Auction terms and conditions

AUCTION TERMS AND CONDITIONS

For auctions conducted by the Hong Kong auctioneer

These Terms govern registration, bidding, purchases, payment, collection and related matters for auctions conducted by KWHK Ltd under Wellot. Read them with the Auction Details and the catalogue. The legal name, brand and platform provider remain to be confirmed before publication.

The Auctioneer normally acts as agent for the Seller. The contract of sale for a Lot is between the Buyer and the Seller, while the Auctioneer has separate rights under these Terms in relation to the administration of the Auction, Buyer’s Premium, fees, payment, custody, compliance and enforcement.

Contents

1. Scope and priority of documents
2. Definitions
3. Auctioneer and agency
4. Acceptance and eligibility
5. Registration and verification
6. Auction formats and communications
7. Catalogue descriptions estimates and inspection
8. Numismatic grading and third party certification
9. Limited authenticity guarantee
10. Reserves and bidding for the Seller
11. Bidding procedure
12. Formation of the sale
13. Buyer’s Premium taxes and charges
14. Payment
15. Title risk and delivery
16. Collection packing shipping and storage
17. Export import and restricted property
18. Buyer default
19. Withdrawal correction and cancellation
20. Interests of the Auctioneer and connected persons
21. Returns and claims other than authenticity
22. Compliance AML sanctions and fraud prevention
23. Personal data and recordings
24. Intellectual property
25. Limitation of liability
26. Force majeure and service interruptions
27. Notices and electronic communications
28. General provisions
29. Governing law and jurisdiction
30. Language
31. Schedule 1 Commercial Decisions Required
32. Schedule 2 Hong Kong Counsel Review Items
33. Schedule 3 Principal Sources Consulted

1. Scope and priority of documents

1.1 These Terms apply to every Auction identified in the Auction Details as being conducted by the Auctioneer. They apply to all methods of participation, including live, online-only, timed, hybrid, telephone, absentee and third-party platform bidding.

1.2 The contractual documents for an Auction comprise, in descending order of priority: (a) any announcement or correction expressly made by the Auctioneer before the relevant Lot closes; (b) the Auction Details; (c) any special conditions stated for the relevant Lot; (d) these Terms; and (e) other catalogue information. A later specific statement prevails over an earlier general statement to the extent of inconsistency.

1.3 The Seller’s separate consignment agreement does not form part of the Buyer’s contract. No term of that agreement reduces a Buyer’s express rights under these Terms or any rights that cannot lawfully be excluded.

1.4 If a third-party platform is used, its technical and account terms may also apply between the Bidder and that platform. As between the Bidder and the Auctioneer, these Terms govern the Auction. A platform rule does not amend the contract of sale unless the Auctioneer expressly agrees in writing.

2. Definitions

2.1 In these Terms, unless the context requires otherwise:

Auction means the auction event or timed sale identified in the Auction Details.

Auction Details means the auction-specific information published by the Auctioneer, including dates, currency, Buyer’s Premium, payment arrangements, collection arrangements and any special conditions.

Auctioneer means KWHK Ltd, trading as Wellot, or another entity expressly identified as auctioneer in the Auction Details.

Bidder means a person who registers for or places a bid in an Auction, including a principal represented by an agent.

Buyer means the Bidder whose bid is accepted as the successful bid for a Lot.

Buyer’s Premium means 15% of the Hammer Price, subject to a minimum of US$5 per Lot, unless a different rate or minimum is clearly stated in the Auction Details before bidding.

Business Day means a day other than Saturday, Sunday or public holiday in Hong Kong on which banks are generally open for business in Hong Kong.

Hammer Price means the amount of the highest bid accepted for a Lot, excluding Buyer’s Premium, taxes and other charges.

Lot means an item or group of items offered under one lot number.

Purchase Price means the Hammer Price plus Buyer’s Premium, applicable taxes, platform fees and any other amount stated as payable by the Buyer.

Reserve means the confidential minimum Hammer Price at which the Seller has authorised a Lot to be sold.

Seller means the owner of a Lot or person authorised to sell it, for whom the Auctioneer normally acts as agent.

Terms means these Auction Terms and Conditions as supplemented by the Auction Details and any applicable special conditions.

Website means the bidding website or interface identified in the Auction Details, whether operated by the Auctioneer or an appointed technology provider.

2.2 References to writing include email and other durable electronic communications. References to a person include an individual, company, partnership, trust, estate, association, government body or other legal or commercial entity.

3. Auctioneer and agency

3.1 Unless the catalogue expressly states that the Auctioneer owns a Lot or has a financial interest in it, the Auctioneer acts as agent for the Seller. On acceptance of the successful bid, the contract of sale is made directly between the Seller and the Buyer.

3.2 The Auctioneer nevertheless contracts with each Bidder in its own name regarding registration, access to bidding, Buyer’s Premium, platform and administrative fees, payment collection, custody, compliance checks, intellectual property, limitation of liability, dispute resolution and enforcement of these Terms.

