Sotheby’s therefore provides certain services, including, but not limited to, the process of concluding the sale contract between the seller and the buyer. The ‘seller’s commission’ shall in these circumstances be calculated as if the lot had sold at the reserve price. Collectively, the Watches results were mediocre, as several lots were withdrawn unexpectedly. This is, however, a matter for our discretion and we are under no duty to carry out such consultation, inquiries or tests. However, we will not, in any circumstances, be liable for any loss or damage caused to frames or to glass which is covering prints, paintings or other works unless the frame or glass is, in itself, the object sold at auction. 18. The timing and the content of any announcement regarding the withdrawal shall be in Sotheby’s sole discretion. 2915-1 in the sale, with the other having a lower estimate in keeping with its condition. Though Jim’s racing career was cut short due to an injury suffered in a crash at the 1959 Le Mans. You agree to indemnify ‘Sotheby’s’ and any ‘Sotheby’s affiliated company’, their respective servants, directors, officers and employees and the ‘buyer’ against any loss or damage resulting from any breach or alleged breach of any of your representations or warranties, or other terms set forth in these Conditions of Business. However, buyers must export their purchases from Switzerland no later than thirty (30) days after collection. 39. We have absolute discretion to take and enforce any of the remedies set out in Condition 15 above including the right to cancel the sale and return the property to you. Actual and prospective buyers and sellers are bound by all Conditions of Business. You shall be solely responsible for insuring the lot purchased from the time risk passes to you. (b)            Attribution: The seller acknowledges that attribution of items is a matter of opinion and not of fact, and is dependent upon (amongst other things): information provided by the seller, the condition of the property, the degree of research, examination or testing that is possible or practical in the circumstances, and the status of generally accepted expert opinion at the time of cataloguing. (b) Provided that (a) Sotheby’s has received payment of the purchase price in full and in cleared funds from the buyer, and (b) the buyer or their agent takes possession of the property no later than the 30th calendar day post-sale, and (c) the buyer has not elected to exercise his right to cancel the purchase of the property during the online cancellation period (if applicable), forty-five (45) calendar days after the closing date of the online only auction (the “settlement date”), Sotheby’s will post or wire transfer to you in accordance with your written instructions the sale proceeds after deducting the following amounts from the sale proceeds received by Sotheby’s in cleared funds: (i) the seller’s commission (which is the commission payable by the seller to Sotheby’s); (ii) the buyer’s premium (which is the commission payable by the buyer to Sotheby’s); (iii) the expenses; and (iv) any applicable VAT or amount required in lieu of VAT (the balance being the “net sale proceeds”), unless: (i)   a buyer has notified Sotheby’s of their intention to rescind the sale in accordance with Sotheby’s Authenticity Guarantee based on a claim that the property is “counterfeit” (within the terms of Sotheby’s Authenticity Guarantee); or. This fee and our Buyer’s Premium rates exclude local taxes and any applicable artist’s resale right. (d) If you have the leading bid on a lot, you will receive a notification on the online only platform informing you that you are the highest bidder. To use the calculator you will need three pieces of information: the lot number; the country to which the item will be shipped; and your anticipated bid (the hammer price). There are some bargains to be had with caution stalking the market, but there are also strong results from recent online auctions in New York and Geneva. In the event that you request delivery of a lot to an unavailable destination, Sotheby’s reserves the right to require you to collect the lot from Sotheby’s office premises at 2 rue Francois-Diday, 1204, Geneva, Switzerland or to arrange delivery of the Lot by a third party carrier. Photographs and illustrations: You agree that we shall have the absolute right (on a non-exclusive basis) to photograph, illustrate or otherwise produce images of any lot consigned to us for sale. As a buyer, you acknowledge and agree that the lot is at your risk if you choose to exercise any right you may have to cancel the contract for the purchase of the lot (in accordance with the procedure set out at Condition 15 below) and that you should therefore ensure that you insure the lot against loss or damage until it is returned to Sotheby’s. One of the most remarkable results was for a watch which certainly deserved recognition – a "supercomplication" by Dent, which hammered for $832,240 (CHF 800,000) on an estimate of CHF 300,000-500,000. (b) In the event