TERMS
CONDITIONS OF BUSINESS
INFORMATION FOR BUYERS
1. Introduction
The following pages are intended to give you useful information on how to buy at auction. Ding Tian UK Auction Ltd is referred to herein as 'Ding Tian UK'. Please note that all lots are sold subject to Ding Tian UK's Conditions of Sale, which are readily available for inspection and normally accompany catalogues. Ding Tian UK's staff will be happy to help you if there is anything you do not fully understand.
2. Agency
As auctioneers, Ding Tian UK acts as agent for the seller whose identity, for reasons of confidentiality, is normally not disclosed. A sale contract is directly made between the seller and buyer, while Ding Tian UK may have a legal, beneficial or financial interest in a lot as a secured creditor or otherwise.
3. Estimates
Estimates are designed to help buyers gauge what sort of sum might be involved for the purchase of a particular lot. Estimates do not include the Buyer's Premium or VAT (where chargeable). Estimates are prepared some time before the sale and may be altered by announcement before the sale. They are in no sense definitive.
4. Purchase Price
The purchase price is the aggregate of the hammer price and VAT on the hammer price (where applicable), the premium and VAT on the premium and any expenses payable by the buyer.
5. VAT (* or ?)
Lots marked with an asterisk (*) are subject to VAT on the hammer price. Lots marked with an omega (?) have been temporarily imported from outside the EU and are subject to VAT at 5% on hammer price and 20% on the buyer's premium. In online catalogues, the Sales Tax % column indicates the rate of VAT on the hammer price. This is in addition to the buyer's premium.
6. Buyer's Premium
Each lot is subject to a buyer's premium of 22%+VAT on the first £50,000 of the hammer price, 18%+VAT of the excess of the hammer price above £50,000 up to and including £1,000,000 and 11%+VAT of any amount in excess of £1,000,000 thereafter.
7.Description and condition of items offered for sale
Ding Tian UK's knowledge of each lot is partially dependent on information provided by the seller, and Ding Tian UK is not able to and does not carry out exhaustive due diligence on each lot. Ding Tian UK offers ample opportunities for inspection before the sale and accepts bids on lots solely on the basis that buyers have fully inspected the lot and have satisfied themselves as to both the condition of the lot and the accuracy of its description. Ding Tian UK also offers condition reports, which can be a supplement to the catalogue and may be helpful when inspecting lots, but buyers should note that lots may have other faults not expressly referred to in the catalogue or condition report. Illustrations are for identification purposes only and will not convey full information as to the item's actual condition. Particularly, mechanical and electrical goods of any age are not guaranteed to be in working order. However, in specified circumstances lots misdescribed because they are 'deliberate forgeries' may be returned and repayment made. There is a 3 week time limit for buyers informing us of their intention to rescind and returning deliberate forgeries. (The expression 'deliberate forgery' is defined in our Conditions of Sale).
8. Export of goods
Buyers intending to export goods should ascertain (a) whether an export licence is required and (b) whether there is any specific prohibition on importing goods of that character because, e.g. they may contain prohibited materials such as ivory. Our staff will be ready to help if needed. The denial of any permit or licence shall not justify cancellation or recission of the sale contract or any delay in payment.
9. CITES regulations
Please note that all lots marked may be subject to CITES Regulations when exported. The CITES Regulations may be found at www.ukcites.gov.uk
10. Bidding at auction
Bidders are required to complete a registration form and supply such information and references as may be required by Ding Tian UK before the sale commences, and lots will be invoiced to the name and address on the registration form. Where available, commission, telephone and online bidding are offered as an additional service.
1)Commission bidding. If you are unable to attend the sale you can leave a commission bid. This will be executed on your behalf by the auctioneer who will purchase the lot as cheaply as possible bearing in mind any reserve price and other bids. If two buyers submit identical commission bids the auctioneer may prefer the first bid received. Please enquire in advance about our arrangements for the leaving of commission bids by telephone or email.
