Conditions of Sale - Gorny & Mosch GmbH

Conditions of Sale
The auction is carried out on behalf and for the account of the owners for a cash payment of the
purchase price in euros (€). Participation in the auction shall be deemed express acknowledgement
of these Conditions of Sale. In particular, they are an integral part of the purchase contracts and have
priority over legal provisions.
Any person who bids for a third party must disclose his function as a representative before the start
of the auction; otherwise the purchase contract shall come into existence with the bidder. GM is
entitled to assert all the rights of the consignor based his order and based on the fall of the hammer
in its own name. In particular, GM may collect and sue for purchase prices and additional costs in its
own name.
The hammer shall fall after the highest bid has been called out three times. The knockdown shall be
a binding commitment on the part of the bidder to take delivery of, and to pay for, the item or items
knocked down. If there is any doubt about whether or to whom an item was knocked down, whether
a higher bid was overlooked and in the event of any other cases that are unclear, the number will be
put up for auction again.
The hammer price is the net price in accordance with the German Value‐added Tax Act and forms
the basis for the calculation of the buyer's premium of 15% payable by the purchaser. The applicable
value‐added tax (VAT) shall be charged in addition to the total price incurred (hammer price + buyer's
premium). The VAT for items is currently 7% (in exceptionel cases 19%). The VAT for the offered
coins is currently 7%. The VAT for gold coins is 19%, if the hammer price is less than the 2,5times of
the precious metal value. For the cold price will be applied the average value which is determinded
by the Bundesfinanzministerium for the calendar year (last fixing in november of the previous year).
Customers from non‐EU countries shall be reimbursed the VAT if the item is or the items are
exported or sent abroad. They shall only receive the delivery against payment of the purchase price
in euros. GM shall attend to dispatch and export formalities. Foreign customers are requested to
observe exchange and import regulations. GM refuses to accept responsibility for any consequences
that may ensue from a violation of such regulations.
The purchase price is due and payable immediately by purchasers present at the auction, 10 days
after issuance of the auction invoice by written purchasers (bidders). GM reserves the right to
demand a sufficient deposit from purchasers. The auctioned items remain the property of the vendor
until payment in full of all claims of GM. In the event of a delay by the purchaser, GM is entitled to
charge interest (1% per month). Bank charges for cheques and transfer from abroad amount to 15
Euros. An administrative fee of 3.5% is charged for payments made by credit card.
If payment is not made to GM or the delivery of the knocked down items is refused the customer
loses his rights under the knockdown and the auction item(s) can be put up for auction again or sold
privately at his expense. In this case, the purchaser is liable for any reduction in proceeds whereas he
is not entitled to any additional proceeds. Furthermore, the purchaser must pay lump‐sum damages
amounting to 15% of the (first) knockdown irrespective of any additional proceeds generated.
GORNY & MOSCH Phone: +49‐89/24 22 643‐0
Giessener Münzhandlung GmbH Fax: + 49‐89/22 85 513
Maximiliansplatz 20 info@gmcoinart.de
80333 Munich www.gmcoinart.de
Germany
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However, the purchaser is reserved the right to furnish proof of the occurrence of less damage or no
damage whatsoever. The right is expressly reserved to claim for greater damage.
Claims for damages against GM, whether these be based on default, impossibility of performance,
positive breach of contract, negligence in contracting (culpa in contrahendo) or based on tort are
excluded, unless the damage was caused by intentional or grossly negligent conduct.
GM is entitled but not obliged to group or separate numbers. Items shall not be called out of
sequence.
Minimum increments are about 5% of the call or the last bid, i.e.
