Terms of Auction — Live Floor Auction

1. The auctioneer acts as a commission agent in its own name for the account of its principals, who remain undisclosed.
2. The auctioneer reserves the right, during the auction, to combine or split catalogue lots, to offer them out of sequence, or to withdraw them.
3. Items to be auctioned may be viewed prior to the auction. Catalogue descriptions made to the best of our knowledge and belief do not constitute guarantees within the meaning of sales law. The auction house accepts no liability for defects, provided it has complied with its duty of care. Except in the case of collections, the auction house undertakes to assert its warranty claims against the consignor, within the one-year limitation period, for justified defect claims that are reported no later than one week after receipt of the items. In the event of a successful claim against the consignor, the purchase price paid, including the buyer's premium, will be refunded; any claim beyond this — including reimbursement of complaint-related costs such as postage and grading fees — is excluded.
4. The lot is awarded to the highest bidder after being called three times. The auctioneer may, in justified cases, refuse to award the lot or award it subject to reservation. The auctioneer may withdraw the award and re-offer the item if a timely bid was overlooked, or if the highest bidder does not wish to honor their bid, or if there is otherwise doubt regarding the award. In the event of equal bids, a written bid takes precedence over bids made in the room. Telephone bids require subsequent written confirmation; the auctioneer generally accepts no liability for the establishment of the telephone connection or for the transmission or receipt of bids, including those submitted by email or via the internet. In the case of conditional awards, the bidder remains bound by their bid until the matter is clarified with the consignor, but for at least six weeks; the same applies to bids below the reserve and to post-auction sales. Bids such as "best" increase up to ten times the starting price.
5. Participation via the internet ("live bidding") and use of the systems provided by the auction house for this purpose is limited to the current state of the auction house's technical infrastructure. The auction house reserves the right to implement corresponding changes. Participants accept that technical faults may occur and are required to notify the auction house accordingly. The auction house and the auctioneer are not liable for disruptions to the online connection, nor for the compatibility of the hardware and software used. Sellers and bidders have no claims against the auction house or the auctioneer if a bid or award does not come about, or does not come about in time.
6. Upon the award of the lot, risk for loss or damage not attributable to the buyer passes to the buyer. Ownership of the item purchased at auction transfers to the buyer only upon receipt of payment in full by the auction house.
7. The award of a lot obligates the buyer to accept it. Items are to be collected immediately after the auction. If the buyer requests domestic shipping, it is made at the buyer's cost and, if the buyer is a business, also at the buyer's risk.
8. Lots to be auctioned are sold under the margin scheme (differential taxation). The basis for calculating the buyer's premium payable by the buyer is the hammer price. A fee of €3.00 is charged per lot. No VAT is shown on margin-scheme items. For buyers within the European Union: consumers pay a uniform buyer's premium of 26.2%, plus lot fee, postage, and insurance. Businesses within the meaning of the German VAT Act (UStG) pay a buyer's premium of 26.2% on margin-scheme items (statutory VAT of 19% is included in the buyer's premium), plus lot fee, postage, and insurance. For dealers, the item can, on request, be sold under standard taxation; in this case, a buyer's premium of 22% plus 7% VAT applies, calculated on the sum of the hammer price, buyer's premium, lot fee, and postage/insurance. Intra-European trade in goods may be exempt from VAT in accordance with statutory provisions. For buyers residing in third countries (outside the EU): buyers pay a buyer's premium of 22%, plus lot fee, postage, and insurance. If Auktionshaus Ulrich Felzmann GmbH & Co. KG exports the item itself to a country outside the EU, the invoice is issued without statutory VAT. If the item is exported by the buyer or a third party on the buyer's behalf, statutory VAT is charged and refunded upon presentation of the required export documentation. Any import taxes or customs duties incurred in the destination country are borne by the buyer in every case. For gold coins, which are VAT-exempt, a buyer's premium of 22% applies. Lots marked with a ° after the lot number, or marked as subject to standard taxation, originate from consignors outside the EU. These lots are not sold under the margin scheme. The buyer pays a buyer's premium of 22% plus 7% VAT on the hammer price, the buyer's premium, and the lot fee. If these lots are delivered outside the EU, VAT does not apply.
9. The invoice amount is due upon the award of the lot and payable in cash or by bank-certified check. Payments from buyers located outside the region who bid in writing or by telephone are due within one week of the invoice date. When purchasing on behalf of a third party, the bidder is jointly and severally liable together with that party.
10. In the event of payment default or refusal to accept awarded lots, the buyer forfeits their rights arising from the award. Default interest of 1.5% per month is charged as damages. In addition, the auction house may, at its discretion, demand performance or, after setting a deadline, damages for non-performance; such damages may also be calculated on the basis that the item is re-auctioned at a further auction, with the defaulting buyer being liable for any shortfall compared to the previous auction and for the special costs of the repeat auction, including the auctioneer's fees. In the case of final non-acceptance of awarded lots, at the latest three months after the original auction date, the auctioneer will invoice the debtor for at least the lost auction commissions as damages for non-performance. The debtor retains the right to prove that the auctioneer suffered no damage, or damage significantly lower than this flat amount.
11. The place of performance and jurisdiction for commercial transactions is Düsseldorf. German law applies; the United Nations Convention on Contracts for the International Sale of Goods does not apply.
12. The foregoing terms apply mutatis mutandis to post-auction sales. Post-auction sales of unsold lots take place for a limited period of time. Awards granted via an online catalogue or online platform, or confirmations of an award by email, telephone, or otherwise, become binding only upon receipt of the invoice. Buyer's premiums are calculated on the awarded amounts in accordance with point 8 of these terms.
13. Should any of the foregoing terms be or become invalid, in whole or in part, the validity of the remaining terms shall remain unaffected. In the case of lot descriptions in a foreign language, the German version is always authoritative.

