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. Any comment
with regards to the population of a graded item represents the status
of that item as of September 2020 per the census data available from
the grading company. Numisor S.A. cannot be held responsible for the
effect that subsequent changes in population data may have on the
value of such items.
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 Swiss francs and as follows:
Chf 50 – 100 Chf 5 Chf 5,000 – 10,000 Chf 200
Chf 100–200 Chf 10 Chf 10,000– 20,000 Chf 500
Chf 200-500 Chf 20 Chf 20,000–50,000 Chf 1,000
Chf 500–1,000 Chf 50 Chf 50,000- 100,000 Chf 2,000
Chf 1,000–5,000 Chf 100 Chf 100,000 up Auctioneer’s
discretion
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 the
Stadtammann of the City of Zurich. Any liability of the Stadtammann
and of the City of Zurich, for acts of the Auction House, shall be waived.
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 20% 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 7.7% 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
Conditions of Sale
The currency of the auction is the Swiss Franc (CHF)
of exchange applicable to the transaction amount, according 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.