Buyer pays shipping fee
GUIDE TO BUYING IN AN ONLINE ONLY AUCTION
The following guidance is intended to give you useful information on how to buy in an Online Only Auction. We recommend that you read the guidance below carefully in order to familiarize yourself with the way that the Online Only Platform works before you start to participate in an Online Only Auction. It is also important that you read the Conditions of Business for Buyers (Online Only) which are set out below and note that Sotheby’s acts for the seller. Terms defined in this Guide shall have the same meaning as in the Conditions of Business for Buyers (Online Only) unless the context otherwise requires.
1.REGISTER A VERIFIED ACCOUNT WITH SOTHEBY'S
In order to be eligible to participate in an Online Only Auction, you must have registered, and maintain, a Verified Account. The registration process requires you to enter your debit card or credit card information, your address and to confirm that you have read and accept our Conditions of Business for Buyers (Online Only), the Authenticity Guarantee and this Guide to Buying in an Online Only Auction. In order to bid in an Online Only Auction, you must be registered as a Verified Accountholder prior to the closing of the first Lot in the relevant Online Only Auction in which you wish to bid (you will also be required to provide certain information to Sotheby’s as part of the application process). Further details about how to become a Verified Accountholder are set out in Condition 5 of the Conditions of Business for Buyers (Online Only).
Once you have completed the registration process to become a Verified Accountholder, you can sign into the applicable Online Only Auction using your own username and password. To log in to your Verified Account, please follow the login instructions provided at:
2.BROWSE THE LOTS FOR SALE IN THE ONLINE ONLY AUCTION
Once the relevant Online Only Auction has opened, the Online Sale Information regarding each Lot for sale in the Online Only Auction is available for you to review.
As indicated in the Conditions of Business for Buyers (Online Only), the Online Sale Information for each Lot includes pre-sale estimates which are provided by Sotheby's as a guide for prospective Bidders to assist them with determining the appropriate amount to bid for a Lot. In our opinion, any bid for an amount which is between the high pre-sale estimate and the low pre-sale estimate stated in the Online Sale Information for the Lot would offer a chance of success. Having said that, it is important you appreciate that Lots can realise prices which are above or below the pre-sale estimates. It is advisable to check the pre-sale estimates prior to submission of a bid. Please note that the pre-sale estimates which are stated in the Online Sale Information do not include Buyer's Premium, Overhead premium, any applicable taxes or tariffs.
Condition of Lots
The Online Sale Information includes the online catalogue description of the Lot; any online condition report provided in relation to the Lot by Sotheby's solely as a convenience (and the online images of the Lot shall be deemed to form part of any such condition report); any other information relating to the Lot or the conduct of the Online Only Auction which is published on the Online Only Platform (including this Guide to Buying in an Online Only Auction).
All Lots are offered for sale in the condition which they are in at the time of sale in an Online Only Auction. Any reference to condition in the Online Sale Information will not amount to a full description of the condition and the absence of any reference to the condition of a Lot in the online catalogue description does not imply that the Lot is free from faults or imperfections. It is important that you appreciate that you will not have an opportunity to inspect the condition of a Lot prior to submitting a bid in respect of such Lot. Please refer to Condition 3 of the Conditions of Business for Buyers (Online Only) for further information regarding the basis upon which your bid for a Lot is submitted
In certain circumstances, Sotheby's may publish in the online catalogue description for a Lot the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller's request for confidentiality or because the identity of prior owners is unknown given the age of the work of art.
Bidding by interested parties
In situations where a person who is allowed to bid on a Lot has a direct or indirect interest in such Lot, such as the beneficiary or executor of an estate selling the Lot, a joint owner of the Lot, or a party providing or participating in a guarantee of the Lot, Sotheby’s will notify you by email and publish a notification in the Online Sale Information that interested parties may bid on the Lot. In certain instances, interested parties may have knowledge of the reserves.
Sotheby’s employees may bid only if the employee does not know the reserve and fully complies with Sotheby’s internal rules governing employee bidding.
3.SUBMISSION OF A BID FOR A LOT IN AN ONLINE ONLY AUCTION
An Online Only Auction can be fast moving. Competitive bidding can often escalate very quickly. Once you have set up a Verified Account, you will be able to submit a bid for a Lot by entering your maximum bid and clicking the ‘Place Bid’ button which appears at Lot page on the Online Only Platform. If you haven’t already registered as a Verified Accountholder, you will be prompted to do so at that point. You will then be asked to review and confirm your maximum bid by pressing ‘Continue to Confirm Bid’ and in doing so your bid is submitted. You accept and agree that a bid is submitted using the ‘Continue to Confirm Bid’ button and increased bids are submitted as set out in section 4 below.
Bids can be submitted through the Online Only Platform from the start of the Online Only Auction until the Lot closes.
You may bid at or above the starting bid displayed on the Online Only Platform. You may also input a maximum bid which, upon confirmation, will be executed automatically up to this predefined maximum value in response to other bids, including bids placed by Sotheby’s on behalf of the Seller, up to the amount of the Reserve (if applicable). Bids placed by Sotheby’s on behalf of the Seller, up to the amount of the Reserve, will be counted toward the total bid count displayed on the Online Only Platform. The current leading bid will be visible to all Bidders; the value and status of your maximum bid will be visible only to you, unless it is the leading bid. If the status of your bid changes, you will receive notifications via email and push (if you have the Sotheby’s App installed).
Enter your maximum bid (being the highest price you are willing to pay on the Lot). The Online Only Platform will then place incremental bids on your behalf up to your maximum bid for as long as you are the highest bidder. Sotheby’s uses pre-determined bidding increments. Please refer to the bidding increments link which appears at the page for bidding on the Lot. In cases where two equivalent maximum bids are submitted, the first bid received will take priority.
4.MONITORING AND INCREASING YOUR BIDS If you are outbid at any time you will receive an email notification informing you accordingly and providing a link to follow to increase your bid. We encourage you to monitor the bids on Lots throughout the duration of the Online Only Auction to ensure your status as the highest bidder up until the close of the Online Only Auction. Your updated bid is submitted by pressing ‘Continue to Confirm Bid’.
If you are using the Sotheby’s mobile application then the ‘Quick Bid’ option can also be used to submit a bid by either (i) swiping the ‘Quick Bid’ button all the way to the right of the screen; or (ii) pressing the ‘Quick Bid’ Button and then pressing the ‘Place Bid’ Button.
5.EXPLANATION OF SYMBOLS
Symbol Key The following key explains the symbols you may see inside this catalogue.
✧ Premium Lots
In order to bid on “Premium Lots”, Sotheby’s may request from prospective bidders to deliver to Sotheby’s a deposit of HK$1,000,000 or such other higher amount as may be determined by Sotheby’s, and any financial references, guarantees and/or such other security as Sotheby’s may require in its absolute discretion as security for the bid.
○ Guaranteed Property
The seller of lots with this symbol has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by Sotheby’s, by a third party or jointly by Sotheby’s and a third party. Third parties providing all or part of a guarantee benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. A third party providing a guarantee jointly with Sotheby’s may provide an irrevocable bid, or otherwise bid, on the guaranteed property. If the guarantee is only provided after the Online Only Auction is open, an email will be sent to those who have placed a bid on that lot at the time the guarantee is provided. If every lot in a catalogue is guaranteed, the Important Notices in the sale catalogue will so state and this symbol will not be used for each lot.
△ Property in which Sotheby’s has an Ownership Interest
Lots with this symbol indicate that Sotheby’s owns the lot in whole or in part or has an economic interest in the lot equivalent to an ownership interest
⋑ Irrevocable Bids
Lots with this symbol indicate that a party has provided Sotheby’s with an irrevocable bid on the lot that will be executed during the sale at a value that ensures that the lot will sell. The irrevocable bidder, who may bid in excess of the irrevocable bid, will be compensated based on the final hammer price in the event he or she is not the successful bidder. If the irrevocable bidder is the successful bidder, he or she will be required to pay the full Buyer’s Premium and Overhead Premium and will not be otherwise compensated. From time to time, Sotheby’s may enter into irrevocable bid agreements that cover multiple lots. In such instances, the compensation Sotheby’s will pay the irrevocable bidder is allocated to the lots for which the irrevocable bidder is not the successful purchaser. Under such circumstances, the total compensation to the irrevocable bidder will not exceed the total Buyer’s Premium and other amounts paid to Sotheby’s in respect of any lots for which the irrevocable bidder is not the successful bidder. If the irrevocable bid is not secured until after the Online Only Auction is open ,an email will be sent to those who have placed a bid on that lot at the time the irrevocable bid is not secured. If the irrevocable bidder is advising anyone with respect to the lot, Sotheby’s requires the irrevocable bidder to disclose his or her financial interest in the lot. If an agent is advising you or bidding on your behalf with respect to a lot identified as being subject to an irrevocable bid, you should request that the agent disclose whether or not he or she has a financial interest in the lot.
⊻ Interested Parties
Lots with this symbol indicate that parties with a direct or indirect interest in the lot may be bidding on the lot, including (i) the beneficiary of an estate selling the lot, or (ii) the joint owner of a lot. If the interested party is the successful bidder, they will be required to pay the full Buyer’s Premium and Overhead Premium. In certain instances, interested parties may have knowledge of the reserve. In the event the interested party’s possible participation in the sale is not known until after the Online Only Auction is open, an email will be sent to those who have placed a bid on that lot at the time Sotheby’s becomes aware that interested parties may be bidding on the lot.
□ No Reserve
If any lots in sale are offered without reserve, these lots are indicated by a box(□).All other lots in this catalogue are offered subject to a reserve. A reserve is the confidential hammer price established between Sotheby’s and the seller and below which a lot will not be sold. The reserve is generally set at a percentage of the low estimate and will not exceed the low estimate for the lot. If all lots in a sale are offered without a reserve, a Special Notice will be included to this effect and the box symbol will not be used.
◉ Restricted Materials
Lots with this symbol have been identified at the time of cataloguing as containing organic material which may be subject to restrictions regarding import or export. The information is made available for the convenience of Buyers and the absence of the Symbol is not a warranty that there are no restrictions regarding import or export of the Lot; Bidders should refer to Condition 11 of the Conditions of Business for Buyers. Please also refer to the section on Endangered Species in the Buying at Auction Guide. As indicated in the Endangered Species section, Sotheby’s is not able to assist buyers with the shipment of any lots with this symbol into the US or the EU.
A buyer’s inability to export or import any lots with this symbol cannot justify a delay in payment or a sale’s cancellation.
We will accept cryptocurrency as a form of payment for lots with this symbol, subject to the Conditions of Business for Buyers or Conditions of Sale (including the Additional Conditions of Sale for Payment by Cryptocurrency) that are applicable to the sale. Please contact Post Sale Services for more information.
6.CLOSING THE ONLINE ONLY AUCTION
An end time is displayed for each Lot on the Online Only Platform, at both the auction homepage and on the Lot page. Lots will close at the stated time unless a bid is placed within 1 minute of a Lot's scheduled end time. If this occurs, Sotheby’s will extend the sale of that Lot by 2 minutes from the time of the last bid. The extension of any Lot's closing time does not affect the closing time of the following Lots. This may result in Lots closing out of numerical order. Upon the closing of each Lot, you will receive another email and push notification indicating whether you have won or lost each Lot on which you have placed a bid.
7.HOW TO PAY FOR YOUR LOT
If you are a successful Buyer of a Lot, Sotheby's will email you the Buyer's Invoice for the total amount due by you (together with payment instructions) as soon as reasonably practicable after the final Lot in the relevant Online Only Auction closes. Payment from the invoiced party is due in full by the payment date stated in the Buyer’s Invoice. Please note that we reserve the right to decline payments received from anyone other than the buyer of record and that clearance of such payments will be required. Please contact our Post Sale Services if you have any questions concerning clearance.
A Buyer’s Premium and Overhead Premium is payable by the successful Bidder on a Lot in an Online Only Auction. The Buyer's Premium and Overhead Premium are added to the Hammer Price and are included as part of the total Purchase Price payable by the successful Bidder. In an Online Only Auction conducted by Sotheby's in Hong Kong, the Buyer’s Premium rate is as follows: 25% of the Hammer Price up to and including HK$7,500,000, 20% of any amount in excess of HK$7,500,000 up to and including HK$40,000,000 and 13.9% of any amount in excess of HK$40,000,000. The Overhead Premium, which covers an allocation of Sotheby's overhead costs relating to our facilities, property handling and other administrative expenses, is 1% of the hammer price.
Please note the following information regarding Sotheby's accepted payment policies:
• It is against Sotheby’s policy to accept single or multiple related payments in the form of cash or cash equivalents in excess of HK$80,000.
• New clients or buyers paying in cash are required to provide proof of identity in the form of government issued photographic identification, such as passport, identity card or driver’s licence and proof of address.
• Cheques should be made payable to Sotheby’s Hong Kong Limited. Although personal and company cheques drawn in Hong Kong dollars from Hong Kong banks are accepted, property will not be released until such cheques have cleared unless you have pre-arranged Cheque Acceptance Facility.
• Bank transfers should be made to Sotheby’s. Our bank account details are shown on our invoices. Please include your name, Sotheby’s account number and invoice number with your instructions to your bank.
• All credit / debit card payments must be made using American Express, MasterCard, Visa or China UnionPay. In the case a charge is not approved, you will nevertheless be liable to Sotheby’s for all sums incurred by you. Credit / debit card purchases for the Online Only Auction may not exceed HK$1,000,000 in total. For all new clients to Sotheby’s or those whom we have not transacted before credit card must be presented in person.
• Payments in cash can only be made at Sotheby’s premises at 5th Floor, One Pacific Place, 88 Queensway, Hong Kong.
•Sotheby’s reserves the right to decline payments received from anyone other than the buyer of record, and to seek identification of the source of funds received.
8.SHIPPING, EXPORT OF PROPERTY AND RELATED MATTERS
You or your agent may collect your property from our office or our agent’s warehouse. Our office is open from Monday to Friday between the hours of 9.30am and 6.00pm, except public holidays. You can contact Post Sale Services on the number set out in the online catalogue or by email at firstname.lastname@example.org.
We are generally able to arrange for shipping of the property to you, but please check with Post Sale Services on a case by case basis. If you want us to arrange shipping, we will provide you with a quote from our shipping agent for shipping fees and transit insurance costs. We will dispatch the property as soon as the following are satisfied (i) you have paid for the property and shipping fees in full, (ii) any lien or security on the property has been released, and (iii) any requisite export licence that may be required has been provided to Sotheby’s,
All shipments should be unpacked and checked on delivery and any discrepancies notified to the transit insurer or shipping agent immediately.
Certain countries may impose tax and fees on the importation of your property, e.g. sales tax, import tax, customs duty and clearance fees.
