Conditions of Auction WB Weinbörse AG

1. Principle
The object of these General Auction Terms and Conditions is the auctioning of wines (subsequently also auction object) by WB Weinbörse AG (subsequently also auctioneer). The auction takes place on behalf of third parties (subsequently also consignor), whereby WB Weinbörse AG acts in the name and for the account of third parties as the direct/indirect representative of the consignor within the meaning of Art. 32 para. 1 of the Swiss Code of Obligations. The persons who submit their bids at the auction shall be referred to as bidders.

2. Auction modalities
The auction shall be conducted in Swiss currency (Swiss francs).

The following auction scale shall apply: Up to CHF 100 (10.-), 100 to 200 (20.-), 200 to 600 (25.-), 600 to 1,000 (50.-), 1,000 to 2,000 (100.-),
2,000 to 4,000. – (200.-), 4’000.- to 6’000.- (250.-), 6’000.- to 10’000.- (500.-), 10’000.- to 20’000.- (1’000.-), 20’000.- to 50’000.- (2’000.-).
Any interim bids may also be lower than the proclaimed increments.

The auctioneer reserves the right to combine or separate individual lots in the catalogue, to offer them out of sequence or not to put them up for auction.

3. Starting prices, bids
The starting prices are minimum prices and are to be understood as non-binding estimates excluding the costs pursuant to section 5 of these GTC (in particular excluding buyer’s premium and VAT). Bids at the starting price are possible, but usually have little chance of success. The second amount stated in the auction catalogue after the slash is intended as an aid to the buyer. It represents the current average market value (fantasy prices of some wine sellers are not taken into account). “Best” bids will be considered up to 5 times the limit.

Bids will be accepted, in Swiss francs, as bids in person in the room or as written bids. Written bids must be submitted in writing no later than 48 hours prior to the start of the auction or must be received by the auctioneer by post or e-mail by that time. Bids must be clear and complete at the auctioneer’s discretion. Additional conditions attached by the bidder are invalid. Written bids shall have priority in the order in which they are received by e-mail, fax or post.

Double bids will be called again immediately. In the event of a double bid, if there is no overbid, the decision shall be made by drawing lots. In the event of a written double bid, the written bid shall take precedence over the personal bid in the hall.  In cases of doubt, the auctioneer or the auction management shall decide. Any liability of the auctioneer for bids not taken into consideration is excluded.
The auctioneer is free to reject bids without giving reasons.

Each submission of a bid is a binding offer which cannot be withdrawn. The bidder remains bound by his bid until it is either outbid or rejected by the auctioneer. Each bidder is personally liable for the bids made by him orally or in writing and cannot claim to have bought for the account of a third party.

4. Award of contract, transfer of benefit and risk
The award shall be made to the bidder with the highest bid. Written bids shall be represented strictly in the interest of the bidder (the bidder with the highest bid shall be awarded the lot with a gap of no more than one regular bid level above the lower bid). The acceptance of the bid results in a binding purchase contract between the highest bidder and the seller and obliges the highest bidder to accept the item. With the acceptance of the bid, the risk is transferred to the bidder.

The auctioneer reserves the right to knock down an item only with reservation in the event of special circumstances. If the bid is accepted with reservation, the bidder shall remain bound to his bid for a period of 10 days. The bidder is released if the auctioneer’s declaration that the knockdown is definitive is not received by the bidder within this period.

5. Hammer price, Premium, VAT and other costs
The hammer price is subject to a 15% buyer’s premium and CHF 10 handling costs per lot, as well as Swiss value added tax (VAT) of currently 8.1 % on the total invoice amount.

All transaction costs are to be borne by the buyer.
Shipping costs will be charged separately to the buyer and must be paid in advance by the buyer. 

The buyer agrees that WB Weinbörse AG may also receive a commission from the seller.

6. Payment and collection deadlines
The (advance) invoice for the lots purchased by auction must be paid in Swiss currency within 10 days, without any deductions. The buyer waives any defence of set-off against both the auctioneer and the consignor.

If payment is not made on time, WB Weinbörse AG may insist on fulfilment of the purchase contract and compensation for the delay. In this case, two weeks after the date of the invoice, enforcement of the claim may be effected by legal action with cost consequences to be borne by the defaulting buyer (CHF 10.- per reminder and interest on arrears of 1% per month).

Instead, WB Weinbörse AG may, at its own discretion, declare the defaulting bidder to be deprived of his rights, cancel the knockdown and sell the auctioned items (even without a limit) at a subsequent auction or sell them on the open market. In such cases, the defaulting bidder shall pay, in addition to a penalty of 20% on the cancelled bid, the difference between the cancelled bid and any shortfall in proceeds, as well as any further damages resulting therefrom. The defaulting buyer is not entitled to any additional proceeds.

