, the company was reorganized after both founders, Nicholson and Morris went bankrupt. Following the reorganization, the company was headed by a group of Philadelphia Merchants. This original Share Certificate is Signed by Morris as President of the company.
Robert Morris first gained attention when he headed two of the Continental Congress' most important Committees (1776-1778), one to obtain Revolutionary War materials, and the other to instruct Overseas Diplomats. He was one of the best known merchants in the colonies, and thus his business experience led to his appointment as Superintendent of Finance in 1781 for the Continental Congress. Morris' shrewdness and personal reputation were enough to secure the funds required for the colonies to successfully prosecute the War against Britain. He left the Continental Congress government in 1783, and served as U.S. Senator from Pennsylvania 1789-1795. Even before leaving the Senate, however, Morris, in partnership with others such as John Nicholson, became heavily involved in land speculation. The pair believing that there was a fortune to be made by selling land in the growing United States. The demand for land, however, was not what Morris had hoped for, and eventually he was unable to pay his massive debts and he went bankrupt, spending 1798-1801 in Debtor's Prison.
November 28th, 1794-Dated, Partially-Printed Document Signed, “Robert Morris” as President, Asylum Company, Issued Stock Certificate, Number 420, One Share, Philadelphia, Fine. This large size Certificate Folio, measuring 16” x 10”, bifolium, typeset printed by letterpress on heavy laid period paper, completed and signed by hand. Certifying that John Nicholson Esquire of Philadelphia (1757-1800) (financier, land speculator, and Comptroller General of Pennsylvania from 1782 to 1794 and manager of the Asylum Company) is entitled to One Share of the Asylum Company equivalent of two hundred acres of land. Boldly Signed by Robert Morris as President of the Company, and James Duncan, as Secretary in deep rich brown ink. This Document archivally conserved to reinforce along the horizontal folds, front sheet evenly toned with some scattered soiling, outer edges chipped, and the paper is somewhat delicate. Very rare and historically important, being of special interest due to its being noted as (Number) “No 7” that is handwritten at top of the front page, and being made to none other than Morris’s business venture partner, John Nicholson.
Robert Morris was also involved with the “North American Land Company” which is considered the largest land trust in American History, and is one of the first publicly traded Real Estate companies. This Robert Morris Signed, “Asylum Company” Stock Certificate is considered by financial related collectors as very rare and desirable.
Infortmational Note: THE NORTH AMERICAN LAND COMPANY - THE FIRST R.E.I.T.
by JAMES J. REIS
A little known story in American History is that of Robert Morris and his involvement with the North American Land Company. The N.A.L.C. was, and is considered, the largest land trust in American History, and is one of the first publicly traded Real Estate companies.
In the mid 1700’s Morris, an extremely wealthy Philadelphia merchant, backed the Continentals from the onset against his native countrymen, England. If the Colonies had lost their effort for independence, we would certainly live in a different world today.
Morris, known as the “Financier of the American Revolution,” found inventive ways to fund the Revolution, and; kept his friend George Washington and his troops fed, clothed, and armed during the long war with England. In the end, the Americans prevailed.
No doubt feeling exuberant after the war, Morris turned from a Merchant Prince to become a banker, and subsequently Real Estate Investor. Always the entrepreneur, Morris founded the Bank of North America, the first commercial bank in the United States. Never lacking for new business interest, by the late 1780’s he was a huge landowner and speculator. He believed in European expansionism to the Americas and purchased inexpensive land in rural Pennsylvania and New York for as little as 10 cents an acre.
Pretty soon he was in the same situation that many Real Estate Investors were in during the late 1980’s, and he started to look for a way to settle with his creditors. Instead of calling it quits and doing what he should have done by going back into the Mercantile Trade Business, he bought more and more real estate along the Appalachian Mountain chain from Pennsylvania to Georgia.
By the mid 1790’s Morris and 2 of his partners, James Greenleaf and John Nicholson, pooled their land and formed what must have been a very novel idea in its day, a land company called the North American Land Company. The purpose was to raise money by selling stock secured by the real estate. Six million acres were put into the trust in rural Pennsylvania, Virginia, North and South Carolina, Georgia and Kentucky. Formed on February 20, 1795 the partnership set out to sell stock for $100 per share. Every share represented 200 acres of real estate. Before you bought the land you got a prospectus, which outlined the company objectives and benefits. The stock promised a return of 6% per annum for 15 years at which time the land hopefully would have appreciated and the accrued value would have been given to the shareholders.
