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 identifi cation 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 confi rmation
of arrival in the territory of the EU member state which issued the VAT identifi cation
number. In case LCG exports these goods and a valid VAT identifi cation 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 certifi cate. 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 identifi
cation documents (such as identifi cation cards, trade register excerpts, VAT registration
numbers etc.) as a legal obligation to respect the fi nancial 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 confi dential 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 ineffi ciency of any provision shall not
affect the validity of all other provisions. In lieu of the invalid or ineffi cient provision
or for the purpose of closing the gap, reasonable provision shall apply.