Auction Terms & Conditions

Terms and Conditions of Sale

These Terms and Conditions (“Terms”) apply to all participants in the auction conducted by Numismatic Fine Art

GmbH (hereinafter “auctioneer”). By participating in the auction, bidders acknowledge that they have read, understood, and agree to these Terms and Conditions.

1. Auction Bidding Process: a. Currency: Bidding is conducted in Swiss Francs (CHF).b. Bid Acknowledgment: The

highest bidder acknowledged by the auctioneer at the fall of the hammer after the third call legally purchases the

lot. In electronic auctions, bids are confirmed by a virtual auctioneer. c. Starting Bids: Bidding generally starts at

50% of the estimated value unless a higher offer is submitted. d. Bid Priority: Written bids take precedence over

telephone and electronic bids. e. Personal Liability: The winning bidder is personally liable for the lot(s) they

purchase and cannot claim to have acted on behalf of a third party. f. Risk Transfer: The risk passes to the buyer

with the fall of the hammer.

2. Absentee and Remote Bidding: a. Absentee Bids: Absentee bidders may submit bids electronically until the

auction starts. b. Submission Deadlines: Written bids (including electronic bids) must be received at least 24 hours

before the auction. Internet platform bids must be received at least 12 hours before the auction. c. Telephone

Bids: Telephone bids are accepted only for items with an estimated value over CHF 500 and must be placed no

later than 48 hours before the auction. Telephone calls may be recorded, and the auctioneer is not liable for errors

or omissions in telephone bids. d. Platform Reliability: The auctioneer and live bidding platform operators will

strive to ensure platform availability and smooth operation, but bidders are responsible for meeting all technical

requirements. The auctioneer accepts no liability for losses or claims due to technical faults or interruptions. e.

Binding Bids: All bids are final, binding, and irrevocable. A bid remains valid until it is either outbid or rejected by

the auctioneer.

3. Bidder Registration and Participation: a. Proof of Identification: Bidders must provide proof of identification

and register before participating in the auction. b. Bank References and Guarantees: The auctioneer may request

bank references and/or financial guarantees at its discretion. c. Right to Refuse Participation: The auctioneer

reserves the right to deny any individual access to the auction or live bidding platforms without explanation.

4. Auctioneer’s Discretion: The auctioneer may raise or reject any bid at their discretion without explanation. The

auctioneer has the right to combine, separate, reorder, or withdraw lots at any time during the auction.

5. Buyer’s Premium and Additional Charges: a. Commission: A buyer’s commission of 20.0% will be added to the

hammer price. b. VAT: A Swiss VAT of 8.1% applies to the final price (hammer price plus buyer’s commission and

other charges). Gold coins (AV) are VAT-exempt. c. VAT Refunds: VAT will be refunded upon receipt of a legally

valid export declaration issued by Swiss Customs if the purchases are exported.

6. Payment Terms: a. Immediate Payment: Payment in Swiss Francs (CHF) is due immediately upon adjudication of

the lot. Payment must be made before the release of the lot unless otherwise agreed in writing. b. Invoice Due

Date: The auction invoice must be paid immediately upon receipt and no later than 10 days after the auction. c.

Late Payments: Late payments incur a default interest charge of 1% per month. d. Title Transfer: Ownership of the

lot transfers to the buyer only after full payment is received by the auctioneer. e. Failure to Pay: If the buyer fails

to pay immediately or within 5 days of receiving a registered reminder, the auctioneer reserves the right to cancel

the sale and pursue legal action for fulfillment or compensation.

7. Shipping and Insurance: Shipping and insurance costs are borne by the buyer, who is also responsible for any

fees and charges incurred abroad and must comply with all applicable customs and foreign exchange regulations.

The auctioneer accepts no liability for any contraventions of such regulations.

8. Item Descriptions and Authenticity: a. Catalogue Descriptions: The lots to be auctioned are described to the

best of our knowledge and belief and with great care. Bidders are encouraged to inspect the lots before the

auction. Viewings can be arranged by appointment. b. Condition Complaints: The auctioneer must notify defects

immediately by registered letter. Complaints regarding differences of opinion about the level of conservation of a

lot are not permissible. c. Multiple Piece Lots: Claims are not accepted for lots containing more than one item. d.

Forgery Claims: i. Authenticity Guarantee: The authenticity of auction items is guaranteed. ii. Warranty Claims:

Warranty claims can only be made by the buyer and cannot be transferred to third parties. The buyer must notify

the auctioneer by registered letter immediately upon discovering a defect and must return the forged item in its

original condition. iii. Proof of Forgery: The buyer is responsible for proving that the item is a forgery and may

need to obtain opinions from two independent experts at their own expense. The auctioneer reserves the right to

seek additional expert advice and is not bound by the buyer’s expert opinions. iv. Limited Liability: In case of

legitimate complaints, the claims of the buyer are limited to a refund of the purchase price, buyer’s premium, and

any applicable VAT. Further claims against the auctioneer or its employees are excluded.

9. Confidentiality and Use of Auction Information: The identity of consignors is confidential and will not be

disclosed to buyers. The auctioneer may receive commissions from consignors for the sale of items. The auctioneer

reserves the right to use photographs and other representations of auctioned items for promotional purposes, in

publications, and on its website.

10. Amendments and Severability: Any changes to these Terms must be made in writing to be valid. If any portion

of these Terms is found to be legally unenforceable, the remaining provisions will remain in effect.

11. Governing Law and Jurisdiction: The auction and all related transactions are governed exclusively by Swiss law,

including cantonal and federal laws. The place of performance and exclusive jurisdiction for all disputes is Zurich

8001, Switzerland. The above-mentioned conditions are written in German, French, Italian, and English; the only

valid text is the English one.

12. Auctioneer Liability: The auctioneer, its officers, employees, and agents are not liable for any loss or damage

incurred by participants in the auction, including but not limited to indirect or consequential loss, loss of profit, or

loss of business opportunity. This applies to any delays, errors, or omissions during the auction process. The

auctioneer is not responsible for technical issues or interruptions that may affect the ability to participate in the

auction, including problems with internet connectivity, software, or platform availability.

13. Intellectual Property Rights: All catalog descriptions, images, and content related to the auction are the

intellectual property of the auctioneer and are protected by copyright. Unauthorized use, reproduction, or

distribution of any material is strictly prohibited. Any trademarks, logos, or brand names displayed during the

auction are the property of their respective owners. The auctioneer does not grant any rights to use these marks

without prior written consent from the respective owners.

14. Buyer’s Obligations: The buyer is responsible for complying with all applicable laws, regulations, and

international treaties regarding the purchase, export, and import of auctioned items, including but not limited to

cultural heritage laws and customs requirements.

15. Entire Agreement: These Terms constitute the entire agreement between the auctioneer and the participants

and supersede any prior agreements, understandings, or representations, whether oral or written.


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