General Auction Conditions

1. The auction is held exclusively on behalf of and for the account of third parties.

The auctioneer is authorized to pursue in his own name all rights and claims arising from the vendor’s instructions or the knocking down of lots.

2. Lots are knocked down to the highest bidder. The auctioneer has the right in justified cases to refuse to knock down a lot, and to withdraw, combine and divide lots. Equal bids are determined by drawing lots. A bidder is bound by his bid if it is followed by a higher bid which is invalid or which is immediately refused by the auctioneer. In case that a higher bid, which was placed in time, erroneously was overlooked or in any other cases of doubt, the auctioneer may cancel the knocking down and reoffer the lot. The auctioneer may knock down a lot subject to the seller’s subsequent approval. The bidder is then bound by his bid for a period of four weeks from the date of making the bid. In case of a lot being knocked down subject to approval it can, however, be sold to another limit bidder without further inquiry. On the fall of the hammer a contract is established between the seller and the buyer. The auctioneer is legally bound, if so requested, to divulge the seller’s name to the buyer and the buyer’s name to the seller.

3. Written orders to bid will be executed conscientiously and safeguarding the client’s interests, but without recourse. The maximum prices as offered will be exhausted only to the extent as necessary to overbid other offers. In case of a bid “at best” the auctioneer may bid up to three times the start price, in case of bids “at any price” or “buy” up to ten times. The minimum bid for lots without estimate or for lots marked with “Gebot” is EUR 10,-. Online bidding via the Internet requires the consent of the auctioneer prior to the auction. For processing of the online bids the auctioneer takes no responsibility, espacially not in regards to the state and/or quality of the internet connection.The distance contracts laws (Fernabsatzverträge) regarding withdrawals and returns do not apply (§ 312 para 4, No. 5 BGB).

4. The auctioneer receives a commission from the buyer of 22 % of the hammer price plus EUR 1,50 for each purchased lot. The buyer will be charged with the cost of postage, packing, insurance and the cost of import (in total=expenses) if necessary.

Value added tax (currently 19 %) on the auctioneer’s commission and expenses together with value added tax on the hammer price (currently 7 %) if applicable will be invoiced separately. Supplies to Non-EU-Member States are exempted from VAT on commission, expenses and hammer price with presentation of relevant export documents. Supplies to EU customers outside Germany holding an EU VAT-ID-Number underly the “Reverse Charge System”, i.e. for commissions and expenses the German VAT does not apply; the buyer is obliged to include the respective VAT in his/her VAT declaration in his/her home country.

5. Bidders are obliged to take over lots knocked down to them. Invoices to room bidders are payable immediately, all other invoices are payable upon receipt. Invoices issued during or immediately after the auction are subject to review and possible amendments; errors reserved. Persons bidding for third parties should make this known to the auctioneer before the auction; otherwise they may be deemed to be the buyer.

Lots remain the property of the seller until payment has been made in full which includes clearance of any cheques and payment of any bills of exchange. The buyer has no right to request delivery of any lots until payment has been made in full. The costs of the money transfer are to be borne by the buyer.

a) Prohibition of handling / alteration: As long as the purchase price has not been paid in full, the buyer is obliged to handle the lots with care. In particular, in the case of coins, medals, and banknotes, it is prohibited to clean, chemically treat, polish, or otherwise alter them.

b) Money Laundering Act (GwG): The auctioneer is legally obligated to identify bidders and buyers. Bidders undertake to provide the necessary identification documents (e.g., identity card, extract from the commercial register) upon request.

6. If payment is delayed, interest will be charged at 1 % per month or part month. This interest rate may be adjusted if the auctioneer can prove that a higher rate or the buyer can prove that a lower rate is justified; the interest rate is at least 5 % higher than the basis interest rate per year.If the buyer fails to pay promptly or does not take up the lots, the auctioneer is entitled to demand flat-rate damages of 25 % of the hammer price in compensation for forgone commission and for expenses incurred unless the buyer can prove that there is no damage or that the amount claimed is excessive. The auctioneer reserves the right to claim higher damages subsequently.

