Auction conditions

  1. The auction is conducted voluntarily and publicly against immediate cash payment in Swiss francs. Peter Rapp AG reserves the right to withdraw lots, regroup them, or refuse a bid. In the event of equal bids, the earlier bid shall take precedence; in case of misunderstandings, the lot will be called again. Bid increments are a minimum of 5% and a maximum of 10%. Every bid submitted constitutes a binding offer to conclude a purchase contract. The purchase contract is concluded exclusively upon acceptance of the bid (knockdown). There is no right of withdrawal or cancellation. There is no automatic entitlement to acceptance of a bid. Acceptance may be refused or revoked if legal provisions oppose it or if there are justified doubts regarding identity, creditworthiness, or the legal admissibility of the transaction. Only the invoice issued in Swiss francs is authoritative; any exchange rate risks are borne by the buyer.
  2. The highest bidder is awarded the lot and is obliged to accept it. A buyer’s premium of 25% is added to the hammer price. The hammer price, buyer’s premium, and any applicable value-added tax (VAT) are due for immediate payment. Anyone bidding on behalf of a third party is jointly and severally liable with that third party. Upon acceptance of the bid, the risk for the auctioned lot passes to the buyer. Delivery of the lot to the buyer or to a transport company is exclusively at the buyer’s risk, even if shipment is organized or carried out by Peter Rapp AG.
  3. All auction lots marked with * in this catalogue are generally subject in full to Swiss VAT. The statutory VAT of 8.1% is charged in all cases on the hammer price plus buyer’s premium plus any postage, insurance, and additional service costs.
    Unmarked lots: no Swiss VAT (currently 8.1%) is charged on all gold coins minted by a state for payment purposes, nor on the buyer’s premium associated with them, nor on any postage, insurance, or additional services.
    For lots marked with “M” in the catalogue, the following deviating provisions apply: the auction is conducted by Peter Rapp AG in the name and for the account of the respective consignor. Peter Rapp AG acts as a direct representative in a third party’s name and on their account. In these cases, the buyer’s premium is also 25%. The statutory VAT is charged only on the buyer’s premium and any ancillary services (in particular insurance and postage), but not on the hammer price.
    This regulation also applies to lots whose contents consist of several coins and/or medals made of different metals (e.g. gold, platinum, silver and copper coins, as well as all medals made of these metals, orders, shares, banknotes, antiques, etc.).
    This means that for all auction lots marked with “M” in this catalogue, VAT of 8.1% is due on the buyer’s premium, insurance, and postage.
  4. Swiss VAT does not apply if the auctioned lots are shipped abroad by Peter Rapp AG. Buyers residing outside Switzerland who collect their lots personally in Wil will be charged Swiss VAT, which will later be refunded upon submission of a legally validated export certificate issued by Swiss customs within a reasonable period. Export must take place within the legally prescribed period, generally within 90 days from the invoice date.
  5. The buyer agrees that Peter Rapp AG also receives a commission from the consignor. Peter Rapp AG may agree on a separate compensation arrangement with the consignor within the framework of conducting the auction.
  6. Buyers have the option to place their bids using the Rapp live online bidding system (real-time bidding on their own computer). Registration at www.rapp-auktionen.ch is required. Apart from the provisions in sections 2 and 3, no additional fees are charged for this service. If buyers choose not to use the Rapp live online system and prefer another system, the surcharge is governed by the terms and conditions published on the respective websites. Peter Rapp AG does not guarantee the continuous technical availability of the online bidding system. In the event of technical disruptions, there is no entitlement to acceptance of a bid or compensation. The auctioneer’s determination alone is decisive.
  7. All bidders not personally known to Peter Rapp AG must register 48 hours before the start of the auction using the designated form. Customers must provide the following information and documents:
    • Copy of a valid passport or ID
    • Proof of address

