Page 98 - Sotheby's Imperial Chiense Porcelain Nov 4 2020 London

2. COMMON TERMS (b) Each lot offered for sale at Sotheby’s is (ii) gives any guarantee or warranty to Bidders behalf of the Seller up to the Reserve on the lot, the resale of any lot pursuant to paragraph (h) terrorist activities or other criminal activity and
available for inspection by Bidders prior to the and any implied warranties and conditions are without indicating he is doing so and whether or below, or to any damages suffered by Sotheby’s that the arrangements between the Agent and
In these Conditions of Business:
sale. Sotheby’s accepts bids on lots solely on excluded (save in so far as such obligations not other bids are placed. as a result of breach of contract by the Buyer; the Principal(s) of the lot(s) or otherwise do not,
“ARR” is applicable artist resale right royalty the basis that Bidders (and independent experts cannot be excluded by law) other than the (d) Subject to Condition 6(b), the contract (e) reject future bids from the Buyer or render in whole or in part facilitate tax crimes;
payable by the Buyer on the qualifying Property; on their behalf, to the extent appropriate given express warranties given by the Seller to the between the Buyer and the Seller is concluded such bids subject to payment of a deposit; (iii) the lot(s) purchased by the Agent or the
the nature and value of the lot and the Bidder’s Buyer in Condition 2 of the Sellers’ Conditions
“Bidder” is any person considering, making or own expertise) have fully inspected the lot prior of Business; on the striking of the auctioneer’s hammer, (f) charge interest at 6% per annum above Principal(s) is not being purchased for the
attempting to make a bid, by whatever means, to bidding and have satisfied themselves as to whereupon the Buyer becomes liable to pay the HSBC Bank plc Base Rate from the Due Date to purposes of, or being used in any way connected
and includes Buyers; (iii) accepts responsibility to any Bidders in Purchase Price. with, or to facilitate breaches of any applicable
both the condition of the lot and the accuracy of respect of acts or omissions (whether negligent the date the Purchase Price and relevant Buyer’s tax, anti-money laundering or anti-terrorism
“Buyer” is the person who makes the highest bid its description. or otherwise) by Sotheby’s in connection with (e) Any post-auction sale of lots offered at Expenses are received in cleared funds (both laws or regulations;
or offer accepted by the auctioneer, and includes (c) Bidders acknowledge that many lots are the conduct of auctions or for any matter auction shall incorporate these Conditions as if before and after judgement);
such person’s principal when bidding as agent; sold in the live auction. (iv) the Agent has conducted appropriate
of an age and type which means that they are relating to the sale of any lot. (g) exercise a lien over any of the Buyer’s customer due diligence on the Principal(s)
“Buyer’s Expenses” are any costs or expenses not in perfect condition. All lots are offered (c) Unless Sotheby’s owns a lot offered for sale, 7. PAYMENT AND COLLECTION property which is in the possession of a of the lot(s) in accordance with all applicable
due to Sotheby’s from the Buyer, including for sale in the condition they are in at the time it is not responsible for any breach of these Sotheby’s Company. Sotheby’s shall inform the anti-money laundering and sanctions laws and
an amount in respect of any applicable VAT of the auction (whether or not Bidders are in conditions by the Seller. (a) Unless otherwise agreed, payment of Buyer of the exercise of any such lien and within regulations and the Agent does not know and
thereon, and any Artist’s Resale Right levy attendance at the auction). Condition reports the Purchase Price for a lot and any Buyer’s 14 days of such notice may arrange the sale of has no reason to suspect that the funds used
