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Conditions of Sale
1. The auction will take place publicly and voluntarily.
Participation means acceptance in full of the Terms of Auction,
considered as known, of ZURICH ASIA (hereafter referred to
as the auctioneer) by the Purchaser (hereafter also referred to as
the Bidder or Buyer).
2. All lots mentioned in the catalogue may be inspected by
Bidders before the auction. The Bidder will be held responsible
for any damage caused during the viewing. The Auctioneer has
absolute discretion to deviate from the lotting order, to combine
two or more lots or to withdraw any lot from the auction.
The estimated prices in the catalogue are not binding. The
Auctioneer is also authorized to refuse any person’s attendance
at the auction without giving any reason.
3. The lots are described with greatest care and to the best of
the Auctioneer’s knowledge. The descriptions do not, however,
constitute any particular guarantee. The catalogue illustration
prevails as regards the margin, centring, separation and postmark
of the stamps. Claims concerning quality and authenticity
of single lots must be made immediately by the Buyer being
personally present or in writing within seven days of the date of
the auction. In the case of written bids for single lots must be in
writing within three days after receipt of the invoice or goods. In
the case of collections or collective lots containing two or more
stamps which are not described individually, no claims will be
accepted regarding quality and authenticity. Complaints must
also be refused if the stamps are not returned in the original
condition, or if they have been altered afterwards by the Buyer,
except in the case of marks made by a recognised expert who is
responsible for his errors.
The bidding for single lots which have been newly certified
by an expert denotes the acceptance of the certificate by the
Buyer, and in this case the Auctioneer cannot be held liable.
If a prospective buyer wishes to bid with an extension on any
single lot, the auctioneer must receive notice in writing at least
twenty-four hours prior to the day of the auction; this written
notice must give the reason why an extension is required and
whose expert opinion is to be sought; the latter must be agreed
by the auctioneer. Extensions for expert opinion will normally
only be considered for reasons of genuineness or classification;
requests for extensions for reasons of condition will be decided
by the auctioneer on behalf of the vendor prior to the sale. The
auctioneer reserves the right to cancel any bid with an extension
(notifying the bidder of his action) if in his opinion the item is
not as described within the terms of the request for extension.
All extensions must be cleared within 28 days of the auction,
after which time the right of return is forfeited. Extensions are
not granted on mixed lots or collections. All costs and charges
for expert opinions are the responsibility and liability of the
buyers.
4. The lots will be sold to the highest Bidder. The Buyer shall
pay a commission of 15% added to the hammer price. Bidders
are bound to their bids if a subsequent higher bid is invalid or
immediately refused by the Auctioneer.
5. Written bids which are higher than the best bid of a Bidder
present will be considered carefully and in the Bidder’s interest
but without prejudice. In the case of two or more identical bids,
the first bid received will be deemed to be the successful bid.
In case of doubt, disputes or misunderstandings, the lot will be
auctioned again. This decision will be made by the Auctioneer.
6. Upon the fall of the Auctioneer’s hammer, a sales contract is
entered into between the Auctioneer and the Bidder. The Buyer
is obliged to accept the goods. The risk passes to the Buyer with
the fall of the hammer; title of ownership, however, passes to
the Buyer only after full payment of the total amount due.
7. The auction will be conducted in Hong Kong dollars. Where a
currency converter is operated it is for convenience only. Zurich
Asia is not responsible for any errors which may occur.
8. The total amount due is payable in Hong Kong dollars.
Foreign currencies will be accepted to the extent of the amounts
credited by a principal Hong Kong bank; any costs arising from
exchange rate differences will be borne by the bidder.
9. The purchased lots may be collected from Zurich Asia’s
office the day after the auction during normal office hours.
10. Payment of lots is due on the day following the auction
unless the Auctioneer has granted terms of payment of 5 days
thereafter. Postal or Commission Bidders are obliged to transfer
the amount due immediately on receipt of invoice. The handing
over of lots can only be claimed after payment in full. Upon
delay of payment the Auctioneer reserves the right either to sue
the Buyer for payment or to cancel the sales contract without
granting any further grace period and to claim for damages for
breach of contract together with the costs of such proceedings
on a full indemnity basis. If the payment is more than 30 days
overdue,
a surcharge of 5% and interest in the amount of 4%
above The Hongkong and Shanghai Banking Corporation
Limited base rate will be payable.
11. The lots sold to Postal or Commission Bidders will be
forwarded by mail or by other means of transport at the Bidder’s
risk and expense.
12. Any Bidders acting on account and behalf of a legal
person must submit proof of their representation right (power
of attorney, certificate of registration). They are personally
liable, especially regarding the obligation entered into during
the auction. Bids made for unnamed persons or for persons
named later or for not yet legally existing persons cannot be
considered.
13. Claims for damages against the Auctioneer for delay, non-
performance, positive infringement of contract, fault in breach
of contract are not permissible unless the damage was caused
deliberately or through gross negligence.
14. The auction and any subsequent legal relationship are
subject to Hong Kong law. The Auctioneer, however, reserves
the right to sue the Buyer at his place of residence.
© Matthew Bennett Limited Trading as Zurich Asia 2012
All rights reserved. No part of this publicationmay be reproduced
or transmitted in any form or by any means, electronic or
mechanical, including photocopy, recording, or any information
storage and retrieval system, without permission in writing from
Matthew Bennett Limited Trading as Zurich Asia.