Status: May 2026 — The Auctioneer

Terms of Auction — e@uction

1. Scope and Acceptance

These terms of auction, as "General Terms and Conditions e@uction" (hereinafter "Terms"), apply to all business relationships between Ulrich Felzmann GmbH & Co. KG, Bussardweg 18, 41468 Neuss, Germany (hereinafter the "Auctioneer") and participants in an "e@uction" held by the Auctioneer on its auction platform www.felzmann.de, where these Terms are available for viewing at any time and can be downloaded as a PDF file. By placing a bid – however it is submitted – participants fully accept the Terms in their then-current version as solely binding. These Terms also apply if other websites use the auction website www.felzmann.de in such a way as to provide access, in whole or in part, to an e@uction. Any conflicting or deviating terms and conditions of e@uction participants shall not be effective, even if their applicability is not separately objected to in an individual case, and are not recognized by the Auctioneer, unless their (partial) applicability is expressly agreed to in writing.

2. e@uction

The e@uction is a public and voluntary auction held by Ulrich Felzmann GmbH & Co. KG (the Auctioneer) of movable items in the broadest sense from the fields of numismatics and philately. The Auctioneer acts in its own name for the account of undisclosed owners (consignors) as a commission agent. The e@uction takes place as a time-limited event in accordance with the German Ordinance on Commercial Auctions (BGBl. 1976, Part I, p. 1346, Versteigerungsvorschriften – VerstV), the legal provisions applicable to commission agents under the German Civil Code (BGB) and Commercial Code (HGB), and these terms of auction, as an online auction on the internet auction platform www.felzmann.de, conducted under the direction of an auctioneer personally present during the auction, in euros.

