Terms & Conditions Punctum Auctioneers

1.     These Terms and Conditions govern the auction sales (voluntary, joint auctions of movable items held in accordance with Act No. 26 / 2000 Coll., Act on Public Auctions (hereinafter referred to as the "Act") operated by Punctum Auctioneers s.r.o. (hereinafter Punctum), with its official registered office located at Masarykovo nábřeží 2018/10, Prague 2, postcode: 120 00

2.     In organizing auction sales Punctum acts on the behalf of sellers and suppliers of paper money. Punctum therefore operates as an intermediary/mediator and all items listed and offered in each auction are sole property of seller and supplier. As such Punctum is entitled to remuneration for arranging the sale of the item and to reimburse the costs incurred in connection with the auction.

3.     Buyers can attend Punctum auctions sales by registering to Auction Mobility platform that Punctum uses as its auction sales interface. After registration, Punctum reserves the right to approve the future buyers/bidders and assigns a paddle number to each buyer/bidder once they are approved to take part in the auction sale.  

4.     In each and every auction sales Punctum reserves the right to add/remove/update lots/items on offer or catalogue in course of both the pre-bidding and live phase as unforeseeable changes might occur after competition of items/lots on offer or catalogue.  

5.     Punctum is the sole authority allowed to determine the winner of any bid, cancel the sale of an item/lot (before or after their sale) or to offer an item/lot previously up for bidding, at its sole discretion.  

6.     Punctum aligns with professional standards of paper money description (e.g., quality determination complying with IBNS standards); and best practice in notaphily (e.g., carefully checking TPGs catalogue description and its accuracy). However, descriptions of the lots/items are not binding and reflect Punctum’s best understanding banknotes’ quality and provenance. Punctum, in other words, does not assume the role of the ultimate authority when determining the quality and provenance. We strongly advise to use the opportunity to view and inspect the lots/items in our office before the auction.  

7.     The currency of the auction sales (i.e., bidding and payment) is the US dollar.

8.     Bid Increment Table (USD)

9.     Commission rate applies to all buyers. Depending on hammer price commission applies to consignors, too – see below.  Winners (successful auction participants) are obliged to pay the price achieved by auctioning, including a Buyer’s Fee. This fee is set as a surcharge of 20% of the achieved hammer price (minimally USD 5 for item/lot).Sellers are obliged to pay a Consignor’s Fee (USD, set a a percentage of the achieved hammer price) according to the following table:
10.  By purchasing an item from Punctum (via Auction Mobility interface), the buyer unconditionally commits themselves to pay for the item/lot payments no later than 14 days from the date of sale. Punctum reserves the right to insure payment by any means, including but not limited to cancelation of the sale, sale of the item purchased to a different buyer, charge the buyer for expenses incurred including late fees and inflation, take legal action or delay the release of the item into the hands of the buyer.

11.  Punctum accepts the following methods of payment:

-       Cash in USD (or an equivalent in EUR or CZK determined by the Czech National Bank on the day of payment) in our office.
-       All major credit cards, subject to 3% administrative fee.
-       Wire/bank transfer.

12.  Punctum informs bidders when their bids are outbid by all possible means of communication (email, SMS, WhatsApp etc.)  

13.  We ship worldwide. The shipping fee is paid by the buyer. Purchases under USD 1000 will be shipped by surface mail. Purchases over USD 1000 will be shipped by courier. If the buyer chooses to insure the shipment, please get in touch.

14.  VAT- and customs-related charges apply according to the relevant laws and regulations currently valid in the Czech Republic and the EU respectively.  

15.  If any disputes between Punctum, buyers and consignors that occur a reasonable settlement will be sought after. In extreme cases Punctum’s legal representative (Krejci, Rajf & Partners – Attorneys in Law) with international reach will be called to take appropriate action.

 16.  All the personal data of Punctum’s consignors and bidders are subject to Punctum’s Privacy Policy and participants in the auction, or any other parties, are not entitled to inspect them. 17.  The general courts of the Czech Republic, with local jurisdiction in Prague, are competent to resolve disputes arising from the course of the auction and these terms and conditions.

Punctum Auctioneers Privacy Policy

We are committed to ensuring that your personal information is secure. In order to prevent unauthorised access or disclosure, we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect online. 

1. By entering into a legal relationship with Punctum consignors and bidders agree that their personal data may be collected and processed in the Punctum’s database. This consent may be revoked at any time in writing. 

2. Please note that you do not have the ability to opt-out of non-marketing communications that we send you in connection with the use of our services, such as when you have engaged in any transactions with us.

3. Provided personal data will be stored and collected solely for the purposes of realization of auctions organized by Punctum, the processing of complaints and any related tasks, and for the Punctum’s archival purpose for maintaining information about completed auctions. 

4. The personal data of consignors and bidders and any individuals representing them (legal entities) are stored in accordance with the valid legislation of the Czech Republic, namely Act No. 101/2000 Coll., on the protection of personal data, as amended (and thus  compliant to the EU’s  General Data Protection Regulation 2016/679).

5. Punctum shall not provide the personal data of bidders and consignors to any third parties. Punctum may provide only the personal data that is required for the delivery of the auctioned items to the transporter.

Having previously agreed to the option of using your contact information for marketing communications you can opt-out at any time. However, it may take us some time to process such requests, which is consistent with applicable law. You can also write to us or email info@punctumauctioneers.com to update your marketing preferences.