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Conditions of sale

Please note that the following auction conditions are only a translation of the German auction conditions. In case of doubt, the German version applies.

By participating in the auction, you agree with the following conditions.

1.The auction is open to public and is on a voluntary basis. It is conducted by the Auction House Olaf Sigalas (hereafter referred to as auctioneer) who acts as agent on behalf and on the account of the consignor.

2.All items which will be auctioned can be viewed and inspected prior to the auction. The items are used. The descriptions in the catalogue are made in all conscience and do not constitute any guarantee or quality agreements and they are essentially based on the information provided by the consignor. This applies also for additional information and condition descriptions. The auctioneer is not affected of any warranties governed by sales law. Complaints which were submitted in time will be passed on to the consignor, in which a complaint for apparent defects needs to be raised within four weeks and not apparent defects within one year. In case of a reversed transaction, the auctioneer still retains his right to receive the buyer's premium.

3.Legally relevant declarations and notifications provided by the customer to the auctioneer or third parties, have to be in written form.

4.The auctioneer reserves the right to combine lots, separate and change the order of the lots. He can withdraw items or sell them under reserve. The lot number is the number with which the items will be called out in the auction and with which they are described in the catalogue.

5.The given lot number is relevant for the bids and orders, whereas the description of the item is not. The auctioneer is free to reject bids. Every bidder needs to indicate his name and address prior to the auction. Same applies in case he or she wants to participate in the auction as representative. The represented person needs to be indicated. In case of doubt the bidder purchases in his own name and on his own account.

6.For bids submitted in written form (pre-bids), the auctioneer only makes use of the amount which is necessary to overbid another bid. The bidder's given amount is considered as maximum amount. Bidding orders will only be performed, if the first name and surname of the bidder are stated in full, as well as the address of the person or company and the telephone number of the bidder. Pre-bids need to be submitted to the auctioneer at the latest 24 hours prior to the auction start.

7.For telephone bids, the auctioneer needs to receive a written order at the latest 24 hours prior to the auction start. Bidding by telephone means that the bidder will be called before the desired lot number is called out. Telephone bids can only be considered at a calling price starting from €150.

8.The auctioneer does not assume any guarantee that the telephone connections come about or can be maintained.

9.The given prices in the catalogue are calling prices (not estimated prices) which will basically be used from the auctioneer to start. For items without limit the calling price remains at the discretion of the auctioneer.

10.If the limit which was agreed with the consignor is not achieved, the auctioneer has the possibility to accept a bid under reserve. This is the case when bids are below the calling price. In case the bid was accepted under reserve, the item can be sold to another bidder without consultation, in case there is a post bid of the calling price or can be sold in post-sale. Bidders are bound for four weeks by their bids accepted under reserve. The acceptance of a bit under reserve is not binding for the auctioneer in this period.

11.Bids that are more than 20% below the calling price will not be considered. For calling prices up to €100,00, bids below that amount will not be considered. The bids will increase by approximately 10% of the last bid as a rule. The minimum bid is €20,00.

12.A bid becomes invalid, if it was rejected by the auctioneer, if there was no bid accepted or if the item is called again in the auction. An invalid higher bid does not lead to a cancellation of the previous bid. If several bidders place the same bid at the same time and no higher bid will be placed after a third call, the auctioneer will decide. If written bids are equal, the bid which arrived first wins the lot.

13.The bid is accepted after the third calling of the highest bid. In case of doubt whether the bid was accepted, which bidder won the auction, a timely bid was overlooked or whether the highest bidder does not want to hold his bid, the auctioneer can withdraw the bid acceptance immediately, which leads to a cancellation, and he can offer the item again.

14.The auctioneer charges a buyer's premium of 19,33% of the hammer price plus VAT (in total 23% at the moment).

15.You are obligated to pay and pick up the lots for accepted bids. The ownership of the sold item in the auction will be assigned to the buyer only if the purchase price plus premium was completely paid.

16.The risk of accidental loss and accidental change for the worse of the item will be passed to the buyer once the hammer has fallen.

17.The purchase price plus buyer's premium is due once the bid for an item was accepted and it needs to be paid cash, by bank-confirmed cheque, direct debit (EC card) or bank transfer. For bidders who placed a bid in written form, bid by phone or e-mail, the account receivable is due with the receipt of the invoice.

18.Offsetting with counter-claims is only permitted for a buyer, if these are indisputable and if it was determined legally.

19.The buyer will be in default once he or she receives a dunning letter from the auctioneer. In the event of a default of payment, the buyer has to pay interest for default. For consumers the default penalty amounts to 5 percent above the base interest rate of the European Central Bank and for entrepreneurs (commercial buyers) the default penalties of 8 percent above the base interest rate of the European Central Bank will be asserted. Furthermore, the auctioneer has the right to claim the buyer for damage compensation due for breach of duty.

20.If the buyer doesn't pay the purchase price plus premium within the deadline which is related to the dunning letter, whereas this depends on the auctioneer's receipt of the amount, the auctioneer has the right to declare the withdrawal from the purchase agreement on behalf of the consignor. Nevertheless, the buyer is obligated to pay the buyer's premium. The assertion of compensation claims against the buyer shall remain unaffected.

21.The buyer is obligated to pick up all accepted bid items immediately after the auction with contemporaneous payment of the purchase price plus premium. Buyers who participated in the auction with written bids, by telephone or e-mail shall pick up the purchased items at the latest 14 days after the invoice receipt with contemporaneous payment of the purchase price plus premium.

22.If the buyer falls into default of acceptance, a duty to performance in advance occurs and the auctioneer has the right to store the item at the consignor's expense into his or her own or a third party's storage. The buyer also bears the costs for necessary insurances. A reimbursement of expenses of €20.00 plus VAT or rather the costs of the storage enterprise will be charged per month and item for the storage. The buyer reserves the right to prove that the costs did not arise or were less than the amount claimed.

23.Packaging, insurance, shipping of the bought items will be performed on a special demand at the expense and risk of the buyer. The shipment will be performed only if the determined shipping costs plus purchase price and buyer's premium of the auctioneer are fully paid.

24.Claims for compensation due to breaches of duty as well as due to delict against the auctioneer are limited to intent and gross negligence. This does not apply in the event of loss of life, physical injury and damage to health as well as not in case of breach of cardinal obligations (obligations arising out of the nature of the contract and whose violation would compromise to achieve the purpose of the contract) and damage due to default. The liability in case of breach of cardinal obligations will be limited to standard predictable damage.

25.If a liability for damages for minor negligence is not excluded, such claims come under the statute of limitations within one year starting from the date such claim has arisen.

26.Unless nothing else results from law, the place for fulfilment and payment is our place of business.

27.If the buyer is a merchant or if he or she does not have a domestic place of jurisdiction or in another EU member state, the place of jurisdiction for all disputes arising from this contract is exclusively our place of business.

28.German law shall apply insofar as no special consumer protection rules in the EU home
country of the customer are more advantageous. The UN convention on contracts of the sale of international goods shall not apply.

29.Contrary or different terms and conditions derived from the customer will not be recognized by us unless we explicitly agreed upon their validity in written form. Our auction conditions shall apply even if we are aware of contrary of deviated conditions of the customer and rendered or received services unconditionally.

Nothing important.