David Feldman S.A.
59 route de Chancy - Po Box
1213 Petit-Lancy 1
Telephone: +41 22 727 07 77
Fax: +41 22 727 07 78
David Feldman SA, one of the world’s leading philatelic auction houses, and holder of world records such as the highest price ever achieved for a philatelic item and the highest price ever for a single stamp, opened offices in New York City in 2009 and has been conducting public auctions there under the name David Feldman USA. Now with the opening of offices in Hong Kong, David Feldman has grown into a global philatelic auction house.
Collectors and professional philatelists can expect the Feldman firm’s unwavering commitment to obtaining the maximum possible results through its renowned friendly and flexible customer service, intelligent promotion and presentation, backed by reliable financial strength.
David Feldman S. A. GenfConditions of Sale
The currency of the auction is the Euro (€)
Participation in any David Feldman S.A. auction means acceptance
in full of the following conditions as well as any rights and obligations
arising therefrom. These same conditions also apply to all transactions
taking place outside the realm of the auctions. DAVID FELDMAN S.A.,
organiser of the auctions, acts as an agent only and is not liable in any
way whatsoever for any default(s) of purchaser(s) and/or vendor(s).
1. The auction lots are offered
1.1 As presented in the relative auction catalogue and/or through the
David Feldman S.A. website. Lots are meticulously described and with
the greatest care, however without responsibility. Photographs count as
part of the description with regard to the margins, perforation, centering,
postmarks and all other visible attributes. The descriptions of the lots
mention if the items are signed by recognised experts and/or accompanied
by expert certificates.
1.2 As viewed in person: before and during auction sales, persons or
their agents may examine lots at our offices or at the auction location,
and must confirm their auction invitation before viewing. Persons or their
agents attending a Live Room auction by invitation and/or who have
viewed lots before an auction are understood to have examined all lots
which they purchase and accept them as they are at the moment of the
knocking-down and not necessarily as described.
2. Auction bids
2.1 The auction bid steps for all auctions are as follows: (some auctions
may be in other currencies than Euros)
e 50 - 100: e 5 e 2’000 - 5’000: e 200
e 100 - 200: e 10 e 5’000 - 10’000: e 500
e 200 - 500: e 20 e 10’000 - 20’000: e 1’000
e 500 - 1’000: e 50 e 20’000 - 50’000: e 2’000
e 1’000 - 2’000: e 100 e 50’000 - 100’000: e 5’000
Bids between these steps will be adjusted accordingly to the next highest
bid step. The bidder is bound by his offer until a higher bid has been
2.2 DAVID FELDMAN S.A. has full discretion to refuse any bidding, to
divide any lot or lots, to combine any two or more lots and to withdraw
any lot or lots from the sale without in any case giving any reason. DAVID
S.A. may also bid on behalf of vendors in cases where
reserve prices have been fixed. In these cases, the vendor is treated as
a buyer and the auctioneer shall bid on his behalf up to reserve prices.
If the reserve price fixed by the vendor is not reached, the auctioneer
passes to the next lot by a simple knock of the hammer.
2.3 Bid orders are only accepted from registered clients of DAVID FELDMAN
S.A. and/or its associated companies. Live Room bidders must
confirm their invitation prior to obtaining a bidding number.
2.4 Bid orders received by DAVID FELDMAN S.A. including via its
website before the relative auctions have priority over room bids in the
case of Live Room auctions. Clients giving bidding instructions to DAVID
FELDMAN S.A. may make alternative offers and/or limit the total of their
expenditure in advance. Bids marked "BUY" are considered as up to ten
times the quoted estimate price where such exists. Bids made in other
currencies than the advertised currency of the auction will be converted
into that currency
at the market rate of the day of receipt by DAVID FELDMAN
S.A. Bids are standing and hold good for at least 60 days from the
auction period. DAVID FELDMAN S.A. reserves the right to invoice bidders
up to the end of the 60 day period, payment being due immediately.
3. The auction
3.1 Unless explicitly stated otherwise, the currency of the auction is Euros.
Attendance at the Live Room auction is reserved for invited clients
and/or their agents.
3.2 Prerogatives of David Feldman S.A.: DAVID FELDMAN S.A. may
withdraw, group differently, divide or refuse to knock down any lot.
