TERMS & CONDITIONS OF AUCTION

1. This auction is presented by Robert Edward Auctions, LLC. The auction is conducted under these Terms and Conditions of Auction and applicable state and local law.

2. Any person participating in or who registers for the auction agrees to be bound by and accepts these Terms and Conditions of Auction.

3. Items are sold to the highest bidder. Bidding is scheduled to begin approximately Monday, April 18, 2011. (Bidding may open earlier if possible).

4. The final day of bidding for all Lots is Saturday, May 7, 2011. Bids may be placed at any time prior to 4:00 PM EDT, May 7, 2011. The auction is scheduled to close at 4:00 PM EDT on May 7, 2011, HOWEVER, we will continue to accept bids after 4:00 PM EDT on all lots in the auction until approximately 15 minutes pass without either a phone or internet bid. IF YOU HAVE NOT BID ON AN ITEM BEFORE 4:00 PM, YOU CANNOT BID ON IT AFTER 4:00 PM. To ensure that everyone can get through to bid, we will remain open for bids until approximately fifteen minutes pass without a bid. If the line is busy, we are still accepting calls. This system is designed to reward bidders, not the person who can stay up the latest. If the auction continues to as late as 11 P.M. EDT on May 7, 2011, Robert Edward Auctions reserves the right to close the auction, at its sole discretion, at any time. We recommend bidders leave maximum left bids utilizing Robert Edward Auctions’ “Honest Auto-Bid” system to avoid disappointment. There will be no warning as to exactly when we will close the auction should bidding continue past 11:00 P.M. EDT. We do not anticipate the auction to remain open past 2:00 A.M. EDT (technically the morning of May 8, 2011). This closing system is designed to reward bidders, and eliminate all strategies which needlessly encourage the auction to remain open many hours into the following day, potentially giving an advantage to bidders who have the ability to stay up the latest. When the auction is over, callers will be greeted with a message informing them that the auction is over, and a message will also appear on our website stating that all bidding is closed. All lots remain open for bidding until the close of the entire auction. All lots are closed simultaneously.

5. All bidders must have a bidder number. Please note that anyone who has ever in the past done business with Robert Edward Auctions over the past 30 years, as well as virtually all past MastroNet, Ron Oser Enterprises, and Oregon Trail customers, have already been assigned new Robert Edward Auctions bidder numbers. If you have received this catalog by mail, it is likely that you have already been approved and activated for bidding. Your bidder number can be found on the address label of the envelope in which this catalog was mailed. With this bidder number, you will be able to place bids by phone, or go online to obtain your confidential password to allow for internet bidding by visiting www.RobertEdwardAuctions.com and following the instructions found there.

6. All new bidders must register online at www.RobertEdwardAuctions.com or call (908) 226-9900 to obtain a bidder number prior to May 5, 2011. Once you receive a bidder number, this will be your bidder number for all future Robert Edward Auctions, LLC auctions.

7. All new registrants will need two hobby references. These references will be checked. First time bidders may be asked to sign and fax their initial bids to 908-226-9920. Absolutely no bidder registrations will take place the day of the auction. No exceptions can be made. We reserve the right in our sole discretion to refuse to register a bidder or to refuse to accept bids from anyone. All registrants must be 18 years or older (21 in some states).

8. At any time bidders may call to learn the status of an item. We will tell you the current high bid. To top it, you must bid the next bidding increment. There are absolutely no exceptions to the minimum raise amounts. Placing a straight bid at a level higher than the next minimum bid level is not prohibited, but may only be entered with the approval of REA directly with REA administration. Placing a bid constitutes acceptance of the terms of sale as outlined herein.

Bidding increment table follows:

Minimum Value                   Maximum Value      Expected Bid Increment

from US $ 0                          to US $ 499               US $ 50

from US $ 500                      to US $ 1999            US $ 100

from US $ 2000                   to US $ 4999            US $ 250

from US $ 5000                   to US $ 9999            US $ 500

from US $ 10000                 to US $ 19999          US $ 1000

from US $ 20000                 to US $ 49999          US $ 2500

from US $ 50000                 to US $ 99999          US $ 5000

from US $ 100000               to US $ 499999        US $ 10000

from US $ 500000               to US $ 999999        US $ 50000

from US $ 1000000             and above                US $ 100000

9. Internet system-generated bid confirmation and outbid notices are always sent, but Robert Edward Auctions cannot guarantee that they will be received. There are many reasons why an automated email notice will not be received, including computer settings of recipients which sometimes interpret system email as spam. We recommend to bidders to not rely exclusively on email outbid notices, but to simply check the status of your bids online at www.RobertEdwardAuctions.com.

10. Following each Lot’s description is a reserve (or minimum bid), and an estimated value range. For more information about reserves, see previous pages. There are no secret reserves. The minimum bids are the minimum bids. If you bid the minimum, and no one else bids, you win. The estimates are provided by Robert Edward Auctions, LLC in good faith, strictly as a service. It is explicitly stated that actual values may be higher or lower than the estimated value range provided.

11. Offers to “top all other bids” are not accepted, but we will bid on your behalf up to a set amount per your instructions or, in special circumstances, provide a call-back service on specific lots (See Call Backs and “Up To” or “Limit Bids” sections of these rules).

12. In accordance with the applicable FCC regulations, under no circumstances may consignors bid on their own materials.

13. There is no circumstance under which Robert Edward Auctions, LLC may execute bids on its own “house account,” thereby unfairly competing with bidders. In fact, to be clear, Robert Edward Auctions does not even have a “house account,” unlike many other auctions. Under no circumstance may any executive or employee of Robert Edward Auctions, LLC place bids in the auction for their personal accounts. Under no circumstance are consignors permitted to bid on their own lots. This is a consignment auction, conducted on behalf of consignors, by Robert Edward Auctions, LLC. Under no circumstance will any lot be offered in any Robert Edward Auctions, LLC auction which has been purchased or is otherwise owned outright by Robert Edward Auctions, LLC. Executives and employees of Robert Edward Auctions, LLC may consign their personal property to the auction. Any and all lots consigned from the personal collections of any executive or employee of Robert Edward Auctions (or any relative of any executive or employee or relevant service provider employee) will be explicitly and formally identified as such in the lot description. All bidding records are archived, as always, indefinitely, and will forever be available for auditing purposes, if necessary.

