1. Terms and Conditions TERMS AND CONDITIONS: All bidders are required to read the Terms and Conditions of the Sale before bidding with Lock, Stock & Barrel Investments Inc. and/ or LSB Auctions collectively referred to below as “LSB”. Those who bid are bound by these Terms and Conditions of the Sale, as amended by any oral announcement, published, or posted notices, which together form the contract of the sale between the successful bidder (buyer), LSB and seller (consignor) of the lot. 2. Acceptance of Terms When bidding on any lot offered by LSB, the bidder indicates acceptance of the following Terms of Sale. Any participation in the auction binds the bidder to agreement of these terms whether or not buyer has read or understood said terms. The terms in writing are subject to change without notice and the bidder agrees that the most recently published Terms of Sale as published or amended on the website at the beginning of the auction shall apply. 3. Registration Buyers warrant that they are at least age 18 and possess a valid photo ID. Buyers are required to provide a verifiable address of residence, phone number, and email in writing at least 48 hours prior to auction date. Long guns will only be sold to persons 18 years of age, or older. Handguns will only be sold to those persons 21 years of age or older. It is the bidder’s responsibility to take buyer’s premium, shipping, and insurance costs into consideration when bidding on items. It is the buyer’s responsibility to personally inspect auction items, or request condition reports and detailed questions prior to bidding. 4. Title Title to all merchandise shall pass to the highest bidder at the fall of the auctioneer’s hammer. The buyer will then assume all risk and full responsibility of the lot purchased once ownership has changed. 5. Bidding BIDDING TERMS: The auctioneer will determine the highest bidder. The auctioneer alone has the right to reopen the bidding of an item at any time if deemed necessary due to a dispute. If there is a tie bid between the floor and Internet or absentee bid, the floor bid takes precedence. In the event of a tie internet bid, the auctioneer will choose the highest bidder. LSB and its representatives reserve the right to remove those attendees who impede preview and/or the auction. LSB is not responsible for any errors in bids, omissions of bids, or failure to execute bids and shall have no liability to any bidder for any technical or other failure associated with internet, absentee bidding, or telephone bidding. In the event of an on-site utilities or internet services interruption, the auction will be suspended until such a time that the utility can be restored. Consignors are not allowed to bid on their own merchandise nor have any agent bid on their behalf. If the Auctioneer recognizes such bidding, the Auctioneer reserves the right to withdraw any or all items consigned by the offending consignor. ABSENTEE BIDDING: LSB will accept absentee bids if pre-authorized by mail, phone, email, online, or in-person. In-Person absentee bidders must use the absentee bid form and clearly mark the lot number, title, and maximum bid amount. If there are two (2) identical bids placed on the same item, priority will be given to the first bid received. All bids must be left in increments as published for that particular auction. If a bid is “out of increment”, the auctioneer will automatically round the bid down to the next correct increment. Seller(s) agree to allow the Auctioneer to accept and execute absentee bids in a competitive manner for potential buyers and under the LSB absentee bidding terms and conditions. During the live sale, the auctioneer will execute absentee bids competitively (starting with the lowest possible bid point) up to the maximum amount indicated. ONLINE BIDDING: Online bidding through www.LSBAuctions.com, Live Auctioneers, Invaluable, Hibid, Proxibid, or other bidding platforms may be available. These terms and conditions apply, as well as additional terms and conditions for each third-party platform. These Terms & Conditions will take deference over any posted online terms and agreements. A surcharge may be added for third party online platforms. Refer to the bidding platform of choice for the final buyer’s premium. If there is a tie bid between the internet bidding venues and the floor, the floor bid takes precedence. Due to our fast-paced auctions and bids coming from floor bidders, phone bidders, Internet bidders and absentee bids, the auctioneer has the final word on all item(s) sold. The bidder assumes the risk of winning an item online and discovering the item has sold to another bidder. This is due to the final call of the auctioneer and the operator not being able to re-open that lot. Registered Online bidders are fully responsible for accidental bidding as if they bid normally. TELEPHONE BIDDING: Requests for phone lines must be received at least three (3) days prior to the auction date. LSB cannot guarantee phone lines but will make every attempt to accommodate those who wish to participate live via phones. Phone lines are provided to qualified bidders at LSB's preference. Please contact us directly to arrange phone bidding at (805) 285-0715. Minimum bid requirements may apply. BID RESULTS: LSB will only contact successful bidders. Invoices are sent within 72 hours of auction end. The invoice will include the lot info, hammer price, premium, shipping, insurance, and any other charges that apply. Please hold phone inquiries regarding bid success until after receiving the invoice. For verifications, LSB cannot provide winning bid information until the second business day after the auction. LSB will not provide bidder information to any outside sources. BIDDERS PRESENT AND TAKING ITEMS DURING AND AFTER AUCTION: Since item liability transfers upon a successful bid, items paid for must be packed, transported and/or removed by the buyer at his/ her own risk after the close of the sale. If any employee or agent of LSB shall pack or transport the merchandise, it is fully at the risk and responsibility and expense of the buyer. LSB shall not be held liable for any loss or damage that may be caused by the said agent or employee. 6. Reserve Prices RESERVES: Some lots may have a confidential reserve, or minimum selling price. Please note that when a lot carries a reserve, the reserve is at or below the low estimate. In the case of a reserved item, the seller has authorized the auctioneer to bid on their behalf until the reserve price is reached. The auctioneer may note if a buyer is bidding against the reserve. 7. Buyer's Premium and Taxes BUYER’S PREMIUM: A buyer’s premium will be added to all successful bids and is payable by the buyer as part of the total purchase cost. Base buyer’s premium (phone, live in-person and in-house absentee) of 19% applies to phone and direct absentee bidding. This is the lowest buyer’s premium offered. A 4% discount is offered for cash, check, wire, and money order payments. Split payment methods (cash/credit) lose 4% discount. Buyer’s premium is non-negotiable. A surcharge may be added for any third party online bidding platform that the bidder utilizes. Refer to your bidding platform of choice for the final buyer’s premium. SALES TAX: LSB is required to collect sales tax where applicable. It is the bidder’s responsibility to know the sales and use tax law in their locality and know what sales and use tax will be due upon their purchase. Lots are subject to all applicable state and local taxes unless appropriate resale permits are on file with LSB prior to invoicing. The appropriate form or certificate must be on file and verified by LSB five days prior to Auction, or tax must be paid; only if such form or certificate is received by LSB within 4 business days after the Auction can a refund of tax paid be made. Lots from different auctions may not be aggregated for sales tax purposes. 8. Payment PAYMENT TERMS: LSB accepts Visa, MasterCard, Discover, American Express, personal checks, certified checks, wire transfers, money orders, and cash. Any invoice totaling more than $50,000 must be paid within three (3) business days of the auction date. All other merchandise must be paid in full within seven (7) days of the date of the invoice. Upon payment in full, it is the bidder’s responsibility to submit any additional information necessary, including an FFL, to initiate transfer and shipping. Invoices over $5,000 may be subject to mandatory check or wire payment. All transaction fees associated with payment methods are non-refundable. All goods not retrieved by the buyer within 30 days after the invoice date shall be subject to a storage fee of $50 per item per month. The buyer authorizes LSB to sell at their standard commission and consignment contract terms, any goods not retrieved after a 90 day period in any manner deemed appropriate by LSB and the proceeds will be applied to any outstanding balance due from the buyer. If the transaction is unable to be completed, the buyer is responsible for a restocking fee of 25% of the invoice price. CREDIT CARDS: Link for online credit card payment will be listed in the buyer’s invoice. Credit Card payments are only accepted from the buyer’s name listed on the invoice. LSB reserves the right to refuse to ship to a different address than the billing address on the credit card being used. LSB does not allow credit card chargebacks for any reason and any delivered firearms subject to a chargeback will be considered as a stolen gun and reported immediately to Law Enforcement. Credit card information is not stored and payment for invoices is the buyer’s responsibility. CHECK: There will be a $50.00 service charge for returned checks. Make checks payable to: Lock, Stock & Barrel Investments Inc. Checks can be mailed to: Lock, Stock & Barrel Inc. 94 W. Cochran St., Suite B, Simi Valley, CA 93065. LSB reserves the right to hold items paid for by personal or company check until said check clears (7 days). First time buyers paying by check may be subject to additional requirements such as a bank letter of credit. NON-PAYMENT: In situations where a successful bidder does not remit payment when due, LSB will proceed with the legal steps necessary to protect its interests and may block the bidder from future auction participation. 