Auction Rules

BUSINESS RULES

These Business Rules govern the auction activities conducted by Dorothy Auctions (hereinafter referred to as the “Company”). All bidders, buyers, sellers and other persons involved in the Company’s auction activities must carefully read and comply with these Business Rules and shall be responsible for their own conduct in participating in the Company’s auction activities and for any corresponding legal consequences. Any loss or liability arising from failure to carefully read these Business Rules shall be borne by the relevant person.

Bidders are particularly advised to read Rules 3 and 4 below carefully. These Rules require bidders to inspect auction lots before bidding and set out specific limitations and exclusions of the legal liability of the Company and the Seller. The limitations and exclusions applicable to the Company are consistent with its role as an auctioneer dealing with a wide variety of goods. Bidders should pay particular attention to these provisions.

1. Introduction

(a) The contractual relationship between the Company, the Seller and prospective buyers shall be governed by:

(i) these Business Rules;

(ii) any additional notices and terms contained in the sales catalogue, including the “Guide for Prospective Buyers”;

(iii) any amendments announced in any sale notice or by the auctioneer at the time of the auction.

(b) The Company acts as auctioneer and agent for the Seller. The Seller and the Buyer enter into the contract of sale directly with each other. However, the Company may itself own an auction lot and, in such circumstances, act as principal and seller, and/or may have a legal, beneficial or financial interest in an auction lot in the capacity of a secured creditor or otherwise.

2. Definitions

“Bidder” means any person who considers, makes or attempts to make a bid by any means, including a Buyer.

“Buyer” means the person whose highest bid is accepted by the auctioneer, including the principal of a person bidding as an agent.

“Buyer’s Expenses” means any costs and/or expenses payable by the Buyer to the Company.

“Buyer’s Premium” means the commission payable by the Buyer on the Purchase Price at the rate specified in the Guide for Prospective Buyers.

“Purchase Price” means the highest bid accepted by the auctioneer by the fall of the hammer or, in the case of a post-sale transaction, the agreed sale price.

“Reserve” means the confidential minimum price agreed by the Seller at which an auction lot may be sold.

“Seller” means the person offering an auction lot for sale, including the Seller’s agent, executor or administrator, but excluding the Company.

“Company” means Dorothy Auctions, with registered offices in Macau, Hong Kong and Singapore.

BUYER’S BUSINESS RULES

3. Responsibilities of Bidders and the Company in Relation to the Sale of Property

(a) The Company relies in part on information supplied by Sellers concerning auction lots. The Company cannot and does not conduct comprehensive due diligence on every auction lot. Bidders acknowledge this and accept responsibility for inspecting and examining any auction lot in which they may be interested to their own satisfaction.

(b) Each auction lot offered by the Company is available for inspection by Bidders before the sale. Bidders are deemed to have fully inspected the auction lot before bidding and to be satisfied with its condition and the accuracy of its description, taking into account the nature and value of the relevant auction lot and the professional expertise of the Bidder and any independent expert acting on the Bidder’s behalf.

(c) Bidders acknowledge that many auction lots are old and of a special nature and therefore may not be in perfect condition. All auction lots are sold in the condition in which they exist at the time of the auction, whether or not the Bidder attends the auction. Catalogue descriptions and condition reports may, in certain circumstances, provide references to particular defects in an auction lot. However, Bidders should be aware that an auction lot may have defects that are not specifically mentioned in the catalogue or condition report. Descriptions and explanations are provided solely for auction purposes and should not be regarded as a complete statement of the actual condition of an auction lot.

(d) Any information provided to a Bidder concerning an auction lot, whether written or oral, including information contained in any catalogue, rules, reports, comments or estimates, does not constitute a statement of fact but is a statement of the Company’s opinion. Such information should not be relied upon as a prediction of the sale price or value of an auction lot and may be amended by the Company from time to time at its absolute discretion.

(e) Neither the Company nor the Seller makes any representation or warranty as to whether any auction lot is subject to copyright or whether the Seller has acquired any copyright relating to the auction lot.

