The Hong Kong Watch Auction: TWO | Page 492

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 .
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 .
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 $ 15,000,000 and 12 % of the portion of the hammer price above HK $ 15,000,000 .
The purchase price payable for any lot is the sum of the hammer price plus the buyer ’ s premium plus any applicable tax and charges .
1 Prior to Auction Catalogue Subscriptions If you would like to purchase a catalogue for this auction or any other Phillips sale , please contact us at + 852 2318 2000 , + 41 22 317 8181 , + 44 20 7318 4010 or + 1 212 940 1240 .
Pre-Sale Estimates Pre-sale estimates are intended as a guide for prospective buyers . Any bid within the high and low estimate range should , in our opinion , offer a chance of success . However , many lots achieve prices below or above the pre-sale estimates . Where ‘ Estimate on Request ’ appears , please contact the specialist department for further information . It is advisable to contact us closer to the time of the auction as estimates can be subject to revision . Pre-sale estimates do not include the buyer ’ s premium or any applicable taxes .
Pre-Sale Estimates in US Dollars and Euros Although the sale is conducted in Hong Kong dollars , the pre-sale estimates in the auction catalogues may also be printed in US dollars and / or euros . Since the exchange rate is that at the time of catalogue production and not at the date of auction , you should treat estimates in US dollars or euros as a guide only .
Catalogue Entries Phillips may print in the catalogue entry the history of ownership of the property , as well as the exhibition history and references to the work in art publications . While we are careful in the cataloguing process , provenance , exhibition and literature references may not be exhaustive and in some cases we may intentionally refrain from disclosing the identity of previous owners . Please note that all dimensions of the property set forth in the catalogue entry are approximate .
Condition of Lots Our catalogues include references to condition only in the descriptions of multiple works ( e . g ., prints ). Such references , though , do not amount to a full description of condition . The absence of reference to the condition of a lot in the catalogue entry does not imply that the lot is free from faults or imperfections . Solely as a convenience to clients , Phillips may provide condition reports . In preparing such reports , our specialists assess the condition in a manner appropriate to the estimated value of the property . While condition reports are prepared honestly and carefully , our staff are not professional restorers . We therefore encourage all prospective buyers to inspect the property at the pre-sale exhibitions and recommend , particularly in the case of any lot of significant value , that you retain your own restorer or professional advisor to report to you on the property ’ s condition prior to bidding . Moreover , condition reports are not exhaustive and may not specify all mechanical replacements or imperfections to the movement , case , dial , pendulum , separate bases ( s ) or dome . The absence of a condition report or the absence of a reference to damage in the catalogue does not imply that the lot is in good condition , working order or free from restoration or repair .
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 .
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 .
Symbol Key The following key explains the symbols you may see inside this catalogue .
O x Guaranteed Property The seller of lots designated with the symbol O has been guaranteed a minimum price financed solely by Phillips . Where the guarantee is provided by a third party or jointly by us and a third party , the property will be denoted with the symbols O x . When a third party has financed all or part of our financial interest in a lot , it assumes all or part of the risk that the lot will not be sold and will be remunerated accordingly . The compensation will be a fixed fee , a percentage of the hammer price or the buyer ’ s premium or some combination of the foregoing . The third party may bid on the guaranteed lot during the auction . If the third party is the successful bidder , the remuneration may be netted against the final purchase price . If the lot is not sold , the third party may incur a loss .
Δ Property in which Phillips has an Ownership Interest Lots with this symbol indicate that Phillips owns the lot in whole or in part or has an economic interest in the lot equivalent to an ownership interest .
No Reserve Unless indicated by a •, all lots in this catalogue are offered subject to a reserve . A reserve is the confidential value established between Phillips and the seller and below which a lot may not be sold . The reserve for each lot is generally set at a percentage of the low estimate and will not exceed the low pre-sale estimate .
∑ Endangered Species Lots with this symbol have been identified at the time of cataloguing as containing endangered or other protected species of wildlife which may be subject to restrictions regarding export or import and which may require permits for export as well as import . Please refer to Paragraph 4 of the Guide for Prospective Buyers and Paragraph 11 of the Conditions of Sale .
≈ Premium Lots Lots with this symbol carry a low pre-sale estimate of HK $ 8,000,000 or more and are referred to by Phillips as Premium Lots . Prospective buyers who wish to bid on Premium Lots must complete the pre-registration form and pay the Premium Lot deposit , as described more fully in this Paragraph 1 of the Guide for Prospective Buyers .
▼ Restricted Importation Lots with this symbol may be subject to importation restriction in the US . Please refer to the Important Notices which appear in this catalogue immediately following this Guide for Prospective Buyers .