Cash Advances can be arranged for better material.
Auction Consignment Terms
- Twenty percent (20%) commission is charged on final sale price (Realization). Any other commission terms must be noted on the Consignment Agreement. No Bidder's Fee is charged to the buyer!
- Minimum charge per lot is $25.00 (Average charge per lot may be negotiated for Consignments with multiple Lots). For “Box Lots” or large lots requiring special packaging/handling, the minimum charge per lot will be larger than $25.00 (if the Lot requires sorting, special handling or special packaging). An average charge per lot or other “Special Terms” must be noted on this Consignment Agreement. "Box Lots" and "Large Lots" are accepted on Consignment for Credit toward Purchases Only! If Cash Payment is Expected, this must be noted on the Consignment Agreement.
- The “Suggested Value” will be established by Modern Stamps, Inc. in accord with our normal standards for estimating a fair market value. Consignors “estimated value” will not be used unless noted on the Consignment Agreement.
- All material will be sold (Price Realized) to the highest bidder at a small increment over the second highest bid, irrespective of the “Suggested Value”. The Consignor may not bid on his/her lot during the Auction, but may enter a “Book Bid” (Consignor Reserve price) prior to the start of the Auction. This “Reserve” may not exceed 50% of the “Suggested Value” placed on the lot. No Consignor Reserve price will be accepted for lots sold “As Is”.
- If a lot does not sell because of the Consignor’s Reserve price, the lot is returned to the Consignor after receiving commission charges as outlined above. Shipping/packaging (if necessary) also will be charged to the Consignor.
- No charge is assessed for lotting of material, unless noted on this Consignment Agreement. Most material will be lotted such that the “Suggested Value” is about $100.00 (or greater).
- The Consignor is expected to identify and list all material presented for auction (to the extent which is reasonable and/or practical). Lots refused or returned by the winning bidder because of an error in description by the consignor, will be returned to the consignor with a charge of $25.00 plus all costs incurred by Modern Stamps. Lots returned because of an error in description by Modern Stamps will be returned at no cost to the consignor or rerun in a future auction.
- Material generally will be presented for auction within four months of date of receipt. Preference is given to Consignors currently bidding in our Auctions. Consignments generally will not be accepted from bidders with an unpaid invoice from a previous Modern Stamps Auction.
- Payment to Consignor will be made approximately eight weeks after the Auction date. Settlement may be delayed if payment has not been received by Modern Stamps because of “extension terms” granted to the buyer for “expertization” or dispute over the lot description. Credit toward purchases in a Modern Stamps Auction usually can be provided to the Consignor in the same Auction that consigned material is sold (this must be noted in "Special Terms"). Note that Cash Payment may not be available for some "Box Lots" or "Large Lots" (Consignment Credit is available for purchases from Modern Stamps).
- All material is insured at 20% of the “Suggested Value” as established by Modern Stamps at the time of lotting, or 20% of the estimated values as noted on this consignment agreement.
How do I Get Consignments to Modern Stamps?
We prefer you bring them to our office in-person. However, if you cannot, you should send it postage prepaid via registered or insured US Mail, United Parcel Service or Federal Express delivery service.
Ensure that in your shipment we have an accurate return address and a day-time and night-time phone number where we may reach you; and an e-mail address if available.
Modern Stamps, Inc.
25900 Greenfield Road,
Oak Park, Michigan 48237-1267
Monday thru Friday: 10:00 am to 5:30 pm
Some Saturdays: 10:00 am to 2:00 pm
Closed on Sunday
We will take an immediate inventory of the stamps when delivered and immediately advise you by phone if items listed on your inventory were not in the shipment.
Items not delivered with the items you send, even if listed on the inventory list you supply, are not the responsibility of Modern Stamps, Inc.
We accept no responsibilities for any stamps that are not delivered to us for any reason.
How do I Get My Items Returned if Not Sold?
We prefer you stop by our office and pick them up personally.
If you cannot pick them up in person, we will return them to you after the auction. They will be returned registered, insured and freight collect to the address you sent them from.
All fees related to the return of consigned items are the exclusive responsibility of the Consignor.