9. Shipping Shipping and transportation costs are the responsibility of the buyer. Unless otherwise noted, all items shipped in-house will be billed on your invoice. Modern firearms are legally required to be shipped to an ATF licensed FFL business within their state of residence for transfer. For states that allow shipment of C&R firearms to the C&R license holder, LSB reserves the right to ship those C&R firearms to the address listed on the C&R license. Modern handguns only ship via UPS 2-Day Air. Modern long guns are shipped via UPS ground. IT IS THE BUYER’S RESPONSIBILITY TO CONTACT THEIR RECEIVING FFL AND ARRANGE TRANSFER AND FFL REMITTANCE. The receiving dealer must submit a current copy of their FFL for each auction invoice. FFLs are not kept on file. FFLs should be submitted to auctions@lsbauctions.com. Buyers are responsible for all FFL transfer fees. We will not ship any package containing a firearm, whether modern or antique, to any location outside the United States. Buyers outside the United States must make their own shipping arrangements with an exporter, taking full risk for the transportation of any firearm. For international and oversized items, we recommend using third-party services. Overseas duty charges are the responsibility of the successful Bidder. Shipping Damages: We understand that shipping damage can occur despite our best efforts to ensure secure packaging. If your item arrives damaged, please inform us immediately upon delivery. Due to the claims process requirements of both UPS and USPS, photos of the package before and after being opened are required, even if there is no obvious damage to the exterior box. Return Shipping: For returns due to reasons other than misrepresented items (incorrect listing) or shipping damage, the customer is responsible for return shipping costs. Please ensure that the returned product is securely packaged to prevent damage during transit. All returns require prior approval before shipping. www.LSBAuctions.com/Returns ADDRESS: LSB is not responsible for incorrect shipping addresses. Buyers must verify the shipping address listed on their invoice prior to shipment. Standard items packed internally by LSB will ship approximately one to fourteen business days after payment and any applicable paperwork (FFL) is received. INSURANCE: All firearms in transit are insured at no additional cost. OVERSIZE: Certain auction items exceed standard shipping fees and may require oversized and heavy shipping surcharges. Every effort is made to note these charges prior to catalog publication but may be included on a buyer’s invoice post auction without notice. AMMUNITION: Ammunition does not ship with an associated gun. Separate charges apply for ammunition shipments and may require heavy or oversize charges. Per carrier instructions, all shipments of firearms require an adult signature for delivery. We are not responsible for returns or redelivery charges. 10. Protected Species: LSB does not accept any responsibility or liability for the sale of items containing materials from protected species or for any omission in marking or labeling goods as containing materials from protected species. Such material includes, but is not limited to, ivory from elephants and walruses, tortoise shell, crocodile skin, whalebone, rhinoceros horn, some species of coral and certain woods. Restrictions on the importation, exportation, sale, transfer, and/or possession of goods containing materials from protected species derive from international, federal, and state laws and regulations promulgated thereunder. Laws include, but are not limited to, the Convention on International Trade in Endangered Species of Flora and Fauna (CITES), the Endangered Species Act (ESA) and the Marine Mammals Protection Act (MMPA). States currently restricting trade of protected species include, but are not limited to, California, New York, and New Jersey. Prospective buyers are on notice that several countries completely prohibit importation of property made, all or in part, of protected materials. Some countries require special permits, such as a CITES permit, from the relevant regulating authority in the countries of exportation and importation as well. Potential buyers intending to import the property into another country should be familiar with the relevant customs laws and regulations prior to bidding on goods containing material from protected species. Regulations may vary as the U.S. generally prohibits importation of articles containing material(s) from species it has designated endangered or threatened if the articles are less than 100 years old, subject to certain exceptions. It shall be the potential buyer’s sole responsibility to research and satisfy the requirements of any laws and regulations that apply to the import and export of property as described in the aforementioned paragraphs. All buyers agree to comply with any and all domestic and international restrictions on the trade of protected species as a condition of the sale. Please note that the ability to obtain an export license or certificate does not ensure the ability to obtain an import license or certificate in another country, and vice versa. It is the buyer’s responsibility to obtain any export or import licenses and/or certificates as well as any other required documentation. LSB is not able to assist the buyer in attempting to obtain the appropriate licenses and/or certificates, and there is no assurance that an export license or certificate can be obtained. The inability or delay in obtaining permits, licenses, or other permissions to import or export goods containing material from protected species will not constitute a basis for rescission or cancellation of the sale of said goods or the delay in payment of purchased items in accordance with these Bidder Terms and Conditions. 