SOLD
475,000.00USD+ buyer's premium + applicable fees & taxes.
This item SOLD at 2014 May 04 @ 09:09UTC-6 : CST/MDT
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Iconic, Historic and Exceptional Colt Civilian Walker Serial Number 1078 with Magnificent Period Holster: Popularly Known as "The Thumb Print Walker".
Historians, collectors, investment brokers/buyers, history buffs and general firearms enthusiasts take note. Before you is without question the most rare and arguably most historic Colt Walker Revolver we at Rock Island Auction have had the privilege to offer. It is the most difficult of all Colt revolvers to obtain, the gun most collectors can only fantasize to own, a gun so rare that even the most advanced collectors have never had the opportunity to own one. We proudly present to you the iconic Colt Civilian Walker serial number 1078 popularly known as "The Thumbprint Walker". The story of the Walker pistol forever changed course of American history and firearms design. It involves a young gallant U.S. Army officer Samuel Hamilton Walker, a brilliant second generation inventor and manufacturer Eli Whitney Jr and thrusted a young unsuccessful (up until this point) but ambitious entrepreneur to the forefront of American manufacturing, one of the first American business tycoons: Col. Samuel Colt . The U.S. 1847 Walker Model Colt design was developed by Samuel Colt and influenced by suggestions from the former Texas Ranger Samuel Hamilton Walker who was serving as a Captain in the Regiment of Mounted Riflemen (whom had quite a lot of experience with the Paterson revolver). On December 7, 1846 Colt met with President James K. Polk to promote his revolver. President Polk directed Secretary of War William L. Marcy to order 1000 revolvers from Colt thru the Ordnance Department. This order marked the beginning of the relationship between Colt and the U.S. military which exists to this day. Colt made arrangements for the revolvers to be manufactured by Eli Whitney at the Whitneyville Armory. The original intent was to issue two revolvers per man to the Mounted Rifle Regiment; the revolvers were marked "A Company-D Company" with "E Company" numbered 1-120. Whitney manufactured 220 pairs of revolvers marked "A Company-D Company" and 120 revolvers marked "E Company" for a total of 1000 revolvers. The first pistols delivered were to Samuel Walker's own company, C Company and then were delivered in alphabetic order: A Company, B Company, D Company, E Company. It is imperative to note that the Company markings were separate from the actual serial number, so each revolver was both serial numbered and unit numbered.
Having filled the 1000 unit order for the military, a Civilian series of Walkers was put into production with serial numbers 1001-1100 for two purposes: The first and most notable was presentation arms which would become a famous tactic used by Colt throughout his illustrious career. Presentations would be made to ranking military personages who could secure the all important military contracts. Second was to offer pistols to the commercial or civilian market in order to get this new, innovative and potent revolver in consumer hands and a conversation started. More information to follow on the 100 unit Civilian run to follow, though all this information is absolutely essential in order to properly analyze the Civilian Walker serial number 1078 known better as the Thumb Print Walker. This revolver has been inspected by a handful of known firearms experts over a half century which include the late George Repair (owner and donor of the Sultan of Turkey Dragoon, whom at one time owned this revolver), Greg Martin and the well known author R.L. Wilson, yet never properly analyzed. A ground breaking discovery was made on this revolver by firearms specialists of RIAC. Upon examination RIAC discovered the faintest hint of a "E" stamped just above the wedge on the left barrel flat where the government purchased revolver were unit marked (see photo of "B Company 8" previously sold by RIA). A "B" inspection was then found between the barrel address and the forcing cone, again a proper inspection for the Military contract Walker Revolvers. This has never been mentioned in any other descriptions or articles written on this firearm over a half-century. After diving deeper into a forensic study of this revolver RIAC discovered that the bore had been drilled at a slight angle. This can be most obviously observed when taking the revolver apart and examining the face of the forcing cone (see photo: the bore is drilled slightly to the left, the effect if not corrected would be shaving bullets or cylinder combustion). This can also be observed from the exterior of this revolver when observing the left side of the barrel in two places: first at the forcing cone and second at the barrel joint, (see photo insert) both of which were factory polished smooth. Further, to align the barrel and cylinder a small wedge was factory milled, installed and serial numbered on the bottom of the barrel assembly which corrects the offset of the misaligned drilled bore. To substantiate this claim are the three key factors. 