Participation
in any NUMISOR S.A. auction means acceptance in
full of the following conditions as well as any rights and obligations
arising therefrom. In holding auctions, NUMISOR S.A., in
association with DAVID FELDMAN S.A, acts in a fiduciary capacity
according to the following conditions:
1. The auction lots are offered:
1.1 As presented in the relative auction catalogue and/or through
the NUMISOR S.A. website; All lots are carefully described and
estimated with care and good faith. Photographs count as part of the
descriptions with regard to the overall appearance of the coin(s). If the
items are graded by a recognised and independent grading company,
the applicable grades will be mentioned in the descriptions.
1.2 As viewed in person: Before and during auction sales, persons
or their agents may examine the offered lots at our office or at the
auction location, and should acquire a bidding number before
viewing. Persons or their agents attending a Live Room auction
and/or who have viewed the lots before an auction are understood
to have personally examined all the lots which they purchase, and
therefore accept them as they are at the moment of the knock of
the hammer.
2. Auction Bids
2.1 The auction bid steps will be in Swiis francs and as follows:
Chf 50 – 100 Chf 5 Chf 2,000 – 5,000 Chf 200
Chf 100–200 Chf 10 Chf 5,000– 10,000 Chf 500
Chf 200-500 Chf 20 Chf 10,000–20,000 Chf 1,000
Chf 500–1,000 Chf 50 Chf 20,000- 50,000 Chf 2,000
Chf 1,000–2,000 Chf 100 Chf 50,000-100,000 Chf 5,000
Bids between these steps will be adjusted accordingly to the next
highest bid step. The bidder is bound by his offer until a higher bid
has been accepted.
2.2 NUMISOR S.A. has full discretion to refuse any bids. NUMISOR
S.A. may also bid on behalf of vendors in cases where reserve prices
have been agreed, in these cases, the vendor is treated as a bidder
and the auctioneer shall bid on his behalf up to the reserve price.
If the reserve price set by the vendor is not reached, the auctioneer
passes to the next lot by a simple knock of the hammer.
2.3 Bid orders received by NUMISOR S.A., including via its website
before the auction, have priority over room bids in the case of Live
Room auctions. Clients giving bidding instructions to NUMISOR
S.A. may make alternative offers and/or limit the total of their
expenditure in advance. Bids marked “BUY” are considered as up to
ten times the quoted estimate price where such exists, unless a limit
has been previously agreed. Bids made in other currencies than
the advertised currency of the auction will be converted into that
currency at the market rate of the day of receipt of the bid. In the
case of unexpected fluctuations in the currency markets, NUMISOR
S.A. reserves the right to adjust bids made in foreign currencies to
the applicable Swiss Franc exchange rate at the date of the auction.
Bids are standing and hold good for at least 60 days from the auction
period. NUMISOR S.A. reserves the right to invoice bidders up to the
end of the 60-day period, payment being due immediately.
3. The Auction
3.1 Unless stated otherwise, the currency of the auction is the Swiss
Franc. The auction will be held under the supervision of a “huissier
judiciaire” of the Canton of Geneva.
3.2 Prerogatives of NUMISOR S.A.: NUMISOR S.A. may withdraw,
group differently, divide or refuse to hammer any lot. NUMISOR
S.A. reserves the right to refuse any bid orders and/or for Live Room
auctions, refuse admittance to the auction room, at its discretion, to
anybody whomsoever.
3.3 Bidders’ representatives and auction agents: Any person bidding
for the account of a third party is fully liable for any obligation
arising from such bidding; this responsibility is notably applicable
for the verification of the condition and for the payment of
purchased lots.
3.4 Winning Bids: Each lot is sold on behalf of the respective owner
to the highest bidder who becomes the buyer at one bid step
over the next highest bid; this is the hammer price. In addition
to the hammer price, the buyer pays a premium of 18.5% to cover
commission, charges and expenses including lotting fees, packing,
export formalities etc. whether all incurred in particular cases or
not. The costs of postage and insurance for all lots is additional
and will be invoiced separately from the buyer’s premium. Upon
the knock of the hammer, liability for the lots passes to the bidder
whose bids have been accepted. Ownership will only pass to
the buyer when the total sale price (hammer price plus buyer’s
premium plus all fees) have been paid in full.
3.5 Swiss Valued Added Tax (VAT): Buyers domiciled outside of
Switzerland are not liable for Swiss VAT once the goods are duly
exported from Switzerland. NUMISOR S.A. can arrange for this
export; alternatively, clients may make their own arrangements
and furnish NUMISOR S.A. with proof of export, stamped by the
Swiss customs authority. Buyers who wish to keep their purchases
in Switzerland will be obliged to pay VAT of 8% of the purchase
price for all coins in silver, bronze or other alloys not exonerated
from Swiss VAT. Buyers are aware, and accept full responsibility
for the payment of any import duties or VAT, or any other import
formalities that may be required in their country of domicile. Should
a buyer wish to decline the insurance charge made by NUMISOR
S.A., this should be done in writing; NUMISOR S.A. shall therefore
assume that the buyer has obtained their own insurance protection
and NUMISOR S.A. shall have no liability in the event of loss or
theft of purchased lots during the shipping period.
3.6 Payment: Sale price plus buyer’s premium and additional costs
(if any) are due for immediate payment as invoiced against delivery
of the lots. Payment in other major currencies is accepted at the
rates of exchange applicable to the transaction amount, according
Conditions of Sale
The currency of the auction is the Swiss Franc (CHF)
to the market price of the day when collectable funds are received.