11. Warranties & Representations It is the bidder’s responsibility to initiate contact with LSB in request for additional information regarding the items. Submit all questions regarding upcoming auction items at least 48 hours prior to the date of auction. LSB will make every effort to answer all submitted questions in a timely manner. In-Person Bidders must examine all items prior to purchase and again upon receipt. Any discrepancies must be noted prior to leaving the facility. If bidding via absentee or online, then it is the bidder’s responsibility to examine the lot immediately upon receipt. If a major discrepancy should be discovered, it is the buyer’s responsibility to contact us immediately. The limited guarantee is null and void 28 days after the auction date (NOT THE DATE OF RECEIPT). If a buyer pays late and receives items late, through action or inaction on their part, the buyer is disqualified from any guarantee. Under no circumstances will LSB be responsible for lost profits or other financial damages. If it is agreed that an item may be returned, it is the buyer's responsibility to return it in the same state and condition as received. Returned items that are modified, damaged by buyer, or mishandled void all guarantees. LSB makes every effort to accurately describe all items offered in its sales. The descriptions and condition reports carry a limited guarantee. It is a guarantee to protect the buyer against errors in descriptive fact and major discrepancies that would have a significant effect upon the value of the item. This limited guarantee covers the following: DESCRIPTIVE FACTS: Manufacturer, model, caliber, serial numbers, barrel length, special features, major restoration, modification, counterfeits, reproductions or major fabrications not disclosed in the description. CONDITION DISCREPANCIES: It is the bidder’s responsibility (present, online, or absentee bidders) to determine by inspection by themselves (or a hired professional) the exact condition of each item prior to bidding on the item. LSB makes every effort to follow the commonly accepted and current condition guidelines for modern and antique firearms such as the NRA Modern and Antique grading system, Blue Book percentage of finish rating, and Standard Catalog of Firearms Modern grading. It is important to note that these systems have changed over the years, and present different opinions based on the edition and authors. Condition reports are the opinion of LSB and represent the observations of the cataloger. The limited guarantee covers major discrepancies in condition reports, such as error in fact, visible repairs or restorations, or major differences in percent of finish or bore (+/- 20%). This limited guarantee is only available to the buyer of record. Except as stated in the limited guarantee above, LSB will not be held responsible for typographical errors or errors of omission. This limited guarantee does not cover imperfections, patina, slight damages, handling marks, natural imperfections, undisclosed minor blemishes, finish differences, wood-to-metal fit issues, surface cracks or chips in wood, dings and dents, unverifiable age, and other similar differences that are inherent in the firearms or other antiques and collectibles offered for sale. Firearm internal mechanisms and moving parts are not inspected, and guns are not test fired unless otherwise noted. If mechanical or other working parts are inoperable, even if working at the time of sale, LSB is not liable due to the inherent nature of the age of these used items. LSB will not be responsible for shipping costs, after auction appraisal fees, testing or any other post auction costs. This limited guarantee does not apply to any ammunition whatsoever. All Ammunition will be sold “as-is”. Auction lots and items offered with the designation “AS-IS”, “Poor condition”, or “For parts or restoration” are offered without guarantee, all sales are final and sold without refund or buyer recourse. If a major description or condition discrepancy is discovered within 28 calendar days of the auction, a buyer may submit a request in writing for a full refund under the following conditions: The request for refund must be received in writing before the end of the 28th day. The auction lot in question must be received by LSB within 7 calendar days of the approval of the request for return and refund. After receipt of the lot in question, LSB will perform an evaluation, and determine the validity of the request. If a return and refund is granted, LSB will notify the buyer within 7 calendar days of receipt. LSB does not offer adjustments or partial refunds. Refunds are only given