payable in respect of the sale of the Property; may be available to assist when inspecting lots. (d) Without prejudice to Condition 4(b), any Expenses are due by the Buyer in pounds such property and apply the proceeds to the for settlement are derived from or connected
Catalogue descriptions and condition reports claim against Sotheby’s or the Seller by a Bidder sterling immediately on conclusion of the live amount owed to Sotheby’s;
“Buyer’s Premium” is the commission payable may on occasions make reference to particular is limited to the Purchase Price with regard to auction (the “Due Date”) notwithstanding any with proceeds of any criminal activity including
by the Buyer on the Hammer Price at the rates imperfections of a lot, but Bidders should note that lot. Neither Sotheby’s nor the Seller shall requirements for export, import or other permits (h) resell the lot by auction or private sale, with without limitation tax evasion, or that the
set out in the guide to Buying at Auction plus any that lots may have other faults not expressly under any circumstances be liable for any for such lot. estimates and reserves at Sotheby’s discretion. ultimate buyer(s) is under investigation, or
applicable VAT or an amount in lieu of VAT; In the event such resale is for less than the has been charged with or convicted of money
referred to in the cataloguing or condition report. consequential losses. (b) Title in a purchased lot will not pass until
“Counterfeit” is as defined in Sotheby’s Illustrations are for identification purposes only (e) None of this Condition 4 shall exclude or limit Sotheby’s has received the Purchase Price Purchase Price and Buyer’s Expenses for that laundering, terrorist activities or other criminal
lot, the Buyer will remain liable for the shortfall
activity; and
Authenticity Guarantee; and will not convey full information as to the and Buyer’s Expenses for that lot in cleared
actual condition of lots. Sotheby’s liability in respect of any fraudulent together with all costs incurred in such resale; (v) the Agent consents to Sotheby’s relying on
“Hammer Price” is the highest bid accepted misrepresentation made by Sotheby’s or the funds. Sotheby’s is not obliged to release a lot (i) commence legal proceedings to recover the the Agent’s customer due diligence, and the
by the auctioneer by the fall of the hammer, (in (d) Information provided to Bidders in respect Seller, or in respect of death or personal injury to the Buyer until title in the lot has passed and Purchase Price and Buyer’s Expenses for that Agent will retain for a period of not less than 5
the case of wine, as apportioned pro-rata by of any lot, including any estimate, whether caused by the negligent acts or omissions of appropriate identification has been provided, lot, together with interest and the costs of such years the documentation evidencing the Agent’s
reference to the number of separately identified written or oral and including information Sotheby’s or the Seller. and any earlier release does not affect the proceedings on a full indemnity basis; or customer due diligence. The Agent will make
items in that lot), or in the case of a post-auction in any cataloguing, condition or other passing of title or the Buyer’s unconditional such documentation promptly available for
sale, the agreed sale price; report, commentary or valuation, is not a 5. BIDDING AT AUCTION obligation to pay the Purchase Price and Buyer’s (j) release the name and address of the Buyer immediate inspection by an independent third-
representation of fact but rather is a statement (a) Sotheby’s has absolute discretion to refuse Expenses. to the Seller to enable the Seller to commence
“Overhead Premium” is the allocation of of opinion genuinely held by Sotheby’s. Any legal proceedings to recover the amounts due party auditor upon Sotheby’s written request
Sotheby’s overhead costs relating to Sotheby’s estimate may not be relied on as a prediction of admission to the live auction. Bidders who (c) The Buyer is obliged to arrange collection and legal costs. Sotheby’s will take reasonable to do so.
