Iwan Puni 1892–1956

Terms and Conditions of Auction

• The items are sold on behalf and for the account of third parties.
• The buyer shall pay a buyer’s premium of 20% of the hammer price per lot.For successful internet live bidders there is an additional fee of 5% for transactions via Invaluable and of 3% for transactions via Lot-tissimo and Drouot Live (plus VAT).
• In each case, value-added tax amounting to 7,7 % shall be payable on the buyer’s premium. In the case of items which are indicated with "*" in the catalogue or on a supplementary sheet (or which are referred to accordingly during the auction), VAT shall also be charged on the hammer price. If these items are exported abroad, the buyer shall be refunded the VAT, if he produces a legally valid export declaration bearing the original stamp of the Swiss customs office for the relevant object of purchase.
• Each lot is sold with all the faults and imperfections set out in the description and the auction house declines any responsibility, both for itself and for the seller, for authenticity, age, origin, condition and quality. Catalogue descriptions and written or verbal statements are deemed to be statements of opinion and not a statement of facts. It is assumed that buyers shall satisfy themselves of the authenticity, condition, etc, of the items prior to the auction, when they are on display.
• It is solely up to the auctioneer’s discretion to offer items separately or to offer two or more items together, to withdraw items, to reject bids, and to basically determine the course of the auction. The auctioneer reserves the right to bid himself, in order to preserve buying orders, his own buying intentions and/or selling limits.
• The lot shall be won by the highest bidder. In the event of disputes, the auctioneer shall immediately offer the item or items again.
• If the reserve price is not reached, the lot shall not be knocked down to anybody on the fall of the hammer, and the item shall be passed over.
• The payment is to be made to the auction house’s bank account.
• Bids from customers who are not personally known to the auction house may be rejected, if the customer has not previously provided the auction house with an adequate deposit or a bank reference. The auction house is entitled to reject such bids.
• The auction house insists that all bidders use a number instead of their name when bidding.
• Bidders who do not attend the auction in person may leave their bids in writing with the auction house. The prices indicated on the relevant auction forms do not include the buyer’s premium and other charges. Amendments can only be submitted in writing and no later than the day before the auction.
• Bids are usually made during the auction in person and directly by means of a clear announcement to the auctioneer. Bidding orders (in the event that the bidder cannot attend the auction in person) must be submitted in writing (or by post or by fax) at the latest 24 hours before the auction starts and must be judged by the auction house to be clear and complete. Any additional conditions attached by the bidder shall be invalid. Telephone bidders, only a limited number of which are permitted at the discretion of the auction house, shall also notify the auction house of all details in writing (personal particulars, accessibility by telephone, numbers of interest, etc.) no later than 24 hours prior to the start of the auction. The telephone bidders agree to the auction house being allowed to record the bid submitted by telephone and/or the corresponding telephone call. Any liability of the auction house for both written bids as well as telephone bids and online bids is excluded.
• The title and the risk shall pass to the buyer on the fall of the hammer. The items bought at auction cannot either be disposed of, nor can they be collected or taken away, prior to the end of the auction. Payment and collection shall be effected within seven days at the buyer's risk. If payment is not effected within seven days of the purchase, default interest of 1% per month shall be payable. The buyer shall assume the entire risk for all items which are not collected, and shall pay a storage fee of at least CHF 10 per lot and day after two weeks. If the goods are not collected by the buyer in person, written authority shall be required. On request, the auction house shall also instruct a carrier and arrange delivery of the items. All of the associated costs for packaging, transportation, customs and insurance shall be borne by the buyer.
• If payment is not made or is not made on time, the auctioneer may either demand the fulfilment of the contract of sale or cancel the winning bid at any time without setting a further deadline. It is agreed that the auction house shall have a right of retention and pledge regarding all of the assets in the possession of the auction house or of a company affiliated with the latter, until payment of all the amounts due (arising from any transaction whatsoever, in particular the hammer price, buyer's premium, VAT, costs and any default interest) has been made in full. Payment by cheque shall only be deemed to have been made when the payment has been credited to the auction house’s bank account.
• Everyone entering the showrooms and auction rooms does so at their own risk. The auction house cannot be held liable for any injuries or accidents.
• Each visitor is liable for any damage caused by him to the lots.
• These terms and conditions are part of each individual bid and the contract of sale concluded by the auction house. Amendments shall only be valid in writing.
• The seller accepts the applicability of Swiss law and the selection of jurisdiction in Basel-Stadt.
• Only the German version of these auction terms and conditions shall prevail.
• The auctioneers in charge are: Georges de Bartha (Geneva), Nicolas Beurret (Basel), Emmanuel Bailly (Basel) and Markus Schoeb (St. Gallen).
• Auction management: Gantbeamtung Basel-Stadt (Basel-Stadt Auction Management)

SPECIAL CONDITIONS FOR ONLINE AUCTIONS

22. Like the online live bidding, the online auction will be conducted through the online auction platform of Invaluable LLC. By using this website or the Internet-based participation in auctions via the online auction platform, the bidder confirms that he/she is aware of and accepts the general terms and conditions of Beurret Bailly Widmer Auktionen AG (hereinafter referred to as “BBW”).

23. The same terms and conditions of live auctions also apply to online auctions, see paragraphs 1–21, with the following special features.

24. For each auctioned item, the buyer shall pay a premium of 20% on the hammer price in connection with an online purchase; in case of online purchases, this premium shall be increased by 5% as a fee for the use of the online auction platform (this equals a total premium of 25% on the hammer price (excl. VAT)).

25. For payments made by credit card, an additional fee of between 3% and 4% shall be charged to the total amount of the invoice (and will also be debited to the credit card). Crecit card payments are only accepted for purchases at online auctions.

26. For online auctions, bids can only be submitted via the online auction platform after prior registration at bbw-auktionen. com or directly at invaluable.com. Bidders may submit their bids for objects in the online auction catalogue during the entire bidding period, providing they have a valid registration with the online auction platform. Auction bids submitted in any other form (i.e. by e-mail, fax or postal service) cannot be considered.

27. It is at the sole discretion of BBW to refuse an application or registration or to exclude a bidder from participation in an online auction.

28. The highest bid in the online auction will be accepted, resulting in a binding contract of purchase between the seller and the buyer.

29. Neither the bidder nor the buyer have any right of revocation, not towards the seller and not towards BBW.

30. The server for online and live auctions of Invaluable LLC is hosted in the USA. In case of bidding limits being set and in the event of a dispute being opened, the data will again be transmitted to the invaluable server separately from the registration process.

31. The privacy policy on the website is a binding part of these terms andconditions.

32. BBW is not liable for the failure of its website, individual website functions or malfunctions or those of the online auction platform invaluable.com. In particular, BBW shall not be liable for any technical problems due to which bids are not, incorrectly or late transmitted.