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 These terms and conditions may provide different rules depending
on whether the item to which the auction relates is a philatelic item or
an item of another kind.
1.2 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.
1.3 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.
1.4 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. All visitors are liable, up to the
average estimated price plus commission and VAT, for any damage they
cause, directly or indirectly, to the items and lots exhibited.
1.5 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, a separate rule applies to the sale of philatelic items, which is
defined by clause 3.10 of these general terms and conditions.
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 biding 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 as well
as on the price of the purchase commission. In the event of online
purchases by buyers without going through the DAVID FELDMAN S.A.
website, but via an external online platform, buyers must pay DAVID
FELDMAN S.A. an additional amount calculated on the auction 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.
Transactions involving gold coins and fine gold within the meaning
of art. 44 of the Federal Council Ordinance of 12 June 2009 on value
added tax are exempt from VAT.