Please note that all lots are sold subject to our Conditions of Business for Buyers and Authenticity Guarantee, which are set forth at the back of the catalogue and Conditions of Business for Sellers, which are available from Luxeford offices on request. Prospective bidders should review the Conditions of Business, Authenticity Guarantee and the Guide for Prospective Buyers. Condition reports printed in the catalogue are intended as a guide only. Luxeford will be pleased to provide more detailed reports on any lot on request. Nevertheless, prospective buyers are reminded that all lots are sold as shown and their attention is drawn to Condition 3 of the Conditions of Business for Buyers printed in the catalogue.
IMPORTANT NOTICE REGARDING CONDITION OF ALL WATCHES
In the catalogue descriptions of property, significant damage may be mentioned, but all faults and imperfections may not be included. All dimensions in catalogue descriptions are approximate.
Prospective buyers should satisfy themselves by personal inspection as to the condition of each lot. If the prospective buyer is not able to inspect the piece, as a courtesy to our clients, we are pleased to provide an opinion of the condition of the property on request. However, since we are not professional watch restorers, any statement of opinion listed is purely subjective and is not a statement of fact. Condition reports may not specify all mechanical replacements or imperfections to the movement, case, dial, pendulum, separate base(s) or done. The absence of a condition report or the absence of a reference to damage in the catalogue does not imply that the lot is in good condition, working order or free from restoration or repair.
Watches in water-resistant cases have been opened to examine movements but no warranties are made that the watches are currently water-resistant.
Please note that we do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts.
All lots are sold as is in accordance with Condition 3 of the Conditions of Business for Buyers, and we make no representation or warranty as to the condition of any lot sold.
Please be advised that bands made of materials derived from endangered or otherwise protected species (i.e. alligator and crocodile) are not sold with the watches and are for display purposes only. We reserve the right to remove these bands prior to shipping. Furthermore, in reference to bands, we do not guarantee the material of manufactured. Please be advised that the buyer will be responsible for complying with any applicable export and import matters, particularly in relation to endangered species and the United States Fish and Wildlife Service.
IMPORTANT NOTICE REGARDING IMPORTATION INTO THE UNITED STATES OF ROLEX WATCHES
Luxeford cannot arrange for the delivery of Rolex watches to the United States because U.S. laws restrict the import of Rolex watches. The buyer or a designated agent may collect the property in the country of sale.
*NOTICE REGARDING GEMSTONES ORIGINATING IN BURMA (MYANMAR)
Jadeite and rubies of Burmese origin and articles of jewelry less than 100 years old containing such gemstones may not be imported into the U.S. Lots marked with contain rubies or jadeite of Burmese or unknown origin that may be subject to these restrictions.
With respect to items containing any other types of gemstones originating in Burma (e.g. sapphires), such items may be imported into the U.S. provided that the gemstones were mounted or incorporated into articles of jewelry outside of Burma as long as the setting is not of a temporary nature. Loose gemstones of any type originating in Burma may not be imported into the U.S.
The purchaser’s inability to import any item into the U.S. or any other country as a result of these or other restrictions shall not justify cancellation or rescission of the sale or any delay in payment. Please check with the specialist department if you are uncertain as to whether a lot is subject to these import restrictions, or any other restrictions on importation or exportation.
ABSENCE OF GUARANTEE OF AUTHENTICITY
The artists’ names recorded in the catalogue are not to be taken as unqualified attributions to the artists named. No unqualified attributions to any artist or date are made or intended. The current scholarship in the field of Chinese paintings does not permit unqualified statements as to authorship or date of execution. Therefore, none of the property in the catalogue is subject to any guarantee of authenticity and all of the property is sold “AS IS” in accordance with the Conditions of Business. Any reference to the Terms of Guarantee does not apply to this sale. Any assistance given by Luxeford staff to a buyer in selecting a purchase is given without prejudice to the above. Buyers are recommended to take independent professional advice on selection of purchases.
Notwithstanding the above, if within five years of the sale of any lot, the buyer gives written notice to Luxeford that the lot sold is a forgery and if within three months after giving such notice, the buyer returns the lot in the same Condition as it was at the time of sale to the premises of Luxeford and demonstrates to the satisfaction of Luxeford that the lot sold is a forgery, Luxeford is authorized to and will rescind the sale and refund the purchase price received by it. For this purpose a ‘forgery’ is defined as a work created with intent to deceive. See further Condition 3 of the Conditions of Business printed in the catalogue.
ALL DIMENSIONS WEIGHTS ARE APPROXIMATE
Luxeford’s catalogues includes references to condition only in descriptions of multiple works (such as prints, books and wine). For all other property, no statement of condition is made and only alterations or replacement components are listed. Please contact the Specialist Department for a condition report on a particular lot. Condition reports are provided as a service to interested clients. Prospective buyers should note that descriptions of property are not warranties.
