Rules of Consignment

I. Rights of the Commissioner

The Commissioner has the right to refuse to accept any item for sale without explanation of reasons.

II. Confidentiality

It is forbidden to disclose the individual terms of business relationships with the commissioner & the consignor. In case of violation of this rule of contract, the consignor is obliged to pay a penalty of €10,000 due to § 2518 of Civil law of Czech Republic, which can be deducted from his sales if the commissioner finds out that such a violation has happened.

III. General Rules and Explanations

Reserve price is the guaranteed amount in the event of sale. However, the final price might be 1 step lower than the reserve price.

Items which have not reached their reserve prices (at least 1 step before reserve price) are considered unsold.

Items purchased by the customer are considered sold.

The lot owner has the right to bid on his own item only if no reserve price was set. If the owner’s bid ends up last while bidding on his items and wins it himself, it is called Buyback.

Coins, Medals & Orders

Any lot without reserve price which was bought back by the owner will be charged with 5% (but not less than 5 EUR) commission fee per lot.

Lots in the range of 0 EUR to 100 EUR can be auctioned only without reserve price and free of commission fee (0%).

Any lot that was sold without reserve price is free of commission fee (0%). Sold items in the price range of 100 EUR to 999 EUR with reserve prices are charged with 5% commission fee per lot. Unsold items in the price range of 100 EUR to 999 EUR with reserve prices are charged with 5 EUR commission fee per lot.

Any lot in the price range of 1000 EUR to 9 999 EUR both unsold and sold are free of commission fee (0%).

Lots sold over 10 000 Euro are subject to a +5% bonus from the KATZ Auction House.

Seller's Premium for Coins and Orders

Paper Money

Any lot without reserve price which was bought back by the owner will be charged with 5% (but not less than 5 EUR) commission fee per lot.

Lots in the range of 0 EUR to 50 EUR can be auctioned only without reserve price and free of commission fee (0%).

Any lot that was sold without reserve price is free of commission fee (0%). Sold items in the price range of 50 EUR to 499 EUR with reserve prices are charged with 5% commission fee per lot. Unsold items in the price range of 50 EUR to 499 EUR with reserve prices are charged with 5 EUR commission fee per lot.

Both unsold and sold lots in the price range of 500 EUR to 4 999 EUR are free of commission fee (0%).

Lots sold over 5 000 Euro are subject to a +5% bonus from the KATZ Auction House.

Seller's Premium for Paper Money

Other Conditions

There is no charge of €5 or 5% from the sale price if the Consignor provides a full description and professional pictures of the lots according to the Commissioner's standards.

Unpaid Lots: If the lot has not been paid within 60 days after invoicing the Final customer, then the item is considered unsold and can be relisted to future auctions and the lot fee will not be charged.

In the event that the Consignor won the lot by himself, paid all the listing charges (listing fee, commission), then in case the Consignor wants to relist this lot for the future sale, all fees will be charged again.

The lot can be listed to the auctions not more than 3 times during one calendar year, but no sooner than in 2 auctions after its sale or by the special decision of the Commissioner.

Items that are stored in the Commissioner's office for more than 1 year or that have been already relisted for the sale for three times are subject to a fee of 5 euros for each item for each month of storing.

In case of remote listings of lots to the auction:

The lot, which is listed remotely, must be delivered to the Commissioner's office within 7 days after the end of the auction.

In the event that the item that was listed by individual agreement remotely, i.e., The lot was not delivered to the office of the Commissioner, but was put for sale directly by the Consignor, and is physically absent/does not exist/lost, and the Consignor is not able to provide it to the office of the Commissioner at the agreed time, the Consignor is obliged to pay a commission fee on the sale price of this lot (which is 20% of a sale price), as well as to reimburse all possible associated costs (bank fees, etc.), additionally the Consignor is obliged to pay a penalty of €500. All costs incurred on the Buyers side will be reimbursed by the Commissioner from the penalty paid by the Consignor.

If the description and photo of the lot do not match, and the lot is sold, then upon its return, the Consignor is obliged to pay a commission on the sale (20%) for the loss of profit and reimburse all possible additional costs.

If a defect is detected that was not specified in the description, and the lot is subject to be returned, the Consignor is obliged to pay the Commissioner his commission on the sale (20%) and reimburse all possible additional costs.

Responsibilities

The Consignor's responsibility for the authenticity and provenance of the item is a lifetime warranty provided by the Consignor. This includes the authenticity of the item, that item is not stolen or borrowed from someone or not a part of any civil or criminal investigation.

If the Consignor is a Person, the Consignor confirmed by the signing of this Agreement, that he sells the items from his private collection.

The Consignor has to send to the Commissioner any photocopy of his legal ID - Passport, ID card or Drivers licence, to avoid any further investigations from the government side (such as AML protocol, GDPR or Police Investigations in case of it). Items where the Consignor has any doubts and/or is not sure about the authenticity of the item - the Consignor is obliged to notify the Commissioner of his doubts.

If the Consignor has not notified the Commissioner, the distrustful item is automatically listed as a copy. If the Consignor did not notify the Commissioner, and the item is displayed and sold as original, then upon its return by the Buyer, the Consignor is obliged to pay the commission on the sale (20%) and reimburse all costs incurred by the Buyer and the Commissioner, in particular for the transportation and inspection of this item.

The final determination of the authenticity of an item can be carried out by sending the item for grading to PCGS/NGC/any other internationally recognized certification service or by official examination by a certified specialist.

The Consignor is responsible for the delivery of goods to the Commissioner’s office in Prague and all the taxes/duties/fees occurred. The Commissioner is not responsible for possible losses and damages.

The Consignor, by signing this contract or accepting Terms & Conditions during the registration process confirms and declares that the items he has given to the Commissioner, are not stolen and do not belong to cultural heritage according to the Act No. 71/1994 Coll. Due to the law of the Czech Republic and this statement, the Consignor is also obliged to give to the Commissioner a copy of his passport or national ID document for any future possible cooperation of the Commissioner with state authorities.

The Consignor is obliged to contact the Commissioner before sending out any items from abroad (non-EU countries), to cross check the primary documents for further custom clearance due to the law of the Czech Republic.

The Owner(Consignor) is obliged to send us a Photo of ID/Passport and 2 copies of Contract, signed at his side, while sending items to us.

Settlement for Sold Items

Payments are made to the bank account indicated by the Consignor (must be provided to the Commissioner's e-mail) or in cash in the office in Prague in an amount not exceeding 10,000 Euros and by agreement in advance.

Payments are carried out not earlier than 30 days after the issuance of invoices to the Buyers. In case some items are not paid on the 30th day by the buyer, the payment for them will be made after the lots are paid.

Payments can be carried out in parts upon availability of funds or by agreement between the Commissioner and the Consignor.

No payments are made for lots not paid by the final Customer of an e-commerce platform.

The maximum waiting period for payment from the Buyer for an item is 60 days, unless otherwise agreed between the Consignor, the Buyer and the Commissioner.

Force Majeure

Parties are not responsible for partial or complete failure to fulfill obligations under this Contract if it was the result of force majeure, which could not be foreseen by the parties. Namely: fire, flood, earthquake, other natural disasters, if these circumstances directly affect the execution of the sale and delivery of purchased and paid items, war or military actions occurred after the conclusion of the contract, as well as decisions by state authorities about the ban/tightening of export-import operations.

Same for robbery, stolen by thieves items that has come to the Consignor as a break-in, can not be covered by insurance or the Consignor, but the Consignor is obliged to inform the Customer with all needed information, police documents etc. for helping to find out the stolen items/to work out on an amount of needed items.