Fine Arts Jewelry Watch Antiques Auction

The terms and conditions of sale provided herein shall govern any proposed or actual contract for the sale of property between a buyer or prospective buyer and Freda?s auction limited as agent for the person who has consigned the property to Freda?s auction limited for sale (the ?Consignor?). The property shall be offered and sold in groupings or partitions as determined by Freda?s auction limited (the ?Lot?). 1.A prospective buyer making a successful bid on the Lot (the ?Buyer?) acknowledges that Freda?s auction limited acts exclusively as the agent for the Consignor. Freda?s auction limited has relied solely upon the representation of the Consignor as to legal title to, the right to possession of, and the absence of charges or encumbrances against the Lot (?Good Title?) and makes no representation and offers no warranty of Good Title to the Buyer. No representation is made to the Buyer that the Buyer of a Lot will acquire any copyright or other reproduction right in the Lot. 2.Any statements about or descriptions of the Lot by Freda?s auction limited are purely statements of opinion and are not intended to constitute a representation to any Buyer or prospective buyer and no warranty of the correctness of such description is made. All photographic reproductions of the Lot provided by Freda?s auction limited are solely for reference and may not disclose imperfections in the Lot. All lots are sold ?as is? and ?where is? and without recourse. An opportunity for inspection of each Lot is offered by Freda?s auction limited prior to the time of sale. It is the responsibility of the Buyer or prospective buyer to inspect or have inspected each Lot upon which he wishes to bid, and to rely upon this inspection or upon the guidance of his own advisers in making any bid for the Lot. No sale shall be rescinded for failure of the Lot to conform to the description or statement of Freda?s auction limited or to the image of the Lot as provided by Freda?s auction limited. 3.If the Buyer or prospective buyer is unable to personally view any Lot, Freda?s auction limited may, upon request, e-mail or verbally provide a condition report describing the Lot to the Buyer or prospective buyer. A condition report is only a matter of opinion and is non-exhaustive and Freda?s auction limited shall not be liable for any error or omission contained therein. A condition report does not alter the responsibility of the Buyer or prospective buyer to satisfy himself as to the condition of the Lot as provided under Section 2 herein. Freda?s auction limited shall not update or provide a condition report on any Lot after the sale of the Lot 4.Notwithstanding Section 2, if a Lot has been represented by Freda?s auction limited as genuine or authentic and if, within fourteen (14) days of the sale of the Lot, the Buyer gives written notice to Freda?s auction limited that the Lot is not genuine or authentic, returns the Lot to Freda?s auction limited in the same condition as at the time of sale, provides (at the cost of the Buyer) a written opinion of two qualified persons acceptable to Freda?s auction limited that the Lot is not genuine or authentic, and provides a written request for rescission of the sale of the Lot, then the sale of the Lot shall be rescinded and the Purchase Price paid by the Buyer for the Lot shall be returned to him 5.The price to be paid by the Buyer to Freda?s auction limited for the Lot (the ?Purchase Price?) shall be the total of: (a) the amount of the bid of the Buyer for the Lot that was accepted by Freda?s auction limited (the ?Bid Price?); (b) a premium of 18% of the Bid Price (the ?Buyer?s Premium?); (c) applicable sales tax as provided in Section 6; and (d) any other cost, charges, or expenses as provided herein. The Buyer?s Premium shall also be 18% of the Bid Price if the Buyer has bid for the Lot online. All amounts payable herein shall be paid in US dollars and any risk or cost of currency exchange or conversion shall be the responsibility of the Buyer. 6.The Buyer is required to pay the sales and other taxes applicable (?VAT?) on the Purchase Price for the sale of the Lot. All or part of the VAT may be exempt on the sale if the Lot is shipped outside of Hong Kong. It is the Buyer?s obligation to advise Freda?s auction limited of the intention to claim an exemption or partial exemption of VAT, to demonstrate its entitlement to the exemption or partial exemption of VAT to the satisfaction of Freda?s auction limited, and to provide documentation as required by Freda?s auction limited prior to payment of the Purchase Price and delivery of the Lot. Where the Buyer has claimed an exemption or partial exemption of VAT the Buyer shall fully indemnify Freda?s auction limited for any amount claimed by any taxing authority for VAT due upon the sale of the Lot, including costs, interest, and penalties. 7.Every Buyer or prospective buyer must register with Freda?s auction limited prior to the auction and be accepted by Freda?s auction limited as a bidder. If the Buyer or prospective buyer intends to bid online at the auction, the Buyer or prospective buyer shall register with Liveauctioneers (or such other auction service as may be designated by Freda?s auction limited from time to time) prior to the auction and be accepted by Freda?s auction limited as a bidder. Absentee Buyers or prospective buyers unable to participate directly in the auction must register with Freda?s auction limited prior to the auction, provide Freda?s auction limited with bidding instructions acceptable to Freda?s auction limited and be accepted by Freda?s auction limited as an absentee bidder. Freda?s auction limited may require evidence of identity or other information deemed necessary by Freda?s auction limited to confirm the bona fides and financial status of the Buyer or proposed buyer before accepting any Buyer or prospective buyer as a bidder, an online bidder or an absentee bidder for an auction (a ?Bidder?). The registration by the Buyer or prospective buyer as a Bidder shall constitute the Buyer or prospective buyer?s consent to be bound by the terms and conditions of sale as provided herein. 