Unless otherwise stated, Poly Auction (Hong Kong) Limited acts as the Seller's agent. The closing agreement for sale of a Lot shall be a contract between the Seller and the Buyer. These Conditions of Business and all other terms, conditions and notices contained in the catalogue, announced by the Auctioneer or provided at the saleroom shall constitute the provisions agreed among the Seller, the Buyer and/or Poly Auction (Hong Kong) Limited as auction agent.
When arranging for the consignment of the Seller’s Lot to the Company for auction:
The Seller hereby makes irrevocable warranties to the Company and the Buyer with respect to the Lot it consigns to the Company for auction as follows:
The Seller shall guarantee that the Lot is authentic. In so doing, the Seller guarantees:
a) The Lot is not a counterfeit or forgery of:
i. The work of any artist, author or manufacturer, if the Lot is described by the Seller as to the work of that artist, author or manufacturer;
ii. A work created or produced within a particular time frame or culture, if the Lot is described by the Seller as a work created or produced during that time frame or culture;
iii. A work of a particular origin or source, if the Lot is described by the Seller as a work of that origin or source; or
iv. A work created or crafted or refined or restored through a particular process or manner, if the Lot is described by the Seller as a work created through that process or manner.
b) In the case of jewellery and timepieces, in addition to 7(a) above, the Lot is crafted in the manner as described by the Seller, out of the particular materials as described by the Seller, and had underwent no restoration processes other than those stated by the Seller; and
c) In the case of gemstones, in addition to 5(a) above, the Lot had undergone no beautification processes other than those specified by the Seller.
The Company may decide the following matters at its absolute discretion:
The Company shall not be liable for any delay in meeting nor failure to meet its obligations under the consignment auction contract (including without limitation the postponement or cancellation of any auction) and may terminate its obligations under the consignment auction contract to offer the Lot for sale, or cancel or postpone any auction, as a result of circumstances beyond its reasonable control or which make such performance impracticable, including without limitation any fire, flood, natural disaster, or other act of God; any riot, strike, or other civil or labour unrest; transportation or other infrastructural incapacitation, or inability to secure sufficient labour, power, essential commodities, or necessary equipment; any act of war, armed conflict, or terrorist attack; any governmental action or regulation enacted or effected following the execution of the consignment auction contract and which is prohibitive or restrictive of the auction(s), the sale of the Lot, or any other performance contemplated by the consignment auction contract; any outbreak of disease, public health emergency, quarantine, epidemic, pandemic, nuclear or chemical contamination, or other condition that threatens the life, health, or safety of the Company’s personnel, vendors, or clients as determined by the Company in its reasonable discretion.
Without prejudice to the above, in the event that the Company determines not to conduct an auction on the scheduled date as a result of circumstances beyond its control or which make such performance impracticable, the Company may postpone or cancel any auction, or change the platform for or format of any auction (including but not limited to from a live auction to an online auction only), and the sale of the Lot shall be subject to these Conditions of Business applicable to the auction in which the Lot will be placed.
After the Seller has signed the consignment auction contract with and delivered the Lot to the Company, if for any reason the Company believes that the Lot is not suitable for auction by the Company, the Seller shall collect the Lot within thirty days from the issuance date of the Company’s notice (fees for packaging and transportation shall be at the Seller’s own expense). The consignment auction contract between the Seller and the Company will terminate on the date when the Seller collects the Lot. If during the above-mentioned period the Seller fails to collect the Lot, the consignment auction contract will automatically terminate upon the expiration of such period. If within seven days after the termination of the consignment auction contract the Seller does not collect the Lot, the Company shall have the right to charge the Storage Fee, insurance fees and other reasonable expenses, and to dispose of the Lot in a way the Company deems proper. The Seller is responsible for the collection of, if any, the amount obtained from the disposal after deducting all the fees and expenses incurred by the Company.
The Company has the right to suspend the auction of any Lot at any time before the actual auction in any one of the following situations:
The Seller may withdraw the Lot at any time prior to the Auction Date by issuing a written notice to the Company. In the case that the Lot has been listed in the catalogue or other public materials and they have begun to be printed at the time of the withdrawal of the Lot, the Seller shall pay an amount equal to 20% of the Reserve of the Lot and all other expenses. In the case that the catalogue or other public materials have not been printed, the Seller shall pay an amount equal to 10% of the Reserve of the Lot and all other expenses. Any dispute or claim arising out of the Seller’s withdrawal of the Lot shall be borne by the Seller and has nothing to do with the Company.
Unless otherwise instructed by the Seller in writing, all Lots will be automatically covered under the insurance policies purchased by the Company after the Seller enters into the consignment auction contract with the Company and delivers the Lots to the Company. The insured amount shall be based on the Reserve agreed by the Seller and the Company in the consignment auction contract (if there is no Reserve, it shall be the agreed insured amount of the Lot; if the Reserve is adjusted, it shall be the original Reserve of the Lot). The insured amount is only applicable to insurance and claim for compensation, is not the Company’s warranty or guarantee for the value of the Lot, and does not mean that the Lot can be sold for an amount equal to the insured amount through any auction by the Company.
