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  1. The auction and private sale shall take place on behalf and for the account of the Principal.

  2. The auctioneer shall be entitled to combine, separate and auction items or to withdraw same.

  3. The pre-viewing facility shall provide Purchasers with the opportunity to examine the items being submitted for auction and to satisfy themselves as to the condition of same. The catalogue details, which have been compiled to the best of our knowledge and belief, do not have warranted status in the legal sense and shall be deemed to have informative character only; they shall not become an integral part of the contractual agreement pertaining to condition. The same shall apply in respect of information of any nature or content, whether same be in verbal or in written form. The level of preservation is not specified throughout in the catalogue, and therefore detail which is found to have been omitted shall not be deemed either to constitute contractual agreement in respect of condition; all items shall be deemed to have been sold per level of preservation and condition prevailing upon knock-down. The buyer agrees that any claims or demands for breach of warranty must be brought within one year of the sale. The firm of Auktionshaus Bongartz shall not be held liable for compensation in respect of any instances of flaw, damage or loss attaching to the auctioned item, regardless of the legal basis for same, nor shall it be held responsible for deviation from catalogue detail or any information otherwise provided.

  4. On the premises of the Auctioneer, every visitor - in particular when viewing - shall be held liable for each instance of damage caused, even where fault is not established.

  5. Knock-down of a given item shall be in favour of the highest bidder once the latter bid has been called out three times. Where several persons shall submit the same bid simultaneously, a decision shall ultimately be based on the casting of lots. The Auctioneer shall be at liberty to withdraw knock-down and to re-offer the item in question in cases where a higher bid, which has been submitted on time, has been overlooked or the legitimacy of the knock-down may otherwise be called into question. Where the reserve is not achieved, knock-down may be awarded "subject to reservation", whereby the approval of the Principal shall be required. The last and highest bidder shall not be bound by the award of knock-down "subject to reservation". A lot which does not achieve its limit-price, may, without pertinent indication on the part of the Auctioneer, be purchased back on behalf of the party submitting such lot for auction. The Auction House shall reserve the right to purchase back objects at under limit-price on behalf of the party submitting such object for auction.

  6. To knock-down shall attach the obligation to take possession of the item in question. Ownership, however, shall not be transferred until payment has been effected in full.

  7. The bid which attracts knock-down shall be taken to constitute a net price. To the knock-down price shall be added an extra charge in the amount of 15% plus statutory Value Added Tax currently standing at 19% (equivalent to a total extra charge of 17.85%).

  8. The purchase price or at least 20 % of same shall be payable in cash (€) to Auktionshaus Bongartz immediately following the auction. Handover of the successfully secured item shall not take place until payment in full has been effected. Invoices raised during or following the auction shall be deemed to require special examination due to excessive work-load, and we reserve the right to rectify any errors established.

  9. It is possible to place written bids, whereby such bids must have been received no later than one day prior to commencement of the auction, at the auction location in Cologne. The prices specified therein shall be deemed to constitute maximum bids, therefore knock-down may be secured by a lower price. The invoice shall include the extra charge.

  10. In the event of delayed payment, interest at a rate of 1% shall be charged per commenced month. Where payment is effected in a foreign currency, all shortfalls incurred though foreign-exchange procedure plus cashing charges shall be for the account of the purchasing party. The same shall apply in the case of cheques which may not be deemed to constitute fulfilment until funds are unconditionally cleared. The firm of Geigenauktionen Bongartz may in the event of default of payment demand either fulfilment of the terms of the purchase agreement, or alternatively, having set a deadline for fulfilment, demand compensation.

  11. The amount of compensation may in such instance also be calculated by submitting the item to re-auction and having the party in default become liable for any shortfall in proceeds compared with previous auctions as well as for the costs incurred through re-auction including the extra charge.

  12. Delivery must be taken of the items purchased within 8 days. On the day of the auction, delivery may be taken of the goods in the auction hall, and on days following this, in our office. Our hours of business are daily from 10 a.m. through 5 p.m., and on Saturdays strictly by appointment.

  13. The Auctioneer shall not be held liable for any instances of damage or loss. All safekeeping and transport shall be at the risk and for the account of the purchasing party. Place of fulfilment and jurisdictional venue for both parties shall be Aachen. German law shall apply; the provisions of the Uniform Contract for the International Sale of Goods and the Law pertaining to the Conclusion of International Purchase Agreements in respect of Movable Property (CISG) shall not apply. Where one of the provisions is found to be invalid, either in its entirety or partly, the validity of those provisions remaining shall not be thereby affected. Where there is doubt, the German version of the Terms of Business shall apply.

  14. The Auctioneer shall be at liberty to collect and sue in his own name for purchase amounts, arrears of purchase amounts or amounts attaching to additional services.

  15. Participation in viewings and an auction as well as submission of a written bid or same by telephone shall serve to indicate acknowledgement of the present Terms of Auction.

G.P. Bongartz
Publicly appointed and sworn Solicitor and Auctioneer

:: NOTE ::
This is an unofficial translation. Only the german text is binding!

>> Click here to view the german text <<