3. Registration and Login

After a one-time registration, a separate login with password is required for each e@uction. Registration must be carried out by a natural person with legal capacity, using truthful and complete information under a self-selected password that must be kept confidential. The Auctioneer is not liable for damages arising from the misuse of a password. Legal entities may only be registered through named, duly authorized natural persons. Only one registration is permitted per person. A P.O. box may not be given as an address. Participants are obligated to keep their registration data up to date. Participants bear responsibility for damages arising from incorrect or outdated data. Deliveries to the last address communicated to the Auctioneer by the participant are deemed effective regardless of whether the participant is still located there. Data transmission is encrypted to ensure the highest possible level of security. The Auctioneer undertakes to treat all data as strictly confidential. Customer data may only be disclosed where required by statutory disclosure obligations or for the purpose of contract performance.

4. Auction Catalogue, Lot Descriptions, and Viewing

The items to be auctioned are presented for at least two weeks in the form of described lots in an online auction catalogue (which can also be downloaded and printed as a PDF file on request) as an invitation to submit offers. Lot descriptions are prepared by experts according to their subjective assessment, with the greatest care and to the best of their knowledge and belief. They constitute neither a guarantee in the sense of sales law nor an assurance of a particular characteristic or value. They serve solely for information, explanation, classification, and differentiation. For coins, condition is graded strictly according to the classifications customary in the coin trade. Lots are auctioned in the condition in which they are found at the time of the auction. All lots may be viewed in detail online as well as in person on two days prior to the auction, by appointment, at the Auctioneer's premises or at other locations at the Auctioneer's discretion (e.g. at stamp fairs). During in-person viewing, interested parties may have the characteristics of lots explained to them in a personal conversation.

5. (Pre-)Bids, Bid Increments, and Minimum Bids

From the time the online auction catalogue is published, pre-bids may be submitted on all lots, either online or in writing. By submitting a pre-bid, the bidder instructs and authorizes the Auctioneer to place bids on the bidder's behalf and, in the event of a successful award, to conclude the resulting purchase contract on the bidder's behalf with the Auctioneer. The bidder releases the Auctioneer, for this purpose, from the restrictions of Section 181 of the German Civil Code (BGB) (self-dealing). Bids submitted (in writing) to the Auctioneer are executed strictly in accordance with the bid increments and in the bidder's best interest, but without guarantee. This means that a submitted maximum bid will only be used to the extent necessary to outbid an existing bid or later-arriving competing bids by one increment.

The bid increments are as follows:

• up to €100: €5
• from €100: €10
• from €300: €20
• from €700: €50
• from €1,000: €100
• from €3,000: €200
• from €7,000: €500
• from €10,000: €1,000
• from €30,000: €2,000

Bids below the current bid are not accepted. Bids that do not correspond to the bid increments are rounded up; bids such as "in any case," "best," or "unconditional" are executed at the Auctioneer's discretion up to ten times the starting price, but do not entitle the bidder to an unconditional right to the award. In the case of equal bids, the order in which bids were received determines the outcome. Inquiries regarding the amount of existing bids will not be answered. All pre-bids must be received by the Auctioneer at least two hours before the start of the auction; otherwise they will no longer be considered.

The Auctioneer and the auctioneers conducting the sale are entitled – even without stating reasons – to reject bids, withdraw lots from the auction, combine lots into one lot or split them into several lots, block IP addresses from the e@uction, exclude persons entirely from the auction, and remove any bids they may already have placed from the ongoing auction. Following an exclusion, re-registration – even indirectly through a third party – to participate in an e@uction is only permitted with the Auctioneer's express consent; otherwise, the excluded person shall be liable for all costs and damages resulting from their re-registration and (defense against) their activities on the Auctioneer's auction platform.

6. Price Determination Process and Award

Once a lot is called – e.g. at a starting value already raised through pre-bids – a live online bid one increment higher may be submitted immediately. Each new highest bid triggers the call sequence, separated by pauses, "GOING ONCE, GOING TWICE, GOING THREE TIMES!" Each subsequent higher bid restarts the sequence as a new highest bid. Only once the sequence is no longer interrupted by a higher bid does it conclude with "GOING, GOING, GONE," and the lot is awarded to the highest bidder as the successful bidder. Through this price determination process – in which bidders compete directly against one another, without time limit, and can react immediately to competing bids by outbidding them – an important characteristic of an auction is achieved: the best possible price for both seller and buyer at the time of the auction. If only one bid is placed on a lot, the award is made at the starting price. The Auctioneer and the auctioneers conducting the sale are entitled, in justified cases, to withdraw the award and re-offer the lot. Upon the award, risk for loss or damage not attributable to the buyer passes to the buyer; ownership, however, transfers only upon receipt of payment in full of the total invoice amount by the Auctioneer.

