Terms and Conditions of Purchase
TERMS AND CONDITIONS OF PURCHASE
Please pay particular attention to the Warranty and to the exclusions and limitations of liability set out in Clauses 14 and 15.
1 APPLICATION OF TERMS AND CONDITIONS OF PURCHASE
1.1 These Terms and Conditions of Purchase should be read by all persons intending to bid for a Lot at an auction, they set out the principal terms and conditions on which the Lots included in this catalogue are to be sold at auction, and form the basis of the contract between:
1.1.1 the Bidders, including the Purchaser, and the Vendor (as seller); and
1.1.2 the Bidders, including the Purchaser, and Tiancheng (as auctioneer).
1.2 In addition to these Terms and Conditions of Purchase, the Sale of Lots included in this catalogue is also subject to any further terms and conditions set out (and hereby incorporated into these Terms and Conditions of Purchase):
1.2.1 in the bidder's note in this catalogue;
1.2.2 in any insert included with this catalogue;
1.2.3 in any written notice posted or distributed at the auction, or any verbal announcement made at the auction, prior to or at the time of the Sale.
1.3 By bidding at auction the Bidder agrees to be bound by these Terms and Conditions of Purchase.
2 TIANCHENG AS AUCTIONEER
2.1 Tiancheng acts as agent for the Vendor, auctioning the Lot on the Vendor's behalf, unless the contrary is expressly stated in writing by Tiancheng.
2.2 The contract for the Sale of the Lot is made directly between the Vendor and the Purchaser, on and subject to these Terms and Conditions of Purchase.
2.3 The auction of the Lot shall be conducted at the time, at the location and in such manner as Tiancheng determines from time to time, acting in its absolute discretion.
2.4 Tiancheng may, in its absolute discretion, provide a number of services (described further below), such as catalogue descriptions, condition reports, absentee bidding, telephone bidding, currency converters, and audio-video imagery of the Lots. These services are provided to facilitate the auction process, but should not be relied upon by any Bidder, including the Purchaser. Tiancheng does not accept any liability in respect of any errors or omissions in respect of such services.
3 SALE "AS IS"
3.1 All Lots are sold on an "as is" basis, subject only to the Warranty.
3.2 All Bidders, including the Purchaser, should personally inspect the Lot pre-auction, if appropriate with their own independent professional advisor.
4 CATALOGUE AND PRE-SALE INSPECTIONS
4.1 Tiancheng is partially reliant upon the Vendor for all information in respect of the Lots. Tiancheng is not required to, and may well not do, any independent due diligence in respect of the Lot, therefore it is important that the Bidders, including the Purchaser, inspect the Lot, with their own independent professional advisors if appropriate, and form their own independent view as to the Lot, including its description, size, quality, colour, condition, attribution, authenticity, rarity, and literary, cultural or historical relevance.
4.2 Any references to damage or restoration of a Lot are for guidance only. A reference to a defect does not suggest that there are no other defects. The lack of a reference to a defect does not suggest that a Lot has no defects, or that it has not undergone restoration.
4.3 Tiancheng and the Vendor are not responsible in any way whatsoever for any errors and / or omissions in this catalogue, or any supplemental materials relating to the Lot, including but not limited to any condition report.
4.4 An estimate of the Sale price of a Lot is merely Tiancheng's estimate, based on its experience as an auctioneer and the recent sale prices of similar property. Such estimates are not to be relied upon by any person, nor are they a statement that the Lot will sell at that Hammer Price, nor are they a valuation of the Lot for insurance, or for any other purpose.
5 INTELLECTUAL PROPERTY
5.1 The intellectual property rights in all materials (of whatever form) produced by Tiancheng, its employees, agents, officers and / or sub-contractors, including but not limited to the contents of this catalogue and condition reports are and shall remain the exclusive property of Tiancheng, and may not be used without first obtaining Tiancheng's prior written consent.
6 BIDDER REGISTRATION
6.1 To attend the auction, persons must first register with Tiancheng as Bidders.
6.2 To register with Tiancheng a prospective Bidder must:
6.2.1 sign a registration form setting out, amongst other things, their name, their permanent address and the details of the identity document;
6.2.2 provide Tiancheng with satisfactory proof of their identity and address;
6.2.3 provide Tiancheng with bank or other financial references as may be required by Tiancheng from time to time; and
6.2.4 provide such other documentary evidence and information as Tiancheng may specify from time to time.
6.3 Bidders are considered to be bidding as principal and will be liable to pay the Purchase Price, unless Tiancheng has expressly agreed in writing that the person can bid as agent for a principal disclosed to Tiancheng and that such principal will be solely liable for the Purchase Price.
6.4 Bidders who come in person must attend on the day of the Sale, more than 30 minutes prior to the Sale, to register in person.
