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Terms of sale for coins

  

AUCTION TERMS AND REQUIREMENTS


The auction is hold on behalf and for the account of the owner of the goods according to Austrian Trade Regulation Acts. Any Person participating or registering for the Auction agrees to be bound by and accepts these Terms and Conditions of Auction
Description: The descriptions and the grading of the material represented in the catalogue have been executed with great care. The illustrations are part of the description and in case of doubt the text is authoritative. The grading of coins is a personal judgement but corresponds to the accepted grading scale in the European coin business.

Auction procedures: The auction sale is conducted in Euros (€). The prices in the catalogue are minimum prices and bids below these prices cannot be accepted. The highest qualified bidder recognized by the auctioneer shall be the buyer; he cannot claim to have acted on behalf of a third party. We can only accept orders from collectors not known to us if the identity of the person can be established. Due to the Data Protection Act now in force we ask to send us a copy of the identity card or passport together with satisfactory card information. Another possibility is to lodge a deposit.  New clients have to register at least two business days before the auction.

Absentee bids can be sent to us by post, fax, e-mail or by using the facilities of the online catalogue. The bids must be received by us at least by 7 a.m. MEC on the day of the auction.  We do not accept any liability for bids which we may receive during the auction. Bids received in the last two days before the auction cannot be confirmed in writing. To optimize the chance of winning, absentee bidders can give either/or bids or limit the total bidding sum (exclusive the commission). H.D. Rauch GmbH cannot be made responsible for errors in bidding, so carefully check that every bid is entered correctly. Oral bids should be confirmed in writing (fax or e-mail) to avoid mistakes.  

Telephone bidding: for real-time telephone bidding during the auction the client has to make preliminary arrangements with the Auction House at least one business day before the auction starts. Telephone bidding is accepted exclusively on lots with a starting price of more than € 100,--. The bidder has to give us the lot numbers for which he wants to bid by phone and a valid telephone number. We take it for granted that the telephone bidder bids at least the starting price on these lots. We are not liable for failure to execute such bids if telephone bidding gets interrupted or cannot be achieved.

Floor bidding: Any client needs to take a bidding card or paddle on the floor before going in the auction room. Viewing can be done before and during the auction without problems. A floor bidder may request the auctioneer to accept a bid at half of the increment (“cut bid”) only once per lot. As soon as the client closes his biddings he can ask for the invoice and the coins. The invoice can be paid in cash (if the sum is more then € 5.000 we have to ask according to law for a personal document). Byers who attend the auction buy “as seen”  as each lot is available for examination before the sale; except for reasons of hidden repairs on the coin, mounting or authenticity lots cannot be claimed.  

The bidding increments as a general rule are 5 to 10 %. Bids that do not conform to a full increment  will be rounded up to a full increment and this revised amount will be considered your high bid. In case of identical bids, the earliest incoming bid wins. No „buy“ or „unlimited“ bids will be accepted

Hammer price: The hammer price will be executed at one bidding increment over the next highest bid. All auction sales are final. A written bid has priority over an identical floor bid. The auctioneer reserves the right to combine or to separate lots; to withdraw lots or reoffer the lot for bidding again in case of error or dispute.

Invoice: The hammer price represents the basis for the buyer’s premium of 18,5 % and VAT (Value Added Tax). A letter in front of the lot number marks for the purchaser the applicable VAT rate. All shipping charges will be borne by the successful bidder.

B = zero rated coins. Gold coins issued after 1800 and which were or still are legal tender and investment gold coins are exempted from VAT if granted by the European commission. The customer pays 18,5 % premium.  

D = Auctioneer’s Margin Scheme is 22 % are added on the hammer price. VAT and the buyer’s premium are included.

V = for lots signed with V the VAT is 20 %. The customer pays a buyer’s premium 18,5 % + 20% VAT rate Germany 19 %).

Dealers in EEC countries (other than Austria) may purchase received goods tax free upon presentation of their valid VAT ID number.  Buyers resident outside the EEC pay a buyer’s premium of 18,5 % and no VAT if the goods are delivered by us. If the Buyer wants to export the lots by himself we will be furnished by us with the export papers of Logsped according to his instructions at his own expense. Purchasers from abroad will have to observe all applicable laws and regulations in respect of custom duties and taxation in their country.

Payment period:  Title to any goods shall only pass to the purchaser upon payment in full. Unless mutually agreed otherwise, payment of the auction bill is due immediately if the buyer is present on the floor; this is also valid for bidders who have acted on behalf of another client. From purchasers who have submitted written bids, bidden by phone or live, payment is due within 10 days after receipt of the goods. We are entitled to ask payment in advance of all clients. Rauch GmbH reserves the right to resell the material of an auction for which a bidder has not paid and the bidder is obliged to pay for the reasonable costs of such a sale and also pay any difference between the resale price and the previously successful bid.
The payment can also be done by credit card (VISA and MASTER) or PayPal if the client adds a surcharge of 4 % to the total sum of the invoice for the handling. US Dollar cheques drawn to an US bank are accepted, not cheques in Euro unless the clients includes into the sum of the invoice the high bank costs. Ownership of the lots will not pass until payment of the purchased price is made in full. After the period of 30 days has expired 1 % interests are charged per month.

Shipment: All shipping charges will be borne by the buyer of the auction goods. Instructions for shipping must be given right after the auction. We ship the goods according to postal regulations or by FEDEX. The minimum costs are: Domestic: € 7,--; Europe: € 15,--; overseas: € 20,--. Any shipment is insured. Insurance regulations require that losses or damages in shipment have to be reported immediately and confirmed by evidence (photo, damaged envelops) The buyer or recipient is liable for the costs of shipment which are returned by post because of the carelessness of the buyer or recipient. If the client does not receive the shipment in time (visit myHDRauch) he has to give notice; postal investigations are warrented only 3 months

Complaints and authenticity. First of all please be aware that an auction sale is not an approval sale. All coins in this sale are guaranteed genuine and as described. There is no limit of time to claim the genuineness of coins sold in our auctions. The authenticity of the coins and medals is warranted up to the total purchase price. All other claims which are due to an error in description (like plugging of a hole, traces of mounting etc.) must be made within 20 days after receiving the auction material. If bidders who have to pay in advance fail to settle the sum due within 20 days the time for claims because of errors in description has run out. Coins and medals graded as fine or less as well as multiple lots are excluded from warranty. Lots also cannot be claimed. Claims are handled on behalf of the owner or seller i.e. the person or company who instructed the auctioneer to offer the material for sale. We reserve for us the right to ask the buyer to turn directly to the owner with his claim. This will always be the case when the account with the seller has been settled. Return payments for shipment which got lost will be settled as soon as the postal investigation has confirmed the loss.

Handling with Grading Companies. Coins that have been encapsulated (“slabbed”) by a Grading Companies such may not be returned for any reason, including authenticity. Complaints based on a different quality assessment by Grading-Companies do not entitle the Buyer to cancel his purchase transaction.

Any and all disputes should be subjected to the exclusive jurisdiction of Vienna courts, except for those to recover payment for lots sold hereunder which may be pursued wherever the buyers may be found.

Only the German text has legal force.

The auctioneer: H.D. Rauch

Vienna, October 2018                                                           

 * This can only be done in public auctions and not with e-auctions (see the terms for e-auction)

  
Auktionshaus H.D. Rauch GmbH - Graben 15, A-1010 Wien, Austria