Lyon & Turnbull

Buying at Auction in Hong Kong

Our upcoming auction of Chinese Works of Art in Hong Kong is subject to a number of different procedures to those auctions we host in the UK. Please see below and the Conditions of Sale (HK464) for more information.

This information applies to the auction:  Chinese Works of Art (sale HK464)  | 31 May 2016 | Liang Yi Museum, Hong Kong

Before the Auction

Liang Yi Museum

Location

Viewing and auction will take place at

Liang Yi Museum | 181 -199 Hollywood Rd | Sheung Wan, Hong Kong 

Viewing in Person

To view all of the lots please visit the Liang Yi Museum, in Hong Kong between the following times: 

Saturday 28 May | 10am to 5pm 
Sunday 29 May | 10am to 7pm
Monday 30 May | 10am to 7pm
Tuesday 31 May | 10am to 3pm

Identification may be requested upon entry to the Liang Yi Museum by the museum security team. 

Viewing Online

The auction will be available to view online and each image can be enlarged for closer inspection. For further information on a lot you may be able to view a condition report online (see below) or contact us using the Lot Enquiry button. 

Browse the auction online

Estimates

Pre-sale estimates are intended as a guide for prospective buyers. Any bid between the high and low pre-sale estimates would, in our opinion, offer a chance of success. However, all lots can realise prices above or below the pre-sale estimates.  It is advisable to consult us nearer the time of sale as estimates can be subject to revision. The estimates printed in the auction catalogue do not include the buyer's premium.

Symbol Key

The following key explains the symbols you may see inside the catalogue. 
 = A premium lot, subject to pre-registration and deposit procedures.
  Y   = lots that may contain restricted materials and be subject to endangered species regulations.  

Premium Lots

Clients who wish to bid on lots marked in the catalogue ("Premium Lots") may be requested by Lyon & Turnbull to complete the pre-registration application form and to deliver to Lyon & Turnbull a deposit of 10% of the lower estimate plus any financial references, guarantees and/or such other security as Lyon & Turnbull may require in its absolute discretion as security for the bid. 

Bidders wishing to bid on the Thornhill Stem Cup (lot 84) will be required to pay a deposit of HKD 2,500,000 plus complete the pre-registration application form and provide any financial references, guarantees and/or such other security as Lyon & Turnbull may require in its absolute discretion as security for the bid.

Live online bidding service is not available for Premium Lots or the Thornhill Stem Cup.

For any lots other than Premium Lots, regardless of the low pre-sale estimate for the lot, Lyon & Turnbull reserves the right to request from prospective bidders to complete the pre-registration application form and to deliver to Lyon & Turnbull a deposit of HKD10,000 plus any financial references, guarantees and/or such other security as Lyon & Turnbull may require in its absolute discretion, as security for the bid. 

Any required deposits shall be paid in Hong Kong dollars by way of wire transfer or debit card (clients must present their cards in person to Lyon & Turnbull).

Condition Reports

Prospective buyers are encouraged to inspect the property at the pre-sale viewing. Solely as a convenience, we may provide condition reports. The absence of reference to the condition of a lot in the catalogue description does not imply that the lot is free from faults or imperfections.

Please note due to logistics and storage restrictions we are unable to begin the condition report process until the items have arrived at the auction venue.  All condition reports will be issued the few days prior to the auction.  

Catalogue Alterations

Lot descriptions and estimates are prepared in advance of the auction and may be subject to change. Any alterations will be announced on the catalogue alteration sheet, available prior to the auction at the venue.

Buyer's Premium

For each lot purchased a Buyer's Premium will be added to the hammer price and is payable by the buyer as part of the total purchase price. For this sale a buyer’s premium of 25% is payable on the first HKD 800,000 of the hammer price, 20% on any amount in excess of HKD 800,000 up to and including HKD 15,000,000 and finally 12% on any amount thereafter. 

Registration 

Bids may be executed in person by paddle during the auction, in writing prior to the sale, by telephone or live online (powered by Invaluable – with the exception of Premium Lots).  Auction speeds vary, but average between 50 and 120 lots per hour. The bidding steps are generally in increments of approximately 10% of the previous bid.  

