CONDITIONS OF SALE
Participation and bidding in the auction means acceptance in full and bound by all of these Conditions of Sale, the Important Notices and all other
sections under headings stated on our website www.antiquorum.swiss which contain all the terms and conditions on which Antiquorum and the Seller
contract with the Buyer as well as any rights and obligations arising therefrom. All these terms and conditions shall apply to the auction sales and also
apply to all transactions and other sales in auction lots taking place outside the auction sale. Antiquorum, as the organiser of the auction, acts as an agent
only and accepts no responsibility and is not liable for any default(s) of Buyer(s) and/or Seller(s). These Conditions of Sale are the authoritative
and binding text. The auctioneer reads out the essential clauses of these conditions at the start of the auction. They may be amended by posted notices
or oral announcements made during the sale.
1. DICTIONARY
Unless otherwise in conflict with the
context the following terms have the
following meanings in these Conditions
of Sale:
Absentee Bid means any bid proposed
to be made by any prospective Buyer by
way of and through completion of the Absentee
Bid Form provided by Antiquorum;
Absentee Bid Form means the form to
be completed by any proposing Buyer
either to instruct Antiquorum to bid on
behalf of that Buyer or to give the Buyer's
telephone contact for a telephone bid and
in the form set out in the catalogue and in
Antiquorum's website;
Antiquorum means Antiquorum Auctioneers
(Hong Kong) limited., a company
incorporated in Hong Kong under incorporation
number 309728 having its registered
office at Room 704, No. 9 Queen's
Road Central, Hong Kong;
Antiquorum Associated Company means
any company associated with or under
the same group proprietorship of Antiquorum
and any subsidiary having the
meaning in Section 2 of the Companies
Ordinance Cap.32 of the Laws of Hong
Kong;
Bidder means any person who in
whatever way makes or attempts to make
a bid and includes Buyers;
Bid means any putting forward by
whatever means by or on behalf of a Bidder
by which that Bidder communicates
an intention to buy at the auction;
Buyer is the successful highest bidder
accepted by the auctioneer at or after the
auction and including the principal of any
agency bidder;
Buyers Dues are any amounts of whatever
type or character due to Antiquorum from
the Buyer;
Buyer's Premium is the additional sum
over the knock down price of a lot at the
auction which is due and payable by
the Buyer on the fall of the hammer and
payable at the rates set out in Clause 5.3
of these Conditions of Sale;
Counterfeit is as defined in Clause 6.1
hereto;
Hammer Price is the price either as
accepted by the auctioneer at the auction
sale by the fall of the hammer or the price
agreed for any particular lot which is the
subject of a post-auction sale transaction;
Purchase Price is the Hammer Price and
including applicable Buyer's Premium;
Reserve is the (confidential) minimum
sum below which the Seller has not
agreed to sell a lot at auction;
Seller is the offeror offering through the
auctioneer a lot for sale by auction and
includes any agent of the Seller (other
than Antiquorum) and the executors or
personal representatives of a deceased
Seller.
2. ANTIQUORUM AS AGENT
Except as otherwise stated Antiquorum
acts as agent for the Seller. The contract
made at or after the auction for the sale of
the property is therefore made between
the Seller and the Buyer.
3. OFFER OF THE AUCTION LOTS
3.1 As presented in the auction catalogue:
Lots are meticulously described
and with the greatest care, however
without responsibility. Photographs count
as part of the description with regard to
visible attributes. Material contained in
the catalogue, advertisements or other
publications of Antiquorum is presented
on an indicative basis only.
Please note the Important Notices,
in particular, all statements by us are
statements of opinion and are not in any
way statements of fact to be relied upon.
Such statements can be entered in the
catalogue for the lot concerned or in
the condition report or made elsewhere
whether orally or in writing.
Any reference by Antiquorum regarding
damage or restoration whether in the catalogue
entry for any lot or in the condition
report on such lot are for guidance only.
Evaluation by the Bidder or its representative
should be made in person in all cases. Where
there is no reference to damage or restoration
there is no implication that a lot or part thereof
is defect free or unrestored. If a particular defect
is identified this does not imply that other
defects are absent. All statements are not
representations, warranties or assumptions of
liabilitiy by Antiquorum.
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. No estimate may be
taken to be an indication either that a lot will
sell at such price nor in any other respect that
the figure concerned is a statement of value.
Responsibility of both Antiquorum and the
Seller for any errors and omissions in the
catalogue or in any other related material
is restricted exclusively to the provisions in
Clause 6 below and no other responsiblity is
accepted.
3.2 As viewed: Before and during the auction
sale, all lots may be examined at the
times scheduled in the auction catalogue.
Antiquorum will normally provide a condition
report upon request. However as stated in 3.1
above, intending Buyers are advised to carry
out personal or trusted agent examination of
any lot of interest before the auction takes
place. Persons attending the auction and/or
who have viewed any lots before the auction
and/or 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 knockingdown
and not necessarily as described.
