These conditions apply to auctions conducted by EDITIONS GADOURY in Monaco and will also be applicable in any private sale facilitated by EDITIONS GADOURY.
Under these terms and conditions, words and expressions have the following meanings:
1 .1 - "G." - EDITIONS GADOURY;
1.2 - "Catalogue" - Any advertisement, brochure, price list and other such publications;
1.3 - "Expenses" - Incurred in the sale of any lot. For example, fees and expenses incurred by G. for insurance, illustrations, special advertising, packaging, transportation and all other expenses and any related VAT.
1.4 - "The hammer price" - Price in Euro at which the lot is awarded to the Purchaser;
1.5 - "Lot" - Any item that is intended to be placed under auction and/or that forms part of the sale;
1.6 - "Purchase Price" - The purchase price plus all costs. VAT, additional fees and expenses in Euros, including those costs originating from a defaulting purchaser pursuant to clause 21.
1.7 - "sale's product" - The net amount due to seller consisting of the hammer price less commission from the seller, any related VAT, expenses and other amounts owed by the seller to G.
1.8 - "VAT" - Value Added Tax.
1.9 - "Fees" - The buyer must pay a premium of 14.35% of the final bid to G, in addition to the hammer price of each lot. This premium is inclusive of VAT.
2 G. sells as agent for the seller and is not responsible for any failure of the seller or the buyer.
3 In spite of best efforts to ensure the accuracy of the description of each lot in the catalogue, G. does not guarantee that such a description is accurate.
Any statement, whether printed in the catalogue or not, with relation to, and not limited to, source, origin, age, date, condition, the estimated selling price, or quality of any lot, is the result of opinion and neither G nor its servants or agents may be held liable for the accuracy of any such given opinion. No person is authorized by G. to make any statement unless it is already printed in the catalogue.
4 G. may accept bids from a potentail buyer on his behalf provided that neither G. nor its employees or agents shall be held liable for negligence or error in the execution or failure to execute such orders.
5 G. reserves the right to refuse admission to any person at its auctions.
6 The auctioneer will have absolute discretion to refuse any bid, divide any lot, to combine any two or more lots, or to withdraw any lots from the sale without giving any reason. The bidding shall be regulated at the absolute discretion of the auctioneer.
7 G. shall not be responsible for any injury, damage or loss suffered by any person while he is present at the exhibition of sale or at the time of the auction, except for death or personal injury caused by negligence of G, its employees and agents.
8 Any notice of G. sent to the seller or buyer may be delivered by hand or sent by post, telex or e-mail and shall be deemed as having been received:
(a) - At the time of delivery if delivered by hand;
(b) - Within 7 days following transmission during a business day if sent by telex or e-mail;
(c) - Within 48 hours of the date of postage if mail is from the country and within seven days if it is from abroad.
9
9.1-Any transaction subject to these Terms and Conditions will be settled under Monegasque law and all parties should refer to the non-exclusive jurisdiction of the courts in Monaco.
9.2-The copyright of all text and illustration of the lots will remain the property of G. and may not be used even in part by any person without the prior written consent of G..
9.3 This document has been translated from the original French version. In the case of a dispute, French shall prevail.
10 Seller Warranty
10.1 Seller warrants to the auctioneer, to G. and to the buyer that he is the true owner of the lot or and is able to transfer full ownership of the lot free from any links, mortgage and charge in favor of a third party.
10.2 With regard to consignments imported into France and Monaco to auction, the seller guarantees to the auctioneer, G. and to the buyer, that he has completed all the formalities for the export of such consignments from their country of origin to the importation into France and Monaco, including (without limitation) payment of all duties and taxes, and obtaining any license, permit or other authorization required for the export and import.
10.3-The seller will indemnify the auctioneer, G. and the buyer against all claims made or proceedings brought in breach of the seller of clause 10.1 or 10.2 and the seller will reimburse the auctioneer, G. and the buyer for any loss, expense, or damage resulting therefrom.
11 Commissions and expenses
11.1 All lots are subject to a "BUYER'S PREMIUM" between 10% and 15% inclusive of V.A.T., payable by all buyers, according to prior agreement.
