Auction guide for gallery auctions

If you wish to bid on coins and medals for the first time, it would be advantageous to familiarize yourself with the special features of an auction event.

Here you will find all the information of particular importance if you wish to successfully participate in our hall auctions.

1. What is particularly important?
2. What can you count on at Künker?
3. How do I submit a written bid at Künker auctions?
4. Can I personally attend a Künker auction?
5. Can I attend a Künker auction by telephone?
6. What elements factor into the price at an auction?
7. What are the minimum bid increments during bidding?
8. What are the payment options at the auction?
9. When is shipment ready and what are the costs?
10. Can I bid as a new customer?
11. How do I find out whether I was successful?
12. Can I buy the unsold pieces - returned lots - online or in the auction house even after the auction is over?
13. How is my final price calculated?

1. What is particularly important?

• Your written order, whether by letter, fax or e-mail, should arrive as early as possible as and not later than one day prior to the auction.
• If you have any questions, please contact us at the toll-free number: 0800 5836537 (domestic) or +49 541 96202 0 (international). Our staff is looking forward to your call and will guide you on all questions concerning the auction.

2. What can you count on at Künker?

• Our experts have scrutinized all the pieces prior to the auction for authenticity and possible faults.
• As a member of the Association of German Coin Dealers (Verband der Deutschen Münzenhändler e.V.) and the AINP (Association Internationale des Numismates Professionels) we are committed to the strict code of both associations.
  http://www.vddm.de/frame.htm
  http://www.iapn-coins.org
• We guarantee the authenticity of all pieces we offer, even beyond the statutory time limit.
• Our descriptions of the pieces are meticulous and painstaking. Nevertheless, should we make a mistake, you can rely on our goodwill.
• Our aim is to purchase the desired pieces in your behalf at prices as reasonable as possible, regardless of how high your limit is. Thus we protect your interests even if you do not personally attend the auction. The name Künker stands for reliability and integrity since 1971. It is both our personal duty and mission to earn your trust.

3. How do I submit a written bid at Künker auctions?
a) Carefully study the catalogue and make note of all the lots that are of interest to you.
b) Set a personal limit for each lot, the maximum amount you are prepared to spend.
c) Complete the order form and enter your maximum bid for each lot. You will find a completed sample order form as well as the order form itself in our download section.
d) Send in your order well in advance. In case of identical bids, the first bid received is awarded the sale.
e) You have found interesting lots for a total of € 10,000 but would only like to spend € 2,000? No problem: You specify an overall limit (excluding buyer's premium) of € 2,000.
f) If you have any questions: Our toll-free number is readily available and our staff members are happy to assist you. 0800 - 5836537 (domestic) or +49 541 96202 0 (international). In exceptional cases, and subject to prior arrangement, you can also participate in our internet or gallery auctions by telephone.

4. Can I personally attend a Künker auction?

• Sure you can personally attend a Künker auction. The flair of a gallery auction and the atmosphere in the auction gallery are an exceptional experience for any collector. Besides, Osnabrück and Berlin are always worth a visit. And: More and more customers appreciate the personal attention provided by our staff.

http://www.osnabrueck.de
http://www.visitberlin.de

We are very pleased to welcome you personally to Osnabrück or Berlin. Please phone us well in advance so that we may provide you with tips on how to get there and reserve a hotel room for you (note: we can only reserve hotel rooms in Osnabrück). You can reach us at: 0800 - 5836537 (domestic) or +49 541 96202 0 (international). In Osnabrück, our auction takes place in the Steigenberger Hotel Remarque, in Berlin in the Estrel Hotel.

http://de.steigenberger.com/Osnabrueck/Steigenberger-Hotel-Remarque
http://www.estrel.com

As a successful bidder, you can take your newly-acquired pieces home with you right after the gallery auction is over. As one of our company's good customers, your payment terms are within 20 days after the auction.

5. Can I attend the auction by telephone?
Of course, it is possible to attend any of our auctions by telephone. We will be happy to call you during the auction and assist you in purchasing the desired pieces. For organizational reasons, we ask you to take notice of the following:

• Telephone bidding is accepted exclusively on lot numbers with estimates at 500.00 EUR or more.
• Please inform us at least 48 hours in advance regarding what pieces you wish to be called on.
• Please make sure that you are available when your lots will be sold. The time schedule in the catalogue will help you to estimate the exact time of the sale.
• We recommend registering a bid limit in addition to your request to be called, so that we can bid in your behalf even if the telephone line is not achieved.
• Please be aware that telephone bidding may be a risky way of participating in our auctions. We do not assume liability should the telephone line be interrupted or not be achieved. If you want to be on the safe side you should attend our auction in person or submit a bid.

6. What elements factor into the price at an auction?
The price listed in the auction catalogue corresponds to the estimate by one of our experts. The minimum bid is set at 80% of the estimated price. The prices of striking the gavel are often much higher than the estimated prices. As a matter of principle, the highest bid will be awarded the sale. Any bid which is at least one increment above all other bids will nomally be awarded the sale. The gavel will be stricken for the lowest eligible price, independent from the actual bid limit.