Well, like the late 1980’s the 1780’s looked like a real estate boom, but by the mid to late 1790’s real estate investment was a bust. Rural locations and timing certainly added to the real estate bust. Morris sent his son-in-law, James Marshall (the brother of Chief Justice John Marshall), to Europe to sell stock. Things did not go well for Marshall and the other agents, as Europe was gearing up for the Napoleonic Wars, and real estate speculation was not to be trusted. Morris also had serious problems with poor titles and creditors looking for payment. Things looked pretty bleak for Morris by 1797. So bleak that he was house prisoner in his own home “The Hills,” which is near Boat House Row along side the Schuylkill River in Philadelphia.
Morris finally gave in, left his wife and six grown children, and went off to an unknown future in Debtors Prison. To think that someone who was once the wealthiest man in America, now in his 60’s, someone who signed the two most important documents in History, the United States Constitution and the Declaration of Independence was now off to fend for himself in prison. Entering prison in February 1798, he writes to his creditors and partners often up to 10 to 20 times a day. In a personal letter to his son Thomas he asked how his wife and son William were doing (during the yellow fever epidemic of 1798 that killed 10% of the Philadelphia population). Two weeks later his grown son and business associate William was dead from the epidemic.
Morris languished in prison for 3 ½ years while his partner, John Nicholson, died there less than a year after entering prison and his other partner James Greenleaf spent one year in prison.
Morris was the Merchant Prince who died in 1806, a pauper, in a rented house while being subsidized by a pension or annuity given to his wife Mary from the Holland Land Company in compensation for her signing away her dower rights to land.
The Incredible Story of The North American Land Company and Its Founder Robert Morris
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The Players:
Robert Morris
Signer of the Declaration of Independence
Signer of the US Constitution
Signer of the Articles of Confederation
Helped finance the American Revolution
Founder of the first commercial bank in the United States
James Greenleaf
Former consulate of the United States at Amsterdam
John Nicholson
Comptroller General of Pennsylvania
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Purpose of N.A.L.C.:
A real estate venture intended to sell shares of stock secured by 6,000,000 acres of real estate in 6 states. Cash received helped pay the mounting debts owed to creditors.
Pennsylvania: 647,046 acres
North Carolina: 717,299 acres
South Carolina: 957,238 acres
Virginia: 932,621 acres
Georgia: 2,314,796 acres
Kentucky: 431,043 acres
Total: 6,000,043 acres
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Intention of Investment:
To sell 30,000 shares of stock for $1.00/share and a 6% dividend with a land sale distribution after 15 years.
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Why it is important:
This is one of the 1st publicly traded real estate companies in America (the first R.E.I.T.).
Many players in the land company were prominent colonial Americans and their signatures appear in this collection.
Clement Biddle – Revolutionary War General
William Bingham -US Senator, Speaker of the House of Representatives
AJ Dallas – Secretary of Treasury under President Madison
Thomas Fitzimmons – Signer of the U.S. Constitution
John Lawrence – Congressman from New York City
Thomas Mifflin – Governor of Pennsylvania, Signer of the U.S. Constitution and President of the Continental Congress
Robert Morris – Financer of the American Revolution, Signer of the Declaration of Independence, Signer of the Article of Confederation and Signer of the U.S. Constitution
Richard Rush – Secretary of the Treasury from 1825-1828
Benjamin Say – U.S. Congressman and General from Pennsylvania
Richard Dobbs Spaight – Signer of the U.S. Constitution and a North Carolina Governor
Walter Stewart – Revolutionary War General
James Trimble – Governor of Pennsylvania
Auction Location:
P.O. Box 3507, Rancho Santa Fe, California, 92067, United States
Previewing Details:
Auction lot view is available only by Special Arrangement. Please phone us at (858) 759 3290 to discuss the details.
Taxes:
| Tax | Rate | Desc. |
| CST |
8.25% |
California |
| SST |
8.75% |
San Diego County |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
25% |
Additional Fees:
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Early American History Auctions - Terms & Conditions of Sale
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a. The Auction is by public mail/phone/email/internet/and/or fax. Absentee & Live Bid Closing Date: Saturday, June 27, 2020 beginning at 9:00 a.m. Pacific Time. The Auction inducted in accordance with the regulations of the State of California and the City of San Diego.
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a. All payment(s) for Merchandise shall be made by check, money order, cashier's check, bank wire, credit card or in cash (U.S. currency only); Bidder(s) who have not established credit with EAHA must first furnish satisfactory credit references to EAHA and/or deposit at least twenty-five percent (25%) of their total Bid(s) for that Auction, or such other amount(s) as EAHA may, in its sole and absolute discretion, require before such Bid(s) will be accepted; it being understood that deposit(s) submitted will be applied to purchases and any remaining deposit(s) will be refunded upon clearance of funds.