6.5 Bidders may make advance arrangements with Tiancheng prior to a Sale to bid by telephone. Tiancheng will use reasonable efforts to enable them to bid in the auction by telephone.
6.6 Bidders may provide Tiancheng with written bids, for a Lot, in the currency of the Sale, by completing and returning to Tiancheng an absentee bid form. Tiancheng will use reasonable efforts to execute such bids on behalf of the Bidder.
6.7 If Tiancheng receives written bids for identical amounts on a Lot, and these are the highest bids on the Lot at the auction, the Bidder whose written bid was received and accepted first by Tiancheng shall win the bid and be determined by the auctioneer to be the Purchaser.
6.8 Written bids and telephone bidding are free services undertaken by Tiancheng, subject to its other staff and logistical commitments at the time of the Sale, so they may be removed or cancelled at any time.
6.9 Tiancheng accepts no liability for:
6.9.1 failing to execute a written bid;
6.9.2 failing to execute a telephone bid; and / or
6.9.3 errors and omissions in connection with a written bid and / or telephone bidding.
7 AUCTION PROCEDURES
7.1 The auction of the Lot shall be conducted at the time, at the location and in such manner as Tiancheng determines from time to time, acting in its absolute discretion.
7.2 The Bidder who placed the highest bid accepted by the auctioneer, in its absolute discretion, will be the Purchaser. Striking of the auctioneer's hammer marks the acceptance of the highest bid, which creates the contract for Sale between the Purchaser and the Vendor.
7.3 Unless specified to the contrary in this catalogue or otherwise, all Lots are offered subject to a (confidential) reserve price, which if not met by a Bidder at the auction shall mean that Lot is not sold.
7.4 The reserve for a Lot will not be in excess of the low estimate for the Lot.
7.5 The auctioneer may bid for a Lot on behalf of the Vendor at below the reserve price, in such manner as the auctioneer deems fit.
7.6 Unless there are already competing bids for Lots without a reserve, the usual practice of the auctioneer, in his or her discretion, is to open the bidding at 50% of the low pre-sale estimate for the Lot. In the absence of a bid for the Lot at that level, the auctioneer will then reduce the asking price in his or her discretion until a bid from a Bidder is placed, and the auctioneer shall then continue up from that amount.
7.7 In the absence of a higher bid, absentee bids may be executed on a Lot with no reserve at approximately 50% of the low pre-sale estimate for the Lot, or at the amount of the actual absentee bid if it is less than 50% of the low pre-sale estimate for the Lot.
7.8 Tiancheng is entitled, at its complete discretion, at any time before or after the Sale, and with or without notice to:
7.8.1 refuse any bid;
7.8.2 refuse any Bidder access to the Sale in person or by telephone;
7.8.3 proceed with the bidding in the auction in such a manner as Tiancheng determines;
7.8.4 re-offer a Lot for sale (including after the fall of the hammer);
7.8.5 withdraw, combine or divide any Lots;
7.8.6 determine the successful Bidder.
7.9 For the convenience of Bidders, at some auctions a currency converter, and / or audio-video screens may be used. Errors or mistakes may occur in the operation of the currency converter and / or audiovideo screens. Tiancheng does not accept liability to Bidders who follow the currency converter and / or the audio-video screens rather than follow the actual bidding in the auction room.
7.10 Immediately following the Sale, the Purchaser must confirm to Tiancheng their name, and address and such other particulars that Tiancheng may request.
8 PAYMENT AND TAXES
8.1 Payment of the Purchase Price is due in cleared funds no later than 4:30pm on the fifth Business Day following the Sale, irrespective of whether or not the Purchaser requires any export and / or import licence for the Lot.
8.2 Time of payment is of the essence.
8.3 The Purchaser shall pay any applicable taxes, stamps, duties and charges, in addition to the Purchase Price.
8.4 Deposits held by Tiancheng on behalf of Purchaser will, at Tiancheng's discretion, be applied to settle any amounts due by a Purchaser to Tiancheng.
