Page 150 - Sothebys Important Chinese Art London May 2018

them to investigate lots prior to bidding o' ce at 34-35 New Bond Street, London Seller; ments at the time of the auction; Sotheby’s
and which contain speciÞ c limitations and W1A 2AA; (ii) scholarship and technical knowledge; therefore cannot accept liability for failure
exclusions of the legal liability of Sotheby’s “Sotheby’s Company” means both So- and to place such bids save where such failure
and Sellers. The limitations and exclusions theby’s in the USA and any of its subsidiar- (iii) the generally accepted opinions of rel- is unreasonable. Telephone and online bids
relating to Sotheby’s are consistent with ies (including Sotheby’s in London) and evant experts, in each case at the time any may be recorded. Online bids (“BidNOW”)
its role as auctioneer of large quantities Sotheby’s Diamonds SA and its subsidiar- such express statement is made. are made subject to the BidNOW Condi-
of goods of a wide variety and Bidders ies (in each case “subsidiary” having the tions available on the Sotheby’s website
should pay particular attention to these meaning of Section 1159 of the Companies 4. EXCLUSIONS AND LIMITATIONS or upon request. The BidNOW Conditions
OF LIABILITY TO BUYERS
Conditions. Act 2006); apply in relation to online bids, in addition
“VAT” is Value Added Tax at the prevailing (a) Sotheby’s shall refund the Purchase to these Conditions of Business.
1. INTRODUCTION rate. Further information is contained in Price to the Buyer in circumstances where
(a) Sotheby’s and Sellers’ contractual the guide to Buying at Auction. it deems that the lot is a Counterfeit and 6. CONDUCT OF THE AUCTION
relationship with prospective Buyers is each of the conditions of the Authenticity (a) Unless otherwise speciÞ ed, all lots are
governed by: 3. DUTIES OF BIDDERS AND Guarantee has been satisÞ ed. o! ered subject to a Reserve, which shall be
OF SOTHEBY’S IN RESPECT
(i) these Conditions of Business; OF ITEMS FOR SALE (b) In the light of the matters in Condition 3 no higher than the low presale estimate at
(ii) the Conditions of Business for Sellers above and subject to Conditions 4(a) and the time of the auction.
(a) Sotheby’s knowledge in relation to each
displayed in the saleroom and which are 4(e), neither any Sotheby’s Company nor (b) The auctioneer has discretion at any
available upon request from Sotheby’s UK lot is partially dependent on information the Seller: time to refuse any bid, withdraw any lot,
provided to it by the Seller, and Sotheby’s
salerooms or by telephoning +44 (0)20 (i) is liable for any errors or omissions in re-o! er a lot for sale (including after the fall
7293 6482; is not able to and does not carry out ex- information provided to Bidders by Sothe- of the hammer) if he believes there may be
haustive due diligence on each lot. Bidders
(iii) Sotheby’s Authenticity Guarantee as by’s (or any Sotheby’s Company), whether error or dispute, and take such other action
printed in the sale catalogue; acknowledge this fact and accept respon- orally or in writing, whether negligent or as he reasonably thinks Þ t.
sibility for carrying out inspections and in-
(iv) any additional notices and terms otherwise, except as set out in Condition
printed in the sale catalogue, including the vestigations to satisfy themselves as to the 3(f) above; (c) The auctioneer will commence and
lots in which they may be interested. advance the bidding at levels and in incre-
guide to Buying at Auction; and (ii) gives any guarantee or warranty to Bid-
(v) in respect of online bidding via the (b) Each lot o! ered for sale at Sotheby’s ders and any implied warranties and condi- ments he considers appropriate and is

internet, the BidNOWConditions on the is available for inspection by Bidders prior tions are excluded (save in so far as such entitled to place a bid or series of bids on
Sotheby’s website, to the sale. Sotheby’s accepts bids on lots obligations cannot be excluded by law) behalf of the Seller up to the Reserve on
in each case as amended by any saleroom solely on the basis that Bidders (and inde- other than the express warranties given by the lot, without indicating he is doing so
notice or auctioneer’s announcement at pendent experts on their behalf, to the ex- the Seller to the Buyer in Condition 2 of the and whether or not other bids are placed.
the auction. tent appropriate given the nature and value Sellers’ Conditions of Business; (d) Subject to Condition 6(b), the contract
(b) As auctioneer, Sotheby’s acts as agent of the lot and the Bidder’s own expertise) (iii) accepts responsibility to any Bidders between the Buyer and the Seller is con-
have fully inspected the lot prior to bidding in respect of acts or omissions (whether cluded on the striking of the auctioneer’s
for the Seller. A sale contract is made
directly between the Seller and the Buyer. and have satisÞ ed themselves as to both negligent or otherwise) by Sotheby’s in hammer, whereupon the Buyer becomes
the condition of the lot and the accuracy of connection with the conduct of auctions or liable to pay the Purchase Price.
