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Terms of auction

1.

Our sales at public auction are undertaken as an agent without warranty of any kind whatsoever on behalf of the seller. The contract for sale of a lot will be between the seller and the buyer.

2.

Wines are auctioned according to their condition at the time of award to the highest bidder (the buyer). Although wines are described as correctly as can be ascertained, the descriptions do not provide a guarantee as set out in ยงยง 459 ff of the German Civil Code (BGB).

3.

The auctioneer has the right at his absolute discretion to withdraw or divide any lot, to combine any two or more lots or change the order in which lots are presented for auction.

4.

The minimum bid price is fixed prior to sale in the auction catalogue or as stated in additional lists on the day of the auction. Details of bid price increments are given in the section "Notes on the Running of the Auction".

5.

Subject to the auctioneer's discretion, lots will be awarded to the highest bidder if after having offered the same lot three times and receiving no higher bid. (Internet: lots will be taken to be awarded to the highest bidder at the close of the auction). Lots will only be awarded at the bid price increments as stipulated by Koppe & Partner. The auctioneer can in the name of the seller either restrict or refuse the award of any lot. Should two bidders offer the same bid and upon offering the lot three times at the next higher bid increment no higher bid be submitted then the lot shall either be re-auctioned or the award be decided by random selection. If written bids on a particular Lot for identical amounts are received, the Lot in question will be sold to the bid received first. In the case of error or dispute over the award of a lot or a timely bid being mistakenly overseen then the auctioneer has the right to re-auction the lot or to advance the bidding in such a manner as he may deem fit.

6.

The acceptance of the highest bid marks the conclusion of a contract for sale between the seller and the buyer. Successful buyers assume immediate liability for their lots. The buyer will not acquire title to lots until all amounts due to us have been paid, even in circumstances where we have released the lot or lots to the buyer. Should an award be made conditionally then the buyer will be bound to his bid for a period of 2 weeks. If the buyer does not receive an unconditional award during this period then the bid is deemed as expired. Conditional sales where the conditions are not accepted by the seller can lead to lots being sold otherwise, even without the permission of the buyer who is under this condition.

7.

Bids may also be submitted in writing prior to auction. Through submitting a bid, either in writing or in the sale room during the auction, buyers will be accepting the Conditions of Auction and on the basis of his registration data be accepting personal liability for the lot or lots he is awarded. He cannot plead to be acting on behalf of a third party.

8.

In addition to the hammer price, the buyer must pay the buyer's premium at the rate of 10% of the hammer price and a lot fee of EUR 5,- per lot both of which are subject to German Sales Tax (MwSt.). Sales Tax is not levied on the hammer price.

9.

Following the sale an invoice will be prepared and presented to the buyer for payment of the full amount within 8 days after the auction to our bank account, which is written on the invoice. Bank drafts must specify the bidders name, invoice number and the auction date. Payments made in the sale room after the auction can be made in cash or by guaranteed cheque. If the buyer fails to pay within our terms of payment, then the auctioneer is entitled to issue proceedings on behalf of the seller against the buyer to recover the full amount due together with the costs of such proceedings. Alternatively the auctioneer can arrange a resale of the lot, and, if this results in a lower price being obtained, claim the balance from the buyer together with any costs incurred in connection with the buyer's failure to make payment. Furthermore, the buyer forfeits the right to any additional revenues resulting from resale and is not allowed to re-bid for the lot at any future auction. In the case of non-payment, interest will be charged at the rates of 1% for each calendar month the payment or a part of which is outstanding. Exchange losses and any further costs of redemption will be met by the buyer. This also applies to cheques accepted in good faith. Non-payment, delayed payment and non-collection automatically imply legal obligation on the part of the buyer for all risks, even without reminder. The auctioneer has the right to undertake legal proceedings to recover all outstanding amounts and costs incurred through recovery in his own name.

10.

Lots can be collected upon payment in full. Lots that are not collected within 4 weeks after the end of the auction or are not forwarded at the express wishes of the buyer will be subject to a storage fee of 5% on the hammer price for every calendar month following the auction. Domestic buyers who make payment for their lots on the day of the auction will benefit from receiving their wine freight pre-paid. Otherwise the wines will be transported to adresses in Germany by freight forwarder or by post at the expense of the buyer. Transportation costs are EUR 1.20 per bottle (minimum EUR 10.00) plus German Sales Tax. Transportation costs to locations outside of Germany are EUR 2.25 per bottle (minimum EUR 15.00). Requisite transport is undertaken at the risk of the buyer. Legal liability for any kind of damage or loss will not be assumed by the auctioneer. For any Customs clearance is the responsibility of the bidder. The cost of delivery to non-EU Countries (taxes, duties and fees) are borne by the successful bidder or will be charged for shipping by Koppe & Partner at him.

11.

The Conditions of Auction are subject to German law, which shall apply to their constructions well as their effect. For our benefit, the seller and the buyer submit to the exclusive jurisdiction of the German courts. Seat of jurisdiction is Bremen.

12.

The auctioneer is not liable for the loss of data or for data errors due to failure during data transfer and processing. The user or bidder assumes all risks for data losses and damage caused by using the system and software or by faults in processing the data.