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FAQ - Frequently Asked Questions

Please find answers to important questions about the coin and antique auctions of Gorny & Mosch.

 

 

 

 

 

What is particularly important?

We should receive your written order, either by letter, fax or e-mail, as soon as possible, at the very latest one day before the coin or antique auction.
Should you have any questions, please give us a call:
+49-89/24 22 643-0.
We look forward to your call and will assist you if you have any questions about our auctions.

 

 

What are the advantages of Gorny & Mosch as an auction house?

Our experts examine all the items before the auction to make sure they are genuine and do not have any defects. The descriptions of coins and antique objects in the catalogue have been written carefully and conscientiously by our experts. The genuineness of the items is guaranteed, unless otherwise stated in the catalogue or during the auction. Gorny & Mosch is a partner of the Art Loss Register: All identifiable items estimated to be worth more than 1,000 euros are compared with the register's database before the auction.
We are obliged to abide by strict rules as a member of the following associations: ANA (American Numismatic Association), AINP (Association Internationale des Numismates Professionels), PNG (Professionel Numismatist Guild) and the Bayerische Numismatische Gesellschaft e.V.
Gorny & Mosch has stood for reliability and professionalism for over 40 years.

 

 

How do I place bids at the auctions held by Gorny & Mosch?

If you wish to bid in one of our auctions for the first time, you will need to name at least one coin or art dealer whom you have already purchased an item from as a reference.

There are various ways for you to bid in our auctions:

Personally

You can attend the auction in person on our premises in Munich and enjoy the special atmosphere.

In writing

If you cannot attend the auction personally, you can notify us of your bids in writing by letter or fax.

By phone

If you wish to bid by phone, please give us at least two phone numbers that we can reach you at on the date of the auction. Our employees will phone you once as a test on the date of the auction and then a second time shortly before your lot number is called out. The auction timetable provides a good indication of when your lot number will be called out. We can talk to you on the phone in German, English, Italian, French, Russian or Turkish - the choice is yours.

By internet

Bidding online is really simple: Click on "Bidding" in the "Current Auctions" section and you can place items on your bidding list that you then send us online. Once you have listed all of your bids, you only have to register once for MyGM to send us your bidding list. You can also place bids live during the auction via your computer. To do so, you only have to register once online before the auction. The advantage is that you can place bids wherever you are and follow the auction live on your screen.

The price called out is 80% of the estimated price stated in the catalogue. Bids below this price will not be accepted.
Send us your order (by post, fax or e-mail) at an early stage. If bids are entered for the same amount, the first bid received wins the item.
Should you have any questions, please do not hesitate to contact us: +49-89/24 22 643-0.

Russian customers can take part in our auctions through our representative office in Moscow. The advantage is that you will not have to embark on a long journey and the dispatch costs will be lower because our representative Andrey Pyatygin will deliver the goods purchased to customers directly from Moscow.

 

 

Can I take part in Gorny & Mosch auctions personally?

Personal attendance at auctions is the best way to buy auction items. You are bound to find the special atmosphere in the auction room a true experience for you as a collector and Munich is definitely worth a visit. We would be very pleased to welcome you in Munich. Directions and a map are available here.
Feel free to give us a call if you should have any questions:
+49-89/24 22 643-0.

Just before the auction and in the breaks you can inspect the coins and art objects at your leisure and gain a personal impression of the goods.

 

How is the price determined in an auction?

The price stated in the catalogue is estimated by our experts. The price called out is 80% of the estimated price, which means that the minimum bid is 80% of the estimated price. Hammer prices are often much higher than the estimated prices.

We have to coordinate all the written bids before the auction: If bids are received at the same amount, the first bid received is accepted.

The following examples are possible in the bidding procedure:

Example 1:

Estimated price: 1,000 euros
If a written order has not been received, the auctioneer calls out the lot in the auction at 80% of the estimated price, i.e. at 800 euros. If only one bidder then makes a bid in the salesroom, the item goes to this bidder for 800 euros.

Example 2:

Estimated price: 1,000 euros
The auctioneer has received three written bids:
Bidder 1: Limit 2,900 euros
Bidder 2: Limit 1,800 euros
Bidder 3: Limit 800 euros
According to the auction rules, the auctioneer must reasonably outbid bidder 2 in the interests of bidder 1 (by around 5 to 10%). The price called out is thus 1,900 euros in the interests of bidder 1 (although the estimated price is 1,000 euros). If no higher bid is made in the salesroom, bidder 1 wins the bid for 1,900 euros. The maximum bid of 2,900 did not have to be placed.

Example 3:

Estimated price: 1,000 euros
The auctioneer has only received one written bid for 850 euros:
The lot is called out at 800 euros in the auction. If no bidder in the room offers a higher amount, the written bidder wins the bid for 800 euros.

Example 4:

Estimated price: 1,000 euros
The auctioneer has only received one written bid for 1,200 euros:
The auctioneer calls out the lot at 800 euros. If there is no other bidder, the written bidder wins the bid for 800 euros. If there is another bidder, the auctioneer places bids up to a maximum amount of 1,200 euros on behalf of his written bidder and does not knock down the item to the other bidder in the room until an amount of 1,300 euros is bid.

Example 5:

Estimated price: 1,000 euros
Three bids have been placed at 975 euros each: To prevent any misunderstandings, the auctioneer exceeds the bid received first slightly and accepts a bid of 1,000 euros.

 

 

How can I pay after the auction?