Therefore, all lots are sold "as is" according
to their condition at the moment of the fall
of the auctioneer's hammer. Those persons
interested must examine the lots personally
to confirm their actual condition and to
determine
if any object has been repaired or restored.
The Buyer acknowledges that it is the
responsibility of the Buyer to fully inspect each
lot before bidding and hereby represents that
the amounts bid for any lot are based solely
on the Buyer's own independent inspection
and evaluation of that lot.
3.3 The sale takes place without any
guarantee whatsoever except as stated in
these Conditions of Sale. Save and except
as provided in Clause 6, neither Antiquorum
acting as agent only nor the Seller accept any
responsibility whatsoever for any defect or
deterioration of any lot nor for any precisions
or indications given concerning the author,
maker, origin, period, age, attribution,
authenticity, provenance, weight or condition
of any object. Furthermore no employee
of Antiquorum has authority to give any
kind of guarantee whatsoever.
3.4 Respective responsibility positions
and duties of Buyer, Bidders and Antiquorum
3.4.1 Exclusive responsibility to check
and confirm satisfaction with the
condition of any lot and any catalogue
description is with the Buyer.
3.4.2 Bidders/Buyers acknowledge
their responsibilities whether personally
or through trusted agent to carry out
inspections and investigations as to
any and all lots of interest knowing and
being aware that the knowledge of Antiquorum
regarding each lot is generated
from information provided by the Seller
and that Antiquorum confirms no ability
or obligation to perform due diligence
on any lot.
3.4.3 Bids at any auction are accepted
by Antiquorum only on the basis that
Bidders and any trusted agents at the
Bidder's expense have inspected the
lot prior to bidding and are satisfied as
to condition and catalogue description
accuracy. All lots are fully available for
inspection by Bidders prior to the sale in
each case for this purpose.
3.4.4 If a condition report makes reference
to a particular aspect of a lot this
is not to be taken as a conclusive and
exclusive identification of any particular
imperfection or other fault not identified
to the Buyer. Catalogue and condition
report illustrations are for identification
only and are not to be relied upon as to
actual condition which is to be taken as
condition at the time of sale.
3.4.5 No given estimate may be taken as
the sale price or value of any lot and all
estimates are subject to variation in the
entire discretion of Antiquorum at any
time. Accordingly, the Buyer in bidding
accepts that any estimate is a statement
of genuine opinion by Antiquorum and
not a commitment or guarantee.
3.4.6 No copyright warranty or representation
is made by Antiquorum or the
Seller in respect of any lot.
3.4.7 The Buyers accept that catalogue
and condition report descriptions of
any lot are made by Antiquorum with
reasonable care as auctioneer only and
will have relied on information provided
by the Seller.
4. AUCTION BIDS
4.1 Antiquorum have full discretion to
refuse admission to the premises or
participation in any auction, refuse any
bidding, to divide any lot or lots, to
combine any two or more lots and to withdraw
any lot or lots from the sale in any
case without giving reason. The auction
will be conducted in English. Antiquorum
may open the bidding on any lot below
the Reserve and may also bid on behalf
of the Seller in cases where the Reserve
has been fixed. In these cases, the Seller
is treated as a buyer and the auctioneer
shall bid on his behalf up to the Reserve
either by placing consecutive bids or
by placing bids in response to other
Bidders. The auctioneer has discretion
not to indicate that he is doing this and
he may take such actions regardless of
the placing or not placing of other bids.
If the Reserve fixed by the Seller is not
reached the auctioneer passes to the
next lot by a simple knock of the gavel.
The starting price is fixed by the auctioneer
at his discretion. The increase in
bid steps is fixed between 5% and 10%.
However the auctioneer can modify this
rate at his own discretion.
4.2 Bidders giving bidding instructions to
Antiquorum may make alternative offers
and/or limit the total of their expenditure
in advance. Bids marked "BUY" are
considered up to ten times the printed
estimate price. Bids must be expressed
in the local currency where the auction is
held. Bids made in other currencies will
be converted into the local currency at
the market rate of the day of auction by
Antiquorum. Bids stand and hold good
for at least 60 days from the auction period.
Antiquorum reserves the right to invoice
Buyers up to the end of the 60 day
period, payment being due immediately.
Antiquorum assures the expeditious execution
of bidding orders it has received.
Alterations in bidding orders are only
accepted prior in writing.
4.3 Those persons who wish to bid at the
auction must make themselves known
before the sale to Antiquorum. They will
be given an identifiable bidding number.
Those persons who wish to bid over the
phone must make themselves known at
least two working days prior to the day of
the auction. Those persons who are not
known to Antiquorum may be asked to
provide financial security for their bids at
least two working days before the sale.