7. The dispatch of knocked-down lots on buyer’s request will be effected at his expense. The risk will be transferred to the buyer as soon as the goods have been handed over for dispatch to the post office or another dispatch service. The auctioneer offers a transport insurance, the costs of which have to be born by the buyer.
Insofar as an export permit under the Cultural Property Protection Act (KGSG) is required for the shipment of cultural goods (in particular coins) abroad, any official delays or the refusal of the permit do not release the buyer from his obligation to take delivery and pay the purchase price in due time.

8. All lots may be viewed and checked before the auction. Descriptions in the catalogue do not mean guarantees for quality and condition. The auctioneer is not liable for any defects of the items. He commits himself, however, to transmit without delay complaints about defects to the consignor. In case of reversed transaction the auctioneer will reimburse his commission to the buyer; any further claims to him are excluded.

Claims relating to obvious defects must be received by the auctioneer within ten days of handing over or delivery. The auctioneer is entitled to require the buyer to obtain at his expense reports from two independent experts that substantiate the claims. No claims of any sort, in particular relating to quality and quantity may be made in respect of collections, accumulations and other large lots. Unless stated otherwise, quoted catalogue values are not binding.

Lots already stated to contain faults cannot be returned by reason of further small faults. Defects which can be seen from illustrations (margins, perforations, cancellations, centering etc.) cannot be subject of complaints.

No complaint will be considered if lots or stamps have been altered. Alterations include removal of hinges, hinge remainders or paper adhesions, immersion in water, treating with chemicals and the addition (or removal) of marks of any sort.

If a lot is purchased subject to an expert opinion, the cost of which will be borne by the buyer, this expertising will be arranged by the auctioneer unless otherwise determined by the buyer.

With bidding for stamps which have already been expertised or for stamps with certificates, the bidder accepts the expert marks and certificates which are available for his guidance and inspection as decisive unless the bid is made subject to certification by any expert nominated by the bidder and approved by the auctioneer before the auction.

Stamps which are clearly established as forgeries may be marked as such by experts. The auctioneer is entitled to request the buyer to refer all complaints directly to the seller.

8.1. Special Provisions for Coins, Medals, and Numismatics:

a) Guarantee of Authenticity: The authenticity of the offered coins and medals is guaranteed up to the amount of the purchase price paid (hammer price plus buyer's premium). Should an item unexpectedly prove to be a forgery, the auctioneer's liability is limited to the refund of the purchase price upon return of the item in unchanged condition. Further claims are excluded.

b) Specific Defects in Coins: Catalogue descriptions and condition ratings represent personal assessments. Claims regarding defects in condition are excluded after the lot has been knocked down, unless they concern hidden defects (e.g., erroneously overlooked traces of mounts or frames, plugged holes, trace marks, or concealed rim flaws).

c) Condition Ratings and other descriptions, especially for coins and medals, represent the technical assessment of the auctioneer and do not constitute a contractual agreement on quality or a guarantee of a specific grading. A differing assessment or grading by third-party grading companies (e.g., PCGS, NGC, or similar companies) does not in itself entitle the buyer to lodge a complaint or cancel the sales contract.

d) Grading Services and Capsules ("Slabs"): The auctioneer assumes no responsibility for auctioned items being accepted by external grading companies (e.g., NGC, PCGS) or receiving the same grade as stated in the catalogue. For coins in sealed plastic holder capsules ("slabs"), no liability is assumed for hidden defects concealed by the capsule. Opening or damaging the capsule will void the guarantee of authenticity and any warranty.

9. In addition, we reserve the right to make data on serious service disruptions (e.g. attempted fraud, failure of recognised claims despite two reminders of undisputed or legally enforceable claims) also accessible to third parties if this is in our legitimate interest to prosecute or protect the auction system from damage or if they prove a legitimate interest in this. These may be, for example, criminal prosecution authorities, credit agencies or other auction houses.

10. These auction terms also apply to subsequent sales after auction; the special provisions for distance sales do not apply.

11. Place of fulfillment for either party shall be Wiesbaden; any disputes arising shall be referred to the court having jurisdiction in Wiesbaden under German law.

12. No oral variations to these conditions are valid; all alterations or additions must be in writing.

13. Should one of the above conditions be unworkable in whole or in part, the validity of the other conditions will remain unaffected.

Current as of August 2026

(This translation of the „Allgemeine Versteigerungsbedingungen“ is ­provided for information only; the German text is to be taken as ­authoritative).