These conditions set out the terms on which we, LCG (London Coin Galleries, 6 Shepherd Street, London W1J 7JE, United Kingdom), in cooperation with FRK (Fritz Rudolf Künker GmbH & Co. KG, Nobbenburger Straße 4a, Osnabrück, Germany) contract with you, the buyer for the auction sale of the “Preussag Collection”.
In case of participation in the auction, the buyers acknowledge these terms and conditions of Auction. Please read these conditions carefully.
These conditions often refer to “we” as the seller/auctioneer. Unless otherwise stated, this refers to the cooperation of LCG and FRK. The sale will be conducted in British Pounds Sterling (GBP). The auction will be conducted in London by LCG. FRK is responsible for the auction catalogue as well as the handling of your bids. Invoices will be issued by LCG only.
The hammer price is the basis for the calculation of the buyer ́s premium. Please note that this sale will be conducted entirely under the standard taxation scheme. Under this scheme, applicable VAT will be added to the full amount (hammer price plus buyer ́s premium). The buyer ́s premium is 21 % for all buyers. As of now, the British VAT is 20%.
Institutional buyers (registered Coin Dealers) with a valid VAT identification number registered in the territory of an EU member state have the choice to be VAT refunded if the respective legally required documents are presented to LCG. The legally required documents consist of a valid VAT registration number and a confirmation of arrival in the territory of the EU member state which issued the VAT identification number. In case LCG exports these goods and a valid VAT identification number is presented to us before the sale, the relevant VAT will not be charged.
For buyers from abroad (non EU members) the following applies: In so far as those buyers export the good(s) in person or a third person, the relevant VAT will be charged but refunded by presentation of the legally required export certificate. In case LCG export these goods, the relevant VAT will not be charged.
If the buyer is taking care of the export (including export to EU member states), he takes full responsibility of all duties related to customs and the protection of cultural property applying either for the import or export. The buyer is also responsible for all applying taxes in the country of destination.
In case we are taking care of the export all custom related costs as well as shipping and insurance expenses will be charged to the buyer according to effort.
We are very much looking forward to your bids. Please note that we will ask our new clients how they wish to take part in the auction and to make a deposit before the start of the sale if necessary. This deposit can be transferred to the account below. Please contact us in case you have any questions regarding the deposit.
Bank: Royal Bank of Scotland Plc., UK
IBAN: GB25RBOS16012900205609
BIC: RBOSGB2L
Account holder: London Coin Galleries Ltd.
The hammer shall fall after the highest bid has been called out three times. The successful bidder shall oblige to take immediate delivery of the goods. Upon good cause shown we can refuse or reserve the right to hand over the goods. In the event of several equal bids we reserve the right of retention by drawing lots or re-open the bidding. The auctioneer reserves the right to combine or to separate lots for good cause.
Retention of title of the goods shall not pass until full payment is presented. Unless mutually agreed otherwise, payment of the auction bill from buyers present at the auction is due immediately, for other buyers within 20 days upon receipt of bill. Defaulted payments shall bear an interest charge of 1 % per month in the amount in default.
In case the buyer is in default with the obligation and does not take over the goods in spite of a written deadline, or refuses to take over, we, LCG and FRK, can withdraw from contract and claim damage provided that the item may be put again to auction at this buyer’s cost. In this event the buyer shall be liable for any shortfall, while he shall have no right or claim towards any excess proceeds.
The shipment (by mail or otherwise) of the goods shall be for sole cost and risk of the purchaser or recipient, respectively. The minimum increments for the bidding procedure are:
up to GBP 1,000.– GBP 50.–
up to GBP 2,000.– GBP 100.–
up to GBP 5,000.– GBP 200.–
up to GBP 10,000.– GBP 500.–
up to GBP 20,000.– GBP 1,000.–
up to GBP 50,000.– GBP 2,000.–
up to GBP 100,000.– GBP 5,000.–
over GBP 100,000.– approximately 10% increments
We carry out the best possible written bids or orders via telephone or internet and treat them equal to orders from present bidders. Orders from collectors unknown to the auctioneer can only be accepted and carried out if a deposit or references to the satisfaction of the auctioneer are given. To be bindingly accepted, written bids need to be received at least 24 hours before auction, bidders via telephone need to be registered at the latest two working days prior to auction.
If necessary, such as in a case of equal bids, we are allowed to increase the bids by 3 - 5 %. Bids amounting to less than 80% of the estimate shall not be executed.
If you wish to take part in the sale, please be aware that before we accept your bids you need to pass a registration process. We may have to ask for different legal identification documents (such as identification cards, trade register excerpts, VAT registration numbers etc.) as a legal obligation to respect the financial laws concerning money laundering.
Please therefore take into account that the registration process in the auction room may take a few minutes or needs to be done well in advance before placing bids.
For any questions regarding the bidding or registration process, please do not hesitate to contact the FRK customer service via service@kuenker.com or +49 541 96202 0.
Unlimited bids shall not oblige us to consider, accept or carry out an order. Written orders or those via telephone or internet shall be carried out without charge of an extra commission; they shall name the item with catalogue number and the bid price and are binding. Ambiguities shall be resolved against the bidder. We do not accept any liability for such bids, especially not for connecting and maintaining telephone lines, problems with wired bidding, transmission errors, or for force majeure or reason outside of our responsibility for bidding or other reasons. This does not apply in the case that we are acting in intentional or grossly negligence behavior.
The descriptions of the goods in the catalogue do not constitute any warranty or liability but are provided as mere information. Due to the fact that the “Preussag Collection” is in most part a collection of items connected to the German States, and because the seller asked for the catalogue to be in German, the state of preservation of items is strictly assessed in accordance with the grading used in Germany. It only represents an individual and personal assessment.
The authenticity of the coins is warranted (up to the total purchase price excluding VAT) by both cooperation parties, LCG and FRK. In other respects, any and all warranty claims based on material defects of quality and defects of title are excluded.
In view of the opportunity of prior inspection to ascertain the state and condition of the auction lots, complaints of errors resulting of the images are excluded.
Buyers present at the auction acquire items strictly on the basis of “as is where is” and “as inspected”. In case the buyer intends to deliver the goods to a grading service, we do not guarantee the respective acceptance or the classifying according to our valuation.
All personal data will be kept strictly confidential and will not be made available by us to third parties.
Damage claims of buyer – irrespective of legal basis – are excluded. This shall not apply for damages resulting out of our intentional or grossly negligent conduct of our legal representatives respectively are caused in the breach of contractual cardinal obligations; to this degree, liability is limited to damages that are foreseeable and typical for this type of contract. This shall not affect our liability for damages to life, limb, or health.
Offsetting counterclaims of the buyer are excluded, unless the claim is uncontested or has been declared legally valid by court.
These Terms and Conditions constitute the entire agreement between the Parties; there are no other agreements except these. All terms are between seller, and buyer/ bidder only, no other party may enforce these terms.
This agreement shall be governed by and construed in accordance with the laws of England and Wales. The UN Convention (CISG) on the International Sale of Goods shall not apply. Against traders and purchasers from abroad the exclusive jurisdiction shall be the Courts of England and Wales in relation to any dispute or claim arising out of or in connection with the purchase. The English version of these conditions shall be the legally binding. The invalidity or inefficiency of any provision shall not affect the validity of all other provisions. In lieu of the invalid or inefficient provision or for the purpose of closing the gap, reasonable provision shall apply.