1) The previously discussed and original hint of the "Company E" marking as illustrated in the catalog. 2) The "B" sub inspector mark stamped on the top of the barrel flat between the address and forcing cone. 3) The serial number on the cylinder: 553 correctly stamped on the rear face of the cylinder. We know the sequence in which the companies received the revolvers and using that math would place this cylinder as "B Company 113". Also intriguing is the large "C" stamped on the face of the cylinder. While it is speculation it is not far fetched to believe this gun was condemned for military service as it had its obvious flaws. Given the evidence, it is more than likely fact. It is constantly said that Colt, or any of the major manufactures "never threw anything away". So what conclusions can we make: It is clear that Civilian Walker 1078 is no doubt a factory Civilian Walker made from condemned Military parts. One can only ask the question, did Colt actually produce 100 Civilian Walkers? Perhaps Civilian Walkers are much rarer than they are already perceived to be! However we are not finished just yet. This revolver is fitted with an original factory loading lever correctly assembly numbered, as is the wedge "16". Could this be the first Colt pistol with the new and improved loading lever and catch? Given the analysis, it is certainly plausible. Also intriguing is the silver plating found under the grip. As previously mentioned it was thought that the Civilian guns were given as presentation and it would make perfect sense to have this more deluxe "presentation" feature with a full silver plated grip. One thing is certain: Colt worked on this Walker more than any other, more specifically the work was probably done by the hand of the brilliant son of one of America's most famous inventors Eli Whitney Jr. He of course had a vested interest in these revolvers success and modification of this kind required skill. Over the years speculation on the authenticity of this gun has popped up from time to time because of the left side barrel flat, frame and the distinct thumbprint on the frame. However, as Paul Harvey used to say, "And here is the rest of the story". After these discoveries were made, Rock Island Auction Company felt obligated to seek a second expert opinion. Mr. Herb Glass Jr. was contacted, made aware of the discovery and asked to draw his own conclusion on Civilian Walker 1078. Now accompanying this revolver is a letter by Mr. Glass in which he draws a independent but consensus opinion. Further Mr. Glass states: The fact that parts for civilian guns had apparently become scare by the time this gun was assembled leads to the question of whether or not there actually were 100 Civilian guns made. Additionally this gun is of interest because it is certainly one of the first, if not the first to have the improved lever latch factory installed.
This Walker, serial number 1078 along with its fabulous period holster, was first discovered in Mexico in 1958 by Tom P. Weston (see photograph). The markings are extraordinary, sharp and perfect, with numbers matching throughout. The barrel address is sharp and clear "ADDRESS, SAML COLT NEW YORK CITY". On the right side of the barrel lug "US/1847". A sub-inspector mark is also visible, the only such marking on revolver. The cylinder cartouche is distinctly stamped "1078" and the cylinder itself is correctly in the white.
The cylinder roll scene is sharp, with the easily visible cartouche markings: "Model U.S.M.R." and "Colt's Patent." Also still legible is the marking of the engraver of the dies, Samuel Colt's friend and colleague: "W.L. Ormsby, Sc. N.Y." The slightly indented impression from the roll die at the rear section of the scene is pronounced. Accompanied by a pine box which was with the revolver when it was originally discovered as well as the finest known example of a Walker holster.
Serial number 1078 can be found in the following publications and periodicals:
R.L. Wilson, American Arms Collectors Percussion Colts and Their Rivals The Al Cali Collection, pages 4-8. R.L. Wilson, The Paterson Colt Book, pages 286 through 290. R.L. Wilson (ed.), Antique Arms Annual, 1971, published by Texas Gun Collectors Association, page 22 illustrates No. 1078 in color.
