The following conditions of auction, which are deemed to be accepted
in full upon submission of a written, electronic, verbal or telephone bid,
apply to SINCONA auction 27:
1. The auction is carried out voluntarily and publicly in the name of
SINCONA Swiss International Coin Auction AG for the account
of the consignor(s), who remain(s) anonymous.
2. Bidders who are unknown to SINCONA Swiss International Coin
Auction AG (hereinafter referred to as "Auctioneer" or
"SINCONA AG") are asked to prove their identity prior to the auction.
In addition, the Auctioneer reserves the right to deny individuals
access to the auction premises, at its own discretion and without
stating a reason.
The Auctioneer is entitled, with the approval of the auction monitor,
to deviate from the designated order in the catalog and to combine
lot numbers. Lots may not be divided up. In case of disagreement,
the Auctioneer may re-offer a lot. The auction is conducted
in German and partly in English.
3. The Auctioneer executes written orders and telephone orders diligently
and in the interests of the consignor, however without liability.
Written bids (and bids submitted electronically) can only be
considered if they are received no later than 24 hours prior to the
auction (or 12 hours for bids submitted via an Internet platform).
In principle, telephone bidding is possible for items with an estimated
value of over CHF 500, and bids must be placed at least 48
hours before the auction begins. A successful telephone line can
not be guaranteed.
4. Only the descriptions of each respective lot number in the printed
catalogue, and not the illustrations, are binding for the auction. The
auction catalogue published on the internet is for information purposes
only.
5. The prices in the catalogue are estimates in Swiss Francs (CHF)
and represent the minimum knock-down price. Bids that are lower
than the estimate can not be taken into account. The award takes
place following a call for the highest bid, which commits the highest
bidder to purchase the lot. If equally high written bids are received,
the first received bid has priority. "Either / or" orders and
order limits can only be executed or considered conditionally. The
Auctioneer may reject a bid, without stating a reason and without
liability. The risk passes to the buyer with the fall of the hammer.
Each successful bidder is personally liable for his purchases and
can not claim to have bought for the account of third parties.
6. If the highest bidder is present in person, a premium of 15% is
payable on the hammer price. For written, electronic and telephone
bids, the amount of the premium is 18% of the hammer price. For
winning bids submitted using a live bidding system the premium
is 20%. After the knockdown has taken place, the auction invoice
is due for immediate payment in the Swiss currency.
7. For platinum, silver and copper coins and all medals, banknotes,
decorations, antiques etc., statutory value added tax at the rate of
8% is charged on the total of the auction invoice (i.e. hammer price
plus buyer's premium and any shipping costs and insurance premiums).
Value added tax is not charged for state-embossed gold coins and
the associated premiums.
Value added tax is not payable if the Auctioneer ships the auction
lots abroad. Value added tax is initially charged to buyers residing
outside of Switzerland to whom the auctioned lots are handed over
in Zurich; however this is refunded in full by the Auctioneer once
the definitive tax assessment decision of the Swiss Customs is to
hand.
8. The auction invoice is due for payment immediately upon receipt,
however by no later than 10 days after the end of the auction. After
expiry of the payment period, the buyer automatically falls into arrears
and the Auctioneer is entitled to demand interest at the rate
of 10% p.a. If the buyer is in default of payment or refuses to accept
the auctioned lot, the Auctioneer reserves the right to sue the buyer
for either fulfillment of the contract or for compensation for losses
resulting from non-fulfillment, or to withdraw from the contract.
9. In principle, the auction lots are only handed over or shipped after
full payment of the auction invoice. It is at the sole discretion of
the Auctioneer to hand over lots on account. Costs incurred abroad,
such as customs duties and taxes, as well as the associated shipping
costs and insurance charges, are borne solely by the buyer.
Shipping to the Russian Federation is expressly made subject to the
recipient's own risk.
10. The auction item remains the property of the consignor until the
auction invoice has been paid in full.
11. Compliance with foreign customs and exchange regulations etc. is
the responsibility of the buyer. The Auctioneer expressly disclaims
responsibility for any consequences that may arise from contravention
of such regulations.
12. The lots to be auctioned are described to the best of our knowledge
and belief and with great care. Bidders have the opportunity to inform
themselves about the condition of the lots, in person or
through a representative, during the viewing days listed in the catalog.
Justified complaints regarding the condition of the auctioned item
must be received by SINCONA AG by registered letter. Claims
due to disagreement about the level of conservation of a lot are not
accepted. Lots which contain more than one piece are excluded
from claims of any kind.
13. The authenticity of the auction items is guaranteed. The right
to claim warranty is granted to the buyer only and can not be assigned
to third parties. The assertion of the warranty claim requires
the buyer to give notice of defect to SINCONA AG by registered
letter immediately after discovery of the defect and the forged auction
item must be returned to SINCONA AG in the same condition
as it was handed over to the buyer, unencumbered by third party
claims. The buyer must, at his own expense, provide proof that the
auction item is a forgery. SINCONA AG may require the buyer to
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seek the opinion of two independent experts recognized in the
field, at the buyer's own expense; however, SINCONA AG is not
bound by such opinion and reserves the right to seek additional
expert advice at its own expense.
14. For coins in so-called "slabs", any warranty is void as soon as these
are opened.
15. Justified claims of the buyer against SINCONA AG concerning the
condition or falsity of the auction item are limited to the refund of
the purchase price and the premium paid by the buyer (including
any VAT). Further or other claims of the buyer against SINCONA
AG or its employees are excluded under any legal title whatsoever.
16. The names of the consignor and the buyer are not normally disclosed.
The Auctioneer is entitled to exercise all rights of the consignor
against the buyer arising from the contractual relationship
in its own name.
17. The place of fulfillment and the exclusive place of jurisdiction is
Zurich 8001, Switzerland. In addition, Swiss cantonal and federal
laws apply. The auction and all related legal transactions are subject
exclusively to Swiss law.
18. The original German text is authoritative for the interpretation of
the present conditions of auction in the German, French and English
languages.