(f) Subject to the matters set out in Rules 3(a) to 3(e) above and the specific exclusions set out in Rule 4 below, any express statement made by the Company in a catalogue description or condition report shall be made with reasonable care and in a manner consistent with the Company’s role as auctioneer. Any express statement based on information supplied by the Seller, academic and technical knowledge, or generally accepted opinions of relevant experts shall likewise be made with reasonable care.

4. Exclusions and Limitations of Liability to Buyers

(a) In relation to the matters referred to in Rule 3 above and subject to Rules 4(a) and 4(c), neither the Company nor the Seller shall be liable:

(i) for any error or omission in information provided orally or in writing by the Company to a Bidder, whether caused by negligence or otherwise, except as provided in Rule 3(f);

(ii) to provide any warranty or guarantee to a Bidder, except for any express warranty given by the Seller through the Company to the Buyer, and except for liabilities which cannot legally be excluded;

(iii) for any act or omission of the Company relating to the auction or the sale of any auction lot, whether caused by negligence or otherwise.

(b) Under no circumstances shall the Company be liable for any breach of the auction rules by the Seller.

(c) Without prejudice to Rule 4(a), any claim made by a Bidder against the Company or the Seller shall be limited to the Hammer Price of the relevant auction lot. Under no circumstances shall the Company or the Seller be liable for any consequential or indirect loss suffered by the Buyer.

(d) Nothing in this Rule 4 shall exclude or limit liability arising from any fraudulent misrepresentation by the Company or the Seller, or from negligence or omission resulting in personal injury or death.

5. Bidding at Auction

(a) The Company has absolute discretion to refuse any person permission to participate in any auction organised by the Company. Bidders must complete the bidding registration form and provide such information as the Company may require. Unless the Company has given written consent for a Bidder to bid on behalf of another person, the Bidder must act as principal. A Bidder shall be personally responsible for bids made on their behalf and, where acting as an agent, shall be jointly and severally responsible for the principal.

(b) The Company recommends that Bidders attend the auction in person. For absentee bidders wishing to bid by written instruction, the Company recommends that the relevant bidder pay the applicable amount for the auction lot in advance in order to secure priority for the written bid.

(c) Where necessary, the Company may provide written or telephone bidding services. Such services are provided at the Bidder’s own risk and, subject to the Company’s other commitments at the time of the auction, shall be provided with reasonable care. Accordingly, unless the Company has failed unreasonably to execute a bid, it shall not be liable for any failure to execute such a bid. Telephone bids may be recorded.

6. The Auction

(a) Unless otherwise stated, all auction lots shall be opened for bidding at the Reserve, which shall not exceed the low pre-sale estimate published for the auction lot.

(b) The auctioneer may, at any time and at the auctioneer’s absolute discretion, refuse or accept any bid, withdraw any auction lot, re-offer or re-sell an auction lot, including after the fall of the hammer, and take any other action the auctioneer reasonably considers appropriate.

(c) The auctioneer shall commence and conduct bidding at such levels and increments as the auctioneer considers appropriate and may bid or place a series of bids on behalf of the Seller up to the Reserve without indicating that such action is being taken or whether any other bids have been made.

(d) Subject to Rule 6(b), the contract between the Buyer and Seller is concluded when the auctioneer knocks down the auction lot, at which point the Buyer becomes liable to pay the Purchase Price.

(e) Any post-auction sale of an auction lot offered at auction shall be subject to these Rules as if the auction lot had been sold at the auction.

7. Buyer’s Premium and Service Fees

(a) Unless otherwise agreed between the Buyer and the Company, following the sale of an auction lot, the Buyer shall pay the Company a service fee equal to fifteen percent (15%) of the Purchase Price, being the Hammer Price.

(b) If, following an auction, a dispute arises because the Buyer fails to pay the relevant amount when due, the Company shall have the right to charge a transaction cancellation fee equal to thirty percent (30%) of the Hammer Price.

