FLOOR AUCTION TERMS AND CONDITIONS BIGA NUMISMATIEK
1. GENERAL TERMS AND CONDITIONS
The following Floor Auction Terms and Conditions apply to the floor auctions of Biga Numismatiek AG. The auction is voluntary and public. The floor auctions take place in the name of Biga Numismatiek (hereinafter “auctioneer”) and for the account of the consignors. These Floor Auction Terms and Conditions are acknowledged on submission a verbal, written or electronic bid and by registering on the website of Biga Numismatiek (https://biganumismatiek.com/).
The auctioneer is authorised to assert all rights of the consignor in his own name against the buyer.
2. PROOF OF IDENTITY/ PARTICIPATION IN FLOOR AUCTION
The auctioneer generally does not give the names of the consignors and buyers. Bidders that are unknown to the auctioneer have to prove their identity to the auction management before the auction by presenting an official identity card. Bidders who want to submit their bids via a “Live Bidding” platform must register on the platform at least 12 hours before the start of the auction and be approved by the auctioneer. The auctioneer reserves the right to refuse access to persons to the auction rooms at its discretion and without stating the reasons, or to exclude them from participating in the auction via “Live Bidding” platforms.
3. AUCTION CATALOGUE
The auction is exclusively based on the descriptions for the respective lot number in the printed auction catalogue. The illustrations as well as the auction catalogue published in the Internet are merely informative.
4. SEQUENCE OF THE AUCTION
In general, the auction takes place according to the programme provided in the auction catalogue. With the consent of the auction supervisor, the auctioneer may deviate from the sequence in the catalogue and combine the numbers. No provision is made for the distribution of lots. In case of differences of opinion, a lot can be called out again by the auctioneer. The auction takes place in English and partly in German.
Bids can be submitted in verbal, written or electronic form. Verbal bids are made at the auction site or by telephone. Written bids, which are executed in a discretionary manner by the auctioneer during the auction, are given priority over bids in the gallery.
Written and telephone orders are carefully executed by the auctioneer; however, the auctioneer is not under a guarantee obligation. Written and electronic bids must be received 24 hours before the start of the auction. If the bid is made via an Internet platform, the bid must arrive at the auctioneer no later than 12 hours before the start of the auction. Telephone bids must be notified in advance, 48 hours before the start of the auction and are only possible for items with an estimated value of more than CHF 1,000.00. The auctioneer does not warrant for a telephone connection.
Bids on “Live Bidding” platforms are allowed. It is up to the tenderer to inform himself in good time about the technical requirements and requirements of the platforms and to make any necessary installations and adjustments. Any liability of the auctioneer for damage caused by interruptions or delays due to technical defects shall be excluded.
Each bid is binding and cannot be reversed; the bidder remains bound by his bid, until this is either outbidden or rejected by the auctioneer.
6. ACCEPTANCE OF A BID
The contract will be awarded to the highest bid according to the usual exclamation and the highest bidder is obliged to accept the lot. In case of equal written bids, the earlier bid has priority. Bids that are less than 80% of the estimated price cannot be considered. “Either/or” orders as well as orders with a total bid limit can only be carried out to a limited extent. The auctioneer may reject a bid without stating reasons; the auctioneer cannot be held liable for the rejection of a bid.
The risk passes to the buyer with the fall of the hammer. The buyer is personally liable for the provision of the hammer price and cannot claim to have bought for the account of a third party.
7. HAMMERPRICE / VAT
The buyer has to pay a premium of 20% on the hammer price. When participating in the auction via one of the available “Live Bidding” platforms, an additional premium of 2.0% (max. CHF 1,000.00 per lot) applies. After the fall of the hammer, the payment claim from the auction invoice is due and payable immediately in Swiss Francs (CHF).
In the case of a sale of silver and copper coins as well as medals, statutory value-added tax of 7.7% will be levied on the total of the auction invoice (i.e. the hammer price plus the premium and any shipping costs and insurance premiums). There is no VAT on sales of state-stamped gold coins.
No VAT will be charged if the buyer has his/her place of residence abroad and the auction lots are shipped abroad by the auctioneer. If the auction lots are handed over in Switzerland to a buyer domiciled abroad, VAT will be charged, but will be refunded by the auctioneer after the definitive tax assessment decision of Swiss customs has been provided.
Taxes levied abroad, e.g. customs fees and taxes, as well as shipping costs and insurance premiums incurred due to shipment, shall be borne in full by the buyer.
8. PAYMENT / DELIVERY
The auction invoice must be paid within 10 days of receipt. If the auction invoice is not settled within this period, the buyer will automatically default on payment and must pay interest on arrears in the amount of 12% p.a. In case of default of payment by the buyer or in case of refusal of acceptance by the buyer, the auctioneer reserves the right to rescind the contract or to sue the buyer for non-performance or claim compensation for the damage resulting from non-performance. In principle, the auction lots will be handed over or shipped only after full payment of the auction invoice. It is solely at the discretion of the auctioneer to hand over lots against invoice.
The sending of auction lots to the Russian Federation is expressly at the own risk of the recipient.
9. TRANSFER OF TITLE
The title of the consignor to the auctioned item is reserved pending full settlement of the auction invoice.
The descriptions of the lots are given to the best of our knowledge and belief, and correspond to the knowledge at the time of the drafting of the catalogue text It is up to bidders to inform themselves of the condition of the lots personally or through proxies during the inspection days specified in the catalogue.
The authenticity of the auction goods is guaranteed. The warranty claim is granted exclusively to the buyer and may not be assigned to a third party. In the case of coins in so-called “slabs”, any guarantee expires as soon as these are opened.
The auctioneer must notify defects immediately by registered letter. Complaints regarding differences of opinion about the level of conservation of a lot are not permissible. Lots, which contain more than one piece, are excluded from any complaint. If a counterfeiting of the auction item is claimed in the notification of defects, the counterfeited auction item shall be returned to the auctioneer immediately in the same condition as it was given to the buyer and unencumbered by third party claims. The buyer shall prove at his own expense that the auction item is a counterfeit. The auctioneer may require the buyer to have his own expert report prepared by two independent experts in his field. However, the auctioneer is not bound to these expert opinions and may obtain additional advice from a specialist at his own expense.
In case of legitimate complaints, the claims of the buyer are limited to the refund of the purchase price and premiums paid by the buyer on delivery of the auction item to the auctioneer. Any other or further claims of the buyer against the auctioneer are excluded.
The observance of foreign customs and foreign currency regulations etc. is the responsibility of the buyer. The auctioneer expressly rejects responsibility for any damage resulting from infringement against such provisions.
11. PLACE OF PERFORMANCE / VENUE / APPLICABLE LAW
Place of performance as well as sole venue is Zurich I (Switzerland). The auction and all related legal transactions are subject to Swiss law.