facilities, property handling and other the selling price or value of the lot and may be wish to bid in person must complete a Paddle of purchased lots no later than thirty (30) steps to notify the Buyer prior to releasing such (c) The Bidder and/or Buyer hereby undertakes
administrative expenses that is payable by the revised from time to time in Sotheby’s absolute Registration Form and supply such information calendar days after the date of the live auction. details to the Seller. and warrants that none of the funds used for
Buyer on the Hammer Price at the rates set discretion. and references as required by Sotheby’s. Purchased lots are at the Buyer’s risk (and purchase and settlement will be funded by any
out in the guide to Buying at Auction in the sale Bidders act as principal unless they have therefore their sole responsibility for insurance) 9. BIDDER’S AND/OR BUYER’S WARRANTIES Sanctioned Person(s), nor will any party involved
catalogue plus any applicable VAT or amount in (e) No representations or warranties are made Sotheby’s prior written consent to bid as agent from the earliest of i) collection or ii) the thirty- in the transaction including financial institutions,
lieu of VAT; by Sotheby’s or the Seller as to whether any for another party. Bidders are personally liable first calendar day after the live auction. Until risk (a) The Bidder and/or Buyer warrants that: freight forwarders or other forwarding agents
lot is subject to copyright or whether the Buyer for their bid and are jointly and severally liable passes, Sotheby’s will compensate the Buyer for
“Purchase Price” is the Hammer Price and acquires copyright in any lot. with their principal if bidding as agent. any loss or damage to the lot up to a maximum (i) The Bidder and/or Buyer is not subject or any other party be a Sanctioned Person(s)
applicable Buyer’s Premium, Overhead of the Purchase Price paid. Buyers should note to trade sanctions, embargoes or any other nor owned (or partly owned) or controlled by
Premium, ARR and VAT; (f) Subject to the matters referred to at 3(a) (b) Where available, telephone bids are offered that Sotheby’s assumption of liability for loss restriction on trade in the jurisdiction in which a Sanctioned Person(s), unless such activity
to 3(e) above and to the specific exclusions as an additional service for no extra charge, at or damage is subject to the exclusions set out it does business as well as under the laws of is authorized in writing by the government
“Reserve” is the (confidential) minimum contained at Condition 4 below, Sotheby’s shall the Bidder’s risk and shall be undertaken with the European Union, the laws of England and authority having jurisdiction over the transaction
Hammer Price at which the Seller has agreed exercise such reasonable care when making reasonable care subject to Sotheby’s other in Condition 6 of the Conditions of Business for Wales, or the laws and regulations of the United or in applicable law or regulation.
to sell a lot; express statements in catalogue descriptions commitments at the time of the live auction; Sellers. States, and is not owned (nor partly owned)
“Seller” is the person offering a lot for sale or condition reports as is consistent with its role Sotheby’s therefore cannot accept liability (d) For all items stored by a third party and not or controlled by such sanctioned person(s) (d) Sotheby’s reserves the right to seek
identification of the source of funds received,
(including their agent (other than Sotheby’s), as auctioneer of lots in the sale to which these for failure to place such bids save where such available for collection from Sotheby’s premises, (collectively, “Sanctioned Person(s)”); and and to make enquiries about any person
executors or personal representatives); Conditions relate, and in the light of: failure is unreasonable. Telephone bids may be the supply of authority to release to the Buyer (ii) the funds used for purchase and settlement
recorded. shall constitute collection by the Buyer. transacting with Sotheby’s. If Sotheby’s has
“Sotheby’s” means Sotheby’s, the unlimited (i) the information provided to it by the Seller; of the lot(s) are not connected with nor have not completed its enquiries in respect of
company which has its registered office at 34-35 (ii) scholarship and technical knowledge; and (c) Online bids are made subject to the (e) All packing and handling is at the Buyer’s any link to nor are derived from any criminal anti-money laundering, anti-terrorist financing
New Bond Street, London W1A 2AA; Additional Terms and Conditions for Online risk. Sotheby’s will not be liable for any acts or activity, including without limitation tax evasion, or other checks as it considers appropriate
(iii) the generally accepted opinions of relevant Bidding (published below and available on www. omissions of third party packers or shippers. money laundering, terrorist activities or other concerning the Bidder and/or Buyer or the
“Sotheby’s Company” means both Sotheby’s experts, in each case at the time any such sothebys.com or via the Sotheby’s App) which criminal activity, and the Bidder/Buyer is neither Seller to Sotheby’s satisfaction at its discretion,
in the USA and any of its subsidiaries express statement is made. apply in relation to bids submitted via an Online 8. REMEDIES FOR NON-PAYMENT under investigation, nor has been charged with Sotheby’s shall be entitled either not to
(including Sotheby’s in London) and Sotheby’s Platform, in addition to these Conditions of Without prejudice to any rights the Seller may or convicted of without limitation, tax evasion, complete or to cancel the sale of any lot, as
Diamonds SA and its subsidiaries (in each case 4. EXCLUSIONS AND LIMITATIONS Business. have, if the Buyer without prior agreement fails money laundering, terrorist activities or other appropriate, and to take any further action
“subsidiary” having the meaning of Section 1159 OF LIABILITY TO BUYERS to make payment for the lot within five days criminal activity. required or permitted under applicable law
of the Companies Act 2006); 6. CONDUCT OF THE AUCTION
(a) Sotheby’s shall refund the Purchase Price of the live auction, Sotheby’s may in its sole (b) Where the Bidder is bidding on behalf of without any liability to the Bidder and/or Buyer.
