Lot # : 20 - Postwar Lionel:

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" unless announced otherwise. 5. A buyer's premium will be charged. 6. All items purchased today must be paid for today, unless other arrangements are made at the front office. 7. 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. 8. Surveillance cameras are positioned in the lobby and all galleries. Shoplifters will be prosecuted. Payment Policy 9. 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) 10. 13% Buyer's Premium will be charged for in house bidders and online bidders using our website. 20% Buyer's Premium for bidders utilizing Invaluable or AuctionZip. Buyer's Premium discounted to 10% for cash or approved check for in-house bidders. 11. 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 $5000.00. Online bidders may pay through PayPal or the online invoicing system WePay provided by Invaluable/AuctionZip. 12. 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. 13. 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. 14. All returned checks are subject to a $50.00 service charge. 15. Any accounted not paid in full within 30 days of the sale date will be subject to a 2% monthly finance charge. The purchaser shall be liable for all fees and costs associated with the collection of balance due, including attorney fees. Absentee Bid Policy 16. As a convenience to clients, if you cannot attend an auction, you may leave an Absentee Bid. All Absentee Bids are bid competitively. 17. Buyer's that leave absentee bids with Gateway Gallery Auction staff in person, online or by phone, a buyer's premium of 13% 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%. 18. Valid credit card information (Visa, MasterCard, and Discover) is required to secure your absentee bid. 19. Absentee bids not uniform to the auctioneer raises will be rounded up to the next bid increment. 20. Bids submitted by telephone or email must be received by Noon of the day preceding the auction. We will accept absentee bids in person up to the time of the auction. 21. In the event of identical absentee bids, the earliest received will be recorded as the highest. 22. We are not responsible for lost or unexecuted Absentee Bids. 23. We will notify all successful bidders by phone or email within 2 to 3 business days of the auction. 24. Payment of successful Absentee Bids must be made within 2 business days of notification of winning bids. 25. Unless prior arrangements have been made with Gateway Gallery Auction, any merchandise not removed within two weeks of sale date will be subject to a monthly storage fee; any merchandise not removed within 60 days of the sale date will be considered abandoned and will be disposed of as seen fit by Gateway Gallery Auction. Non-Paying Bidder Policy 26. 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. 27. 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. 28. 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. 29. Any bidder failing to pay for shipping costs due to third party shipper, within two weeks of sale date, surrenders items to Gateway Gallery Auction Shipping Policy 30. Lots won will be shipped in a reasonable time after payment in good funds for the merchandise and shipping fees is received. 31. Purchases held until "good funds" are received will be shipped via USPS Priority Mail. Buyer is liable for shipping and handling fees. 32. We provide limited packing and shipping for small, easy to box items. Items packed by our staff will be shipped USPS Priority Mail, insured for bid price of item. Minimum shipping & handling fee is $20. Buyer is responsible for ALL packing and shipping costs. 33. 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. 34. 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. 35. Please notify us within one business day if you wish to arrange pick-up of your items. Refunds 36. Refunds will be given at the discretion of the auctioneer. Request for refunds in regards to condition for items purchased in person at the gallery must be made as soon as possible and before those items leave the gallery. 37. Refund requests, on the grounds of authenticity, must be made within 15 days of the auction. Request must be accompanied by at least one supporting statement in writing from an authority recognized by the auctioneer. 38. Absolutely no refunds will be made after 15 days of the auction date. 39. Shipping and Handling costs will not be refunded. 40. Do not return any item until a refund authorization has been obtained from Gateway Gallery Auction. 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.