By participating in the auction the bidder accepts the following auction conditions of Koller Auctions Ltd (“Koller”).

1.
The auction objects are auctioned by Koller in the name and on the account of the seller (the “Seller”). The bid in Swiss francs is accepted from the highest bidder (the “Purchaser”) recognised by Koller in the course of the auction resulting in the conclusion of a purchase contract between the Seller and the Purchaser. In principle, auctioned items are handed over to the Purchaser only in return for cash payment. The invoice for a successful bid for an auctioned item is payable within 7 days from the end of the auction. Irrespective of the Purchaser’s instructions, Koller may use any payments by the Purchaser as settlement for any debt owed by the Purchaser to Koller or the Seller and set off any debt which it owes to the Purchaser against its own claims. If the Purchaser defaults on a payment, default interest of 10% p.a. is charged upon the invoiced sum.

2. In addition to the bid price, the Purchaser must pay a surcharge on such bid price calculated as follows:

(i) on a successful bid of up to CHF 400,000.: 20 %;
(ii) on a successful bid over CHF 400,000: 20% on the first CHF 400,000 and 15% on the difference between CHF 400,000 and the bid.

If the winning bid is placed in the course of an Internet live online auction («Online Auction”), the surcharges are subject to the conditions published on the respective Internet sites.

3.
The Purchaser must pay Swiss Value Added Tax (“VAT”) on the surcharge. The stated percentage of the surcharge relates to the successful bid for each individual item. The Purchaser agrees that Koller also receives a commission from the Seller. The full tax is charged on all items marked *, i.e. VAT is charged on the sum of the bid price plus the surcharge for those items. The VAT will be refunded to Purchasers providing a validly stamped export declaration.

4.
The items are auctioned in the condition existing at the time of the successful bid. Subject to Clause 5 below, no guarantee or warranty whatsoever is given against legal and material defects. The items can be inspected while exhibited. The items are described to the best of our knowledge and belief but Koller cannot accept any liability for the particulars given in the catalogue. Koller reserves the right to call in experts or specialists of its choice to give an opinion and to rely upon that opinion. Koller cannot be held liable for the correctness of such opinions.

5.
The auction house is prepared of its own free will to cancel the successful bid in Seller’s name and to refund the bid price, the surcharge and the VAT if within 2 years (3 weeks in the case of jewellery) from the date of the successful bid the purchased item is found to be a deliberate modern forgery. A deliberate modern forgery is deemed to be an imitation which may be proven to have been made after 1880, produced with the intention to deceive whether with regard to the originator, origin, date, age, period, cultural society or source without this being shown in the catalogue and if, at the time of the sale, its value was substantially less than the value of an item corresponding to that described in the catalogue. However, Koller’s warranty does not in any way apply to the attribution of authorship and/or period of paintings, watercolours, drawings and sculpture which were or, according to the particulars given in the catalogue, should have been created before 1880.

A refund requires that the Purchaser makes a complaint to Koller by registered letter immediately after the discovery of the defect and returns the forged item to Koller in the same condition as it was sold to him and unencumbered by third parties’ claims. The Purchaser must provide proof that the auctioned item is a forgery when compared with the description in the catalogue and that the item is indeed the auctioned item. Further claims of the Purchaser are excluded.

No claims of any kind may be made if the description in the catalogue corresponds to the latest specialist knowledge or the opinion of the majority of authoritative experts at the time when the catalogue was prepared and/or if the falsification could not be recognised in accordance with the latest research and with generally accepted and practised scientific methods at the time when the catalogue was prepared or could only have been recognised by means of a scientific process which was unreasonably expensive or impractical to use.

6.
A bid made in the course of an auction is a binding offer. The bidder remains bound by his bid until a higher bid is given or until it is rejected by Koller. In the event of a double bid, the call for bids is immediately made once again; in doubtful cases the auction management decides. Ownership is transferred to the Purchaser with the fall of the hammer. Koller retains a right of retention and a lien on all the Purchaser’s items in its custody until full payment of all monies owed. Koller may exercise such liens in accordance with the legislation on the enforcement of debts or by private sale, including self sale (‘Selbsteintritt’).