The export of any lot from Hong Kong or import into any other country may require you to obtain one or more export or import licences. It is your responsibility to obtain any such licence. The denial of any licence required or delay in obtaining such licence cannot justify the cancellation of the sale or any delay in payment of the purchase price. We recommend that you retain all import and export papers, including licences, as in certain countries you may be required to produce them to governmental authorities
Endangered Species: Items made of or incorporating plant or animal material, such as coral, crocodile, ivory, whalebone, tortoiseshell, etc., irrespective of age or value, may require a licence or certificate prior to exportation and require additional licences or certificates upon importation to any country outside Hong Kong. Please note that the ability to obtain an export licence or certificate does not ensure the ability to obtain an import licence or certificate in another country, and vice versa. It is illegal to import African elephant ivory into the US and there are other restrictions on the importation of ivory into the US under certain US regulations which are designed to protect wildlife conservation and there are significant restrictions amounting to an almost total ban on the import and export of any elephant ivory into the UK and the EU..
Sotheby’s suggests that buyers check with their own government regarding wildlife import requirements prior to placing a bid. It is your responsibility to obtain any export or import licences and/or certificates as well as any other required documentation (please refer to Condition 10 of the Conditions of Business for Buyers (Online Only). Please note that Sotheby’s is not able to assist buyers with the shipment of any Lots containing ivory and/or other restricted materials into the US, the UK and the EU. A buyer’s inability to export or import these Lots cannot justify a delay in payment or a sale’s cancellation.
Economic Sanctions: The United States, the United Kingdom and the European Union maintain economic and trade sanctions against targeted foreign countries, groups and organisations. There may be restrictions on the import into the United States, the United Kingdom and the European Union of certain items originating in sanctioned countries. Your inability to import any item into these countries or any other country as a result of these or other restrictions cannot justify cancellation of the sale or any delay in payment of the purchase price. Please check with the specialist department if you are uncertain as to whether a Lot is subject to these import restrictions, or any other restrictions on importation or exportation.
SALES AND USE TAXES
Local sales taxes or use taxes may become payable upon import of items following purchase (for example, use tax may be due when purchased items are imported into certain states in the US). Buyers should obtain their own advice in this regard.
If we ship your property to a US state in which we are registered to collect sales tax or use tax, we will be obliged to collect and remit such on the total purchase price of the property. Depending on the state, such tax may also be levied on the cost of shipping and insurance. The imposition of sales / use tax is regardless of the country in which you reside or is a citizen. If you have provided us with a valid Resale Exemption Certificate before we release the property to you, the sales / use tax will not be charged.
Clients who wish to provide resale or exemption documentation for their purchases and/or clients who wish to have their purchased lots shipped to the US by Sotheby’s are advised to contact the Post Sale Services before arranging shipping.
TREATMENT AND CONDITION OF GEMSTONES
Traditionally, gemstones have been treated by a variety of techniques to enhance colour and generally to improve their appearance. Typically, rubies and sapphires have been heat treated and emeralds have been treated by oil or resin to improve colour and clarity. These or other techniques, such as dyeing, irradiation, coating and impregnation, may be used on other gemstones. Although it is widely believed that heat treatments are permanent, purchasers should assume that any treatment may not be permanent and that over time special care of the stone may be required. Unless the catalogue description specifically states that a stone is natural, we have assumed that some form of treatment may have been used and that such treatment may not be permanent. Our presale estimates reflect this assumption.
To the extent that Sotheby’s has laboratory reports containing specific information on the treatment of a stone, these reports are made available for review by prospective buyers. Available reports from internationally recognized gemmological laboratories will be noted in the description of the item. New forms of treatments and new scientific methods to discern them are constantly being developed. Consequently, there may be a lack of consensus among laboratories as to whether gemstones have been treated, the extent of the treatment or the permanence of the treatment.
References in the e-catalogue descriptions to certificates or reports issued by gemmological laboratories are provided only for the information of bidders, and Sotheby’s does not guarantee and accepts no responsibility for the accuracy, terms or information contained in such certificates or reports. Please also note that laboratories may differ in their assessment of a gemstone (including its origin and presence, type and extent of treatments) and their certificates or reports may contain different results.
Regarding diamonds, Sotheby’s shares the concerns expressed by the United Nations Security Council with respect to uncut diamonds potentially coming from Angola and Sierra Leone. We will comply fully with the Security Council’s resolutions regarding these matters.
CONDITIONS OF BUSINESS FOR BUYERS
These Conditions of Business for Buyers (Online Only) set out the terms upon which Sotheby’s and the Seller offer the Lots for sale to Bidders.
You should read these Conditions of Business for Buyers (Online Only) and the Online Sale Information (including, but not limited to, the Guide to Buying in an Online Only Auction set out above) carefully before placing a bid for any Lot. In particular, Bidders’ attention is specifically drawn to Condition 4 below, which contains specific limitations and exclusions of the legal liability of Sotheby’s and Sellers.
By bidding for a Lot in an Online Only Auction on the Online Only Platform, you agree that these Conditions of Business for Buyers (Online Only) and the Online Sale Information shall be contractually binding on you. In the event that you are the successful Bidder for a Lot in an Online Only Auction, you agree that these Conditions of Business for Buyers (Online Only) and the applicable Online Sale Information will constitute the contract which governs the relationship between Sotheby’s, Sellers and Bidders.
(a) Sotheby’s and Sellers’ contractual relationship with prospective Buyers is governed by:
(i) these Conditions of Business for Buyers (Online Only);
(ii) the Conditions of Business for Sellers (Online Only) a copy of which can be provided to you on request;
(iii) the Online Sale Information (including, but not limited to, the Auction details and the Guide to Buying in an Online Only Auction set out above); and
(iv) Sotheby’s Authenticity Guarantee, as applicable to the item of Property (set out below). With respect to NFTs, unless otherwise set forth on the respective Lot page on our website, the Authenticity Guarantee is regarding the authorship of the Referenced Content.
(b) The Online Sale Information will identify the owner of the Lot immediately prior to the start of the Online Only Auction as either (i) a third party (in which case, Sotheby’s acts as agent for the Seller) or (ii) Sotheby’s (in which case, Sotheby’s acts in principal capacity as Seller). In the case of (i), Sotheby’s provides services to the Seller including, but not limited to, concluding the sale contract which exists directly between the Seller and the Buyer (with Sotheby’s acting as agent on behalf of the Seller). In the case of (ii), Sotheby’s owns the Lot in whole or in part and/or may have a legal, beneficial or financial interest in the Lot as a secured creditor or otherwise.
(c) The Online Sale Information will also identify if the Seller is an Online Consumer (and therefore, by inference, not an Online Trader) for the purposes of the EU Consumer Rights Directive. This is important because the EU Consumer Rights Directive provides that if the Seller is an Online Trader and the Buyer is an Online Consumer, the Buyer shall have the right to cancel the purchase of a Lot (in accordance with the procedure set out at Condition 11 of these Condition of Business for Buyers (Online Only)). In circumstances where the Seller is an Online Consumer, the right to cancel the purchase of a Lot does not apply however the Buyer may have the right (under the EU Consumer Rights Directive) to cancel certain services provided by Sotheby’s in connection with the purchase of the Lot (in accordance with the procedure set out at Condition 12 of these Conditions of Business for Buyers (Online Only)).
2. Common Terms
In these Conditions of Business for Buyers (Online Only):
"Additional Buyer's Expenses" are any other costs or expenses due to Sotheby's from the Buyer which are payable in respect of the sale of the Property;
"Bidder" is any person considering, making or attempting to make a bid in an Online Only Auction and includes Buyers (also referred to as “you” in these Conditions of Business for Buyers (Online Only));
"Buyer" is the person who makes the highest bid for a Lot in an Online Only Auction via the Online Only Platform (also referred to as “you” in these Conditions of Business for Buyers (Online Only));
"Buyer's Premium" is the commission payable by the Buyer on the Hammer Price (at the rates set out in the Guide to Buying in an Online Only Auction set out above);
“Buyer’s Shipping Costs” are any packing, handling and shipping costs and charges (including any costs covering transit insurance) payable by the Buyer to Sotheby’s for provision of delivery services of the purchased Lot to the Buyer;
"Counterfeit" is as defined in Sotheby's Authenticity Guarantee (set out below);
“Experience” is each activity experience included in the Online Only Auction;
“Experience Listing” is the information on the Online Only Platform and in the online catalogue in relation to each Experience;
"Hammer Price" is the highest bid accepted from a Bidder for a Lot during an Online Only Auction;
“EU Consumer Rights Directive” is Directive 2011/83/EU of the European Parliament and the Council of 25 October 2011 on consumer rights;
“Lot” is an item to be offered for sale at an Online Only Auction on the Online Only Platform (and “Lots” shall be construed accordingly);
“NFT” is a non-fungible token established on a blockchain;
“Online Sale Cancellation Period” is the period of fourteen (14) days starting on the day after the Online Consumer (or a person, other than the carrier, identified by the Online Consumer) takes physical possession of the Lot;
“Online Services Cancellation Period” is the period of fourteen (14) days starting from the day of conclusion of the contract which relates to provision of the delivery services by Sotheby’s in favour of the Online Consumer;
“Online Consumer” is an individual located in the European Union who purchases a Lot and who is acting for purposes which are wholly or mainly outside that individual’s trade, business, craft or profession;
“Online Only Auction” is the sale of a Lot which is conducted solely by means of the Online Only Platform provided by Sotheby’s and our partners;
“Online Only Platform” is the online only sale platform and associated technical services provided by Sotheby’s and our partners which is accessible solely by online means and which enables Buyers to bid for and buy Lots in a time based auction;
“Online Sale Information” is the Lot information including, but not limited to, any pre-sale estimates; any information regarding provenance; the online catalogue description of the Lot; any catalogue that may be available as a PDF on the Sotheby’s website in respect of the Online Only Auction, any condition report provided by Sotheby’s in relation to the Lot (with any such condition report being deemed to include the online images of the Lot); any other information relating to the Lot or the conduct of the Online Only Auction published on the Online Only Platform (including, but not limited to, the Guide to Buying in an Online Only Auction set out above); any on-screen notices relating to the Online Auction;
“Online Trader” is a person who is the Seller of a Lot and is acting for purposes relating to that person’s trade, business, craft or profession;
"Overhead Premium" is the allocation of Sotheby’s overhead costs relating to Sotheby’s facilities, property handling and other administrative expenses that is payable by the Buyer on the Hammer Price the Guide to Buying in an Online Only Auction set out above;
"Purchase Price" is the Hammer Price, Buyer's Premium Overhead Premium and any applicable VAT and/or sales or use tax, and any applicable artist resale right royalty payable by the Buyer on qualifying Property;
“Referenced Content” means, with respect to an NFT, the metadata, content, digital asset and/or physical item, if any, to which the NFT relates;
"Reserve" is the confidential minimum price which the Seller has agreed to accept for a Lot below which the Lot cannot be sold;
"Seller" is the person offering a Lot for sale (including their agent (other than Sotheby's), executors or personal representatives);
"Sotheby's" means Sotheby's Hong Kong Ltd., which has its registered office at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong;
"Sotheby's Company" means both Sotheby's in the USA and any of its subsidiaries (including Sotheby's in London) and Sotheby’s Diamonds SA and its subsidiaries (in each case “subsidiary” having the meaning of Section 2 of the Companies Ordinance (Cap. 622);
“Standard Online Delivery Costs” means the sums charges for delivery of the Lot to a Buyer using Sotheby’s standard online delivery service;
“Verified Account” refers to the category of Sotheby’s account which is required to enable the account holder to (i) register for a sale; and (ii) to bid in an auction (including, but not limited to, an Online Only Auction); and
“Verified Accountholder” means an individual or entity who/which maintains a Verified Account
3. Duties of Bidders and of Sotheby’s in respect of items for sale
(a) Sotheby’s knowledge in relation to each Lot is partially dependent on information provided to it by the Seller, and Sotheby’s is not able to and does not carry out exhaustive due diligence on each Lot. Bidders acknowledge this fact and accept responsibility for carrying out investigations to satisfy themselves as to the Lots in which they may be interested
(b) Bidders acknowledge that many Lots are of an age and type which means that they are not in perfect condition. All Lots are offered for sale in the condition they are in at the time of sale in the relevant Online Only Auction. Any reference to condition in the Online Sale Information will not amount to a full description of condition and the absence of any reference to the condition of a Lot in the online catalogue description does not imply that the Lot is free from faults or imperfections. Condition reports may be available to assist Bidders with assessing the condition of a Lot and are for guidance only. The online images of the Lot form part of the condition report provided by Sotheby’s. Certain online images of the Lot may not accurately reflect the actual condition of the Lot. In particular, the online images may represent colours and shades which are different to the Lot’s actual colour and shades. The Online Sale Information and/or any condition report relating to the Lot may make reference to particular imperfections of the Lot but you should note that the Lot may have other faults not expressly referred to in the condition report for the Lot or shown in the online images of the Lot. The condition report may not refer to all faults, restoration, alteration or adaptation because Sotheby’s is not a professional conservator or restorer but rather the condition report is a statement of opinion genuinely held by Sotheby’s. For that reason, Sotheby’s condition report is not an alternative to taking your own professional advice regarding the condition of the Lot. Please note that all electrical and mechanical goods are sold on the basis of their artistic and decorative value only, and should not be assumed to be operative. It is essential that prior to any intended use, the electrical system for any Lot is checked and approved by a qualified electrician. For any NFT Lot, you are solely responsible for reviewing and inspecting the smart contract, if available, prior to your purchase.
(c) The Online Sale Information provided to Bidders in respect of a Lot, and any other estimate, whether written or oral, or other report, commentary or valuation, is not a representation of fact but rather is a statement of opinion genuinely held by Sotheby’s. Any estimate may not be relied on as a prediction of the selling price or value of the Lot and may be revised from time to time in Sotheby's absolute discretion.
(d) No representations or warranties are made by Sotheby's or the Seller as to whether any Lot is subject to copyright or whether the Buyer acquires copyright in any Lot.
(e) Our staff are not information technology or data experts, and that by bidding in the auction of an NFT, you accept that NFTs are subject to inherent technological risks which may affect their performance now or in the future. You acknowledge and agree that the characterisation and regulatory scheme governing NFTs, cryptocurrencies, and blockchain technology is uncertain and undetermined, that your purchase and receipt of the NFT complies with applicable laws and regulations in your jurisdiction, and that new regulations or policies may materially adversely affect the auction or the NFT.
(f) If the Lot is an NFT, the NFT may be subject to resale royalties through application of the smart contract on any subsequent resales of the NFT. On any such resale by you, you may be obligated to collect and remit to the appropriate party resale royalties as applicable, and you are responsible for any network fees that may apply to such payments as well as any transaction duties imposed by law.
