Terms of sale

The auction is conducted on behalf and for the account of the appropriate proprietorsof the goods and is subject to the federal AuctionRegulation (Versteigerungsordnung BGBI I 1976,1346) published in the Federal Law Gazette Vol. 1, 1976,1546 and the relevantprovisions for factors in accordance with the German Civil Code (BGB) and Commercial Code (HGB). Payment of the hammer price hasto be made in cash and in EURO. The submission of an offer implies the expressed acknowledgement of these Terms and Conditions ofAuction ; 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% whichincludes 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 relevantVAT 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 theauction bill from purchasers present at the auction is due immediately. From purchasers who have submitted a bid in writing, payment is duewithin 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 behanded 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 againbe 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 anyexcess 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 onthe 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 awardthe 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 ofsequence. 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 tothe auctioneer can only be accepted and carried out if a deposit or references to the satisfaction of the auctioneer are given. Written bidsshould be submitted early. If necessary, the auctioneer is allowed to increase the bids by 3 - 5 %. Should several bids be obtained in writingbidding the same price or prices for a given lot, the bid first received shall be given the award. Unlimited bids shall not oblige the auctioneerto 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 exclusiveproperty of the vendor until full payment of any and all dues and claims in connection with the auction has been made. In the event thepurchaser is a merchant (in the sense of the German commercial laws) Lörrach shall be the agreed and exclusive place of jurisdiction. Thecompetence of the District Court (Amtsgericht) of Lörrach is agreed in respect of summary proceedings for the collection of defaultedpayments (Mahnverfahren) as well as in any and all other cases. Should the purchaser not be a merchant Lörrach shall be the place ofjurisdiction with the District Court of Lörrach's competence, if only the auctioneer has his ordinary legal domicil in the Federal Republic ofGermany or if claims are made by way of summary proceedings of collection (Mahnverfahren) or if the defendant has moved his ordinarylegal domicil outside the jurisdiction of the Federal Republic of Germany or if the legal domicil of the defendant is unknown to the auctioneerat 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 ofany 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 theacceptance by the auctioneer of any warranty or liability in respect of defect in material or title. The state of preservation of items is strictlyassessed 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 priorinspection to ascertain the state and condition of the auction lots, complaints and objections made after the sale will only be considered, if byobvious error or mistake loop or traces of mountings, trimmings and settings, or the plugging of a hole have remained unnoticed. If and whenauctioned in lots, the quantities of individual pieces given only represent an approximate figure. An error in the allocation of individual piecesto a certain lot cannot be excluded. Such lots are, therefore, excluded from any complaints or objections after the lot is knocked down. In theevent of disputes or complaints as to the quality of an item the auctioneer may call upon a generally sworn expert of the trade, which theauctioneer may choose at his sole discretion. The costs of such expert shall be borne by the party losing the dispute according to the expert'sdecision. Complaints or objections, if justified, will only be considered if made and received by the auctioneer within 8 days after the auctionor 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 estimatedprice cannot be accepted.
Purchasers from abroad will have to observe all applicable laws and regulations in respect of foreign exchange, customs duties and taxationof their country. The auctioneer will only discharge such formalities, which have to be observed, in the Federal Republic of Germany inconnection with the export of the purchased item(s). Unless stipulated otherwise herein, the general rules and regulations for auctionsapplicable in Germany shall govern any transaction in respect of the auction; German law shall also be applicable in relation to purchasersfrom abroad. Only the German text has legal force.

The Auctioneer: Joachim Stollhoff
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