Page 392 - 2019 September 13th Christie's New York Important Chinese Works of Art

8 SUCCESSFUL BIDS 2 OUR AUTHENTICITY WARRANTY (ii) drawings, autographs, letters or manuscripts, (iv) Bank Checks
Unless the auctioneer decides to use his or her We warrant, subject to the terms below, that the lots in signed photographs, music, atlases, maps You must make these payable to Christie’s
discretion as set out in paragraph C3 above, when the our sales are authentic (our “authenticity warranty”). or periodicals; Inc. and there may be conditions. Once we
auctioneer’s hammer strikes, we have accepted the If, within 5 years of the date of the auction, you give (iii) books not identified by title; have deposited your check, property cannot be
last bid. This means a contract for sale has been formed notice to us that your lot is not authentic, subject to the (iv) lots sold without a printed estimate; released until five business days have passed.
between the seller and the successful bidder. We will terms below, we will refund the purchase price paid (v) books which are described in the catalogue as (v) Checks
issue an invoice only to the registered bidder who by you. The meaning of authentic can be found in the sold not subject to return; or You must make checks payable to Christie’s Inc.
made the successful bid. While we send out invoices by glossary at the end of these Conditions of Sale. The terms (vi) defects stated in any condition report or and they must be drawn from US dollar accounts
mail and/or email after the auction, we do not accept of the authenticity warranty are as follows: announced at the time of sale. from a US bank.
responsibility for telling you whether or not your bid (a) It will be honored for claims notified within a (b) To make a claim under this paragraph you must (d) You must quote the sale number, your invoice
was successful. If you have bid by written bid, you period of 5 years from the date of the auction. After give written details of the defect and return the number and client number when making a payment.
should contact us by telephone or in person as soon as such time, we will not be obligated to honor the lot to the sale room at which you bought it in All payments sent by post must be sent to:
possible after the auction to get details of the outcome authenticity warranty. the same condition as at the time of sale, within Christie’s Inc. Post-Sale Services,
of your bid to avoid having to pay unnecessary storage (b) It is given only for information shown in 21 days of the date of the sale. 20 Rockefeller Center, New York, NY 10020.
charges. UPPERCASE type in the first line of the (k) South East Asian Modern and Contemporary (e) For more information please contact our Post-Sale
catalogue description (the “Heading”) and, Art and Chinese Calligraphy and Painting. Services by phone at +1 212 636 2650 or fax at +1
9 LOCAL BIDDING LAWS where no maker or artist is identified, it is given for In these categories, the authenticity warranty 212 636 4939 or email PostSaleUS@christies.com.
You agree that when bidding in any of our sales that you information regarding the date or period shown does not apply because current scholarship does not
will strictly comply with all local laws and regulations in in UPPERCASE type in the second line of the permit the making of definitive statements. Christie’s 2 TRANSFERRING OWNERSHIP TO YOU
force at the time of the sale for the relevant sale site. catalogue description (the “Subheading”). It does, however, agree to cancel a sale in either of You will not own the lot and ownership of the lot will
does not apply to any information other than in these two categories of art where it has been proven not pass to you until we have received full and clear
D THE BUYER’S PREMIUM AND TAXES the Heading or Subheading even if shown in the lot is a forgery. Christie’s will refund to the payment of the purchase price, even in circumstances
1 THE BUYER’S PREMIUM UPPERCASE type. original buyer the purchase price in accordance where we have released the lot to you.
In addition to the hammer price, the successful bidder (c) The authenticity warranty does not apply to with the terms of Christie’s Authenticity Warranty, 3 TRANSFERRING RISK TO YOU
agrees to pay us a buyer’s premium on the hammer any Heading, Subheading or part of a Heading provided that the original buyer notifies us with full
price of each lot sold. On all lots we charge 25% of the or Subheading which is qualified. Qualified supporting evidence documenting the forgery claim The risk in and responsibility for the lot will transfer to
hammer price up to and including US$300,000, 20% means limited by a clarification in a lot’s catalogue within twelve (12) months of the date of the auction. you from whichever is the earlier of the following:
Such evidence must be satisfactory to us that the
on that part of the hammer price over US$300,000 description or by the use in a Heading or (a) When you collect the lot; or
and up to and including US$4,000,000, and 13.5% of Subheading of one of the terms listed in the property is a forgery in accordance with paragraph (b) At the end of the 30th day following the date of the
that part of the hammer price above US$4,000,000. section titled Qualified Headings on the page E2(h)(ii) above and the property must be returned auction or, if earlier, the date the lot is taken into
of the catalogue headed “Important Notices and to us in accordance with E2h(iii) above. Paragraphs care by a third party warehouse as set out on the page
2 TAXES Explanation of Cataloguing Practice”. For example, E2(b), (c), (d), (e), (f) and (g) and (i) also apply to a headed ‘Storage and Collection’, unless we have
The successful bidder is responsible for any applicable use of the term “ATTRIBUTED TO…” in a claim under these categories. agreed otherwise with you.
