Conditions of Sale

Auction terms and conditions

These Auction terms and conditions are for your general guidance only. In the event of a dispute, the German version of our full legally binding conditions will prevail (see Versteigerungsbedingungen).
The auction is conducted voluntarily on behalf of a third person for third-party account on the basis of consignment contracts. The auction is operated by the company HWPH Historisches Wertpapierhaus AG, Ingelsberg 17b, 85604 Zorneding.
The auction terms and conditions are acknowledged by the written submission of a bid. Bids by fax, e-mail and online bids are equivalent to bids in writing. Submission of a bid constitutes a binding offer to purchase. Bidders are personally responsible for the bids they make, even if submitting them on behalf of named third parties. Starting prices correspond to the prices stipulated in the catalogue. Bids below the starting prices will not be accepted.
Bid rates are set as follows:
€1 to 10: €1
€10 to 30: €2
€30 to 100: €5
€100 to 300: €10
€300 to 1,000: €25
€1,000 to 2,000: €50
€2,000 to 5,000: €100
€5,000 to 10,000: €200
€10,000 to 25,000: €500
€25,000 to 50,000: €1,000
from €50,000: €2,000

Bids that do not correspond to the bidding levels are rounded up to the nearest bidding level. The highest bid will be accepted. If there are several equal maximum bids, the first bid received is given preference.
The following additional rules apply to auctions labelled "Multiauktion" in the header: The bid amount always relates to one unit. After a bid has been successful, the bidder states the desired quantity at that price (at most the available quantity). If a quantity remains, it is once again put up for auction. The successful bidder is obligated to accept and pay for the item(s). All risks, especially the risk of accidental loss or accidental deterioration of the auction item, are transferred to the buyer directly upon winning the bid. Ownership and title will only be transferred to the buyer after full payment of the purchase price. The buyer shall pay a commission of 18% of the hammer price. Value-added tax (VAT) at the current rate of 19% will be added to commission and shipping costs. VAT levied on auction commission is not refundable on deliveries to non-EC countries, because a domestic service has been performed. In the case of export to an EEC member state, the buyer is required to provide a VAT identification number for tax exemption in good time.
While registration at Artfact/Invaluable is free there will be only an additional 5% (plus VAT) buyer's premium charged for lots won via Artfact/Invaluable.
Auctioneer Matthias Schmitt is authorized to exercise all the rights of the seller resulting from commissions and hammer prices on behalf of the seller and at the seller's expense. Following conclusion of the auction, the successful bidder can, with legitimate, verifiable interest, obtain the name and address of the seller of the brokered item.
Bidders submitting their bids remotely or in writing are required to adhere to a payment deadline of 14 days (30 days for foreign countries), provided no other credit arrangements have been made in writing. For all balances that have not been received within 14 days (30 days for foreign countries) of the auction default interest of 1% will be charged for each month or part thereof. Additionally, all costs incurred by the involvement of legal counsel and/or collection agencies will be passed on to the buyer. If the buyer defaults on payment or refuses to purchase the auction items, the items may be sold or put up for auction again in the buyer's name and on the buyer's account without any further notification. In such a case, at the auctioneer's discretion, the debtor is liable for any lost profit or for compensation amounting to 36% of the hammer price; the debtor has no claim to any additional profit and will be barred from further bidding.
The auctioned goods will only be delivered after full payment of the invoice amount. If delivery takes place at an earlier point in time, ownership of the goods will be retained until full payment of the purchase price. Auctioned items are shipped at the expense and risk of the buyer. Upon dispatch by mail the sender has fulfilled all requirements for delivery.
All items up for auction are second-hand. Photocopies of lots can be requested prior to the auction deadline. Black & white copies are available for the cost of postage. Colour copies are EUR 2.50 for DIN A4 and EUR 4.00 for DIN A3 plus postage.
The auctioneer is not liable for any defects. Catalogue descriptions are provided to the best of our knowledge and belief but do not represent assured characteristics pursuant to sections 459 ff. German Civil Code (BGB). Nor can they be the basis for complaints or demands of any kind. Wear and tear or minor damage are not necessarily included in catalogue descriptions. Legitimate complaints must be reported no later than seven days from delivery of the auctioned item. Complaints are inadmissible if modifications of any kind have been made to the relevant lots. No complaints against the auctioneer will be considered once the knockdown has been made. The auctioneer is entitled to change the set order, to split, combine or withdraw numbers, as well as conditionally make or reject the knockdown. The above auction terms and conditions are also valid for all auction lot transactions taking place outside of the auction, especially post-auction sales. Parts of the auction terms and conditions may be suspended by the auctioneer for compelling reasons at any time. In such cases, the remaining parts shall remain effective.
Place of fulfillment and jurisdiction for both parties is Munich.
The auctioneer
Auctioneer: Matthias Schmitt, Ingelsberg 17b, 85604 Zorneding

