1. Buyer, Agency and Contract Formation

All Lots will be invoiced to the name and address given at the time of registration and the issue of an allocated buyer’s number and cannot be transferred to other names and addresses. The highest bidder will be the buyer at the ‘hammer price’ and any dispute will be settled at the auctioneer’s absolute discretion. Every bidder will be deemed to act as principal unless there is in force a written acknowledgement by Knight Frank that he/she acts as agent on behalf of the named principal.

The contract of sale is concluded at the fall of the hammer or, in the case of an online auction, at the close or acceptance of the successful bid as recorded by Knight Frank. A bidder who bids as agent warrants that he/she/it has authority to bind the named principal. Unless Knight Frank agrees otherwise in writing, the bidder and the principal shall be jointly and severally liable for all obligations arising from the bid and purchase.

2. Minimum Increment

The auctioneer will have the right to refuse any bid which does not exceed the previous bid by at least 5% or by such other proportion as the auctioneer will in his/her absolute discretion direct.

3. Estimates, Starting Prices and Reserves

Any estimate stated in the catalogue, Website, App or other auction material is a statement of opinion only and is not a valuation, representation or warranty as to the value or likely selling price of the Lot.

The starting price is the price at which bidding for a Lot may commence. Unless expressly stated otherwise, the starting price is not a representation of the Lot’s value and should not be treated as the reserve price.

The reserve price, if any, is the confidential minimum price agreed with the seller below which the Lot will not be sold, unless Knight Frank and the seller agree otherwise. Knight Frank may amend any estimate, starting price, reserve-related information or bidding increment, or withdraw any Lot from sale, before the Lot is offered, by notice on the Website, App or at the auction.

4. Payment

Immediately upon the fall of the hammer or acceptance of the successful bid, and in any event no later than seven [7] calendar days after the auction, the buyer shall pay the total amount due in Singapore dollars in cleared funds, together with GST, taxes, bank charges, platform charges, storage charges, insurance charges and any other charges specified by Knight Frank, where applicable. Knight Frank shall not be obliged to release any Lot or complete any transfer until it has received cleared funds and completed all identity, fraud, sanctions, anti-money laundering and other compliance checks to its satisfaction. To the extent permitted by law, and without prejudice to any obligations Knight Frank may have in respect of seller or client monies, Knight Frank may apply any monies received from the buyer towards any sums due from the buyer to Knight Frank.

5. Collection, Title and Risk

Title to a Lot shall pass to the buyer only upon Knight Frank’s receipt of the total amount due in cleared funds and completion of all identity, fraud, sanctions, anti-money laundering and other compliance checks to Knight Frank’s satisfaction.

Risk in a Lot shall pass to the buyer at the fall of the hammer or acceptance of the successful bid. From that point, the buyer shall be responsible for arranging insurance for the Lot.

The buyer shall collect the Lot at the buyer’s own cost by appointment and within [7] calendar days after Knight Frank notifies the buyer that payment has been received in cleared funds and collection may proceed, or within such other period as Knight Frank may notify in writing.

The buyer shall be responsible for all packing, handling, removal, transport, storage and insurance charges. If the Lot is not collected within the stipulated collection period, Knight Frank may remove, store and insure the Lot at the buyer’s expense, whether at Knight Frank’s premises or elsewhere. Storage shall be charged at 2% of the hammer price per Lot per day or such other amount as Knight Frank may notify, together with any third-party storage, insurance, transport or handling costs incurred.

6. Buyer’s Responsibility for Lots Purchased

Risk in a Lot shall pass to the buyer at the fall of the hammer or acceptance of the successful bid. Title shall pass only upon receipt by Knight Frank of the total amount due in cleared funds. Until collection, Knight Frank shall not be an insurer of the Lot, and the buyer shall be responsible for arranging insurance. Knight Frank shall take reasonable care of any Lot in its custody or control but shall not be liable for loss or damage except to the extent caused by Knight Frank’s fraud, wilful misconduct or negligence. Nothing in these Conditions excludes or limits any liability which cannot lawfully be excluded or limited. Subject to the foregoing, Knight Frank’s aggregate liability in respect of any Lot shall not exceed the amount actually paid by the buyer for that Lot.

