IMPORTANT NOTICE TO ALL PURCHASERS OF JEWELRY
Clients are advised that many colored gemstones are treated to enhance their properties. For example, heating is commonly used to improve the color or transparency of rubies and sapphires; and oiling is used to enhance clarity in emeralds. Such enhancement procedures are widely accepted by the international jewelry profession. While the color of heattreated stones is permanent, oiling may need to be repeated after a number of years in order for emeralds to retain optimum clarity. As a matter of policy, Phillips de Pury & Company will obtain gemological reports from officially recognized laboratories for certain gemstones offered for sale. The contents of these reports are given in our catalogues. It is not feasible, however, for Phillips de Pury & Company to obtain such reports for all gemstones offered at auction and prospective buyers should therefore bear in mind that, unless otherwise stated, such enhancement methods could have been used. Enhancement of gemstones may affect market values, and clients are advised that if official gemological reports are not available, gemstones may have been enhanced. All weights are approximate, whether or not qualified by the terms “stated to be” or “approximately.” Illustrations are rarely actual size and cannot be used as precise indications of size or weight. Subject to the limitations in the Terms and Conditions for this sale found in the back of this catalogue, information about size, weight and other important matters can be found in the description accompanying each lot. Further information can be obtained from the specialists in charge of this sale and through your own inspection of the lot.
No warranty is made that any watch is in working order and nothing in the catalogue description of any lot should be taken as implying such. Purchasers are advised to have watches checked by a competent watchmaker before use. Phillips de Pury & Company cannot arrange for the delivery of Rolex, Piaget, Franck Muller and Corum watches to the United States because U.S. laws restrict the import of Rolex, Piaget, Franck Muller and Corum watches. These lots are marked with the symbol. The buyer or a designated agent may collect the property in the country of sale.
Buyers are advised that all purchases not collected on the day of the sale will be held for collection at no charge for 28 days. Payment by wire transfer may be sent directly to:
Phillips, de Pury and Company Limited
Union de Banques Suisses
8, rue du Rhône
1211 Genève 11
Items can be collected at Phillips, de Pury & Company, 23 quai des Bergues, 1201 Genève, at agreed times.
INFORMATION FOR BUYERS
Bidding increments – Guidelines
The following bidding intervals are generally used subject to the auctioneer’s full discretion. Postal and commission bids that do not conform with these intervals may be lowered to the next bidding interval:
CHF. 500 –1,000 by CHF. 50 | CHF. 1,000 – 2,000 by CHF. 100
CHF. 2,000 – 5,000 by CHF. 200 | CHF. 5,000 – 10,000 by CHF. 500
CHF. 10,000 – 20,000 by CHF. 1,000 | CHF. 20,000 – 50,000 by CHF. 2,000
CHF. 50,000 and more at auctioneer’s discretion
Challenges to bidding increments
Challenges are occasionally made to the bidding increment suggested by the auctioneer. For example, if the auctioneer calls for a bid of CHF. 3,200, the maximum that a bidder may wish to bid is CHF. 3,100. The auctioneer may accept or decline any challenge to the bidding increment as he, in his sole discretion, shall determine. However, the general rule is that, to maintain the pace of the sale, the auctioneer wiIl accept a single challenge from one bidder. Thereafter, for that lot, the bidder who challenged the increment will not have his bid recognized. Any bidder, at any time, may call out a bid exceeding the sum asked for by the auctioneer, and continue to bid thereafter.
For the benefit of international clients, estimates are shown in both Swiss Francs and US$. The Swiss Franc estimates have been converted at the following rate and rounded up:
CHF. 1 = US$ 0.77
US$ 1 = CHF. 1.30
The sale will be conducted in Swiss Francs and payment is due in Swiss Francs. Estimates in US$ are approximate and for guidance only. Payment in any other currency will be accepted on condition that an arrangement is made with Phillips de Pury & Company prior to the sale. The rate will be the Swiss Franc sell-rate for cash as quoted by the Union de Banques Suisses on the day of payment and subject to bank charges.
