IWC Art Deco Pocket watch

The auction object (the "Object") is auctioned by Ineichen Zürich AG, Zurich ("Ineichen"), in the name and for the account of the Consignor / Seller (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 Buyer expressly acknowledges that, irrespective of the specific circumstances, Ineichen 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.

Each buyer is personally liable for the bids made by him orally or 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 legitimises and identifies himself.

The buyer shall pay a premium of 24% of the net hammer price on the net hammer price corresponding to the highest bid (hammer price without premium and VAT). The applicable Swiss value added tax shall be paid separately by the buyer on the net hammer price; the value added tax due on the buyer's premium is already included therein. 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. The buyer explicitly agrees that Ineichen will receive a commission agreed with the seller.

Payment of the net hammer price plus buyer's premium and value added tax pursuant to section 3 of these auction conditions shall be made at the auction or no later than 10 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 of the hammer price 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 according to item 3. of these auction conditions and the difference between the hammer price and a possible shortfall in proceeds. The buyer is not entitled to any additional proceeds.

Ineichen 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 in accordance with Clause 3 of these auction conditions. 3. of these auction conditions, if a) the object is returned to Ineichen within 14 days after this notification in the same condition as it was at the time of the knockdown and b) Ineichen 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 according to item 3. of these auction conditions, but against Ineichen exclusively to the reimbursement of the buyer's premium. Further or other claims of the buyer against Ineichen and the seller are excluded in their entirety and to the extent permitted by law.

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, Ineichen is entitled to have them stored at the buyer's expense and risk. If required, Ineichen will offer to transport the object at the buyer's expense.

The Stadtammannamt Zürich 1 shall participate in the auction. The organisation, management, calling, knocking down, recording, collection of the proceeds (hammer price), surrender of the objects and settlement with the consignors are the responsibility of Ineichen, subject to the decision of disputes. Neither the mayor, his representatives, the city nor the canton of Zurich shall be liable for their actions.

All legal relations between Ineichen, the seller and the buyer shall be governed by substantive Swiss law, excluding conflict of law provisions. Place of performance and exclusive place of jurisdiction is Zurich.

Agreement

The auction object (the "Object") is auctioned by Ineichen Zürich AG, Zurich ("Ineichen"), in the name and for the account of the Consignor / Seller (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 Buyer expressly acknowledges that, irrespective of the specific circumstances, Ineichen 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.

Premium

The buyer shall pay a premium of 24% of the net hammer price on the net hammer price corresponding to the highest bid (hammer price without premium and VAT). The applicable Swiss value added tax shall be paid separately by the buyer on the net hammer price; the value added tax due on the buyer's premium is already included therein. 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. The buyer explicitly agrees that Ineichen will receive a commission agreed with the seller.

VAT

The buyer shall pay a premium of 24% of the net hammer price on the net hammer price corresponding to the highest bid (hammer price without premium and VAT). The applicable Swiss value added tax shall be paid separately by the buyer on the net hammer price; the value added tax due on the buyer's premium is already included therein. 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. The buyer explicitly agrees that Ineichen will receive a commission agreed with the seller.

Payment

Payment of the net hammer price plus buyer's premium and value added tax pursuant to section 3 of these auction conditions shall be made at the auction or no later than 10 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 of the hammer price 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.