2)Live online bidding is now available for most of our auctions via the-saleroom.com. To bid online you need to register at www.the-saleroom.com. In completing the bidder registration on www.the-saleroom.com and providing your credit card and other related details and unless alternative arrangements are agreed with Ding Tian UK, you: (a) authorize Ding Tian UK, if they so wish, to charge the credit card given in part or full payment, including all fees, for items successfully purchased in the auction via the-saleroom.com, and (b) confirm that you are authorised to provide these credit card details to Ding Tian UK through www.the- saleroom.com and agree that Ding Tian UK are entitled to permit the shipping of the goods to the card holder name and card holder address provided in fulfilment of the sale.
3)Telephone Bidding. It is usually possible to bid on the telephone by prior arrangement with the office. Registration is required as above.
11. Payment
As a general rule any cheques tendered will need to be cleared before removal of the goods is permitted. Please discuss with our office in advance of the sale if other methods of payment are envisaged (except cash).
12.Collection and storage
Please note what the Conditions of Sale state about collection and storage. It is important that goods are paid for and collected promptly. Any delay may involve the buyer in paying storage charges.
CONDITIONS OF SALE
By participating in our sale, bidders, buyers and all those present in the auction room prior to or in connection with a sale are bound by the following conditions and terms.
1. Definitions
In these Conditions:
1) 'auctioneer' means Ding Tian UK Auction Ltd, or the representative of Ding Tian UK Auction Ltd conducting the Sale. Ding Tian UK Auction Ltd is referred to herein as 'Ding Tian UK'.
2) 'deliberate forgery' means an imitation intended by the maker or any other person to deceive as to authorship, origin, date, age, period, provenance, culture, source or composition, which at the date of the Sale had a value materially less than it would have had if the item had not been such an imitation and which is not stated to be such an imitation in the description of the item given.;
3) 'hammer price' means the price in the currency in which the Sale is conducted at which a lot is knocked down by the auctioneer ;
4) 'terms of consignment' means the stipulated terms and rates of commission on which Ding Tian UK Auction Ltd accepts instructions from sellers or their agents;
5) 'total amount due' means the hammer price in respect of the lot sold together with any premium, Value Added Tax chargeable and any additional charges payable by a defaulting buyer under these Conditions
6) 'sale proceeds' means the net amount due to the seller from the sale of the lot, being the hammer price less the commission, any VAT chargeable thereon, expenses and any other amount due to Ding Tian UK in whatever capacity and howsoever arising.
7) ''You', 'Your', etc. refer to the buyer as identified in Condition 2.
8) The singular includes the plural and vice versa as appropriate.
2. Bidding procedures and the buyer
1) Bidders are required to register their particulars before bidding and to satisfy any security arrangements before entering the auction room to view or bid;
2) On registration you need to pay a deposit of 20% of the lowest estimate for each lot you wish to bid for. The deposit will be retained by Ding Tian UK in the event of failure to pay on the part of the buyer.
3) The maker of the highest bid accepted by the auctioneer conducting the sale shall be the buyer at the hammer price and any dispute about a bid shall be settled at the auctioneer's absolute discretion by reoffering the lot during the course of the auction or otherwise. The auctioneer shall act reasonably in exercising this discretion.?4)Bidders shall be deemed to act as principals.
5) Our right to bid on behalf of the seller is expressly reserved up to the amount of any reserve and the right to refuse any bid is also reserved.
3. Increments
Bidding increments shall be at the auctioneer's sole discretion.
4. Buyer's Premium
Each lot is subject to a Buyer's Premium of 22% + VAT on the first £50,000 of the hammer price, 18% of the excess of the hammer price above £50,000 up to and including £1,000,000 and 11% of any amount in excess of £1,000,000 + VAT thereafter.