Certain weights in the catalogue and condition reports have been estimated through measurement. These figures are to be used as approximate guidelines and should not be relied upon as exact.
Terms used in the catalogue have the meanings ascribed to them below. Please note that all statements in the catalogue as to Authorship are made subject to the provisions of the CONDITIONS OF SALE and LIMITED WARRANTY.
Jewelers in the Title:
- By Cartier
When maker’s name appears in the titles, in Luxeford’s opinion it is by that maker.
Jewelers beneath the description:
- Signed Cartier
Has signature which in Luxeford’s opinion is authentic.
- With maker’s mark for Cartier
Has a mark denoting a maker which in Luxeford’s opinion is authentic
- By Cartier
In Luxeford’s opinion the object is by the jeweler although unsigned.
- Mounted by Cartier
In Luxeford’s opinion the setting has been created by the jeweler using stones originally supplied by the jeweler’s client.
|Over 100 years
|1895 – 1910
|1895 – 1914
|1915 – 1935
Prospective buyers should note that period descriptions of property are for reference only and not warranties.
GUIDE FOR PROSPECTIVE BUYERS
Buying at Auction The following pages are designed to give you useful information on how to buy at auction. Luxeford staff as listed at the front of the catalogue will be happy to assist you. However, it is important that you read the following information carefully and note that Luxeford acts for the seller; you should refer in particular to Conditions 3 and 4 of the Conditions of Business for Buyers printed in the catalogue. Prospective bidders should also consult www.luxeford.com for the most up to date cataloguing of the property in the catalogue.
Provenance In certain circumstances, Luxeford may print in the catalogue the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller’s request for confidentiality or because the identity of prior owners is unknown given the age of the work of art.
Buyer’s Premium A buyer’s premium will be added to the hammer price and is payable by the buyer as part of the total purchase price. The buyer’s premium is 21% of the first HK$4,000,000 of the hammer price of each lot, plus 13% of any amount in excess of HK$4,000,000.
- BEFORE THE AUCTION
Catalogue Subscriptions If you would like to take out a catalogue subscription, please contact (852) 2899 2128.
Pre-sale Estimates Pre-sale estimates are intended as a guide for prospective buyers. Any bid between the high and low pre-sale estimates would, in our opinion, offer a chance of success. However, all lots can realize prices above or below the pre-sale estimates. It is advisable to consult us nearer the time of sale as estimates can be subject to revision. The estimates printed in the auction catalogue do not include the buyer’s premium. Regardless of the estimate of any lots, Luxeford reserves the right to request from prospective buyers to complete the pre-registration application form and to deliver to Luxeford a deposit of HK$50,000 or such other higher amount as may be determined by Luxeford. Any financial references, guarantees and/or such other securities as Luxeford may require in its absolute discretion, as security for bids. If a client is not successful on bidding any lot, Luxeford will arrange for refund (subject to any rights of set off) of the deposit amount paid by such client without interest within 14 days from the date of sale. Any exchange losses or fees associated with the refund shall be borne by the client.
Symbol Key The following key explains the symbols you may see inside the catalogue.
A Top Lot refers to all lots with the low estimate of which is HK$8,000,000. In order to bid on “Top Lots” (^ in print catalogue, in ^ eCatalogue), Luxeford may request from prospective bidders to complete the Pre-registration application form and to deliver to Luxeford a deposit of HK$1,000,000 for each “Top Lot” or such other higher amount as may be determined by Luxeford and any financial references, guarantees and/or such other security as Luxeford may require in its absolute discretion as security for the bid. If all lots in the catalogue are “Top Lots”, a Special Notice will be included to this effect and this symbol will not be used.
Unless indicated by red title, all lots in the catalogue are offered subject to a reserve. A reserve is the confidential hammer price established between Luxeford and the seller and below which a lot will not be sold. The reserve is generally set at a percentage of the low estimate and will not exceed the low estimate for the lot. If all lots in the catalogue are offered without a reserve, a Special Notice will be included to this effect.
Condition of Lots Prospective buyers are encouraged to inspect the property at the presale exhibitions. Solely as a convenience, Luxeford may provide condition reports. The absence of reference to the condition of a lot in the catalogue description does not imply that the lot is free from faults or imperfections. Please refer to Condition 3 of the Conditions of Business for Buyers printed in the catalogue.
Electrical and Mechanical Goods All electrical and mechanical goods are sold on the basis of their decorative value only and should not be assumed to be operative. It is essential that prior to any intended use, the electrical system is checked and approved by a qualified electrician.
- BIDDING IN THE SALE
Bidding at Auction Bids may be executed in person by paddle during the auction, in writing prior to the sale, by telephone. Auction speeds vary, but average between 50 and 120 lots per hour. The bidding steps are generally in increments of approximately 10% of the previous bid. Please refer to Conditions 5 and 6 of the Conditions of Business for Buyers printed in the catalogue.