Pre-Registration Procedures

Clients who wish to bid on lots marked in the catalogue ("Premium Lots") may be requested by Lyon & Turnbull to complete the pre-registration application form and to deliver to Lyon & Turnbull a deposit of 10% of the lower estimate plus any financial references, guarantees and/or such other security as Lyon & Turnbull may require in its absolute discretion as security for the bid. 

Bidders wishing to bid on the Thornhill Stem Cup (lot 84) will be required to pay a deposit of HKD2,500,000 plus complete the pre-registration application form and provide any financial references, guarantees and/or such other security as Lyon & Turnbull may require in its absolute discretion as security for the bid.

Live online bidding service is not available for Premium Lots or the Thornhill Stem Cup.

For any lots other than Premium Lots, regardless of the low pre-sale estimate for the lot, Lyon & Turnbull reserves the right to request from prospective bidders to complete the pre-registration application form and to deliver to Lyon & Turnbull a deposit of HKD10,000 plus any financial references, guarantees and/or such other security as Lyon & Turnbull may require in its absolute discretion, as security for the bid. 

Any required deposits shall be paid in Hong Kong dollars by way of wire transfer or debit card (clients must present their cards in person to Lyon & Turnbull).

Download PDF Pre-Registration Application Form

Bidding in the Room

To bid in person, you will need to register for and collect a numbered paddle before the auction begins. Proof of identity will be required. If you wish to register to bid on a Premium Lot, please see the paragraph above.

Bidders will be issued with a variant paddle indicting their approved level to bid.  The auctioneer will not accept bids on Premium Lots or the Thornhill Stem Cup unless the correct, authorised paddle is shown.  

Should you be the successful buyer of a lot, please ensure that your paddle can be seen by the auctioneer and that it is your number that is called out. Should there be any doubts as to price or buyer, please draw the auctioneer's attention to it immediately.

All lots sold will be invoiced to the name and address in which the paddle has been registered and cannot be transferred to other names and addresses.  Please do not mislay your paddle; in the event of loss, inform the Administration team immediately. At the end of the sale, please return your paddle to the registration desk.

Leaving Absentee Bids

If you cannot attend the auction, we will be happy to execute written bids on your behalf. A bidding form can be found at the back of the printed catalogue or to download below.

This service is free and confidential.  In the event of identical bids, the earliest received will take precedence. 

Always indicate a "top limit" - the hammer price to which you would bid if you were attending the auction yourself. "Buy" and unlimited bids will not be accepted. 

Download PDF Sale HK464 Absentee Bid Form

Bidding by Telephone

If you cannot attend the auction, it is possible to bid on the telephone. As the number of telephone lines is limited, it is necessary to make arrangements for this service 24 hours before the sale. We also suggest that you leave a maximum bid which we can execute on your behalf in the event we are unable to reach you by telephone. Multi-lingual staff are available to execute bids for you. 

Bidding Live Online

If you cannot attend the auction, it may be possible to bid live online via Invaluable. This service is subject to bid limit restrictions and an additional 3% premium charge.   Live online bidding service is not available for Premium Lots or the Thornhill Stem Cup.

Payment

Payment is due in Hong Kong Dollars (HKD) immediately after the sale and may be made by the following methods: Cash, Cheque, Wire Transfer, Debit/ Credit Card (Union Pay, MasterCard, Visa).

Buyer's Premium

For each lot purchased a Buyer's Premium will be added to the hammer price and is payable by the buyer as part of the total purchase price. For this sale a buyer’s premium of 25% is payable on the first HKD 800,000 of the hammer price, 20% on any amount in excess of HKD 800,000 up to and including HKD 15,000,000 and finally 12% on any amount thereafter. 

Tax

The Hammer Price and the Buyer’s Premium payable by the Buyer is exclusive of any goods or service tax or other tax (whether imposed by Hong Kong law or otherwise). If any such Tax was to be paid under Hong Kong laws or any other laws, the Buyer shall be solely responsible to pay such Tax and at the rate and time as required by the relevant law, or if such Tax is to be paid by Lyon and Turnbull we may add such tax to the purchase price payable by the Buyer. 