The auctioneer has the right to refuse
to adjudicate any lot to an unidentified
person or to someone who he knows to
be a bad debtor, this in the interests of
the Seller.
4.4 Intended bidders must be registered in
order to bid at this auction. To register, bidders
must fill out an Antiquorum registration form and
send it back by email or by fax to Antiquorum at
the latest 2 hours prior to the start of the auction.
Registration is considered completed once
Antiquorum has approved the registration form.
As part of their registration form, bidders must
also provide a valid form of identification. Please
note that Antiquorum may require from intended
bidders banking details or/and financial
references.
Moreover, separately and indipendentely
Antiquorum may also require from intended
bidders a deposit as a pre-condition to permit
any intended bidder to make a bid.
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.
4.5 The Bidder as principal or as agent
It may be expressly agreed in writing with
Antiquorum before commencement of
the sale that the Bidder is purely acting
as agent on behalf of the principal as an
identified third party subject always to
acceptance
by Antiquorum. Such agreement
may comprise agreement that Antiquorum
will only seek payment from the principal
and not the agent. In the absence of such
written agreement the Bidder accepts
that making a bid makes and attracts and
incurs personal liability for the Bidder to
pay the Purchase Price and all applicable
taxes and all other applicable charges.
4.6 Absentee Bids Please refer to the
Antiquorum website for the Absentee Bid Form.
Purely as a convenience to Bidders who are not
able to attend the auction in person or by
agent or on the telephone Antiquorum may
accept and carry out Absentee Bid Forms
delivered prior to the auction sale. Identical
Absentee Bid amounts for a particular lot
received separately from different Bidders
constituting the highest two Bids for that lot
shall be sold to the Bidder whose completed
Absentee Bid Form was received and
accepted first by Antiquorum.
Where appropriate, the Absentee Bids will
be rounded down to the nearest amount
consistent with the auctioneer's bidding
increments.
However, all Buyers accept that
the Absentee Bid service by Antiquorum is
a free service subject always to any other
commitments of Antiquorum at the time
of sale. Antiquorum accepts no liability
for failure to execute an Absentee Bid nor
for errors and omissions in connection
therewith.
4.7 Telephone bids Telephone bids may
be recorded. If agreed by Antiquorum
in advance of any sale arrangements
may be made with a prospective buyer
to telephone the prospective Buyer to
enable him to participate in the bidding
by telephone. However the Buyer accepts
that Antiquorum takes no liability for failure
to make such contact nor for errors and
omissions in connection with telephone
bidding.
4.8 Online bids Subject always to appropriate
available arrangements made by
Antiquorum, online Bids may be offered
as an additional free service to the buyer
at their sole risk. Any such online bids are
undertaken by Antiquorum with reasonable
care subject always to its other commitments
at the time of sale. In no circumstances
shall Antiquorum be liable for failure to place
any online bid which will always be subject to
conditions (if any) available on the Antiquorum
website or in hard copy upon request.
4.9 Currency converter Antiquorum offers
at certain sales only a currency conversion
facility displayed on a screen in the sale room.
Antiquorum accepts no responsibility for
errors either in the operation of the currency
converter nor in respect of the accuracy of
the conversions shown. The only meaningful
numbers in respect of any lot are the actual
bids made in the sale room in the currency of
the sale.
4.10 Video or digital images If Antiquorum
may provide at any sale video or digital
screening of any lot Antiquorum accepts no
liability or responsibility either in the operation of
the screening of the image nor for the quality of
image shown.
Antiquorum reserves rights for visual or audio
recording of the proceedings at any auction
sale.
Any personal data obtained by way of such
filmed or recorded record shall be held in
confidence by Antiquorum but may be used
by Antiquorum or communicated to any
Antiquorum
Associated Company and marketing
partners for the purposes of the customer
analysis of any such parties and further may
be used by Antiquorum to match the quality
and range of the services of Antiquorum to
the requirements of the auction buyer market.
Any Buyer or intending Buyer not wishing to
be filmed or recorded in this way may make
arrangements with Antiquorum to bid by
telephone in accordance with 4.7 above.
4.11 Reserves Lots maybe offered without
Reserve. Any such lot shall be identified in
the catalogue with the disclaimer "To be sold
without reserve" placed under the lot estimate.
In such case in the absence of competing
bids the auctioneer has the discretion to take
the low pre-sale estimate for the lot and he
may open the bidding at 50% of that figure.
If no bid responds to that opening level the
auctioneer has a discretion to offer downward
bidding to the point where a bid is made
when the auctioneer may continue the sale
by increasing bids upwards from that point.
Unless there is a higher bid any Absentee Bid
may in the discretion of the auctioneer either
be made at the amount of the bid if less than
50% of the low pre-sale estimate or, if higher,
at 50% of the low pre-sale estimate.
In the absence of any indication otherwise the
Reserve shall apply to all lots. If bidding does
not rise to the Reserve level, the auctioneer
may withdraw the lot from the sale. The
Reserve will not exceed the lower estimate
printed in the catalogue.
