Penny Red Auction Terms and Conditions
Auction Terms
Welcome to Pennyred.com stamps and cover auction.
You can now sell your unwanted World stamps, and world covers, or non British First Day Covers through our unique auction.
The auction will take place on the website on the first of each month, 12.00 GMT.
To use the site, you create your own account for your protection. Security measures are in place. You can choose to leave your details for future use, or delete and add each time you wish to make a transaction.
Between the 2nd and 20th of each month, you load up your stamps etc, completing a template. You enter your minimum price you will accept for the item. It is advisable to add a scan of your items.
The cost of selling items through the site is 25p per lot, with a 12% commission of sold lots. The administrators reserve the right to change these terms, but all clients will be advised. There is no extra vat, buyers premium or credit card charges.
Between the 21st and the end of the month, bids can be placed. Buyers enter their maximum bid, but only the increment above the second highest bid will be entered on the site. So if an item has a minimum price of £20, you bid £40, £21 will be entered on the site, as the current successful bid. Increments are 50p up to £10, and £1 thereafter.
Both buyers and sellers will be advised how their items are selling, and how the bids are doing.
Once the auction has taken place on the 1st of the month, the goods that have SOLD have to be sent to the head office of Pennyred.com, Buchanan Street Stamps, Glasgow. Unsold items remain with the sellers. Items that have not sold, will automatically be entered into the next two auctions, and only have three times will be withdrawn. The listing fee will apply for each auction, although the seller has the right to withdraw a lot after the first auction, between the 21st of the month, with no penalty. However lots withdrawn from the first auction attract a levy of £5.00 per lot. This is to protect from buyers, from seeing items of interest, only to find that they have been withdrawn before they have had a chance to bid. Sellers are not able to bid on their own items.
After verification the stamps will be sent on to the successful bidders. The bidder pays for the lot plus the postage from pennyred.com. All payments charged to the account holder's credit card, there are no other charges. Cheque payments can be made to sellers, but it is envisaged to keep these to a minimum, and credit payments is the preferred option.
Advantages
The sellers can see how their bids are doing, the buyers can be confident in their bids, in that they are being independently checked. Any item found not to be correct will be returned to the seller at no cost plus postage.
Sellers will be paid for their sold lots, within a maximum of 14 days from the auction, i.e. the 15th of each month.
There is no contact between buyers and sellers, all information is confidential between the parties and the administrator of pennyred.com
The administrator can withdraw an item, and reserves the right to withdraw an item without a reason being offered. In any dispute the administrators decision will be final.
Once you have entered a lot, it will be given a unique ID number which is related to the sellers account. On the 21st of the month, the auction closes, and all the lots are given a unique numerical lot number. The minimum price per lot is £3.00.
On the 21st of the month, site users can download the catalogue, as well as a hard copy being produced for non internet users. Hard copies on an annual subscription of £10.00 to cover costs.
Lots which are not correct, even although the material has been checked, can be returned, but this has to be notified within 48 hours, the goods to be received by pennyred.com within 7 days.
Bids can be received by email, telephone and fax, but will still be entered on the website, and an account will be set up in the bidders name. On line bidders will be advised that their bid has been received.
The site will sort the stamps and the covers, by country, and catalogue number order
OFF LINE SELLERS
Stamps can be sold from non internet users. Stamps have to be sent to our head office for checking and will be entered on to the site, for a charge of £1 per lot to cover costs.
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