Page 8 - SINCONA Auction 80
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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 80:            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 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  (“standard taxation”) on the total stated in the auction invoice
            without stating a reason.
                                                             (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
            conducted in German and partly in English.       No value  added  tax shall be levied on state-minted gold coins
                                                             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 that are duly labelled as such (with “•”).
                                                             Instead, the value added tax arising in relation to these lots is al-
            to the auction (or 12 hours for bids submitted via an Internet plat-  ready contained in the relevant  buyer’s premium (cf. clause 6)
            form). In principle, telephone bidding is possible for items with  (“margin scheme 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 Swiss value  added tax  or margin scheme taxation shall be
            line cannot be guaranteed.                       levied where the auction lots are shipped by the auctioneer to a
                                                             foreign country. Buyers resident outside Switzerland who collect
            SINCONA AG and the operator of the “live bidding” platform(s)
            provided shall endeavour to guarantee the availability and fault-  the auction lots purchased in Zurich shall in the first instance be
                                                             charged Swiss value added tax, although this amount will be re-
            free operation of these platforms. It shall be for the bidder to ob-
            tain information promptly concerning the technical prerequisites  imbursed in full by the auctioneer upon presentation of the defin-
                                                             itive tax assessment decision of the Swiss customs authorities.
            and requirements of these platforms and to implement any instal-
            lations and adjustments that may be necessary. SINCONA AG  8. The  auction invoice is due for payment immediately upon
            refuses any liability for losses or other claims resulting from in-  receipt, however by no later than 10 days after the end  of the
            terruptions or delays resulting from technical faults or defects.  auction. After expiry of the payment period, the buyer automati-
                                                             cally falls into arrears and the Auctioneer is entitled to demand
          4. Only the descriptions of each respective lot number in the printed  interest at the rate of 10% p.a. If the buyer is in default of pay-
            catalogue, and not the illustrations, are binding for the auction.  ment or refuses to accept the auctioned lot, the  Auctioneer re-
            The  auction catalogue published  on the internet is for infor-  serves the right to sue the buyer for either fulfilment of the con-
            mation purposes only.
                                                             tract or for compensation for losses resulting from non-
          5. The prices in the catalogue are starting prices in  Swiss Francs  fulfilment, or to withdraw from the contract.
            (CHF) and represent the minimum knock-down price. Bids that
            are lower than the starting price  cannot be taken  into account.  9. In principle, the  auction lots are  only handed over or shipped
                                                             after full payment of the auction invoice. It is at the sole discre-
            Hammer prices are in Swiss Francs (CHF) and will be fixed fol-
            lowing a call for the highest bid, which commits the highest bid-  tion of the Auctioneer to hand over lots on account. Costs in-
                                                             curred abroad, such as customs duties and taxes, as well as the
            der to purchase the lot. If equally high written bids are received,
            the first received bid has priority. "Either / or" orders and order  associated shipping costs and insurance charges, are borne solely
                                                             by the buyer.
            limits can  only  be executed or  considered conditionally. The
            Auctioneer may reject a bid, without stating a reason and without
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