General Auction Conditions
1. The auction is conducted exclusively in the name of and on behalf of third parties. Upon knockdown of the lot, a contract of sale is concluded between the consignor and the successful bidder. The auctioneer is entitled to assert the rights of the consignor arising from the consignment and the sale of the lot in his own name.
2. The auctioneer reserves the right to exclude persons from the auction and to reject bids without giving reasons. In justified cases, he has the right to refuse to accept a bid, to withdraw lots, and in exceptional cases to regroup and rearrange lots. He also reserves the right to offer the lots for auction again in the event of misunderstandings or disagreements.
3. The submission of verbal, telephone or written bids implies acceptance of the auction conditions listed here, even without written acknowledgement. Bids submitted are binding. Commission agents and other persons bidding on behalf of third parties are liable alongside the third party as directly liable debtors if they do not disclose their legal status and agency relationship in writing prior to the auction and prove their authorisation upon request. The person placing the bid is also responsible for any errors made as an agent at the auction.
4. Written orders will always be executed conscientiously and in the best interests of the client, but without guarantee. The maximum prices bid will only be used to the extent necessary to outbid other bids.
5. Telephone bidders must bid at least the starting price and submit written confirmation before the auction begins. If they cannot be reached, the minimum bid shall be deemed to have been made. The auctioneer does not guarantee that a connection will be established for telephone bids.
6. Direct online bids via the internet require prior registration with the auctioneer and his consent. The auctioneer does not guarantee the processing of such bids. In particular, the auctioneer is not liable for the technical establishment of the connection. The right of revocation and return for distance contracts does not apply to such bids (Section 312 d (4) No. 5 BGB).
7. The highest bidder will be awarded the lot. The lot will be sold to the highest bidder at a price corresponding to the next highest bid plus an increment. If there is only one bid, the lot will be sold at the starting price. If there are two identical bids, the bid received first will take precedence. A bidder remains bound to the bid submitted if a subsequent higher bid is invalid or is immediately rejected by the auctioneer. If a higher bid submitted in good time has been overlooked by mistake, the auctioneer may withdraw the bid and re-call the lot. The auctioneer may accept bids subject to the consignor's approval. The bidder then remains bound by his bid for 4 weeks from the date of the bid.
8. If bids are made on lots with reservations to the opinion of other experts, this must be indicated to the auctioneer with the bid. If a bid is accepted with reservations to inspection, the auctioneer shall arrange for this to be carried out unless otherwise specified by the bidder. The costs shall be borne by the buyer. Irrespective of this, the lots must be paid for immediately.
9. A buyer's commission of 21% plus additional VAT shall be added to the hammer price at all auctions. In addition to the buyer's commission, the auctioneer receives a lot fee of €2 per lot purchased. When goods are shipped, postage and insurance fees plus VAT will be invoiced separately. For investment gold, VAT on commission and expenses is not applicable in accordance with Section 25 c of the German VAT Act (UStG).
If lots in the auction catalogue are marked with a cross (x) next to the lot number, VAT at the current rate of 19% is payable on the hammer price in addition to VAT on the buyer's premium. VAT may not apply if the auctioneer ships abroad, provided that the sales tax requirements are met. A VAT-free delivery within the EU is only possible if the consignor and buyer are both entrepreneurs within the meaning of § 2 of German UStG and their respective VAT ID numbers are available.
If lots are marked with a circle (o) [consignor outside the EU], import charges of currently 7% of the hammer price are payable if the buyers are resident in the EU. Buyers outside the EU are not charged these fees and are exempt from VAT upon presentation of proof of export.
Deliveries to EU customers with a VAT number are subject to the reverse charge procedure without deduction of German VAT. The buyer is obliged to declare the VAT in their VAT return in their home country.
10. The bid is binding. Bidders in the auction room must settle the auction invoice immediately; for written bidders, it is due upon delivery. Invoices issued during or immediately after the auction require special verification; errors excepted.
