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Terms of sale

With the discontinuation of the reduced tax rate as of the beginning of the year 2014, the auction house is applying the differential taxation under §25A UStG.

The premium for buyers in the EU now amounts to 23% incl. VAT (before 17%). VAT exempt investment grade gold carries a premium of 20%.

Buyers are personally responsible for their own purchases and cannot claim to act on the account or instructions of a third party. Adjudication occurs on the fall of the hammer and commits the bidder to acceptance of the lot.

Auction terms

  1. An auction is conducted by an auctioneer appointed by Gerhard Hirsch Nachfolger (commission agent) for a consignor. The auction is of voluntary nature. There is no claim for naming the consignor.
  2. All bids are subject to a buyer’s premium and other fees which are in addition to the hammer price:
    1. 23% for buyers from EEC countries (relevant VAT already included).
    2. 20% for buyers from abroad or no EEC countries.
    3. an additional 2,5% for online bidders (relevant VAT already included).
    4. a minimum charge of
      • EUR 15,00 for domestic deliveries (up to EUR 5,000), EUR 20.00 for domestic deliveries (up to EUR 12,500.00), EUR 45.00 for domestic deliveries of higher value;
      • EUR 25.00 for deliveries within Europe and airmail overseas;
      • for deliveries requiring an export warrant, all fees are to be covered by the buyer. The buyer herewith authorizes Gerhard Hirsch Nachfolger to order all necessary documents.
      • EUR 75.00 for deliveries of objects/coins via FedEX;

      as well as EUR 10.00 for bank fees incurred by foreign payments. All fees charged in foreign countries are to be covered by the buyer.

    If the actual costs (postage, insurance and packaging) exceed the minimum charge the buyer is requested to refund any additional costs. 
    All payments have to be made in Euro.
  3. The sum of all items mentioned under point 2 is the basis for calculating the applicable  sales tax.
  4. If not otherwise stipulated before an auction, payment including all additional fees and charges is cash only. Delay of payment is not possible. 
    Gerhard Hirsch Nachfolger reserves the right to send a prepayment invoice to customers that have not deposited sufficient funds. In this case auctioned goods will be delivered once payment in full is received. 
    Any invoice not paid when due will bear an annual twelve percent (12%) interest rate on the invoice amount.
  5. Until payment has been made in full all auctioned items remain property of the seller. The buyer is not authorised to resell auctioned items until complete payment. 
    If any invoice submitted by auctioneer is not paid in full when due, Gerhard Hirsch Nachfolger will set an appropriate term for pament. After the end of this term Gerhard Hirsch Nachfolger is authorised but not obligated to re-auction or sell any unpaid items at the expense of the seller who at the same time will lose the right to acceptance of a bid. The seller is obligated to make up for any loss caused by re-auctioning or selling by Gerhard Hirsch Nachfolger (interest in the performance of the contract). Until items are auctioned again or sold, the buyer remains responsible for paying the purchase price.
  6. Only interested persons with an auction catalogue are allowed to participate in an auction.
  7. Estimated prices in the catalogue are not binding; they are only used as a guideline.
  8. Bidding steps:
    • Up to 100.00 € in steps of 5.00 €
    • Up to 200.00 € in steps of 10.00 €
    • Up to 500.00 € in steps of 20.00 €
    • Up to 750.00 € in steps of 25.00 €
    • Up to 1,500.00 € in steps of 50.00 €
    • Up to 2,000.00 € in steps of 100.00 €
    • Up to 4,000.00 € in steps of 200.00 €
    • Up to 7,500.00 € in steps of 250.00 €
    • Up to 10,000.00 € in steps of 500.00 €
    • Up to 20,000.00 € in steps of 1,000.00 €
    • Up to 40,000.00 € in steps of 2,000.00 €
    • Up to 100,000.00 € in steps of 5,000.00 €
    • Up to 160,000.00 € in steps of 20,000.00 €
    • Up to 300,000.00 € in steps of 20,000.00 €
    • ca. 5% from 300,000.00 € on.

    If the same amount is offered by two or more parties, the first offer to have been submitted shall be honored.