If the Lot is sold, the insurance premium payable by the Seller shall be 1% of the Hammer Price unless otherwise agreed by the Seller and the Company. If the Lot is not sold, the Seller shall as well pay the insurance premium at 1% of the Reserve.
If the Lot is sold in the auction, the insurance period shall terminate at the earlier of the seventh day after the Sale Date (including the Sale Date) and the date when the Buyer collects the Lot. If the Lot is not sold in the auction, the insurance period shall terminate upon the expiry of thirty days after the Company issues the notice on the collection of the Lot.
In the event that the Seller notifies the Company in writing not to insure the Lot, it shall undertake all the risks and the following liabilities at any time (unless otherwise ruled by an arbitration institution):
The damage or destruction of the Lot caused by natural wear, inherent flaws, internal or potential defects, change of substance itself, self-combustion, self-heating, oxidation, corrosion, leakage, rat-bite, worm-bite, change in the atmosphere (climate or air temperature), change in humidity or temperature, or other gradual changes or caused by force majeure such as earthquake, tsunami, war, hostile action, armed conflict, terrorism, coup, strike and social riot, or nuclear radiation or radioactive pollution as well as the damage or destruction of book frames, glass, drawers, bottom pads, trestles, mountings, insert pages, scroll heads or other similar accessories caused by any reason is not within the scope of insurance coverage. The aforesaid risks should be borne by the Seller.
Any damage or destruction of the Lot caused by incidents or disasters covered by the insurance purchased by the Company for the Lot shall be handled in accordance with the laws of Hong Kong on insurance. The Company shall pay insurance indemnities after deducting the Company’s expenses (other than the Commission) to the Seller after the Company obtains such indemnities from the insurance company.
The Seller shall not bid for the Lot consigned to the Company by himself/herself/itself for auction, or authorize any other person to bid on his/her/its behalf. Only the Company has the right to bid on behalf of the Seller at a price not more than the Reserve. The Seller shall bear all legal liabilities and compensate for all losses caused to the Company if the Seller violates this Article.
Unless otherwise agreed upon by the Seller and the Company, the Seller shall authorize the Company to deduct 10% of the Hammer Price as Commission and at the same time deduct other expenses. Despite the fact that the Company is the Seller’s Agent, the Seller agrees that the Company may collect the Commission and other expenses from the Buyer in accordance with the provisions in Article 49 hereof.
In case the Lot is not sold because the bidding price is lower than the Reserve, the Seller shall authorize the Company to charge the Seller a service fee for unsuccessful auction and other expenses.
Where the Buyer effects full payment of the Purchase Price to the Company in accordance with the provisions in Article 49 hereof, the Company shall pay the Proceeds of Sale to the Seller thirty-five days after the Sale Date in Hong Kong dollars.
Where the Company does not receive the full payment of the Purchase Price from the Buyer upon the expiry of the payment period under Article 51 hereof, the Company will pay the Proceeds of Sale to the Seller within seven working days after receipt of full payment of the Purchase Price from the Buyer.
The Seller shall pay taxes to the government for the Proceeds of Sale obtained. If the Company has an obligation to withhold and pay taxes according to the provisions of the relevant laws, the Company will follow the provisions of the laws. The Seller shall assist in handling all the formalities and bear the corresponding taxes and expenses.
The Seller shall, at the time of its consignment of the Lot to the Company for auction, be deemed to have authorized the Company to demand the corresponding outstanding payment from the Buyer on behalf of the Seller. Where the Buyer fails to fully pay the Purchase Price within seven days after the Sale Date (including the Sale Date), the Company shall have the right to demand the Commission and other Buyer’s Expenses according to the provisions of Article 58 hereof. In addition, the Company shall as well have the right to take appropriate actions (including but not limited to resorting to legal proceedings) to assist the Seller in collecting such outstanding payment from the Buyer where it is deemed by the Company to be practicable. The above provision does not exclude the Seller’s right to demand in person or authorize any third party to demand the outstanding payment from the Buyer and does not obligate the Company to demand the corresponding outstanding payment from the Buyer on behalf of the Seller under any circumstance. This Company shall not bear the corresponding liability for the Seller because of the Buyer’s failure to pay the Purchase Price under any circumstance.