Example 1 (estimated price: € 1,000).
No written bid has been submitted. The auctioneer announces the lot in the auction at € 800. One bidder submits a bid on it. The gallery bidder will be awarded the sale of the item for € 800.

Example 2 (estimated price: € 1,000).
According to the auction rules, the auctioneer, in the interest of Bidder 1, must outbid Bidder 2 by a reasonable margin (by approx. 5 to 10 %). Thus, in the interest of Bidder 1, the bidding at the auction will start at € 1,900 (although the estimated price is € 1,000). In case no higher bids are received from the gallery, Bidder 1 will be awarded the sale of the item at € 1,900. The maximum bid of 2,900 EUR does not have to be reached.

Example 3 (estimated price: € 1,000).
The auctioneer has only one written bid for € 850. The lot is announced in the auction at € 800. None of the other bidders in the gallery submits a counterbid. The written bidder is awarded the sale at 800 EUR.

Example 4 (estimated price: € 1,000).
The auctioneer has only one written bid for € 1,200. The auctioneer announces the lot at € 800. If there is no counterbidder in the gallery, the written bidder will be awarded the sale of the item at € 800. In case there are counterbidders in the gallery, the auctioneer bids on behalf of the written bidder up to a maximum of € 1,200 EUR and awards the sale to a counterbidder in the gallery only at € 1,300.

Example 5 (estimated price: € 1,000).
There are three bids of € 975 each: In order to prevent any misunderstandings, the auctioneer slightly exceeds the first bid received and awards the sale at € 1,000.

7. What are the minimum bid increments during bidding?

8. What are the payment options after the auction?
The payment options are listed here: Payment Options

9. When is shipment ready and what are the costs?
Even as a written bidder, you will not have to wait a long time for your coins. Shipment starts immediately after the auction and is usually completed no later than five days afterwards.

The cost of shipment and insurance will be charged at actual cost. The currently applicable lump sums for our private customers are listed here

10. Can I bid as a new customer?
Of course you can also bid at our gallery auctions as a new customer. Please understand that we will ask you to provide a reference. Please name a coin dealer to which you already have business relations. Should you not be able to name a reference, we will ask you to deposit a certain amount as down-payment. Alternatively, you may call our customer service department. Tel.: 0800 5836537 (domestic) or +49 541 96202 0 (international). We look forward to receiving your call.

11. How do I find out whether I was successful?
All bidders receive a free copy of the list of results within two weeks after the auction. Here on the internet you can review the list of results right after the auction.

12. Can I buy the unsold pieces - returned lots - even after the auction is over?
You can acquire all lots which were not sold during the auction at 80% of the estimated price (subject to 25% premium incl. VAT) within four weeks from the auction from our auction gallery. Please note: many returned lots sell out very quickly.

13. How is my final price calculated?
The final price of coin is based on the price of striking the gavel plus premium, VAT and shipment costs.

• Price of striking the gavel/ premium:
  

  The accepted hammer price shall be the reference amount for the premium to be paid by the buyer. The following terms apply to EU buyers: A premium of 25 % (statutory Value Added Tax included) is levied on private clients. If bidders are companies within the meaning of the VAT legislation, for differentially chargeable items a premium of 25 % is levied (statutory VAT included). Tax-free goods and goods subject to regular taxation are underlying a premium of 20 % (for regularly taxable items plus statutory VAT on the total of bid price and premium).

  Institutional buyers (registered coin dealers) with a valid VAT number registered in an EU member state can apply for VAT reimbursement, if they provide us with the requisite statutory registration documents. These documents comprise the VAT registration number and the acknowledgement of receipt from the territory of the EU member state in which the VAT registration was issued. Should we ourselves effect the export of any items, and provided a valid VAT registration document was submitted to us before purchase, VAT will not be charged.

  For buyers, who are residents of non-EU countries, the following rules apply: The premium shall be 20 % (where the goods are exported to a non-EU country by the buyer himself or by a third party, the statutory VAT will be charged but reimbursed on presentation of the statutory evidence of export. If we ourselves effect the export to non-EU countries, no VAT will be charged).

  We are not able to ship items to Russia and the CIS-States. When submitting a bid, customers from these territories shall issue a declaration that the items acquired at the auction will be collected in person or by courier in Osnabrück, where the statutory VAT will become payable. If we are in possession of the statutory documentation proving export, Value Added Tax paid will be reimbursed.

  Any import (and/or turnover) tax and duty payable abroad is on buyer’s account in every case. Any shipping costs shall be charged to the buyer as incurred.

• VAT:
  We charge customers form Germany and the European Union countries with a premium of 25% on the price of striking the gavel, which includes the statutory VAT. We charge customers in non- EU member countries, such as Norway, Russia, Switzerland, USA, a premium of 20% if the coins are exported by us.
• Shipping costs:
  Please find the pricing for shipping and handling here: LINK TO SHIPPING COSTS

Have fun and enjoy perusing all that’s on offer in our auction.