2008 Big Auction Guidelines

Live Auction

The Live Auction starts during dinner and continues until all items are sold. Items will be auctioned, by the auctioneer, as listed in the catalogue. To bid on an item, you must raise your paddle. You will receive your paddle when you first check-in at the beginning of the evening.

The highest bidder, as determined by the auctioneer, shall be the purchaser. In the event of a disputed bid, the auctioneer shall have the sole discretion to determine the purchaser.

Silent Auction

The Silent Auction opens at 6:00PM and closes approximately 15 minutes after the Live Auction finishes. Silent Auction items are listed in the catalogue and will be displayed in full on the night of the auction. Please note the introduction of the Red Ribbon Silent category. This one Silent Auction table will remain open until the Live Auction closes.

To place a bid on a Silent Auction item, write your bidding number and the amount you wish to bid on the sheet that corresponds with the item. The next bidder will write his or her number and a higher bid on the next line.

If there is more than one active bidder for an item at the close of the Silent Auction, the Bid Card Collector will preside and ask each of the competing bidders to submit a final silent bid. They will submit their bide in writing with their bid number. The person who submits the highest bid shall then be the purchaser.

Results of the Silent Auction will be available at the end of the the event at the checkout desk. These items must be paid for and taken home on the night of the auction. If an item cannot be taken home, please pick up the item from the Office of Advancement by Friday, May 9, 2008.

Absentee Bidding

If you cannot attend the auction and wish to bid on an items, you have until noon on Tuesday, April 29 to place an Absentee bid. To do so, call Sandra Song in the Office of Advancement at 212-477-5316, ext. 275, or email her at ssong@lrei.org.

Payment and Pickup Procedures

Successful bidders may purchase their items - including Party Bags - using cash, check (payable to LREI) or credit card (American Express*, Master Card or Visa). All items must be paid for before leaving the auction hall. Party Bags must be paid for at the time of purchase.

General Auction Rules

Unless otherwise specified, when redeeming a gift certificate, dates and times are to be arranged at the mutual convenience of donor and buyer. Please contact the donor within a month of the auction to make arrangements, unless otherwise specified in that item’s restrictions.

All goods and services are available to purchasers only for the year following the auction, unless otherwise specified, and are subject to the terms and conditions stated by the donor. All sales are final and there are no refunds or exchanges.

Gift certificates may not be exchanged for cash. All items have been donated to LREI and are being sold by the school – not by the donor. Additionally, unless otherwise stated, gift certificates do not include tax, gratuities or cash back.

Descriptions of auctioned items have been made with every reasonable effort to describe each accurately. However, all items are being sold “where is” and “as is,” without warranty or representation of any kind as to the correctness of description, condition, quality or fitness for any purpose.

You are advised to consult you personal tax advisor as to the deductibility of contributed or purchased auction items. The charitable deduction allowance is the dollar amount of the purchase price less the fair market value of the goods and services received. In the absence of an estimated fair market value, it is possible that the IRS will consider the purchase price to be the fair market value, and there may be no allowable charitable deduction.

By participating in this auction, each bidder and donor recognizes and agrees that neither LREI nor anyone who assists in the conduct of this auction shall be liable for any occurrence resulting from the use of auctioned items and services.

The Auction Committee reserves the right to withdraw an item from the Auction.