Provenance:
Tom P. Weston, Mexico City
William M. Locke
L. Allan Caperton
Hary Von Erchelber
Chris Anderson
George Repaire
Al Cali
Collection of a Gentleman
Manufacture: Colt
Model: Walker
BBL: 9 inch part octagon
Stock:
Gauge: 44
Finish: blue/casehardened
Grips: varnished walnut
Serial Number: 1078
Extremely fine retaining 80% period blue finish. As Mr. Glass notes in his letter "This gun was discovered in Mexico in 1948, (he believes as do RIAC specialists) it was refinished during its period of use. It is not difficult to envision a history of this gun where by a prominent Mexican citizen or military figure came by this revolver. The love and admiration the Mexican Military had for the Walker revolvers is well documented. Further, civilian Walker 1078 is still accompanied by the sensational period holster with which it was found. The revolver was obviously carried, used, well maintained and held in high regard, further substantiating this claim. The cylinder is correctly in the white and exhibits nearly all of its original cylinder scene. The walnut grip is excellent with 90% original varnish. The holster is excellent. Maybe most intriguing of all is the silver plated grip strap which retains nearly of its original finish under the grip. While speculation exists of the Civilian Walker being presented to important figures of the day, this deluxe presentation attribute maybe its rarest feature of all! A once in a lifetime opportunity to own and a milestone moment in Colt Firearms Collecting. An occasion not to be taken lightly as generations of collectors have never been given the opportunity to own a documented, real Civilian Colt Walker with such historic origins and intrigue.
Auction Location:
7819 42nd St W, Rock Island, Illinois, 61201, United States
Previewing Details:
Thursday, May 1, 10 a.m. to 6 p.m.
Friday, May 2, 8 a.m. to 10 a.m.
Saturday, May 3, 8 a.m. to 10 a.m.
Sunday, May 4, 8 a.m. to 10 a.m.
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
20.5% |
Additional Fees:
Shipping Details:
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Payment Information: Auction sales are strictly for cash, cashier’s check or checks (with prior approval of the management), MasterCard, Visa or Discover. NOTE TO ALL BUYERS: Method of payment will be U.S. currency or certified check drawn on an American bank. All sales are final at the fall of the Auctioneer's hammer. Buyer’s Premium: All bid prices “hammer prices” (means the price at which a lot is knocked down to the purchaser) will be subject to a buyer’s premium payable by the purchaser of 20.5% of the bid price. There is a 2.5% discount for payment with cash, approved check or wire transfer. The premium is added to your successful bid and the two together equal the total purchase price. At the announcement of “SOLD”, the highest bidder will have purchased the offered lot. This purchase is subject to all the terms and conditions set forth herein. The purchaser assumes full responsibility thereof and if requested will sign a confirmation of the purchase. The purchaser further agrees to pay the purchase price, buyer’s premium and any applicable taxes before any lot may be transferred. All items purchased by successful bidders must be paid for in full the day of sale. All items purchased by absentee bidders must be paid for in full immediately upon notification.
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1. TERMS & CONDITIONS OF SALE. The following conditions of sale make up the entire terms and conditions on which items listed in Rock Island Auction Company's (known hereafter as ?RIAC?) catalog, on the internet web site and addendum sheets will be offered for sale or sold by RIAC. All bidders who participate by bidding in this auction agree to the terms and conditions of sale and agree to be bound by same. Any notices, posted or oral, during the sale, are also part of our terms and conditions of sale agreement. Acceptance of a bidder card or a bidder number constitutes acceptance of the following terms and conditions of sale. The purchaser?s rights and RIAC's respective rights and obligations hereunder are governed by Illinois law. By bidding at RIAC's auction, whether in person or by agent, sealed bid, telephone bid, via the internet or other means, the purchaser or bidder agrees that the contract created by these terms and conditions of sale is made and performed in the County of Rock Island, State of Illinois and further agrees that should any dispute arise from this contract the sole and exclusive jurisdiction for contractual disputes is Rock Island County, State of Illinois. THE AUCTIONEER IS NOT RESPONSIBLE FOR ANY ERRORS OF THE PURCHASER INCLUDING BUT NOT LIMITED TO THE PURCHASER BIDDING ON THE WRONG LOT.
2. BUYER?S PREMIUM AND SALES TAX. All bid prices ?hammer prices? ("hammer prices" mean the price at which a lot is knocked down to the purchaser) will be subject to a buyer?s premium 20.5% payable by the purchaser. The buyer?s premium shall be reduced to 18% provided the payment is paid by cash or the equivalent of cash (cashier?s check, wire transfer, or approved personal check). If the account is settled by credit card, the buyer?s premium then shall be the standard 20.5%. This is not an aggregate percentage on the total items bid, but rather a per item percentage rate. The premium is added to the purchaser's successful bid and the two together equal the total purchase price. Some items are exempt from Illinois sales tax and others may be subject to Illinois sales tax or local sales tax. The tax is computed on the total purchase price (hereinafter the total purchase price and applicable sales tax will be referred to as the "Total Amount Due"). To establish a tax free sale, a copy of a valid reseller?s permit or other instrument or information must be provided to RIAC's satisfaction establishing a sales tax exemption. Any purchaser claiming an exemption yet unable to provide proof at the time of payment will be required to pay the tax to RIAC and seek a refund from the State of Illinois. Generally, all items shipped out of state are tax free sales. RIAC has been authorized by the consignor to retain as part of RIAC's remuneration, the buyer?s premium payable by the purchaser.