However, Sotheby’s may own a lot (and in
such circumstances acts in a principal ca- its description. for any matter relating to the sale of any lot. (e) Any post-auction sale of lots o! ered at
pacity as Seller) and/or may have a legal, (c) Bidders acknowledge that many lots (c) Unless Sotheby’s owns a lot o! ered for auction shall incorporate these Conditions
beneÞ cial or Þ nancial interest in a lot as a are of an age and type which means that sale, it is not responsible for any breach of as if sold in the auction.
secured creditor or otherwise. they are not in perfect condition. All lots these conditions by the Seller.
are o! ered for sale in the condition they 7. PAYMENT AND COLLECTION
2. COMMON TERMS are in at the time of the auction (whether or (d) Without prejudice to Condition 4(b), (a) Unless otherwise agreed, payment
any claim against Sotheby’s or the Seller
In these Conditions of Business: not Bidders are in attendance at the auc- by a Bidder is limited to the Purchase Price of the Purchase Price for a lot and any
“Bidder” is any person considering, mak- tion). Condition reports may be available with regard to that lot. Neither Sotheby’s Buyer’s Expenses are due by the Buyer in
ing or attempting to make a bid, by what- to assist when inspecting lots. Catalogue nor the Seller shall under any circum- pounds sterling immediately on conclusion
ever means, and includes Buyers; descriptions and condition reports may stances be liable for any consequential of the auction (the “Due Date”) notwith-
“Buyer” is the person who makes the high- on occasions make reference to particular losses. standing any requirements for export,
est bid or o! er accepted by the auctioneer, imperfections of a lot, but Bidders should import or other permits for such lot.
and includes such person’s principal when note that lots may have other faults not (e) None of this Condition 4 shall exclude (b) Title in a purchased lot will not pass
bidding as agent; expressly referred to in the catalogue or or limit Sotheby’s liability in respect of until Sotheby’s has received the Purchase
“Buyer’s Expenses” are any costs or condition report. Illustrations are for iden- any fraudulent misrepresentation made Price and Buyer’s Expenses for that lot in
expenses due to Sotheby’s from the Buyer tiÞ cation purposes only and will not convey by Sotheby’s or the Seller, or in respect cleared funds. Sotheby’s is not obliged to
and any Artist’s Resale Right levy pay- full information as to the actual condition of death or personal injury caused by the release a lot to the Buyer until title in the lot
able in respect of the sale of the Property, of lots. negligent acts or omissions of Sotheby’s
or the Seller. has passed and appropriate identiÞ cation
including an amount in respect of any ap- (d) Information provided to Bidders in has been provided, and any earlier release
plicable VAT thereon; respect of any lot, including any estimate, does not a! ect the passing of title or the
“Buyer’s Premium” is the commission whether written or oral and including 5. BIDDING AT AUCTION Buyer’s unconditional obligation to pay the
payable by the Buyer on the Hammer Price information in any catalogue, condition or (a) Sotheby’s has absolute discretion to Purchase Price and Buyer’s Expenses.
at the rates set out in the guide to Buying other report, commentary or valuation, is refuse admission to the auction. Bidders
at Auction plus any applicable VAT or an not a representation of fact but rather is a must complete a Paddle Registration Form (c) The Buyer is obliged to arrange collec-
amount in lieu of VAT; statement of opinion genuinely held by So- and supply such information and refer- tion of purchased lots no later than thirty
“Counterfeit” is as deÞ ned in Sotheby’s theby’s. Any estimate may not be relied on ences as required by Sotheby’s. Bidders (30) calendar days after the date of the
Authenticity Guarantee; as a prediction of the selling price or value act as principal unless they have Sotheby’s auction. Purchased lots are at the Buyer’s
“Hammer Price” is the highest bid ac- of the lot and may be revised from time to prior written consent to bid as agent for risk (and therefore their sole responsibility
cepted by the auctioneer by the fall of the time in Sotheby’s absolute discretion. another party. Bidders are personally liable for insurance) from the earliest of i) collec-
hammer, (in the case of wine, as appor- for their bid and are jointly and severally li- tion or ii) the thirty-Þ rst calendar day after
(e) No representations or warranties are
tioned pro-rata by reference to the number able with their principal if bidding as agent. the auction. Until risk passes, Sotheby’s
of separately identiÞ ed items in that lot), made by Sotheby’s or the Seller as to will compensate the Buyer for any loss or
whether any lot is subject to copyright or (b) Sotheby’s advises Bidders to attend
or in the case of a post-auction sale, the the auction but will seek to carry out ab- damage to the lot up to a maximum of the
agreed sale price; whether the Buyer acquires copyright in Purchase Price paid. Buyers should note
any lot. sentee written bids which are in pounds
“Purchase Price” is the Hammer Price sterling and, in Sotheby’s opinion, clear that Sotheby’s assumption of liability for
and applicable Buyer’s Premium and VAT; (f) Subject to the matters referred to at and received su' ciently in advance of the loss or damage is subject to the exclusions
“Reserve” is the (conÞ dential) minimum 3(a) to 3(e) above and to the speciÞ c sale of the lot, endeavouring to ensure that set out in Condition 6 of the Conditions of
Hammer Price at which the Seller has exclusions contained at Condition 4 below, the Þ rst received of identical written bids Business for Sellers.
agreed to sell a lot; Sotheby’s shall exercise such reasonable has priority. (d) For all items stored by a third party and
“Seller” is the person o! ering a lot for care when making express statements in not available for collection from Sotheby’s
sale (including their agent (other than catalogue descriptions or condition reports (c) Where available, written, telephone and premises, the supply of authority to release
Sotheby’s), executors or personal repre- as is consistent with its role as auctioneer online bids are o! ered as an additional ser- to the Buyer shall constitute collection by
sentatives); of lots in the sale to which these Conditions vice for no extra charge, at the Bidder’s risk the Buyer.
“Sotheby’s” means Sotheby’s, the un- relate, and in the light of: and shall be undertaken with reasonable (e) All packing and handling is at the
limited company which has its registered (i) the information provided to it by the care subject to Sotheby’s other commit-
148 SOTHEBY’S