Conditions of auctions

1. Auctionhouse Kiefer (auctioneeer) auctions consigned lots by sellers in its own name on the account of the seller, except for lots owned by Kiefer (see �Besitzerverzeichnis�).
    
2. Purchased lots are payable immediately in cash in Euro. Public institutions and libraries are granted a term of 4 weeks from purchase. Other terms of payment depend on individual agreement.
    
3. Bidding usually begins at approx. 2/3 of the estimate (unless there is is a higher reserve price given by the seller), with increments of 5-10% at the auctioneers discretion. The highest bid wins. If a dispute arises concerning the acceptance of a bid, the lot will be offered again.
   In case of equal bids the lot will be drawn. The auctioneer can divide or combine lots, change the order and withdraw lots on reasonable grounds. In doubt the sale of a lot can underlie reservations.
    
4. 4. The purchaser pays a premium of 20% on the hammer price, on the total there is to pay VAT (currently a reduced VAT of 7 % applies). For Autographs, Antiques, Photographs and Grafics ,  28% (includes VAT. Purchasers from outside the EU will be reimbursed the VAT upon proof of export, which isn�t needed if goods are shipped by the auctioneer. � Purchasers from countries belonging to the EU are subject to the VAT unless providing their VAT identification number as a book- or art-dealer.
    
5. 5. The purchaser acquirers ownership after full payment has been committed. After hand-over of the goods either to the purchaser or, on request of the purchaser, to a shipping company, the risk lies with the purchaser.
    
6. 6. Purchased lots will only be handed over after receipt of full payment. Any costs of concerning shipping, handling and insurance are born by the purchaser. Framed objects are sent unframed unless otherwise requested by the purchaser, in which case the risk lies with the purchaser.
    
7. 7. In case of default the purchaser is liable for all monetary loss to the auctioneer, especially concerning interest. The auctioneer reserves the right to either insist on fulfillment of the payment or to withdraw from the contract of purchase. In this case the auctioneer can demand indemnification equivalent to the amount of the bid (including premium) or to the loss in case of a new sale of the lot. The purchaser is not entitled to participate at this sale or to collect proceeds in case of a higher hammer price realised.
    
8. 8. There is a public viewing prior to the auction at the dates and times indicated in the catalog. Further information and photographs/scans can also be requested in advance of the auction, permitting time to meet the request. All descriptions are executed with great care, but shall not be part of of the agreed specification of the lot. The auctioneer is not liable for any faults, but is willing to pass on any faults stated in due time to the consigner in order to reach a mutual agreement. All lots are used. If not mentioned otherwise, all lots are in a condition relating to their age. Any complaints concerning the integrity of the lots are not accepted. Complaints concerning the completeness are to be submitted within 7 days after receipt of the lot. Serials, large editions of many volumes and large collections/convoluts will not be collated in particular, but obvious faults will be stated. Lots under the estimate of � 120,- will usually not be collated. The auctioneer is not liable for above mentioned faults and reclamations are not accepted.
    
9. 9. Written bids are accepted at no cost, and can be submitted directly or by mail. Bids by telephone, telefax or email require written confirmation. Participation at the auction by telephone has to be announced 24 hours prior to the auction and is only accepted for an estimate of � 300,- or higher. For bids submitted less than 24 hours prior to the auction the auctioneer cannot garantue correct execution and is therefore not liable. The bidder is liable for any mistakes contained in his bids. Telephone bidders are automatically bidding 2/3 of the estimate price. The hammer price does not include buyer�s premium and VAT (if applicable). This also applies to after sale purchases.
    
10. 10. Place of performance and jurisdiction is Pforzheim. German law applies.
     
11. 11. Should any one of the above terms become invalid it does not affect any remaining provisions.
     
12. 12. If submitting a bid in any form the purchaser accepts all above mentioned terms.