which shall also apply without written acknowledgement when bids are submitted. These are exclusively authoritative when placing purchase orders or personal bids on the auction.

1. 1. The auction is voluntary and public. It is conducted by the company Alexander Schulz in its own name for the account of its clients, who remain unnamed, as commission agent against immediate cash payment in euros. Payments in foreign currencies will be credited at the buying rates of our bank valid on the day of crediting.
   
   
   2. The lot will be knocked down to the highest bidder if no higher bid is submitted after three calls. The auctioneer has the right to refuse the knockdown, regroup lots, withdraw or divide lots. In the event of misunderstandings, the auctioneer has the right to offer the lot again. The auctioneer is not obliged to adhere to the order of the lots. In the event of equal bids, the first bid received shall be accepted, but room bidders must always outbid written bids.
   
   
   3. Purchase orders are executed conscientiously, but without guarantee. In no case will bids be accepted on the basis of the highest prices offered, but will be awarded in accordance with the auction rates. In the case of “best” orders, we will raise the bid up to five times the starting price. Bid lots will be knocked down at the highest bid.
   
   
   4. The minimum increase is up to 50,-€: 2,-€ / up to 100,-€: 5,-€ / from 100,-€ to 200,-€: 10,-€ / from 200,-€ to 500,-€: 20€ / from 500,-€ to 1000,-€: 50,-€ / from 1000,-€ to 2000,-€: 100,-€ / from 2000,-€ to 5000,-€: 200,-€ / over 5000,-€: 500,-€ / over 10000,-€: 1000,-€.
   
   
   5. Unless otherwise indicated, the lots to be auctioned are subject to differential taxation in accordance with § 25a UStG. The auctioneer receives a commission of 24% (incl. VAT) of the hammer price and € 2.50 (incl. VAT) per lot from the buyer. The VAT will not be shown. For customers outside the EU, the buyer’s premium is 20%. The costs for postage, packaging and insurance will be charged separately. Each bidder bids in his own name for his own account.
   
   
   6. The acceptance of the bid obliges the buyer to take delivery. Buyers present at the auction must pay the total purchase price immediately, external buyers immediately after receipt of the invoice. A claim to delivery of the purchased lots exists only after payment of the total auction invoice. Ownership of the auctioned lots shall only pass to the buyer upon payment of the total purchase price, and the risk shall already pass to the buyer upon acceptance of the bid. The lots shall be delivered for the buyer’s account and at the buyer’s risk. The auctioneer reserves the right to sue for payment of the purchase price after a reminder, to cancel the purchase after two requests to do so or to dispose otherwise of the lots which have not been paid within 14 days of delivery or delivery of the invoice without further notice to the defaulting buyer. These lots are subject to a default surcharge of 2% of the invoice amount plus 1% default interest per month or part thereof. The original buyer shall be liable for any difference in the event of a sale elsewhere; the consignor shall be entitled to any additional proceeds. A bidder, who bids for another in the auction is liable for the receipt of the invoice amount in accordance with § 179 BGB.
   
   
   7. The description of the lots has been made with the utmost care and to the best of our knowledge, but is not binding. Catalog calculations are always “approximate” and are not binding. Complaints of any kind must be received by the auctioneer no later than 14 days after receipt of the lots with the rejected stamps in their original condition, if return is not possible during the auction. Only in special cases and with prior notice is the auctioneer prepared to extend the deadline for complaints. Complaints are always settled by the auctioneer for the account of the consignor. In the case of recognized complaints, the buyer is entitled to reimbursement of the purchase price and commission, further claims by the buyer are excluded, inspection costs for verification on the part of the buyer will not be reimbursed.
   
   
   8. Any complaints can only be accepted if the items are in the original condition in which they were auctioned. The affixing of markings of any kind is also considered to be an alteration, unless they are markings of authorized experts; even the “FALSE” mark of an expert is not considered to be an alteration. Errors resulting from photos (margins, stamps, perforations, centering, etc.) do not entitle the buyer to make a complaint. If a lot contains more than three stamps, the complaint cannot be considered due to minor defects of individual items. Lots that are already described with a defect cannot be objected to due to a further defect. Complaints of any kind, in particular complaints about defects, are excluded in the case of collections, collective lots and En-gros lots as well as items and lots.
   
   
   9. If requested in good time, consignments of individual lots can be sent for inspection against reimbursement of postage, insurance and packaging costs for the account and at the risk of the recipient at if immediate return is guaranteed. If is not returned on time – despite a reminder – the recipient shall be liable for the full hammer price and premium, lot fee, VAT and other ancillary costs.
   
   
   10. The auctioneer reserves the right to exclude persons from the auction for special reasons. Trading and bartering is not permitted in theauction room.
   
   
   11. The place of performance for all services arising from the auction contract is Nuremberg. The application of German law is agreed. If the buyer is not a merchant within the meaning of § 29 II ZPO (German Code of Civil Procedure), it is agreed that the Nuremberg Local Court shall have jurisdiction for the dunning procedure.
   
   
   12. The public auction will take place at Frauentorgraben 73, 90443 Nuremberg. The public online auction will be published on the Internet at on www.schulz-auktionen,.de and on www.Philasearch.com.