Conditions of Sales and auction process
CONDITIONS OF SALE
The auction is a public auction held by Antiquorum Genève SA (hereinafter "Antiquorum") on behalf of the consignors of the lots being sold. A person's participation in the auction and/or purchase of any lots constitutes an agreement to be bound by these Conditions of Sale as well as all rights and obligations arising therefrom. The Important Notices contained in this catalogue are deemed to be a part of these Conditions of Sale and are hereby incorporated in their entirety into these Conditions of Sale. Except as amended by Antiquorum in its sole and absolute discretion by the posting of notices or oral announcement at the auction or otherwise, these Conditions of Sale together with the Important Notices and the other contents of this catalogue constitute a full recitation of the terms and conditions under which sales are conducted and may not be amended except in a writing acknowledged by Antiquorum. Unless otherwise agreed in writing by Antiquorum these Conditions of Sale shall apply to auction sales as well as all other sales made by Antiquorum. Antiquorum accepts no responsibility for and shall not be liable for any defaults by any Buyers or Consignors. The auction is held by a Huissier Judiciaire of the Canton of Geneva (hereinafter "the Auctioneer"). The Auctioneer reads the essential clauses at the start of the auction. These Conditions of Sale are available on request and are displayed in the sale room during the auction. The French version of these Conditions of Sale is the authoritative and binding text.
1.LOTS OFFERED FOR SALE
Before the sale, all lots may be examined at the exhibition times listed in the catalogue. All interested persons including, without limitation, bidder's representatives and auction agents are understood to have examined all lots which they purchase and to accept them as they are at the moment of the fall of the Auctioneer's hammer and not necessarily as described in any written material or oral communications. Those persons interested in purchasing any of the lots being sold shall be responsible for examining the lots personally to confirm their actual condition. All lots are sold "as is" according to their condition at the moment of the fall of the Auctioneer's hammer. Buyer acknowledges that it is the responsibility of buyer to fully inspect each lot before bidding and hereby represents that the amounts bid for any lot are based solely on buyer's own independent inspection and evaluation of that lot.
Antiquorum has included in the catalogue estimates of the value of the lots to be sold. Such estimates have been developed using such experts, tests and other methods as Antiquorum has deemed in its sole discretion to be appropriate under the circumstances. Antiquorum shall have no liability whatsoever relating to estimates of value attributed to the lots and all participants in the auction shall be responsible for reaching their own conclusions as to the value of the lots. Neither Antiquorum nor the consignor is responsible for any errors and omissions in the catalogue or any advertisements or other written material, it being understood that any description or statement therein does not constitute a warranty or representation and is provided for identification purposes only.
Unless specified in the catalogue, lots are subject to reserve price which is a confidential minimum amount the consignor is willing to accept. If the reserve price is not reached, the Auctioneer may withdraw the lot from the sale. The Auctioneer may open bidding on any lot below the reserve by placing a bid on behalf of the consignor. The Auctioneer may continue to bid on behalf of the consignor up to the amount of the reserve, either by placing successive or consecutive bids for a lot, or by placing bids in response to other bidders.
Except for the limited warranty, contained in section 2 below, all lots are sold without any representations or warranties by Antiquorum or the consignor as to merchantability, fitness for a particular purpose, rarity, importance, the correctness of the catalogue or other description concerning the author, maker, origin, period, age, attribution, authenticity, provenance, weight or condition of any object. No statement (whether oral or written, made in the catalogue, an advertisement, a bill of sale, posting, announcement or elsewhere) whether made by any employee or agent of Antiquorum shall be deemed to be a warranty, representation or assumption of liability. Neither Antiquorum nor the consignor have any responsibility whatsoever for any defect in or deterioration of any lot.
2.LIMITED WARRANTY
Except as otherwise provided in the paragraph immediately following, Antiquorum warrants that, upon the consummation of the sale of any lot under the terms and conditions contained in this catalogue, clear and unencumbered right, title and interest in and to such lot shall pass to the buyer. Antiquorum guarantees for a period of one (1) year from the date of sale that the authorship of each lot in this catalogue is as set out in the bold or capitalized type in the catalogue description of the lot. Antiquorum makes no warranties, whatsoever, whether express or implied, with respect to any, material in the catalogue other than that appearing in the bold or capitalized heading subject to the exclusions below. Antiquorum does not guaranty that all component parts of any timepiece are original to the timepiece.