3. METHOD OF PAYMENT. Auction sales are strictly for cash, cashier?s check, personal checks (with prior approval of RIAC's management), MasterCard, Visa or Discover. NOTE TO FOREIGN BUYERS: Method of payment will be U.S. currency, certified check drawn on an American bank or wire transfer.
4. TERMS OF PAYMENT. At the announcement of ?SOLD?, the highest bidder will have purchased the offered lot. All sales are final at the fall of the Auctioneer?s hammer or at the announcement of ?SOLD?. The purchase is subject to all the terms and conditions set forth herein. The purchaser assumes full responsibility thereof and if requested will sign a confirmation of the purchase. The purchaser further agrees to pay the Total Amount Due. The Total Amount Due must be paid in full the day of sale if attending in person, otherwise upon receipt of the buyer's invoice. All property must be removed from RIAC's premises at the purchaser?s expense no later than 5:00 p.m. five days following the date of sale unless otherwise agreed. If the property is not removed within five days following the date of sale, it will be stored at RIAC's facility at a cost of $50 per month. The purchaser will then be unable to pick up the purchased lots until the storage fees are paid to RIAC. If the purchased lots are not picked up and storage fees paid to RIAC, the items will be sold pursuant to the Illinois Labor and Storage Lien Act, 770 ILCS 45/0.01 et seq. and/or 770 ILCS 50/0.01 et seq.
Each purchaser at this auction grants RIAC a security interest in the property purchased. Any of the purchaser's property and all monies held or received by RIAC on the purchaser's behalf will be retained as collateral security for the purchaser's obligations to RIAC. RIAC may apply against such obligations monies held or received by RIAC for the account of, or owing to, the purchaser. RIAC retains all rights of a secured party under the Illinois Commercial Code. Whenever the purchaser pays only a part of the Total Amount Owed for one or more lots purchased, RIAC may apply such payments, at RIAC's sole discretion, to the lot or lots RIAC chooses. Payment will not be deemed made in full until RIAC has collected the Total Amount Due in cash or good funds. RIAC has the sole discretion to determine what is considered good funds. In the event Purchaser pays by check and the check is returned due to insufficient funds, stopped payment, closed account, or for any other reason, and Purchaser already has possession of the property, such possession of the property will be deemed theft by deception and/or theft under 18 U.S.C. ? 922(u), which may result In penalties of a fine of up to $250,000, imprisonment in federal prison for up to 10 years, or both. In addition to remedies available to RIAC and the consignor by law, if the purchaser does not comply with the terms and conditions of sale (this includes but is not limited to payment in full of the Total Amount Due), RIAC, at its option, may either: (1) cancel the sale and retain as liquidated damages all payments made by the purchaser; or (2) resell the property either publically or privately, and in such an event the purchaser shall be liable for the payment of the deficiency, plus all costs and expenses of both sales and RIAC's commission for both sales at RIAC's standard rates, as well as any other damages, including but not limited to loss of profits. The purchaser hereby waives any and all notices of disposition of collateral and sale required under the Illinois Commercial Code. The purchaser is also responsible for all other charges due hereunder, in addition to any attorney's fees incurred by RIAC, incidental damages, and any other damages incurred by RIAC.
