Terms and Conditions of Sale

Terms & Conditions Punctum Auctioneers

1. These Terms and Conditions govern the auction sales (voluntary, joint auctions of movable items held in accordance with Act No. 26 / 2000 Coll., Act on Public Auctions (hereinafter referred to as the "Act") operated by Punctum Auctioneers s.r.o. (hereinafter Punctum), with its official registered office located at Masarykovo nábřeží 2018/10, Prague 2, postcode: 120 00

2. In organizing auction sales Punctum acts on the behalf of sellers and suppliers of paper money. Punctum therefore operates as an intermediary/mediator and all items listed and offered in each auction are sole property of seller and supplier. As such Punctum is entitled to remuneration for arranging the sale of the item and to reimburse the costs incurred in connection with the auction.

3. Buyers can attend Punctum auctions sales by registering to Auction Mobility platform that Punctum uses as its auction sales interface. After registration, Punctum reserves the right to approve the future buyers/bidders and assigns a paddle number to each buyer/bidder once they are approved to take part in the auction sale.

4. In each and every auction sales Punctum reserves the right to add/remove/update lots/items on offer or catalogue in course of both the pre-bidding and live phase as unforeseeable changes might occur after competition of items/lots on offer or catalogue.

5. Punctum is the sole authority allowed to determine the winner of any bid, cancel the sale of an item/lot (before or after their sale) or to offer an item/lot previously up for bidding, at its sole discretion.

6. Punctum aligns with professional standards of paper money description (e.g., quality determination complying with IBNS standards); and best practice in notaphily (e.g., carefully checking TPGs catalogue description and its accuracy). However, descriptions of the lots/items are not binding and reflect Punctum’s best understanding banknotes’ quality and provenance. Punctum, in other words, does not assume the role of the ultimate authority when determining the quality and provenance. We strongly advise to use the opportunity to view and inspect the lots/items in our office before the auction.

7. The currency of the auction sales (i.e., bidding and payment) is the US dollar.

8. Bid Increment Table (USD)
   
   

   1-29 = 1
   30-59 = 2
   60-129 = 5
   130-299 = 10
   300-599 = 20
   600-999 = 50
   1000-2900 = 100
   3000-5999 = 200
   6000-9999 = 400
   10000-49999 = 1000
   50000+ = 2000
9. Commission rate applies to all buyers. Depending on hammer price commission applies to consignors, too – see below.
10. By purchasing an item from Punctum (via Auction Mobility interface), the buyer unconditionally commits themselves to pay for the item/lot payments no later than 14 days from the date of sale. Punctum reserves the right to insure payment by any means, including but not limited to cancelation of the sale, sale of the item purchased to a different buyer, charge the buyer for expenses incurred including late fees and inflation, take legal action or delay the release of the item into the hands of the buyer.
11. Punctum accepts the following methods of payment:
    • Cash in USD (or an equivalent in EUR or CZK determined by the Czech National Bank on the day of payment) in our office.
    • All major credit cards, subject to 2% commission.
    • Wire/bank transfer.

12. Punctum informs bidders when their bids are outbid by all possible means of communication (email, SMS, WhatsApp etc.) 

13. The shipping fee (and insurance of the shipment) is paid by the buyer. 

14. VAT- and customs-related charges apply according to the relevant laws and regulations currently valid in the Czech Republic and the EU respectively.  

15. If any disputes between Punctum, buyers and consignors that occur a reasonable settlement will be sought after. In extreme cases Punctum’s legal representative (Krejci, Rajf & Partners – Attorneys in Law) with international reach will be called to take appropriate action. 

16. All the personal data of Punctum’s consignors and bidders are subject to Punctum’s Privacy Policy and participants in the auction, or any other parties, are not entitled to inspect them.

17. The general courts of the Czech Republic, with local jurisdiction in Prague, are competent to resolve disputes arising from the course of the auction and these terms and conditions.

Winners (successful auction participants) are obliged to pay the price achieved by auctioning, including a Buyer’s Fee. This fee is set as a surcharge of 20% of the achieved hammer price (minimally USD 5 for item/lot).

Sellers are obliged to pay a Consignor’s Fee (USD, set a a percentage of the achieved hammer price) according to the following table:

10-100 = 10%

101-499 = 5%

500+ = 0%