The guarantee does not apply if the catalogue description was in accordance with the opinion of generally accepted experts and specialists at the date of the sale, or the catalogue description indicated that there was a conflict of such opinions.
The guarantee is provided for a period of one (1) year from the date of the relevant auction, is solely for the benefit of the original purchaser of record and is not transferrable. In the event of any claim by the original purchaser regarding a bold or capitalized provision, said purchaser must (i) notify Antiquorum in writing within 7 days of receiving any information that causes the original purchaser of record to question the accuracy of the bold or capitalized type heading, specifying the lot number, date of the auction at which it was purchased and reasons for such question: and (ii) return the lot to Antiquorum at the original selling location in the same condition as at the date of sale to the original purchaser of record and be able to transfer good title to the lot, free from any third party claims arising after the date of such sale.
Antiquorum has discretion to waive any of the above requirements. It is specifically understood and agreed that the rescission of a sale and the refund of the original purchase price paid (the successful hammer price, plus the buyer's premium) is exclusive and in lieu of any other remedy which might otherwise be available as a matter of law, or in equity. Antiquorum and the consignor shall not be liable for any incidental or consequential damages incurred or claimed, including without limitation, loss of profits or interest. Other than the limited warranty and guarantee provisions above, Antiquorum and the consignor make no representations, warranties or guarantees regarding the lots sold hereunder.
3.THE AUCTION
The auction will be conducted in French but the bidding may be translated also into English.
The purchase price payable by a buyer will be the sum of the final bid price plus the buyer's premium, together with any applicable sales or compensating use tax. In addition to the hammer price, the buyer's premium is payable as follows: 25% of the hammer price on each lot up to and including CHF 100,000, 20% from CHF 100,001 to CHF 1,500,000 and 12% from CHF 1,500,001. Antiquorum may in its sole and absolute discretion and at any time withdraw, group differently or divide any lot included for sale and shall have no liability whatsoever for the same. Antiquorum reserves the right to refuse any bids in its full and absolute discretion. In the event of any dispute between bidders, or any other issue with respect to the bidder, the Auctioneer will have absolute discretion to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the article in dispute. His/her decision is recorded in the sale report which is conclusive.
Bidding shall generally be increased in increments of 10%, however, the Auctioneer may modify bidding increments from time to time at his/her absolute discretion. The minimum bid is communicated during the auction. Any person bidding for the account of a third party is fully liable for any obligation assumed by such person relating to the sale. This liability includes, without limitation, the verification of the condition and valuation of lots and the payment for lots purchased. Although Antiquorum, in its sole discretion, may execute absentee bids (written bids left with Antiquorum prior to sale) or accept telephone and internet bids as a convenience to clients who are not present at auction, Antiquorum is not responsible for failing to execute such bids or for any errors or omissions in connection therewith.
High value lots (identified by Antiquorum in its entire discretion) may, unless otherwise agreed, be bid for only by prospective Buyers who have completed pre-bidding registration for the high value lot category.
4.PAYMENT
Title to the offered lot passes to the buyer upon the fall of the Auctioneer's hammer and the announcement by the Auctioneer that the lot has been sold, subject to compliance by the buyer with all other conditions of sale, including full payment as required hereunder. Buyer shall have no right to revoke acceptance of any lot after the fall of the hammer.
The buyer thereupon assumes full risk and responsibility for the lot. The buyer shall immediately pay the full purchase price, buyer's commission and all applicable sales and other taxes in Swiss francs using a method of payment acceptable to auctioneer (including Swiss currency, bank wire). Payment in foreign currencies is accepted at the rates of exchange of the day of sale as determined by Antiquorum. Lots are delivered to the buyer only upon the full payment of all such amounts. Shipping and packing arrangements and charges are the sole responsibility of the buyer. After payment has been made in full, Antiquorum may, as a service to the buyer, arrange to have the purchased lots packed, insured and shipped at the buyer's request and expense. In this event, the buyer agrees that all said packaging, handling and shipping is at the sole risk of the buyer and that Antiquorum shall have no liability for any loss or damage to the purchased lots. Antiquorum may move the property to an off-site storage at the risk of the buyer. Buyer will be required to pay all applicable taxes, or fees levied by any authority (unless Antiquorum receives satisfactory proof of exemption, to be determined in Antiquorum's sole discretion).
A 7,7% VAT is applicable to each sale. VAT will be entirely refunded upon receipt of an export declaration validated by the Swiss Federal Customs Administration.
