Terms & Conditions

The Online Bidding Terms and Conditions set out below (the “Conditions”) are the terms and conditions on which Prestige Auction (hereinafter referred to as the “Auctioneer”), as auctioneer, enter into agreements with Buyers. The auction to be held by the Auctioneer will be conducted in accordance with these Conditions and by registering to participate in the Auctioneer’s auction activity, the Bidder, Buyer, Seller and anyone who is participating/involving in the Auctioneer’s auction activities expressly agree to these Conditions and these conditions shall be binding upon them thereafter. Any variation of these Conditions shall be binding on the Auctioneer only if it is made in writing and signed by a duly authorized officer of the Auctioneer.

1. Definitions 

In this Conditions: 

  1. “Auctioneer” means Prestige Auction to carry out the auction sales and to enter into agreement as agent on behalf of the Seller or Event Organizer with the Buyer;
  2. “Bidder” means a natural person, legal person or any other organization that has full capacity or legal entity to bid online at auction according to provisions of the laws of Malaysia and who has gone through the necessary registration and procedural formalities of the Auctioneer. The Bidder shall satisfy all provisions with respect to the Conditions or qualification of the Bidder. Under the Conditions, the Bidder shall include any of its agents unless otherwise provided hereunder or in a particular context. 2.
  3. “Buyer” means the Bidder with the highest bid accepted by the Auctioneer;
  4. “Buyer’s Premium” means the charge payable by the Buyer as a percentage of the Hammer Price, at the rates set out in Clause 8(b). 
  5. “Estimated Price Range” shall mean the estimated hammer price a Lot may achieved. The Bidder shall not reply upon it as the representation or guarantee of actual selling price. 
  6. “Forgery” means an item that is (i) made or substantially made with an intention to deceive as to authorship, origin, date, age, period, culture or source, (ii) not shown to be such or possibly such in the description applied to it at the time of sale or in the catalogue, and (iii) at that time it had a value materially less than it would have had if it had been in accordance with the correct description; accordingly, no item is capable of being Forgery solely by reason of any damage and/or restoration work of any kind including repainting, re-enameling or re-plating;

3.

  1. “Hammer Price” means the amount of the highest bid accepted by the Auctioneer in relation to a Lot;
  1. “Lot” means each piece of item described in the Catalogue consigned for auction sale by the Seller;
  2. “Online Bidding” is a service in which the Seller, Bidder and Buyer sell, bid or purchase for products via the Internet. 
  3. “Online Bidding Account” is an individual online bidding’s user interface with eligibility to bid at an auction via internet, subject to the Auctioneer accepting and validating an online bidding registration submitted by the intended Bidder. 
  4. “Purchase Price” means the total amount payable by the Buyer for his/her/its bid, including the Hammer Price, commission (Buyer’s Premium), tax applicable (if any) and other expenses payable by the Buyer;
  5. “Reserved Price” means the lowest selling price of Lot determined by the Seller and confirmed with the Auctioneer in the consignment auction contract; and 
  6. “Seller” means any registered persons or corporate who consigns any item to the Auctioneer for sale by auction.

Online Auction Registration 

  1. Anyone who wish to participate in the Auctioneer’s Online Bidding activities must register at the Auctioneer’s official website. 
  2. The Bidder must be registered at least (24) hours prior to the start of any auction or the Bidder may not be able to bid online in that auction. 
  3. Once the Bidder has registered, the Bidder should keep his/her/its online account details strictly confidential and the Bidder must not permit any third party to use or access his/her/its account on behalf or otherwise. The Bidder will be solely liable for any and all bids made via his/her/its account. 
  4. The Bidder need to register for each Online Bidding event that he/she/its wish to bid on. This can be done through the relevant auction details screen.

Online Bidding Process 

  1. Once the Bidder has successfully registered for Online Bidding in an auction, he/she/it will be eligible to bid online at that Online Bidding event. 

(h) “Indicative Price” is a preliminary estimate of an initial bid provided by the Auctioneer/Seller, which is neither firm nor binding (if any);

  1. During the auction, the Bidder can bid for any Lot as permitted under the auction event’s standard conditions by clicking the bid button. Each bid shall be final and binding as soon as the Bidder click the bid button. 
  1. The Auctioneer 
      1. All sales are made by the Auctioneer as agents on behalf of the Seller. The contract is between the Buyer and the Seller. Notwithstanding this, the Auctioneer is not obliged to disclose to the Buyer the identity of the Seller. 
      2. The Auctioneer will have absolute discretion to divide any Lot, to combine any two or more Lots or to withdraw any Lot from the auction without giving any reason, subject to the Seller’s approval.  
      3. The Auctioneer reserve the right to alter or add to these Conditions at any time prior to the auction sale, to regulate the bidding, to postpone or call off the auction at any time before the fall of hammer (with or without notice) and to refuse any bid or bids with absolute discretion without giving any reason for such decision. 

