David Feldman S. A. Genf

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Conditions of Sale
The currency of the auction is the British pound (£)

Participation in any David Feldman S.A. auction means acceptance in full
of the following conditions as well as any rights and obligations arising
therefrom. These same conditions also apply to all transactions taking
place outside the realm of the auctions. DAVID FELDMAN S.A., organiser
of the auctions, acts as an agent only and is not liable in any way
whatsoever for any default(s) of purchaser(s) and/or vendor(s).

1. The auction lots are offered
1.1. As presented in the relative auction catalogue and/or through the
David Feldman S.A. website. Lots are meticulously described and
with the greatest care, however without responsibility. Photographs
count as part of the description with regard to the margins, perforation,
centering, postmarks and all other visible attributes. The descriptions
of the lots mention if the items are signed by recognised experts and/or
accompanied by expert certificates.
1.2. As viewed in person: before and during auction sales, persons or
their agents may examine lots at our offices or at the auction location,
and must confirm their auction invitation before viewing. Persons or their
agents attending a Live Room auction by invitation and/or who have
viewed lots before an auction are understood to have examined all lots
which they purchase and accept them as they are at the moment of the
knocking-down and not necessarily as described.

2. Auction bids
2.1. The auction bid steps for all auctions are as follows: (some auctions
may be in other currencies than British pounds)
£ 50 - 100: £ 5 £ 2’000 - 5’000: £ 200
£ 100 - 200: £ 10 £ 5’000 - 10’000: £ 500
£ 200 - 500: £ 20 £ 10’000 - 20’000: £ 1’000
£ 500 - 1’000: £ 50 £ 20’000 - 50’000: £ 2’000
£ 1’000 - 2’000: £ 100 £ 50’000 - 100’000: £ 5’000
Bids between these steps will be adjusted accordingly to the next
highest bid step. The bidder is bound by his offer until a higher bid has
been validly accepted.
2.2. DAVID FELDMAN S.A. has full discretion to refuse any bidding, to
divide any lot or lots, to combine any two or more lots and to withdraw
any lot or lots from the sale without in any case giving any reason.
DAVID FELDMAN S.A. may also bid on behalf of vendors in cases where
reserve prices have been fixed. In these cases, the vendor is treated as
a buyer and the auctioneer shall bid on his behalf up to reserve prices.
If the reserve price fixed by the vendor is not reached, the auctioneer
passes to the next lot by a simple knock of the hammer.
2.3. Bid orders are only accepted from registered clients of DAVID
FELDMAN S.A. and/or its associated companies. Live Room bidders
must confirm their invitation prior to obtaining a bidding number.
2.4. Bid orders received by DAVID FELDMAN S.A. including via its website
before the relative auctions have priority over room bids in the case of Live
Room auctions. Clients giving bidding instructions to DAVID FELDMAN
S.A. may make alternative offers and/or limit the total of their expenditure
in advance. Bids marked «BUY» are considered as up to ten times the
quoted estimate price where such exists. Bids made in other currencies
than the advertised currency of the auction will be converted into that
currency at the market rate of the day of receipt by DAVID FELDMAN S.A.
Bids are standing and hold good for at least 60 days from the auction
period. DAVID FELDMAN S.A. reserves the right to invoice bidders up to
the end of the 60 day period, payment being due immediately.

