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TERMS & CONDITIONS
Terms and Condition of Sale

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).

 

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