GENERAL SALES TERMS AND CONDITIONS
The
following agreement applies to all auctions held by L&H Auction Co., Ltd.
(hereinafter refer to as “L&H Auction”). L&H Auction, the consignors,
and buyers are legally bounded by this agreement. In case of any dispute, the
content will be subject to the Chinese version.
1. BUYER’S
PREMIUM AND PAYMENT
In addition
to the hammer price, the buyer agrees to pay L&H Auction a buyer’s premium
and any applicable taxes and payments.
i) Buyer’s
Premium
Once a
bidder has made a successful bid, the bidder becomes the buyer of the auction
lot. The buyer shall pay L&H Auction a premium, which is calculated as
follows:
For each
auction lot, those part of hammer price HKD 1 million or below, the premium
shall be equivalent to 19% of the hammer price; for those part of hammer price
exceeds HKD 1 million, the premium applicable to those part of the hammer price
between HKD 1 million to HKD 3 million shall be equivalent to 17% of the hammer
price; for those part of the hammer price above HKD 3 million, the premium
shall be equivalent to 15% of the hammer price. The buyer shall also pay
L&H Auction the various buyer charges and accepts that L&H Auction may
charge the consignor a commission and any applicable charges in accordance with
the terms and conditions of the auction consignment agreement.
ii) Buyer’s
premium Discount
2% of the
buyer’s premium can be deducted if any outstanding payment(s) is settled within
7 days after the auction in the form of cash, cheque, bank transfer or bank
wire transfer.
iii) Payment
Methods
Buyers are
required to settle all payment(s) within 15 days after the auction. L&H
Auction accepts cash, cheque, credit card (Visa, Master, UnionPay), bank
transfer and bank wire transfer. If a buyer pays by credit card 7 days from the
day of the auction, an additional handling fee equivalent to 2% of the hammer
price will be charged.
2. THE
CATALOGUE AND COLOUR OF AUCTION LOT
All auction
lots are sold in their current conditions and cannot be refunded. All sales are
complete with the fall of the hammer. Any introduction, estimation, photos and
other forms of video productions and promotional materials in the auction
catalogue are intended for reference only and do not represent that L&H
Auction guarantees the authenticity, value, colour, quality, and defects (if
any) of the auction lots. L&H Auction may make alterations to the above
descriptions and evaluations prior to the auction and is not responsible for
any inaccuracies or omissions. L&H Auction advises buyers to inspect the
condition of the lot(s) personally prior to the auction and make their own
judgment in order to understand the condition of the lot(s). In the event that
an auction lot appears differently in the quality colour, gradation, shape of
the object in the auction catalogue and other forms of illustrations, video
products and promotional materials, the condition of the actual lot in its
physical form shall prevail. L&H Auction will not be held responsible for
any bidding decision made by any bidders on the said descriptions and
evaluations under any circumstances.
3. ESTIMATE
All prices
in the auction catalogue are displayed in Hong Kong dollars (“$”). Our estimate
does not refer to the market value or final price of the said lot. Lot estimate
is intended for reference only and L&H Auction reserves the right to adjust
the estimate prior to the auction.
4. PREVIEW
L&H
Auction will mount a public preview of its auction lots prior to the auction.
L&H Auction advises buyers to inspect the conditions of the lot(s)
personally on the day of the preview; buyers are responsible for any submitted
bid(s) and should not solely rely on the descriptions illustrated on the
auction catalogue and other forms of promotional materials. Once a bid is placed,
the buyer accepts the status quo of the lot. After a successful bid, it cannot
be rescinded, and subsequent complaints about the lot will not be accepted.
5.
WITHDRAWAL OF AN AUCTION LOT
L&H
Auction reserves the right to withdraw any auction lot prior to the auction.
6. BIDDING,
REFUSAL, AND RESERVE PRICE
Upon a
successful bid, the bidder becomes the buyer of the lot. L&H Auction and
the auctioneer can reject any bid deemed too low and withdraw the lot. The sold
price does not include the buyer’s premium and other surcharges. Payment
details can be found in article 1 and 11 of this agreement.
Each lot has
a reserve price. During the bidding process, the auctioneer can reject any bid
below the reserve price.