(g) Subject to the matters referred to at 3(a) to 3(f) above and to the specific exclusions contained at Condition 4 below, Sotheby’s shall exercise such reasonable care when making express statements in the Online Sale Information (including, but not limited to, the catalogue description and any condition report relating to the Lot) as is consistent with the standard of care which a Bidder would reasonably expect from an auction house of Sotheby’s standing taking into account the estimate of the relevant Lot and in the light of:
(i) the information provided to it 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.
4. Exclusions and limitations of liability to Buyers
(a) Sotheby’s shall refund the Purchase Price to the Buyer in circumstances where it deems that the Lot is a Counterfeit and each of the conditions of the applicable Authenticity Guarantee has been satisfied.
(b) In the light of the matters in Condition 3 above and subject to Conditions 4(a) and 4(e), neither any Sotheby's Company nor the Seller:
(i) is liable for any errors or omissions in information provided to Bidders by Sotheby’s (or any Sotheby's Company), whether orally or in writing, whether negligent or otherwise, except as set out in Condition 3(e) above;
(ii) gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded (save in so far as such obligations cannot be excluded by law) other than the express warranties given by the Seller to the Buyer in Condition 2 of the Sellers' Conditions of Business;
(iii) accepts responsibility to any Bidders in respect of acts or omissions (whether negligent or otherwise) by Sotheby’s in connection with the conduct of the Online Only Auction and/or the operation of the Online Only Platform or for any matter relating to the sale of any Lot.
(c) Unless Sotheby’s owns a Lot offered for sale, it is not responsible for any breach of these conditions by the Seller.
(d) In the case of NFTs, in addition to the above and except for the express representations and warranties given by the Seller (which may differ from any published Conditions of Business for Sellers) and the Authenticity Guarantee, which Sotheby’s, as principal, provides to the Buyer, neither we nor the Seller make any representations or warranties as to the following: (1) whether the NFT or any Referenced Content is subject to copyright; (2) the nature, character, contents, condition, behaviour, operation, performance, security, integrity, metadata, persistence, quality, technical details or terms of the smart contract, NFT or the Referenced Content, including without limitation any further iterations of the same; (3) that the smart contract, NFT or Referenced Content or the delivery mechanism for the NFT does not contain vulnerabilities, viruses or malware or other harmful components, or that either will function as any bidder or Buyer expects or without error or mistake; (4) the uniqueness of the Referenced Content; (5) that an NFT is reliable, correctly programmed, compatible with your or others’ computer systems, up-to-date, error-free, compatible with your digital wallet or meeting your requirements, or that defects in the NFT can or will be corrected; or (6) the accuracy or reliability of any simulation or videos depicting the intended performance of the NFT or the Referenced Content, whether displayed on our website or on any other platform.
(e) NFTs are further subject to the following additional terms.
(i) NFTs are not issued, minted or tokenized by us and we are solely acting as the NFT Seller’s agent to offer the NFT for sale at the auction.
(ii) We are only selling the ownership rights to the NFT and in no way are we associated with or responsible for any resales or secondary market sales of the NFT or the Referenced Content or any iterations of the same. Any copyright(s) in and to the NFT and Referenced Content, including but not limited to, any reproduction rights in any Referenced Content, remain with the creator(s) thereof, and the purchase of the NFT does not constitute an assignment thereof.
(iii) Transfer of ownership to an NFT will not guarantee continuing access to the Referenced Content to which it relates and you accept the risks associated with purchasing, using, transferring, and owning NFTs, as applicable, including, but not limited to, telecommunications, network, server, or blockchain failures, malfunctions, or disruptions; risk of losing access to the NFT due to lost or forgotten private key(s) or password(s) or corrupted wallet files; mis-typed addresses or incorrectly constructed transactions; viruses, phishing, bruteforcing, hacking, security breaches, mining attacks, or other means of cyber-security attack; custodial or buyer error; regulatory interference in one or more jurisdictions; token taxation; personal information disclosure; uninsured losses; and other unanticipated risks.
(iv) Neither you nor we nor the Seller will be liable for any special, consequential, indirect, incidental or punitive damages, including, as applicable, damages relating to any of the risks or disclaimed attributes set forth in Condition 4(e)(iii). In addition to the above, we will not be liable for any loss whatsoever related to damage or corruption to the Referenced Content, failure of the NFT to reference the Referenced Content, or loss of, or other security or persistence issues related to, the Referenced Content.
(v) You have sufficient understanding of NFTs, digital wallets and other storage mechanisms, cryptocurrencies, blockchain technology, and the use, characteristics, functionality, programming, and/or other material characteristics of all of the foregoing, to fully understand and agree to these Conditions and the disclaimers and risks outlined herein, or have consulted with professional advisors in relation to the foregoing such that any participation by you in the auction of any NFT constitutes an informed acceptance of such disclaimers and risks.
(f) Without prejudice to Condition 4(b), any claim against Sotheby’s or the Seller by a Bidder is limited to the amount of Purchase Price with regard to that Lot. Neither Sotheby’s nor the Seller shall under any circumstances be liable for any indirect or consequential losses.
(g) Nothing in this Condition 4 shall exclude or limit Sotheby’s liability in respect of any fraudulent misrepresentation made by Sotheby’s or the Seller, or in respect of death or personal injury caused by the negligent acts or omissions of Sotheby’s or the Seller.
5. Registering to bid in an Online Only Auction
(a) In order to bid in an Online Only Auction, you must have set up a Verified Account (in accordance with the procedures set out at 5(b) and 5(c) below).
(b) If you have not already bid online in a Sotheby’s sale, you will have to create a Verified Account in order to register for a particular Online Only Auction and to be eligible to bid in that particular Online Only Auction. The registration process requires that you submit your request to open a Verified Account no later than 24 hours prior to the closing of the first Lot in the relevant Online Only Auction in which you wish to bid (you will also be required to provide certain information to Sotheby’s as part of the application process) to create a Verified Account, please follow the registration instructions provided at:
(c) If you have already set up a Verified Account, you can sign into the applicable Online Only Auction using your existing username and password. Once you have registered for a particular Online Only Auction, you can submit bids using your existing Verified Account (if you have multiple accounts, you will need to select the account under which you wish to transact in a particular Online Only Auction). To login to your Verified Account, please follow the login instructions provided at:
(d) If you register to bid in an Online Only Auction in your individual capacity, you accept personal liability to pay the amounts identified at Condition 8(b) below as principal. If you register to bid in your capacity as agent for an identified third party, you accept joint and several liability to pay the Purchase Price with your principal.
(e) In order to set up a Verified Account, you are required to supply the information requested, including valid credit card or other accepted payment method information. Sotheby's has absolute discretion to refuse an application to register for, or bid in, an Online Only Auction. Throughout the registration process, Sotheby’s has absolute discretion to request Bidders to supply such additional information and references as may be required by Sotheby's.
(f) Sotheby’s reserves the right to deactivate your Verified Account at any time prior to, during, or after an Online Only Auction.
(g) To bid on a Lot containing an NFT, prior to bidding, you must have a digital wallet capable of supporting and accepting the NFT.
6. Bidding in an Online Only Auction
(a) Bidding opens at a specified amount (which is below the presale low estimate for the Lot) and escalates in bid increments which are set out in the Online Sale Information relating to the Lot and which are determined at Sotheby’s discretion. Sotheby’s may vary the amount of the bid increments during the course of an Online Only Auction, at our sole discretion. Bids for a Lot may only be submitted between the dates and times specified in the Online Sale Information relating to the applicable Online Only Auction.
(b) An Online Only Auction can be fast moving. Competitive bidding can often escalate very quickly. Once you have set up a Verified Account, you will be able to submit a bid for a Lot by entering your maximum bid and clicking the ‘Place Bid’ button which appears at auction homepage on the Online Only Platform. If you haven’t already registered as a Verified Accountholder, you will be prompted to do so at that point. You will then be asked to review and confirm your maximum bid by pressing ‘Continue to Confirm Bid’ and in doing so your bid is submitted. You accept and agree that a bid is submitted using the ‘Continue to Confirm Bid’ button and increased bids are submitted as set out in (d) below.
If a bid is successfully submitted on a Lot in an Online Only Auction from a Bidder’s computer or mobile device, the Bidder irrevocably agrees to pay the amounts identified in Condition 8(b) below, in full. Sotheby’s is not responsible for any errors that the Bidder makes in bidding on a Lot.
(c) The Online Only Platform requires that you submit a bid which correlates to one of the increments set out in the bidding increment table, which is available to view at the page for bidding on the Lot.
(d) If you have the leading bid on a Lot, you will receive a notification on the Online Only Platform informing you that you are the highest bidder. If you are outbid by another Bidder, you will receive an email notification to inform you accordingly and providing a link to follow to increase your bid. Your updated bid is submitted by pressing ‘Continue to Confirm Bid’.
If you are using the Sotheby’s mobile application then the ‘Quick Bid’ option can also be used to submit a bid by either (i) swiping the ‘Quick Bid’ button all the way to the right of the screen; or (ii) pressing the ‘Quick Bid’ Button and then pressing the ‘Place Bid’ Button.
(e) In the event that you submit a bid for an amount at which a bid has already been accepted, your bid shall be rejected.
(f) Unless Sotheby’s decides to exercise its discretion in accordance with Condition 6(h) below, the highest bid when the Lot closes will be the successful Bidder. This means that a contract for sale has been formed between the Seller and the successful Bidder when the Lot closes. The successful Bidder will receive an email notification of any successful bid and will be invoiced by Sotheby’s in accordance with Condition 8 below.
(g) The sale record for an Online Only Auction maintained by Sotheby’s will be taken as absolute and final in all disputes. In the event of any discrepancy between the sale record for an Online Only Auction maintained by Sotheby’s and any message or notification provided to you in relation to your bid on a Lot and/or the applicable Online Only Auction, the sale record for the Online Only Auction maintained by Sotheby’s shall prevail.
(h) Sotheby’s reserves the right, in our sole and absolute discretion, to
i. reject, revoke or refuse to accept any bid submitted for a Lot using the Online Only Platform even those bids which have previously been accepted;
ii.to withdraw any Lot or cancel the Online Only Auction whether prior to or during the Online Only Auction and Sotheby’s shall have no liability whatsoever in connection with such withdrawal or cancellation; and
iii.to divide or combine any Lots.
(i) A Bidder may cancel a bid placed in an Online Only Auction only if either (A) the description of the Lot or the condition report for the Lot listed in the e-catalogue has been materially revised after the bid was placed; or (B) a notice regarding the Lot has been posted on Sotheby’s website after the bid was placed. For further information, please contact the Sotheby’s Bids Department in Hong Kong.
7. Operation of the Online Only Platform
(a) Unless otherwise specified, all Lots are offered subject to a Reserve, which shall be no higher than the low presale estimate at the opening time for the applicable Online Only Auction. If any Lot is not subject to a Reserve, the ‘No Reserve’ symbol will be displayed against the Lot in the Online Sale Information.
(b) Sotheby’s offers the Online Only Platform as a convenience to its clients and the Online Only Platform shall be operated by Sotheby’s using reasonable care. The application that enables participation in an Online Only Auction via the Online Only Platform is optimized for broadband connectivity (DSL or cable modem). Broadband or other internet capacity constraints, corporate firewalls and other technical problems beyond our reasonable control may create difficulties for some users including, for example, in relation to accessing an Online Only Auction via the Online Only Platform and in maintaining continuity of such access. Sotheby’s will not be liable for any errors or failure by Bidders to place bids using the Online Only Platform via the internet or a mobile device (except where any such error or failure is within Sotheby’s reasonable control) including, without limitation, errors or failures caused by: (i) any loss of connection between Bidders and the Online Only Platform; (ii) a breakdown or fault with the online bidding software or other technical services which relate to the Online Only Platform; and/or (iii) a breakdown or fault with any internet connection, computer, mobile device or system.
(c) As a potential Bidder, you acknowledge and accept that you shall not be given an opportunity to inspect the property prior to bidding in the Online Only Auction.
(d) You acknowledge and accept that Sotheby’s shall have the right in its absolute discretion to reduce the Reserve for any Lot at any time during the Online Only Auction provided this has been agreed with the Seller prior to any such reduction.
8. Payment for a purchased Lot
(a) If you are a successful Buyer of a Lot, you will receive by email an invoice from Sotheby’s as soon as reasonably practicable after the final Lot in the relevant Online Only Auction closes. In the event of any discrepancy between the any email notifications received by you from the Online Only Platform and the invoice emailed to you by Sotheby’s after the relevant Online Only Auction closes, the invoice prevails. Terms and conditions regarding payment of the invoice are set out below.
(b) The invoice for the Purchase Price of the purchased Lot (the “Buyer’s Invoice”) which will include:
(i) the Hammer Price;
(ii) the Buyer’s Premium;
(iii) the Overhead Premium.
Sotheby’s will also email you a shipping quote upon request covering the Buyer’s Shipping Costs (the “Buyer’s Shipping Quote”) to the address registered on your Verified Account. Please refer to Condition 10 of these Conditions of Business for Buyers (Online Only) for further information. For international Buyers, the terms of sale are Delivery Duty Unpaid. If you have purchased a Lot for delivery outside Hong Kong, it is your responsibility to ascertain and pay all international duties, custom charges, taxes, charges and tariffs owed to the appropriate government entity or that otherwise need to be paid prior to shipment and/or delivery including any third party charges necessary to facilitate shipment.
(c) Sotheby’s charges a Buyer’s Premium and an Overhead Premium to the Buyer on the Hammer Price for each Lot sold. The amount of the Buyer’s Premium and Overhead Premium is set out in the Guide to Buying in an Online Only Auction set out above.
(d) The Buyer of a Lot is solely responsible for the payment of any sales tax or value added sales tax, sales or compensating use tax or any other similar tax payable as a result of the sale of a Lot. Further information and guidance as to the application of such taxes is provided in the Guide to Buying in an Online Only Auction set out above. Sotheby’s will collect any applicable taxes and artist resale right royalty on the purchase of a Lot where and as required by applicable law. The Buyer shall pay the Purchase Price in full without any deduction for taxes of any kind, unless such deduction is required by law. In any such case, the amount due to Sotheby’s from the Buyer will be increased to an amount that after deduction for any such taxes leaves an amount equal to the Purchase Price.
