Page 239 - Sotheby's Fine Chinese Art NYC September 2023

(g) Unless otherwise specified, all auction Lots are that the NFT is reliable, correctly programmed, anti-terrorism, and anti-bribery or anti-corruption laws, (f) For certain sales, Bidders are permitted to submit successful bid price as the first Lot. If any Lots in the (ii) For auction Lots, the Buyer’s Premium and
offered subject to a Reserve. The Reserve for a Lot compatible with your or others’ computer systems, including but not limited to, conducting appropriate via the Online Platform a maximum bid before the start Parcel are not purchased, the auctioneer will open the Overhead Premium will be added to the Hammer Price
cannot exceed the Lot’s low estimate. In a timed up-to-date, error-free, compatible with your digital due diligence on your principal and screening source of of a live auction (an “Advance Bid”). Advance Bids bidding on the next unsold Lot in the Parcel, and the on a per-Lot basis and are payable by the Buyer as part
auction, you acknowledge that we may reduce the wallet or meeting your requirements, or that defects in funds. You will retain and make available upon request will be executed on your behalf automatically up to successful Bidder of that Lot will have the option, but of the Purchase Price.
Reserve for any Lot at any time during the auction, the NFT can or will be corrected; or (6) the accuracy the documentation evidencing such due diligence your predefined maximum value in response to other not the obligation, to purchase in consecutive order (iii) The Buyer also must pay as part of the Purchase
provided it has been agreed with the Seller prior to any or reliability of any simulation or videos depicting the for at least five years after the purchase, and all bids placed on the Lot, including bids placed by us on one or more, if any, of the remaining Lots in the Parcel, Price any applicable sales tax, compensating use tax,
such reduction. intended performance of the NFT or the Referenced commissions payable to you for this consignment have behalf of the Seller, up to the amount of the Reserve each at the newly-established successful bid price. VAT, consumption tax, goods or services tax or other
Content, whether displayed on our websites or on any been authorized by your principal; (if applicable). The current leading bid will be visible
(h) Each Lot offered will be referenced by its Lot other platform. to all Bidders; the value and status of your Advance (d) The auctioneer (or, in a timed auction, the online indirect taxes, luxury tax, excise tax, and duties or
number assigned in the Catalogue. Unless we specify (xi) your purchase will not cause (or otherwise result system) may open bidding on any Lot by placing a tariffs (collectively, “Taxes”), as well as any applicable
otherwise, bids must be on a per-Lot basis. 4. Buyer Representations and Warranties in) us, Sellers, or anyone else to violate any Sanctions, Bid will be visible only to you, unless it is the leading bid on behalf of the Seller below the Reserve. The artist resale right royalty, on the purchase of a Lot
bid. Once the live auction begins, the auctioneer
anti-money laundering, anti-terrorism, or anti-bribery auctioneer and Sotheby’s representatives may further where and as required by applicable law. We will collect
(i) Experiences will be fulfilled by the relevant entity (a) You represent and warrant to us and the Seller will open bidding at the current leading bid. The
or entities specified in its description in the Catalogue. that at all relevant times: or anti-corruption laws; and system will continue to bid on your behalf up to your bid by placing successive or consecutive bids for a any applicable Taxes and artist resale right royalty
on the purchase of a Lot where and as required by
Lot up to the amount of the Reserve, or if there is an
We do not plan, host, operate, fulfill, endorse, verify, (i) your bids on any Lot are genuine and are not the (xii) you have full legal authority without any further predetermined maximum bid, or you may continue to
vouch for, investigate or vet any Experience. For product of any collusive or other anti-competitive action or other party’s consent to enter into and bid via the Online Platforms during the live auction at irrevocable bid on the Lot, up to the amount of the applicable law. The Buyer shall pay the Purchase Price
irrevocable bid. In a timed auction, such bids will be
in full without any deduction for taxes of any kind,
each Experience, any incidental costs and expenses agreement and are otherwise consistent with any perform under these Conditions of Business for Buyers the next increment.
such as fees for travel, food or lodging are the sole applicable antitrust laws; and to give these representations and warranties; (g) All bidding will be in the currency of the sale counted toward the total bid count displayed on the unless such deduction is required by law. In any such
Online Platform.
case, the amount due to us from the Buyer will be
responsibility of the Buyer unless otherwise expressly if you are an entity, the individual bidding on your
stated in the Experience description. (ii) your performance under these Conditions of behalf is authorized to do so and the entity is duly location. As a courtesy to Bidders, a currency board (e) The auctioneer (or, in a timed auction, the online increased to an amount that after deduction for any
such taxes leaves an amount equal to the Purchase
is operated in many salerooms for live auctions for
Business for Buyers has not and will not violate any incorporated or formed, validly existing and in good system) may refuse or reject any bid, including bids
(j) The Buyer is solely responsible for identifying applicable law, regulation or code in any jurisdiction; informational purposes only. Online Bidders will not be Price.
and obtaining any necessary export, import, firearm, standing in the jurisdiction where it is incorporated or able to see any such currency conversion board that that have previously been accepted, withdraw any Lot, (iv) Payment of the Purchase Price for a Lot and
or reopen or continue the bidding (including after the
formed.
endangered species or other permit for a purchased (iii) regarding any Lots containing alcoholic beverages, may be displayed in the auction room.
