Terms of Sale

1. The auctioneer acts in his own name for the account of his client, who remains anonymous (as commission agent).

2. During the auction, the auctioneer reserves the right to combine or separate the lot numbers of the catalogue, to offer these out of sequence or to withdraw them.

3. The items to be auctioned can be viewed prior to the auction. The catalogue descriptions are given to the best of our knowledge and belief and are no
guaranties according to the Sale of Goods Act. The auction house accepts no liability for defects, insofar as it has complied with its duty of care. Apart from collections, the auction house does however engage to claim warranty rights from the supplier for justified claims, which must be notified to the auction house at the latest within one week of receipt of the item, within the 1 year period of limitation. In the event of a
successful claim against the supplier, the paid purchase price, including the buyer’s premium, will be refunded. Any additional claim, including compensation for the costs of the claim, such as postage, inspection fees, etc., is excluded.

4. Knockdown takes place to the highest bidder after it has been proclaimed three times. In justified cases, the auctioneer can refuse to knockdown or to award it subject to a proviso. The auctioneer can withdraw the knockdown and offer the item again, where a bid that was made in time was overlooked or where the highest bidder does not wish for his bid to stand, or where other doubts arise as to the knockdown. Where
bids are made to the same value, a written bid has priority over a bid in the room. Telephoned bids must be subsequently confirmed in writing. The Auctioneer will accept no liability whatsoever for establishing the telephone connection or for the communication of bids – including those submitted by e-mail or via the internet. In the event of a knockdown subject to a proviso, until clarification with the supplier has been obtained, the bidder is bound by his bid for a minimum of six weeks; the same applies where bids lower than starting price are given and sales of unsold lots after completion of the auction. Bids such as “best” also rise by up to ten times the proclaimed price.

5. Participation via the internet („Live-Bidding“) and use of the systems is limited by the auction houses equipment and the current technical state of said equipment. The auction house reserves the right to implement any changes to said equipment to
improve the service provided. The participants accept that technical faults can occur and shall inform the auction house when this happens. The auction house/auctioneer shall not be liable for any disruption to the online connection nor for the compatibility of the hardware and software used.

Sellers and bidders have no claims against the auction house/auctioneer, if a bid or closure does not come through or is delayed.

6. Upon knockdown being given, the risk for loss or damage beyond the control of the auctioneer, passes to the purchaser. Ownership of the purchased item only passes to the purchaser when complete payment has been made to the auction house.

7. The obligation to accept arises with the knockdown. The items are to be received immediately after the auction. If the purchaser requires shipment within Germany, this shall be provided at his own expense and, insofar as he is also a businessman, at his own risk.

8. The sale of auction lots is subject to differential taxation. The acquisition price forms the basis for calculating the premium to be paid by the buyer. A fee of €2 is charged per auction lot. No VAT is indicated for goods that are subject to differential taxation.

For buyers in European Union countries: Consumers pay a standard premium of 25% plus lot fee, postage and insurance.

For Traders (as defined in the German VAT Act –UStG) pay a premium of 25% on goods that are subject to differential taxation (this premium includes 19% VAT) plus lot fee, postage and insurance. In the case of goods that are subject to regular taxation, a premium of 21% is charged, plus 19% VAT charged on the total sum of acquisition price, premium, lot fee and postage/insurance. The movement of goods within the EU can be exempted from VAT in accordance with statutory provisions.

For buyers resident in third-party countries (outside the EU): Buyers pay a 21% premium plus lot fee, postage and insurance. If Auktionshaus Ulrich Felzmann GmbH & Co. KG exports the goods to third-party countries itself, the invoice will not contain VAT. If the goods are exported by the buyer him/herself or via a third party, VAT will be charged and reimbursed on presentation of the necessary proof of export.In all cases, the buyer him/herself will assume any import taxes or customs duties.

A premium of 21% will be charged for gold coins that are exempt from VAT.

9. The invoiced amount becomes due with the knockdown and is payable in cash or by means of a bank certified cheque. Payments by external purchasers, who have bid in writing or by phone, become due within one week of the date of invoice. Where the purchase is made for a third party, the bidder shall be liable together with the third party as a joint and several debtor.

10. In the event of a payment delay or refusal to accept the acquired lots, the buyer shall lose his/her rights relating to the acquisition price. Interest of 1.5 % per
month shall be charged in the event of a payment delay. In addition, the auction house can demand, as it sees fit, fulfilment or, after setting a deadline, compensation for non-fulfilment. The compensation can also be calculated in such a way that the item is
auctioned again in a further auction and the defaulting purchaser is liable for any reduced proceeds compared with the previous auction and the special costs for repeat auctioning, including the fees of the auctioneer. In the event that sold lots are
not paid for in full within a maximum of three months after the original auction date, the Auctioneer shall invoice said purchaser for at least the forgone auctioneer’s fees as compensation for non-fulfilment. The onus shall be on the purchaser to demonstrate
that the Auctioneer did not incur any damages or incurred damages of a significantly lesser degree than the amount in question.

11. The place of fulfilment and jurisdiction for transactions between merchants is Düsseldorf. German law applies; the regulations of the United Nations Sale of Goods Act do not apply.

12. The afore-mentioned conditions do also apply to any lot sale after the date of auction. The sale of unsold lots is only possible for a limited amount of time. A winning bid which has been awarded via online catalogue, an online platform, telephone,
email, or any other form will only be considered binding upon receipt of an invoice. The surcharges are calculated in line with point 8 of these terms and conditions.

13. If one of the above mentioned conditions shall be wholly or partly void, this shall not affect the validity of the remaining conditions. In case of any discrepancies between the German and the English language version of these General Auction Conditions as well as any lot description the German language version is relevant.

Status: February 2021
The Auctioneer