3.3 The Auctioneer may enforce the Buyer’s payment and other obligations as agent for the Seller and, where the obligation is owed to the Auctioneer, in its own right. Payment to the Auctioneer in cleared funds discharges the Buyer’s corresponding payment obligation to the Seller to that extent.

3.4 The Auctioneer is not responsible for a Seller’s breach except to the extent that these Terms expressly impose a separate obligation on the Auctioneer or liability cannot lawfully be excluded.

4. Acceptance and eligibility

4.1 A person accepts these Terms by registering for an Auction, activating an auction account, submitting or authorising a bid, bidding through an agent or platform, or otherwise participating in an Auction.

4.2 A Bidder must be at least 18 years old, have legal capacity to contract and not be prohibited by law from participating. An individual bidding for a business or another person warrants that the individual has authority to bind that principal. The Auctioneer may require evidence of authority and may treat the registered account holder as the Bidder until satisfactory evidence is provided.

4.3 A Bidder acts as principal unless the Auctioneer agrees in writing before bidding that the Bidder acts solely as agent for an identified principal. If that approval is not given, the Bidder and any undisclosed principal are jointly and severally liable for all obligations arising from the bid.

4.4 Bidding is a commercial commitment. A Bidder must assess the Lot, price, currency, Buyer’s Premium, taxes, shipping and legal restrictions before bidding.

5. Registration and verification

5.1 The Auctioneer may require information and documents reasonably necessary to verify identity, address, legal capacity, authority, beneficial ownership, payment arrangements, financial standing, source of funds, source of wealth, provenance, sanctions status and compliance with applicable law.

5.2 The Auctioneer may reasonably accept or reject an application, impose or change a bidding limit, request identity or financial evidence, require a deposit or card preauthorisation, suspend an account or decline a bid. Statutory verification and sanctions controls always apply, including to members of the highest loyalty tier.

5.3 A Bidder must keep account credentials secure and promptly notify the Auctioneer of suspected unauthorised use. Subject to proof of error or unauthorised access, bids placed through the Bidder’s account are treated as authorised by the Bidder.

5.4 The Auctioneer may rely on information supplied by a Bidder unless it knows that information is materially incorrect. The Bidder must promptly update any material change.

5.5 A deposit may be applied to any amount due from the Bidder. Any unapplied balance will be returned in accordance with the Auction Details, subject to compliance checks, bank processing and any lawful right of set-off.

5.6 The Auctioneer may operate a loyalty programme that assigns a status and a standard bidding limit to a verified account. Status is personal, non-transferable and does not constitute credit, a promise to accept any bid or a waiver of verification, deposit or compliance requirements.

5.7 Once identity and profile verification are satisfactory, a new Bidder receives the Standard status and a US$5,000 standard bidding limit. A purchase history or bank reference may support further verification. Higher tiers are awarded on cleared purchases in accordance with the following schedule; no personal reference is automatically required for Standard.

5.8 Qualifying Spend consists of Hammer Price plus Buyer’s Premium for purchases actually paid in cleared funds. Shipping, insurance, tax, platform and banking charges are excluded. Once a purchase qualifies, a later refund or cancellation does not retroactively reduce the lifetime spend used to assign a tier. Verified eligible purchase histories from other brands may be included only after the data-sharing and account-linking arrangements are approved and notified. The published loyalty rules will state the currency conversion method.

5.9 The standard limit applies to the sum of the current prices of Lots on which the Bidder holds an active leading bid. A new bid may be refused when the limit would be exceeded; a previously accepted automatic bid may continue up to its submitted maximum. Status does not confer credit and may be suspended for unpaid purchases, fraud or compliance concerns. A paid tier is not removed merely because of a refund. The Wellot Club tier has no standard preset bidding limit but remains subject to lawful compliance controls.

5.10 A newly verified Bidder who requests an initial limit above US$5,000 may be required to provide a security deposit or card preauthorisation equal to 10% of the requested limit, subject to any additional checks. A cash deposit is credited against a completed purchase; an unused deposit or card hold is released after the Auction and applicable checks. A card hold is released when all purchases are paid. Additional loyalty benefits require a separately published rule or written agreement.

6. Auction formats and communications

6.1 The Auctioneer may conduct an Auction live, online, by timed closing, in hybrid form or by another method described in the Auction Details. It may use third-party technology and bidding platforms.

6.2 Telephone, absentee and online bidding are convenience services. The Auctioneer will take reasonable care in providing services it has expressly accepted, but does not guarantee that a connection, message or bid will be received, recorded or executed.

6.3 For an absentee bid, the Auctioneer may execute the bid competitively up to the stated maximum, using the applicable bidding increments. The maximum amount is not necessarily the Hammer Price. If equal maximum bids are received, priority normally goes to the bid first recorded by the Auctioneer.

6.4 Telephone calls, live audio, video and electronic activity may be recorded for auction administration, security, training, evidence and dispute resolution, subject to applicable data protection law.

7. Catalogue descriptions estimates and inspection

7.1 Catalogue descriptions, condition reports, images, videos, oral statements and estimates are prepared with reasonable care but are generally statements of opinion, not statements of fact or guarantees, except where these Terms expressly provide otherwise.

