Lot # : 1478 - Lionel Prewar Commodore Vanderbilt Train Set

Conditions of Sale Kraft Auction Service LLC. AS AGENT The lots listed in this catalogue will be offered by Kraft Auction Service LLC. as owner or as agent for consignor(s) subject to the following terms and conditions. By bidding at auction you agree to be bound by these Conditions of Sale. BEFORE THE SALE Prospective buyers are strongly advised to personally examine any property in which they are interested before the auction takes place.. All lots are sold AS IS and without recourse and neither Kraft Auction Service LLC. nor its consignor(s) makes any warranties or representations, express or implied with respect to such lots. Neither Kraft Auction Service LLC. nor its consignor(s) makes any express or implied warranty or representation of any kind or nature with respect to merchantability, fitness for purpose, correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, material, genuineness, attribution, provenance, period, culture, source, origin, exhibitions, literature or historical significance of any lot sold. The absence of any reference to the condition of a lot does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging. No statement, whether written or oral, and whether made in the catalogue, or in supplements to the catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, the remarks of an auctioneer, or otherwise, shall be deemed to create any warranty, representation or assumption of liability. Kraft Auction Service LLC. and its consignor(s) make no warranty or representation, express or implied, that the purchaser will acquire any copyright or reproduction rights to any lot sold. Kraft Auction Service LLC. expressly reserves the right to reproduce any image of the lots sold in the catalogue. AT THE SALE Refusal of Admission: Kraft Auction Service LLC. has the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid. Registration before Bidding A prospective buyer must complete and sign a registration form and provide identification before bidding. We may require bank or other financial references. Bidding as Principal When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer's premium, all applicable taxes and all other applicable charges, unless it has been explicitly agreed upon in writing with Kraft Auction Service LLC before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to Kraft Auction Service LLC., and that Kraft Auction Service LLC. will only look to the principal for payment. Absentee Bids We will use reasonable efforts to carry out written bids given to us at least 24 hours prior to the sale for the convenience of clients who are not present at the auction in person, by an agent or by telephone. Bids must be placed in U.S. dollars. If we receive written bids on a particular lot for identical amounts, and these are the highest bids on the lot at the auction, it will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with the written bid. Telephone Bids On lots with a low estimate of $500 and above and if a prospective buyer makes arrangements with us prior to the commencement of the sale we will use reasonable efforts to contact them to enable them to participate in the bidding by telephone and we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding. These telephone bids may be recorded at the discretion of Kraft Auction Service LLC. Online Bids We will use reasonable efforts to carry out online bids and do not accept liability for equipment failure, inability to access the Internet or software malfunctions related to the execution of online bids. Reserves Some lots in the sale are subject to a reserve which is the confidential minimum price below which such lot will not be sold. Reserves are agreed upon with consignors or, in the absence thereof, the absolute discretion of Kraft Auction Service LLC. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. The auctioneer may continue to bid on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. With respect to lots that are offered without reserve, unless there are already competing bids, the auctioneer, in his or her discretion, will generally open the bidding at half of the low estimate for the lot. In the absence of a bid at that level, the auctioneer may proceed backwards at his or her discretion until a bid is recognized, and then continue up from that amount. Auctioneer's Discretion The auctioneer has the right at his or her absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw any lot, and in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive. This auction permits bids to be placed by the auctioneer, an employee of the auctioneer, or the seller or an agent on the seller's behalf and is permitted to do this by providing this disclosure to you the bidder. Successful Bid The highest bidder acknowledged by the auctioneer will be the purchaser. In the case of a tie bid, the winning bidder will determined by the auctioneer at his or her sole discretion. In the event of a dispute between bidders, the auctioneer has final discretion to determine the successful bidder or to reoffer the lot in dispute. If any dispute arises after the sale, the Kraft Auction Service LLC. sale record shall be conclusive. Title