CONDITIONS OF SALE
1. Participation in the public auction sale implies acceptance of the general conditions and obligations and rights deriving therefrom.
2. The lots are described with maximum care. Nevertheless, Investphila SA does not assume any liability for these information. The photographs are an integral part of the description and are decisive as far as margins, cancellations, perforations, and centering are concerned.
3. All the lots offered in the catalogue can be viewed on the days scheduled for the auction and also beforehand, at our offices, upon appointment. It is assumed that the auction participants, both those who act in their own name and as representatives, have previously seen the lots on which they plan to bid. The lots are thus accepted as-is at the time of the order and not necessarily as they are described in the catalogue. Auction participants are liable for any damage they cause to the lots during viewing of thereof. Investphila SA reserves the right to request personal identification and bank references from the auction participants, as well as the right to prohibit entrance to the auction room and/or viewing of the lots by undesired participants.
4. The lot is awarded to the buyer that made the highest bid. In the case of equal, written bids, the bid received first takes precedence. In the event of disputes, Investphila SA has the right but not the obligation to cancel the sale and place the lot on sale again. The sale price is increased by a commission of 20% (twenty percent) of the sale price.
5. Investphila SA declines all liability and accepts no complaints in the event of negligence, error, or fault in the execution of written bids. Investphila SA also declines all liability towards those who participate in the auction by telephone or online (Internet) for any errors that might occur before or during the connection itself.
6. Investphila SA reserves the right to withdraw, divide, or group the lots proposed in this sale or refuse to award them, at its own free discretion.
7. In the event of sale with merchandise delivered in Switzerland that is not exported, VAT in the amount of 7.6% (seven point six percent) of the sale price will be charged, with this is construed as the price of sale plus the commission envisaged at point 4 and any insurance and transport costs to be charged if the purchased material is shipped. If the buyer wishes to pick up the merchandise and handle the customs formalities for export himself, the VAT will be charged and reimbursed to the buyer upon submission of the legal documentation certifying export.
8. The sales agreement between Investphila SA and the buyer is executed upon award. Thus the risks of the purchased lots are transferred to the buyer, and the buyer is required to accept the lots. Nevertheless, the lots will be delivered or sent to the buyer only upon full payment of the sale price, which must be executed by the buyer within 30 (thirty) days after the sale itself. Upon receipt of payment, and upon request by the buyer, Investphila SA will send the relative lots by mail. In this case, all expenses for transmission of the awarded material will be borne by the buyer.
9. The lots acquired upon this sale and not sent by mail must be picked up within 30 (thirty) days after the sale at the risk and expense of the buyer. Deposit of the lots at Investphila SA for more than 30 (thirty) days shall be paid for by the buyer. In no event can Investphila SA be held liable for losses or damage resulting from award of the lot and pick-up by the buyer.
10. If the lots are not collected or totally paid within 30 (thirty) days after the sale, Investphila SA reserves the following rights or legal actions, at its own discretion:
a) cancellation of the sale without additional notice to the buyer;
b) to sell the lots in question: in this case a commission of 20% (twenty percent) of the hammer price will be charged to the original purchaser;
c) legal action to recover its credit;
d) suit for damages, which shall include, inter alia, all loss from resale of the aforementioned lots as well as the expenses and taxes on the two sales;
e) deposit of the lots with third parties at the expense and liability of the buyer.
11. Investphila SA shall levy a penalty in the amount of 5% (five percent) of the sale price, in addition to interests on arrears of 1% per month or fraction of a month, if the total payment is not made within 30 (thirty) days as stated in point 8. Investphila SA reserves the right to take action as stated in point 10.
12. Until full payment is made, the buyer guarantees Investphila SA with the purchased material. This pledge guarantees payment of the sale price and any penalty. Investphila SA is authorized but not obliged to sell the material received in pledge, without formalities or notices, if the buyer is in arrears in making payment or does not satisfy his commitments. In this case, Investphila SA is not obliged to abide by the provisions of federal law governing enforcement and bankruptcy.
13. In regard to the photographed lots, no complaints will be accepted for defects involving the margins, perforation, centering, or cancellation, and in general the state of preservation of the stamps or material in question. For lots with more than three stamps, no complaints regarding the preservation or authenticity of the stamps will be accepted. No complaints for lots descripted as “da esaminare” or “sold as is” will be accepted.
14. Investphila SA reserves the right to accept or refuse requests for extension, which shall not be accepted for lots accompanied by an appraisal certificate, lots with more than three stamps or lots descripted as “da esaminare” or “sold as is”. In any case, the request for extension does not modify the terms of payment envisaged at point 8. The incidental requests for extension must be made in writing within 24 (twenty-four) hours before the auction sale by the postal, telephone and internet bidders and before the auction session by the room bidders (also through agents). Requests of extension
shall not be accepted in any case after the sale of the lot. Provided that the request of extension has been made within the terms above and accepted by Investphila SA, the buyer must produce an appraisal certificate drafted by an expert justifying the complaint within and no more than 90 (ninety) days after receipt of the lot. Once Investphila SA has received the appraisal certificate from the buyer, it reserves the right to request one or more appraisals in order to verify the grounds of the complaint. If the appraisals of the buyer and Investphila SA demonstrate the validity of the complaint, all the expenses for the appraisals will be paid by the seller. If the complaint is valid, Investphila SA will take back the lot and be liable only for claims equal to return of the sale price. No other claim may be made against Investphila SA. If the two appraisals do not reach the same conclusions, the parties will accept the final decision of a third appraiser jointly chosen by the parties. If the complaint is invalid, the buyer shall pay for all the appraiser expenses.
15. The importation and exportation of stamps should be subject to regulations in force in the contracting countries of the Unesco Convention of 1970, which in Switzerland is enforced by a federal law called “Cultural Property Transfer Act CPTA” and the related “Cultural Property Transfer Ordinance CPTO” (www.bak.admin.ch/bak/themen/kulturguetertransfer/01104/index.html?lang=en). Investphila SA remains at disposal for any further information.
16. The sale, as well as all legal relationships that derive therefrom, are subject to Swiss law. If disputes or legal actions arise over the sale and/or legal relationships deriving therefrom, they shall be remitted to the exclusive jurisdiction of the Court of Lugano, with the Federal Court as the appellate court. Investphila SA reserves the right to take action against the debtor at his domicile. In this case, Swiss law is still applicable.
17. The Italian version of the attached conditions of sale has been translated in English. In case of contention and/or differences of interpretation the Italian version is the legal one. ×