The terms and conditions

The terms and conditions.

1. Auction organizer.

1.1 The Auction house “Rare coins” is the organizer of the Auction. The Auction House is represented via the Auctioneer and the Secretary at the Auction and via the representatives in other cases.                                                                 

1.2 The Legislation of Russian Federation and the Rules are governing for all of the Actions of the Auction House. All disputes arising at the Auction should be resolved by the Secretary with the final resolution.
2. Participation in auction.

2.1 The Participation at the Auction is possible for

- The capable individuals reached the age of 18 years old,                                                                                  

- The legal entities and their registered Representatives authorised by the proxy with required financial provision equal 500 USD.

2.2 The Auction House reserves the right for refusing the registration or admission for the participation to the Auction without any explanation.

3. Holding of the Auction.

3.1 The Auction is conducted in open format. All of the participants willing to take part at the Auction are able to examine the lots allocated for the Auction during pre-auction review. The participants are not able to claim or object the quality or condition of the purchased lots due the insufficient examination of presented lots during the Auction or payment.

3.2 The Auction is conducted in order with the index number of the lot presenting at the Auction’s catalogue. During the Auction the initial price of the lot can be higher or lower comparing with the catalogue price. The bids lower the initial price wouldn’t be accepted. The Auction House is able to withdraw the lot without any explanations and has no responsibility for any damages of the participants of the Auction with their intentions on purchase the lot. The notice is given by the Auctioneer before the beginning of the Auction. 

3.3* Intended participant should be registered by the Auction’s Secretary in advance by presenting appropriate documents and filling up the registration form and obtain and ID card. The Auction participant’s number ID card is the only proof for participation. All of the ID card transfer responsibilities by the Auction’s participant or third party should be held by the relative Auction’s participant.

3.4* In case the Participant may not be presented at the Auction, the Participant may deposit the proxy (absentee) bid with the lot numbers and the prices. Every proxy bid is registered by the Secretary and contains the consecutive number and the time of the acceptance. Proxy bids are accepted latest by 19:00 (7:00 p.m.) of preceding the auction date. The Auction House is obliged to the purchase the lots of proxy bids for possible minimal price related to other proxies and the Actual Auction. The proxy bid processing service is free of charge and confidential. If the maximum price of two or more proxy bids is same for the lot number, the winning bid smallest sequence number wins.  Initial lot price may be set basing on the registered proxy bids.

3.5 The Participant is able to take part in the Auction online via the Live Bidding network. In that case the Participant has to be registered on the website rarecoins.ru.

Every application is registered by the Secretary and contained the consecutive number. The Participant can bid for the lots after the confirmation with the registration. The registration is accepted lately by 11:30 (11:30 a.m.) by the Auction current date.

3.6 The Pre-Auction bids are opened no later then 14 days before the Auction date and accepted until the beginning of the Auction.

All of the Participants can see the top bid of the lot on the moment. Every authorized Participant is able to rely on any lot in that period.

3.7 The Auctioneer starts the trading by announcing the index number of the lot and pre-Auction bid. The lot price increment should be 5-10% initial price of the lot. The Auctioneer reserves the right to change the incremental price. The participant of the Auction reserves the right to offer the bid on any price which is higher than previous incremental bid. Rising participant’s ID card means unconditional and irrevocable agreement with purchasing of the lot by the announced price. The falling of the Auctioneer’s hammer signifies closing of the purchasing deal with the lot by the announced price.

The last of rising participant’s ID cards is the winning party (the Buyer). If there are no rising ID card and no registered proxy bids for the lot, the lot will be removed from the Auction.                                                                                                                                           

4. The payment and the obtaining of the lots.

4.1 The Auction house receives 15% fee (for the floor auction) or 10% fee (for the e-auction) of the last announced lot price, the fee is added to the lot price. 

4.2 US dollar is the currency of the floor Auction. The payment for the lots should be made in Russian rubles:

- The payment in cash according the Moscow Currency Exchange rate takes on the payment date extra 1%;

- The bank transfer payment according the Central Bank of Russia rate takes on the payment date extra 2%;

- The card payment (via VISA, VISA Electron, Maestro, Master Card) according the Moscow Currency Exchange rate takes on the payment date extra 2%.

Russian ruble is the currency of the e-Auction. Attention! The card payment (via VISA, VISA Electron, Maestro, Master Card) takes on the payment date extra 2%.
4.3 The lots are transferred to buyer upon the receipt of the full payment. The payment should be transferred within 14 days from the day of the Auction unless the other agreements exist.

4.4.If the terms of the payment are violated, the Auction House can entitle the charge in its interest on the unpaid amount at the rate of 0.05% for each day of the delay.                                                

4.5 If the buyer didn’t pay the purchase, the Organizer is able to bring him to justice with the amount of the invoice. The Organizer reserves the right to initiate the legal proceedings to recover the amount, the interest, the costs and expenses, in the accordance with the legislation applicable in Russia Federation. All of the disputes are considered at the place of the claimant.

4.6. The lots are transferred to buyer by any post mail.The Auction organizer is not able to obtain any permission for the export of the purchased lots from the territory of Russian Federation.

5. The warranties.

5.1 The Auction organizer should do the best to give the full and complete information of the lots presenting for the Auction, including the professional expertise of the lots conducting on the Auction house discretion.

5.2 .The Auction organizer gives an unlimited guarantee of authenticity of all the lots.

5.3 If the false authenticity of the lot has been proven then the lot should be returned on the identical state with the auction date. In that case the Organizer will reimburse the buyer all direct costs equal to selling price of the lot.

5.4 Claims are not accepted:

- If the description of the lot at the auction’s catalogue matches the expert opinion existed and valid on the Auction date;

- if the falsification was revealed by the means of the expertise what was technically unavailable or not deemed feasible at the date of The Auction due to its high cost or possible negative affect for the lot quality; 
- if the falsification was revealed by scientific method not existed or used on the Auction date for the expertise.

5.5 Having any of the conditions stipulated above should exempt the organizer from the damages reimbursement. The organizer should be liable only for the buyer who’s rights are supported by the relevant documents obtained during the Auction, and the rights have no burdens and are not interrupted to the date of the claim. 

5.6 The Auction organizer should not be under any circumstances holding up the collateral damage or lost profits due the purchasing or non-purchasing of any given lot.

6. The miscellaneous.

6.1* Photo or video recording is not allowed at the Auction hall.

6.2* The Auctioneer reserves the right to remove any person who is conducting (shouting, having the telephone conversation loudly) and may impede the Auction conduct.

6.3 The Auction organizer is not able to obtain any permission for the export of the purchased lots from the territory of Russian Federation.

* - just for floor auction