Spink is the world's leading auctioneer of stamps, coins, banknotes, medals, bonds & shares, autographs, books and wine. Since its foundation in 1666, the Spink name has become synonymous with tradition, experience and integrity. Holder of royal warrants and numerous records for prices achieved at auction, Spink offers an unparalleled range of services to collectors worldwide. Headquartered in London, with offices in New York, Hong Kong, Singapore and Switzerland, Spink holds over 70 auctions a year.
These conditions set out the terms on which we (Spink China Limited of 4&5/F., Hua Fu Commercial Building, 111 Queen’s Road West, Hong Kong) contract with you (Buyer) either as agent on behalf of the Seller or as principal if we are the Seller. You should read these conditions carefully.
The following definitions in this condition apply in these conditions.
Buyer’s Premium means the charge payable by you as a percentage of the Hammer Price, at the rates set out in clause 5.1 below;
Certificate of Authenticity means a certificate issued by an Expert Committee confirming the authenticity of a Lot;
Expert Committee means a committee of experts to whom a Lot may be sent for an extension in accordance with clause 3.4.3;
Forgery means a Lot constituting an imitation originally conceived and executed as a whole with a fraudulent intention to deceive as to authorship, origin, age, period, culture or source where the correct description as to such matters is not reflected by the description in the catalogue and which at the date of the auction had a value materially less than it would have had if it had been in accordance with the description in the catalogue. Accordingly, no Lot shall be capable of being a Forgery by reason of any damage and/or restoration work of any kind (including re-enamelling);
Hammer Price means the amount of the highest bid accepted by the auctioneer in relation to a Lot;
Lot means any item deposited with us for sale at auction and, in particular, the item or items described against any lot number in any catalogue;
Reserve the amount below which we agree with the Seller that the Lot cannot be sold;
Seller means the owner of the Lot being sold by us;
Spink Group Spink China Limited, Spink and Son Ltd, and our associated companies.
2 SPINK CHINA’S ROLE AS AGENT
2.1 All sales undertaken by us either at auction or privately are undertaken either as agent on behalf of the Seller or from time to time, as principal if we are the owner of the Lot. Please note that even if we are acting as agent on behalf of the Seller rather than as principal, we may have a financial interest in the Lot.
2.2 The contract for the sale of the Lot will be between you and the Seller.
3 BEFORE THE SALE
3.1 Examination of goods
You are strongly advised to examine personally any goods in which you are interested, before the auction takes place. Condition reports are usually available on request. We provide no guarantee to you other than in relation to Forgeries, as set out in clause 5.10 of these Terms and Conditions.
3.2 Catalogue descriptions
3.2.1 Statements by us in the catalogue or condition report, or made orally or in writing elsewhere, regarding the authorship, origin, date, age, size, medium, attribution, genuineness, provenance, condition or estimated selling price of any Lot are merely statements of opinion, and are not to be relied on as statements of definitive fact. Catalogue and web illustrations are for guidance only, and should not be relied on either to determine the tone or colour of any item. No lot shall be rejected on the grounds of inaccurate reproduction. No lot illustrated in the catalogue and online shall be rejected on the grounds of cancellation, centring, margins, perforation or other characteristics apparent from the illustration. Catalogue illustrations are for guidance only, and should not be relied on either to determine the tone or colour of any item or to reveal imperfections. Estimates of the selling price should not be relied on as a statement that this price is either the price at which the Lot will sell or its value for any other purpose.
3.2.2 Many items are of an age or nature which precludes their being in perfect condition and some descriptions in the catalogue or given by way of condition report make reference to damage and/or restoration. We provide this information for guidance only and the absence of such a reference does not imply that an item is free from defects or restoration nor does a reference to particular defects imply the absence of any others.
3.2.3 Other than as set out in clause 5.8, and in the absence of fraud, neither the Seller nor we, nor any of our employees or agents, are responsible for the correctness of any statement as to the authorship, origin, date, age, attribution, genuineness or provenance of any Lot nor for any other errors of description or for any faults or defects in any Lot. Every person interested should exercise and rely on his own judgment as to such matters.
3.3 Your Responsibility
You are responsible for satisfying yourself as to the condition of the goods and the matters referred to in the catalogue description.
