home Auction Terms & Conditions

Auction Terms (for auctions held by K Auction in Korea)

Article 1 Purpose

  • 1.1 These terms and conditions of auction (these "Auction Terms") and the Important Notices (the "Important Notices") contained in the relevant Auction Catalogue (defined below) contain all the terms and conditions on which:
  • 1.1.1 K Auction Inc. ("K Auction") shall conduct an Auction (defined below);
  • 1.1.2 prospective Bidders shall register and/or apply to place, and Bidders shall place, bids in such Auction;
    and
  • 1.1.3 K Auction and the Seller (including the Consignor) shall contract with the Buyer in connection with the sale of any Lot in such Auction ("Consignment Agreement"). K Auction and the Consignor shall have a separate Consignment Agreement containing additional terms between both parties.

Article 2 Definition

  • 2.1 "Auction" means an offline auction conducted by K Auction from time to time in accordance with these Auction Terms and/or the Important Notices.
  • 2.2 "Auction Catalogue" means, in relation to an Auction, the catalogue (including e-catalogue) published by K Auction containing descriptions and information on the Lots scheduled to be sold at such Auction. "Auction Catalogue and/or elsewhere" means but not restricted to, every material produced by K auction (including materials on the K Auction official website, web mail, SMS, smartphone application, listbook, brochure, condition report, Lot recommendation, research study, screen display at Auction, marketing and promotional printouts).
  • 2.3 "Object" means all physical property and service vouchers deemed fit for auction, including but not limited to artworks, musical instruments, watches, jewels, educational experience vouchers, meal vouchers and exchange vouchers, and "Lot" means all objects offered for sale at Auction, for sale before or after Auction or for sale continuously and irrespective of Auction Period(s). "Artwork" means an original work created to express the artist’s thought, emotion or artistic experience through any media, including but not limited to painting, sculpture, print, craft, calligraphy, photography, audiovisual media, installation or applied art.
  • 2.4 "Auction Date" means, with respect to any Lot, the date on which such Lot is scheduled to be sold at an Auction.
  • 2.5 "Auction Period" means, in relation to an Auction, the date(s) on which such Auction is held.
  • 2.6 "Bidder" means, in relation to an Auction, any person who has applied to K Auction to place bids in such Auction and accepted by K Auction or, if applicable, has received written confirmation of such application from K Auction in accordance with these Auction Terms and/or the Important Notices.
  • 2.7 "Business Day" means a calendar day which is not a Saturday, a Sunday or a public holiday in Korea.
  • 2.8 "Buyer" means, with respect to any Lot, the Bidder who is declared by the auctioneer to be the Bidder who has made the highest bid for such Lot in accordance with these Auction Terms.
  • 2.9 "Buyer Withdrawal Fee" means, with respect to any Lot, the charge to be imposed upon cancellation of a winning bid, at an amount equal to 30% of the Hammer Price of the relevant Lot and payable by the Buyer to K Auction.
  • 2.10 "Buyer's Expenses" means, with respect to any Lot, any taxes, costs, charges or expenses including, but not limited to, any currency conversion costs, storage charges, packaging, delivery and transit insurance costs, incurred by any of K Auction, its directors, officers, employees and/or agents in connection with the sale of such Lot pursuant to these Auction Terms and/or the Important Notices and payable by the Buyer to K Auction.
  • 2.11 "Buyer's Premium" means, with respect to any Lot, the premium payable by the Buyer to K Auction in accordance with these Auction Terms in connection with the Consignment Agreement and such Lot.
  • 2.12 "Consignor" means, with respect to any Lot, the person who has consigned such Lot to K Auction to be sold at an Auction by entering into a consignment agreement with K Auction prior to the start date of such Auction.
  • 2.13 "Estimate Price" means, with respect to any Lot, the estimated value of such Lot, determined by K Auction at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it.
  • 2.14 "Starting Price" means, with respect to any Lot, the start price of such Lot, determined by K Auction at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it.
  • 2.15 "Hammer Price" means, with respect to any Lot, the sale price of such Lot, being the amount equal to the highest bid accepted by the auctioneer by striking his/her hammer and calling the paddle number of the relevant Bidder in accordance with these Auction Terms.
  • 2.16 "Purchase Price" means, with respect to any Lot, an amount equal to the sum of the Hammer Price and the Buyer's Premium of such Lot.
  • 2.17 "Reserve Price" means, with respect to any Lot, the minimum selling price of such Lot agreed in writing between the Seller and K Auction (if the Consignor is the Seller), or determined by K Auction (if K Auction is the Seller), as the case may be, prior to the sale of such Lot.
  • 2.18 "Seller" means, with respect to any Lot, the counterparty to the contract of sale of such Lot, which shall be K Auction or the Consignor.
  • 2.19 "Affiliate" means K Auction and/or its holding company, office, subsidiary or a corporate entity controlled by or is under common control with K Auction, and "Group" means the entirety of the organisation including K Auction and its affiliates.
  • 2.20 "Charity Auction" means an Auction which shall be conducted on the understanding that a part of the proceeds resulting from the sale of Lots shall be disbursed, by or at the request of the Seller, to an organisation or individual, designated by prior agreement, for the purposes of charity or social welfare.
  • 2.21 "Online live-bidding" means, with respect to an Auction, online bids accepted by K Auction’s website or any computer network provided by K Auction.

Article 3 K Auction as agent or as the Seller

Except with respect to any Lot of which K Auction is the Seller, K Auction shall act as agent of the Consignor (being the Seller) in selling the Consignor's Lot in an Auction. The contract for such a Lot shall be made between the Seller and the Buyer.