14. Bidders must pay packing, shipping and insurance costs for all items they win.

15. New Jersey residents must pay 7% state sales tax or have valid resale certificate.

16. A 17.5% buyers premium will be added to all winning bids. For example, should you win a lot for $100, your actual cost will be $117.50 (plus postage, insurance and tax, if applicable).

17. Grading, condition, authenticity, and warranty of lots: There is a subjectivity to grading – especially the grading of cards. Every effort is made to verify the condition of each lot as it is described. We do not accept material for auction without careful scrutiny by not only ourselves, but, when necessary, by other leading authenticators. We cannot guarantee that every card described by us will in all cases receive exactly the same grade, or even be accepted for grading, by any third party grading service. Similarly, we cannot guarantee that every card graded by one third party grading service will in all cases receive exactly the same grade by another third party grading service. No warranty, whether expressed or implied, is made with respect to any grade, condition, or other adjectival descriptions, which can and do vary, even among experts. Robert Edward Auctions, LLC utilizes a third-party authentication process for bats, jerseys, gloves, and autographed items. In placing a bid on such items, the documentation and letters supporting the opinion of authenticity that are noted in the description are explicitly deemed acceptable to the bidder. There will always be experts that will have differing opinions. In many cases more than one authentication service has reviewed a given item. As has always been the case at REA, in all cases where the retained authenticators were not in unanimous agreement regarding authenticity, those items were not accepted for auction. This is a strict policy which REA pioneered in 1996. If the opinion of the expert(s), or the documentation supporting the authenticity of a given item, is not accepted as sufficient for a bidder, it is the bidder’s responsibility to have an expert of his or her choice examine the given item for authenticity before bidding. Robert Edward Auctions will cooperate in any reasonable manner to have any lot examined by any qualified bidder’s expert(s) of choice. Auctioneer does not warrant authenticity of any material that is accompanied by a Certificate of Authenticity, or its equivalent, from an independent third-party authentication provider. The bidder shall solely rely upon the warranties of the authentication provider issuing the Certificate or opinion, or on the warranties of the authentication provider of the bidder’s choice. For information as to authentication provider’s warranties the bidder is directed to: MEARS, 15417 West National Avenue, #60, New Berlin, WI. 53215, 414-828-9990; James Spence Authentication, LLC, 2 Sylvan Way, Suite 102, Parsippany, NJ 07054, 973-898-1300; Professional Sports Authenticator (PSA), 700 East Alton Ave, Santa Ana, CA. 92705, 800-325-1121; Sportscard Guaranty LLC (SGC), P.O. Box 6919, Parsippany, NJ 07054-6919, 800-SGC-9212; Global Authentication Inc. (GAI), 15641 Red Hill Ave., Suite 200, Tustin, CA 92780, 949-366-9500; Beckett Grading Service, 4635 McEwen Road, Dallas, TX 75244; or as otherwise noted by the letters of authenticity by other authenticators accompanying auction lots. Auctioneer offers no opinion as to the validity of a grade assigned by any third-party grading service. Since we cannot examine encapsulated cards outside of their holders, they are sold “as is.” 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, purchaser’s remedy, if any, shall be solely against the certification service certifying the collectible. Robert Edward Auctions, LLC is not bound by the opinions of any authenticators, grading services, or experts, nor do the rules governing auctions in any of the publications in which we may advertise hold precedence over Robert Edward Auctions LLC’s stated auction rules, terms and conditions.

17A. Disclosure Notice: The following lots have been consigned to this auction from the personal collection of SGC principal David Forman: 37, 58, 59, 76, 77, 93, 134, 135, 136, 140, 141, 151, 163, 173, 177, 184, 186, 369, 370, 397, 398, 399, 403, 427, 439, 440, 443, 444, 445, 447, 455, 488, 489, 492, 493, 494, 498, 499, 501, 502, 504, 505, 506, 561, 563, 622, 636, 649, 654, 676, 683, 684, 685, 771, 778, 799, 802, 804, 809, 812, 830, 907, 928, 950, 980, 1495, 1496, 1499, 1500, 1502, 1503, 1507. Mr. Forman purchased the cards in these lots in the open market at public auction, already graded, and this is the case with all SGC-graded cards Mr. Forman is selling from his personal collection in this auction. This disclosure is being made at his insistence (and with our blessing) to avoid even the potential appearance of impropriety.

17B. Disclosure Notice: The following lots have been consigned to this auction from the personal collection of President of Collectors Universe David Hall: 210, 281, 300, 316, 323, 324, 326, 327, 333, 334, 335, 336, 337, 338, 341, 342, 343, 349, 350, 351. Mr. Hall purchased the cards in these lots in the open market at public auction, already graded, and this is the case with all PSA-graded cards Mr. Hall is selling from his personal collection in this auction. This disclosure is being made at his insistence (and with our blessing) to avoid even the potential appearance of impropriety.

18. Large Autograph Group Disclaimer: When dealing with a single individual auction lot containing many hundreds or thousands of autographed items, these lots are offered with the explicit understanding that it is possible that there may be an extremely small percentage which are not authentic. A team of authenticators worked to process the autographed items presented in this auction. When authenticating large lots, such as a collection of 6,000+ signed 3 x 5 cards, or a set of 700+ signed baseball cards, great care has been taken in the authentication process, with all the greater attention focused on any items representing a concentration of value, but it is always possible that on rare occasions a secretarial or stamped signature could be missed here or there. Without this disclaimer, as a practical matter, it would not be possible for Robert Edward Auctions to offer such lots at all. All bidders bidding on such lots do so with this understanding.

19. All card grading service population report information provided in descriptions is as of when the lot was written; it is therefore possible that, in isolated cases, cited population report information may not take into account very recently graded cards. All price guide information provided in descriptions is as of when the lot was written; it is therefore possible that very recent price guide changes will not be reflected, especially when citing information from publications issued monthly such as Sports Market Report (“SMR”). All measurements are approximate.