The Company shall have the right to accept the Seller’s authorization (at the Seller’s expenses) and may determine the following matters as the case may be:
The Seller shall assume liability for all risks and expenses that occur after the time limit prescribed herein if the Seller fails to take back the Lot not auctioned or the unsold Lot within such the time limit. The Seller shall assume liability for all risks and expenses of the Lot not auctioned or the unsold Lot at the earlier of the thirtieth day after the Company issues notice on collection of the Lot to the Seller (including the notice date) and the time when the Seller collects the Lot in accordance with these Conditions of Business. Where the Seller requests Company to assist it in the return of the Lot within the time limit provided herein and the Company so agrees, the Seller shall assume liability for all risks and expenses that occur after the Lot leaves the place designated by the Company. Unless the Seller specifically gives an indication and pays insurance premium in advance, the Company has no obligation to ensure the Lot for any period after it departs from the place designated by the Company. Where the Seller requests the Company to assist it in returning the Lot by means of post, express delivery or other third-party transportation, the Company shall be deemed to have returned the Lot, and the Seller shall be deemed to have collected the Lot upon the Company’s delivery of the Lot to the post, express delivery and transportation entities, companies or their employees/branch offices.
The Company shall prepare a catalogue of the Lot to briefly introduce the conditions of the Lot with words and/or pictures to facilitate the Bidder and Seller to participate in the auction held by the Company. The words and Estimate in the catalogue of the Lot, pictures, other images as well as public materials are only references for the Bidder and may be revised before auction. The Company provides no guarantee for the authenticity, value, tone, quality or flawlessness of the Lot.
Where the tone, color, graduation shape or any other feature of the Lot shown in the catalogue and/or any other illustrations, images and public materials differ from those of the original Lot due to printing, photography or other technical reasons, the original Lot shall take precedence. Any introduction and appraisal of any Lot made by the Company and its employees or its agents in anyway (including the certificate, catalogue, slideshow and news media) are only opinions for reference and do not constitute any guarantee for the Lot. The Company and its employees or its agents shall undertake no liability for any inaccuracy or omission in the aforesaid introduction or appraisal.
Unless otherwise indicated, all Lots are offered subject to a Reserve. Normally, the Reserve is not higher than the lowest Estimate announced before the auction or published before the auction by the Company. If a Reserve has not been set for a Lot, unless there has already been bidding, the Auctioneer, in his or her discretion, may determine the starting price, but this shall not be higher than the lowest Estimate of the Lot before the auction. Under no circumstances shall the Company bear any liability when the bids for a Lot do not reach the Reserve. If the bids are lower than the Reserve, the Auctioneer, in his or her discretion, may sell the Lot at a price lower than the Reserve. However under such circumstances, the amount that the Company shall pay the Seller shall be the amount that the Seller would receive as if the Lot was sold at the Reserve. The Estimate is estimated at an earlier time before the Auction Date, it is not a confirmed selling price, and is not legally binding. Estimates cannot be used as a forecast of the Hammer Price of the Lot, and the Company has the right to revise from time to time the Estimate already made.
The Bidder and/or his/her/its agents shall have the responsibility to learn about the actual conditions of the Lot and shall be legally liable for his/her/its bid for a certain Lot. The Company strongly advises the Bidders to personally inspect the original Lot they intend to bid for before the Auction Date by authentication or other means. Bidders shall judge by themselves whether Lot complies with the descriptions in the Company's catalogue of the Lot and other images and public materials, rather than relying on the catalogue, images and public materials to make decisions.
If the Bidder is a natural person, before the Auction Date, he/she shall fill in and sign the registration documents with an identity document with photo issued by the government (such as resident identity card or passport), and provide proof of the current address (e.g. utility bill or bank statement); if the Bidder is a company or other organization, before the Auction Date, it shall fill in and sign the registration documents and collect a paddle with its valid certificate of incorporation and proof of shareholding and legitimate authorization document. The Company may request the Bidder to present proof of bank details or other proof of financial conditions for payment purposes.
The Company can announce before the Auction Date the conditions and procedures of arranging paddle for the Bidder according to different auction conditions and auction methods etc., including but not limited to the qualification and conditions for the Bidder to arrange a paddle.
When a Bidder participates in an auction of the Company, he/she shall first pay the auction deposit before collecting the paddle. The amount of the auction deposit will be announced by the Company before the Auction Date, and the Company has the right to waive the auction deposit. If the Bidder fails to buy the Lot and he does not owe the Company any sum, then that auction deposit shall be returned to the Bidder in full without interest within 14 working days after the end of the auction. If the Bidder succeeds in buying a Lot, the auction deposit shall automatically be converted to the payment of the Purchase Price of the Lot.
The Company has the right to forbid anyone from participating in the auction organized by the Company or entering the auction site, or taking pictures or shooting videos at the auction site at its discretion.
If any abnormal event occurs at the auction site, the Company has the right to take emergency actions. If any dispute arises at the auction site, the Company has right to mediate and settle it.
The Bidder must take good care of his/her/its paddle and be cautious not to lose it. The Bidder shall not lend his/her/its paddle to others, or the Bidder shall assume all legal liability for others' act of bidding for the Lot using his/her/its paddle.