Payment by PayPal is accepted, but bidders will be required to
contribute to PayPal fees beyond those of a normal bank charge.
Bidders who are successful with whom it has been expressly agreed
that they pay after the sale under special conditions, are due to pay
the sale price and the commission according to those terms. In these
cases, NUMISOR S.A. keeps the relevant lots which are delivered to
the buyers upon full settlement of their account. Title or ownership
of the purchased lots, delivered or not, remains with the auctioneer
on behalf of the seller until payment has been made in full.
3.7 Special extended payment (credit) facility: NUMISOR S.A. may
offer a special extended payment facility to buyers. In these cases, the
buyer may choose to pay a minimum down payment of 25% of the
total invoice immediately, and the balance over a maximum period
of 6 months, paying an equal installment at the end of each month.
Interest of 1% compounded monthly, is debited to the buyers account
at the end of each month from 15 days after the date on the invoice.
When the special extended payment facility has been granted, the
buyer understands that any claims regarding his purchases must be
made within 30 days of the auction sale date, even though the lots
may be held by NUMISOR S.A. while awaiting full settlement of the
account. Until delivery, all lots may be examined by their respective
buyers at the offices of NUMISOR S.A.
3.8 Pledge: Until full settlement of the account, the buyer grants
to NUMISOR S.A. a pledge on any and all properties held by
NUMISOR S.A., acquired prior to, during and/or after any auction.
This pledge secures the repayment of any amount due in principal,
interest, commissions, costs and other applicable fees. NUMISOR
S.A. is entitled, but not obliged, to realise freely the pledged assets
without further formalities and/or without previous notice if
the buyer is in default with the payment of his debts or with the
fulfilment of any other obligation hereunder. For this purpose,
NUMISOR S.A. is not obliged to follow the formal process of
debt collection actions and/or bankruptcy proceedings; however,
NUMISOR S.A. does reserve the right undertake formal debt
collection procedures, if deemed necessary.
4. Guarantee of Authenticity
4.1 Extent of the guarantee: Subject to paragraph 4.3 below,
the authenticity of all numismatic items sold in the auction is
guaranteed for a period of 30 days from the auction date. Any
acceptable reclamation bringing into doubt the authenticity of a
lot, must come to the notice of NUMISOR S.A. within 15 days of
the delivery of the lot(s), but not later than the 30-day time bar. If
an extension of the aforementioned 30-day period is required in
order to substantiate the claim, for example with an independent
expert opinion, a request for such extension must be made to
NUMISOR S.A. within the 30-day time bar of the auction date. No
request for extension will be considered beyond this 30-day period.
An extension will expire 3 months after the date of the auction; the
results of a credible expertise for which an extension was agreed
must come to the notice of NUMISOR S.A. within that period.
No further extension of the period will be considered without
the expressed written agreement of NUMISOR S.A. Only claims,
expertise results or other details which are made within the agreed
time frame will be valid.
4.2 NUMISOR SA uses a globally recognised grading system for
items that are not already encapsulated as part of the description(s)
with the aim of determining an auction estimat(s). However, the
final decision on the quality of the item(s) remains with the bidder.
NUMISOR SA may also use professional grading services to
validate the authenticity and grades of items submitted to auction.
In the case of a reclamation, NUMISOR S.A. reserves the right to
request, at its own discretion, one or more further expert opinions.
All expertise and relative charges accrue to the vendor’s account in
the case of a justified claim, or to the buyer’s account if the claim
is not justified. In the case of a justified claim, the lot is taken back
and the hammer price plus buyer’s premium and other fees are
refunded to the buyer.
4.3 Exclusions: Lots described as collections, selections,
accumulations, or groups are sold as is, and cannot be the subject
of any claim regarding condition. Claims concerning lots described
as a set or groups containing more than one item, can only be
considered under the terms of paragraph 4.1 above if they relate to
more than one third of the total value of the lot. Lots comprising of
a single item which have been examined by the buyer or his agent,
and/or lots described as having defects or faults, cannot be subject
to claims regarding defects or faults. Any defects that are apparent
in the illustrated lots appearing either in the catalogue or a website,
cannot be subject to claims related to these faults.
4.4 Late Payment: If payment of the hammer price plus commission
due by the buyer is not made within 30 days of the date of the
auction, NUMISOR S.A. reserves the right to cancel the sale and
dispose of the lot(s) elsewhere and/or to make any necessary
recourse in order to obtain payment of the amounts due, as well as
for any incurred damages and losses and related expenses. A charge
on overdue payment of 2% per month afterwards plus expenses
incurred is chargeable on any outstanding amount after 30 days
of the date of the auction. The buyer who is in default in any way
whatsoever has no right of claim under any circumstances.
4.5 Exceptionally, the hammer price will be reduced to the lowest
winning bid where it is shown that the exact same buyer has
inadvertently increased the price by using more than one medium
of bidding on the same lot.
5. Applicable Law and Jurisdiction
Unless otherwise stated, all auctions as well as any rights and
obligations arising from them, shall be governed by Swiss law. Any
legal action or proceeding(s) with respect to any auction shall be
submitted to the exclusive jurisdiction of the Courts of Geneva,
subject to appeal to the Swiss Federal Court in Lausanne. In every
case, NUMISOR S.A. shall also be entitled, at its discretion, to
undertake proceedings in any other applicable jurisdiction.