Page 8 - SINCONA Auction 76
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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 77:            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  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-
             dividuals access to the auction premises, at its own discretion and  The auction invoice shall be payable immediately upon the com-
                                                             pletion of bidding and shall be paid in Swiss Francs (CHF).
             without stating a reason.
                                                           7. Swiss statutory value added tax shall be levied at a rate of 7.7%
             The  Auctioneer  is entitled, with the approval of the auction  (“standard taxation”) on the total stated in the auction invoice
             monitor, to deviate from the designated order in the catalog and  (i.e. hammer price plus the buyer’s premium and any shipping
             to combine lot numbers. Lots may not be divided up. In case of  costs or insurance premiums) for all coins except state-minted
             disagreement, the Auctioneer may re-offer a lot. The auction is  gold coins and for all medals, banknotes, stocks and bonds, deco-
             conducted in German and partly in English.
                                                             rations, antiques, etc. (“regulatory taxation”).
          3. The Auctioneer  executes  written orders and telephone orders  No value  added  tax shall be levied on state-minted gold coins
             diligently and in the interests of the consignor, however without
             liability. Written bids (and bids submitted electronically) can on-  and the associated buyer’s premium.
             ly be considered if they are received no later than 24 hours prior
             to the auction (or 12 hours for bids submitted via an Internet plat-  No additional value added tax shall be levied for buyers resident
                                                             in Switzerland in relation to lots subject to margin scheme taxa-
             form). In principle, telephone bidding is possible for items with
             an estimated value of over CHF 500, and bids must be placed at  tion that are duly labelled as such (with “•”). Instead, the value
                                                             added tax arising in relation to these lots is already contained in
             least 48 hours before the auction begins. A successful telephone
             line cannot be guaranteed.                      the relevant  buyer’s premium (cf.  clause 6) (“margin scheme
             SINCONA AG and the operator of the “live bidding” platform(s)
             provided shall endeavour to guarantee the availability and fault-  No Swiss value  added tax  or margin scheme taxation shall be
             free operation of these platforms. It shall be for the bidder to ob-  levied where the auction lots are shipped by the auctioneer to a
             tain information promptly concerning the technical prerequisites  foreign country. Buyers resident outside Switzerland who collect
             and requirements of these platforms and to implement any instal-  the auction lots purchased in Zurich shall in the first instance be
             lations and adjustments that may be necessary. SINCONA AG  charged Swiss value added tax, although this amount will be re-
             refuses any liability for losses or other claims resulting from in-  imbursed in full by the auctioneer upon presentation of the defin-
             terruptions or delays resulting from technical faults or defects.  itive tax assessment decision of the Swiss customs authorities.
          4. Only the descriptions of each respective lot number in the printed  8. The  auction invoice is due for payment immediately upon
             catalogue, and not the illustrations, are binding for the auction.  receipt, however by no later than 10 days after the end  of the
             The  auction catalogue published  on the internet is for infor-  auction. After expiry of the payment period, the buyer automati-
             mation purposes only.                           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-
          5. The prices in the catalogue are starting prices in  Swiss Francs  ment or refuses to accept the auctioned lot, the  Auctioneer re-
             (CHF) and represent the minimum knock-down price. Bids that  serves the right to sue the buyer for either fulfilment of the con-
             are lower than the starting price  cannot be taken  into account.
             Hammer prices are in Swiss Francs (CHF) and will be fixed fol-  tract or for compensation for losses resulting from non-
                                                             fulfilment, or to withdraw from the contract.
             lowing a call for the highest bid, which commits the highest bid-
             der to purchase the lot. If equally high written bids are received,  9. In principle, the  auction lots are  only handed over or shipped
             the first received bid has priority. "Either / or" orders and order  after full payment of the auction invoice. It is at the sole discre-
             limits can  only  be executed or  considered conditionally. The  tion of the Auctioneer to hand over lots on account. Costs in-
             Auctioneer may reject a bid, without stating a reason and without  curred abroad, such as customs duties and taxes, as well as the
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