Article 4 Previews

  • 4.1 K Auction will hold preview(s) of Lots scheduled to be sold at Auction, offered for sale after Auction or offered for sale continuously and irrespective of Auction Period(s). Such preview(s) shall be open to the public and free of charge, provided however, that K Auction may, at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it, require proof of identity satisfactory to it before admitting any person to any preview and/or refuse admission of any person to any preview.
  • 4.2 K Auction may give notice of the place, date, time and duration of any preview in the relevant Auction Catalogue and/or elsewhere. K Auction may, at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it, cancel or change the place, date, time and/or duration of any preview without prior notice. K Auction may, at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it, determine not to sell any Lot exhibited at a preview in the relevant Auction or in any other Auction.

Article 5 Bidder registration

Unless otherwise agreed in writing with K Auction prior to the start date of the relevant Auction Period, prospective Bidders, including first-time prospective Bidders, shall register and/or apply to place bids in an Auction by completing and sending to K Auction the relevant registration form and any supplementary document specified in such registration form and/or requested by K Auction in accordance with the Important Notices. Registration of prospective Bidders and application to place bids in person, in writing, by telephone, or by online live-bidding (hereinafter referred to as "each bid") will be conducted as prescribed in the relevant Important Notices. K Auction shall use reasonable endeavours to process any registration and/or any application to place each bid. However, as reflects the nature of sale through auction, prospective Bidders shall agree that K Auction shall not be held responsible or liable for any failure or delay in processing such registration and/or application, or for any error and/or omission by K Auction, its directors, officers, employees and/or agents in processing such registration and/or application, howsoever caused, with the exception of cases of willful misconduct or gross negligence.

Article 6 Estimate Price and Starting Price

  • 6.1 K Auction may provide a low Estimate Price, a high Estimate Price and/or a Starting Price for each Lot in Korean Won, US Dollar, Hong Kong Dollar and/or Chinese Yuan in the relevant Auction Catalogue and/or elsewhere during the relevant Auction Period. K Auction may, at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it, change at any time before and up to the time of the sale of any Lot the Estimate Price(s) or Starting Price of such Lot without prior notice. Estimate Price(s) and Starting Price will not include the Buyer's Premium and/or any Buyer's Expenses payable by the Buyer to K Auction. Estimate Price(s) and Starting Price provided by K Auction are for reference only and shall not serve as definitive indicators of the market value or Hammer Price of the relevant Lot. K Auction shall not be held responsible or liable by the Bidder for any Estimate Price or Starting Price being quoted in public.
  • 6.2 Except as otherwise expressly provided in these Auction Terms and/or the Important Notices, the Estimate Price or Starting Price shown in US Dollar, Hong Kong Dollar and/or Chinese Yuan in any Auction Catalogue and/or elsewhere will be for reference only and all bids and payment shall be in Korean Won. With respect to Estimate Price or Starting Price provided in an Auction Catalogue and/or elsewhere, the relevant Important Notices will contain the exchange rates used for converting the Estimate Price or Starting Price expressed in Korean Won into US Dollar, Hong Kong Dollar or Chinese Yuan. Such exchange rates will be obtained on practicable date prior to the printing of the relevant Auction Catalogue and may change at any time thereafter. No representation is made that any of the US Dollar, Hong Kong Dollar or Chinese Yuan amounts shown in any Auction Catalogue and/or elsewhere could have been or could be converted into Korean Won (or vice versa) at the specified rates, at any particular rates or at all. Exchange rates provided by K Auction in Auction Catalogues and/or elsewhere are for reference only, and prospective Bidders shall be responsible for calculating precise exchange rates. K Auction shall not be responsible for any error or omission, howsoever caused, arising from or in connection with, conversion of Estimate Price or Starting Price expressed in Korean Won into US Dollar, Hong Kong Dollar or Chinese Yuan.

