Terms and Conditions of Auction (version 08/2022)
I. Place of performance, place of jurisdiction and applicable law
1. The place of performance for both parties shall be Munich. German law shall apply exclusively. The UN Convention on Contracts for the International Sale of Goods (CISG) shall not apply. The exclusive place of jurisdiction for all disputes arising from the contractual relationship between the consignor/buyer and Gerhard Hirsch Nachfolger shall be Munich, provided the consignor/buyer is a merchant, public legal entity or special public fund. This provision shall not apply to contracts with consumers within the meaning of Section 13 German Civil Code (Bundesgesetzbuch, BGB)
2. The statutory provisions and administrative regulations pertaining to the auction business shall otherwise apply. Auction participants must comply with those as well as the special auction terms and conditions stated above. These terms and conditions shall apply analogously to the subsequent sale or sale by private contract of auction goods.
II. Participation in an auctionGerhard Hirsch Nachfolger reserves the right to bar interested parties from participating in an auction.
1. Public auctions shall be held in the business premises at Prannerstraße 8 in Munich. Buyers who attend may bid themselves.
2. Written participation: Written participation at an auction is possible after prior accreditation. To do this, please send us the completed order form, which is enclosed with the catalogue or is available from the auction house.
3. Participation by telephone: Participation at the auction by telephone is only possible after prior accreditation. To do this, please send us the completed order form, which is enclosed with the catalogue or is available from the auction house. Telephone bids are only possible where the estimated price equals or exceeds € 1,000 per lot. If it is not possible to connect by telephone during the auction no liability shall be accepted except in the case of wilful intent and gross negligence. Likewise, this does not apply in the case of death, physical injury, and impairment to health.
4. Online participation: After registering and being accredited on our website www.coinhirsch.de you can participate live in the auction on the auction date as an online bidder via Live Bidding.
III. Auction process and conclusion of contract
1. An auction is conducted by an auctioneer appointed by Gerhard Hirsch Nachfolger (commission agent) on behalf of and for the account of a consignor. There is no right to name the consignor.
2. Gerhard Hirsch Nachfolger reserves the right to bar interested parties from participating in the auction.
3. Buyers are personally liable for their own purchases and cannot claim to act on the account or instructions of a third party.
4. Estimated prices in the catalogue are not binding on Gerhard Hirsch Nachfolger; they only serve as a guide. Bids which are below 80% of the estimated price shall not be considered.
5. Bidding steps: up to € 100 in steps of € 5; up to € 200 in steps of € 10; up to € 500 in steps of € 20; up to € 750 in steps of € 25; up to € 1,500 in steps of € 50; up to € 2,000 in steps of € 100; up to € 4,000 in steps of € 200; up to € 7,500 in steps of € 250; up to € 10,000 in steps of € 500; up to € 20,000 in steps of € 1,000; up to € 40,000 in steps of € 2,000; up to € 100,000 in steps of € 5,000; up to € 160,000 in steps of € 10,000; up to € 300,000 in steps of € 20,000; ca. 5% above € 300,000
6. If the same amount is offered in writing by two or more parties, the first offer to have been submitted shall be honoured.
7. Gerhard Hirsch Nachfolger is authorised to combine or separate numbers, change the sequence in which they are called or withdraw numbers. If (non-binding) estimated prices next to individual numbers have the addition "zs.", the numbers are generally called as a whole.
8. Acceptance of a bid takes place after the highest bid has been called three times. The highest bidder is then obligated to accept and pay for the item. Gerhard Hirsch Nachfolger reserves the right to decline a bid. If this is the case the previous bid will be valid and binding. In the event of disagreement about the acceptance of a bid the number in question can be called again. Gerhard Hirsch Nachfolger shall be authorised to accept a bid only subject to reservations. In the case of acceptance of a bid with reservations the bidder shall remain bound by the bid for a period of three months. If the bidder does not receive unconditional acceptance of the bid within this period the bidder shall no longer be bound by his bid.
