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.
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
The bidder who has made a successful bid shall become the buyer of the lot. The buyer shall pay a commission to L&H Auction, calculated as follows:
In the hammer price of each lot, for the portion at HK$1,000,000 or below, the commission for such a portion is calculated at 19% of such portion; for the portion above HK$1,000,000 to HK$3,000,000, the commission for such a portion is calculated at 17% of such portion; for the portion in excess of HK$3,000,000, the commission for such a portion is calculated at 15% of such portion. 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 interests equivalent to 2% of the total amount of the invoice has to be paid.
All auction lots are sold in their current conditions and cannot be refunded, nor exchanged. All lots are sold at the knock-down of the auctioneer's hammer.The text descriptions, valuations and pictures in the catalogue of the lots, as well as video products and publicity materials in other formats are for reference only, and do not represent guarantee by L&H Auction on the authenticity, value, colour, quality and flaw(if any) etc. of the lots. L&H Auction assumes no responsibility toward any inaccuracies or omissions in the above descriptions and reviews L&H Auction can revise before the auction. L&H Auction recommends that potential buyers should come forward to appraise the lots in person to make one's own judgment and to understand the conditions of the lots.
Should errors in tone, colour, fineness, shape etc. exist between the actual lot and its images and other formats of illustration, video products and publicity materials due to such cases as printing or photographic technics etc., the actual item shall prevail. L&H Auction assumes no responsibility for the bidder's decision to bid basing on the above colour grading description.
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 shall hold a public exhibition of its auction lots prior to the auction. L&H Auction advises buyers to inspect the lots to understand their conditions by visiting the presale exhibition in person. Buyers are responsible for their act of bidding for the lots, and should not rely on the description in the catalogue and the illustration in such other formats as video products and publicity materials in decision-making. The buyer expressly accepts in full the current conditions of the lot once a decision to bid is made, and cancellation of contract is not allowed after a successful bid, and complaints relevant to the transacted item are not accepted.
5. WITHDRAWAL OF AN AUCTION LOT
L&H Auction has the right to withdraw any auction lot prior to the auction.
6. SECURITY DEPOSIT
Bidders must complete the security deposit payment when registering for the auction paddle before participating in L&H Auction's auction event.
All security deposits must be paid by bank transfer, telegraphic transfer or cash to the designated account of L&H Auction. L&H Auction does not accept payments from any third parties, including agents. If L&H Auction does not receive the bidder's security deposit and payment receipt by the registration deadline for the auction event, the bidder's paddle registration will be considered invalid. If the bidder fails to successfully bid on any auction Lots and has no outstanding payment with the L&H Auction Co., Ltd., L&H Auction will refund your security deposit (without interest) within 10 working days after conclusion
of the auction event. Any losses or charges relating to currency exchange when returning the deposit will be borne by the bidder.
For bidders participate in the bidding through " L&H Online Auction ”platform, please review Online Bidding Rules at www.lhauction.com.hk/en/buy and pay security deposit as
required.
7. 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 hammer 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.
8. 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 L&H Auction 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.
9. 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 .
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.
11. 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.
12. PAYMENT AND TERMS OF COMPENSATION
All payments shall be settled in full within 15 days from the auction. Payment of the hammer price, buyer's premium and any appropriate tax items and funds for the lot shall be made in Hong Kong Dollars by 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
L&H Auction accepts credit card payment by VISA, MASTERCARD or UnionPay. Buyer who effects payment after 7 days from the auction date shall have to pay an additional interests equivalent to 2% of the total amount of the invoice. The buyer should notify the relevant credit card company prior to the auction to minimize any delay arising from authorization issues at the time of payment.
v) Cash
L&H Auction does not accept cash payments exceeding HK$100,000 (or in equivalent currency). For payment settled by cheque, bank transfer or bank wire transfer, confirmation of receipt of funds has to be given by L&H Auction before collection of the auction lots(s). In case the buyer fails to settle payment of the relevant funds within 30 days, L&H Auction has the right to collect from the buyer an annual interest at 18% of the relevant funds due, and to take one or more of the following remedial measures with no violation of the law:
A) To bring legal action against the buyer, claim compensation for breach of contract including litigation fees and legal expenses, as well as loss of interest arising from the buyer's delay or refusal to effect payment.
B) To withdraw the right to sell of the lot, or to resell it to other buyers, however, the buyer would still need to pay the buyer's premium.
C) To put the item up for re-auction or private sale, and to bring legal action to claim compensation for the various payment balance as follows:
- the full payment, litigation fees and legal expenses 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) To retain all lots of the buyer.
The buyer can collect the lot(s) at the address designated by L&H Auction after settlement of all payments. L&H Auction can also arrange delivery service for the buyer for address in Hong Kong. L&H Auction assumes no responsibility for such issues and risks arising from customs clearance, damage and/or loss during the transportation process. If buyers request L&H Auction to arrange delivery services for address(es) outside of Hong Kong, L&H Auction would purchase full insurance in the name of the buyer for the lot put to delivery, while the insurance premium, transportation fees & packaging fees during the
transportation process and export & import taxes etc. shall be paid by the buyer. The buyer should obtain for himself any relevant permit for the import/export of the relevant lot, endangered species or other aspects. Failure or delay in obtaining such permit would not be accepted reasons for the buyer's cancellation of purchase or delay in payment. L&H Auction assumes no responsibility arising from failure to complete or submit the required import/export manifests, lists or other documents. The buyer may request L&H Auction to apply for export license on his behalf; L&H Auction has to right to levy charges for this service. L&H Auction does not guarantee the issuance of export license. L&H Auction and the seller have not made any declaration or guarantee whatsoever on whether the lot is subject to import/export restriction and/or embargo.
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
14. 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.
15. ADDITIONAL TERMS
Bidders in this 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.
Auction:
The auction to be held at Room 1508-10, 15/F, Windsor House, 311 Gloucester Road, Causeway Bay, Hong Kong.
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).