8. Payment and Collection

(a) Unless otherwise agreed, regardless of any requirements relating to the export or import of an auction lot or any relevant licence, the Purchase Price and any related expenses incurred by the Buyer shall be paid immediately after the auction ends and shall be payable in Hong Kong dollars. The Company accepts payment by cash, credit card or UnionPay card. If settlement cannot be made on the day of the auction, payment may be made by bank transfer within five days. Any fees associated with credit card, UnionPay card or bank transfer payments shall be borne by the Buyer.

(b) Title to an auction lot purchased shall not pass to the Buyer until the Company has received payment in full of the Purchase Price and all Buyer’s Expenses. The Company shall have no obligation to release the auction lot to the Buyer until title has passed and until appropriate confirmation has been provided that early delivery will not affect the transfer of title or the Buyer’s obligation to pay the Purchase Price and Buyer’s Expenses.

(c) The Buyer is responsible for collecting purchased auction lots within thirty days after the auction. From the thirty-first day following the auction, or such earlier date as applicable, the risk shall pass to the Buyer, who shall be responsible for arranging insurance. Until the transfer of risk, the Company shall compensate the Buyer for any loss of or damage to an auction lot, subject to a maximum amount equal to the Purchase Price paid.

9. Remedies for Non-Payment

Without prejudice to any rights that the Buyer may have, if the Buyer fails, without prior agreement, to pay the full amount due for an auction lot within thirty days after the auction or in accordance with any payment arrangement agreed with the Company, the Company may, at its absolute discretion and after notifying the Seller, exercise one or more of the following remedies:

(a) Store the auction lot at its premises or elsewhere at the sole risk and expense of the Buyer.

(b) Terminate the contract of sale and reserve the right to pursue damages against the Buyer for breach of contract.

(c) Set off any amount owed by the Company to the Buyer against any amount owed by the Buyer to the Company in respect of the auction lot and/or any difference between the Purchase Price and Buyer’s Expenses when the auction lot is resold pursuant to Rule 9(h), and/or any claim for damages made by the Company against the Buyer arising from the Buyer’s breach, including but not limited to the Buyer’s Premium payable upon termination of the sale contract.

(d) Apply any payment, including any deposit, paid by the Buyer or on the Buyer’s behalf in such manner as the Company considers appropriate towards any costs, Buyer’s Expenses or debts owed by the Buyer to the Company, any difference between the Purchase Price and Buyer’s Expenses when the auction lot is resold under Rule 9(h), and/or any damages claimed by the Company against the Buyer arising from the Buyer’s breach, including but not limited to any Buyer’s Premium payable following termination of the sale contract.

Where the Buyer has purchased more than one auction lot and has made partial payment but fails to pay the full Purchase Price for all purchased auction lots within five days after the auction or in accordance with any payment arrangement agreed with the Company, the Company shall have absolute discretion to reject any instruction or request to apply all or part of such partial payment towards the Purchase Price of any particular auction lot and/or any shortfall and/or any damages claimed by the Company.

(e) Refuse future bids from the Buyer or require the Buyer to pay a deposit before participating in future auctions. If the Buyer subsequently refuses to pay or delays payment, the Company shall have the right to deal with such deposit as it considers appropriate.

(f) Charge interest on the Hammer Price at a daily rate of 0.1% from the payment due date until the Buyer has paid the full amount due.

(g) Exercise a lien over any property of the Buyer held by the Company. Upon exercising such lien, the Company shall notify the Buyer and may, fourteen days after such notice, arrange for the property to be sold and apply the proceeds towards amounts owed to the Company and/or any difference between the Purchase Price and Buyer’s Expenses arising from a resale under Rule 9(h), and/or any damages claimed by the Company against the Buyer arising from the Buyer’s breach, including but not limited to any Buyer’s Premium payable following termination of the sale contract.

(h) Resell the auction lot by auction or private sale, with the Company having discretion to determine the estimate and Reserve. If the resale price is lower than the previous Purchase Price and Buyer’s Expenses, the Buyer shall remain liable for the difference together with all costs arising from the resale.

