Lot # : 244 - Modern Lionel:

TERMS & CONDITIONS Updated January 2023 Gateway Gallery Auction Inc. will offer the property described in catalog, salesroom notice or by announcement, for sale on behalf of various consignors. Unless otherwise indicated, Gateway Gallery Auction Inc. will offer all property as agent for the seller. These TERMS AND CONDITIONS OF SALE set forth below constitute the complete and exclusive statement of the terms and conditions on which all property is offered for sale. Gateway Gallery Auction Inc. reserves the right to vary terms of sale and any such variance shall become a part of these conditions of sale. By bidding at auction, whether present in person or by agent, by written bid, telephone or other means, the buyer agrees to be bound by these conditions of sale. 1. Valid Photo ID and telephone number are required for customer to secure bid number. 2. The auctioneer will be the sole determinant as to who is the successful bidder. The auctioneer has the right to reject any bid. In the event of any dispute, under extreme circumstances, the auctioneer has the right to reopen bidding on a sold lot. 3. Once an item is sold by the Auctioneer, the buyer assumes full risk and responsibility for said items. Gateway Gallery Auction is not responsible for lost or stolen merchandise. 4. Everything is sold "as is". 5. All sales are Final. 6. Gateway Gallery Auction provides bidding options including live in-house, online live webcast stream, absentee bids, pre-bidding, phone bidding and, at times, online only bidding. We are primarily a Live Auction where bidding occurs in real time. When the auctioneer says "sold" that item is conveyed to the highest bidder as determined by the auctioneer. Online bidding time stamps are only used to determine highest bidder in an online only auction arena. 7. Gateway Gallery Auction has endeavored to provide accurate descriptions and representations of the listed items. Gateway Gallery Auction will not be held liable for any errors as to the manufacturer, origin, time period, authenticity or conditions stated. Neither seller nor auctioneer guarantees the authenticity, validity or condition of any lot. We reserve the right to make any and all verbal corrections and provide additional information from the podium, day of sale. 8. A buyer's premium of 15% Buyer's Premium will be charged for in house bidders and bidders using our bidding platform through our website. In House Buyer's Premium discounted to 10% for in-house bidders paying by cash or approved check. 20% Buyer's Premium for bidders using Invaluable/AuctionZip or third party bidding platforms, discounted to 17% for cash or good check. 9. Audio recordings are made of the auctioneer at each auction. Any dispute over bid price, condition or terms given by auctioneer will be settled by reviewing the audio. The auctioneer's word is final. 10. Surveillance cameras are positioned in the lobby, all galleries and outside. Shoplifters will be prosecuted. 11. Minimum bid amount for online bidding is $20. No minimum bid for in-house bidders. Payment Policy 12. All items purchased today must be paid for today, unless other arrangements are made at the front office. 13. Online bidders will be notified via email of successful bids. An initial invoice will be sent with winning bid information and instructions for pick up. By bidding, online bidders authorize Gateway Gallery to charge credit card on file. 14. Bidders requiring shipping with be invoiced with auction total including all shipping costs. Bidders failing to complete payment within 48 hours of receiving final invoice, will have credit card on file charged. 15. Unless exempted by law, all purchases are subject to a 6% Pennsylvania state tax (this is also applicable to out-of-state buyers who pick up their purchases in Pennsylvania). PA law requires that ALL DEALERS must have a current signed PA Department of Revenue Sales and Use Tax Certificate of Exemption on file with us (required annually for in-state; per auction for out-of-state) 16. Acceptable forms of payment are cash (in house only), approved check, bank wire transfer, MasterCard/Visa/Discover, or personal check if customer is known to Gateway Gallery Auction Inc. We reserve the right to require bank checks for purchases over $5,000.00. In addition, online bidders may pay through PayPal or the online invoicing system WePay provided by Invaluable/AuctionZip. 17. Buyers not known to us who wish to write a check must provide a "letter of guarantee" from an officer of your bank on original stationary to Gateway Gallery Auction. This letter should state an exact amount of funds guaranteed and should be presented to the cashier at the time of registration. Credit arrangements must be made prior to the day of auction so bank statements can be verified. We reserve the right to not issue a buyer's number or to withhold merchandise if appropriate credit has not been verified. 