Buyer Terms and Conditions
Introduction
These Terms and Conditions govern the relationship between Prosperity Auction Hong Kong Limited ("Prosperity," "we," "us," "our") and all bidders and buyers ("Buyer," "you," "your") participating in our auctions. By registering to bid, placing a bid, or signing any related form, you acknowledge that you have read, understood, and unconditionally agree to be bound by these Terms.
1. Condition of Sale
All lots are sold subject to our Conditions of Sale and Limited Warranty, as set out in these Terms. Bidders are responsible for reviewing and agreeing to these terms prior to participation.
2. Estimates
Pre-sale estimates are provided for guidance only. They are based on recent auction prices for comparable items, considering condition, rarity, quality, and provenance. Estimates are subject to change and are not a prediction or guarantee of the final hammer price. All estimates exclude the buyer's premium.
3. Reserves
Many lots are offered subject to a reserve price, which is the confidential minimum selling price agreed upon with the consignor. The reserve may be set above the published low estimate.
4. Buyer’s Premium
The Buyer agrees to pay a buyer’s premium of 17% of the hammer price. Title to any purchased lot will pass only upon receipt by Prosperity of the full purchase price, including the buyer’s premium and all other applicable fees.
5. Taxes
All sums payable by the Buyer are exclusive of any applicable taxes, including goods and services tax or value-added tax. The Buyer is responsible for paying any such taxes as required by law.
6. Pre-Auction Viewing
Pre-auction viewings are open to the public free of charge. Prospective bidders are strongly advised to attend viewings to personally inspect the condition and authenticity of lots. While our specialists may provide advice, all statements are for informational purposes only and do not constitute a warranty. Bidders are solely responsible for determining the condition, description, and authenticity of any lot, and are encouraged to seek independent professional advice. By signing a bidder registration form or placing any bid, you are deemed to have inspected the lot(s) and waived any claims related to the condition or authenticity.
7. Bidder Registration
All prospective bidders must register prior to the auction. A refundable deposit may be required to obtain a bidding paddle. Prosperity reserves the right, at its sole discretion, to require an additional deposit or refuse bidding privileges to any person at any time.
8. Bidding
The auctioneer has final discretion in the acceptance of bids and the resolution of disputes. The auctioneer may open bidding on a lot by placing a bid on behalf of the seller and may continue to bid on the seller's behalf up to, but not exceeding, the reserve price. Bidding increments may be adjusted at the auctioneer's discretion.
9. Absentee Bids
Prosperity will endeavor to execute written absentee bids (also known as commission bids) at the lowest possible price, subject to the reserve. While this service is offered as a convenience, Prosperity is not liable for failure to execute such bids. It is the bidder's responsibility to inspect the lot prior to submitting an absentee bid.
10. Telephone Bids
Telephone bidding is available by prior arrangement. Conversations may be recorded. Prosperity is not liable for failure to connect a call or for errors or omissions in connection with telephone bidding. Bidders using this service are responsible for inspecting the lot beforehand.
11. Successful Bids and Title
The fall of the auctioneer's hammer signifies the conclusion of a binding contract between the seller and the successful bidder. Prosperity reserves the right to retract any successful bid at its discretion. Title to a lot passes to the Buyer only after Prosperity has received full payment in cleared funds.
12. Payment
The total purchase price (hammer price, buyer’s premium, and any applicable taxes) must be settled by 5:00 PM on or before the seventh working day following the sale. Failure to pay may result in the forfeiture of any deposit, cancellation of the sale, and the initiation of collection proceedings for which the Buyer will be liable for all associated costs. Prosperity may exercise a lien over any lots until all sums due are paid in full.
13. Shipping, Storage, and Insurance
It is the Buyer's sole responsibility to arrange for collection, shipping, and insurance. Upon full payment, Prosperity can assist with these arrangements at the Buyer's request and expense. Lots not collected within thirty (30) days of the sale will be automatically transferred to a storage facility at the Buyer's expense. Storage fees accrue daily and must be paid before the release of goods. Insurance coverage provided by Prosperity ceases twelve (12) hours after the sale.