7. Remedies for Non-Payment or Failure to Collect Purchases

If any Lot is not paid for in full and taken away in accordance with Conditions 5 and 6, or if there is any other breach of either of those conditions, Knight Frank as agent of the seller will, at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise one or more of the following rights and remedies: –

(a) to proceed against the buyer for payment and/or damages for breach of contract;

(b) to rescind the sale of that or any other Lots sold to the defaulting buyer at the same or any other auction;

(c) to resell the Lot or cause it to be resold by public auction or private sale and the defaulting buyer will be liable to pay to Knight Frank any resulting deficiency in the ‘total amount due’ (after deduction of any part payment and addition of resale costs) and any surplus will belong to the seller;

(d) to remove, store and insure the Lots at the expense of the defaulting buyer and, in the case of storage, either at Knight Frank’s premises or elsewhere;

(e) to charge interest at a rate not exceeding 2% per month on the ‘total amount due’ to the extent it remains unpaid for more than 7 days after the day of the auction;

(f) to retain that or any other Lot sold to the same buyer at the same time or at any other auction and release it only after payment of the ‘total amount due’;

(g) to reject or ignore any bids made by or on behalf of the defaulting buyer at any future auctions or require and receive a deposit in an amount determined by Knight Frank before accepting any bids in future; and

(h) to apply any proceeds of sale then due or at any time thereafter becoming due to the defaulting buyer towards settlement of the “total amount due’ and to exercise a lien on any property of the defaulting buyer which is in Knight Frank’s possession for any purpose.

8. Legal Costs

The buyer shall indemnify Knight Frank against all reasonable legal costs, collection costs, enforcement costs and expenses incurred by Knight Frank in enforcing its rights under these Conditions, whether or not legal proceedings are commenced, on a full indemnity basis to the extent permitted by law.

9. Liability, Descriptions and Warranties

(a) All Lots are sold ‘as is’, with all faults, imperfections and errors of description. Illustrations and descriptions are for identification and guidance only. Buyers must inspect the Lot and satisfy themselves as to its condition, description, authenticity, suitability and value before bidding. Statements by Knight Frank in any catalogue, condition report, website, app, advertisement or other publication are statements of opinion honestly held based on information available at the time and are not statements of fact unless expressly stated otherwise. Subject to applicable law, Knight Frank gives no warranty as to the condition, description, authenticity, provenance, genuineness, attribution, age, origin or value of any Lot. Nothing in these Conditions excludes or limits liability for fraud, wilful misconduct, negligence or any liability which cannot lawfully be excluded or limited.

(b) A buyer may return a Lot to Knight Frank if the Lot is proved to be a deliberate forgery. For this purpose, a ‘deliberate forgery’ means an imitation made with the intention to deceive as to authorship, attribution, origin, date, age, period, culture or source, where the correct description is materially different from the description of the Lot at the date of auction and the value of the Lot would be materially lower if its correct description had been known.

The buyer must notify Knight Frank in writing within 14 days from the date of auction and must return the Lot to Knight Frank in the same condition as at the time of auction. The notice must identify the Lot, the auction date and the alleged defect, and must be supported by written evidence from at least one independent expert acceptable to Knight Frank.

If Knight Frank is satisfied that the Lot is a deliberate forgery and that the buyer is able to transfer good and marketable title to the Lot free from third-party claims, Knight Frank may set aside the sale and refund the amount paid by the buyer for the Lot. The buyer shall have no further claim against Knight Frank for any loss, damage, cost or expense.

This right shall not apply where: –

(i) the catalogue description at the date of sale was in accordance with the then generally accepted opinion of scholars and experts;

(ii) the catalogue fairly indicated that there was a conflict of scholarly or expert opinion;

(iii) the only way of establishing that the Lot was a deliberate forgery was by a scientific process not generally accepted for use at the date of publication of the catalogue; or

(iv) the relevant process was unreasonably expensive, impractical, invasive or likely to damage the Lot.

The benefit of this clause is personal to the buyer named in the original invoice issued by Knight Frank and is not transferable.