InterAsia Auctions
1. The auction takes publicly. The placing of a bid constitutes acceptance in full of these Conditions of Sale by the bidder.
2. InterAsia Auctions Limited (InterAsia Auctions) is acting as agent for the respective sellers of the lots in the auction. All lots are offered subject to a reserve, below which the lot will not be sold.
3. The highest bidder acknowledged by InterAsia Auctions shall be the buyer (provided the lot’s reserve is met). A buyer’s premium of 15% shall be added to the hammer price of each lot.
4. InterAsia Auctions has the right to reject any bid, to advance the bidding at its discretion, to withdraw or divide any lot, to combine any two or more lots, to deviate from the lotting order, and in the event of a dispute, to determine the successful bidder, to continue the bidding, or to reopen the lot. InterAsia Auctions’ decision in such case shall be final and binding. InterAsia also has the right to refuse entrance to the auction to any person without giving any reason, as well as to require any person to leave the auction.
5. InterAsia Auctions will execute written bids submitted prior to the auction and, in its discretion, bids provided to it by telephone before the auction (which should be confirmed in writing), but it and its staff shall not be responsible for any failure or error in executing such bids. In the event InterAsia Auctions receives identical bids for a lot, the first bid received shall be the successful bid. No “buy” bids will be accepted.
6. A bidder acting as an agent on behalf of a third party must advise InterAsia Auctions of this prior to the auction and shall be responsible for all purchases made on behalf of his clients unless otherwise agreed to in writing by InterAsia Auctions prior to the auction. InterAsia reserves the right to require agents to provide proof of their authority and to reject any bids from the agent.
7. InterAsia Auctions will endeavor to accommodate those bidders who wish to bid by telephone, subject to staff availability. Interested bidders should make arrangements with InterAsia Auctions at least 48 hours prior to the auction. InterAsia Auctions and its staff will not be responsible for any failure or error in executing telephone bids.
8. The lots offered in the auction catalogue can be inspected by potential bidders prior to the auction at public viewing as set forth in the auction catalogue. Viewers will be responsible for any damage caused by them in the viewing.
9. The sale shall be conducted in Hong Kong dollars. Any currency converter at the auction is for general reference and convenience only. InterAsia Auctions shall not be responsible for any error or inaccuracy on the currency converter.
10. Payment of lots is due within 5 days from the auction date, except in the case of postal or other bids that InterAsia Auctions executes on behalf of bidders not present at the auction, such payment is due on presentation of InterAsia Auctions’ invoice for the lots. Lots will not be given or sent to buyers until payment in full. All amounts and invoices are payable in Hong Kong dollars. Foreign currencies will be accepted only if agreed to by InterAsia Auctions and in such case the buyer shall pay all bank charges and bear any costs arising from exchange rate differences.
11. All invoices that are not paid within 30 days after the auction shall be subject to a 5% late fee and shall also bear interest at the rate of 1½% per month from the date of the auction. If lots are not paid for in full within 30 days after the auction, InterAsia Auctions shall have the right to exercise one or more of the following rights and remedies: (a) to cancel the sale, (b) to resell the lots at public or private sale, with the defaulting buyer to be responsible for any loss from the resale and all costs and expenses in connection therewith, (c) to apply any amounts received from the buyer or owing to the buyer from InterAsia Auctions against the amounts owing to InterAsia Auctions, or (d) to sue the buyer for breach of contract. The buyer shall be responsible for all costs and expenses, including legal fees and collection costs, incurred by InterAsia Auctions in collecting on defaulted invoices and delinquent accounts.
12. The descriptions in the catalogue are statements of opinion and do not constitute any guaranty or warranty. The buyer may return any lot that is misdescribed, so long as the buyer notifies InterAsia of his intention to return the lot and the reason for the return within 7 days of his receipt of the lot (but in no event later than 30 days after the auction) and so returns the lot within 7 days thereafter and the lot is received by InterAsia Auctions in its original condition and has not been altered. If InterAsia Auctions disagrees with the proposed return, the item shall be submitted for expertisation in accordance with clause 13 at the buyer’s expense, except if the item receives a negative opinion, the buyer shall not be responsible for such expertisation cost. Lots that are illustrated in the catalogue may not be returned for centring, margins, short or blunted perforations, or other details visible from the illustration, nor may lots be returned because the colour does not match the colour reproduction in the auction catalogue or on the website. Lots described as having any fault or defect may not be returned for any faults that were not described. No lots may be returned for any reason whatsoever after thirty (30) days from the auction, except for lots put on extension per clause 13. In addition, the following lots may not be returned for any reason: (a) lots containing 5 or more stamps or items (other than a set of stamps) and (b) lots offered “as is.”
13. The buyer may only return a lot on the basis that it is not genuine if the item is placed on extension and the item receives an opinion that it is not genuine from the expertiser, all in accordance with this clause 13. Buyers who wish to get an expert opinion on an item must (a) notify InterAsia in writing within 20 days after the auction that the item is to be expertised (and any expert that the buyer proposes the item to be submitted to), (b) promptly return the lot to InterAsia Auctions in its original condition for submission for expertisation (if the lot has already been sent to the buyer) and (c) pay for the lot in full at the time of the expertisation request. InterAsia Auctions will submit all items for expertisation under this clause 13 to an expert chosen by it, in consultation with the buyer. The buyer shall be responsible for all costs for the expert opinion, except if the item receives an adverse opinion and the sale is cancelled. If the expert issues an adverse opinion that the item is not as described in the auction catalogue, the sale will be cancelled and the buyer will be refunded the purchase price (hammer price plus buyer’s premium) for the lot. Lots containing 5 or more stamps or items (other than a set of stamps) and lots offered “as is” may not be returned for any reason as provided in Clause 12. Items with an expert certificate dated within the last five years are not subject to return for reason of genuineness or any other reason, nor will any item described as have any fault or defect be returnable for any faults mentioned in the expert opinion that were not described. No lot will be accepted as a return from expertisation if the item is indelibly marked as altered or fraudulent by the expertiser.
14. A lot is at the buyer’s risk at and from the time the lot is “knocked down” to the buyer at the auction, but title (ownership) shall not pass to the buyer until payment in full. Lots may be picked up at InterAsia Auctions’ offices the first business day after the auction during normal business hours. Lots sold to postal or other bidders not present in person at the auction will be sent by courier service, registered mail or other means at the buyer’s risk and expense. Lots that are not collected within 30 days after the auction shall be assessed storage charges.
15. InterAsia Auctions’ liability to any buyer, bidder or potential bidder is limited to refunding the purchase price for misdescribed and not genuine items under and in accordance with clauses 12 and 13. Any claim against InterAsia Auctions or the seller of a lot thereunder is limited to the purchase price (hammer price plus buyer’s premium) for the lot. Neither InterAsia Auctions nor the seller of a lot shall under any circumstances be liable for any consequential losses.
16. These Conditions of Sale and the respective rights and obligations of the parties shall be governed and construed in accordance with Hong Kong law, and the buyer (including for such purposes agents) hereby submits to the non-exclusive jurisdiction of the Hong Kong courts.
© Interasia Auctions Limited