5. Value Added Tax
Lots marked with an asterisk (*) are subject to VAT on the hammer price. Lots marked with an omega (?) have been temporarily imported from outside the EU and are subject to VAT at 5.0% on the hammer price and at 20% on the premium. In online catalogues, the Sales Tax % column indicates the rate of VAT on the hammer price. This is in addition to the buyer's premium.
6. Droit de Suite
If a lot includes art to which The Artist's Resale Right Regulations 2006 apply Ding Tian UK shall on the seller's behalf collect from the buyer an amount equal to resale royalty provided for in those Regulations and remit such amount on the seller's behalf to the artist's collecting agent.
Droit de suite is a royalty payable to a qualifying artist each time their work is sold during their lifetime and up to a period of 70 years after the artist's death.
Royalties for Droit de Suite are:
4% from €1,000 up to €50,000
3% €50,000.01 -- €200,000
1% €200,000.01-- €350,000
0.5% €350,000.01-- €500,000
0.25% in excess of €5,000,000
up to a maximum levy of €12,500
7. Payment
Payment is due immediately after the auction in pounds sterling. If you are a first time buyer we will need your name, address and bank details. We will require funds to be cleared before purchases can be released. Payment may be made by banker's draft, personal cheque, travellers cheques, debit and credit cards and cash only up to a sterling equivalent of £7,500. Payment made by Credit cards (Visa or Mastercard) will result in a 2% surcharge (+VAT). Where practical, payment can be made and purchases collected immediately after the auction. Any uncollected lots will be removed and stored by our storage company. Storage charges will be levied on all lots in sales not collected. This will include a handling fee of £20 (+ VAT) per lot and a storage charge of £2 (+ VAT) per lot per week. No goods will be allowed to be collected until these charges have been paid. These storage charges will be paid to Ding Tian UK.
8. Title and Collection of Purchases
1) The ownership of any lots purchased shall not pass to you until you have made payment in full to us of the total amount due.
2) You shall at your own risk and expense take away any lots that you have purchased and paid for not later than 3 working days following the day of the auction or upon the clearance of any cheque used for payment after which you shall be responsible for any removal, storage and insurance charges.
3) No purchase can be claimed or removed until it has been paid for.
9. Remedies for Non-Payment or Failure to Collect Purchase
(a) If any lot is not paid for in full and taken away in accordance with these Conditions or if there is any other breach of these Conditions, we, as agent for the seller and on our own behalf, shall at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise one or more of the following rights and remedies:
(i) to proceed against you for damages for breach of contract;?(ii)to rescind the sale of that lot and/or any other lots sold by us to you;
(iii) to resell the lot (by auction or private treaty) in which case you shall be responsible for any resulting deficiency in the total amount due (after crediting any part payment and adding any resale costs). Any surplus so arising shall belong to the seller;
(iv) to remove, store and insure the lot at your expense and, in the case of storage, either at our premises or elsewhere;?(v)to charge interest at a rate of 1.5% per month on the total amount due to the extent it remains unpaid for more than 3 working days after the sale;
(vi) to retain that or any other lot sold to you until you pay the total amount due;
(vii) to reject or ignore bids from you or your agent at future auctions or to impose conditions before any such bids shall be accepted;
(viii) to apply any proceeds of sale of other lots due or in future becoming due to you towards the settlement of the total amount due and to exercise a lien (that is a right to retain possession of any of your property in our possession for any purpose until the debt due is satisfied.)
(b) We shall, as agent for the seller and on our own behalf pursue these rights and remedies only so far as is reasonable to make appropriate recovery in respect of breach of these conditions.
10. Third Party Liability
All members of the public on our premises are there at their own risk and must note the layout of the accommodation and security arrangements. Accordingly neither the auctioneer nor our employees or agents shall incur liability for death or personal injury (except as required by law by reason of our negligence) or similarly for the safety of the property of persons visiting prior to or at a sale.
