Conditions of Sale
1. By participating, registering, or obtaining a bidder number in one
of David Feldman S.A.’s auctions, one agrees to be bound by the
terms and conditions set out below and by the rights and obligations
arising therefrom. These same terms and conditions apply to all
transactions relating to lots forming part of the auction or concluded
outside the auction. DAVID FELDMAN S.A., organiser of this auction, acts
exclusively as agent and therefore assumes no liability whatsoever in the
event of default(s) by buyers and/or sellers. The auction is conducted
in the name and on behalf of third-party sellers who are directly
responsible to the exclusion of DAVID FELDMAN S.A.
1.1 Lots are offered for sale based on their presentation in the catalogue
and/or on the website: Lots are described with the utmost care but
without engaging the responsibility of DAVID FELDMAN S.A. Photographs
form an integral part of the descriptions.
1.2 There is no responsibility as to the condition of lots with a value of
less than CHF 1’500 or its equivalent in other currencies. The catalogue
may mention damage to the lots sold but does not draw up an exhaustive
list. Bidders may consult the lot condition report, where available, either
on the Internet or on request. Lots marked with a square next to the lot
number are subject to federal control of precious metals (CMP), whose
report is available on request.
1.3 DAVID FELDMAN SA organises one or more lot presentation days at
a location in the Canton of Geneva or elsewhere, prior to the sale, where
buyers or their agents may examine all lots at the times indicated in the
sale catalogue or on our website.
1.4 Buyers have had the opportunity to examine the lots prior to the sale
and are deemed to have examined all the lots purchased and to accept
them in the condition in which they are found at the time of the auction,
irrespective of the description given in the catalogue. This description is
given as an opinion only and does not constitute any guarantee as to the
authenticity of the items sold. Except in the case of a prior agreement
with David Feldman SA, no claims will be accepted; lots are sold as is.
However, in the context of the sale of philatelic items, clause 3.10 applies.
2. Auction bids
2.1 Each bid must be higher than the previous bid according to at least
the following scale: (the currency may change depending on the auction).
Unless otherwise indicated in the catalogue and on the website, the
Swiss franc is presumed to be the currency of the sale.
50 - 100:
5
10’000 – 20’000:
1’000
100 - 200:
10
20’000 – 50’000:
2’000
200 - 500:
20
50’000 – 100’000:
5’000
500 – 1,000:
50
100’000 – 200’000:
10’000
1’000 – 2’000:
100
200’000 – 500’000:
20’000
2’000 – 5’000:
200
500’000 – 1’000’000:
50’000
5,000 - 10’000:
500
1’000’000 or more:
100’000
Bids between these amounts will be rounded up to the next higher bid.
2.2 Every bid constitutes a binding and irrevocable offer; the bidder
remains committed to his/her offer until it is expressly overbid or
declined by the auctioneer.
2.3 Double bids are notified immediately, and the bidding process is
restarted; if no higher bid is made, the auction is decided by a draw;
for equivalent bids from bidders present and absent, priority is given to
the written bidder or to the bidder personally present in the case of a
telephone bid.
2.4 The hammer price may, exceptionally, be reduced to the lowest
winning bid if it is established that the same bidder has inadvertently
increased the price by using more than one bidding method.
2.5 Telephone bids are only accepted if the bidders have registered in
advance to bid in this way and are known to DAVID FELDMAN S.A. who has
been able to check their solvency. Buyers are charged an administrative fee.
2.6 Only buyers registered with DAVID FELDMAN S.A. who have obtained
a bidder number may participate in the auction. Upon request, they
must provide proof of identity, address, and bank account details. Upon
request, DAVID FELDMAN S.A. reserves the right to limit the maximum
bidding amount to certain buyers depending on their financial capacity.
For certain buyers, DAVID FELDMAN S.A. may even require the prior
deposit of a financial guarantee by credit card or bank transfer.
2.7 Written bids received by DAVID FELDMAN S.A. or on the website
prior to the sale take precedence in all cases over bids made in the
auction room. They are firm and final. Bidders giving a written bidding
order may make alternative bids and/or limit the total amount of their
bids. Bids given “to buy” may not exceed more than 10 times the value of
the high estimate printed in the catalogue.
2.8 For auctions without an auctioneer, online bids are received by DAVID
FELDMAN S.A. on its website. At the end of the auction, at the precise time
and minute, the lot is awarded to the highest bidder, at one step above the
next highest bid. If the last bidder has bid in the last fifteen seconds of the
sale, the auction for this lot is extended by fifteen seconds from the time
the last bid was received.
2.9 All written bids are considered binding for 60 days after the auction
date. DAVID FELDMAN S.A. is therefore entitled to invoice the bidder
for the goods until the expiry of this period. Any invoice received by the
bidder is therefore valid and must be paid immediately.
2.10 DAVID FELDMAN S.A. has the right to refuse bids, to separate, join
or withdraw any lot at its sole discretion. The sale will be conducted
in English or French, but bids may be repeated in any other language.
DAVID FELDMAN S.A. is also authorised to bid on behalf of sellers where
reserve prices have been set. If the seller sets reserve prices for some of
his/her lots, s/he will be deemed to be the buyer and DAVID FELDMAN
S.A. will bid on his/her behalf up to the reserve prices set. If the price set
by the seller is not reached, the next lot will be auctioned.
3 The auction sale
3.1 Auction Representatives and Agents: The bidder assumes personal
responsibility for his/her bid and cannot claim that the purchase was
made in the name or on behalf of a third party. The representative is jointly
liable for the person s/he represents for compliance with the obligations.
This responsibility extends particularly to checking the quality of the
lots purchased and to the subsequent payment of the invoice for the lots
purchased.
Bidders who are personally present as representatives of third parties
must communicate this unequivocally to the auction management at the
latest at the time of the auction.
3.2 Winning bids: Each lot is awarded to the highest bidder on behalf
of its respective seller. In addition to the hammer price, the buyer is
charged a 24.5% buyer’s commission, plus VAT where applicable.
VAT of 8.1% is payable by the buyer on the hammer price. For lots
marked with a circle next to the lot number, VAT of 8.1% is payable
on the buyer’s commission only.
3.3 VAT paid may be refunded upon presentation of proof of export.
DAVID FELDMAN S.A. will charge an administration fee of CHF 75.00.
Shipping costs will be invoiced separately.
Before the auction, buyers must obtain information on the administrative
procedures for the export of lots and their legality. Buyers are solely
responsible for any such formalities after the auction. DAVID FELDMAN
S.A. can take care of this for a fee.
3.4 When the hammer falls, the profits and risks of the lots thus auctioned
pass to the bidder whose bid has been accepted. However, the goods will
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