Page 118 - Sotheby's New York Chinese Jade Auction September 13, 2018

D THE BUYER’S PREMIUM AND TAXES not apply to any information other than in the with the terms of Christie’s Authenticity Warranty, (i) we can charge interest from the due date at a rate of
1 THE BUYER’S PREMIUM Heading even if shown in UPPERCASE type. provided that the original buyer notifies us with full up to 1.34% per month on the unpaid amount due;
In addition to the hammer price, the successful bidder (c) The authenticity warranty does not apply to any supporting evidence documenting the forgery claim (ii) we can cancel the sale of the lot. If we do this,
agrees to pay us a buyer’s premium on the hammer Heading or part of a Heading which is qualified. within twelve (12) months of the date of the auction. we may sell the lot again, publically or privately
price of each lot sold. On all lots we charge 25% of the Qualified means limited by a clarification in a lot’s Such evidence must be satisfactory to us that the on such terms we shall think necessary or
hammer price up to and including US$250,000, 20% catalogue description or by the use in a Heading property is a forgery in accordance with paragraph appropriate, in which case you must pay us any
on that part of the hammer price over US$250,000 of one of the terms listed in the section titled E2(h)(ii) above and the property must be returned shortfall between the purchase price and the
and up to and including US$4,000,000, and 12.5% of Qualified Headings on the page of the catalogue to us in accordance with E2h(iii) above. Paragraphs proceeds from the resale. You must also pay all
that part of the hammer price above US$4,000,000. headed “Important Notices and Explanation of E2(b), (c), (d), (e), (f) and (g) and (i) also apply to a costs, expenses, losses, damages and legal fees we
Cataloguing Practice”. For example, use of the term claim under these categories. have to pay or may suffer and any shortfall in the
2 TAXES “ATTRIBUTED TO…” in a Heading means that seller’s commission on the resale;
The successful bidder is responsible for any applicable the lot is in Christie’s opinion probably a work by F PAYMENT (iii) we can pay the seller an amount up to the net
taxes including any sales or use tax or equivalent tax the named artist but no warranty is provided that 1 HOW TO PAY proceeds payable in respect of the amount bid
wherever such taxes may arise on the hammer price, the lot is the work of the named artist. Please read (a) Immediately following the auction, you must pay by your default in which case you acknowledge
the buyer’s premium, and/or any other charges the full list of Qualified Headings and a lot’s full the purchase price being: and understand that Christie’s will have all of
related to the lot. catalogue description before bidding. (i) the hammer price; and the rights of the seller to pursue you for
For lots Christie’s ships to or within the United States, (d) The authenticity warranty applies to the (ii) the buyer’s premium; and such amounts;
a sales or use tax may be due on the hammer price, Heading as amended by any Saleroom Notice. (iii) any applicable duties, goods, sales, use, (iv) we can hold you legally responsible for
buyer’s premium, and/or any other charges related (e) The authenticity warranty does not apply where compensating or service tax, or VAT. the purchase price and may begin legal
to the lot, regardless of the nationality or citizenship of scholarship has developed since the auction leading Payment is due no later than by the end of the proceedings to recover it together with other
the successful bidder. Christie’s is currently required to to a change in generally accepted opinion. Further, 7th calendar day following the date of the auction losses, interest, legal fees and costs as far as we are
collect sales tax for lots it ships to the following states: it does not apply if the Heading either matched the (the “due date”). allowed by law;
California; Florida; Illinois; New York; generally accepted opinion of experts at the date of the (b) We will only accept payment from the registered (v) we can take what you owe us from any amounts
Rhode Island and Texas. The applicable sales tax rate auction or drew attention to any conflict of opinion. bidder. Once issued, we cannot change the buyer’s which we or any company in the Christie’s
will be determined based upon the state, county, or (f) The authenticity warranty does not apply if the name on an invoice or re-issue the invoice in a different Group may owe you (including any deposit or
locale to which the lot will be shipped. lot can only be shown not to be authentic by a name. You must pay immediately even if you want to other part-payment which you have paid to us);
In accordance with New York law, if Christie’s arranges scientific process which, on the date we published export the lot and you need an export licence. (vi) we can, at our option, reveal your identity and
the shipment of a lot out of New York State, New the catalogue, was not available or generally accepted (c) You must pay for lots bought at Christie’s in the contact details to the seller;
York sales tax does not apply, although sales tax or other for use, or which was unreasonably expensive or United States in the currency stated on the invoice in (vii) we can reject at any future auction any bids made
applicable taxes for other states may apply. If you hire impractical, or which was likely to have damaged one of the following ways: by or on behalf of the buyer or to obtain a
a shipper (other than a common carrier authorized by the lot. (i) Wire transfer deposit from the buyer before accepting any bids;
Christie’s), to collect the lot from a Christie’s New York (g) The benefit of the authenticity warranty is only JP Morgan Chase Bank, N.A., (viii) we can exercise all the rights and remedies of