Up to 100 Euro 5 Euro
Up to 200 Euro 10 Euro
Up to 500 Euro 25 Euro
Up to 1,000 Euro 50 Euro
Up to 2,000 Euro 100 Euro
Up to 5,000 Euro 200 Euro
Up to 10,000 Euro 500 Euro
Up to 20,000 Euro 1,000 Euro
Up to 50,000 Euro 2,000 Euro
Up to 100,000 Euro 5,000 Euro
Up to 500,000 Euro 10,000 Euro
Written orders shall be carried out without any additional order commission. If necessary, the bids
sent in may be exceeded by up to 10%. Orders from unknown bidders shall be carried out only if a
deposit is furnished or verifiable references are provided. If several bids are received at the same
amount, the first bid received shall be given preference. Unlimited orders shall not oblige GM to
execute them and they shall be executed up to a maximum of the ten‐fold estimate.
The dispatch of the auction item(s) is carried out on behalf and at the expense and risk of the
consignor or consignee. Furthermore, GM reserves the right to send bulky or fragile items through a
forwarding agent at the consignee's expense.
The prices shown in the catalogue are estimates without any obligation.
The starting price is approx. 80% of the estimate on average, unless at least two higher written bids
have already been received. In such a case the starting price shall be one increment above the lower
bid. An item can therefore be knocked down both above and below the estimate, depending on the
level of the written bids or bids made verbally in the salesroom. Written orders amounting to less
than 80% of the estimate shall not be executed.
GORNY & MOSCH Phone: +49‐89/24 22 643‐0
Giessener Münzhandlung GmbH Fax: + 49‐89/22 85 513
Maximiliansplatz 20 info@gmcoinart.de
80333 Munich www.gmcoinart.de
Germany
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The description in the catalogue is provided with care and to the best of our knowledge and belief.
However, it does not constitute a warranted characteristic as defined by Section 459 (2) of the
German Civil Code [BGB]. The statement made as regards state of preservation is deemed to be a
personal assessment. Purchasers present at the auction buy «as seen». The genuineness of the items
is guaranteed (up to the amount of the purchase price), unless otherwise stated in the catalogue or
during the auction.
In other respects, any and all warranty claims based on defects of quality and defects of title are
excluded. Any warranty is also excluded in case of lots and series (stated in catalogue) and in case of
subsequent changes made to the auction item by the purchaser or his vicarious agents (e.g. cleaning,
rupture of slabs etc.).
Any warranty claims must be asserted by purchasers attending the auction in person immediately
after the hammer falls, by written purchasers (bidders) within 8 days after receipt of the auction
goods. The method of dispatch of returns must be agreed in advance with GM for actuarial reasons.
GM reserves the right to bar people from the auction for particular reasons.
Offsetting counterclaims against the claims of GM is excluded, unless the claim is uncontested or
has been declared legally valid by a court of law. Claims of any kind against the consignor and against
GM expire no later than 6 months after ending the auction.
The place of performance is Munich, Federal Republic of Germany. The place of jurisdiction is
Munich, Federal Republic of Germany if the contracting party is a registered merchant. Otherwise it
shall only be Munich if solely GM has its general place of jurisdiction in the Federal Republic of
Germany or if the contracting party against whom legal action is to be taken relocated his habitual
place of abode outside the territory of the Federal Republic of Germany after conclusion of contract
or his place of residence or habitual place of abode is known at the time when legal action is brought.
However, GM is also entitled to take legal action at the registered office of the contracting party.
Previous auction catalogues with a list of results are available postage‐free for a payment of 15
Euros towards the costs to the post office giro account ("Postgirokonto") 150384‐802 Munich.
Gorny & Mosch
Giessener Münzhandlung GmbH
Auctioneers: Dieter Gorny, Dr. Hans‐Christoph von Mosch
Managing Directors: Dieter Gorny, Dr. Hans‐Christoph von Mosch
Commercial Register Munich HRB Nr. 75528
GORNY & MOSCH Phone: +49‐89/24 22 643‐0
Giessener Münzhandlung GmbH Fax: + 49‐89/22 85 513
Maximiliansplatz 20 info@gmcoinart.de
80333 Munich www.gmcoinart.de
Germany
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