9 NON-PAYMENT
9.1 Without prejudice to any rights that Tiancheng and / or the Vendor may have, if the Purchaser does not pay the Purchase Price in full in cleared funds when due, then Tiancheng and / or the Vendor shall be entitled in Tiancheng's absolute discretion to exercise one or more of the following rights or remedies:
9.1.1 to terminate the contract of Sale of the Lot, retaining the right to damages for the Purchaser's breach of contract, including any losses and damages suffered by Tiancheng and / or the Vendor, including the Purchase Price and reasonable costs and expenses incurred, which in each case may be deducted from any money or deposit held by Tiancheng;
9.1.2 to commence proceedings against the Purchaser for the Purchase Price plus interest, and the costs of enforcement (including legal fees on an indemnity basis);
9.1.3 to set off against any amounts which Tiancheng, or any of its affiliates, subsidiaries or parent companies worldwide, may owe the Purchaser in any other transactions, against the outstanding amount remaining unpaid by the Purchaser;
9.1.4 to charge interest on the Purchase Price at 5% above the best HKD lending rate of The Hong Kong and Shanghai Banking Corporation Limited, with such interest calculated daily on a compound basis;
9.1.5 to resell the Lot by auction or by private treaty at such time and at such location and in such manner and on such terms as Tiancheng determines from time to time, with the Purchaser remaining liable for any shortfall in the resale price actually received less costs, expenses and premiums of such resale;
9.1.6 to not permit the Purchaser to participate as a Bidder at any auction or to render such bidding subject to a deposit;
9.1.7 to exercise a lien over the Purchaser's property, which is in the possession of Tiancheng; and / or
9.1.8 to take such other action as Tiancheng deem necessary or appropriate.
10 RISK
10.1 Risk and responsibility for the Lot (including frames or glass where relevant) shall pass to the Purchaser at the earlier of:
10.1.1 4:30pm on the fifth Business Day following the Sale; and
10.1.2 delivery of possession of the Lot to the Purchaser and / or the carrier engaged by or on behalf of the Purchaser.
11 TITLE
11.1 Irrespective of when risk and possession of the Lot passes, title in the Lot will only pass to the Purchaser when:
11.1.1 the Purchaser has paid the Purchase Price to Tiancheng in full in cleared funds; and
11.1.2 all sums owed by the Purchaser to Tiancheng have been received by it in cleared funds.
12 DELIVERY
12.1 Tiancheng shall be entitled to retain possession of the Lot until:
12.1.1 the Purchase Price has been paid in full in cleared funds;
12.1.2 all other amounts due to Tiancheng, or to any of its affiliates, subsidiaries or parent companies worldwide, have been received in full in cleared funds;
12.1.3 the Purchaser has complied to Tiancheng's satisfaction with all anti-money laundering and / or anti-terrorism financing checks which Tiancheng may require from time to time; and
12.1.4 the Purchaser has performed any other outstanding obligations that Tiancheng, acting in its absolute discretion may require from time to time.
12.2 Within thirty calendar days from the date of the Sale, the Purchaser shall collect the Lot from Tiancheng's saleroom (unless otherwise agreed between Tiancheng and the Purchaser), provided that the Purchaser has first complied with all the matters set out above.
12.3 If the Purchaser has not collected the Lot within thirty calendar days from the date of the Sale, then Tiancheng may arrange storage of the Lot at Tiancheng's warehouse at an administrative cost of HK$800 per Lot per month at the Purchaser's expense.
12.4 If a Purchaser requests to arrange collection of a Lot from Tiancheng's office, after the Lot has been transferred to the warehouse, Tiancheng reserves the discretion to allow collection at Tiancheng's office at an administration fee of HK$600 per Lot.
12.5 Tiancheng shall use reasonable care when handling, packing and shipping a Lot, but Tiancheng is not responsible for the acts or omissions of third parties whom it might retain for these purposes.
12.6 Tiancheng is not responsible for the acts or omissions of any handlers, packers or carriers recommended or arranged by Tiancheng at the request (and expense) of the Purchaser.
13 COMPLIANCE WITH LAWS
13.1 The Purchaser is entirely and solely responsible for:
13.1.1 obtaining all relevant export or import licences for the Lot; and
13.1.2 determining if the Lot is subject to any export or import restrictions or prohibitions.
13.2 The denial, or delay in the issue of any export or import licence for the Lot (whether or not Tiancheng is assisting the Purchaser in obtaining such licence) does not entitle to the Purchaser to:
13.2.1 rescind the Sale; or
13.2.2 delay payment of the Purchase Price for the Lot.
13.3 The Purchaser may request Tiancheng to apply for an export licence on the Purchaser's behalf. If Tiancheng accepts such request, it shall be entitled to charge the Purchaser for such service at its then applicable price for such service, but it remains the Purchaser's responsibility to obtain the export or import licence within the relevant time period, and Tiancheng accepts no responsibility for any failure to or delay in obtaining such export or import licence.
14 WARRANTY
14.1 We warrant for a period of one year from the date of the Sale that any Lot described in the headings in this catalogue, is in accordance with the headings in this catalogue (the "Warranty"). All further explanations and descriptions in this catalogue are not warranted in any way, and are merely opinions of Tiancheng, based on the information provided to it by the Vendor.
14.2 The aforementioned Warranty does not apply to any heading which is stated to represent a qualified opinion or where it is stated that there is a conflict of opinions.