5. INTEREST AND DEFAULT. Payment of the Total Amount Due is due upon receipt of the buyer's invoice. If the amount noted within the buyer?s invoice is not paid in full within 15 days of the auction, RIAC has the right and will charge the purchaser's credit card of record on file for the total invoice amount. Interest will be charged on all unpaid balances at the rate of 1-1/2% per month (18% APR), or the highest allowable rate under Illinois law, whichever is lower, beginning 15 days after the date of purchase/auction. The purchaser acknowledges that should the purchaser not comply with any of the terms and conditions of sale, including payment of the full amount indicated on the buyer's invoice, the damages incurred by RIAC includes, without limitation, consignor commission, loss of use of money for an indefinite period, costs to relist the item and potential depreciation of the item, and loss arising on the resale of the lot, whether such damages are now known or may become known in the future. Accordingly, in the event the purchaser fails to pay the full amount indicated on the buyer's invoice within 45 days after the auction, purchaser shall be immediately liable for liquidated damages in an amount equal to 30% of the amount on the buyer's invoice. These liquidated damages are in addition to the total amount invoiced on the buyer's invoice and any applicable interest. RIAC shall hold any money deposited in partial payment on account of any liability of the defaulted item and will apply it at the sole discretion of RIAC to the outstanding debt.
6. WITHDRAWAL. RIAC reserves the right to withdraw any property from the auction prior to sale.
7. PROTESTS, DISPUTES AND THE AUCTIONEER. RIAC reserves the right to reject a bid from any bidder. The highest bidder, acknowledged by the Auctioneer, will be the purchaser. The Auctioneer shall have sole and final discretion as to the disposition of any dispute including the re-offer and resale of any article in dispute. RIAC's records will be deemed conclusive in all respect in the event there is any dispute after the sale.
8. FAILURE TO DELIVER PURCHASER'S PROPERTY. If RIAC is prevented by fire, theft, or any other reason from delivering any property to the purchaser, RIAC's liability shall be limited to the sum actually paid therefore by the purchaser and shall in no event include any incidental or consequential damages.
9. GUARANTEE. All property offered for sale is as is, where is. ALL SALES ARE FINAL. THERE WILL BE NO REFUNDS AND NO EXCHANGES. RIAC does not guarantee or make warranties on any lot sold. The bold headline of the description is the only written statement RIAC will guarantee as correct. Descriptions in the catalog are opinion. They are written as an aid to potential bidders. RIAC acknowledges that there may be errors in what is written beyond the bold headline description. RIAC recommends that you personally view any item you bid on or have an acknowledged expert view the item. Statements starting with the word condition are opinions, not statements of fact or guarantees. If a dispute about a lot arises it is the purchaser's responsibility to provide a written statement by an acknowledged qualified expert within 30 days after the auction that the bold headline is in fact incorrect. The 30 day return period IS NOT calculated from the date payment is made or the date the items are received. The 30 day return period will not be extended due to delay in payment or delay in receipt of the goods. If the expert?s statement is indeed correct RIAC will make a full refund upon return of the merchandise, provided that the merchandise is returned in the same condition it was received. In the unlikely event that you need to return the merchandise to RIAC, Purchaser is responsible for all shipping costs. RIAC must again reiterate the guarantee is only on the bold headline of the description and RIAC will only honor this guarantee within 30 days of an auction. This right to return an item purchased at an auction shall be expressly limited to situations where errors occurred in the bold headline description of an auction item and such 30-day return provision shall not apply to a return of an auction item for any other reason. RIAC will have no further obligation, i.e., no refunds or returns will be accepted, if the above conditions are not met. Items offered for sale as described in the catalog or any bill of sale, advertisement, addendum sheet, or elsewhere as to authorship, period, culture, source, origin, measurement, quality, rarity, provenance, importance, exhibition, or physical condition are qualified statements of opinion and not representations or warranties. No employee of RIAC or any person purporting to act on behalf of RIAC is authorized to make on RIAC's or the consignor's behalf, any representation or warranty, oral or written, with respect to any lot or item for sale.
10. BINDING EFFECT, MODIFICATIONS, AND SEVERABILITY. The terms and conditions of sale shall bind the successors and assigns of all bidders and purchasers and inure to the benefit of RIAC's successors and assigns. No waiver, amendment or modification of the terms hereof (other than posted notices or oral announcements during the sale) shall bind RIAC unless specifically stated in writing and signed by RIAC. If any part of these terms and conditions of sale is for any reason invalid or unenforceable, the invalid portion shall be stricken and the rest of the terms and conditions of sale shall remain valid and enforceable.
