Watches, Clocks, Art and Collectibles objects

General Terms and Conditions of Sales Auctions - Switzerland // May 18th and 19th 2017 The relations between the seller and the buyer are subject to the following general conditions of purchase. These Terms and Conditions of Sales contain all the terms by which the seller contracts with the buyer. Nota bene: In the following, the terms, the Company and the Auction house refer the same person (FIRST ART Sàrl ? Switzerland). The Auction house will oversee the auction sales and knock down the items. I ? Items for sale 1. It is strongly recommended that the prospective buyers personally examine each item in which they are interested before the auction sale and during display. The Auction house is available to advise the prospective buyers. The items will be knocked down to the highest bidder. 2. The Auction house makes no guarantees on the items? condition. The items? descriptions, such as nature, materials, colours, written in the catalogue, in reports, on labels or in other publications, including any oral statement made by the Company staff, are the Company?s statements of opi- nion and are not to be relied on as statements of fact. Such statements, such as videos and photographs, do not constitute a representation, warranty or assumption of liability of any kind. 3. Statements made by the Auction house on restoration, damage or anything else regarding the item?s condition, serve as guidance for the prospective buyer own inspection, and therefore are submitted to the judgment of the prospective buyer or an expert. The absence of any reference to a restoration, an accident, or anything else regarding the item?s condition found in the catalogue, in reports, on labels or in other publication, including any oral statements, does not imply, in any way, that the item did not suffer from other alterations, damages or restoration, past or present. Conversely, any mention of restoration or damage does not imply that an item is free of any other defects. The items are sold ??as is?? and no report will be made on that regard. 4. Estimated selling prices are statement of opinion only and cannot be considered as a guarantee that the item will be sold at that speci c price, nor at any price range. If any modi cations or supplementary information is to be given, these will be provided during the display, at the regis- tration and/or during the auction sale. 5. Estimated selling prices are given for information and are not contractual. Some items sold at the auction sale are subject to a reserve, which may be higher than the last bid offered. In that case, the item will not be knocked down to anybody and will be withdraw from the auction sale. 6. Foreign buyers must make enquiries before the auction sale and comply to importation and exportation laws between Switzerland and the country of destination. If the amount of VAT is higher than 50.--, the buyer will be refunded by the Swiss customs upon presentation of a legally valid export declaration . 7. In the event that a bidder cannot attend the auction sale in person, a Bidding Orders Form can be downloaded on the Auction house?s website. The Bidding Orders must be submitted at least 48 hours before the auction sale starts. Bidding orders are undertaken by the auctioneer, free of charges. Telephone bidders shall also notify the Auction house by lling out the Telephone Bid Form, which can be downloaded on the Auction house?s website, or by e-mail. In any cases, telephone bidders shall provide their banking details at least 48 hours before the auction sale starts. Telephone bidding is available for items whose low pre-sale estimate is at least CHF 1?000.--. II ? The sale (see point IV) 1. In order to facilitate the organization of the auction sale, prospective buyers are invited to register to the seller and to provide the personal information. The Auction house reserves the right to request personal identi cation and to request bank references, as well as a deposit. The Auction house has absolute discretion to refuse admission to the auction or participation in the sale to any prospective buyer. 2. Any prospective buyer who makes a bid accepts personal liability to pay the purchase price, including the buyer?s premium, all applicable taxes and other applicable charges. Every bidder is to act for him or herself, save for a pre-given statement that they act on behalf of a third party, which has been accepted by the Auction house. 3. In the case of telephone bidding, the Auction house is not responsible for any technical problem in connection with this service, nor is it responsible if the connection is made late, or if any mistakes or omissions occur. The Auction house may record the bid submitted by telephone. The recordings will be kept until the transaction is completed, except in case of dispute. 4. If the Company receives more than one Bidding Order on a particular lot for identical amounts, it will be sold to the person whose Bidding Order was received and accepted rst. The Company cannot be held responsible for any mistakes or omissions on Bidding Orders. 