It is expressly agreed that consignor shall only receive payment for a lot provided Antiquorum has received full payment from buyer, including such lost commissions and administrative and handling charges.
5.REMEDIES, APPLICABLE LAWS AND JURISDICTION
To the extent that any other information or provision set forth in this catalogue is inconsistent with the Conditions of Sale, the Conditions of Sale shall be controlling.
If the buyer fails to comply with any of these Conditions of Sale, Antiquorum may (in addition to asserting all remedies available by law), (i) hold such defaulting buyer liable for the purchase price; (ii) cancel the sale; (iii) resell the property without reserve at public auction or privately on seven days' notice to the buyer; (iv) pay the consignor an amount equal to the net proceeds payable in respect of the amount bid by the defaulting buyer and then resell the property to a third party without reserve at public auction or privately on fifteen (15) days written notice to such buyer; or (v) return the lot to the consignor, provided forty-five (45) days have elapsed and no payment has been received from buyer; or (vi) take such other action as Antiquorum deems necessary or appropriate. If Antiquorum resells the property pursuant to clause (iii) or (iv) above, the defaulting buyer shall be liable for the payment of any deficiency between the purchase price and the price obtained upon resale and all costs and expenses, including administration, handling, insurance, warehousing, the expenses of both sales, reasonable attorneys' fees, commissions, incidental damages and all other charges due hereunder. In the event that such buyer pays a portion of the purchase price for any or all lots purchased, Antiquorum shall apply the payment received to such lot or lots as Antiquorum, in its sole discretion, deems appropriate.
Any buyer who fails to comply with these Conditions of Sale will be deemed to have granted Antiquorum a security interest in, and Antiquorum may retain as collateral security for such buyer's obligation to it, any property in Antiquorum's possession owned by such buyer. This security interest secures the principal amount of any such claim and also any outstanding or accruing interest, commissions, costs and all other fees as well as any and all damages suffered by Antiquorum. Antiquorum is entitled, but not obliged, to realize freely the security interests without further formalities and without previous notice to the buyer who is in default of payment on his debt or in the fulfilment of any other obligation hereunder. In any event, Antiquorum will be entitled to realise its security on a private treaty basis. For this purpose, Antiquorum is not bound to comply with the the formalities of the Federal Law dealing with actions for debt and bankruptcy proceedings ; in addition, Antiquorum may choose to institute or proceed with the usual proceedings witjout having beforehand sold the secured goods and without having moreover given up its rights to them.
Payment will not be deemed to have been made in full until Antiquorum has collected sufficient funds. In the event the buyer fails to pay any or all of the total purchase price for any lot and Antiquorum nonetheless elects to pay the consignor any portion of the sale proceeds, the buyer acknowledges that Antiquorum shall have all of the rights of the consignor to pursue the buyer for any amounts paid to the consignor, whether at law, in equity, or under these Conditions of Sale.
The buyer's sole and exclusive remedy against Antiquorum and the consignor shall be the rescission of the sale and the refund of the original purchase price paid for the lot. This remedy shall be in lieu of any other remedy which might otherwise be available as a matter of law, and neither Antiquorum nor the consignor shall be liable, in whole or in part, for any special, incidental or consequential damages, including, without limitation, loss of profits.
By bidding at the auction, whether present in person or by agent, by absentee bid, telephone, internet, or other means, the buyer shall be deemed to have consented to the following: this agreement shall be interpreted and enforced according to Swiss law by the Courts of the Canton of Geneva and the buyer hereby irrevocably and unconditionally submits to the exclusive jurisdictions of the Courts of Geneva, subject to appeal to the Swiss Federal Court, over any suit, action or proceeding arising out of or relating to this agreement. The buyer hereby irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. The buyer agrees that a final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon the buyer and may be enforced in any other courts to whose jurisdiction the buyer is or may be subject, by suit upon such judgment;
• No waiver, delay, modification or breach of any provision of this agreement by Antiquorum shall constitute a waiver of any preceding or succeeding breach of the same or any other provision hereof.
• If any part or provision of this agreement is, for any reason, adjudged unenforceable, such adjudication shall in no way affect any other part or provision of this agreement or the validity or enforcement of the remainder of this agreement, and the part or provision affected shall be curtailed or altered only to the minimum extent necessary to make it conform to the applicable law.
