Terms

Terms of Offline Korea Sale

Article 1 Purpose
assumption that the Hammer Price is the average Estimate Prices.) In addition, if a loss is caused by
for auctions conducted and held by Seoul Auction (the “Company”) and rights and obligations of
parties involved in such auction.


Article 2 Definition
① “Consignor” is a person who desires to sell his or her art piece (s) through the means of the auction
of the Company.
② “Bidder” is a person who participates in the Company’s auction and desires to make a successful
bid for an art piece by participating in the Company’s auction.
③ “Successful Bidder” is a person who participates in the Company’s auction and has a successful bid
on an art piece.
④ “Opening Price” is the starting bidding price.
⑤ “Hammer Price” is the price of the highest bid, finalized by the fall of hammer and being called out
his or her paddle number by the auctioneer.
⑥ “Purchasing Price” is the sum of hammer price, a buyer’s premium, and value added tax (VAT).
⑦ “Reserve Price” is the minimum selling price that a Consignor and the Company has previously
agreed in principle not to be disclosed.
⑧ “Estimate Price” is the conjectured value of the articles sold by auction by the Company.
⑨ “Member” is a person who provides personal information to register as a member of the Company.
Types of memberships are categorized into a regular (membership) and an associate (membership).
“User” is a Consignor, a Bidder, a Successful Bidder, or a Member that either participates in the
Company’s auction, or receives with the Company’s services.
⑩ The term of this Agreement includes non-business days except when specified. Non-business days
shall be based on the business days of financial institutions.


Article 3 Members
① By paying a designated amount of annual membership fee and registering with the Company, a
person may be eligible to become a regular Member. The annual membership fees shall not be
refunded in any case.
② The Company shall issue membership cards to each regular Member.
③ Regular Members shall be provided with catalogues and various information online, and shall be
qualified to make a bid in an auction operated by the Company.
④ Associate Members shall be free Members, who shall be provided with all various information
online and catalogues based on the frequency of the usage of the Company’s service, provided
however, such associate Members shall not be qualified to make a bid in an auction.
⑤ In the event that a Member falls under one of the following circumstances, the Company may
restrict or suspend such Member’s membership:
1. Entry of false information in the Membership application
2. When a Member fails to carry out an obligation, such as the payment for a successful bid, and other
matters relating to an auction
3. When a Member interferes in the participation of others, spreads false information, leases his/her
membership, and disturbs the order of an auction
4. When a Member engages in an act that violates the law relating to the auction, this Agreement and/
or acts in a way that is against the social order.


Article 4 Consignment of Art Pieces and the Settlement of the Net Sale Proceeds
① A Consignor may consign an art piece (his/her properties) by paying the consignment processing
fee, provided however, under each of the following circumstances the Company may restrict the
registration:
1. When a dispute over the authenticity of an art piece may be raised;
2. When an art piece does not meet the characteristics of the auction, or when it is not an appropriate
item for sale at the auction
3. When a Consignor and the Company fail to agree on an art piece’s Reserve Price
② At the time of consigning an art piece a Consignor shall make an advanced payment to the Company
in the amount of hundred thousand Korean won (KRW100,000) per each art piece for consignment
processing fee, which shall fall under basic expenses (catalogue registration fee, general estimation
fee, etc.) related to the consignment in an auction. When it is determined that a special appraisal is
necessary, a Consignor shall pay for the special appraisal consignment processing fee in accordance
with the Company’s policy (Rules on the Special Appraisal Fee). Even when an item fails to be sold at
an auction, the consignment processing fee for an art piece shall not be refunded to a Consignor.
③ A Consignor shall have responsibilities and obligations for each of the following statements:
1. A Consignor shall have the authority to dispose of the art pieces being consigned by such Consignor.
2. A Consignor shall warrant that a third party has no right of a lien, the right of pledge, and other rights in
any way regarding the consigned art pieces.
3. Concurrently with a successful bid, a Consignor shall be obligated to guarantee the transfer of
ownership of the consigned item to a purchaser.
4. When the Company decides not to sell a consigned item(s) at auction, the Company shall notify the
Consignor, and the Consignor shall pick up the consigned item(s) within 5 days of the notice. A
Consignor shall not claim to the Company any damages and loss of the art pieces occurred during
the delay of such pick-up. After 7 days, a storage charge shall apply under the Company’s policy.
5. A Consignor shall warrant that the consigned item(s) do not infringe on the Act on Cultural Properties
Protection. When consigned item(s) turns out to be a cultural asset, illegally excavated article, a stolen
good, and/or any other unlawful article(s), the Consignor shall take the civil and criminal
responsibilities, and he/she shall return the entire net sale proceeds immediately together with the
compensation for the Company's loss that has been caused as a result.
④ Once a contract of consignment has been entered into, a Consignor may not withdraw the
consignment. In case the withdrawal becomes unavoidable, a Consignor shall pay the Company the
sum of a seller’s commission and a buyer’s premium as a penalty within 10 days of a notice of
withdrawal (The commission shall be determined Article 9 of this Agreement based on the
assumption that the Hammer Price is the average Estimate Prices.) In addition, if a loss is caused by​ 

the Consignor’s withdrawal of consignment, the Company may claim damages separately from the
② The Company exhibits the items to be sold “as it is.” A Bidder shall do thorough research on the
⑤ A Consignor shall collect unsold item(s) within 15 days from the date of an auction. The Company
shall not be responsible for any damage caused after 15 days and a Consignor shall pay a storage fee
according to the Company’s policy.
⑥ When consigned item(s) is sold, the Company shall pay the net sale proceeds after deducting
seller’s commission on consignment and shipping/handling expenses within 15 days from the date
of the auction (within 25 days when the hammer price is higher than or equal to three hundred
million Korean won), provided however, when the buyer fails to pay the Hammer Price, the payment
of net sale proceeds may be deferred. In the event the date of payment for the net sale proceeds is a
non-business day, such payment date may be delayed up to 2 business days.


Article 5 Proceeding of an Auction
① The Company shall hold an exhibition preview for perspective Bidders to examine auction items
② An auction starts in the order of lot numbers printed in the catalogue. However, the Company may
withdraw the scheduled auction items without a prior notice, and may divide any lot into several
items at auction, or may put several items in one collection at auction.
③ Prior to the operation of auction, the Company and a Consignor shall decide on Reserve Price, which
shall be the minimum Hammer Price of items to be sold. However, with an agreement with a
Consignor, Reserve Price may be earmarked as an Opening Price.
④ In order to keep the Reserve Price agreed with a Consignor, the auctioneer may place a bid or series
of bids until the Reserve Price is reached. At this time, the bidding by auctioneer may proceed
without indication and whether or not other Bidders are present. If a bid does not reach a Reserve
Price, the bid is not valid.
⑤ The price asked for shall be entirely at the discretion of the auctioneer and the auctioneer shall
present the bidding increments in advance during the auction. A Bidder may verbally call for an
arbitrary price, which an auctioneer may refuse to accept at his/her discretion. The Opening Price
may not be restricted by Reserve Price and may be either settled on an amount lower or higher than
Reserve Price.
⑥ As reference of the auction items, the Company shall provide both low and high Estimate Prices to
the Bidders. An Estimated Price shall be simply to serve as a good reference for the auction and shall
not be a price that the Company takes responsibility for and shall be also irrelevant to the Hammer
Price. Furthermore, the Company shall not be responsible for such Estimate Prices being used by
the public outside.
⑦ A Successful Bidder and Hammer Price shall be decided by calling the highest bidding price at least
once, a fall of the auctioneer’s hammer and a call on the paddle number of the highest Bidder.
⑧ The auctioneer may decide on a valid Bidder or reoffer and resell at auction the disputed item when
there is a dispute among Bidders, or when a validity of a bid is questionable. When a Successful
Bidder is declared and an auctioneer begins on the auction of the next item, no one may make an
objection to the previous auction.


Article 6 Bid and Successful Bid
① In the auction, a Member or a person who has been entrusted by the Company’s Member may
make a bid.
② There are different methods of bidding: bidding in person, written bid, and telephone bid.
③ To make a bid in person, a Bidder shall complete a registration form required by the Company, and
shall be issued with a paddle. Member, who is granted with a paddle, shall be present in the auction
room and declare his/her intention to bid for the price offered by raising up the paddle.
④ According to a set form of the Company, a Member may participate in bidding by either written bid
or telephone bid. When the progress of the Company’s auction is broadcasted live on television or
internet, a Member may bid on the telephone. However, it is necessary to state his/her intention of
using those methods of bidding at least one day prior to the sale.
⑤ In case there is a Bidder who has suggested a price which is higher than Reserve Price, the
successful bid goes to a Bidder who has suggested the highest bid among the Bidders.
⑥ In the event a bid in person and written bid make a bid on the same price, written bid shall take
precedence and be successful. In the event of identical written bids, the earliest received shall take
precedence and be successful.
⑦ A Successful Bidder may not export or take out abroad the items knocked down if it is a cultural
asset or remain. (Please be aware that it is a violation of the Act on Cultural Properties Protection.)
⑧ A Consignor may not bid on the items that he/she has consigned.


