Terms and Conditions of Sale - Sellers

• The auction of D & O Trading is a postal auction. The nature of such an auction causes a rather long time to elapse between the date of sending in material and the date on which paying out to the seller can take place. Sellers have to agree to this.

• In principle, everybody may submit lots for auction. The auctioneer reserves all rights to refuse acceptance for sale, without giving any reason.

• The lots have to be provided with serial numbers. The lots also have to be accompanied by a list, stating:

  • name, address and country of the seller;

  • name of the bank, including address or postal account number, to which payment can be remitted;

  • the numbers of the lots, with descriptions and reserve prices EURO.

• If materials are sent in without having been divided into lots, the auctioneer will divide the materials to his best knowledge. In such cases, the seller has to agree to the auctioneer's decisions. The auctioneer, however, will not be held responsible for any possible errors or for resulting extra costs, if any.

• As a rule, the materials are put up for auction in the way they are sent in by the seller; the auctioneer, however, has the right to split up or combine lots if, in his opinion, this will benefit the auction.

• Materials sent in will be refused if:

  • the reserve is too high in the auctioneer's opinion;

  • they are fakes in the most extensive sense of the word;

  • they are of inferior quality, such as discoloration, missing perforations, thin spots etc.

  A varying quality within lots can be accepted provided a clear relationship exists between quality and reserve.

• The lots must have an average reserve of at least EURO 50.00 and the reserve of any one lot may not be lower than EURO 10.00.

• The auctioneer will deduct the following costs when paying out the proceeds to the seller:

  • 15% commission, with a minimum of EURO 2.25;

  • EURO 1.15 per unsold lot;

  • postage for returning unsold lots;

  • costs of examining and the possible costs of making a certificate;

  • VAT on commission and additional costs.

Unsold lots are always returned by registered airmail, unless the seller determines otherwise. If the seller wants to have the lots returned by unregistered mail, the risks of loss, theft and other unforeseen circumstances are his, starting on the date on which the lots leave the auctioneer's office.

• Unsold lots will be returned to the seller within 60 days after the closing date of the auction. In some cases it will be possible to resubmit unsold lots at a later auction. If the seller wants to have the unsold lots resubmitted, the auctioneer will reduce the reserve price by 25%, rounded up to the nearest amount in Euro. In general, it will not be possible to resubmit lots at the next auction, so lots will be resubmitted at the auction thereafter.
  Lots can be put up for auction a third time only in cases of an estate clearance. They will only be accepted without reserve and put up for auction accordingly.

• The auctioneer may decide to put up lots for auction at a later date. Reasons for such a decision may be:

  • the lots have to be subjected to expert examination prior to the auction;

  • the arrival of the lots after the closing date of auction;

  • too many lots received by the auctioneer for the forthcoming auction;

  • the receipt of too many lots of the same kind or of similar contents.

• The auctioneer will acknowledge receipt of the lots after arrival. If the lots are incorporated, a list will be sent to the seller, on which are stated the lots (by lot number) and the seller's serial number, together with the auction catalogue.
  After the closing date of the auction a preliminary review of the sales results will be made and sent to the sellers.

• Payment will take place within 60 days after the closing date of the auction. Unsold lots, if any, will be returned, while the costs made for these lots will be deducted from the proceeds.
  If the seller has bought lots in the same auction, the amount due to D & O will also be deducted from the proceeds.