7.2 Opinions may include attribution, date, mint, denomination, variety, rarity, provenance, condition, grade, toning, colour, strike, manufacture, alteration, cleaning, repair or restoration. Scholarship, market standards and expert opinions may change after the Auction.

7.3 Estimates are not valuations, reserves or predictions of selling price. They do not include Buyer’s Premium, tax, shipping or other charges. Currency conversions are approximate unless expressly stated otherwise.

7.4 Images form part of the catalogue presentation but may not reproduce colour, tone, lustre, dimensions, texture or surface marks exactly. Image enlargement may reveal details not visible at normal size, while lighting, screens and photography may conceal or exaggerate others.

7.5 A condition report is selective and does not identify every defect. The absence of a reference to damage, cleaning, repair, restoration, mounting, trimming, pressing, folds, stains or other condition does not mean that none exists.

7.6 A Bidder should inspect a Lot personally or through a qualified adviser where reasonably practicable and ask questions before bidding. Inspection is at the Bidder’s risk, and the Bidder is responsible for damage caused during inspection.

7.7 Subject to the Limited Authenticity Guarantee and rights that cannot lawfully be excluded, Lots are offered in their condition at the time of sale, with imperfections appropriate to age, type and previous use.

7.8 Group Lots, bulk Lots and mixed collections may be described by general characteristics, approximate counts or sample images. Counts, catalogue values and the condition or authenticity of every component are not guaranteed unless the catalogue expressly says otherwise.

8. Numismatic grading and third party certification

8.1 Numismatic grading is inherently subjective. A grade is an opinion based on the standards, information and market practice applied by the grader at the time, and is not a statement of objective fact.

8.2 Different graders or grading services may assign different grades, designations or attributions to the same item. The same grader may reach a different opinion at another time. A change in grading standards, population data, market preference or certification policy does not establish that a catalogue description was incorrect when made.

8.3 Where a Lot is encapsulated or certified by PCGS, NGC, PMG, ANACS or another service, the catalogue may reproduce the service’s label, grade, attribution or certification number. Unless the catalogue expressly states otherwise, the Auctioneer does not adopt the service’s grade or attribution as an independent guarantee.

8.4 A Buyer is not entitled to cancel a sale merely because: (a) another person or service gives a different grade or attribution; (b) a service declines to cross-grade, regrade or sticker the item; (c) the item does not receive a desired designation; (d) population figures change; or (e) the market value changes.

8.5 A certified Lot must not be removed from its holder if the Buyer may wish to make a claim. Removal, tampering, relabelling or submission for conservation or reholdering without the Auctioneer’s prior written consent may invalidate a claim to the extent it prevents reliable examination or changes the Lot.

8.6 Third-party certification and any guarantee offered by a grading service are governed by that service’s own terms. Nothing in this clause excludes the Auctioneer’s separate obligations under the Limited Authenticity Guarantee.

9. Limited authenticity guarantee

9.1 Subject to this clause, the Auctioneer guarantees that an individually catalogued Lot described without qualification as an authentic coin or banknote is authentic in the ordinary numismatic meaning of that description as at the date of sale.

9.2 Authenticity does not include grade, condition, quality, value, rarity, colour, toning, patina, strike, centring, surface preservation, cleaning, tooling, smoothing, repair, restoration, mounting, alteration, denomination, variety, mint, date, overdate, provenance, pedigree, prior ownership, or any attribution or scientific conclusion unless the catalogue expressly states that the particular matter is guaranteed.

9.3 The guarantee does not apply to: (a) a Lot expressly described as a replica, copy, reproduction, fantasy, contemporary counterfeit or forgery; (b) a Lot whose authenticity is expressly described as uncertain, attributed, believed, probably, possibly, in the style of, after, or otherwise qualified; (c) a Group Lot, bulk Lot or mixed collection, except for an item individually identified as guaranteed; (d) a claim based only on a difference in grade, attribution or opinion; or (e) a matter that could not reasonably have been determined using generally accepted scholarship and examination methods available at the date of sale.

9.4 Only the original Buyer shown on the Auctioneer’s invoice may claim under this guarantee. The guarantee is personal, may not be assigned and ends when the Lot is transferred for value, except where mandatory law provides otherwise.

9.5 A claim under the Limited Authenticity Guarantee must be received in writing within one year after the Auction date, identifying the Lot and the grounds with reasonably available supporting evidence. A timely claim remains eligible for investigation and decision after that anniversary. The Auctioneer may require independent expert opinions and return of the Lot for examination.

9.6 The Buyer must preserve and return the Lot in the same condition as delivered, including its holder, labels and accompanying documents. The Buyer must not clean, conserve, alter, test destructively or remove a certified item from its holder without prior written consent.

9.7 The Auctioneer may obtain one or more independent opinions. If experts reasonably disagree, the Auctioneer may refer the question to an additional recognised expert. The Auctioneer will act reasonably in selecting experts and assessing the available evidence.

