4416
Red Seal Comics #16 Big Apple pedigree (Chesler, 1946) Red Seal Comics #16 Big Apple pedigree (Chesl
Currency:USD
Category:Collectibles / Comics
Start Price:850.00 USD
Estimated At:1,200.00 - 1,800.00 USD
SOLD
850.00USDto floor+ buyer's premium
This item SOLD at 2006 May 14 @ 15:48UTC-06:00 : CST/MDT
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A full invoice should be emailed to the winner by the auctioneer within a day or two.
<B>Red Seal Comics #16 Big Apple pedigree (Chesler, 1946) CGC NM 9.4 White pages.</B></I> This harmless-looking comic, with its "country bumpkin" cover, must have <I>something</B></I> going for it, 'cause it caught the eye of Dr. Wertham's <B>Seduction of the Innocent</B></I>. Overstreet spells it out: "Outside the forbidden pages of de Sade, you find draining a girl's blood only in children's comics," referring to the "Drug Club" story presented here. George Tuska is listed as an artist for this issue. Needless to say, this pedigreed NM copy (the only example of this issue currently certified by CGC) is a real honey -- if you can just get past those crazy hillbillies on the cover! Overstreet 2006 NM- 9.2 value = $825. CGC census 3/06: 1 in 9.4, none higher.
Auction Location:
3500 Maple Avenue, 17th Floor, Dallas, Texas, United States
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Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
22.5% |
Additional Fees:
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Rev. 5_1_06
Auctioneer and Auction:
1. This Auction is presented by Heritage Numismatic Auctions, Inc.; or
its subsidiary Currency Auctions of America, Inc.; or their affiliate, Heritage Auctions, Inc. d/b/a Heritage Auction Galleries, Heritage Art Auctions, Heritage Fine & Decorative Arts Auctions, Heritage Comics Auctions, Heritage-Slater Americana, Heritage Vintage Movie Posters, or Heritage Sports Collectibles Auctions, as identified with the applicable licensing information on the title page of the catalog or on the Internet site (the ³Auctioneer²). The Auction is conducted under these Terms and Conditions of Auction and applicable state and local law.
Buyer¹s Premium:
2. On bids placed through Heritage, a Buyer¹s Premium of fifteen percent
(15%) for Heritage Numismatic Auctions Inc, Heritage-CAA, Heritage Comics Auctions and Heritage Movie Posters or nineteen and one-half percent (19.5%) for Heritage Sports Collectibles, Heritage Music & Entertainment Memorabilia, Heritage Art Auctions and Heritage Americana of the hammer price will be added to the successful bid. If the bid is placed through eBay Live a Buyer¹s Premium equal to the normal Buyer¹s Premium plus an additional five percent (5%) of the hammer price will be added to the successful bid up to a maximum Buyer¹s Premium of Twenty Two and one-half percent (22.5%). There is a minimum Buyer¹s Premium of $9.00 per lot.
Auction Venues:
3. Exclusively Internet, Continuous Internet, Internet Currency, Amazing
Comics Auctions, Amazing Sports Auctions, and Online Session are Auctions conducted on the Internet. Signature Auctions accept bids on the Internet first, followed by a floor bidding session; bids may be placed prior to the floor bidding session by Internet, telephone, fax, or mail.
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Current Bid Bid Increment
Less than $10 $1
$10 - $29 $2
$30 - $59 $3
$60 - $99 $5
$100 - $199 $10
$200 - $299 $20
$300 - $499 $25
$500 - $999 $50
$1,000 - $1,999 $100
$2,000 - $2,999 $200
Current Bid Bid Increment
$3,000 - $4,999 $250
$5,000 - $9,999 $500
$10,000 - $19,999 $1,000
$20,000 - $29,999 $2,000
$30,000 - $49,999 $2,500
$50,000 - $99,999 $5,000
$100,000 - $249,999 $10,000
$250,000 - $499,999 $25,000
$500,000 - $1,499,999 $50,000
Greater than $1,500,000 $100,000
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14. Notice of the consignor¹s liberty to place reserve bids on his lots
in the Auction is hereby made in accordance with Article 2 of the Texas Uniform Commercial Code. A reserve is an amount below which the lot will not sell. THE CONSIGNOR OF PROPERTY MAY PLACE WRITTEN RESERVE BIDS ON HIS LOTS IN ADVANCE OF THE AUCTION; ON SUCH LOTS, IF THE HAMMER PRICE DOES NOT MEET THE RESERVE, THE CONSIGNOR MAY PAY A REDUCED COMMISSION ON THOSE LOTS.