Bidding in Person To bid in person, you will need to register for and collect a numbered paddle before the auction begins. Proof of identity will be required. If you wish to register to bid on a Premium Lot, please see the paragraph above. Should you be the successful buyer of a lot, please ensure that your paddle can be seen by the auctioneer and that it is your number that is called out. Should there be any doubts as to price or buyer, please draw the auctioneer’s attention to it immediately. All lots sold will be invoiced to the name and address in which the paddle has been registered and cannot be transferred to other names and addresses. Please do not mislay your paddle; in the event of loss, inform the Sales Clerk immediately. At the end of the sale, please return your paddle to the registration desk.
Absentee Bids If you cannot attend the auction, we will be happy to execute written bids on your behalf. A bidding form can be found at the back of the catalogue. This service is free and confidential. Lots will always be bought as cheaply as is consistent with other bids, the reserves and Luxeford commissions. In the event of identical bids, the earliest received will take precedence. Always indicate a “top limit” – the hammer price to which you would bid if you were attending the auction yourself. “Buy” and unlimited bids will not be accepted. Please refer to Condition 5 of the Conditions of Business for Buyers printed in the catalogue. Telephoned absentee bids must be confirmed before the sale by letter or fax. To ensure a satisfactory service, please ensure that we receive your bids at least 24 hours before the sale.
Bidding by Telephone If you cannot attend the auction, it is possible to bid on the telephone. As the number of telephone lines is limited, it is necessary to make arrangements for this service 24 hours before the sale. We also suggest that you leave a Safety bid which we can execute on your behalf in the event we are unable to reach you by telephone. Multilingual staffs are available to execute bids for you. Please refer to Condition 5 of the Conditions of Business for Buyers printed in the catalogue.
Employee Bidding Luxeford employees may bid only if the employee does not know the reserve and fully complies with Luxeford internal rules governing employee bidding.
- THE AUCTION
Conditions of Business The auction is governed by the Conditions of Business for Sellers and Buyers and the Authenticity Guarantee. These apply to all aspects of the relationship between Luxeford and actual and prospective bidders and buyers. Anyone considering bidding in the auction should read them carefully. They may be amended by way of notices posted in the saleroom or by way of announcement made by the auctioneer.
Consecutive and Responsive Bidding The auctioneer may open the bidding on any lot by placing a bid on behalf of the seller. The auctioneer may further bid on behalf of the seller, up to the amount of the reserve, by placing consecutive or responsive bids for a lot. Please refer to Condition 6 of the Conditions of Business for Buyers printed in the catalogue.
- AFTER THE AUCTION
Payment Payment is due in HK Dollars immediately 7 days after the sale and may be made by the following methods: Cash, Banker’s Draft, Cheque, Wire Transfer and Credit Card (MasterCard, China Union Pay & Visa). It is against Luxeford general policy to accept single or multiple related payments in the form of cash or cash equivalents in excess of HK$80,000. It is Luxeford policy to request any new clients or buyers preferring to make a cash payment to provide proof of identity (by providing some form of government issued identification containing a photograph, such as a passport, identity card or driver’s license) and confirmation of permanent address. Thank you for your co-operation.
Cheques and drafts should be made payable to Luxeford Hong Kong Limited. Although personal and company cheques drawn in HK dollars on Hong Kong banks are accepted, you are advised that property will not be released until such cheques have cleared.
Bank transfers should be made to:
The Hongkong & Shanghai Banking Corp. Ltd
1 Queen’s Road, Central, Hong Kong
Account name: Luxeford Hong Kong Limited
HKD Account No.: 848-202982-001
Bank Code: 004
Swift Code: HSBCHKHHHKH
Please include your name, Luxeford account number and invoice number with your instructions to your bank. All payment by transfer received by Luxeford must be the exact amount as shown on the invoice or any payment instructions issued by Luxeford. Clients are responsible for all bank charges relating to bank transfers. If you wish to pay for any purchase with your MasterCard, China Union Pay or Visa, you must present the card in person to Luxeford Hong Kong. All charges are subject to acceptance by Luxeford and by MasterCard, Union Pay or Visa, as the case may be. In the case a charge is not approved, you will nevertheless be liable to Luxeford for all sums incurred by you. Credit card purchases may not exceed HK$1,000,000. Please note that Luxeford reserves the right to decline payments received from anyone other than the buyer of record and that clearance of such payments will be required. Additional 3% surcharge applies for all credit card payments, please contact our Accounts Department if you have any questions concerning clearance.
Collection and Storage All items from this sale not collected from Luxeford on the last day of the sale by 6:00pm will be sent back to Luxeford where they will incur storage charge one month after the date of the auction at the following rate:
Storage charge: HK$800 per lot per month. To arrange shipping or collection, please contact Sale Administrator / Shipping Administrator as printed in front of the catalogue.
Lots will be released to you or your authorized representative when full and final payment has been received by Luxeford, appropriate photographic identification has been made, and a release note has been provided by Luxeford (open Monday to Friday 9:00am – 6pm). Please refer to Condition 7 of the Condition of Business for Buyers printed in the catalogue.