5. If a reserve price is speci ed by a seller, the Company may continue to bid on behalf of the seller up to the amount of the reserve. However, the seller, or any third party, cannot bid. 6. FIRST ART will oversee the auction sale with discretion, making sure the auction sale takes place freely and looking after the equality between the bidders, while respecting the commons uses. The Company reserves the right: to reject any bid, to set up the auction sale in the most appropriate way possible, to advance or delay any items during the auction sale, to withdraw any item from the auction sale, to combine or to divide any item. In the case of dispute, FIRST ART reserves the right to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the lot. 7. Subject to the discretion of the auctioneer conducting the auction sale for FIRST ART, the highest bidder accepted by the auctioneer will be the buyer, provided that the bid is equal or higher than the reserve. The striking of the hammer and the word «adjugé», or any equivalent, mark the acceptance of the highest bid and the conclusion of a contract for sale between the seller and the buyer. 8. If a currency converter is operated during the sale, it is done so as a courtesy to bidders, and the Company accepts no responsibility for any errors in the currency conversion calculation. 9. During the LIVE sale, the Company is not responsible for the non-execution of a Biding Order, for mistakes or omissions that may occur during the use of this service, including: - The loss of internet connection; - Issues with the online auction sale; - Software of system compatibility issues. 10. Entrants, from the moment they enter the building where the auction sale takes place, agree to give up their right to control photos and videos, which may be used by the Company and staff members. To make the installation of audio-visual equipment easier for the LIVE platform and marketing purposes, the Company uses cutting edge technology to capture videos and photographs. The Company cannot be held responsible for any incident resulting from the use of this equipment. III ? The sale execution 1. The buyer?s premium is set at 15% + 8% VAT of the hammer price of each item. 2. Items marked with an asterisk in the sale catalogue are items that are not FIRST ART?s propriety, but on which FIRST ART has a mandate of sale. 8% VAT will be charged only on the 15% buyer?s premium. For other items, VAT is added to the hammer price, plus the buyer?s premium. The buyer must pay the full amount due (including the hammer price, buyer?s premium and any applicable taxes and fees) immediately after the sale. This applies even if the buyer must obtain an export license. The buyer may pay for his item according to the following speci cations: - Certi ed cheques are not accepted; - Cash: accepted upon presentation of identi cation papers; - Bank Drafts; - Debit card: Maestro (free of charges); - Credit card: Visa-Mastercard-UnionPay-Post nance-American Express; A 2% processing fee will be charged. 3. FIRST ART declines any responsibility if scal or legal actions should result from a false statement made by the buyer. 4. The Auction house is not responsible for any damage that the item could suffer after it is knocked down. The buyer assumes risk and responsibility for the item, and therefore it is the buyer?s reasonability to insure the item. 5. FIRST ART is authorized to write on the minutes of the auction sales, and on the ledger, information provided by the successful bidder before the sale. Any false information engages the responsibility of the successful bidder. If the successful bidder did not register before the sale, he must provide the required information when the item is knocked down. Anyone registered with the Auction house can consult and modify his personal information. 6. The buyer is responsible for the item from the moment it is knocked down. Therefore, after this moment, the Company cannot be held responsible for any accidental breakage, loss, theft, or damage howsoever caused. 7. The item will be only delivered to the buyer after reception of the full payment of the item?s price, taxes and fees. In the meantime, the Company may charge the buyer storage fees, along with handling and transportation fees. If the buyer fails to deliver payment, and after judicial proceedings against the buyer have failed, the item will be put back on sale. The Company reserves the right to exercise one or more of the following rights or remedies against the defaulting buyer: - Charge the defaulting buyer interests on the purchase price at the rate of ve percent (5%); - Charge the defaulting buyer any fees that may have be consequences of his failed payment; - If the item is resold in another auction sale for less than the original hammer price, the defaulting buyer will remain liable for the shortfall together with all costs incurred in such resale; The Company reserves the right to set off the outstanding amount remaining unpaid by the buyer against any amounts the Company may owe the defaulting buyer in any other transactions. The Company may also refuse or revoke a buyer?s re- gistration in any future auctions held by the Auction house if that buyer fails to deliver payment of if he does not comply to these Terms and Conditions of sale. 8. In the event of two identical bids from both internet and the room where the auction sale takes place, the bidder physically present at the auction sale will have priority. IV ? Auctions sales on internet LIVE 1. Buyers who use online bidding platform ( Invaluable - Live Auctioneers ? Drouotlive) will have to pay a 3% fee, plus VAT. 2. « LIVE » Auction sales are submitted to the same conditions as physical auction sales, unless otherwise indicated. 