7. Conclusion of Contract and Total Invoice

Every bid placed on a lot constitutes a legally binding offer to the Auctioneer to conclude a purchase contract, which remains valid until a higher bid is placed or the auction closes without an award being made. Upon the declaration of acceptance of the highest bid made by the auctioneer in connection with the award, a purchase contract concluded by way of auction comes into effect between the bidder and the Auctioneer (Section 156 BGB). The purchase contract obligates the buyer to accept all lots purchased at auction and to pay the total invoice amount in euros. This also applies to awards resulting from input errors made by the bidder.

8. Buyer's Premium and VAT

The basis for calculating the buyer's premium payable by the buyer is the hammer price (net price) of the lots, which are sold under the margin scheme without VAT being shown. For buyers within the European Union: consumers pay a uniform buyer's premium of 26.2%. Businesses within the meaning of the German VAT Act (UStG) pay a buyer's premium of 26.2% on margin-scheme items (statutory VAT of 19% is included in the buyer's premium), plus postage and insurance. For dealers, the invoice may be issued under standard taxation. In that case, the buyer's premium is 22% plus 7% VAT, calculated on the sum of the hammer price, buyer's premium, and postage/insurance. Intra-European trade in goods may be exempt from VAT in accordance with statutory provisions (with a VAT identification number). For buyers residing in third countries (outside the EU): buyers pay a buyer's premium of 22%. If Auktionshaus Ulrich Felzmann GmbH & Co. KG exports the item itself or through a third party to a country outside the EU, the invoice is issued without statutory VAT. If the item is exported by the buyer or a third party on the buyer's behalf, statutory VAT is charged and refunded upon presentation of the required export documentation. Any import taxes or customs duties incurred in the destination country are borne by the buyer in every case. A fee of €3.00 is charged per lot. Lots marked with a ° after the lot number originate from consignors outside the EU. These lots are not sold under the margin scheme. The buyer pays a buyer's premium of 22% plus 7% VAT on the hammer price, the buyer's premium, and the lot fee. If these lots are delivered outside the EU, VAT does not apply.

9. Shipping, Collection in Person, and Cash Payment

Shipment of purchased lots, subject to shipping charges, is carried out at cost shortly after receipt of payment, via postal or a private courier service, at the Auctioneer's discretion. Any other method of shipment requires the Auctioneer's consent. Shipment is made to the address provided to the Auctioneer by the buyer and, if the buyer is a business, also at the buyer's risk. With prior notice from the buyer, personal collection with cash payment of the total invoice amount for all lots purchased by the buyer is possible at the Auctioneer's premises up to seven days after the close of the auction, by appointment.

10. Due Date

The total invoice amount is due within one week of the invoice date. Payment by the buyer must be made free of charges and without any deductions, in advance, by bank transfer to one of the bank accounts stated on the auction invoice. Payment must be made in such a way that it is received by the Auctioneer no later than 14 days after the invoice is delivered. Any costs of the payment transaction are borne by the buyer. Payments in foreign currencies are accepted based on the settlement date and the euro credit issued by a major bank, with any differences due to exchange rate fluctuations borne by the buyer. Entitlement to receive purchased lots arises only after payment in full of the total invoice amount for all lots purchased by the buyer at the auction, plus any accrued costs and interest. Any deviation from this payment method is only permitted with prior written agreement with the Auctioneer. When purchasing on behalf of a third party, the bidder is jointly and severally liable together with that party. If, at the buyer's request, the Auctioneer issues an invoice in the name of the third party, the Auctioneer only recognizes a further obligation to perform on the part of the third party; no further rights are granted to the third party. The buyer's liability remains unaffected.