3.4 Extensions – Stamps only
3.4.1 If you wish to obtain an expert opinion or Certificate of Authenticity on any Lot (other than a mixed lot or lot containing undescribed stamps) you must notify us in writing not less than forty-eight hours before the time fixed for the commencement of the first session of the auction. If accepted by us, such request shall have the same effect as notice of an intention to question the genuineness or description of the Lot for the purposes of clause 5.9 of these Terms and Conditions and the provisions of clause 5.9 shall apply accordingly.
3.4.2 Notice of a request for an expert opinion or Certificate of Authenticity must give the reason why such opinion is required and specify the identity of your proposed expert which will be subject to agreement by us. We reserve the right, at our discretion, to refuse a request for an expert opinion or Certificate of Authenticity including (without limitation) where the proposed expert is not known to us.
3.4.3 If we accept a request for an expert opinion or Certificate of Authenticity we will submit the Lot to the Expert Committee. You acknowledge and accept that the length of time taken by an Expert Committee to reach an opinion will vary depending on the circumstances and in any event is beyond our control.
3.4.4 We will not accept a request for an extension on account of condition. Any Lot described in the catalogue as having faults or defects may not be returned even if an expert opinion or Certificate of Authenticity cites other faults or defects not included in the catalogue description, other than in the case of a Forgery.
3.4.5 Should Spink China Limited accept a request for an extension under the foregoing provisions of this paragraph, the fact may be stated by the Auctioneer from the rostrum prior to the sale of the Lot.
3.4.6 It should be noted that any stamp accompanied by a Certificate of Authenticity is sold on the basis of that Certificate only and not on the basis of any other description or warranty as to authenticity. No request for an extension will be accepted on such a stamp and the return of such a stamp will not be accepted.
3.4.7 If you receive any correspondence from the Expert Committee in relation to the Lot, including but not limited to a Certificate of Authenticity, you must provide us with copies of such correspondence no later than 7 days after you receive such correspondence.
4 AT THE SALE
4.1 Refusal of admission
Our sales usually take place on our own premises or premises over which we have control for the sale, and we have the right, exercisable at our complete discretion, to refuse admission to the premises or attendance at an auction.
4.2 Registration before bidding
You must complete and sign a registration form and provide identification before making a bid at auction. Please be aware that we usually require buyers to undergo a credit check.
If you have not bid successfully with Spink in the past, or you are registering with us for the first time, we reserve the right to require a deposit of up to 50% of the amount you intend to spend. Such deposit will be deducted from your invoice should you be successful. If you are unsuccessful at auction, your deposit will be returned by the same means it was paid to Spink.
Some lots may be designated, prior to the auction, as “Premium lots”, which means a deposit may be required before placing a bid on the item for sale. Information will be posted on our website in such an event.
4.3 Bidding as Principal
When making a bid (whether such bids are made in person or by way of telephone bids operated by Spink, commission or online or email bids), you will be deemed to be acting as principal and will be accepting personal liability, unless it has been agreed in writing, at the time of registration, that you are acting as agent on behalf of a third party buyer acceptable to us.
4.4 Commission Bids
If you give us instructions to bid on your behalf, by using the form provided in our
catalogues or via our website, we shall use reasonable endeavors to do so,
provided these instructions are received not later than 24 hours before the
auction. If we receive commission bids on a particular Lot for identical amounts,
and at auction these bids are the highest bids for the Lot, it will be sold to the
person whose bid was received first. Commission bids are undertaken subject to
other commitments at the time of the sale, and the conduct of the auction may be
such that we are unable to bid as requested. Since this is undertaken as a free
service to prospective buyers on the terms stated, we cannot accept liability for
failure to make a commission bid. You should therefore always attend personally
if you wish to be certain of bidding. All commission bids should be sent to 4&5/F,
Hua Fu Commercial Building, 111 Queen’s Road West, Hong Kong up till 24
hours prior to the sale.
4.5 On-line Bidding
We offer internet services as a convenience to our clients. We will not be
responsible for errors or failures to execute bids placed on the internet, including,
without limitation, errors or failures caused by (i) a loss of internet connection by
either party for whatever reason; (ii) a breakdown or problems with the online
bidding software and/or (iii) a breakdown or problems with your internet
connection, computer or system. Execution of on-line internet bids on
www.spink.com and Spink Live is a free service undertaken subject to other
commitments at the time of the auction and we do not accept liability for failing to
execute an online internet bid or for errors or omissions in connection with this
activity. Buyers who acquire lots on the-saleroom.com will have a fee of 3% on
the hammer price added to their invoice for using this facility.
