AUCTION TERMS AND CONDITIONS
Both Buyers and Sellers must carefully read the following terms contained in the catalogue, as well as the specific meanings of words and phrases defined in Section C7.
A. BUYER
The Auction House (Macau Dorothy International Auction Co., Ltd.) acts solely as the agent of the Seller.
Bidders and Buyers
(a) “Bidder” means any individual or enterprise that has completed the necessary registration procedures with the Auction House and has been confirmed by the Auction House as eligible to participate in the auction.
(b) Any Bidder wishing to participate in an online auction through the website must complete the required registration on the relevant website and pay the required deposit before being permitted to bid.
(c) The Auction House reserves the right to establish conditions at any time and to refuse any Bidder or person entry to or continued presence at the auction venue. The Auction House also reserves the right to approve or cancel any Bidder’s participation in an online auction.
(d) Subject to the applicable Reserve, the highest bidder recognised by the Auction House shall become the Buyer.
(e) The Auction House reserves the right to refuse any bid. If any dispute arises concerning the highest bid, the auction lot shall continue to be offered for sale from the highest undisputed bid.
(f) Once a bid has been made, it may not be withdrawn. Each subsequent bid must not be lower than the preceding bid.
(g) A Bidder shall be deemed to be acting as principal unless the Auction House receives written notice before the auction date confirming that the Bidder is acting on behalf of another principal. Such notice must clearly identify the person represented by the Bidder.
Catalogue Descriptions
(a) Any description or statement made by the Auction House, whether orally or in writing, in the catalogue or on the website concerning the age, artistic merit, mounting, artist, condition, date, estimate, authenticity, materials, provenance, attribution, origin or dimensions of any auction lot is an expression of opinion provided solely for the Buyer’s reference. The Auction House gives no guarantee in respect of such statements.
(b) Due to photography and printing processes, the colour, tone, gradation and other characteristics of an auction lot shown in the catalogue may differ from the original. The actual auction lot shall prevail.
(c) Buyers must carefully inspect any auction lot in which they intend to bid before the auction, understand its actual condition and circumstances, and accept responsibility for their own bidding decisions.
Buyer’s Premium
After an auction lot is sold, the Buyer shall immediately pay the Buyer’s Premium to the Auction House at the applicable rate. The current Buyer’s Premium is between ten percent (10%) and fifteen percent (15%) of the Purchase Price.
The Buyer acknowledges and agrees that the Auction House may also charge a commission to the Seller in accordance with Section B4.
The Auction House reserves the right to adjust the applicable rates from time to time. Any adjustment shall take effect once the revised rates have been published in the catalogue and on the website at least ten days before the auction.
Payment
After the auction, the Buyer shall immediately:
(a) provide the Auction House with the Buyer’s name, address and any other information required by the Auction House;
(b) pay all amounts due to the Auction House, unless the Buyer and the Auction House have previously entered into a written deferred payment arrangement.
Currency
Unless otherwise specified, all auctions and transactions shall be conducted in Hong Kong Dollars.
Delivery and Collection of Auction Lots
(a) Upon the Buyer’s full payment of all amounts due, the Auction House will release the relevant auction lot to the Buyer.
(b) For local Buyers, the Auction House will provide free delivery service.
(c) For overseas Buyers, the Auction House will charge applicable shipping and insurance costs. The Auction House will provide a quotation based on the Buyer’s delivery address, selected shipping method and required insurance coverage.
(d) The packaging and handling of any sold auction lot are services provided by the Auction House for the convenience of the Buyer. The Buyer shall bear full responsibility for the auction lot. If the auction lot suffers any loss or damage during packaging or handling, whether caused by negligence of the Auction House or for any other reason, the Auction House shall not be responsible.
Responsibility for Sold Auction Lots
From the earlier of the date on which the Buyer takes possession of a sold auction lot or the date on which the Buyer has paid all amounts due, the Buyer shall assume all responsibility for the sold auction lot.
After that time, the Auction House, its employees and agents shall not be responsible for any loss or damage to the sold auction lot, whether caused by negligence or any other reason.
Remedies for Non-Payment or Failure to Collect Sold Auction Lots
If the Buyer fails to pay all amounts due for a sold auction lot in accordance with Section A5 and/or fails to collect the sold auction lot in accordance with Section A7, or breaches any deferred payment arrangement, the Auction House may, without further notice to the Buyer and without prejudice to any other rights available to the Auction House, at its discretion exercise one or more of the following rights and remedies:
(a) Claim compensation from the Buyer for losses arising from the Buyer’s breach of contract.
(b) Cancel any sale entered into by the defaulting Buyer at the same auction or at any other auction.
(c) If the auction lot is subsequently resold by public auction or private sale, the defaulting Buyer shall compensate the Auction House for the difference between the two sale prices and all costs incurred in connection with the resale. Any surplus remaining after deduction of such costs shall belong to the Seller.
(d) The Auction House may, at its discretion, move or store the relevant auction lot at its own premises or elsewhere and arrange insurance for the auction lot. The defaulting Buyer shall pay all applicable insurance costs.
