Conditions of Sale
The Conditions of Sale and Authorship Warranty set forth below govern the
relationship between bidders and buyers, on the one hand, and Phillips and sellers,
on the other hand. All prospective buyers should read these Conditions of Sale, the
Important Notices immediately following the Guide for Prospective Buyers and the
Authorship Warranty carefully before bidding.
1 Introduction
Each lot in this catalogue is offered for sale and sold subject to: (a) the Conditions
of Sale and Authorship Warranty; (b) additional notices and terms printed in
other places in this catalogue, including the Guide for Prospective Buyers and
Important Notices and (c) supplements to this catalogue or other written material
posted by Phillips in the saleroom, in each case as amended by any addendum or
announcement by the auctioneer prior to the auction.
By bidding at the auction, whether in person, through an agent, by written bid,
by telephone bid or other means, bidders and buyers agree t o be bound by these
Conditions of Sale, as so changed or supplemented, and Authorship Warranty.
These Conditions of Sale, as so changed or supplemented, and Authorship
Warranty contain all the terms on which Phillips and the seller contract with
the buyer.
2 Phillips as Agent
Phillips acts as an agent for the seller, unless otherwise indicated in this catalogue
or at the time of auction. On occasion, Phillips may own a lot directly, in which case
we will act in a principal capacity as a consignor, or a company affiliated with Phillips
may own a lot, in which case we will act as agent for that company, or Phillips or
an affiliated company may have a legal, beneficial or financial interest in a lot as a
secured creditor or otherwise.
3 Catalogue Descriptions and Condition of Property
Lots are sold subject to the Authorship Warranty, as described in the catalogue
(unless such description is changed or supplemented, as provided in Paragraph 1
above) and in the condition that they are in at the time of the sale on the
following basis.
(a) The knowledge of Phillips in relation to each lot is partially dependent on
information provided to us by the seller, and Phillips is not able to and does not carry
out exhaustive due diligence on each lot. Prospective buyers 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. Notwithstanding the
foregoing, we shall exercise such reasonable care when making express statements in
catalogue descriptions or condition reports as is consistent with our role as auctioneer
of lots in this sale and in light of (i) the information provided to us by the seller, (ii)
scholarship and technical knowledge and (iii) the generally accepted opinions of
relevant experts, in each case at the time any such express statement is made.
(b) Each lot offered for sale at Phillips is available for inspection by prospective
buyers prior to the auction. Phillips accepts bids on lots 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.
(c) Prospective buyers acknowledge that many lots are of an age and type which
means that they are not in perfect condition. As a courtesy to clients, Phillips may
prepare and provide condition reports to assist prospective buyers when they are
inspecting lots. Catalogue descriptions and condition reports may 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. All
dimensions are approximate. Illustrations are for identification purposes only and
cannot be used as precise indications of size or to convey full information as to the
actual condition of lots.
(d) Information provided to prospective buyers in respect of any lot, including
any pre-sale estimate, whether written or oral, and information in any catalogue,
condition or other report, commentary or valuation, is not a representation of fact
but rather a statement of opinion held by Phillips. Any pre-sale estimate may not
be relied on as a prediction of the selling price or value of the lot and may be revised
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from time to time by Phillips at our absolute discretion. Neither Phillips nor any
of our affiliated companies shall be liable for any difference between the pre-sale
estimates for any lot and the actual price achieved at auction or upon resale.
4 Bidding at Auction
(a) Phillips has absolute discretion to refuse admission to the auction or
participation in the sale. All bidders must register for a paddle prior to bidding,
supplying such information and references as required by Phillips.
(b) As a convenience to bidders who cannot attend the auction in person, Phillips
may, if so instructed by the bidder, execute written absentee bids on a bidder’s
behalf. Absentee bidders are required to submit bids on the ‘Absentee Bid Form’, a
copy of which is printed in this catalogue or otherwise available from Phillips. Bids
must be placed in the currency of the sale. The bidder must clearly indicate the
maximum amount he or she intends to bid, excluding the buyer’s premium. The
auctioneer will not accept an instruction to execute an absentee bid which does
not indicate such maximum bid. Our staff will attempt to execute an absentee bid
at the lowest possible price taking into account the reserve and other bidders. Any
absentee bid must be received at least 24 hours in advance of the sale. In the event
of identical bids, the earliest bid received will take precedence.
(c) Telephone bidders are required to submit bids on the ‘Telephone Bid Form’,
a copy of which is printed in this catalogue or otherwise available from Phillips.
Telephone bidding is available for lots whose low pre-sale estimate is at least
HK$8,000. Phillips reserves the right to require written confirmation of a successful
bid from a telephone bidder by fax or otherwise immediately after such bid is
accepted by the auctioneer. Telephone bids may be recorded and, by bidding on the
telephone, a bidder consents to the recording of the conversation.
(d) Bidders may participate in an auction by bidding online through Phillips’s online
live bidding platform available on our website at www.phillips.com. To bid online,
bidders must register online at least 24 hours before the start of the auction. Online
bidding is subject to approval by Phillips’s bid department in our sole discretion.
As noted in Paragraph 3 above, Phillips encourages online bidders to inspect prior
to the auction any lot(s) on which they may bid, and condition reports are available
upon request. Bidding in a live auction can progress quickly. To ensure that online
bidders are not placed at a disadvantage when bidding against bidders in the room
or on the telephone, the procedure fo r placing bids through Phillips’s online bidding
platform is a one-step process. By clicking the bid button on the computer screen, a
bidder submits a bid. Online bidders acknowledge and agree that bids so submitted
are final and may not under any circumstances be amended or retracted. During a
live auction, when bids other than online bids are placed, they will be displayed on
the online bidder’s computer screen as ‘floor’ bids. ‘Floor’ bids include bids made
by the auctioneer to protect the reserve. In the event that an online bid and a ‘floor’
or ‘phone’ bid are identical, the ‘floor’ bid may take precedence at the auctioneer’s
discretion. The next bidding increment is shown for the convenience of online
bidders in the bid button. The bidding increment available to online bidders may
vary from the next bid actually taken by the auctioneer, as the auctioneer may
deviate from Phillips’s standard increments at any time at his or her discretion,
but an online bidder may only place a bid in a whole bidding increment. Phillips’s
bidding increments are published in the Guide for Prospective Buyers.
(e) When making a bid, whether in person, by absentee bid, on the telephone or
online, a bidder accepts personal liability to pay the purchase price, as described
more fully in Paragraph 6 (a) below, plus all other applicable charges unless it has
been explicitly agreed in writing with Phillips before the commencement of the
auction that the bidder is acting as agent on behalf of an identified third party
acceptable to Phillips and that we will only look to the principal for such payment.
(f) By participating in the auction, whether in person, by absentee bid, on the
telephone or online, each prospective buyer represents and warrants that any
bids placed by such person, or on such person’s behalf, are not the product of any
collusive or other anti-competitive agreement and are otherwise consistent with
federal and state antitrust law.
(g) Arranging absentee, telephone and online bids is a free service provided by
Phillips to prospective buyers. While we undertake to exercise reasonable care in
undertaking such activity, we cannot accept liability for failure to execute such bids
except where such failure is caused by our willful misconduct.
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