    Peter Rapp AG is entitled, within the framework of legal due diligence obligations, to request proof of identity, origin, or beneficial ownership. In the absence of cooperation or in case of legal concerns, Peter Rapp AG may reject bids, refuse acceptance, or withdraw from the contract. Cash payments may be restricted or refused in accordance with applicable legal provisions.
  8. Auctioned lots must be paid immediately upon receipt of the invoice or pro forma invoice, but no later than 7 days after the end of the auction. If this payment deadline is exceeded, the buyer is immediately in default, and Peter Rapp AG is entitled to charge interest at the current rate of 5% per annum. In the event of default in payment or refusal to accept the lot, Peter Rapp AG reserves the right either to enforce the contract and claim payment of the purchase price and damages, or to cancel the sale. In such a case, Peter Rapp AG is entitled to dispose of the lots otherwise, in particular to sell them privately or re-auction them. The buyer is liable in all cases for any resulting loss as well as any shortfall. The buyer has no claim to any surplus and will not be admitted to further bidding.
  9. Delivery of the lots generally takes place only after full payment of the auction invoice. It is at the sole discretion of Peter Rapp AG to hand over lots against invoice. Lots are shipped to the buyer by Peter Rapp AG insured by post or by other means, generally by registered or value shipment. Shipping costs and insurance premiums are borne by the buyer.
  10. Ownership of all awarded lots remains with the consignor until full payment of the entire invoice. Prior to that, the buyer may neither resell, pledge, nor otherwise transfer the lots to third parties. Any right of set-off is excluded. Upon request and against appropriate security, Peter Rapp AG may grant an extension of the payment period. Such special arrangements must be contractually agreed before the auction and must be in writing.
  11. The lots offered for auction are described carefully and with the greatest diligence. However, descriptions and illustrations do not constitute warranted characteristics. Justified complaints must be received in writing by Peter Rapp AG no later than 15 days after the end of the auction. After this period expires unused, the auctioned lots are deemed approved in full, without reservation, and in all respects. All claims by the buyer—particularly due to defects, warranty, error, or other complaints—are excluded after this period. Collection lots and lots consisting of two or more coins are auctioned as seen or described and are entirely excluded from complaints.
  12. Buyers attending the auction purchase “as seen”. Written bidders have the opportunity to inform themselves about the condition of the lots during the viewing days personally or through a representative. Complaints due to differences of opinion regarding the grade of a lot will not be accepted. Lots consisting of more than one item are excluded from any complaint.
  13. All lots can be viewed in Wil at the specified times before and during the auction. Descriptions in the e-catalogue, as well as copies of any illustrations and certificate copies provided to written bidders, do not constitute warranted characteristics and are not guarantees regarding the quality, quantity, or authenticity of the lots.
  14. Complaints regarding condition or differences of opinion concerning the state of the auctioned property will not be accepted, as the opportunity for inspection is provided both before and during the auction.
  15. If the buyer intends to submit the purchased goods to a grading service, Peter Rapp AG does not guarantee that the coins will be accepted there or graded in accordance with our assessment. We assume no responsibility that the objects auctioned by us will be accepted by so-called grading companies or that their condition will be assessed in a similar manner. A different assessment by a grading company does not entitle the buyer to rescind the purchase. For items delivered to us in slabs (plastic-sealed holders), the authenticity guarantee does not apply. In such cases, we assume no guarantee for hidden defects such as edge flaws, mounting marks, or similar. The authenticity guarantee is limited in amount to the total sum paid by the buyer (hammer price plus buyer’s premium). Any further claims are excluded.
  16. Written bids are executed conscientiously and with strict regard to the client’s interests, but without guarantee. The principal may submit alternative bids and limit the total bid amount.
  17. Peter Rapp AG is happy to assist with the shipment of auction goods. However, Peter Rapp AG cannot carry out shipping orders to countries that have issued special shipping regulations or sanctions against the import of certain auction goods. Compliance with foreign customs and currency regulations, etc., is the responsibility of the buyer. Peter Rapp AG expressly disclaims any responsibility for consequences arising from violations of such provisions. Peter Rapp AG is entitled to refuse or reverse deliveries or contracts if legal export regulations, embargo provisions, or international sanctions oppose them. The buyer is solely responsible for compliance with national and international cultural property, species protection, and import regulations. Peter Rapp AG assumes no liability in this regard.
  18. The names of consignors and buyers are generally not disclosed. Peter Rapp AG is authorized to assert all rights of the consignor arising from their orders and from awarded bids in its own name against the buyer.
  19. Peter Rapp AG cannot be held responsible for faulty or inadequate internet or telephone connections or for technical problems during the live auction (real-time bidding via the internet). Peter Rapp AG does not guarantee the continuous technical availability of the online bidding system. In the event of technical disruptions, there is no entitlement to acceptance of a bid or compensation. The auctioneer’s determination alone is decisive.
  20. Claims for damages against Peter Rapp AG—whether due to delay, impossibility of performance, positive breach of contract, fault at the conclusion of contract, or unlawful act—are excluded unless the damage was caused intentionally or through gross negligence. Peter Rapp AG assumes no liability for delays or non-performance due to force majeure, official measures, or unforeseeable events.
  21. Place of performance and exclusive place of jurisdiction: CH-9500 Wil. However, Peter Rapp AG reserves the right to bring legal action against a debtor at their place of residence if necessary. It is also entitled to exclude persons from viewing and the auction without giving reasons.
  22. The auction is governed exclusively by Swiss law.
  23. To the extent that liability of Peter Rapp AG exists—regardless of the legal basis—it is, to the extent permitted by law, limited to the total amount paid by the buyer (hammer price plus buyer’s premium and VAT). Any further liability, in particular for indirect damages, consequential damages, or loss of profit, is excluded unless there is intentional or grossly negligent conduct.
  24. The buyer agrees that their personal data may be processed in the course of conducting the auction and handling the purchase contract and, where necessary, transmitted to third parties (in particular shipping service providers, payment processors, or platform providers). Data processing is carried out in compliance with applicable data protection regulations.
  25. Illustrations in the auction catalogue, the e-catalogue, as well as in other digital or printed media serve solely for illustration and do not constitute warranted characteristics. In particular, deviations in color, size, and detail between the illustration and the original object may occur. Such deviations do not give rise to any claims for defects.
  26. By submitting bids and purchase orders, these auction terms and conditions are fully accepted. They also apply mutatis mutandis to all transactions concluded outside the auction involving auction material. For the interpretation of these auction terms and conditions, the German original text shall prevail. Should individual provisions of these auction terms and conditions be wholly or partially invalid, the validity of the remaining provisions shall remain unaffected.