6. (d) The auctioneer acts solely as an agent and shall not be responsible for any default by either the Buyer or the Seller or for any action or claim which may arise in the respect of any Lot. 

      1. In the case of any dispute as to any bid, the Auctioneer may at its own option forthwith determine the dispute or put the Lot up again for bidding or accept the last undisputed bid or withdraw the Lot.
      2. The Auctioneer reserves the right to reject any registration to bid online, withdraw its permission for the Bidder to use online bidding, or terminate an Online Bidding account, 

for any reason, at any time prior to, during or after the Online Bidding event. 

7.

  1. The Bidder 
    1. By registering to bid, the Bidder acknowledges his acceptance of the Conditions herein and shall be bound accordingly.
    2. The Bidder shall register to bid and receive a paddle affixed with a number before the registration closes, in accordance with the Conditions and procedure, with a valid identity card, or passport or other certificates approved by the Malaysian Government and other materials required by the Auctioneer in the case of a natural person, or with a valid 
    3. In relation to floor bidding, all intending Bidders shall verify their identities by showing the Auctioneer their legal identity documents or cards prior to the commencement of the auction, failing which they shall not be entitled to bid. 
    4. Any Bidder who intends to bid on behalf of another person, body corporate or firm is required to deposit with the Auctioneer prior to the auction sale and an authorization letter to state that the Bidder is acting, on behalf of another person, body, corporate or firm and the Bidder is authorized to sign all the necessary documents. 
    5. When making any bid, the Bidder acknowledges that he/she/it is doing so as principal and Bidder who accepting commissions from other parties, do so at their own risk and will remain liable to the Auctioneer/Seller for full settlement according to these Conditions. 
    6. The Bidder acknowledge that he/she/it is bidding in a live auction and the Bidder agrees that each bid submitted as provided in the Conditions is irrevocable and cannot be amended or corrected, even if submitted in error and notified the Auctioneer and the Bidder participate in the auction sale entirely at his/her/its own risk.

Absentee Bid Form 

  1. The Bidder should attend the auction personally. Otherwise, the Bidder may give the Auctioneer an Absentee Bid Form (can be obtained from the Auctioneer’s website) to bid on the Bidder’s behalf. 
  2. The auctioneer shall have the discretion to but no obligation to accept such authorization. The Bidder who intends to give the Auctioneer an authorization to bid on the Bidder’s behalf shall present to the Auctioneer the Absentee Bid Form at least twenty-four (24) hours before commencement of the auction. 

The Buyer 

  1. The Buyer accepts full liability for all bids submitted via his/her/its Online Bidding Account including, but not limited to, the liability to pay in full and on time in accordance with the Conditions for any lot that is the subject of a successful bid submitted from his/her/its account.
  2. The Buyer shall admit the identity of the Lot purchased with that comprised in the Catalogue offered by the Auctioneer/Seller. The Buyer shall be deemed to have full knowledge of the state and conditions of the Lot and made/submitted the bid solely as a result of its own inspection/evaluation/examination before auction and depending on its certificate of registration, ID of legal representative or other legal authorization certificates and other materials required by the Auctioneer in the case of a legal entity or other organization. 

own skill and judgment and not in reliance on any representation or warranty, whether oral and/or written and/or implied by or from the Auctioneer and/or the Seller.

(ii) pay the full Purchase Price, or a fractional deposit, as may be determined by the Auctioneer. 

  1. The Lot 
    1. All Lots are offered for sale subject to any Reserved Price or Indicative Price that may be put by the Seller. 
    2. All Lots sold through floor bidding, online bidding, or authorized bids are subject to Buyer’s Premium of 18% of the Hammer Price payable by the Buyer in addition to the Hammer Price. All Seller’s and Buyer’s Premium will be subjected to tax payable, if any. 
    3. When the Auctioneer confirms the highest bid by dropping its hammer or in any other public manner, the Bidder with the highest bid so recognized by the Auctioneer shall be the Buyer of the Lot. 
    4. The Lot is sold “as is” without any representation or warranty of any kind and believed to be and shall be taken to be correctly described and is sold subject to all express conditions and the Buyer shall be deemed to have full knowledge of the state and conditions of the Lot and no error, mis-statement, omission or mis-description shall annul the sale nor shall any compensation be allowed in respect thereof. 
    5. Lots sold are as shown with all faults, imperfections. Neither the Auctioneer nor the Seller shall 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. 
    6. Subjects to clause 8(d) and clause 8(e), the Buyer must satisfy themselves as to the accuracy of their purchase at the time of the delivery of the Lot. The Auctioneer cannot be held responsible for any discrepancy which might be discovered after the Lot has been duly accepted upon delivery. 
    7. All grading, statements or descriptions as to the Lot, whether made in catalogues or website during the course of the auction or otherwise, 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.
    8. The Auctioneer reserves the right in forming their opinion to consult and rely upon any expert or authority considered by them to be reliable.

