Page 8 - SINCONA Auction 81

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 81: 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 delivered or collected in Switzerland shall be subject to a buyer’s
of Professional Numismatists (IAPN, www.iapn-coins.org). 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
without stating a reason. (“standard taxation”) on the total stated in the auction invoice
(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 No value added tax shall be levied on state-minted gold coins
conducted in German and partly in English.
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. Instead, the value added tax arising in
relation to these lots is already contained in the relevant buyer’s
to the auction (or 12 hours for bids submitted via an Internet plat-
form). In principle, telephone bidding is possible for items with premium (cf. clause 6) (“margin scheme taxation”).
an estimated value of over CHF 500, and bids must be placed at No Swiss value added tax or margin scheme taxation shall be
least 48 hours before the auction begins. A successful telephone levied where the auction lots are shipped by the auctioneer to a
line cannot be guaranteed. foreign country. Buyers resident outside Switzerland who collect
the auction lots purchased in Zurich shall in the first instance be
SINCONA AG and the operator of the “live bidding” platform(s) charged Swiss value added tax, although this amount will be re-
provided shall endeavour to guarantee the availability and fault- imbursed in full by the auctioneer upon presentation of the defin-
free operation of these platforms. It shall be for the bidder to ob- itive tax assessment decision of the Swiss customs authorities.
tain information promptly concerning the technical prerequisites
and requirements of these platforms and to implement any instal- 8. The auction invoice is due for payment immediately upon
lations and adjustments that may be necessary. SINCONA AG receipt, however by no later than 10 days after the end of the
refuses any liability for losses or other claims resulting from in- auction. After expiry of the payment period, the buyer automati-
terruptions or delays resulting from technical faults or defects. cally falls into arrears and the Auctioneer is entitled to demand
interest at the rate of 10% p.a. If the buyer is in default of pay-
4. Only the descriptions of each respective lot number in the printed
catalogue, and not the illustrations, are binding for the auction. ment or refuses to accept the auctioned lot, the Auctioneer re-
serves the right to sue the buyer for either fulfilment of the con-
The auction catalogue published on the internet is for infor-
mation purposes only. tract or for compensation for losses resulting from non-
fulfilment, or to withdraw from the contract.
5. The prices in the catalogue are starting prices in Swiss Francs 9. In principle, the auction lots are only handed over or shipped
(CHF) and represent the minimum knock-down price. Bids that
are lower than the starting price cannot be taken into account. after full payment of the auction invoice. It is at the sole discre-
tion of the Auctioneer to hand over lots on account. Costs in-
Hammer prices are in Swiss Francs (CHF) and will be fixed fol-
lowing a call for the highest bid, which commits the highest bid- curred abroad, such as customs duties and taxes, as well as the
associated shipping costs and insurance charges, are borne solely
der to purchase the lot. If equally high written bids are received,
the first received bid has priority. "Either / or" orders and order by the buyer.
limits can only be executed or considered conditionally. The Shipping to the Russian Federation, Ukraine and Belarus is ex-
Auctioneer may reject a bid, without stating a reason and without pressly made subject to the recipient's own risk.