Article 7 Limitations on Rights and Responsibilities of the Company
① Under unavoidable circumstances, the Company may make changes to the previously notified
auction date, time and place.
② The Company may check on the name and identity of the person who wishes to participate in a
preview and may request proof of identity. The Company has the authority to refuse admission to a
preview of the person who wishes to enter.
③ For the printed materials and the Company’s website, the Company may use the items which have
arrived at consignment agreements for the purpose of the Company.
④ If there is a dispute over the authenticity and illegal transaction of the articles, and other related
happenings occur, the Company may withdraw the consigned items, and may cancel the bid after it
has been sold in the auction. In such event, the Company shall not be responsible to the Consignor
and the Successful Bidder for any damages except for restoration to the original state.
⑤ Even though the Company has accepted the request for written bid or telephone bid, but the bid
was not placed in the auction due to any mistake or for any other reason(s), the Company shall not
take responsibility unless it was caused by the Company’s intentional or grossly negligent conducts.


Article 8 Bidder’s Obligations
① Name of the artists, title of work of art, medium, size, provenance, etc. described on the catalogue
are merely the Company’s suggestion, not an absolute fact.
② The Company exhibits the items to be sold “as it is.” A Bidder shall do thorough research on the​

desired item(s) before auction. The Company does not provide any warranty and responsibility for
to the items.
the Company except as provided under Article 13. A Bidder shall check whether there is any damage
or restoration, mistakes and omission on the catalogue description, and discrepancy between the
image and the real work, and shall participate in the auction under his/her own judgment and
responsibility. The Company progresses on the auction under the premise that the Bidders have
carried out this obligation faithfully.


Article 9 Commission
① (Seller’s Commission)

10%  (tax excluded)
② (Transfer Tax)
There must be a transfer tax imposed on a profit for the transferred calligraphy, painting and antique
pieces. This transfer tax will be applied for the pieces’ sale prices more than 60 million won, except for
the ones by living Korean artists when the transfer happens. The tax rate is 20% of the margin from
transfer, and if the purchasing price has not been clearly marked, 80% of sale prices (in case of the
piece has been possessed more than 10 years, 90%) will be approved as for the necessary expenses.
This transfer tax will be objected for the calligraphies, paintings and antiques which referred below.
The calligraphies, paintings and antiques relevant to those clauses. Paintings, drawings and pastel
pieces (only for the hands drawn pieces, exclude the designs and decorative works), collage pieces
and similar decorated plates Original prints, pressed pictures and lithography Antique (created more
than 100 years ago) Other than those related to the first clause, the calligraphies, paintings and antique
which has an equal historical and artistic value and after consultation by the minister of the Ministry of
Strategy and Finance and the minister of Culture, Sports and Tourism then determined through the
Ministry of Strategy and Finance’s ordinance
③ (Buying Commission)
15% of hammer price (tax excluded)


Article 10 Payments of the Purchasing Price and Delivery of Art Pieces
① A Successful Bidder shall make full payments, including the amount of the Hammer Price, buyer’s
premium and any applicable taxes within 7 days after the sale (within 21 days if the Hammer Price is
higher than or equal to KRW 300,000,000), provided however, when the Hammer Price is higher
than or equal to KRW 300,000,000, the purchaser shall prepay 30% of its total Purchasing Price
within 7 days. If the payment date is a non-business day, the following day shall be a due date for the
payment.
② In case the Successful Bidder fails to make full payments of Purchasing Price within 7 days after the
sale (within 21 days if the Hammer Price is higher than or equal to KRW 300,000,000), the Company
may levy a certain amount of indemnities for the days of delay according to the Company policy.
③ A Successful Bidder may not withdraw the successful bid and when a withdrawal is unavoidable,
he/she shall report the intention of withdrawal in writing within 7 days after the sale, and pay 30% of
the Hammer Price as a penalty within 7 days after the sale. In addition, the stipulation above does
not affect the claim of both the Company and the Consignor for compensation of damages.
④ If a Successful Bidder does not make a declaration of intention within 7 days after the sale, the
Company will consider it as not having the intention to purchase the auction items and may carry out
the following measures:
1. In case a Successful Bidder fails to make a payment, the Company may cancel the sale and resell the
property publicly or privately. In this case, the Successful Bidder shall pay 30% of Hammer Price as a
penalty for breach of promise under Article 10 (3). The penalty above does not affect the right to claim
by both the Company and the Consignor for compensation of damages.
2. The Company may expose personal information on a Successful Bidder to a Consignor to the extent
necessary for a Consignor to file a lawsuit for compensation of damages.
⑤ The payment of the Purchasing Price may be made by bank transfer to the designated bank account,
a bank check, and cash. (The Company’s bank account number: 642237-04-003005 at Kookmin
Bank)
⑥ With an agreement with the Company prior to bidding, a Successful Bidder may make payments in
installments for the purchased items.
⑦ A Successful Bidder shall collect the purchased items within 7 days after a full payment of
Purchasing Price. When there is a delay in picking up the items, he/she shall pay for a storage charge
under the Company’s stipulations. In case the Successful Bidder fails to pick up the items after 21
days have passed since the full payment, the Company does not accept liability for loss or damages
to the items.​


Article 11 Sale after the Auction
transaction between the Company and a User.
the Company shall assume that a Consignor has agreed on the terms that when the consigned
items have failed to sell at the auction, the Company shall take custody of the items for one week in
order to submit them for sale after the auction (“After-Sale’). (However, it shall be noted that not all
items that have failed to sell at the auction are submitted for After-Sale, but whether or not an item
shall be submitted for After-Sale is decided fundamentally by the Company unless there is a clear
statement of request by a Consignor.)
② After-Sale is operated by written bids, and the closing time for bidding is 1 PM of a day after 5
business days from the sale.
③ The After-Sale shall be also governed by this Agreement.


Article 12 Shipping and Insurance
① (Shipping) At the responsibilities and expenses of a Consignor or a buyer, the Company may make
arrangement of shipping of items and insurance subscription in case a Consignor or a buyer wishes
for such delivery of properties.
② (Insurance)
A Consignor shall present an insurance policy satisfactory to the Company effective from the delivery
of auction items, either until the Company discontinues the custody/management of the item or within
50 days from the scheduled auction date. At the responsibility and expense of the Consignor, the
Company may subscribe to insurance on the Consignor’s behalf if the consigner wishes


Article 13 Warranty and Restoration to the Original State
① With respect to the auction items, the Company, as an intermediary, only warrants the boldly printed
headlines in the first line of the catalogue. Other supplemental explanations or estimated prices
printed in the catalogue and other contents verbally expressed or in writing by staff of the Company
shall be solely reference materials, not contents of warranty.
② The Company shall issue a letter of warranty within the limits of the warranty mentioned in the
above paragraph at purchaser’s request.
③ As an intermediary, the warranty period of the Company shall be 3 years from the date of the sale.
When the warranty shall be proved wrong during this term, the Company shall cancel the sale and
shall refund the Hammer Price and buyer’s premium paid for the lot, provided however, this shall
occur when the buyer strictly satisfies the following conditions:
1. Shall a buyer raise a question on the contents of the warranty by the Company; he/she shall present
the auction sale date(s) and lot number(s) of the corresponding item(s), and the convincing ground for
such question in writing when making a claim.
2. The buyer shall give written notice of claim to the Company within 3 months from the initial doubt.
3. The buyer shall return the corresponding item(s) to the Company in the same conditions as at the
time of the sale.
④ In case there is a discrepancy on the grounds presented between the buyer and the Company, the
parties may request opinions in writing from two experts of the related field in order to confirm the
authenticity of the corresponding item(s) to the buyer. The expert shall be the person confirmed both
by the buyer and the Company. The Company may seek advice from an expert at its cost.
⑤ Limitation on Warranty Responsibilities
Each of the following shall be excluded from the warranty:
1. In case the opinion(s) on the articles at the date of the sale was an expert’s general opinion, but the
opinion has been modified afterwards, or there is a conflict in opinions,
2. In case the catalogue description or saleroom notice indicated that there were the possibilities of
dissenting opinion(s) from scholar(s) or group of experts,
3. In case it is proven that the details under the warranty are wrong either by a method that was not
generally used, one that was unreasonably expensive, or one to carry out destructive analysis at the
date of the sale.
⑥ In case the Company becomes responsible under the warranty; the Consignor of the corresponding
item(s) also has the obligation to restore the item(s) to the original state.
⑦ (Disapproval of Transfer) On the list of warranty, the contents under the warranty shall not be
transferred to a third party. Namely, the contents under the warranty shall apply only to the original
buyer of the lot. However, if corresponding item(s) has been inherited because the original buyer
died within 3 years, details under the warranty are transferred to the inheritor.
⑧ (Limitations on the Responsibility of Warranty) The Company’s responsibility of a warranty does not
exceed the amount that a buyer paid in actuality to the Company. Namely, the Company does not
pay for the interest or loss occurred as a result of the change of currency value.