11. RESERVES. Some items in this auction may be subject to reserve (the confidential minimum price below which the lot will not be sold). If a lot is offered with a reserve, RIAC may implement that reserve by bidding on behalf of the consignor. No reserve will be allowed higher than the high estimate and in many cases the reserve is lower than the low estimate. This bidding will not generally constitute opening bidding. If RIAC declares an opening bid and no advance to that bid is received RIAC will pass the item. However, once bidding is opened RIAC will bid on behalf of the consignor to reach the reserve price. The Auctioneer may reject nominal bids, which are small opening bids or very nominal advances made with the purpose of disparaging an item. If a lot fails to achieve a bid equal to or exceeding 25 - 30% of the low estimate, the item may be passed and not sold and may not be re-offered until a later sale. This determination of whether to sell the item at the current auction or re-offer it at a later auction is at the sole discretion of the Auctioneer. RIAC buys items on the open market or may offer a guarantee to a consignor. In either event, RIAC can have an ownership or other financial interest in the item(s) being auctioned. Such interest in the item(s) being auctioned may not be disclosed. If RIAC has an interest in an offered lot and the proceeds therefrom, other than our commission, RIAC may bid on the offered lot to protect such interest and such bidding shall not be prohibited under Section 12 below. Items which are not reserved are sold at the Auctioneer?s discretion.
12. BIDS OF CONSIGNORS. Consignors, other than RIAC, are not allowed to bid on their own merchandise nor have any agent bid on their behalf. If the Auctioneer recognizes such bidding or is advised of same, the Auctioneer reserves the right to withdraw any or all items consigned by the offending consignor. It is not prohibited conduct under this Section 12 when an Auctioneer bids on behalf of the consignor to reach the reserve price as provided In Section 11 above.
13. ABSENTEE BIDDING. As a service to anyone wishing to place bids in advance of the sale RIAC may accept bids on behalf of potential bidders at RIAC's own discretion by telephone or sealed bid using the forms RIAC provides. A Sealed Bid must be received and credit approved in advance of the sale date. It is the Bidder's responsibility to establish credit before bidding, or RIAC will accept a 15% deposit in the amount of the total bids submitted. (Deposits will be returned within ten (10) days after sale if not successful.) A Sealed Bid form is enclosed in the back of the catalog. Bids may also be faxed to (309) 797-1655. Additionally, on-line bidding is available on RIAC's website. Purchasers acknowledge that by bidding absentee via mail, e-mail, telephone, through internet providers, or any other absentee means (i.e., not in person bidding), no fiduciary duty exist between the bidder and RIAC. The purchaser acknowledges RIAC has a financial interest in all items offered for sale. The purchaser acknowledges that there may be a conflict of interest in that RIAC may have an interest in items beyond the seller?s commission and buyer?s premium. In fact, RIAC may have offered a guaranteed amount to a particular consignor or may actually have an ownership interest in an item offered for sale. Purchaser acknowledges that RIAC has a fiduciary duty to the sellers and not to the bidders or purchasers. Purchaser acknowledges that RIAC owes no duty to disclose the ownership of any item being auctioned. Any absentee bid is executed as if the bidder was actually present and bidding themselves. RIAC will attempt to execute bids in a manner such that the bids will prevail at the lowest bid possible. RIAC assumes no responsibility for failure to execute telephone, sealed, or website/online bids for any reason whatsoever or for failure to execute bids such that the bids do not prevail at the lowest bid possible.
14. TELEPHONE BIDDING. In order to bid on a lot over the telephone at the time it is being sold the bidder must contact RIAC in advance to make arrangements. The bidder must contact RIAC by 2:00 p.m. the day preceding the sale to make arrangements to bid via telephone. If the bidder contacts RIAC after 2:00 p.m. the day preceding the sale, RIAC cannot guarantee that the bidder's bids will be executed. A representative of RIAC will contact the bidder on the day of the sale, prior to the requested lot(s) going up for sale. Telephone Bids may be faxed to (309) 797-1655 or they can be submitted through our online service.
BY PARTICIPATING IN TELEPHONE BIDDING, THE BIDDER AND PURCHASER UNDERSTAND, ACKNOWLEDGE AND CONSENT TO THE TELEPHONE CONVERSATION BEING RECORDED.