7. BIDDING
BY FAX, PHONE, OR EMAIL
Bidders can
entrust L&H Auction to place a bid. Bidders must submit their absentee bid
forms and related documents by email, fax, or in person 48 hours prior to the
start of the auction. Catalogues, application forms, absentee bid forms, and
other documents required can be downloaded from the official website:
www.lhauction.com.hk/en/buy.
All bids
will be executed at the lowest possible price in accordance with the auction
terms and bidders’ bids. Please note that for the benefit of the buyer, all
bidders are requested to return the absentee bid forms as early as possible. If
two or more bidders offer the same price for an identical lot, L&H Auction
will process it on a first come, first served basis. Telephone bidders will
receive a call from L&H Auction before the auction begins, but the company
cannot guarantee that all calls will be connected successfully. Telephone
bidders shall bear the risk.
L&H
Auction will not be held responsible for any failure to provide the required
information in a timely manner or any negligence caused by the negligence of
the bidder during the bidding process.
8. ONLINE
BIDDING
Bidder can
participate in the bidding through “L&H Online Auction” platform . Should bidders wish to participate in L&H online auction,
they must complete online registration at least 3 working days prior to the day
of the auction and be approved by L&H Auction, and the bidders must settle
the deposit payment at least 2 working days prior to the day of the auction
before any online bidding can be placed. For online bidding registration and
other related matters, please review Online Bidding Rules at
www.lhauction.com.hk/en/buy.
9.
SUCCESSFUL BID
The hammer
price signifies the highest bidding price administered via the auctioneer,
which implies that the bidder has successfully placed a bid for an auction lot
and has become the buyer, thereby indicating that both the buyer and the seller
have entered into an auction contractual agreement.
10.
OWNERSHIP AND RISK
Buyers are
required to settle the hammer price and the buyer’s premium in full. Upon
confirmation from L&H Auction that a payment has been accepted, the buyer
acquires the ownership of the auction lot. At the same time, the risk of the
subject lot will also be transferred to the buyer.
11. TERMS OF
PAYMENT AND INDEMNITY
All
payment(s) shall be made in full within 15 days after the auction. The buyer
can settle the payment(s) and the buyer’s premium in Hong Kong dollars through
any of the following payment methods.
i) Bank wire transfer
ii) Bank transfer
Bank Name :
Hongkong and Shanghai Banking Corporation Limited
Bank Address
: 1 Queen's Road Central, Central, Hong Kong
Remittance
Code : HSBCHKHHHKH
Beneficiary
: L&H Auction Co., Ltd.
Bank number
: 004
Bank account
number : 053-422283-838
iii) Cheque
iv) Credit card
Accepted
credit cards include VISA, MASTERCARD or CUP. If the buyer paid by credit card
after 7 days from the auction day, an additional 2% processing fee will be
charged. Buyers should inform the credit card company before purchasing the lot
to reduce delays caused by authorization issues during payment.
v) Cash
L&H
Auction doesn’t accept any payment from any third parties (agent inclusive),
nor cash in excess of HKD100,000 (or its equivalent in other currencies).
If a payment
is settled by cheque, bank transfer or bank wire transfer, the buyer is
required to wait for a confirmation by L&H Auction until full payment is
received, before the auction lot(s) can be collected.
If the buyer
fails to settle the relevant payment(s) within 30 days, L&H Auction may
charge the buyer 18% of any outstanding payment amount as annual interest and
implement one or more of the following remedies that are not in conflict with
the law:
A) Filing a
lawsuit against the buyer for damages, including legal and lawyer fees, and
loss of profits caused by the buyer’s late payment or refusal to pay.
B)
Withdrawing the right to sell the lot or selling the lot to another buyer. The buyer, however, shall still pay the
buyer’s premium.
C)
Re-auction or private sale of associated lot(s) and to file a lawsuit to claim
the following:
- all
payments, legal fees and lawyer fees owed by the buyer.
- the net
proceeds from the resale after all fees are settled, and the surplus (if any)
to be paid to the owner.
D) The
lot(s) is/are to be kept until the buyer pays the full amount (including
buyer’s premium, all direct and indirect storage fees, and interests) before
delivering the lot to the buyer.
E) Retain
all lots sold to the buyer at the auction.
12.
TRANSPORTATION AND DELIVERY
Once the
buyer has settled all payments, the lot(s) can be collected at an address
designated by L&H Auction. L&H Auction can also arrange delivery
services on behalf of the buyers for address(es) in Hong Kong. L&H Auction will not be responsible for
any potential conflicts or risks associated with customs clearance, damage
and/or loss caused during transportation.
