Page 8 - SINCONA Auction 66 - World Gold and Silver Coins and Medals, SINCONA Bullion Auction, World Banknotes

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 66: 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 participat-
"SINCONA AG") are asked to prove their identity prior to the ing in the auction via a live bidding platform.
auction. In addition, the Auctioneer reserves the right to deny in- The auction invoice shall be payable immediately upon the com-
dividuals access to the auction premises, at its own discretion and
without stating a reason. pletion of bidding and shall be paid in Swiss Francs (CHF).
Special conditions for SINCONA Bullion Auction: For lots
The Auctioneer is entitled, with the approval of the auction
monitor, to deviate from the designated order in the catalog and 2801-2928 there will be no buyer’s premium (0%) applied to the
hammer price.
to combine lot numbers. Lots may not be divided up. In case of
disagreement, the Auctioneer may re-offer a lot. The auction is 7. Swiss statutory value added tax shall be levied at a rate of 7.7%
conducted in German and partly in English. (“standard taxation”) on the total stated in the auction invoice
(i.e. hammer price plus the buyer’s premium and any shipping
3. The Auctioneer executes written orders and telephone orders
diligently and in the interests of the consignor, however without costs or insurance premiums) for all coins except state-minted
gold coins and for all medals, banknotes, stocks and bonds, deco-
liability. Written bids (and bids submitted electronically) can on-
ly be considered if they are received no later than 24 hours prior rations, antiques, etc. (“regulatory taxation”).
to the auction (or 12 hours for bids submitted via an Internet plat- No value added tax shall be levied on state-minted gold coins
form). In principle, telephone bidding is possible for items with and the associated buyer’s premium.
an estimated value of over CHF 500, and bids must be placed at
least 48 hours before the auction begins. A successful telephone No additional value added tax shall be levied for buyers resident
line cannot be guaranteed. in Switzerland in relation to lots subject to margin scheme taxa-
tion that are duly labelled as such (with “•”). Instead, the value
SINCONA AG and the operator of the “live bidding” platform(s) added tax arising in relation to these lots is already contained in
provided shall endeavour to guarantee the availability and fault- the relevant buyer’s premium (cf. clause 6) (“margin scheme
free operation of these platforms. It shall be for the bidder to ob- taxation”).
tain information promptly concerning the technical prerequisites
and requirements of these platforms and to implement any instal- No Swiss value added tax or margin scheme taxation shall be
lations and adjustments that may be necessary. SINCONA AG levied where the auction lots are shipped by the auctioneer to a
refuses any liability for losses or other claims resulting from in- foreign country. Buyers resident outside Switzerland who collect
terruptions or delays resulting from technical faults or defects.
the auction lots purchased in Zurich shall in the first instance be
4. Only the descriptions of each respective lot number in the printed charged Swiss value added tax, although this amount will be re-
catalogue, and not the illustrations, are binding for the auction. imbursed in full by the auctioneer upon presentation of the defin-
The auction catalogue published on the internet is for infor- itive tax assessment decision of the Swiss customs authorities.
mation purposes only.
8. The auction invoice is due for payment immediately upon
5. The prices in the catalogue are starting prices in Swiss Francs receipt, however by no later than 10 days after the end of the
(CHF) and represent the minimum knock-down price. Bids that auction. After expiry of the payment period, the buyer automati-
are lower than the starting price cannot be taken into account. cally falls into arrears and the Auctioneer is entitled to demand
Hammer prices are in Swiss Francs (CHF) and will be fixed fol- interest at the rate of 10% p.a. If the buyer is in default of pay-
lowing a call for the highest bid, which commits the highest bid- ment or refuses to accept the auctioned lot, the Auctioneer re-
der to purchase the lot. If equally high written bids are received, serves the right to sue the buyer for either fulfilment of the con-
the first received bid has priority. "Either / or" orders and order tract or for compensation for losses resulting from non-
limits can only be executed or considered conditionally. The fulfilment, or to withdraw from the contract.
Auctioneer may reject a bid, without stating a reason and without