4.6 Telephone Bids
If you make arrangements with us not less than 24 hours before the sale, we
shall use reasonable endeavors to contact you to enable you to participate in
bidding by telephone, but in no circumstances will we be liable to either the Seller
or you as a result of failure to do so.
4.7 Currency Converter
At some auctions, a currency converter will be operated, based on the one month
forward rates of exchange quoted to us by Bank of China or any other
appropriate rate determined by us, at opening on the date of the auction. Bidding
will take place in a currency determined by us, which is usually Hong Kong
dollars for auctions held in Hong Kong. The currency converter is not always
reliable, and errors may occur beyond our control either in the accuracy of the
Lot number displayed on the converter, or the foreign currency equivalent of
Hong Kong dollar bids. We shall not be liable to you for any loss suffered as a
result of you following the currency converter.
4.8 Video images
At some auctions there will be a video screen. Mistakes may occur in its
operation, and we cannot be liable to you regarding either the
correspondence of the image to the Lot being sold or the quality of the image as
a reproduction of the original.
4.9 Bidding Increments
Bidding generally opens below the low estimate and advances in the following
order although the auctioneer may vary the bidding increments during the course
of the auction. The normal bidding increments are:
HK$100 to HK$2,000 by HK$100
HK$2,000 to HK$3,000 by HK$200
HK$3,000 to HK$5,000 by HK$200 or HK$300
HK$5,000 to HK$10,000 by HK$500
HK$10,000 to HK$20,000 by HK$1,000
HK$20,000 to HK$30,000 by HK$2,000
HK$30,000 to HK$50,000 by HK$2,000 or HK$3,000
HK$50,000 to HK$100,000 by HK$5,000
HK$100,000 to HK$ 200,000 by HK$10,000
HK$200,000 to HK$300,000 by HK$20,000
HK$300,000 to HK$500,000 by HK$20,000 or HK$30,000
HK$500,000 and up at Auctioneer’s discretion
4.10 Bidding by the Spink Group
4.10.1 We reserve the right to bid on Lots on the Seller’s behalf up to the amount
of the Reserve (if any), which will never be above the low estimate printed in the
4.10.2 The Spink Group reserves the right to bid on and purchase Lots as
4.11 The Auctioneer’s Discretion
The auctioneer has the right at his absolute discretion to refuse any bid to
advance the bidding in such manner as he may decide to withdraw or divide any
Lot, to combine any two or more Lots and, in the case of error or dispute, to put
an item up for bidding again.
4.12 Successful Bid
Subject to the auctioneer’s discretion, the striking of his hammer marks the
acceptance of the highest bid, provided always that such bid is higher than the
Reserve (where applicable), and the conclusion of a contract for sale between
you and the Seller.
4.13 After Sale Arrangements
If you enter into any private sale agreements for any Lot with the Seller within 60
days of the auction, we, as exclusive agents of the Seller reserve the right to
charge you the applicable Buyer’s Premium in accordance with these Terms and
Conditions, and the seller a commission in accordance with the terms of the
4.14 Return of Lot
4.14.1 Once your bid has been accepted for a Lot then you are liable to pay for
that Lot in accordance with these Terms and Conditions. If there are any
problems with a Lot then you must notify us within 7 days of receipt of the Lot,
specifying the nature of the problem. We may then request that the Lot is
returned to us for inspection. Save as set out in clause 5.8, the cancellation of
the sale of any Lot and the refund of the corresponding purchase price is entirely
at our sole discretion. We will not normally exercise that discretion if the Lot is not
received by us in the same condition that it was in at the auction date.
4.14.2 No lot may be returned on account of condition if the condition was stated
by a third party grading company (including, but not limited to PCGS, NGC,
ANACS, ICG, PMG, WBG).
5 AFTER THE AUCTION
5.1 Buyer’s Premium
In addition to the Hammer Price, you must pay us the Buyer’s Premium at a rate
of 20% of the final Hammer price of each lot, a fee of 3% on the hammer price
total for using the-saleroom.com and a fee for paying by credit card.