Loss or Damage Buyers are reminded that Luxeford accepts liability for loss or damage to lots for a maximum period of thirty (30) calendar days after the date of the auction. Please refer to Condition 7 of the Conditions of Business for Buyers printed in the catalogue.
Shipping Luxeford Shipping Department can advise buyers on exporting and shipping property. Our office is open between the hours of 9.00am and 6.00pm and you can contact the Shipping Department. Purchases will be dispatched as soon as possible upon clearance from the Accounts department and receipt of your written dispatch instructions and of any export license or certificates that may be required. Dispatch will be arranged at the buyer’s expense. Luxeford may receive a fee for its own account from the agent arranging the dispatch. Estimates and information on all methods can be provided upon request and enquiries should be marked for the attention of Luxeford Shipping Department. Our shipper will include a quote for transit insurance. All shipments should be unpacked and checked on delivery and any discrepancies notified to the transit insurer or shipper immediately.
Export The export of any lot from Hong Kong or import into any other country may be subject to one or more export or import licenses being granted. It is the buyer’s responsibility to obtain any relevant export or import license. The denial of any license required or delay in obtaining such license cannot justify the cancellation of the sale or any delay in making payment of the total amount due. Luxeford, upon request and for an administrative fee, may apply for a license to export your lot(s) outside Hong Kong. Luxeford recommends that you retain all import and export papers, including licenses, as in certain countries you may be required to produce them to governmental authorities.
Endangered Species Items made of or incorporating plant or animal material, such as coral, crocodile, ivory, whalebone, tortoiseshell, etc., irrespective of age or value, may require a license or certificate prior to exportation and require additional licenses or certificates upon importation to any country outside Hong Kong. Please note that the ability to obtain an export license or certificate does not ensure the ability to obtain an import license or certificate in another country, and vice versa. For example, it is illegal to import elephant ivory under 100 years old into the United States. Luxeford suggests that buyers check with their own government regarding wildlife import requirements prior to placing a bid. It is the buyer’s responsibility to obtain any export or import licenses and/or certificates as well as any other required documentation (please refer to Condition 10 of the Conditions of Business for Buyers printed in the catalogue).
- ADDITIONAL SERVICES
Pre-sale Auction Estimates Luxeford will be pleased to give preliminary pre-sale auction estimates for your property. This service is free of charge and is available from Luxeford experts in Hong Kong on week days between 9.30am and 4.30pm. We advise you to make an appointment with the relevant expert department. Upon request, we may also travel to your home to provide preliminary pre-sale auction estimates.
Valuations The Valuation department provides written inventories and valuations for many purposes including insurance, probate and succession division, asset management and tax planning. Valuations can be tailored to suit most needs. Fees are highly competitive. For further information please contact the relevant Expert department on (852) 2899 2128.
CONDITIONS OF BUSINESS
The nature of the relationship between Luxeford, Sellers and Bidders and the terms on which Luxeford (as auctioneer) and Sellers contract with Bidders are set out below. Bidders’ attention is specifically drawn to Conditions 3 and 4 below, which require them to investigate lots prior to bidding and which contain specific limitations and exclusions of the legal liability of Luxeford and Sellers. The limitations and exclusions relating to Luxeford are consistent with its role as auctioneer of large quantities of goods of a wide variety and Bidders should pay particular attention to these Conditions.
- Luxeford and Sellers’ contractual relationship with prospective Buyers is governed by:
- these Conditions of Business;
- the Conditions of Business for Sellers displayed in the saleroom and which are available upon request from Luxeford Hong Kong salerooms or by telephoning (852) 2899 2128;
- Luxeford Authenticity Guarantee as printed in the sale catalogue;
- any additional notices and terms printed in the sale catalogue, including the Guide for Prospective Buyers; and
- As auctioneer, Luxeford acts as agent for the Seller. A sale contract is made directly between the Seller and the Buyer. However, Luxeford may own a lot (and in such circumstances acts in a principal capacity as Seller) and/or may have a legal, beneficial or financial interest in a lot as a secured creditor or otherwise.
- Luxeford and Sellers’ contractual relationship with prospective Buyers is governed by:
- COMMON TERMS
In these Conditions of Business:
Bidder is any person considering, making or attempting to make a bid, by whatever means, and includes Buyers;
Buyer is the person who makes the highest bid or offer accepted by the auctioneer, and includes such person’s principal when bidding as agent;
Buyer’s Expenses are any costs or expenses due to Luxeford from the Buyer;
Buyer’s Premium is the commission payable by the Buyer on the Hammer Price at the rates set out in the Guide for Prospective Buyers;
Counterfeit is as defined in Luxeford Authenticity Guarantee;
Hammer Price is the highest bid accepted by the auctioneer by the fall of the hammer, (in the case of wine, as apportioned pro-rata by reference to the number of separately identified items in that lot), or in the case of a post-auction sale, the agreed sale price;
Purchase Price is the Hammer Price and applicable Buyer’s Premium;
Reserve is the (confidential) minimum Hammer Price at which the Seller has agreed to sell a lot;
Seller is the person offering a lot for sale (including their agent (other than Luxeford), executors or personal representatives);
Luxeford means Luxeford Hong Kong Limited., which has its registered office at Room 1810, 18F, Hutchison House, 10 Harcourt Road, Hong Kong.