14.3 The Warranty does not apply:
(a) where description corresponded to the generally accepted opinion of scholars or experts at the date the description was made; or
(b) where correct identification of a Lot can only be determined by:
(i) a means or process not generally accepted or available for use until after the date the description was made; or
(ii) a process which at the date the description was made was unreasonably expensive or impractical or likely (in Tiancheng's opinion) to have caused damage to the Lot.
14.3.1 The Purchaser's sole and exclusive remedy against Tiancheng and the Vendor for breach of the Warranty, in place of any other remedy which might be available, is the cancellation of the Sale and the refund of the Purchase Price actually paid for the Lot;
14.3.2 The Purchaser must give written notice of claim for breach of Warranty to Tiancheng within one year from the date of the Sale;
14.3.3 Tiancheng shall have the right to require the Purchaser to obtain the written opinions of two recognised experts in the field, mutually acceptable to Tiancheng and the Purchaser, before Tiancheng decides whether or not to cancel the Sale under the Warranty;
14.3.4 To benefit from the Warranty, the Purchaser must return the Lot to Tiancheng in the same condition as at the time of the Sale.
14.4 Except for the Warranty, Tiancheng and the Vendor hereby exclude to the fullest extent permissible in law, all conditions, warranties and stipulations, express or implied, statutory, customary or otherwise which, but for such exclusion would or might subsist in favour of any Bidder, including the Purchaser.
14.5 Without prejudice to Clause 14.4 and save for the Warranty, all written or oral statements made by the Vendor, Tiancheng, and / or their officers, employees or agents, in respect of a Lot (in this catalogue, in any condition report, at the auction, or otherwise) are statements of opinion not of fact, nor are they to be treated as comprehensive, and they are not to be treated as a representation, warranty or guarantee, in respect of which any liability is accepted for errors or omissions in them.
14.6 Tiancheng and the Vendor make no representation or warranty that the Purchaser of the Lot will acquire any intellectual property rights in the Lot.
15 EXCLUSIONS AND LIMITS ON LIABILITY
15.1 Subject to Clause 15.3, but otherwise notwithstanding anything to the contrary set out in these Terms and Conditions of Purchase, Tiancheng and the Vendor shall be under no liability to the Bidders including the Purchaser whatsoever (whether in contract, tort (including negligence), breach of statutory duty, restitution or otherwise) for any indirect or consequential loss (both of which terms including, without limitation, pure economic loss, loss of profits, loss of business, depletion of goodwill, and like loss) howsoever caused or arising, in relation to or connected with the matters covered by these Terms and Conditions of Purchase.
15.2 Without prejudice to the foregoing clause, and subject to Clause 15.3, but otherwise notwithstanding anything to the contrary set out in these Terms and Conditions of Purchase, Tiancheng's and the Vendor's aggregate liability under these Terms and Conditions of Purchase (whether in contract, tort (including negligence), breach of statutory duty, restitution, or otherwise) for any injury, death, damage or direct, indirect, or consequential loss (all three of which terms include, without limitation) pure economic loss, loss of profits, loss of business, depletion of goodwill and like loss) howsoever caused will be limited to an amount equal to the Purchase Price actually paid for the relevant Lot.
15.3 Notwithstanding anything to the contrary set out in these Terms and Conditions of Purchase, nothing in these Terms and Conditions of Purchase shall exclude or limit any liability in respect of fraud, death or personal injury caused by negligence or any matter which it would not be permissible at law to exclude or limit liability in respect of.
15.4 Each of Tiancheng's and the Vendor's officers, employees, agents and sub-contractors may rely upon and enforce the exclusions and restrictions of liability in these Terms and Conditions of Purchase in that person's own name and for that person's own benefit.
16 MISCELLANEOUS
16.1 Notices to Tiancheng should be in writing and addressed to the department in charge of the Sale, quoting the reference number specified at the beginning of this catalogue.
16.2 Notices to Bidders, including the Purchaser, shall be addressed to the last address formally notified by them to Tiancheng, and failing that the address included in the bidder registration form.
16.3 If any provision of these Terms and Conditions of Purchase are held to be illegal, void, invalid or unenforceable (in whole or in part ) by any court of administrative body of competent jurisdiction, that provisions shall to that extent be deemed not to form part of these Terms and Conditions of Purchase but the enforceability of the remainder of these Terms and Conditions of Purchase shall not be affected.
16.4 Bidders, including the Purchaser, may not transfer any of their rights or obligations under these Terms and Conditions of Purchase to another person without Tiancheng's written consent.
16.5 Tiancheng and the Vendor can transfer all or any of their rights and obligations under these Terms and Conditions of Purchase to another person.