Reserves are generally posted online about 3 days prior to the Auction closing on Internet-Only Auctions, and 7 days prior to the Auction on Signature Auctions. Any successful bid placed by a consignor on his consigned lot on the Auction floor or by telephone during the live session, or after the reserves for an Auction have been posted, will be considered an unqualified bid, and in such instances the consignor agrees to pay full Buyer¹s Premium and Seller¹s Commissions on any lot so repurchased.
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the sale. Items sold by Auctioneer post sale shall be considered sold during the auction and all these Terms and Conditions shall apply to such sales including but not limited to the payment of the buyer¹s fee, return rights and disclaimers.
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where the Auction may be held, are subject to all applicable state and local taxes, unless appropriate permits are on file with us. Bidder agrees to pay Auctioneer the actual amount of tax due in the event that sales tax is not properly collected due to: 1) an expired, inaccurate, inappropriate tax certificate or declaration, 2) an incorrect interpretation of the applicable statute, 3) or any other reason.. Lots from different Auctions may not be aggregated for sales tax purposes.
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With respect to these lien rights, Auctioneer shall have all the rights of a secured creditor under Article 9 of the Texas Uniform Commercial Code. In addition, with respect to payment of the Auction invoice(s), the buyer waives any and all rights of offset he might otherwise have against the Auctioneer and the consignor of the merchandise included on the invoice.
32. If a Bidder owes Auctioneer or its affiliates on any account,
Auctioneer and its affiliates shall have the right to offset such unpaid account by any credit balance due Bidder, and it may secure by possessory lien any unpaid amount by any of the Bidder¹s property in their possession.
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Return Policies:
34. A MEMORABILIA lot (Autographs, Sports Collectibles, or Music,
Entertainment, Political, Americana and/or Pop Culture memorabilia): The Auction is not on approval. When the lot is accompanied by a Certificate of Authenticity (or its equivalent) from an independent third party authentication provider, buyer has no right of return. Under extremely limited circumstances not including authenticity (e.g. gross cataloging error), a purchaser who did not bid from the floor may request Auctioneer to evaluate voiding a sale; such request must be made in writing detailing the alleged gross error, and submission of the lot to Auctioneer must be pre-approved by Auctioneer. A bidder must notify the appropriate department head (check the inside front cover of the catalog or our website for a listing of department heads) in writing of the purchaser¹s request and such notice must be mailed within three (3) days of the mail bidder¹s receipt of the lot. Any lot that is to be evaluated for return must be received in our offices within 30 days after Auction. AFTER THAT 30 DAY PERIOD, NO LOT MAY BE RETURNED FOR ANY REASONS. Lots returned must be in the same condition as when sold and must include the Certificate of Authenticity, if any. No lots purchased by floor bidders may be returned (including those bidders acting as agents for others). Late remittance for purchases may be considered just cause to revoke all return privileges.
35. COINS, CURRENCY, COMICS AND SPORTSCARDS Signature Auctions: The
Auction is not on approval. No certified material may be returned because of possible differences of opinion with respect to the grade offered by any third-party organization, dealer, or service. No guarantee of grade is offered for uncertified Property sold and subsequently submitted to a third-party grading service. There are absolutely no exceptions to this policy. Under extremely limited circumstances, (e.g. gross cataloging error) a purchaser, who did not bid from the floor, may request Auctioneer to evaluate voiding a sale; such request must be made in writing detailing the alleged gross error, and submission of the lot to the Auctioneer must be pre-approved by the Auctioneer; bidder must notify Ron Brackemyre, (ext.
312) in writing of the such request and such notice must be mailed within three (3) days of the mail bidder¹s receipt of the lot. Any lot that is to be evaluated must be in our offices within 30 days after Auction. Grading or method of manufacture do not qualify for this evaluation process nor do such complaints constitute a basis to challenge the authenticity of a lot. AFTER THAT 30-DAY PERIOD, NO LOTS MAY BE RETURNED FOR REASONS OTHER THAN AUTHENTICITY. Lots returned must be housed intact in the original holder. No lots purchased by floor Bidders may be returned (including those Bidders acting as agents for others). Late remittance for purchases may be considered just cause to revoke all return privileges.