Lot. Any symbols or notices in the Catalogue reflect where required by applicable law, you are properly (b) We may, in our sole discretion, rescind the sale (h) We reserve the right to refuse or revoke fall of the hammer or, in a timed auction, the close of a any Buyer’s Expenses is due from the Buyer in the
Lot). If the Reserve for a Lot is not met, the auctioneer
currency of the relevant sale (except to the extent
our reasonable opinion at the time of cataloguing and licensed, permitted or otherwise authorized to of a Lot if we reasonably determine that (i) any of the
are included for informational purposes only. Without purchase, receive, possess and/or cause to transport Seller’s representations or warranties is inaccurate, permission to bid before or during a sale for any may withdraw the Lot from sale, and the auctioneer permitted in Condition 8(b)) immediately upon
conclusion of the auction, notwithstanding any
reason. For live auctions with bidding in person,
or online system will announce that the withdrawn Lot
prejudice to Condition 3(k), neither we nor the Seller alcoholic beverages; incomplete or breached; or (ii) the sale has subjected
make any representations or warranties as to whether (iv) your purchase of a Lot and, if you are acting as or might subject us or the Seller to liability. we may refuse admission to the auction. For timed has been “passed”, “withdrawn”, “returned to owner,” requirements for export, import or other permit. The
auctions, we also reserve the right to deactivate
“unsold,” “bought-in” or the equivalent.
Buyer’s obligation to pay the full Purchase Price and
any Lot is subject to export or import restrictions or an agent on behalf of a principal, the arrangement 5. Indemnity
any embargoes. The denial of any permit or license between you and your principal, will not facilitate tax your account at any time prior to, during, or after an (f) In the case of error or dispute with respect to any applicable Buyer’s Expenses is absolute and
auction.
unconditional and is not subject to any defenses,
will not justify cancellation or rescission of the sale crimes; You shall indemnify and hold us, each Sotheby’s bidding, either during or after the auction, we in our
or excuse any delay in payment. We will not deliver a Group Company, our and their respective officers and (i) For timed auctions, live auctions with Advance sole discretion may refuse any bid, withdraw a Lot, setoffs or counterclaims of any kind whatsoever.
firearm to a Buyer unless the Buyer has first supplied (v) you have no knowledge or reason to suspect that employees, and the Seller harmless against any and Bidding, and online sales, you may cancel a bid after determine who the Buyer is, continue or re-open the (v) We will not accept payment from a source
evidence to our satisfaction of compliance with this (1) the funds used to purchase a Lot are connected all claims, causes of action, liabilities, damages, losses, you place it only if (i) the description of or the condition bidding, cancel the sale of a Lot, or re-offer and re-sell other than the Buyer. If you are registered to bid
Condition. with the proceeds of criminal activity, or (2) you or and expenses (including but not limited to reasonable report for the Lot has been materially revised after the a Lot (including after the fall of the hammer or, in a as a company, your company will need to pay for
your principal, if applicable (or, if you are an entity, any attorneys’ fees), arising out of or in connection with bid was placed; or (ii) a notice regarding the Lot has timed auction, the close of a Lot), and take such other any purchases in the name of the company via an
(k) DISCLAIMER OF WARRANTIES: person(s) or entity(ies) with a beneficial or ownership any inaccuracy, incompleteness or breach of any of been posted on our website after the bid was placed. action as we reasonably deem appropriate. In the accepted payment method. Partial payment for a Lot
(i) All Lots are offered for sale “AS IS,” without any interest in you), are under investigation, charged with, your representations or warranties or breach of your Other than in the foregoing limited circumstances, you case of any dispute, our sale record will be absolute is not permitted.