(i) Commence legal proceedings to recover the Purchase Price and Buyer’s Expenses or claim damages for the Buyer’s breach, together with interest and legal costs on a full indemnity basis; or disclose the Buyer’s name and address to the Seller so that the Seller may commence legal proceedings to recover the outstanding amount or claim damages for breach of contract and legal costs. Before disclosing such information to the Seller, the Company shall take reasonable steps to notify the Buyer.

10. Uncollected Purchases

(a) If, after payment of the Purchase Price and Buyer’s Expenses, the Buyer fails to collect an auction lot within thirty days after the auction and the auction lot is required to be stored by the Company or another third party, all related storage costs and risks shall be borne by the Buyer.

(b) If the Buyer has paid for an auction lot but fails to collect it within sixty days after the auction, the Buyer authorises the Company, after giving notice to the Buyer, to arrange for the auction lot to be resold by auction or private sale. The estimate and Reserve shall be determined by the Company at its discretion. Unless the Buyer collects the proceeds of such sale, after deduction of all costs incurred by the Company, within two years after the relevant sale, such proceeds shall be forfeited.

11. Export and Licences

The Buyer shall be solely responsible for identifying and obtaining any necessary export licences for an auction lot and for completing any required import or export declarations, lists or documents.

Any symbols or notices in the sales catalogue reflect the reasonable opinion held by the Company at the time the catalogue was prepared and are provided solely as general guidance to Bidders.

Without prejudice to Rules 3 and 4 above, neither the Company nor the Seller makes any representation or warranty as to whether an auction lot is subject to any import or export restriction or embargo, including but not limited to restrictions applicable in the jurisdiction where the auction lot, Seller or Company is located.

The refusal or failure to obtain any licence or permit shall not constitute sufficient grounds for cancelling or rescinding the sale contract or delaying payment. The Company shall not be liable for any failure to complete or submit any required import or export declaration, list or document.

12. General Information

(a) All images and other materials relating to the auction are the copyright of the Company and may be used solely at the Company’s discretion.

(b) Any notice to the Company shall be made in writing and shall specify the department responsible for the sale and the reference number stated at the beginning of the sales catalogue. Any notice to a customer of the Company shall be sent to the latest address formally notified to the Company by that customer.

(c) If any provision of these Business Rules cannot be enforced for any reason, the remaining provisions shall remain in full force and effect.

(d) No Buyer may assign these Business Rules without the prior written consent of the Company. These Rules shall be binding upon the Buyer’s successors, assigns and personal representatives. No act, omission or delay by the Company shall constitute a waiver or release of any of its rights.

(e) The matters set out in Rule 1(a) constitute the entire agreement and understanding between the parties concerning the subject matter of these Business Rules. Each party agrees that, except in relation to liability for fraudulent misrepresentation, no party has entered into any contract in reliance upon any statement, warranty or undertaking not expressly identified in these provisions.

13. Data Protection

The Company will use information provided by its customers, or information otherwise obtained concerning customers, for the provision of auction and other services relating to auction lots, lending and insurance services, customer management, marketing and the administration and operation of its business, or as required by law.

Such information may include the customer’s name and contact details, identification information, financial information, transaction records and preferences. In order to provide customers with better services, the Company may use technical methods during certain stages of collecting customer information to determine customer preferences.

The Company may also disclose customer information to other companies within the Company’s group and/or third parties acting on behalf of such companies for the purposes described above.

The Company may from time to time disclose customer information to carefully selected third parties for their marketing purposes. If a customer does not wish their information to be used for such purposes, they may contact the Company by email.

Where information provided by a customer constitutes “sensitive personal data” as defined under applicable European data protection laws, the customer agrees that the Company may use such information for the purposes described above.

In the course of such disclosures, personal information collected within the European Economic Area may be disclosed to countries outside the European Economic Area. Although such countries may not have laws providing the same level of protection for customer personal information, the Company will take appropriate measures to ensure that such information is securely stored and handled in accordance with applicable European data protection principles. By agreeing to these Business Rules, the customer also agrees to such disclosures.

Please note that the Company may record auctions and other events held at its premises, and such recordings may be transmitted online through the Company’s website. Telephone bidding may also be recorded.