  9. Gerhard Hirsch Nachfolger is authorised to combine and separate numbers. If (non-binding) estimated prices next to numbers have the addition "zs.", the numbers are generally called as a whole.
  10. Acceptance of a bid takes place after the highest bid was called three times. The highest bidder is then obligated to purchase the item. Gerhard Hirsch Nachfolger reserves the right to decline a bid. If this is the case the previous bid will be effective and binding. In case of disagreement about the acceptance of a bid the number in question can be called again. In case of an acceptance of a bid with reservations the bidder stays bound to the bid for a period of three weeks. If the bidder does not receive implicit acceptance of the bid within this period the bid will become invalid.
  11. Regarding the bidding via the internet, it is explicitly pointed out that the usage of this medium for submitting a bid is undertaken at the customers own risk. The auctioneer aims to guarantee a high standard of reliability for the web server which handles these internet offers. However, failure of this system in the way of connectivity problems, network interruptions, maintenance, and hardware failure can not be precluded. Therefore, the auctioneer does not assume liability for the malfunction of these systems necessary for the bid via the internet and the consequent resulting damages, with the exception of willful intent and gross negligence
  12. Catalogue descriptions are to the best of our knowledge. Most relevant is the information about the nominal number and year, listed quotations are secondary. Any product information is for descriptive purposes only and not legally binding.
    If not otherwise described all items are made of silver. We accept liability for authenticity of all items up to their purchase price, if not otherwise stated in the catalogue.
    Floor bidders and representatives buy as is. Later claims will be rejected.
    Claims concerning the condition of auctioned items made by non-floor bidders will only be taken into consideration by Gerhard Hirsch Nachfolger if made no later than 14 days after mailing (postmark). No claims based on defects shall apply to lots and series, items marked as of lower quality, items with slight traces of wear, items that have been treated by the buyer (cleaning etc.).
    Coins and medals, with the exception of realm coins ("Reichsmünzen") and lots, are available for viewing until 17 days before the first auction day, if possible.
  13. We do not accept any responsibility for acceptance by the so-called Grading-Companies nor for a similar assessment of the condition of goods. Complaints based on a different quality assessment by a Grading-Company do not entitle the buyer to rescind from the purchase transaction. For pieces consigned to us in so-called “slabs” (plastic holders from grading companies) the under no. 12 stated warranty of authenticity is not applicable. Also we are not liable for defects such as rim damages, traces of mounting or filing etc. that are covered by the plastic holder.
  14. Buyer is liable for shipping and handling. Shipments are insured and terms and conditions of the postal service apply. Delivery of auctioned items takes place in chronological order. If client wishes early delivery reasons have to be stated in the contract. However, it is not binding for the auctioneer.
    Objets d'art and books have to be picked up within four weeks after an auction. Otherwise a monthly storage fee of EUR 30.00 per lot applies.
  15. Gerhard Hirsch Nachfolger assumes no liability for careful processing of written orders placed only during an auction - with the exception of willful intent and gross negligence. No responsibility is taken for the correctness of information provided by phone during an auction.
  16. Place of performance shall be Munich, Germany. Place of jurisdiction shall be Munich, Germany.
  17. All provisions and regulations affecting auctioning business apply. Auction participants have to comply with those as well as the auction terms and conditions stated above. The above conditions apply analogously to the subsequent sale or sale by private contract of auction goods.
  18. Buyers are personally responsible for their own purchases and cannot claim to act on the account or instructions of a third party. Adjudication occurs on the fall of the hammer and commits the bidder to acceptance of the lot.

Please Note:
Enquiries for price information on items a bidder did not win can only be replied to by special request due to the extent of the catalogue. Please state that special request for price information on items not won in your contract. Requests of this nature will be processed at the end of shipping.

Note for telephone bidding:
If you wish to bid via the telephone, we ask you to submit your wish in writing no later than 24 hours before the auction. Prerequisite for the bidding via telephone is the bidding of the valuation price. Telephone bids are only possible for items starting with a valuation starting at €1,000.-  per lot. The auction house does not assume liability if we are unable to reach the bidder via the telephone with the exception of willful intent and gross negligence.