Buyer Information
1. Estimate price
Estimate price is an estimated value before the auction, which is according to the item age, quantity, market value, condition, historical auction price etc., which is not the actual price.
2. Buyer Commission
If bid succeeded，buyer has to pay 27% commission item hammer price.
3. Exhibition
Any catalogue information, description, dimension, explanation or opinion on the item shall be only for buyer’s reference and shall by no means constitute a warranty or guarantee on the genuineness and/or quality of the Lot. All the item are sold on an “as is” basis at the time of auction. Therefore, buyer shall carry out inspection of the original item personally
4. Registration as a live bidder and deposit
Buyer should fill and sign registration form with a valid passport or IC before auction. Then pay a deposit before collecting the bidding number card. Singapore citizen should pay SGD10000 as deposit. If overseas buyer should pay SGD50000 or RMB250000 as deposit
5. Bid
The auctioneer has the right at his absolute and sole discretion to refuse or take any bid from buyer, telephone buyer to advance the bidding in such a manner as he the item in dispute, the starting price is decided by auctioneer.
6. Telephone bid
Buyer could choose telephone bid to participate auction. To fill up the telephone bid form and pay a deposit before auction. The telephone might be recorded as a reference. The company should not bear the liability of any mistakes during the telephone bid.
7. Successful bid
The fact that the auctioneer confirms the highest bid of a bidder by dropping hammer, the purchase shall indicate the conclusion of a sales contract for the lot between the buyer and seller. Buyer has to pay Singapore International Auction Pte. Ltd the hammer price and commission.
8. Payment
All the payment should be pay to Singapore International Auction Pte. Ltd on the day of auction ends. Buyer could take the item after all the payment done by cash, check or any kinds of payment.
Beneficiary：Singapore International Auction Pte. Ltd
Bank name：OCBC Bank
Account number：686101056-001
SWIFT CODE: OCBC SGSG
Bank code：7339
Bank address：460 North Bridge Road #01-00 Singapore 188734
9. Collection and Storage
Once the items collected by buyer, there is nonrefundable. Subject to this, the buyer shall collect purchased lots within fourteen days from the date of the sale unless otherwise agreed between us and the buyer. Otherwise, we shall arrange storage at the buyer’s expense at SGD50/day. Buyer has to pay 30% of liquidated when buyer refund.
Singapore International Auction as Agent
Except as otherwise stated Singapore International Auction acts as an agent for the seller. The contract for the sale of the property is therefore made between the seller and buyer.
BEFORE THE SALE
Evaluation of item
Prospective buyers are strongly advised to examine personally any property in which they are interested before the auction takes place. Neither Singapore International Auction nor the seller provides any guarantee in relation to the nature of the property. The property is otherwise sold as-is it.
Catalogue and other descriptions
All statements by us in the catalogue entry for the property or in the condition report, or made orally or in writing elsewhere, are statements of opinion and are not to be relied on as statements of fact. Such statements do not constitute a representation. Warranty or assumption of liability by us of any kind. References in the catalogue entry to damage or restoration are for guidance only and should be evaluated by personal inspection by the bidder or a knowledgeable representative. The absence of such a reference does not imply that an item is free from defects or restoration, nor does a reference to particular defects imply the absence of any others. Estimates of the selling price should not be relied on as a statement that this is the price at which the item will sell or its value for any other purpose. Neither Singapore International Auction nor the seller is responsible in any way for errors and omissions in the catalogue, or any supplemental material.
Buyer’s responsibility
All property is sold “as is” without any representation or warranty of any kind by Singapore International Auction or the seller. Buyers are responsible for satisfying themselves concerning the condition of the property and the matters referred to in the catalogue entry.
AT THE SALE
Refusal of admission
Singapore International Auction has the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid.
Registration before bidding
A prospective buyer must complete and sign a registration form and provide identification for verification purposes. Each bidding number has a limit 400,000SGD. Singapore International Auction has the right to stop the bidding number over the limit, Bidder needs to apply for more limit if bidder needs to buy item amount more than 400,000SGD.
Bidding as principal
When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer’s premium all applicable taxes. Plus all other applicable charges, unless it has been explicitly agreed in writing with Singapore International Auction before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to Singapore International Auction, and that Singapore International Auction will only look to the principal for payment.
Absentee bids
We will use reasonable efforts to carry out written bids delivered to us prior to the sale for the convenience of clients who are not present at the auction in person, by an agent or by telephone. Bids must be placed in the currency of the place of the sale. Please refer to the catalogue for the Absentee bids Form. If we receive a written bid on a particular lot for identical amounts, and at the auction, these are the highest bids on the lot. It will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time o the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with it.
Telephone bids
If a prospective buyer makes arrangements with us prior to the commencement of the sale, we will use reasonable efforts to contact them to enable them to participate in the bidding by telephone but we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding.
Video or digital images
At some auctions, there may be a video or digital screen. Errors may occur in its operation and in the quality of the image and we do not accept liability for such errors.
Reserves
Unless otherwise indicated, all lots are offered subject to a reserve, which is the confidential minimum price below which the lot will not be sold. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. With respect to lots that are offered without reserve, unless there are already competing bids, the auctioneer, in his or her discretion. We will generally open the bidding at 50% of the low pre-sale estimate for the lot. In the absence of a bid at that level, the auctioneer will proceed backward in his or her discretion until a bid is recognized, and then continue up from that amount, Absentee bids will, in the absence of a higher bid, be executed at approximately 50% of the low presale estimate or at the amount of the bid flit is less than 50% of the low pre-sale estimate.