Customers may object to certain uses of their personal information, including direct marketing. No fee will be charged for such requests. Customers may contact the Company by email to access or correct their personal information or to obtain further information concerning the Company’s data protection policies.

14. Governing Law and Jurisdiction

Governing Law

These Business Rules and all matters relating to or arising from them, including all aspects of any transaction or dispute, shall be governed by and construed in accordance with the laws of Macau.

Jurisdiction

For the benefit of the Company, all Bidders and Sellers agree that the courts of Macau shall have exclusive jurisdiction to settle any dispute arising out of or relating to these Business Rules or any transaction governed by them. The parties agree that the Company reserves the right to commence proceedings in any court other than the courts of Hong Kong.

Service of Legal Process

All Bidders and Sellers irrevocably agree that legal process or any other documents relating to court proceedings may be served by facsimile, personal delivery, post or any other method permitted under the laws of Macau, the laws of the place of service or the laws of the jurisdiction in which proceedings are commenced, to the Buyer’s latest address notified to the Company or any other address ordinarily used by the Buyer.

SELLER’S BUSINESS RULES

1. Consignment Procedures and Seller’s Warranties

When a Seller consigns an item to the Company for auction, if the Seller is the true owner, the Seller must provide valid identification documents and sign a Consignment Agreement with the Company.

If an agent consigns an item to the Company on behalf of the Seller, the agent must provide the relevant authorisation documents from the true owner and sign a Consignment Agreement with the Company.

In addition, the Seller warrants to the Company and the Buyer in respect of the consigned auction lot that:

(a) The Seller is the sole owner of the auction lot and has unrestricted authority to transfer title to the Buyer. The sale of the auction lot will not infringe any lawful rights of any third party, including any copyright claim.

(b) To the best of the Seller’s knowledge, the Seller has made full and complete disclosure to the Company regarding the provenance and defects of the auction lot and has not concealed or fabricated any information.

(c) If the Seller breaches any of the above warranties and, as a result, the actual owner of the auction lot or any third party claiming rights brings any claim or legal proceedings causing loss to the Company and/or the Buyer, the Seller shall indemnify the Company and/or the Buyer against all losses, costs and expenses incurred as a result.

2. Commission and Other Fees

(a) Unless otherwise agreed between the Seller and the Company, following the sale of an auction lot, the Seller shall pay the Company a commission equal to nine percent (9%) of the Purchase Price, being the Hammer Price, together with a storage fee of one percent (1%) and catalogue printing costs.

(b) If an auction lot is not sold, the Seller shall pay the Company a storage fee equal to one percent (1%) of the Reserve or a minimum fee of HKD 9,000, whichever is applicable.

3. Auction Arrangements

(a) All auction lots shall have a Reserve. The Reserve shall be agreed in writing between the Company and the Seller. Once the Reserve has been agreed, any amendment shall require the prior consent of both parties.

(b) The Company shall have absolute discretion over the description and illustration of auction lots in the catalogue, authentication opinions, the location and method of sale, admission of persons to the auction, acceptance of bids, whether expert opinions should be sought, and whether auction lots should be combined or sold separately.

(c) Any estimate of an auction lot, whether oral or written, is merely an indication and is not a guarantee of the final price at which the auction lot will be sold.

4. Auction Rules

(a) The Company will conduct the auction with reference to the Reserve. If bidding does not reach the Reserve, the Company shall not be liable for any resulting failure to sell, but the Company may, at its discretion, sell the auction lot below the Reserve.

(b) The Seller shall not bid on an auction lot consigned by the Seller to the Company and shall not instruct another person to bid on the Seller’s behalf. Any breach shall be the Seller’s responsibility, and the Seller shall indemnify the Company against all resulting losses.

(c) Unless otherwise agreed between the Seller and the Company, if an auction lot is withdrawn or remains unsold at the auction, the Company shall have the right, within thirty days after the auction, to sell the auction lot for an amount not less than the net amount payable to the Seller for that auction lot, being the Reserve less all applicable costs, or at a lower price separately agreed with the Seller.

In such circumstances, the Seller’s obligations to the Company in respect of the auction lot shall be the same as if the auction lot had been successfully sold.