Article 14 Others Including Amendment to this Agreement
① The Company shall post this Agreement on its website and shall insert it in catalogues, official
documents of pick-up and delivery, and consignment agreements in a place where Users can easily
find.
② The Company shall explain important parts of this Agreement when necessary in order to prevent
Users from misunderstanding the contents of these provisions.
③ To the extent permitted under the Act on Standardized Contracts and relevant laws, the Company
may amend the provisions of this Agreement.
④ In case the Company makes an amendment, it shall post on the first page of the Company’s
website a notification to compare and clearly state the previous conditions and the revised
conditions from 7 days prior to the effective date until one day prior to the effective date of the
amendment.


Article 15 Jurisdiction and Governing Law
① The Seoul Central District Court shall have jurisdiction to hear any dispute arising from the
commercial transaction between the Company and a User.
② The laws of the Republic of Korea shall be the applicable law for any suit relating to commercial
transaction between the Company and a User.​

Terms of Online Sale

Terms of Hong Kong Sale

1 Purpose
expiration of seven calendar days from, but not including, the date of the sale of such lot, and
(the “Important Notices”) contained in the relevant Auction Catalogue (defined below)
contain all the terms and conditions on which:
1.1.1 Seoul Auction Hong Kong Limited (“Seoul Auction”) shall conduct an Auction (defined
below);
1.1.2 prospective Bidders shall register and/or apply to place, and Bidders shall place, bids in
such Auction; and
1.1.3 Seoul Auction and the Seller shall contract with the Buyer in connection with the sale of
any lot in such Auction.
2 Definitions
2.1 “Auction” means an auction conducted by Seoul Auction from time to time in accordance with
these Auction Terms and the Important Notices.
2.2 “Auction Catalogue” means, in relation to an Auction, the catalogue published by Seoul Auction
containing descriptions and information on the lots scheduled to be sold at such Auction.
2.3 “Auction Date” means, in respect of any lot, the date on which such lot is scheduled to be sold
at an Auction.
2.4 “Auction Period” means, in relation to an Auction, the date(s) on which such Auction is held.
2.5 “Bidder” means, in relation to an Auction, any person who has registered and/or applied to
Seoul Auction to place bids in such Auction and, if applicable, has received written confirmation
of such registration and/or application from Seoul Auction in accordance with these Auction
Terms and the Important Notices.
2.6 “Business Day” means a calendar day which is not a Saturday, a Sunday or a public holiday in
Hong Kong.
2.7 “Buyer” means, in respect of any lot, the Bidder who is declared by the auctioneer to be the
Bidder who has made the highest bid for such lot in accordance with these Auction Terms.
2.8 “Buyer Withdrawal Fee” means, in respect of any lot, an amount equal to 30% of the Hammer
Price of such lot.
2.9 “Buyer’s Expenses” means, in respect of any lot, any taxes, costs, charges or expenses including,
but not limited to, any currency conversion costs, storage charges, packaging, delivery and
transit insurance costs, incurred by any of Seoul Auction, its directors, officers, employees and/
or agents in connection with the sale of such lot pursuant to these Auction Terms and/or the
Important Notices and payable by the Buyer to Seoul Auction.
2.10 “Buyer’s Premium” means, in respect of any lot, the premium payable by the Buyer to Seoul
Auction in accordance with these Auction Terms in connection with the sale and purchase of
such lot.
2.11 “Consignor” means, in respect of any lot, the person who has consigned such lot to Seoul
Auction to be sold at an Auction by entering into a consignment agreement with Seoul
Auction prior to the start date of such Auction.
2.12 “Estimate Price” means, in respect of any lot, the estimated value of such lot as determined by
Seoul Auction in its sole and absolute discretion.
2.13 “Hammer Price” means, in respect of any lot, the sale price of such lot, being the amount
equal to the highest bid accepted by the auctioneer by striking his/her hammer and calling the
paddle number of the relevant Bidder in accordance with these Auction Terms.
2.14 “Purchase Price” means, in respect of any lot, an amount equal to the sum of the Hammer Price
and the Buyer’s Premium of such lot.
2.15 “Reserve Price” means, in respect of any lot, the minimum selling price of such lot agreed in
writing between the Seller and Seoul Auction (if the Consignor is the Seller), or determined by
Seoul Auction (if Seoul Auction is the Seller), as the case may be, prior to the sale of such lot.
2.16 “Seller” means, in respect of any lot, the counterparty to the contract of sale of such lot, which
shall be Seoul Auction if a lot is marked with the symbol “Δ” next to its lot number in the
relevant Auction Catalogue, or the Consignor if a lot is not marked with such symbol in the
relevant Auction Catalogue.
3 Seoul Auction as agent or as the Seller
Except in respect of any lot of which Seoul Auction is the Seller, Seoul Auction shall act as agent of
the Consignor (being the Seller) in selling the Consignor’s lot in an Auction. The contract for the sale
of a lot shall be made between the Seller and the Buyer.
4 Previews
4.1 Seoul Auction will hold preview(s) of lots scheduled to be sold at an Auction which will be
open to the public and free of charge, provided however, that Seoul Auction may, in its sole
and absolute discretion, require proof of identity satisfactory to it before admitting any person
to any preview and/or refuse admission of any person to any preview.
4.2 Seoul Auction will give notice of the place, date, time and duration of any preview on its
website and/or in the relevant Auction Catalogue. Seoul Auction may, in its sole and absolute
discretion, cancel, or change the place, date, time and/or duration of, any preview without prior
notice. Seoul Auction may, in its sole and absolute discretion, determine not to sell any lot
exhibited at a preview in the relevant Auction or any Auction at all.
5 Bidder registration
Unless otherwise agreed in writing with Seoul Auction prior to the start date of the relevant Auction
Period, prospective Bidders, including first-time prospective Bidders, shall register and/or apply to place
bids in an Auction by completing and sending to Seoul Auction the relevant registration form and any
supplementary document specified in such registration form and/or requested by Seoul Auction in
accordance with the Important Notices. Registration of prospective Bidders and application to place
bids in writing or by telephone will be conducted as prescribed in the relevant Important Notices.
Seoul Auction shall use reasonable endeavours to process any registration and/or any application to
place bids, provided however, that Seoul Auction shall not be responsible for any failure to do so or
delay in doing so, or for any error and/or omission by Seoul Auction, its directors, officers, employees
and/or agents in processing such registration and/or application, howsoever caused.
6 Estimate Prices
6.1 Seoul Auction will provide a lower Estimate Price and a higher Estimate Price for each lot
in Hong Kong Dollars, US Dollars and Korean Won in the relevant Auction Catalogue, in
its advertisements and other publications and/or during the relevant Auction Period. Seoul
Auction may, in its sole and absolute discretion, change at any time before and up to the time
of the sale of any lot the Estimate Prices of such lot without prior notice. Estimate Prices will
not include the Buyer’s Premium and/or any Buyer’s Expenses payable by the Buyer to Seoul
Auction. Estimate Prices provided by Seoul Auction will be for reference only and shall not be
an indication of the value or the Hammer Price of the relevant lot. Seoul Auction shall not be
responsible for any Estimate Price being quoted in the public.
6.2 Except as otherwise expressly provided in these Auction Terms and/or the Important
Notices, the Estimate Prices shown in US Dollars and Korean Won, Chinese Yuan in any
Auction Catalogue or elsewhere will be for reference only and all bids and payment shall
be in Hong Kong Dollars. In respect of Estimate Prices provided in an Auction Catalogue,
the relevant Important Notices will contain the rates of exchange used for converting the
Estimate Prices expressed in Hong Kong Dollars into US Dollars and Korean Won, Chinese
Yuan in such Auction Catalogue. Such rates of exchange will be obtained at the latest
practicable date prior to the printing of the relevant Auction Catalogue and may change
at any time thereafter. No representation is made that any of the US Dollar or the Korean
Won, Chinese Yuan amounts shown in any Auction Catalogue and/or elsewhere could have
been or could be converted into Hong Kong Dollars (or vice versa) at the specified rates, at
any particular rates or at all. Seoul Auction shall not be responsible for any error or omission,
however caused, arising from, or in connection with, conversion of Estimate Prices expressed
in Hong Kong Dollars into US Dollars and Korean Won, Chinese Yuan.
7 Conduct of Auction and conclusion of the sale of a lot
7.1 Seoul Auction will give notice of the scheduled date, time, duration and place of an Auction
on its website and/or in the relevant Auction Catalogue, provided however, that Seoul Auction
may, in its sole and absolute discretion, cancel, or change the date, time, duration and/or place
of, any Auction at any time before the scheduled start date of such Auction without prior
notice.
7.2 Each of Seoul Auction and the auctioneer may, in its sole and absolute discretion, refuse
admission of any person to any Auction and/or reject any bid (whether made in person, in
writing or by telephone) placed in any Auction.
7.3 Each lot shall be sold subject to the Reserve Price of such lot and the auctioneer shall not accept
any bid below such Reserve Price. The auctioneer shall keep the Reserve Price confidential. The
Reserve Price of any lot shall not exceed the lower Estimate Price of such lot as at the date
of the sale. The auctioneer may place bids on behalf of the Seller below the Reserve Price by
either placing consecutive bids or entering bids in response to bids placed in person, in writing
or by telephone (as the case may be). The auctioneer may, in its sole and absolute discretion,
start the bidding of any lot below the Reserve Price of such lot. The auctioneer shall not place
any bid on behalf of the Seller at or above the Reserve Price. The auctioneer shall not be
obliged to specifically identify bids placed on behalf of the Seller.
7.4 A Bidder may place bids in person, in writing or by telephone, subject to, and in accordance with,
these Auction Terms and the Important Notices. Bids placed by telephone may be recorded
and Bidders shall be deemed to have consented to the recording of their conversations by
placing bids by telephone.
7.5 Subject to Clauses 7.6 and 7.7:
7.5.1 in the case of bids placed in person, the Bidder shall place his/her bid by raising his/her
paddle after the auctioneer’s call in the auction hall;
7.5.2 in the case of written bids, the auctioneer will call out such bids in the auction hall before
commencing to receive bids placed in person or by telephone; and/or
7.5.3 in the case of bids placed by telephone, Seoul Auction’s staff will place bids on behalf of
the Bidder in the auction hall.
7.6 In respect of a lot, Seoul Auction shall use reasonable endeavours to receive any written bid
or telephone bid, provided however, that Seoul Auction shall not be responsible for any failure
to do so or delay in doing so, or for any error and/or omission by Seoul Auction, its directors,
officers, employees and/or agents in receiving such bid, howsoever caused.
7.7 If, in respect of a lot, any written bid or telephone bid is received by Seoul Auction in
accordance with these Auction Terms and the Important Notices, Seoul Auction shall use
reasonable endeavours to place such bid, provided however, that Seoul Auction shall not be
responsible for any failure to do so or delay in doing so, or for any error and/or omission by
Seoul Auction, its directors, officers, employees and/or agents in placing such bid, howsoever
caused.
7.8 In respect of a lot, if a written bid and a bid in person, or a written bid and a bid by telephone,
have the same bid price, the Bidder who placed the written bid will be declared to be the
Buyer subject to, and in accordance with, these Auction Terms. If two written bids for a lot
have the same bid price, the Bidder of the written bid first received by Seoul Auction will be
declared the Buyer subject to, and in accordance with, these Auction Terms.
7.9 Seoul Auction may, in its sole and absolute discretion,
(i) withdraw any lot at any time before the scheduled time of sale of such lot without prior
notice;
(ii) combine any two or more lots without prior notice;
(iii) re-commence during the relevant Auction Period, the auction of any lot which was
previously put up for sale during such Auction Period but not sold without prior notice;
(iv) in the event of any error arising in relation to, or any dispute among the Bidders over the
validity of, bids placed in respect of a lot, determine the Buyer of, continue the bidding
process of, cancel the sale of, and/or put up for resale, such lot; and/or
(v) in the event that any dispute over the authenticity of any lot, or the validity of the sale of
any lot, has arisen or may, in Seoul Auction’s sole opinion, arise, refuse to place such lot in
an Auction, discontinue the bidding process and/or cancel the sale.
In the event that the bidding process or the sale of a lot is discontinued or cancelled in accordance
with this Clause 7.9, the Buyer’s sole and exclusive remedy against Seoul Auction and/or the Seller,
as the case may be, shall be the refund of the Purchase Price paid by the Buyer for such lot (if any).
Neither Seoul Auction nor the Seller shall be liable for any special, indirect or consequential loss
including, but not limited to, loss of profits or loss of interest. For the avoidance of doubt, Seoul
Auction shall not be liable to pay any interest or indemnify any loss incurred as a result of any foreign
exchange rate fluctuation or otherwise.
7.10 Without prejudice to Clause 7.2, the sale of any lot between the Seller and the Buyer shall
occur immediately upon the auctioneer accepting the highest bid by striking his/her hammer
and calling out the paddle number of the relevant Bidder. The Buyer shall sign a Successful
Bidding Confirmation confirming the purchase by him/her of a lot on the date of the sale of
such lot (where the Buyer made his/her bid in person and is present in the auction hall on the
date of the sale) or as soon as practicable (where the Buyer did not make his/her bid in person
or is not present in the auction hall on the date of the sale).
7.11 Risk associated with, and responsibility for, a lot will pass to the Buyer from the earlier of (i) the
expiration of seven calendar days from, but not including, the date of the sale of such lot, and​