(e) If the Buyer has failed to pay all outstanding amounts within one working day after the payment due date, the Auction House may require the Buyer to pay interest at a rate equal to the prime lending rate of The Hongkong and Shanghai Banking Corporation Limited plus two percent (2%).
(f) Retain any auction lots purchased by the Buyer at the same auction or any other auction until the Buyer has paid all outstanding amounts in full.
(g) Apply any proceeds or other property belonging to the defaulting Buyer, whether currently due or becoming due at any time, towards payment of all outstanding amounts. The Auction House shall have a lien over any property of the defaulting Buyer delivered to or held by the Auction House.
(h) Refuse or disregard any bid made by the defaulting Buyer or the Buyer’s representative in any future auction.
Warranty
(a) Before the auction, the Buyer should independently investigate the condition of each auction lot and determine its authenticity. All auction lots are sold “AS IS”. Except for the responsibilities expressly accepted by the Auction House under these Terms and Conditions, neither the Auction House, the Seller, nor their respective employees or agents shall be responsible for any description or authenticity of any auction lot.
The Seller and its respective employees and agents give no warranty in respect of any auction lot, and all express or implied terms and warranties are excluded to the fullest extent permitted by law.
(b) If the Buyer proves that an auction lot purchased is a counterfeit, the sale may be cancelled and all amounts paid by the Buyer may be refunded in full, excluding any interest earned during the relevant period, provided that all of the following conditions are satisfied:
(i) The Buyer returns the auction lot to the Auction House within seven days after the end of the auction, and the condition of the auction lot must be the same as it was on the auction date;
(ii) The Auction House also agrees that the auction lot is a counterfeit;
(iii) The Buyer must have unrestricted ownership of the returned auction lot and must be legally entitled and able to transfer good and marketable title to the auction lot free from any lien, charge or other encumbrance;
(iv) The Buyer shall not be entitled to claim compensation from the Auction House for any direct or indirect loss arising from the transaction;
(v) Any refund shall not be transferred or assigned and shall be paid only to the Buyer, being the original purchaser named on the invoice for the relevant auction lot.
(c) Without limiting the general principles of these Terms and Conditions, Buyers should note that neither the Auction House nor the Seller gives any express or implied warranty or representation concerning any auction lot relating to watches or timepieces.
The Auction House and the Seller do not guarantee the merchantability, authenticity, attribution, provenance, condition, production year or manufacturing year of such auction lots.
No description contained in the catalogue shall be deemed to constitute a warranty or representation.
B. SELLER
Discretion of the Auction House
The Auction House may, at its sole discretion, determine:
(a) whether any auction lot shall be offered for auction;
(b) whether an auction lot is suitable for auction and, if so, determine the place, time, conditions and form of the auction;
(c) the description of any auction lot in the catalogue and on the website;
(d) whether expert opinions should be obtained;
(e) any image display fees for photographs published in the catalogue or on the website shall be borne by the Seller.
Warranties and Indemnity
The Seller must warrant that the description of each auction lot is true and accurate and that the auction lot is authentic and conforms to its description.
The Seller must provide the Auction House with good and marketable title to the auction lot and ensure that title can be transferred to the Buyer free from any lien, charge or other encumbrance.
Insurance
Unless otherwise instructed by the Seller, in which case the Seller shall assume full responsibility, the Auction House will arrange insurance for all auction lots on behalf of the Seller.
The insurance shall cover fire and theft for an amount equal to the Reserve or, where the auction lot has been sold, the Purchase Price, whichever is higher, and the Auction House shall determine the period of insurance coverage.
The insurance premium payable by the Seller shall be no less than one percent (1%) of the low estimate of the auction lot.
The above insurance policy shall be issued for the benefit of the Auction House.
Commission and Expenses
The Seller agrees and authorises the Auction House to deduct the following amounts from the Purchase Price of each auction lot:
(a) A commission of ten percent (10%) of the Purchase Price of each auction lot, or a minimum commission of HKD 200 per auction lot, whichever is higher;
(b) One percent (1%) insurance premium and other related expenses as described in Section B3;
(c) Photography, image display and advertising expenses;
(d) Any expenses agreed by the Seller for cleaning, restoration, repair, authentication and other services.
Net Sale Proceeds
The Auction House shall pay the Seller the net sale proceeds after deducting the commission and expenses specified in Section B4.
Payment shall be made within thirty-five days after the auction or within thirty-five days after the Buyer has paid all amounts due for the auction lot, whichever is later.
Withdrawal of Auction Lots
After the Auction House has instructed the catalogue to be printed, the Seller may not withdraw any previous instruction unless the Seller agrees to pay the Auction House an amount equal to ten percent (10%) of the Reserve of each auction lot as commission and expenses.
Unsold Auction Lots
If an auction lot remains unsold, the Auction House will notify the Seller.
The Seller may elect either to offer the auction lot for auction again or to pay all applicable expenses and collect the auction lot.
If the Seller fails to take either of these actions within fourteen days after the originally scheduled auction date, the Auction House may notify the Seller as follows:
(a) Seven days after the Auction House’s notice, the Seller shall be responsible for all moving, storage and insurance expenses incurred thereafter.
