Conditions of Sale 

The present English version renders the solely binding German original text as accurately as possible. Please note: In any case, exclusively the German text headed with "Versteigerungsbedingungen" shall be binding.

The auction is carried out on behalf and for the account of the legal owner of the goods. The payment of the purchase price has to be done in Euro currency (€).The act of bidding represents the acknowledgement of these conditions of auction sale. The latter are component of the sale contract and prevail over general legal prescriptions.

A bidder who wants to bid for third parties has to declare this before the auction sale begins, otherwise the sale contract is concluded with the bidder himself. GM acts as the supplier's agent in GM's own name. GM is entitled to assert and to enforce the supplier's rights, by taking legal steps if necessary, especially in view of the encashment of the purchase price including all additional costs.

The auctioneer announces the highest bid three times, then knocks down the item, which implies the obligation of taking and payment. In any case of doubt, e.g. if the question arises if a knock-down had taken place, to whom or at what price a lot had been awarded etc., the lot number will be called on sale again.

All lots are sold in the margin unless specified items are clearly declared to be subject to taxation in full or in temporary admission. These items are indicated on a list in the printed catalogue. For items sold in the margin the VAT is not detailed separatly in the invoice.

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 subject to taxation in full (marked with +) the premium is 20% plus applicable legal VAT on 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.

Buyers from abroad will have to settle their invoices in Euro currency.

Their purchases will not be shipped until they have settled in full. GM takes care of shipping and custom's procedures. Customers from abroad are invited to obey import- and exchange regulations of their countries. GM shall in no case be liable for consequences resulting from contravention against those regulations.

Floor bidder invoices are due at once. Mail bidder invoices fall due 10 days after the invoice's receipt. GM reserves the right to ask the buyer for a security deposit. Sold items remain legal property of the supplier until any of GM's claims against the buyer are paid in full. Delayed payment of the buyer entitles GM to charge default interest of 1% per month. International banking and money transfer transactions are subject to an administrative charge of 15 Euro.

If the buyer does not settle GM’s invoice or if he refuses to take the goods he purchased, he loses his rights deriving from the knock-down. The purchased goods can be put up for auction again or can be directly sold at the buyer’s expense. In this case, the buyer shall be liable for any losses, but he shall not profit from additional proceeds. Furthermore, the buyer shall pay a global compensation fee of 15% of the initial knock-down total, possible additional proceeds nonwithstanding. The buyer reserves the right to demonstrate a lesser amount of damage. The right to assert a higher damage always remains reserved.

Any compensation claims against GM resulting from default, impossibility of performance, positive breach of contract, negligence in contracting (culpa in contrahendo) or based on tort are excluded, unless the damage was caused by intention or grossly negligent conduct.

Minimum increments are about 5% of the call or the last bid, i.e.

Up to

100,00 Euro
⁢200,00 Euro
⁢500,00 Euro
⁢1.000,00 Euro
⁢2.000,00 Euro
⁢5.000,00 Euro
⁢10.000,00 Euro
⁢20.000,00 Euro
⁢50.000,00 Euro
⁢100.000,00 Euro
⁢500.000,00 Euro

5,00 Euro
⁢10,00 Euro
⁢25,00 Euro
⁢50,00 Euro
⁢100,00 Euro
⁢200,00 Euro
⁢500,00 Euro
⁢1.000,00 Euro
⁢2.000,00 Euro
⁢5.000,00 Euro
⁢10.000,00 Euro

Mail bids will be executed without additional order commission fees. If reasonable, bids can be increased up to 10 %. New bidders' orders will only be executed if the buyer provides a security deposit or if he indicates verifiable sources of reference. If there are equivalent bids, the earliest received will be preferred. Unlimited bids cannot claim for execution; these will be considered up to ten times the estimate at maximum.

Shipping will be arranged in compliance with the buyer's instructions. The buyer carries the costs and risk of the shipment. GM reserves the right to have fragile and/or bulky goods transported by an appropriate forwarding company at the expense of the consignee.

