Terms & Conditions
TERMS & CONDITIONS
IMPORTANT - READ CAREFULLY All sales in the auction will be considered sold and final.
TIME AND PLACE
All lots/goods will be auctioned on 31st May 2014 at 2:30 pm Hong Kong time
Preview will be at 10am to 1pm on 31st May 2014
Location: Thomson Reuters offices, 42nd Floor, Gloucester Tower, Landmark, Central. Hong Kong.
REGISTRATION
There is no fee to register. Prior to the auction, potential bidders must register and will be issued a bidder number prior to making any bid. The auction company, Hong Kong Auctions Ltd ("HKA") shall have the right, at its absolute discretion, to refuse to allow any person/organization to (i) participate in the auction; or (ii) enter into the auction venue.
TERMS AND CONDITIONS OF SALES ("these Conditions")
1. INSPECTION: Certain lots/goods listed in the Auction List will be available for inspection at the location specified therein ("the Location") during the Preview Day. It is the duty of all the potential bidders to inspect the goods. Each bidder will be deemed to have inspected the goods and acknowledged the conditions of the goods even if he/she has not made any inspection of goods for whatever reasons (including the failure to procure an auction list). Bidders will be deemed to have knowledge of all matters in relation to the goods which they could reasonably have been expected to find out by the exercise of reasonable due diligence of a bidder.
2. RESERVE: Lots/goods in the sale are offered to sell subject to a reserve. The reserve is a confidential minimum price agreed upon by the seller/owner and HKA below which the lot /good will not be sold. In most cases, the reserve will be set below the estimated range, but in no case will it exceed the estimates listed. In any event and whether or not a lot/good is subject to a reserve, the auctioneer may reject any bid or raise not commensurate with the value of such lot/good.
3. ALL SALES ARE FINAL: Bidders should note that a sale by auction is complete when the Auctioneer announces its completion by the fall of the hammer, or in other customary manner. The person who makes the highest bid of the lot/good accepted by the Auctioneer shall be the buyer thereof. In the case of a disputed bid, the Auctioneer shall have sole discretion in determining the buyer and may also, at the auctioneer's choice, withdraw the lot /good or reoffer the lot/good for sale.
4. PAYMENT: All lots goods shall be paid in Hong Kong dollars. After the conclusion of the relevant session of the auction in which the lot /good was sold, the buyer shall pay the full purchase price either by bank draft, cash or credit card (Visa or Mastercard) on the date of auction. Time for payment is of the essence. The lot(s)/good(s) shall be at the buyer's risk from the fall of the hammer and must be paid for in full before the lot(s)/good(s) pass(es) to the buyer. During the auction once a bidder has successfully bid for lots/goods in total over HK$200,000, then HKA reserves the right to request a 20% deposit of the bidding amount before further bids can be accepted.
Buyers Premium- There will be a 10% buyer's premium to be added to each successful sale.
5. EXTENT OF LABILITY:
HKA, the seller or the owner of the lot(s)/good(s) shall have its/their absolute discretion to withdraw/cancel any lot(s)/good(s) in the auction list prior to the auction without prior notice.
Neither the seller, HKA or the owner, its/their respective officers, employees or agents, give any representation, warranty or guarantee or assume any liability of any kind in respect of any lots/goods with regard to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature or historical relevance. Except as required by local law, any warranty of any kind whatsoever is excluded by this paragraph.
The buyer hereby acknowledges that the lots/goods may have been used as displayed items and they are sold to the buyer in the state and conditions when the auction is concluded. All warranties, conditions or terms whatsoever relating to the lots/goods whether express or implied by statute or common law otherwise on the user, fitness for purpose, condition, quality or safety or on any other matters are excluded to the fullest extent permitted by law. The seller or the owner of the lots/goods/HKA shall not be responsible or liable for any damages or loss that the buyer may suffer as a result of the use of the lots/goods or any matters whatsoever concerning the lots/goods or non-delivery or mis-delivery of the lots/goods or for any delay in respect the transportation or delivery or other handling of the lots/goods (or any of them). The buyer shall accept the lots/goods on an as it is basis when it is/they are delivered to the buyer and the buyer cannot reject the lots/goods when it is/they are delivered.
In the event of any breach of any of the terms of these Conditions by HKA, the seller or the owner, the remedies of the buyer shall be limited to damages only . Under no circumstances shall the liability of HKA, the seller or the owner exceed the price of the lots/goods stated herein.
