1. The seller commissions the auctioneer to auction stamps and other philatelic objects figuring in the delivery list at the next auction. This order includes the auctioneer’s right to sell lots not sold at the auction after the fall of the hammer.

2. The seller guarantees that the stamps or other philatelic objects handed in by him are his property and that they are neither mortgaged, nor otherwise credited to third parties.

3. The auctioneer is entitled to a reimbursement of 12% of the proceeds. If the proceeds remain below EUR 2500.- the reimbursement rate will rise up to 15%. If the proceeds remain below EUR 1000.-, the reimbursement rate will rise up to 18%. Each sold lot is liable to a fee of EUR 2.-. Full insurance cover generally applies to all material handed over to us, the seller being charged with an insurance fee amounting to 1% of the proceeds. The seller will be charged with the cost of returning lots which have not been accepted or not been sold. A prime cost charge can be raised for administration work, such as the arrangement of consignments and legacies, or the estimation of collections. There will be no charges for photo plates, unsold lots, etc. No VAT will be charged on commissions or fees. Each consignment should have a minimum value of EUR 2000.-, each lot a minimum starting price of EUR 30-.

4. The material handed over to the auctioneer will be kept in especially safe rooms and containers, and be treated with the utmost care. The auctioneer will take out insurance against the usual risks of transport and storage. Any compensation claims against the auctioneer, be it for unauthorised actions, for delay, impossibility of service, positive breach of contract, or fault on taking out the contract are excluded, unless the damage has been caused by deliberate action or by gross negligence. Deliveries received by post are covered as follows by our private supplementary insurance:

• Recorded deliveries within Germany up to EUR 1300.-

• Recorded deliveries within Europe up to EUR 5000.-

• Recorded deliveries overseas up to EUR 2500.-

• ordinary parcels of up to EUR 25000.-

5. The handling of stamp deliveries and other philatelic objects will be effected with the utmost care. The seller leaves it to the auctioneer’s discretion to classify and describe the delivered objects, even though that judgement may deviate from the description given on the receipt for delivery

The auctioneer is authorised to examine the authenticity and the state of preservation of the material handed in, or to have it examined by third parties, the cost of which will be chargeable to the seller. Stamps found out to be definite counterfeits can be marked as such.

6. The estimated prices for the delivered material will be stipulated by the auctioneer on the basis of market conditions. The auctioneer is authorised to knock down lots at 10% below the starting price without prior consultation with the seller. Substantially lower bids can only be accepted with the reservation that the lot will not be knocked down unless the seller gives his consent. The seller can limit the delivered material by agreement with the auctioneer.

7. If the seller withdraws his auction order, the auctioneer is entitled to an amount covering 20% of the estimated value as a flat-rate compensation for incurred costs and lost reimbursement claims The auctioneer is also entitled to compensation claims for provable substantial damage.

8. The accounts with the seller will be balanced about 5 weeks after the auction. If the advance payment made to the seller is not covered by the net proceeds of the auction, the seller is obliged to pay back the excess amount at two weeks’ notice. If the seller is in arrears with the repayment, the amount due will be charged with an interest rate of 1% for every month. The auctioneer is authorised to re-auction at his discretion unsold lots delivered by the seller , and to balance the corresponding proceeds with the advance payment due.
    

9. The conditions of auction stipulated in the catalogues are likewise part of the auction order. Additional or deviating agreements are only valid with the written consent of the auctioneer.

10. The place of payment is the residence of the auctioneer. The court of jurisdiction for all claims arising from the auction order, inclusive claims of checks and bills, is the residence of the auctioneer. The same court of jurisdiction is valid if the seller is no resident of the auctioneer's country, if he has moved his place of residence or his usual domicile abroad, or if his place of residence is unknown at the moment of the institution of proceedings.

Managing director: Ekkehard Järschke - Trade register no.: Amtsgericht Kiel, B 671