(d) In respect of the final sale price, the Company shall have the right to charge the agreed commission or service fees to both the Buyer and Seller.

5. Withdrawal of Auction Lots

(a) Once an auction lot has been delivered to the Company and its receipt has been confirmed, the Seller may only withdraw the auction lot with the Company’s consent.

If the auction lot has already been included in a catalogue or other promotional material and printing has commenced, the Seller shall pay an amount equal to twenty-five percent (25%) of the Reserve together with all other applicable expenses.

If the catalogue or other promotional material has not yet been printed, the Seller shall pay an amount equal to ten percent (10%) of the Reserve together with all other applicable expenses.

The Company shall not be responsible for any dispute or claim arising from the withdrawal of an auction lot.

(b) The Company reserves the right to withdraw an auction lot at any time if the Seller has breached these Business Rules or if the Company considers that inclusion of the auction lot in the auction would be inappropriate.

6. After Successful Sale

(1) Following the successful sale of an auction lot, the Company will require the Buyer to make full payment. After the Buyer has paid in full and provided that no dispute has arisen between the Buyer and the Company, the Company will pay the Seller, thirty days after the date of successful sale, an amount equal to the Purchase Price less all expenses payable by the Seller.

(2) If the Buyer delays payment, the Company will pay the Seller within seven days after the Buyer has made payment.

(3) If the Buyer has not paid in full sixty days after the successful sale of the auction lot, the transaction shall be deemed cancelled. The Company will return the auction lot to the Seller and shall not be liable for any resulting loss.

(4) If the Company is required to recover an auction lot from the Buyer because the auction lot is counterfeit, the Seller shall refund to the Company in full the net proceeds previously received by the Seller.

(5) Unless otherwise instructed by the Seller in writing, payment will be made in Hong Kong dollars.

7. Treatment of Unsold Auction Lots

(1) If an auction lot is not successfully sold, is not included in the auction, or is withdrawn for any reason, the Seller shall collect the auction lot within seven days after the date specified in the Company’s notice or within thirty days after the end of the auction, whichever is earlier, at the Seller’s own expense. The Seller must settle all outstanding fees before collecting the auction lot.

(2) If any such auction lot is not collected within sixty days after the date of the Company’s notice or the end of the auction, whichever is earlier, the Company shall have the right to dispose of the auction lot by public auction or by any other method it reasonably considers appropriate. Any remaining proceeds after deduction of all costs incurred by the Company shall be available for collection by the Seller.

(3) If the Seller fails to collect the auction lot within the specified period, the Seller shall bear all associated risks and responsibilities. If the Seller requests the Company to assist in returning the auction lot, all risks and expenses associated with the return shall be borne by the Seller. Unless otherwise specified by the Seller and the Seller pays the relevant insurance premium, goods in transit will generally not be insured.

GUIDE FOR PROSPECTIVE BUYERS

Purchasing at Auction

The following information is intended to provide Bidders with practical information on how to purchase at auction. However, Bidders must carefully read the following information and note that the Company acts for the Seller.

Bidders should particularly read the Business Rules contained in this catalogue and refer to the latest information concerning the lots in this catalogue published on the Company’s official website.

Information Concerning Lots

Where information has academic value or is commonly known and may assist in identifying the provenance of an auction lot, the Company may in certain circumstances publish such information in the catalogue.

For various reasons, including where the Seller has requested confidentiality or where the identity of previous owners is unknown due to the age of the auction lot, such information may not be disclosed.

Buyer’s Premium

The Buyer shall pay the Company a premium calculated at ten percent (10%) of the Purchase Price.

1. Before the Auction

Catalogue Subscription

To order a catalogue, please contact the nearest branch office by telephone or email the Company.

Pre-Sale Estimates

Pre-sale estimates are provided as a guide to prospective Buyers. The Company considers that auction lots may successfully sell at any price between the high and low pre-sale estimates.

However, the final sale price of any auction lot may be higher or lower than the pre-sale estimate. As estimates may be revised, Bidders should consult the Company shortly before the auction.