5.2.1 You must provide us with your full name and permanent address and, if so
requested, details of the bank from which any payments to us will be made. You
must pay the full amount due on your invoice within seven days after the date of
the sale. This applies even if you wish to export the Lot and an export license is
(or may be) required.
5.2.2 You will not acquire title to the Lot until all amounts due to us have been
paid in full. This includes instances where special arrangements were made for
release of Lot prior to full settlement.
5.2.3 Payment should be made in Hong Kong Dollars by one of the following
(i) Direct bank transfer to our account details of which are set out on the invoice.
All bank charges shall be met by you. Please ensure that your client number is
noted on the transfer.
(ii) By cheque or bank draft made payable to Spink China Limited. Please note
that the processing charges for payments made by cheques or bank drafts drawn
on a non-Hong Kong bank shall be met by you. Please ensure that the
remittance slip printed at the bottom of the invoice is enclosed with your
(iii) By Visa or Mastercard. A fee of 3% will be applied. By American Express, a
fee of 4% will be applied. We are not responsible for any foreign exchange
losses or charges that you may incur in connection with such card payments.
5.2.4 Payments should be made by the registered buyer and not by third parties,
unless it has been agreed at the time of registration that you are acting as an
agent on behalf of a third party.
We are not able to notify successful bidders by telephone. While Invoices are
sent out by mail after the auction we do not accept responsibility for notifying you
of the result of your bid. You are requested to contact us by telephone or in
person as soon as possible after the auction to obtain details of the outcome of
your bids to avoid incurring charges for late payment.
5.4 Collection, Packing and Handling of Purchases
5.4.1 Unless specifically agreed to the contrary, we shall retain lots purchased
until all amounts due to us, or to the Spink Group, have been paid in full. Buyers
will be required to pay for their lots when they wish to take possession of the
same, which must be within 7 days of the date of the sale, unless prior
arrangements have been made with Spink. Without prior agreement, lots will
not be released until cleared funds are received with regard to payments made
5.4.2 Lots may be collected from 4&5/F, Hua Fu Commercial Building, 111
Queen’s Road West, Hong Kong. In the event where a cheque or bank draft
payable to Spink China Limited has been presented to us, unless we specifically
agree to the contrary, no Lots shall be released before the cheque or bank draft
has cleared where such funds have been credited into our bank account.
5.4.3 A purchased Lot shall be at your risk in all respects from the time of
collection or the expiry of seven days from the date of sale, whichever is sooner,
and neither Spink China Limited nor its employees nor agents shall thereafter be
liable for any loss or damage of any kind, whether caused by negligence or
otherwise, while any Lot is in or under their respective custody or control.
5.4.4 If required our shipping department may arrange shipment as your agent.
Although we may suggest carriers if specifically requested, our suggestions are
made on the basis of our general experience of such parties in the past and we
are not responsible to any person to whom we have made a recommendation for
the acts or omissions of the third parties concerned.
5.4.5 We shall use all reasonable endeavors to take care when handling and
packing a purchased Lot but remind you that after seven days or from the time of
collection, whichever is sooner, the Lot is entirely at your risk.
5.4.6 It is the responsibility of the Buyer to be aware of any Import Duties that
may be incurred upon importation to the final destination. Spink will not accept
return of any package in order to avoid these duties. The onus is also on the
Buyer to be aware of any Customs import restrictions that prohibit the importation
of certain collectibles. Spink will not accept return of the Lot(s) under these
circumstances. Spink will not accept responsibility for Lot(s) seized or destroyed
5.4.7 If the Buyer requires delivery of the Lot to an address other than the invoice
address this will be carried out at the discretion of Spink.