Luxeford Company means Luxeford in Hong Kong and any of its subsidiaries (in each case ‘subsidiary’ having the meaning of Section 2 of the Companies Ordinance Cap.32).
- DUTIES OF BIDDERS AND OF LUXEFORD IN RESPECT OF ITEMS FOR SALE
- Luxeford knowledge in relation to each lot is partially dependent on information provided to it by the Seller, and Luxeford is not able to and does not carry out exhaustive due diligence on each lot. Bidders acknowledge this fact and accept responsibility for carrying out inspections and investigations to satisfy themselves as to the lots in which they may be interested.
- Each lot offered for sale at Luxeford is available for inspection by Bidders prior to the sale. Luxeford accepts bids on lots solely on the basis that Bidders (and independent experts on their behalf, to the extent appropriate given the nature and value of the lot and the Bidder’s own expertise) have fully inspected the lot prior to bidding and have satisfied themselves as to both the condition of the lot and the accuracy of its description.
- Bidders acknowledge that many lots are of an age and type which means that they are not in perfect condition. All lots are offered for sale in the condition they are in at the time of the auction (whether or not Bidders are in attendance at the auction). Condition reports may be available to assist when inspecting lots. Catalogue descriptions and condition reports may on occasions make reference to particular imperfections of a lot, but Bidders should note that lots may have other faults not expressly referred to in the catalogue or condition report. Illustrations are for identification purposes only and will not convey full information as to the actual condition of lots.
- Information provided to Bidders in respect of any lot, including any estimate, whether written or oral and including information in any catalogue, condition or other report, commentary or valuation, is not a representation of fact but rather is a statement of opinion genuinely held by Luxeford. Any estimate may not be relied on as a prediction of the selling price or value of the lot and may be revised from time to time in Luxeford absolute discretion.
- No representations or warranties are made by Luxeford or the Seller as to whether any lot is subject to copyright or whether the Buyer acquires copyright in any lot.
- Subject to the matters referred to at 3(a) to 3(e) above and to the specific exclusions contained at Condition 4 below, Luxeford shall exercise such reasonable care when making express statements in catalogue descriptions or condition reports as is consistent with its role as auctioneer of lots in the sale to which these Conditions relate, and in the light of
- the information provided to it by the Seller;
- scholarship and technical knowledge; and
- the generally accepted opinions of relevant experts, in each case at the time any such express statement is made.
- EXCLUSIONS AND LIMITATIONS OF LIABILITY TO BUYERS
- Luxeford shall refund the Purchase Price to the Buyer in circumstances where it deems that the lot is a Counterfeit and each of the conditions of the Authenticity Guarantee has been satisfied.
- In the light of the matters in Condition 3 above and subject to Conditions 4(a) and 4(e), neither any Luxeford Company nor the Seller:
- is liable for any errors or omissions in information provided to Bidders by Luxeford (or any Luxeford Company), whether orally or in writing, whether negligent or otherwise, except as set out in Condition 3(f) above;
- gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded (save in so far as such obligations cannot be excluded by law) other than the express warranties given by the Seller to the Buyer in Condition 2 of the Sellers’ Conditions of Business;
- accepts responsibility to any Bidders in respect of acts or omissions (whether negligent or otherwise) by Luxeford in connection with the conduct of auctions or for any matter relating to the sale of any lot.
- Unless Luxeford owns a lot offered for sale, it is not responsible for any breach of these conditions by the Seller.
- Without prejudice to Condition 4(b), any claim against Luxeford or the Seller by a Bidder is limited to the Purchase Price with regard to that lot. Neither Luxeford nor the Seller shall under any circumstances be liable for any consequential losses.
- None of this Condition 4 shall exclude or limit Luxeford liability in respect of any fraudulent misrepresentation made by Luxeford or the Seller, or in respect of death or personal injury caused by the negligent acts or omissions of Luxeford or the Seller.
- BIDDING AT AUCTION
- Luxeford has absolute discretion to refuse admission to the auction. Bidders must complete a Paddle Registration Form and supply such information and references as required by Luxeford. Bidders act as principal unless they have Luxeford prior written consent to bid as agent for another party. Bidders are personally liable for their bid and are jointly and severally liable with their principal if bidding as agent.
- Luxeford advises Bidders to attend the auction but will seek to carry out absentee written bids which are in Hong Kong dollars and, in Luxeford opinion, clear and received sufficiently in advance of the sale of the lot, endeavouring to ensure that the first received of identical written bids has priority.