Article 7 Conduct of Auction and conclusion of the sale of a Lot

  • 7.1 K Auction may give notice of the scheduled date, time, duration and place of an Auction in the relevant Auction Catalogue and/or elsewhere, provided however, that K Auction may, at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it, cancel or change the date, time, duration and/or place of, any Auction at any time without prior notice.
  • 7.2 Each of K Auction and the auctioneer may, at its/his/her sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it/him/her, for the purposes of protecting the rights of K Auction and its clients and ensuring the integrity and smooth operation of the Auction, refuse admission of any person to any Auction and/or reject any bid (regardless of the type of bid) placed in any Auction.
  • 7.3 Each Lot shall be sold subject to the Reserve Price of such Lot and the auctioneer shall not accept any bid below such Reserve Price in principle. The auctioneer shall keep the Reserve Price confidential. The auctioneer may place bids on behalf of the Seller below the Reserve Price or Starting Price by either placing consecutive bids or entering each bid (as the case may be). The auctioneer may, at his/her sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to him/her, start the bidding of any Lot below the Reserve Price or Starting Price of such Lot and may accept bids below the Reserve Price or Starting Price without prior consent from the Consignor. The auctioneer shall not place any bid on behalf of the Seller at or above the Reserve Price. The auctioneer shall not be obliged to specifically identify bids placed on behalf of the Seller.
  • 7.4 A Bidder may place each bid subject to and in accordance with these Auction Terms and/or the Important Notices. All Bids placed may be recorded, filmed, and/or otherwise documented (including through computerized records) (hereinafter referred to as "Bidding record"), and Bidders, by placing bids, are deemed to have consented that Bidding records shall be stored by K Auction and that, in case of any objection or dispute over the validity of bids placed with respect to a Lot, such Bidding records will be considered absolute and final records as evidentiary material in dispute resolution.
  • 7.5 Provided that the following shall be subject to Clauses 7.6 and 7.7:
  • 7.5.1 In the case of bids placed in person, the Bidder shall place his/her bid by raising his/her paddle after the auctioneer's call in the auction hall.
  • 7.5.2 In the case of written bids, the auctioneer will call out such bids in the auction hall before commencing to receive bids placed in person, by telephone, or by online live-bidding.
  • 7.5.3 In the case of bids placed by telephone, an employee of K Auction will place bids on behalf of the Bidder in the auction hall.
  • 7.5.4 In the case of online live-bidding, the Bidder shall use K Auction’s website or any computer network provided by K Auction to live-bid online on the desired Lot by (i) selecting the desired bid amount and clicking on the "Bid" or "Automatic Bid" buttons to express his/her intent to bid, or by (ii) entering the desired bid amount and clicking on the "Bid" button (if such a method is available) to express his/her intent to bid.
  • 7.5.5 If a single Bidder bids consecutively in-person, by written bid, by telephone, or by online live-bidding for a single Lot by two or more methods for consecutive bid amounts, the Bidder shall not deny the legitimacy of such Bids. However, the auctioneer may, at his/her sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to K Auction and to him/her, reject consecutive bids by a single Bidder.
  • 7.6 With respect to a Lot, K Auction shall use reasonable endeavours to receive each bid. However, as reflects the nature of sale through auction, prospective Bidders agree that K Auction shall not be held responsible or liable for any failure or delay in doing so, or for any computational and/or network disruption or delay, differences in computer network speed or for any error and/or omission by K Auction, its directors, officers, employees and/or agents in receiving such bid, howsoever caused.
  • 7.7 If, with respect to a Lot, each bid is received by K Auction in accordance with these Auction Terms and/or the Important Notices, K Auction shall use reasonable endeavours to place each bid. However, as reflects the nature of sale through auction, prospective Bidders agree that K Auction shall not be held responsible or liable for any failure or delay in doing so, or for any error and/or omission by K Auction, its directors, officers, employees and/or agents in placing such bid, howsoever caused.
  • 7.8 With respect to a Lot, if a written bid, in-person bid, telephone bid and/or online live-bid have the same bid price, priority shall be given to the written bid. If two or more written bids for a Lot have the same bid price, the Bidder of the written bid first received by K Auction will be declared the Buyer subject to and in accordance with, these Auction Terms. The auctioneer may, at his/her sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to K Auction and to him/her, announce the order of priority of bids and decide if additional bids shall be accepted before accepting the highest bid subject to Clause 7.10.
  • 7.9 K Auction may, at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it, (i) withdraw any Lot at any time before the scheduled time of sale of such Lot without prior notice; (ii) combine any two or more Lots without prior notice; (iii) re-commence during the relevant Auction Period without prior notice, the auction of any Lot which was previously offered for sale but not sold during such Auction Period; (iv) in the event of any error arising in relation to, or any dispute among the Bidders over the validity of, bids placed with respect to a Lot, determine the Buyer of, continue the bidding process of, cancel the Auction of and/or recommence the Auction of, such Lot; and/or (v) in the event that any dispute over the authenticity of any Object, or the validity of the sale of any Object, has arisen or may, in K Auction's sole opinion, arise, refuse to place such Object in an Auction, discontinue the bidding process and/or cancel the sale. In the event that the bidding process or the sale of a Lot is discontinued or cancelled in accordance with Clause 7.9, the Buyer's sole and exclusive remedy against K Auction and/or the Seller, as the case may be, shall be the refund of the Purchase Price if said Purchase Price has already been paid by the Buyer for such Lot. Neither K Auction nor the Seller shall be liable for any special, indirect or consequential loss including, but not limited to, loss of profits or loss of interest. For the avoidance of doubt, K Auction shall not be liable to pay any interest or indemnify any loss incurred as a result of any foreign exchange rate fluctuation or otherwise.
  • 7.10 Without prejudice to Clause 7.2, the contract between the Seller and the Buyer for any Lot shall be considered formed immediately upon the auctioneer accepting the highest bid by striking his/her hammer and calling out the paddle number of the relevant Bidder. The Buyer shall sign a Successful Bid Confirmation form confirming the purchase by him/her of a Lot on the date of the sale of such Lot (in cases in which the Buyer has made his/her bid in person and is present in the auction hall on the date of the sale) or as soon as practicable (in cases in which the Buyer did not make his/her bid in person or is not present in the auction hall on the date of the sale). Failure by the Buyer of such Lot to expressly communicate any objection immediately upon receiving the Successful Bid Confirmation form in person or by electronic means (including but not limited to social networking service platforms) will be considered an acceptance of and agreement with the terms of the Successful Bid Confirmation form.
  • 7.11 Risk associated with, and responsibility for, a Lot will pass to the Buyer from the earlier of (i) the expiration of seven calendar days from, but not including, the date of the sale of such Lot, and (ii) the date of collection of such Lot by the Buyer or its authorised representative. Title to the Lot, however, will not pass to the Buyer until all amounts payable by the Buyer to K Auction (for itself and/or on behalf of the Consignor) under these Auction Terms and/or the Important Notices have been received by K Auction in good cleared funds.
  • 7.12 Except as expressly provided in Clause 7.3, a Consignor shall not, directly or indirectly, place bids on his/her Lots in an Auction.

Article 8 Marketing materials

K Auction holds the right to use any Lot for any business purpose of K Auction including posting images and/or information relating to any Lot in any Auction Catalogue and/or elsewhere. The copyright in all images, illustrations and/or written material produced by or for K Auction relating to any Lot, including the contents of any Auction Catalogue and/or elsewhere, shall be and shall remain at all times the property of K Auction and shall not be used by the Buyer, nor by any other person, at any time without K Auction's prior written consent. Neither K Auction nor the Seller makes any representation or warranty that the Buyer of a Lot will acquire any copyright or other reproduction rights in it.