12 Reserve price
12.1 All lots are offered for sale, subject to any reserve price that may be imposed by the seller.
12.2 If no minimum price has not been determined between G. and seller, G. will not be responsible if the lot has been sold at a price lower than the estimate for the lot in the catalogue.
12.3 If the agreed minimum price is given in a currency other than Euro, the sum will be calculated using the exchange rate at closing, given to G. by the bank Credit Lyonnais on the last working day before the date of the auction.
13 Sale's product
13.1 G. will pay the seller the sale's product within 90 days after the date of sale and subject to G. having received the purchase price of the buyer.
13.2 If, as per the Article 13.1, G. did not receive the purchase price, G. will then pay the sale's product within 7 business days after the date on which the purchase price has been received from the purchaser.
13.3 If the purchaser fails to pay the purchase price within 30 days from the date of sale, G. shall notify to the seller that will give his instructions to G. about the proper procedure to follow, and if G. considers that such an approach is feasible it will assist the seller to recover the purchase price, but with the understanding that G. will not be obliged to do it in his own name.
13.4 If before the purchase price is fully paid by the buyer, G. pays to the seller an amount equal to the sale's product, the ownership of the lot will pass to G.
13.5 In the case of non-resident vendors, subject to exchange control regulations applicable to the date of sale, the proceeds will be paid to the seller in an agreed currency.
14 Commission for retired lots
14.1 The Seller acknowledges that each lot is an important part of the sale and substantially increases the value of the auction to potential buyers and that to remove the lot from the sale will lead to the auction being less highly regarded. Consequently, if the seller withdraws at any time a lot from the sale, the seller will pay to G. a commission of 20% calculated on the amount of the minimum hammer price as calculated in accordance with section 12.1 with VAT and all expenses.
14.2 If the seller removes authority of G. to sell a lot, the seller will arrange for the lot be removed at his own expense within two working days following the date of withdrawal.
15 Insurance
15.1 The lots during consignment with G. are not insured by G.
15.2
It is highly recommended that the seller carry insurance covering theft, loss, destruction or damage when the lots are during consignment with G.. G. shall in no event be responsible for lots during consignment.
15.3 The Sellers have the opportunity to ask G. to provide insurance for their lots, in this case the seller will pay to G. the price of the insurance + VAT. In no event shall the insured value constitute a guarantee or estimate the present value of the lot or the possibility of selling it at the insured value.
15.4 If the seller has one or more insurance policies covering a lot, and if there are no instructions to G. to insure that lot, it will remain at the risk of the seller to compensate the auctioneer and G. against all claims made or proceedings against G. for any loss or damage whatsoever suffered by this lot, under all circumstances.
5.15 G. will not be held responsible for any loss or damage to the lot.
16 Unsold lots
Unsold lots must be removed at the expense of the seller within 24 hours of receipt by Seller of a notice by G. asking him to remove the lots. At the expiration of such a period, G. has the right to sell such lots by public or private sale on such terms as agreed and deduct from the proceeds of the sale all sums due to G. including (without limitation) the costs of removal of storage and insurance and other reasonable expenses, and this before remitting the balance to the seller. Lots returned at the Seller's request will be returned at the Seller's risks and expense, and will not be insured in transit unless G. receives contrary instructions from the Seller.
17 Photography and Illustration
G. reserves the right to photograph and illustrate any lot and to use such photographs and illustrations, as well as those that the seller has provided.
18 G. discretion
G. may perform its functions at its own and complete discretion and reserves the right without limitation to refuse a bid for one lot or to remove a lot of the sale and the seller can not engage the responsibility of G. for any loss or damage arising from the exercise of this right.
19 Tax domicile of the seller
Seller shall provide to G. all necessary information regarding his tax domicile and origin of the consignment to be sold, and it guarantees this information to be true and on which G. may rely.
20 Conditions of the buyer
Bidders must show proof of identification and complete a registration form before the start of the auction, and subsequently be registered. G. may require a bank reference or a guarantee. In this circumstance the bidder will receive a bidding number. Those without bidding number will not be permitted to enter the auction room.
