Auction basics. The auction is conducted on behalf and for the account of the owner of the goods and is subject to Austrian Trade regulations. Bidding in the auction – written or oral - constitutes acceptance of the following Terms of Auction. Please note that an auction sale is not an approval sale. The auction sale is conducted in Euros (€) and the starting prices are minimum prices and no estimates.
Description: The descriptions of the material and the grading in the catalogue have been executed with great care. The illustrations are part of the description and in case of doubt the text is authoritative. Colour variations can be expected in electronic or printed images are no grounds for the return of any lot. The grading of coins is a personal judgement but corresponds to the accepted grading scale in the European coin business. With bidding on coins which are graded by a third party like PCGC or NGC – which is noted in our auction catalogue – the grading cannot be claimed. All images, descriptions, sales data etc. are the exclusive property of auction house H.D. Rauch GmbH and may be used by us for advertising promotion and archival records etc.
Auction procedures: Any person who wants to take part in our auction sale is subject to registration to our company. The registration of a new client has to be done at least 2 working days before the auction date to allow a verification of the reference. If a client cannot indicate any known reference then he can either make a prepayment in advance of 25 % of the sum he wants to bid for or send us a scan of his valid credit card together with the photo identification. The payment in advance will be returned immediately after auction or put in balance with the purchase. The successful bidder has committed himself personally to the purchases made; he cannot claim to have acted on behalf of a third party.
Written pre bids. Written pre bids can be sent to us by post, fax, e-mail or by using the facilities of the online catalogue. The bids must be received by us at least by 7 a.m. MEC on the day of the auction. Bids received in the last two days before the auction cannot be confirmed in writing. To optimize the chance of winning the absentee bidders can give either/or bids or limit the total bidding sum (exclusive the commission). Bidders are responsible for errors in bidding, therefore please control that your bids (lot numbers) are entered correctly. Pre bids given by telephone need to be confirmed in writing (fax or e-mail) to avoid errors.
Telephone bidding: for live bidding by telephone during the auction the client has to make preliminary arrangements with the Auction House at least two business days before the auction starts. The bidder has to give us the lot numbers for which he wants to bid by phone and a valid telephone number. The telephone bidding is accepted exclusively on lots with a starting price of more then € 100 and we take it for granted that the telephone bidder bids at least the starting price on these lots. The Auction house cannot be made responsible for technical problems or mishearing.
Floor bidding: Any client needs to take a bidding card or paddle on the floor before going in the auction room. Viewing can be done before and during the auction without problems. As soon as the client closes his biddings he can ask for the invoice and the coins. The invoice can be paid in cash (if the sum is more then € 5.000 we have to ask according to the law for a personal document). Bidders who have the possibilities to inspect the lots prior to the purchase, will not be granted any return privileges, except for reasons of hidden repairs on the coin, mounting or authenticity.
Bidding increments as a general rule are 5 to 10 %. When identical bids are submitted, preference is given to the first received. No „buy“ or „unlimited“ bids will be accepted. Hammer price: An item will be knocked down after the highest bid has been called out three times. The hammer price will be executed at one bidding increment over the next highest bid. All auction sales are final. A written bid has priority over an identical floor bid. On the floor a bidder may request the auctioneer to accept a bid at half of the bidding step (Cut bid); this can be done only once per lot and this bidder has to resign for further bidding on this lot. The auctioneer reserves the right to combine or to separate lots; to withdraw lots or put up an item for bidding again in case of error or dispute.
Pricing: The hammer price represents the basis for the buyer’s premium of 18,5 % and VAT (Value Added Tax). A letter in front of the lot number marks for the purchaser the applicable VAT rate.
B = zero rated coins. Gold coins issued after 1800 and which were or are still legal tender and investment gold coins and are enumerated by the European Commission in Brussels. These gold coins are not subject to VAT. (Hammer price + 18,5 % buyer’s premium plus shipping).