20. Grading of Autographs: Autographs are graded for boldness and overall quality on a scale of “1 to 10,” with “1” being the lowest quality, and “10” being the highest quality. These grades appear in the text of autographed lots, usually in parentheses immediately following the signature name in quotes. These grades are subjective. They are provided as a casual opinion, for the purpose of communicating the quality of signatures, and are not presented as the product of a rigorous scientific process. We have never had a single complaint regarding signature grades, but we wish to be clear that we cannot guarantee that every signature graded by REA will receive exactly the same grade by any individual or third party grading service.

21. Complete pre-auction viewing, Xeroxing, faxing, and telephone consultation services are available and encouraged. If necessary, special arrangements can be made to provide enlarged photos or photocopies, or scans by email. All lots are available for inspection by special appointment only. Final viewing is Wednesday, May 4, 2011. Consultants are available to provide detailed descriptions by phone prior to the final auction closing date.

22. No retractions of bids are permitted. Once a bid has been placed, it may not be retracted.

23. ALL SALES ARE FINAL. This is a consignment sale. No returns are accepted.

24. In no event will the liability of Robert Edward Auctions, LLC exceed the purchase price paid for any lot.

25. Robert Edward Auctions, LLC reserves the right to postpone or delay the auction, for a reasonable period of time, due to any significant, relevant event, which in the sole discretion of the auctioneer, makes it inadvisable to hold the auction as scheduled, without recourse from any bidder or prospective bidder.

26. Robert Edward Auctions, LLC, at its sole discretion, reserves the right to accept or reject any or all bids by any bidder.

27. Payment is due within 14 days of notification of lots won. Notification and invoices will be sent by email. (Note: We will no longer be sending hard copies of invoices by mail unless requested). Notification and invoices may also be sent by mail, telephone, fax, or any combination of these communications. In addition to being sent invoices by email, Internet bidders may access their complete invoices (including shipping and insurance) online within 48 hours of the auction close by logging on and clicking “accounts” on the navigation bar. This ability will constitute notification of payments due for all Internet bidders. Please call to prearrange any other type of payment schedule, which if desired must be requested prior to bidding, and approved by Robert Edward Auctions, LLC in writing. Any bidder who has not paid in full within 14 days of notification without having made prior arrangements for late payment may have future bidding privileges revoked. We accept personal checks. Checks are held until funds are collected which takes 5-10 business days; it will take an additional several business days after funds have been collected before shipment will occur. We also accept cashier's checks, certified checks, money orders or wire transfers. These forms of payment are registered immediately and shipment of items occurs as soon as possible, usually within several days. No credit cards accepted.

28. Title to any lot remains with the consignor or Robert Edward Auctions, LLC, and shall not pass to the successful bidder until the lot is actually paid for in full.

29. If a winning bidder does not honor his or her bid with payment in full per the auction rules, then it is agreed that Robert Edward Auctions, LLC is entitled to a payment of $10 per day per lot from the non-paying winning bidder for storage and insurance of the unpaid lots until the matter is resolved, and that Robert Edward Auctions, LLC may, in addition to asserting all remedies available by law, at its sole discretion i) sell the given item(s) to an underbidder, or ii) reoffer the given lot(s) in a future auction, or iii) hold the defaulting buyer liable for the entire purchase price. In either case, it is explicitly agreed that the non-paying winning bidder will be responsible for any and all losses incurred, and also be responsible for all service charges and/or commissions related to the subsequent sale by Robert Edward Auctions LLC in the sale or auction of the said lot(s), and also be responsible for all interest charges at the rate of 1.5% per month on all outstanding balances until paid in full. Whether sold to an underbidder or reoffered at auction, the service charges or commissions on lots sold due to non-payment will be computed as if Robert Edward Auctions LLC had sold the given item at auction, collecting its standard 10% commission rate from the seller and 17.5% buyers premium from the buyer. To be clear, if a buyer should fail to honor his or her winning bid(s), and REA sells the given lot(s) to another buyer, the nonpaying winning bidder will be responsible for all of  REA’s commissions, both the sellers fee and the buyers premium, that would have been associated with the sale, had the nonpaying bidder honored his or her invoice, plus any difference in price between the not honored sales price and the subsequent sale price (plus interest, storage, and all of REA’s reasonable legal expenses in collection, if necessary). For example, if a bidder were to win a given lot for $11,750 (hammer price of $10,000 plus 17.5% buyers premium) and refuse to honor his or her winning bid per the auction’s terms and conditions, Robert Edward Auctions LLC might sell the lot for $10,575 to mitigate its damages. (This sum is the equivalent of hammer price $9000 plus 17.5% buyers premium). In such a case, the non-paying bidder agrees they would owe Robert Edward Auctions LLC the sum of $3,650 plus interest computed at the rate of 1.5% per month on all outstanding balances. The $3,650 is computed as the difference between the original selling price of $11,750 and $8,100, with the $8,100 figure representing the consignor proceeds that would normally be generated by the subsequent sale of a lot sold at a hammer price of $9,000 by Robert Edward Auctions. In other words, if Robert Edward Auctions LLC at its sole discretion mitigates its damages caused by a non-paying winning bidder by selling a given item elsewhere, at auction or by private treaty, Robert Edward Auctions LLC will be compensated for these additional services by the nonpaying bidder. As such, a non-paying winning bidder will owe not just the difference between the amount due and the subsequent selling price, but also the additional commission expenses customarily charged by Robert Edward Auctions LLC for its services. In such a case, if the subsequent mitigating sale is executed by private treaty, it is explicitly agreed that the non-paying bidder will be responsible for both the buyer and seller fees associated with the subsequent sale. Furthermore, the non-paying bidder explicitly agrees to pay any and all costs of collection, including but not limited to reasonable attorney’s fees, incurred by Robert Edward Auctions, LLC in the collection of the entire purchase price, or the collection of losses incurred due to non-payment, and/or the collection of service charges, and/or the collection of commissions owed by the non-paying winning bidder resulting from non-payment. Such strict terms are explicitly designed to protect Robert Edward Auctions LLC from all losses potentially incurred as a result of non-paying winning bidders. These terms also protect the interests of consignors and the interests of all legitimate bidders.