that Sotheby’s receives a purchase cancellation notification from the online consumer during the online cancellation period, Sotheby’s shall (i) inform the online trader (as seller) that the online consumer has exercised the right to cancel the purchase of the Lot as soon as reasonably practicable; and (ii) reimburse (without undue delay and in any event within fourteen (14) calendar days after receipt of the returned lot from the online consumer within the time frame specified in Condition 16(a)(ii)) payments received by Sotheby’s from the online consumer (including the purchase price and any standard online delivery costs). Los Angeles. Auction Results: Important Watches Sale at Sotheby's – November 14,2006 . Lecture : 1 min : Liker Comment: Share: Télécharger le PDF. White Glove Study online with Christie’s Education LEARN MORE. We also specifically draw to the attention of all sellers to Conditions 18 and 20 which set out the basis of the relationship between Sotheby’s and the seller and limit the extent to which Sotheby’s may be liable to the seller. 10. Lots with this symbol have been identified at the time of cataloguing as containing organic material which may be subject to restrictions regarding import or export. 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. 19. Sotheby’s sold $13,093,186 worth of watches at its November 11 and 12 sales in Geneva. This auction will be conducted online with live online bidding alongside telephone & absentee bids. You will be compensated for any loss or damage to the lot which occurs after sale but prior to the time risk passes to you. (j)              Currency converter: ONLINE ONLY AUCTIONS ARE CONDUCTED BY SOTHEBY’S IN SWISS FRANCS. You shall indemnify us for all reasonable legal and associated costs and expenses incurred in connection with any enforcement action taken by Sotheby’s in addition to any damages to which Sotheby’s may be entitled. AUCTION VENUE: … Important Watches View Auction details, bid, buy and collect the various artworks at Sothebys Art Auction House. Enter your maximum bid (being the highest price you are willing to pay on the lot). If the amount outstanding then remains unpaid for fourteen days following such notice, we shall be entitled to arrange and carry out the sale of any such property in accordance with (e) above; (h)             charge you the ‘seller’s commission’ and our reasonable legal and administrative costs incurred; (i)              charge you interest at a rate not exceeding 6% (six per cent) per annum above the discount rate quoted by ‘Sotheby’s’ principal bank in Geneva from time to time on the ‘total amount due’ to the extent that it remains unpaid for more than five (5) working days after the date of the auction; (j)              store the lot at ‘Sotheby’s’ premises or elsewhere at the ‘buyer’s’ sole risk and expense; (k)             reject any bids made by or on your behalf at any future auction or require you to make a deposit with us before accepting any such bids. 40. (a)  Where the ‘bidder’ is bidding on behalf of another person or acting as agent (in either case, for the purposes of this Condition 3(b), the “Agent”) for another party (the “Principal(s)”), the Agent warrants in its own capacity (in addition to the warranties set out in Condition 3(a)) that: (i)   the Principal(s) is not a Sanctioned Person(s) nor owned (or partly owned) or controlled by Sanctioned Person(s); (ii)  the funds used for purchase and settlement of the lot(s) are not connected with, nor have any link to any criminal activity, including without limitation tax evasion, money laundering, terrorist activities or other criminal activity and that the arrangements between the Agent and the Principal(s) of the lot(s) or otherwise do not, in whole or in part facilitate tax crimes; (iii) the lot(s) purchased by the Agent or the Principal(s) is not being purchased for the purposes of, or being used in any way connected with, or to facilitate breaches of any applicable tax, anti-money laundering or anti-terrorism laws or regulations; (iv) the Agent has conducted appropriate customer due diligence on the Principal(s) of the lot(s) in accordance with all applicable anti-money laundering and sanctions laws and regulations and the Agent does not know and has no reason to suspect that the funds used for settlement are derived from or connected with proceeds of any criminal activity including without limitation tax evasion, or that the ultimate buyer(s) is under investigation, or has been charged with or convicted of money laundering, terrorist activities or other criminal activity; (v)  the Agent consents to ‘Sotheby’s’ relying on the Agent’s customer due diligence, and the Agent will retain for a period of not less than 5 years the documentation evidencing the Agent’s customer due diligence. Interview What I look for in a house: Christie’s top appraiser shares his secrets. Please check with the specialist department if you are uncertain as to whether a lot is subject to these import restrictions, or any other restrictions on importation