Buyer Terms and Conditions
1. Condition of Sale
Later in this section the Conditions of Sale and Limited Warranty of Hanyang Auction Korea (“Hanyang” below) are set out. Bidders should read and agree these as they set out the terms on buying and bidding at any auction held by us or our partners and agents.
2. Estimates
Estimates might be based on prices recently paid at auction for comparable property, condition, rarity, quality and provenance. Estimates are subject to revision. Buyers should not rely upon estimates as a representation or prediction of actual selling prices. Estimates do not include the buyer‘s premium. Where “Estimate on Request" appears, please contact Hanyang for further information.
3. Reserves
Some lots are offered subject to a reserve. The reserve is the confidential minimum price below which the lot will not be sold. The reserve might exceed the low estimate printed in the catalogue.
4. Buyer’s Premium
The buyer’s premium is 25% of the hammer price of each lot which excludes the transaction fee for credit cards or online platforms. Title of any won items will only transfer to the buyer when the buyer pays the full 25% commission.
5. Tax
All sums payable by the buyer to Hanyang are exclusive of any goods or service tax or other value added tax. When any such tax applies, the buyer shall pay such tax at the rate and time as required by the relevant law.
6. Pre-auction Viewing
Pre-auction viewings online are open to the public and are free of charge. Specialists from Hanyang are available to give advice at viewings or by appointment by email. Comments and information given by our staff or specialists are strictly for reference only. Bidders are responsible for the inspection of each lot and seek professional advice on their own. Non- professional buyers and buyers that have no knowledge related to items that are being sold should not bid. All bidders, non- professional buyers and buyers that have no knowledge are bidding at their on risk and must seek professional advice before bidding. Bidders should attend the pre- auction viewing to ensure they understand the condition and authenticity of each lot. If a buyer have not attend the pre-auction viewing in person or online are bidding at the own risk.
7.Bidder Registration
Prospective buyers should register at least 30 minutes before the auction.
8. Bidding
The auctioneer accepts bid from those present in the sale room, from telephone bidders, or by absentee written bids left with Hanyang prior to the auction. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. He or she may continue to bid on behalf of the seller up to the amount of the reserve. Such bids may be consecutive or be placed in response to other bidders. The auctioneer will not specifically identify bids placed on behalf of the consignor. The auctioneer will not place any bid on behalf of the consignor at or above the reserve. The auctioneer have all rights to change the increment of the bidding. By placing a bid in the saleroom or absentee bid, the buyer confirms that he/she had understand the condition and authenticity of anything they are bidding on.
9. Absentee Bids Service
Absentee bids are written instructions from prospective buyers directing Hanyang to bid on their behalf up to a maximum amount specified for each lot. Hanyang staff will attempt to execute an absentee bid at the lowest possible price taking into account the reserve price. If Hanyang receives identical bids from two or more parties, the first bid received and accepted will take priority. The auctioneer has the right to execute absentee bids directly from the rostrum, identifying these as “absentee bids", “book bids" or "commission bids". Absentee Bids Forms are available upon request. If the buyer is bidding through absentee bid s service, the buyer must also attend the pre-auction viewing to ensure they understand the condition and authenticity of each lot.
10. Telephone Bids Service
Prospective buyers may bid by telephone during the course of the auction. To participate in the bidding by telephone, a prospective buyer may make advance arrangements with Hanyang at least 24 hours before the commencement of the auction. Telephone bids may be recorded. By bidding on the telephone, prospective purchasers consent to the recording of their conversation. Telephone bidding services are offered for the convenience of our clients, we are not responsible for the quality of communication and all issues arising from telephone bidding. Hanyang will use reasonable efforts to contact prospective buyers but we are not liable for the failure to do so or for errors and omissions in connection with telephone bidding. If the buyer is bidding through telephone bids service, the buyer must also attend the pre-auction viewing to ensure they understand the condition and authenticity of each lot.
11. Successful Bids
The highest bidder accepted by the auctioneer, subject to the auctioneer’s discretion, will be the buyer. The striking hammer indicates that the highest bid has been accepted and that a contract for sale between the seller and the buyer has been concluded. The auctioneer or Hanyang reserves the right to retract any successful bids anytime during or after the auction. Successful bidders will pay the price of the final bid plus commission together with any applicable Tax and any other fees imposed by Hanyang with or without notice, to claim the title of the items.
12. Auction Results
Please contact Hanyang by phone to obtain spoken or printed results for specific lots after the auction. Hanyang may, at its own discretion, not to publish or give any auction result.