(e) Unless otherwise agreed, payment of the total amount specified on the purchase invoice for a Lot is due by the Buyer immediately following receipt of the Sotheby’s invoice for the relevant purchased Lot and in any event no later than 48 hours after receipt of the Sotheby’s receipt (the "Due Date") notwithstanding any requirements for export, import or other permits for such Lot. Sotheby’s will only accept payment from the registered Bidder and we cannot change the Buyer’s name on an invoice or reissue the invoice in a name which differs to the name of the registered Bidder. If you are registered to bid as a company, your company will need to pay for any purchases in the name of the company via an accepted payment method. Partial payment of a Lot, or payment across multiple credit cards for a single lot, is not permitted. Further information regarding accepted payment methods is set out in the Guide to Buying in an Online Only Auction set out above.
8.2 Payment in cryptocurrency
For Lots eligible for payment in cryptocurrencies, payments made in cryptocurrency shall be subject to the terms in this Condition 8.2 in addition to the terms set forth in Condition 8.1 above.
(a) We will accept payment in cryptocurrency only for Lots designated as eligible for such in the Catalogue or by any oral or written announcement or notice prior to or during the sale, and only in the following cryptocurrencies: BTC, ETH and USDC.
(b) Our invoice for the purchased Lot will show the Purchase Price in HKD. We will also provide a link by email through which the Buyer can make payment in cryptocurrency via Coinbase, Inc. (“Coinbase”).
(c) The Buyer will be required to pay the amount of cryptocurrency that is of equivalent value to the Purchase Price, plus a network fee at the time of the Buyer’s payment, as set or determined by Coinbase based on the then-current exchange rate of the cryptocurrency to HKD.
(d) Any payment in cryptocurrency must be made within ten (10) business days of your receipt of the invoice from us, and payment must be made between the hours of 9:00am and 12 noon U.S. Eastern Time, Monday through Friday (and not on a U.S. public holiday).
(e) Payment must be made from an account or digital wallet in your name maintained with one of the following platforms: (1) Coinbase Custody Trust; (2) Coinbase, Inc. (including Coinbase, Coinbase Pro and Coinbase Prime accounts); (3) Fidelity Digital Assets Services, LLC; (4) Gemini Trust Company, LLC; or (5) Paxos Trust Company, LLC. Partial payments from multiple digital wallets will not be accepted, and you will be required to provide documentation reasonably requested to confirm that you own the wallet used to make payment.
(f) Payments in cryptocurrency will not be accepted other than in accordance with this Condition 8.2. If you make payment in cryptocurrency other than in accordance with this Condition 8.2, we may, in our sole discretion, return those funds to you and hold you responsible for all third-party fees (including, without limitation, network fees, taxes, transfer fees, etc.), and in such circumstances we may require you to pay in the fiat currency of the sale.
(g) Once you initiate a cryptocurrency transaction, the transaction cannot be reversed; this is inherent in the nature of cryptocurrencies and not a policy set by us. You are responsible for verifying that you have sent the correct amount to the correct digital wallet address.
(h) If you make payment in cryptocurrency from a digital wallet or account, you represent and warrant the following: (1) you own the digital wallet and the cryptocurrency used to make payment; (2) the digital wallet or account is not directly or indirectly hosted, operated, or otherwise controlled by anyone that is the subject of economic sanctions, embargoes or other trade restrictions in any jurisdiction, including those administered and enforced by the United States, European Union, United Kingdom, United Nations Security Council, or other applicable sanctions authority (collectively, “Sanctions”) or located, resident, or organised in a country or territory that is the subject of Sanctions (including Crimea, Cuba, Iran, North Korea, Syria, the Russian Federation and Belarus) (collectively, “Sanctioned Jurisdiction”); (3) the cryptocurrency or any other assets in the digital wallet or account used for the bid or purchase were not sourced from anyone that is the subject of Sanctions or located, resident, or organised in a Sanctioned Jurisdiction; and (4) your payment in cryptocurrency will not cause (or otherwise result in) us, Sellers, or anyone else to violate any Sanctions, anti-money laundering, anti-terrorism, anti-bribery or anti-corruption laws, or any other applicable laws.
(i) We shall have no liability for any payment made by you in cryptocurrency that is not received by us for whatever reason.
(j) You acknowledge the risks inherent to the use of cryptocurrency, including without limitation the risk of faulty or insufficient hardware, software, and internet connections; the risk of introduction or intrusion of malicious code or software; the risk of hacking or unauthorized access to your digital wallet or information stored therein, or of theft or diversion of funds therefrom; volatility and unstable or unfavourable exchange rates; and the risk of unfavourable regulatory intervention and/or tax treatment in relation to transaction in such currency. We will have no liability for any of the foregoing.
(a) Following the auction, we will provide the Buyer with the invoice, which may include a shipping quote outlining the Buyer’s shipping costs (the “Buyer’s Shipping Quote”). For international Buyers, the Buyer’s Shipping Quote will be exclusive of any taxes or duties, and you acknowledge and agree that it is your responsibility to ascertain and pay all international duties, custom charges, taxes, charges and tariffs owed to the appropriate government entity or that otherwise need to be paid prior to shipment and/or delivery including any third-party charges necessary to facilitate shipment. Once you have accepted the Buyer’s Shipping Quote and we have received in full the Purchase Price, Additional Buyer’s Expenses and the amount stated in the Buyer’s Shipping Quote by the payment deadline, Sotheby’s will ship the Lot to you to the address you provided on your account following conclusion of the sale contract between the Seller and the Buyer. Purchased Lots cannot be delivered to P.O. boxes, and the Seller and we are unable to arrange delivery to those locations specified as excluded zones in the shipping costs calculator that is available on the Online Platform. If you request delivery of a Lot to any such destination, we reserve the right to require you to collect the Lot from us or to arrange delivery of the Lot by a third-party carrier.
(b) The provisions of this Condition 8.3(b) apply to NFTs:
(i) In order to receive the NFT, you must have a digital wallet that is capable of supporting and accepting the NFT, and which you, or the company you have registered to bid as, own, and to which you have access. You understand and acknowledge that not all digital wallets can support storage of a non-fungible token, and that if your wallet does not support storage of the NFT purchased by you, you may lose access to that NFT. You further understand and acknowledge that if you fail to provide us with an address for a digital wallet that is capable of supporting and accepting the NFT within five (5) business days of the conclusion of the auction, we may, in our sole discretion, treat the NFT as transferred to you for purposes of Condition 13(a)(ii), treat the NFT Lot as a Lot for which the Buyer has failed to pay in full for purposes of Condition 9, and hold you responsible for all resulting third-party fees (including, without limitation, custodial fees, insurance, network fees, taxes, transfer fees, etc.).
(ii) We or the Seller will transfer the NFT to the digital wallet that you have specified, after you have met the conditions in Condition 7 herein. You agree that we may require you to follow a security protocol to ensure that the NFT is safely received by you. We will transfer the NFT to the wallet address specified by you and are not responsible for confirming that you have supplied us with the correct or a valid address, and we are not responsible if the transfer of the NFT to your wallet fails unless such failure is the result of us sending the NFT to a wallet address other than the one provided by you.
8.4 Risk and Responsibility for Lots
(a) Risk and responsibility for a purchased Lot will transfer to the Buyer as follows:
(i) for Lots in online only auctions: (1) if we dispatch the Lot to the Buyer (using the method of shipping the Buyer specified for the Lot), when the Lot comes into the physical possession of the Buyer or the Buyer’s designated agent; or (2) if collection by the Buyer is permitted, when the Buyer or the Buyer’s designated agent collects the Lot. As a Buyer, you acknowledge that the Lot is at your risk if you choose to exercise any right you may have to cancel the contract for the purchase of the Lot (in accordance with the procedure set out at Condition 11 below) and that you should therefore insure the Lot against loss or damage until it is returned to us.
(ii) For NFTs: After transfer of the NFT to the digital wallet specified by you, you are thereafter responsible for secure storage of the NFT in the wallet or other storage mechanism you use to receive and/or hold the NFT. You further acknowledge that you are solely responsible for any risks associated with the transferring, creating, holding, storing, or use of NFTs or a digital wallet, as applicable, including network failures or disruptions; corrupted wallet files; viruses, phishing, bruteforcing, hacking, security breaches, mining attacks, or other means of attack against the NFT; risk of losing access to the NFT due to loss of private key(s); custodial or buyer error; regulatory interference in one or more jurisdictions; token taxation; personal information disclosure; uninsured losses; failure to provide appropriate maintenance (including without limitation hosting); and other unanticipated risks. Neither we nor the Seller will not be responsible for any such risks or losses.
(b) Once risk passes to the Buyer, the Buyer irrevocably releases each Sotheby’s Group Company, our and their respective officers and employees, agents, warehouses and the Seller, from any and all claims, causes of action, liabilities, damages, losses, and expenses (including but not limited to reasonable attorneys’ fees) for loss of or damage to the Lot.
(c) Prior to the time when risk and responsibility for a purchased Lot transfers to the Buyer, we assume liability for loss or damage to a Lot, subject to the exclusions set out in the following subparagraph. In the event of loss or damage for which we have assumed liability, we will determine the extent of depreciation to the Lot, if any, caused by the loss or damage and compensate the Buyer in respect of that loss up to a maximum of the Purchase Price paid by the Buyer for the Lot.
(d) We will not be liable for any loss or damage (1) occurring during any process undertaken by independent contractors engaged with your consent, including but not limited to for restoration, conservation, framing or cleaning; (2) caused to frames or to glass covering prints, paintings or other flat works; or (3) caused by changes in humidity or temperature (as long as we take reasonable care in handling the Lot), normal wear and tear, gradual deterioration or inherent vice or defect (including woodworm), war, any act or acts of terrorism (as defined by our insurers), nuclear fission, radioactive contamination, or chemical, bio-chemical or electromagnetic weapons. If the Lot is an NFT, in addition to the above, we will not be liable for any loss related to damage or corruption to the Referenced Content, failure of the NFT to reference the Referenced Content, or loss of, or other security or persistence issues related to, the Referenced Content.
(e) Upon your receipt of payment from us for any loss or damage to a Lot in accordance with this Condition, you, on your own behalf and on behalf of your insurer(s), irrevocably release us and the Seller from all liability for loss of or damage to such Lot and irrevocably waive all rights and claims that you might have against us or the Seller in connection with the same.
(f) Title in a purchased Lot will not pass until Sotheby's has received the total amounts due for that Lot in accordance with Condition 8(b) above in cleared funds. Sotheby's is not obliged to release a Lot to the Buyer until title in the Lot has passed and appropriate identification has been provided, and any earlier release does not affect the passing of title or the Buyer's unconditional obligation to pay the total amounts due for that Lot in accordance with Condition 8(b) above.
(g) If you fail to pay us the total amounts due for the purchased Lot(s) in accordance with Condition 8(b) above in full by the Due Date, Sotheby’s will be entitled to exercise any of the remedies identified at Condition 9 below.
9. Remedies for late or non-payment
Without prejudice to any rights the Seller may have, if the Buyer without prior agreement fails to make payment for the Lot by the Due Date, Sotheby's may in its sole discretion (having informed the Seller) exercise one or more of the following remedies:
(a) store the Lot at its premises or elsewhere at the Buyer’s sole risk and expense or, if the Lot is an NFT, to store such Lot at Sotheby’s or the Seller’s digital wallet or elsewhere at the Buyer’s sole risk and expense;
(b) cancel the sale of the Lot;
(c) set off any amounts owed to the Buyer by a Sotheby’s Company against any amounts owed to Sotheby's by the Buyer in respect of the Lot;
(d) apply any payments made to Sotheby’s by the Buyer as part of the amounts due pursuant to Condition 8(b) above towards that or any other Lot purchased by the Buyer, or to any shortfall on the resale of any Lot pursuant to paragraph (h) below, or to any damages suffered by Sotheby’s as a result of breach of contract by the Buyer;
(e) reject future bids from the Buyer or render such bids subject to payment of a deposit;
(f) charge interest at a rate not exceeding 2% per month from the Due Date to the date the Purchase Price and relevant Additional Buyer's Expenses are received in cleared funds (both before and after judgement);
(g) exercise a lien over any of the Buyer’s property which is in the possession of a Sotheby’s Company. Sotheby's shall inform the Buyer of the exercise of any such lien and within fourteen (14) days of such notice may arrange the sale of such property and apply the proceeds to the amount owed to Sotheby’s;
(h) resell the Lot by auction or private sale, with estimates and reserves at Sotheby's discretion. In the event such resale is for less than the Purchase Price and Additional Buyer's Expenses for that Lot, the Buyer will remain liable for the shortfall together with all costs incurred in such resale;
(i) commence legal proceedings to recover the Purchase Price and Additional Buyer's Expenses for that Lot, together with interest and the costs of such proceedings on a full indemnity basis; or
(j) release the name and address of the Buyer to the Seller to enable the Seller to commence legal proceedings to recover the amounts due and legal costs. Sotheby's will take reasonable steps to notify the Buyer prior to releasing such details to the Seller.
10. Transport and Shipping
(a) As stated in Condition 8 above, you will be emailed the Buyer’s Shipping Quote upon request. Once you have accepted the Buyer’s Shipping Quote and provided that the purchased Lot and the amount stated in the Buyer’s Shipping Quote have each been paid for in full by the Buyer by the payment deadline stated, Sotheby’s will ship the purchased Lot to the Buyer to the address provided by you on your Verified Account as soon as possible.
(b) The Buyer is responsible for payment of the Buyer’s Shipping Costs as specified in the Buyer’s Shipping Quote. Although Sotheby’s shall use reasonable efforts to take care when handling, packing and facilitating any shipment of a purchased Lot, Sotheby’s is not responsible for any acts or omissions by any third party retained for these purposes including, without limitation, any packing, shipping or delivery of purchased Lots. Similarly, where Sotheby’s may suggest or recommend any third party handler, packer or carrier if so requested by a Buyer, but Sotheby’s does not accept liability for their acts or omission and you agree to release Sotheby’s from any such liability.
(c) Any Lot sold in an Online Only Auction may be affected by laws on exports from the country in which it is sold and the import restrictions of other countries. Many countries require a declaration of export for property leaving the country and/or an import declaration on entry of property into the country. Obtaining the necessary permits and/or licences may result in additional costs and subsequent delays. Local laws may prevent you from importing a Lot or may prevent you from selling a Lot in the country which you import into. It is the Buyer's sole responsibility to identify and obtain any necessary export, import, firearm, endangered species or other permit for the lot. Any symbols or notices in the sale catalogue reflect Sotheby’s reasonable opinion at the time of cataloguing and offer Bidders general guidance only. For further guidance on export/import restrictions, please refer to the Guide to Buying in an Online Only Auction set out above.
(d) Without prejudice to Conditions 3 and 4 above, Sotheby's and the Seller make no representations or warranties as to whether any lot is or is not subject to export or import restrictions or any embargoes. The denial of any permit or licence shall not justify cancellation or rescission of the sale contract or any delay in payment.