8.The Buyer or prospective buyer represents and warrants to Freda?s auction limited that all contact details and other information provided in the registration process are complete and accurate and, except as otherwise expressly accepted by Freda?s auction limited, that the Buyer or prospective buyer is bidding at the auction on his own behalf. Freda?s auction limited reserves the right to refuse to accept the Buyer or prospective buyer as a Bidder for any reason and to request a deposit of up to $5,000.00 (in form acceptable to Freda?s auction limited) to be provided by the Buyer or prospective buyer before acceptance as a Bidder (the ?Deposit?). Freda?s auction limited may apply the Deposit paid by a Buyer to the payment of the Purchase Price for a Lot sold to the Buyer. 9.Freda?s auction limited retains the right, in its sole discretion, to: (a) withdraw a Lot from sale, to divide any Lot or to combine any two or more Lots at any time and without notice to any Bidder; (b) regulate and control the bidding of a Lot and to advance the bids for the Lot in whatever intervals it considers appropriate for the Lot or to halt bidding on the Lot, including without limitation the right to refuse any bid; (c) agree with the Consignor to an unpublished minimum price for any Lot (the ?Reserve?), to alter the Reserve at any time upon agreement with the Consignor, and to refuse any bid that does not meet the Reserve; (d) accept absentee or telephone bids for a Lot, and to bid on the auction of a Lot on behalf of the Consignor or any absentee Bidder; (e) to conclude the sale of a Lot and identify the highest Bidder as the Buyer of the Lot; (f) in the case of any dispute or error related to bidding on the Lot, whether during or after the auction, continue the bidding, determine the successful Bidder of the Lot (the Buyer), cancel the sale of the Lot, or reoffer and resell the Lot in the same or subsequent auction or private sale. The determination of Freda?s auction limited in the exercise of discretion herein shall be final. 10.Every Bidder acknowledges that once a bid has been made by the Bidder or by Freda?s auction limited on behalf of an absentee Bidder, the bid may not be withdrawn without the consent of Freda?s auction limited, and that such consent may be withheld by Freda?s auction limited in its sole discretion. Once the Bidder has been identified by Freda?s auction limited as the Buyer of a Lot, the Buyer shall pay the Purchase Price for the Lot to Freda?s auction limited. 11.The Buyer shall make payment of the Purchase Price for the Lot to Freda?s auction limited within seven (7) days of the date of sale of the Lot. Payment of the Purchase Price shall be made by wire transfer or bank draft. Any fee cost or expense payable by Freda?s auction limited in respect of its receipt of a wire transfer or bank draft shall be paid by the Buyer to Freda?s auction limited as part of the Purchase Price.Freda?s auction limited may process any Deposit made by the Buyer as partial payment for the Purchase Price of the Lot at any time after the sale of the Lot but prior to full payment of the Purchase Price. Any amount of the Purchase Price that has not been paid by the Buyer within ten days of the date of sale of the Lot shall accrue interest at a rate of 2% per month. 12.Title to the Lot to the Buyer shall pass and release of the Lot to the Buyer or his agent shall occur only upon payment to Freda?s auction limited by the Buyer of the Purchase Price. The risk of loss or damage to the Lot shall pass to the Buyer at the time of sale at the auction of the Lot and the Lot shall be held by Freda?s auction limited at its premises or at a third-party storage area at the sole risk of the Buyer until release of the Lot to the Buyer or rescission of the sale of the Lot. 13.The Buyer shall collect the Lot and remove it from the premises of Freda?s auction limited within seven (7) days of the date of sale of the Lot. The Buyer shall provide Freda?s auction limited with any authorization deemed necessary by Freda?s auction limited to release the Lot to a person claiming to be acting as an agent of the Buyer. It is the sole responsibility of the Buyer to make arrangements for the insuring, packing, and removal of the Lot and any assistance by Freda?s auction limited, its agents or contractors, in packing or removal shall be rendered by them as a courtesy and without any liability to Freda?s auction limited for loss or damage to the Lot. 14.If the Buyer fails to either pay the Purchase Price for the Lot or to remove the Lot from the premises of Freda?s auction limited after the expiration of seven (7) days of the date of the sale of the Lot, Freda?s auction limited may, in its sole discretion and without limiting any other rights Freda?s auction limited or the Consignor may have by law: (a) rescind the sale of the Lot and determine whether or not to resell the Lot or cause it to be resold, either by auction or by private sale, with any deficiency to be claimed from the Buyer; (b) store the Lot at the sole risk and expense of the Buyer at the premises of Freda?s auction limited or at a third-party storage area; and (c) apply any amount owing by Freda?s auction limited to the Buyer for any reason to the outstanding amount owed by the Buyer to Freda?s auction limited for the Lot and retain and exercise a lien over any other lot sold to or consigned by the Buyer at the same or any other auction as security until full payment for the Lot has been made by the Buyer. 15.(a) The Buyer is responsible for the payment of all import duties, fees, or taxes that may be payable on the export of any Lot outside of Hong Kong. (b) The Buyer understands and acknowledges that the purchase or delivery of any Lot may be affected by the provisions of the Cultural Property Export and Import Act (Hong Kong) and by the restrictions existing on the import and export of species protected under the Convention on International Trade in Endangered Species. Compliance with these provisions is the sole responsibility of the Buyer and, without limitation, Freda?s auction limited makes no warranty as to the ability of the Buyer to export the Lot outside of Hong Kong 16.These terms and conditions shall be governed by the laws of Hong Kong applicable therein.