taxes including any sales or use tax or equivalent tax Heading or Subheading means that the lot is in 3 YOUR WARRANTIES 4 WHAT HAPPENS IF YOU DO NOT PAY
wherever such taxes may arise on the hammer price, Christie’s opinion probably a work by the named
the buyer’s premium, and/or any other charges artist but no warranty is provided that the lot is the (a) You warrant that the funds used for settlement are (a) If you fail to pay us the purchase price in full by
related to the lot. work of the named artist. Please read the full list of not connected with any criminal activity, including the due date, we will be entitled to do one or more
tax evasion, and you are neither under investigation,
For lots Christie’s ships to or within the United States, Qualified Headings and a lot’s full catalogue of the following (as well as enforce our rights under
a sales or use tax may be due on the hammer price, description before bidding. nor have you been charged with or convicted of paragraph F5 and any other rights or remedies we
buyer’s premium, and/or any other charges related (d) The authenticity warranty applies to the money laundering, terrorist activities or other crimes. have by law):
to the lot, regardless of the nationality or citizenship Heading and Subheading as amended by any (b) where you are bidding on behalf of another person, (i) we can charge interest from the due date at a rate of
you warrant that:
of the successful bidder. Christie’s will collect sales tax Saleroom Notice. up to 1.34% per month on the unpaid amount due;
where legally required. The applicable sales tax rate will (e) The authenticity warranty does not apply where (i) you have conducted appropriate customer due (ii) we can cancel the sale of the lot. If we do this,
be determined based upon the state, county, or locale scholarship has developed since the auction leading diligence on the ultimate buyer(s) of the lot(s) in we may sell the lot again, publically or privately
to which the lot will be shipped. Christie’s shall collect to a change in generally accepted opinion. Further, it accordance with all applicable anti-money on such terms we shall think necessary or
laundering and sanctions laws, consent to us
does not apply if the Heading or Subheading either
New York sales tax at a rate of 8.875% for any lot appropriate, in which case you must pay us any
collected from Christie’s in New York. matched the generally accepted opinion of experts relying on this due diligence, and you will retain shortfall between the purchase price and the
In accordance with New York law, if Christie’s arranges at the date of the auction or drew attention to any for a period of not less than 5 years the proceeds from the resale. You must also pay all
the shipment of a lot out of New York State, New conflict of opinion. documentation evidencing the due diligence. costs, expenses, losses, damages and legal fees we
You will make such documentation promptly
York sales tax does not apply, although sales tax or other (f) The authenticity warranty does not apply if the have to pay or may suffer and any shortfall in the
applicable taxes for other states may apply. If you hire lot can only be shown not to be authentic by a available for immediate inspection by an seller’s commission on the resale;
a shipper (other than a common carrier authorized by scientific process which, on the date we published independent third-party auditor upon our written (iii) we can pay the seller an amount up to the net
request to do so;
Christie’s), to collect the lot from a Christie’s New York the catalogue, was not available or generally accepted (ii) the arrangements between you and the ultimate proceeds payable in respect of the amount bid
location, Christie’s must collect New York sales tax for use, or which was unreasonably expensive or by your default in which case you acknowledge
on the lot at a rate of 8.875% regardless of the ultimate impractical, or which was likely to have damaged buyer(s) in relation to the lot or otherwise do not, and understand that Christie’s will have all of
destination of the lot. the lot. in whole or in part, facilitate tax crimes; the rights of the seller to pursue you for
If Christie’s delivers the lot to, or the lot is collected (g) The benefit of the authenticity warranty is only (iii) you do not know, and have no reason to suspect, such amounts;
that the funds used for settlement are connected
by, any framer, restorer or other similar service provider available to the original buyer shown on the invoice (iv) we can hold you legally responsible for
in New York that you have hired, New York law for the lot issued at the time of the sale and only if with, the proceeds of any criminal activity, the purchase price and may begin legal
considers the lot delivered to the successful bidder in on the date of the notice of claim, the original buyer including tax evasion, or that the ultimate buyer(s) proceedings to recover it together with other
New York and New York sales tax must be imposed is the full owner of the lot and the lot is free from are under investigation, or have been charged losses, interest, legal fees and costs as far as we are
with or convicted of money laundering, terrorist
regardless of the ultimate destination of the lot. In this any claim, interest or restriction by anyone else. The allowed by law;
circumstance, New York sales tax will apply to the lot benefit of this authenticity warranty may not be activities or other crimes. (v) we can take what you owe us from any amounts
even if Christie’s or a common carrier (authorized by transferred to anyone else. which we or any company in the Christie’s
Christie’s that you hire) subsequently delivers the lot (h) In order to claim under the authenticity warranty F PAYMENT Group may owe you (including any deposit or
outside New York. you must: 1 HOW TO PAY other part-payment which you have paid to us);
