Austrian Philatelic Society Auction Regulations
(as adopted on 21 July 2012)

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1 THE AUCTION

1.1 The Auction shall operate on behalf of and in the interest of the APS and its Members only.

1.2 Normally, four sales shall be conducted per year.

2 THE HON. AUCTIONEER

2.1 The Hon Auctioneer is appointed under the Rules of the APS.

2.2 The Hon. Auctioneer shall be responsible for the production of the Auction list and for its dispatch to the Editor or Printer.

2.3 The Hon. Auctioneer shall maintain appropriate insurance to cover material in transit from his address and whilst stored for safe keeping at his address.

2.3 The Hon Treasurer will negotiate a contract with insurance agents which specifies the cover required by the APS, any restrictions required by the insurers, and the annual premium to be paid. The Hon Auctioneer must comply with this contract, advise the insurer if cover needs to be temporarily increased and make any necessary claims against the policy.

2.4 All lots received for sale shall be stored in the secure conditions stipulated by the insurers and clearly marked with the Vendorís name and address.

3 AUCTION VENDORS AND MATERIAL

3.1 Material submitted by non-members may be accepted for sale at the discretion of the Hon. Auctioneer.

3.2 The Hon. Auctioneer shall be free to dispose of his own material through the Auction but shall treat his lots in exactly the same manner as those of other vendors and pay the same commission.

3.3 Any material shall be accepted for sale providing it is relevant to the Philately & Postal History of Austria & the Austro-Hungarian Empire, providing it is correctly described and providing it is, in the opinion of the Hon. Auctioneer, of collectable quality.

3.4 Lotting, describing and the setting of reserve prices may be carried out by the vendor or the Hon Auctioneer. In the former case, the auctioneer may edit or amend the vendorís descriptions in the interests of accuracy, brevity or good English. If the vendor provided material in unlotted form, then it is on the understanding that he accepts the Auctioneerís lotting, description and reserves.

3.5 With the agreement of both the vendor and the Hon Auctioneer, unsold lots may be offered in a future auction with a reduction in the reserve price.

3.6 Vendors shall pay the APS a 10p per lot administration charge (on first entry) plus 10% commission on all sales. Lots withdrawn by the vendor after the catalogue has been sent for printing shall be liable to the 10% commission as well as the admin fee.

3.7 Postage and packing shall be charged to vendors for the return of unsold material, by the means stipulated by the insurers.

3.8 Payments to overseas vendors shall normally be by the cheapest practicable means. Vendors will be responsible for any currency conversion and other bank or customs charges.

4 AUCTION BIDDING AND THE CONDUCT OF THE AUCTION

4.1 Only paid-up and Honorary members may bid.

4.2 Bidding steps shall be 50p up to £5, £l up to £20, £2 up to £50 and £5 thereafter. 'Buy' bids are not accepted.

4.3 The winner of any lot shall be the highest bidder (or in the case of tied bids, the first received).

4.4 The winning bidder shall pay one bid increment more than the second highest bid.

4.5 No lot shall be sold at less than reserve, or in the case of a lot with a price clearly marked as "estimate", for less than 75% of that estimate.

4.6 Postage and packing shall be charged to purchasers for the despatch of their successful bids by the means stipulated by the insurers.

4.7 Lists of "unsolds" will be included with lots sent to successful bidders, and will be published on the APS website within a week of the close of the auction. Unsold lots will be available to members from the Auctioneer for a period of fourteen days from the website-posting. The list of prices realised (including late sale of "unsolds") will be circulated with the next convenient Newsletter or auction catalogue.

4.8 Lots will be dispatched by a means acceptable to the insurer.

5 AUCTION ACCOUNTS AND REPORTING

5.1 The Auctioneer shall set up a current account with a suitable financial institution. The account shall be in the name of the APS Auction. All payments shall be credited to this account.

5.2 The Auctioneer shall be provided by the Treasurer with an appropriate float and shall account to the Treasurer for any expenses including insurance.

5.3 Bidding slips received by the Hon Auctioneer shall be forwarded, along with his financial statement, to the Hon Auditor and then to the Hon Treasurer at the end of each financial year. In every other respect, bidding-slips shall remain confidential.

5.4 On an annual basis, any surplus that has built up within the APS Auction account shall be transferred to the APS general account (less a float to cover the start of the next year).

5.5 The Hon. Auctioneer shall not be entitled to any commission but may claim for directly incurred expenses only, which shall be agreed with the Hon. Treasurer.

5.6 The Hon. Auctioneer shall, within fourteen days of a request, provide the Committee with any information it requires regarding the operation of the Auction.

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©APS. Last updated 26 Sep 2012