(ii) the date of collection of such lot by the Buyer or its authorised representative. Title to the
or
(for itself and/or on behalf of the Consignor) under these Auction Terms and/or the Important
Notices have been received by Seoul Auction in good cleared funds.
7.12 Except as expressly provided in Clause 7.3, a Seller shall not, directly or indirectly, place bids on
his/her lots in an Auction.
8 Marketing materials
The copyright in all images, illustrations and/or written material produced by or for Seoul Auction
relating to any lot, including the contents of any Auction Catalogue, shall be and shall remain at all
times the property of Seoul Auction and shall not be used by the Buyer, nor by any other person,
at any time without Seoul Auction’s prior written consent. Neither Seoul Auction nor the Seller
makes any representation or warranty that the Buyer of a lot will acquire any copyright or other
reproduction rights in it.
9 Buyer’s Premium
9.1 In respect of any lot, the Buyer’s Premium shall be:
The buyer’s premium is 18% of the Hammer Price.
9.2 The Buyer’s Premium shall be exclusive of any Buyer’s Expenses payable by the Buyer to Seoul
Auction.
10 Payments of the Purchase Price and Delivery of lots
10.1 Seoul Auction will provide to the Buyer an invoice or invoices of the amounts due from the
Buyer to Seoul Auction (for itself and/or on behalf of the Consignor) under these Auction
Terms and/or the Important Notices listing the lot(s) purchased by the Buyer in an Auction,
the Hammer Price, the Buyer’s Premium and/or any Buyer’s Expenses:
(i) in person within 24 hours of the sale of the lot(s) (where the Buyer made his/her bid in
person and is present in the auction hall on the date of the sale); or
(ii) by fax or by post to the billing address provided by the Buyer in his/her registration form
within two Business Days from, but not including, the date of the sale of the lot(s) (where
the Buyer did not make his/her bid in person or is not present in the auction hall on the
date of the sale).
10.2 In respect of lot(s) purchased by the Buyer, the Buyer shall pay to Seoul Auction (for itself and/
or on behalf of the Consignor) in accordance with these Auction Terms and the Important
Notices:
10.2.1 the full invoiced amount; and
10.2.2 any other Buyer’s Expenses incurred after the invoice(s) has/have been sent to the
Buyer,
within seven calendar days (or within 21 calendar days if the Hammer Price is higher than or equal
to HKD2,500,000, provided however, that the Buyer shall pay to Seoul Auction 30% of the Purchase
Price within seven calendar days) from, but not including, the date of the sale of the lot(s). Seoul
Auction and a Buyer may, prior to the sale of the relevant lot, agree in writing for the Purchase Price
of such lot to be paid in instalments.
10.3 Unless otherwise agreed in writing between the Buyer and Seoul Auction:
(i) the Buyer shall be personally liable to pay to Seoul Auction (for itself and/or on behalf of
the Consignor) in accordance with these Auction Terms and the Important Notices the
Purchase Price and/or any Buyer’s Expenses payable by the Buyer in respect of any lot; and
(ii) Seoul Auction will not accept any payment due to it (for itself and/or on behalf of the
Consignor) from any other party other than the relevant Buyer.
10.4 If, in respect of any lot, Seoul Auction (for itself and/or on behalf of the Consignor) does not
receive the full amounts payable by the Buyer under this Clause 10 within seven calendar
days from, but not including, the date of the sale of such lot, Seoul Auction may, in its sole and
absolute discretion, and unless agreed in writing between the Buyer and Seoul Auction:
10.4.1 cancel the sale of such lot and charge the Buyer the Buyer Withdrawal Fee which shall
be due and payable by the Buyer on demand;
10.4.2 put up for resale such lot in another Auction;
10.4.3 disclose any personal information on the Buyer to the relevant Consignor to the extent
necessary for that Consignor to claim against the Buyer; and/or
10.4.4 take such other action as Seoul Auction deems necessary or appropriate,
without prejudice to any other rights or remedies available to Seoul Auction by law.
10.5 The Buyer may cancel his/her purchase of any lot by:
10.5.1 giving written notice of cancellation to Seoul Auction; and
10.5.2 paying to Seoul Auction the Buyer Withdrawal Fee,
within seven calendar days from, but not including, the date of the sale of such lot. The
sale will be cancelled immediately upon receipt by Seoul Auction of such written notice
and the Buyer Withdrawal Fee.
10.6 Unless otherwise agreed in writing between Seoul Auction and the Buyer, Seoul Auction will
only release the lot(s) purchased by the Buyer to the Buyer or its authorised representative
in accordance with this Clause 10.6. The Buyer shall collect, or procure the collection of, the
lot(s) purchased by him/her at his/her risk and expense within seven calendar days from, but
not including, the date of the sale of the lot(s), provided however, that Seoul Auction shall not
be obliged to release any lot:
10.6.1 until full payment of all amounts payable by the Buyer to Seoul Auction (for itself and/or
on behalf of the Consignor) pursuant to this Clause 10 is duly received by Seoul; and
10.6.2 without being provided with proof of identity of the collector and (in the case of an
authorised representative) proof of authorisation, satisfactory to Seoul Auction.
10.7 If agreed in writing between the Buyer and Seoul Auction, Seoul Auction will arrange packaging,
delivery and transit insurance of the lot(s) purchased by the Buyer at the Buyer’s expense and
risk. Seoul Auction shall not be responsible for any damage to, or the loss of, such lot during
packaging and/or the transit period of such lot, howsoever caused.
10.8 Seoul Auction will keep the lot(s) sold in an Auction at a designated logistic company’s
warehouse at no charge exception to logistic handling charges and fee until the expiry of
seven calendar days from, but not including, the date of the sale of such lot(s), after which the
lot(s) will be stored at Seoul Auction’s warehouse at the Buyer’s risk. If the Buyer fails to collect
any lot within such time period regardless of whether such failure is caused by Seoul Auction’s
refusal to release such lot due to not having received from the Buyer the full amounts due from
the Buyer to Seoul Auction (for itself and/or on behalf of the Consignor) in respect of such
lot or not having received proof of identity and/or authorisation pursuant to Clause 10.6, the
Buyer shall pay to Seoul Auction a daily storage charge of HKD50 per lot.
10.9 If any lot is not collected by the Buyer or its authorised representative within 21 calendar days
from, but not including, the date of the sale of such lot for whatever reason, Seoul Auction shall
not be liable for any damage to, or the loss of, such lot(s), howsoever caused.
11 Export and/or import licences
The Buyer shall be responsible for obtaining any relevant export/import licences and/or permits (the
“Licences”) required for the export/import of the purchased lot(s). Seoul Auction may, at the written
request of the Buyer, introduce to Buyer a shipper to assist in obtaining the necessary Licences at the
Buyer’s expense and risk. Seoul Auction does not accept any responsibility whatsoever in respect of
such introduction. Denial of the Licences and/or delay in obtaining the Licences in respect of any lot
shall not be a ground for the Buyer to cancel the sale of such lot or refuse or delay payment of the
full amounts payable by the Buyer to Seoul Auction (for itself and/or on behalf of the Consignor)
pursuant to Clause 10.
12 Sale after the Auction
12.1 If any lot (an “After Sale Lot”) is not sold in an Auction because no bid matched or exceeded
the Reserve Price at such Auction, Seoul Auction may, during the period commencing after the
end date of the relevant Auction Period and ending 7 Business Days after the end date of such
Auction Period:
12.1.1 receive bids in writing for such After Sale Lot subject to the relevant Reserve Price;
and
12.1.2 accept the highest bid placed in accordance with this Clause 12,
provided however, that Seoul Auction shall not be obliged to accept any bid if it deems, in its
sole and absolute discretion, that the relevant Bidder has not provided all documents as may
be required by Seoul Auction pursuant to Clause 12.2 to its satisfaction.
12.2 A Bidder shall, when placing bids for any After Sale Lot, send to Seoul Auction any supplementary
document as may be requested by Seoul Action in written notice from time to time within the
time specified by Seoul Auction in such notice.
12.3 The sale of any After Sale Lot shall occur on the date of the invoice from Seoul Auction to
the Bidder notifying Seoul Auction’s acceptance of his/her bid. The invoice will list the lot(s)
purchased by the Buyer, the Hammer Price, the Buyer’s Premium and/or any Buyer’s Expenses,
due from the Buyer to Seoul Auction (for itself and/or on behalf of the Consignor).
12.4 Clauses 1, 2, 3, 6, 7.2, 7.3, 7.6 to 7.9, 7.11, 7.12, 8, 9, 10.2 to 10.9, 11, 13 to 19 of these Auction
Terms and the relevant provisions in the Important Notices shall apply in respect of the sale
of any After Sale Lot in accordance with this Clause 12 as applicable and with the necessary
amendments.
13 No representations, warranties and liabilities
13.1 A Bidder agrees and acknowledges that all statements in respect of any lot including, but
not limited to, statements on authorship, title, medium and/or size, contained in any Auction
Catalogue and/or elsewhere in writing or made orally by any of Seoul Auction, its directors,
officers, employees and/or agents and/or the Seller at any time, are statements of opinion and
not statements of fact. So far as is permitted by law and except as otherwise expressly provided
in this Clause 13, Clause 14 and/or Clause 15, all representations, warranties, conditions,
guarantees and stipulations, express or implied, statutory, customary or otherwise in respect
of any lot are and shall be expressly excluded (including, but without limitation, warranties,
conditions as to title, rights to dispose, quiet possession, freedom from encumbrances,
merchantable or satisfactory quality, fitness for purpose, description, size, quality, attribution,
authenticity, medium, provenance or whether such lot is subject to copyright and/or whether
the Buyer acquires copyright in such lot).
13.2 So far as is permitted by law, the lots shall be sold on an “as is” basis as at the time of sale of the
lots (whether or not the Buyers are in attendance in person at the Auction). Descriptions in
the Auction Catalogues may on occasion make reference to particular defects or deficiencies