Estimates stated in the auction catalogue do not include the Buyer’s Premium.

Condition of Auction Lots

Prospective Buyers should inspect auction lots during the pre-auction exhibition. For the convenience of Buyers, the Company may also provide condition reports.

The absence of a condition statement in the catalogue does not mean that an auction lot is free from defects or imperfections.

2. Bidding on Auction Lots

Bidding at the Auction

Bidders may attend the auction in person and bid using a bidding paddle. Bidders may also submit written bids before the auction or participate by telephone.

The duration of each auction varies. Each bid will generally increase by approximately ten percent (10%) over the previous bid.

In-Person Bidding

Persons wishing to bid in person must register at least sixty minutes before the auction begins by presenting a valid identity card or passport and obtaining a bidding paddle.

A deposit of HKD 50,000 must be paid. Only cash, bank transfer or traveller’s cheque will be accepted.

If a Bidder successfully purchases an auction lot, the Bidder should ensure that the auctioneer sees the bidding paddle and announces its number. If there is any question concerning the bid or the identity of the Bidder, the Bidder should immediately notify the auctioneer.

Invoices for all auction lots sold will be issued in the name and address of the person registered under the relevant bidding number and may not be transferred to another person or address.

Bidders should carefully keep their bidding paddles during the auction. If a paddle is lost, the Bidder must immediately notify the person responsible at the Company.

At the end of the auction, the bidding paddle must be returned to the registration desk.

Absentee Bidding

If a Bidder is unable to attend the auction, the Company is willing to bid on the Bidder’s behalf by written instruction, provided that the Company’s “Absentee Bid Form” is completed and returned.

This service is free and confidential.

An auction lot will be purchased at the most advantageous price relative to competing bids, the Reserve and the Company’s bidding instructions.

If two bids are identical, priority will be given to the bid received first.

Bidders must state a “maximum bid”, being the highest price they would be willing to pay if attending the auction in person. Instructions stating “buy” or containing no maximum limit will not be accepted.

Please refer to the Buyer’s Business Rules.

Telephone bidders must confirm their instructions in writing or by fax before the auction. To ensure satisfactory service, Bidders should ensure that the Company receives confirmation of the bidding instructions at least 24 hours before the auction.

Telephone Bidding

If you are unable to attend the auction, telephone bidding may be available for auction lots with a low pre-sale estimate of HKD 500,000 or above.

Due to limited telephone lines, this service must be arranged at least 24 hours before the auction.

The Company also recommends that Bidders state a “maximum bid” so that the Company can bid on their behalf if the Company is unable to contact the Bidder by telephone.

U.S. Economic Sanctions

The United States maintains economic and trade sanctions against certain foreign countries, groups and organisations.

U.S. Buyers should be aware that U.S. persons are generally prohibited from purchasing, selling or otherwise dealing in property owned by or associated with certain sanctioned countries, organisations, groups, residents, citizens or governments.

Export Restrictions

Subject to the laws and regulations of the People’s Republic of China (mainland China), certain items marked with the relevant symbol in the catalogue may not be exported outside mainland China, including but not limited to Hong Kong, Macau and Taiwan.

Such auction lots may only be transferred within mainland China and may only be purchased by persons holding mainland Chinese resident identity cards or by domestic enterprises.

This information is provided for the convenience of Buyers. The absence of the relevant symbol does not constitute a guarantee that an auction lot is free from export restrictions.

3. The Auction

Business Rules

The auction is subject to the Seller’s and Buyer’s Business Rules and authenticity warranties. These Business Rules and warranties govern all aspects of the relationship between the Company and actual or prospective Bidders and prospective Buyers.

Any person considering bidding at the auction must carefully read these Business Rules and warranties.

The Business Rules and warranties may be amended by notices posted at the auction venue or announcements made by the auctioneer.

Announcement Concerning Interested Parties

If a person permitted to bid on an auction lot has a direct or indirect interest in that auction lot, such as being a beneficiary or executor of an estate selling the auction lot, a co-owner of the auction lot, or a person providing or participating in a guarantee relating to the auction lot, the Company will announce at the auction that an interested party may bid on the auction lot.