By making a bid the buyer acknowledges acceptance of these terms and shall be bound by them.
21 Auctioneer
21.1 The sale shall be regulated by an auctioneer of Monaco who, will ensure that bids are properly made, and generally take all necessary measures to maintain order during the auction.
21.2 The auctioneer will have absolute discretion to split any lot, to combine any two or more lots, or to withdraw any lots from the sale without giving any prior reason.The bidding shall be regulated at the absolute discretion of the auctioneer. The auctioneer has the right to refuse any bid or bids.
21.3 The auctioneer shall have absolute discretion to determine the outcome in event of dispute and the disputed lot may be re-offered for sale.
21.4 The auctioneer and G. expressly reserve the right to make any statement before the opening of the sale or prior to the auction lot, constituting changes, descriptions, statements, references to the catalogue or general conditions of sale.
21.5 The auctioneer shall notify the conditions of the auction including additional costs to be incurred to the bidders before the sale begins,.
21.6 The auctionee will accept bids from any person in the room. It may also take orders bidders not present in the room,that give their orders to G. by telephone, fax or telex. In any case G. and the auctioneer will not be held responsible for any negligence, error or mistake in the execution of any orders.
22 Bids
22.1 The auction is conducted in Euros. G. reserves the right to organize a simultaneous translation service. G. cannot be held responsible for malfunction of the translation service system and only the translation of the final bid amount as expressed by the auctioneer will be considered.
22.2 A bidder shall be considered and presumed to have acted on his own account, unless, before the sale, he has specifically brought to the attention of G., in writing, that he was acting on behalf of a third party, and that the third party has been approved by G..
22.3 In case of a dispute involving the third party, the bidder and the third party will both be held responsible for the auction.
23 Hammer price
23.1 The highest bidder for each lot shall be the buyer thereof.
23.2 The buyer of any lot shall, if requested, immediately notify his auction number.
23.3 All lots are subject to a "BUYER'S PREMIUM" of 14.35% inclusive of V.A.T., payable by all buyers.
23.4 The tax on commissions and VAT on imports can be retroceded to the purchaser upon presentation of proof of export outside the EU no later than one month after the sale.
24 Payment
24.1 The hammer price and the amount in excess referred to in Article 23.4 must be paid in cash immediately and the seller gives to G. and to the auctioneer the right to decide at their discretion, to allow the bidder to pay the price and the additional costs mentioned above by bank transfer. In any event, the payment must be done at the latest by 12:00 of the first working day after the sale at the bank of G. in Monaco.
24.2 In accordance with the article 26.5 below, in case of non-execution or partial execution of obligations charged to the buyer under these conditions and especially in case of non payment or partial payment within 24 hours from the sale, G. reserves the right in its sole discretion to exercise the following rights and actions:
• Cancel the sale of the lot
• Claiming as a penalty for compensation per day of delay, a percentage of 0.5% on the hammer price or the fraction of prices to be paid and charges not paid until payment in full
• Call for compensatory damages which should cover not only loss from the resale of the lot in question but also the costs of such resale, and the damage to G..
• Set the amount owed by the buyer at an interest rate of 16% per year
• Compensate the amount of money owed by the buyer with any amount that shall be paid by G. to the buyer.
25 Transfer of ownership
The transfer of ownership of the lot in favor of the bidder shall only take place after full payment of hammer price and additional charges mentioned above. However, once the auction (hammer blow of the auctioneer) has taken place, all risks related to the lot will be transferred to the buyer in full and without reservation.
26 Responsibility of the buyer
26.1 The bidder shall be solely responsible for any loss, theft, partial or total destruction, or damage that may occur between the sale and the transfer of property upon full payment of the hammer price and additional costs.
26.2 The successful bidder will be required to undertake or have undertaken at his expense, the withdrawal of the lot when he becomes the owner under section 25 within 48 hours after the auction.