9.8 If a valid claim is accepted, the sale is cancelled on return of the Lot. The Auctioneer will refund the Hammer Price, Buyer’s Premium and any tax it collected for that Lot, together with reasonable documented examination and insured return costs where the claim succeeds and such costs were approved in advance or could not reasonably be avoided. Other direct loss resulting from the Auctioneer’s own proven fault is not excluded where law requires compensation. Nothing limits non-excludable rights.

9.9 The Auctioneer may recover from the Buyer any refund paid if the Buyer later fails to return the Lot or materially misrepresented the claim. Nothing in this clause excludes liability for fraud or fraudulent misrepresentation or any liability that cannot lawfully be excluded.

10. Reserves and bidding for the Seller

10.1 A Lot may be offered with or without an estimate. If a low estimate is published, its Reserve will not exceed that low estimate. The Seller and Auctioneer must agree the Reserve; catalogue or Auction Details alone do not create a different Seller instruction.

10.2 For a Lot offered with a Reserve, the Auctioneer may place bids on behalf of the Seller at successive amounts below the Reserve. Such bids may be made by the auctioneer, by an automated system or by another method. This authority is notice that the Seller reserves the right to bid through the Auctioneer to the extent permitted by Hong Kong law.

10.3 The Auctioneer will not knowingly place a bid on behalf of the Seller above the Reserve or create a sale to the Seller unless the catalogue expressly discloses a different arrangement permitted by law.

10.4 The Seller, any associated account, agent or person acting for or in concert with the Seller must not bid on the Seller’s Lot, even if the Seller offers to pay a Buyer’s Premium. Disclosed bids placed by the Auctioneer on behalf of the Seller below the agreed Reserve under clause 10.2 are the only permitted reserve-bidding mechanism. Artificial or collusive bids are prohibited.

10.5 If the Reserve is not met, the Auctioneer may announce that the Lot is passed, bought in or unsold. A bid below Reserve does not create a sale unless the Auctioneer accepts it with the Seller’s authority.

10.6 An authenticated Seller may lower a Reserve by selecting “Reduce Reserve” and confirming the new amount. The instruction takes effect when recorded by the system, without further staff approval, as authorised under the Seller Agreement. The system records the account, prior and new Reserve, and date and time. The Auctioneer may pause an instruction affected by manifest error, unauthorised access or a technical fault.

10.7 If a reduced Reserve is at or below the current highest bid, the Lot may become eligible to sell at that bid or at the next amount determined by the bidding system and applicable increments. A reduction may not be withdrawn after it has affected bidding or an offer has been accepted, unless the Auctioneer agrees and no Bidder is prejudiced. The Auctioneer may reject, suspend or correct a reduction affected by manifest error, suspected unauthorised access or a technical failure. The Auctioneer’s system record controls in the absence of manifest error.

11. Bidding procedure

11.1 The Auctioneer has discretion to control the Auction fairly and efficiently, including to set opening bids and increments, refuse or cancel a bid before acceptance, recognise a Bidder, resolve a tie, combine or divide Lots, advance or postpone a closing time, reopen bidding, or withdraw a Lot.

11.2 Unless the Auction Details publish a different schedule, the following standard increments apply to an Auction conducted in United States dollars. The increment is determined by the current bid amount; each upper boundary below is exclusive. The Auctioneer may accept an off-increment or cut bid and may round a non-conforming bid to an appropriate increment.

11.3 A bid is binding and may not be withdrawn without the Auctioneer’s written consent. A Bidder’s mistake, misunderstanding, failure to inspect, or failure to read the catalogue or these Terms does not by itself release the Bidder. The Auctioneer may correct an obvious input, transcription or system error when satisfied by prompt and credible evidence.

11.4 The Auctioneer may reject a nominal, conditional, late, incomplete or suspicious bid, or a bid that exceeds an approved limit or is unsupported by required verification or deposit.

11.5 If competing bids are recorded at the same amount, the bid first received or recognised by the Auctioneer normally has priority. The Auctioneer’s record of bidding and decision as to the successful Bidder are conclusive in the absence of manifest error.

11.6 If a material dispute or technical problem arises before or immediately after closing, the Auctioneer may reopen the Lot or cancel the purported acceptance. This power must be exercised promptly and reasonably, having regard to the integrity of the Auction and the interests of affected bidders.

12. Formation of the sale

12.1 For a live Lot, the sale is complete when the auctioneer announces completion by the fall of the hammer or another customary method. For a timed or online-only Lot, the sale is complete when the bidding system records the Lot as closed and the successful bid as accepted, subject to correction of manifest error under these Terms.

12.2 Each Lot is the subject of a separate contract of sale. The Buyer is the registered Bidder whose bid the Auctioneer accepts, even if the Bidder acted for another person without the Auctioneer’s prior written approval.

12.3 An invoice, email or account notification confirms the sale but is not normally the event that forms the contract. If a confirmation conflicts with the Auctioneer’s authoritative sale record because of manifest clerical or technical error, the record may be corrected promptly.

13. Buyer’s Premium taxes and charges

13.1 The standard Buyer’s Premium is 15% of the Hammer Price, with a minimum of US$5 for each Lot. Any auction-specific variation and each third-party bidding-platform fee must be disclosed before a bid is placed. An applicable platform fee is itemised separately on the Auctioneer’s invoice and collected by the Auctioneer for payment to the platform.

