Guide for Prospective Buyers
Buying at Auction
The following pages are designed to offer you information on how to buy at auction
at Phillips. Our staff will be happy to assist you.
Pre-Auction Viewing
Pre-auction viewings are open to the public and free of charge. Our specialists are
available to give advice and condition reports at viewings or by appointment.
Conditions of Sale
The Conditions of Sale and Authorship Warranty which appear later in this
catalogue govern the auction. Bidders are strongly encouraged to read them as
they outline the legal relationship among Phillips, the seller and the buyer and
describe the terms upon which property is bought at auction. Please be advised
that Phillips generally acts as agent for the seller. Bidders should also read the
Important Notices immediately following this Guide for Prospective Buyers.
Deposit
If you wish to bid on a lot designated with the symbol * (a “Premium Lot”), Phillips
may require you to pay a deposit of HK$2,000,000 or such higher amount as
Phillips in our sole discretion deems appropriate and to provide such financial
references, guarantees and/or other security as Phillips may require in our sole
discretion as security for the bid. Phillips will also require you to complete the
Premium Lot pre-registration prior to the date of the auction at which the Premium
Lot will be offered for sale. Upon our receipt of the deposit and a completed preregistration form, Phillips will provide you with a numbered Premium Lot paddle for
identification purposes. The auctioneer will usually only accept bids on Premium
Lots made with the Premium Lot paddle or by its registered bidder. This applies to
saleroom, telephone and absentee bids. Payment of the deposit may be made by
wire transfer or credit card acceptable to Phillips for the prospective purchase. If
you are not the successful bidder on a Premium Lot and do not owe Phillips or any
of our affiliated companies any debt, the deposit will be refunded to you by wire
transfer (in the same currency in which you paid the deposit) or credit card refund,
as the case may be, the refund will be processed within seven days after the date of
the auction.
Buyer’s Premium
Phillips charges the successful bidder a commission, or buyer’s premium, on the
hammer price of each lot sold. The buyer’s premium is payable by the buyer as
part of the total purchase price at the following rates: 25% of the hammer price
up to and including HK$800,000, 20% of the portion of the hammer price above
HK$800,000 up to and including HK$15,0