- Where available, written, and telephone bids are offered as an additional service for no extra charge, at the Bidder’s risk and shall be undertaken with reasonable care subject to Luxeford other commitments at the time of the auction; Luxeford therefore cannot accept liability for failure to place such bids save where such failure is unreasonable. Telephone bids may be recorded.
- CONDUCT OF THE AUCTION
- Unless otherwise specified, all lots are offered subject to a Reserve, which shall be no higher than the low presale estimate at the time of the auction.
- The auctioneer has absolute discretion at any time to refuse or accept any bid, withdraw any lot, re-offer a lot for sale (including after the fall of the hammer), and take such other action as he reasonably thinks fit.
- The auctioneer will commence and advance the bidding at levels and in increments he considers appropriate and is entitled to place a bid or series of bids on behalf of the Seller up to the Reserve on the lot, without indicating he is doing so and whether or not other bids are placed.
- Subject to Condition 6(b), the contract between the Buyer and the Seller is concluded on the striking of the auctioneer’s hammer, whereupon the Buyer becomes liable to pay the Purchase Price.
- Any post-auction sale of lots offered at auction shall incorporate these Conditions as if sold in the auction.
- PAYMENT AND COLLECTION
- Unless otherwise agreed, payment of the Purchase Price for a lot and any Buyer’s Expenses are due in Hong Kong dollars immediately 7 days on conclusion of the auction (the “Due Date”) notwithstanding any requirements for export, import or other permits for such lot.
- Title in a purchased lot will not pass until Luxeford has received the Purchase Price and Buyer’s Expenses for that lot in cleared funds. Luxeford is not obliged to release a lot to the Buyer until title in the lot has passed and appropriate identification has been provided, and any earlier release does not affect the passing of title or the Buyer’s unconditional obligation to pay the Purchase Price and Buyer’s Expenses.
- The Buyer is obliged to arrange collection of purchased lots no later than thirty (30) calendar days after the date of the auction. Purchased lots are at the Buyer’s risk (and therefore their sole responsibility for insurance) from the earliest of
- collection or
- the thirty-first calendar day after the auction. Until risk passes, Luxeford will compensate the Buyer for any loss or damage to the lot up to a maximum of the Purchase Price paid. Buyers should note that Luxeford assumption of liability for loss or damage is subject to the exclusions set out in Condition 6 of the Conditions of Business for Sellers.
- REMEDIES FOR NON-PAYMENT
Without prejudice to any rights the Seller may have, if the Buyer without prior agreement fails to make payment in full for the lot within 7 days of the auction, or in accordance with any payment schedule agreed with Luxeford, Luxeford may in its sole discretion (having informed the Seller) exercise one or more of the following remedies:
- store the lot at its premises or elsewhere at the Buyer’s sole risk and expense;
- terminate the contract of the sale of the lot, retaining the right to damages for the Buyer’s breach of contract;
- set off any amounts owed to the Buyer by a Luxeford Company against any amounts owed to Luxeford by the Buyer in respect of the lot and/or any shortfall in the Purchase Price and Buyer’s Expenses in the event of a resale under Condition 8(h) below (on a pro-rata basis where more than one lot is purchased by the Buyer at the auction and is then resold), and/or any claim by Luxeford against the Buyer for damages for the Buyer’s breach of contract (including but not limited to the Buyer’s Premium in the event of a termination of the sale contract);
- apply as Luxeford sees fit any payments, including deposits, made by or on behalf of the Buyer in respect of this transaction or otherwise, towards
- any costs, Buyer’s Expenses or debts owed by the Buyer to any Luxeford Company, and/or
- any shortfall in the Purchase Price and Buyer’s Expenses in the event of a resale under Condition 8(h) below (on a pro-rata basis where more than one lot is purchased by the Buyer at the auction and is then resold), and/or
- any claim by Luxeford against the Buyer for damages for the Buyer’s breach of contract (including but not limited to the Buyer’s Premium in the event of a termination of the sale contract). For the avoidance of doubt, if more than one lot is purchased by the Buyer at the auction and the Buyer makes a partial payment but fails to pay in full the Purchase Price of all lots purchased by him within five days of the auction or in accordance with any payment schedule agreed with Luxeford, Luxeford is entitled, at its absolute discretion, to reject any instruction or request that the whole or a part of such partial payment be applied towards the Purchase Price of, and/or the shortfall and/or Luxeford claim for damages in respect of, any particular lot(s) purchased by the Buyer;
- reject future bids from the Buyer or render such bids subject to payment of a deposit, such deposit to be applied at Luxeford discretion in the event of subsequent non-payment or late payment;
- charge interest at a rate not exceeding 2% per month from the Due Date to the date the Purchase Price and relevant Buyer’s Expenses are received in cleared funds;
- exercise a lien over any of the Buyer’s property which is in the possession of a Luxeford Company. Luxeford shall inform the Buyer of the exercise of any such lien and within 14 days of such notice may arrange the sale of such property and apply the proceeds to the amount owed to Luxeford, and/or any shortfall in the Purchase Price and Buyer’s Expenses in the event of a resale under Condition 8(h) below (on a pro-rata basis where more than one lot is purchased by the Buyer at the auction and is then resold), and/or any claim by Luxeford against the Buyer for damages for the Buyer’s breach of contract (including but not limited to the Buyer’s Premium in the event of a termination of the sale contract);
- resell the lot by auction or private sale, with estimates and reserves at Luxeford discretion. In the event such resale is for less than the Purchase Price and Buyer’s Expenses for that lot, the Buyer will remain liable for the shortfall together with all costs incurred in such resale;
- commence legal proceedings to recover the Purchase Price and Buyer’s Expenses for that lot, or to claim damages for the Buyer’s breach of contract, together with interest and the costs of such proceedings on a full indemnity basis; or
- release the name and address of the Buyer to the Seller to enable the Seller to commence legal proceedings to recover the amounts due or claim damages for the Buyer’s breach of contract and legal costs. Luxeford will take reasonable steps to notify the Buyer prior to releasing such details to the Seller.