Successful bidders claiming an exemption from sales tax (i) give us written notice of your claim within 5 years (a) Immediately following the auction, you must pay (vi) we can, at our option, reveal your identity and
must provide appropriate documentation to Christie’s of the date of the auction. We may require full the purchase price being: contact details to the seller;
prior to the release of the lot or within 90 days after details and supporting evidence of any such claim; (i) the hammer price; and (vii) we can reject at any future auction any bids made
the sale, whichever is earlier. For shipments to those (ii) at Christie’s option, we may require you to (ii) the buyer’s premium; and by or on behalf of the buyer or to obtain a
states for which Christie’s is not required to collect sales provide the written opinions of two recognised (iii) any applicable duties, goods, sales, use, deposit from the buyer before accepting any bids;
tax, a successful bidder may have a use or similar tax experts in the field of the lot mutually agreed by compensating or service tax, or VAT. (viii) we can exercise all the rights and remedies of
obligation. It is the successful bidder’s responsibility to pay all you and us in advance confirming that the lot is Payment is due no later than by the end of the a person holding security over any property
not authentic. If we have any doubts, we reserve 7th calendar day following the date of the auction in our possession owned by you, whether by
taxes due. Christie’s recommends you consult your own
independent tax advisor with any questions. the right to obtain additional opinions at our (the “due date”). way of pledge, security interest or in any other
expense; and (b) We will only accept payment from the registered way as permitted by the law of the place where
(iii) return the lot at your expense to the saleroom bidder. Once issued, we cannot change the buyer’s such property is located. You will be deemed
E WARRANTIES
1 SELLER’S WARRANTIES from which you bought it in the condition it name on an invoice or re-issue the invoice in a different to have granted such security to us and we may
was in at the time of sale. name. You must pay immediately even if you want to retain such property as collateral security for
For each lot, the seller gives a warranty that the seller: (i) Your only right under this authenticity warranty your obligations to us; and
(a) is the owner of the lot or a joint owner of the lot is to cancel the sale and receive a refund of the export the lot and you need an export licence. (ix) we can take any other action we see necessary
acting with the permission of the other co-owners purchase price paid by you to us. We will not, (c) You must pay for lots bought at Christie’s in the or appropriate.
or, if the seller is not the owner or a joint owner of United States in the currency stated on the invoice in
under any circumstances, be required to pay you one of the following ways: (b) If you owe money to us or to another Christie’s
the lot, has the permission of the owner to sell the more than the purchase price nor will we be liable Group company, we can use any amount you do
lot, or the right to do so in law; and for any loss of profits or business, loss of opportunity (i) Wire transfer pay, including any deposit or other part-payment
(b) has the right to transfer ownership of the lot to or value, expected savings or interest, costs, damages, JP Morgan Chase Bank, N.A., you have made to us, or which we owe you, to pay
the buyer without any restrictions or claims by 270 Park Avenue, New York, NY 10017;
other damages or expenses. ABA# 021000021; FBO: Christie’s Inc.; off any amount you owe to us or another Christie’s
anyone else. (j) Books. Where the lot is a book, we give an Group company for any transaction.
If either of the above warranties are incorrect, the seller additional warranty for 21 days from the date Account # 957-107978,
shall not have to pay more than the purchase price (as of the auction that any lot is defective in text or for international transfers, SWIFT: CHASUS33. 5 KEEPING YOUR PROPERTY
defined in paragraph F1(a) below) paid by you to us. (ii) Credit Card.
illustration, we will refund your purchase price, We accept Visa, MasterCard, American Express If you owe money to us or to another Christie’s
The seller will not be responsible to you for any reason subject to the following terms: Group company, as well as the rights set out in F4
for loss of profits or business, expected savings, loss of (a) This additional warranty does not apply to: and China Union Pay. Credit card payments at
the New York premises will only be accepted for above, we can use or deal with any of your property we
opportunity or interest, costs, damages, other damages (i) the absence of blanks, half titles, tissue guards or
or expenses. The seller gives no warranty in relation to New York sales. Christie’s will not accept credit hold or which is held by another Christie’s Group
advertisements, damage in respect of bindings, card payments for purchases in any other sale site. company in any way we are allowed to by law. We will
any lot other than as set out above and, as far as the seller stains, spotting, marginal tears or other defects only release your property to you after you pay us or the
is allowed by law, all warranties from the seller to you, not affecting completeness of the text or (iii) Cash relevant Christie’s Group company in full for what
and all other obligations upon the seller which may be illustration; We accept cash payments (including money
added to this agreement by law, are excluded. orders and traveller’s checks) subject to a you owe. However, if we choose, we can also sell your
maximum global aggregate of US$7,500 per property in any way we think appropriate. We will use
buyer.