of a lot but the absence of any such description in respect of any lot shall not mean that such
lot is without defects or deficiencies. The Bidder shall be responsible for conducting his/her
own research and satisfying himself/herself of the condition of the lots, including, but not limited
to, damage and/or restoration of the lots and in respect of any entries provided in the Auction
Catalogue or elsewhere. Seoul Auction will only accept a bid from a Bidder in respect of a lot
on the assumption that the Bidder has satisfied himself/herself of the condition of such lot and
in respect of any entries provided in the Auction Catalogue or elsewhere.
13.3 So far as is permitted by law and except as otherwise expressly provided in these Auction
Terms and/or the Important Notices, neither Seoul Auction nor the Seller shall be liable to any
Bidder or Buyer for:
13.3.1 errors or omissions in information, whether oral or written, provided by any of Seoul
Auction, its directors, officers, employees and/or agents and/or the Seller, howsoever
caused;
13.3.2 acts or omissions by any of Seoul Auction, its directors, officers, employees and/or
agents and/or the Seller in relation to the conduct of any Auction and/or for any matter
relating to the sale of any lot, howsoever caused.
14 Limited Warranty
14.1 In respect of any lot, Seoul Auction warrants that the headline printed in BOLD BLACK in
respect of such lot on the first line in the Auction Catalogue (the “Headline”) (as may be
amended by any sale room notice displayed in the auction hall during the relevant Auction
Period) is true and accurate as at the date of the sale of such lot (the “Limited Warranty”).
14.2 Seoul Auction shall not be liable for breach of the Limited Warranty in respect of any lot unless
a Claim Letter (defined below) in respect of such lot is given by the Buyer to Seoul Auction
in accordance with this Clause 14 before the expiry of three years from, but not including, the
date of the sale of such lot (the “Warranty Period”).
14.3 Subject to Clause 14.2, any Buyer wishing to claim under the Limited Warranty in respect of
any lot shall (i) send to Seoul Auction a letter (the “Claim Letter”) stipulating the date of the
sale of such lot, the lot number and the grounds for his/her claim under the Limited Warranty
within three months from, but not including, the date on which he/she became aware of a
possible/actual breach of the Limited Warranty; and (ii) return to Seoul Auction the relevant
lot in the same condition as at the time of the sale of such lot.
14.4 In the event that there is a dispute between the Buyer and Seoul Auction in respect of the
grounds of the Buyer’s claim under the Limited Warranty, Seoul Auction may require the
Buyer to obtain, at the Buyer’s expense, written opinions of two experts in the field mutually
acceptable to Seoul Auction and the Buyer. Seoul Auction shall not be bound by such written
opinions provided by the Buyer and may seek additional advice from other experts in the field
at its own cost.
14.5 The Buyer shall not be entitled to claim under the Limited Warranty in respect of any lot if:
14.5.1 the relevant Headline corresponded to the generally accepted opinion of scholars or
experts at the time of the sale of such lot;
14.5.2 the catalogue description or sale room notice indicated that there were possibilities of
dissenting opinion(s) from scholar(s) or a group of experts on the relevant Headline;
or​ 14.5.3 the breach of the Limited Warranty can be proved only by means of either a scientific
18.2 Any and all payments due under these Auction Terms and/or the Important Notices shall be
Catalogue or a process which at the date of publication of the relevant Auction
Catalogue was unreasonably expensive or impractical or likely to have caused damage
to the lot.
14.6 In the case of a breach of the Limited Warranty in respect of a lot, Seoul Auction shall cancel
the sale of such lot and refund to the Buyer the Purchase Price paid by the Buyer in relation to
the lot.
14.7 In the event of a breach of the Limited Warranty in respect of a lot, the Buyer’s sole and
exclusive remedy against Seoul Auction and/or the Seller shall be the cancellation of the sale
and refund of the Purchase Price paid by the Buyer for such lot. Neither Seoul Auction nor the
Seller shall be liable for any special, indirect, consequential loss including, but not limited to, loss
of profits or loss of interest. For the avoidance of doubt, Seoul Auction shall not be liable to pay
any interest or indemnify any loss incurred as a result of any foreign exchange rate fluctuation
or otherwise.
14.8 The Buyer shall not assign or transfer the benefits of the Limited Warranty. Unless agreed in
writing between Seoul Auction and the Buyer, only the Buyer of the relevant lot as shown on
the invoice issued by Seoul Auction or his/her successor shall be eligible to claim under the
Limited Warranty, provided that such Buyer or successor must have remained the owner of the
lot without disposing of any interest in it to any third party.
15 Limited Liability
15.1 Without prejudice to Clauses 13 and/or 14 above, a Bidder’s or Buyer’s sole and exclusive
remedy to any claim made by it against Seoul Auction and/or the Seller arising out of, or in
connections with these Auction Terms and/or the Important Notices in respect of any lot shall
be damages up to the Purchase Price of such lot. Neither Seoul Auction nor the Seller shall
be liable for any special, indirect, consequential loss including, but not limited to, loss of profits
or loss of interest. For the avoidance of doubt, Seoul Auction shall not be liable to pay any
interest or indemnify any loss incurred as a result of any foreign exchange rate fluctuation or
otherwise.
15.2 Nothing under these Auction Terms shall exclude or limit Seoul Auction’s liability in respect of
any fraud, death or personal injury arising out of, or in connection with, any action or inaction
by any of Seoul Auction, its officers, employees and/or agents in relation to the conduct of any
Auction and/or sale of lots.
16 Amendment to these Auction Terms and the Auction Catalogue
16.1 Seoul Auction may, at any time, and in its sole and absolute discretion, amend the provisions
of these Auction Terms and any such amendments shall be posted on the first page of Seoul
Auction’s website for a period commencing seven calendar days prior to, and ending one
calendar day prior to, the effective date of such amendments.
16.2 Seoul Auction may, at any time, and in its sole and absolute discretion, amend any information
in an Auction Catalogue including, but not limited to, the Important Notices and any such
amendments shall be posted in a sale room notice during the relevant Auction Period.
17 Data Protection
17.1 Prospective Bidders, Bidders and/or Buyers may be required to supply personal data in
connection with placing bids for, and purchasing of, lots an the Auction. All personal data
may be used for the following purposes: (i) all matters connected to the management and
operation of Seoul Auction’s business and the marketing and supply of Seoul Auction’s services;
(ii) the transfer of such data to any place in and outside of Hong Kong; and/or (iii) any purpose
relating to or in connection with compliance with any law, regulation, court order or order of
a regulatory body.
17.2 All personal data will be kept confidential but, subject to the provision of any applicable law, may
be disclosed to or used by any of the following companies or persons, whether in or outside
of Hong Kong: (i) Seoul Auction and/or any of its branches, subsidiaries, holding company,
associated companies or affiliates of, or companies controlled by, or under common control
with, Seoul Auction (each an “Affiliate”) (together the “Group”); (ii) any director, officer or
employee of the Group, but only when carrying out the business of the Group; (iii) any agent,
contractor, third party service provider or other person authorised by the Group to provide
administrative, telecommunications, computer or insurance, shipping, or any other services
to the Group in connection with the operation of its business; (iv) credit reference agencies
and, in the event of default, debt collection agencies; (v) any other person under a duty of
confidentiality to the Group; and/or (vi) any person to whom the Group is under an obligation
to make disclosure under the requirements of any law, regulation, court order or order of a
regulatory body.
17.3 In general, and subject to certain exemptions, prospective Bidders, Bidders and/or Buyers shall
be entitled to: (i) request access to his/her personal data, which shall be provided within 40
days; (ii) request the correction of his/her personal data, which shall be made within 40 days;
and/or (iii) be given reasons if a request for access or correction is refused or unable to be
complied with within 40 days.
17.4 Any request for access to and/or correction of prospective Bidders, Bidders and/or Buyers’
personal data, or for information regarding Seoul Auction’s data protection policies and
practices and the kinds of personal data Seoul Auction hold, shall be sent to Seoul Auction in
accordance with Clause 18.6. Seoul Auction will have the right to charge a reasonable fee for
the processing of any data access request.
17.5 If a prospective Bidder, Bidder or Buyer is a corporate entity, Seoul Auction shall not use the
personal data of such entity’s data subjects for any purpose other than the purposes for which
such entity notified its data subjects at the time of the collection of the data by such entity
or a purpose directly related to that purpose (except where Seoul Auction has obtained the
written consent of the data subject). The corporate prospective Bidder, Bidder or Buyer by
signing the relevant registration form, confirms that (i) it has notified its data subjects that
their personal data may be used for the purposes specified in Clause 17.1; and (ii) it agrees to
indemnify Seoul Auction in relation to any loss or damage suffered by Seoul Auction as a result
of its failure to notify its data subjects as set out in (i) above.
18 Miscellaneous
18.1 In the case of any failure by the Buyer to pay to Seoul Auction any amount due to it (for itself
or on behalf of the Consignor) by the relevant due date, an interest of up to 2% per month (as
determined from time to time by Seoul Auction in its sole and absolute discretion) shall accrue
to the default amount on a daily basis from, but excluding, the date such payment is due to, and
including, the date of actual payment of the default amount and any interest accrued.
18.2 Any and all payments due under these Auction Terms and/or the Important Notices shall be​