“VAT” is Value Added Tax at the prevailing rate. to the Buyer in circumstances where it deems (a) Unless otherwise specified, all lots are discretion (having informed the Seller) exercise another person or acting as agent (in either
Further information is contained in the guide to that the lot is a Counterfeit and each of the offered subject to a Reserve, which shall be no one or more of the following remedies: case, for the purposes of this Condition 9(b), the 10. FAILURE TO COLLECT PURCHASES
Buying at Auction. conditions of the Authenticity Guarantee has higher than the low presale estimate at the start (a) store the lot at its premises or elsewhere at “Agent”) for another party (the “Principal(s)”), (a) If the Buyer pays the Purchase Price and
been satisfied. of the live auction. the Agent warrants in its own capacity (in Buyer’s Expenses but fails to collect a purchased
3. DUTIES OF BIDDERS AND OF SOTHEBY’S the Buyer’s sole risk and expense; addition to the warranties set out in Condition lot within thirty calendar days of the live auction,
IN RESPECT OF ITEMS FOR SALE (b) In the light of the matters in Condition 3 (b) The auctioneer has discretion at any time to (b) cancel the sale of the lot; the lot will be stored at the Buyer’s expense (and
above and subject to Conditions 4(a) and 4(e), refuse any bid, withdraw any lot, re-offer a lot for 9(a)) that:
(a) Sotheby’s knowledge in relation to each lot neither any Sotheby’s Company nor the Seller: sale (including after the fall of the hammer) if he (c) set off any amounts owed to the Buyer by a risk) at Sotheby’s or with a third party.
is partially dependent on information provided believes there may be error or dispute, and take Sotheby’s Company against any amounts owed (i) the Principal(s) is not a Sanctioned Person(s) (b) If a purchased lot is paid for but not collected
nor owned (or partly owned) or controlled by
to it by the Seller, and Sotheby’s is not able to (i) is liable for any errors or omissions in such other action as he reasonably thinks fit. to Sotheby’s by the Buyer in respect of the lot; within six months of the live auction, the Buyer
and does not carry out exhaustive due diligence information provided to Bidders by Sotheby’s Sanctioned Person(s); authorises Sotheby’s, having given notice to the
on each lot. Bidders acknowledge this fact and (or any Sotheby’s Company), whether orally (c) During the live auction, the auctioneer will (d) apply any payments made to Sotheby’s (ii) the funds used for purchase and settlement
accept responsibility for carrying out inspections or in writing, whether negligent or otherwise, commence and advance the bidding at levels by the buyer as part of the Purchase Price and of the lot(s) are not connected with, nor have Buyer, to arrange a resale of the item by auction
or private sale, with estimates and reserves at
and investigations to satisfy themselves as to except as set out in Condition 3(f) above; and in increments he considers appropriate Buyer’s Expenses towards that or any other lot any link to any criminal activity, including without Sotheby’s discretion. The proceeds of such
the lots in which they may be interested. and is entitled to place a bid or series of bids on purchased by the Buyer, or to any shortfall on limitation tax evasion, money laundering,
192 SOTHEBY’S 193