Bidders shall attend the auction in person. If a Bidder or its agent cannot attend in person, it can appoint the Company in writing for the Company to bid on its behalf. The Company has the discretion to accept or not accept the above appointment. Any Bidder who has appointed the Company to bid shall handle the appointment formalities within the period stipulated (no later than three business days), and produce a completed Absentee Bid Order to the Company, and at the same time pay the auction deposit according to the Conditions of Business. If the Bidder who has appointed the Company to bid needs to cancel the absentee bid, it shall notify the Company no later than 24 hours before the Auction Date.
If a Bidder who has appointed the Company to bid, the auction results and the related legal responsibilities shall be borne by the Bidder.
If the Bidder indicates in the Absentee Bid Order that it bids by instant communication methods such as telephone, it shall fill in the instant communication method accurately and keep the instant communication instrument properly, during the period in which the Company is appointed to bid, the Bidder shall use that instant communication instrument itself. Where the instant communication instrument is lost or it cannot be within control, the Bidder shall immediately use a written form recognized by the Company to change the instant communication method filled in the Absentee Bid Order. During the period the Company is appointed to bid, it shall make appropriate efforts to contact the Bidder, the bidding information transmitted by that instant communication instrument (whether or not it is transmitted by the Bidder personally or the Bidder's agent) shall be considered as transmitted by the Bidder itself, and the Bidder shall bear legal responsibilities for the actions taken by it. Unless the Buyer itself has changed the instant communication method filled in the Absentee Bid Order by a written method recognized by the Company. All telephone bids may be recorded and kept at Poly Auction (Hong Kong)’s sole discretion, by opting for telephone bids, the Bidder agrees that its phone conversation will be recorded.
Nevertheless, under no circumstances shall the Company be responsible for any unsuccessful contact or errors or omissions in the bidding process using that instant communication instrument.
Since absentee bid is a free service of transmitting bidding information that the Company provides to the Bidder, the Company and its employees shall not bear any responsibilities for unsuccessful bidding or any errors, omissions, negligence, fault or inability to bid on its behalf during the bidding process.
If two or more Bidders appointing the Company to bid on their behalf have bid the same price for the same Lot and eventually that Lot is sold at that Hammer Price, then the one who first submitted to the Company shall be the Buyer of that Lot.
The Auctioneer has the right at his absolute and sole discretion in the following matters:
For those Lots without a Reserve, unless there has already been bidding, otherwise the Auctioneer, under his own discretion, may decide the starting price. If there is no bidding at such a price, the Auctioneer will, at his own discretion, lower the price and continue the auction until a Bidder starts to bid, then he will continue the auction at that price and then continue up from that amount.
To facilitate Bidders, the Company may use image projector or other forms of display boards in the auction. The contents shown are for reference only. It is possible that there are differences in the information such as the amount, reference number of the Lot, images of the Lot or reference foreign currency etc. shown in the image projector or other forms of display boards and the Company shall not bear any responsibilities for any losses caused by such differences.
The fact that the Auctioneer confirms the highest bid of a Bidder by striking his/her hammer or in any other manner of publicly confirming the sale shall indicate the conclusion of a sales contract for the Lot between the Bidder and the Seller.
After the Bidder has succeeded in bidding, it will become the Buyer of that Lot. A buyer’s premium will be added to the Hammer Price and is payable by the buyer as part of the total purchase price. The buyer’s premium is 20% of the hammer price of each lot and at the same time other Buyer’s Expenses, and recognizes that the Company can charge the Seller the commission and other Seller expenses according to provisions of the Consignment Agreement.
All the monies that the Buyer pays to the Company are net amounts, which shall not include any tax on goods, tax on services or other value added tax (whether levied by Hong Kong or other regions). If there is any tax applicable to the Buyer, the Buyer shall bear it itself according to the provisions of the relevant laws currently in force.
After the Lot is successfully sold in an auction, unless otherwise agreed, regardless of any stipulations of the export, import or other permits of the Lot, the Buyer shall fully pay the Purchase Price within 7 days after the Sale Date (including the Sale Date), and collect the Lot. If packing, moving costs, and insurance expenses, expenses related to export are involved, the Buyer shall pay them altogether.
All monies shall be paid in Hong Kong dollars. If the Buyer pays in another currency other than Hong Kong dollars, it shall convert it at the exchange rate agreed between the Buyer and the Company or at the exchange rate of Hong Kong dollars and that currency type on the previous working day announced by such bank as selected by the Company. All bank handling fees, commission and charges incurred by the Company for converting the foreign currency paid by the Buyer into Hong Kong dollars shall be borne by the Buyer.
Even if the Company has delivered the Lot to the Buyer, the Buyer has not yet obtained the ownership of the Lot. This shall pass onto the Buyer only when the Buyer has fully paid the Purchase Price and all monies that the Buyer owes the Company.