Buyers' premium: The general buyer's premium amounts to 18 % of the hammer price. A VAT (value added tax) at 19 % of the buyer's premium will be added. So the regular maximum charge amounts to 21.42 %. Please note: While registration at Artfact/Invaluable is free there will be only an additional 5% (plus VAT) buyer's premium charged for lots won via Artfact/Invaluable. In total the maximum charge amounts to 27.37 %.

Payment: After the end of the auction we will send you the invoices for your purchases. For international bidders the payment is easy. Clients from the eurozone countries can remit their payments to our international bank account. For clients from non-euro countries we additionally offer the following payment possibilities:
Amounts up to Euro 150: Please send your money in cash by registered mail or remit it to our PayPal account at [email protected]
Amounts over Euro 150: Please send a cheque in one of the major currencies (Euro, US$, GB£, SFR, Yen). Please convert the invoice amount by means of the daily exchange rate.
Despatch: Despatch will only be done after receipt of payment. The despatch costs are for local and worldwide shipping Euro 10 plus 19 % VAT.

Provision: Die Auktionsprovision beträgt 18 % vom Zuschlagspreis. Hinzu kommt die Umsatzsteuer von 19 %. Diese wird aber nur auf die Provision berechnet. Das generelle Brutto-Aufgeld beträgt damit maximal 21,42 %. Bitte beachten Sie jedoch: Während die Anmeldung bei Artfact/Invaluable an sich kostenfrei ist, fällt für hierüber erfolgreich ersteigerte Lose eine zusätzliche Provision in Höhe von 5 % zuzüglich Umsatzsteuer an. Das Brutto-Aufgeld beträgt damit insgesamt maximal 27,37 %.

Bezahlung: Nach dem Ende der Auktion versenden wir die Abrechnungen für die Auktion. Auch für internationale Bieter ist die Bezahlung einfach. Kunden aus den Euro-Ländern können kostenfrei auf unser internationales Bankkonto überweisen. Für Kunden anderer Länder bieten wir zusätzlich folgende Möglichkeiten der Bezahlung an:
Beträge bis 150 Euro: Senden Sie das Geld bar als Einschreiben oder transferieren Sie das Geld auf unser PayPal-Konto [email protected] Beträge über 150 Euro: Senden Sie uns einen Scheck in einer der großen internationalen Währungen (Euro, US-$, GBP, sfr, Yen). Rechnen Sie den Rechnungsbetrag anhand des aktuellen Tageskurses um.
Versand: Der Versand erfolgt nach Zahlungseingang. Die Versandkosten betragen pauschal weltweit 10,00 Euro zzgl. 19 % USt.

Shipping Terms

Auction House will ship at Buyer's expense.

Payment

After the end of the auction we will send you the invoices for your purchases. For international bidders the payment is easy. Clients from the eurozone countries can remit their payments to our international bank account. For clients from non-euro countries we additionally offer the following payment possibilities:

Amounts up to Euro 150: Please send your money in cash by registered mail or remit it to our PayPal account at [email protected]
Amounts over Euro 150: Please send a cheque in one of the major currencies (Euro, US$, GB£, SFR, Yen). Please convert the invoice amount by means of the daily exchange rate.
Despatch: Despatch will only be done after receipt of payment. The despatch costs are dependent on the respective country:
Germany: Euro 10 plus 19 % VAT.
Western Europe: Euro 10 plus 19 % VAT.
Other countries: Euro 10 plus 19 % VAT.

Buyers Premium

The general buyer's premium amounts to 18 % of the hammer price. A VAT (value added tax) at 19 % of the buyer's premium will be added. So the regular maximum charge amounts to 21.42 %.

Please note: While registration at Artfact/Invaluable is free there will be only an additional 5% (plus VAT) buyer's premium charged for lots won via Artfact/Invaluable. In total the maximum charge amounts to 27.37 %.

Tax

VAT (value added tax) at 19 % of the general buyer's premium and an additional 5% buyer's premium charged for lots won via Artfact/Invaluable. The maximum charge amounts to 27.37 %.