Page 130 - March 23, 2022 Sotheby's NYC Fine Chinese Works of Art

HOW TO BID
1. BROWSE
Go to sothebys.com or the
Sotheby’s app to find works
you are interested in.
FOR ASSISTANCE WITH REGISTRATION AND BIDDING
Enquiries@sothebys.com
US +1 212 606 7000 UK +44 (0) 20 7293 5000
sothebys.com/bidonline FOLLOW US @SOTHEBYS
CF_Sotheby's_Catalog_Back Matter_179x253.5.indd
2. REGISTER
Sign up to place bids.
HK +852 2822 8142
1 3/11/20
CONDITIONS OF BUSINESS we provide as principal to the Buyer in Reserve: the confidential minimum research and scientific or technical
FOR BUYERS in New York Auctions relation to a purchased Lot, as set out Hammer Price at which a Lot can be analysis at the time of cataloguing. Any
in Condition 15. In relation to a sale, sold. estimates should not be relied upon as
1. INTRODUCTION where applicable, any reference by us a prediction of the selling price or value
In these Conditions of Business for to the “Terms of Guarantee” should be Seller: the person(s) or entity(ies) on of a Lot and may be revised from time to
whose behalf we are offering a Lot for
Buyers, “we”, “us” and “our” refers to understood to mean the Authenticity sale. Where we own a Lot, Sotheby’s time in our absolute discretion.
Sotheby’s, Inc. and “you” and “your” Guarantee. acts in a principal capacity as Seller. (d) If the Lot is an NFT, you acknowledge
refer to Bidders and Buyers. For New Bidder: any person or entity registered and agree that our staff are not
York Wine & Spirits auctions, “we”, “us” to bid in a sale. Sotheby’s, Inc.: the company information technology or data experts,
and “our” refers to both Sotheby’s, Inc. incorporated in New York, with its and that by bidding in the auction of
and Sotheby’s Wine. If you are an agent Buyer: the buyer of record of a Lot. headquarters at 1334 York Street, New the NFT, you accept that NFTs are
acting on behalf of a principal, “you” and Buyer’s Expenses: any costs or York, NY 10021. subject to inherent technological risks
“your” refer to both principal and agent. expenses, plus any applicable VAT, due Sotheby’s Group: the Delaware which may affect their performance
Capitalized terms will have the meaning to us from the Buyer in respect of the corporation Sotheby’s, Sotheby’s now or in the future. You further
set out in Condition 2.
purchase of a Lot. Financial Services, Inc., and any entities acknowledge and agree that the
These Conditions of Business for Buyer’s Premium: the commission in which either of them hold, from time characterization and regulatory scheme
Buyers are the terms and conditions the Buyer must pay to Sotheby’s as to time, directly or indirectly, more than governing NFTs, cryptocurrencies, and
applicable to Bidders and Buyers in our part of the Purchase Price. The Buyer’s 50% of the issued share capital; and blockchain technology is uncertain
New York auctions (both live and timed Premium rate is subject to change at each, a “Sotheby’s Group Company.” and undetermined, that your purchase
auctions). The Conditions of Business any time. The current Buyer’s Premium Sotheby’s Wine: the company and receipt of the NFT complies with
for Buyers include the Authenticity rate for all auctions except Wine & incorporated as 72nd and York Inc., a applicable laws and regulations in your
Guarantee and any other additional Spirits is 25% of the Hammer Price for wholly owned subsidiary of Sotheby’s, jurisdiction, and that new regulations or
conditions that are expressly stated a Hammer Price up to and including Inc., d.b.a. Sotheby’s Wine. policies may materially adversely affect
as applicable to a sale, and they may $1,000,000, 20% of any amount of the the auction or the NFT.
be amended by any oral or written Hammer Price in excess of $1,000,000 VAT: any applicable Value Added Tax or (e) If the Lot is an NFT, you acknowledge
announcement or notice prior to or up to and including $4,500,000, and an amount in lieu of Value Added Tax, as and agree that the NFT may be subject
during the sale. Our and the Seller’s 13.9% of any amount of the Hammer the case may be, at the prevailing rate. to resale royalties through application of
relationship with Buyers and any Price in excess of $4,500,000. For Wine 3. THE LOTS the smart contract on any subsequent
Bidders in relation to the Lots offered & Spirits auctions, the Buyer’s Premium resales of the NFT. On any such resale
in a sale is governed by the Conditions rate is 24% of the Hammer Price for all (a) All Lots are offered for sale in the by you, you may be obligated to collect
of Business for Buyers and the express Lots. Buyer’s Premium is subject to any condition they are in at the time of and remit to the appropriate party
representations and warranties applicable VAT or sales tax. the sale. You acknowledge that many resale royalties as applicable, and you
and indemnity given by the Seller Lots are of an age and type such that are responsible for any network fees
(which may differ from any published Catalogue: the list of Lots offered in an they are not in perfect condition. that may apply to such payments as
Conditions of Business for Sellers). In auction and associated information, Catalogue descriptions and condition well as any transaction duties imposed
relation to a sale, where applicable, any available on our website, the Sotheby’s reports may refer to imperfections by law.
