Page 237 - Sotheby's NYC September 21 2022 Important Chinese Art

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CONDITIONS OF BUSINESS in Condition 15. In relation to a sale, Premium, Overhead Premium, any Information provided to you regarding
FOR BUYERS FOR NEW YORK where applicable, any reference by us applicable VAT and/or sales or use any Lot, including any estimates,
SALES (formerly referred to as to the “Terms of Guarantee” should be tax, and any applicable artist resale information in the Catalogue, condition
“Conditions of Sale”) understood to mean the Authenticity right royalty payable by the Buyer on a reports, or information in respect of the
Guarantee. qualifying Lot. age of hand-coloring in maps, atlases
1. INTRODUCTION or books, is a matter of opinion only
Bidder: any person or entity registered Referenced Content: with respect to
In these Conditions of Business for to bid in a sale. an NFT, the metadata (excluding any and not a representation of fact. This
Buyers, “we”, “us” and “our” refers to legal terms and conditions embedded information is dependent upon, among
Sotheby’s, Inc. and “you” and “your” Buyer: the buyer of record of a Lot. or referenced therein), content, digital other things, the condition of the Lot,
refer to Bidders and Buyers. For New Buyer’s Expenses: any costs or asset and/or physical item, if any, to the degree of research, examination
York Wine & Spirits auctions, “we”, “us” expenses, plus any applicable VAT, due which the NFT relates. or testing that is possible or practical
and “our” refers to both Sotheby’s, Inc. to us from the Buyer in respect of the in the circumstances, and the status
and Sotheby’s Wine. If you are an agent purchase of a Lot. Reserve: the confidential minimum of generally accepted expert opinion,
acting on behalf of a principal, “you” and Hammer Price at which an auction Lot research and scientific or technical
“your” refer to both principal and agent. Buyer’s Premium: the commission can be sold. analysis at the time of cataloguing. Any
Capitalized terms will have the meaning the Buyer must pay to us as part of Seller: the person(s) or entity(ies) estimates should not be relied upon as a
set out in Condition 2. the Purchase Price for auction Lots. on whose behalf we are offering a Lot prediction of the selling price or value of a
The Buyer’s Premium rate is subject Lot and may be revised from time to time
These Conditions of Business for to change at any time. The current for sale. Where a Sotheby’s Group in our absolute discretion.
Buyers are the terms and conditions Buyer’s Premium rate for all auctions Company owns a Lot, Sotheby’s acts in
applicable to Bidders and Buyers in our except Wine & Spirits is 25% of the a principal capacity as Seller. (d) If the Lot is an NFT, you
New York auctions (both live and timed Hammer Price for a Hammer Price Sotheby’s, Inc.: the company acknowledge and agree that our staff
auctions). The Conditions of Business up to and including $1,000,000, 20% incorporated in New York, with its are not information technology or data
for Buyers include the Authenticity of any amount of the Hammer Price headquarters at 1334 York Street, New experts, and that by bidding in the
Guarantee and any other additional in excess of $1,000,000 up to and York, NY 10021. auction of the NFT, you accept that NFTs
conditions that are expressly stated including $4,500,000, and 13.9% of are subject to inherent technological
as applicable to a sale, and they may any amount of the Hammer Price in Sotheby’s Group: the Delaware risks which may affect their
be amended by any oral or written corporation Sotheby’s, Sotheby’s performance now or in the future. You
announcement or notice prior to or excess of $4,500,000. For Wine & Financial Services, Inc., and any entities further acknowledge and agree that the
Spirits auctions, the Buyer’s Premium
during the sale. Our and the Seller’s rate is 24% of the Hammer Price for all in which either of them hold, from time characterization and regulatory scheme
relationship with Buyers and any Lots. Buyer’s Premium is subject to any to time, directly or indirectly, more than governing NFTs, cryptocurrencies, and
Bidders in relation to the Lots offered in 50% of the issued share capital; and blockchain technology is uncertain
a sale is governed by these Conditions applicable VAT and/or sales or use tax. each, a “Sotheby’s Group Company.” and undetermined, that your purchase
of Business for Buyers and the express Catalogue: the list of Lots offered in Sotheby’s Wine: the company and receipt of the NFT complies with
representations and warranties and a sale and associated information, incorporated as 72nd and York Inc., a applicable laws and regulations in your
indemnity given by the Seller. In available on our website, any Sotheby’s wholly owned subsidiary of Sotheby’s, jurisdiction, and that new regulations or
relation to a sale, where applicable, any Group application and, in some cases, in Inc., d.b.a. Sotheby’s Wine. policies may materially adversely affect
reference by us to “Conditions of Sale” printed form. the sale or the NFT.