DAVID FELDMAN S.A. reserves the right to refuse any bid orders and/
or for Live Room auctions, refuse admittance to the auction room, at
its discretion, to anybody whomsoever. DAVID FELDMAN S.A. cannot
be held responsible for any physical accident that may occur on the
premises where auctions take place. In the case a bone fide offer for the
entire collection presented in this catalog is received at least two weeks
before the auction date, and would be accepted by the vendor and the
auctioneer, it maybe withdrawn from sale and the auction offer cancelled.
3.3 Bidders' representatives and auction agents: any person bidding for
the account of a third party is fully liable for any obligation arising from
such bidding. This responsibility is notably applicable for the verification
of the condition and for the payment of purchased lots.
3.4 Winning Bids: each lot is sold on behalf of the respective owner to
the highest bidder who becomes the buyer at one bid step over the next
highest bid step; this is the knock-down price. In addition to the knockdown
price, the buyer pays a premium of 20% to cover commission
charges and expenses including lotting fees, packing, and export formalities,
etc. whether all incurred in particular cases or not. Cost of postage
and insurance for all lots is additional and will be invoiced separate
from the buyer’s premium. On the knock of the hammer, liability for the
lots passes to the bidder whose bids have been accepted. The lots are
delivered to the buyer when the total sale price (knock-down price plus
all fees including postage or shipping) have been paid in full.
VAT (Sales Tax) - Notes for guidance concerning auctions for which the
lots are located in Switzerland: buyers domiciled abroad are not liable
for this tax once the goods are duly exported from Switzerland. DAVID
FELDMAN S.A. are pleased to arrange this export; alternatively, clients
may make their own arrangements and furnish DAVID FELDMAN S.A.
with proof of export, stamped by Swiss customs. Any purchases by buyers
who wish to keep their purchases in Switzerland will be liable to VAT
at 8% of the purchase price in Swiss Francs at the converted Euro value
during the auction.
3.5 Payment: Sale price plus buyer’s premium and additional costs (if
any) are due for immediate payment as invoiced against delivery of the
lots. Payment in other currencies is accepted at the rates of exchange
of the day as quoted by a major Swiss bank. The bidders who are
with whom it has been expressly agreed that they pay after
the sale under special conditions, are due to pay the sale price, buyer’s
premium and any other costs according to those terms. In these cases,
DAVID FELDMAN S.A. keeps the relevant lots which are delivered to the
buyers on full settlement of their account. Delivery of the purchased lots
by post, courier or any other means if instructed by the buyer including
cost of normal transit insurance cover is at the expense of the buyer. Title
Conditions of Sale
The currency of the auction is the Euro (€)
or ownership of the purchased lots, delivered or not, remains with the
auctioneer on behalf of the seller until payment has been made in full.
3.6 Special extended payment facility: DAVID FELDMAN S.A. may offer
a special extended payment facility for buyers. In these cases, the buyer
may choose to pay a minimum of 25% of the total invoice immediately,
and the balance over a maximum period of 6 months, paying an equal
instalment at the end of each month. Interest plus charges of 1% is
debited to the buyer's account at the end of each month from the auction
date. When the special extended payment facility has been granted,
the buyer understands that any claims regarding his purchases must be
made within 30 days of the auction sale date, even though the lots may
be held by DAVID FELDMAN S.A. awaiting full settlement of the account.
Until delivery, all lots may be examined by their respective buyers at the
offices of DAVID FELDMAN S.A.
3.7 Pledge: until full settlement of the account, the buyer grants to DAVID
FELDMAN S.A. a pledge on any and all properties held by DAVID FELDMAN
S.A., acquired prior to, during and/or after any auction. This pledge
secures the repayment of any amount due in principals, interests, commissions,
costs and other possible fees. DAVID FELDMAN S.A. is entitled,
but not obliged, to realise freely the pledge assets without further
formalities and without previous notice if the buyer is in default with the
of his debts or with the fulfilment of any other obligation hereunder.
For this purpose, DAVID FELDMAN S.A. is not bound to comply with
the formalities of the Federal Law dealing with actions for debt and bankruptcy
proceedings; in addition, DAVID FELDMAN S.A. may choose to
institute or go on with the usual proceedings without having beforehand
sold the pledged goods and without having moreover given them up.