13.2 The Purchase Price does not include packing, shipping, transit insurance, storage, bank charges, customs charges, import duties or other costs unless the Auction Details expressly say otherwise.

13.3 The Buyer is responsible for taxes and duties arising in the place of delivery, importation, residence or use. The Auctioneer may collect tax where it reasonably believes collection is required and may require evidence supporting an exemption or zero rate.

13.4 A change in tax treatment, exchange rate, customs assessment or the Buyer’s ability to recover tax does not cancel the sale. If the Auctioneer later determines that it collected tax in error, it may correct the invoice and make or request the corresponding adjustment.

14. Payment

14.1 The invoice is issued in US dollars and is due in cleared funds within 10 calendar days after its date, unless a different deadline is agreed in writing in advance. The Buyer must pay the Purchase Price and other disclosed amounts, subject to rights that cannot lawfully be excluded.

14.2 Accepted methods may include bank transfer, cards within acquirer limits, approved cash below the limit in clause 14.6, Alipay, WeChat Pay and, only after a provider is specifically approved and announced, processor-enabled virtual-asset payments converted and settled to the Auctioneer in fiat. Cheques are not accepted. The Auctioneer may reject any particular method or unverified third-party payer. Any actual card, wallet, bank or conversion fee passed to a Buyer must be permitted by the provider and disclosed immediately before payment; no flat 3% card fee applies.

14.3 Payment should come from the Buyer’s verified account. A third-party payment is exceptional and requires prior approval and verification of the payer, authority and source of funds. Property is not released until payment is irrevocably received and compliance checks are complete.

14.4 A Buyer may request to pay a US-dollar invoice in Hong Kong dollars. The invoice will state the selected market reference rate and any announced spread; its quoted HKD amount is held for 10 calendar days from invoice issue and then may be requoted before payment. This commercial rate does not determine any regulatory cash threshold, which is tested using the separately approved internal daily rate source. Additional intermediary, bank, network and payment-provider fees borne by the Buyer are shown before payment where reasonably ascertainable.

14.5 The Auctioneer may reasonably allocate a payment among outstanding invoices, Lots, storage and documented costs. A payment is complete only on irrevocable receipt of cleared funds. For a processor-enabled virtual-asset payment, any fiat or virtual-asset refund method must be agreed with the Buyer and supported by the provider; the starting value is the original US-dollar invoice amount, not the number of virtual-asset units originally sent. If the Auctioneer is at fault, it will reimburse reasonable documented transaction expenses to the extent required by law or agreed; otherwise the Buyer bears applicable return and conversion costs.

14.6 Cash may be accepted only when the full value of the transaction and apparently linked transactions is below HK$120,000 (or equivalent). This operational rule covers every Lot; where precious metals or stones are involved it supports the intended Category A DPMS model. Cash part-payment of a transaction or linked transactions at or above the threshold is not accepted. Linked transactions are transactions that appear connected by customer, Lot, timing, purpose, payment or arrangement even if separated among invoices, accounts or Auctions. Cash below the limit remains subject to checks and approval.

15. Title risk and delivery

15.1 Legal title to a Lot does not pass to the Buyer until the Auctioneer has received in cleared funds all amounts due for that Lot and any other amount that the Auctioneer is entitled to require before release.

15.2 Before collection or carrier handover, the Auctioneer bears the risk of accidental physical loss or damage while it has custody, subject to mandatory law. On collection by the Buyer or handover to the carrier selected or approved by the Buyer, transit risk passes to the Buyer, whether or not transit insurance was selected, except to the extent caused by the Auctioneer’s failure to use reasonable care in packing or handover. For loss while in the Auctioneer’s custody after the Buyer has paid but before handover, the Buyer receives a full refund of amounts paid for the affected Lot, irrespective of insurance recovery.

15.3 The Auctioneer may retain possession of any Lot until all sums due from the Buyer to the Auctioneer or the Seller have been paid and all compliance checks have been completed.

15.4 If a genuine title claim, theft report, court order, law-enforcement request or sanctions concern arises, the Auctioneer may suspend delivery, require information, hold the Lot, seek directions, cancel the sale or take another reasonable protective step. If the sale is cancelled for lack of good title and the Buyer returns the Lot in the condition delivered, the Auctioneer will refund amounts paid for that Lot, subject to rights that cannot lawfully be excluded.

16. Collection packing shipping and storage

16.1 The Buyer must collect or provide complete shipping instructions within one calendar month after the Auctioneer notifies the Buyer that a fully paid Lot is ready for collection. Longer storage requires the Auctioneer’s prior written agreement. The Auctioneer may take up to one calendar month after full payment to arrange dispatch, subject to applicable compliance and legal holds; storage is free while the Auctioneer is unable to dispatch within that period through no fault of the Buyer.

