Auction number 1

General auction conditions
Which are exclusively authoritative even without written approval when submitting personal or written bids.

1. The auction is public and voluntary. It takes place exclusively in the name and for the account of the consignor.
The auctioneer is entitled to assert the consignor's claims from his order and from the knockdown in his own
name.

2. The highest bidder is awarded the contract. The auctioneer has the right to refuse the bid, to
withdraw lots , and in exceptional cases to regroup lots.

3. The rate of increase is 2 to 10% of the starting price, or according to the current bid.

4. If the bids are equal, the first bidder will be accepted. If anything is unclear, the auctioneer reserves the right to
offer the lot again. A minimum bid of 10 euros applies to those with no bids. The bidder is
bound by his bid for up to 6 weeks after the auction. The acceptance of a lot obliges the acceptance. When the
bid is accepted, the risk of accidental loss or accidental deterioration of the auctioned items is transferred
to the buyer. Delivery at the request of the buyer is at the buyer's risk and expense. The
right of ownership is only transferred to the buyer upon payment of the full purchase price.

5. The auctioneer receives a commission of 20% of the hammer price and EUR 1.50 per lot bought from the buyer.
The cost of postage, packaging and insurance will be charged to the buyer. The
VAT (currently 19%) incurred on the auctioneer's commission, lot fees and any other services (= expenses)
will be invoiced separately. Deliveries to third countries are exempt from
VAT on the commission, expenses and lot fee upon presentation of the export certificate. Deliveries to customers from other EU countries with a VAT
number are made using the reverse charge procedure, ie the commission, expenses and lot fee
are not subject to German sales tax; In these cases the buyer is obliged to pay the VAT. to be
indicated in his VAT declaration in his home country.

6. Lots marked with an X are lots for which the full
value added tax (currently 19%) also applies to the hammer price. For these lots, the buyer's
premium is reduced to the rate of 10% of the knockdown price.

7. Anyone who buys for third parties is also liable as a direct debtor.

8. If payment is not made immediately to the auctioneer or the dutiful acceptance is refused, the
buyer loses his rights from the knockdown and the item can be sold over the counter
or auctioned again at his own expense without prior notice. In this case the first buyer is liable for the
lost profit. On the other hand, he has no claim to any additional proceeds and is
not admitted to further bids.

9. The auction invoice is due immediately for bidders in the hall and upon delivery for bidders from outside. All amounts
that have not been received by the auctioneer 10 days after the auction or the delivery of the auction invoice
are subject to a 2% surcharge, plus interest of 1% p. Month
charged. The deadline for complaints is 10 days from delivery or delivery. Later complaints will be referred to
the consignor. Reclaimed lots must be returned in their original condition. The affixing of
certification marks by the responsible association inspectors does not constitute a change in the original condition. In special
cases, the auctioneer can extend the deadline for complaints with prior notice.

10. The description of the lots is conscientious; any catalog information with the addition nAdE (according to the information provided by the
consignor) is not guaranteed. Errors resulting from photos (stamps, margins, perforations,
etc.) do not entitle to complain. Collections, collective lots or residual lots cannot be objected
to. If a lot contains more than 3 brands, a return is not
justified due to small errors of individual brands .

11. Costs for complaints such as postage, inspection fees, etc. will not be reimbursed. In the case of recognized complaints,
the buyer is only entitled to a refund of the purchase price; further claims are excluded.
Claims of any kind against the auctioneer expire no later than 6 months after the auction. The
auctioneer's statutory liability for damage to body and health remains unaffected.

12. Written bids are carried out conscientiously and with interest. Bids such as “best” and “in any case”
do not qualify for acceptance. Surcharges are not made on the basis of the maximum price offered,
but according to the rate of increase, one step above the next higher bid. In the case of bids such as
“highest bid”, “best”, “absolutely”, etc., bids are made up to three times the starting price. Bidders will be knocked down at the
highest bid and not dropped out .

13. Consignments on inspection (with the exception of collective lots and mint stamps) can be
requested against reimbursement of costs and insurance. For unknown customers, however, only against references. Condition is
return within 24 hours after receipt in the same shipping method. The consignments are
insured on the way there and back from the auctioneer. If the return is not received by us no later than the day before the auction
, the lots can be assigned to the interested party one step higher than the existing bids
. Brands and letters that the buyer had to view are excluded from complaints.

14. By submitting bids or purchase orders, the auction conditions are fully
recognized. These also apply mutatis mutandis to the post-auction sale, which is part of the auction; the
statutory provisions on distance sales do not apply.

15. German law applies. The place of fulfillment and the exclusive place of jurisdiction for commercial transactions is Cologne.

16. If one of the above provisions should be wholly or partially ineffective, the validity of the rest will
not be affected.

Auctioneer Peter Klüttermann