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 not be handed over to the buyer until the purchase price
(hammer price plus costs and VAT, if applicable) has been paid in full.
Thus, the risks are transferred at the time of the auction. Ownership
passes to the buyer once the invoice has been paid in full and
possession has been transferred.
3.5 At David FELDMAN S.A.’s request, sales must be officially
acknowledged by signature.
3.6 Payment: Successful bidders are obliged to pay the purchase price,
plus VAT if applicable, and the commission in cash in the currency
of the auction, against surrender of the goods purchased, within a
maximum of 5 days of the auction.
Fees charged to DAVID FELDMAN S.A. for credit card payments will be
invoiced to the buyer. These vary from 1.5% to 5% depending on the
credit card company.
Cash payments are only accepted up to CHF 100’000.
3.7 Payment arrangements: Upon prior request at least 10 days
before the sale, DAVID FELDMAN S.A. may, at its own discretion, grant
payment arrangements to buyer. The buyer benefiting from such
arrangements will pay a minimum amount of 25% of the total invoice
within a maximum of 5 days from the date of the sale and will then
pay the balance in equal monthly instalments over a maximum period
of 4 months. Monthly interest plus costs incurred at the rate of 1% is
charged by and on behalf of DAVID FELDMAN SA from the date of the
sale. Interest is debited monthly to the customer’s account. In general,
no lot is delivered without full payment of the hammer price, the sales
commission and, if applicable, VAT.
3.8 Late payment: Payment must be made in cash as soon as the
lot is sold. Any buyer who has not paid the hammer price and the
commission due in full within a maximum of 5 days of the sale is already
in default of payment. In the event of default by the buyer, DAVID
FELDMAN S.A. reserves the right (1) to cancel the sale and dispose of
the lot(s) concerned and to take legal action against the buyer in order
to obtain payment of an indemnity of 23% of the hammer price and
full payment of the commission due plus interest of at least 1% per
month or (2) to enforce the seller’s lien in accordance with the above
provisions. In addition, expenses incurred by DAVID FELDMAN S.A. in
the performance of its obligations hereunder shall be levied in addition
on all sums due from the buyer. In addition, the defaulting debtor loses
all rights of complaint.
3.9 Right of lien: Until full payment of the amounts due, the buyer grants
DAVID FELDMAN S.A., acting on behalf of the Seller, a right of lien on
all lots sold but not delivered. This lien guarantees the payment of any
amount due past and present, such as the hammer price, the purchase
commission, possible VAT, interest, and possible costs. After notice
from the buyer, DAVID FELDMAN S.A. is authorised, but not obliged, to
realise the pledges without further formalities and without notice if the
buyer is in default for the payment of his/her debt or the fulfilment of
any obligation. DAVID FELDMAN S.A. may in all cases realise the liens
by mutual agreement.
To this end, DAVID FELDMAN S.A. is not obliged to comply with the
procedures specified in the Federal Debt Collection and Bankruptcy
Act; DAVID FELDMAN S.A. is also free to initiate or continue ordinary
debt collection proceedings without first realising the liens and without
thereby waiving them.
If the realisation of the lien does not cover the amounts owed by
the Buyer, DAVID FELDMAN S.A. is entitled to sue the Buyer for the
difference.
3.10 Appraisal or counter-appraisal in the context of the sale of
philatelic items only: DAVID FELDMAN S.A. may attach an appraisal
to the description of philatelic items, the report of which forms an
integral part of the description of the lots, which may be obtained
on request. When the authenticity of a lot of philatelic objects is
contested, the buyer must produce a certificate of expertise or
counter-expertise from a qualified expert justifying his/her claim,
within 30 days of the date of the auction. If the recognized expert,
who assumes all responsibility in the event of error, deems that the
item has been falsified, s/he may mark it accordingly; the signs “FAKE”
or “FORGED” do not then constitute an alteration to the batch of
philatelic items.
In the event of such a claim, DAVID FELDMAN S.A. reserves the right to
request, at its discretion, one or more subsequent expert appraisals,
the costs of which will be borne by the seller if the buyer’s claim is
well-founded. If the buyer’s claim is unfounded, the buyer will bear
all the costs incurred. If the claim is well-founded, the lot of philatelic
objects will be taken back, and the auction price and commission will
be reimbursed in full to the buyer. In the event of delayed payment
due to an appraisal approved by David Feldman S.A., interest is
payable at 50% of the usual rate for any lot of philatelic objects whose
authenticity is confirmed. If DAVID FELDMAN S.A. does not agree, all
interest will be due. Buyers may request an extension for certification
at the time of adjudication only. For lots with a hammer price of
5’000 or more in the currency of the auction, DFSA will charge a flat
handling fee of CHF 100 per item, plus the cost of the certificate. For
all other lots DFSA will charge a flat handling fee of CHF 200 per item,
plus the cost of the certificate.
3.11 Limits of the guarantee: Batch items described as collections,
selections, or groups, those consisting of duplicates and accumulations,
cannot be the subject of any claim whatsoever. Claims concerning lots
of items described as sets or groups of sets containing more than one
stamp will only be considered within the limits of the above article if
they relate to more than one third of the total acquisition value of the
lot. Lots of items which have been examined by the purchaser or his/her
agent, as well as lots of philatelic items which are described as having
defects, may not be the subject of any claim in respect thereof. No
claim may be made in respect of perforation, centring, margins, or any
other feature visible in the illustration of any illustrated batch of items.
3.12 All lots awarded must be removed after the auction by the
purchasers within 5 days, at the purchasers’ cost and expense. No
lot may be picked up during the auction. Any lot not collected within
5 days by the buyers will be transported at the buyer’s own risk to a
storage location defined by DAVID FELDMAN S.A. and communicated
to the buyers. Storage charges of at least CHF 75.00 plus VAT per month
started and per item will be charged in addition to the costs relating to
the transport of the goods to the storage location.
Lots not picked up will be stored at the buyers’ expense for a maximum
of 6 months.
After this period, the lots will become the property of DAVID FELDMAN
S.A., without eliminating the buyer’s financial obligation hereunder.
Upon request, DAVID FELDMAN S.A. directly or through a third party,
can arrange transport or delivery against payment of this service in
advance. Under no circumstances will DAVID FELDMAN S.A. or the
third party be liable for any damage to or loss of the items during
transport or delivery.
4 Applicable law and jurisdiction
The present auction and all legal relationships arising from it shall
be subject exclusively to Swiss law. Any legal action or proceedings
relating to the auction and the legal relationships arising
therefrom shall be subject to the exclusive jurisdiction of the
courts of Geneva, subject to appeal to the Swiss Federal Court in
Lausanne. In any case, DAVID FELDMAN S.A. reserves the right to
sue any defaulting buyer at his/her place of residence, in which case
Swiss Law remains applicable.
5 Miscellaneous
These General Terms and Conditions of Sale apply to all purchases and
sales transactions with David Feldman SA with participating bidders,
even outside of auctions.
These Terms and Conditions of Sale have been drawn up in French
and are accompanied by an English translation. In the event of any
discrepancy between the English and French versions, the French text
shall prevail.
Buyer’s Conditions of Sale EN – Last rev.Seotember 2025
CONDITIONS OF SALE