After the bidding has succeeded, the risks ofthe Lot shall be borne by the Buyer itself after the occurrence of one of the following events (whichever earlier):
Risk and responsibility for the lot passes to the Buyer at the expiration of thirty calendar days from the Sale Date (including the Sale Date). or on collection by the Buyer, if earlier. After thirty calendar days, all expenses incurred, including but not limited to storage, moving, insurance will be for the account of the Buyer. Although the Company shall use reasonable efforts to take care of purchased Lot and suggest handlers, packers or carriers, the company is not responsibleto any person to whom we have made are commendation for the acts or omissions of the third party concerned.
If the employees of the Company pack and handle the Lot bought on behalf of the Buyer according to the latter's requirements, this is considered as a service provided by the Company to the Buyer and the Company has the discretion to decide whether to provide this service, if any losses arise therefrom, the Buyer shall bear them itself. Under no circumstances shall the Company be responsible for any damage of the glass or picture frame, box, backing sheet, frame case, mounting, inserts, rolling rod or similar auxiliary objects caused by any reasons.
Where the Buyer requests the Company to assist it in collecting the purchased Lot (the packaging, mailing and transportation expenses shall be paid by the Buyer) by means of post, express delivery or transportation, the Company shall be deemed to have delivered the Lot and the Buyer shall be deemed to have collected such Lot according to the normal procedure upon the Company's delivery of the Lot to the post, express delivery and transportation entities, companies or their employees/branch offices. The risks arising from this process shall be borne by the Buyer. Unless Buyer gives a clear indication and pays insurance premium, no insurance is provided in the process of mailing, express delivery or transportation generally.
The Company shall undertake no liability for any error, omission, damage or destruction caused by the packaging company and post, express delivery and transportation entities or companies designated by the Buyer or recommended by the Company to the Buyer.
The Buyer shall be responsible for obtaining any import and export licenses, permit for endangered animals or other aspects related to the Lot. Failure or delay in obtaining any permits required shall not be deemed as a reason for cancelling the purchase or delaying in paying the Purchase Price. The Company shall not bear any responsibilities for the failure to properly fill in or submit the required import or export documents.
If the Buyer requests the Company to apply for the import and export licenses on its behalf, the Company has the right to charge service fees for this service. However, the Company does not warrant that the import or export license will be issued. The Company and the Seller has not made declaration or warranty in respect of whether or not any Lot is subject to import and export restrictions or any embargo.
If the Buyer fails to make full payment according to the provisions of the Conditions of Business or any payment arrangements agreed with the Company, the Company has the right to adopt one or more of the following measures:
If the Buyer fails to collect the purchased Lot 7 days after the Sale Date (including the Sale Date), the Company has the right to adopt one or more of the measures below:
In connection with the operation of the auction business of the Company, the Company may make audio recording, video recording of any auction process, and need to collect personal information from the Bidder or ask for the information of the Bidder from third parties (such as asking for credit review from banks). Such information will be handled and kept confidential by the Company. However the information concerned may be provided to the Company, its divisions, affiliates and subsidiaries in order to assist the Company to provide comprehensive services to Bidders, carry out client analysis, or in order to provide services that meet the requirements of the Bidder. For the sake of the interest of the Bidder, the Company may also provide some personal information of the Bidder to third party service providers (such as cargo liners or storage houses). By participating in the auction of the Company, the Bidder agrees to all previously stated disclosure. If the Bidder would like to obtain or amend his personal information, please contact the customer service department.
The Company shall be obligated to keep confidentiality for the Seller, the Bidder and the Buyer and protect the legitimate rights of the Seller, the Bidder, the Buyer as well as the Company according to these Conditions of Business and the laws of Hong Kong. With below exceptions:
The Company may authenticate the Lot if necessary. In case of any discrepancy between the authentication conclusion and the conditions of the Lot in the consignment auction contract, the Company shall have the right to request modification or rescission of the consignment auction contract.
The Seller authorizes the Company to produce photos, illustrations, catalogue, video products and advertising materials in other forms of the Lot that it has appointed the Company to place for auction, the Company is entitled to the above photos, illustrations, catalogue, video products and advertising materials in other forms of the Lot, and has the right to use them. Without prior written consent of the Company, the Buyer and anyone shall not use them. The Company and the Seller have not made any statement and warranty as to whether the Lot is restricted by copyright or if the Buyer has obtained any copyright of the Lot.
Being an agent of the Seller, the Company shall assume no liability for any breach of contract by the Seller or the Buyer. In case of the breach of contract by the Seller or the Buyer, the Company shall have the right to decide to disclose the other party's name and address to the Seller or the Buyer at its own discretion so that the damaged party may receive compensation for damages through legal proceedings. However, prior to the Company's disclosure of such materials to the Seller or the Buyer, the Company shall take the reasonable steps to notify the party whose materials are to be disclosed.