13. Payment
Buyers must pay the full amount due (including the hammer price, buyer's premium and any applicable taxes) in seven working days following the sale. If the buyer failed to pay the full amount in seven working days following the sale, buyer’s deposit and any funds / fees paid to Hanyang will be forfeited, no exceptions. Also, Hanyang might, at its own discretion, cancel any successful bid if the buyer had not paid in seven working days following the sale. Hanyang will hired collection agencies and/or lawyers worldwide to collect all or part of any overdue funds, including but not limited to the hammer price, commission and/or all other administrative fees. Hanyang might also hire anyone who has the ability to collect funds or anyone whom Hanyang think are appropriate to collect the funds that are due to Hanyang. The collection agencies, lawyer and any fee that are imposed to Hanyang during the collection period and related action will be paid by the buyer. This applies to all buyers that had won any lots in the auction. The buyer will only acquire title to all won lots when all amounts due from the buyer to Hanyang have been received in good cleared funds, even if Hanyang has released the lot to the buyer. If the buyer had won multiple lots, Hanyang has the right not to release any paid items or refuse payment on any won item if the bidder decide not to pay for all won lots at once. Buyers should pay all fees incurred by banks. Credit cards are accepted with a fee of 2.4% of the total invoiced amount. There is no return or exchange to any item. Non- paying buyers are also responsible for any loss that are imposed to Hanyang.
14. Shipping
It is the buyer's responsibility to pickup purchase or make all shipping arrangements. After payment has been made in full ,at the buyer's request and expense, Hanyang can arrange property packing, transit insurance and shipping with a fee. Buyers are advised to request an estimate for any large items or property of high value that require professional packing. Transit insurance is available at the time of collection of property. Please contact Hanyang for more information. Hanyang is not responsible for any items that are damaged or missing during packing or shipping.
15. Export / Import Permits
Property sold at auction may be subject to laws governing export from Hong Kong and import restriction of foreign countries. If any relevant export or import license is required, it is the buyer‘s sole responsibility to obtain it. Any denial of or delay in license applications shall not justify the rescission of any sale nor any delay in making full payment or item pick up. Hanyang can offer advice on the details of provisions of the export licensing regulations for a fee and will submit any necessary export license applications on request. However, Hanyang is unable to ensure whether or not a license will be obtained. Import of some property and/or resale of some property in the country of importation may be prohibited by local laws.
16. Storage
Hanyang can assist with any arrangement for storage and shipping upon purchaser's request. If the buyer does initiate the mailing process f the purchases within thirty (30) days after the sale, storage will automatically be arranged at the buyer‘s expense, at 10000KWD per lot per day for all items. This fee is only the “ Storage fee” and does not include any insurance, Hanyang is not responsible for any lost or damages arising while the items ( Lots) are stored. All storage fees must be paid before the buyer can claim title to the lot. If any items are placed in storage for more than 100 days, the title of the lots will automatically transferred to Hanyang without notice and a Storage penalty might be payable by the buyer. Hanyang will not to give notice to any items stored.
17. Insurance
Hanyang provides no insurance cover for any sold or unsold items. The lot will be entirely at the buyer's risk.
18. Important Notices and Explanation of Catalogue Practice
All Dimensions Are Approximate. The online catalogues prepared by Hanyang are only an introduction of the items being auctioned. Its only serve as an introduction of author, size, material, condition and cost to our best knowledge at the time the catalogues were printed. We do not guarantee the size, material, condition, cost and authenticity of the items being auctioned are authentic and correct. We encourage bidders / buyers not to fully trust our catalogues as there might be discrepancy from the actual item. You may contact Hanyang for a condition report on a particular lot. Condition reports are provided as a service to prospective buyers and Hanyang is not responsible for any information stated in the report. Prospective buyers are advised to note that descriptions of property are not warranties and that each lot is sold “as is". The Buyer shall not claim for any loss or damage, directly or indirectly suffered by him. Under any circumstances, Hanyang has the final decision on weather an item is a forgery and has the final decision on weather to refund or exchange, either full or partially. Hanyang will have the right to whether or not cancel any advisement, printed media and online media before or after the auction, even the advisement, printed media and online media, contains the photo and /or description of any sold and un-sold items; and even the items had been paid and picked up by the buyer.
No Guarantee. Warranty or Representation Prior to the auction, Buyers should satisfy themselves with the condition of each lot and should exercise and rely on their own judgment as to the genuineness or authenticity of any lot. All goods are sold on ‘as is’ basis. Neither the Seller, Hanyang, their respective staff nor agents are responsible for errors of description or for the genuineness or authenticity of any lot. No warranty whatever is given by the Seller, Hanyang, its respective staff nor agents in respect of any lot. Any express or implied conditions or warranties are hereby withdrawn. Hanyang cannot and will not need to prove an item is authentic.
19. Hanyang as Agent
The role of Hanyang is the agent for the seller, except as otherwise stated. The contract for sale of the property is made between the seller and the buyer.
20. Property Incorporating Materials From Endangered Species
For the export of any item made of or incorporating (irrespective of percentage) animal material such as but not limited to ivory and whalebone, an export license issued by the Agriculture, Fisheries and Conservation Department, Hong Kong, is required. This This may take up to ten years to obtain. Clients should check with the regulating body in the country of importation regarding any possible importation restrictions on within this category.