3. The auction
3.1. Unless explicitly stated otherwise, the currency of the auction is
the British pound. Attendance at the Live Room auction is reserved for
invited clients and/or their agents.
3.2. Prerogatives of David Feldman S.A.: DAVID FELDMAN S.A. may
withdraw, group differently, divide or refuse to knock down any lot.
DAVID FELDMAN S.A. reserves the right to refuse any bid orders and/
or for Live Room auctions, refuse admittance to the auction room, at
its discretion, to anybody whomsoever. DAVID FELDMAN S.A. cannot
be held responsible for any physical accident that may occur on the
premises where auctions take place. In the case a bone fide offer for the
entire collection presented in this catalog is received at least two weeks
before the auction date, and would be accepted by the vendor and the
auctioneer, it maybe withdrawn from sale and the auction offer cancelled.
3.3. Bidders’ representatives and auction agents: any person bidding for
the account of a third party is fully liable for any obligation arising from
such bidding. This responsibility is notably applicable for the verification
of the condition and for the payment of purchased lots.
3.4. Winning Bids: each lot is sold on behalf of the respective owner to the
highest bidder who becomes the buyer at one bid step over the next highest
bid step; this is the knock-down price. A buyer’s premium will be added to
the knock-down price per lot and is payable by the buyer as part of the total
purchase price. The buyer’s premium is 23% of the knock-down price during
the live auction. If you’re interested in unsold lots offered within five days after
the auction, the buyer’s premium increases to 28% of the price. The cost of
postage will be invoiced separately from the buyer’s premium. On the knock
of the hammer, liability for the lots passes to the bidder whose bids have
been accepted. The lots are delivered to the buyer when the total sale price
(knock-down price plus all fees) have been paid in full.
VAT (Sales Tax) - Notes for guidance concerning auctions for which the
lots are located in Switzerland: buyers domiciled abroad are not liable
for this tax once the goods are duly exported from Switzerland. DAVID
FELDMAN S.A. are pleased to arrange this export; alternatively, clients
may make their own arrangements and furnish DAVID FELDMAN S.A. with
proof of export, stamped by Swiss customs. Any purchases by buyers
who wish to keep their purchases in Switzerland will be liable to VAT
at 7.7% of the purchase price. It is the buyer’s responsibility to pay any
relevant duties that may be incurred upon import to other jurisdictions; the
buyer shall be responsible for all costs of purchases that are returned to
DAVID FELDMAN S.A. should they refuse to pay import duty.
3.5. Payment: Sale price plus buyer’s premium and additional costs (if
any) are due for immediate payment as invoiced against delivery of the
lots. Payment in other currencies is accepted at the rates of exchange
of the day as quoted by a major Swiss bank. The bidders who are
successful with whom it has been expressly agreed that they pay after
the sale under special conditions, are due to pay the sale price, buyer’s
premium and any other costs according to those terms. In these cases,
DAVID FELDMAN S.A. keeps the relevant lots which are delivered to the
buyers on full settlement of their account. Delivery of the purchased lots
by post, courier or any other means if instructed by the buyer including
cost of normal transit insurance cover is at the expense of the buyer.
Title or ownership of the purchased lots, delivered or not, remains with
the auctioneer on behalf of the seller until payment has been made in full.
3.6. Special extended payment facility: upon request prior to the
auction, DAVID FELDMAN S.A. may offer a special extended payment
facility for buyers. In these cases, the buyer must pay a minimum of
25% of the total invoice immediately, and the balance over a maximum
period of 4 months, paying an equal instalment at the end of each
month. Interest charges of 2% of the remaining balance are debited to
the buyer’s account at the end of each month from the auction date.
When the special extended payment facility has been granted, the buyer
understands that any claims regarding his purchases must be made
within 30 days of the auction sale date, even though the lots may be held
by DAVID FELDMAN S.A. awaiting full settlement of the account. Until
delivery, all lots may be examined by their respective buyers at the offices
of DAVID FELDMAN S.A.
3.7. Pledge: until full settlement of the account, the buyer grants to
DAVID FELDMAN S.A. a pledge on any and all properties held by DAVID
FELDMAN S.A., acquired prior to, during and/or after any auction. This
pledge secures the repayment of any amount due in principals, interests,
commissions, costs and other possible fees. DAVID FELDMAN S.A.
is entitled, but not obliged, to realise freely the pledge assets without
further formalities and without previous notice if the buyer is in default
with the payment of his debts or with the fulfilment of any other obligation
hereunder. For this purpose, DAVID FELDMAN S.A. is not bound to comply
with the formalities of the Federal Law dealing with actions for debt and
bankruptcy proceedings; in addition, DAVID FELDMAN S.A. may choose
to institute or go on with the usual proceedings without having beforehand
sold the pledged goods and without having moreover given them up.

