'100 Years of Leica' WestLicht Auction

CONDITIONS OF SALE Conditions of Sale for Bidders at WestLicht Auctions (Peter Coeln GMbH) 1) By submitting an absentee or telephone bid, making an on-line bid offer or by personal participation in an action each and every bidder agrees to abide by the following conditions of sale. These conditions also apply to subsequent sales. Where there is a conflict of meaning due to errors of translation, the German text, as printed in the German version of the auction catalogue and published on our homepage, is binding. Commission bids and personal information of those submitting lots for sale and bidders will be dealt with by WestLicht Auctions in the strictest confidence and will not be passed on to third parties. 2) The auction is public and voluntary and will be conducted in accordance with the regulations set forth in paragraph 288a ff of the Trade Regulations of 1997 and also in accordance with these conditions of sale. The auction will be conducted in our client's name and for our client's account. Place of jurisdiction is Vienna. Austrian law is also binding on all foreign bidders. 3) The valuation and expert description of objects will be carried out by the experts of WestLicht Auctions who will take all reasonable care to describe the condition of the lots in the catalogue as accurately as possible. Possible flaws or defects in the objects on offer will normally be noted and the objects will be evaluated according to normal international categories (A,B etc.). The meaning of the categories will be explained in detail in the catalogue. However WestLicht Auctions explicitly draws your attention to the fact that the objects are offered as collector's items (showcase items) and that the sale of them gives rise to neither warranty nor responsibility for any visible or invisible defects whatsoever. All errors in the catalogue are excepted. WestLicht Auctions also reserves the right to amend any description up to the time of auction. Auctioned items cannot be returned (see also paragraph 12). 4) Viewing of the objects intended for the auction is possible within the period stipulated in the catalogue. If it is not possible for a bidder to view an object in person, we will be happy to forward them a more detailed description of the technical and optical condition. This information may be given by telephone, in writing, or by e-mail. Additional photos can only be sent by e-mail. During both viewing and the auction visitors and bidders should exercise the greatest of care since they will be responsible for any damage caused in full. 5) Written bids may be submitted prior to the start of the auction (by letter, fax, e-mail or an on-line offer through our home-page). Written purchase orders must reach the auctioneer at least 24 hours before the start of the auction and must be clearly legible. In order to be taken into account they must also contain the client's exact address as well as their highest bid in EURO. The price specified therein will be regarded as the highest hammer price. In the case of a successful bid, all additional charges will be added to the bill. We carry out written bids scrupulously, the highest bid designated therein only being made use of when other offers (written or verbal in the auction rooms) make it necessary to do so in the interest of the bidder. Telephone bids are only possible on lots worth more than EURO 500 exclusive of charges. In the case of telephone bids too, it is necessary that the intention to bid by phone be deposited in writing with the auctioneer at least 24 hours prior to the auction. Telephone bidders will then be called by WestLicht Auctions before bidding starts on the relevant lots. However, there can be no guarantee that a telephone connection can, in fact, be made. After having been legitimated by means of an identification document or credit card, auction-room bidders will be given a bidder number before the auction starts. 6) All prices in the catalogue and in the conditions of sale are in EUROS. These are the start prices and thus also the reserve price. Offers under these prices cannot be taken into account. a) Buyers Premium The buyer?s premium is 20% of the hammer price.For lots won using a live bidding service (e.g. LIVE AUCTIONEERS)the buyer?s premium is 23%. b) Regular Scheme: Where there ist the * symbol next to the start price, VAT will be charged to the buyer, (currently at a rate of 19%) on both the hammer price and the buyer's premium. c) Margin Scheme: Where there is no VAT symbol WestLicht Photographica Auction is able to use the Margin Scheme ((§ 24 UStG 1994) and must bear VAT on the buyer?s premium and hence will charge an amount in lieu of VAT. This amount will form part of the buyer's premium (in total 27,37%) on our invoice and will not be separately identified. d) For property with VAT symbol VAT registered buyers from European Union (EU) contries may have the VAT refunded if they provide us with their VAT identification number when registering for bidding. e) Exports to non EU coutries will be exempt from VAT for property with VAT Symbol, and so will be exports made by companies from other EU member states if they state their VAT identification number. Buyers taking property to a non EU country in person may have the VAT refunded if they provide evidence that the property has been removed to another country outside the EU in the form of a copy of customs export documention stamped by customs officers. 7) The lots will be auctioned in numerical order as listed in the catalogue. The German text of the auction catalogue is binding. The auctioneer reserves the right to group numbered lots together during the auction, to separate them, to remove or to change the order as he sees fit. He may refuse an offer and rescind an accepted bid in order to continue bidding. 8) Bids will be in increments of approx. 10% of the starting price. As a rule the start price is the one to be found in the catalogue unless there have been higher, written bids. In this case the auctioneer will call a bid favoring the highest bidder. This will be approx. 10% higher than the written offer made by the second highest bidder. Should there be more than one written, highest bid, the lot will be awarded to the first to arrive. The hammer price is the net purchase price. 9) Ownership of the goods only passes to the buyer after payment in full has been made. When a lot is hammered down, the acquirer is obligated to accept and pay for the lot for which he bid. In no circumstances will the auctioneer accept the return of any lots. Once the hammer has fallen all risk with regard to the article is transferred to the acquirer. However, the lot will only be delivered to the acquirer after full payment of the hammer price including all taxes, fees and charges due. Should agreement be reached to deliver the item before full payment has been made, ownership of the article in question remains vested in the supplier until payment has been made in full. 10) In the absence of an agreement to the contrary, at the end of the auction bidders in the auction rooms must collect and pay for the lots they have acquired. Where payment is to be made by bank transfer, the total purchase price is due immediately together with any bank charges. Invoices for the items acquired either in writing or by telephone will be sent to the highest bidder immediately after the end of the auction. These must be paid within 8 days of receipt, in full and without deduction. Where payment is delayed interest will be due at a rate 5% above the prevailing rate of the Austrian National Bank. Payment may also be made by cash on delivery, money or postal order or banker's check. The acquirer accepts responsibility for all expenses involved in these methods of payment. Costs relating to packing, transport and transport insurance are not included and will be separately detailed on invoices. We would also like to bring to your attention that we only invoice for packaging at cost price and that because of agreements reached with transport companies we can offer favorable transport and insurance rates. Nevertheless, storage and packaging is at the buyer's own risk. 11) In the case of refusal to accept delivery or late payment, the buyer is liable for all damages and costs arising there from. In either of these cases the auctioneer may require that either the contract be fulfilled or damages resulting from non-fulfillment be paid. The lots may then be auctioned again at the expense of the buyer. In this case the buyer is liable for the reserve price and has no claim on any additional revenue made. 12) Auctioned items cannot be returned. However, any case of obvious misrepresentation (except technical flaws or defects as described in paragraph 3) must be reported immediately after the auction verbally or in writing not more than 14 days thereafter. If the complaint is accepted as valid, the buyer has a right to the re-payment of the purchase price and charges upon simultaneous return of the auctioned object. No other claims will be entertained. 13) After completion of the auction we are entitled to sell any non-auctioned items subject to the normal conditions of business in the name of, and for the account of, the supplier.

The buyers premium for all items exported out of E.C. (European Community) is 23%. For items marked with , sold andor shipped within the E.C. the premium is 27,37% (including VAT) plus 19% VAT on the hammer price. For all other items (without ) sold andor shipped within the E.C. (European Community) the premium is 27, 37% (including VAT).