- FAILURE TO COLLECT PURCHASES
- If the Buyer pays the Purchase Price and Buyer’s Expenses but fails to collect a purchased lot within thirty calendar days of the auction, the lot will be stored at the Buyer’s expense (and risk) at Luxeford or with a third party.
- If a purchased lot is paid for but not collected within six months of the auction, the Buyer authorizes Luxeford, having given notice to the Buyer, to arrange a resale of the item by auction or private sale, with estimates and reserves at Luxeford discretion. The proceeds of such sale, less all costs incurred by Luxeford, will be forfeited unless collected by the Buyer within two years of the original auction.
- EXPORT AND PERMITS
It is the Buyer’s sole responsibility to identify and obtain any necessary export, import, firearm, endangered species or other permit for the lot and to complete any required export or import manifest, list or documentation. Any symbols or notices in the sale catalogue reflect Luxeford reasonable opinion at the time of cataloguing and offer Bidders general guidance only. Without prejudice to Conditions 3 and 4 above, Luxeford and the Seller make no representations or warranties as to whether any lot is or is not subject to export or import restrictions or any embargoes.
The denial of any permit or license shall not justify cancellation or rescission of the sale contract or any delay in payment. We shall not be responsible for any liability arising from any failure to complete or submit the required export or import manifest, list or documentation.
- All images and other materials produced for the auction are the copyright of Luxeford, for use at Luxeford discretion.
- Notices to Luxeford should be in writing and addressed to the department in charge of the sale, quoting the reference number specified at the beginning of the sale catalogue. Notices to Luxeford clients shall be addressed to the last address formally notified by them to Luxeford.
- Should any provision of these Conditions of Business be held unenforceable for any reason, the remaining provisions shall remain in full force and effect.
- These Conditions of Business are not assignable by any Buyer without Luxeford prior written consent, but are binding on Buyers’ successors, assigns and representatives. No act, omission or delay by Luxeford shall be deemed a waiver or release of any of its rights.
- The materials listed in Condition 1(a) above set out the entire agreement and understanding between the parties with respect to the subject matter hereof. It is agreed that, save in respect of liability for fraudulent misrepresentation, no party has entered into any contract pursuant to these terms in reliance on any representation, warranty or undertaking which is not expressly referred to in such materials.
- DATA PROTECTION
In connection with the management and operation of our business and the marketing and supply of Luxeford Companies’ services, or as required by law, we may ask clients to provide personal information about themselves or obtain information about clients from third parties (e.g. credit information). If clients provide Luxeford with information that is defined by law as “sensitive”, they agree that Luxeford Companies may use it for the above purposes. Luxeford Companies will not use or process sensitive information for any other purpose without the client’s express consent. If you would like further information on Luxeford policies on personal data, or to make corrections to your information, please contact us on (852)2899 2128.
If you would prefer not to receive details of future events please tick here. □ In order to fulfill the services clients have requested, Luxeford may disclose information to third parties (e.g. shippers). Some countries do not offer equivalent legal protection of personal information to that offered within Hong Kong. It is Luxeford policy to require that any such third parties respect the privacy and confidentiality of
our clients’ information and provide the same level of protection for clients’ information as provided within Hong Kong, whether or not they are located in a country that offers equivalent legal protection of personal information. By agreeing to these Conditions of Business, clients agree to such disclosure. Clients will please note that for security purposes, Luxeford premises are subject to video recording. Telephone calls e.g. telephone voicemail messages may also be recorded.
- LAW AND JURISDICTION
Governing Law These Conditions of Business and all aspects of all matters, transactions or disputes to which they relate or apply shall be governed by and interpreted in accordance with Hong Kong law.