payable in Hong Kong Dollars. If the Buyer and Seoul Auction agrees in writing for the Buyer
Bidders or the Buyers known to Seoul Auction or any other usual address.
Seoul Auction to pay any amount due to it, in any currency other than Hong Kong Dollars, the
Buyer shall be liable to pay any currency costs including, but not limited to, bank commissions
and/or charges incurred by Seoul Auction in converting the Hong Kong Dollar amounts into
such other currency. Any currency conversion shall be made using the rate for Hong Kong
Dollars quoted to Seoul Auction by The Hongkong Shanghai Banking Corporation Limited on
the date of payment and Seoul Auction’s certificate as to such rate will be conclusive. For the
avoidance of doubt, Seoul Auction shall not be liable to indemnify any loss incurred as a result
of any foreign exchange rate fluctuation or otherwise.
18.3 Any and all payments under these Auction Terms and/or Important Notices shall be made in
cash or equivalent, including electronic remittance, cashier cheques and/or bank money orders
in good cleared funds and in accordance with the these Auction Terms and the Important
Notices. In respect of any payment under these Auction Terms and/or the Important Notices,
if the payment due date is not a Business Day, then the immediately following Business Day will
be deemed to be the payment due date.
18.4 All sums payable by the Buyer to Seoul Auction are exclusive of any goods or service tax or
other value added tax (whether imposed in Hong Kong or otherwise). The Buyer shall be
responsible for paying such tax at the rate and time as required by the relevant law.
18.5 If any part of these Auction Terms and/or the Important Notices is found by any court to be
invalid, illegal or unenforceable, that part may be discounted and the rest of these Auction
Terms and/or the Important Notices shall continue to be valid and enforceable to the fullest
extent permitted by law.
18.6 All notices, requests, claims, demands and other communications to Seoul Auction under these
Auction Terms and/or the Important Notices shall be in English and in writing and shall be given
or made (and shall be deemed to have been duly given or made upon receipt) by delivery in
person, by overnight courier service, by facsimile with receipt confirmed (followed by delivery
of an original via overnight courier service), by email with receipt confirmed by a reply email
from Seoul Auction (followed by delivery of an original via overnight courier service) or by
registered or certified mail (postage prepaid, return receipt requested) to Seoul Auction at the
following address:
Seoul Auction Hong Kong Limited
1515-1516 Prince’s Building
10 Chater Road
Central, Hong Kong
Tel (852) 2537 1880
Fax (852) 2537 2810
Email: info@seoulauction.com.hk
Notices to Bidders and Buyers shall be addressed to the address specified by them in the
relevant registration form.
18.7 Time shall be of the essence of these Auction Terms and the Important Notices both as
regards any dates, times and periods mentioned and as regards any dates, times and periods
which may be substituted for them in accordance with these Auction Terms or by agreement
in writing between the parties.
18.8 No waiver by or on behalf of Seoul Auction of any requirement of or any rights under these
Auction Terms and/or the Important Notices shall release any other party(ies) from the full
performance of its/their remaining obligations under these Auction Terms and/or the Important
Notices. No single or partial exercise of or failure or delay in exercising, on the part of Seoul
Auction, any right, power or remedy under these Auction Terms and/or the Important Notices
or the granting of time by Seoul Auction shall prejudice, affect or restrict the rights, powers
and remedies of Seoul Auction under these Auction Terms and/or the Important Notices, nor
shall any waiver by Seoul Auction of any breach of these Auction Terms and/or the Important
Notices operate as a waiver of or in relation to any subsequent or any continuing breach of
these Auction Terms and/or the Important Notices.
18.9 These Auction Terms and the Important Notices as amended from time to time in accordance
with these Auction Terms set out the entire agreement and understanding between the parties
relating to the subject matter hereof to the exclusion of any terms implied by law which may
be excluded by contract and supersedes any previous written or oral agreement between
the parties in relation to the matters dealt with in these Auction Terms and the Important
Notices as amended from time to time in accordance with these Auction Terms (except in
respect of the rights and obligations of the Consignor and Seoul Auction against each other
in relation to the consignment of lots by the Consignor to Seoul Auction which shall be
regulated by the relevant consignment agreement). It is agreed that no party has been induced
to enter into these Auction Terms and the Important Notices by any representation, warranty
or undertaking not expressly incorporated it.
18.10 In the case of any ambiguity or discrepancy between the English, Chinese and/or Korean
version of these Auction Terms, the English version shall prevail.
19 Jurisdiction and governing law
These Auction Terms shall be governed by the laws of Hong Kong. The courts of Hong Kong shall
have exclusive jurisdiction to settle any disputes which may arise out of or in connection with these
Auction Terms and/or the Important Notices and the parties to these Auction Terms (except Seoul
Auction) irrevocably submits to the jurisdiction of such courts and waive any objection to proceedings
in any such court on the ground of venue or on the ground that proceedings have been brought in
an inconvenient forum. Seoul Auction shall have the right to bring proceedings in any court other
than the Hong Kong courts. All Bidders and Buyers irrevocably consent to the service of process or
any other documents in connection with proceedings in any court by facsimile transmission, personal
service, delivery by mail or in any other manner permitted by Hong Kong law, at the law of the
place of service or the law of jurisdiction where proceedings are instituted, at the last address of the
Bidders or the Buyers known to Seoul Auction or any other usual address.​