6. GUARANTEE:
(a) Subject to the obligations accepted by HKA, none of the owner, the seller, HKA, its/their respective employees or agents is responsible for the correctness of any statement as to the authorship, origin, date, age, attribution, genuineness or provenance of any lot, for any other error of description of for any fault or defect in any lot and no warranty whatsoever is given by the seller, the owner, HKA, its/their respective employees or agents in respect of any lot; and any express or implied condition or warranty is hereby excluded;
(i) the defect is mentioned in the catalogue; or
(ii) the catalogue description at the date of the auction was in accordance with the then generally accepted opinion of scholars or experts or fairly indicated there to be a conflict of such opinion; or
(iii) it can be established that the lot was as notified in writing by the buyer (as above) only by means of a scientific process not generally accepted for use until after the publication of the catalogue or by means of a process which at the date of the auction was unreasonably expensive or impracticable or likely to have caused damage to the lot.
(c) the buyer shall not be entitled to claim under these Conditions for more than the amount paid by him/her for the lot/good and in particular shall have no claim for any loss, consequential loss or damage whether direct or indirect suffered by him/her.
(d) the benefit of this guarantee shall not be assignable and shall rest solely and exclusively in the buyer who shall be the person to whom the original invoice was made out by HKA in respect of the lot when sold and who has since the sale retained uninterrupted, unencumbered ownership thereof.
7. FAILURE OF PAYMENT: If the full purchase price is not paid on the date of auction, then HKA shall, in its absolute discretion, and without prejudice to any other rights which it may have, be entitled to exercise any one or more of the following rights or remedies:
(a) To proceed against the buyer for damages for breach of contract;
(b) To resell the lots/goods or cause it/them to be resold by public auction or private sale;
(c) To reject or ignore any bids made by or on behalf of the defaulting buyer in any future auction.
8. DELIVERY AND COLLECTION: HKA, the seller or the owner bears no responsibility for delivery of lots/goods to the buyer. The cost of any transportation, delivery, overseas transportation, storage, repair, unpacking, insurance coverage, collection or fixing of the lots/goods, etc. shall be paid by the buyer and the buyer shall make its own arrangement in relation thereto.
With acceptance and compliance of these Conditions by the buyer (including full payment of the purchase price), the buyer shall arrange delivery of the lots/goods within 1 month from the date of the auction or expected delivery date, whichever is earlier.
In the case the lots/goods cannot be delivered at the time mentioned above due to the default of the buyer, the sale shall become null and void and of no further effect and HKA, the seller or the owner shall be entitled to dispose the lots/goods in whatever manner upon such terms and conditions and to such person as HKA, the seller or the owner may in its/their absolute discretion determined. Any payment made will be forfeited.
If the buyer is in delay in taking delivery of the lots/goods, HKA, the seller or the owner may sell them by any appropriate means if there has been an unreasonable delay by the buyer in taking possession of the lots/goods provided that reasonable notice of the intention to sell has been given to the buyer. Any payment made will be forfeited. The risk of the lots/goods transfers to the buyer upon successful bidding of any good/lot by the buyer (i.e. fall of the hammer).
9. ACCEPTANCE OF TERMS: Bidding on any item indicates the acceptance of these Conditions by the buyer and all other terms announced at the time of sale whether bidding in person, through a representative, by phone, by Internet, or other absentee bid.
10. PREVENTION OF BRIBERY ORDINANCE (Cap 201): These Conditions are governed by the Laws of the Hong Kong Special Administrative Region ("Hong Kong"). Potential bidders are reminded that they must comply fully with the provisions of the Prevention of Bribery Ordinance (Cap 201).
11. LAW AND JURISDICTION:
The rights and obligations of the parties with respect to these Conditions, the conduct of the auction and any matters connected with any of the foregoing or the lots/goods shall be governed and interpreted by the laws of Hong Kong. By bidding at auction, whether present in person or by agent, by written bid, telephone or other means, the buyer shall be deemed to have accepted these Conditions and submitted, for the benefit of HKA or the seller or the owner, to the exclusive jurisdiction of the Hong Kong courts, and also accepted that HKA or the seller or the owner also has the right to pursue remedies in any other jurisdiction in order to recover any outstanding sums due from the buyer.