for the purchase price, and a restocking fee of up to 25% may apply. The Buyer is solely responsible for ensuring the safety of a used gun before using it. While the firearms offered for auction have undergone a visual inspection, they have not been test fired. It is strongly recommended that a qualified gunsmith inspects any used firearm before it is fired. By placing a bid, the Buyer acknowledges and agrees that the Seller will not be held responsible for any damages, injury, or death resulting from defective merchandise, misuse, or disregard. By purchasing this item, the Buyer releases the Seller from any and all liability, including criminal or civil, that may arise from the purchase, ownership, possession, use, or misuse of the item. 12. Firearms Transfer and Eligibility: All firearm transfers will be in strict accordance with all International, Federal, State, and local laws. The buyer is responsible for adhering to all country, state and local laws before bidding. If a bidder is unable to import, purchase, own, or receive a firearm for any reason, they should not bid on these items. If a buyer later determines they cannot legally own a firearm or accept delivery, the bid is still a valid contract, and the buyer is still obligated to remit payment in accordance with payment terms. LSB does not offer returns, refunds, or cancellations on the basis of ineligibility or failure to facilitate transfer. If the transaction is unable to be completed, the buyer is responsible for a restocking fee of 25% of the invoice price. BUYER OF RECORD: All firearms must transfer to the registered buyer on record. LSB will not modify, or re-invoice any firearms for another party. DENIAL OF TRANSFER: If “Denied” by FBI / NICS background check, buyers will not be able to take possession of the firearm and the firearm will be consigned to the next available firearm auction. Dealers and Individuals that bid on and win items own the items and are fully responsible for payment within terms regardless of whether the FBI / NICS approves their taking physical possession of the items. LSB will not cancel the sale due to disapproval for any reason. If a buyer is appealing a “Denied” decision, we will hold the firearm for a grace period of 30 days, with monthly storage fees in effect on the 31st day. IN-PERSON PAYMENT AND PICKUP: Only the person to whom the bidder number is registered may accept transfer of the firearm(s) at the conclusion of the sale. Federal Law disallows anyone else from accepting the transfer. Buyers may not bid on or pay for modern firearms on behalf of another party. Modern Firearms (1898 and later) Can be picked up in person at our Facility with valid identification. Can be picked up by FFL Licensee or listed responsible person with “Live Copy” of License Eligible Curio & Relic Firearms can be picked by C&R Holders with “Live Copy” of license. Antique Firearms may be picked up in person with valid photo ID by persons over the age of 18. No background check required; all states of residence eligible. Non-Guns may be picked up by any eligible buyer (or buyer’s agent) with a valid photo ID. NFA TRANSFERS: National Firearms Act Weapons and Destructive Devices (DD) Processing to Dealers: Buyer must provide LSB with a copy of their receiving dealers active FFL and their SOT. Estimated time for processing and approval of the required Form 3 can take 3 days to 3 months, dealer to dealer via E-File is usually less than a week. Dealers and Individuals that bid on and win NFA or DD items own the items and are fully responsible for payment within terms regardless of whether the ATF approves their taking physical possession of the items. LSB will not cancel the sale due to ATF disapproval for any reason. 13. Liability The Auctioneer is not liable for any errors or omissions in the auction descriptions or for any damages or losses incurred by bidders or buyers. The Auctioneer reserves the right to cancel or postpone the auction at any time for any reason. SAFETY: Since all firearms sold are “collectible” items, LSB does not test the safety or warrant functionality of these firearms. All firearm purchases should be examined by a certified gunsmith prior to shooting. DENIAL OF SALE: LSB reserves the right to deny the sale of a firearm to any buyer, for any reason, at any time in the sales process. WITHDRAWAL OF PROPERTY: LSB reserves the right to withdraw any property from the auction at any time and shall have no liability whatsoever for such withdrawal. 