Terms of sale

1. GENERAL TERMS AND CONDITIONS
The following Web Auction Terms and Conditions apply to the web auctions of Leu Numismatik AG. The web auctions take place in the name of Leu Numismatik AG (hereinafter "auctioneer") and for the account of the consignors. These Web Auction Terms and Conditions are acknowledged on submission a verbal, written or electronic bid and by registering on the website of Leu Numismatik AG (www.leunumismatik.com).

The auctioneer is authorised to assert all rights of the consignor in his own name against the buyer.

2. PROOF OF IDENTITY / PARTICIPATION IN WE BAUCTION
The auctioneer generally does not give the names of the consignors and buyers. Bidders must register on the website www.leunumismatik.com at least 24 hours before the start of the auction and must be approved by the auctioneer. The web auction takes place exclusively on the website of the auctioneer (www.leunumismatik.com); prior bids can be submitted up to 12 hours before the start of the auction via an Internet platform. The auctioneer reserves the right to exclude persons from the participation in the web auction at its own discretion without stating the reasons.

3. AUCTION CATALOGUE
The auction is exclusively based on the descriptions for the respective lot number in the auction catalogue, which is published on the website www.leunumismatik.com. The illustrations as well as the auction catalogue published on Internet platforms are merely informative.

4. BIDS
It is the bidder's responsibility to inform in due time of the technical requirements and requirements of the auction platform and to make any necessary installation and adjustments. Any liability of the auctioneer for damage caused by interruptions or delays due to technical defects shall be excluded.

Each submission of a bid is a binding offer, which cannot be withdrawn; the bidder remains bound by his bid until this is either outbidden or rejected by the auctioneer.

The minimum bid is the starting price; there are no estimates. The auctioneer reserves the right to reject bids without providing reasons, to define bids and minimum bids as well as to change the time sequence of the auction. In addition, in the case of uncertainties, the auctioneer is entitled to call out lots and to withdraw lots.

The minimum bid increments for the bidding process are:

0 – 99 → 5
100 – 199 → 10
200 – 499 → 20
500 – 999 → 50
1,000 – 1,999 → 100
2,000 – 4,999 → 200
5,000 – 9,999 → 500
10,000 – 19,999 → 1,000
20,000 – 49,999 → 2,000
50,000 – 99,999 → 5,000
100,000 – 199,999 → 10,000

In rare cases, bidders may be outbidded by a lower amount than quoted in the minimum bid increments. This occurs if the maximum bid of the highest bidder is higher than the newly entered lower bid by a lower amount than the minimum bid increment.

Bids are only possible up to the end of the stated official expiration period. Subsequent bids cannot be considered. Time delays may occur due to electronic transmission and therefore bids must be rejected as delayed if they are issued shortly before the expiration time, but are only received thereafter by the auctioneer.

Bids must be issued in Swiss currency (CHF). Only bids in whole numbers are possible. If amounts are displayed with decimals or other characters, an error message appears and the bid is not accepted.

5. ACCEPTANCE OF A BID
The lots end at the indicated time and in 30 second intervals. The bid is accepted after the time limit for the submission of bids has expired. In the case of equal written bids, the first bid is given precedence. The auctioneer may reject a bid without stating reasons; the auctioneer cannot be held liable for the rejection of a bid.

The risk passes to the buyer with the fall of the hammer. The buyer is personally liable for the provision of the hammer price and cannot claim to have bought for the account of a third party.

6. HAMMER PRICE / VAT
A buyer's premium of 18.5% is payable on the hammer price. After the fall of the hammer, the payment claim from the auction invoice is due and payable immediately in Swiss Francs (CHF).

In the case of a sale of silver and copper coins as well as medals, statutory value-added tax of 7.7% will be levied on the total of the auction invoice (i.e. the hammer price plus the premium and any shipping costs and insurance premiums). There is no VAT on sales of state-stamped gold coins.

No VAT will be charged if the buyer has his/her place of residence abroad and the auction lots are shipped abroad by the auctioneer. If the auction lots are handed over in Switzerland to a buyer domiciled abroad, VAT will be charged, but will be refunded by the auctioneer after the definitive tax assessment decision of Swiss customs has been provided.

Taxes levied abroad, e.g. customs fees and taxes, as well as shipping costs and insurance premiums incurred due to shipment, shall be borne in full by the buyer.

7. PAYMENT / DELIVERY
The auction invoice must be paid within 10 days of receipt. If the auction invoice is not settled within this period, the buyer will automatically default on payment and must pay interest on arrears in the amount of 12% p.a. In case of default of payment by the buyer or in case of refusal of acceptance by the buyer, the auctioneer reserves the right to rescind the contract or to sue the buyer for non-performance or claim compensation for the damage resulting from non-performance.

In principle, the auction lots will be handed over or shipped only after full payment of the auction invoice. It is solely at the discretion of the auctioneer to hand over lots against invoice.

Buyers are encouraged to keep their address details up-to-date on the website. The auctioneer accepts no liability for deliveries, which cannot be made due to incorrect or inadequate address details.

The sending of auction lots to the Russian Federation is expressly at the own risk of the recipient.

8. TRANSFER OF TITLE
The title of the consignor to the auctioned item is reserved pending full settlement of the auction invoice.

9. WARRANTY
The descriptions of the lots are given to the best of our knowledge and belief, and correspond to the knowledge at the time of the drafting of the catalogue text published on the website www.leunumismatik.com. It is up to bidders to inform themselves of the condition of the lots personally or through proxies.

The authenticity of the auction goods is guaranteed. The warranty claim is granted exclusively to the buyer and may not be assigned to a third party. In the case of coins in so-called "slabs", any guarantee expires as soon as these are opened.

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. Lots, which contain more than one piece, are excluded from any complaint. If a counterfeiting of the auction item is claimed in the notification of defects, the counterfeited auction item shall be returned to the auctioneer immediately in the same condition as it was given to the buyer and unencumbered by third party claims. The buyer shall prove at his own expense that the auction item is a counterfeit. The auctioneer may require the buyer to have his own expert report prepared by two independent experts in his field. However, the auctioneer is not bound to these expert opinions and may obtain additional advice from a specialist at his own expense.

In case of legitimate complaints, the claims of the buyer are limited to the refund of the purchase price and premiums paid by the buyer on delivery of the auction item to the auctioneer. Any other or further claims of the buyer against the auctioneer are excluded.

The observance of foreign customs and foreign currency regulations etc. is the responsibility of the buyer. The auctioneer expressly rejects responsibility for any damage resulting from infringement against such provisions.

10. PLACE OF PERFORMANCE / VENUE / applicable law
Place of performance as well as sole venue is Zurich I (Switzerland). The auction and all related legal transactions are subject to Swiss law.

11. LANGUAGE
The German original text is authoritative for the interpretation of the Web Auction Terms and Conditions drafted in German, French, English and Italian.


Zurich 2017
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