FEES, PREMIUMS & PAYMENT

SELLING AT OUR AUCTION:

 

Premium:

A Seller’s Fee of 10% is due on the hammer price.

 

Reserve:

A reserve is the confidential hammer price established between the Company and the seller and below which a lot will not be sold.

Insurance:

For each lot that is sold the Seller will be charged 1.5% of the hammer price to cover insurance.

 

Packing, shipping, customs etc.

At the discretion of the Company, the Seller may be required to pay additional charges for insurance (including transit insurance), packing, shipping, customs duties, import tax, catalogue illustration, examination/appraisal by experts and storage. These amounts shall be separately itemized for the Seller by the Company.

 

Payment:

Subject to receipt of payment from the Buyer, payment will be made to the Seller within 30 days from the date of the auction.

 

 

 

BUYING AT OUR AUCTION:

 

Joining auction fee:

In order to bid at our auctions, bidders have to register, log in and give Credit Card information for verification purposes. No amount will be charged on it.

 

Buyer’s Premium:

A Buyer’s premium of 21% is due on the hammer price.

A reduction of 3% for a total of 18% will be applied if you are the first bidder and win the auction. This reduction will be applied directly to your final invoice.

 

Hammer Price:

The winning bid for a lot at auction. It is the highest bid placed when the auction ends, determining the sale price, but does not include the buyer’s premium.

 

Payment fees:

Wire transfer & in-person meeting: no additional fee.

Credit Card: an additional service fee of 3% will be applied to the invoice.

Alipay/WeChat Pay: an additional service fee of 3% will be applied to the invoice.

 

Condition Reports:

FX TOURTE AUCTIONS condition reports are carried out to the best of our expert ability; however, these reports are not binding and they should in no way be treated as a warranty or guarantee.

 

Packing:

Packing costs are 300HKD for up to 5 bows.

 

Shipment:

All shipping costs are quoted in relation to the final destination. Shipments can only be made through FedEx or UPS.

If the buyer requires shipment through a professional art courier or specialist shipping forwarder, this will be invoiced to the buyer at cost.

Shipment insurance:

For each lot that is sent to the Buyer, we will charge 1,5% of the hammer price to cover shipping insurance.

 

Commission Bids:

Buyers may ask FX TOURTE AUCTIONS to bid on their behalf – all such instructions must be given in writing (for example by email) 24 hours before the start of the auction.

You may instruct us to bid up to a given amount on a single lot or multiple lots. You may also entrust us to manage your bidding – for example, to cancel or reduce your bid on a subsequent lot if you have already won a previous lot, to increase your bid on a subsequent lot if you have failed to win a previous lot, and/or to exercise an overall limit on your total expenditure.

 

Proxy Bids:

Proxy Bidding is a concept in which the system automatically bids on your behalf up to the maximum bid amount that you have chosen. This is a simple way to make the online auction process less stressful and less time-consuming.

NB:  a proxy bid is your maximum bid and not the current bid.

 

Bidding Increments:

Current bid	Increment
1,000 – 9,500 HKD	500 HKD
10,000 – 29,000 HKD	1,000 HKD
30,000 – 57,000 HKD	3,000 HKD
60,000 – 95,000 HKD	5,000 HKD
100,000 – 290,000 HKD	10,000 HKD
300,000 – 475,000 HKD	25,000 HKD
500,000 – 900,000 HKD	50,000 HKD
1,000,000 and up HKD	100,000 HKD

Bidding History:

The bidding history (date/time and amount) is updated every time a new bid comes in.

 

Bidding time extension:

Any bid made during the last 10 minutes of countdown will automatically extend the closing time by a further 10 minutes. If and when there are no new bids in the 10 minutes before closing, the item will be sold.

 

Reserve Met:

The reserve price is the minimum price at which the seller will sell the item. This amount remains hidden until the reserve is met, at which point “Reserve Met” is clearly indicated on the platform. The lot is only sold if the bidding amount meets or exceeds the reserve price set by the seller.

 

Successful Bid:

By placing a bid on a lot equal to or exceeding the reserve price, the bidder is entering into a legally binding contract to purchase the lot if their bid is the highest.