16.2 At the Buyer’s request the Auctioneer may arrange DHL, FedEx, UPS or another agreed carrier, with or without available transit insurance, or allow personal collection or a separately agreed method. Shipping, packing and insurance are charged separately under the rate schedule or a written quotation. If the Lot exceeds the maximum obtainable insured amount, shipping requires the Buyer’s express acknowledgement of the uninsured excess; the Buyer may instead choose personal collection or an agreed Buyer-arranged carrier.

16.3 The Buyer must review the package on delivery. Apparent loss, tampering or transit damage must be noted with the carrier and reported to the Auctioneer within 7 calendar days, with photographs of the item, inner and outer packaging and shipping label. The Buyer must retain all packaging for inspection.

16.4 If the Buyer selects or instructs the carrier, risk passes as stated in clause 15.2 and claims against the carrier are the Buyer’s responsibility. If the Auctioneer arranges insured shipping, any recovery may be limited to the amount accepted by the insurer or carrier, except to the extent liability cannot lawfully be limited.

16.5 After the free collection period, the Auctioneer may charge storage under the rate schedule previously disclosed to the Buyer, after giving notice. If a Lot remains uncollected for a further 90 calendar days after expiry of the one-month collection period, the Auctioneer may, subject to applicable law and further reasonable notice, sell the Lot, deduct properly due storage and sale costs, and hold the surplus for the Buyer. No storage charge applies to a period of delay caused by the Auctioneer’s inability to organise agreed dispatch.

17. Export import and restricted property

17.1 The Buyer is responsible for determining whether the Lot may be exported from Hong Kong, imported into the destination, possessed, resold or transported through any jurisdiction, and for obtaining licences, declarations and permits unless the Auctioneer expressly agrees otherwise in writing.

17.2 The Auctioneer may assist with an application but does not guarantee that a licence or clearance will be granted. Refusal, delay or cost of a licence, customs release or import permission does not cancel the sale or postpone payment unless mandatory law requires otherwise.

17.3 Restrictions may arise from cultural-property, antiquities, sanctions, anti-money laundering, customs, endangered-species, precious-metals, currency, national-treasure or other laws. The Buyer must not ask the Auctioneer to misdescribe, undervalue or unlawfully route a shipment.

17.4 If the Auctioneer reasonably believes release or shipment would be unlawful, it may retain the Lot while seeking information or legal guidance and may cancel the sale if lawful performance is not reasonably possible.

18. Buyer default

18.1 The Buyer is in default if the Buyer fails to pay or collect on time, repudiates a purchase, initiates an unjustified chargeback, provides materially false information, breaches compliance requirements, or otherwise commits a material breach of these Terms.

18.2 After payment default, the Auctioneer may pursue actual sums due, retain a deposit to the extent lawfully applicable, recover reasonable documented costs, suspend bidding and, subject to clause 18.6, cancel and reoffer a Lot. The Auctioneer will avoid double recovery and will act consistently with the Seller Agreement.

18.3 A 10-day due date is not an automatic cancellation date. Unless the Seller and Auctioneer have agreed an extension and the Buyer has made the agreed partial payment, a Lot still unpaid 60 calendar days after invoice issue may be treated as unsold and the sale cancelled after notice. The Auctioneer will then consult the Seller about reoffering or return of the Lot. If a written payment plan was agreed before day 60 and is being observed, the Auctioneer will wait in accordance with it.

18.4 Following a cancellation for non-payment, the Auctioneer may suspend the Buyer’s participation until the Buyer pays the Buyer’s Premium that would have been due on the original sale and any reasonable documented costs, to the extent that this remedy is enforceable under applicable law and does not duplicate another recovery. No automatic 2% late-payment charge applies. The Auctioneer may restrict future accounts where fraud or a material default remains unresolved.

18.5 The Auctioneer may exercise its rights for itself and, where authorised, as the Seller’s agent. Remedies remain subject to any mandatory legal limits, including rules on penalties and reasonableness.

18.6 The Auctioneer may seek payment and reasonable documented enforcement costs before the 60-day cancellation date, without charging a percentage-based late fee. A Buyer who has agreed a written extension must comply with its terms.

19. Withdrawal correction and cancellation

19.1 The Auctioneer may withdraw a Lot before sale for any reason, including doubt about authenticity, title, description, legality, compliance, damage, Seller authority or a material catalogue or system error.

19.2 Before a Lot closes, the Auctioneer may publish a correction, amend the description, change the sequence or extend bidding. A material correction will be communicated in a manner reasonably calculated to reach current bidders.

19.3 After purported sale but before delivery, the Auctioneer may cancel the sale for a material clerical or technical error, failure of the Reserve mechanism, lack of Seller authority or title, legal prohibition, sanctions concern, or reasonable doubt about authenticity. The power is not intended to permit cancellation merely because the achieved price is disappointing.

19.4 If the Auctioneer cancels a fully paid sale under this clause, it will refund all sums received for the affected Lot. Where the Auctioneer’s own proven fault caused the cancellation, it will also reimburse the Buyer’s reasonable documented direct transaction expenses to the extent required by law. Other rights that cannot lawfully be excluded remain available.