4.12 Auctioneer's discretion The auctioneer
may exercise absolute and sole discretion
whether during or after the sale:
4.12.1 In the case of error or dispute to identify
the successful Bidder or continue the bidding
or cancel the sale or re-offer and resell
the item in dispute at any level open to him;
4.12.2 To refuse or accept any bid or raise
the bidding or withdraw or divide any lot
or combine any two or more lots or offer
again any lot for bidding or take such
other action as he may think fit.
If any dispute arises after a sale the
record of Antiquorum for the sale shall be
conclusive.
5. THE AUCTION
5.1 Prerogatives of Antiquorum
Antiquorum may at its full and absolute
discretion withdraw, group differently,
divide or refuse to knock down any lot of
this sale and shall have no liability whatsoever
for the same. Antiquorum reserves
the right to refuse any bid orders and/or to
refuse admittance to the auction room, at
its sole discretion. Antiquorum cannot be
held responsible for any physical accident
that may occur on the premises of the
auction.
5.2 Bidder's representatives and auction
agents Any person bidding for the
account of a third party is fully liable for
any obligation assumed by such person
arising from this auction. This responsibility
is notably applicable to the verification
of the condition and to the payment of lots
purchased.
5.3 Creation and conclusion of contract
All Bids shall be treated as offers made
subject to these Conditions of Sale. The
fall of the hammer shall conclude the
contract between the Buyer and the Seller
from which point the Buyer is liable to pay
the Purchase Price and after which point
the Buyer shall have no right to revoke his
bid price accepting any lot. Each lot is
sold on behalf of the respective Seller to
the highest Bidder.
In addition to the Hammer Price together
with any applicable tax and charges, the
Buyer's Premium is payable as follows:
25% of the hammer price on each lot up
to and including HKD 800,000, 20% from
HKD 800,001 to HKD12,000,000 and 12%
more than HKD 12,000,000. On the fall
of the gavel and subject to Clause 5.5,
the risk, responsibility and liability for the
knocked-down lot (or lots) but not its title
passes to the Bidder whose bid has been
accepted.
Delivery to the Buyer of any lot shall be
made when the Purchase Price is paid in
full and all other applicable Conditions of
Sale are complied with by the Buyer.
Title to any lot shall not pass to the Buyer
until receipt by Antiquorum in good
cleared funds of the Purchase Price
and of all amounts due from the Buyer
to Antiquorum and to any Antiquorum
Associated Company. Antiquorum may
apply any deposit held by Antiquorum to
settle any amounts of the Buyers Dues of
whatever type payable either by the Buyer
or by any third party or principal for whom
the Buyer is acting as agent as bid to
Antiquorum or any Antiquorum Associated
Company and only the resulting surplus (if
any) of the deposit shall be refundable to
the Buyer.
5.4 Whether or not the Buyer wishes to
export the lot from the territory of the
sale requiring an export licence from
the relevant authority in that territory the
Buyer when attending in person shall
pay the Purchase Price in local currency
together with all other applicable
sales and other taxes by a method of
payment acceptable to Antiquorum.
At the discretion of Antiquorum,
payment in foreign currencies may be
accepted. The exchange rate applied
is the middle market rate the day of
payment as determined by Antiquorum.
Delivery of the lots may be postponed
due to customs clearance. Mail
Bidders who are successful and Buyers
attending the auction in person with
whom it has been expressly agreed that
they may pay after the sale, are due
to pay the Purchase Price on receipt
of the auction invoice. In these cases,
Antiquorum keeps the adjudicated lots,
which are delivered to the Buyers on full
settlement of their account. Delivery of
the purchased lots by post or any other
means if instructed by the Buyer, including
cost of normal transit insurance
cover, is at the expense of the Buyer.
The Buyer hereby expressly authorises
Antiquorum to recover any part of any
unpaid invoice, including commissions
and administrative and handling
charges due to Antiquorum by charging
any such amount to the credit card
of the Buyer such right to be exerciseable
on and following the thirtieth day
following the sale. The Buyer shall pay
any additional administration and handling
charge at the rate set by the sale
office to the total invoiced Purchase
Price and additional amounts.
5.5 Collection of purchases Unless
otherwise agreed in writing full Purchase
Price and all other amounts must
be made by or on behalf of the Buyer to
Antiquorum in order to enable delivery
to the Buyer of all purchased lots. Following
such full payment Antiquorum
may arrange for such lots to be packed,
insured and shipped for the sole account
and at the sole risk of the Buyer
absolving and releasing Antiquorum
from any liability for loss or damage to
any such lot. At the risk of the Buyer
Antiquorum reserves the right to move
any lot to an off-site storage facility.