30. Any person participating in or who registers for the auction agrees to be bound by and accepts these Terms and Conditions of Auction. If an entity places a bid, then the person executing the bid on behalf of the entity agrees to personally guarantee payment for any successful bid.

31. Robert Edward Auctions LLC disclaims all liability for damages, consequential or otherwise, arising 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 under the Terms and Conditions are personal to the Bidder and may not be assigned. Any statement made by the Auctioneer is a statement of opinion and does not constitute a warranty or representation. No employee of Robert Edward Auctions LLC may alter these Terms and Conditions, and, unless authorized and signed by a principal of Robert Edward Auctions LLC, any alteration is null and void.

32. Placing a bid constitutes express acceptance of all terms and provisions contained in these Conditions of Sale. In the event of a dispute regarding payment for lots, as detailed in Section 29 of the Terms and Conditions (above), the bidder agrees to pay all of the auctioneer's reasonable attorney's fees and cost involved in collection of funds, plus 1.5% interest per month on any unpaid balance, accruing from the original due date, until the date all balances are paid. The exclusive jurisdiction for all litigation shall be in the State of New Jersey, County of Somerset, or the Federal District Court of New Jersey at the discretion of the auctioneer. Bidder hereby consents to the application of the law of the state of New Jersey in interpreting any issues arising out of its relationship with Robert Edward Auctions, LLC. Each term and provision of these Conditions of Sale shall be construed as separate and distinct. In the event that any such term or provision shall be held whole by a court of competent jurisdiction to be invalid, in whole or in part, the remaining terms and provisions shall survive and be binding on both parties.

End of Terms and Conditions

GUIDE FOR PROSPECTIVE BIDDERS:

BUYER’S PREMIUM:

Please remember there is a 17.5% Buyer’s Premium. For example, should you win a lot for $100, your actual cost will be $117.50 (plus postage, insurance and tax, if applicable).

INTERNET BIDDING, REGISTRATION & LOGIN INSTRUCTIONS:

You can view the Entire Catalog and bid on-line at: www.RobertEdwardAuctions.com

All registered and approved bidders at Robert Edward Auctions are eligible to bid via the Internet. Our website provides a state-of-the-art real-time bidding environment for auction participants. Up-to-the-second current high bids can be viewed by bidders and non-bidders alike. 

All auction and bidding rules as stated in TERMS AND CONDITIONS OF SALE and GUIDE FOR PROSPECTIVE BIDDERS apply to Internet bidding.

Bidder Registration and Login Procedures:

Before you can bid on the Internet, you will need to obtain a Bidder Number and Password. Anyone who has ever in the past done business with Robert Edward Auctions over the past 30 years, as well as virtually all past MastroNet, Ron Oser Enterprises, and Oregon Trail customers, have already been assigned new Robert Edward Auctions bidder numbers. If you have received our catalog by mail, you have already been approved for bidding. Your bidder number can be found on the address label of the envelope in which the catalog was mailed. With this bidder number, you will be able to place bids by phone, or go online to obtain your confidential password to allow for Internet bidding by visiting www.RobertEdwardAuctions.com and following the instructions found there. For the first time logging on to www.RobertEdwardAuctions.com, bidder Passwords are set to be the bidder’s last name. Upon signing in, for security reasons, you will be prompted to change your password to a new password of your choice. You will also be asked to provide or update your contact information. If you should ever lose your password, you will be able to reset it once again by following the instructions on the website. If you are a new bidder, please follow the simple registration procedures that are provided online at www.RobertEdwardAuctions.com. 

A WORD ABOUT RESERVES AND ESTIMATES:

Robert Edward Auctions believes what makes a good auction is quality material and reasonable reserves. The vast majority of the minimums in this auction are extremely low. Most represent somewhere between 25% and 50% of a fair value. The purpose of the reserves in this and all Robert Edward Auctions, LLC sales is simply:

1) To limit inquiries to those bidders who are sincerely interested in a given item; and

2) To ensure that (virtually) all lots will be sold. In this regard, this auction has much more in common (in spirit) with a no reserve auction than a traditional reserved auction.

3) Each lot is also accompanied by an estimated range of value. These estimates are provided by Robert Edward Auctions strictly as a service. Actual selling prices may be higher or lower than the provided estimates.

A WORD ABOUT CONFLICTS OF INTEREST:

Robert Edward Auctions’ policies regarding Conflicts of Interest are summarized by Section #13 of REA’s Terms and Conditions:

13. There is no circumstance under which Robert Edward Auctions, LLC may execute bids on its own “house account,” thereby unfairly competing with bidders. In fact, to be clear, Robert Edward Auctions does not even have a “house account,” unlike many other auctions. Under no circumstance may any executive or employee of Robert Edward Auctions, LLC place bids in the auction for their personal accounts. Under no circumstance are consignors permitted to bid on their own lots. This is a consignment auction, conducted on behalf of consignors, by Robert Edward Auctions, LLC. Under no circumstance will any lot be offered in any Robert Edward Auctions, LLC auction which has been purchased or is otherwise owned outright by Robert Edward Auctions, LLC.  Executives and employees of Robert Edward Auctions, LLC may consign their personal property to the auction. Any and all lots consigned from the personal collections of any executive or employee of Robert Edward Auctions (or any relative of any executive or employee) will be explicitly and formally identified as such in the lot description. All bidding records are archived, as always, indefinitely, and will forever be available for auditing purposes, if necessary. 

We are not dealers. And we mean it. Robert Edward Auctions will never place a bid on material in our auction. Robert Edward Auctions will never purchase material outright to offer at auction. With Robert Edward Auctions, bidders are guaranteed that they never have to worry about the auction house bidding against them on any lot in the auction – EVER. With Robert Edward Auctions, bidders also never have to worry about secret hidden reserves – EVER. These firm policies translate into greater and well deserved bidder confidence, and in turn higher prices for consigners.

