1. The auction will be conducted in Euros against immediate cash payment. Foreign currencies will be accepted at current rates of exchange or as credited by our bank. The date of reciept or of crediting shall be valid.

2. The lot will be knocked down to the highest bidder. A commission of 19 %, including 19 % VAT and Euro 1,15 per lot will be charged in addition to the selling price. If payment is not received within 30 days, an extra charge of 1,5 % interest per month or parth of a month applies.

3. The knock down obliges to purchase the goods. The ownership of all auctioned lots is only transferred to the buyer after full payment of the total purchase price, the risk however already with the knock down. Bidders present at the auctions are personally liable for misuse of their bidder-card.

4. The auctioneer reserves the right to deviate from the sequence, to withdraw, regroup, divide or refuse to knock down any lot. In the event of identical bids, the first one received will have precedence and in case of a misunderstanding the lot shall be auctioned again.

5. The lots are described conscientiously and with great care. All claims are to be made at the latest 2 weeks after receipt of the goods. If the handing over the lots is delayed, because of paymant overdue, the right of claim is over, 4 weeks after the day the bill has been sent to the buyer. The lots questioned must be returned unchanged and in their original condition of take-over. No claim can be made if the stamps have been altered.

6. If a lot is questioned, the supply of a certificate of a competent expert for the relevant area, will be necessary. The cost of such examination shall be bourne by the buyer, unless the result is negative, in which case the vendor shall bear the cost. The buyer accepts the certificats and signatures mentioned in the description of the lots in the catalogue as authoritative, also in regard to the description of quality.

7. For photographed stamps the reproduction is the criteria for margins, perforations and cancellations etc. Collections, accumulations and lots which comprise 3 or more stamps and are not separately described, cannot be subject to claims.

8. The lots will be handed over after full payment of the auction invoice. The privately insured lots are sent to the buyer by the auctioneer, by mail or by other means, at the expense of the buyer. Postage: registered mail Euro 5,75; and normal postage Euro 2,50

9. Selling price plus commission are to be paid immediately by personal bidders. For written bids payment is due immediate after receipt of pre-invoice. A person bidding on behalf of a third party is fully liable as joint debtor. Upon delay of payment the auctioneer reserves the right to sue for payment of to cancel the sale and to dispose of the lots elsewhere, without notifying the buyer. Any price difference resulting therefrom will be charged to the buyer. In such case, the auctioneer is not obliged to deliver, however, the buyer is obliged to purchase.

10. Written orders are handled conscientiously and to the bidders best advantage. By handing in a bid or purchase order all terms of auction are fully accepted. The auctioneer reserves the right to exclude persons from the auction without giving reason.

11. Underbids will not be accepted.

12. Bankcosts or deductions made by Giro are to be paid by the buyer and will be added to the invoice.

Vocabulary:

xxx = Without hinge.                   
xx = Mint                                    
x = No gom.
(x) = No original gom.
F. = Photo.
pr.ex. = Without any defect.
z.fr.ex. = Slighltly defective.
fr.ex. = Defective.