IMPORTANT NOTICES (Hong Kong Sale)

AUCTION TERMS

application to place bids, placing of bids and sale of lots in the Auction shall be regulated
by the Auction Terms and these Important Notices. In the event of any ambiguity or any
discrepancy between the Auction Terms and these Important Notices, the Auction Terms
will prevail. Prospective Bidders should read the Auction Terms and these Important
Notices carefully and contact Seoul Auction at (852) 2537 1880 (telephone) or (852)
2537 2810 (fax) should they have any queries.
Any capitalised terms used but not defined in these Important Notices have the meaning
set out against such terms in the Auction Terms. References to a ‘lot’ include any Premium
Lot unless otherwise stated.
PLEASE READ CAREFULLY CLAUSES 13, 14 and 15 OF THE AUCTION TERMS
WHICH SET OUT SEOUL AUCTION’S DISCLAIMER REGARDING THE LOTS, THE
CONDUCT OF THE AUCTION AND THE SALE OF THE LOTS AND THE LIMITED
WARRANTY PROVIDED BY SEOUL AUCTION IN RESPECT OF THE LOTS.
DIMENSIONS ARE APPROXIMATE FIGURES
Dimensions in this catalogue are approximate figures only.
ESTIMATE PRICES AND RATES OF EXCHANGE
Estimate Prices provided by Seoul Auction in respect of any lot are for reference only and
are not indications of the value or the actual Hammer Price of such lot. Estimate Prices of
any lot may change at any time before and up to the time of the sale of such lot without
prior notice. Estimate Prices of a lot do not include the Buyer’s Premium and any Buyer’s
Expenses payable by the Buyer to Seoul Auction.
Seoul Auction will provide Estimate Prices for each lot in Hong Kong Dollars, US Dollars,
Korean Won in this catalogue, on a screen in the auction hall during the Auction Period
and/or in its advertisements and other publications. Please note that all amounts in US
Dollars (USD), Korean Won (KRW) shown in this catalogue, on the screen during the
Auction Period or elsewhere are for reference only and all bids and payment will be
in Hong Kong Dollars (HKD), except as otherwise expressly provided in the Auction
Terms and/or these Important Notices. The rates of exchange used for Estimate Prices
in US Dollars, Korean Won in this catalogue are:
HKD[7.8] = USD[1]
HKD[1] = KRW[152]
Such rates of exchange were obtained at the latest practicable date prior to the printing of
this catalogue and may have changed by the time of the Auction Period. No representation
is made that any of the US Dollar or the Korean Won amounts shown in this catalogue,
on the screen during the Auction Period and/or elsewhere could have been or could be
converted into Hong Kong Dollars (or vice versa) at the specified rates, at any particular
rates or at all. Seoul Auction is not responsible for any error or omission, however caused,
arising from, or in connection with, conversion of Estimate Prices expressed in Hong Kong
Dollars into in US Dollars, Korean Won. Please note that if any amount is to be paid
to, or by, Seoul Auction in US Dollars or Korean Won, the rates of exchange used for
conversion of such amount from Hong Kong Dollars into US Dollars or Korean Won
may be different from the above rates.
PREVIEWS
Seoul Auction will hold previews of lots scheduled to be sold at the Auction at the place,
date and time and for such duration as stated in this catalogue and/or on its website,
provided however, that Seoul Auction may, in its sole and absolute discretion, cancel,
or change the place, date, time and/or duration of, any preview without prior notice.
Previews are open to the public and are free of charge provided however, that Seoul
Auction may, in its sole and absolute discretion, require proof of identity satisfactory to it
before admitting any person to any preview and/or refuse admission of any person to any
preview. Prospective Bidders are strongly encouraged to attend the previews.
REGISTRATION FOR LOTS
Unless otherwise agreed in writing between Seoul Auction and a prospective Bidder, in
order to bid for a lot which is not a Premium Lot, a prospective Bidder, including a first
time prospective Bidder with Seoul Auction, must register by completing and returning to
Seoul Auction in the manner provided in the Bidder Registration Form:
(i) the Bidder Registration Form;
(ii) a copy of a form of identification with his/her photo satisfactory to Seoul Auction such
as his/her government-issued identification card, passport or driver’s licence; and
(iii) any other document as may be required by Seoul Auction.
The Bidder Registration Form and the relevant document should be received by Seoul
Auction by not later than one Business Day prior to the start date of the Auction Period.
If a prospective Bidder is a first-time prospective Bidder with Seoul Auction, he/she must
also provide to Seoul Auction together with the Bidder Registration Form a copy of the
most recent bank statement and a copy of his/her credit card (Visa/MasterCard). It is
strongly recommended that the prospective Bidder contact Seoul Auction at (852)
2537 1880 (telephone) or (852) 2537 2810 (fax) at least one Business Day prior to
the start of the Auction Period and arrange bidder registration and the required credit
approval process to avoid any delay on the relevant Auction Date. Upon registration the
prospective Bidder will, unless he/she has applied to Seoul Auction to place bids in writing
or by telephone, be issued with a numbered paddle at the beginning of each relevant
Auction Date. The Bidder Registration Form is available in this catalogue or online at www.
seoulauction.com.
WRITTEN BIDS AND TELEPHONE BIDS
It is recommended that prospective Bidders attend the Auction and place bids in person.
A prospective Bidder may, however, apply to place bids in writing or by telephone by
completing and returning to Seoul Auction in the manner required in the Absentee Bid
Form:
(i) the Absentee Bid Form;
(ii) the Bidder Registration Form or the Premium Lot Pre-Registration Application Form
(as the case may be); and
(iii) any other documents as may be required by Seoul Auction.
The Absentee Bid Form and the relevant documents should be received by Seoul Auction
by not later than one Business Day prior to the start date of the Auction Period. Seoul
Auction will send to the relevant prospective Bidder a written confirmation of its receipt
of his/her Absentee Bid Form by fax or by post to his/her billing address as specified in the
Absentee Bid Form. A prospective Bidder should not assume that his/her Absentee Bid
Form has been registered before he/she receives Seoul Auction’s written confirmation
and he/she should contact Seoul Auction at (852) 2537 1880 (telephone) or (852) 2537
2810 (fax) if he/she has not received such written confirmation by two Business Days
before the start date of the Auction Period. The Absentee Bid Form is available in this
catalogue or online at www.seoulauction.com .
Seoul Auction shall use reasonable endeavours to enable Bidders to place bids in person, in
writing or by telephone, but Seoul Auction does not accept any responsibility for failure to
do so or delay in doing so or for any error and/or omission by Seoul Auction, its directors,
officers, employees and/or agents in processing any registration and/or application to
place bids, receiving and/or placing written or telephone bids, howsoever caused. Results
of written bids will be sent by post after the Auction to the Bidders’ billing address, as
specified in the relevant registration form. Bids placed by telephone may be recorded and
Bidders, by placing bids by telephone, are deemed to have consented to the recording of
their conservations.
BIDDING AND RESERVE PRICE
The Reserve Price is the minimum Hammer Price the Seller will accept in respect of a lot.
The auctioneer shall keep the Reserve Price confidential. Any bid below the Reserve Price
shall not be accepted by the auctioneer. The Reserve Price of a lot shall not exceed the
lower Estimate Price of such lot as at the date of the sale. The auctioneer may, in respect
of any lot, place bids on behalf of the Seller below the Reserve Price of such lot, either by
placing consecutive bids or entering bids in response to other bids. The auctioneer may,