Many auction houses are also dealerships, offering material they own at auction, often intentionally misrepresenting this fact to the public. Many auction houses, as a standard practice, place bids in their own auctions against their bidders, with an emphasis on higher-priced items and on material they own. Some auction house rules actually clearly state that the auction house, as an entity, may bid in the auction, in addition to permitting all executives and employees of the auction house to bid. Some auction houses routinely alter or destroy bidding records after each sale. These and other common practices in the auction industry expose consignors and bidders to numerous irreconcilable conflicts -  conflicts which can and do cost bidders and consignors money, and can ultimately make bidders uncomfortable even participating in the auction.

These are conflicts that DO NOT EXIST with Robert Edward Auctions.

Robert Edward Auctions believes that protecting the integrity of the auction process, by taking clear and unambiguous positions with reference to conflicts of interest, results in greater bidder confidence, greater participation, and higher prices. Everyone likes an honest auction.

A WORD ABOUT “HONEST AUTO BID TM”:

We have long admired the inherent security provided by eBay with reference to the privacy of “Up To” or “Limit Bids.” Robert Edward Auctions, LLC has gone to the trouble and considerable expense of commissioning the design of this application, for our bidders use, by Create Auction LLC., one of the world’s leading independent auction software development and service providers. To emphasize the distinction between this Left Bid service and that provided by others, we have named this bidding option “Honest Auto Bid TM.” This system allows bidders to place bids with a 100% certainty that absolutely no one in the world, except the bidder, is privy to the limit of your bid, or even that you have placed an “Up To” bid on a given lot. Not our bid department. Not our telephone operators. No one - not even the President of Robert Edward Auctions. There is no one to potentially reveal details about your bids or bidding limits. No one to potentially be tempted by conflicts, fraud, or poor judgment. Absolutely NO potential for leaks or improper handling of bidding information on the part of even a single auction house employee. Bidders can now enjoy the ability to bid with an absolute privacy and certainty that no one – unless you choose to tell someone – will know that you have placed a limit bid, or the maximum limit of your bid (should you decide to leave a bid limit greater than the next bidding increment.) This application provides for bidders an option for security and privacy in the bidding process which, outside of an eBay “private format” auction, to the best of our knowledge, previously simply did not exist.

Bidders in many auctions are under the false impression that the privacy of their bids is secure. With the exception of eBay auctions and Robert Edward Auctions, all auction houses can and do see each and every maximum bid that bidders place. The auction houses have never claimed otherwise. In the absence of utilizing the Honest Auto Bid style system there is no way for them to NOT have access to the maximum bids when they are placed. Thus maximum bids are always placed "in confidence" with the auction houses, who in many cases are also the owners of the material being auctioned and have many incentives for prices to be higher on items they do not own as well. If the auction house, auction house executives, and all of the employees (who include many very good friends of consignors) who have access to this information are all honest, then of course there is absolutely no issue and absolutely nothing to be concerned about whatsoever.

In 2005 Honest Auto Bid was profiled in Auctioneer Magazine, the official publication of the National Auctioneers Association, and in the article all auction houses were invited to inquire about the possibility of adopting Honest Auto Bid, just as we do on our site and in all of our literature. Not a single auction house has yet inquired (though many individuals have). As always, we invite any and all bidders, members of the media, as well as other auction houses potentially interested in adopting these systems, to contact us to verify and receive a demonstration of the 100% guaranteed security of this significant, and in our opinion, revolutionary bidding system feature.

 A Word Regarding Card Alterations:

This is a growing topic of concern for collectors and with good reason. The altering of cards is epidemic, and what is even more alarming is the fact that many cards are being altered by dealers and by auction houses (who in many cases own the very cards being altered and auctioned). Robert Edward Auctions’ position regarding the altering of cards is very clear: We don’t do anything to cards. Period. We don’t think it is right for dealers or auction houses to alter cards (or any items) without full disclosure. Robert Edward Auctions does not file the edges or corners of cards, "squash" cards, press cards, bleach cards, re-back cards, restore cards, clean cards, trim cards, remove creases, or in any other way doctor or alter any card or item without full disclosure. EVER. We can't promise anyone that every card in every case will receive exactly the same grade we give it, or that there is never an encapsulated card with a problem; no one can do this. But at Robert Edward Auctions, if there is a problem with a card, at least you know that the auction house is not responsible. Ever.

Please note that REA catalog descriptions sometimes use the words that "we have submitted" a given number of key cards in a set for grading (as opposed to someone else having sent them in for grading). This is intended to be taken literally and is sometimes meaningful to bidders precisely because they know that we have not "done anything" to the cards that are graded, as well as the balance of cards in the lot. We have been told countless times that sometimes cards in a given grade sell for better prices at REA than elsewhere. This could very well be the case, in part, because sometimes the cards at REA actually ARE a little better. 

In addition, collectors and dealers are sometimes surprised to learn that the number of times Robert Edward Auctions has broken cards out of holders, resubmitted cards for grading, and gotten higher grades is EXACTLY ZERO. That’s right. Never. REA has NEVER broken a card out of a holder for resubmission and NEVER gotten a “bump” on a grade. REA has a policy that we do not brake professionally graded cards out of holders and resubmit them in the hopes of getting higher grades. We live with the grades that we get. For better or worse. Period. (There have been several times when we have requested a review of a graded card in its holder. In each case there was no change to the grade. There have also been times where we personally grade a card differently than a grading company. We don’t have a problem with this, and this will sometimes significantly impact the final selling price of a card.) There is more to this than meets the eye and for REA this is, frankly, a double-edged sword. In short, we sometimes lose consignments specifically because are not willing to do anything to cards and because consignors are led to believe that they can get better grades elsewhere. We always ask them “How can this be? If another company can get better grades by altering the cards, this is wrong. If another company can get better grades because of influence, this would be wrong also. If another company is claiming that they can get better grades due to one or both of these factors, and they in fact cannot, then it is also wrong to make such claims.” We are very upfront that we don’t do anything to cards. We are very upfront that we don’t resubmit cards for grading. It’s not because we’re lazy. It’s because this is how we think it should be. This sometimes costs us consignments. We don’t think these would-be consignors are doing themselves any favors, by the way, and we are very confident that in virtually all cases, in large part because of our policies, cards at REA are actually more likely to bring more money, especially as buyers have become more aware of the relevant issues.