Until the Buyer has as the case may
be either performed any outstanding
obligations due by the Buyer as
Antiquorum in its sole discretion shall
require including the completion of any
anti-money laundering or anti-terrorism
financing checks or until all amounts
due to Antiquorum or to Antiquorum
Associated Company shall have been
received in full in good cleared funds
Antiquorum shall be entitled to retain all
items sold. In the event that to the full
satisfaction of Antiquorum a Buyer shall
not complete any anti-money laundering or
anti-terrorism financing checks, Antiquorum
shall be entitled to annul and cancel
the sale and to take any other requisite
or permitted action under applicable law.
Subject thereto and conditional thereon,
the Buyer shall collect purchased lots
within thirty calendar days from the date
of the sale unless otherwise agreed in writing
between Antiquorum and the Buyer.
With effect from the thirtieth day from the
date of the sale uncollected items shall be
subject to a monthly storage charge by
Antiquorum per on a per lot basis.
The risk and the responsibility to insure
any purchased lot shall pass to the Buyer
from the earliest of the date of collection
by the Buyer or the seventh calendar day
following the auction. Until such passing
of risk Antiquorum shall compensate the
Buyer for any loss or damage to any lot up
to a maximum of the Purchase Price but
subject always to exclusion of liability for
Antiquorum as set out in these conditions.
5.6 Responsibility for handling, packing
and shipping of any lot Whether by third
parties retained by Antiquorum or by
other independently established handlers,
packers or shippers as may be requested
by the Buyer Antiquorum accepts no
responsibility or liability for the acts or
omissions of any such third parties.
5.7 Licence to export/import Neither Antiquorum
nor the Seller shall make nor shall
in any circumstances be deemed to have
made any representations or warranties
as to whether or not any lot is subject to
export or import restrictions of any kind
imposed by any territory. No delay in
obtaining any such licence or inability to
obtain the same shall constitute a ground
for rescission of the sale nor delay in
making full payment for the lot concerned.
No liability is accepted by Antiquorum regarding
any failure to complete or submit
any required export or import manifest,
packing list or documentation.
Unless otherwise agreed by Antiquorum
in writing Antiquorum shall be entitled to
make a charge for assistance to the Buyer
in applying for an export licence at the
request of the Buyer but no delay related
to such export licence application shall
impact the obligation of the Buyer to make
payment with seven days following the
sale nor the right of Antiquorum to charge
interest or storage charges in respect
of late payment by the Buyer of the
Purchase Price. Where an export licence
is required and payment is made by the
Buyer Antiquorum shall have no obligation
to rescind any sale nor to refund any
interest or other expenses incurred by the
Buyer.
5.8 Late payment if payment is not
received by Antiquorum within 30 days of
the auction, the Buyer forfeits all his rights
and Antiquorum may accordingly take all
appropriate steps to protect its interests
and/or those of the Seller, including claiming
damages and interest. Antiquorum
may also renounce on the execution of
the sale, claim damages and interest and
also, to protect its interests, consider itself
no longer bound by the conditions of the
contract. In every case Antiquorum will
charge interest of 1.5% per month on all
amounts unpaid, all damages being in addition
and due by the late payer. The Buyer
who has delayed payment beyond 30
days accepts that Antiquorum may cancel
the sale and charge liquidated damages
equivalent to the Buyer's Premium and
the Sellers commission which would have
been earned had the sale been completed
in the normal manner. All damages and
interest of 1.5% per month in addition are
included until final settlement. In the case
of delayed payment or of the Buyer obtaining
special credit facilities, Antiquorum
is not responsible for the purchased lots,
expressly any disappearances, changes or
damage caused or incurred.
