Since the proceeds have already been disbursed, the seller shall return the disbursed amount to the auctioneer for reversing the sale. If the auctioneer chooses to rescind the contract of sale due to a complaint, he shall notify the seller to that effect; sufficiently sending the said notification to the last address known to the auctioneer.
The sale shall not be reversed if the seller objects to reversal of the sale within two weeks of notification. In that case, the buyer must take legal action to assert his or her claims. The item shall be knocked down if no higher bid is submitted upon the third time of asking. If several persons are bidding the same price at the same time and no higher bid is submitted upon the third time of asking, knockdown shall be decided by lot.
In the case of identical written bids, knockdown goes to the first bid received. If there are any doubts that an item has been knocked down or to whom or if a bid submitted in good time was overlooked or if the highest bidder does not want the bid to count, the auctioneer can withdraw the knockdown. At this time the item is void again and can be offered for new bidding. Objections to a knockdown must be raised without delay, i. Where there is good cause, the auctioneer can reserve the knockdown in the client's name or refuse to declare a knockdown.
This shall be the case in particular if at the auctioneer's demand bidders cannot furnish collateral appropriate for the value of the bid before the auction. A bid will be terminated if it is rejected by the auctioneer, if the auction closes without a knockdown, or the item is put up for bidding again. An ineffective bid will not extinguish the previous one.
Written and telephone bids. To ensure the processing of written bids, these must be received by the auctioneer at least 24 hours before the start of the auction. A written bid will only be effective if it contains a precise description of the bidder's person or company and the lot.
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Written bids must also include a telephone number under which the bidder can be contacted. The bid is restricted to the stated lot number also if the description differs. Written bids shall be accepted by the auctioneer only with the amount required to outbid another submitted bid. Telephone bidders shall be contacted through phoning the bidder before the desired lot is called up.
Phone bidding is only possible for items that have a limit of EUR Condition for telephone bidding is a written notification from the bidder received by the auctioneer 24 hours before the start of the auction at the latest.
Telephone bidding presumes that the auction limit stated in the catalogue is deemed a minimum bid, even if the bidder cannot be reached at the time of the item to be auctioned. For items without limit a minimum bid of EUR All bids are binding and cannot be cancelled or lowered. The auctioneer is warranted not to register written or telephone bids if there are doubts of assignment, identity, seriousness, or because of technical or organizational reasons. In general there is no demand for acceptance of written or telephone bids existing.
Disclosures required from bidders.
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Before the start of the auction, all bidders must disclose their names and addresses. This applies, even if the bidder is acting as an agent at the auction. In this case, the bidder must also state the name and address of the principal. The auctioneer is entitled to ask for additional personal information i. When in doubt, the bidder will be deemed as buying in his or her own name and account.
The bidder shall receive a bidder number for participating in auctions and shall be responsible for any misuse thereof. New customers must submit a cash deposit or a current creditworthiness confirmation from their bank before the start of the auction. Staging of the auction. A lot is the number under which an item in the auction shall be called and referred to in the auction catalogue or offered in open sale. The auctioneer reserves the right to merge or separate lot numbers, offer the same out of sequence or withdraw the same where there is good material reason to do so.
The auctioneer also has the right to reserve an item under limit by under-reservation knockdown. A knockdown due to reservation under reservation knockdown can be handled without consultation of the seller also in case if the ownership of an item is claimed by a third party. In this case the auctioneer is entitled to shut away the item until full clarification of the right of property if necessary by justice.
Emerging costs for clarification and storage have to be paid by the seller if not decided otherwise. The bidding price of an object must always be more than the last bid that has been given. The bidding steps in monetary currency are as follows:. Under reservation knockdowns and after sale bids. If the limit agreed with the seller is not achieved, the auctioneer can knock the item down subject to reservation under reservation knockdown.
In the case of a post-bid of the limit, the item can also be knocked down to another bidder without consultation or sold post auction in the open market. Bids with under reservation knockdowns are binding contracts for bidders up to six weeks but non-binding for the auctioneer. However, the item may also be knocked down for less than the limit price. The after sale is part of the regular auction in which the potential buyer registers with a written bid of a certain amount. Effect of the knockdown. All knockdowns are in Euros. The knockdown has the effect of conclusion of a binding contract of sale giving rise to a duty of acceptance.
However, risk for all and any harm or loss shall pass to the buyer already with the knockdown. The purchase price is due and payable after knockdown has been received.
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VAT is levied on the premium only and thus on the domestic performance; it is not reimbursable for foreign bidders. Payment by credit card carries a processing fee of 3. If the buyer can prove that a loss of that amount was not incurred, only the statutory default interest rate shall be applied. In the case of payment in a foreign currency, any exchange-rate loss and bank charges shall be carried by the buyer.
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The same applies for cheques, which can be acknowledged as fulfilment only after unconditional bank crediting. Even without a reminder, the buyer is liable in the case of late or refused payment and acceptance of a knocked down item for all and any loss or harm incurred as a result. The right for compensation of damage caused by delay in performance exists next to the claim for performance. However, he is not entitled to any additional proceeds.
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Further he is barred from bidding again. The auctioneer is allowed to claim in his own name for the loss of the seller and on his bill.
Collection by the auctioneer. The auctioneer can collect or sue for purchase prices, ancillary services and also ancillary payments in his client's name. Only those catalogue numbers which have been paid in full by the buyer are authorized for payout to the seller. Upon payment each buyer will receive an invoice showing the catalogue numbers, designations and prices including the premium and VAT.
The items shall be handed over after payment has been rendered against presentation of receipt invoice. After the auction, buyer and seller can ask the auctioneer about the corresponding contractual party. If the buyer does not collect the items within 14 days after the last day of auction, they will be held without any liability for loss and damage.
Storage costs in height of EUR 7. VAT will be charged per day and item to the buyer. Our research has never had any government or institutional funding, so if you found the information here useful, please consider making a donation. Your gift is greatly appreciated. The material directly above is protected by copyright and appears here by special permission.
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