THE AUCTION PROCESS
The auction process is not as daunting as you may think, especially if you have selected Antiquorum as your auctioneer. antiquorum and its team of experts strive to help you, the client, buy and sell at auction with ease and confidence. To walk you through the process, antiquorum has outlined the important steps you should know in order to successfully purchase or consign timepieces at auction.
THE AUCTION CATALOGUE
{ printed or online }
THE BUYER
Lot descriptions provide technical data carefully compiled by our experts for each lot in the sale and are often enhanced by historical or bio graphical comments.
• Estimates are listed at the end of each lot description and are an indication of the price range the lot is expected to fetch. Estimates do not include the buyer's premium or sales tax.
• An estimate indicated by three stars ***, advises clients to contact Antiquorum for more information.
• Condition Reports are given for each lot in the catalogue based on a grading system developed by Antiquorum's experts. This grading system is explained at the end of the auction catalogue.
• Buyers are advised to read the Conditions of Sale (at the end of the auction catalogue or online) and Important Notices (at the beginning of the auction catalogue or online) before bidding at auction.
• Auction catalogue can be viewed at www.antiquorum.swiss .
REGISTERING TO BID IN THE
TRADITIONAL AUCTION
Each client wishing to bid at auction is required to register at the latest two hours before the sale. Clients may register the morning of the sale, beginning at 9:00 a.m., at the auction venue. Clients will be able to pick up their bidding paddles on the day of the sale, prior to the auction, just outside the saleroom.
BIDDING IN THE SALEROOM
Los offered for sale are auctioned in numerical order as they appear in the catalogue. The lot being auctioned is announced by the auctioneer, as well as shown live or illustrated on a screen at the front of the saleroom. Bidders are advised to have the auction catalogue to hand during the sale for reference.
ABSENTEE BIDDING [WRITTEN BIDS]
If you are unable to bid in person at the auction, you can submit an absentee or written bid. Bid forms are found in every auction catalogue, as well as on Antiquorum's website at www.antiquorum.swiss, and can be requested at preview exhibitions or from any Antiquorum office (see the list of worldwide offices). Bid forms should be completed and signed, then faxed to Antiquorum at fax. +41 (0) 22 909 28 60 or emailed to bids@antiquorum.swiss. E-mail bids can be submitted, but must be followed-up with a signed bid form. Absentee bids will be processed on your behalf at auction by Antiquorum's staff.
This service is free of charge and Antiquorum's staff will execute the bids at the lowest possible price, taking into account the reserve and other bids. Antiquorum cannot be held responsible for errors, omissions or late-arriving bids. In the event that two identical bids are received, the first bid received by Antiquorum will take precedence. It is very important that the bidder lists a daytime telephone number in case any part of the bid form is unclear. It is advisable to send the bid form in good time before the auction, especially in the case of new buyers, whose bank references will be checked.
Bids submitted in a foreign currency will be converted to CHF using the exchange rate on the day of the sale.
AUCTION PREVIEWS
Previews are conducted by Antiquorum prior to each auction and details of these exhibitions are found at the beginning of every catalogue or online. Previews are open to the public and prospective buyers are encouraged to view and examine lots offered for sale prior to making their purchases.
TELEPHONE BIDS
You may also participate in Antiquorum auctions by telephone. This service is free of charge and telephone bids will be executed by an Antiquorum staff member in the saleroom.
All telephone bids must be confirmed in writing on a completed bid form. Please provide the telephone number(s) at which you can be reached during the sale. Bid forms should be completed and signed, then faxed to Antiquorum at fax. +41 (0) 22 909 28 60 or emailed to bids@antiquorum.swiss.
Antiquorum will call you during the auction approximately 3 to 10 lots before the lot(s) on which you wish to bid. Language assistance for telephone bidding is available in English, French, German, Italian, Mandarin, Cantonese and Japanese.
Please note that all bid cancellations must be received in writing.
CURRENCY CONVERSION
Auctions are conducted in Swiss Francs in Geneva, and in HK Dollars in Hong Kong. A currency conversion board is made available in each saleroom and online, indicating approximate exchange rates for various major currencies.
SUCCESSFUL BIDS
When the auctioneer's hammer falls, the final bid has been reached and the auctioneer will record the bidder's paddle number, or the absentee bid number. If your bids have been successful, you will be notified by means of an invoice sent by e-mail. You are also welcome to call Antiquorum the day after the auction to request the outcome of your bids.
LOTS SOLD WITHOUT RESERVE
When the entire first part of the description is in red, this indicates that the lot is to be sold without reserve, as is also stated beneath or alongside the description.