17 LAW AND JURISDICTION
17.1 These Terms and Conditions of Purchase shall be governed by Hong Kong law.
17.2 Bidders, including the Purchaser, irrevocably agree that the Hong Kong courts shall have non-exclusive jurisdiction to settle any dispute or claim arising out of or in connection with these Terms and Conditions of Purchase.
17.3 Any proceedings Tiancheng and / or the Vendor commence for the recovery of sums owed to Tiancheng and / or the Vendor will, at Tiancheng's discretion, be subject to the jurisdiction of the Hong Kong courts and / or the courts of any other jurisdiction.
18 LANGUAGE
18.1 If there is any inconsistency between the English and the Chinese versions of these Terms and Conditions of Purchase, the English version shall prevail.
19 PROCESS AGENT
19.1 Bidders, including the Purchaser irrevocably agree that Tiancheng and / or the Vendor can serve proceedings on a Bidder, including the Purchaser, by any means permissible by the law of the jurisdiction in which proceedings are being commenced by Tiancheng and / or the Vendor.
19.2 The Bidders, including the Purchaser, irrevocably agree that Tiancheng and / or the Vendor can serve proceedings on any person and / or at any address notified by the them or on their behalf to Tiancheng from time to time as their last contact address and / or any other address where Tiancheng reasonably believes they can be contacted, including but not limited to the address set out in the bidder registration form.
20 DEFINITIONS
20.1 The definitions in this clause apply to the terms and conditions set out in these Terms and Conditions of Purchase: "Bidders" persons who have registered with Tiancheng, in accordance with these Terms and Conditions of Purchase, to bid at an auction; "Business Day" a day in Hong Kong other than a Saturday, Sunday or public holiday, when the banks are open to the general public for business; "Encumbrance" means any right, interest or equity of any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge, pledge, lien, restriction, assignment, hypothecation or other security interest of any kind or any other type of arrangement (including a title transfer and retention arrangement) having similar effect or any other encumbrance of any kind; "Hammer Price" is the highest bid accepted by the auctioneer by the fall of the hammer, or in the case of a post-auction Sale, the agreed Sale price; "Hong Kong" the Hong Kong Special Administrative Region of the People's Republic of China; "Lot" any item consigned to Tiancheng with a view to its Sale by auction or by private treaty (and any reference to any Lot will include, unless the context otherwise requires, reference to individual items comprised in a group of two or more items offered for Sale as one Lot); "Purchaser" is the person who makes the highest bid or offer accepted by the auctioneer, and such person's principal where bidding as agent; "Purchaser's Premium" is the commission payable by the Purchaser on the Hammer Price, being 20% of the Hammer Price of each Lot; "Purchase Price" is the Hammer Price and the applicable Purchaser's Premium; "Sale" the sale of a Lot from the Vendor to the Purchaser by auction or by private treaty; "Terms and Conditions of Purchase" these Terms and Conditions of Purchase and all other terms and conditions incorporated into them by virtue of Clause 1.2; "Tiancheng" means Tiancheng International Auctioneer Limited (registered in Hong Kong with Company Number 1549011) whose registered office is at 30/F Bank of China Tower, 1 Garden Road, Central, Hong Kong; "Vendor" means the person offering the Lot for Sale as owner of the Lot, or as executors or personal representatives of the owner of the Lot, or as the duly authorised representative of the owner of the Lot who is in possession of the Lot and entitled to offer it for Sale, in each case as more particularly specified on the consignment form submitted to Tiancheng. If the person listed on the consignment form is an agent (declared or undeclared) the term "Vendor" shall apply to both the agent and the principal (disclosed or undisclosed). Multiple owners, agents or persons in possession shall jointly and severally assume all obligations, liabilities, representations, warranties and indemnities as set forth in these Terms and Conditions for Purchase; and "Warranty" the warranty set out in Clause 14.1.
BIDDER'S NOTE
1 IMPORTANT NOTICE REGARDING JEWELLERY & WATCHES TO PROSPECTIVE BIDDERS
1.1 All Lots are sold on an "as is" basis, subject only to the Warranty.
1.2 All Bidders, including the Purchaser, should personally inspect the Lot pre-auction, if appropriate with their own independent professional advisor.
1.3 Unless there is specific states on the catalogue description that the stone is natural, otherwise prospective buyers are reminded that some form of treatment such as dyeing, irradiation, coating and impregnation may have been used to enhance the colour of the gemstones in order to improve their appearance, as well as rubies, sapphires and emeralds may also have been treated by heat and oil or resin respectively to improve their colour and clarity. In spite of heat treatments is generally believed as permanent, buyers should assume that any treatment may not be permanent in nature and therefore special care of the stone may be needed.
1.4 Reports from internationally recognized gemological laboratories containing specific information on the treatment of a stone which will be noted in the lot description on the catalogue and also available for prospective buyer's review.