19.5 An unsold Lot may be sold by private treaty during the seven calendar days following the Auction only at or above the Seller-authorised Reserve or a separately agreed minimum. The relevant Buyer’s Premium, taxes and charges apply. Reoffering in a future Auction requires a separate Seller instruction; no automatic Reserve reduction applies.

19.6 During that seven-day period, the Auctioneer may send a time-limited offer to registered users who bid on, participated in relation to, or saved the Lot to a favourites or watch list. Every proposed offer below the agreed minimum must first be separately approved by the Seller, then logged. No automatic authority to accept 90% of Reserve applies.

19.7 A post-sale offer will state or identify the price, applicable Buyer’s Premium and expiry time. By selecting ‘Accept’, or otherwise electronically confirming acceptance through the method stated in the offer, the recipient irrevocably agrees to buy the Lot. A binding sale is formed when the Auctioneer’s system first records a valid acceptance before expiry, subject to correction of manifest error and completion of any required compliance checks. If offers are sent to more than one user, later acceptances lapse once the first valid acceptance has been recorded.

19.8 The Seller is bound by a post-auction price only if that specific price was authorised under the Seller Agreement before the offer was sent. After a valid acceptance the Buyer must pay and the Seller must complete the sale in accordance with the applicable agreements.

20. Interests of the Auctioneer and connected persons

20.1 The Auctioneer, an affiliate, an employee or a person connected with them may own, have a financial interest in, guarantee a minimum return for, or have made an advance against a Lot. A material interest known to the Auctioneer will be disclosed where required by law or where necessary to avoid a misleading impression.

20.2 The Auctioneer and connected persons may bid in an Auction on the same basis as other bidders, but must not misuse confidential maximum-bid information or manipulate bidding. A person administering a Lot must not bid on that Lot through undisclosed use of the Auctioneer’s system.

21. Returns and claims other than authenticity

21.1 All sales are final. No right of cancellation or return exists merely because the Buyer changes their mind, overbids, later disagrees with a grade or opinion, or cannot export, import or resell the Lot, except where these Terms expressly provide otherwise or applicable law requires otherwise.

21.2 A claim that the delivered item is not the purchased Lot, that an item is missing, or that an obvious material catalogue error exists must be notified in writing within 14 calendar days after delivery. The notice must state the grounds and include supporting images and documents.

21.3 Transit claims are governed by clause 16.3. Authenticity claims are governed only by clause 9. Title claims are governed by clause 15.4. Applying a separate procedure or deadline to one category does not shorten a mandatory limitation period or exclude rights that cannot lawfully be excluded.

21.4 Before a return, the Buyer must obtain written return instructions. The Lot must be securely returned in the same condition, holder and packaging, insured as reasonably required. The Auctioneer may reject an unauthorised return.

21.5 If a timely non-authenticity claim is accepted, the Auctioneer may, as appropriate, correct the invoice, supply a missing component, arrange repair where suitable, or cancel the affected sale and refund amounts paid for that Lot. The remedy will be proportionate to the accepted claim and subject to mandatory law.

22. Compliance AML sanctions and fraud prevention

22.1 The Auctioneer may conduct customer due diligence, sanctions screening, transaction monitoring and fraud prevention before or after registration, bidding, payment, delivery, refund or resale.

22.2 A Bidder or Buyer must promptly provide information reasonably requested concerning identity, address, beneficial ownership, control, authority, source of funds, source of wealth, payment, intended recipient, provenance, purpose of transaction and any other matter relevant to legal or regulatory compliance.

22.3 The Auctioneer may delay or refuse registration, bids, payment acceptance, delivery, refund or other performance while checks are pending or if it reasonably suspects illegality, sanctions exposure, money laundering, terrorist financing, fraud, stolen property or false information.

22.4 The Auctioneer may make disclosures and reports to banks, payment providers, insurers, professional advisers, regulators and law-enforcement bodies where permitted or required by law. It is not required to disclose confidential monitoring criteria, a suspicious-transaction report or information whose disclosure is prohibited.

22.5 A compliance delay does not place the Auctioneer in breach where the Auctioneer acts in good faith and with reasonable diligence. If lawful performance becomes impossible or materially unsafe, the Auctioneer may cancel the transaction and deal with funds and property as required by law.

23. Personal data and recordings

23.1 The Auctioneer processes personal data for registration, bidding, contracting, payment, shipping, customer service, compliance, security, fraud prevention, marketing where permitted, legal claims and related business administration.

23.2 Further information, including data-subject rights and international transfers, is contained in the Auctioneer’s Privacy Policy and any Personal Information Collection Statement supplied at or before collection. Those documents do not reduce contractual obligations under these Terms.

23.3 The Auctioneer may share relevant data with Sellers where necessary to complete a sale, and with affiliated companies, bidding platforms, identity-verification providers, banks, payment providers, carriers, insurers, storage providers, professional advisers, regulators and law-enforcement bodies, subject to applicable law.

24. Intellectual property

24.1 Copyright and other intellectual property rights in catalogue text, photography, video, audio, graphics, software, databases, auction results and Website content belong to the Auctioneer or its licensors.

