and any applicable taxes thereon; (vi) resell the lot by auction or private sale, with
estimates and a reserve set at Phillips’s reasonable discretion, it being understood
that in the event such resale is for less than the original hammer price and buyer’s
premium for that lot, the buyer will remain liable for the shortfall together with
all costs incurred in such resale; (vii) commence legal proceedings to recover the
hammer price and buyer’s premium for that lot, together with interest and the
costs of such proceedings; (viii) set off the ou tstanding amount remaining unpaid
by the buyer against any amounts which we or any of our affiliated companies
may owe the buyer in any other transactions; (ix) release the name and address
of the buyer to the seller to enable the seller to commence legal proceedings to
recover the amounts due and legal costs; or (x) take such other action as we deem
necessary or appropriate.
(b) The buyer irrevocably authorizes Phillips to exercise a lien over the buyer’s
property which is in our possession upon notification by any of our affiliated
companies that the buyer is in default of payment. Phillips will notify the buyer of
any such lien. The buyer also irrevocably authorizes Phillips, upon notification by
any of our affiliated companies that the buyer is in default of payment, to pledge
the buyer’s property in our posv by actual or constructive delivery to our affiliated
company as security for the payment of any outstanding amount due. Phillips will
notify the buyer if the buyer’s property has been delivered to an affiliated company
by way of pledge.
(c) If the buyer is in default of payment, the buyer irrevocably authorizes Phillips
to instruct any of our affiliated companies in possession of the buyer’s property
to deliver the property by way of pledge as the buyer’s agent to a third party
instructed by Phillips to hold the property on our behalf as security for the payment
of the Purchase Price and any other amount due and, no earlier than 30 days
from the date of written notice to the buyer, to sell the property in such manner
and for such consideration as can reasonably be obtained on a forced sale basis
and to apply the proceeds to any amount owed to Phillips or any of our affiliated
companies after the deduction from sale proceeds of our standard vendor’s
commission, all sale-related expenses and any applicable taxes thereon.
10 Rescission by Phillips
Phillips shall have the right, but not the obligation, to rescind a sale without notice
to the buyer if we reasonably believe that there is a material breach of the seller’s
representations and warranties or the Authorship Warranty or an adverse claim
is made by a third party. Upon notice of Phillips election to rescind the sale, the
buyer will promptly return the lot to Phillips, and we will then refund the Purchase
Price paid to us. As described more fully in Paragraph 13 below, the refund shall
constitute the sole remedy and recourse of the buyer against Phillips and the seller
with respect to such rescinded sale.
11 Export, Import And Endangered Species Licences and Permits
Before bidding for any property, prospective buyers are advised to make their
own enquiries as to whether a licence is required to export a lot from Hong Kong
or to import it into another country. Prospective buyers are advised that some
countries prohibit the import of property made of or incorporating plant or animal
material, such as coral, crocodile, ivory, whalebone, Brazilian rosewood, rhinoceros
horn or tortoiseshell, irrespective of age, percentage or value. Accordingly, prior
to bidding, prospective buyers considering export of purchased lots should
familiarize themselves with relevant export and import regulations of the
countries concerned. Please note that the US prohibits the importation of any item
containing African elephant ivory. Asian elephant ivory may be imported in to the
US only if accompanied by independent scientific analysis of continent of origin and
confirmation the object is more than 100 years old.
With regard to any item containing endangered species other than elephant
ivory, an importer into the US must provide documented evidence of the species
identification and age of an object in order to demonstrate that the item qualifies
as an antique. This will require the buyer to obtain an independent appraisal certify
the species of endangered material on the object and certifying that the object is
not less than 100 years of age. A prospective buyer planning to import an object
containing endangered species into the US may not rely on Phillips cataloguing to
establish the species of endangered material on the object or to establish the age of
the object and must consult with a qualified independent appraiser prior to placing
a bid on the lot.
HK_WATCHES_MAY16_478-509.indd 495
It is solely the buyer’s responsibility to comply with these laws and to obtain any
necessary export, import and endangered species licences or permits. Failure to
obtain a licence or permit or delay in so doing will not justify the cancellation of
the sale or any delay in making full payment for the lot. As a courtesy to clients,
Phillips has marked in the catalogue lots containing potentially regulated plant or
animal material, but we do not accept liability for errors or for failing to mark lots
containing protected or regulated species.
12 Data Protection
(a) In connection with the supply of auction and related services, or as required
by law, Phillips may ask clients to provide personal data. Phillips may take and
retain a copy of government-issued identification such as a passport or driving
license. We will use your personal data (i) to provide auction and related services;
(ii) to enforce these Conditions of Sale; (iii) to carry out identity and credit checks;
(iv) to implement and improve the management and operations of our business
and (v) for other purposes set out in our Privacy Policy published on the Phillips
website at www.phillips.com (the “Privacy Policy”) and available on request by
emailing [email protected]. By agreeing to these Conditions of Sale,
you consent tour use of your personal data, including sensitive personal data, in
accordance with the Privacy Policy. The personal data we may collect and process
is listed, and sensitive personal data is defined, in our Privacy Policy. Phillips may
also, from time to time, send you promotional and marketing materials about us
and our services. If you would prefer not to receive such information, please email
us at [email protected]. Please also email us at this address to receive
information about you r personal data or to advise us if the personal data we hold
about you is inaccurate or out of date.
(b) In order to provide our services, we may disclose your personal data to third
parties, including professional advisors, shippers and credit agencies. We will
disclose, share with and transfer your personal data to Phillips’s affiliated persons
(natural or legal) for administration, sale and auction related purposes. You
expressly consent to such transfer of your personal data, including sensitive
personal data. We will not sell, rent or otherwise transfer any of your personal data
to third parties except as otherwise expressly provided in this Paragraph 12.
(c) Phillips’s premises may be subject to video surveillance and recording.
Telephone calls (e.g., telephone bidding) may also be recorded. We may process
that information in accordance with our Privacy Policy.
13 Limitation of Liability
(a) Subject to sub-paragraph (e) below, the total liability of Phillips, our affiliated
companies and the seller to the buyer in connection with the sale of a lot shall be
limited to the Purchase Price actually paid by the buyer for the lot.
(b) Except as otherwise provided in this Paragraph 13, none of Phillips, any of our
affiliated companies or the seller (i) is liable for any errors or omissions, whether
orally or in writing, in information provided to prospective buyers by Phillips or any
of our affiliated companies or (ii) accepts responsibility to any bidder in respect of
acts or omissions, whether negligent or otherwise, by Phillips or any of our affiliated
companies in connection with the conduct of the auction or for any other matter
relating to the sale of any lot.
(c) All warranties other than the Authorship Warranty, express or implied, including
any warranty of satisfactory quality and fitness for purpose, are specifically
excluded by Phillips, our affiliated companies and the seller to the fullest extent
permitted by law.
(d) Subject to sub-paragraph (e) below, none of Phillips, any of our affiliated
companies or the seller shall be liable to the buyer for any loss or damage beyond
the refund of the Purchase Price referred to in sub-paragraph (a) above, whether
such loss or damage is characterised as direct, indirect, special, incidental or
consequential, or for the payment of interest on the Purchase Price to the fullest
extent permitted by law.
(e) No provision in these Conditions of Sale shall be deemed to exclude or limit the
liability of Phillips or any of our affiliated companies to the buyer in respect of any
fraud or fraudulent misrepresentation made by any of us or in respect of death or
personal injury caused by our negligent acts or omissions.
03/05/16 16:19