ADDITIONAL NOTES REGARDING THE RESUBMISSION OF GRADED CARDS:

The resubmission of graded cards issue, whenever it does occur, is, of course, almost exclusively related to when the owner of the card(s) desires to do so. If a collector wants to resubmit his or her cards, that is certainly his or her right. It’s just not what REA as an auction house, in our opinion, is supposed to do. Cards resubmitted numerous times in the hopes of a lucky higher grade will, of course, tend to be overgraded on average compared to cards submitted once. That’s just common sense. When any auction company gets a PSA 7 1933 Goudey Babe Ruth on consignment, they don’t have the right or the financial motivation to break it out and see if its possible to get it into an 8 holder. There is risk. What if the card receives a lower grade or doesn’t grade at all the next time? When they own it, however, the entire risk-reward evaluation process is dramatically changed. REA doesn’t buy or own any cards so this is literally a non-issue for us. REA does not break cards out of holders and resubmit them in the hopes of getting higher grades. We strictly auction cards on consignment. We also do whatever we can to identify and address seldom-discussed issues relevant to buyers and sellers.

A Word About Auction House Consignment Disclosure:

With reference to recent attention in the industry regarding questions about auctioneers identifying owned lots, the following text is from an REA email that was sent in August 2006 in which REA amended our Terms and Conditions regarding material owned by employees. The relevant text of the email reads as follows:

“Effective immediately, we are amending Section 13 of our Terms and Conditions to provide a formal identification in the lot description of any and all lots consigned from the personal collections of any executive or employee of Robert Edward Auctions (or any relative of any executive or employee). Because REA does not buy material for auction, in many ways this policy amendment is a non-event. In the April 2006 auction, for example, a total of sixteen lots out of 1,411 would have been identified as property consigned from the personal collections of executives, employees, or their relatives (and we should add that every single one of these lots was purchased many years ago). [In the April 2007 auction a total of only 5 lots out of 1594 represent property consigned from the personal collections of executives, employees, or their relatives. In the May 2008 auction, a total of 9 out of 1,673 lots represent property consigned from the personal collections of executives, employees, or their relatives. In the May 2009 auction, there is only one such lot. In the current auction there are a total of only 6 such lots.] So why are we even bothering doing this? Because Robert Edward Auctions believes that the many conflicts of interest that are so common and so accepted in the sports card and memorabilia auction world today play a great role in promoting many of the most serious problems that are epidemic in the auction industry. Robert Edward Auctions strives to stand out as an example to the auction world, demonstrating how auctions ideally should be run. So while this policy amendment has no impact on REA, it is intended to be a call to action for all auction houses, and a wake up call to all collectors who participate in auctions. Bidders should never intentionally be misled about who owns the lots they are bidding on. Some auctions have claimed they are not dealers, when in fact that is exactly what they are. Some auctions present collections of very well known collectors or ballplayers, and intentionally give the impression that these collections have been consigned, rather than the truth: that the collection has been purchased and is actually owned and is being sold by the auction house. If bidders are being intentionally misled about something as basic as who is really offering a collection, and a false impression is given that material has been consigned when this is not true, it is misleading both to bidders and to potential consignors, and it raises the question, “What else is not as it seems?”

We believe that collectors approach auctions very differently when they understand that material presented is often owned by the auction company, as opposed to being consigned as represented, and are much less enthusiastic about bidding on all lots (including those lots which are actually consigned) in any auction in which they feel they have been intentionally misled. When collectors finally learn the truth about this issue, let alone when they come to understand that at many auctions the auction company consigns hundreds of lots, and its employees also consign hundreds of additional lots, and both the auction house and the employees bid in their own auctions, they become less enthusiastic bidders in those auctions. This should be very important to all bidders and consignors. We are seeing a greater awareness of these issues that affect all lots in auctions which combine secretly owned auction-house lots and consignments. As collectors grow more sophisticated, they are gaining a greater understanding of the conflicts and misinformation that are regularly presented to them. It's time that all lots owned by auction houses, auction house executives, auction house employees, and their relatives be identified, as opposed to being camouflaged among consignments in a manner that could be interpreted as a deliberate charade of deception.”

End of quote.

We think our policies are very clear. They are always evolving. We are pleased to see serious attention to topics that we consider to be among the most important and overlooked in the field. REA cannot solve these issues, but by calling attention to them by formally adopting and communicating our policies, we have always felt that we were playing an important role in encouraging and heightening awareness. It is our hope that these discussions will result in greater awareness and play a role in promoting significant change where it is needed.

Sincerely,

Robert Lifson
President
Robert Edward Auctions LLC
www.RobertEdwardAuctions.com

 

AUCTION RESULTS:

Please do not call regarding auction results in the days immediately following the auction. Complete auction results will be available immediately upon the close of the auction on our website at www.robertedwardauctions.com. Auction results will also be mailed upon request to anyone sending a self-addressed stamped envelope. 

Shipment of Lots:

Lots are shipped 5-10 business days following posted collection of funds in full. Bidders must pay packing, shipping and insurance costs for all items they win.

Placing Bids Before and On Closing Day

We strongly urge bidders to place initial bids early. Bids are welcomed and encouraged before the closing dates of the auction. Most bidders choose to place initial bids days before the closing dates. We will be fully staffed and ready to take bids starting approximately Monday, April 18, 2011. If possible, do not wait until 3:45 PM on the closing dates to place your initial bids on the telephone for items you really want. Due to heavy call volume during the final few hours of bidding on the closing date of the auction, you may have difficulty getting through. This advice is especially important because, as stated in the Auction Rules above: IF YOU HAVE NOT BID ON AN ITEM BEFORE 4:00 PM ON THE DAY THE ITEM CLOSES, YOU CANNOT BID ON IT AFTER 4:00 PM. There are NO EXCEPTIONS to this rule. To ensure that eligible bidders can get through on the phone lines, we will remain open for phone or Internet bids until approximately fifteen minutes has passed without either a phone or Internet bid. If the auction continues to as late as 11:00 P.M. EST on May 7, 2011, Robert Edward Auctions reserves the right to close the auction, at its sole discretion, at any time. We recommend bidders leave maximum left bids utilizing Robert Edward Auctions’ “Honest Auto-Bid” system to avoid disappointment. If the phone line is busy, we are still accepting calls. If the phone has a message indicating that the auction is over, the auction has been closed. Internet bidders will see a notice on the Robert Edward Auctions website stating that the auction has closed.