24.2 A user may download or print reasonable extracts for personal, non-commercial reference. No person may reproduce, scrape, republish, sell, train a commercial dataset on, or commercially exploit substantial content without prior written permission, except to the extent permitted by law.

24.3 Purchase of a Lot does not transfer copyright, reproduction, publicity or other intellectual property rights in the Lot or its image.

25. Limitation of liability

25.1 Nothing in these Terms excludes or limits liability for fraud, fraudulent misrepresentation, death or personal injury caused by negligence, or any other liability that cannot lawfully be excluded or limited.

25.2 Subject to clause 25.1 and to the fullest extent permitted by law, the Auctioneer is not liable for: (a) indirect or consequential loss; (b) loss of profit, revenue, business, opportunity, anticipated saving, goodwill or data; (c) a change in market value; (d) a third party’s grading, attribution or certification opinion; (e) delay or failure by a carrier, bank, platform or other independent provider; or (f) an event outside the Auctioneer’s reasonable control.

25.3 Subject to clause 25.1, any cap on the Auctioneer’s aggregate contractual liability for a Lot is the total Purchase Price actually paid by the Buyer for the relevant Lot

, to be completed only after Hong Kong counsel review. This cap does not reduce an expressly available full refund or any liability that cannot lawfully be limited.

25.4 The Auctioneer does not warrant uninterrupted or error-free access to online bidding. It will, however, exercise reasonable care in operating systems under its control and in responding to a material failure of which it becomes aware.

25.5 Any exclusion or limitation applies only to the extent it satisfies any applicable statutory reasonableness requirement and is not unconscionable or otherwise prohibited. If part of a limitation is unenforceable, it is to be adjusted to the minimum extent necessary rather than invalidating the remainder.

26. Force majeure and service interruptions

26.1 The Auctioneer is not in breach for delay or failure caused by an event beyond its reasonable control, including natural disaster, fire, flood, epidemic, war, terrorism, civil disorder, sanctions, government action, transport interruption, power failure, cyber incident, communications outage, payment-system failure, labour disruption or failure of a third-party platform.

26.2 The Auctioneer may postpone, relocate, suspend, extend, change the format of or cancel an Auction, or delay delivery, while such an event continues. It will take reasonable steps to notify affected users and reduce avoidable disruption.

26.3 This clause does not excuse the Buyer’s obligation to pay for a completed purchase, except where performance is cancelled under these Terms or payment is prevented by law.

27. Notices and electronic communications

27.1 The Auctioneer may send notices to the postal address, email address, telephone number or account inbox supplied by the Bidder. The Bidder must keep those details current.

27.2 An email or account notice is treated as received when made available or sent, unless the sender receives a failure notification. A notice concerning default, cancellation or legal proceedings should also be sent by a second reasonable method where practicable.

27.3 Electronic acceptance, records and signatures may be used to form and evidence contracts to the extent permitted by the Electronic Transactions Ordinance (Cap. 553) and other applicable law.

28. General provisions

28.1 The Auctioneer may amend these Terms prospectively. The version applicable to an Auction is the version made available when the Bidder registers for that Auction or, if later materially amended before bidding, the version notified before the Bidder’s first bid after amendment.

28.2 These Terms and the documents identified in clause 1 contain the entire agreement on their subject matter. Nothing excludes liability for fraud or fraudulent misrepresentation.

28.3 A waiver is effective only if given in writing and applies only to the specific instance. Delay in exercising a right is not a waiver. Rights and remedies are cumulative.

28.4 If a provision is illegal or unenforceable, it is to be modified to the minimum extent necessary to make it enforceable or, if modification is not possible, severed. The remainder continues in effect.

28.5 The Buyer may not assign a bid, purchase or right under these Terms without the Auctioneer’s prior written consent. The Auctioneer may assign or transfer its rights and obligations to an affiliate or successor that assumes the relevant obligations, subject to applicable law.

28.6 No Seller has an independent right to enforce these Terms under the Contracts (Rights of Third Parties) Ordinance (Cap. 623); the Auctioneer enforces Buyer obligations as the Seller’s authorised agent where applicable. An affiliate, officer or employee expressly protected by clauses 23, 24, 25 or 26 may rely on those clauses to the extent law permits. Other non-parties have no right to enforce these Terms. The parties may vary or rescind these Terms without third-party consent where lawful.

29. Governing law and jurisdiction

29.1 These Terms, each Auction conducted by the Auctioneer, each contract of sale arising from such an Auction, and any non-contractual obligation or claim connected with them are governed by the laws of the Hong Kong Special Administrative Region.

29.2 The courts of Hong Kong have exclusive jurisdiction, and each Bidder and Buyer submits to that jurisdiction. The Auctioneer may nevertheless seek interim, protective or enforcement relief in any court with jurisdiction over a person, asset or Lot.

29.3 Nothing in this clause deprives a person of a mandatory right or protection that applicable law does not permit the parties to exclude by choice of law or jurisdiction.

30. Language

30.1 The English version of these Terms controls. A translation is provided for convenience only. If there is any inconsistency, the English version prevails to the extent permitted by applicable law.