Jurisdiction For the benefit of Luxeford, all Bidders and Sellers agree that the Hong Kong Courts are to have exclusive jurisdiction to settle all disputes arising in connection with all aspects of all matters or transactions to which these Conditions of Business relate or apply. All parties agree that Luxeford shall retain the right to bring proceedings in any court other than the Hong Kong Courts.
Service of Process All Bidders and Sellers irrevocably consent to service of process or any other documents in connection with proceedings in any court by facsimile transmission, personal service, delivery by mail or in any other manner permitted by Hong Kong law, the law of the place of service or the law of the jurisdiction where proceedings are instituted, at the last address of the Buyer or Seller known to Luxeford or any other usual address.
General Authenticity Guarantee:
If Luxeford sells an item which subsequently is shown to be a “counterfeit”, subject to the terms below Luxeford will set aside the sale and refund to the Buyer the total amount paid by the Buyer to Luxeford for the item, in the currency of the original sale. For these purposes, “counterfeit” means a lot that in Luxeford reasonable opinion is an imitation created to deceive as to authorship, origin, date, age, period, culture or source, where the correct description of such matters is not reflected by the description in the catalogue (taking into account any Glossary of Terms). No lot shall be considered a counterfeit by reason only of any damage and/or restoration and/or modification work of any kind (including repainting or over-painting). Please note that this Guarantee does not apply if either:-
- the catalogue description was in accordance with the generally accepted opinions of scholar(s) and expert(s) at the date of the sale, or the catalogue description indicated that there was a conflict of such opinions; or
- the only method of establishing at the date of the sale that the item was a counterfeit would have been by means of processes not then generally available or accepted, unreasonably expensive or impractical to use; or likely to have caused damage to the lot or likely (in Luxeford reasonable opinion) to have caused loss of value to the lot; or
- there has been no material loss in value of the lot from its value had it been in accordance with its description.
This Guarantee is provided for a period of five (5) years after the date of the relevant auction, is solely for the benefit of the Buyer and may not be transferred to any third party. To be able to claim under this Guarantee, the Buyer must:-
- notify Luxeford in writing within three (3) months of receiving any information that causes the Buyer to question the authenticity or attribution of the item, specifying the lot number, date of the auction at which it was purchased and the reasons why it is thought to be counterfeit; and
- return the item to Luxeford in the same condition as at the date of sale to the Buyer and be able to transfer good title in the item, free from any third party claims arising after the date of the sale.
Luxeford has discretion to waive any of the above requirements. Luxeford may require the Buyer to obtain at the Buyer’s cost the reports of two independent and recognized experts in the field, mutually acceptable to Luxeford and the Buyer. Luxeford shall not be bound by any reports produced by the Buyer, and reserves the right to seek additional expert advice at its own expense. In the event Luxeford decides to rescind the sale under this Guarantee, it may refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports.
GUIDE FOR ABSENTEE BIDDERS ABSENTEE BIDS
If you are unable to attend an auction in person, and wish to place bids, you may give Luxeford Bid Department instructions to bid on your behalf. We will then try to purchase the lot or lots of your choice for the lowest price possible, and never for more than the top amount you indicate. This service is free and confidential. Please note: Luxeford offers this service as a convenience to clients who are unable to attend the sale, and although we will make every effort, Luxeford will not responsible for error or failure to execute bids. Absentee bids, when placed by telephone, are accepted only at the caller’s risk and must be confirmed by letter.
USING THE ABSENTEE BIDS
Please use the absentee bid form provided and be sure to record accurately the lot numbers and descriptions and the top hammer price you are willing to pay for each lot. “Buy” or unlimited bids will not be accepted. Alternative bids can be placed by using the word “OR” between lot numbers. Bids must be placed in the same order as the lot numbers appear in the catalogue. Each absentee bid form should contain bids for one sale only; the sale number and code name should appear at the top of the form. Please place your bids as early as possible. In the event of identical bids, the earliest received will take precedence. Where appropriate your bids will be rounded down to the nearest amount consistent with the Auctioneer’s bidding increments.
Successful bidders will receive an invoice detailing their purchases and giving instructions for payment and clearance of goods. Unsuccessful absentee bidders will be advised.
In connection with the management and operation of our business and the marketing and supply of Luxeford Companies’ services, or as required by law, we may ask clients to provide personal information about themselves or obtain information about clients from third parties (e.g. credit information). Luxeford Companies will not use or process sensitive information for any other purpose without the client’s express consent. In order to fulfill the services clients have requested, Luxeford may disclose information to third parties (e.g. shippers). Some countries do not offer equivalent legal protection of personal information to that offered within Hong Kong. It is Luxeford policy to require that any such third parties respect the privacy and confidentiality of our clients’ information and provide the same level of protection for clients’ information as provided within Hong Kong, whether or not they are located in a country that offers equivalent legal protection of personal information. By signing this Absentee Bid Form you agree to such disclosure.
- EXCLUSIONS AND LIMITATIONS OF LIABILITY TO BUYERS