Buyers and sellers have to bear liabilities arisen from transactions including but not limited to, economic, legal, tax and settlement and other related responsibilities, and have to ensure transactions not relate to money laundering or other illegal benefit transfers. Any receive or payment instruction must be clear and direct, the Company shall assume no liability for losses arisen from account stolen, misappropriation of funds and other unforeseen circumstances resulting from mismanagement of sellers or buyers.
The Bidder and the Buyer shall inform the Company their permanent and effective correspondent address and contact methods in the bidding registration documents or by other methods recognized by the Company. If there are changes, they shall inform the Company in writing immediately.
If any terms or parts of the Conditions are confirmed as void, illegal or cannot be executed, other terms or parts of the Conditions are still valid, the parties concerned shall abid by and execute them.
The Conditions of Business and the related matters, transactions, any disputes caused by or in connection with the participation in the auction activities of the Company pursuant to the Conditions of Business shall be subject to Hong Kong laws and shall be interpreted by Hong Kong laws. The Company and the Buyer and the Bidder shall submit to the exclusive jurisdiction of Hong Kong courts. Adjudication(s) promulgated by Hong Kong courts on any disputes arising from the Conditions of Business and related matters can be enforced in People's Republic of China.
The Chinese version of the Conditions of Business shall be the standard texts; the English version is for reference only.
Should there be any discrepancy between the English version and Chinese version, the Chinese version shall prevail.
The Conditions of Business is prepared and revised by the Company, the copyright concerned belongs to the Company. Without the prior written approval of the Company, no one shall use any methods or means to use the Conditions of Business to obtain business benefits, and shall not make duplication, of any parts of the Conditions of Business.
The Conditions of Business is only applicable for this auction. The Company may update the Conditions of Business from time to time, when the Bidder and the Buyer participate in another auction, the then applicable Conditions of Business shall prevail.
The right of interpretation of these Rules shall belong to the Company.
The auctions held by Poly Auction (Hong Kong) Limited (“Poly Auction (Hong Kong)”or“our company”) are conducted according to the Conditions of Business, Important Notices, Important Notices about Bidding Registration, Important Notice about Payment and Important Notice about Storage Collection Shipping and Export, and anyone participating in the auction should read the terms carefully. These Conditions and rules may be revised by announcement or verbal notification without prior notice.
The following pages are designed to give you useful information on how to bid at auctions. Poly Auction (Hong Kong)’s staff as listed at the front of this catalogue will be happy to assist you. However, it is important that you read the following information carefully and note that Poly Auction (Hong Kong) acts for the seller.
In certain circumstances, Poly Auction (Hong Kong) may print in the catalogue the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller’s request for confidentiality or because the identity of prior owners is unknown given the age of the work of art.
A buyer’s premium will be added to the Hammer Price and is payable by the buyer as part of the total purchase price. The buyer’s premium is 20% of the hammer price of each Lot up.
Bidder must review the Lot(s) in the preview before the auction, and bear all responsibilities (including but not limited to legal liability and/or responsibility) of their bidding acts. For more information on the Properties, please consult our business staff. If the conditions of a Property are not described in the catalogue, this does not mean that the Property has no weakness or defects.
Properties with a ▲ symbol have been identified to be made of or containing restricted materials at the time of the compiling of the catalogue, and the materials concerned may be subject to import and export restraints. Properties without this symbol it is not guaranteed that Properties are not subject to import and export restraints. For items made of botanic or animal materials (coral, crocodile, ivory, whalebone, tortoise, rhinoceros horn and Brazilian Rosewood, etc.) or containing botanic or animal materials, regardless of their year or value, may require an application for permits or certificates before exporting outside Hong Kong, and other application for permits or certificates may be required when importing into countries outside Hong Kong. Please pay attention that the ability to obtain export permits or certificates does not ensure that import permits or certificates can be obtained in another country and vice versa. For example, importing ivory for fewer than 100 years is illegal in the USA. Bidders should enquire about the import regulations on products made of or containing wild animals and plants materials of the governments concerned before participating in an auction. Buyers must be responsible for obtaining any export or import permits/or certificates and any other documents required.
All electrical appliances and mechanical merchandise are sold on an “as is” basis, and should not be assumed that they operate. Before putting into any use, electrical appliances must be inspected and approved by qualified electric technicians.
Description of the conditions of Jewelry Lot(s) usually contained in the catalogue, however, absence of a description does not imply that the Lot(s) is free from defects or imperfection or beautification process. Beautification processes of coloured gemstones, such as heat enhancement, oiling or irradiation, etc, have been generally accepted by the international jewellery markets. If Poly Auction (Hong Kong) has obtained gemological reports from internationally recognized gemological laboratories for the Lot(s), all known important facts and conditions of the Lot(s) have contained in the catalogue, our Company assumes no responsibility for the accuracy of the reports. It may not be feasible for Poly Auction (Hong Kong) to obtain laboratory reports for all Lot(s), the estimates are based on all known information at the moment. Bidders must inspect conditions of the Lot(s) by themselves before the auction. Any dissent about conditions of the Lot(s) after the bid shall not justify rescission or cancellation of a sale or any delayed payment. If bidders request a designated laboratory report for any Lot(s), such request should be raised out 14 workings days before the auction and at their own cost. Bidders should also be aware that Lot(s) containing jadeite or gemstones originating from Burma may not be allowed to be imported into the U.S.. This will not constitute a ground for rescission or cancellation of a sale or any delayed payment.