18. All deliveries are subject to "good funds"; funds being received in Auctioneer's account before delivery of the Purchases; and all payments are subject to a clearing period. Auctioneer reserves the right to determine if a check constitutes "good funds". Checks drawn on a US bank are subject to a ten business day hold, and thirty days when drawn on an international bank. 19. All returned checks are subject to a $50.00 service charge. 20. Unless prior arrangements have been made with, any merchandise not removed within 30 days of the sale date will be considered abandoned and will be disposed of as seen fit by Gateway Gallery Auction. Bidder's may be accessed a disposal fee. Absentee Bid Policy 21. As a convenience to clients, if you cannot attend an auction, you may leave an Absentee Bid. All Absentee Bids are bid competitively. Minimum bid amount is $20. Bids received under $20 will not be executed. 22. Buyer's that leave absentee bids with Gateway Gallery Auction staff in person, online or by phone, a buyer's premium of 15% will be added to successful bid price and is due as a part of the total purchase price. If paying buy cash or approved check, applied buyer's premium is 10%. 23. Valid credit card information (Visa, MasterCard, and Discover) is required to secure your absentee bid. 24. Absentee bids not uniform to the auctioneer raises will be rounded up to the next bid increment. 25. Bids submitted by telephone or email must be received by 3 PM on the day preceding the auction. We will accept absentee bids in person up to the time of the auction. 26. In the event of identical absentee bids, the earliest received will be recorded as the highest. This applies only to absentee or pre-bids. This does not apply to real time bidding during the live auction. For example: if a bidder leaves a $100 absentee bid prior to the auction but during the auction the bidding increments fall so that a floor bidder is bidding $100 and the auctioneer goes back to the absentee bid and it is exhausted, the floor bidder is the winning bid. The bidding will not be adjusted nor reviewed to determine time stamps. 27. We are not responsible for lost or unexecuted Absentee Bids. 28. Successful Absentee bidders will be notified by phone or email within 2 business days of the auction. 29. Payment of successful Absentee Bids must be made within 2 business days of notification of winning bids. Non-Paying Bidder Policy 30. A Non-paying bidder is a person who wins the auction through the bidding process but does not follow through with the transaction. By using our online bidding platform, bidders agree to all terms and conditions of auction. 31. As a bidder, if you have the highest bid and the auctioneer strikes the item down to you - you are obligated to complete the transaction. Bids are not retractable except in exceptional circumstances such as unannounced severe condition problems or clear typographical errors. 32. Bidders who fail to fulfill their obligation to purchase the item(s) they have won through the bidding process will be banned from participating in any future auction. In addition, non-paying bidders will be reported to the online bidding platform; as well as being reported to other auction companies through the National Auctioneer's Association, Pennsylvania Auctioneer's Association and any Auctioneer's association in the state which bidder resides. Shipping Policy 33. Shipping available unless auction has been designated as PICK UP ONLY. 34. Lots won will be shipped in a reasonable time after payment in good funds for the merchandise and shipping fees is received. 35. Purchases held until "good funds" are received will be shipped via UPS or USPS Priority Mail. Buyer is liable for shipping and handling fees. 36. We provide limited packing and shipping for small, easy to box items. Items packed by our staff will be shipped UPS or USPS Priority Mail, insured for bid price of item, signature required. Buyer is responsible for ALL packing and shipping costs. 37. Gateway Gallery Auction assumes no responsibility for acts or omissions in such packing or shipping by Gateway staff or other packers or carriers, whether or not recommended by Gateway Gallery Auction Inc. 38. Buyer's purchasing large lots, heavy or odd size items or items that we cannot readily pack in house, are responsible for arranging shipping of their items. Payment for shipping is made directly to the shipper. All packing/shipping costs are the sole responsibility of the buyer. Purchases will be released to the shipper when they are paid in full to Gateway Gallery Auction. 39. Bidders must notify us within one business day if you wish to arrange pick-up of your items. If items are packed for shipping and bidder has failed to notify us of intention to pick-up, bidder will be charged packing fee. These terms and conditions, as well as the respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania. The purchaser shall be deemed to have consented to the jurisdiction of the state courts of, and the federal courts sitting in the commonwealth of Pennsylvania.