or “Terms of Guarantee,” should be VAT: any applicable Value Added Tax or (e) If the Lot is an NFT, you acknowledge
understood to mean these Conditions Hammer Price: for each auction Lot an amount in lieu of Value Added Tax, as and agree that the NFT may be subject to
of Business for Buyers and the sold, the last price accepted for the Lot the case may be, at the prevailing rate. resale royalties, including to a Sotheby’s
by the auctioneer or acknowledged by
Authenticity Guarantee, respectively. the Sotheby’s online bidding system, or 3. THE LOTS Group Company, through application
We act as agent for the Seller, unless the of the smart contract or other technical
Catalogue indicates otherwise, and a in the case of a post-auction sale, the (a) All Lots are offered for sale in the
sale contract is made directly between agreed sale price. condition they are in at the time of solution on any subsequent resales of
the NFT. On any such resale by you, you
the Seller and the Buyer. For New York Lot: an item (or more than one item the sale. You acknowledge that many may be obligated to collect and remit to
Wine & Spirits auctions, Sotheby’s Wine grouped as one) of property offered for Lots are of an age and type such that
acts as agent for the Seller, unless the sale. In some cases, a Lot may be, or they are not in perfect condition. the appropriate party resale royalties as
Catalogue indicates otherwise, and may be accompanied by, an experience Catalogue descriptions and condition applicable, and you are responsible for
any network fees that may apply to such
Sotheby’s Inc. conducts the auction. (an “Experience”). A Lot may be or reports may refer to imperfections payments as well as any transaction
In some cases, which will be indicated include an NFT (or more than one NFT), of a Lot or Referenced Content, but
in the Catalogue, a Sotheby’s Group and the term “NFT” may be used to Lots or Referenced Content may have duties imposed by law.
Company may own a Lot and/or may refer to any such Lot. other faults not expressly referred to (f) We reserve the right to withdraw
have a legal, beneficial or financial in the Catalogue or condition report. any Lot from an auction or to cancel
interest in a Lot as a secured creditor or NFT: a non-fungible token established Illustrations are for identification an auction, whether prior to or during
on a blockchain.
2. REGISTER 3. BID otherwise. Online Platforms: our websites, any purposes only and may not convey full the auction, and we will not be liable to
information as to the actual condition of a
you for any claims, causes of action,
By registering for an auction, including Lot or Referenced Content.
through our Online Platforms, you agree Sotheby’s Group application, and any liabilities, damages, losses, or expenses
Sign up to place bids. Bid before and during the auction, to be bound by these Conditions of other online means through which we (b) You accept responsibility for in connection with such withdrawal or
from anywhere in the world. Business for Buyers. enable Bidders to bid on Lots in our carrying out your own inspections and cancellation.
sales.
We may change these Conditions of investigations of Lots in which you may (g) Unless otherwise specified, all
be interested. You should inspect a Lot
Business for Buyers from time to time Overhead Premium: the fee the Buyer before bidding to determine and to auction Lots are offered subject to a
in our sole discretion, without notice must pay to us as part of the Purchase satisfy yourself as to its condition, size, Reserve. The Reserve for a Lot cannot
to you or to the Seller, by posting such Price for auction Lots, as an allocation description and whether it has been exceed the Lot’s low estimate. In a
changes on the Sotheby’s website at of overhead costs relating to our repaired or restored, as applicable, and timed auction, you acknowledge that we
www.sothebys.com. It is your and the facilities, property handling and other we accept bids on Lots solely on this may reduce the Reserve for any Lot at
Seller’s responsibility to periodically administrative expenses. The Overhead basis. Condition reports may be available any time during the auction, provided it
check the Conditions of Business for Premium rate is subject to change to assist when inspecting Lots. Lots has been agreed with the Seller prior to
Buyers for changes by clicking the link at any time. The current Overhead may be available for viewing in person any such reduction.
“Conditions of Business.” You will know if Premium rate is 1% of the Hammer Price. at our premises or another location and (h) Each Lot offered will be referenced
these Conditions of Business for Buyers Overhead Premium is subject to any viewing information will be available by its Lot number assigned in the
have been revised since your last review applicable VAT and/or sales or use tax. on our website. For any NFT Lot, in Catalogue. Unless we specify otherwise,
by referring to the “Last Modified” date Parcel: a group of Lots of the same addition to the foregoing, you are solely bids must be on a per-Lot basis.
at the bottom of this page. If you do type and quantity of wine. There may responsible for reviewing and inspecting
not agree to the current Conditions of be some discrepancies between the the smart contract, if available, prior to (i) Experiences will be fulfilled by the
Business for Buyers, you should refrain different Lots in a Parcel with respect relevant entity or entities specified in
from registering to bid in an auction. to level, condition or otherwise, as set your purchase. its description in the Catalogue. We do
2. DEFINED TERMS out in the catalogue descriptions for (c) You acknowledge that our knowledge not plan, host, operate, fulfill, endorse,
verify, vouch for, investigate or vet any
of each Lot is partially dependent on
HK +852 2822 8142 Authenticity Guarantee: the guarantee each Lot. information provided by the Seller, and Experience. For each Experience, any
we provide as principal to the Buyer in Purchase Price: for auction Lots, we are not able to and do not carry out incidental costs and expenses such
relation to a purchased Lot, as set out the Hammer Price plus the Buyer’s exhaustive due diligence on each Lot. as fees for travel, food or lodging are
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