location, Christie’s must collect New York sales tax available to the original buyer shown on the invoice 270 Park Avenue, New York, NY 10017; a person holding security over any property
on the lot at a rate of 8.875% regardless of the ultimate for the lot issued at the time of the sale and only if ABA# 021000021; FBO: Christie’s Inc.; in our possession owned by you, whether by
destination of the lot. on the date of the notice of claim, the original buyer Account # 957-107978, way of pledge, security interest or in any other
If Christie’s delivers the lot to, or the lot is collected is the full owner of the lot and the lot is free from for international transfers, SWIFT: CHASUS33. way as permitted by the law of the place where
by, any framer, restorer or other similar service provider any claim, interest or restriction by anyone else. The (ii) Credit Card. such property is located. You will be deemed
in New York that you have hired, New York law benefit of this authenticity warranty may not be We accept Visa, MasterCard, American Express to have granted such security to us and we may
considers the lot delivered to the successful bidder in transferred to anyone else. and China Union Pay. A limit of $50,000 for retain such property as collateral security for
New York and New York sales tax must be imposed (h) In order to claim under the authenticity warranty credit card payment will apply. This limit is your obligations to us; and
regardless of the ultimate destination of the lot. In this you must: inclusive of the buyer’s premium and any (ix) we can take any other action we see necessary
circumstance, New York sales tax will apply to the lot (i) give us written notice of your claim within 5 years applicable taxes. Credit card payments at the or appropriate.
even if Christie’s or a common carrier (authorized by of the date of the auction. We may require full New York premises will only be accepted for (b) If you owe money to us or to another Christie’s
Christie’s that you hire) subsequently delivers the lot details and supporting evidence of any such claim; New York sales. Christie’s will not accept credit Group company, we can use any amount you do
outside New York. (ii) at Christie’s option, we may require you to card payments for purchases in any other sale site. pay, including any deposit or other part-payment
Successful bidders claiming an exemption from sales tax provide the written opinions of two recognised To make a ‘cardholder not present’ (CNP) payment, you have made to us, or which we owe you, to pay
must provide appropriate documentation to Christie’s experts in the field of the lot mutually agreed by you must complete a CNP authorisation form which off any amount you owe to us or another Christie’s
prior to the release of the lot or within 90 days after you and us in advance confirming that the lot is you can get from our Post-Sale Services. You must send Group company for any transaction.
the sale, whichever is earlier. For shipments to those not authentic. If we have any doubts, we reserve a completed CNP authorisation form by fax to +1 212
states for which Christie’s is not required to collect sales the right to obtain additional opinions at our 636 4939 or you can mail to the address below. Details 5 KEEPING YOUR PROPERTY
tax, a successful bidder may have a use or similar tax expense; and of the conditions and restrictions applicable to credit card If you owe money to us or to another Christie’s
obligation. It is the successful bidder’s responsibility to pay all (iii) return the lot at your expense to the saleroom payments are available from our Post-Sale Services, whose Group company, as well as the rights set out in F4
taxes due. Christie’s recommends you consult your own from which you bought it in the condition it details are set out in paragraph (d) below. above, we can use or deal with any of your property we
independent tax advisor with any questions. was in at the time of sale. (iii) Cash hold or which is held by another Christie’s Group
(i) Your only right under this authenticity warranty We accept cash payments (including money company in any way we are allowed to by law. We will
E WARRANTIES is to cancel the sale and receive a refund of the orders and traveller’s checks) subject to a only release your property to you after you pay us or the
1 SELLER’S WARRANTIES purchase price paid by you to us. We will not, maximum global aggregate of US$7,500 per relevant Christie’s Group company in full for what
For each lot, the seller gives a warranty that the seller: under any circumstances, be required to pay you buyer per year at our Post-Sale Services only you owe. However, if we choose, we can also sell your
(a) is the owner of the lot or a joint owner of the lot more than the purchase price nor will we be liable (iv) Bank Checks property in any way we think appropriate. We will use
acting with the permission of the other co-owners for any loss of profits or business, loss of opportunity You must make these payable to Christie’s Inc. the proceeds of the sale against any amounts you owe us
or, if the seller is not the owner or a joint owner of or value, expected savings or interest, costs, damages, and there may be conditions. and we will pay any amount left from that sale to you.
the lot, has the permission of the owner to sell the other damages or expenses. (v) Checks If there is a shortfall, you must pay us any difference
lot, or the right to do so in law; and (j) Books. Where the lot is a book, we give an You must make checks payable to Christie’s Inc. between the amount we have received from the sale and
(b) has the right to transfer ownership of the lot to additional warranty for 21 days from the date and they must be drawn from US dollar accounts the amount you owe us.