    Wil, June 2026

  1. These Conditions of Sale apply to both the traditional live auction and the online auction “RAPP ONLINE ONLY”.
  2. The auctioned items are sold by Peter Rapp AG in the name and on behalf of the consignor or seller. Peter Rapp AG acts in the name and on behalf of a third party as a direct representative of the consignor/seller.
  3. The auction is conducted voluntarily and publicly against immediate payment in Swiss francs (CHF). Peter Rapp AG reserves the right to withdraw lots, regroup them or refuse acceptance of a bid. In the event of identical bids, the bid received first shall prevail. In case of misunderstandings, the lot will be offered again. Bid increments range from a minimum of 5% to a maximum of 10%. Each bid constitutes a binding offer to conclude a purchase contract. The purchase contract is concluded exclusively upon the fall of the hammer. There is no right of withdrawal or cancellation. No automatic entitlement to acceptance of a bid exists. Acceptance of a bid may be refused or revoked if legal provisions oppose it or if there are justified doubts regarding the identity, creditworthiness or legal admissibility of the transaction. The invoice issued in Swiss francs (CHF) shall be exclusively decisive; any exchange rate risks shall be borne by the buyer.
  4. The highest bidder shall be awarded the lot and is obliged to accept it. A buyer’s premium of 25% shall be added to the hammer price. The hammer price, buyer’s premium and any applicable value added tax (VAT) are payable immediately. Any person bidding on behalf of a third party shall be jointly and severally liable together with that third party. Upon the fall of the hammer, the risk for the purchased lot passes to the buyer. The delivery of the lot to the buyer or to a transport company shall take place exclusively at the buyer’s risk, even if shipment is organised or carried out by Peter Rapp AG.
  5. Swiss VAT of currently 8.1% shall be charged on the buyer’s premium as well as on any postage, insurance costs and additional services. All lots marked with * in the auction catalogue are fully subject to VAT. For such lots, Swiss VAT of currently 8.1% is charged on the hammer price plus the buyer’s premium as well as any postage, insurance costs and additional services. VAT shall not apply if the purchased lots are shipped abroad by Peter Rapp AG. Buyers domiciled outside Switzerland who collect their lots in Wil in person will be charged VAT, which will subsequently be refunded upon presentation of an export certificate duly confirmed by Swiss customs. Domestic dealers may deduct the VAT paid to Peter Rapp AG as input tax in their own VAT return. The buyer agrees that Peter Rapp AG also receives a commission from the consignor. Peter Rapp AG may agree on separate remuneration arrangements with the consignor in connection with the auction.