  • By transfer

The simplest way is to transfer the money. Our bank details are as follows:

Postbank Bank code 700 100 80
Account no. 1503 84-802
BIC (SWIFT): PBNKDEFF
IBAN: DE 28 700 100 80 01503 848 02
Commerzbank Munich Bank code 700 400 41
Account no. 66 67 117 00
BIC (SWIFT): COBADEFF XXX
IBAN: DE 73 700 400 41 06667 117 00
HypoVereinsbank Munich Bank code 700 202 70
Account no. 00 2860 120
BIC (SWIFT): HYVEDEMM XXX
IBAN: DE 36 700 202 70 00028 601 20

Bank charges of 15 Euro will occur in case of payment by foreign transfer.

By cheque

You can, of course, also pay by cheque. Bank charges of 15 Euro will occur in case of payment by foreign cheque.

Cash

You can also pay in cash.

In advance

First you will receive your bill. After receiving payment, we will send you the reserved coins and items without delay.
 
Purchasers attending the auction in person must pay the purchase price immediately. Written bidders pay 10 days after the invoice's receipt.

 

 

What are the minimum increments in the bidding procedure?

The minimum increments are about 5% of the price called out or the last bid, i.e.:

Up to 100 euros 5 euros
Up to 200 euros 10 euros
Up to 500 euros 25 euros
Up to 1,000 euros 50 euros
Up to 2,000 euros 100 euros
Up to 5,000 euros 200 euros
Up to 10,000 euros 500 euros
Up to 20,000 euros 1,000 euros
Up to 50,000 euros 2,000 euros
Up to 100,000 euroso
5,000 euros
Up to      500,000 euros      10,000 euros

 

 

 

When are the items dispatched and how much does it cost within Germany?

Even as a written bidder you won't have to wait for long until you receive your coins and items. We dispatch items immediately after the auction.
The dispatch costs depend on the value and weight of the coin or the item.
Gorny & Mosch attends to all the dispatch and export formalities for customers from abroad. Foreign customers are requested to observe foreign exchange and import regulations.
Higher dispatch costs are required to export coins and items.
All coins and items are insured during transport. Bulky and fragile goods will be sent by a forwarding agent for the consignee's account.

 

 

How much is the value-added tax?

All lots are sold in the margin unless specified items are clearly declared to be subject to taxation in full (marked with +) or to temporary admission (marked with). These items are listed separately in the print catalogue. For items sold in the margin the V.A.T. is not detailed separatly on the invoice.
Since 1 January 2000, many gold coins minted after 1800 have been tax-free.
Please ask us: +49-89/24 22 643-0

 

 

How do I calculate the final price for an item purchased at an auction?

For Coins:
The hammer price is the calculatory basis for the buyer’s premium.
EU citizens: Buyers are subject to a 23% buyer’s premium for items sold in the margin. For items subject to taxation in full (marked with +) the premium is 17,5% plus applicable legal VAT on to the sum of hammer price, premium and additional costs. For items subject to temporary admission (marked with) the premium is 17,5% plus relevant  importation VAT on the entire amount of hammer price and  premium charged by a separate invoice. Additional costs plus 19% VAT will be invoiced separatly. Inner-European sales may be exempt from VAT by legal prescriptions.
Non EU citizens: Buyers from „third“ countries pay a 17,5% buyer’s premium. If the buyer exports the goods in person or by a third party, he will receive an invoice including applicable legal VAT. Upon presentation of legal proof of exportation, the VAT will be reimbursed. If GM exports the goods, the invoice will not include VAT. Any foreign importation fees or taxes are to the charge of the buyer.
Tax-free gold coins are charged by a 15% buyer’s premium.

For Items:
The hammer price is the calculatory basis for the buyer’s premium.
EU citizens: Buyers are subject to a 25% buyer’s premium for items sold in the margin. For items subject to taxation in full (marked with +) the premium is 20% plus applicable legal VAT on to the sum of hammer price, premium and additional costs. For items subject to temporary admission (marked with ) the premium is 20% plus relevant  importation VAT on the entire amount of hammer price and  premium charged by a separate invoice. Additional costs plus 19% VAT will be invoiced separatly. Inner-European sales may be exempt from VAT by legal prescriptions.
Non EU citizens: Buyers from „third“ countries pay a 20% buyer’s premium. If the buyer exports the goods in person or by a third party, he will receive an invoice including applicable legal VAT. Upon presentation of legal proof of exportation, the VAT will be reimbursed. If GM exports the goods, the invoice will not include VAT. Any foreign importation fees or taxes are to the charge of the buyer.

Can I also bid as a new customer?

You can naturally bid with us as a new customer. To do so, it is necessary that you name at least one coin or art dealer with whom you already have a business connection.
If you have any questions, give us a call:
+49-89/24 22 643-0.
We look forward to hearing from you.

 

 

How can I find out if my bid was accepted?

All the bidders receive a list of the results free of charge within two weeks after the auction. But you can also see the results straight after the auction on the internet.

 

 

Can I buy unsold items after the auction?

You can buy any item that no bids were placed for during the auction within three weeks after the auction at 80% of the estimated price (plus buyer's premium, value-added tax and dispatch costs).

 

 

What means subject to temporary admission?

Lots in subject to temporary admission are marked with in our print and online catalog. The buyer´s premium on the hammer price is in coin auctions 17,5%, in item auctions 20%. Additionally, importation VAT and shipping fees will be dealt with as follows:

EU citizens:
After finalization of the custom procedure, which can only be concluded after the goods have been sold in auction, the relevant importation VAT on the entire amount of hammer price and buyer’s premium will be charged by a separate invoice. Additional costs (f.e. shipping costs) plus 19% VAT will be charged separately.

Non EU citizens:
As far as these buyers export the goods in person or by a third party the relevant VAT will be charged but refunded after receiving the legal proof of exportation. In case that we export the goods the relevant VAT will not be charged.