Article 9 Buyer's Premium, Seller’s Commission, Applicable Taxes, etc.

  • 9.1 With respect to any Lot, the Buyer's Premium shall be 15% (excluding VAT) of the Hammer Price. However, K Auction shall, at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it, reserve the right to adjust the rate of the Buyer’s Premium, in which case the Buyer shall be notified of the adjusted rate of the Buyer’s Premium.
  • 9.2 If any Buyer’s Expenses should arise, the Buyer shall pay the Buyer’s Expenses in addition to the Buyer’s Premium to K Auction.
  • 9.3 The seller’s commission shall adhere to the terms of the Consignment Agreement. If no formal Consignment Agreement has been entered into, the seller’s commission shall be 10% (excluding VAT) of the Hammer Price, and all expenses listed in these Auction Terms shall be considered as agreed to and accepted by the Consignor.
  • 9.4 The Consignor shall accept that certain Lots may be subject to VAT, income tax and/or all other applicable taxes as stipulated by the relevant taxation laws ("Applicable Taxes") and shall agree to pay Applicable Taxes and/or to allow K Auction to withhold and pay Applicable Taxes on behalf of the Consignor to relevant authorities. However, final responsibility regarding payment of Applicable Taxes shall rest with the Consignor, and the Consignor shall be responsible for reviewing the existence and scope of all relevant taxation laws and for paying Applicable Taxes.
  • 9.5 As certain Lots may be exempt or restricted from laws requiring the issuance of tax receipts and/or cash receipts for Hammer Prices, prospective Bidders who wish to receive either receipt shall be responsible for confirming the possibility of their issuance prior to placing a bid. K Auction shall not be responsible or liable for any and all consequences resulting from failure on the part of the Bidder to confirm the possibility of the issuance of tax receipts and/or cash receipts prior to placing a bid, and said consequences shall under no circumstances enable the Buyer to cancel or withdraw a winning bid.
  • 9.6 K Auction may conduct the entirety or a part of an Auction as a Charity Auction and may reduce or exempt entirely processing fees, seller’s commissions, expenses incurred in the process of authentication and/or appraisal, and any other expenses regarding Lots offered for sale in a Charity Auction.

Article 10 Payments of the Purchase Price and Delivery of Lots

  • 10.1 K Auction will provide to the Buyer an invoice or invoices of the amounts due from the Buyer to K Auction (for itself and/or on behalf of the Consignor) under these Auction Terms and/or the Important Notices listing the Lot(s) purchased by the Buyer in an Auction, the Hammer Price, the Buyer's Premium, VAT and/or any Buyer's Expenses:
  • (i) in person on the day of the sale of the Lot(s) (where the Buyer made his/her bid in person and is present in the auction hall on the date of the sale); or
  • (ii) by fax, post, email or any other electronic means (including but not limited to social networking service platforms) to the billing address, email address or other means provided by the Buyer in his/her registration form as soon as practicable (where the Buyer did not make his/her bid in person or is not present in the auction hall on the date of the sale).
  • 10.2 With respect to Lot(s) purchased by the Buyer, the Buyer shall pay to K Auction (for itself and/ or on behalf of the Consignor) in accordance with these Auction Terms and/or the Important Notices:
  • 10.2.1 the full invoiced amount; and 10.2.2 any other Buyer's Expenses incurred after the invoice(s) has/have been sent to the Buyer, with all payments to be completed in full within seven calendar days from, but not including, the date of the sale of the Lot(s). If the Buyer has not remitted all aforementioned payments in full to K Auction (for itself and/or on behalf of the Consignor) by the payment deadline, interest will be charged at a rate of up to 2% per month on the unpaid amount due up to and including the date of payment. However, K Auction may, at its discretion, waive the interest amount in part or in full, and K Auction and a Buyer may, prior to the sale of the relevant Lot, agree in writing for the Purchase Price of such Lot to be paid in installments.
  • 10.3 Unless otherwise agreed in writing between the Buyer and K Auction: (i) the Buyer shall be personally liable to pay to K Auction (for itself and/or on behalf of the Consignor) in accordance with these Auction Terms and/or the Important Notices the Purchase Price and/or any Buyer's Expenses payable by the Buyer with respect to any Lot; and (ii) K Auction will not accept any payment due to it (for itself and/or on behalf of the Consignor) from any other party other than the relevant Buyer.
  • 10.4 If, with respect to any Lot, K Auction (for itself and/or on behalf of the Consignor) does not receive the full amounts payable by the Buyer under this Clause 10 within seven calendar days from, but not including, the date of the sale of such Lot, K Auction may, at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it, and unless agreed in writing between the Buyer and K Auction:
  • 10.4.1 cancel the sale of such Lot and charge the Buyer the Buyer Withdrawal Fee which shall be due and payable by the Buyer on demand;
  • 10.4.2 put up such Lot for resale in another Auction;
  • 10.4.3 disclose any personal information on the Buyer to the relevant Consignor to the extent necessary for that Consignor to claim against the Buyer;
  • 10.4.4 set off against or pay any amounts which K Auction or any of its Affiliates may owe or be owed by the Buyer in any other transactions, the outstanding amount remaining unpaid by the Buyer; and/or
  • 10.4.5 take such other action as K Auction deems necessary or appropriate, without prejudice to any other rights or remedies available to K Auction by law.
  • 10.5 The Buyer may cancel his/her purchase of any Lot within seven calendar days from the Sale date, if agreed previously by K Auction in writing;
  • 10.5.1 by giving written notice of cancellation to K Auction; and
  • 10.5.2 paying to K Auction the Buyer Withdrawal Fee, within seven calendar days from, but not including, the date of the sale of such Lot. The sale will be cancelled immediately upon receipt by K Auction of such written notice and the Buyer Withdrawal Fee.
  • 10.6 Unless otherwise agreed in writing between K Auction and the Buyer, K Auction will only release the Lot(s) purchased by the Buyer to the Buyer or its authorised representative in accordance with this Clause 10.6. The Buyer shall collect, or procure the collection of, the Lot(s) purchased by him/her at his/her risk and expense within seven calendar days from, but not including, the date of the sale of the Lot(s), provided however, that K Auction shall not be obliged to release any Lot:
  • 10.6.1 until full payment of all amounts payable by the Buyer to K Auction (for itself and/or on behalf of the Consignor) pursuant to this Clause 10 is duly received by K Auction; or
  • 10.6.2 without being provided with proof of identity of the collector and (in the case of an authorised representative) proof of authorisation, satisfactory to K Auction.
  • 10.7 If agreed in writing between the Buyer and K Auction, K Auction will arrange packaging, delivery and transit insurance of the Lot(s) purchased by the Buyer at the Buyer's expense and risk. K Auction shall not be responsible for any damage to, or the loss of, such Lot during packaging and/or the transit period of such Lot, howsoever caused.
  • 10.8 K Auction will keep the Lot(s) sold in an Auction at no charge until the expiry of seven calendar days from, but not including, the date of the sale of such Lot(s), after which the Lot(s) will be stored by K Auction at the Buyer's risk. If the Buyer fails to collect any Lot within such time period regardless of whether such failure is caused by K Auction's refusal to release such Lot due to not having received from the Buyer the full amounts due from the Buyer to K Auction (for itself and/or on behalf of the Consignor) with respect to such Lot or not having received proof of identity and/or authorisation pursuant to Clause 10.6, the Buyer shall pay to K Auction the full amount of any and all costs including, but not limited to, the storage charge (calculated based on the storage charge per day of the storage facility operated by K Auction) from the date of expiry of the aforementioned time period until the date of collection of such Lot(s) by the Buyer or his/her authorised representative, costs associated with transporting such Lot(s) to the storage facility, insurance fees and any and all other applicable fees. However, K Auction may, at its discretion, waive the aforementioned amount in part or in full.
  • 10.9 If any Lot is not collected by the Buyer or its authorised representative within 21 calendar days from, but not including, the date of the sale of such Lot for whatever reason, K Auction shall not be liable for any damage to, or the loss of, such Lot(s), howsoever caused.

