Page 212 - Sotheby's NYC September 20 2022 Forging An Empire Bronzes

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