Payment by Bank Transfer

Account details are included on any invoices issued or upon request from our accounts department.

Payment by Debit or Credit Card

If you wish to pay for any purchase with your Mastercard, Union Pay or Visa, you must present the card in person to Lyon & Turnbull. All charges are subject to acceptance by Lyon & Turnbull and by MasterCard, Union Pay or Visa, as the case may be. In the case a charge is not approved, you will nevertheless be liable to Lyon & Turnbull for all sums incurred by you.

Credit card purchases may not exceed HKD1,000,000.  Please note that card transactions may incur an additional transaction fee dependent on the card used.

Payment by Cash

It is against our general policy to accept single or multiple related payments in the form of cash or cash equivalents in excess of HKD80,000.

It is our policy to request any new clients or buyers preferring to make a cash payment to provide proof of identity (by providing some form of government issued identification containing a photograph, such as a passport, identity card or driver's licence) and confirmation of permanent address.  

Payment by Cheque

Cheques and drafts should be made payable to Lyon & Turnbull Hong Kong Limited. Although personal and company cheques drawn in HK dollars on Hong Kong banks are accepted, you are advised that property will not be released until such cheques have cleared.

Clearance

Please note that we reserve the right to decline payments received from anyone other than the registered buyer and that clearance of such payments will be required. Please contact our Client Accounts Department if you have any questions concerning clearance.

Please note that no items will be released for collection until full payment is received and cleared, leading to the issue of a Lyon & Turnbull release note.

Collection & Shipping

Please note that we do not pack or ship items. The following suggested carrier will be able to arrange packing and shipping; please contact them directly to receive a quote. You may wish to contact an alternative courier.

All purchased lots not collected from the Liang Yi venue by Thursday 2nd June by 5pm will be removed to:

Michelle Art Services
25th Floor, Sino Favour Centre
1 On Yip Street, Chai Wan, Hong Kong
(852) 2897 1080 | info@michelle-art.com
www.michelle-art.com

Items will be available for collection from this address from Monday 6th June onwards.  

Items will be kept free of charge up until Monday 13th June, if not collected by then, the cost of storage will be the buyer’s responsibility.  

Removal and Storage Charges

Removal and storage for uncollected lots will be charged at the following rates:

Storage charges from Friday 10th June (per item): HKD650 per month or part thereof.
Handling fee for collection (per item): HKD650

Lots will be removed and stored by Michelle Art Services subject to their Conditions of Business.  Release of lots to the buyer/ authorised representative (with appropriate photographic identification) can only be undertaken upon receipt of full settlement of all outstanding charges and the provision of a release note by Lyon & Turnbull.

Export

The export of any lot from Hong Kong or import into any other country may be subject to one or more export or import licences being granted.  It is the buyer's responsibility to obtain any relevant export or import licence.  The denial of any licence required or delay in obtaining such licence cannot justify the cancellation of the sale or any delay in making payment of the total amount due. Lyon & Turnbull recommends that you retain all import and export papers, including licences, as in certain countries you may be required to produce them to governmental authorities.

Endangered Species (Y)

Items made of or incorporating plant or animal material, such as coral, crocodile, ivory, whalebone, tortoiseshell, etc., irrespective of age or value, may require a licence or certificate prior to exportation and require additional licences or certificates upon importation to any country outside Hong Kong. Please note that the ability to obtain an export licence or certificate does not ensure the ability to obtain an import licence or certificate in another country, and vice versa. For example, it is illegal to import African elephant ivory into the United States. Lyon & Turnbull suggests that buyers check with their own government regarding wildlife import requirements prior to placing a bid. It is the buyer's responsibility to obtain any export or import licences and/or certificates as well as any other required documentation.

Conditions of Sale

The auction is governed by the Conditions of Sale for Sellers and Buyers (HK464). These apply to all aspects of the relationship between Lyon & Turnbull and actual and prospective bidders and buyers. Anyone considering bidding in the auction should read them carefully. They may be amended by way of notices posted in the saleroom or by way of announcement made by the auctioneer.

View Conditions of Sale (HK464)

 

 

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