If buyers request L&H Auction to arrange delivery services for
address(es) outside of Hong Kong, L&H Auction will purchase full insurance
for the lot(s) sent in the name of the buyer; insurance fee, transportation
fee, packaging fee and import and export taxes and other related fee(s) will be
bore by the buyer. However, L&H Auction will not be responsible for any
potential conflicts or risks associated with customs clearance, damage and/or
loss caused during transportation.
Buyers are required to obtain any license(s) for the import and export
of the lot(s), endangered species, or other aspects of the lot(s). Failure to
obtain and/or delay in obtaining the license(s) will not be considered as a
reason for the buyer to cancel the purchase or delay the payment. L&H
Auction will not be held responsible for any failure in completing or
submitting the required import and export manifests, checklists, or other
documents. If the buyer requests L&H Auction to apply for an export
license, L&H Auction reserves the right to charge additional fee(s) for
this service. L&H Auction cannot guarantee an export license will be
issued. L&H Auction and the Sellers have no representations or guarantees
as to whether the lot is subject to import/export restrictions.
Collection
Address: Room 1508-10, 15/F, Windsor House, 311 Gloucester Road, Causeway Bay
(Causeway Bay Station Exit E)
Office
Hours: Monday to Friday (10:00 a.m. to 6:00 p.m.); Saturday, Sunday, and Public
Holiday (Reservation required)
Phone: 852
3168-2192
13. LIMITED
LIABILITY
i) Under no
circumstances will L&H Auction and/or the consignor’s liability exceed the
actual purchase price of the lot(s).
ii) L&H
Auction acts purely on behalf of the consignor. L&H Auction will sell the
lot(s) at auction at the highest price offered by the buyer, and L&H
Auction will not offer any bidding opinions to the buyer. If the consignor
and/or the buyer defaults, L&H Auction will not be held responsible.
iii) L&H
Auction will not be held responsible for any omissions and/or errors in the
auction catalogue or any information used from the catalogue by third parties
thereafter. In addition, L&H Auction must be notified in writing for
obtaining permission to use or change the content of the catalogue.
iv) Written,
telephone and internet bids are offered as an additional service for no extra
charge, at the Bidder’s risk and shall be undertaken with reasonable care
subject to L&H auction’s other commitments at the time of the auction;
L&H auction’s therefore cannot accept liability for failure to place such
bids save where such failure in unreasonable.
Telephone and internet bids may be recorded. Online bids are made subject to the
Conditions of Business for Live Online Bidding available on the L&H website
or upon request. The Conditions for Live
Online Bidding apply in relation to online bids, in addition to these
Conditions of Business.
14.
ADDITIONAL TERMS
The bidders
of the auction are aware of and agree to the following terms:
i) L&H
Auction reserves the right to change the Bidder’s Notice and General Sales
Terms and Conditions, either verbally or in writing, during or before the start
of the auction.
ii) The transaction
and related content from the Bidder’s Notice and the General Sales Terms and
Conditions are interpreted and governed by the laws of the Hong Kong Special
Administrative Region.
ANNOTATION
Auction:
The auction
to be held at Room 1508-10, 15/F, Windsor House, 311 Gloucester Road, Causeway
Bay, Hong Kong, on 20 May 2023.
Auction lot:
All goods
consigned to L&H Auction and auctioned at the auction. Each lot can be a
stand-alone item or a combination of 2 or more items.
Reserve
Price:
An undisclosed
minimum price set by L&H Auction and the consignor for each lot.
Hammer
Price:
The price at
which the auctioneer decides to sell the auction lot to the buyer, by the fall
of the hammer.
Buyer’s
Premium:
The premium
payable by the buyer on the hammer price at the rates set out in the General
Sales Terms and Conditions.
Bidder:
Any party
considering, making, or attempting to make a bid, by whatever means, including
buyers.
Consignor:
The owner or
the representative of the owner of a lot offered at the auction, or the company
or trustee to administer the said lot.
Buyer:
Any
organization, individual, or company purchasing an auction lot(s) at hammer
price and including buyer’s premium.
Auctioneer:
Any person
who represents L&H Auction in the auctioning of a lot(s).