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d. Payment shall be due immediately upon receipt of notification and payment is deemed delinquent, and in default if not made in good funds in full within fourteen (14) days of the Auction Date.
e. On cash transaction(s) exceeding Ten Thousand Dollars ($10,000), a Treasury Form 8300 must be filed.
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a. In the event a successful Bidder fails to make payment when due, EAHA reserves the right, in its sole and exclusive discretion, to rescind the sale or to resell the Lot(s) in a commercially reasonable manner (which may include a public or private sale); it being understood that the Bidder agrees to pay for the reasonable cost of such a sale, together with any incidental costs of sale, attorney's fees and costs, costs of the Cataloguer and any other reasonable charge(s).
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6. Guarantees of Authenticity.
Unless otherwise indicated in the Catalog, the Merchandise offered for sale at the Auction shall be guaranteed by EAHA to be authentic as described in the Catalog, and upon information and belief, is in full compliance with California Assembly Bill 1570; it being understood that SUCH GUARANTEE SHALL BE VALID FOR A PERIOD OF THIRTY (30) CALENDAR DAYS ONLY FOLLOWING the Auction Date; it being further understood that after thirty (30) calendar days, no purchased Merchandise can be returned by a successful Bidder(s) under any circumstances; it being further understood that this limited guarantee is extended only to the original Purchaser of record, and to be effective requires the timely presentation of the original sales invoice as well as verification that the item of Merchandise is in the same exact condition as when originally sold. Due to their unique handmade manufacture, Encased Postage Stamps are expressly subject to a thirty (30) day inspection and return period from the sale date after which there is no return whatsoever. After thirty (30) calendar days, should any claim regarding authenticity of the Merchandise arise, at the sole discretion of EAHA, EAHA may elect to assign any rights it has against the original Consignor it may hold. It being understood and agreed that such an assignment, if granted by EAHA, shall not be considered an obligation and EAHA and any of its employees or officers shall be completely removed from any further involvement or responsibility.
7. Descriptions and Grading.
a. Bidder(s) acknowledge that all gradings of coin and/or currency Merchandise sold in the Auction have been determined by independent grading services, and/or by EAHA; it being understood that the successful Bidder(s) acknowledge that the grading of rare coin(s), currency and other merchandise is subjective and accordingly may differ among independent grading services and among expert numismatists, and that such grading may have a material effect on the ultimate Auction value of the Merchandise.
b. EAHA shall not be responsible for the grade(s), claims, or statement assigned by independent grading services, and makes no warranty or representation regarding such grade(s) or statements whether an item is pre-certified or not (sold raw). All third party graded lots are sold "AS IS" and are not returnable.
c. Lot description(s) are based solely upon an examination of the coin(s), and are not intended to describe in detail any perceived special characteristics; it being understood that Bidder(s) acknowledge that coin grading and perception(s) are inherently subjective.
d. EAHA does not warrant the accuracy of the description(s) and the photograph(s) and the color of photograph(s) contained in the Catalog, and that the Bidder acknowledges and agrees that the actual Merchandise offered for sale may vary in size and/or scale and/or color from any photograph(s) and/or description of the Lot in the Catalog.
e. There can be no claim that any verbal description of the Merchandise, provided by EAHA or any employee, varies and/or alters the description contained in the Catalog.
f. Conservation and restoration or simply "Conservation" will be used as an active generic term to indicate professional level, quality methods having been employed to an item at some point, the exact degree and specifics will be indicated as possible. NO ITEM, having mention of CONSERVATION will be returnable for ANY reason, 30 DAYS past the date of auction, REGARDLESS OF ANY NEGATIVE COMMENTS, OF ANY TYPE, SUGGESTED BY THIRD PARTY GRADING SERVICES OR OTHERS.
g. There can be no claim regarding any item subsequently submitted to any certification service, including any non-certified (Raw) item once the initial inspection and return period has expired.
8. Disclaimer and Warranties.
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NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE IS MADE OR IMPLIED ON ANY LOT IN THE CATALOG, AND NO WARRANTY, WHETHER EXPRESS OR IMPLIED, IS MADE WITH RESPECT TO ANY LOT EXCEPT FOR A WARRANTY OF TITLE; IT BEING UNDERSTOOD THAT ALL LOTS OFFERED FOR SALE ARE SOLD ON AN "AS IS" BASIS AND THAT THE PURCHASER CONSEQUENTLY ASSUMES ALL RISKS CONCERNING AND RELATED TO THE GRADING, QUALITY, DESCRIPTION, CONDITION, AUTHENTICITY, AND PROVENANCE OF A GIVEN LOT. NEITHER EAHA NOR THE CONSIGNOR MAKES ANY REPRESENTATION THAT THE PURCHASER OF MANUSCRIPT MATERIAL, PHOTOGRAPHS, PRINTS, OR WORKS OF ART WILL ACQUIRE ANY COPYRIGHT OR REPRODUCTION RIGHTS THERETO."