3. Payments made by credit or debit card via internet are processed by the Company. The prospective buyers should ask the accounting depart- ment for more information. 4. Once the bidder has been awarded, the transfer of ownership is made to the successful bidder: with it, the buyer becomes responsible for the item, and cannot held the Company responsible for damage of loss. 5. The buyer is subject by Swiss law to deliver payment, which must be made within ve business days after the item is knocked down. 6. FIRST ART is not responsible if the seller backs out. 7. The Company is not responsible if the delivery cannot take place. 9. The Company is not responsible if the online bidding platform is non-available or if it suffers from technical dif culties. 10. In the event of two identical bids from both internet and the room where the auction sale takes place, the bidder physically present at the auction sale will have priority. 11. FIRST ART reserves the right to automatically charge the registered credit card the amount due, if the total payment was not made by the buyer within the deadline. 12. FIRST ART will not be held responsible in the case of identity theft or bank card fraud. For more information, please consult the Terms and Conditions of the online payment system. V ? Incidents that may occur during the auction 1. In the case of dispute, FIRST ART reserves the right to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the lot. 2. If two bidders make the same bid, by voice or sign, or by phone or internet, and claim they have successfully won the auctioned item at the same time, this item will be immediately put back on auction, and a new auction will occur, starting at the resulting price of the last bid. 3. At the auction, the Company may use videos to facilitate the items? presentation. Anyone who attends the auction give up his/her right to control photos and videos of him- or herself. 4. If a manipulation error causes one item to be mistaken for another during the auction, the Company will not be held responsible for the confusion and will be the only one to judge whether or not the auction must be started over. 5. +VAT. 6.If any damage is caused while manipulating an item, the person responsible for the damage will be charged the average estimation price The resell clause applies during the auction sale VI? Copyright ? Reproduction of items 1. The Company and the catalogue designer retain the rights of reproduction of the catalogue. Any reproduction of it is prohibited and consti- tutes an infringement of their prejudice. 2. Moreover, the Company has a derogation that gives it the right to use photographs of sold items in its catalogue, while the rights for these photographs may not have yet fallen into the public domain. 3. Any reproduction of the catalogue may result in a copyright violation. The owner of the copyright may undertake judicial actions against the person who reproduced the item without his consent. 4. The purchase of an item does not imply the right of reproduction and presentation of the work for the bene t of its owner. V II ? Collection of property 1. Buyers are exclusively responsible for all costs arising from the shipment of their items. The items can only be removed after the auction, to prevent any complications and mistakes in the nalization and monitoring of sales. The Auction house will not release an item to the buyer until full payment has been received. 2. If the buyer asks to have his items shipped abroad, the fees will be calculated according the nature of the items and the sending mode, which will be charged separately and afterwards. 3. The sold items that are not be claimed within 15 calendar days following the auction sale may be stored at the expense of the buyer. There- fore, the buyer will have to pay the corresponding cost to claim back his item(s), along with the hammer price, fees and taxes. These fees vary depen- ding on the bulk of the concerned items, with a maximum of CHF 10.--/ day, for each item. VIII? Independence of provisions The provision of these Terms and Conditions of sale are independent from one another. Voiding one disposition will not, in any way, void any other. IX ? Law and jurisdiction The Terms and Conditions of sales are only subject to Swiss law. Any dispute on their existence, their validity, their opposability to a bidder or a buyer, and their execution will be resolved by a relevant tribunal of the Neuchâtel Cantonal Court. However, First Art shall have the right to act at the domicile/buyer or in any court of competent jurisdiction (relevant tribunal). Recourse to the Federal Court is reserved X - Protection of cultural goods FIRST ART is an active member of the protection of cultural goods; the Company will make every effort, within the limits of its means, to assure the authenticity of the items sold in his catalogue. Every protected item is subject to the legislation in effect. Only the French version of these Terms and Conditions of Sale have legal authority.