Page 7 - SINCONA Auction 64
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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 64:            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   7.  Swiss statutory value added tax shall be levied at a rate of 7.7%
            to combine lot numbers. Lots may not be divided up. In case of
            disagreement, the Auctioneer may re-offer a lot. The auction is   (“standard taxation”) on the total stated in the auction invoice
                                                             (i.e. hammer price plus the buyer’s premium and any shipping
            conducted in German and partly in English.
                                                             costs or insurance premiums) for all coins except state-minted
          3.  The Auctioneer  executes  written orders and telephone orders   gold coins and for all medals, banknotes, stocks and bonds, deco-
            diligently and in the interests of the consignor, however without   rations, antiques, etc. (“regulatory taxation”).
            liability. Written bids (and bids submitted electronically) can on-
            ly be considered if they are received no later than 24 hours prior   No value  added  tax shall be levied on state-minted gold coins
                                                             and the associated buyer’s premium.
            to the auction (or 12 hours for bids submitted via an Internet plat-
            form). In principle, telephone bidding is possible for items with     No additional value added tax shall be levied for buyers resident
            an estimated value of over CHF 500, and bids must be placed at
            least 48 hours before the auction begins. A successful telephone   in Switzerland in relation to lots subject to margin scheme taxa-
                                                             tion that are duly labelled as such (with “•”). Instead, the value
            line cannot be guaranteed.
                                                             added tax arising in relation to these lots is already contained in
            SINCONA AG and the operator of the “live bidding” platform(s)   the relevant  buyer’s premium (cf.  clause 6) (“margin scheme
            provided shall endeavour to guarantee the availability and fault-  taxation”).
            free operation of these platforms. It shall be for the bidder to ob-
            tain information promptly concerning the technical prerequisites   No Swiss value  added tax  or margin scheme taxation shall be
            and requirements of these platforms and to implement any instal-  levied where the auction lots are shipped by the auctioneer to a
            lations and adjustments that may be necessary. SINCONA AG   foreign country. Buyers resident outside Switzerland who collect
            refuses any liability for losses or other claims resulting from in-  the auction lots purchased in Zurich shall in the first instance be
            terruptions or delays resulting from technical faults or defects.    charged Swiss value added tax, although this amount will be re-
                                                             imbursed in full by the auctioneer upon presentation of the defin-
          4.  Only the descriptions of each respective lot number in the printed
            catalogue, and not the illustrations, are binding for the auction.   itive tax assessment decision of the Swiss customs authorities.
            The  auction catalogue published  on the internet is for infor-  8.  The  auction invoice is due for payment immediately upon
            mation purposes only.                            receipt, however by no later than 10 days after the end  of the
                                                             auction. After expiry of the payment period, the buyer automati-
          5.  The prices in the catalogue are starting prices in  Swiss Francs   cally falls into arrears and the Auctioneer is entitled to demand
            (CHF) and represent the minimum knock-down price. Bids that   interest at the rate of 10% p.a. If the buyer is in default of pay-
            are lower than the starting price  cannot be taken  into account.   ment or refuses to accept the auctioned lot, the  Auctioneer re-
            Hammer prices are in Swiss Francs (CHF) and will be fixed fol-  serves the right to sue the buyer for either fulfilment of the con-
            lowing a call for the highest bid, which commits the highest bid-  tract or for compensation for losses resulting from non-
            der to purchase the lot. If equally high written bids are received,   fulfilment, or to withdraw from the contract.
            the first received bid has priority. "Either / or" orders and order
            limits can  only  be executed or  considered conditionally. The   9.  In principle, the  auction lots are  only handed over or shipped
            Auctioneer may reject a bid, without stating a reason and without   after full payment of the auction invoice. It is at the sole discre-
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