In certain circumstances, interested parties may know the Reserve.

Consecutive Bids and Bidding

The auctioneer may make the opening bid on behalf of the Seller for any auction lot.

The auctioneer may also make consecutive bids or bids on behalf of the Seller until the Reserve is reached.

4. After the Auction

Payment

Payment after the auction must be made immediately in Hong Kong dollars by one of the following methods:

Cash

Traveller’s cheque

EPS

Credit card (American Express, Mastercard, UnionPay or Visa)

It is the Company’s policy to require any new customer or Buyer choosing to pay in cash to provide identification by presenting a government-issued photographic identification document, such as a passport, identity card or driving licence, and to confirm a permanent address.

If payment is made by credit card (American Express, Mastercard, UnionPay or Visa), the cardholder must personally attend the Company’s premises to make payment.

The Company and the relevant credit card company reserve the right to refuse such payment. If payment is refused or reversed, the Buyer remains responsible for payment.

Please note that, except for the recorded Buyer, the Company reserves the right to refuse payment made by any other person. Such payment must first be properly accounted for.

If the Buyer has any issue concerning the posting or allocation of a payment, the Buyer should contact the Company’s Accounts Department.

Collection and Storage of Goods

If any auction lot is not collected within the specified period following the auction, storage fees will be charged.

Storage Fee: HKD 3,000 per month

Upon receipt of full payment, photographic identification and the collection release document issued by the Company, the auction lot will be released to the Buyer or the Buyer’s authorised representative.

Please make an appointment in advance to reduce waiting time.

Loss or Damage

Buyers should note that the Company’s liability for loss of or damage to an auction lot shall expire no later than thirty days after the auction.

GUIDE FOR ABSENTEE BIDDERS

Absentee Bidding

If a Bidder is unable to attend the auction in person but wishes to bid, the Bidder may instruct the Company to bid on their behalf.

The Company will endeavour to purchase the selected auction lot at the lowest possible price and will not exceed the maximum price specified by the Bidder.

This is a free and confidential service.

Please note that the Company provides this service for the convenience of Bidders who cannot attend the auction. Although the Company will use reasonable efforts, it shall not be liable for errors in executing bidding instructions or for failure to execute bidding instructions.

Telephone bidding is undertaken at the caller’s own risk and must be confirmed in writing or by email.

Using Absentee Bidding

Please use the absentee bidding form provided and ensure that the auction lot number and description are accurately stated, together with the maximum price you are willing to pay for each auction lot.

Instructions stating “buy” or containing no maximum price will not be accepted.

The word “OR” may be placed between auction lot numbers where the Bidder wishes to bid for one of two alternative lots.

Bids must be made in the same order as the auction lot numbers shown in the catalogue.

Each absentee bidding form should be used for bids relating to auction lots in one auction only. The auction number and bidder’s name should be entered at the top of the form.

Please submit bids as early as possible.

If identical bids are received, priority will be given to the bid received first.

Where appropriate, the Bidder’s maximum bid may be adjusted to the nearest bidding increment determined by the auctioneer.

Successful Bids

Successful absentee Bidders will receive an invoice containing details of the purchased auction lots and instructions concerning payment and collection.

Unsuccessful absentee Bidders will be notified accordingly.

Data Protection

For the purposes of administering and operating its business, marketing and providing services, or where required by law, the Company may request personal information from Bidders or obtain relevant information from third parties, including credit information.

The Company will not use such sensitive information for other purposes without the Bidder’s express consent.

In order to provide services requested by a Bidder, the Company may disclose information to third parties, such as shipping or delivery providers.

Certain countries may not provide the same level of personal data protection as Macau.

In accordance with the Company’s policies, the Company will require such third parties to respect the Bidder’s privacy, keep the Bidder’s information confidential and provide a level of personal data protection equivalent to that required in Hong Kong, regardless of whether the relevant country provides the same statutory protection for personal data.

By signing the Company’s Absentee Bid Form, the Bidder agrees to such disclosure.

    Dorothy Auction House

May 2018