26.3 Each lot shall be held at the buyer's risk from the fall of the hammer. The lot or lots shall be removed by the buyer within seven working days of the date of the sale
26.4 It is the responsibility of the buyer of a lot to accomplish all necessary formalities, of any nature, for public use of the lot in accordance with current legislation, both in Monaco and France. G. or the auctioneer can not be held responsible for a breach by the buyer in such formalities.
26.5 If the buyer will not withdraw the lots within the period specified in section 26.2, G. reserves the right to proceed with the withdrawal and expedition of the lots at the expense and risk of the buyer.
27 Descriptions in the catalogue
All identification and descriptions of the items sold in this catalogueue are statements of opinion and are made in good faith. Lots are sold as shown with all faults, imperfections and errors of description highlighted where possible. The sale of lots is done at the risk of the contractor without warranty of description, origin, of the time, age, provenance or concealed defects. It will be suggested for potential bidders, prior to the auction, during the public exhibition of the lots offered for sale, to check the condition, quality and authenticity of the lots.
28 Preemption of the Principality of Monaco
The Principality of Monaco has a preemptive right to the coins sold in accordance with current laws.
The exercise of this right comes immediately after the fall of the hammer, if the representative of the Principality expresses then the will to replace the highest bidder, and he confirms this will within 15 days.
G. will not be responsible for the preemption of the Principality.
29 Export
Monaco is part of the French customs union, and as such, export outside Monaco has the same rules as those existing in France. If the purchaser intends to export currency outside of the customs union, it will then, be his full and sole responsibility to complete all procedures and formalities required by law. In any case, G. or an appointed bailiff may be sought for non-compliance or fulfillment of such formalities.
29 Lots export
Monaco exports, as part of the French customs union, undergo the same rules as those existing in France. All money from the customs union or beneficiary under the temporary importation if it is within the customs union may be removed upon presentation of proof of payment of the purchase price. If the purchaser intends to export currency outside of the customs union, it will nedd to complete all procedures and formalities required by law. In any case, G. or the auctioneer will not be in charged of these procedures.
30 G. acts solely as agents and shall not be responsible for any default by either the buyer or seller or for any action or claim which may arise in respect of any lot.
31 Jurisdiction
These Conditions shall take effect and be construed in accordance with the provisions of Monaco's law. Any dispute relating to the sale or such conditions will be subject to the jurisdiction of the courts in Monaco.
32 Online Auctions on auction.gadoury.com
32.1 Registration
Registration is free on auction.gadoury.com.
32.1.1 Only professionals and individuals, which have already purchased from G. or are able to provide References from professionals for all the requested information are permitted to register as a user of the auction.
32.1.2 Auction.gadoury.com reserves the right to deny access to users without justification or can set other special conditions for the approval of a user.
32.1.3 Auction.gadoury.com is authorized to delete a user account at any time and with immediate effect. If a user account is deleted for any reason, the user remains committed to any commercial agreement already established on auction.gadoury.com. The commitment also applies to all or offers already made before deleting the account.
32.1.4 Each user chooses a username and a password. These are strictly personal and confidential and can not be transferred to third parties. If the user suspects that his password is known by others, he must inform G. immediately and G. will block the access of the account to prevent abuses in the name of the user.
32.2 Advertising of the online auction
The posting on the website vente.gadoury.com, descriptions and photographs of the coins, are considered an advertisement and meet the legal requirements of public auction.
32.3 End of bidding auction.gadoury.com
32.3.1 It is possible to bid online at auction.gadoury.com until 25 November 2012.
32.3.2. By making a bid the buyer acknowledges his acceptance of these Conditions and shall be bound by them and he agrees that he will own the coin if there is no higher bidder (including present with the auction room).
32.3.3 G. reserves the right to refuse any bid which it deems suspicious, whatever the cause.
32.3.4 The bidder who brought the highest bid on auction.gadoury.com at the and of the online auction will not be the successful bidder there is any higher bid on the day of the sale.
32.3.5 On the day of the auction (1st December 2012) the starting price of each lot is equal to the final starting price that is listed on auction.gadoury.com and it may be different from the starting price published in the auction catalogue.