By participating in the auction the following conditions are accepted:

1. You take part in the auction of your own volition. The auction house conducts the auction as a commission agent, in its own name and for the account of the customer (Principal). Participants in the auction do not have a right to demand that a Principal be named.

2. The auction house reserves the right to combine, separate or withdraw lots, or to offer them in another order than previously announced.

3. All objects being auctioned can be inspected prior to the auction. They are not first-hand and will be auctioned in the condition at the time of acceptance of the successful bid, without warranty or liability for obvious or hidden defects or attributions. The same applies to information of any kind, be it passed on orally or in writing. The level of conservation of the object is not always stated in the catalogue. The catalogue descriptions are neither assurances of a quality in the sense of Section 434 subsection 1 of the amended version of the German Civil Code of Law (BGB), nor do they represent a guarantee in the sense of Section 443 subsection 1 BGB. The auction house is not liable for defects in the objects for auction, insofar as it has met its duty of care in describing the object. However, the auction house does undertake to assert its warranty rights vis-à-vis the consignee, if justified complaints of defects are made within the period of limitation. In the event of a successful claim against the consignee, the auction house shall indemnify and hold harmless the purchaser.
– The auction house's liability for harm to body and health remains unaffected.

4. A bid is a winning bid when, upon it being calling three times, no higher bid is offered. As a rule, bids are made in 10% steps. If more than one bidder offers the same highest bid, the winning bid will be chosen by a drawing of lots. If there is disagreement as to a winning bid, the auction house can, at its own discretion, either repeat the acceptance of a given bidder's bid or reoffer the object. The auction house is authorised to withdraw acceptance of a winning bid and auction the object again if a higher bid made on time has mistakenly been overlooked and the bidder has immediately raised an objection, or if there are other reservations pertaining to the acceptance of the winning bid. The auction house shall only be liable to the bidder for non-acceptance of a bid if the auction house acts with intent or gross negligence in doing so. Bids made by e-mail cannot be considered, due to legal concerns.
Acceptance of a winning bid obliges the bidder to purchase and payment. The risk of damage to, the loss or exchange, etc., of the auctioned object transfers to the purchaser upon acceptance of the winning bid. However, ownership does not pass to the purchaser until receipt of full payment. Bidders purchase in their own name and for their own account, unless they supply a notarised power of representation.

5. The margin scheme for taxation applies as from 1 January 1995. Under the margin scheme, a premium of 27% is charged based on the price of the winning bid. Under standard tax treatment, the purchase price comprises the amount of the winning bid plus a 22% premium, plus the VAT legally applicable at the time (currently 19%).

6. If a winning bid is accepted conditionally, the bidder will be bound to its bid for four weeks. If the bid is not accepted without reservation during this period, the bid lapses. If no reservation is assumed, the object can be given to the limit bidder without further inquiry.

7. Due to excessive burdening of the auction house's bookkeeping capacities, invoices issued during or immediately after the auction are subject to verification and possible correction. Errors excepted, all information given orally without written confirmation is non-binding.

8. The purchase price is due and payable upon acceptance of the winning bid. Successful bidders personally taking part in the auction must pay the total price (bid + premium) immediately in cash in EUR (€) to the auction house Hugo Ruef. When buying by written order, payment is to be made within ten days of the invoice date. Other forms of payment or currencies will only be accepted with a special written agreement. The auction house Hugo Ruef accepts no liability for payments/means of payment not accepted. All costs, taxes and fees arising as a result of such non-acceptance shall be at the expense of the purchaser. This also applies in the event of a written agreement as specified in Item 8 sentence 3.

9. Objects bought by auction will not be delivered until cash payment has been received. If a payment is not received on time, the purchaser shall be liable to any losses occurring as a result, also without having been reminded in writing of the obligation to pay. No deferment of payment will be offered. In the event of overdue payment, 2% interest will be added to the invoiced amount for each month begun. The purchaser shall have the right to prove lower damage.

10. The auction house Hugo Ruef can choose between fulfilment of the contract of sale or demanding damages for non-fulfilment, and irrespective of this, re-auction the object at the purchaser's expense. In such event, the purchaser shall be liable for any loss, its rights from the previous acceptance of bid shall expire, and it shall have no claim to any additional proceeds and will not be allowed to make any further bid.

11. The purchased object must be picked up within three days, otherwise it will be given without notice to a forwarding company for storage for the account and at the risk of the purchaser. The auction house accepts no liability for damage to, the loss or exchange of the auctioned object. All forwarding shall be at the cost and risk of the purchaser.

12. For customers who cannot take part in the auction personally, written applications are accepted and executed by the auctioneer on a discretionary basis. Such applications must be submitted before the end of the pre-auction inspection.

13. The auction house accepts no liability for the correctness and completeness of the transfer of data to the auction documents. The liability of the auction house arising from this Agreement, outside the scope of any warranty claims, is restricted to cases of intent and gross negligence. There shall be no right to claim compensation for indirect or consequential damage.

14. German law applies exclusively Uniform UN purchase law (CISG, German Federal Law Gazette BGBl II 89, p. 588) shall not apply. Munich is agreed as the place of payment and fulfilment, and as the exclusive legal venue, for the case that
a)the contractual partners are business people in the sense of the German Commercial Code of Law (HGB);
b)the party to be claimed against through legal action has moved its place of residence or common domicile out of the jurisdiction of the German Code of Civil Procedure or if its place of residence or common domicile is unknown at the time of filing the legal action;
c)the contractual partner does not have its general place of jurisdiction within the Federal Republic of Germany.

15. These Terms and Conditions shall also apply in the event of a subsequent private sale of objects by the auction house to a purchaser.