Page 7 - SINCONA Auction 63
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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 63:            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,   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   If bids are placed in the auction through a live bidding platform,
            "SINCONA AG") are asked to prove their identity prior to the   an additional buyer’s premium of 2% shall be applied to the
            auction. In addition, the Auctioneer reserves the right to deny in-  hammer price (limit of the additional buyer’s premium:
            dividuals access to the auction premises, at its own discretion and   CHF 1,000 per lot).
            without stating a reason.
                                                             The auction invoice shall be payable immediately upon the com-
            The  Auctioneer  is entitled, with the approval of the auction   pletion of bidding and shall be paid in Swiss Francs (CHF).
            monitor, to deviate from the designated order in the catalog and
            to combine lot numbers. Lots may not be divided up. In case of   Special conditions for SINCONA Bullion  Auction: For lots
                                                             2501-2740 there will be no buyer’s premium (0%) applied to the
            disagreement, the Auctioneer may re-offer a lot. The auction is
            conducted in German and partly in English.       hammer price,  expressly even if  bids are placed in the auction
                                                             through a live bidding platform.
          3.  The Auctioneer  executes  written orders and telephone orders
            diligently and in the interests of the consignor, however without   7.  Swiss statutory value added tax shall be levied at a rate of 7.7%
                                                             (“standard taxation”) on the total stated in the auction invoice
            liability. Written bids (and bids submitted electronically) can on-  (i.e. hammer price plus the buyer’s premium and any shipping
            ly be considered if they are received no later than 24 hours prior   costs or insurance premiums) for all coins except state-minted
            to the auction (or 12 hours for bids submitted via an Internet plat-  gold coins and for all medals, banknotes, stocks and bonds, deco-
            form). In principle, telephone bidding is possible for items with   rations, antiques, etc. (“regulatory 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 value  added  tax shall be levied on state-minted gold coins
            line cannot be guaranteed.                       and the associated buyer’s premium.

            SINCONA AG and the operator of the “live bidding” platform(s)
            provided shall endeavour to guarantee the availability and fault-  No additional value added tax shall be levied for buyers resident
                                                             in Switzerland in relation to lots subject to margin scheme taxa-
            free operation of these platforms. It shall be for the bidder to ob-
            tain information promptly concerning the technical prerequisites   tion that are duly labelled as such (with “•”). Instead, the value
                                                             added tax arising in relation to these lots is already contained in
            and requirements of these platforms and to implement any instal-
            lations and adjustments that may be necessary. SINCONA AG   the relevant  buyer’s premium (cf.  clause 6) (“margin scheme
            refuses any liability for losses or other claims resulting from in-
            terruptions or delays resulting from technical faults or defects.
                                                             No Swiss value  added tax  or margin scheme taxation shall be
          4.  Only the descriptions of each respective lot number in the printed   levied where the auction lots are shipped by the auctioneer to a
            catalogue, and not the illustrations, are binding for the auction.   foreign country. Buyers resident outside Switzerland who collect
            The  auction catalogue published  on the internet is for infor-  the auction lots purchased in Zurich shall in the first instance be
            mation purposes only.                            charged Swiss value added tax, although this amount will be re-
                                                             imbursed in full by the auctioneer upon presentation of the defin-
          5.  The prices in the catalogue are starting prices in  Swiss Francs   itive tax assessment decision of the Swiss customs authorities.
            (CHF) and represent the minimum knock-down price. Bids that
            are lower than the starting price  cannot be taken  into account.   8.  The  auction invoice is due for payment immediately upon
            Hammer prices are in Swiss Francs (CHF) and will be fixed fol-  receipt, however by no later than 10 days after the end  of the
            lowing a call for the highest bid, which commits the highest bid-  auction. After expiry of the payment period, the buyer automati-
            der to purchase the lot. If equally high written bids are received,   cally falls into arrears and the Auctioneer is entitled to demand
            the first received bid has priority. "Either / or" orders and order   interest at the rate of 10% p.a. If the buyer is in default of pay-
            limits can  only  be executed or  considered conditionally. The   ment or refuses to accept the auctioned lot, the  Auctioneer re-
            Auctioneer may reject a bid, without stating a reason and without   serves the right to sue the buyer for either fulfilment of the con-
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