9. With regard to bidding online, it is explicitly pointed out that using this medium for submitting a bid is at the customer’s own risk. The auctioneer aims to achieve a very high standard of reliability for the web server which handles the internet offers. However, system failures in terms of network interruptions, maintenance, and hardware failures or hacks of the system cannot be precluded. The auctioneer therefore assumes no liability under any circumstances for the consequences of technical defects in the course of online bidding, in particular for the consequences of internet connectivity problems and the effects on the auction and possible resulting damages, unless there is wilful intent or gross negligence or in the case of death, physical injury or impairment to health.
IV. Purchase price, ancillary costs, shipping
1. Unless otherwise agreed in writing prior to the auction, payment of the purchase price together with the premium and expenses is due in cash at the hammer; deferred payment of the invoice amount is not permitted. Bids from buyers who are unknown to Gerhard Hirsch Nachfolger can only be accepted if the buyer has deposited sufficient funds and has provided adequate references after being requested to do so by Gerhard Hirsch Nachfolger. Gerhard Hirsch Nachfolger reserves the right to send a prepayment invoice to buyers who have not deposited sufficient funds. In this case the auctioned goods will be delivered to the buyer once payment is received. Delivery may be delayed due to customs and export conditions.Where payment of amounts above € 2,000 is made in cash, we are obligated to take a copy of the buyer’s identity document for our records. If you intend to make payment in cash, a copy of the identity document of the contractual partner and the representative must be deposited at accreditation.
2. The following is payable in addition to the hammer price:
a) for deliveries within the EU: a premium of 25%. This amount includes differential taxation. Items in the list printed in the catalogue are subject to VAT at the statutory rate. These lots are indicated online.
b) for deliveries outside the EU: a premium of 22%.
c) an additional premium of 2.5% for online bidders. This amount includes the differential taxation, if necessary.
3. Auctioned items are sent, at the cost and risk of the recipient, in insured consignments in accordance with postal service and insurance provisions. If the buyer is a consumer, the statutory provisions shall apply to the transfer of risk during shipment. Delivery of auctioned items takes place in chronological order of contracts received. If the customer wishes early delivery for compelling reasons, this must be stated in the contract. However, it is not binding for the auctioneer.
4. Objets d'art and books must be picked up within four weeks after an auction. Otherwise a monthly storage fee of EUR 30.00 per lot applies.
V. Warranty and exclusion of liability
1. The information in the catalogue constitutes neither an agreed condition or quality nor a guarantee. It is based on the information provided by the consignor and careful examination by the auctioneer based on that information. If some or all of the information should prove to be wrong, the liability of the auctioneer shall be limited in accordance with the following clauses. The only thing that counts for the description of the items is the information in the text (not the photo etc.), primarily the information in the catalogue about the nominal number and year; the cited quotations are only secondary. Unless otherwise indicated in the catalogue description, all items are made of silver. We accept liability for authenticity of all items up to their purchase price.
2. The strict liability warranty rights (remediation, cancellation, and price reduction) of the buyer are excluded.
3. The auctioneer shall be liable for death, physical injury or impairment of health where there is a breach of duty which is at least negligent. The auctioneer shall additionally be liable if he breaches his material contractual duties the performance of which enable the contract to be duly implemented and on which the contractual partner is entitled to safely rely. These include, in particular, careful preparation of the catalogue and examination of the consigned items. In respect of information provided by the consignor, in particular with regard to provenance, the auctioneer shall only be liable if there is a breach of material contractual duties. No responsibility is taken for the correctness of information provided by phone.
4. In respect of other damages, the auctioneer shall be liable only where there is a breach of duty which is at least grossly negligent.
5. We are not responsible for ensuring that the goods auctioned by us are accepted by the so-called grading companies/services or that the preservation quality is appraised in a similar way to us. Claims resulting from the fact that a private grading company/institution has come to a different assessment of quality do not grant the right to cancel the purchase. For items delivered to us in so-called “slabs”, (coins are sealed in plastic holders issued by the grading companies) the guarantee of authenticity specified in Number V.1. shall not apply. No liability is accepted for the information of a grading company if that is cited in the catalogue and marked as such. Nor do we accept any defect-related liability for hidden defects such as rim nicks, mounting traces, grinding marks, etc., which are concealed by the plastic holder.