SALES RESULT
Price lists are made available online at www.antiquorum.swiss approximately six hours after the end of each auction.
PAYMENT
Payment for purchased lots at any Anti quorum auction is due within 7 days of the sale date.
• For traditional auctions, the buyer's premium is: 25% of the hammer price on each lot up to and including CHF 100,000, 20% from CHF 100,001 to CHF 1,500,000 and 12% for all amounts in excess of CHF 1,500,001.
• Extended payment terms or special credit terms can be arranged on occasion.
• For information regarding payment policies, please contact accounting department at Antiquorum Geneva, tel. +41 (0) 22 909 28 50.
• PAYMENT METHODS Payment may be submitted in cash, by wire transfer, check (not applicable with Antiquorum Geneva) or credit card (restrictions apply).
• WIRE TRANSFER Please refer to the wire transfer instructions as shown on your customer invoice.
• CASH is limited to the equivalent of CHF 10,000.
• CREDIT CARDS Major credit cards are accepted (1.8% service charge for MasterCard and Visa and 2.59% charge for American Express).
COLLECTION
For collection of lots purchased, the buyer will need to contact Antiquorum with instructions. Collection of purchased lots can only take place once the invoice has been paid in full. For more details, contact Antiquorum Geneva, tel. +41 (0) 22 909 28 50.
SHIPPING & INSURANCE
Winning lots (watches only) are available for pick up at our Geneva office for buyers having selected the collect point Geneva and at our Hong Kong office for buyers having selected the collect point Hong Kong.
All others will be shipped directly to their location as per buyer's instructions.
Please note that buyers are responsible for all shipping fees and any other applicable fees including value added tax, customs duties etc… for importation to their respective countries.
1% of the hammer price plus premium will be charged to cover the insurance liability, as according to law once the hammer falls the buyer is responsible for the insurance of the lot.
Please note Antiquorum is not responsible for shipping clocks, furnitures, voluminous and/or fragile items. Our shipping department will assist you in choosing a third party crating service.
ONLINE BIDDER REGISTRATION
The registration process for online interactive bidding and online absentee bidding is similar to that used for traditional telephone and absentee bidding. On Antiquorum's fully secure website, www.antiquorum.swiss, the following steps must be completed by prospective buyers:
• Register, providing the bidder's name, address, telephone number, email address, and a requested credit limit for online bidding. NOTE: First time bidders are required to provide a valid ID (passport, identity card or driver licence). In some cases, Antiquorum may impose a credit limit to the online applicant, in which case the amended credit limit will be communicated to the client upon receipt of the registration form.
• Accept Antiquorum's terms and conditions of sale.
• Submit registration form to Antiquorum's fully secure website.
• Approved bidders will receive an email confirmation with a paddle number and PIN (Personal Identity Number)..
Once the auction catalogue is available online, prospective buyers can register or place absentee bids online. Absentee bids are accepted online up until two hours prior to the start of the live interactive auction. On auction day, registered online bidders connect to www.antiquorum.swiss to follow instructions for live interactive bidding.
For collectors who simply want to follow the live auction in progress, no registration is needed to view a live internet broadcast made available on auction day. For additional information about the online bidding system, terms and conditions of use and sale, please visit www.antiquorum.swiss.
online interactive and absentee Bidding
Antiquorum's fully secure online interactive bidding system allows prospective buyers to place interactive bids and absentee bids directly through www.antiquorum.swiss for all traditional auctions worldwide. Especially designed to offer the suspense and excitement of a traditional auction room, Antiquorum's online interactive bidding system allows buyers worldwide to bid as safely and comfortably as if they were in the saleroom.
tHe SyStem offerS many featureS to faCilitate tHe online BiddinG proCeSS:
• The lot number with its image and description.
• Bid history for all previous bids on the current lot buyers are bidding upon.
• A countdown icon (Adapted to each user's connection speed) indicating the time left for bidding.
• Access to a HELP LINE in the event of a connection failure.
• Auction monitoring in major currencies, including the bidder's preferred currency.
• View of the paddle number and the location (room or online) of the person bidding at that moment.
Antiquorum's online interactive bidding system also offers buyers the option to place an online absentee bid. Absentee bids are accepted by the online server up to three hours before the start of the live interactive auction. To help familiarize prospective buyers with Antiquorum's online bidding system, a bidding simulator is available on www.antiquorum.swiss.
