TERMS AND CONDITIONS OF SALE
This is a public auction conducted by Collectibles Auction Asia (Managed by Silver Affinity Pte Ltd) (hereinafter referred to as “Auctioneer”) and all sales prices are in Singapore Dollars (SGD). Bidding in this Auction constitutes acceptance by you (The “Bidder”) of all the Terms and Conditions of Sale stated herein and shall be bound by them.
Precious Stones and Precious Metals (PSPM) (Prevention of Money Laundering and Terrorism Financing) Act 2019
Auctioneer is registered as a Regulated Dealer under Singapore Ministry of Law, compliance with the regulatory requirements under the PSPM Act is mandatory for purposes of anti-money laundering and countering the financing of terrorism.
Proof of identification (NRIC/Passport) will be required on registering for auction. Please note further questionnaire might be required to be filled.
Under the regulations, the Auctioneer is not allowed to engage in business dealings with individuals or entities from D.P.R. of Korea, Democratic Republic of the Congo, Iran, Libya, Somalia, South Sudan, Sudan and Yemen (this list is not exhaustive and will be updated accordingly as and when updated by the relevant authorities). Should a winning Bidder is found later to be from any of the above countries, the transaction shall be rescinded.
Description, Grading and Authenticity
Auctioneer is not responsible for the grades assigned by independent grading services and makes no warranty or representation regarding such grades.
All statements expressed whether in catalogues or during the course of the auction or elsewhere are statements of opinion only and are not and shall not be taken to be statements or representations of fact or warranties of any kind.
Auctioneer shall not give any warranty to any Buyer in respect of any Lot or be liable for any fault or error of description or lack of genuineness or authenticity of any lot.
Unless explicitly stated, the Auctioneer acts only as an agent on behalf of the Consignor.
The contract of sale of each Lot will be between the Buyer and Consignor.
The Bidding Process
The Auctioneer shall have the right to open or accept bidding on any lot by placing a bid on behalf of the Consignor to his/her reserved price or a Bidder by floor, mail, fax, telephone, internet or electronic transmissions (not limited to these modes).
The Auctioneer shall have the right at his/her discretion to accept or decline any bid, adjudicate all bidding disputes and to determine the prevailing bid. The Auctioneer’s decision on all bidding disputes shall be binding and final.
The Auctioneer shall have the right to rescind the acceptance of any bid and place the lot(s) for Auction again.
The Auctioneer reserves the right to re-open any closed lots (passed/sold/reserve not met) during the auction.
When identical bids are received for a lot, preference is given to the first bid received as determined by the Auctioneer. A absentee bid will take precedence over identical floor bid. Other Bidders must bid higher than the highest absentee bid to be awarded any lot.
Once the Auctioneer announced the winning Bidder (hereafter known as Buyer), the Buyer is unconditionally bound to pay for the lot, even if the winning bid is made by mistake/accident/unforeseen and/or unknown circumstances.
The ownership of any lot will only be transferred to the Buyer on full payment and clearances to release to Buyer given by Auctioneer.
The Auctioneer reserves the right to withdraw any lot at any time, until the Buyer has taken physical possession of the fully paid and cleared to release lot(s).
Regardless of whether the lot has been wrongly described in any material respect, no lot can be returned by Buyer unless the lot is proven to be forgery. Returns must be made within 14 calendar days of the auction. The Buyer’s sole remedy is rescission of the sale and refund of the purchase price. Under no circumstances will the Auctioneer be liable for any costs, expenses, or damages incurred by the Buyer in respect of any lot, including, but not limited to, loss of any kind of profit whatsoever.
Buyer’s Premiums and Payments
A Buyer’s Premium of 20% will be added to hammer price for each lot to all successful bids. A discounted Buyer's Premium of 16% will be given to those who settle their accounts within 7 calendar days.
Payment is delinquent and in default if not received in full within 14 calendar days of the Auction. The Auctioneer reserves the right, without notice, not to release lots for which funds have not yet been received in full and to impose late payment charges of 2% per month to the Buyer.
Oversea Buyer is responsible for all bank and administrative charges including currency exchange fees, and shall add SGD$30 to the final invoice.
Buyer agrees and accepts that all Government taxes are to be borne by the Buyer.
Acceptable payments include cash (for invoice below SGD$20,000 only), cheques drawn on a Singapore clearing bank, bank transfer and credit card. For cheques drawn on a Singapore clearing bank, the lots are released only upon clearance of the cheque. Buyers must check with Auctioneer for availability of credit card payment and shall pay additional 4% charge.
Bank Telegraphic Transfer (SGD):
Silver Affinity Pte Ltd
United Overseas Bank Limited A/C No: 4603524149
Swift Code: UOVBSGSG
Bank Address: UOB Plaza, 80 Raffles Place, Singapore 048624
Bank Telephone: +65 6222 2121
PayNow UEN ID: 201918139R001
Shipping and Insurance
It is the Buyer’s responsibility to arrange for the packing and shipment. Buyer can contact the Auctioneer after the sale to assist with the packaging and shipping arrangements. Upon which the Auctioneer will have full discretion in choosing the shipment method.
All a) shipping, handling and insurance charges, b) Custom’s tax, c) Government tax and d) any other charges are to be borne by the Buyer.
Any delays, damages and/or missing in shipment of lot(s) are at Buyer’s risk.
Remedies against the Buyer
If any Buyer fails to comply with any of these Conditions, the lot in respect of which the failure is made may, at the discretion of Auctioneer, be put up again and resold.
The damages recoverable from the defaulting Buyer shall include, but not be limited to, Auctioneer’s expenses, fees and commission in respect of the resale and the amount (if any) by which the price obtained on the resale is exceeded by that obtained on the first sale.
The Auctioneer will also reserve the right to hold on lien any consignment by the defaulting Buyer and proceed to dispose of such consignment as deemed fit by the Auctioneer if necessary.
Law and Jurisdiction
These Conditions of Business shall be governed by and construed in accordance with Singapore law and the Buyer irrevocably agrees to submit at Auctioneer’s option to the jurisdiction of Singapore Courts and/or mediation under Singapore Convention.
This shall not limit Auctioneer’s right to take proceedings in any other jurisdiction.
Odd bids that do not follow the bidding increments will usually be rounded off to the nearest actual bid at the Auctioneer’s discretion. For example, if an odd bid of $1,001 is accepted, the Auctioneer will round off to $1,000.
|Below SGD 50||SGD 5|
|SGD 51 – SGD 200||SGD 10|
|SGD 201 – SGD 500||SGD 20|
|SGD 501 – SGD 1,000||SGD 50|
|SGD 1,001 – SGD 2,000||SGD 100|
|SGD 2,001 – SGD 5,000||SGD 200|
|SGD 5,001 – SGD 10,000||SGD 500|
|SGD 10,000 – SGD 20,000||SGD 1,000|
|SGD 10,000 – SGD 20,000||SGD 2,000|
|SGD 50,000 and Up||SGD 5,000|