6. If the customer asserts claims, in particular, the claim of lack of authenticity, he shall be obligated to deliver the purchased goods to the seller for inspection. In the case of consumers, the goods shall be sent at the expense and risk of the seller, and in all other cases at the expense of the buyer.
VI. Payment default
1. If the buyer fails to make payment when the claim falls due, Gerhard Hirsch Nachfolger shall set a reasonable grace period for him to pay. After the said period expires without payment being made, Gerhard Hirsch Nachfolger shall be entitled but not obligated to re-auction or sell any unpaid items privately at the expense of the buyer, who at the same time will lose the rights he had arising from acceptance of the bid. The buyer is obligated to compensate Gerhard Hirsch Nachfolger for the loss incurred by the latter as a result of the re-auctioning or selling (interest in the performance of the contract). Until the goods are re-auctioned or sold, the buyer shall remain responsible for paying Gerhard Hirsch Nachfolger damages amounting to at least the original purchase price.
2. In the event of payment default, Gerhard Hirsch Nachfolger shall be authorised to demand 12% annual interest on the invoice amount. Consumers are authorised to show that the auctioneer did not incur any loss or that the loss incurred was less.
VII. No offsetting The successful bidder/buyer shall only have a right of offset or right of retention for counterclaims which are legally established as non-appealable or are undisputed.
VIII. Retention of title All auctioned items shall remain the property of the consignor until payment has been made in full of all resulting claims. In the event of resale prior to payment in full, the buyer hereby assigns to us his claim against third parties for payment of the purchase price. The buyer shall remain entitled to enforce the claim.
Please use the enclosed form for written orders and also send us a copy of your identity document. Written orders and requests to register for telephone bidding must be received by us 24 hours prior to the auction.
1. Coins and medals, with the exception of German Empire coins ("Reichsmünzen"), PP coins and lots, are, where possible, available for viewing until 17 days before the first auction day.
2. The buyer authorises Gerhard Hirsch Nachfolger to arrange shipment or to contact a corresponding shipping company.
3. The following is payable in addition to the hammer price:
a) a minimum fixed shipping charge for postage, insurance and packing.
♣ for domestic shipments via DHL - € 15 up to a hammer price of € 3,000, € 20 up to a hammer price of € 10,000, and € 45 above a hammer price of € 10,000
♣ for deliveries to other countries within Europe and for overseas airmail deliveries, a minimum of € 25. The costs for overseas airmail shipment may vary depending on value, volume and weight of the items.
♣ In the case of shipments which also contain objects, as well as the minimum fixed shipping charge, costs are also charged based on weight and volume.
♣ for shipments requiring an export certificate the corresponding charges are payable. The buyer hereby authorises Gerhard Hirsch Nachfolger to make the necessary applications.
♣ for shipments of objects/coins via Fedex - € 75,
♣ In the case of gold coins, the shipment costs are based on the value of the coins.
b) and a fixed charge of € 10 for bank and post office bank expenses in the case of payments from abroad. Any kind of fees charged abroad shall be payable by the buyer.
c) Any foreign taxes incurred (such as sales tax, import sales tax etc.) and customs duties shall be borne in all cases by the buyer.4. If the actual costs (postage, insurance and packaging) exceed the minimum fixed charge, they shall be reimbursed upon request where documented.
5. All payments must be made in euros.
6. The company Gerhard Hirsch Nachfolger offers a live bidding service via Redpoint auction systems. The company Gerhard Hirsch Nachfolger does not assume any responsibility for the execution of Internet bids that do not materialize, whether due to interruption of the connection from both sides, or due to a breakdown of the Internet connection on a personal computer. All bids placed through Redpoint auction systems are subject to the General Auction Terms and Conditions of the Gerhard Hirsch Nachfolger Company.
7. The company Gerhard Hirsch Nachfolger points out that digital photography can cause colour deviations in the print.