(e) Sotheby’s will arrange for shipment of the Lots after full and final payment has been received by Sotheby’s.
11. Cancellation of an Online Only Sale
(a) If the Buyer is an Online Consumer and the Seller is an Online Trader, the Buyer may have the right to cancel the sale contract which exists directly between the Online Trader (as Seller) and the Online Consumer (as Buyer) during the Online Sale Cancellation Period for any reason provided that (i) the Online Consumer duly informs Sotheby’s during the Online Cancellation Period of their intention to cancel the purchase of the Lot; and (ii) the Online Consumer returns the Lot to Sotheby’s without undue delay and in any event not later than fourteen (14) calendar days from the day after the Online Consumer has communicated their intention to cancel the purchase of the Lot to Sotheby’s or, if the Lot is an NFT, after the date that you have submitted payment but before we or the Seller have initiated the transfer of the NFT to the wallet specified by you (the “Consumer Cancellation Period”). Once we or the Seller have initiated the transfer of the NFT to the wallet specified by you, you agree that you will no longer have the right to cancel the sale under the terms of this Condition. To exercise the Consumer Cancellation Right in relation to a Lot, the Consumer must (1) notify us of intention to cancel by a clear statement (e.g. a letter sent by post, fax or email or you may use the model cancellation form provided in Condition 12(c)) prior to the end of the Consumer Cancellation Period, and (2) for Lots that are not NFTs, return the Lot to us in the same condition as when you or your representative received it, by no later than 14 calendar days after providing notice of intent to cancel. The cancellation right does not apply to the purchase of a Lot made to the Buyer’s specifications or a Lot that is clearly personalised.
(b) To exercise the right to cancel the sale contract in relation to a Lot, the Online Consumer must inform Sotheby’s (being the company within the Sotheby’s Group and specified in the Online Sale Information which offers to sell the Lot either as agent for the Seller or as principal) of their decision to cancel the sale contract by a clear statement (e.g. a letter sent by post, fax or email). Alternatively, the Online Consumer may use the model cancellation form set out below. Provided that the Online Consumer sends the communication to inform the Online Trader of the cancellation prior to the end of the Online Sale Cancellation Period, the Online Consumer will be deemed to have cancelled the sales contract within the Online Sale Cancellation Period.
(c) If the Online Consumer cancels the sales contract within the Online Sale Cancellation Period, Sotheby’s will reimburse (without undue delay and in any event within fourteen (14) calendar days after receipt of the returned Lot from the Online Consumer within the time frame specified in Condition 11(a)(ii)) payments received by Sotheby’s from the Online Consumer (including the Purchase Price and any Standard Online Delivery Costs). Sotheby’s shall not process the reimbursement unless and until the Lot is returned to Sotheby’s or you have supplied Sotheby’s with evidence of having returned the Lot to us. Please note that Lots should be returned to Sotheby’s in the same condition they were received by the Online Consumer or their representative. Sotheby’s will make a deduction from the reimbursement for loss in value of the returned Lot, if the loss is the result of unnecessary handling by you.
(d) Sotheby’s will make the reimbursement to the Online Consumer using the same method of payment as the Online Consumer used for the initial transaction, unless expressly agreed otherwise. Sotheby’s will not charge the Online Consumer any fee in connection with processing the reimbursement.
(e) Sotheby’s shall not reimburse the Online Consumer by the amount of any supplementary costs which arise if you chose a type of delivery other than the least expensive type of standard delivery offered by Sotheby’s or any import duties we incur as a result of you returning the Lot to us. Sotheby’s is entitled to deduct from the reimbursement the amount of any loss in value of the Lot which is caused as a result of unnecessary handling by you.
(f) You shall send back the Lot or hand it over to us at such address as we may specify for the purpose, without undue delay and in any event no later than 14 calendar days from the day after which you communicate your cancellation of your purchase of the Lot to us. This deadline is met if you send back the Lot before the period of 14 calendar days has expired. You will have to bear the direct costs of returning the Lot. If we arranged for the Lot to be delivered we estimate that the cost of returning the Lot by the same means is likely to be similar to the cost of delivery but it is not possible for us to be more accurate as to this cost due to the many variables involved in our worldwide business model and the means by which a return might be made.
(g) If you exercise a Consumer Cancellation Right pursuant to this Condition 11 and you paid any amount(s) due using cryptocurrency, you understand and agree that we, at our sole discretion, may refund you (1) the same amount(s) of the same cryptocurrency that you paid to us; (2) the amount(s) in fiat currency that we invoiced to you; or (3) the fiat currency equivalent at the time the refund is made of the amount(s) of cryptocurrency that you paid. In no circumstance will you be entitled to receive any appreciation on the value of the cryptocurrency that you provided to us as payment in connection with a refund.
12. Cancellation of Services
(a) If the Buyer is an Online Consumer and the Seller is an Online Consumer, the Buyer shall not have the right to cancel the sale contract (in accordance with Condition 11 above). However, the Buyer shall be entitled to cancel the contract for any delivery services which Sotheby’s agrees to provide to the Buyer in connection with your purchase of the Lot during the Services Online Sale Cancellation Period without giving any reason.
(b) As a Buyer in an Online Auction, you request Sotheby’s immediately to begin performance of the delivery services during the Online Services Cancellation Period. If you subsequently decide to exercise your right to cancel the provision of services (in accordance with Condition 12(a) above) during the Online Services Cancellation Period, you shall pay to Sotheby’s an amount which is in proportion to the value of the services that have been performed by the time you exercise your cancellation right. Sotheby’s will make any reimbursement due to you without undue delay and in any event, not later than fourteen (14) days after the date on which we are informed about your decision to cancel the services. Sotheby’s will make the reimbursement to the Online Consumer using the same method of payment as the Online Consumer used for the initial transaction, unless expressly agreed otherwise. Sotheby’s will not charge the Online Consumer any fee in connection with processing the reimbursement.
(c) To exercise the right to cancel the contract in for delivery services in relation to a purchased Lot, the Online Consumer must inform Sotheby’s of their decision to cancel the provision of services by a clear statement (e.g. a letter sent by post, fax or email). Alternatively, the Online Consumer may use the model cancellation form set out below. Provided that the Online Consumer sends the communication to inform the Online Trader of the cancellation prior to the end of the Online Services Cancellation Period, the Online Consumer will be deemed to have cancelled the sales contract within the Online Services Cancellation Period.
Model form of cancellation – sale of goods/provision of services
To: Sotheby’s [insert the name of the company within the Sotheby’s Group and specified in the Online Sale Information]
I/We* hereby give notice that I/We* cancel my/our sale of the following goods [*]/for the provision of the following services [*],
Ordered on [*]/received on [*],
Name of Online Consumer(s):
Address of Online Consumer(s):
Signature of Online Consumer(s) [only if the notification is in hard copy]
[*] Delete as appropriate
13. Additional Provisions which apply where a Lot is an Experience
(a) As Is
Each Experience is sold “AS IS” without any representations or warranties of any kind. Without limiting the generality of the foregoing, Sotheby's expressly disclaims any implied representations or warranties of merchantability or fitness for a particular purpose, representations and warranties as to the condition, size, quality, rarity, importance, provenance, literature or historical relevance of an Experience, or as to the quality, accuracy, timeliness, non-infringing nature, completeness or reliability of any Online Sale Information which relates to an Experience, including any Experience Listing or other description of any Experience and any representations or warranties arising out of course of dealing or usage of trade. No statement anywhere, whether oral or written, whether made in the catalogue, an advertisement, or elsewhere, shall be deemed such a warranty, representation or assumption of liability. Sotheby's is not responsible for errors and omissions in any Online Sale Information which relates to an Experience, including any Experience Listing, or any supplemental material.
(b) No Endorsement
Sotheby's does not plan, host, operate, or fulfil the Experiences. Sotheby's does not endorse, verify, vouch for, investigate or vet any Experience. Sotheby's does not make any representations or warranties, express or implied, of any kind with respect to any Experience. Sotheby's is not responsible for estimates, descriptions or any other matters relating to the offer and sale of any Experiences. Information about Experiences is provided by the Seller. Sotheby's does not verify the accuracy of this information.
(c) Costs and Expenses
For each Experience, any incidental costs and expenses such as fees for travel, food or lodging are the sole responsibility of the Purchaser unless otherwise expressly stated in the Experience Listing for the applicable Experience.
Sotheby's reserves the right to withdraw any Experience before, during and after the Online Only Auction and shall have no liability whatsoever for such withdrawal.
(e) Limitation of Liability
In connection with the sale of any Lot which is an Experience, in no event will Sotheby's aggregate total liability to a Purchaser exceed the portion of purchase price actually paid for a Lot equal to the value of the respective Experience. The Purchaser acknowledges and agrees that, as between the Purchaser and Sotheby's, in each case to the maximum extent permitted by law, the Purchaser assumes the entire risk arising out of or in connection with the Purchaser's purchase of and participation in an Experience or otherwise arising out of or in connection with the fulfilment of a purchased Experience. None of Sotheby's, its affiliates, or any of their respective employees, shareholders, officers or directors (each, a "Sotheby's Party") (a) are liable for any negligence or wilful act or omission of any person or entity providing any goods or services arising out of or in connection with Purchaser's purchase of or participation in any Experience or otherwise arising out of or in connection with the fulfilment of a purchased Experience, or (ii) are responsible for and each expressly disclaims and you release each such person or entity from any liability for any injury, damage or harm to any person or entity or to real or personal property, financial or physical loss, death, inconvenience or delay arising out of or in connection with Purchaser's purchase of or participation in any Experience or otherwise arising out of or in connection with the fulfilment of a purchased Experience.
In connection with the sale of any Lot which is an Experience, without limiting the generality of the foregoing, no Sotheby's Party will be liable for any incidental, punitive, special, exemplary or consequential damages, including lost profits, loss of data or goodwill, service interruption, computer damage or system failure or the cost of substitute services arising out of or in connection with Purchaser's purchase of or participation in any Experience or otherwise arising out of or in connection with the fulfilment of a purchased Experience, whether based on warranty, contract, tort (including negligence), product liability or any other legal theory, and whether or not such person or entity has been informed of the possibility of such damage, even if a limited remedy set forth herein is found to have failed of its essential purpose.
In connection with the sale of any Lot which is an Experience, no Sotheby's Party assumes any responsibility for any other third party's failure to comply with any applicable laws and regulations. Each Sotheby's Party explicitly disclaims and you release each Sotheby's Party from any and all liability for any act or omission of any other third person or entity. Sotheby's cannot control the Purchaser's or any guest's interaction with the Seller or any third party and each Sotheby's Party expressly disclaims and you release each Sotheby's Party from any liability arising out of or in connection with such interaction.
You agree that any legal remedy or liability that you seek to obtain arising out of or in connection with any Experience or the Online Only Auction will be limited to a claim against the Seller or other third parties. You agree not to impose or attempt to impose any liability on any Sotheby's Party or seek any legal remedy from any Sotheby's Party with respect to any Experiences or the Online Only Auction.
14. Bidder’s/buyer’s warranties
(a) The Bidder and/or Buyer warrants that:
(i) the Bidder and/or Buyer will provide to Sotheby’s, upon request, verification of identity and any additional information required to comply with Sotheby’s Know Your Client (“KYC”) requirements and/or the applicable law, failing which Sotheby’s shall be entitled either not to complete or to cancel the sale of any Lot, as appropriate;
(ii) the Bidder and/or Buyer is not subject to trade sanctions, embargoes or any other restriction on trade (A) in the jurisdiction in which it does business, and (B) that are administered and enforced by the United States, European Union, United Kingdom, United Nations Security Council or other relevant sanctions authority, and is not owned (nor partly owned) or controlled by such sanctioned person(s) (collectively, “Sanctioned Person(s)”); and
(iii)the funds used for purchase and settlement of the lot(s) are not connected with nor have any link to nor are derived from any criminal activity, including without limitation tax evasion, money laundering, terrorist activities or other criminal activity, and the Bidder/Buyer is neither under investigation, nor has been charged with or convicted of without limitation, tax evasion, money laundering, terrorist activities or other criminal activity.
(b) Where the Bidder is bidding on behalf of another person or acting as agent (in either case, the “Agent”) for another party (the “Principal(s)”), the “Bidder” or “Buyer” shall refer to Principal and Agent jointly and severally unless otherwise expressly indicated and the Agent warrants in its own capacity (in addition to the warranties set out in Condition 14(a) which are given jointly and severally by the Agent and the Principal) that:
(i) the Principal(s) is not a Sanctioned Person(s) nor owned (or partly owned) or controlled by Sanctioned Person(s);
(ii) the funds used for purchase and settlement of the lot(s) are not connected with, nor have any link to any criminal activity, including without limitation tax evasion, money laundering, terrorist activities or other criminal activity and that the arrangements between the Agent and the Principal(s) of the lot(s) or otherwise do not, in whole or in part facilitate tax crimes;
(iii) the lot(s) purchased by the Agent or the Principal(s) is not being purchased for the purposes of, or being used in any way connected with, or to facilitate breaches of any applicable tax, anti-money laundering or anti-terrorism laws or regulations;
(iv)the Agent has conducted appropriate customer due diligence on the Principal(s) of the lot(s) in accordance with all applicable anti-money laundering and sanctions laws and regulations and the Agent does not know and has no reason to suspect that the funds used for settlement are derived from or connected with proceeds of any criminal activity including without limitation tax evasion, or that the ultimate buyer(s) is under investigation, or has been charged with or convicted of money laundering, terrorist activities or other criminal activity;
(v) the Agent will disclose to Sotheby’s the identity of the Principal and will provide to Sotheby’s, upon request, verification of identity and any additional information required to comply with Sotheby’s KYC requirements and/or the applicable law with respect to the Agent and the Principal and/or to evidence the Agent’s authority to bid on behalf of the Principal and to bind the Principal. If the Agent fails to satisfy Sotheby’s KYC requirements, Sotheby’s shall be entitled either not to complete or to cancel the sale of any Lot, as appropriate.
(c) The Bidder and/or Buyer hereby undertakes and warrants that none of the funds used for purchase and settlement will be funded by any Sanctioned Person(s), nor will any party involved in the transaction including financial institutions, freight forwarders or other forwarding agents or any other party be a Sanctioned Person(s) nor owned (or partly owned) or controlled by a Sanctioned Person(s), unless such activity is authorized in writing by the government authority having jurisdiction over the transaction or in applicable law or regulation.
(d) Sotheby’s reserves the right to seek identification of the source of funds received, and to make enquiries about any person transacting with Sotheby’s. If Sotheby’s has not completed its enquiries in respect of anti-money laundering, anti-terrorist financing or other checks as it considers appropriate concerning the Bidder and/or Buyer or the Seller to Sotheby’s satisfaction at its discretion, Sotheby’s shall be entitled either not to complete or to cancel the sale of any lot, as appropriate, and to take any further action required or permitted under applicable law without any liability to the Bidder and/or Buyer.