D = Auctioneer’s Margin Scheme. 22 % are added on the hammer price plus shipping. VAT and the buyers’s premium are included.
V = 20 % VAT for all coins and medals which were imported into countries which are members of the European Union and are sold to countries of the European Union. .To the hammer price is added the commission of 20 % + shipping + 20 % VAT.
Dealers in EEC countries (others than Austria) will receive goods tax free upon presentation of their valid European VAT ID number.
Buyers resident outside the EEC pay a buyer’s premium of 18,5 % and are not charged VAT if the goods are delivered by us or ask for export papers.
Purchasers from abroad will have to observe all applicable laws and regulations in respect of custom duties and taxation in their country. If the goods are exported by the buyer himself the valid proof of export certificates must be returned to us within a month after the auction. If the client fails to return the proof export certificates to us within this month he will be liable to us for the full amount of the VAT and we will be entitled to invoice him for his sum.
Payment: Unless mutually agreed otherwise, payment of the auction bill is due immediately if the buyer is present on the floor; this is also valid for bidders who have acted on behalf of another client. From purchasers who have submitted written bids, bidden by phone or live, payment is due within 14 days after receipt of the goods. From new bidders we will ask payment in advance and we are entitled to ask payment in advance of all clients. H. D. Rauch GmbH reserves the right to deem the sale incomplete and to resell the material and the bidder agrees to pay for the reasonable costs of such a sale and also pay any difference between the resale price and the previously successful bid.
The payment can also be done by credit card (VISA and MASTER) or Paypal if the client adds a surcharge of 4 % to the total sum of the invoice for the handling. US Dollar cheques drawn to an US bank are accepted, not cheques in Euro unless the clients adds to the sum of the invoice the high bank costs. Ownership of the lots will not pass until payment of the purchased price is made in full. After the period of 30 days has expired 1 % interests are charged per month.
Shipment: All shipping charges will be borne by the buyer of the auction goods. Instructions for shipping must be given right after the auction at the latest.. We ship the goods according to postal regulations or by special service if wanted by the client or necessary for the insurance. The minimum costs are: Domestic: € 7,--; Europe: € 15,--; overseas: € 20,--. Any shipment is insured. Insurance regulations require that losses or damage in shipment be reported immediately and that some evidence (photo, damaged envelops) are sent. If the client does not receive the shipment in time or it is damaged the buyer has to inform us upon receipt because investigations are only accepted by the post for shipments three months old. The buyer or recipient is liable for the costs of shipment which are returned by post because of the carelessness of the buyer or recipient.
Complaints and authenticity. All coins in this sale are guaranteed genuine and as described. There is no limit of time to claim the genuineness of coins sold in our auctions. The authenticity of the coins and medals is warranted up to the total purchase price. In case of dispute about the authenticity we will show the item to a well known expert or send the coin to IBBSC London for approval. The costs shall be borne by the party loosing the dispute according to the expert’s decision. Coins certified and slabbed by a third party like PCGC, NGC may not be returned for any reason. Complaints based on a different quality assessment by a private Grading Institute do not entitle the buyer to countermand the purchase transaction. All other claims which are due to an error in description (like plugging of a hole, traces of mounting etc.) must be made within 10 days after receiving the auction material: If bidders who have to pay in advance fail to settle the sum due within 20 days the time for claims because of errors in description has run out. Coins and medals graded as fine or lesser as well as multiple lots are excluded from warranty. Claims are handled on behalf of the owner or seller i.e. the person or company who instructed the auctioneer to offer the material for sale. We reserve for us the right to ask the buyer to turn directly to the owner with his claim. This will always be the case when the account with the seller has been settled.
Jurisdiction. Any and all disputes shall be subject to the exclusive jurisdiction of Vienna courts, except for those to recover payment for lots sold hereunder which may be pursued wherever the buyers may be found. Only the German text has legal force.
The auctioneer: H.D. Rauch Vienna, February 2017