1.5 Tiancheng does not accept any liability for the accuracy, terms or information contained in any certificates or reports.
1.6 There may be a lack of consensus among laboratories as to whether gemstones have been treated, the extend of the treatment or the permanence of the treatment.
1.7 Tiancheng are not responsible in any way whatsoever for any errors and /or omissions in this catalogue, or any supplemental materials relating to the Lot, including but not limited to any condition report.
1.8 Any references to damage or restoration of a Lot are for guidance only. A reference to a defect does not suggest that there are no other defects. The lack of a reference to a defect does not suggest that a Lot has no defects, or that it has not undergone restoration.
1.9 Condition reports may not specify all mechanical replacements or imperfections to the movement, case, dial, pendulum, separate base(s) or dome. The absence of a condition report or the absence of a reference to damage in the catalogue does not imply that the lot is in good condition, working order or free from restoration or repair.
1.10 Watches in water-resistant cases have no warranties that are made that the watches are currently water-resistant. Tiancheng do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts.
1.11 Please be advised that bands made of materials derived from endangered or otherwise protected species such as alligator and crocodile, are not sold with the watches and are for display purposes only. Tiancheng reserve the right to remove these bands prior to shipping.
1.12 With regard to the bands, Tiancheng also do not guarantee the material of manufacture. Buyer will be responsible for complying with any applicable export and import matters, particularly in relation to endangered species and the United States Department of Fish and Wildlife Services.
1.13 Items made of or incorporating plant or animal material such as coral, crocodile, ivory, whalebone, tortoiseshell etc., irrespective of age or value, may require a licence or certificate prior to exportation and require additional licences or certificate upon importation to any country outside Hong Kong. For more details, please refer to Clause 10 of this Bidder's Note.
2 NOTICE TO BIDDERS
2.1 This Bidder's Note should be read by all persons intending to bid for a Lot at an auction.
2.2 Additional information in relation to the Sale is set out in the Terms and Conditions of Purchase in this catalogue and the documents referred to therein, which should be read in conjunction with this Bidderi's Note.
2.3 Definitions used in this Bidder's note bear the meaning attributed to them in the Terms and Conditions of Purchase in this catalogue.
3 TIANCHENG'S ROLE AS AUCTIONEER
3.1 Tiancheng acts as agent for the Vendor, auctioning the Lot on the Vendor's behalf, unless the contrary is expressly stated in writing by Tiancheng.
3.2 Tiancheng does not act in any way on behalf of any Bidder, including the Purchaser.
3.3 The contract for the Sale of the Lot is made directly between the Vendor and the Purchaser, on and subject to the Terms and Conditions of Purchase.
3.4 All Lots are sold on an "as is" basis, subject only to the limited Warranty that a Lot described in the headings in this catalogue, is in accordance with such description in the headings in this catalogue. The limited Warranty is subject to certain limitations set out in the Terms and Conditions of Purchase.
3.5 A Purchaser's Premium of 20% of the Hammer Price will be added to the Hammer Price and shall be payable by the Purchaser as part of the Purchase Price.
3.6 In addition to the Purchase Price, the Purchaser will be responsible for any taxes, stamps or duties to which the Sale is subject.
4 HOW TO PREPARE FOR THE AUCTION
4.1 Catalogues can either be obtained by purchasing a hard copy from Tiancheng's offices, or by downloading a soft copy from Tiancheng's website at www.tianchengauction.com.
4.2 To participate in the auction potential Bidders must register with Tiancheng.
4.3 All Bidders, including the Purchaser, should personally inspect the Lot pre-auction, if appropriate with their own independent professional advisor.
4.4 Bidders should not assume that any electrical and mechanical Lots are operative and should ensure that they are approved and checked for safety and use by an appropriately qualified person.
4.5 Tiancheng has included in this catalogue pre-sale estimates of the Hammer Price for Lots, based on its experience as an auctioneer and the recent sale prices of similar property.
4.6 Pre-Sale estimates are intended as a guide for Bidders, although Lots can be sold for prices above or below pre-sale estimates.
4.7 Pre-Sale estimates can be amended after the date of publication of the catalogue, so please contact Tiancheng for its current estimate for a particular Lot.
4.8 Tiancheng may provide condition reports on a particular Lot, as a courtesy to Bidders.
4.9 References to damage or restoration of a Lot are for guidance only.
4.10 A reference to a defect does not suggest that there are no other defects. The lack of a reference to a defect does not suggest that a Lot has no defects, or that it has not undergone restoration.