(a) All images and other materials produced for the auction are the copyright of Sotheby's, for use at Sotheby's discretion.
(b) Notices to Sotheby's should be in writing and addressed to the department in charge of the sale, quoting the reference number specified at the beginning of the sale catalogue. Notices to Sotheby's clients shall be addressed to the last address formally notified by them to Sotheby's.
(c) Should any provision of these Conditions of Business for Buyers (Online Only) be held unenforceable for any reason, the remaining provisions shall remain in full force and effect.
(d) These Conditions of Business for Buyers (Online Only) are not assignable by any Buyer without Sotheby's prior written consent, but are binding on Buyers' successors, assigns and representatives. No act, omission or delay by Sotheby's shall be deemed a waiver or release of any of its rights.
(e) The Contracts (Rights of Third Parties) Ordinance (Cap. 623) is excluded by these Conditions of Business for Buyers (Online Only) and shall not apply to any contract made pursuant to them.
(f) The materials listed in Condition 1(a) above set out the entire agreement and understanding between the parties with respect to the subject matter hereof. It is agreed that, save in respect of liability for fraudulent misrepresentation, no party has entered into any contract pursuant to these terms in reliance on any representation, warranty or undertaking which is not expressly referred to in such materials.
16. Data Protection
17.Law and Jurisdiction
Governing Law - These Conditions of Business for Buyers (Online Only) and all aspects of all matters, transactions or disputes to which they relate or apply (including any online bids in the sale to which these Conditions apply) shall be governed by and interpreted in accordance with Hong Kong law.
Jurisdiction -All Bidders and Sellers agree that the courts of Hong Kong are to have exclusive jurisdiction to settle all disputes arising in connection with all aspects of all matters or transactions to which these Conditions of Business for Buyers (Online Only) relate or apply. All parties agree that Sotheby’s shall retain the right to bring proceedings in any court other than the courts of Hong Kong.
Service of Process - All Bidders and Sellers irrevocably consent to service of process or any other documents in connection with proceedings in any court by facsimile transmission, personal service, delivery by mail or in any other manner permitted by Hong Kong law, the law of the place of service or the law of the jurisdiction where proceedings are instituted, at the last address of the Buyer or Seller known to Sotheby’s or any other usual address.
ANY PROPERTY (EXCEPT JEWELLERY TO WHICH THE AUTHENTICITY GUARANTEE SET OUT BELOW APPLY)
If Sotheby’s sells an item which subsequently is shown to be a “counterfeit”, subject to the terms below Sotheby’s will set aside the sale and refund to the Buyer the total amount paid by the Buyer to Sotheby’s for the item, in the currency of the original sale.
For these purposes, “counterfeit” means a lot that in Sotheby’s reasonable opinion is an imitation created to deceive as to authorship, origin, date, age, period, culture or source, where the correct description of such matters is not reflected by the description in the catalogue (taking into account any Glossary of Terms). No lot shall be considered a counterfeit by reason only of any damage and/or restoration and/or modification work of any kind (including repainting or over-painting).
Please note that this Guarantee does not apply if either:
(i) the catalogue description was in accordance with the generally accepted opinions of scholars and experts at the date of the sale, or the catalogue description indicated that there was a conflict of such opinions; or
(ii) the only method of establishing at the date of the sale that the item was a counterfeit would have been by means of processes not then generally available or accepted, unreasonably expensive or impractical to use; or likely to have caused damage to the lot or likely (in Sotheby’s reasonable opinion) to have caused loss of value to the lot; or
(iii) there has been no material loss in value of the lot from its value had it been in accordance with its description.
This Guarantee is provided for a period of five (5) years after the date of the relevant auction, is solely for the benefit of the Buyer and may not be transferred to any third party. To be able to claim under this Guarantee, the Buyer must:
(i) notify Sotheby’s in writing within three (3) months of receiving any information that causes the Buyer to question the authenticity or attribution of the item, specifying the lot number, date of the auction at which it was purchased and the reasons why it is thought to be counterfeit; and
(ii) return the item to Sotheby’s in the same condition as at the date of sale to the Buyer and be able to transfer good title in the item, free from any third party claims arising after the date of the sale.
Sotheby's has discretion to waive any of the above requirements. Sotheby's may require the Buyer to obtain at the Buyer's cost the reports of two independent and recognised experts in the field, mutually acceptable to Sotheby's and the Buyer. Sotheby's shall not be bound by any reports produced by the Buyer, and reserves the right to seek additional expert advice at its own expense. In the event Sotheby's decides to rescind the sale under this Guarantee, it may refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports.
ADDITIONAL TERMS FOR AUTHENTICITY GUARANTEE FOR CHINESE MODERN PAINTINGS AND CHINESE CLASSICAL PAINTINGS
In respect of fine Chinese paintings, the artists’ names recorded in this catalogue (if any) are not to be taken as unqualified attributions to the artists named. No unqualified attributions to any artist or date are made or intended. The current scholarship in the field of Chinese paintings does not permit unqualified statements as to authorship or date of execution. Therefore, none of the Chinese paintings in this sale are subject to any guarantee of authenticity and all such property is sold as is in accordance with the Conditions of Business. Any assistance given by Sotheby’s staff to a buyer in selecting a purchase is given without prejudice to the above. Buyers are recommended to take independent professional advice on selection of purchases.
ADDITIONAL TERMS FOR AUTHENTICITY GUARANTEE FOR WATCHES
All wristwatches are sold as viewed and cannot be returned on the grounds that repairs have been carried out or parts supplied by anyone other than the named makers.
Watches may not be taken apart whilst on view. Prospective buyers or their agents wishing to do so should make an appointment with the Watch Department for a private view the week before the sale. Although condition reports may be given on request, such reports are statements of opinion only and may not specify all mechanical replacements or imperfections in the movement, case and dial. All dimensions are approximate.
Watches in water-resistant cases have been opened to examine movements but no warranties are made that the watches are currently water-resistant.
Please note that we do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts.
Please be advised that straps made of material derived from endangered or otherwise protected species (i.e. alligator and crocodile) are not sold with the watches and are for display purposes only. We reserve the right to remove these straps prior to shipping. Furthermore, in reference to watch bands, we do not guarantee the material of manufacture. Please be advised that the purchaser will be responsible for complying with any applicable export and import matters, particularly in relation to endangered species and the United States Department of Fish and Wildlife Services.
We make no representation or warranty as to the condition of any lot sold.
AUTHENTICITY GUARANTEE FOR JEWELLERY