11. The lots remain the property of the sellers until full payment has been made. Payment must be made within 14 days of the invoice date. In the event of late payment, interest of 1% of the invoice amount will be charged for each month or part thereof, plus a reminder fee of €4. The interest rate is at least 5% above the German base rate per annum.
12. If the buyer fails to meet his payment obligations, the auctioneer is entitled to demand lump-sum compensation of 25% of the hammer price from the buyer as compensation for lost consignor and buyer commissions and expenses incurred. In addition, the auctioneer is entitled to reclaim auction goods that have already been handed over but not paid for or only partially paid for, or that have not been accepted without legal reason, in their original condition with the original label, and to sell them at the buyer's expense without further notice. In this case, the proceeds of the sale will be deducted from the outstanding claim after deduction of the costs of sale. The remaining amount will then be collected through legal action. The buyer is not entitled to any additional proceeds.
13. The shipment of auctioned lots is at the expense of the buyer. If the buyer is an entrepreneur, the risk is transferred to the buyer as soon as the goods have been handed over to the post office or another shipping company. The auctioneer offers transport insurance for the shipment, the costs of which are to be borne by the buyer.
14. The items to be auctioned can be viewed and inspected before the auction. The lots are described with the utmost care, but the lot description does not constitute a guarantee in a legal sense. If catalogue descriptions differ from the illustration of the lot, the catalogue description shall prevail in case of doubt. In case of discrepancies in the text due to translation, the German text shall prevail. The lots are sold in their current condition, unless otherwise stated in the catalogue or on the internet. Errors discernible from the illustrations (cut, perforation, stamp, centring, etc.) are in accordance with the contract and cannot be the subject of a complaint. Errors or deviations from the quality descriptions that are not visible in the illustrations are considered defects in the case of individual lots.
15. If an individual lot contains more than 3 stamps, returns due to minor defects in individual stamps are not permitted. Complaints regarding quality and quantity are excluded for collection lots or other large lots. Unless otherwise stated in the description, the catalogue values given are non-binding.
16. The auctioneer accepts no liability for defects. However, he undertakes to forward any complaints about defects that are reported to him in good time to the consignor without delay. The auctioneer may, at the buyer's expense, require the buyer to obtain test certificates from two independent experts as proof of the defects. Lots that are clearly identified as counterfeits may be marked as such by the experts.
17. Complaints must be made to the auctioneer within a reasonable period of time after the buyer has discovered or should have discovered the defect, usually within 10 days of delivery or receipt of the lots. Lots that are the subject of a complaint must be returned in their original condition and with the original lot card. If a complaint is upheld, the buyer will be refunded the premium plus any shipping costs. Further claims are excluded. Any complaint is excluded if lots and stamps have been altered. Alterations include, in particular, the removal of folds, fold or paper residues, watering, treatment with chemicals and the application of marks of any kind. The affixing of marks by authorised German BPP experts or other experts agreed in advance with the auctioneer shall not be considered a modification.
18. Any warranty claims and other claims of any kind against the consignor and the auctioneer shall expire at the latest one year after the auction.
19. The above auction conditions also apply mutatis mutandis to private sales and post-auction sales. The provisions on distance contracts do not apply to these.
20. The place of performance and jurisdiction for commercial transactions is Hamburg. German law applies exclusively.
21. No verbal agreements have been made. Amendments or additions to this contract must be made in writing.
22. Should any of the above provisions be wholly or partially invalid, this shall not affect the validity of the remaining provisions.
Hamburg, 14.1.2026
This translation of the "Allgemeine Versteigerungsbedingungen" is provided for information only. The German text is to be taken as authoritative.
AB PHILEA Auktionen Hamburg, Kleine Reichenstrasse 1, 20457 Hamburg, HRB 196470 for: Aktiebolaget PHILEA, Svartensgatan 6, 11620 Stockholm (Sweden), HR Sweden 556326-1949