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AUCTION TERMS & CONDITIONS - PROVENANCE AUCTIONS e.U.

1. Auction Organization and Participation:

• Provenance Auctions e.U. (hereinafter referred to as the auctioneer) solemnly organizes, holds, and conducts auctions in full compliance with Austrian Trade Regulation Acts, acting exclusively on behalf of sellers. The auction extends an open invitation to all potential participants; however, the auctioneer expressly reserves the right to exclude specific individuals from the auction without obligation to provide explicit reasons. Participation in the bidding process mandates prior registration, and successful bidders unequivocally commit to the prompt payment, secure acquisition, and responsible utilization of their accounts.

2. Currency, Bidding Procedures, and Registration:

• The auction is exclusively conducted in Euros (€), with meticulously set starting prices in the online catalog. It is imperative to underscore that no items shall be sold below these pre-designated starting prices. The auctioneer initiates bidding at these levels, incrementally increasing by 5%. The highest qualified bidder, as duly recognized by the discerning eye of the auctioneer, is duly acknowledged as the rightful buyer. Prebids from individuals not previously known to the auctioneer necessitate a deposit of 10% of the requested credit limit or the total bid amount. In strict compliance with the Data Protection Act, the auctioneer refrains from soliciting information from other auction houses for client verification purposes. New clients are earnestly advised to complete the registration process a minimum of two business days before the initiation of the auction.

3. Item Descriptions, Grading, and Viewing:

• The commitment to meticulous detail is palpable in the thorough execution of item descriptions and grading present in the online catalog. Visual representations, in the form of illustrations, complement the textual descriptions. In instances of doubt, the picture prevails as the authoritative guide. To provide a comprehensive and transparent experience, the auctioneer extends the opportunity for all interested parties to view items beforehand, requiring a pre-scheduled appointment at the auctioneer's office facilitated through email at [email protected]. It is imperative to underscore that items are auctioned "as seen" based on company experts' assessments. Consequently, no subsequent claims related to the condition of the items can be entertained.

4. Determination of Purchase Price and Premiums:

• The determination of the purchase price involves the summation of the hammer price and a 20% buyer's premium. For items acquired through the live auction platform, an additional 2% commission is applicable. Importantly, these premiums incorporate VAT, ensuring transparency without supplementary charges. Dealers located outside Austria, equipped with an EU VAT number, encounter a premium of 18% for pre-bids and 20% through the live auction platform, with VAT exemptions. Successful bidders must adhere to a timely payment schedule within 10 workdays. Failure to meet this requirement incurs a 5% monthly default penalty. Purchasers from international locations must diligently follow and comply with the relevant customs and taxation laws in their respective countries.

5. Payment Options and Currency Exchange:

• The auctioneer offers a versatile array of payment options to facilitate a seamless transaction process:

  • Personal cash payments are accepted (Note: Personal pick up is available by appointment only. A personal document is required for sums exceeding €5,000).

  • Wire transfers to the EUR account.

  • Wise payments in EUR, USD, CHF, and GBP.

  • PayPal payments in EUR, USD (Please be aware of a 6% fee associated with this payment method).

• In all cases, invoicing is carried out in EUR, and currency exchange rates align with the current rates stipulated by the European Central Bank.

6. Shipping Procedures and Liability:

• Shipping charges encompass insurance, ensuring the secure transit of acquired items. In instances of losses or damages during shipment, immediate reporting with supporting evidence, such as photographs or damaged envelopes, is imperative. The onus of liability for costs incurred due to the carelessness of the buyer or recipient rests with the respective parties. In cases where shipments are returned by post due to the negligence of the buyer or recipient, they bear the associated costs. Clients experiencing delays in receiving shipments must promptly notify the auctioneer. It is crucial to emphasize that postal investigations are warranted only within one month. Importantly, the auctioneer absolves itself of any liability for loss or damage during shipment. Compensation for such instances is contingent on the commissioned, responsible courier, or insurance company having already processed the compensation amount.

7. Complaints, Authenticity, and Handling with Grading Companies:

• The auctioneer unequivocally guarantees the authenticity of each item, unless expressly stated otherwise in the item description. Remarkably, there is no time limit imposed for claims about the genuineness of coins sold in the auctions. The authenticity warranty extends to the total purchase price, demonstrating the auctioneer's commitment to ensuring buyer confidence. However, claims arising from errors in the description, such as plugging of a hole or traces of mounting, must be submitted within 14 days of receiving the auction material. It is pertinent to note that coins and medals graded as fine or lower, along with multiple lots, are excluded from the warranty. Lots are similarly exempt from claims. Handling with grading companies is a critical aspect, particularly concerning slabbed coins. The auctioneer explicitly states its non-acceptance of returns for slabbed coins. In such cases, the responsibility for the condition and authenticity lies solely with the grading company. Consequently, complaints based on different quality assessments by grading companies do not empower the buyer to cancel the purchase transaction.

8. Acceptance of Terms:

• By submitting an offer, the buyer fully accepts and acknowledges strict adherence to the comprehensive terms and conditions outlined above.

9. Dispute Resolution:

• In case of any disputes, the Court of Justice in Vienna is vested with jurisdiction for both parties, ensuring a fair and impartial resolution process.

Vienna, January 02, 2024