guarantee, representations or warranties by us or or convicted of any substantive or predicate money obligations under these Conditions of Business for agree that any bid you place, regardless of the means and final. In the event of any discrepancy between (vi) Title in a purchased Lot will not pass to the Buyer
the Seller, except for the express representations and laundering or economic sanctions crime, terrorist Buyers to the fullest extent permitted by law. by which you have done so, is final and you will not be any online records or messages provided to you and
warranties given by the Seller and the Authenticity activity, tax evasion or act in violation of any anti- 6. Bidding permitted to amend or retract it. For all auctions and our sale record, our sale record will prevail. Where we until we have received the full Purchase Price in cleared
funds. We will release a Lot to the Buyer or Buyer’s
Guarantee, which we, as principal, provide to the Buyer. bribery or anti-corruption laws or regulations; sales, should your bid be successful, you irrevocably decide to cancel the sale of a Lot or to re-offer and
We and the Seller disclaim all implied warranties, (vi) you (and your principal, if applicable) are not, (a) You must create an account and provide the agree to pay the full Purchase Price and any applicable sell a Lot following an error or dispute with respect to agent after we have received from the Buyer the full
Purchase Price and any applicable Buyer’s Expenses
including but not limited to merchantability and nor are you (or your principal, if applicable) owned (in requested information in order to bid. We may require Buyer’s Expenses. We are not responsible for any bidding, we will notify the Buyer of such decision as
fitness for a particular purpose, except in so far whole or in part), controlled, or acting on behalf of, an financial references, guarantees, deposits or other errors that you make or that are made through your soon as reasonably practicable. in cleared funds and appropriate identification of
the Buyer and Buyer’s agent (if any), unless we are
as such obligations cannot be excluded by law. entity or individual that is: (1) the subject of economic security, as we determine necessary or appropriate. Sotheby’s account in placing a bid on a Lot.
Neither we nor the Seller give you any guarantee, sanctions, embargoes or other trade restrictions in (b) To bid on a Lot containing an NFT, you must have 7. Conduct of an Auction (g) Subject to Conditions 7(e) and 7(f), the Buyer prevented from doing so by an event beyond our
will be: in a live auction, the highest Bidder accepted
control. Any earlier release does not affect the passing
representation or warranty as to the correctness of any jurisdiction, including those administered and a digital wallet capable of supporting and accepting
the Catalogue or other images or descriptions of the enforced by the United States, European Union or the NFT. (a) An auction is by its nature fast-moving and for a Lot at the fall of the hammer; in a timed auction, of title or the Buyer’s unconditional obligation to pay
the full Purchase Price and any applicable Buyer’s
the highest Bidder accepted for a Lot on the close of
condition, completeness, size, quality, rarity, value, any of its member states, United Kingdom, United bidding may progress very quickly. In a live auction, the
importance, medium, frame, provenance, exhibition Nations Security Council, or other applicable sanctions (c) To bid on any auction Lot designated as a auctioneer will commence and advance the bidding the Lot; in the case of a Bidder bidding as agent, such Expenses.
Bidder’s principal will be the Buyer. This means that,
history, or literary or historical relevance of any Lot, authority (collectively, “Sanctions”), or (2) located, “Premium Lot,” you must complete the required at levels and in increments the auctioneer considers (b) Payment in cryptocurrency: for Lots eligible for
and no statement anywhere, whether oral or written, organized, or resident in a country or territory that Premium Lot pre-registration application. We must appropriate (including by reference to any advance subject to Condition 7(e), the sale contract between payment in cryptocurrencies, payments made in
the Buyer and the Seller is concluded on the striking
will be deemed such a warranty, representation is the subject of Sanctions (including Crimea, Cuba, receive your application at least 3 business days prior bids made). The auctioneer has discretion to vary bid cryptocurrency shall be subject to the terms in this
or assumption of liability. Except as expressly set Iran, North Korea, Syria, the Russian Federation and to the commencement of the auction, and our decision increments in the auction room and on the telephone of the auctioneer’s hammer in a live auction, or on the Condition 8(b) in addition to the terms set forth in
close of a Lot in a timed auction, whereupon the Buyer
forth elsewhere in these Conditions of Business Belarus) (collectively, “Sanctioned Jurisdictions”); whether to accept your application will be final. Online but Bidders using Online Platforms may not be able to Condition 8(a) above.
for Buyers, neither we nor the Seller make any bidding may not be available for Premium Lots. place a bid that is less than a whole bidding increment becomes liable to pay the full Purchase Price and (i) We will accept payment in cryptocurrency only for
any applicable Buyer’s Expenses. The sale contract
representations or warranties as to whether any Lot (vii) you (and your principal, if applicable) are (d) We advise Bidders to place their bids directly, above the previous bid. Lots designated as eligible for such in the Catalogue
is subject to copyright or whether the Buyer acquires currently in compliance, and for the past five years either in person at the auction (where available) or (b) In a timed auction, bidding opens at an amount between the Seller and the Buyer of a Lot will be final or by any oral or written announcement or notice
at the end of the auction session.