Article 11 Export and/or import licences

The Buyer shall be responsible for obtaining any relevant export/import licences and/or permits (the "Licences") required for the export/import of the purchased Lot(s). K Auction may, at the written request of the Buyer, introduce to Buyer a shipper to assist in obtaining the necessary Licences at the Buyer's expense and risk. K Auction does not accept any responsibility whatsoever with respect to such introduction. Denial of the Licences and/or delay in obtaining the Licences with respect to any Lot shall not be a ground for the Buyer to cancel the sale of such Lot or refuse or delay payment of the full amounts payable by the Buyer to K Auction (for itself and/or on behalf of the Consignor) pursuant to Clause 10.
In particular, bidders bidding on the Lots considered to be traditional Korean relics and treasures must fully understand the terms of Korea Cultural Heritage Properties Protection Law, which prohibits exportation of such Lot.

Article 12 Sale before or after the Auction, Continuous Sale

  • 12.1 If any Lot (an "After Sale Lot") is not sold in an Auction because no bid matched or exceeded the Reserve Price at such Auction, and the Consignor had not expressly communicated to K Auction objection to any of the following in the process of consigning the Lot, K Auction may;
  • 12.1.1 receive bids in writing for such After Sale Lot subject to the relevant Reserve Price (including the revised Reserve Price after the sale); and
  • 12.1.2 accept the highest bid placed in accordance with this Clause 12, provided however, that K Auction shall not be obliged to accept any bid if it deems, at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it, that the relevant Bidder has not provided all documents as may be requested by K Auction pursuant to Clause 12.2 to its satisfaction.
  • 12.2 A Bidder shall, when placing bids for any After Sale Lot, provide K Auction with any supplementary document as may be requested by K Action in written notice within the time specified by K Auction in such notice.
  • 12.3 The sale contract for any After Sale Lot shall occur on the date of the invoice from K Auction to the Bidder notifying K Auction's acceptance of his/her bid. The invoice will list the Lot(s) purchased by the Buyer, the Hammer Price, the Buyer's Premium, VAT and/or any Buyer's Expenses, due from the Buyer to K Auction (for itself and/or on behalf of the Consignor).
  • 12.4 Clauses 1, 2, 3, 6, 7.2, 7.3, 7.6 to 7.9, 7.11, 7.12, 8, 9, 10.2 to 10.9, 11, 13 to 19 of these Auction Terms and/or the relevant provisions in the Important Notices shall apply with respect to the sale of any After Sale Lot in accordance with this Clause 12 as applicable and with the necessary amendments.
  • 12.5 K Auction may, at its sole and absolute discretion, select Lots to be sold before the Auction for higher than the Reserve Price, in which case the terms for sale after the Auction shall apply.
  • 12.6 K Auction may, subject to the terms of the Consignment Agreement, offer Lots for sale continuously and irrespective of Auction Period(s), in which case the terms for sale before or after the Auction shall apply.