5 PARTICIPATING IN THE AUCTION
5.1 Bids may be executed in person, through the use of a paddle, by telephone, or in writing.
5.2 The procedures at the auction are determined solely by Tiancheng.
5.3 Lots are sold subject to any applicable reserves.
5.4 The auctioneer may open the bidding on any Lot by placing a bid on behalf of the Vendor.
5.5 The auctioneer may bid for a Lot on behalf of the Vendor at below the reserve price, in such manner as the auctioneer deems fit.
5.6 Prior to bidding in person, you must register with Tiancheng and obtain a numbered paddle. Further details on registration are set out in the Terms and Conditions of Purchase.
5.7 Bidding by telephone or in writing can be conducted through prior arrangement with Tiancheng. The applicable form can be found at the back of this catalogue.
5.8 Telephone bids must be arranged at least 24 hours before the Sale. Should you wish to do so, you may instruct us to submit a maximum bid if we are unable to reach you by telephone during the auction.
5.9 At least 24 hours before the Sale, written bids must be confirmed by letter or fax. Fax number for written bids only is: (852) 2150 0766.
5.10 Successful Purchasers of a Lot, if in person, must ensure that their numbered paddle can be seen by the auctioneer and confirm that it is their number that is called out.
5.11 If you have any queries to the Hammer Price, Purchase Price, which Bidder won the bid, or anything else that concerns you, please contact the auctioneer immediately, as mistakes may not be rectifiable at a later date.
5.12 If Tiancheng receives written bids for identical amounts on a Lot, and these are the highest bids on the Lot at the auction, the Bidder whose written bid was received and accepted first by Tiancheng shall win the bid and be determined by the auctioneer to be the Purchaser.
5.13 No employee of Tiancheng's may bid unless they fully comply with Tiancheng's internal rules governing employee bidding, which includes the requirement that they do not know the reserve price for the Lot.
6 PAYMENT
6.1 Payment of the Purchase Price is due in cleared funds no later than 4:30pm on the fifth Business Day following the Sale, irrespective of whether or not the Purchaser requires any export and/or import licence for the Lot.
6.2 Payment is due in Hong Kong dollars and can be made by the following methods: Cash, Banker's Draft, Cheque, Wire Transfer and Credit Card (American Express, JCB, MasterCard, Union Pay & Visa), but will not be deemed to be completed (and the Lot released) until all relevant funds have been cleared in full. Credit card purchases may not exceed HK$1,000,000 per sale.
6.3 Cheques and drafts should be made payable to Tiancheng International Auctioneer Limited.
6.4 Bank transfers should be made to:
BANK OF CHINA (HONG KONG) LIMITED
Beneficiary name: TIANCHENG INTERNATIONAL AUCTIONEER LIMITED
Bank name: BANK OF CHINA (HONG KONG) LIMITED
Bank address: 1 GARDEN ROAD, CENTRAL, HONG KONG.
Bank code: 012 (for local payment)
SWIFT CODE: BKCHHKHH (for telegraphic transfers)
Account number: 012-875-2-027185-7
6.5 Please include your name, Tiancheng's client account number, and invoice number (s) with your instructions to your bank.
6.6 If you wish to pay by American Express, MasterCard, Union Pay or Visa, you must attend in person with the card at Tiancheng's office in Hong Kong. All charges are subject to acceptance by Tiancheng and by American Express, MasterCard, Union Pay or Visa, as the case may be. In the case a charge is not approved, you will remain liable to Tiancheng for all sums incurred by you.
6.7 Tiancheng shall request Purchasers to provide proof of identity (by providing some form of government issued identification containing a photograph, such as a passport or identity card) and a proof of address, and all other anti-money laundering and/ or anti-terrorism financing checks which Tiancheng may require from time to time.
6.8 Lots sold will only be invoiced to the registered Purchaser, and cannot be transferred. Tiancheng is only required to accept payment of the Purchase Price from the Purchaser listed on the record of the auction.
7 RISK AND INSURANCE
7.1 Risk and responsibility for the Lot (including frames or glass where relevant) shall pass to the Purchaser at the earlier of:
7.1.1 4:30pm on the fifth Business Day following the Sale; and
7.1.2 delivery of possession of the Lot to the Purchaser and/or the carrier engaged by or on behalf of the Purchaser.
7.2 Purchasers are recommended to arrange their own insurance for the Lot accordingly.
8 TIME FOR COLLECTION OF LOT AND CONDITIONS FOR RELEASE OF LOT
8.1 Our office is open between the hours of on Monday to Friday, excluding public holidays, between 9:30am and 6:00pm.
8.2 Within thirty calendar days from the date of the Sale, the Purchaser shall collect the Lot from Tiancheng's saleroom (unless otherwise agreed between Tiancheng and the Purchaser), but Tiancheng shall be entitled to retain possession of the Lot until:
8.2.1 the Purchase Price has been paid in full in cleared funds;
8.2.2 all other amounts due to Tiancheng, or to any of its affiliates, subsidiaries or parent companies worldwide, have been received in full in cleared funds;
8.2.3 the Purchaser has complied to Tiancheng's satisfaction with all anti-money laundering and/ or anti-terrorism financing checks which Tiancheng may require from time to time;
8.2.4 the Purchaser has performed any other outstanding obligations that Tiancheng, acting in its absolute discretion may require from time to time; and
8.2.5 full and final payment has been received by Tiancheng.