5.5 Remedies for non-payment or failure to collect purchases
5.5.1 If you fail to make payment within seven days of your stipulated payment
date set out in your invoice, we shall be entitled to exercise one or more of the
following rights or remedies:
126.96.36.199 to charge interest at the rate of 2% per month compound interest,
calculated on a daily basis, from the date the full amount is due;
188.8.131.52 to set off against any amounts which the Spink Group may owe you in
any other transaction the outstanding amount remaining unpaid by you;
184.108.40.206 we may keep hold of all or some of your Lots or other property in the
possession of the Spink Group until you have paid all the
amounts you owe us or the Spink Group, even if the unpaid amounts do not
relate to those Lots or other property. Following fourteen days’ notice to you of
the amount outstanding and remaining unpaid, the Spink Group shall have the
right to arrange the sale of such Lots or other property. We shall apply the
proceeds in discharge of the amount outstanding to us, and pay any balance
220.127.116.11 where several amounts are owed by you to the Spink Group in respect of
different transactions, to apply any amount paid to discharge any amount owed in
respect of any particular transaction, whether or not you so direct;
18.104.22.168 to reject at any future auction any bids made by you or on your behalf or
obtain a deposit from you before accepting any bids.
5.5.2 If you fail to make payment within thirty-five days, we shall in addition be
22.214.171.124 to cancel the sale of the Lot or any other item sold to you at the same or
any other auction;
126.96.36.199 to arrange a resale of the Lot, publicly or privately, and, if this results in a
lower price being obtained, claim the balance from you
together with all reasonable costs including a 20% seller’s commission,
expenses, damages, legal fees, commissions and premiums of whatever kind
associated with both sales or otherwise, incurred in connection with your failure
to make payment; or
188.8.131.52 when reselling the Lot, place a notice in our catalogue stating that you
successfully purchased the Lot at auction but have subsequently failed to pay the
Hammer Price of the Lot; or
184.108.40.206 take any other appropriate action as we deem fit.
5.6 Failure to collect
Where purchases are not collected within fourteen days after the sale, whether or
not payment has been made, you will be required to pay a storage charge of
HKD 30 per item per day plus any additional handling cost that may apply. You
will not be entitled to collect the Lot until all outstanding charges are met,
together with payment of all other amounts due to us.
5.7 Use of Default Information
If you fail to make payment for a Lot in accordance with these Terms and
5.7.1 we reserve the right to refuse you the right to make bids for any future
auction irrespective of whether previous defaults have been settled; and
5.7.2 you consent to us disclosing details of such default to other auctioneers
and live bidding platforms, which will include your name, address, nature of the
default and the date of the default.
Auctioneers or live bidding platforms who receive details of the default may rely
on such information when deciding whether to enter into a transaction with you in
5.8 Export License
5.8.1 You should always check whether an export licence is required before
5.8.2 Unless otherwise agreed by us in writing, the fact that you wish to apply for
an export license does not affect your obligation to make
payment within seven days nor our right to charge interest on late payment.
5.8.3 We will not be obliged to rescind a sale nor to refund any interest or other
expenses incurred by you where payment is made by you despite the fact that an
export license is required.
5.9 Refund in the case of Forgery
5.9.1 A sale will be cancelled, and the amount paid refunded to you if a Lot (other
than a miscellaneous item not described in the catalogue) sold by us proves to
have been a Forgery. We shall not however be obliged to refund any amounts if
either (a) the catalogue description or saleroom notice at the auction date
corresponded to the generally accepted opinion of scholars or experts at that
time, or fairly indicated that there was a conflict of opinions, or (b) it can be
demonstrated that the Lot is a Forgery only by means of either a scientific
process not generally accepted for use until after publication of the catalogue or
a process which at the date of the auction was unreasonably expensive or
impracticable or likely to have caused damage to the Lot. Furthermore, you
should note that this refund can be obtained only if the following conditions are
220.127.116.11 you must notify us in writing, within seven days of the auction date, that in
your view the Lot concerned is a forgery;
18.104.22.168 you must then return the item to us within fourteen days, in the same
condition as at the auction date; and
22.214.171.124 as soon as possible following return of the Lot, you must produce
evidence satisfactory to us that the Lot is a Forgery and that you are able to
transfer good title to us, free from any third party claims.
126.96.36.199 you must provide to us all evidence obtained by you that a Lot is a
Forgery no later than 7 days after you receive such evidence.
5.9.2 In no circumstances shall we be required to pay you any more than the
amount paid by you for the Lot concerned and you shall have no claim for
5.9.3 The benefit of this guarantee is not capable of being transferred, and is
solely for the benefit of the person to whom the original invoice was made out by
us in respect of the Lot when sold and who, since the sale, has remained the
owner of the Lot without disposing of any interest in it to any third party.