If Sotheby’s sells any gemstone or pearls which the Buyer subsequently shows to Sotheby’s reasonable satisfaction not to be genuine or of natural origin, subject to the terms below Sotheby’s will set aside the sale and refund to the Buyer the total amount paid by the Buyer to Sotheby’s for such gemstones or pearls, in the currency of the original sale.
This Guarantee is provided for a period of twenty-one (21) days after the date of the relevant auction, is solely for the benefit of the Buyer and may not be transferred to any third party. To be able to claim under this Guarantee, the Buyer must:
(i) notify Sotheby’s in writing within such 21 day period of the reasons for not believing the gemstones or pearls to be genuine or of natural origin, specifying the lot number, date of the auction at which it was purchased; and
(ii) return the item to Sotheby’s in the same condition as at the date of sale to the Buyer and be able to transfer good title in the item, free from any third party claims arising after the date of the sale.
Sotheby’s has discretion to waive any of the above requirements. Sotheby’s may require the Buyer to obtain at the Buyer’s cost the reports of two independent and recognised experts in the field, mutually acceptable to Sotheby’s and the Buyer. Sotheby’s shall not be bound by any reports produced by the Buyer, and reserves the right to seek additional expert advice at its own expense. In the event Sotheby’s decides to rescind the sale under this Guarantee, it may refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports.
GLOSSARY FOR CHINESE WORKS OF ART
The following are examples of the terminology used in this catalogue. Please note that all statements are made subject to the provisions of the Conditions of Business and Authenticity Guarantee.
(i) When an item is in our opinion of a certain period, reign or dynasty, this attribution appears in bold directly below the heading of the catalogue entry for such item.
e.g. A blue and white dish from the Jiajing period of the Ming dynasty is catalogued as follows:
A Blue and White Dish, Ming Dynasty, Jiajing period
(ii) If there is no attribution in bold under the catalogue entry for an item, it means that we are unable to determine the period attributable to such item.
(iii) Where attribution is given in the heading for a lot and there is more than one item in the lot, it is our opinion that all the items in the lot belong to the same period unless specifically stated otherwise.
(iv) Where no attribution is given to an item, it is our opinion that the period of origin of such item is unclear or that it is from the 19th or 20th century.
(v) With respect to Asian hardwoods, the terms ‘Huanghuali’, ‘Huali’ ‘Hongmu’ ‘Zitan’ and others appearing within single quotation marks, in bold or in capital letters in the heading are descriptive identifications based on appearance, and are not intended to denote a specific scientific species.
為符合資格參加網上專場拍賣，閣下必須註冊並持有一個已認證的賬戶。註冊過程中將要求閣下輸入閣下的扣賬卡或信用卡資料、閣下的地址，以及確認閣下已閱讀並接受我方的買家業務規則（網上專場）、真品保證和本網上專場拍賣購買指引。如欲參與網上專場拍賣競投，閣下必須在希望出價的相關網上專場拍賣會首件拍品結束之前，註冊為認證賬戶持有人（作為申請過程的一部分，閣下還需向蘇富比提供若干資訊），以在網上專場拍賣中出價。有關如何註冊成為認證賬戶持有人，請參閱買家業務規則（網上專場）第 5 條。
所有拍品均以其在網上專場拍賣拍賣時的狀況提呈出售。任何在網上拍賣資訊中對拍品狀況的說明，並不等同於對拍品狀況的完整描述，而網上圖錄中並無提及的拍品狀況，亦不表示該拍品沒有任何缺陷或瑕疵。閣下請務必理解，閣下在提交該拍品的競投之前，閣下並無機會檢驗該拍品的狀況。如欲了解更多有關閣下對拍品出價的詳細準則，請參閱買家業務規則（網上專場）第 3 條。
網上專場拍賣的節奏可以很快。競價投標往往進展迅速。閣下在建立好認證賬戶後即可輸入閣下的最高出價，並點擊「出價」按鈕（於網上專場平台的拍品網頁上顯示）以提交拍品出價。若閣下尚未註冊為認證賬戶持有人，屆時系統將會提示閣下進行註冊。閣下將被要求點擊「繼續確認出價」以確認並提交閣下的最高出價。閣下接受並同意使用「繼續確認出價」按鈕提交投標，而提高的出價將按下文規則第 4 節所列明的規定提交。
如閣下使用蘇富比流動應用程式進行處理，亦可透過「快速出價」提交出價，閣下可按以下方式進行：(i) 將「快速出價」按鈕一直滑動至螢幕右側以提交出價；或 (ii) 點擊「快速出價」按鈕，然後點擊「出價」按鈕。
附有此符號之拍品表示對拍品有直接或間接利害關係的各方可能對拍品作出競投，包括 (i) 出售拍品之遺產受益人，或 (ii) 拍品之共同擁有者。倘有利害關係的一方為成功競投人，他們須支付全數買家酬金及營運附加費。在某些情況下，有利害關係的各方可能知悉底價。倘若在網上專場拍賣開放後蘇富比才獲悉有利害關係的一方可能參與拍賣，我方將即時向已對該拍品出價的競投方發送電子郵件通知。
附有此符號之拍品於編制圖錄時已識別為含有有機物料，而有關物料可能受到進出口限制。有關資料為方便買家查閱，而無附有該符號並非保證該拍品並無進出口限制。競投人應參閱買家業務規則第 11 條，亦請參閱「於拍賣會上購買指引」有關瀕危物種之章節。如「瀕危物種」章節所載，蘇富比無法協助買家將任何附有此符號的拍品運送到美國或歐盟。
網上專場平台上的拍賣網頁及拍品網頁均會顯示每項拍品的結束時間。除非在該項拍品預定結束時間的 1 分鐘內有人出價，否則拍賣將按所標示的時間結束。如出現此情況，蘇富比將把該項拍品的競投時段從最後有人出價的時間起延長 2 分鐘。任何拍品的截止競投時間延長都不會影響後續拍品的結束時間。這可能會導致拍品未能按項數次序結束競投。每項拍品競投結束後，閣下將收到另一封電子郵件和推送通知，說明閣下就各項拍品的出價是否競投成功。
網上專場拍賣的成功競投者需支付買家酬金和營運附加費。買家酬金和營運附加費已包含在落槌價中，是成功競投者需支付的總買入價的一部分。在香港蘇富比進行的網上專場拍賣中，買家酬金的費率如下：拍品的落槌價為港幣 7,500,000 元或以下，酬金以落槌價之 25% 計算；超過港幣 7,500,000 至 40,000,000 元之部分，則以 20% 計算；超過港幣 40,000,000 元之部分，則以 13.9% 計算。營運附加費涵蓋蘇富比與其設施、物品處理及其他行政費用相關的營運開支，為落槌價之1%。
• 信用卡/扣帳卡付款：蘇富比及信用卡公司（美國運通American Express、萬事達MasterCard、Visa或中國銀聯）保留是否接納該等付款之權利。如該等付款不被接納或撤回，閣下仍須承擔付款責任向蘇富比繳清所有費用。網上專場拍賣的信用卡/扣帳卡付款之上限為港幣 1,000,000 元。所有蘇富比新客戶或未曾與我方進行過交易之客戶，必須親身持卡付款。
• 港幣現金的付款方式僅可在位於香港金鐘道 88 號太古廣場一座 5 樓的蘇富比辦事處處理。
蘇富比建議買家向相關政府查核有關野生動植物進口之規定後再參與競投。閣下須負責取得任何進出口許可證及／或證書，以及任何其他所需文件（請參閱買家業務規則（網上專場）第 10 條）。請注意，蘇富比無法協助買家將任何含有象牙及／或其他受限制材料的拍品運送至美國、英國和歐盟境內。買家無法出口或進口此等拍品，並不能構成延遲付款或取消買賣的理由。
如果蘇富比付運本次網上專場拍賣之物品目的地為美國，而蘇富比在此美國州份已登記為美國銷售稅納稅人時，蘇富比必須徵收並繳交當地之銷售或使用稅。該稅項根據成交總買入價而定（總額包括落槌價、買家酬金、營運附加費、運費及保險費用），不論買家居住在任何國家／地區或是否為公民，都必須繳付相關稅項。如買家於蘇富比付運物品前，向蘇富比提供有效之轉售豁免證明 (Resale Exemption Certificate)，蘇富比將不會向買家收取銷售或使用稅。閣下如欲提供與本次交易相關之轉售或豁免證明，請聯絡售後服務團隊。
在參與任何拍品的競投之前，閣下應細閱本買家業務規則（網上專場）以及網上拍賣資訊（包括但不限於上述網上專場拍賣購買指引）。競投人請特別注意下文規則第 4 條，當中載有蘇富比和賣家的法律責任限制與免除條文。
(b) 網上拍賣資訊將在網上專場拍賣開始之前識別該拍品的擁有者為 (i) 第三方（在該情況下，蘇富比將作為賣家的代理人）或 (ii) 蘇富比（在該情況下，蘇富比將以主事人之身份作為賣家行事）。在 (i) 的情況下，蘇富比向賣家提供服務，包括但不限於訂立直接存在於賣家與買家之間的銷售合約（蘇富比作為代理人代表賣家行事）。在 (ii) 的情況下，蘇富比擁有該拍品的全部或部分所有權，並且／或者可能以有抵押債權人或其他身份擁有拍品之法律、實益或財務利益。
(c) 網上拍賣資訊還將根據《歐盟消費者權利指令》表示賣家是否為當中所指的網上消費者（因此推斷並非為網上交易商）。這一點非常重要，因為《歐盟消費者權利指令》規定，若賣家為網上交易商，而買家為網上消費者，買家則有權取消購買拍品（根據本買家業務規則（網上專場）第 11 條所規定的程序）。而在賣家為網上消費者的情況下，取消購買拍品的權利並不適用，惟買家可能有權（根據《歐盟消費者權利指令》）取消蘇富比提供與購買拍品相關的若干服務（根據本買家業務規則（網上專場）第 12 條所規定的程序）。
「歐盟消費者權利指令」指歐洲議會和理事會於 2011 年 10 月 25 日就消費者權利作出的第 2011/83/EU 號指令；
「網上拍賣取消期」指網上消費者（或由網上消費者確定的人士，承運人除外）收到拍品實體翌日起計的十四 (14) 天期間；
「網上服務取消期」指自與蘇富比訂立為網上消費者提供付運服務的相關合約之日起計的十四 (14) 天期間；
「網上拍賣資訊」指拍品的資訊，包括但不限於任何拍賣前估價；任何有關出處的資訊；拍品的網上圖錄；蘇富比網站上任何可能以 PDF 格式提供的網上拍賣相關圖錄，任何蘇富比提供的拍品相關狀況報告（任何該等狀況報告均被當作包括該拍品的網上圖像）；任何在網上專場平台上刊載且與拍品或網上專場拍賣行為有關的其他資訊（包括但不限於上述網上專場拍賣購買指南）；與網上拍賣有關的任何畫面通知；
「蘇富比」指香港蘇富比有限公司，其註冊辦事處位於香港皇后大道東 183 號合和中心 54 樓；
「蘇富比公司」指美國的蘇富比及其任何附屬公司（包括位於倫敦的蘇富比）和 Sotheby’s Diamonds SA 及其附屬公司（定義見《公司條例》第 622 章第 2 條）；
「認證賬戶」指蘇富比賬戶的類別，其賬戶持有人可 (i) 登記競投；以及 (ii) 在拍賣（包括但不限於網上專場拍賣）中競投；以及
(g) 受上文規則第 3(a) 至 3(f) 條所載事項及下文規則第 4 條所載特定豁免所規限，蘇富比在網上拍賣資訊（包括但不限於與拍品相關的圖錄和任何狀況報告）中作出之明示聲明，應按照競投人在考慮到相關拍品的估價以及基於以下因素的情況下，合理期望與蘇富比作為拍賣行身份相符的審慎態度作出：
(b) 就上文規則第 3 條之事項而言及受規則第 4(a) 及 4(e) 條所規限，蘇富比公司或賣家均毋須：
(i) 對蘇富比（或任何蘇富比公司）向競投人以口述或書面提供之資料之任何錯誤或遺漏負責，無論是由於疏忽或其他原因引致，惟上文規則第 3(e) 條所載者除外；
(ii) 向競投人作出任何擔保或保證，於賣家業務規則第 2 條中賣家向買家作出之明示保證以外之任何默示保證及條件則不包括在內（惟法律規定不可免除之責任除外）；
(d) 倘涉及非同質化代幣，除上述情況，以及賣家所作出之明確陳述及保證（或會與任何已刊出之賣家業務規則不同）及蘇富比作為主事人向買家提供的真品保證之外，我方及賣家均不對以下事項作出任何陳述或保證：(1) 非同質化代幣或任何參考內容是否受版權保護；(2) 智能合約、非同質化代幣或參考內容之性質、特徵、內容、狀況、行為、操作、性能、安全性、完整性、元數據、持久性、質素、技術細節或條款，包括但不限於其任何進一步迭代；(3) 智能合約、非同質化代幣或參考內容或非同質化代幣之交付機制不存有漏洞、病毒或惡意軟件或其他有害內容，或將按照任何競投人或買家之預期或在沒有誤差或錯誤的情況下運作；(4) 參考內容之獨特性；(5) 非同質化代幣可靠、編程正確、與閣下或他人之電腦系統兼容、為最新、無錯誤、與閣下之電子錢包兼容或滿足閣下之要求，或非同質化代幣之缺陷可以或將會被糾正；或 (6) 描述非同質化代幣或參考內容之預期性能之任何模擬或影片之準確性或可靠性，無論其在我方網站上還是在任何其他平台上展示。
(iv) 閣下、我方或賣家均不會就任何特殊、後果性、間接、附帶或懲罰性之損害負責，包括（按適用情況）與規則第 4(e)(iii) 條所載之任何風險或免責屬性相關之損害。除上述情況外，對於與參考內容之損毀或損壞、非同質化代幣未能引用參考內容、或參考內容之損失、或與參考內容相關之其他安全性或持久性問題相關之任何損失，我方概不負責。
(f) 在不影響規則第 4(b) 條之情況下，競投人向蘇富比或賣家提出之任何索賠以該拍品之買入價金額為限。蘇富比或賣家在任何情況下均毋須承擔任何間接或相應而生的損失。
(g) 本規則第 4 條概不免除或限制蘇富比有關蘇富比或賣家作出之任何具欺詐成份之失實陳述，或有關蘇富比或賣家之疏忽行為或遺漏而導致之人身傷亡之責任。
(a) 閣下必須開設一個認證賬戶（根據下文 5(b) 和 5(c) 中所規定的程序），以參與網上專場拍賣競投。
(b) 如閣下未曾在蘇富比網上拍賣會上進行競投，閣下必須建立認證賬戶，方能登記參與特定的網上專場拍賣會並符合資格參與該特定的網上專場拍賣。登記流程要求閣下在希望出價的相關網上專場拍賣會之首項拍品結束前 24 小時內，提交開設認證賬戶的申請（作為申請程序的一環，閣下還需要向蘇富比提供某些資料），以建立一個認證賬戶，請按照以下網址提供的登記指示進行操作：
(d) 登記參與網上專場拍賣會後，如閣下以個人身份在網上專場拍賣會中出價，閣下承擔個人責任，並以主事人身份支付下文規則第 8(b) 條中指明的金額。如閣下以第三方的代理人身份在網上專場拍賣會中出價，閣下與主事人共同及分別承擔支付買入價的責任。
(b) 網上專場拍賣的節奏可以很快。競價投標往往進展迅速。當閣下建立好認證賬戶後，即可輸入閣下的最高出價並點擊「出價」按鈕（於網上專場平台的拍品網頁上顯示），以提交拍品出價。若閣下尚未註冊為認證賬戶持有人，屆時系統將會提示閣下進行註冊。閣下將被要求點擊「繼續確認出價」以閣下的最高出價。閣下接受並同意使用「繼續確認出價」按鈕提交投標，所提高的出價將按下文 (d) 節所列明的規定提交。