14. Export and Import
The Buyer is solely responsible for obtaining any necessary export or import licenses. Delays or denials in licensing do not constitute grounds for cancellation of the sale or delay in payment.
15. Limited Warranty and Authenticity
All lots are sold "as is." Neither the seller nor Prosperity makes any express or implied warranty or representation concerning the condition, attribution, authenticity, or description of any lot. Prospective buyers must rely on their own inspection and judgment.
16. Authenticity Disputes
Any claim that a lot is a forgery must be submitted in writing within strict time limits (as specified in the full terms). Prosperity will, at its sole discretion, investigate such claims. The process may require opinions from multiple independent experts agreed upon by Prosperity. Our determination on the matter is final. Please note that administrative fees may apply to this process, and a refund is not guaranteed.
17. General
Prosperity acts as an agent for the seller. The contract for sale is between the seller and the buyer. These Terms and Conditions may be amended without notice. In the event of a discrepancy between the English and Chinese versions of these Terms, the English version shall prevail.
18. Authenticity Guarantee & Dispute Resolution
18.1. "As Is" Sale.
All lots are sold strictly on an "as is" basis as of the date of the sale. The Buyer acknowledges and agrees that they have had the full opportunity to inspect the lot and to seek independent expert advice. No representation, warranty, or guarantee of any kind, express or implied, is made by Prosperity or the Seller concerning the attribution, authenticity, provenance, or authorship of any lot.
18.2. Finality of Sale.
The sale of a lot is final and conclusive once the auctioneer's hammer falls. Title and all risks pass to the Buyer at that moment. Under no circumstances will a sale be rescinded, cancelled, or refunded on the grounds of a subsequent authenticity dispute, except exclusively under the narrow and stringent conditions set forth in this Clause 18.
18.3. Pre-Sale Challenges.
Any challenge to the authenticity or attribution of a lot must be submitted in writing to Prosperity, with detailed supporting evidence, no less than forty-eight (48) hours before the published start time of the auction. Prosperity retains the sole and absolute discretion to investigate such a claim and, if it sees fit, to withdraw the lot. Prosperity is under no obligation to provide reasons for its decision.
18.4. Post-Sale Challenges.
a) Absolute Time Bar: Any claim that a purchased lot is not authentic ("Claim") must be delivered to Prosperity in writing within five (5) calendar days of the sale date. Claims received after this deadline are absolutely and irrevocably barred.
b) Condition Precedent: As a strict condition precedent to any Claim, the Buyer must have paid the full purchase price and all other amounts due to Prosperity in cleared funds.
c) Binding Expert Determination: The Buyer must, at their own cost, obtain and submit written opinions from three (3) internationally recognized and undisputed experts in the relevant field, mutually acceptable to Prosperity in its sole discretion. These opinions must conclusively and unanimously state that the lot is a forgery. The burden of proof rests entirely and exclusively with the Buyer.
18.5. Prosperity's Sole Discretion.
Even if the conditions in 18.4 are met, Prosperity retains the sole and absolute discretion to:
a) Reject the Claim and uphold the sale.
b) Rescind the sale, subject to the Buyer returning the lot to Prosperity in the exact same condition as sold.
c) Issue a refund of only the hammer price paid by the Buyer to Prosperity. Under no circumstances will the buyer's premium, taxes, administrative fees, or any costs incurred by the Buyer (including expert fees) be refunded.
18.6. Administrative Fee.
If Prosperity, in its sole discretion, agrees to rescind a sale, the Buyer shall be liable for an administrative fee of 40% of the final hammer price to cover handling, research, and other associated costs. This fee is payable by the Buyer and will be deducted from the refunded hammer price.
18.7. Waiver of Claims.
By participating in the auction, the Buyer irrevocably waives any right to claim for any direct, indirect, or consequential losses, damages, or expenses arising from or in connection with any authenticity dispute.
18.8. Final Decision.
The decision of Prosperity on all matters relating to the authenticity or attribution of any lot, including the interpretation and application of this clause, shall be final, conclusive, and binding.
Acknowledgment
By participating in our auction, you acknowledge that you have read, understood, and agreed to all the terms and conditions outlined above