  6. Buyers may place bids via the Rapp live online bidding system (real-time bidding via computer). Registration at www.rapp-auktionen.ch is required. In addition to the Conditions of Sale set out in sections 4 and 5, no additional fees apply for this service. If buyers choose not to use the Rapp live online system and prefer another platform, additional fees will be charged on top of the buyer’s premium for Rapp 0%, Drouot 3%, Invaluable 5% and liveauctioneers 5%. Peter Rapp AG does not guarantee the continuous technical availability of the online bidding system. In the event of technical disruptions, there is no entitlement to acceptance of a bid or to compensation. The auctioneer’s decision shall be final.

  7. All bidders who are not personally known to Peter Rapp AG must register at least 48 hours prior to the auction using the designated form. Customers must provide the following information and documents:
    • Copy of a valid passport or ID
    • Proof of address  
    Peter Rapp AG is entitled, within the framework of statutory due diligence obligations, to request proof of identity, origin of funds or beneficial ownership. In the absence of cooperation or in case of legal concerns, Peter Rapp AG may reject bids, refuse acceptance or withdraw from the contract. Cash payments may be restricted or refused in accordance with applicable legal provisions.
  8. Purchased lots must be paid immediately upon receipt of the invoice or pro forma invoice, but no later than 7 days after the end of the auction. If this payment period is exceeded, the buyer shall automatically be in default and Peter Rapp AG is entitled to charge interest at a rate of currently 5% per annum. In the event of default in payment or refusal to accept the lot, Peter Rapp AG reserves the right either to enforce the contract and claim payment of the purchase price and damages, or to rescind the sale. In such case, Peter Rapp AG is entitled to dispose of the lots otherwise, in particular by private sale or by re-auctioning them. The buyer shall in all cases be liable for any resulting damage as well as for any shortfall. The buyer shall have no claim to any surplus and will not be admitted to submit further bids.
  1. Lots shall only be handed over after full payment of the auction invoice. It is at the sole discretion of Peter Rapp AG to release lots against invoice. The lots shall be dispatched to the buyer insured by post or by other means, generally by registered or insured shipment. Shipping costs and insurance premiums shall be borne by the buyer.
  2. Ownership of all auctioned lots shall remain with the consignor until full payment of the total invoice has been received. Prior to this, the buyer may neither resell, pledge nor otherwise transfer the lots to third parties. Any right of set-off is excluded.
  3. The lots offered for auction have been described with due care and diligence. However, descriptions and illustrations do not constitute warranted characteristics. Any justified complaints must be received by Peter Rapp AG within 15 days after the auction. Any such complaints must be submitted in writing no later than 15 days after the end of the auction. After expiry of this period, the purchased lots shall be deemed complete, unconditionally accepted and approved in all respects. All claims of the buyer – in particular for defects, warranty, error or any other objections – are excluded after expiry of this period.
  4. The objects offered in this catalogue are auctioned in the condition in which they are at the moment of the hammer. Upon acceptance of the bid, benefit and risk pass to the buyer. Every interested party has the opportunity to inspect the condition of the objects personally at the exhibition/preview prior to the auction. The descriptions in the catalogue represent opinions only and do not constitute warranted characteristics. Peter Rapp AG shall not be liable for incorrect attributions or incorrect statements regarding origin, date, age, provenance, condition or authenticity, nor for any other visible or hidden defects. 
    12.1 Descriptions in the e-catalogue (digital auction catalogue), as well as copies of illustrations and copies of certificates provided to written or online bidders, do not constitute warranted characteristics and are not guarantees regarding the quality, quantity or authenticity of the lots.
    12.2 Gemstones may have undergone treatments customary in the trade, which are not always specifically indicated. Information regarding weight, colour and clarity, particularly for mounted gemstones, is provided to the best of our expert knowledge; however, examination is naturally limited due to the setting. All such information therefore constitutes qualified assessments and not warranted characteristics. The description of the objects is made in good faith and does not form part of a legally guaranteed quality. Deviations within the scope of industry standards and technical assessment tolerances are reserved. If a gemmological report is available, this will be stated in the respective lot description. Such reports are issued by independent external institutes and are beyond our control. No liability is assumed for their content, assessments or any resulting discrepancies. Differences between institutes or subsequent examinations may occur.