Call Backs

After 4:00 PM EST on the final day of the auction, we offer a “Call Back” service. We have found that a significant impact of the Honest Auto Bid TM system is that this system virtually eliminates all call-back requests, and fewer call-backs allow us to close the auction at a much earlier hour, which benefits all bidders. However, the call-back option may have special value to bidders who are traveling or do not have access to a computer, and we will continue to accommodate call-back requests for those bidders. Call Backs work as follows: If you are the high bidder on any item after 4:00 PM EST on the final day of bidding, you may request a “Call Back” on that item. This means that if your bid should be topped, upon your request we will call you back. You will be under no obligation to top the new high bid, but by using this service it will not be necessary for you to keep calling to verify if you are still high bid on a given lot. Using this service, if you don’t hear from us, you will know that you have won your lot. When requesting a call back, please make sure you give the attendant the phone number where you can be reached and the latest time you wish to be called. It is your responsibility to be at the telephone number you provide. Every effort is made to reach bidders making call back requests, but if a bidder is not at the number provided, we will of course be unable to successfully execute the call back request. The call back service is a non-guaranteed service. While we have never missed a call-back in the past, there is always the possibility of human or technical error. Call back requests must be made by telephone.

“Up To” or “Limit” Bids

The placing of “Up To” or “Limit” bids is an option for bidders. When placing such a bid you are instructing the auction house to competitively bid on your behalf up to, but not exceeding, a given limit. The bidding system will automatically execute “Up To” bids instantly after a bid with an “Up To” bid has been topped. “Up To” or “Limit” bids must be calculated in the proper bidding increments. “Up To” bids are kept in strictest of confidence. “Up To” bids may be placed by telephone or internet. Internet bidders placing “Up To” bids will be utilizing the “Honest Auto Bid TM” bidding system feature, which provides bidders with a 100% certainty that absolutely no one in the world, except the bidder, will be privy to the limit of your bid, or even that you have placed an “Up To” bid on a given lot. See above for more information regarding the “Honest Auto Bid TM” system feature.

Billing/Payment

Invoices will be sent by email. Payment is due within 14 days of notification of lots won. Please call to prearrange and to be approved for any type of payment schedule, which can sometimes be arranged with a deposit and interest charges. Any bidder who has not paid in full without having made prior arrangements for late payment will have future bidding privileges revoked, and be responsible for all losses and/or service charges incurred resulting from non-payment per the terms and conditions of the auction. We accept personal checks. Checks are held until funds are collected which takes 5-10 business days; it will take an additional several business days after funds have been collected before shipment will occur. We also accept cashier’s checks, certified checks, money orders or wire transfers. These forms of payment are registered immediately and shipment of items occurs as soon as possible, usually within days.  No credit cards accepted.

Auction Results

Please do not call regarding auction results in the days immediately following the auction. Full results of the auction will be available when the auction is over on our website at www.RobertEdwardAuctions.com. Auction results will also be mailed upon request to anyone sending a self-addressed stamped envelope.

Authenticity

In addition to in-house specialists, Robert Edward Auctions utilizes the leading experts in all specialty areas of collecting to insure that all items are authentic and accurately described. In the field of autographs, we rely on the highly respected expertise of James Spence Authentication LLC, as well as various other noted specialists. In the field of uniforms and bats, we rely on the highly respected authentication expertise of Troy Kinunen of MEARS, as well as various other noted specialists such as John Taube & Vince Malta of PSA/DNA. Robert Edward Auctions utilizes the professional card grading services of PSA, BVG, and SGC. Robert Edward Auctions consults with the most respected experts in all fields of specialty. Robert Edward Auctions has earned an unrivalled reputation with reference to all issues related to authentication. We invite inquiry regarding the authentication process on any and all lots. Though very rarely an issue, Robert Edward Auctions does not prohibit authenticators from consigning lots. Robert Edward Auctions’ formal policy regarding consignments by authenticators is the requirement that ownership or financial interest of all such lots be clearly communicated in the lot description in all cases where such authentication is cited in the lot description. Robert Edward Auctions will assist bidders in any reasonable manner in having auction lots evaluated by additional experts of their choice if desired. Robert Edward Auctions appreciates all feedback relating to auction-related issues, especially authenticity issues, and if necessary we welcome the opportunity to consider feedback for the purpose of amending or correcting descriptions.   

We hope you enjoy the auction. Thank you and Good Luck!

INTERNET BIDDING SITE TERMS OF SERVICE LAWS:

These Terms of Service shall be governed by and construed in accordance with the laws of the state of New Jersey. User and this Auction Site agree to submit to the exclusive jurisdiction of the courts of the state of New Jersey. If any provision(s) of these Terms of Service is held by a court of competent jurisdiction to be contrary to law, then such provision(s) shall be construed, as nearly as possible, to reflect the intentions of the parties with the other provisions remaining in full force and effect. This Auction Site's failure to exercise or enforce any rights or provisions of these Terms of Service shall not constitute a waiver of such right or provision unless acknowledged and agreed to by this Auction Site in writing. User and this Auction Site agree that any cause of action arising out of or related to this Service must commence within one (1) year after the cause of action arose; otherwise, such cause of action is permanently barred. The section titles in these Terms of Service are provided for reference purposes only and have no legal or contractual significance

DESCRIPTION OF SERVICE

Robert Edward Auctions, LLC provides its users with an Internet auction service for the purpose of buying and selling personal property. Users agree to provide certain current, complete, and accurate information about themselves and to maintain and update this information as required to keep it current, complete and accurate. All information requested on original sign up shall be referred to as registration data ("Registration Data"). Furthermore, user grants this Auction Site the right to disclose to third parties certain Registration Data about User and Service membership in the aggregate; however, such disclosures will exclude user's name, mailing address, email address, account and phone number, unless: (1) User expressly directs this Auction Site to disclose such information, or (2) this Auction Site is required to disclose such information by any applicable law or legal process served on this Auction Site.