11. Default of Payment, Refusal to Accept, and Partial Payments

In the event of default of payment or refusal to accept awarded lots, the buyer forfeits their rights arising from the awards. Default interest of 1.5% per month is charged as damages. In addition, the Auctioneer may, at its discretion, demand performance or, after setting a deadline, damages for non-performance; such damages may also be calculated on the basis that the item is re-auctioned at a further auction, with the defaulting buyer being liable for any shortfall compared to the previous auction and for the special costs of the repeat auction, including the Auctioneer's fees. In the case of final non-acceptance of awarded lots, at the latest three months after the original auction date, the Auctioneer will invoice the debtor for at least the lost auction commissions as damages for non-performance. The debtor retains the right to prove that the Auctioneer suffered no damage, or damage significantly lower than this flat amount. Partial payments made by a buyer for multiple purchased lots may, at the Auctioneer's discretion, be applied against any claim against the buyer, regardless of its legal basis. The buyer may only set off counterclaims against the Auctioneer and/or consignor that are both connected with the buyer's obligation and have either been judicially established or expressly recognized by the Auctioneer or consignor. The buyer has no right of retention based on claims arising from other transactions with the Auctioneer or the consignor.

12. Defects

The Auctioneer accepts no liability for defects, provided it has fulfilled its duty of care. All collections, collection lots, dealer stock, bulk lots, and estates are sold "as viewed" – complaints regarding defects are excluded. Except in the case of collections, the auction house undertakes to assert its warranty claims against the consignor, within the one-year limitation period, for justified defect claims that are reported no later than one week after receipt of the items. In the event of a successful claim against the consignor, the purchase price paid, including the buyer's premium, will be refunded; any claim beyond this — including reimbursement of complaint-related costs such as postage and grading fees — is excluded.

13. Governing Law, Place of Performance, and Jurisdiction

German law applies. Any consumer protection to which consumers are entitled under mandatory statutory provisions more favorable to them in the state of their residence or habitual abode remains unaffected (principle of favorability). Should any one or more of these terms of auction be or become invalid, in whole or in part, the validity of the remaining terms shall remain unaffected. Invalid terms shall be replaced by valid terms that come as close as possible to the invalid terms in economic substance and purpose. The same applies to any gaps in these Terms. In the case of texts available in multiple languages, in the event of differing interpretations, the German wording alone shall be binding. The place of performance and jurisdiction for commercial transactions is Düsseldorf.

14. Special Terms Relating to the e@uction

Participation in the e@uction and use of the systems provided by the auction house for this purpose is limited to the current state of the auction house's technical infrastructure. The auction house reserves the right to implement corresponding changes. Participants accept that technical faults may occur and are required to notify the auction house accordingly. The auction house and the auctioneer are not liable for disruptions to the online connection, nor for the compatibility of the hardware and software used. Sellers and bidders have no claims against the auction house or the auctioneer if a bid or award does not come about, or does not come about in time.

15. Post-Auction Sales

Post-auction sales of unsold lots take place for a limited period of time. Awards granted automatically via an online catalogue or online platform, or confirmations of an award by email, telephone, or otherwise, become binding only upon receipt of the invoice. Buyer's premiums are calculated on the awarded amounts in accordance with point 8 of these terms. By placing bids on lots from the Nazi era bearing Nazi emblems and/or Nazi symbols or similar, the bidder undertakes to acquire such items solely for historical/scientific collecting purposes and not to use them in any way for propaganda purposes within the meaning of Sections 86 and 86a of the German Criminal Code (StGB).

Status: April 2026 — The Auctioneer

Information on Dispute Resolution for Online Bids

The European Commission provides a platform for online dispute resolution (ODR). You can find the platform at: https://ec.europa.eu/consumers/odr/.