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Conditions of Sale

Auction organiser

The organizer of the auction of movable assets (hereinafter referred to as the "auction") is KCNS s.r.o., company ID: 021 11 039, with its registered office at Korunni 1000/37, 120 00 Praha 2 (hereinafter referred to as the auctioneer). The auction under these Auction Rules is not an auction in the sense of Act No. 26/2000 Coll., On Public Auctions, as amended. The auctioneer acts as a mediator for the sale of auctioned items on electronic bidding platform. For that, he is entitled to remuneration for mediating the sale of the item and the payment of the costs incurred in connection with the auction. Each Auction Participant expresses its consent to these Auction Rules. The auction is governed by Czech law.

Members of the Auction

Only natural and legal persons eligible for legal proceedings may participate in the auction, that is both domestic and foreign persons (the "Bidder"). The auction participant may be represented in the auction by a representative on the basis of a written power of attorney with an officially authenticated signature; a proxy may also act as a representative of a participant in the auction. A person who fills in an Auction Registration Application form becomes a bidder and will be given an appropriate bidder number. A person unknown to the Auctioneers could be asked to provide personal identification and a reference. Auction currency is EUR. The prices displayed in the catalogue are callout and cannot be lowered. The table of possible bids is shown below. The auctioned item is sold to the highest bidder. If there is more than one bid for the same price, the item will be sold to that auction participant, who has made the offer during the live-auction. If there is an equal bid received on any other auction portal than katzauction.com, the item will be sold to  that auction participant, who has bid directly on katzauction.com. The auction takes place according to the catalogue numbers, unless stated otherwise by the auctioneer. In the event of an error in the catalogue, this error will be corrected and the participants will be notified before the auction itself. All sales in the auction house are legally binding.

Auction procedure

The auction takes place at a predetermined date and time specified in the auction catalogue. This auction is only available electronically on the Internet, only logged-in users can participate in auctions via the katzauction.com system in real time. Before the on-line auction is launched, online limits can be entered on katzauction.com, the current limits are displayed immediately. The auction participant bears full responsibility for each bid made in the auction, even if it did inadvertently.

Auction increments table

to 30 EUR .......................... 1 EUR

to 70 EUR .......................... 2 EUR

to 200 EUR ........................ 5 EUR

to 500 EUR ................... 10 EUR

to 1000 EUR ................... 20 EUR

to 2000 EUR ................... 25 EUR

to 5000 EUR ................... 50 EUR

to 10000 EUR ................. 100 EUR

to 25000 EUR ................. 250 EUR

to 50000 EUR ................. 500 EUR

from 50000 EUR ………… 1000 EUR

Paying for the auctioned purchase

There is an additional 17 % fee payable on top of the final bid but not less than 2 EUR per lot (applied to lots sold for 5 to 11 EUR) if nothing else is stated in the description. The auction surcharge is 17% of the highest bid. The payment can be made in Euro (EUR) or Czech crowns (CZK) or other currencies according to the exchange rate agreed with auctioneer. Unless otherwise stated, all amounts are due within 15 days after the pro-forma invoice issue date. Items sold will become the buyer's property only after all payments of the auction have been paid out. Any occured payment fees, postal and packaging charges are payable by the buyer.

Acquisition of ownership of the auctioned item

If the buyer pays the auctioned price, including a 17% surcharge, within the specified time, ownership of the auctioned item is transferred to him. Buyer will be provided proof of acquisition of the item in the auction together with the auctioned items in the postal package. Purchased items can be picked-up in our office, shipped by the auctioneer by Czech Post, FedEx, DHL, or can be delivered by the owner of the item or the person who put the item in the auction. The auctioneer is not responsible for the loss or damage of the shipment. Shipments are insured for the full amount only in case when full value is declared. Lost or damaged shipment will be reimbursed only after the auctioneer will be reimbursed by courrier or insurance company. All paid items will be shipped maximum in 8 weeks after the invoice payment date. Upon the handing over of the auctioned item to the buyer, the auctioneer has the rights and obligations of the escrow agent. If the buyer does not pay the price of the auctioned item including any surcharges within the specified time, it is considered to be a thwarting of the auction. The auctioneer is entitled to charge the buyer who has thwarted the auction all the costs incurred by the auction, including the auctioneer's commission if the package is returned to the owner of the item. Following late payment fees apply unless otherwise agreed with auctioneer until the due date: 16 to 30 days - 3%, 31 to 60 days – 5%, in case of non-payment the participant will be added to black-list and has to pay the auctioneer full surcharge of unpaid invoice to be able to participate in auctions again.

At the same time, the buyer is charged with interest on late payment of 0.05% of the outstanding amount for each day of delay.

The unpaid item is then regarded as unsold with all the consequences for the buyer. This item can be returned to the owner or relisted for sale.

Complaints
For all items in the catalogue, we guarantee their authenticity and  the accuracy of the description in the catalogue, on behalf of the owner  of the item or the person who put the item in the auction. In case of  mistake in description or image both the auctioneer and the buyer has  the right to regard the item as unsold. Because of the possibility of  viewing the auction material in advance, in order to ascertain its  status, the auction participants present at the auction buy the items  "as they stand and lie", therefore any claims for defects of items  regarding their quality are excluded. Claims of buyers who did not  participate in the auction personally will be assessed only in cases,  where obvious defects have been detected on the items and have not been  shown or otherwise visible in the catalogue. Buyers who pick up the  items personally are obliged to reproach these apparent defects directly  on the spot when picking up the items, others are obliged to reproach  these obvious defects within 3 days from the date of delivery of the  items. We do not accept later claims. In case the winner does not like  the item without any specific reason the item can be returned to the  auctioneer and the buyer will be reibursed the sale price without the  surcharge or the item can be put in the auction again from the new  owners name. The reclaimed item will be returned by the purchaser back  in valuable writing without a COD, insured for the price of the  shipment, and the reasons for the claim must be stated. Returned items  must be in the same condition as when shipped. We do not guarantee the  authenticity of each single piece in group lots with more than 3 items  in it. The auctioneer decides on the merits of the claim. The owner of  the item or the person who put the auction item into the auction is  responsible for 1 year from the auction date for the authenticity and  the defects of the auction item that were or should be known to him and  failed to notify the auctioneer of those defects in time in the auction  contract. In the case of a recognized claim, the item is considered as  unsold. This item will be returned to the petitioner and he / she is  obliged to return the financial amount for this thing already paid  immediately. The buyer's right to compensation for damages or costs  occured against the auctioneer is excluded. The auctioneer is not  responsible for the fact that the auctioned items listed in the catalog  will be accepted for classification by a third party person or company  and classified according to our rating

Closing conditions

Foreign participants of the auction are obliged to obtain a certificate pursuant to Act No. 71/1994 Coll. On the sale and export of cultural objects, as amended, when exporting numismatic material abroad. Certification is unnecessary for the export of coins, medals and medals crated less than 50 years ago. Foreign bidders must respect the current exchange rate, tax laws and other laws of the Czech Republic and their country of origin. Proper payment of applicable taxes, duties, and fees payable abroad is the buyer's responsibility. Any court proceedings will be dealt with before the courts of the Czech Republic and under Czech law.

The list of registered auction participants and personal data of the auction participants are subject to the trade secret of the auctioneer, and the auction participants, or anyone else, is not entitled to view them.