or exportation. You authorise ‘Sotheby’s’ to charge the ‘buyer’ and retain a ‘buyer’s premium’ and ‘overhead premium’. (j) Sotheby’s offers the online only platform as a convenience to its clients and the online only platform shall be operated by Sotheby’s using reasonable care. Please include your name, Sotheby’s account number and invoice number with your instructions to your bank. (c)            Where you are acting as agent (for the purposes of this Condition 18(c), the “agent”) for another party (the “principal”) the agent warrants in its own capacity (in addition to the warranties set out above that: (i)   the arrangements between the agent and the principal in relation to the item consigned or otherwise do not, in whole or in part, facilitate tax crimes; (ii) the agent has conducted appropriate customer due diligence on the principal in accordance with all applicable anti-money laundering, anti-terrorism and sanctions laws and regulations and does not know, and has no reason to suspect, that the item consigned by the agent is connected with or has any link to the proceeds of any criminal activity, including without limitation tax evasion, money laundering, terrorist activities or other criminal activity or that the principal is under investigation, or has been charged with or convicted of without limitation tax evasion, money laundering, terrorist activities or other criminal activity; and. ‘Reserves’: Unless otherwise agreed in writing, the reserve for each lot will be equal to seventy five per cent (75%) of the ‘low pre-sale estimate’ notified to the ‘seller’. THE CONDITIONS OF BUSINESS APPLY TO ALL ASPECTS OF THE RELATIONSHIP BETWEEN YOU AND US REGARDING THE SALE, PURCHASE OR HOLDING BY US OF PROPERTY. ‘Sotheby’s’ has discretion to waive any of the above requirements. Sotheby’s therefore provides certain services, including, but not limited to, the process of concluding the sale contract between the seller and the buyer. The autumn auction of important watches realised an outstanding CHF 10,631,401 ($ 8,553,387), the highest total for a watch sale at Sotheby’s Geneva. The catalog contains masterpieces rarely, if ever, seen in the public eye. CATALOGUES. Consequently you may use the calculator to establish in advance of bidding the likely range of shipping prices that you would incur if you are the successful bidder for a particular lot - for example you may wish to input your maximum bid in order to understand the maximum shipping price for the item, but you may also wish to input the bid at which you hope to secure the lot. Many countries require a declaration of export for property leaving the country and/or an import declaration on entry of property into the country. (iii) the agent will disclose to Sotheby’s the identity of the agent’s principal and the agent consents to Sotheby’s relying on the agent’s due diligence and the agent will retain for a period of not less than 5 years the documentation evidencing the due diligence. Although personal and company cheques drawn in Swiss Francs (CHF) on Swiss banks are accepted, you are advised that property will not be released until such cheques have cleared unless you have a pre-arranged Cheque Acceptance Facility. From time to time, Sotheby’s or any affiliated company may provide the irrevocable bidder with financing related to the irrevocable bid. In such case, you waive any claim which you may have to title to the lot and agree that any re-sale price shall be deemed commercially reasonable; (f)             set off any amounts owed by us or any ‘Sotheby’s affiliated company’ to you against any amounts which you owe to us or any ‘Sotheby’s affiliated company’, whether as the result of any proceeds of sale or otherwise; (g)             exercise a lien over any of your property which is in our possession or in possession of any ‘Sotheby’s affiliated company’ for any reason until payment of all outstanding amounts due to us has been made in full. The room was enthusiastic and highly animated throughout the sale, with many results commanding applause and standing ovations from the audience. Headlining the sale is a group of diving Rolex watches including a Submariner with Explorer dial, a ‘Comex’ and a ‘small crown’ 6536. DUTIES OF BIDDERS AND BUYERS IN RESPECT OF ITEMS FOR SALE. Our guarantee to you in respect of counterfeit lots: if ‘Sotheby’s’ sells an item which subsequently is shown to be a “counterfeit”, subject to the terms below ‘Sotheby’s’ will set aside the sale and refund to the ‘buyer’ the total amount paid by the ‘buyer’ to ‘Sotheby’s’ for the item, in the currency of the original sale. 1. Competitive bidding can often escalate very quickly. Auction Results. 