The buyer acknowledges the auctioneer’s right to collect and his authority to take any legal action in the event of default of payment by the buyer.

After payment has been made but the collection period has not expired, any items not collected will be stored or removed at the auctioneer’s expense and risk. This measure shall be taken without any further reminder, as a rule no later than 30 days after the last collection day. In this case, the buyer must give advance notice of the collection. In this case, the items will only be handed over against payment of storage and any transport fees (e.g. in the case of external storage).

7. Surrender and delivery of the auctioned items
The buyer authorises WB Weinbörse AG to arrange for the transport of the auctioned items in his name and on his account. WB Weinbörse AG shall not be liable for the choice of parcel service, forwarding agent or carrier (hereinafter referred to as transport company). WB Weinbörse AG shall only take out transport insurance at the written request of the buyer. All ancillary costs, such as those for packaging appropriate to the transport, domestic or foreign fees, customs duties and levies incurred in connection with the delivery, shall be borne in full by the buyer and shall be paid by him in advance. The risk is transferred to the buyer with the acceptance of the bid, and WB Weinbörse AG is therefore in no way liable for any deterioration or loss of the auctioned item or other transport damage occurring after the acceptance of the bid.

The bidder may collect the auctioned items directly from the warehouse of WB Weinbörse AG, Hagackerstrasse 9A, 8953 Dietikon against a postal receipt or bank confirmation on the day of the auction (one day in advance up to the deadline stated on the invoice).

The delivery of the auctioned items is dependent on the full payment of the purchase price.

8. Retention of title
The auctioned items shall remain the property of WB Weinbörse AG until full payment has been made. WB Weinbörse AG is entitled to make a corresponding entry in the retention of title register in accordance with Art. 715 of the Swiss Civil Code.

9. Warranty and liability
The description of the lots in the auction catalogue, other media or at the auction is made to the best of our knowledge and belief with the best possible care (S.E.&O.), but is to be understood as indicative only; WB Weinbörse AG shall not be liable for any incorrect information in the auction catalogue.

The auctioned items will be auctioned in the condition in which they are at the moment of the knockdown.

Any verbal or written statements are not special assurances, warranty promises, guarantees or the like, but merely expressions of opinion.
Complaints can no longer be taken into consideration once the bid has been accepted. This shall not apply in the event that the auctioned item turns out to be a forgery. A forgery shall be deemed to exist if, in the reasonable opinion of WB Weinbörse AG, the auctioned item is an imitation created with the intention of deception, where the correct description of such contents is not reflected in the description in the auction catalogue and this circumstance substantially impairs the value of the item in comparison with an item corresponding to the catalogue description. In this case WB Weinbörse AG will cancel the purchase on behalf of the consignor and refund the purchase price to the buyer. The right of rescission expires after two years from the day of the knockdown and can only be asserted by the successful bidder. The bidder must notify WB Weinbörse AG by registered letter of the complaint that the auctioned item is a forgery immediately after this fact has been established and return the auctioned item to WB Weinbörse AG. The auctioneer must provide proof that the item is a forgery. WB Weinbörse may require the buyer to obtain expert opinions from two independent experts recognised in this field at his own expense, but is not bound by such expert opinions and reserves the right to obtain additional expert advice at its own expense. Apart from the reimbursement of the purchase price, any further claims under any legal title are excluded.

All liability and warranty (subject to the case of a proven forgery) on the part of both the consignor and WB Weinbörse AG for defects of title and quality, direct and indirect consequences of damage and consequential damage is excluded to the extent permitted by law for all auctioned items.

10. Miscellaneous provisions
A member of the City Mayor’s Office shall be present at each auction in Zurich. The auctioneer is responsible for organising, conducting, calling, knocking down, recording, collecting the proceeds, handing over the goods and settling accounts with the clients, subject to the decision of disputes. Neither the mayor nor his representatives nor the city or canton of the respective venue shall be liable for his actions.

The above conditions are an integral part of each and every purchase contract concluded at the auction. Amendments are only binding with the written consent of WB Weinbörse AG.

Should individual provisions of these GTC be wholly or partially void and/or ineffective, the validity and/or effectiveness of the remaining provisions or parts of such provisions shall remain unaffected. The invalid/or ineffective provisions shall be replaced by provisions that come as close as possible to the sense and purpose of the invalid and/or ineffective provisions.

11. Applicable law, place of performance and jurisdiction
Swiss law is exclusively applicable.

The place of performance, place of debt collection and exclusive place of jurisdiction is the registered office of WB Weinbörse AG, currently in Eschenbach/LU. Swiss substantive law shall apply (excluding the conflict of laws provisions and the United Nations Convention on Contracts for the International Sale of Goods of 11 April 1980 (Vienna Sales Convention).

The German
version is legally binding