MODIFICATIONS TO TERMS OF SERVICE

This Auction Site may change these Terms of Service from time to time. Users will be notified by email of any change in these Terms of Service. User's continued use of the Service constitutes both: (1) their acknowledgment of these Terms of Service and any modifications; and (2) User's agreement to abide and be bound by these Terms of Service and modifications.

MODIFICATIONS TO SERVICE

This Auction Site reserves the right to modify or discontinue the Service with or without notice to user. This Auction Site shall not be liable to users or any third party should this Auction Site exercise its right to modify or discontinue the Service.

TERMINATION

Should user object to any of these Terms of Service or any subsequent modifications thereto or become dissatisfied with the Service in any way, user's only recourse is to: (1) discontinue use of the Service; (2) terminate Service membership; and (3) notify this Auction Site of termination.

USER ELIGIBILITY

Our services are available exclusively to individuals able to form legally binding contracts under applicable law. Without limiting the foregoing, our services are not available to minors. Furthermore, this Auction Site reserves the right to refuse service to anyone for any reason whatsoever.

REGISTRATION & ACCOUNT SECURITY

Users agree to provide true and accurate information about themselves in the registration form. If any information provided by user is incomplete or inaccurate, this Auction Site retains the right to terminate user's membership and rights to use the Service. As part of their registration, users will receive a Bidder Number ID and Password. Users are encouraged to keep their Bidder Number ID and Passwords private because the foregoing data is the only information needed to place bids. Users are responsible for the confidentiality of their Bidder ID and Password as well as for any and all activities that occur under their Bidder ID and password-protected account. User agrees to immediately notify this Auction Site of any unauthorized use of their Bidder ID or Password or any other breach of security known to user.

USER CONDUCT

User is solely responsible for the contents of his or her transmissions through the Service. Use of the Service is subject to all applicable local, state, national and international laws and regulations. Attempts to gain unauthorized access to other computer systems are prohibited. This Auction Site may, at its sole discretion, immediately terminate Service should user's conduct fail to conform to these Terms of Service and User Agreement.

OTHER LIMITATIONS

This Auction Site retains the right, at our sole discretion, to determine whether or not a user's conduct is consistent with the letter and spirit of this Agreement. This Auction Site reserves the right to terminate service if a user's conduct is found to be inconsistent with these Terms of Service and User Agreement.

BIDDING AND BUYING

Robert Edward Auctions, LLC has the right to establish general practices and limits concerning users' bidding privileges and procedures. A user who has entered the highest accepted bid at the end of an auction is obligated to complete the transaction. Once entered, bids are NOT retractable. This Auction Site and it's host are not responsible for bids not being processed or not being accepted due to technical difficulties. Moreover, bid manipulation of any kind is expressly forbidden. A seller is prohibited from placing bids or arranging to have bids placed on behalf of seller, seller's agent or assigns. No shill bidding is allowed. Buyers are prohibited from communicating with each other with the purpose of manipulating the final purchase price of an item. Please note that it is a violation of law to make bids in a false name or with an invalid payment method, even if our software initially accepts such a bid. Be aware that even if you do not give us your real name, your web browser transmits a unique Internet address to us, which can be used by law enforcement officials to identify you. Fraudulent bidders will be prosecuted to the fullest extent of the law.

ACKNOWLEDGMENT AND ACCEPTANCE OF TERMS OF SERVICE As operated by Robert Edward Auctions, LLC, this auction Service, is provided to you under the foregoing Terms of Service and any operating rules or policies that may be published by this Auction Site. The Terms of Service comprise the entire agreement between Member and this Auction Site and supersede all prior agreements between the parties, regarding the subject matter contained herein. By participating in the registration process, you are indicating your agreement to be bound by all of these Terms of Service.

DISCLAIMER OF WARRANTIES

USER EXPRESSLY AGREES THAT USE OF THE SERVICE IS AT USER'S SOLE RISK. THE SERVICE IS PROVIDED ON AN "AS" AND & "AS AVAILABLE" BASIS. THIS AUCTION SITE EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. Robert Edward Auctions, LLC MAKES NO WARRANTY THAT THE SERVICE WILL MEET YOUR REQUIREMENTS, OR THAT THE SERVICE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR FREE; NOR DOES Robert Edward Auctions, LLC MAKE ANY WARRANTY AS TO THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE SERVICE OR AS TO THE ACCURACY OR RELIABILITY OF ANY INFORMATION OBTAINED THROUGH THE SERVICE OR THAT DEFECTS IN THE SOFTWARE WILL BE CORRECTED. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY USER FROM Robert Edward Auctions, LLC THROUGH THE SERVICE SHALL CREATE ANY WARRANTY NOT EXPRESSLY MADE HEREIN.

LIMITATION OF LIABILITY

Robert Edward Auctions, LLC  OR ITS HOST SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, RESULTING FROM THE USE OR THE INABILITY TO USE THE SERVICE, OR FOR COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES, OR RESULTING FROM ANY GOODS OR SERVICES PURCHASE OR OBTAINED, OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO THROUGH THE SERVICE OR RESULTING FROM UNAUTHORIZED ACCESS TO, OR ALTERATION OF MEMBER'S TRANSMISSIONS OR DATA, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, USE, DATA OR OTHER INTANGIBLE, EVEN IF Robert Edward Auctions, LLC OR ITS HOST HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES SO SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU.

NO RESALE OR COMMERCIAL USE OF THE SERVICE

Use of this Service is personal to Member. Member agrees not to resell or make any commercial use of the Service, without the express written consent of Create Auction LLC. Without limiting any other remedies, this Auction Site may terminate your account if you are found (by conviction, settlement, insurance or escrow investigation, or otherwise) to have engaged in fraudulent activity in connection with our site.

INDEMNIFICATION

User agrees to indemnify and hold Robert Edward Auctions, LLC, its parents, subsidiaries, affiliates, officers and employees, and likewise the host, its parents, subsidiaries, affiliates, officers and employees, harmless from any claim or demand, including reasonable attorneys' fees, made by any third party due to or arising out of their use of the Service, a breach of this User Agreement, or the infringement by user, or other user of the Service using registered user's computer, of any intellectual property or other right of any person or entity.