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Conditions for Auctions 

In accordance with the recommendations of the Bundesverband Deutscher Briefmarkenversteigerer eV.

(Federal Association of German Stamp Auctioneers, Reg.)

– in compliance with the conditions authorized by the Bundeskartellamt (Federal Anti-Trust Commission) –

1. The auction is held voluntarily and in public. The auction is held in the name of the vendor and for his account, unless otherwise indicated. The auctioneer is legally obliged to name buyers as well as sellers upon request of the respective other contracting party. The auctioneer is authorized to assert all rights of the seller arising from his contracts and from the awarded bids in his own name.
2. Lots are knocked down to the highest bidder after the third call. However, the auctioneer has the right to refuse to knock down lots, to divide, recombine or withdraw them. In unclear cases the auctioneer has the right to re-offer the lot.

         For the respective prices the minimum increases amount to:

3. The auctioneer receives a commission from the buyer amounting to 17 % of the hammer price, as well as 1,- Euro for each lot purchased, for the dispatch an additional charge for postage + insurance costs will be added. For the commission, the lot fee and the dispatch costs the legal value added tax is charged (19 %) and indicated. For the lots marked with ° the auction is held in own name and invoice (sale of difference taxed lots § 25a), hammer price, auctioneer’s commission and expenses already include VAT (currently 19%) which is not indicated. Supplies to EU customers outside Germany holding an EU VAT-ID-number underly the “Reverse Charge-System” for commission and expenses the German VAT does not apply, the buyer is obliged to include the respective VAT in his VAT-declaration in his home country. Non-EU-Member States are exempted from VAT on commission and expenses with presentation of relevant export documents.
4. Bidders are obliged to take the lots knocked down to them. On the fall of the hammer the liability for risk of all losses or defects that may occur is passed on to the buyer. Property of the item bought at the auction is transferred to the buyer after payment has been made in full to the auctioneer. The lots have to be taken over immediately after the auction. In case the buyer wishes shipping, the cost of mailing is at this cost and risk.
5. Whoever makes a bid for a third party, will be liable as joint debtor besides that party. The amount of the invoice is to be paid immediately by floor-bidders, otherwise on receipt of the invoice.
6. The auctioneer reserves the right to exclude persons from the auction without giving any reasons.
7. The descriptions of the catalogue provided to the best of our knowledge and belief are no warranted properties. The auctioneer is not liable for any defects. He commits himself, however, to transmit without delay complaints about defects to the consignor, the latter having to be brought to his attention two weeks after closure of the auction at the latest. In case of reserved transaction the auctioneer will reimburse the purchase price to the buyer; any further claims are excluded. Defects already visible in the illustrations do not give cause for complaint. Accumulations, remaining lots or duplicate lots cannot be subject of complaint. The lots provided for the auction can be viewed before the auction. Incidentally, complaints will be excluded, if stamps have been altered after handing over. As alterations are also considered the removal of hinges, hinge remainders or paper adhesions, the immersion in water, the treatment with chemicals and the addition of marks of any sort, in particular control and secret marks except for those by the Association’s Experts.
8. If desired, viewing shipments can be requested immediately after receipt of the catalogue at the customer’s cost and risk, if their return is guaranteed within 24 hours. If the return is not in time, the buyer is liable in full for the hammer price. Mint stamps and accumulations cannot be sent on approval.
9. Purchasing contracts in written or via telephone will be fulfilled conscientiously and in compliance with the interests set out according to the Conditions for Auctions (Fig. 2), however without guaranty. In case of bids “at best” or “at any price” or similar offers we shall bid up to three times the start price.
10. In case of default an interest rate of 1 % will be charged for every month starting from the !5^th day after the auction or delivery. Besides, the auctioneer can at this option require fulfilment or after setting a deadline claim compensation of damages for non-fulfilment; the compensation of damages can in that case be calculated in a way that the lot can be put up for auction a second time and that the defaulting buyer will be charged for a lower proceed as compared to the former auction and that he will have to be charged the auctioneer’s special costs of the repeat auction inclusive of the commission plus fees.
11. Claims of any kind relating to the seller or the auctioneer will expire 6 months after the auction at the latest.
12. Place of fulfilment and court will be Braunschweig. German law will be apply, the regulations of (international) commercial law will not be valid.
13. Should any of the above conditions be invalid in part or in full, the validity of the remaining conditions will be unaffected.

Karl Pfankuch & Co, Hagenbrücke 19, 38100 Braunschweig

Owner Michael Hille

(Translation of “Versteigerungsbedingungen”, the German text being legally authoritative)