GENERATION EQUALITY.
TIME. ART

The contract

The auction object (the "Object") is auctioned by ESCAPEMENT ART GmbH via non-profitable auction XRONOLAB ("XRONOLAB"), in the name and for the account of the Consignor / Arist (the "Seller"). The lot will be knocked down to the highest bidder (the "Buyer") after three calls and will result in the conclusion of a purchase contract between the Seller and the Buyer. The bid is considered winning only when knocked down with the hammer by Auctioneer and confirmed via e-mail or phone-call by Us, or in case of a timed auction, at the indicated time. The Buyer expressly acknowledges that, irrespective of the specific circumstances, XRONOLAB always acts as the direct representative of the Seller, so that the contract of sale is exclusively between the Buyer and the Seller. With each oral or written bid submitted, the auction participant acknowledges these auction conditions.


Buyer's liabilities

Each buyer is personally liable for the bids made by him in writing as well as from a knockdown awarded to him and a purchase contract with the seller resulting therefrom. Ineichen may require persons bidding as a proxy in the name of another person or as an organ of a legal entity to furnish proof of their power of representation. A person acting as a proxy is jointly and severally liable with the person represented, without limitation, for the fulfilment of all obligations in this connection. A bid submitted at the auction is considered a binding offer until it is outbid or rejected by Ineichen. Ineichen may demand from a bidder unknown to it that he legitimizes and identifies himself.



VAT

The applicable Swiss Value Added Tax shall be paid by the buyer on the net hammer price (as a price of the product purchased in Switzerland) and the amount of the buyer's premium (as a service provided in Switzerland). Buyers who present an export declaration duly stamped by the Swiss customs authorities will be refunded the value added tax levied on the net additional price if the value added tax exceeds the amount of CHF 30. For goods shipped outside of Switzerland, Swiss VAT can be excluded from initial invoice by request of a buyer. If the product is shipped outside of Switzerland, both service and product considered to be exported, hence VAT is excluded for both the hammer price and buyer's premium. In such case the buyer is liable to pay all the duties (e.g.: import tax and VAT) according to the importing state laws. The request for VAT exclusion should be submitted to info@xronolab.com


Payment

Payment of the net hammer price plus buyer's premium and value added tax shall be made at the auction or no later than 30 days thereafter in cash or by any other method of payment accepted by Ineichen. In case of late payments an interest on arrears of 12% p.a. will be charged. The delivery of the object takes place in principle after full payment by the buyer. Ineichen has a right of retention and a lien on the object for all its claims against the buyer. It is authorised to realise the object in accordance with the provisions of the SchKG or to sell it by private contract; Art. 41 SchKG is not applicable.

If payment is not made on time, the buyer will be given a 10-day grace period by means of a reminder. If this period also remains unused, Ineichen may adhere to the fulfilment of the purchase contract on behalf of the seller. The assertion of compensation for the delay and further damages is explicitly reserved. Alternatively, after expiry of the period of grace, Ineichen may declare withdrawal from the purchase contract in the name of the seller and, after prior consultation with the seller, connect the objects bought by the buyer to a subsequent auction without limitation or sell them by private treaty. In these cases the buyer has to pay 20% of the net hammer price for Ineichen's expenses in addition to the buyer's premium.


Product conditions

XRONOLAB reserves the right to combine or separate individual lots in the auction catalogue, to offer them out of sequence or not to put them up for auction. Bids, calls and knockdowns below any limits are permitted.
The objects will be auctioned in the condition they are in at the moment of the knockdown. Every interested party shall have the opportunity to inform himself personally about the condition of the object at the exhibition preceding the auction. The description of the object in the auction catalogue has only the character of an expression of opinion and does not constitute a warranty of qualities. Ineichen is not liable for incorrect descriptions or incorrect information regarding origin, date, age, provenance, condition or authenticity, nor for any other open or hidden defects. With the exception of the following provision, any kind of warranty by Ineichen is excluded in its entirety and to the extent permitted by law. The seller's liability towards the buyer is also excluded in its entirety and to the extent permitted by law.

If a buyer provides Ineichen with written proof within 30 days after the auction of an object (knockdown) that the object is a forgery, Ineichen may declare the withdrawal from the purchase contract on behalf of the seller and refund the knockdown price plus buyer's premium and value added tax, if:
a) the object is returned to XRONOLAB within 14 days after this notification in the same condition as it was at the time of the knockdown;
b) XRONOLAB has not yet handed over or transferred the knockdown price to the seller.
Ineichen may require the buyer to obtain expert opinions from two independent experts at his own expense in order to prove the existence of a forgery. Ineichen is in no way bound by such expert opinions and explicitly reserves the right to obtain additional expert opinions at its own expense.

All claims of the buyer against Ineichen and the seller are limited to the reimbursement of the hammer price plus buyer's premium and value added tax. Further or other claims of the buyer against Ineichen and the seller are excluded in their entirety and to the extent permitted by law.


Ownership rights transmission

The benefit and risk of the objects shall pass to the buyer upon acceptance of the bid. The objects will only be handed over to the buyer after full payment of the hammer price, buyer's premium and VAT. The objects may be collected immediately after the auction or at the latest 30 days thereafter after prior notification by telephone at the business premises of Ineichen during normal business hours. In case of objects which have not been collected 10 days after this date, XRONOLAB is entitled to have them stored at the buyer's expense and risk.


Shipping

If required, XRONOLAB offers to transport the object at the buyer's expense.

Please contact for this:
Tibbett+Britten Unique AG
Freight West
P.O. Box
8058 Zurich-Airport
Phone: +41 44 804 20 00
Fax: +41 44 804 20 09
E-mail: info@tbunique.ch