  1. If, within the complaint period (i.e. within 15 days after the end of the auction), the buyer provides written proof, based on a recognised expert opinion, that a lot is a forgery contrary to the catalogue description, the auctioneer shall rescind the sale and refund the purchase price, provided that the object is returned within the complaint period in the same condition as at the time of the hammer. Complaints received after the 15-day period cannot be accepted.
  2. Lots containing more than one item are generally excluded from any complaint.
  3. All lots may be inspected in Wil prior to the auction at the times stated in the catalogue. Descriptions and statements in the e-catalogue, as well as copies of any illustrations and copies of certificates provided to written bidders, do not constitute warranted characteristics and are not guarantees as to the quality, quantity or authenticity of the lots.
  4. No claims will be accepted regarding the condition or grading of auctioned items, as the opportunity for inspection is provided both prior to and during the auction.
  5. Written bids are executed with due care and in the best interest of the bidder, but without liability. The bidder may submit alternative bids and set a maximum bid limit.
  6. Peter Rapp AG is pleased to assist with the shipment of auction items. However, Peter Rapp AG cannot arrange shipments to countries that impose specific restrictions or sanctions on the import of certain goods. Compliance with foreign customs and currency regulations is the sole responsibility of the buyer. Any import duties, VAT or taxes incurred in connection with international shipments are beyond our control and must be borne by the buyer. Peter Rapp AG expressly declines any responsibility for consequences arising from non-compliance with such regulations. Peter Rapp AG reserves the right to refuse or cancel deliveries or transactions if legal export regulations, embargoes or international sanctions apply. The buyer is solely responsible for compliance with national and international regulations concerning cultural property, protected species and import restrictions. Peter Rapp AG assumes no liability in this regard.
  7. The identities of consignors and buyers shall not be disclosed.
  8. Peter Rapp AG shall not be liable for faulty or interrupted internet or telephone connections or for technical issues during live auctions. No guarantee is given for uninterrupted system availability. In the event of technical disruptions, no claim shall arise for acceptance of a bid or damages. The auctioneer’s decision shall be final.
  9. Any claims for damages against Peter Rapp AG, whether arising from delay, impossibility of performance, breach of contract or tort, are excluded unless caused by intent or gross negligence. No liability shall be assumed for delays or non-performance due to force majeure, governmental measures or unforeseeable events.
  10. Place of performance and exclusive jurisdiction is CH-9500 Wil. However, Peter Rapp AG reserves the right to take legal action against a debtor at their place of residence. Peter Rapp AG may also exclude individuals from viewing or participating in the auction without providing reasons.
  11. The auction is governed exclusively by Swiss law.
  12. Certain items made from materials derived from protected species may be subject to CITES regulations. Peter Rapp AG is neither authorised nor able to obtain export permits. The buyer is solely responsible for obtaining such permits. Peter Rapp AG assumes no responsibility for such permits and will not bear any related costs.
  13. To the extent that Peter Rapp AG is liable, regardless of the legal grounds, such liability shall, to the extent permitted by law, be limited to the total amount paid by the buyer (hammer price, buyer’s premium and VAT). Any further liability, in particular for indirect or consequential damages or loss of profit, is excluded unless caused by intent or gross negligence.
  14. The buyer agrees that personal data may be processed in connection with the auction and contract execution and may be shared with third parties where necessary (in particular shipping providers, payment processors or platform operators), in accordance with applicable data protection laws.
  15. Images in the auction catalogue, e-catalogue or other media are for illustration purposes only and do not constitute warranted characteristics. Variations in colour, size or detail between the image and the original object may occur and do not constitute defects.
  16. By placing bids or submitting purchase orders, the bidder fully accepts these Conditions of Sale. They shall also apply mutatis mutandis to transactions concluded outside the auction.
    For the interpretation of these Conditions of Sale, the German original text shall be authoritative. Should any provision of these Conditions of Sale be wholly or partially invalid, the validity of the remaining provisions shall remain unaffected.