In addition to the assertion by Antiquorum
of any right or remedy available to
Antiquorum by law and without prejudice
to Clause 5.8 above and Clause 5.9 below
Antiquorum shall in the event of failure by
the Buyer to make payment in full in good
cleared funds within the time required by
these conditions be entitled to exercise in
its absolute discretion any one or more of
the following additional rights or remedies:
(i) to commence legal proceedings
against the Buyer for recovery of the
total amount due together with interest,
legal fees and costs to the fullest extent
permitted under applicable law;
(ii) in the event of a resale under (iii) below
the Buyer shall be liable for any loss or
damage suffered by Antiquorum including
the Buyers Premium and costs and expenses
incurred by Antiquorum or by any
Antiquorum Associated Company such
losses to be apportioned in the discretion
of Antiquorum on a pro-rata basis where
more than one lot shall have been purchased
by the Buyer at the auction and
then resold and including any damages
due by the Buyer for breach of contract
(including but not limited to the Buyers'
Premium in the event of termination of the
sale contract). Any such recovery may be
deducted by Antiquorum or Antiquorum
Associated Company from any deposit
which may be held by any one or more of
them;
(iii) on such terms as Antiquorum shall
think fit in its entire discretion to resell
the lot by public or sale or private treaty
without liability for any loss below the
Hammer Price, Buyer's Premium and any
other dues due from the Buyer;
(iv) payment by Antiquorum to the Seller
of an amount up to the net proceeds
payable in respect of the amount bid by
the defaulting Buyer;
(v) to set off the outstanding amount
due from and unpaid by the Buyer and/
or including any shortfall in the Purchase
Price and Buyer's Expense in the event of
resale under (iii) above and on a pro-rata
basis to be apportioned by Antiquorum
in its entire discretion where more than
one lot shall have been purchased by
the Buyer at the auction and then resold,
and/or any claim by Antiquorum against
the Buyer for damages for the breach
of contract by the Buyer (including but
not limited to the Buyer's Premium in the
event of termination of the sale contract);
(vi) to apply in the entire discretion
of Antiquorum and regardless of any
direction by the Buyer any amount paid
by the Buyer in order to discharge any
amount owed in respect of any particular
transaction where any course of different
transactions may have generated several
separate amounts owed by the Buyer to
Antiquorum or to Antiquorum Associated
Company;
(vii) at any future auction either to reject
any bid made by on behalf of the Buyer
or to require the making by the Buyer of
a deposit with Antiquorum before any
obligation of Antiquorum to accept any
bids;
(viii) at its sole risk, expense and for the
account of the Buyer to store any lot at
premises available to Antiquorum;
(ix) accept the breach of contract by the
Buyer as termination of the contract for
the sale of the lot without prejudice to the
right of Antiquorum to claim damages
therefor;
(x) either to claim damages for breach
of contract by the Buyer by way of legal
proceedings to recover the Purchase
Price together with interest and costs
of such proceedings on a full indemnity
basis;
(xi) giving notification to the Buyer that
Antiquorum shall be entitled to release
to the Seller full relevant details of the
Buyer to enable the Seller to commence
legal proceedings against the Buyer
to recover amounts due or to claim
damages for breach of contract by the
Buyer and to recover the Seller's legal
costs;
(xii) to return the lot in question to the
Seller; or
(xiii) to take such other action as
Antiquorum shall in its entire discretion
consider necessary or appropriate.
In the event of resale by Antiquorum of
any property under (iii) above the Buyer
in default shall be liable for payment in
full of any deficit or shortfall between the
total amount originally due to Antiquorum
and the price obtained upon such resale.
Such liability of the Buyer shall extend
to all costs, expenses, damages, legal
fees, commissions, premiums and the
costs and expenses of administration,
handling, insurance, warehouse or other
expenses of whatever kind associated
with such resale or otherwise arising
from the default by the Buyer. The Buyer
acknowledges and accepts in the event
that Antiquorum shall pay an amount to the
Seller under (iv) above Antiquorum
shall have all rights of the Seller in respect
of such amount to pursue the Buyer
therefor.
In any case where the Buyer shall have
purchased more than one lot at any auction
and shall make a partial payment only
in respect thereof but shall fail to pay in full
the balance of the Purchase Price within
thirty days of the auction or otherwise if
so agreed in writing with Antiquorum by
way of any different payment schedule
Antiquorum shall be entitled in its absolute
discretion to refuse any instruction or
request by the Buyer to allocate the whole
or a part of such partial payment to other
lots.
5.9 Pledge Until full settlement of the
account, the Buyer grants to Antiquorum a
pledge on any and all properties held by
Antiquorum acquired prior to, during and/
or after this auction. This pledge secures
the repayment of any amount due in principal,
interest, commissions, costs and all
other fees. Antiquorum is entitled, but not
obliged, to realize freely pledged assets
without further formalities and without previous
notice if the Buyer is in default in the
payment of his debt or in the fulfilment of
any other obligation hereunder including
but without limitation any claim which Antiquorum
may have against the Buyer in damages
for breach of contract by the Buyer
to include but without limitation the Buyers
Premium in the event of a termination of
the sale contract and/or for any amount
due by the Buyer to Antiquorum in respect
of any shortfall in the Purchase Price and
Buyer's dues found in the event of a resale
under Clause 5.8 (iii) and on a pro-rata
basis apportioned in the reasonable
discretion of Antiquorum where more than
one lot shall have been purchased by the
Buyer and subsequently resold.
In any event, Antiquorum shall be entitled
to realise its pledge on a private treaty
basis. Antiquorum is authorized to file and
the Buyer agrees to execute, acknowledge
and deliver all such other documents as
Antiquorum reasonably deems necessary
to create, perfect, and continue the security
interest in the lots contemplated hereby.
If the Buyer fails to execute and deliver
any documentation referred to herein, the
Buyer irrevocably appoints Antiquorum as
his attorney in fact to execute and deliver
that documentation for and in the Buyer's
name. For this purpose, Antiquorum is
not bound to comply with the formalities
of the law dealing with actions for debt
and bankruptcy proceedings; in addition,
Antiquorum may choose to institute or
proceed with the usual proceedings without
having beforehand sold the pledged
goods and without having moreover given
up its rights to them.
