Page 8 - SINCONA Auction 80

Conditions of Auction

The following conditions of auction, which are deemed to be accept- liability. The risk passes to the buyer with the fall of the hammer.
ed in full upon submission of a written, electronic, verbal or tele- Each successful bidder is personally liable for his purchases and
phone bid, apply to SINCONA Auction 80: cannot claim to have bought for the account of third parties.
1. The auction is carried out voluntarily and publicly in the name of 6. In the event that standard tax rules apply (cf. clause 7(1)), a
SINCONA Swiss International Coin Auction AG for the account buyer’s premium of 20% shall be applied to the hammer price.
of the consignor(s), who remain(s) anonymous. The auction is Lots subject to margin scheme taxation (cf. clause 7(3)) that are
conducted according to the rules of the International Association duly labelled as such (with “•”) and that are delivered or collect-
of Professional Numismatists (IAPN, www.iapn-coins.org). ed in Switzerland shall be subject to a buyer’s premium of 22.5%
(including value added tax at the statutory rate).
2. Bidders who are unknown to SINCONA Swiss International
Coin Auction AG (hereinafter referred to as "Auctioneer" or There is no additional buyer’s premium or fee when participating
"SINCONA AG") are asked to prove their identity prior to the in the auction via a live bidding platform.
auction. In addition, the Auctioneer reserves the right to deny in- 7. Swiss statutory value added tax shall be levied at a rate of 7.7%
dividuals access to the auction premises, at its own discretion and (“standard taxation”) on the total stated in the auction invoice
without stating a reason.
(i.e. hammer price plus the buyer’s premium and any shipping
The Auctioneer is entitled, with the approval of the auction costs or insurance premiums) for all coins except state-minted
monitor, to deviate from the designated order in the catalog and gold coins and for all medals, banknotes, stocks and bonds, deco-
to combine lot numbers. Lots may not be divided up. In case of rations, antiques, etc. (“regulatory taxation”).
disagreement, the Auctioneer may re-offer a lot. The auction is
conducted in German and partly in English. No value added tax shall be levied on state-minted gold coins
and the associated buyer’s premium.
3. The Auctioneer executes written orders and telephone orders
diligently and in the interests of the consignor, however without If the lots are delivered or handed out in Switzerland, no addi-
tional value added tax shall be levied in relation to lots subject to
liability. Written bids (and bids submitted electronically) can on-
ly be considered if they are received no later than 24 hours prior margin scheme taxation that are duly labelled as such (with “•”).
Instead, the value added tax arising in relation to these lots is al-
to the auction (or 12 hours for bids submitted via an Internet plat- ready contained in the relevant buyer’s premium (cf. clause 6)
form). In principle, telephone bidding is possible for items with (“margin scheme taxation”).
an estimated value of over CHF 500, and bids must be placed at
least 48 hours before the auction begins. A successful telephone No Swiss value added tax or margin scheme taxation shall be
line cannot be guaranteed. levied where the auction lots are shipped by the auctioneer to a
foreign country. Buyers resident outside Switzerland who collect
SINCONA AG and the operator of the “live bidding” platform(s)
provided shall endeavour to guarantee the availability and fault- the auction lots purchased in Zurich shall in the first instance be
charged Swiss value added tax, although this amount will be re-
free operation of these platforms. It shall be for the bidder to ob-
tain information promptly concerning the technical prerequisites imbursed in full by the auctioneer upon presentation of the defin-
itive tax assessment decision of the Swiss customs authorities.
and requirements of these platforms and to implement any instal-
lations and adjustments that may be necessary. SINCONA AG 8. The auction invoice is due for payment immediately upon
refuses any liability for losses or other claims resulting from in- receipt, however by no later than 10 days after the end of the
terruptions or delays resulting from technical faults or defects. auction. After expiry of the payment period, the buyer automati-
cally falls into arrears and the Auctioneer is entitled to demand
4. Only the descriptions of each respective lot number in the printed interest at the rate of 10% p.a. If the buyer is in default of pay-
catalogue, and not the illustrations, are binding for the auction. ment or refuses to accept the auctioned lot, the Auctioneer re-
The auction catalogue published on the internet is for infor- serves the right to sue the buyer for either fulfilment of the con-
mation purposes only.
tract or for compensation for losses resulting from non-
5. The prices in the catalogue are starting prices in Swiss Francs fulfilment, or to withdraw from the contract.
(CHF) and represent the minimum knock-down price. Bids that
are lower than the starting price cannot be taken into account. 9. In principle, the auction lots are only handed over or shipped
after full payment of the auction invoice. It is at the sole discre-
Hammer prices are in Swiss Francs (CHF) and will be fixed fol-
lowing a call for the highest bid, which commits the highest bid- tion of the Auctioneer to hand over lots on account. Costs in-
curred abroad, such as customs duties and taxes, as well as the
der to purchase the lot. If equally high written bids are received,
the first received bid has priority. "Either / or" orders and order associated shipping costs and insurance charges, are borne solely
by the buyer.
limits can only be executed or considered conditionally. The
Auctioneer may reject a bid, without stating a reason and without