36. Exclusively Internet, Internet Currency, Amazing Comics Auctions,
Amazing Sports Auctions, Continuous Internet and Online Session auctions:
THREE (3) DAY RETURN POLICY. All lots (Exception: Third party graded notes are not returnable for any reason whatsoever) paid for within seven days of the Auction closing are sold with a three (3) day return privilege. You may return lots under the following conditions: Within three days of receipt of the lot, you must first notify Auctioneer by contacting Customer Service by phone (1-800-872-6467) or e-mail (Bid@HeritageAuctions.com), and immediately mail the lot(s) fully insured to the attention of Returns, Heritage, 3500 Maple Avenue, 17th Floor, Dallas TX 75219-3941. Lots must be housed intact in their original holder and condition. You are responsible for the insured, safe delivery of any lots. A non-negotiable return fee of 5% of the purchase price ($10 per lot minimum) will be deducted from the refund for each returned lot or billed directly. Postage and handling fees are not refunded.
After the three-day period (from receipt), no items may be returned for any reason. Late remittance for purchases revokes all Return-Restock privileges.
37. All Bidders who have inspected the lots prior to the auction will
not be granted any return privileges, except for reasons of authenticity.
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Please either refer to Auctioneer¹s website www.HeritageAuctions.com/common/shipping.php for the latest charges or call Auctioneer.
39. Auctioneer is unable to combine purchases from other auctions or
Heritage Rare Coin Galleries into one package for shipping purposes.
Successful overseas Bidders shall provide written shipping instructions, including specified customs declarations, to the Auctioneer for any lots to be delivered outside of the United States. NOTE: Declaration value shall be the item(s) hammer price together with its buyer¹s premium.
40. All shipping charges will be borne by the successful Bidder. Due to
the nature of some items sold, it shall be the responsibility for the successful bidder to arrange pick-up and shipping through third parties, as to such items Auctioneer shall have no liability. Any risk of loss during shipment will be borne by the buyer following Auctioneer¹s delivery to the designated common carrier, regardless of domestic or foreign shipment. Any request for shipping verification for undelivered packages must be made within 30 days of shipment by Auctioneer.
41. In the event an item is damaged either through handling or in
transit, Auctioneer¹s maximum liability shall be the amount of the successful bid including the Buyer¹s Premium. On the fall of Auctioneer¹s hammer, Buyers of Fine Arts and Decorative Arts lots assumes full risk and responsibility for lot, including shipment by common carrier, and must provide their own insurance coverage for shipments.
Cataloging, Warranties and Disclaimers:
42. NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, IS MADE WITH RESPECT TO
ANY DESCRIPTION CONTAINED IN THIS AUCTION OR ANY SECOND OPINE. Any description of the items or second opine contained in this auction is for the sole purpose of identifying the items for those Bidders who do not have the opportunity to view the lots prior to bidding, and no description of items has been made part of the basis of the bargain or has created any express warranty that the goods would conform to any description made by Auctioneer.
43. Auctioneer is selling only such right or title to the items being
sold as Auctioneer may have by virtue of consignment agreements on the date of auction and disclaims any warranty of title to the Property.
44. Translations of foreign language documents are provided as a
convenience to interested parties. Heritage makes no representation as to the accuracy of those translations and will not be held responsible for errors in bidding arising from inaccuracies in translation.
45. In the event of an attribution error, Auctioneer may at its sole
discretion, correct the error on the Internet, or, if discovered at a later date, to refund the buyer¹s money without further obligation. Under no circumstances shall the obligation of the Auctioneer to any Bidder be in excess of the purchase price for any lot in dispute.
46. Auctioneer disclaims any warranty of merchantability or fitness for
any particular purposes.
47. Auctioneer disclaims all liability for damages, consequential or
otherwise, arising out of or in connection with the sale of any property by Auctioneer to Bidder. No third party may rely on any benefit of these Terms and Conditions and any rights, if any, established hereunder are personal to the Bidder and may not be assigned. Any statement made by the Auctioneer is an opinion and does not constitute a warranty or representation. No employee of Auctioneer may alter these Terms and Conditions, and, unless signed by a principal of Auctioneer, any such alteration is null and void.