  1. The auction takes place voluntarily and publicly against immediate cash payment in Swiss Francs. Foreign currencies are accepted at current exchange rates or as
    credited by a major Swiss bank. The day of receipt or credit applies. Peter Rapp AG has the right to withdraw, regroup or refuse to knock down any lot. In the event of
    identical bids, the one first received takes precedence; in the event of misunderstandings, the lot is reoffered. Bidding increments are at a minimum of 5 % and a maximum of 10 %.

  2. Lots are awarded to the highest bidder at the time of sale which creates an obligation to take delivery. A commission of 25 % is added to the purchase price. Purchase
    price and commission are due immediately. Bidders for third parties are jointly and severally liable with such third parties. Upon the fall of the hammer, the risk transfers to
    the purchaser. 

  3. All lots offered are subject to Swiss value added tax (VAT). The legal VAT of 8,1% will be levied on the grand total of the auction invoice (hammer price plus surcharge plus possible postage, insurance and additional services). The value added tax shall not be applicable if the lots purchased at auction are shipped abroad by Peter Rapp AG. Value added tax will be invoiced to purchasers resident outside Switzerland who personally collect the lots in Wil. However, it can be refunded later on if an export certificate that has been legally confirmed by the Swiss customs authorities is submitted to us. Domestic traders can deduct the VAT amount paid to Peter Rapp AG in their own VAT account as pre-tax. The buyer agrees that Peter Rapp AG shall also receive a commission from the consignor.

  4. Buyers have the chance to submit their bids in real time via the online live bidding system. To do so, you must register at www.rapp-auktionen.ch. Apart from the terms of auction sale outlined under points 2 and 3, no additional charges are incurred when using this service. If you would rather not place your bid via the Rapp online
    bidding system and prefer a different method, the surcharge is calculated on the basis of the respective website’s issued terms and conditions.

  5. All those persons bidding who are not personally known to Peter Rapp AG must register by completing a form 48 hours prior to the start of the auction. New customers
    must supply the following:
    · a copy of a valid passport or identity document
    · proof of address

  6. The purchased lots must be paid promptly upon receipt of the invoice, but in no event later than within 7 days after the end of the auction. Upon exceeding this deadline for
    payment, the purchaser is immediately considered to be in default and, in the event of delayed payment by the buyer or refusal to take delivery, Peter Rapp AG is authorized
    to charge interest, currently at the rate of 5% p.a. In the event of payment delay on the part of the purchaser or refusal to take delivery, Peter Rapp AG reserves the right
    to either sue for performance of the contract as well as for payment of the purchase price and indemnification, or to rescind the sales transaction. In that event, Peter Rapp
    AG is authorized to otherwise dispose the lots, particularly to sell them by private treaty or to reauction them or to have them reauctioned. In any event, the purchaser is liable
    for the resulting damage as well as for any deficiency in proceeds. He does not have a claim to any excess proceeds and will not be authorized to submit further bids.

  7. In principle, the lots are handed over upon full payment of the auction invoice. It is solely in the discretion of Peter Rapp AG to hand over the lots concurrently with invoice
    presentation. The lots are privately insured by Peter Rapp AG and forwarded to the purchaser by mail or by other means; as a rule, as registered or valued matter. Forwarding costs and insurance premiums are at the purchaser’s expense.

  8. Until full payment of the entire invoice is rendered, title to all purchased lots remains with the consignor. Prior to that time, they may neither be resold, pledged nor otherwise transfered to a third party by the purchaser. Offset pleas of any type
    are precluded. Extension of time for payment is granted by Peter Rapp AG upon request, supported by appropriate references. Such special arrangements must be agreed upon prior to the auction and must be in written form.

  9. The lots on auction have been described conscientiously and with greatest care. However, the description and pictures do not represent guaranteed features. As a general rule, valuable stamps bear the mark of competent experts or are accompanied by certificates. In the case of photographed stamps, the photograph is determinative as
    to margins, perforations, cancellations, etc. Errors, that derive from the pictures such as cut, perforation, cancellation or centering are not objectionable. 