4.1 Extent of the guarantee: subject to paragraph 4.3 below, the authenticity
of all philatelic items sold in the auction is guaranteed for a period
of 30 days from the auction date, with the express exclusion of any other
fault(s). Any reclamation regarding authenticity must come to the notice
of DAVID FELDMAN S.A. on the delivery of the lots but at the latest within
30 days from that date. Before delivery, which may take place after the
30 days period, the lots purchased may be examined
at the Geneva
offices of DAVID FELDMAN S.A. The buyer whose reclamation is made
after 30 days from the auction date loses all rights to the guarantee.
Such reclamation will not be valid by DAVID FELDMAN S.A.. If an extension
of the period
is required in order to substantiate the claim with an
expertise, a request for such extension must be made to DAVID FELDMAN
S.A. within 30 days of the auction date. No request for extension
will be considered beyond this 30 days period. An extention will expire
3 months after the date of the auction; the results of the expertise for
which an extension was agreed must come to the notice of DAVID FELDMAN
S.A. within that period. No further extension of the period will be
considered without the express written agreement of DAVID FELDMAN
S.A. Only claims, expertise
results or other details which are made within
the agreed periods will be valid.
4.2 Expertise and counter-expertise: should the authenticity of a lot
be questioned, the buyer is obliged to provide an expertise or counterexpertise
from a prominent expert in the field, justifying the claim. If a
stamp is found by a recognised
financial responsibility for
errors, to have been forged, he may mark it accordingly. Consequently,
the marking "FALSCH" (forged) is not considered an alteration. In the
case of such reclamation, DAVID FELDMAN S.A. reserves the right to
request, at its own discretion, one or more further expertise(s). All expertise
and relative charges accrue to the vendor's account in the case of a
justified claim, or to the buyer's account if the claim is not justified. In the
case of a justified claim, the lot is taken back and the knock-down price
plus the commission are refunded to the buyer. In the case of delayed
payment due to expertise agreed by David Feldman S.A., interest is
charged at 50% of the standard rate for all cleared lots. If David Feldman
S.A. has not agreed, then full interest is due.
4.3 Exclusions: lots described as collections, accumulations, selections,
groups and those containing duplicates cannot be the subject of
any claim. Claims concerning lots described as a set or groups of sets
containing more than one stamp, can only be considered under the
terms of paragraph 4.1 above if they relate to more than one third of the
total value of the lot. Lots which have been examined by the buyer or his
agent, lots described as having defects or faults cannot be subjected to
a claim regarding defects or faults. lllustrated lots cannot be subjected
to a claim because of perforations, centering, margins or other factors
shown in the illustrations.
4.4 Late Payment: if payment of the knock-down price plus commission
due by the buyer is not made within 30 days of the date of the
auction, DAVID FELDMAN S.A. reserves the right to cancel the sale
and dispose of the lot(s) elsewhere and/or to make a recourse to any
legal proceedings in order to obtain payment of the amounts due as
well as for any incurred damages and losses and any legal expenses.
A charge on overdue payment of at least 5% for the first month and
2% per month afterwards
plus expenses incurred is chargeable on any
outstanding amount after 30 days of the date of the auction. The buyer
who is in default in any way whatsoever has no right of claim under any
4.5 Exceptionally, the knock-down price will be reduced to the lowest
winning bid where it is shown that the exact same buyer has inadvertently
increased the price by using more than one medium of bidding on
the same lot.
5. Applicable law and jurisdiction
Unless otherwise stated, all auctions as well as any rights and obligations
arising from them shall be governed exclusively by Swiss law.
Any legal action or proceeding with respect to the auctions shall be
submitted to the exclusive jurisdiction of the courts of Geneva, subject
to appeal to the Swiss Federal Court in Lausanne. In every case, DAVID
FELDMAN S.A. shall also be entitled, at its discretion, to sue any buyer
in default at his place of residence; in such case, Swiss law shall remain
applicable and in the case of issues regarding price value, the Euro is
converted at its Swiss franc value at the time of the auction.
6. All Transactions:
These Conditions of Sale apply to all transactions of every kind including
those outside the auctions, with David Feldman SA.
Note: If these Conditions of sale are translated into one or more other
languages, the English translation shall be the official version and shall
prevail over all other translations.
(Private Auction-EN-EUR, rev.-Dan-10/2017) ×
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