passes upon the fall of the auctioneer's hammer to the highest acknowledged bidder subject to the Conditions of Sale set forth herein, and the bidder assumes full risk and responsibility. AFTER THE SALE Buyer's Premium In addition to the hammer price, the buyer agrees to pay Kraft Auction Service LLC. a buyer's premium and the applicable sales tax added to the final total. The buyer's premium for purchases made via online bidding is twenty (20%) of the hammer. Onsite buyers pay a buyer's premium of 10% plus an additional 3% if they pay their bill by credit card. Payment Onsite buyer's must pay their bill the day of the sale either by cash, check with certified letter, or any major form of credit card. The online buyers must pay the entire amount due (including the hammer price, buyer's premium, all applicable taxes and other charges) no later than 5 p.m. on the seventh (7) business day following the sale. Payment in U.S. dollars may be made with cash; credit card (Mastercard, Visa, Discover); bank check or cashier's check drawn on a U.S. bank; money order; or wire transfer unless other arrangements are made with Kraft Auction Service LLC. Kraft Auction Service LLC. reserves the right to hold merchandise purchased by personal check until the check has cleared the bank. The purchaser agrees to pay Kraft Auction Service LLC. a handling charge of $50 for any check dishonored by the drawee. Collecting Purchases Once Kraft Auction Service LLC. has received all funds due to us, the buyer shall collect purchased lots on the posted pick-up days from the auction. ITEMS NOT PICKED UP WILL BE FORFEITED (INCLUDING ANY AND ALL MONIES PAID FOR THE ITEM OR ITEMS). Any forfeited items will be subject to a minimum administration fee of $25. We do not provide packing material; please bring your own paper and boxes to pack up your treasures. If you purchase a larger/heavy item please bring help load those items. Items which have been left unpaid and not picked up will become property of the auction house and resold at our discretion. Packing and Shipping We provide shipping as a service to our customers on all applicable winning items at the buyer's expense. We charge for labor to pack items, the cost of packing material, and the actual shipping cost. Larger items that are not marked as available for shipping or delivery may be available for 3rd party shipping or by freight transportation companies but is the sole responsibility of the buyer to make arrangements that fit within the stated pick-up dates and times of the auction. Please contact the office prior to bidding for inquiries. We do not provide shipping estimates on any items due to the large volume of and volatility of shipping costs. Shipping lead times are usually 2-3 weeks maximum but during unusually busy times may unfortunately take longer. If you are bidding on an item that will require a specific lead time for shipping please contact our office prior to bidding for current estimated lead times. Delivery may be available on certain items and is subject to additional fees as determined by the auction manager. Please contact our office prior to bidding for further information. ONCE YOU BID AND BUY THE ITEM, IT IS YOUR ITEM AND YOU ARE RESPONSIBLE FOR APPLICABLE FEES. WE DO NOT REFUND BUYERS FOR ITEMS DUE TO COSTS ASSOCIATED WITH SHIPPING OR DELIVERY. A MINIMUM ADMINISTRATION FEE OF $25 WILL ASSESSED FOR ANY BUYER'S FORFEITING THEIR ITEMS OR REQUESTING TO CHANGE TO PICKUP DUE TO SHIPPING COSTS. ANY ITEMS NOT PICKED UP OR REQUESTED TO BE TRANSFERRED TO ANOTHER KRAFT AUCTIONS FACILITY WILL BE CHARGED A MINIMUM $25 ADMIN FEE. Non Payment If we do not receive payment in full, in good cleared funds, within 24 hours following the sale, we are entitled in our absolute discretion to exercise one or more of the following measures, in addition to any additional actions available to us by law: a.) to impose a late charge of one and a half percent (1.5%) per thirty (30) days of the total purchase price b.) to hold the defaulting buyer liable for the total amount due and to begin legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law c.) to cancel the sale d.) to resell the property publicly or privately with such terms as we find appropriate, to resell the property at public auction without reserve, and with the purchaser liable for any deficiency, cost, including handling charges, the expenses of both sales, our commission on both sales at our regular rate, all other charges due hereunder and incidental damages. In addition, a defaulting purchaser will be deemed to have granted us a security interest in, and we may retain as collateral security for such purchaser's obligations to us, any property in our possession owned by such purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds represented by checks, or in the case of bank or cashier's checks, we have confirmed their authenticity. e.) to offset against any amount owed f.) to not allow any bids at any upcoming auction by or on behalf of the buyer g.) to take other action as we find necessary or appropriate Failure to Collect Purchases Any items not picked up on the scheduled pick-up days will automatically be forfeited. If property is not picked up, whether or