any copyrights, including but not limited to, any have complied, with applicable Sanctions, anti-money through our Online Platforms. If you elect to bid or that is at or below the low estimate for the Lot and prior to or during the sale, and only in the following
reproduction rights in any Lot. laundering, anti-terrorism, and anti-bribery or anti- to participate in an auction held through an Online (h) Any post-auction sale of Lots will be made
corruption laws; escalates in bid increments that we determine. We may pursuant to these Conditions of Business for Buyers. cryptocurrencies: Bitcoin (BTC), Ether (ETH) and USD
(ii) In the case of NFTs, in addition to the above and Platform, you are responsible for making yourself vary the amount of the bid increments during a timed Coin (USDC).
except for the express representations and warranties (viii) the Purchase Price will not be funded directly aware of all salesroom notices and announcements, auction. Lots will be closed sequentially, either by the 8. Payment (ii) The amount due will be the cryptocurrency
given by the Seller and the Authenticity Guarantee, or indirectly by or from anyone that is the subject which will be available on the Online Platforms. online system or, in some cases, by a live auctioneer. If (a) Generally. equivalent at the time payment is made of the amount
which we, as principal, provide to the Buyer, neither of Sanctions or located, organized, or resident in a (e) We also accept written bids and telephone bids, closed by the online system, Lots will close sequentially invoiced, and Buyer will be responsible for applicable
we nor the Seller make any representations or Sanctioned Jurisdiction; by arrangement with the Bids Department. A written in 30-second or one-minute intervals (as indicated on (i) Buyers will be invoiced after the sale. For online network fees required to successfully conduct the
warranties as to the following: (1) whether the NFT or (ix) no party directly or indirectly involved in the bid, also known as an absentee bid, is where a Bidder the sale page) unless a bid is placed within one minute Bidders, the purchase information shown in the transaction on the blockchain.
any Referenced Content is subject to copyright; (2) transaction is the subject of Sanctions or is owned submits a maximum bid ahead of a live auction, of a Lot’s scheduled closing time, in which case we “My Bids” section of the Sotheby’s App and in the
the nature, character, contents, condition, behavior, (in whole or in part) or controlled by any individual or which will be executed on the Bidder’s behalf by the will extend the sale of that Lot by two minutes from “Account Activity” section of “My Account” on our (iii) Any payment in cryptocurrency must be made
operation, performance, security, integrity, metadata, entity that is the subject of Sanctions or otherwise auctioneer at the lowest bid increment possible, as the time of the last bid and such extensions may be website is provided for your convenience only. In the within ten (10) business days of your receipt of the
persistence, quality, technical details or terms of located, organized, or resident in a Sanctioned may be determined at the auctioneer’s discretion, and repeated for a maximum period of two hours. The event of any discrepancy between the online purchase invoice from us, and payment must be made between
the smart contract, NFT or the Referenced Content, Jurisdiction, except as expressly authorized in writing never for more than the maximum amount the Bidder extension of any Lot’s closing time does not affect any information and the invoice we send you following the the hours of 9:00am and 12:00pm Eastern Time,
including without limitation any further iterations of the by the government authority having jurisdiction over indicates. Written bids and telephone bids are offered other Lot’s closing time; therefore, it is possible that sale, the invoice will prevail. We may process payments Monday through Friday (and not on a U.S. public
same; (3) that the smart contract, NFT or Referenced the purchase and with our prior express written as a courtesy for no additional charge, at the Bidder’s Lots will close out of numerical Lot order. through third-party service providers, which may post holiday).
Content or the delivery mechanism for the NFT does consent; risk and subject to our other commitments at the (c) With respect to Parcels, at the auctioneer’s operating rules related to payment on their respective (iv) Payment must be made from an account or
not contain vulnerabilities, viruses or malware or other time of the auction. We will seek to carry out written discretion, the successful Bidder of the first Lot in websites and change such rules from time to time. For digital wallet in your name maintained with one of the
harmful components, or that either will function as any (x) if you are acting as agent on behalf of a principal, bids, endeavoring to ensure that the first received of a Parcel will have the option, but not the obligation, credit card payments, you authorize us, and our third- following platforms: (1) Coinbase Custody Trust; (2)
bidder or Buyer expects or without error or mistake; you have taken steps reasonably designed to ensure identical written bids has priority. We will not accept to purchase in consecutive order one or more of party service providers, to immediately charge your Coinbase, Inc. (including Coinbase, Coinbase Pro and
(4) the uniqueness of the Referenced Content; (5) compliance with Sanctions, anti-money laundering, liability for failure to place written or telephone bids. the remaining Lots in the Parcel, each at the same selected payment method for all amounts presented Coinbase Prime accounts); (3) Fidelity Digital Assets
to you in the checkout and purchase process.
474 SOTHEBY’S COMPLETE CATALOGUING AVAILABLE AT SOTHEBYS.COM/N11275 475