CONDITIONS OF SALE APPLICABLE TO BUYERS
1 Buyer’s premium will be charged at 20% on the first CHF. 250,000 of the hammer price of each lot, and at 12% thereafter. Swiss Value Added Tax (VAT) of 7.6% is applicable in all cases on the hammer price and the buyer’s premium. This VAT is refundable to non- Swiss resident buyers who, within 30 days following the sale, present to Phillips de Pury & Company Limited (hereinafter Phillips, de Pury & Company) the export declaration, duly stamped by Swiss customs, proving that the goods have left Switzerland. Nonstamped declarations are invalid.
2 Every lot is sold with all faults and errors of description and Phillips de Pury & Company disclaim, for themselves and for the vendors, all responsibility for authenticity, age, origin, condition or quality. All weights are approximate, whether or not qualified by the terms “stated to be” or “approximately.” The day of the sale, all precious metals works are stamped in accordance with the law. All other metals do not bear any marks. Beyond our control, when the catalogue is prepared, errors of composition might appear concerning the works. Only the marks stamped on the lots are trustworthy. Purchasers are deemed to have satisfied themselves on authenticity, condition, etc., before bidding and no one in the employment of Phillips de Pury & Company has the authority to make any representation of fact.
3The Auctioneer has absolute discretion to divide any lot, to combine two or more lots, to withdraw any lots, to refuse bids, and to regulate the bidding. He may bid on the vendor’s behalf for all goods which are being offered subject to a reserve or at the Auctioneer’s discretion.
4The highest bidder shall be the buyer. In case of disagreement the lot or lots will immediately be reoffered by the Auctioneer. No claim will be accepted once the adjudication has been given. When a reserve price has been set, the Auctioneer has the right to bid on behalf of the vendor.
5When the reserve price has not been reached, the lot will be passed at the fall of the hammer.
6 Payment must be made in cash and in Swiss Francs. Phillips de Pury & Company reserves the right to refuse immediate clearance of goods when paid for by cheque, whether drawn on a Swiss or foreign bank.
7 Clients unknown to Phillips, de Pury & Company, the Auctioneer, or the Huissier might be requested to submit proper identification, or a bank guarantee, or advance payment. Phillips, de Pury & Company, the Auctioneer, or the Huissier retain full authority to refuse bids from unknown clients.
8 Phillips de Pury & Company requires that all prospective buyers use a bidding number in place of their names.
9 Persons not present at the sale may leave their bids with the Auctioneer or the Huissier. The prices on these bidding forms will be treated as minimum hammer price, excluding premium or taxes. Alterations to these forms can only be accepted in writing up to the evening preceeding the sale.
10 No purchase shall be claimed or removed until the sale has been concluded. All lots shall be paid for and removed at the buyer’s risk and expense the day following the sale, failing which Phillips de Pury & Company shall not be responsible if the same are lost, stolen, damaged or destroyed, and all lots not so removed shall remain at the risk of the buyer and subject to a minimum warehousing charge of 10 CHF. per lot per day. If purchases are not removed within seven days of the sale, Phillips de Pury & Company may resell them by auction or privately without notice to the buyer. Any liability which there may be on the part of Phillips de Pury & Company in respect of any loss shall be restricted to a maximum of the price paid by the purchaser of the lot. Clearance of purchases, other than by the purchaser, must be carried out by a person specified on the written direction of the buyer. On request, Phillips de Pury & Company will quote for door-to-door transport of purchased items. All costs incurred by shipping, customs and insurance will be at the expense of the buyer.
11 If any buyer fails to comply with any of the above conditions, the damages recoverable from the defaulter shall include all loss arising from any resale of the lot together with the charges and expenses in respect of both sales, and any money deposited in part payment shall be held by Phillips de Pury & Company against the defaulter’s liability. Interest of 1.5% per month (including expenses) on the purchase price will be charged if payment is not received within seven days after the sale.
12 Every person attending the public exhibition or the sales shall be deemed to be there at his own risk. He shall have no claim against Phillips de Pury & Company in respect of any injury he may sustain or any accident which may occur.
13Any person causing damage to an item will be held legally responsible.
14 Notice of all forthcoming Auction Sales will appear in “La Feuille d’Avis Officielle” and all interested parties are welcome to consult the Conditions of Sale at this time.
15 Any dispute concerning the sale shall be governed by Swiss law and settled by the courts of the Canton of Geneva subject to appeal to the Supreme Court in Lausanne.