in its sole and absolute discretion, start the bidding of any lot below the Reserve Price of
such lot. The auctioneer, however, shall not place any bid for any lot on behalf of the Seller
at or above the Reserve Price of such lot. The auctioneer shall not be obliged to specifically
identify bids placed on behalf of the Seller.
SALE OF LOTS AND INVOICE
The sale of a lot shall be between the Seller and the Buyer at the Hammer Price of such
lot. The sale of a lot between the Seller and the Buyer shall occur when the auctioneer
accepts the highest bid by striking his/her hammer and calling the paddle number of the
highest Bidder (i.e. the Buyer). The Buyer will be asked to confirm his/her purchase by
signing the Successful Bidding Confirmation Form on the date of the sale (where the Buyer
made his/her bid in person and is present in the auction hall on the date of the sale) or as
soon as practicable (where the Buyer did not make his/her bid in person or is not present
in the auction hall on the date of the sale).
Invoice(s) listing the lot(s) purchased by the Buyer, the Hammer Price, the Buyer’s Premium
and/or any Buyer’s Expenses will be provided to the Buyer in person within 24 hours of
the date of the sale (where the Buyer made his/her bid in person and is present in the
auction hall on the date of the sale) or by fax or post sent to his/her billing address as
specified in the relevant registration form within two Business Days of the date of the sale
of the lot(s) (where the Buyer did not make his/her bid in person or is not present in the
auction hall on the date of the sale).
In respect of any lot, the Buyer shall pay to Seoul Auction (for itself and/or on behalf of the
Consignor) in accordance with the Auction Terms and these Important Notices the full
invoiced amount and any Buyer’s Expenses incurred after the invoice is sent:
(i) within seven calendar days from, but not including, the date of the sale of such lot (if the
Hammer Price is less than HKD2,500,000); or
(ii) within 21 calendar days from, but not including, the date of the sale of such lot (if the
Hammer Price is equal to or higher thanHKD2,500,000, provided however, that the Buyer
shall pay to Seoul Auction 30% of the Purchase Price within seven calendar days from, but
not including, the date of the sale of such lot).
Unless otherwise agreed in writing between a Buyer and Seoul Auction, the Buyer
shall be personally liable to pay to Seoul Auction (for itself and/or on behalf of the
Consignor) the Purchase Price and/or any Buyer’s Expenses in accordance with these
Auction Terms and the Important Notices. Unless otherwise agreed in writing between
the Buyer and Seoul Auction, Seoul Auction will not accept any payment due to it (for
itself and/or on behalf of the Consignor) from any other party other than the relevant
Buyer.
The Buyer shall bear the risk associated with, and the responsibility for, the lot purchased
by him/her from the earlier of:
(i) the expiration of seven calendar days from, but not including, the date of the sale of
such lot; and
(ii) the date of collection of such lot by the Buyer or its authorised representative.
However, title to the lot will not pass to the Buyer until all amounts due from the Buyer
to Seoul Auction (for itself and/or on behalf of the Consignor) in respect of the lot
under the Auction Terms and/or these Important Notices are received by Seoul Auction
in good cleared funds. Please refer to the Auction Terms for further details.
PAYMENT IN OTHER CURRENCIES
All bids, sale and payment will be in Hong Kong Dollars. If the Buyer and Seoul Auction
agrees in writing for the Buyer to pay any amount due to Seoul Auction (for itself and/
or on behalf of the Consignor), or for Seoul Auction to pay any amount due to it, in any
currency other than Hong Kong Dollars, the Buyer shall be liable to pay any currency
costs, including, but not limited to, any bank commissions and/or charges, incurred by
Seoul Auction in converting the Hong Kong Dollar amounts into such other currency. Any
currency conversion will be made using the rate for Hong Kong Dollars quoted to Seoul
Auction by Hongkong Shanghai Banking Corporation Limited on the date of payment
and Seoul Auction’s certificate as to such rate will be conclusive. Seoul Auction shall not
be liable to pay any interest or indemnify any loss occurred as a result of the any foreign
exchange rate fluctuation or otherwise.
Bank transfers should be made to:
Bank Name: WOORI BANK
Account Name: Seoul Auction Hong Kong Limited
Account No. : 1081-400-549376
SWIFT code: HVBKKRSEXXX
Address: WOORI BANK PYONGCHANG DONG BR.
Subject to the Auction Terms, in case any payment is made by personal or company
cheque, please note that the relevant lot(s) will not be released, and title to such lot(s)
will not pass, to the Buyer until such cheque has been cleared. Subject to the Auction
Terms, payment by cash or banker’s draft will enable immediate release of, and transfer
of title of, such lot(s) to the Buyer. Travellers’ cheques or payment by credit card will not
be accepted.
BUYER’S PREMIUM
In respect of any lot, the Buyer’s Premium shall be:
The buyer’s premium is 18% of the Hammer Price.
EXPORT/IMPORT PERMITS
Lot(s) sold at the Auction may be subject to laws governing export from Hong Kong and
import restrictions of the relevant countries. It is the Buyer’s sole responsibility to obtain any
relevant Licences required for the export/import of the purchased lot(s). If requested by the
Buyer in writing, Seoul Auction may introduce to the Buyer a shipper to assist in obtaining
the necessary Licences at the Buyer’s expense and risk. Seoul Auction does not accept any
responsibility whatsoever in respect of such introduction. The denial of the Licences or any
delay in obtaining the Licences shall not be a ground for the Buyer to cancel the sale of such
lot or refuse or delay payment of the full amounts payable by the Buyer to Seoul Auction
(for itself and/or on behalf of the Consignor) pursuant to the Auction Terms.
COLLECTION AND STORAGE
It is the Buyer’s responsibility to arrange for collection of the lot(s), by himself/herself or by
an authorised representative. Unless otherwise agreed in writing between Seoul Auction
and the Buyer, Seoul Auction will only release the lot(s) to the Buyer or its authorised
representative. Seoul Auction will only release the lot(s) upon receiving (i) proof of identity
and authorisation (in the case of an authorised representative collecting) satisfactory to
Seoul Auction and (ii) the full amounts payable by the Buyer to Seoul Auction (for itself
and/or on behalf of the Consignor) in respect of the lot(s) pursuant to the Auction Terms.
If agreed in writing between the Buyer and Seoul Auction, Seoul Auction will arrange
packaging, delivery and transit insurance of such lot(s) at the Buyer’s expense and risk.
Seoul Auction shall not be responsible for any damage to, or the loss of, such lot(s) during
packaging and/or the transit period of such lot(s), howsoever caused.
All items from the sale will be transferred to BALtrans International Moving Ltd. where
they will incur storage charge one month after the date of the auction at the following
rate:
Storage charge: HK$600 per lot per month.
To arrange shipping and collection, please contact
Seoul Auction at (852)2537-1880 info@seoulauction.com.hk
or
BALtrans International Moving Limited
Unit A, 1/F, Sunshine Kowloon Bay Cargo Centre
59 Tai Yip Street, Kowloon Bay,
Kowloon, Hong Kong
Contact: Mr. Chester Lai
Tel: +852-2756-2882
Fax: +852-2759-9772
TAX
All sums payable by the Buyer to Seoul Auction are exclusive of any goods or service tax
or other value added tax (whether imposed in Hong Kong or otherwise). The Buyer shall
be responsible for paying such tax at the rate and time as required by the relevant law.
TRANSLATION
In the case of any ambiguity or discrepancy between the English, Chinese and/or Korean
text in this catalogue, the English version shall prevail.
CONTACT INFORMATION
Tel: (852) 2537 1880
Fax: (852) 2537 2810
Email: info@seoulauction.com