Article 13 No representations, warranties and liabilities

  • 13.1 A Consignor and/or Bidder agrees and acknowledges that all statements with respect to any Lot including, but not limited to, statements on authorship, title, medium and/or size, contained in any Auction Catalogue and/or elsewhere in writing or made orally by any of K Auction, its directors, officers, employees and/or agents and/or the Seller at any time, are statements of opinion and not statements of fact. Insofar as is permitted by law and except as otherwise expressly provided in this Clause 13, Clause 14 and/or Clause 15, all representations, warranties, conditions, guarantees and stipulations, express or implied, statutory, customary or otherwise with respect to any Lot are and shall be expressly excluded (including, but without limitation, warranties, conditions as to title, rights to dispose, quiet possession, freedom from encumbrances, merchantable or satisfactory quality, fitness for purpose, description, size, quality, attribution, authenticity, medium, provenance or whether such Lot is subject to copyright and/or whether the Consignor and/or the Buyer acquires copyright in such Lot).
  • 13.2 Insofar as is permitted by law, the Lots shall be sold on an "as is" basis as at the time of sale of the Lots (whether or not the Buyers are in attendance in person at the Auction). Descriptions in the Auction Catalogue and/or elsewhere may on occasion make reference to particular defects or deficiencies of a Lot but the absence of any such description with respect to any Lot shall not mean that such Lot is without defects or deficiencies. The Bidder shall be responsible for conducting his/her own research and satisfying himself/herself of the condition of the Lots, including, but not limited to, damage and/or restoration of the Lots and with respect to any entries provided in the Auction Catalogue and/or elsewhere. K Auction will only accept a bid from a Bidder with respect to a Lot on the assumption that the Bidder has satisfied himself/herself of the condition of such Lot and with respect to any entries provided in the Auction Catalogue and/or elsewhere.
  • 13.3 Insofar as is permitted by law and except as otherwise expressly provided in these Auction Terms and/or the Important Notices, neither K Auction nor the Seller shall be liable, with the exception of cases of willful misconduct or gross negligence, to any Consignor, Bidder or Buyer for:
  • 13.3.1 errors or omissions in information, whether oral or written, provided by any of K Auction, its directors, officers, employees and/or agents and/or the Seller, howsoever caused;
  • 13.3.2 acts or omissions by any of K Auction, its directors, officers, employees and/or agents and/or the Seller in relation to the conduct of any Auction and/or for any matter relating to the sale of any Lot, howsoever caused.

Article 14 Limited Warranty

  • 14.1 K Auction makes no direct warranties with respect to any Lot. However, with respect to any Lot that is an Artwork but excepting Lots offered for sale in Charity Auctions ("Artwork Lot"), K Auction warrants that the headline printed in BOLD BLACK with respect to such Artwork Lot on the first line in the Auction Catalogue (the "Headline") (as may be amended by any saleroom notice displayed in the auction hall or K Auction official website during the relevant Auction Period) is true and accurate as at the date of the sale of such Artwork Lot unless otherwise specified in the Auction Catalogue (as may be amended by any saleroom notice displayed in the auction hall or K Auction official website during the relevant Auction Period) (the "Limited Warranty").
  • 14.2 K Auction shall not be liable for breach of the Limited Warranty with respect to any Artwork Lot unless a Claim Letter (defined below) with respect to such Artwork Lot is given by the Buyer to K Auction in accordance with this Clause 14 before the expiry of three years from, but not including, the date of the sale of such Artwork Lot (the "Warranty Period").
  • 14.3 Subject to Clause 14.2, any Buyer wishing to claim under the Limited Warranty with respect to any Artwork Lot shall (i) send to K Auction a letter (the "Claim Letter") stipulating the date of the sale of such Artwork Lot, the Artwork Lot number and the grounds for his/her claim under the Limited Warranty within three months from, but not including, the date on which he/she became aware of a possible/actual breach of the Limited Warranty; and (ii) return to K Auction the relevant Artwork Lot in the same condition as at the time of the sale of such Artwork Lot.
  • 14.4 In the event of a dispute between the Buyer and K Auction with respect to the grounds of the Buyer's claim under the Limited Warranty, K Auction may require the Buyer to obtain, at the Buyer's expense, written opinions of two experts in the field mutually acceptable to K Auction and the Buyer. K Auction shall not be bound by such written opinions provided by the Buyer and may seek additional advice from other experts in the field at its own cost.
  • 14.5 The Buyer shall not be entitled to claim under the Limited Warranty with respect to any Artwork Lot if:
  • 14.5.1 the relevant Headline corresponded to the generally accepted opinion of scholars or experts at the time of the sale of such Artwork Lot;
  • 14.5.2 the catalogue description, saleroom notice or K Auction official website indicated that there were possibilities of dissenting opinion(s) from scholar(s) or a group of experts on the relevant Headline; or
  • 14.5.3 the breach of the Limited Warranty can be proved only by means of either a scientific process not generally accepted for use until after publication of the relevant Auction Catalogue or a process which at the date of publication of the relevant Auction Catalogue was unreasonably expensive or impractical or likely to have caused damage to the Artwork Lot.
  • 14.6 In the case of a breach of the Limited Warranty with respect to an Artwork Lot, K Auction shall cancel the sale of such Artwork Lot and refund to the Buyer the Purchase Price paid by the Buyer in relation to the Artwork Lot.
  • 14.7 In the event of a breach of the Limited Warranty with respect to an Artwork Lot, the Buyer's sole and exclusive remedy against K Auction and/or the Seller shall be the cancellation of the sale and refund of the Purchase Price paid by the Buyer for such Artwork Lot. Neither K Auction nor the Seller shall be liable for any special, indirect, consequential loss including, but not limited to, loss of profits or loss of interest. For the avoidance of doubt, K Auction shall not be liable to pay any interest or indemnify any loss incurred as a result of any foreign exchange rate fluctuation or otherwise.
  • 14.8 The Buyer shall not assign or transfer the benefits of the Limited Warranty. Unless agreed in writing between K Auction and the Buyer, only the Buyer of the relevant Artwork Lot as shown on the invoice issued by K Auction shall be eligible to claim under the Limited Warranty, provided that such Buyer must have remained the owner of the Artwork Lot without disposing of any interest in it to any third party.
  • 14.9 In the event that K Auction assumes, in the stead of the Consignor, the liability for a breach of the Limited Warranty or any other such liability, the Consignor shall return to K Auction all monies received from K Auction with respect to the relevant Lots and indemnify K Auction for all other consequential losses.
  • 14.10 In the event that K Auction receives from the Consignor documentation regarding authentication and/or appraisal and/or other information and provides the Buyer with any of the aforementioned documentation, K Auction shall warrant only that such documentation provided to the Buyer is identical to such documentation received from the Consignor. K Auction makes no warranties regarding the authenticity or validity of any documentation received from the Consignor or the contents thereof.
  • 14.11 These Auction Terms in no part shall limit K Auction from providing additional warranties or services, as necessitated by the nature of the Lot(s) and/or any other relevant matters, to the Buyer. However, it shall be understood that such additional warranties or services provided by K Auction are singular in nature, and K Auction shall not be responsible for continuing to provide such additional warranties or services.