5.10 Late collection of purchased lots
Antiquorum shall charge and the Buyer
shall pay to Antiquorum a monthly storage
charge for each uncollected lot after due
date of collection and whether or not payment
of the Purchase Price on any such
lot shall have been paid by the Buyer.
Any such stored items shall be at the full
risk of the Buyer and subject to release
to the Buyer or to his order only after the
payment in full of all charges for storage,
removal, handling, insurance and other
costs incurred by Antiquorum together
with payment of all other amounts due to
Antiquorum or to Antiquorum Associated
Company.
The Buyer hereby accepts and authorises
Antiquorum with or without notice to the
Buyer to arrange a resale of any item
paid for by or on behalf of the Buyer but
not collected within 180 days following
the auction and Antiquorum shall have a
complete discretion for resale by auction
or private sale with estimates and reserves
fixed by Antiquorum. The proceed of such
sale less all costs incurred by Antiquorum
in connection therewith shall be available
for collection by the Buyer without interest.
6. LIMITED WARRANTY
6.1 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.
For the purposes of this clause the term
"Counterfeit" means that in the reasonable
opinion of Antiquorum a lot is an imitation
created by way of intent to deceive any
issue whether of source, age, period,
cultural origin or authorship such that
the correct description of such matters
shall not be reflected accurately in the
catalogue description. For the purposes
of this clause the term "authorship" means
a reference to any one or more of the
origin sources above referred to. For the
avoidance of doubt the Buyer accepts
that no lot shall by reason only of any damage
and/or restoration and/or remedial
works of any kind (including re-painting
or over-painting) shall be taken for any
purpose as a Counterfeit.
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
in this Clause. Antiquorum does not
guaranty that all component parts of any
timepiece are original to the timepiece.
For the purposes of this clause the term
"attribution" shall mean and extend to
any statement or utterance in relation to
author, maker, weight, condition, authenticity,
provenance, age, period, literary or
historical relevance, history of exhibited
display, importance, rarity, condition,
quality, size, description or any aspect of
merchantability or fitness for a particular
purpose.
No representation, warranty, guarantee
or assumption of any liability of any kind
whatsoever is made in respect of any lot
as regards any aspect of attribution as
defined in this clause and no responsibility
is taken or assumed by either the
Seller or Antiquorum or any officer,
employee or agent of them or any of
them for correctness of any statement
whether written or oral or of whatsoever
kind concerning attribution of any lot nor
for any other errors or omissions whether
negligent or otherwise in any description
or as regards any fault or defect in
any lot and whether or not derived from
attribution or other information provided
to Bidders by Antiquorum or by any Antiquorum
Company. No responsibility is
accepted by Antiquorum to any Bidder in
respect of any act or omission (whether
negligent or otherwise) by Antiquorum
in connection with the conduct of any
auction or with any matter relating to the
sale of any lot.
6.2 The guarantee does not apply (i)
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; (ii) no responsibility
is accepted for any loss or perceived
loss of value of any lot where the
correct identification of that lot can be
demonstrated only by means of either a
process or informed opinion which at the
date of publication of the catalogue was
not generally available or acceptable in
the market for use and application or in
all the circumstances was unreasonably
expensive or impracticable to obtain or
if to obtain the same would or may have
caused damage of any kind to the lot; or
(iii) there has regardless of any mis-attribution
or negligent issue of description of
any kind being no material loss in value
of the lot in question from it value had it
been in accordance with the description
given.
6.3 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 Buyer of record who must:
(i) notify Antiquorum in writing within 90
days of receiving any information that
causes the original Buyer 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 Buyer 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.
6.4 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) are
the sole and exclusive remedy by Antiquorum
and in lieu of any other remedy which
might otherwise be available to the Buyer as
a matter of law, or in equity. Antiquorum and
the Seller shall not be liable for any special,
incidental or consequential damages or
losses incurred or claimed, including without
limitation, loss of profits or interest. Other than
the limited warranty and guarantee provisions
above, Antiquorum and the Seller make no
representations, warranties or guarantees
regarding the lots sold hereunder.
6.5 Only the original Buyer of the lot named as
such on the invoice issued following the sale
and auction by Antiquorum shall be entitled
to the benefits of the warranty hereunder and
such benefits shall not be assignable by the
Buyer. In order to avail itself of such warranty
the Buyer must have remained the owner
of the lot until claiming under the warranty
against Antiquorum or any Antiquorum
Associated Company. No third party shall be
entitled to claim under the warranty herein.
6.6 It is Antiquorum's general policy and
Antiquorum shall have the right to require the
Buyer at the Buyer's cost to obtain the written
opinions of two independent and recognized
experts in the field, mutually acceptable to
Antiquorum and the Buyer before Antiquorum
decides whether or not to cancel the sale
under the warranty. Antiquorum accepts
no prima facie binding effect of any report
produced by or to the order of the Buyer.