  10. Peter Rapp AG’s liability for the postage stamps sold is as  follows:
    10.1 In the case of expertized single lots, the purchaser acknowledges the certificates (expertizations) and signatures mentioned in the lot descriptions as binding, particularly with regard to genuineness and quality of the lots as well as the completeness of contents of the expertization certificates. Any further liability on the part of Peter Rapp AG that is based, for example, on other attestations or expert opinions shall be excluded.
    10.2 In the case of non-expertized single lots, Peter Rapp AG assumes liability for the authenticity of the stamps sold for a period of one year from the date of sale. This warranty of authenticity applies both to the stamps as well as to their cancellations. However, any liability on the part of Peter Rapp AG for the quality of non-expertized stamps shall only come into effect when claims are made within the prescribed period according to Sec. 11. 
    10.3 Peter Rapp AG declines any warranty for collections, mixed lots and accumulations (if they include more than three stamps). The descriptions and pictures of
    stamps or covers of comprehensive lots or collections do not represent guaranteed features. The descriptions and pictures are no guarantee regarding the quality, quantity and genuineness of the lots and no guarantee for the nature of the individual lots.

  11. In the event of a complaint regarding genuineness, according to Sec. 10.2, above, proof of forgery must be presented together with the attestation of an expert recognized
    by Peter Rapp AG. The original lots, which are the subject of the complaint, must be submitted in the condition which prevailed at delivery. The addition of signs or signatures of any kind, in particular signs or cancellations like «false, adulterated or false cancellation», is not permitted and shall be considered an alteration. Complaints as to quality pursuant to Sec. 10.2, above, must be received by Peter Rapp AG no later than 20 days after the end of the auction. In the event of justified complaints, the lot
    is accepted back and the purchase price and surcharge are refunded. In such instance, the cost of reexpertization is borne by the consignor. In the event of unjustified
    complaints, the cost of reexpertization is borne by the purchaser. All claims are void if the purchaser is in arrears with payment of the purchase price or surcharge.

  12.  All lots may be inspected in Wil prior to and during the auction within the hours indicated in the catalogue. Upon request, we provide orientation to mail bidders about any expertization certificates by furnishing photocopies and by describing the contents and the condition of the lots. Descriptions in the eCatalogue as well as copies of possible pictures and certificates for the attention of mail bidders, do not represent guaranteed features and are no guarantee for quality, quantity or genuineness of the lots.

  13. Written bids are executed by Peter Rapp AG in strict conformity with the principal’s interests, although without recourse. The principal may submit alternative bids and
    establish an overall limit for the total of his bids. 

  14. Peter Rapp AG will be pleased to support any purchaser with the shipment of the auction lots. However, Peter Rapp AG will not carry out shipment orders to countries
    with special agreements or sanctions on the import of auction goods. The purchaser is committed to observe the foreign custom and currency regulations etc. Peter
    Rapp AG strictly refuses any responsibility occurred by the contravention of these regulations.

  15. The names of consignors and buyers are, as a matter of principle, not revealed. Peter Rapp AG is authorized to assert all rights of the consignor, derived from his instructions
    and from the bids, in its own name against the buyer.

  16. Peter Rapp AG cannot be held responsible for a defective or insufficient internet or telephone connection or for technical problems during the live auction (bidding in real
    time via the internet). 

  17. Claims against Peter Rapp AG, arising out of delay, impossibility of performance, responsibility in the event of breach of contract, or tortious acts, are excluded, unless
    the loss is sustained by premeditated or grossly negligent conduct.

  18. Place of performance and exclusive court venue: CH-9500 Wil, Switzerland. However, Peter Rapp AG reserves the right to sue the debtor at his legal residence. Additionally,
    it may summarily exclude persons from the viewing or the auction.

  19. The auction is exclusively subject to Swiss law.

  20. With the submission of bids or purchase requests, the above Terms of Auction Sale are accepted to their full extent. They also apply analogously to all business transactions
    involving auction material conducted outside the auction. For the purpose of construction of these Terms of Auction Sale, the original German text applies.

Wil, May 2026

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