15 Limited Liability

  • 15.1 Without prejudice to Clauses 13 and/or 14 above, a Bidder's or Buyer's sole and exclusive remedy to any claim made by it against K Auction and/or the Seller arising out of, or in connections with these Auction Terms and/or the Important Notices with respect to any Lot shall be damages up to the Purchase Price of such Lot. Neither K Auction nor the Seller shall be liable for any special, indirect, consequential loss including, but not limited to, loss of profits or loss of interest. For the avoidance of doubt, K Auction shall not be liable to pay any interest or indemnify any loss incurred as a result of any foreign exchange rate fluctuation or otherwise.
  • 15.2 These Auction Terms in no part shall exclude or limit K Auction's liability with respect to any fraud, death or personal injury arising out of, or in connection with, any action or inaction by any of K Auction, its officers, employees and/or agents in relation to the conduct of any Auction and/or sale of Lots, if such is proven to be the result of willful misconduct or gross negligence on the part of K Auction, its officers, employees and/or agents.

Article 16 Amendment to these Auction Terms and the Auction Catalogue

  • 16.1 K Auction may, within the bounds of legal provision including but not limited to those regarding the regulation of Terms and Conditions, amend the provisions of these Auction Terms. If necessary, K Auction shall be responsible for explaining the key provisions of these Auction Terms in order to prevent confusion among clients.
  • 16.2 K Auction may, at its discretion and at any time, amend the provisions of these Auction Terms. Any such amendments shall be posted on the first page of K Auction’s official website at least seven calendar days prior to the effective date of any amendments relating to general terms, or at least thirty calendar days prior to the effective date of any amendments relating to key provisions or amendments disadvantageous to the client, and the relevant information shall be modified in the Auction Catalogue and/or elsewhere. Any such amendments shall be posted as a saleroom notice or on K Auction’s official website during the relevant Auction Period.
  • 16.3 K Auction may, at its discretion and at any time, amend any information in an Auction Catalogue and/or elsewhere including, but not limited to, the Important Notices, and any such amendments shall be posted as a saleroom notice or on K Auction’s official website during the relevant Auction Period.

Article 17 Data Protection

  • 17.1 Consignors, Prospective Bidders, Bidders and/or Buyers may be required to provide personal data in connection with placing bids for, and purchasing of, Lots at the Auction, and by agreeing to these Auction Terms, Consignors, Prospective Bidders, Bidders and/or Buyers agree to the collection and use of such personal data. All personal data may be used for the following purposes: (i) all matters connected to the management and operation of K Auction's business and the marketing and supply of K Auction's services; (ii) the transfer of such data to any place in and outside of Korea; and/or (iii) any purpose relating to or in connection with compliance with any law, regulation, court order or order of a regulatory body.
  • 17.2 All personal data, client data and information regarding Lots shall be kept confidential as trade secrets of K Auction and Consignors, Prospective Bidders, Bidders and/or Buyers shall agree to such. However, subject to the provision of any applicable law, may be disclosed to or used by any of the following companies or persons, whether in or outside of Korea: (i) K Auction, its Affiliates and/or the Group; (ii) any director, officer or employee of the Group, but only when carrying out the business of the Group; (iii) any agent, contractor, third party service provider or other person authorised by the Group to provide administrative, telecommunications, computer or insurance, shipping or any other services to the Group in connection with the operation of its business; (iv) credit reference agencies and, in the event of default, debt collection agencies; (v) any other person under a duty of confidentiality to the Group; and/or (vi) any person to whom the Group is under an obligation to make disclosure under the requirements of any law, regulation, court order or order of a regulatory body.
  • 17.3 In general, and subject to certain exemptions, Consignors, Prospective Bidders, Bidders and/or Buyers shall be entitled to: (i) request access to his/her personal data, which shall be provided within 40 days; (ii) request the correction or deletion of his/her personal data, which shall be made within 40 days; and/or (iii) be given reasons if a request for access, correction or deletion is refused or unable to be complied with within 40 days.
  • 17.4 Any request for access to and/or correction of Consignors, Prospective Bidders, Bidders and/or Buyers' personal data, or for information regarding K Auction's data protection policies and practices and the kinds of personal data held by K Auction, shall be sent to K Auction in accordance with Clause 18.5. K Auction will have the right to charge a reasonable fee for the processing of any data access request.
  • 17.5 If a Consignor, Prospective Bidder, Bidder or Buyer is a corporate entity, K Auction shall not use the personal data of such entity's data subjects for any purpose other than the purposes for which such entity notified its data subjects at the time of the collection of the data by such entity or a purpose directly related to that purpose (except where K Auction has obtained the written consent of the data subject). The corporate prospective Bidder, Bidder or Buyer by signing the relevant registration form, confirms that (i) it has notified its data subjects that their personal data may be used for the purposes specified in Clause 17.1 and (ii) it agrees to indemnify K Auction in relation to any loss or damage suffered by K Auction as a result of its failure to notify its data subjects as set out in (i) above.