9. Waiver and Release.
All Bidders in the Auction acknowledge and agree, as a condition to the acceptance of a Bid by the Auctioneer, that:
BIDDER EXPRESSLY WAIVES AND RELEASES, AND FOREVER DISCHARGES EAHA FROM ANY AND ALL CLAIMS, RIGHTS, DEMANDS AND CAUSE(S) OF ACTIONS AND SUIT(S), OF WHATEVER KIND OR NATURE, INCLUDING, BUT NOT LIMITED TO, CLAIM(S) BASED UPON AUCTIONEER'S NEGLIGENCE, WHETHER IN LAW OR EQUITY OR WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, WHICH BIDDER MAY CLAIM TO HAVE WITH RESPECT TO AND/OR ARISING OUT OF, OR IN CONNECTION WITH ANY CHALLENGE TO ANY MERCHANDISE PURCHASED AT THE AUCTION, THE AUCTION PROCEDURES, OR THE PURCHASE OF ANY LOT(S); IT BEING THE INTENTION THAT THIS WAIVER AND RELEASE SHALL BE EFFECTIVE AS A BAR TO EACH AND EVERY CLAIM, DEMAND, CAUSE OF ACTION AND/OR SUIT OR CONTROVERSY THAT MAY ARISE HEREUNDER OR BE RELATED TO THE AUCTION
ALL BIDDER(S) BY SUBMITTING A BID IN ANY FASHION, SIGNED OR UNSIGNED, IN THE AUCTION KNOWINGLY AND VOLUNTARILY WAIVE ANY AND ALL RIGHTS AND BENEFITS OTHERWISE CONFERRED UPON THE BIDDER BY LAW OR BY THE PROVISION(S) OF SECTION 1542 OF THE CALIFORNIA CIVIL CODE, WHICH READS IN FULL AS FOLLOWS:
"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR."
10. Disputes and Arbitration.
All Bidders in the Auction acknowledge and agree, as a condition to the acceptance of a Bid by the Auctioneer, that:
a. If a dispute arises concerning ownership of a given Lot that has been Bid upon or concerning proceeds of any sale, EAHA reserves the right to commence a statutory Inter-Pleader or similar proceeding at the expense of the Consignor and successful Bidder and any other applicable party, and in such event shall be entitled to its reasonable attorneys' fees and costs.
b. Neither EAHA nor any affiliated or related company shall be responsible for incidental or consequential damages arising out of any failure of these General Terms and Conditions, the Auction or the conduct thereof and in no event shall such liability exceed the original Purchase Price, premium, or fees paid.
c. If the Bidder fails to comply with one or more of these General Terms and Conditions, then, in addition to all other remedies which it may have at law or in equity, EAHA may at its sole option either rescind the sale, retaining all payments made by Bidder as liquidated damages; it being recognized that actual damages may be speculative or difficult to compute, or sell a portion or all of the Lot(s) held by EAHA, in a quantity sufficient in the opinion of EAHA to satisfy the indebtedness, plus all accrued charges, and EAHA may sell such portion at an Auction or private sale conducted by EAHA and charge a seller's commission that is commercially reasonable. More than one such sale may take place at the option of EAHA. Notice of the sale shall be by U.S.P.S. Mail, Return Receipt Requested to the address utilized on the Bid Sheet, Auction Consignment and Security Agreement or other last known address by EAHA. The proceeds shall be applied first to the satisfaction of any damages occasioned by Bidder's breach, then to any other indebtedness owed to EAHA, including without limitation, commissions, handling charges, the expenses of both sales, reasonable attorneys' fees, costs, collection agency fees and costs and any other costs or expenses incurred.
d. It/he/she shall be liable to EAHA if the proceeds of such sale(s) insufficient to cover the indebtedness.
e. The rights granted to the Bidder(s) under the within General Terms and Conditions are personal and apply only to the Bidder(s) who initially purchase the Lot(s) at the Auction, and no rights may be assigned or transferred to any other person or entity, and any attempt to assign or transfer any such rights shall be absolutely void and unenforceable.
f. ANY DISPUTE ARISING OUT OF OR RELATED TO THESE GENERAL TERMS AND CONDITIONS, THE AUCTION OR ANY LOT, WITH THE SOLE EXCEPTION OF ACTIONS BY EAHA TO COLLECT THE PURCHASE PRICE AND OTHER DAMAGES, SHALL BE SUBMITTED TO BINDING ARBITRATION WITH THE VENUE OF ALL HEARINGS TO BE IN SAN DIEGO AND PURSUANT TO THE RULES OF THE AMERICAN ARBITRATION ASSOCIATION AND/OR THE PROFESSIONAL NUMISMATICS GUILD ("PNG") AT"EAHA'S EXCLUSIVE OPTION.