14. Governing Law I hereby understand and agree that any controversy or claim arising out of or relating to LSB Bidder Terms & Conditions, which includes this provision (hereafter referred to as “Terms & Conditions”), LSB, or the breach thereof (hereafter referred to as “Claims”), shall be governed by and construed in accordance with the laws of the State of Wyoming, without regard to its conflict of law provisions. I hereby irrevocably submit to the personal jurisdiction of the appropriate court in Park County, Wyoming in any action or proceeding arising out of or relating to the Claims and their enforcement, and I agree that any and all Claims must be adjudicated, heard, determined, and resolved in said court, and I hereby irrevocably waive any objection on the grounds that any such action or proceeding in said court has been brought in an inconvenient forum. LSB failure to exercise or enforce any right or provision of these Terms & Conditions or any other legal rights, shall not constitute a waiver of such right or provision. Any waiver of any provision of these Terms & Conditions by LSB must be made in writing and signed by an authorized representative of LSB specifically referencing the provision(s) contained within the Terms & Conditions to be waived. Headings used in the Terms & Conditions are for convenience only and are not to be relied upon. If any provision of the Terms & Conditions is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision, and the other provisions of the Terms & Conditions shall remain in full force and effect. These Terms & Conditions will inure to the benefit of, and are intended to be, enforceable by LSB, its parents, subsidiaries, affiliates, successors, assigns, members, directors, officers, and licensees. There are no third party beneficiaries to these Terms & Conditions; a person or entity who is not a party or signatory to these Terms & Conditions has no rights under the Contracts (Rights of Third Parties) Act 1999 to rely upon or enforce any term or provision of these Terms & Conditions. 15. Definitions: CURIO & RELIC (C&R): Per ATF: To be recognized as C&R items, 478.11 specifies that firearms must fall within one of the following categories: Firearms which were manufactured at least 50 years prior to the current date, but not including replicas of such firearms; Firearms which are certified by the curator of a municipal, State, or Federal museum which exhibits firearms to be curios or relics of museum interest; and any other firearms which derive a substantial part of their monetary value from the fact that they are novel, rare, bizarre, or because of their association with some historical figure, period, or event. Firearms automatically attain C&R status when they are 50 years old. Any firearm that is at least 50 years old, and in its original configuration, would qualify as a C&R firearm. It is not necessary for such firearms to be listed in ATF’s C&R list. ANTIQUE FIREARMS: Per ATF: The term “antique firearm” means any firearm (including any firearm with a matchlock, flintlock, percussion cap, or similar type of ignition system) manufactured in or before 1898; or any replica of any firearm described in subparagraph (A) if such replica is not designed or redesigned for using rimfire or conventional centerfire fixed ammunition, or uses rimfire or conventional centerfire fixed ammunition which is no longer manufactured in the United States and which is not readily available in the ordinary channels of commercial trade; or any muzzle loading rifle, muzzle loading shotgun, or muzzle loading pistol, which is designed to use black powder, or a black powder substitute, and which cannot use fixed ammunition. For purposes of this subparagraph, the term “antique firearm” shall not include any weapon which incorporates a firearm frame or receiver, any firearm which is converted into a muzzle loading weapon, or any muzzle loading weapon which can be readily converted to fire fixed ammunition by replacing the barrel, bolt, breechblock, or any combination thereof. FFL: Federal Firearms Licensee with a current and valid license to be a firearms Dealer / Manufacturer / Importer CURIO & RELIC HOLDER: FFL type 03 or C&R license or Collector NFA (National Firearms Act of 1934) Weapons (commonly called “Class 3”): A shotgun having a barrel or barrels of less than 18 inches in length; A weapon made from a shotgun if such weapon as modified has an overall length of less than 26 inches or a barrel or barrels of less than 18 inches in length; A rifle having a barrel or barrels of less than 16 inches in length; A weapon made from a rifle if such weapon as modified has an overall length of less than 26 inches or a barrel or barrels of less than 16 inches in length; Any other weapon, as defined in subsection (e); A machine gun; Any silencer (as defined in section 921 of title 18, United States Code); A destructive device. DESTRUCTIVE DEVICES: A missile having an explosive or incendiary charge of more than 1/4 oz. Any type of weapon by whatever name known which will, or which may readily be converted to expel a projectile, by the action of an explosive or other propellant, the barrel or barrels of which have a bore greater than one-half inch in diameter. A combination of parts designed and intended for use in converting a device into a destructive device and from which a destructive device can be readily assembled. MODERN FIREARMS: Any firearm that does not already classify as a C&R, NFA Weapon or Antique and is under the purview of the Gun Control Act of 1968. BIDDING INCREMENTS $0 - $200 $10 increment $200 - $500 $25 increment $500 - $1,000 $50 increment $1,000 - $2,000 $100 increment $2,000 - $5,000 $250 increment $5,000 - $10,000 $500 increment $10,000 - $20,000 $1,000 increment $20,000 - $50,000 $2,500 increment $50,000 - $100,000 $5,000 increment $100,000 - $200,000 $10,000 increment Over $200,000 Auctioneer's Discretion