48A. COINS Coins sold referencing a third-party grading service are
sold ³as is² without any express or implied warranty, except for a guarantee by Auctioneer that they are genuine. Certain warranties may be available from the grading services and the Bidder is referred to them for further
details: ANACS, P.O. Box 182141, Columbus, Ohio 43218-2141; Numismatic Guaranty Corporation (NGC), P.O. Box 4776, Sarasota, FL 34230; Professional Coin Grading Service (PCGS), PO Box 9458, Newport Beach, CA 92658; and ICG,
7901 East Belleview Ave., Suite 50, Englewood, CO 80111.
48B. CURRENCY Notes sold referencing a third-party grading service are
sold ³as is² without any express or implied warranty, except for a guarantee by Auctioneer that they are genuine. Grading, condition or other attributes of any lot may have a material effect on its value, and the opinion of others, including independent grading services such as PCGS Currency, PMG, and CGA may differ with that of Auctioneer. Auctioneer shall not be bound by any prior or subsequent opinion, determination, or certification by any independent grading service. Bidder specifically waives any claim to right of return of any item because of the opinion, determination, or certification, or lack thereof, by any independent grading service. Certain warranties may be available from the grading services and the Bidder is referred to them for further details: Paper Money Guaranty (PMG), PO Box 4711, Sarasota FL 34230; PCGS Currency, PO Box 9458, Newport Beach, CA 92658; Currency Grading & Authentication (CGA), PO Box 418, Three Bridges, NJ 08887.
48C. COMICS Comic books sold referencing a third-party grading service
are sold ³as is² without any express or implied warranty. Certain warranties may be available from the grading services and the Bidder is referred to them for further details: Comics Guaranty Corporation (CGC), P.O. Box 4738, Sarasota, FL 34230. Subject to sections 57 and 58, bidders who intend to challenge authenticity or provenance of a lot must notify Auctioneer in writing within thirty (30) days of the Auction¹s conclusion. Auctioneer¹s maximum liability shall not exceed the high bid on that lot, which bid shall be deemed for all purposes the value of the lot. In the event Auctioneer cannot deliver the lot or subsequently it is established that the lot lacks title, provenance, authenticity, or other transfer or condition issue is claimed, Auctioneer¹s liability shall be limited to recission of sale and refund of purchase price. After one year has elapsed, Auctioneer¹s maximum liability shall be limited to any commissions and fees Auctioneer earned on that lot.
48D. SPORTSCARDS Sportscards sold referencing a third-party grading
service are sold ³as is² without any express or implied warranty. Certain warranties may be available from the grading services and the Bidder is referred to them for further details: Professional Sports Authenticator (PSA), P.O. Box 6180 Newport Beach, CA 92658; Sportscard Guaranty LLC (SGC) P.O. Box 6919 Parsippany, NJ 07054-6919; Global Authentication (GAI), P.O.
Box 57042 Irvine, Ca. 92619; Beckett Grading Service (BGS), 15850 Dallas Parkway, Dallas TX 75248.
48E. MEMORABILIA Auctioneer does not warrant authenticity of a
memorabilia lot (Autographs, Sports Collectibles, or Music, Entertainment, Political, Americana and/or Pop Culture memorabilia), when the lot is accompanied by a Certificate of Authenticity, or its equivalent, from an independent third-party authentication provider. Bidder shall solely rely upon warranties of the authentication provider issuing the Certificate or opinion. For information as to such authentication provider¹s warranties the bidder is directed to: SCD Authentic, 4034 West National Ave., Milwaukee, WI 53215 (800) 345-3168; JO Sports, Inc., P.O. Box 607 Brookhaven, NY 11719 (631) 286-0970; PSA/DNA; 130 Brookshire Lane, Orwigsburg, Pa. 17961; Mike Gutierrez Autographs, 8150 Raintree Drive Suite A, Scottsdale, AZ. 85260; or as otherwise noted on the Certificate. Subject to sections 57 and 58, bidders who intend to challenge authenticity or provenance of a lot must notify Auctioneer in writing within thirty (30) days of the Auction¹s conclusion. Auctioneer¹s maximum liability shall not exceed the high bid on that lot, which bid shall be deemed for all purposes the value of the lot. In the event Auctioneer cannot deliver the lot or subsequently it is established that the lot lacks title, provenance, authenticity, or other transfer or condition issue is claimed, Auctioneer¹s liability shall be limited to recission of sale and refund of purchase price. After one year has elapsed, Auctioneer¹s maximum liability shall be limited to any commissions and fees Auctioneer earned on that lot.