11. Miscellaneous Terms.
All Bidders in the Auction acknowledge and agree, as a condition to the acceptance of a Bid by the Auctioneer, that:
a. These General Terms and Conditions and the Auction shall be construed and enforced in accordance with and governed by the laws of the State of California, regardless of the location of the Auction.
b. These General Terms and Conditions, and the information on EAHA's website, constitute the entire Agreement between EAHA and the Bidder(s) and supersede all other agreements, understandings, warranties and representations of and concerning the Auction and subject matter hereof.
c. EAHA will not be responsible for damage due to irradiation by the U.S. Post Office.
d. If any part of these General Terms and Conditions, or any term or provision of any part is held to be invalid, void, or unenforceable by any court of competent jurisdiction, the remaining portion(s) shall remain and be in full force and effect.
12. Definitions
a. The term "Absentee Bid" shall mean all Bids placed via any communication including: mail, phone, fax, email and website.
b. The term "Auction" shall mean an auction or consignment sale authorized and conducted under the auspices of "EAHA" and under these General Terms and Conditions.
c. The term "Auction Date" shall mean the date the Auction is conducted or consignment item is sold.
d. The term "Auctioneer" shall mean an individual(s) duly licensed and/or employee designated by "EAHA" to conduct the Auction or any Sale.
e. The term "Bid" shall mean a bona fide Bid made by a "Bidder" which is officially acknowledged and accepted by the Auctioneer at the Auction on the Auction Date.
f. The term "Bidder" shall mean an individual or entity that submits a legally binding and bona fide Bid to the Auctioneer at the Auction or any direct buyer either physical or online.
g. The term "Catalog" shall mean the official publication issued by EAHA and transmitted to potential Bidder(s) in advance of the Auction.
h. The term "Cataloguer" shall mean the individual(s) that has described the "Lot(s)" contained in the Catalog for the Auction.
i. "Conservation" the Professional activities including the careful examination as supported by expertise, research and education, in treatment of an item using, "any methods that prove effective in keeping or bringing that property in as close to its original condition as possible, for as long as possible."
j. The term "Consignment Agreement" shall mean the written agreement(s) between "EAHA" and a given "Consignor" available at "EAHA's" offices.
k. The term "Consignor" shall mean the owner of the "Merchandise" offered for sale by "Lot" at the Auction.
l. The term "Description" shall mean the written remarks describing the features of a Lot combined with the corresponding photograph of said Lot.
m. The term "EarlyAmerican;s website." shall mean the Internet accessible service provided by EAHA.
n. The term "EAHA" shall mean collectively Early American History Auctions, Inc. and/or any subsidiary or affiliated entity and/or Officer(s), Director(s) and/or employee(s) of EAHA.
o. The term "Fair Market Value" shall mean the sale price a given Lot is expected by the Cataloguer to realize at the Auction from the Bidder(s).
p. The term "Hammer Price" shall mean the successful Bid in the Auction as determined by the Auctioneer on the Auction Date.
q. The term "Holder" shall mean the original frame, container, case or clear plastic sleeve, labeled with the "Lot" number, in which the "Merchandise" is delivered by the Consignor to the successful Bidder at an Auction.
r. The term "Lot(s)" shall mean the article(s) comprising the Merchandise offered for sale at the Auction.
s. The term "Low Estimate" shall mean the low range of the sale price that a Lot is expected by the Cataloguer to realize at the Auction.
t. The term "Merchandise" shall mean personal property described in the Catalog and offered for sale by Lot at the Auction.
u. The term "Purchaser" shall mean the successful Bidder at the Auction on the Auction Date.
v. The term "Purchaser's Premium" shall mean the commission that is automatically charged by "EAHA" to each successful Bidder at the Auction in a sum equal to twenty percent (20%) of the "Hammer Price" or twenty-five percent (25%) of the "Hammer Price" if bids are placed through a third party firm including Invaluable, LiveAuctioneers and iCollector.
w. The term "Reserve" is a confidential price below which the Auctioneer will not sell a given Lot, and/or will re-purchase on behalf of the Consignor or EAHA.
x. The term "Settlement Date" shall mean a time forty-five (45) days after the Auction Date.