Antiquorum
reserves the right to seek additional
expert advice at its own expense. In the event
that Antiquorum shall decide to rescind the
sale by virtue of this guarantee Antiquorum
may refund to the Buyer the reasonable costs
of obtaining up two mutually approved
independent
expert reports.
7. APPLICABLE LAW AND JURISDICTION
Every aspect of the conduct of the auction
and any matters connected therewith and
in regard to the rights and obligations of the
Buyer and Antiquorum and any Antiquorum
Associated Company with regards to these
Conditions of Sale and any other applicable
materials issued by or on behalf of Antiquorum
shall be governed by and interpreted in
accordance with the laws of the Hong Kong
Special Administrative Region. In bidding
whether in person or through trusted agent at
the auction and whether by way of Absentee
Bid, telephone bid, online bid or any other
form, the Buyer shall be deemed to have
accepted
these Conditions of Sale and to have
submitted for the benefit of Antiquorum to the
exclusive jurisdiction of the courts of Hong
Kong Special Administrative Region accepting
also that Antiquorum shall further have the
right to pursue remedies against the Buyer in
any other jurisdiction in order to recover any
Buyer's Dues.
8. COPYRIGHT
All images, illustrations and written material
produced by or to the order of Antiquorum in
respect of any lot and regarding its authoring
at the auction including the contents
of the catalogue shall be and remain at all
times the copyright property of Antiquorum
and shall not in any way be used by
the Buyer, or by any third party without
the prior written consent of Antiquorum.
Neither Antiquorum nor the Seller make
any representation or warranty that the
Buyer of any lot will acquire any copyright
or other reproduction rights in it.
9. SEVERABILITY
If for whatever reason any provision of this
agreement shall be judged to be unenforceable,
invalid or illegal no other part of
provision of these Conditions of Sale and
of the contract between Antiquorum and
any Antiquorum Associated Company and
the Buyer shall be in any way affected and
the validity and enforceability of the same
shall survive and remain available without
curtailed alteration except as necessary
to the minimum extent to conform to applicable
law.
10. DATA COLLECTION
Antiquorum reserves the right to seek personal
information from and in respect of
Bidders/Buyers/Sellers to obtain information
about each or any of them from third
parties such as credit checks from banks
and other financing institutions.
All such information shall be processed
then retained by Antiquorum in confidence
but may be communicated by
Antiquorum to any Antiquorum Associated
Company and affiliates of Antiquorum
for the purpose of assisting Antiquorum
to provide Bidders/Buyers/Sellers with a
complete range of services, for customers
and analysis and to assist Antiquorum to
match the services of Antiquorum as fully
as possible with the requirement of the
Buyer. It may also be that third party service
providers such as shippers or storage
companies may need to be aware and
for any seek personal data to be made
available to them in order better to benefit
any such party. In participating in any
auction organized and held by Antiquorum
or Bidder, Buyer and Seller agreed
to all previously stated disclosures. If any
Bidder, Buyer and Seller wishes to access
or correct personal data the client services
office of Antiquorum in Hong Kong may be
contacted with specific enquiry directly at
+852 2522 4168.
For all purposes Bidders, Buyers and
Sellers are requested carefully to note
that all premises of Antiquorum are
covered by video recording. Telephone
calls for the purposes of online bidding,
voice mail messages and other communication
may also be recorded byAntiquorum.
11. NOTICE
Notices may validly be addressed to
Antiquorum in writing at the department
in charge of the sale, quoting
the reference number specified at the
beginning of the sale catalogue. Antiquorum
shall deal with Bidders, Buyers
and Sellers by notices addressed to the
last address formally notified by them in
writing to Antiquorum.
12. ASSIGNMENT
No part or whole of the relationship
presume to the contract between Antiquorum
or any Antiquorum Associated
Company and any Buyer may be
assigned by the Buyer without Antiquorum's
prior written consent and shall
continue to buy the Buyer, its successors,
assigns and representatives.
13. ENTIRE AGREEMENT
Save in respect of liability for fraudulent
misrepresentation, no party has entered
into any contract pursuant to these
terms and conditions in reliance on any
representation, warranty or undertaking
which is not expressly referred
either to these Conditions of Sale, in
the Important Notices and any and all
sections under headings printed into
the catalogue which shall be the entire
agreement and understanding between
the party with regards to the subject
matter hereof.
14. WAIVER
No delay, modification or breach of any
provision of these Conditions of Sale
or the contract concluded between
Antiquorum or Antiquorum Associated
Company and any Buyer shall constitute
a waiver of any other provision
herein nor of any precedent or succeeding
provision. No act, omission or
delay by Antiquorum shall be deemed a waiver or release of any of its rights
pursuant hereto.