8.3 When the matters referred to above have been complied with, Tiancheng may issue a release note for the Lot.
8.4 If the Purchaser has not collected the Lot within thirty calendar days from the date of the Sale, then Tiancheng may arrange storage of the Lot at Tiancheng's warehouse at an administrative cost of HK$800 per Lot per month at the Purchaser's expense.
8.5 If a Purchaser requests to arrange collection of a Lot from Tiancheng's office, after the Lot has been transferred to the warehouse, Tiancheng reserves the discretion to allow collection at Tiancheng's office at an administration fee of HK$600 per Lot.
9 SHIPPING
9.1 Tiancheng shall use reasonable care when handling, packing and shipping a Lot, but Tiancheng is not responsible for the acts or omissions of third parties whom it might retain for these purposes.
9.2 Tiancheng is not responsible for the acts or omissions of any handlers, packers or carriers recommended or arranged by Tiancheng at the request (and expense) of the Purchaser.
9.3 Tiancheng's Shipping Department can advise Purchasers on exporting and shipping Lots. You may contact the Shipping advisor for assistance. To arrange shipping or collection, please contact the Sale Administrator or the Shipping Department at (852) 2150 0752.
9.4 Estimates and information on all methods of shipping can be provided upon request and enquiries should be marked for the attention of Tiancheng Shipping Department and faxed to (852) 2150 0777.
9.5 Purchased Lots will be despatched (at the Purchaser's expense) as soon as possible upon:
9.5.1 Tiancheng's issue of a release note;
9.5.2 receipt of your written despatch instructions; and
9.5.3 receipt of any export licence or certificates that may be required.
9.6 Tiancheng may receive a fee for its own account from the agent arranging the despatch.
9.7 Your shipper will include a quote for transit insurance. All shipments should be unpacked and checked on delivery and any discrepancies notified to the transit insurer or shipper immediately.
10 CUSTOMS ISSUES
10.1 The export of any Lot from Hong Kong or import into any other jurisdiction may be subject to one or more export or import licences being granted. It is the Purchaser's responsibility to obtain any relevant export or import licence. The denial of any licence required or delay in obtaining such licence cannot justify the cancellation of the Sale or any delay in making payment of the total amount of the Purchase Price.
10.2 Tiancheng, upon request and for an administrative fee, may apply for a licence to export your Lot (s) outside Hong Kong.
10.3 Tiancheng recommends that you retain all import and export papers, including licences, as in certain countries you may be required to produce them to governmental authorities.
10.4 Particular care should be taken in respect Items made from or including plant or animal materials or certain gems as they may be subject to exportation restrictions and/or require additional licences or certificates upon importation to any country outside Hong Kong.
10.5 Please note that the ability to obtain an export licence or certificate does not ensure the ability to obtain an import licence or certificate in another country, and vice versa.
10.6 Tiancheng suggests that Bidders check with their local government regarding import requirements prior to placing a bid.
10.7 It is the Purchaser's responsibility to obtain any export or import licences and/or certificates as well as any other required documentation.
SYMBOL KEY
NO RESERVE No RESERVE
Please note that all lots in this catalogue are offered subject to a reserve which is the confidential minimum price that the Seller has agreed to sell the lot and below which the lot will not be sold. Any lots marked with a symbol NO RESERVE in this sale are offered without reserve. These lots will be sold to the highest bidder, regardless of the pre-sale estimates printed in the catalogue. A special notice will be used in place of this symbol if every lot in a catalogue is offered without a reserve. Please note that all lots in this catalogue are offered subject to a reserve which is the confidential minimum price that the Seller has agreed to sell the lot and below which the lot will not be sold. Any lots marked with a symbol in this sale are offered without reserve. These lots will be sold to the highest bidder, regardless of the pre-sale estimates printed in the catalogue. A special notice will be used in place of this symbol if every lot in a catalogue is offered without a reserve.
@ NOTICE REGARDING IMPORTATION OF WATCHES INTO THE U.S.
Please be aware that lots marked with symbol @ indicate that the importation of luxury watches (such as Rolex) into the U.S. is highly restricted. These watches (not limited to Rolex) may not be shipped into the U.S. and can only be imported personally. Buyers may import only one watch into the U.S. It is the buyer's responsibility to determine whether there are any import restrictions and to comply with such restrictions.