reference by us to “Conditions of Sale” App and, in some cases, in printed form. of a Lot or Referenced Content, but
or “Terms of Guarantee,” should be Hammer Price: for each Lot sold, the Lots or Referenced Content may have (f) We reserve the right to withdraw
understood to mean these Conditions last price accepted for the Lot by the other faults not expressly referred to any Lot from an auction or to cancel
of Business for Buyers and the auctioneer or acknowledged by the in the Catalogue or condition report. an auction, whether prior to or during
Authenticity Guarantee, respectively. Sotheby›s online bidding system, or Illustrations are for identification the auction, and we will not be liable to
As auctioneer, we act as agent for the in the case of a post-auction sale, the purposes only and may not convey full you for any claims, causes of action,
Seller, unless the Catalogue indicates agreed sale price. information as to the actual condition of liabilities, damages, losses, or expenses
otherwise, and a sale contract is made a Lot or Referenced Content. in connection with such withdrawal or
directly between the Seller and the Online Platforms: our website, the (b) You accept responsibility for cancellation.
Buyer. For New York Wine & Spirits Sotheby’s App, and any other online carrying out your own inspections and (g) Unless otherwise specified, all Lots
auctions, Sotheby’s Wine acts as agent means through which we enable investigations of Lots in which you may are offered subject to a Reserve. The
for the Seller, unless the Catalogue Bidders to bid on Lots in our sales. be interested. You should inspect a Lot Reserve for a Lot cannot exceed the
indicates otherwise, and Sotheby’s Inc. Overhead Premium: the fee the Buyer before bidding to determine and to Lot’s low estimate. In a timed auction,
conducts the auction. In some cases, must pay to Sotheby’s as part of satisfy yourself as to its condition, size, you acknowledge that we may reduce
which will be indicated in the Catalogue, the Purchase Price, as an allocation description and whether it has been the Reserve for any Lot at any time
Sotheby’s may own a Lot and/or may of overhead costs relating to our repaired or restored, as applicable, and during the auction, provided it has been
have a legal, beneficial or financial facilities, property handling and other Sotheby’s accepts bids on Lots solely agreed with the Seller prior to any such
interest in a Lot as a secured creditor or administrative expenses. The Overhead on this basis. Condition reports may reduction.
3. BID otherwise. Premium rate is subject to change be available to assist when inspecting (h) Lots offered will be referenced by the
By registering for an auction, including at any time. The current Overhead Lots. Lots may be available for viewing Lot number assigned in the Catalogue.
through our Online Platforms, you Premium rate is 1% of the Hammer in person at our premises or another Unless we specify otherwise, bids must
Bid before and during the auction, agree to be bound by the Conditions of Price. Overhead Premium is subject to location and viewing information will be on a per-Lot basis.
from anywhere in the world. Business for Buyers. any applicable VAT or sales tax. be available on our website. For any
We may change these Conditions of Lot: an item (or more than one item NFT Lot, in addition to the foregoing, (i) Regarding Experiences, we do
you are solely responsible for reviewing
not plan, host, operate, or fulfil the
Business for Buyers from time to time grouped as one) of property offered for and inspecting the smart contract, if Experiences, nor do we endorse,
in our sole discretion, without notice sale. In some cases, a Lot may be, or available, prior to your purchase. verify, vouch for, investigate or vet any
to you or to the Seller, by posting such may be accompanied by, an experience Experience. For each Experience, any
changes on the Sotheby’s website at (an “Experience”). A Lot may be or (c) You acknowledge that our incidental costs and expenses such
http://www.sothebys.com. It is your and include an NFT (or more than one NFT), knowledge of each Lot is partially as fees for travel, food or lodging are
the Seller’s responsibility to periodically and the term “NFT” may be used to dependent on information provided by the sole responsibility of the Buyer
check the Conditions of Business for refer to any such Lot. the Seller, and we are not able to and do unless otherwise expressly stated in the
Buyers for changes by clicking the link NFT: a non-fungible token established not carry out exhaustive due diligence Experience description.
“Conditions of Business for Buyers” on a blockchain. on each Lot. Information provided to
applicable to the relevant sale location. you regarding any Lot, including any (j) DISCLAIMER OF WARRANTIES:
You will know if these Conditions of Purchase Price: the Hammer Price estimates, information in the Catalogue, (i) All Lots are offered for sale “AS IS,”
Business for Buyers have been revised plus the Buyer’s Premium, Overhead condition reports, or information in without any guarantee, representations
since your last review by referring to Premium, any applicable VAT and/or respect of the age of hand-coloring in or warranties by us or the Seller,
the “Last Modified” date at the bottom sales or use tax, and any applicable maps, atlases or books, is a matter of except for the express representations
of this page. If you do not agree to artist resale right royalty payable by the opinion only and not a representation
the current Conditions of Business Buyer on qualifying Property. of fact, and is dependent upon, among and warranties given by the Seller
(which may differ from any published
for Buyers, you should refrain from Referenced Content: with respect to other things, the condition of the Lot, Conditions of Business for Sellers)
registering to bid in an auction. the degree of research, examination
an NFT, the metadata, content, digital or testing that is possible or practical and the Authenticity Guarantee, which
2. DEFINED TERMS asset and/or physical item, if any, to we, as principal, provide to the Buyer.
which the NFT relates. in the circumstances, and the status We and the Seller disclaim all implied
Authenticity Guarantee: the guarantee of generally accepted expert opinion, warranties, including but not limited
257
12:59 PM