2. This Guarantee is provided for a period of five (5) years after the closing date of the relevant online only auction, is solely for the benefit of the ‘buyer’ and may not be transferred to any third party. Editorial team. (c) The seller acknowledges and agrees that if the buyer is an online consumer and the seller is an online trader and the online consumer exercises the cancellation right in accordance with these Conditions of Business, Sotheby’s shall not be required to send the net sale proceeds received from the buyer of a Lot (in the manner described in Condition 31) and the Seller shall return any Net Sale Proceeds they may have already received to Sotheby’s within five (5) business days of Sotheby’s notification to the Seller of the cancellation by the Buyer. I was pleased to see that the top ten list of performers at this auction included Richard Mille and Greubel Forsey in addition to Patek Philippe. Recommended features Jewellery Collecting guide: Graff diamonds. Phillips in Association with Bacs & Russo is the watch department at Phillips auction house, dedicated exclusively to the world's finest collectors' watches. The online sale information will identify the seller of the lot as an online consumer (and therefore, by inference, not an online trader) for the purposes of consumer protection in certain jurisdictions. (vi)            operation of the online only platform. Post Auction Results & Thoughts from Sotheby’s Spring London Auction. (d)            ‘Sotheby’s’ reserves the right to seek identification of the source of funds received, and to make enquiries about any person transacting with ‘Sotheby’s’. It is important that you appreciate that you will not have an opportunity to inspect the condition of a lot prior to submitting a bid in respect of such lot. (iv)     any expenses and other applicable duties or taxes. We have achieved outstanding auction results across all major makers including military Rolexes and complicated Patek Philippes as well as independent watchmakers such as George Daniels and Kari Voutilainen. boxes. For this week’s instalment of Speedy Tuesday, he contributes a report on this visit to the Sotheby’s auction “Omega Speedmaster: To the Moon and Back | Celebrating 50 years since Apollo 11”. PRESS; PAYMENT; CONTACT US; Select Page. Once you have set up a verified account, you will be able to submit a bid for a lot by entering your maximum bid and clicking the ‘Leave Bid’ button which appears at lot level on the online only platform. Model form of cancellation – sale of goods/provision of services. Provided that the online consumer sends the communication to inform the online trader of the cancellation prior to the end of the online sale cancellation period, the online consumer will be deemed to have cancelled the sales contract within the online sale cancellation period. The successful bidder will receive an email notification of any successful bid and will be invoiced by Sotheby’s in accordance with Condition 12 below. The buyer's premium and overhead premium are added to the hammer price and are included as part of the total purchase price payable by the successful bidder. In recent years, leading auction houses arrange their sales in Hong Kong in different months to avoid a direct face-off. Notices: Any notice or other communication shall be in writing and, if sent by post, shall be deemed to have been received by the addressee on the second working day after posting or, if the addressee is outside Switzerland, on the fifth working day after posting. In certain circumstances, Sotheby's may publish in the online catalogue description for a lot the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. Nor will we be liable for loss or damage caused by any of the events set out in Condition 24 below. This is, says Sotheby's, "a world auction record for a watch sold in an online sale and a record for a pocket watch sold online." The registration process requires that you submit your request to open a verified account no later than 24 hours prior to the closing of the first lot in the relevant online only auction in which you wish to bid (you will also be required to provide certain information to Sotheby’s as part of the application process) to create a verified account, please follow the registration instructions provided at: (c) If you have already set up a verified account, you can sign into the applicable online only auction using your existing username and password. The top price achieved this afternoon was for a gold perpetual calendar chronograph wristwatch with moon phases retailed by Asprey, which sold for CHF 2,204,000 ($ 1,773,206) becoming the most valuable wristwatch ever sold by Sotheby’s. Sotheby’s and any third parties providing a guarantee jointly with Sotheby’s benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. It is also important that you read the Conditions of Business which are set out below and which will govern your and the seller’s rights and obligations in connection with the online only auction (the “Conditions of Business”). The Watch Department benefits from a thriving international market, with annual hammer sales totalling in excess of a million pounds. A third party providing a guarantee jointly with Sotheby’s may provide an irrevocable bid, or otherwise bid, on the guaranteed property. We shall notify you in writing if we decide to do this and, unless you object in writing within ten (10) days of such notice, you shall be treated as consenting to such reconsignment. Traditionally speaking, there are two auction seasons each year: spring sales and autumn sales. (e) In the event that you submit a bid for an amount at which a bid has already been accepted, your bid shall be rejected. Withdrawal of lots by you: IF YOU CHOOSE TO WITHDRAW PROPERTY FROM THE ONLINE ONLY AUCTION AFTER THE EARLIER OF (I) YOUR WRITTEN AGREEMENT TO SELL THE PROPERTY WITH US AND (II) 12 WEEKS BEFORE THE START DATE OF THE RELEVANT ONLINE ONLY AUCTION, YOU WILL BE LIABLE TO PAY TO US COMPENSATION FOR SUCH WITHDRAWAL CALCULATED IN ACCORDANCE WITH CONDITION 23 BELOW. You should note that Sotheby’s generally acts as agent for the seller. The ‘net sale proceeds’ will be applied in reduction of your debt. Lot 10 – Speedmaster ref. The 37mm white platinum watch was auctioned first. Please also note that laboratories may differ in their assessment of a gemstone (including its origin and presence, type and extent of treatments) and their certificates or reports may contain different results. The reserve is generally set at a percentage of the low estimate and will not exceed the low estimate for the lot. On receipt of such funds, we shall return the lot to you. (b)            You warrant to us and to the ‘buyer’ that at all relevant times (including, but not limited to, the time of the consignment of the property and of the time of the sale): (i)              you are the true owner of the property, or are properly authorised to sell the property by the true owner; (ii)             you are able to, and shall, in accordance with these Conditions of Business, transfer possession to the ‘buyer’ and good and marketable title to the property free from any third-party rights or claims or potential claims including, without limitation, any claims which may be made by governments or governmental agencies; (iii)            you have provided us with all information concerning the provenance, condition and restoration of the property and have notified us in writing of the existence of any endangered or protected species in the item or any concerns you may have or that have been expressed by third parties in relation to the ownership, condition, authenticity, attribution, or export or import of the lot; (iv)            you are unaware of any matter or allegation which would render any description given by us in relation to the lot inaccurate or misleading; (v)             you warrant to us and to the ‘buyer’ that at all relevant times (including, but not limited to, the time of the consignment of the property and of the time of the sale): where the property has been moved to Switzerland from another country the property was lawfully imported into Switzerland; the property had been lawfully and permanently exported as required by the laws of any country in which it was previously located; required declarations upon the export and import of the property were properly made; and any duties and taxes on the export and import of the property have been paid; (vi)            you have or will pay any and all taxes and/or duties that may be due on the ‘net sale proceeds’ of the property and you have notified us in writing of any or all taxes and for duties that are payable by us on your behalf in any country other than the country of the sale; (vii)  you are not subject to trade sanctions, embargoes or any other restriction on trade in the jurisdiction in which it does business as well as under the laws of Switzerland, the European Union, the laws of England and Wales, or the laws and regulations of the United States, and you are not owned (nor partly owned) or controlled by such sanctioned person(s) (collectively, “sanctioned person(s)”); (viii)         the item consigned is not connected with nor has any link to nor is derived from any criminal activity, including without limitation tax evasion, money laundering, terrorist activities or other criminal activity, and you are neither under investigation, nor have you been charged with or convicted of without limitation, tax evasion, money laundering, terrorist activities or other criminal activity; (ix)           you hereby undertake that none of the net sale proceeds will be transferred to or used for the benefit of any sanctioned person(s), nor will any party involved in the transaction including financial institutions, freight forwarders or other forwarding agents or any other party be a sanctioned person(s) nor owned (or partly owned) or controlled by a sanctioned person(s), unless such activity is authorized in writing by the government authority having jurisdiction over the transaction or in applicable law or regulation; (x)             unless you advise us in writing to the contrary at the time you deliver the property to us, there are no restrictions, copyright or otherwise, relating to the property (other than those imposed by law) and no restrictions on our rights to reproduce photographs or other images of the property; and. 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