Terms of the Auction

1. Scope and Application of the Terms of Auction.

The present terms govern the modalities according to which Falk, Auctions (hereinafter referred to as the "Auctioneer") shall conduct its auctions. By taking part in an auction, the Bidder acknowledges and consents to these terms of auction.

2. Auction

The auction is performed on behalf and account of third parties.

3. Exhibition of Lots.

Any repurchase of items auctioned under any title is inadmissible. It is therefore advisable to thoroughly inspect the items prior to the auction. All the lots listed in the catalogue may be examined by potential Bidders prior to the auction and during the publicly announced preview dates/times. The Bidder shall be liable for any damage caused by him/her during such public exhibitions.
The sales estimates in the auction catalogue are not binding and include neither the commission as mentioned in Paragraph 9 nor the value-added tax. The Auctioneer starts the auction with an opening bid price which is below the sales estimate.

4. Warranty and Guarantee.

The description of the items to be auctioned is prepared to the best of the knowledge and beliefs of the Auctioneer, although this constitutes no warranty with regard to existing qualities. Furthermore, the Auctioneer assumes no liability for descriptions, false attributions, genuineness and obvious or hidden defects. Books with an estimated value exceeding CHF 200 (two hundred Swiss Francs) are collated prior to auctioning. Prior to the auction or during the exhibition, a potential buyer or an expert of his/her choice may inspect signatures, attributions, authors, time periods, age, possible sites of repair, state, completeness, etc. of the (item)s and any expertise(s) stated in the text(s), if available. The items will be allocated to the highest Bidder in the state that they are in at the time of the auction.
There is no warranty whatsoever for defective title and quality. Complaints subsequent to the fall of the hammer shall not be considered.

5. Admittance to the Auction.

Bidders who intend to take part in the auction and who are unknown to the Auctioneer have to identify themselves at the office, documenting their names and addresses prior to the auction itself. Prior to the commencement of the auction, the Bidders shall also have acknowledged their potential purchases in a written statement. The Auctioneer is entitled to exclude individuals from the auction without being obliged to state any reasons therefore.

6. Orders and Bids.

Written statements of order and bids may be submitted to the auction staff during the exhibition. Such statements are legally binding and irrevocable and may not be withdrawn after submission to the Auctioneer. Telephone orders must subsequently be confirmed in writing, such confirmations must be in the Auctioneer's possession until 18:00 h (6 p.m.) prior to the commencement of the auction at the latest. There is no guarantee for orders sent by facsimile which are received subsequent to this deadline. Any faulty transmissions of orders have to be borne by the consignor. Any damages / costs resulting from the use of the post, telegraph, telephone, telex, facsimile or any other means of transmission, in particular from loss, delays, misunderstandings, garbles or duplicates and damage resulting from non-identified deficient authentications and falsifications will be borne by the Bidder. Maximum prices stated in orders do not include the commission (as stated in Paragraph 9), value-added tax and any other levies. Order bid forms must be carefully filled out. If the catalogue number and the code do not match, the catalogue number shall prevail.
Bids below half of the estimated price shall not be considered. Any submission of a written or verbal bid is considered as a binding purchase offer as long as that offer has not been overbid or refused by the Auctioneer. The Auctioneer may refuse an offer without being obliged to state any reasons.

7. Sequence of Bids.

The Auctioning is generally conducted in accordance with the sequence indicated in the catalogue and the auction program. The Auctioneer is, however, entitled to merge, separate and delete numbers of the catalogue or offer them in a different order.
Double bids shall immediately be called once again. If there is no higher bid, lots are drawn, and in the exclusive presence of written bidding offers stating the same price, the order of receipt shall be decisive.

8. Allocation.

Prior to the start of the auction, the Bidder shall receive a bidding number during his/her registration which he/she will display when bidding. The item shall be allocated to the highest Bidder after calling the item up three times.
The allocation upon written offers is conducted within the stated limit after the highest bid in the auction room.
If disagreements as to the allocation can not be settled at once, the number shall be offered for sale once again.
The Bidder shall receive one bill for all of his/her purchases.