?Cover-Me Bids?: As a Telephone Bidder be aware that there is the risk of RIAC not being able to reach the Telephone Bidder. Therefore the Telephone Bidder may want to consider allowing his or her phone representative to execute bidding on his or her behalf. At the time of arranging for the phone bids, the Telephone Bidder need simply give the maximum amounts he or she is willing to bid on each lot in the event RIAC is unable to reach the Telephone Bidder. This amount is only utilized if the Telephone Bidder is not on the phone with his or her representative. If the Telephone Bidder is reached via telephone, the phone representative will rely on the Telephone Bidder's verbal instructions only. ?Cover-me bids? are not mandatory; the Telephone Bidder can place them at his or her discretion. "Cover me bids" are simply a safety net in case the Telephone Bidder cannot be reached in time or not at all. All terms provided under Section 13 above apply to any "Cover-Me Bids", including but not limited to all acknowledgements made by Purchaser and any disclosure of the absence of any duties by RIAC.
Online bidding is available through third party providers. Potential bidders are informed that those third party services charge an additional buyers premium above and beyond the premium charged by RIAC.
15. FIREARMS LAWS. All post - 1898 firearms must be registered in compliance with federal and Illinois state law. Purchasers of post - 1898 firearms must complete state and federal registrations forms at Rock Island Auction Company, 7819 42nd Street West, Rock Island, IL 61201, unless otherwise specified. A 3-day waiting period is mandatory for modern handguns and a 24-hour waiting period is mandatory on modern long arms. Dealers and out-of-state purchasers must have in their possession on the day of sale, signed copies of their Federal Firearms License (FFL) in order to accept same-day delivery of modern weapons. Purchasers who act as agents for FFL dealers must have a letter of agency as well as a signed copy of the dealer's FFL.
16. CLASS 3. All firearms designated as Class 3 must be registered in compliance with the NFA registry. A $200 federal tax payment is required each time a functional NFA firearm is transferred to or from a private owner. This fee, as well as the Total Amount Due is due at the time of purchase in order to process the paperwork. The new owner of the Class 3 firearm will be required to complete 3 forms: 1) ATF Form 4, 2) fingerprint card, and 3) ATF form 5330.20 Certificate of Compliance. These forms will be provided to you by RIAC. Note: if state or local law requires a permit or license to purchase, possess, or receive NFA firearms, a copy of the transferee?s (buyer) permit or license must accompany the application. RIAC then mails the paperwork for the Federal Transfer Tax to BATFE. The BATFE says that it can take up to 90 days or more for approval. RIAC will receive back one of the Form 4?s (they are sent in duplicate) with a Federal Tax Stamp attached to it. This is given to the new owner when he/she picks up the NFA firearm. No further tax is due. The following states do not allow individuals to own machine guns: California, Delaware, Hawaii, Illinois, Iowa, New York, Rhode Island, Washington D.C., and Washington. SPECIAL NOTE: If you are an SOT (Special Occupation Tax) payer (Class 3 dealer) you are able to transfer functional NFA firearms to or from other SOT payers and government agencies with BATFE approval, but without having to pay a transfer tax. RIAC makes no warranties or representations that the above-mentioned forms, fees, licenses and/or approvals will be sufficient for you to own or use your purchased firearm(s). Consult with your federal, state, and local laws, law enforcement personnel, or legal counsel to make sure you may legally own, possess, or use the purchased firearm(s) and that all fees, licenses and approvals are completed.
17. CONDITION OF FIREARMS. RIAC makes no warranties or representations whatsoever and no employee or consultant of RIAC has the authority to do otherwise, concerning the operation of firing condition, fitness for use, safety to store, or reliability, of any firearm, ammunition, or parts. Use of any firearm or ammunition purchased at RIAC is entirely at the user?s risk. RIAC offers for sale the lots as ?collector? lots only. RIAC strongly recommends that all weapons, ammunition, etc. purchased at auction be examined by a competent gunsmith. RIAC expressly disclaims any liability whatsoever for accident, injury or damage resulting to any person from the storage or subsequent use of any such lot.
18. DELIVERY, SHIPPING, AND STORAGE CHARGES. All delivery, shipping and storage charges must be paid by the successful bidder prior to delivery of the firearm.
