TIMEPIECES AND JEWELLERY AUCTION 171

Conditions of Sale 1. Sales are awarded to the highest bidder after being called three times and against immediate cash payment in Swiss currency. Due to our strict settlement conditions with our suppliers auction dues must be settled latest 10 days after the auction. After this period 12% interest per year will be charged. 2. All objects of the auction are sold on behalf of third parties. Buyers are personally responsible for what they have bid for and cannot claim to have bought on someone else's behalf. The auctioneer is entitled to request an unknown bidder for proof of his identity. 3. A commission of 24% will be added to the knock-down price by online bids. 4. The commission are subject to the Swiss VAT (7,7%). Foreign purchasers exporting their lots will be credited with the VAT after their export declaration has been received duly stamped by the Swiss customs authorities, provided that the sum exceeds CHF 30.00. 5. In the event of payment not being received on time, the auctioneer can either insist on fulfilment of the contract and charge whatever expenses were caused by the delay, or is free to put the object up for sale without any limit at the next auction, or may otherwise sell it best possible. In these cases the defaulting buyer will be charged commission in accordance with paragraph 3 above, plus any price difference between the amount originally bid plus commission and what is finally realized, if this is lower, in case a higher price is realized he has no claim on the additional profit. 6. The auctionhouse reserves the right to withdraw, combine, or divide any lot or lots, or offer them in a different sequence to that of the catalogue. Offer, calls and awards at prices lower than a possible limit are permissible. 7. The objects are sold in the condition they are at the moment of sale. With the award all benefits and risks in connection with the objects revert to the purchaser. The preview before the auction offers sufficient opportunity to the buyer to personally satisfy himself regarding the condition of the objects. The description of the objects in this catalogue is no more than an opinion and does not, unless it is otherwise stated, represent a warranty. The auctionhouse is not liable for any incorrect ascription, or wrong indications concerning source, date, age, origin, condition or authenticity of an object, or for any open or hidden defect thereof. Except for the next following provision all liability of the auctionhouse is herewith categorically denied. Should a purchaser be able to bring proof in writing by a recognized expert within 60 days of the sale to the auctionhouse Ineichen that a purchase is a forgery of what was described in the catalogue, the auctionhouse will rescind the sale and restitute the sale price on condition that the object is returned within 14 days of receipt of the said proof and provided the objects is in the same condition as at the moment of sale. 8. The auction takes place under the supervision of the City Council of Zurich 1. Neither the City Councillor nor anyone of his staff, nor the City or Canton Zurich are in any way liable for the actions of the auctionhouse or the auctioneer. 9. Ownership and risk pass to the bidder with the award of the sale. Precondition to the right of disposition and taking of possession is the full payment of the amount bid and of the commission. After payment the items are to be collected during the auction sale or an appointment latest 30 days after the sale. Lots not collected within this time can, after further 10 days, be stored elsewhere at the expense and risk of the buyer. The auctionhouse offers its services for all transport arrangements on behalf and charged to the account of the buyer. 10. The seat of the auctionhouse at Zurich 4 is the acknowledged place of performance and jurisdiction. 11. Persons taking part in the sale by making an oral or written offer thereby automatically accept the above conditions. Shipping Terms According to our auction-conditions the charges for mailing-, insurance- and warehouse-costs for purchased objects as well as the returning lots will be charged to the owner. For normal deliveries the rates are: Switzerland CHF 60.-- Europe CHF 80.-- Extensive deliveries with a higher insurance-value or consignments overseas will be charged separately. In order to avoid additional costs we kindly ask you to settle the mailing-costs together with your auction-bill. To collect the objects please make reservation in advance during the office hours. VAT The commission are subject to the Swiss VAT (7,7%). Foreign purchasers exporting their lots will be credited with the VAT after their export declaration has been received duly stamped by the Swiss customs authorities, provided that the sum exceeds CHF 30.00.