5.9.4 We shall be entitled to rely on any scientific or other process to establish
that the Lot is not a Forgery, whether or not such process was used or in use at
the date of the auction.
Nothing in these Terms and Conditions limits or excludes our liability for:
6.1 death or personal injury resulting from negligence; or
6.2 any damage or liability incurred by you as a result of our fraud or fraudulent
7 USE OF YOUR PERSONAL INFORMATION
7.1 We will use the personal information you provide to us to:
7.1.1 process the bids you make on Lots (whether successful or otherwise) and
other auction related services we provide;
7.1.2 process your payment relating to a successful purchase of a Lot;
7.1.3 arrange for delivery of any Lot you purchase, which will include passing
your details to shipping providers and, on overseas deliveries, to customs where
they make enquiries regarding the Lot;
7.1.4 inform you about similar products or services that we provide, but you may
stop receiving these at any time by contacting us.
7.2 In accordance with clause 4.2, you agree that we may pass your information
to credit reference agencies and that they may keep a record of any search that
7.3 In accordance with clause 5.11, you agree that where you default on making
payment for a Lot in accordance with these terms and conditions we may
disclose details of such default to other auctioneers and live bidding platforms.
7.4 We are also working closely with third parties (including, for example, other
auctioneers and live bidding platforms) and may receive information about you
8.1 We shall have the right (on a non-exclusive basis) to photograph, video or
otherwise produce an image of the Lot. All rights in such an image will belong to
us, and we shall have the right to use it in whatever way we see fit.
8.2 The copyright in all images, illustrations and written material relating to a Lot
is and shall remain at all times our property and we shall have the right to use it
in whatever way we see fit. You shall not use or allow anyone else to use such
images, illustrations or written material without our prior written consent.
All notices given under these Terms and Conditions may be served personally,
sent by 1st class post, or faxed to the address given to the sender by the other
party. Any notice sent by post will be deemed to have been received on the
second working day after posting or, if the addressee is overseas, on the fifth
working day after posting. Any notice sent by fax or served personally will be
deemed to be delivered on the first working day following dispatch.
10 ADDITIONAL PROVISIONS
10.1 Limitation of Liability
Subject to clause 6, we shall not be liable, whether in tort (including for
negligence) or breach of statutory duty, contract, misrepresentation or otherwise
10.1.1 loss of profits, loss of business, depletion of goodwill and/or similar losses,
loss of anticipated savings, loss of goods, loss of contract, loss of use, loss of
corruption of data or information; or
10.1.2 any special, indirect, consequential or pure economic loss, costs,
damages, charges or expenses.
If any part of these Terms and Condition is found by any court to be invalid,
illegal or unenforceable, that part may be discounted and the rest of the
conditions shall continue to be valid and enforceable to the fullest extent
permitted by law.
10.3 Force majeure
We shall have no liability to you if we are prevented from, or delayed in
performing, our obligations under these Terms and Conditions or from carrying
on our business by acts, events, omissions or accidents beyond our reasonable
control, including (without limitation) strikes, lock-outs or other industrial disputes
(whether involving our workforce or the workforce of any other party), failure of a
utility service or transport network, act of God, war, riot, civil commotion,
malicious damage, compliance with any law or governmental order, rule,
regulation or direction, accident, breakdown of plant or machinery, fire, flood,
storm or default of suppliers or subcontractors.
10.4.1 A waiver of any right under these Terms and Conditions is only effective if
it is in writing and it applies only to the circumstances for which it is given. No
failure or delay by a party in exercising any right or remedy under these Terms
and Conditions or by law shall constitute a waiver of that (or any other) right or
remedy, nor preclude or restrict its further exercise. No single or partial exercise
of such right or remedy shall preclude or restrict the further exercise of that (or
any other) right or remedy.
10.4.2 Unless specifically provided otherwise, rights arising under these Terms
and Conditions are cumulative and do not exclude rights provided by law.
10.5 Law and Jurisdiction
10.5.1 These Terms and Conditions and any dispute or claim arising out of or in
connection with them or their subject matter, shall be governed by, and
construed in accordance with Hong Kong laws.
10.5.2 The parties irrevocably agree that the courts of Hong Kong shall have
non-exclusive jurisdiction to settle any dispute or claim that arises out of, or in
connection with, Terms and Conditions or their subject matter.