48F. Fine and Decorative arts Auctioneer warrants bold-faced items in
the descriptions, which are otherwise provided for identification purposes only. Subject to sections 57 and 58, bidders who intend to challenge the bold-faced authenticity or provenance of a lot must notify Auctioneer in writing within thirty (30) days of the Auction¹s conclusion. Auctioneer¹s maximum liability shall not exceed the high bid on that lot, which bid shall be deemed for all purposes the value of the lot. In the event Auctioneer cannot deliver the lot or subsequently it is established that the lot lacks title, provenance, authenticity, or other transfer or condition issue is claimed, Auctioneer¹s liability shall be limited to recission of sale and refund of purchase price. After one year has elapsed, Auctioneer¹s maximum liability shall be limited to any commissions and fees Auctioneer earned on that lot.
49. All non-certified coins, currency, and comics are guaranteed
genuine, but are not guaranteed as to grade, since grading is a matter of opinion, an art and not a science, and therefore the opinion rendered by the Auctioneer or any third party grading service may not agree with the opinion of others (including trained experts), and the same expert may not grade the same item with the same grade at two different times. Auctioneer has graded the non-certified numismatic items, in the Auctioneer¹s opinion, to their current interpretation of the American Numismatic Association¹s standards as of the date the catalog was prepared. There is no guarantee or warranty implied or expressed that the grading standards utilized by the Auctioneer will meet the standards of ANACS, NGC, PCGS, ICG, CGC, CGA or any other grading service at any time in the future.
50. Since we cannot examine encapsulated notes or comics, they are sold
³as is² without our grading opinion, and may not be returned for any reason.
Auctioneer shall not be liable for any patent or latent defect or controversy pertaining to or arising from any encapsulated collectible. In any such instance, purchaser¹s remedy, if any, shall be solely against the service certifying the collectible.
51. Due to changing grading standards over time, differing
interpretations, and to possible mishandling of items by subsequent owners, Auctioneer reserves the right to grade items differently than shown on certificates from any grading service that accompany the items. Auctioneer also reserves the right to grade items differently than the grades shown in the catalog should such items be reconsigned to any future auction.
52. Although consensus grading is employed by most grading services, it
should be noted as aforesaid that grading is not an exact science. In fact, it is entirely possible that if a lot is broken out of a plastic holder and resubmitted to another grading service or even to the same service, the lot could come back with a different grade assigned.
53. Certification does not guarantee protection against the normal risks
associated with potentially volatile markets. The degree of liquidity for certified coins and collectibles will vary according to general market conditions and the particular lot involved. For some lots there may be no active market at all at certain points in time.
Release:
54. In consideration of participation in the auction and the placing of
a bid, a Bidder expressly releases Auctioneer, its officers, directors and employees, its affiliates, and its outside experts that provide second opines from any and all claims, cause of action, chose of action, whether at law or equity or any arbitration or mediation rights existing under the rules of any professional society or affiliation based upon the assigned grade or a derivative theory, breach of warranty express or implied, representation or other matter set forth within these Terms and Conditions of Auction or otherwise, except as specifically declared herein; e.g., authenticity, typographical error, etc., and as to those matters, the rights and privileges conferred therein are strictly construed and is the exclusive remedy. Purchaser, by non-compliance to its express terms of a granted remedy, shall waive any claim against Auctioneer.
Dispute Resolution and Arbitration Provision:
55. By placing a bid or otherwise participating in the auction, such
person or entity accepts these Terms and Conditions of Auction, and specifically agrees to the alternative dispute resolution provided herein.
Arbitration replaces the right to go to court, including the right to a jury trial.
56. Auctioneer in no event shall be responsible for consequential
damages, incidental damages, compensatory damages, or other damages arising from the auction of any lot. Auctioneer¹s maximum liability shall not exceed the high bid on that lot, which bid shall be deemed for all purposes the value of the lot. In the event that Auctioneer cannot deliver the lot or subsequently it is established that the lot lacks title, provenance, authenticity, or other transfer or condition issue is claimed, Auctioneer¹s liability shall be limited to recission of sale and refund of purchase price. After one year has elapsed, Auctioneer¹s maximum liability shall be limited to any commissions and fees Auctioneer earned on that lot.