7.
Bidders who are not personally known to Koller are required to prove their identity before the auction begins. Koller reserves the right to request proof of financial soundness in the case of successful bids of more than CHF10,000. If such proof is not provided, Koller may request an immediate payment on account of 10% of the successful bid in cash or a guarantee. If the payment on account is not made or the guarantee not provided, Koller may in Seller’s name cancel the successful bid.

8.
Koller may refuse a bid without giving reasons. Koller may also knock down or withdraw auctioned items without a sale. Koller reserves the right at its discretion to forbid any person entry to its premises or attendance at or participation in its auctions.

9.
Koller reserves the right to combine, separate or omit numbered lots in the catalogue or to offer them out of sequence. Koller reserves the right to sell lots conditionally at its sole discretion, in which event the hammer price will be considered as conditional and the highest bidder will remain bound by his bid for 14 days following the auction. The highest bidder will be released from all obligations if he does not receive a statement from Koller within this period declaring the hammer price as final.

10.
The auctioned items must be collected at the Purchaser’s own expense within 7 days from the end of the auction during the official opening hours. If time permits, the items are handed over after each auction session. They are handed over in return for payment in cash pursuant with Clause 1. Cheques offered as payment must be confirmed by the drawee bank before the auctioned item is handed over. During the said period Koller is liable for loss, theft, damage or destruction of items which have been auctioned and paid for but only up to the total of the auction price, surcharge and VAT.

Koller ceases to have liability after the said period. No liability can be assumed for frames and glass. If the auctioned items are not collected within 7 days, they are stored at the Purchaser’s expense and risk. In such cases, the fees incurred are added to the bid price. Three weeks after the auction KOLLER may send all furniture and furnishings which are longer, larger or deeper than 50 cm for storage to Welti-Furrer Fine Art AG, Zurich or to another warehouse keeper (hereinafter the “Warehouse Keeper”). The objects may be collected after direct notification of the Warehouse Keeper. All costs related to the storage of the objects will be invoiced directly to the Purchaser by the Warehouse Keeper.

Items stored at the Warehouse Keeper are subject to the terms and conditions of such Warehouse Keeper, which are available upon request from this firm. Koller accepts written instructions concerning transport. Unless otherwise agreed in writing, items to be transported are insured by Koller at the Purchaser’s expense. Glass-covered pictures and fragile items are not despatched by Koller.

11.
If the Purchaser does not pay or does not pay promptly (Clause 1), Koller may at its discretion in the Seller’s name (a) insist on the fulfilment of the purchase agreement or (b) without further notice waive subsequent performance of the Purchaser and raise damage claims for non-performance or withdraw from the sale agreement. The Purchaser is liable to Koller and the Seller for all prejudice caused by non-payment or late payment.

12.
Each Purchaser shall be personally liable for the bid accepted from him. Proof of the power of representation may be requested from persons bidding as agents for a third party or as an organ of a corporate body. The agent is jointly and severally liable with his principal for the fulfilment of all obligations.

13.
Written bids from potential buyers who cannot attend the auction in person are accepted up to 24 hours before the bidding begins.

Potential buyers may bid by telephone if they have given written notice at least 24 hours before the auction starts. Koller does not accept telephone bids for amounts under CHF 500 and bidders are requested to leave a written bid or participate in the salesroom. Potential buyers who intend to place their bids in the course of an Online Auction via the Internet may participate in the auction after their registration applications were approved by Koller. Koller reserves the right to decline registration applications at its discretion.

Koller refuses all liability for any kind of bids as well as advance notifications of telephone bidding which are not taken into consideration. Telephone bidders and persons giving written instructions are also subject to the provisions of Clause 7 relating to proof of identity and of financial soundness. For bidders placing bids in the course of an Online Auction via the Internet. Clause 7 only applies with regards to financial soundness. This is in any event without prejudice to Clause 8.

14.
The auction is attended by an official of the city of Zurich. The attending official, the local authority and the State have no liability for the acts of Koller.

15.
Koller reserves the right to publish illustrations and photographs of sold items in its own publications and the media and to publicise its services therewith.

16.
The foregoing conditions form part of each individual purchase agreement concluded at the auction. Amendments are binding only with Koller‘s written agreement.

17.
Swiss law alone is applicable to all business relations with Koller as well as to all business relations resulting from and arising out of the sale at auction.

The place of performance is Zurich and the courts of Zurich 1 have jurisdiction. Koller may, however, bring legal action before any other competent court.