the buyer without any restrictions or claims by of the auction that any lot is defective in text or from a US bank.
anyone else. illustration, we will refund your purchase price, (d) You must quote the sale number, your invoice G COLLECTION AND STORAGE
If either of the above warranties are incorrect, the seller subject to the following terms: number and client number when making a payment. (a) You must collect purchased lots within seven days
shall not have to pay more than the purchase price (as (a) This additional warranty does not apply to: All payments sent by post must be sent to: from the auction (but note that lots will not be
defined in paragraph F1(a) below) paid by you to us. (i) the absence of blanks, half titles, tissue guards or Christie’s Inc. Post-Sale Services, released to you until you have made full and
The seller will not be responsible to you for any reason advertisements, damage in respect of bindings, 20 Rockefeller Center, New York, NY 10020. clear payment of all amounts due to us).
for loss of profits or business, expected savings, loss of stains, spotting, marginal tears or other defects (e) For more information please contact our Post-Sale (b) Information on collecting lots is set out on the storage
opportunity or interest, costs, damages, other damages not affecting completeness of the text or Services by phone at +1 212 636 2650 or fax at +1 and collection page and on an information sheet
or expenses. The seller gives no warranty in relation to illustration; 212 636 4939 or email PostSaleUS@christies.com. which you can get from the bidder registration staff or
any lot other than as set out above and, as far as the seller (ii) drawings, autographs, letters or manuscripts, Christie’s Post-Sale Services Department on
is allowed by law, all warranties from the seller to you, signed photographs, music, atlases, maps 2 TRANSFERRING OWNERSHIP TO YOU +1 212 636 2650.
and all other obligations upon the seller which may be or periodicals; You will not own the lot and ownership of the lot will (c) If you do not collect any lot within thirty days
added to this agreement by law, are excluded. (iii) books not identified by title; not pass to you until we have received full and clear following the auction we may, at our option
(iv) lots sold without a printed estimate; payment of the purchase price, even in circumstances (i) charge you storage costs at the rates set out at
2 OUR AUTHENTICITY WARRANTY (v) books which are described in the catalogue as where we have released the lot to you. www.christies.com/storage.
sold not subject to return; or
We warrant, subject to the terms below, that the lots in (ii) move the lot to another Christie’s location or an
our sales are authentic (our “authenticity warranty”). (vi) defects stated in any condition report or 3 TRANSFERRING RISK TO YOU affiliate or third party warehouse and charge you
announced at the time of sale.
If, within 5 years of the date of the auction, you give (b) To make a claim under this paragraph you must The risk in and responsibility for the lot will transfer to transport costs and administration fees for doing
notice to us that your lot is not authentic, subject to the give written details of the defect and return the you from whichever is the earlier of the following: so and you will be subject to the third party
terms below, we will refund the purchase price paid (a) When you collect the lot; or storage warehouse’s standard terms and to pay
by you. The meaning of authentic can be found in the lot to the sale room at which you bought it in (b) At the end of the 30th day following the date of the for their standard fees and costs.
glossary at the end of these Conditions of Sale. The terms the same condition as at the time of sale, within auction or, if earlier, the date the lot is taken into (iii) sell the lot in any commercially reasonable way
21 days of the date of the sale.
of the authenticity warranty are as follows: (k) South East Asian Modern and Contemporary care by a third party warehouse as set out on the page we think appropriate.
(a) It will be honored for claims notified within a headed ‘Storage and Collection’, unless we have (d) The Storage conditions which can be found at
period of 5 years from the date of the auction. After Art and Chinese Calligraphy and Painting. agreed otherwise with you. www.christies.com/storage will apply.
such time, we will not be obligated to honor the In these categories, the authenticity warranty (e) In accordance with New York law, if you have paid
does not apply because current scholarship does not
authenticity warranty. permit the making of definitive statements. Christie’s 4 WHAT HAPPENS IF YOU DO NOT PAY for the lot in full but you do not collect the lot within
(b) It is given only for information shown in (a) If you fail to pay us the purchase price in full by 180 calendar days of payment, we may charge you
UPPERCASE type in the first line of the does, however, agree to cancel a sale in either of the due date, we will be entitled to do one or more New York sales tax for the lot.
catalogue description (the “Heading”). It does these two categories of art where it has been proven of the following (as well as enforce our rights under (f) Nothing in this paragraph is intended to limit our
the lot is a forgery. Christie’s will refund to the paragraph F5 and any other rights or remedies we rights under paragraph F4.
116 original buyer the purchase price in accordance
have by law):