19. SHIPPING. If RIAC is asked to ship the purchased lots, there will be a separate charge for such shipping. Shipping charges will be based upon what it costs RIAC to ship the purchased lots to the purchaser. If packing and handling of purchased lots is done by RIAC, it is done entirely at the risk of the purchaser. All items must have shipping insurance; this insurance is mandatory. RIAC will not charge any labor charges for shipping. RIAC is not liable for any acts of omissions in packaging or shipping. Purchased lots handled by outside carriers or packers, including those RIAC may have recommended, may carry their own insurance and any claims for losses or damages should be addressed directly to the outside carriers or packers. RIAC will arrange for packing and shipping at RIAC's earliest possible convenience. RIAC will attempt to ship as soon as possible; however, due to RIAC's high volume of absentee bids, shipping can take up to two weeks after full payment is received. In the case of crating or any exceptional packaging, the purchaser will be charged RIAC's cost from outside agents. Purchaser pays shipping, packing materials, and insurance charges. RIAC reserves the right to purchase the outside shipper's insurance, to be self-insured, or a combination of both.
The shipping of any purchased items outside of the United States is hereby classified as ?foreign export?. All foreign export is the sole responsibility of the purchaser.
20. DISPUTES UNDER THIS CONTRACT. Purchaser and RIAC agree to mediate any dispute or claim arising between them resulting from the purchaser participating in the auction or any resulting transaction, with the exception of the failure of the purchaser to make full payment of the purchaser's obligations to RIAC. In the event the purchaser fails to make full payment to RIAC, RIAC may, but is not required to, proceed directly to court. Furthermore, the purchaser and RIAC agree that should Mediation be necessary, Mediation fees, if any, will be borne equally by the parties. Purchaser and RIAC are required under the terms and conditions of sale to enter into Mediation before arbitration or any court action. Should a party commence legal action other than Mediation without giving written notice to the other party, the party so commencing the legal action will not be entitled to recover attorney?s fees even if they would otherwise be allowed in the action. All mediation, arbitration and court proceedings, whether in state or federal court, shall be filed and conducted solely within Rock Island County, State of Illinois, and not in any other jurisdiction.
Should Mediation not settle the dispute between the parties the purchaser and RIAC agree that any dispute or claim, in law or equity, resulting from the participation in the auction or any resulting transaction shall be settled in neutral binding arbitration utilizing the standards of American Arbitration Association and must be initiated and carried out in Rock Island County, State of Illinois. Any bidder or purchaser agrees that the election of restricting any and all claims to Arbitration is a voluntary decision and is evidenced by the bidder or purchaser's participation in the auction. The purchaser specifically agrees to the following: I have read the terms and conditions of sale and by my participation in this sale I agree all disputes arising out of my participation will be first submitted to Mediation, and if Mediation is not successful in resolving the dispute I then submit to neutral binding Arbitration with RIAC and any other entity under this contract. No lawsuit shall be filed until a person has in good faith completed all Mediation and Arbitration proceedings as required hereunder.
21. LIMITATION OF LIABILITY. EXCEPT AS EXPRESSLY PROVIDED ABOVE, ALL PROPERTY IS SOLD ?AS IS?. NEITHER ROCK ISLAND AUCTION COMPANY NOR THE CONSIGNOR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, MERCHANTABILITY, FITNESS OR CONDITION OF THE PROPERTY OR AS TO THE CORRECTNESS OF DESCRIPTION, GENUINENESS, ATTRIBUTION, PROVENANCE OR PERIOD OF THE PROPERTY OR AS TO WHETHER THE PURCHASER ACQUIRES ANY COPYRIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS IN LOTS SOLD OR AS TO WHETHER A WORK OF ART IS SUBJECT TO THE ARTIST?S MORAL RIGHTS OR OTHER RESIDUAL RIGHTS OF THE ARTIST. ALL FIREARMS AND AMMUNITION ARE SOLD AS COLLECTOR LOTS ONLY. FITNESS TO FIRE OR OTHERWISE DISCHARGE THE ARM OR AMMUNITION IS EXPRESSLY DENIED BY ROCK ISLAND AUCTION COMPANY. A COMPETENT GUNSMITH SHOULD BE CONSULTED BEFORE ATTEMPTING TO USE OR FIRE ANY FIREARM OR AMMUNITION. THE PURCHASER EXPRESSLY ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL ROCK ISLAND AUCTION COMPANY BE LIABLE FOR ANY DAMAGES INCLUDING WITHOUT LIMITATION ANY COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES.
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