Terms and Conditions of Auction

Terms and Conditions of Auction

Terms and Conditions of Auction

§ 1 These Terms and Conditions of Auction apply to our traditional floor auctions. By registering and/or placing a bid the bidder accepts the Terms and Conditions of Auction as binding; this applies as well to the submission of written bids, and to bids placed by phone or internet. The terms and conditions for mail-order transactions printed on the back of the invoice form are without legal bearing on the settlement of auction transactions.

§ 2 The auction is conducted on behalf of and for the account of the owners, in compliance with the latest version of the Auctioneers Regulation dated 24 April 2003 (Federal Law Gazette I, p. 547) and with the applicable provisions of German Civil Code (BGB) and German Commercial Code (HGB) affecting commission agents, the purchase price being payable in cash in euro currency. Goods are delivered by difference taxation, only the goods marked with a star are delivered by standard taxation. The hammer prices form the calculation basis for the 22% premium payable by the buyer for difference taxation (relevant VAT already included, but not stated on the invoice). For goods delivered by standard taxation the surcharge is 15% plus the relevant VAT on the entire amount of hammer price and surcharge. VAT free coins are also charged with 15%. Dealers are asked to provide their sales tax identification number (VAT ID no.) so that delivery can be made VAT tax free; otherwise, delivery is executed under terms applicable for private buyers with German VAT charged.

Foreign buyers from non-EC countries take delivery free of VAT, but have to pay any other taxes applicable in their country, as well as any import and export taxes. Surcharge is 15% of the final hammer price.

Delivery is only made upon payment of the invoice amount in euro currency. Shipping and export formalities are taken care of by the auctioneer (shipping costs are charged according to expenditure). The auctioneer accepts no responsibility for any consequences of violations by foreign buyers of foreign exchange or import regulations in their respective home countries.

§ 3 Payment of the sale price is due immediately for buyers present at the auction unless otherwise agreed; for write-in buyers (bidders) payment is due 10 calendar days after issuance of the auction invoice. For new customers, delivery is only made upon cash payment in advance; the auctioneer reserves the right to require an adequate deposit be made. Upon settling the advance payment invoice the auctioned goods are immediately shipped to the buyer upon receipt of the invoiced amount. Auctioned items remain the seller's property until payment in full of all claims in connection therewith. Interest is charged at the statutory rate in case of arrears. If payment is not made on time or acceptance of the auctioned goods is refused, the buyer loses his rights as winner and the item may be re-auctioned. The buyer is additionally obligated to pay damages.

Shipping costs and shipping insurance (at a rate of 0.5% of the hammer price) are borne by the buyer or delivery taker.

§ 4 Prices stated are non-binding estimated prices. Written bids below 90% of the assessed value are not considered at floor auctions. In online "e-auctions", the stated estimated price is always the starting price. The winning bid is declared at the hammer after three verbal or written notifications of the highest bid; the winning bidder is obligated to take acceptance and pay accordingly. In the event of any disagreements concerning who won the auction, the number will again be called out in the auction room. Numbers can be combined or divided in auctions. Only individuals in possession of the auction catalog are allowed to enter a floor auction.

Minimum bid raise increments:

up to € 100 by € 5, up to € 300 by € 10; up to € 1000 by € 20, up to € 2,500 by € 50, up to € 5,000 by € 100, up to € 10,000 by € 200, up to € 20,000 by € 500; up to € 50,000 by € 1,000, above € 50,001 by € 2,000.

Written orders are placed diligently, without an additional ordering commission. Orders from collectors unknown to us are only placed when a deposit has been made or verifiable references have been proved in a timely manner prior to auction start. In the event identical bids are placed, the bid placed first has precedence. Open-ended orders are not guaranteed to be filled, and are only placed for up to a maximum of 10 times the estimated price.

§ 5 Descriptions of auctioned goods are prepared with care and to the best of our knowledge; their stated preservation condition is given in accordance with the standard grading system used by coin dealers, and represents a personal opinion. Neither circumstance however establishes grounds for legal or material defect liability, therefore no warranty is provided as per § 276 (1) and § 443 BGB. Any images of auctioned goods constitute part of the description. Unless otherwise indicated in the auction catalog/directory, the authenticity of auctioned goods is guaranteed up to the sale price. Descriptions of ethnological and cultural items provided to the best of our knowledge and belief do not constitute legal guarantees of their age. Liability for willful actions is not limited by any provision of these Terms and Conditions of Auction.

§ 6 After the winning bidder is declared, complaints may only be considered on the basis of erroneous objective description, overlooked mounting/holder marks or filled holes. Bidders present at an auction buy strictly on an "as seen" basis. When multiple items are auctioned as a group, the stated number of individual items is approximate; number errors cannot be ruled out in all cases. Complaints are excluded for these auctioned items when the winning bidder is declared. We offer no guarantee, in the event you elect to send coins purchased in our auctions to a grading service in the United States, that the coins will be accepted there or graded in line with our grading.

§ 7 Complaints of any kinds are excluded regarding auctioned items altered (including cleaning, any work performed, etc.) or improperly handled by the winning bidder after taking possession thereof. Complaints must be filed within 2 weeks of taking possession of the goods, after which period they shall no longer be considered.

§ 8 In the event of disagreement as to the authenticity of goods sold by auction or regarding complaints about erroneous objective description, overlooked mounting/holder marks or filled holes, the auctioneer may commission a sworn expert. Both parties have opportunity to present their opinion. Resulting costs shall be borne by the party found to be in the wrong. The winning bidder must in all cases bear costs for appraisals commissioned by the winning bidder without prior consultation.

§ 9  If the buyer is a business, the risk of accidental destruction and accidental deterioration of auctioned items passes to the buyer upon handover to the buyer, or upon commissioning the items to the shipping agent for purchases to be shipped, or to any persons designated to perform shipping. If the buyer is a consumer, for purchases to be shipped the risk of accidental destruction and accidental deterioration passes to the buyer upon handover to the buyer. Delay on the part of the consumer in accepting the goods constitutes handover.

§ 10 This contract is governed exclusively by German law. Liability on the part of the Auctioneer for any damages irrespective of fault under the UN convention on CISG is excluded. In the event individual provisions of these Terms and Conditions of Auction are or become invalid, all other provisions remain in effect.

The place of performance is that of our registered office (Suederstrasse 288, 20537 Hamburg). If the contract counterparty is a business entity, juristic person under public law or public-law fund, it is agreed that the court of jurisdiction for the location of our registered office shall be the competent local court for any claims arising from or based on this agreement. The above court of jurisdiction clause applies as well to contract counterparties having no general place of jurisdiction in Germany and to contract counterparties to be sued in legal action which have moved their place of residence or most frequent abode outside of Germany, or whose place of residence or most frequent abode is not known at the time of filing action. Statutory provisions apply regarding judicial debt recovery procedures.

§ 11 Personal data of any kind is treated confidentially, without exception.