Lot(s) of clocks and watches in the catalogue will be sold at current status (i.e. as is). Bidders should personally inspect the conditions of the Lot(s) before the auction. Descriptions of the Lot(s) in the catalogue are for reference only. The absence of a description does not imply that the Lot(s) is in good condition, free from defects or restorations. Descriptions only reflect subjective opinions of experts of Poly Auction (Hong Kong), it is not a statement of facts, nor a complete record of all repairs, component replacements or restorations. Poly Auction (Hong Kong) makes no guarantee on operation, water-resistance, authenticity and originality of individual parts (including watchstrap) of the Lot(s). In addition, bidders should be aware of the import restrictions of the U.S. concerning luxury watches.
Where the tone, colour, graduation shape or any other feature of the Lot shown in the catalogue and/or any other illustrations, images and public materials differ from those of the original Lot due to printing, photography or other technical reasons, the original Lot shall take precedence. Any introduction and appraisal of any Lot made by the Company and its employees or its agents in any way (including the certificate, catalogue, slideshow and news media) are only opinions for reference and do not constitute any guarantee for the Lot. The Company and its employees or agents shall undertake no liability for any inaccuracy or omission in the aforesaid introduction or appraisal.
Condition reports and grades are provided free of charge as a convenience to our buyers and are for guidance only. They are not an alternative for examining a lot in person or taking your own professional advice from Specialists. Bidders must inspect the conditions of the Lot (s) by themselves before the auction. Any dissent about conditions of the Lot (s) after the bid shall not justify rescission or cancellation of a sale or any delay in payment. The condition of lots sold in our auctions can vary widely due to factors such as age, previous damage, restoration, repair and wear tear. The grading of watches is based on the general condition, quality, technical and historical interest, age and rarity of each timepiece. Lots are sold “as is,” in the condition they are in at the time of the sale, without any representation or warranty as to condition by Poly Auction (Hong Kong) or by the seller. The buyers acknowledge and agree that any sale is entirely the buyers’ decision, and the buyers have not relied upon any representation or other information (whether oral or written) by Poly Auction (Hong Kong) or by the seller.
Condition Grades of Watches
Grading 1: As new. The timepiece appears with neither signs of use nor ownership over time. The movement is in working order when cataloguing.
Grading 1.5: In excellent condition. The timepiece appears with extremely slight signs of ownership over time. It may exhibit very slight hairline scratches on the case but no obvious signs of use. The movement is in working order when cataloguing.
Grading 2: In very good condition. The timepiece appears with slight signs of use over time. It may exhibit slight scratches on the case. The movement is in working order when cataloguing.
Grading 2.5: In good condition. The timepiece appears with obvious signs of use and scratches on the case. The movement is in working order when cataloguing.
Grading 3: In fair condition. The timepiece appears with very obvious signs of use and scratches/defects. Maintenance may be required.
For more details, please refer to the Condition Report for each Lot.
Condition Grades of Handbags
Grading 1: As new. Appears never to have been used. It exhibits no signs of wear.
Grading 1.5: In mint condition; virtually new and unused with very minor signs of ownership over time.
Grading 2: In pristine condition. To the untrained eye, it may appear brand new. There may be a slight condition note, but overall the piece is in excellent condition.
Grading 3: In excellent condition. This is a piece that has seldom been used and shows little to no wear. There may be small condition issues to note overall the piece is in excellent condition.
Grading 4: In very good condition. This piece may show signs of light wear. It is in very good condition but the corners may show signs of light scuffing, the base may show light scratches, and the hardware may exhibit light marks.
Grading 5: In good condition. This piece shows significant wear. There are condition issues that will be noted in the condition report.
Grading 6: In fair condition. This piece shows significant wear and/or damage. It may require repair or refurbishment in order to be used. Condition issues will be noted in the condition report.
The descriptions about the auction of alcohol and tea are being stated in the catalogue. Our Company reminds bidders to learn more about the auctioned products before bidding. Bidder’s participation in bidding at auction is deemed as the bidder’s approval and acceptance of the package, quality and status of the auctioned items. Any different opinion formed by the bidders after successful bidding, will not constitute a valid reason to withdraw or cancel the bid and delay payment for the auctioned item. Buyers should cautiously inspect the auctioned item during collection. Upon acknowledging receipt of the auctioned item by the buyer (or his agent), the buyer confirms that he or she has accepted the state and quality including but not limited to any defect or flaw on, e.g. the packaging, labels, level of wear and tear, cork, etc., of the auctioned items without any objection.