4. Guarantee
4.1. Extent of the guarantee: subject to paragraph 4.3 below, the
authenticity of all philatelic items sold in the auction is guaranteed for
a period of 30 days from the auction date, with the express exclusion
of any other fault(s). Any reclamation regarding authenticity must come
to the notice of DAVID FELDMAN S.A. on the delivery of the lots but at
the latest within 30 days from that date. Before delivery, which may take
place after the 30 days period, the lots purchased may be examined
at the Geneva offices of DAVID FELDMAN S.A. The buyer whose
reclamation is made after 30 days from the auction date loses all rights
to the guarantee. Such reclamation will not be valid by DAVID FELDMAN
S.A.. If an extension of the period is required in order to substantiate
the claim with an expertise, a request for such extension must be
made to DAVID FELDMAN S.A. within 30 days of the auction date. No
request for extension will be considered beyond this 30 days period. An
extention will expire 3 months after the date of the auction; the results
of the expertise for which an extension was agreed must come to the
notice of DAVID FELDMAN S.A. within that period. No further extension
of the period will be considered without the express written agreement
of DAVID FELDMAN S.A. Only claims, expertise results or other details
which are made within the agreed periods will be valid.
4.2. Expertise and counter-expertise: should the authenticity of a lot
be questioned, the buyer is obliged to provide an expertise or counter-
expertise from a prominent expert in the field, justifying the claim. If a
stamp is found by a recognised expert, taking financial responsibility for
errors, to have been forged, he may mark it accordingly. Consequently,
the marking «FALSCH» (forged) is not considered an alteration. In the
case of such reclamation, DAVID FELDMAN S.A. reserves the right
to request, at its own discretion, one or more further expertise(s). All
expertise and relative charges accrue to the vendor’s account in the case
of a justified claim, or to the buyer’s account if the claim is not justified.
In the case of a justified claim, the lot is taken back and the knock-
down price plus the commission are refunded to the buyer. In the case
of delayed payment due to expertise agreed by David Feldman S.A.,
interest is charged at 50% of the standard rate for all cleared lots. If David
Feldman S.A. has not agreed, then full interest is due.
4.3. Exclusions: lots described as collections, accumulations, selections,
groups and those containing duplicates cannot be the subject of any
claim. Claims concerning lots described as a set or groups of sets
containing more than one stamp, can only be considered under the
terms of paragraph 4.1 above if they relate to more than one third of the
total value of the lot. Lots which have been examined by the buyer or his
agent, lots described as having defects or faults cannot be subjected to a
claim regarding defects or faults. lllustrated lots cannot be subjected to a
claim because of perforations, centering, margins or other factors shown
in the illustrations.
4.4. Late Payment: if payment of the knock-down price plus commission
due by the buyer is not made within 30 days of the date of the auction,
DAVID FELDMAN S.A. reserves the right to cancel the sale and
dispose of the lot(s) elsewhere and/or to make a recourse to any legal
proceedings in order to obtain payment of the amounts due as well as for
any incurred damages and losses and any legal expenses. A charge on
overdue payment of 5% for the first month and 2% per month afterwards
plus expenses incurred is chargeable on any outstanding amount after
30 days of the date of the auction. The buyer who is in default in any way
whatsoever has no right of claim under any circumstances.
4.5. Exceptionally, the knock-down price will be reduced to the
lowest winning bid where it is shown that the exact same buyer has
inadvertently increased the price by using more than one medium of
bidding on the same lot.

5. Applicable law and jurisdiction
Unless otherwise stated, all auctions as well as any rights and obligations
arising from them shall be governed exclusively by Swiss law. Any legal
action or proceeding with respect to the auctions shall be submitted to
the exclusive jurisdiction of the courts of Geneva, subject to appeal to the
Swiss Federal Court in Lausanne. In every case, DAVID FELDMAN S.A.
shall also be entitled, at its discretion, to sue any buyer in default at his
place of residence; in such case, Swiss law shall remain applicable and
in the case of issues regarding price value, the British pound is converted
at its Swiss Francs value at the time of the auction.

6. All Transactions
These Conditions of Sale apply to all transactions of every kind including
those outside the auctions, with David Feldman SA.

Note: If these Conditions of sale are translated into one or more other
languages, the English translation shall be the official version and shall
prevail over all other translations.

(Version: Private Auction - EN-GBP - Last revision: September 2023)