The following terms and conditions are accepted by all persons participating in the auction:
1. Auction bidding is conducted in Swiss Francs. The highest bidder who has been acknowledged by
the auctioneer when the hammer falls after the third call has legally bought the lot. Bidding usually
begins at 80% of the estimate, provided no higher offers have been submitted. Written bids have
priority. The successful bidder has committed himself personally to the purchases made. He cannot
claim to have acted on behalf of a third party.
2. Absentee bidders can bid up to 24 hours before the start of the auction by writing, telephone or
electronically. Telephone bidders must agree that calls may be recorded. The auction house does
not accept liability for bidding mandates made by telephone, electronically or in writing.
3. Bidders must show proof of identification before the auction, and subsequently be registered. The
Auction House may require a bank reference and/or guarantee. The Auction House reserves the
right to deny a person from participating in the auction.
4. The auctioneer may raise or reject a bid without giving a reason, and furthermore reserves the right
to combine or split up catalogue lots, or to offer them out of sequence or omit or withdraw them
from the auction.
5. A commission of 21.0% will be levied on the hammer price - phone bidders and bidders using our
Live Internet facilities pay an additional charge of 1.5%. The Swiss value added tax (VAT) of 7.7%
is payable on the final price (hammer price, plus buyer’s commission and any other amounts
chargeable by the Auction House to the buyer). Gold coins (AV) are exempt from VAT.
If the purchases are exported, then the VAT will be refunded on production of a legally valid
original export declaration issued by the Swiss Customs.
6. Payment is in Swiss Francs and is immediately due upon adjudication of the lot and has to be paid
with the release of the object to the Buyer, unless otherwise agreed before the sale. Late payments
will incur a monthly default interest of 1%. Title in a lot will not pass to the Buyer until NAC has
received full payment on his account. NAC will generally not release a lot to a Buyer before
payment. Earlier release of the lot does not affect its title nor the Buyer’s obligation to pay.
If the Buyer has failed to make immediate payment and within 5 days after receipt of a registered,
written reminder by NAC to the buyer, NAC may in its sole discretion cancel the sale of the lot.
7. Shipping and insurance are at the buyer’s cost and risk. Any fees and charges payable abroad are
borne by the buyer (successful bidder) who is responsible for acquiring the necessary information
about any applicable customs and foreign exchange regulations. The Auction House accepts no
liability for any contraventions of such regulations.
8. The Auction House offers an unconditional and unlimited guarantee for the authenticity of
coins. All identifications and descriptions of the items sold in this catalogue are statements of
opinion and were made in good faith.
9. The objects which come under the hammer are auctioned on behalf of a third party or are the
property of the Auction House. The buyer (successful bidder) has no entitlement to have the
identity of the consignor disclosed to them and acknowledges that the Auction House might receive
a commission from the consignor for the sale.
10. The above conditions are a component of each individual contract of sale concluded at the auction.
Alterations must be made in writing in order to be valid. If any parts of these Terms and Conditions
should be no longer or not fully in conformity with the valid legal situation, this shall not affect the
content and validity of the remaining parts. The above-mentioned conditions are written in
German, French, Italian and English; the only valid text is the German one.
11. The contractual relationship between parties is subject in all facets to Swiss law. Place of
performance is the registered office of the Auction House in 8001 Zurich, and the exclusive court
of jurisdiction is Zurich.