Auctioneer’s discretion
The auctioneer has the right at his absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he the item in dispute, if any dispute arises after the sales, our sales record is conclusive.
Successful bid decide, and passing of risk
May decide to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, and whether during or after the sale, 10 determine the successful bidder, to continue the bidding, to cancel the sale or to re-offer and resell subject to the auctioneer’s discretion, the highest bidder accepted by the auctioneer will be the buyer and the striking of his hammer marks the acceptance of the highest bid and the conclusion of a contract for sale between the seller and the buyer. Risk and responsibility for the Lot but not its title (including frames or glass where relevant) passes to the buyer at the expiration of seven calendar days from the date of the sale or on collection by the buyer if earlier.
AFTER THE SALE
Buyer’s premium
In addition to the hammer price, the buyers agree to pay to us the buyer’s premium together with any applicable tax and charge the buyer’s premium is 26%
Payment and passing of title
Immediately following the sale, the buyer must provide us with his or her name and permanent address and, if so requested, details of the bank from which payment will be made. The buyer must pay the full amount due (comprising the hammer price, buyer’s premium, and any applicable taxes) not later than 4:30 pm on the seventh working day following the sale. This applies even if the buyer wishes to export the lot and an export license is or may be, required. The buyer will not acquire title to the lot until all amounts due from the buyer to Singapore International Auction have been received by us in good cleared funds even in circumstances where we have released the lot to the buyer.
Collection of purchases
We shall been titled to retain items sold until all amount due to Singapore International Auction have been received in full in good cleared funds or until the buyer has satisfied such other terms as we, in our sole discretion, shall require. Subject to this, the buyer shall collect purchased lots within fourteen days from the date of the sale unless otherwise agreed between us and the buyer. Otherwise, we shall arrange storage at the buyer’s expense at SGD50/day
Packing, handling and shipping
Although we shall use reasonable efforts to take care when handling, packing and shipping a purchased lot, we are not responsible for the acts or omissions of third parties whom we might retain for these purposes, Similarly, where we may suggest other handlers, packers or carriers if so requested, we do not accept responsibility or liability for their acts or omissions.
Remedies for non-payment
If the buyer fails to make payment in full in good cleared funds within the time required by paragraph 4 (b) above, we shall be entitled in our absolute discretion to exercise one or more of the following rights or remedies ( in addition to asserting any other rights or remedies available to us by law);
to charge interest at such rate as we shall reasonably decide;
to hold the defaulting buyer liable for the total amount due and to commence legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law;
to cancel the sale;
to resell the item publicly or privately on such terms as we shall think fit
to pay the seller an amount up to the net proceeds payable in respect of the amount bid by the defaulting buyer;
to set off against any amounts which Singapore International Auction Pte Ltd may own the buyer in any other transactions, the outstanding amount remaining unpaid by the buyer;
Where several amounts are owed by the buyer to us, to Singapore International Auction Pte Ltd in respect of different transaction, to apply any amount paid to discharge any amount owed in respect of any particular transaction, whether or not the buyer so direct
To reject at any future auction any bids made by or on behalf of the buyer or to obtain a deposit from the buyer before accepting any bids;
To exercise all the rights and remedies of a person holding security over any property in our possession owned by the buyer, whether by way of pledge, security interest or in any other way, to the fullest extent permitted by the law of the place where such property is located. The buyer will be deemed to have granted such security to us and we may retain such property as collateral security for such buyer’s obligations to us;
To take such other action as we deem necessary or appropriate if we resell the property under paragraph
Above the defaulting buyer shall be liable for payment of any deficiency between the total amount originally due to us and the price obtained upon resale as well as for all costs, expense, damages, legal fees and commissions and premiums of whatever kind associated with both sales or otherwise arising from the default. If we pay any amount to the seller under paragraph
Extent of Singapore International Auction Pte Ltd’s Liability
Neither the seller nor we, nor any of our officers, employees or agents, are responsible for the correctness of any statement of whatever kind concerning any lot, whether written or oral, nor for any other errors or omissions in description or for any faults or defects in any lot, Neither the seller, ourselves, our officers, employees or agents, give any representation, warranty or guarantee to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature or historical relevance, Except as required by local law any warranty of any kind whatever is excluded by this paragraph.
Copyright
The copyright in all images, illustrations and written material produced by or for Singapore International Auction Pte Ltd relating to a lot including the contents of this catalogue, is and shall remain at all times the property of Singapore International Auction Pte Ltd and shall not be used by the buyer, nor by anyone else, without our prior written consent, Singapore International Auction Pte Ltd and the seller make no representation or warranty that the buyer of a property will acquire any copyright or other reproduction rights in it.
Severability
If any part of these conditions of sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law.
Law and Jurisdiction
The rights and obligations of the parties with respect to these conditions of sale, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the law of Singapore, China and Overseas. By bidding at auction, whether present in person or by agent, by written bid, telephone or other means, the buyer shall be deemed to have accepted these conditions and submitted, for the benefit of Singapore International Auction Pte Ltd to the jurisdiction of the courts