Prices and additional costs

If an export license is required by law, we will apply for this as far as possible against reimbursement of the costs incurred. These costs can also be charged as a flat rate (Euro 50.- per each application).

Catalogue prices are estimated prices without obligation. The goods will be called at 80 % of the catalogue price unless there are at least two higher bids at hands. In this case, the call will increment the lower bid by one step. Orders inferior to 80 % of the catalogue price will not be considered.

Descriptions and statements about the condition of the items in the catalogue reflect personal appreciation, worked out with utmost care and taking into account the commonly accepted technical rules of the trade. Their purpose is to explicate and to classify. They do not express technical properties that could give reason for claiming “guaranteed qualities” („zugesicherte Eigenschaft") in terms of German BGB § 434. Buyers on the floor buy „as is”. GM guarantees the genuineness of the items up to the purchase price unless otherwise stated in the catalogue or brought to common attention during the auction.

Any other claims for defect or lack of title are excluded. Furthermore, there is no guarantee for items sold in multiple-item-groups or -series (German: Lots und Serien) nor for any item altered by the new owner or his helpers (e.g. by cleaning, by restoration etc.). Warranty claims will be considered only if presented within 7 days after receipt of the item. Mail bidders are offered the occasion of viewing the actual condition of the goods before the auction, either in person or by TTP. Defects already apparent from illustrations do not entitle a bidder to complain. Buyers who are present at the auction buy on an „as seen“ basis as a matter of principle. In the case of lots that comprise several items, the numbers are approximate only. Warranty claims on grounds of material or legal defects or accidental attribution are excluded. However, justified complaints by the buyer about defects on substantiated grounds lodged within the statutory time limit will be passed on to the party that has submitted the defective article. At our choice, we will either assign any rights on grounds of breach of the commissioning agreement against the party submitting an article to the buyer, or we will indemnify the buyer through rescission of the purchase agreement. Any claims the buyer may have that exceed the purchase price are excluded.

Return shipments shall be announced. Prior to a return shipment, customers are prompted to arrange the terms of return shipment with GM staff so to benefit from GM’s insurance cover. GM reserves the right to exclude persons for qualified reasons from the auction.

Setoff procedures against GM claims are null and void unless the claim is undisputed and res judicata. Any term for claims against GM or a supplier expires 6 months after the respective auction at the latest.

Phone- and computerized (“live”-) bidding. Risks and failures rooted in the technical nature of such procedures and occurring during the process of bidding (e.g. getting the connection started; providing the line’s steadiness; running into transmittal-errors; unforeseen breakdowns etc.) are not to GM’s charge unless the damage was caused by intention or grossly negligent conduct.

Only German law is binding. UN Convention on Contracts for the International Sale of Goods (CISG) is not applicable. Only the German original text is solely binding.

Place of fulfillment is Munich, Germany. When both contract partners are registered traders, place of jurisdiction is Munich. Otherwise Munich is only the place of jurisdiction if GM has their General place of jurisdiction within Germany or if the contract partner to sue has transferred his regular dwelling outside Germany or if the latter's domicile is not traceable at all. GM reserves the right to sue at the place of business of the contract partner.

If you do not want to receive further copies of our catalogues, please instruct us to take you off the receivers' list.

Gorny & Mosch
Giessener Münzhandlung GmbH
Auctioneers: Dieter Gorny, Dr. Hans-Christoph von Mosch
Managing Directors: Dieter Gorny, Dr. Hans-Christoph von Mosch
Commercial Register Munich HRB Nr. 75528
The company's domicile: Munich, Germany

Bank Accounts

BLZ 700 100 80
Kto.-Nr. 1503 84-802
IBAN: DE 28 700 100 80 01503 848 02

Commerzbank München
BLZ 700 400 41
Kto.-Nr. 66 67 117 00
IBAN: DE 73 700 400 41 06667 117 00

HypoVereinsbank München
BLZ 700 202 70
Kto.-Nr. 00 2860 120
IBAN: DE 36 700 202 70 00028 601 20