(c) The Buyer of any Lot shall, if requested, immediately furnish to the Auctioneer: 

(i) bank or other credit facilities; and/or returned the same to the Auctioneer within fourteen working (14) days from and in the same condition in its original, sealed and unopened container as at, the date of the auction. Proof of the inability of any expert to form a definite opinion shall not discharge the Buyer’s onus of proving that a Lot is a Forgery. Notwithstanding the above, no Lot may be returned for reason that it is a Forgery if it is expressly stated in the Lot.

    1. Description that it is or may be a replica, copy, counterfeit or forgery or that the Auctioneer is not able to determine or warrant authenticity of the Lot. Lots sold ‘as is’ may not be returned for any reason including reasons of authenticity or lack thereof. 
    2. The benefit of the foregoing is not capable of being transferred, and is solely for the benefit of the original Buyer to whom the original invoice was made out by the Auctioneer in respect of the Lot and who, since the sale, has remained owner of the Lot without disposing of any interest to any third party. 
    3. Regardless of whether the Lot has been wrongly described in any material respect, no Lot may be returned under clause 8(g) herein by Buyers who have examined the Lot before the auction unless the same has been proven to be a Forgery. 
    4. The Buyer’s sole remedy is rescission of the sale and refund of the Purchase Price. Under no circumstances will the Auctioneer or the Seller 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. 
    5. No Lot may be returned after fourteen (14) days of the auction. 
    6. Notwithstanding the foregoing, all the Lots that include one or more items certified by a third-party certification service are sold as is, and may not be returned for any reason whatsoever, including reason of authenticity or lack thereof. The Buyer’s remedy lies solely with the certification service. 
    7. The Bidder, the Buyer, the Seller and other concerned parties participating in the auction should read the Conditions carefully and conform to the provisions hereof. All parties shall be liable for their own actions at auction and any loss caused by failure to read the Conditions carefully. 
  1. The Bid 
  1. No Lot may be returned after the full Purchase Price has been made.
  2. Notwithstanding the foregoing, if any Lot should be proved by the Buyer to be a Forgery, or to have been wrongly described in any material respect, the Auctioneer will rescind the sale and refund the Purchase Price at the request of the Buyer provided that the Buyer shall give notice of within seven working (7) days from the auction date and shall have 
  1. By making a bid the Buyer acknowledges his acceptance of these Conditions and he/she/it shall be bound by them.
  2. Purely as a convenience to clients, bidding commissions for anyone unable to attend the auction in person may be carried out by the Auctioneer without charge.
  1. Bid must be in writing and signed.  
  2. The Auctioneer shall not be liable for errors or omission in executing any bidding commissions. 
  3. Where two absentee bidders bid identical sums for the same Lot, the first bid received shall take precedence. 
  4. The Auctioneer may give priority to an absentee bid over a floor or internet bid. In order to give priority to an absentee bid, the Auctioneer may also at its absolute discretion increase an absentee bid by two or more increments instead of the usual one increment. 
  5. Requests for telephone bidding may be accepted or declined at the Auctioneer’s absolute discretion.  The Auctioneer may at its sole discretion require a person who requests telephone bidding to make a firm bid that is at least equal to the high estimate on the Lots that he/she/it requests for telephone bidding.
  6. Malaysian Ringgit (MYR) will be the only accepted currency for all the transaction/dealing of the auction sale. 
  7. Bidder who intend to place a bid in excess of Ringgit Malaysia Ten Thousand (RM10,000.00) only must inform the Auctioneer at least 48 hours in advance together with a payment which equivalent to around twenty per cent (20%) to twenty-five per cent (25%) of the intended bidding sum (as agreed by the Auctioneer) as a security deposit to the Auctioneer in cash, wire transfer, instant bank transfer, credit card (including the 3% charges) or any other payment mode as accepted by the Auctioneer. 
  8. Any unused security deposit will be promptly returned to the bidder. 

10. Catalogue 

(a) Reference in the catalogue entry or the condition report to damage or restoration are for guidance only and should be evaluated by personal inspection by the Bidder. The absence of such 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. 12.