The Chinese version of the Conditions of Business, Important Notice, Explanation of Cataloguing Practice, Important Notice about Bidding Registration, Important Notice about Payment, Important Notice about Storage Collection Shipping and Export and all other documents such as the terms, conditions, notices, forms etc. contained in this catalogue, announced by the auctioneer or provided at the saleroom as well as the descriptions of the Properties in this catalogue of our Company shall be binding and the English version is for reference only.
The copyright of this catalogue belongs to our Company. Without the written permission of our Company, no parts of this catalogue shall be reproduced in any way or used in any other way.
The right of interpretation in respect of the Conditions of Business, Important Notice, Explanation of Cataloguing Practice, Important Notice about Bidding Registration, Important Notice about Payment, Important Notice about Storage Collection Shipping and Export and all other documents such as the terms, conditions, notices, forms, etc. contained in this catalogue, announced by the auctioneer or provided at the salesroom, shall be exercised by our Company.
Our company accepts the following types of payment:
Payment should preferably be made by telegraphic transfer directly to our company’s account. Please include your name and paddle number or invoice number with your instructions to the bank.
Bank: The Hongkong and Shanghai Banking Corporation Limited
Account Name: Poly Auction (Hong Kong) Ltd.
Account No: 004-848-360475-838
Bank Code: 004
Bank: Bank of Communications Co., Ltd. Hong Kong Branch
Account Name: Poly Auction (Hong Kong) Ltd.
Account No: 027-536-9-311-5318
Bank Code: 027
Credit Card / UnionPay Card
Our company accepts payments by credit cards and/or Union Pay which is acceptable to Poly Auction (Hong Kong) up to HK$1,000,000 per auction sale. The Buyer has to bear the administrative charge which is not more than 2.5% of the paid amount. If the Buyer pay by credit card but not in person, the client have to fill in the “Credit Card Authorisation Form” and send back by fax +852 2303 9860) or email email@example.com or mail to our office address (subject to conditions).
Our company accepts personal and company cheques, but please be reminded that the purchases will not be released until such cheques have been cleared. Traveller’s cheques are not accepted.
CASH / CASHIER ORDER
If payment is made by cash or cashier order, the purchases will be released immediately. However, our company does not accept sums exceeding HK$80,000 (or its equivalent in other currencies) in cash in a single or multiple payments. Our company requests any new clients or purchasers preferring to make a cash payment to provide proof of identity and proof of the permanent address. We reserve the right to seek identification of the source of funds received.
From time to time, Poly Auction (Hong Kong) may offer a lot which it owns in whole or in part. Such property is identified in the catalogue with the symbol Δ next to the lot number. On occasion, Poly Auction (Hong Kong) has a direct financial interest in lots consigned for sale which may include guaranteeing a minimum price or making an advance to the consignor that is secured solely by consigned property. Such property is identified in the catalogue by the symbol □ next to the lot number. This symbol will be used both in cases where Poly Auction (Hong Kong) holds the financial interest on its own, and in cases where Poly Auction (Hong Kong) has financed all or a part of such interest through a third party. Such third parties generally benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. The financing offered by a third party may be in the form of an irrevocable bid provided by that third party. Where Poly Auction (Hong Kong) has an ownership or financial interest in every lot in the catalogue, Poly Auction (Hong Kong) will not designate each lot with a □ symbol, but will state its interest at the front of the catalogue.
Poly Auction (Hong Kong) catalogues include references to condition only in descriptions of multiple works (such as prints, books, alcohol and tea). For all other properties, no statement of the condition is made, and only alterations or replacement components are listed. Please contact the Specialist Department for a condition report on a particular lot. Condition reports are provided as a service to interested clients. Prospective buyers should note that descriptions of property are not warranties and that each lot is sold on an “as is” basis.
HK$7.8 = US$1
The rate of exchange was established at the latest practical date prior to the printing of the catalogue and may therefore have changed by the time of the sale. Bidders should bear in mind that estimates are prepared well in advance of the sale and are not definitive. They are subject to revision.
For Pictures, Drawings, Prints and Miniatures
Terms used in this catalogue have the meanings ascribed to them below. Please note that all statements in this catalogue as to authorship are made subject to the provisions of the Conditions of Business and Limited Warranty.
Buyers are advised to inspect the property themselves. Written condition reports are usually available on request.
This term and its definition in this Explanation of Cataloguing Practice are a qualified statement as to authorship. While the use of this term is based upon careful study and represents the opinion of specialists, Poly Auction (Hong Kong) and the consignor assume no risk, liability and responsibility for the authenticity of authorship of any lot in this catalogue described by this term, and the Limited Warranty shall not be available with respect to lots described using this term.