The auction is conducted on behalf and for the account of the appropriate proprietorsof the goods and is subject to the federal Auction Regulation (Versteigerungsordnung BGBI I 1976,1346) published in the Federal Law Gazette Vol. 1, 1976,1546 and the relevant provisions for factors in accordance with the German Civil Code (BGB) and Commercial Code (HGB). Payment of the hammer price has to be made in cash and in EURO. The submission of an offer implies the expressed acknowledgement of these Terms and Conditions of Auction ; the same applies to the submission of an offer in writing.
The hammer-price is the basis for the calculation of the buyer’s surcharge. For buyers from EEC countries there is a surcharge of 23% which includes the relevant tax.
For buyers from countries outside the EEC there is a surcharge of 20%. If the goods are exported by the buyer or a third party the relevant VAT will be charged but refunded on presentation of the legal export certificate.
All foreign taxes and custom duties must be carried by the buyer.
Delivery will be made against payment in EURO with no bank charges to the auctioneer. Unless mutually agreed otherwise, payment of the auction bill from purchasers present at the auction is due immediately. From purchasers who have submitted a bid in writing, payment is due within 10 days after receipt of the goods. Defaulted payments shall bear an interest charge of 1,5 % per month.
Should payment to the auctioneer not be made immediately or should the acceptance of the awarded item be refused, such item will not be handed over to the purchaser. Instead the purchaser shall forfeit all right and title in and to such item from the award and the item may again be put to auction at this buyer's cost. In this event the buyer shall be liable for any shortfall, while he shall have no right or claim towards any excess proceeds.
An item will be knocked down after the highest bid has been called three times. The award shall be a binding commitment and liability on the part of the bidder to take acceptance and delivery of the item or items so awarded. In the event of any dispute with regard to the award the lot will be put up again for bidding. The auctioneer reserves the right to combine and to separate lots. Lots will not be called out of sequence. Access to the auction will only be permitted to interested persons who received a catalogue from the auctioneer.
Orders submitted in writing will be carried out diligently and without charge of an extra commission. Orders from collectors unknown to the auctioneer can only be accepted and carried out if a deposit or references to the satisfaction of the auctioneer are given. Written bids should be submitted early. If necessary, the auctioneer is allowed to increase the bids by 3 - 5 %. Should several bids be obtained in writing bidding the same price or prices for a given lot, the bid first received shall be given the award. Unlimited bids shall not oblige the auctioneer to consider, accept or carry out such order.
Shipment of the goods shall be for the sole cost and risk of the purchaser or recipient. The auctioned goods remain the sole and exclusive property of the vendor until full payment of any and all dues and claims in connection with the auction has been made. In the event the purchaser is a merchant (in the sense of the German commercial laws) Lörrach shall be the agreed and exclusive place of jurisdiction. The competence of the District Court (Amtsgericht) of Lörrach is agreed in respect of summary proceedings for the collection of defaulted
payments (Mahnverfahren) as well as in any and all other cases. Should the purchaser not be a merchant Lörrach shall be the place of jurisdiction with the District Court of Lörrach's competence, if only the auctioneer has his ordinary legal domicil in the Federal Republic of Germany or if claims are made by way of summary proceedings of collection (Mahnverfahren) or if the defendant has moved his ordinary legal domicil outside the jurisdiction of the Federal Republic of Germany or if the legal domicil of the defendant is unknown to the auctioneer
at the time of filing a suit. To the exclusion of any other legislation German law, as in force at the time, shall be applied for the settlement of any and all legal or Judicial matters.
The specifications and descriptions in the catalogue have been prepared diligently and in good faith. They do, however, not constitute the acceptance by the auctioneer of any warranty or liability in respect of defect in material or title. The state of preservation of items is strictly assessed in accordance with the grades accepted by the German coin trade and only represents an individual and personal assessment.
Purchasers present at the auction acquire items strictly on the basis of "as is where is" and "as inspected". In view of the opportunity of prior inspection to ascertain the state and condition of the auction lots, complaints and objections made after the sale will only be considered, if by obvious error or mistake loop or traces of mountings, trimmings and settings, or the plugging of a hole have remained unnoticed. If and when auctioned in lots, the quantities of individual pieces given only represent an approximate figure. An error in the allocation of individual pieces to a certain lot cannot be excluded. Such lots are, therefore, excluded from any complaints or objections after the lot is knocked down. In the
event of disputes or complaints as to the quality of an item the auctioneer may call upon a generally sworn expert of the trade, which the auctioneer may choose at his sole discretion. The costs of such expert shall be borne by the party losing the dispute according to the expert's decision. Complaints or objections, if justified, will only be considered if made and received by the auctioneer within 8 days after the auction or after receipt of the lots. The authenticity of the coins is warranted up to the total purchase price.
The prices set out in the catalogue are estimates only, which may be exceeded or undercut. Orders for less than 80 per cent of the estimated price cannot be accepted.
Purchasers from abroad will have to observe all applicable laws and regulations in respect of foreign exchange, customs duties and taxation of their country. The auctioneer will only discharge such formalities, which have to be observed, in the Federal Republic of Germany in connection with the export of the purchased item(s). Unless stipulated otherwise herein, the general rules and regulations for auctions applicable in Germany shall govern any transaction in respect of the auction; German law shall also be applicable in relation to purchasers from abroad. Only the German text has legal force. The Auctioneer: Joachim Stollhoff