  1. Each Lot shall be at the Buyer’s risk from the fall of the hammer/upon being declared the successful Buyer of the Lot. However, title does not pass to the Buyer until payment of the Purchase Price in cleared funds is received in full by the Auctioneer.
  2. Buyers must satisfy themselves as to the accuracy of their purchases at the time of the delivery. The Auctioneer cannot be held responsible for any discrepancy which might be discovered after the Lot has been removed.
  3. The Buyer shall collect the purchased Lot at the Auctioneer’s domicile or other place appointed by the Auctioneer no later than seven (7) working days after the date of the auction sale. 
  4. The Auctioneer will not be responsible for the safe custody of any Lot left for more than seven (7) working days after the date of the auction and the Buyer shall be solely responsible for all risks and losses of the Lot and bear all expenses for storage, car and insurance in connection therewith due to delay. 
  5. The Auctioneer reserves the right to charge storage and to resell by auction or privately, without notice to the Buyer, any Lot not collected from their premises within fourteen (14) working days from the date of the auction. 
  6. Lots purchased by absentee Bidder will be forwarded at the risk of the Buyer who shall bear all costs incurred. Unless otherwise instructed by the Buyer, the Auctioneer shall have full discretion in choosing the shipment method. It shall be responsibility of the Buyer to provide the Auctioneer with all relevant customs information. 
  7. No Lot may be returned without the consent of the Auctioneer. 
  8. The paddle affixed with a number is the only evidence of the Bidder’s registration participation in bidding. Each Bidder shall take good care of his/her/its paddle affixed with number. Initial biding deposit (if any) shall be returned to the unsuccessful Bidders (for single or multiple Lots) immediately after the end of the auction in exchange for the return of the paddle. 

Payment Terms 

    1. In case that the tone, color, gradation and shape shown in the Catalogue/Website and/or any other illustrations, images and public materials differs from those of the original Lot due to print, photograph and other technical reasons, the original shall take precedence. 
    2. The publication quoted in any explanation of the Lot by the Auctioneer are only as reference for the Bidder. The Auctioneer shall undertake no liability for any inaccuracy or omission in the statements as mentioned in the Catalogue. 

11. After the Auction 

  1. Any part of the Purchase Price left outstanding after the auction shall be paid in full, and in cleared funds, within seven (7) working days (inclusive of cheque clearing period) from the date of the auction and the Auctioneer shall deliver the Lot in exchange, upon payment clearance. 
  2. No Lot may be collected or delivered until the Auctioneer has received the Purchase Price in full.
  1. At least thirty (30) days must be allowed for the clearance of personal cheques before delivery can be made, unless prior arrangements have been made with the Auctioneer. 
  2. Late payment for any reason is just cause for revocation of all return privileges. 
  3. Payment by credit card is accepted, but will incur a 3% charge.
  4. Acceptance of payment by online methods shall be at the discretion of the Auctioneer and the Auctioneer may impose a surcharge on such payments to cover fully administrative costs and any other service fees charged by the online payment service provider. 
  5. All bank charges involved in wire transfers shall be borne by the Buyer. 
  6. The Buyer shall also undertake packaging charges, shipment, courier fee, cartage and transportation insurance premium to accommodate Lot delivery (if any). 

13. Remedies for Non-Payment or Breach of Other Conditions  

(a) Subject to clause 11 and clause 12, if the Buyer defaults in complying with any of the Conditions herein and/or any Lot is not paid for in full within the stipulated period mentioned in clause 12(a), then the Auctioneer shall at its absolute discretion and without prejudice to any other rights it may have such as specific performance, charge interest on any overdue payment at the rate of 8% per month, be entitled to exercise all or any of the following rights and remedies without having to give any prior notice or demand to the Buyer:

  1. to proceed any legal action against the Buyer for damages for breach of Conditions; 
  2. to rescind the sale of that or any other Lots sold to the defaulting Buyer at the same or any other auction; 
  3. to terminate the sale without notice in which event the deposit paid (if any) shall be forfeited absolutely
  4. to retain that or any other Lot sold to the same Buyer at the same or any other 

15. General

  1. All heading used herein shall be for ease of reference only and shall not affect the interpretation of the Conditions. 
  2. The Conditions may have been translated and published in different forms of language as a matter of convenience. In the event of any discrepancies, mis-statement, omission or error appearing in the various forms and languages, this English version shall prevail.
  3. The Bidder, the Buyer and other concerned parties participating in the auction should read the Conditions herein carefully and conform to the provisions hereof and by participating/involving in the auction sales constitute unconditional acceptance to the Conditions herein. All parties shall be liable for their own actions at auction and any loss caused by failure to read the Conditions carefully. 
  4. If any of the provisions of this Conditions or any part thereof is rendered void, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  5. This Conditions shall be governed by and construed in accordance with the laws of Malaysia and the parties hereto subject to the jurisdiction of the courts of Malaysia and waive any objection on the ground of venue or forum non-convenient or other grounds. auction and release it only after payment of the total Purchase Price is fully cleared by the Buyer; and/or 

(v) to reject or ignore any bids and registration made by or on behalf of the defaulting Buyer at any future auction or obtain more deposit before accepting a bid in future.

14. Copyright 

(a) The copyright in all images, illustration and written material relating to any Lot is and remains at all times the property of the Auctioneer and shall not be used by the any party without the Auctioneer’s prior written consent. 

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