Terms and Conditions for Buyers
Definitions：
- Rarehouse：Rarehouse Auction Limited；
- Bidder：person who have registered and paid a deposit to participate at the auction；
- Buyer：the bidder who win a certain lot by offering the highest bid；
- Hammer Price：the amount of the highest bid for a certain lot；
- Buyer's Premium：19% of the hammer price payable by a buyer;
- Reserve：the minimum selling price of a lot agreed between Rarehouse & seller；
- Full Amount：the sum of hammer price & buyer's premium；
- Rarehouse Auction Limited is acting as an agent in the auction, the sellers and the Buyers shall take all the risks arising from the transactions in the auction.
- Before the Auction
- Registration：
Bidders must fill out a registration form with valid identification before the Auction. A numbered paddle will then be given to a Bidder upon his/her successful registration.
- Guaranteed Deposit：
Rarehouse will require the Bidder to advance an cash amount of HK$30,000 as guaranteed deposit before posting bids at the auction. The deposit will be refunded to the bidder immediately after the auction. In the event that the Bidder wins lots, the deposit will be turned into full amount payable to Rarehouse.
- Examination of Lots：
Bidders are strongly advised to examine in person the lots before making his bids. All the lots will be sold in their existing conditions. Rarehouse is not responsible for their defects, conditions and genuineness. The Buyer cannot ask Rarehouse to cancel any sales on the ground that he has not examined the lots.
- Auction Catalogue：
Descriptions, illustrations or condition reports for any lots in the catalogue are for guidance only, and should not be relied on as definite facts.
- Graded Lots：
Rarehouse is not responsible for the correctness of any grade statements made by any grading company for any graded lots. If a Buyer is not satisfied with the condition of a graded lot, he/she should make enquiry to the particular grading company and seek settlement with the latter.
- Absentee Bidding：
If a Bidder is not able to make his bids in person at the auction, Rarehouse can bid on his/her behalf. Absentee commission bids should be submited to us not later than 24 hours before the auction Rarehouse has the discretion to reject any commission bids. Commission bidding is a free service provided for the absentee bidders. Rarehouse is not responsible for any failure in executing a Bidder's instructions.
- Absentee Bid Deposit：
If the total amount of the commission bids exceeds US$50,000, a deposit of US$20,000 should be submitted to us before the auction.
- Auctioneer's Discretion：
The Auctioneer has the absolute right to raise or lower the bidding increment of any particular lots. The Auctioneer has the final say as to any disputes happened during the auction process. The Auctioneer has the right to refuse any persons' entrance to the auction venue and reject any persons' bidding.
- After the Auction
- Payment & Collection of Lots：
Buyers should pay the Full Amount within seven days after the date of sale. The title to the lot will be transferred to the Buyer only after his full settlement of the Full Amount.
- Payment Method & Currency：
Rarehouse accept payment by cash, credit card, cheque, bankdraft or teletransfer. All bank charges in relation to the payment are solely borne by the Buyers, and the lots can only be collected after the transfer of payment has been fully completed by the bank (t+2 days). Payment may be settled by Hong Kong dollars, RMB or US dollars. Exchange rate will be decided according to the official rate announced by the banks on the auction day.
- Deferred Payment：
If the Buyer fails to pay the Full Amount within seven days after the auction day, Rarehouse has the right to charge the Buyer any expenses arising from his deferred payment, such as storage fee, interest or management fee etc.
- Buyer's Risk：
After the Buyer has paid the Full Amount and collected the lots, all the risks in relations to the lots will be transferred to the Buyer.
- Non-payment：
If the Buyer fails to pay the Full Amount within forty five days after the date of sale, Rarehouse has the right to cancel the sale of all the lots won by the Buyer. Rarehouse then will proceed to take legal action against the Buyer to seek all compensations in regard to the cancellation of the sale such as sales amount, commission, interest & management fee. The deposit advanced by the Buyer will be forfeited. The Buyer will not be allowed to participate in the future auctions of Rarehouse.
- Lots of Cancelled Sale：
Those lots remain uncollected due to Buyer's non-payment will, with the consent of seller, be put up for auction again or sold to other interested parties. The original Buyer has no right to make any claims to the lots or make any opposition to Rarehouse's action.
- Forgery Dispute & Refund：
Sale of any lots will be cancelled and the Full Amount paid refunded to the Buyer if the lots sold proved to be forgeries. In such case, the Buyer should produce scientific evidence acceptable and satisfactory to us that the lots are forgeries. The lots in concern should be returned in the same condition and with the same package as at the date of auction.
- Copyright
The Copyright in all images, illustrations and written material relating to any lots in the catalogue is and shall remain at all times Rarehouse's properties. No one shall be allowed to use such images, illustrations or written material without Rarehouse's prior consent.
- Force Majeure
If Rarehouse is prevented from performing its responsibility or continuing its business due to uncontrollable incidents or events such as natural disaster, war, riot, malicious damage, compliance with governmental order or act of God, we shall have no liability to anyone.
- Unconditional Acceptance
By submitting a bid, the Bidder acknowledges that Bidder has read the Terms and Conditions of Auction Sale, and that they agree to be bound by these Terms & Conditions.
- The Terms and Conditions are construed and governed by the Hong Kong SAR Government.
- The English versions of this Terms & Conditions shall be the standard version. The Chinese versions are only for reference.
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