11. Commission Bids
If you are unable to attend the sale you can leave a commission bid. This will be executed on your behalf by the auctioneer who will purchase the lot as cheaply as possible bearing in mind any reserve price and other bids. Neither the auctioneer nor our employees or agents shall be responsible for any failure to execute commission bids save where such failure is unreasonable. If two buyers submit identical commission bids the auctioneers may prefer the first bid received. Please enquire in advance about our arrangements for the leaving of commission bids by telephone, email.
12. Warranty of Title and Availability.
The seller warrants to the auctioneer and you that the seller is the true owner of the property consigned or is properly authorised by the true owner to consign it for sale and is able to transfer good and marketable title to the property free from any third party claims.
13. Agency
As auctioneer, Ding Tian UK acts as agent only and disclaims any responsibility for default by sellers or buyers.
14. Terms of Sale.
The seller acknowledges that lots are sold subject to the stipulations of these Conditions in their entirety and on the Terms of Consignment as notified to the consignor at the time of the entry of the lot.
15. Descriptions and Condition
Ding Tian UK's knowledge of each lot is partially dependent on information provided by the seller, and Ding Tian UK is not able to and does not carry out exhaustive due diligence on each lot. Ding Tian UK offers ample opportunities for inspection before the sale and accepts bids on lots solely on the basis that
buyers have fully inspected the lot and have satisfied themselves as to both the condition of the lot and the accuracy of its description.?Ding Tian UK also offers condition reports, which can be a supplement to the catalogue and may be helpful when inspecting lots, but buyers should note that lots may have other faults not expressly referred to in the catalogue or condition report. Illustrations are for identification purposes only and will not convey full information as to the item's actual condition. Particularly, mechanical and electrical goods of any age are not guaranteed to be in working order. However, in specified circumstances lots misdescribed because they are 'deliberate forgeries' may be returned and repayment made. There is a 1 week time limit for buyers informing us of their intention to rescind and returning deliberate forgeries.
Private treaty sales made under these Conditions are deemed to be sales by auction for purposes of consumer legislation.
16. Forgeries
Any lot which proves to be a deliberate forgery (as defined) may be returned to us by you within 7 days of the auction provided it is in the same condition as when bought, and is accompanied by particulars identifying it from the relevant catalogue description and a written statement of defects. If we are satisfied from the evidence presented that the lot is a deliberate forgery we shall refund the money paid by you for the lot including any buyer's premium (provided that the money has been recovered from the seller if already paid to the seller) and provided that 1) if the catalogue description reflected the accepted view of scholars and experts as at the date of sale or 2) you personally are not able to transfer a good and marketable title to us, you shall have no rights under this condition.
The right of return provided by this Condition is additional to any right or remedy provided by law or by these Conditions of Sale.
General
17. We shall have the right at our discretion, to refuse admission to our premises or attendance at our auctions by any person.
18. Any right to compensation for losses liabilities and expenses incurred in respect of and as a result of any breach of these Conditions and any exclusions provided by them shall be available to the seller and/or the auctioneer as appropriate.
19. Such rights and exclusions shall extend to and be deemed to be for the benefit of employees and agents of the seller and/or the auctioneer who may themselves enforce them.
Any notice to any buyer, seller, bidder or viewer may be given by first class mail or email in which case it shall be deemed to have been received by the addressee 48 hours after posting, or the next business day after emailing.
20. Special terms may be used in catalogue descriptions of particular classes of items in which case the descriptions must be interpreted in accordance with any glossary appearing in the catalogue.
21. Any indulgence extended to bidders buyers or sellers by us notwithstanding the strict terms of these Conditions or of the Terms of Consignment shall affect the position at the relevant time only and in respect of that particular concession only; in all other respects these Conditions shall be construed as having full force and effect.
22. English law applies to the interpretation of these Conditions.
Special Note:
If these documents have been translated into languages other than English, and there are any difference in interpretation between the versions, the English language version shall prevail.
