Kunst Auktion 25./27./28. Mai 2009, Germann Auktionshaus AG, Zürich

conditions of sale by auction
1. The sale is conducted in Swiss francs. After the third call, the
object is knocked down to the highest bidder for immediate payment
in Swiss Francs. By participating in the sale, the bidder fully
accepts the following auction conditions. Seller shall not bid for
their own lots. A currency converter may be operated at some
auctions but only for the guidance of bidders. Germann Auctions
will not accept any responsibility in case of error on the part of the
currency converter, either in foreign currency of bids or in Swiss
Francs or otherwise.
2. Every purchaser is personally responsible for his bids. Objections
on the grounds of having bought on behalf of a third party are not
accepted. The auctioneer may refuse a bid without explanation.
For the purpose of auctioning, the auctioneer may group objects
listed in the catalogue under different numbers, separate objects
listed under the same number, call them out of sequence or omit
them altogether. Germann Auctions has absolute discretion to
refuse admission to the auction. Germann Auctions may ask a
prospective buyer to identify himself and to supply financial references.
Invoices are payable within 10 days after the auction.
Compensation is excluded.
3. Absentee bids or bids by telephone from buyers who cannot attend
the sale are accepted in writing up to 24 hours before the sale
begins. Telephone bids may be recorded. Written and telephone
bids are offered as an additional service at no extra charge, and
at the buyer’s risk. Germann Auctions cannot accept liability for
failure to place such bids.
4. All buyers shall pay a premium on the hammer price for each lot
calculated as follows:
For a hammer price up to CHF 400 000.–: 20 %
For a hammer price above CHF 400 000.–:
20 % on the first CHF 400 000.–
12 % on the difference between CHF 400 000.– and the hammer
price.
The above mentioned buyer’s premium is subject to the Swiss
VAT, which is to be paid by the buyer.
For lots marked with asterisk (*) both, the price at which the object
has been knocked down and the buyer’s premium are subject to
the Swiss VAT.
After an export declaration duly signed by the Swiss customs authorities
has been received, Germann Auctions will refund the
Swiss VAT to foreign buyers, provided that the sum exceeds
CHF 50.–.
5. All objects are put up for auction on behalf of and on account of
third parties. The buyer shall not have the right to be informed of
the seller’s name or his commission.
6. The buyer must take possession of the objects in the condition in
which they are at the time of being knocked down to him. During
the preview the objects are open to inspection. They are described
to the best of our knowledge, but German Auctions and the
auctioneer cannot be held responsible for the information given in
the catalogue. Guarantee of defects of any kind, both physical
and legal, is excluded explicitly. Any written or oral comments are
statements of opinion, which may be revised at any time and are
not warranties, guarantees, conditions or the like.
7. If, within one year from the date of auction of an object, the buyer
informs German Auctions in writing that the said object is a wilful
imitation and returns said object in the same conditions in which
it was knocked down to him, and in fact it turns out to be a wilful
imitation, with respect to its description in the catalogue the auctioneers
will cancel the sale.
The proof of wilful imitation is to be supplied by the buyer. Any
copy which was produced with intent to deceive, either with respect
to its maker, origin, date, epoch, cultural area or source,
without this appearing from the text of the catalogue, and which
was worth less at the sale than it would have been if the object
had matched its description, is considered a wilful imitation.
The following restrictions shall apply, however. The object can not
be returned:
– if the description in the catalogue was made in keeping with the
level of research or according to the opinion of the majority of
experts at the time when the catalogue was being compiled; or
– if, in keeping with the level of research, the imitation was not to be
qualified as such at the time the catalogue was being compiled.
The object can only be returned by the buyer in whose name the
invoice is issued.
8. A bid constitutes a firm offer to buy. The bidder remains bound by
it until either a higher price is offered or the auctioneer refuses it.
In the case of double bids the object is called out again immediate
ly and in case of doubts the assigned City Official shall decide.
Title and risk pass to the buyer on acceptance of the bid by the
auctioneer. As a rule, bids are invited below the reserve price.
Works of art may be knocked down without having been sold or
withdrawn, without being apparent prior to the end of the auction.
9. The purchase will be released after receiving the buyer’s full payment
of the hammer price, premium and, if applicable the taxes.
After 10 days from the auction, the buyer is fully liable for the loss,
theft, damage or destruction of the acquired items. Germann Auction
ceases to have liability after the said period.
You may pay for your purchase immediately after the auction by
going to the Cashiers or an invoice will be mailed to you following
the sale. The objects acquired must be picked up at the close of
the auction or within ten days thereafter at the risk and cost of the
buyer. Payment by cheque is deemed to have been effected only
upon receipt of a written, irrevocable bank confirmation. Payment
by credit card is not accepted. Late payments are due to a penalty
of 1% interest per calendar month.
10. If a buyer fails to pay at all or does not in due time, Germann
Auctions is entitled to either ask for performance of the terms of
the sales contract or to cancel the sale of the lot without notice. A
buyer who does not abide by the conditions outlined above, is
liable to pay damages. These may include a loss incurred by auctioning
off the object a second time as well as the commission and
expenses due for both sales. Germann Auctions stipulates having
the right of retention and a lien over any of the buyer’s property
which is in the possession of Germann Auctions for any reason
until payment of all outstanding amounts due. Germann may resell
those goods by auction or private sale, with estimates and reserves
at Germann Auctions’ discretion. If such resale is for less than
the amount due the buyer will remain liable for the shortfall together
with all costs incurred during such resale. The buyer whose
allocation has been cancelled shall have no right to raise a claim
on the possible sum in excess of the former price. In addition,
articles 213.ff. and following as well as 102.ff. and following of the
Swiss Code of Obligations shall apply. In case the object has been
picked up by the buyer before paying the full amount of the invoice,
Germann Auctions or the seller is authorized to rescind the
contract and ask for the object to be returned.
11. On demand, Germann Auctions assists with shipping and insurance
arrangements, but declines all liability resulting from such
acts. If the buyer fails to pay and collect the purchased lot within
10 days after the auction, the objects will be stored at the buyer’s
expense and entire risk either at Germann Auctions premises or
with a third party and will be subject to a handling fee and charges
for storage.
12. The conditions stated above are an integral part of every purchase
contract concluded at the auction. Modifications thereof are valid
only if agreed upon in writing. Should any provision of these Conditions
of Sale be held unenforceable for any reason, the remaining
provisions shall remain in full force.
13. The Canton and the Borough of Zurich bear no legal responsibility
whatever in connection with the sale. The Official, delegated by
the City of Zurich, acts in a purely supervisory capacity. The relationship
between the parties to the contract is governed by
Swiss law in all respects. Deliveries are due at Zurich 7, which is
also the place of jurisdiction. The right of recourse to the Swiss
Federal Court is reserved.
The original text in German is binding.