(b) Three months after the Auction House’s notice, the Auction House shall have the right to resell the auction lot by public auction or private sale on such terms as it considers appropriate.
The Auction House may deduct from the net proceeds of the second sale all amounts owed by the Seller to the Auction House, including the moving, storage and insurance expenses referred to in Section B7(a), the expenses of the first auction, the commission and expenses of the second auction, and any other reasonable charges.
Any remaining balance shall then be paid to the Seller.
If the Auction House is unable to contact the Seller, the remaining balance may be deposited into a bank account maintained by the Auction House on behalf of the Seller.
Cancellation of Sale
If, before the Auction House pays the net sale proceeds to the Seller, the Buyer makes a claim under Section A10(b) that an auction lot is a counterfeit and the Auction House agrees with such claim, the Auction House shall cancel the sale and refund to the Buyer all amounts paid by the Buyer in connection with the purchase of the auction lot.
C. GENERAL TERMS
The Auction House acts solely as the agent of the Seller and shall not be responsible for any breach of contract by either the Buyer or the Seller.
The Auction House will exercise reasonable care in verifying the information and descriptions contained in the catalogue and on the website. However, the Buyer may not cancel a sale on the grounds of any defect or deficiency in an auction lot or any inaccuracy in its description. The Auction House shall not be liable for any compensation arising from any error in data or any shortage in quantity.
The Auction House shall have absolute discretion to combine auction lots, separate auction lots, withdraw any auction lot or otherwise determine the manner in which auction lots are offered for sale.
Any indemnity or compensation protection provided under these Terms and Conditions to a person entitled to compensation shall extend to all actions, proceedings, costs, expenses, claims and demands arising from the relevant matter.
Any notice issued by the Auction House to any Seller, consignor, Bidder or Buyer may be sent by prepaid post or courier to the address in Hong Kong or Macau provided to the Auction House, or by air mail or courier to an address outside Hong Kong or Macau.
Any notice shall be deemed to have been received one week after dispatch.
Notices may also be sent by fax to the fax number provided or by email to the email address provided.
These Terms and Conditions and all transactions and matters arising from or relating to them shall be governed by the laws of the Hong Kong Special Administrative Region.
The Auction House and all other relevant parties agree that the courts of the Hong Kong Special Administrative Region shall have exclusive jurisdiction.
In these Terms and Conditions:
(a) “Auction House” means Macau Dorothy International Auction Co., Ltd.
(b) “Catalogue” means all advertisements, posters, brochures, estimates, price lists and other publications.
(c) “Website” means the official Dorothy Auctions website at https://www.dorothyauctions.com.
(d) “Purchase Price” means the amount determined by the Auction House when the auctioneer makes the final bid and knocks down the auction lot to the Buyer.
(e) “Sale Proceeds” means the Purchase Price of a successfully sold auction lot together with the Buyer’s Premium, shipping charges, insurance charges and other related expenses, as well as any additional expenses arising from a defaulting Buyer under Section A9, calculated in Hong Kong Dollars.
(f) “Counterfeit” means an item made or produced in imitation of another item with the intention of deceiving as to the author, style, origin, date of production, age, period, culture or provenance, where such fact has not been disclosed in the catalogue or on the website, and where, as at the auction date, the value of the item is substantially lower than that of the item it imitates.
(g) “Net Sale Proceeds” means the amount payable to the Seller after the Auction House deducts from the “Purchase Price” the commission under Section B4(a), the expenses under Sections B4(b), (c) and (d), and any other fees payable by the Seller to the Auction House.
(h) “Listed Rate” means the commission rate determined by the Auction House for the relevant auction.
(i) “Expenses” means the insurance premium under Section B3, image display fees, special advertising expenses, cleaning, restoration, repair, authentication and other service fees under Sections B4(b), (c) and (d), and any other applicable charges imposed by the Auction House in connection with the auction lot.
(j) “Estimate” means the approximate market value of an auction lot provided by the Auction House before the auction for the convenience of customers.
An estimate is intended only as a guide to the approximate market value of an auction lot and shall not be regarded as a selling price or guaranteed value.
Bidding will normally commence at approximately one-third or one-half of the estimate, but the final Purchase Price may be lower or higher than the estimate.
The Auction House may amend any provision of these Terms and Conditions from time to time.
Any amendment shall be published in the catalogue or on the website and shall take effect seven days after publication.
Customers are responsible for carefully reviewing all notices and amendments.
If a customer continues to participate in auctions or use the website services after an amendment has been published, the customer shall be deemed to have accepted the amended Terms and Conditions.
If a customer does not agree to any amendment, the customer should cease participating in auctions and discontinue use of the website services.
The website may be affected by various factors beyond the reasonable control of the Auction House and the website service provider.
Accordingly, the Auction House cannot guarantee that the website services will be continuous, uninterrupted or secure.
Macau Dorothy International Auction Co., Ltd. reserves the final right of interpretation of these Auction Terms and Conditions.