9. Commission(s).

The following commission(s) must be paid on top of the hammer price:
a) 22 % (excl. VAT)  for a hammer price up to CHF 5,000.00
b) 18.5 % (excl. VAT)  for a hammer price between CHF 5001.00 and 50,000.00 
c) 16.5% (excl. VAT) for a hammer price of the additional CHF 50,000.00 up to --
These commissions apply to commercial as well as private customers / buyers.

10. Value-Added Tax.

The governing value-added tax is levied on the commission and all the other services charged by the Auctioneer to the buyer. The hammer price of the lots marked with an * (asterisk) in the catalogue is also submitted to the value-added tax. If such items are exported and are accompanied by a valid export declaration duly issued by the Swiss customs, the Auctioneer will reimburse the Swiss value-added tax to the buyer.

11. Transfer of Risks and Title.

The purchaser is personally liable for his/her purchases and may not assert to have acted on behalf of third parties for their accounts, unless the purchaser revealed the name and the address of the person duly represented by the purchaser to the Auctioneer by virtue of a written power of proxy presented prior to the start of the auction.
With the allocation the risk of the item is transferred to the purchaser. The title shall be transferred after complete settlement of the purchase price, the commission, value-added tax, costs and potential interests on arrears. The purchased items shall be handed over after cash payment. Checks and credit cards will not be accepted as forms of payment.

12. Terms of Payment and Default.

Cash payment shall be made in Swiss currency, and it is due immediately after allocation. Any clearing is inadmissible. If payment is not settled within 14 days after allocation, the purchaser shall be in default and is indebted to pay an interest on arrears of 1 % per month for all his/her debts. If the purchaser is in default with his/her liability to pay, the Auctioneer may either insist upon compliance with the purchase contract or may, at any time, even if compliance with the purchase contract has been insisted upon previously, revoke the allocation without any other deadline. With such a revocation, the purchaser forfeits all of his/her rights associated with the allocation. All demands for compensation due to default are herewith expressively reserved. The purchaser whose allocation was revoked shall be liable for any smaller returns of the item which is either allocated to another Bidder at the same auction or to a third party at a later auction or sold by private contract. There is no claim in case of any higher returns.

13. Removal of the Auctioned Items.

The auctioned items are to be fully removed within 14 days after the auction. During auctioning, no items may be removed; subsequent to afternoon sessions, they may be removed within certain limits, but only by non-local purchasers and only following cash payment. All bills presented are subject to subsequent inspection and, where necessary, alteration. Generally, the items shall be handed over without any package and in the state at the time of the auction.
The Auctioneer can arrange package or shipping, however, on written request   and on behalf of the customer. Removal, packaging and shipping are the purchaser’s responsibility.

14. Storage of the Auctioned Items.

Auctioned items which have not been removed within the removal period mentioned in Paragraph 13 here above shall be stored at the purchaser’s costs and risks and submitted to a storage fee amounting to CHF 2 (two Swiss Francs) per object and per day. The Auctioneer does not undertake any guarantee for and assumes no liability for any items which have not been removed in due time.

15. Representations.

People who bid on behalf of another person or a body corporate have to present a statement of authority (power of proxy, certificate/extract of the registry of companies); the representatives shall be personally liable, in particular as to any incurred obligations associated with the auction. Bids on behalf of people who have not been identified or who are identified only later or on behalf of a not yet existent body corporate shall not be considered.

16. Liability of the Auctioneer.

Any demands for compensation against the Auctioneer due to default, impossibility to perform, positive breach of contract, negligent breach of contract or unauthorized actions are inadmissible, unless the damage has been caused by malicious or grossly negligent actions.

17. Assistance of the City Magistrate.

The auction shall be supervised by the District Magistrate’s Office of Zurich 1 as the assisting authority. Neither the District Magistrate nor his/her representative nor the City or Canton of Zurich shall be liable for actions performed by the Auctioneer.

18. Governing Law.

The auction and all related matters shall be governed in full by the Swiss Law. Unless separate settlements have been made in these auction terms, the provisions of the regulations of the High Court of Zurich pertaining to the procedure at voluntary public auctions dated 19th of December 1979 shall apply.

19. Place of Execution and Jurisdiction.

Zurich shall be the place of execution and jurisdiction. The Auctioneer reserves the right for himself/herself to take legal action against the Debtor’s at the Debtor’s place of residence.