如競投人透過電腦或流動裝置對網上專場拍賣的某件拍品成功出價，競投人則不可撤銷地同意悉數支付下文規則第 8(b) 條中所列明的金額。蘇富比對競投人在競投拍品過程中出現的任何錯誤概不負責。
如閣下使用蘇富比流動應用程式進行處理，亦可透過「快速叫價」提交出價，方法包括 (i) 將「快速叫價」按鈕一直滑動至螢幕右側以提交出價；或 (ii) 點擊「快速叫價」按鈕，然後點擊「出價」按鈕。
(f) 除非蘇富比決定根據下文規則第 6(h) 條行使其酌情決定權，否則在拍賣結束時，出價最高者將成為成功競投人。這意味著當拍賣結束時，賣家和成功競投人之間已經構成了銷售合約。成功競投人將收到競投成功的電子郵件通知，以及由蘇富比根據下文規則第 8 條開立的帳單。
(i)只有在以下情況下，競投人方可取消在網上專場拍賣上提交的出價：(A) 出價後，電子圖錄中所列拍品的描述或狀況報告有重大修改；或 (B) 出價後，有關該拍品的通知已發佈在蘇富比網站上。詳情請聯絡香港蘇富比拍賣部。
(b) 蘇富比提供網上專場平台乃為方便客戶競投，而網上專場平台將由蘇富比以合理謹慎的方式運作。支援閣下經由網上專場平台參與網上專場拍賣的應用程式已針對寬頻連線（數碼用戶線路 (DSL) 或電纜解調器）進行優化。寬頻或其他互聯網容量限制、公司防火牆和其他超出我方合理控制範圍之外的技術問題或為部分用戶造成困難，包括例如經由網上專場平台進入網上專場拍賣和維持存取狀態的連續性。蘇富比不就競投人透過網絡或流動裝置使用網上專場平台進行競投時發生的任何錯誤或未能執行承擔責任（除非任何該等錯誤或未能執行在蘇富比的合理控制範圍內），包括但不限於以下原因造成的錯誤或未能執行：(i) 競投人與網上專場平台之間的任何連接中斷；(ii) 與網上專場平台相關的網上競投軟件或其他技術服務出現故障或問題；和／或 (iii) 任何網絡連接、電腦、流動裝置或系統出現故障或問題。
蘇富比還可應閣下要求以電子郵件方式向閣下發送一份包含買家運費的報價（「買家運費報價單」）至閣下在認證賬戶中登記的地址。詳情請參閱買家業務規則（網上專場）第 10 條。就國際買家而言，拍賣條款為「未完稅送貨」。如閣下所購得的拍品將運送至香港以外的地區，閣下有責任確認並向有關政府實體支付所有國際關稅、海關費用、稅項、費用和關稅，或其他需要在付運和／或送貨之前支付的費用，包括因付運而需要繳納的任何第三方費用。
(e) 除非另有協定，買家在收到蘇富比就所購得的拍品開立之相關帳單後，須即時支付該拍品的總金額，且無論如何不得遲於收到蘇富比之帳單後的 48 小時（「到期日」），即使該拍品有出口、進口或其他許可上的要求。蘇富比只接受已登記競投人的付款，我方不能更改帳單上的買家名稱或以與已登記競投人不同的名稱重新開立帳單。如閣下以公司名義登記競投，閣下的公司將需要以公司的名義以可接受的付款方式支付任何購買費用。恕不接受僅支付拍品的部分款項，或就一件拍品由多張信用卡所支付之款項。更多有關可接受付款方式的資訊，請參見上文所載列的網上專場拍賣購買指引。
對於合資格以加密貨幣付款之拍品，以加密貨幣進行的支付除須遵守上述規則第 8.1 條所載之條款外，亦受本規則第 8.2 條所載之條款所限。
(a) 我方僅接受在圖錄中指定為合資格以加密貨幣付款，或在拍賣前或期間透過任何口頭或書面公佈或通知的拍品以加密貨幣付款，亦僅接受以下加密貨幣：比特幣、以太坊及 USDC。
(b) 我方就所購拍品所發出之帳單將顯示以港幣為單位之買入價。我方亦會透過電郵提供一個連結，買家可使用該連結透過 Coinbase, Inc. (「Coinbase」) 以加密貨幣付款。
(c) 買家需要支付與港幣買入價等值之加密貨幣金額，以及買家付款時之網絡費用，惟金額由 Coinbase 按當時加密貨幣對港幣之匯率而設定或決定。
(d) 任何以加密貨幣支付的款項必須在閣下收到我方發出之帳單後十 (10) 個營業日內支付，並且必須在美國東岸時間星期一至五上午九時至中午十二時內進行（美國公眾假期除外）。
(e) 付款必須透過閣下在以下其中一個平台之名下賬戶或電子錢包進行：(1) Coinbase Custody Trust；(2) Coinbase, Inc.（包括 Coinbase、Coinbase Pro 及 Coinbase Prime 賬戶）；(3) Fidelity Digital Assets Services, LLC；(4) Gemini Trust Company, LLC；或 (5) Paxos Trust Company, LLC。恕不接受由多個電子錢包所支付之部分款項，閣下還需要提供就合理原因而要求之文件，以確認閣下持有用於付款之錢包。
(f) 沒有根據本規則第 8.2 條所支付的加密貨幣將不被接納。倘若閣下在沒有遵守本規則第 8.2 條之情況下以加密貨幣付款，我方可全權酌情決定將該等資金退還給閣下，而閣下須就所有第三方費用（包括但不限於網絡費用、稅款、轉讓費用等）承擔責任，在此情況下，我方可要求閣下以法定貨幣支付銷售金額。
(h) 倘若閣下利用電子錢包或賬戶以加密貨幣付款，則代表閣下作出以下陳述及保證：(1) 閣下擁有用於付款之電子錢包及加密貨幣；(2) 電子錢包或賬戶並非直接或間接由任何受經濟制裁、禁運或其他貿易限制的任何人託管、運營或以其他方式控制，包括由美國、歐盟、英國、聯合國安全理事會或其他適用的制裁機構（統稱“制裁”）或位於、居住或組織在被制裁的國家或地區（包括克里米亞、古巴、伊朗、北韓、敘利亞、俄羅斯聯邦和白俄羅斯）（統稱“受制裁的管轄區”）；(3) 用於競投或購買之電子錢包或賬戶內之加密貨幣或任何其他資產並非來自受制裁，或位於、居於或被安排於受制裁司法管轄區之任何人士；及 (4) 閣下以加密貨幣付款不會引致（或以其他方式導致）我方、賣家或任何其他人士違反任何制裁、打擊洗錢、打擊恐怖主義、防止賄賂或防止貪污法律，或任何其他適用之法律。
(b) 本規則第 8.3(b) 條之規定適用於非同質化代幣：
(i) 為收取非同質化代幣，閣下必須持有一個能支援及接受非同質化代幣之電子錢包，而閣下或閣下註冊競投之公司持有並有權使用該電子錢包。閣下理解並明白，並非所有電子錢包均能支援儲存非同質化代幣，倘若閣下之錢包未能支援儲存閣下所購之非同質化代幣，閣下或喪失使用該非同質化代幣之權限。閣下進一步理解並明白，倘若閣下未能在拍賣結束後五 (5) 個營業日內向我方提供能支援及接受非同質化代幣之電子錢包地址，我方可全權酌情決定，就規則第 13 (a)(ii) 條而言，將非同質化代幣視為已轉讓給閣下，就規則第 9 條而言，將非同質化代幣拍品視為買家未能支付全數款項之拍品，而閣下須就由此產生之所有第三方費用（包括但不限於保管費、保險、網絡費、稅款、轉讓費用等）承擔責任。
(ii) 當閣下滿足規則第 7 條所載之條件後，我方或賣家會將非同質化代幣轉移至閣下指定之電子錢包。閣下同意我方可要求閣下遵循安全協議，確保閣下安全收取非同質化代幣。我方會將非同質化代幣轉移至閣下指定之錢包地址，惟無責任確認閣下向我方所提供之地址是否正確或有效。倘未能轉移非同質化代幣至閣下之錢包，我方概不負責，除非轉移失敗是由於我方將非同質化代幣轉移至閣下所提供之錢包地址以外之地址。
(i) 就網上專場拍賣之拍品而言：(1) 如果我方將拍品發送予買家（使用買家就拍品指定的運送方式），則為當買家或買家指定的代理人收到拍品實體時；或 (2) 如果允許買家領取拍品，則為當買家或買家指定的代理人領取拍品時。作為買家，閣下明白如果閣下選擇行使閣下可能擁有的任何權利以取消購買該拍品的合約（按照下文規則第 11 條所規定的程序），該拍品的風險將由閣下承擔，因此閣下應該為該拍品投保直到其退回拍品予我方，以確保該拍品不會遭到損失或損毀。
(d) 我方對以下情況概不負責：(1) 閣下同意聘用之獨立承辦商在進行任何工序，包括但不限於修復、保護、定框或清潔時出現之任何損失或損毀；(2) 對覆蓋印刷品、畫作或其他平面作品的框架或玻璃造成之任何損失或損毀；或 (3) 因濕度或溫度之變化（只要我方在處理拍品時有採取合理謹慎之措施）、正常磨損、逐漸變質或固有缺陷或瑕疵（包括木蟲）、戰爭、任何作爲或恐怖主義行為（由我方之保險公司定義）、核裂變、放射性污染或化學、生物化學或電磁武器造成之任何損失或損毀。倘若拍品為非同質化代幣，除上述情況外，對於與參考內容之損毀或損壞、非同質化代幣未能引用參考內容、或參考內容之損失、或與參考內容相關之其他安全性或持續性問題相關之任何損失，我方概不負責。
(f) 所購拍品之擁有權將於蘇富比悉數收取該拍品就上述規則第 8 (b) 條規定之相關應付總金額後方可轉移。蘇富比概無責任在拍品之擁有權經轉移及提供合適之身份證明前將拍品交給買家，而提早交付拍品不會影響擁有權之轉移或買家就上述規則第 8(b) 條規定無條件支付該拍品應付總金額的責任。
(g) 如閣下未能在到期日之前按照上述規則第 8 (b) 條向我方悉數支付所購拍品之應付總金額，蘇富比將有權行使以下第 9 條所規定的任何補救方法。
(d) 將買家支付予蘇富比的任何款項作為用以支付根據上文規則第 8(b) 條買家購買該拍品或任何其他拍品的部分應付款項，或用以支付任何拍品根據下文第 (h) 段重售時的差額，或蘇富比因買家違約而遭受的任何損失；
(f) 收取由到期日至悉數收取買入價及相關買家之額外費用當日期間按不超過每月 2% 之利率計算之利息（包括作決定之前和之後）；
(g) 對買家由蘇富比公司管有之任何物品行使留置權。蘇富比於行使任何該等留置權時應知會買家，並在發出該通知之十四 (14) 天內可安排出售該物品，以及將所得款項用於彌補結欠蘇富比之金額；
(a) 如上文規則第 8 條所述，閣下將以電子郵件方式收到應閣下要求發送的買家運費報價單。閣下一旦接受買家運費報價單，並且買家在規定的付款期限內已悉數支付所購拍品款項和買家運費報價中所列的金額，蘇富比將盡快將所購拍品運送到閣下在認證賬戶中提供的地址。
(d) 在不影響上文規則第 3 及 4 條之情況下，蘇富比及賣家概不就任何拍品是否受進出口限制或任何禁運作出陳述或保證。不獲發任何許可證或執照並非取消或撤銷銷售合約或任何延遲付款之充分理由。
(a) 如果買家為網上消費者而賣家為網上交易商，則買家有權在網上銷售取消期內以任何理由取消網上交易商（作為賣家）與網上消費者（作為買家）之間直接存在的銷售合約，條件是 (i) 網上消費者在網上取消期內正式通知蘇富比，其打算取消購買該拍品；(ii) 網上消費者將拍品退還予蘇富比，不得無故拖延，且無論如何不得遲於網上消費者向蘇富比表達取消其購買拍品的意向之次日起十四 (14) 個曆日，或者，如拍品為非同質化代幣，則在閣下提交付款之後但在我方或賣家啟動將非同質化代幣轉賬至閣下指定的錢包之前（「消費者取消期」）。一旦我方或賣家啟動將非同質化代幣轉賬至閣下指定的錢包，閣下同意閣下將不再有權根據本規則的條款取消拍賣。要行使與拍品有關的消費者取消權，消費者必須 (1) 在消費者取消期結束前透過明確的聲明（例如以郵寄、傳真或電子郵件方式發送的信函，或使用規則第 12(c) 條中提供的取消表格範本）通知我方，以及 (2) 對於非同質化代幣以外的拍品，在發出取消意向通知後不遲於 14 個曆日前，將狀況與閣下或閣下代表收到當日相同的拍品交還我方。取消權不適用於購買按買家要求訂製的拍品或個人化特色明顯的拍品。
(c) 如網上消費者在網上拍賣取消期內取消銷售合約，蘇富比將償還（不得無故拖延，且無論如何在收到網上消費者根據規則第 11(a)(ii) 條所規定的時間內退回的拍品後十四 (14) 個曆日內）蘇富比自網上消費者處收到的款項（包括買入價和任何標準網上付運費用）。除非拍品已退還予蘇富比，或閣下已向蘇富比提供已退還拍品的證據，否則蘇富比將不會作出退款。請注意，拍品應以網上消費者或其代表收到物品當日相同的狀況退還予蘇富比。如果由於閣下不必要的處理造成損失，蘇富比將從退還款項中扣除所退還拍品的價值損失。
(f) 閣下應按我方指定的地址將拍賣品送回或交予我方，不得無故拖延，且無論如何不得遲於閣下通知本公司取消購買拍賣品之日起 14 個曆日。如閣下在 14 個曆日的期限屆滿之前將拍賣品送回，則可符合期限。閣下必須承擔退還拍賣品所產生的直接費用。如我方安排付運拍賣品，我方估計以相同方式退還拍賣品的費用可能與運送的費用接近，但由於我方的全球商業模式和退還方式涉及諸多變數，恕我方未能對有關費用作出更精確的判斷。
(g) 如閣下根據本規則第 11 條行使消費者取消權，且閣下曾使用加密貨幣支付任何應付款項，則閣下理解並同意，我方可酌情決定是否向閣下退還 (1) 閣下向我方支付的相同金額之加密貨幣；(2) 我方向閣下開立的發票中所列明的法定貨幣金額；或 (3) 在退款時相當於閣下支付的加密貨幣金額之法定貨幣。在任何情況下，閣下均無權就閣下提供予我方作為退款相關款項的加密貨幣價格而獲得任何升值。
(a) 如買家為網上消費者而賣家亦為網上消費者，買家則無權取消銷售合約（根據上述規則第 11 條）。然而，在網上服務取消期內，買家有權取消蘇富比同意向買家提供與閣下所購拍品有關的任何付運服務之合約，而毋須提供任何理由。
(b) 作為網上拍賣的買家，閣下可於網上服務取消期內要求蘇富比立即開始付運服務。如閣下其後決定在網上服務取消期內行使閣下取消有關服務提供的權利（根據上述規則第 12(a) 條），閣下則應向蘇富比支付一筆款項，該金額將按閣下於行使取消權利之時該等已完成的服務之價值的比例計算。蘇富比將不作無故拖延且在任何情況下，在我方獲告知閣下決定取消服務之日起十四 (14) 個曆日內，向閣下作出任何退款。除非另有明確協定，否則蘇富比將使用與網上消費者最初在交易時所選用的相同付款方式退還款項予網上消費者。蘇富比不會向網上消費者收取任何與處理退還款項相關的費用。
就任何屬於體驗活動的出售而言，蘇富比對買家的合計總責任在任何情況下均不會超過為拍品實際支付的買入價中相當於相關體驗價值的部分。買家確認並同意，在買家和蘇富比之間，在法律允許之最大範圍內，在各種情況下，買家承擔因買家購買和參與體驗而產生或與之相關的全部風險，或因履行所購買的體驗而產生或與之相關的風險。蘇富比、其聯屬公司或彼等各自的任何僱員、股東、職員或董事（均稱為「蘇富比方」）(i) 對因買家購買或參與任何體驗而產生或因使用所購得的體驗與之相關提供任何商品或服務的任何人士或實體之任何疏忽或蓄意的行為或不作為概不負責，或 (ii) 對任何個人或實體或不動產或個人財產的任何傷害、損壞或損害、財務或實體損失、死亡、不便或延誤概不負責，各自就此明確作出免責聲明，並且閣下免除各該等人士或實體之上述責任，該等責任皆由於買家購買或參與任何體驗或其他因使用所購得的體驗而產生或與之相關。
(i) 競投人及／或買家將應要求向蘇富比提供身份證明和符合蘇富比了解你的客戶 (“KYC”) 要求和/或適用法律所需的任何其他資料，否則蘇富比將視情況而定，有權不完成或取消任何拍品的銷售；
(ii) 在競投人及／或買家(A) 開展業務的司法管轄區內、以及(B) 由美國、歐盟、英國、聯合國安理會或其他相關制裁機構管理和執行之下，不受貿易制裁、禁運或任何其他交易限制，而且非由該等受制裁人士（統稱「受制裁人士」）擁有（或部分擁有）或控制；及
(b) 如競投人代另一位人士或以另一方（「主事人」）之代理人身份（在兩種情況下，均為「代理人」）競投，除非另有明確說明，否則“競投人”或“買家”應共同和分別指主事人和代理人，代理人以自身身份保證（除規則第 14 (a) 條所載列之保證以外）該保證由代理人和主事人共同和分別作出：
(v) 代理人將向蘇富比披露主事人的身份，並將應要求向蘇富比提供身份證明和任何其他資料，以符合蘇富比的 KYC 要求和/或符合有關代理人和主事人的適用法律和/或證明代理人有權代表主事人競投並約束主事人。如果代理人未能滿足蘇富比的 KYC 要求，蘇富比有權酌情不完成或取消任何拍品的銷售。
(e) 《合約（第三方權利）條例》（第 623 章）被排除於該等買家業務規則（網上專場）外，且不適用根據該等規則訂立的任何合約。
(f) 上文規則第 1 (a) 條所載資料列明有關本文主題各方之間之整份協議及就此方面之理解。雙方同意，除欺詐性失實陳述的責任外，任何訂約方均未根據此等條款倚據此等資料中未有明確提及的任何陳述、保證或承諾而簽訂任何合約。
蘇富比將持有及處理買家的個人資料，並可能會按照在蘇富比集團網站 www.sothebys.com 上公佈或可透過電郵至 email@example.com 索取的蘇富比私隱政策中所述的用途，與其他蘇富比集團成員公司分享買家的個人資料。閣下同意蘇富比根據蘇富比私隱政策收集、使用及披露閣下之個人資料。
監管法例 - 該等買家業務規則（網上專場）及其有關或適用之所有事宜、交易或紛爭之各方面（包括本規則所適用的拍賣會之任何網上競投）均受香港法例規管並按其詮釋。
司法管轄權 - 所有競投人及賣家同意香港法院擁有專有司法管轄權，調解所有因與該等買家業務規則（網上專場）有關或適用之所有事宜或交易之各方面而產生之紛爭。各方均同意蘇富比將保留權利在香港法院以外之任何法院提出訴訟。
送達法律程序文件 - 所有競投人及賣家不可撤回地同意透過傳真、面送方式、郵寄或香港法例、送達地點之法例或提出訴訟之司法權區之法例允許之其他方式，將有關任何法院訴訟之法律程序文件或任何其他文件送發至買家或賣家知會蘇富比之最新地址或任何其他常用地址。
適用於所有物品 (珠寶除外 - 適用於珠寶之真品保證在下方列出)
就此而言，根據蘇富比合理之意見，「贋品」指仿製之拍賣品，欺騙作品出處、原產地、日期、產出年數、年期、文化或來源等各方面，而上述各項之正確描述並無收錄於目錄內容（ 考慮任何專有詞彙 ）。拍賣品之任何損毀及／ 或任何類型之復元品及／或修改品（ 包括重新塗漆或在其上塗漆 ），不應視為贋品。
(ii) 於拍賣日期，證明該物品乃膺品之唯一方法，是有關工序並非當時普遍可用或認可、價格極高或用途不切實際;或可能已對拍賣品造成損壞或可能( 根據蘇富比合理之意見 )已令拍賣品喪失價值之方法;或
本保證所規定之年期為有關拍賣日期後五 (5) 年，純粹提供給買家之獨享利益，且不可轉移至任何第三方。為能依據本保證申索，買家必須：
(i) 在收到任何導致買家質疑物品之真偽或屬性之資料後三 (3) 個月內以書面通知蘇富比，註明拍賣品編號、購買該拍賣品之拍賣日期及被認為是贋品之理由；及
本保證所規定之期限為有關拍賣日期後二十一 (21) 日，純粹提供給買家之獨享利益，且不可轉移至任何第三方。為能依據本保證申索，買家必須：
(i) 於該二十一 (21) 日期間內，以書面通知蘇富比不相信該寶石或珍珠為真實或原屬天然之理由，註明拍賣品編號及買該拍賣品之拍賣日期；及
(iv) 倘物品並無分類，則蘇富比對其所屬期間存疑或認為其屬於19 或20 世紀。
(v) 有關亞洲硬木，『 黃花梨 』、『 花梨 』、『 紅木 』、『 紫檀 』等在標題中以單引號加粗或大寫的術語均為基於外觀而做出的描述性鑑定，並非指某一特定科學物種。