57. Any claim as to provenance or authenticity must be first transmitted
to Auctioneer by credible and definitive evidence and there is no assurance after such presentment that Auctioneer will validate the claim.
Authentication is not an exact science and contrary opinions may not be recognized by Auctioneer. Even if Auctioneer agrees with the contrary opinion of such authentication, our liability for reimbursement for such service shall not exceed $500.
58. Provenance and authenticity are not guaranteed by the Auctioneer,
but rather are guaranteed by the consignor. Any action or claim shall include the consignor with Auctioneer acting as interpleador or nominal party. While every effort is made to determine provenance and authenticity, it is up to the Bidder to arrive at that conclusion prior to bidding.
59. If any dispute arises regarding payment, authenticity, grading,
description, provenance, or any other matter pertaining to the Auction, the Bidder or a participant in the Auction and/or the Auctioneer agree that the dispute shall be submitted, if otherwise mutually unresolved, to binding arbitration in accordance with the commercial rules of the American Arbitration Association (A.A.A.). A.A.A. arbitration shall be conducted under the provisions of the Federal Arbitration Act with locale in Dallas, Texas. Any claim made by a Bidder has to be presented within one (1) year or it is barred. The prevailing party may be awarded his reasonable attorney¹s fees and costs. An award granted in arbitration is enforceable in any court of competent jurisdiction. No claims of any kind (except for reasons of
authenticity) can be considered after the settlements have been made with the consignors. Any dispute after the settlement date is strictly between the Bidder and consignor without involvement or responsibility of the Auctioneer. NOTE: Purchasers of rare coins or currency through Heritage have available the option of arbitration by the Professional Numismatists Guild (PNG); if an election is not made within ten (10) days of an unresolved dispute, Auctioneer may elect either PNG or A.A.A. Arbitration.
60. In consideration of his participation in or application for the
auction, a person or entity (whether the successful Bidder, a Bidder, a purchaser and/or other Auction participant or registrant) agrees that all disputes in any way relating to, arising under, connected with, or incidental to these Terms and Conditions and purchases or default in payment thereof shall be arbitrated pursuant to the arbitration provision. In the event that any matter including actions to compel arbitration, construe the agreement, actions in aid or arbitration or otherwise needs to be litigated, such litigation shall be exclusively in the Courts of the State of Texas, in Dallas County, Texas, and if necessary the corresponding appellate courts.
The successful Bidder, purchaser, or Auction participant also expressly submits himself to the personal jurisdiction of the State of Texas.
Miscellaneous:
61. Agreements between Bidders and consignors to effectuate a non-sale
of an item at Auction, inhibit bidding on a consigned item to enter into a private sale agreement for said item, or to utilize the Auctioneer¹s Auction to obtain sales for non-selling consigned items subsequent to the auction, are strictly prohibited. If a subsequent sale of a previously consigned item occurs in violation of this provision, Auctioneer reserves the right to charge Bidder the applicable Buyer¹s Premium and consignor a Seller¹s Commission as determined for each auction venue and by the terms of the seller¹s agreement.
62. Acceptance of these terms and conditions qualifies Bidder as a
Heritage customer who has consented to be contacted by Heritage in the future. In conformity with ³do-not-call² regulations promulgated by the Federal or State regulatory agencies, participation by the Bidder is affirmative consent to being contacted at the phone number shown in his application and this consent shall remain in effect until it is revoked in writing. Heritage may from time to time contact Bidder concerning sale, purchase and auction opportunities available through Heritage and its affiliates and subsidiaries.
63. Storage of purchased coins and currency: Purchasers are advised that
certain types of plastic may react with a coin¹s metal or transfer plasticizer to notes and may cause damage. Caution should be used to avoid storage in materials that are not inert.
State Notices:
64. Notice as to an Auction Sale in California. Auctioneer has in
compliance with Title 2.95 of the California Civil Code as amended October 11, 1993 Sec. 1812.600, posted with the California Secretary of State its bonds for it and its employees and the auction is being conducted in compliance with Sec. 2338 of the Commercial Code and Sec. 535 of the Penal Code.