Article 18 Miscellaneous

  • 18.1 Any and all payments due under these Auction Terms and/or the Important Notices shall be payable in Korean Won. If the Buyer and K Auction agrees in writing for the Buyer to pay any amount due to K Auction (for itself and/or on behalf of the Consignor), or for K Auction to pay any amount due to it, in any currency other than Korean Won, the Buyer shall be liable to pay any currency costs including, but not limited to, bank commissions and/or charges incurred by K Auction in converting the Korean Won amounts into such other currency. Any currency conversion shall be determined by K Auction based on the rate for Korean Won provided by Seoul Money Brokerage Service on the date of payment or the specific date determined by K Auction and K Auction's decision as to such rate will be conclusive. For the avoidance of doubt, K Auction shall not be liable to indemnify any loss incurred as a result of any foreign exchange rate fluctuation or otherwise.
  • 18.2 Any and all payments under these Auction Terms and/or Important Notices shall be made in cash or equivalent, including electronic remittance, cashier cheques and/or bank money orders in good cleared funds and in accordance with the these Auction Terms and/or the Important Notices. With respect to any payment under these Auction Terms and/or the Important Notices, if the payment due date is not a Business Day, then the immediately following Business Day will be deemed to be the payment due date.
  • 18.3 All sums payable by the Buyer to K Auction are exclusive of any relevant tax owed by the Buyer. The Buyer shall be responsible for paying such tax at the rate and time as required by the relevant law.
  • 18.4 If any part of these Auction Terms and/or the Important Notices is found by any court to be invalid, illegal or unenforceable, that part may be discounted and the rest of these Auction Terms and/or the Important Notices shall continue to be valid and enforceable to the fullest extent permitted by law.
  • 18.5 All notices, requests, claims, demands and other communications to K Auction under these Auction Terms and/or the Important Notices shall be in Korean or English in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by courier service, by facsimile with receipt confirmed (followed by delivery of an original via registered mail), by email with receipt confirmed by K Auction (followed by delivery of an original via registered mail) or by registered mail to K Auction at the following address:

    K Auction Inc.
    Art Tower, 23, Eonju-ro 172-gil, Gangnam-gu, Seoul, 06017, Korea
    Tel (02) 3479 8888
    Fax (02) 3479 8867
    Email: art@k-auction.com

    Notices to Consignors, Bidders and Buyers shall be addressed to the address or email address specified by them in the relevant registration form.
  • 18.6 Time shall be of the essence of these Auction Terms and/or the Important Notices both as regards any dates, times and periods mentioned and as regards any dates, times and periods which may be substituted for them in accordance with these Auction Terms or by agreement in writing between the parties.
  • 18.7 No waiver by or on behalf of K Auction of any requirement of or any rights under these Auction Terms and/or the Important Notices shall release any other party(ies) from the full performance of its/their remaining obligations under these Auction Terms and/or the Important Notices. No single or partial exercise of or failure or delay in exercising, on the part of K Auction, any right, power or remedy under these Auction Terms and/or the Important Notices or the granting of time by K Auction shall prejudice, affect or restrict the rights, powers and remedies of K Auction under these Auction Terms and/or the Important Notices, nor shall any waiver by K Auction of any breach of these Auction Terms and/or the Important Notices operate as a waiver of or in relation to any subsequent or any continuing breach of these Auction Terms and/or the Important Notices.
  • 18.8 These Auction Terms and/or the Important Notices as amended from time to time in accordance with these Auction Terms set out the entire agreement and understanding between the parties relating to the subject matter hereof to the exclusion of any terms implied by law which may be excluded by contract and supersedes any previous written or oral agreement between the parties in relation to the matters dealt with in these Auction Terms and/or the Important Notices as amended from time to time in accordance with these Auction Terms (except with respect to the rights and obligations of the Consignor and K Auction against each other in relation to the consignment of Lots by the Consignor to K Auction which shall be regulated by the relevant Consignment Agreement). It is agreed that no party has been induced to enter into these Auction Terms and/or the Important Notices by any representation, warranty or undertaking not expressly incorporated in.
  • 18.9 In the case of any ambiguity or discrepancy between the English, Chinese and/or Korean version of these Auction Terms, the Korean version shall prevail.

Article 19 Jurisdiction and governing law

  • 19.1 These Auction Terms shall be governed by the laws of Korea. The Seoul Central District Court shall have exclusive jurisdiction to settle any disputes which may arise out of or in connection with these Auction Terms and/or the Important Notices. All Consignors, Bidders and Buyers irrevocably consent to the service of process or any other documents in connection with proceedings in any court by facsimile transmission, delivery in person, delivery by mail or in any other manner permitted by Korean law, at the law of the place of service or the law of jurisdiction where proceedings are instituted, at the last address of the Consignors, Bidders or the Buyers known to K Auction or any other usual address.