not payment has been made, Kraft Auction Service LLC. reserves the right to charge $10 per lot per day or to deliver said property to a public warehouse for storage at the purchaser's expense. Kraft Auction Service LLC shall have no liability for any damage to property left on its premises for more than the stated pick-up days following the sale. In addition, we reserve the right to impose a late charge of one and a half percent (1.5%) per month of the total purchase price if payment is not made in accordance with the conditions set forth herein. For property that is not picked up after thirty (30) calendar days, an additional administration fee of $75 will be charged. Property which is paid for but left on our premises for any reason in excess of sixty (60) calendar days is subject to sale by us with the balance of any funds recovered in excess of storage charges and any other fees being remitted to you. TITLES Once you have won a vehicle and payment is made in full, title paperwork will be completed in our office. All titles must be assigned with the new buyer’s name and address, date of sale, selling price and total price paid as open titles are not permitted. An email verifying the information for title assignment will be sent to you shortly after the auction. If you do not respond to this email, titles will be assigned and forwarded to the name and address as it appears on your invoice. You will be receiving the title and accompanying paperwork, including but not limited to, a Bill of Sale and an Indiana Certificate of Sales Tax Paid, Form ST-108A, if applicable (see below, Sales Tax.) Titles will be subject to a mandatory 10-14 day hold if payment was made by check; however, Kraft Auction Service reserves the right to withhold the title until we are certain payment has been secured. In addition, some titles may be in transit (if indicated as such in the catalog), meaning that Kraft Auction Service does not have the title in its possession at the time of the auction. These titles will be forwarded to you immediately upon receipt by Kraft Auction Service. Titles will be shipped using UPS with tracking and insurance and your signature will be required. Please check your email as our shipping platform, Shipping Saint, will send you a message notifying you of title shipment which will include a tracking number for your reference. It is the buyer’s responsibility once the title is shipped to secure delivery. Titles legally need to be transferred into the new buyer’s name within 30 (thirty) days of receipt of title. Kraft Auction Service will not be held responsible for contacting sellers for replacement titles if lost, stolen or otherwise, or for any other documentation after this 30 (thirty) day period. SALES TAX All sales of vehicles, trailers, watercraft and aircraft by Kraft Auction Service are subject to Indiana sales tax of seven percent (7%) and will be applied to all purchases accordingly. The actual price paid for the vehicle is the hammer price plus the buyer’s premium and this is the final sale price which is taxed pursuant to Indiana law. Vehicles retrieved from our facility will be subject to Indiana sales tax regardless of the state you live in, unless retrieval is by a legitimate transport company. Exemptions for titled vehicles can be claimed only by a licensed dealer or trucking company, and a copy of said license must be on file with Kraft Auction Service along with a completed General Sales Tax Exemption Certificate. In some instances and in accordance with the State of Indiana Department of Revenue Information Bulletin #20, if an auction is held on a consignor’s property, Kraft Auction Service is not required to collect sales tax; therefore, it must be paid at the time of title transfer/registration. LIABILITY Condition Reports Kraft Auction Service LLC. is not responsible for the correctness of any statement of any kind concerning any lot, whether written or oral, nor for any other errors or omissions in description or for any faults or defects in any lot. Neither the seller, ourselves, our officers, employees or agents, give any representation, warranty or guarantee or assume any liability of any kind in respect of any lot with regard to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, completeness, authorship, authenticity, rarity, importance, medium, provenance, exhibition history, literature or historical relevance. Except as required by local law any warranty of any kind whatsoever is excluded by this paragraph. Items under $1,000 are collated upon request. Purchased Lots If for any reason a purchased lot cannot be delivered in the same condition as at the time of sale, or should any purchased lot be stolen, mis-delivered or lost prior to delivery, Kraft Auction Service LLC. shall not be liable for any amount in excess of that paid by the purchaser. Legal Ramifications The rights and obligations of the parties with respect to these Conditions of Sale, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws of the jurisdiction in Indiana. If any part of these Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law. Discretion Any and all of the conditions may be waived or modified in the sole discretion of Kraft Auction Service LLC