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1. Identity verification and membership information

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Basic Infomation
Address  It is set as the default delivery address, and the delivery address can be modified on My Page after signing up for membership.
Basic Infomation
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Copy of passport or other identification documents (Document verification is required to access all K Auction services)

Address  It is set as the default delivery address, and the delivery address can be modified on My Page after signing up for membership.

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Point of Contact Information
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Organization Information
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Copy of business registration certificate (Document verification is required to access all K Auction services)

Address  It is set as the default delivery address, and the delivery address can be modified on My Page after signing up for membership.
Point of Contact Information
Request
Code
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file
Organization Information
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file

Copy of business registration certificate, Copy of point of contact business card (Document verification is required to access all K Auction services)

Address  It is set as the default delivery address, and the delivery address can be modified on My Page after signing up for membership.

2. Terms & Conditions

Agreeing to the full terms & conditions includes agreeing to the optional terms & conditions. You can choose to agree to individual sets of terms & conditions.

 1.    PURPOSE

The purpose of these Terms and Conditions is to set forth the rights, duties and liabilities of K Auction (the “Company) and the member and the member’s usage procedures as relates to the auction services and auction information services (hereafter referred to as “services”) provided by the Company through its internet website (http://www.k-auction.com).

 

2. EXPLANATION, VALIDITY AND AMENDMENT OF THE TERMS AND CONDITIONS

2.1. The Company shall post these Terms and Conditions on the homepage of its website (http://www.k-auction.com and connecting webpages. They may hereafter be referred to as the “website”) so they can be viewed by the members and users who wish to utilize the services.

2.2. If the Company amends the Terms and Conditions, it shall announce such amendment(s) with the effective date and the reasons for such amendment(s) from seven (7) days prior to the effective date to one (1) day prior to the effective date in the manner specified in Article 2.1. However, if the amendment(s) may unfavorably affect the member, the Company shall announce such amendment(s) with a minimum thirty (30) day grace period. In such case, the Company shall clearly compare the contents before and after amendment and indicate the changes for the member’s ease of comprehension. Amendments shall not be applied retroactively prior to the effective date. If the Company has announced the amendment(s) to the Terms and Conditions and the important contents of the amendment(s) and announced or notified that such amendment(s) shall be considered as agreed to, and the member does not explicitly express refusal to agree to the amendment(s), the member shall be considered as having agreed to the amendment(s).

2.3. These Terms and Conditions shall be the basic agreement of the service usage contract between the Company and the member. The Company may, as necessary, select and announce in advance contents to be applied to specific services (K Auction Online Auction Terms and Conditions, Offline Auction Terms and Conditions, and including any other Terms and Conditions that may apply, hereafter referred to as “individual Terms and Conditions”). If the member agrees to the individual Terms and Conditions and utilizes the specific services, the individual Terms and Conditions shall be applied with priority and these Terms and Conditions shall be applied supplementarily. The announcement and amendment of individual Terms and Conditions shall abide by Articles 2.1 and 2.2. Individual Terms and Conditions may include the Online Auction Terms and Conditions, Offline Auction Terms and Conditions, and any other Terms and Conditions but shall not be limited by them.

 

3. RELATION TO RELEVANT LAW

3.1. Matters not specified in these Terms and Conditions and individual Terms and Conditions shall abide by regulations of relevant law including but not limited to the Telecommunications Business Act, the Framework Act on Electronic Documents and Transactions and the Act on Promotion of Information and Communications Network Utilization and Information Protection, Etc., the Privacy Policy specified by the Company, other relevant laws and Company regulations and standard commercial practice.

3.2. In utilizing the services provided by the Company, the member must abide by relevant law including but not limited to the Act on Door-to-Door Sales, etc., the Framework Act on Electronic Documents and Transactions, the Act on Consumer Protection, the Act on Fair Labeling and Advertising and the Act on Promotion of Information and Communications Network Utilization and Information Protection, Etc., and cannot claim exemption from liability for violations of relevant law for reasons of these Terms and Conditions.

 

4. PROVISION OF SERVICES

The auction services shall be defined as the service by the Company of providing a cyber marketplace online for the purpose of facilitating the purchase and sale, by the individual will of each member, of objects between members and any related supplementary services.

 

5. MATTERS OF STANDARD COMPLIANCE BY THE COMPANY

The Company shall not sell to or purchase objects from members, and only provide tool(s) to improve safety and confidence in trade between members. Any liability arising from such trade between members shall be the responsibility of the members who are party to the trade.

 

6. DEFINITION OF TERMS

6.1. The terms used in these Terms and Conditions shall be defined as follows. However, matters specified by individual contracts or Terms and Conditions shall abide by those documents.

6.1.1. Member: “Member” shall refer to any person who has agreed to these Terms and Conditions and established a service usage contract with the Company by registering as a member according to the membership procedures specified by the Company. These Terms and Conditions shall be limited to online members of the Company, but a member who has agreed to these Terms and Conditions and each of the Online Auction Terms and Conditions and Offline Auction Terms and Conditions of the Company through the website shall be considered to have agreed to utilize all services provided by the Company according to the procedures and regulations set forth by each of the Terms and Conditions. A member may become a buyer or consignor depending on the purpose of utilizing the services.

6.1.2. ID: “ID” shall refer to the combination of letters and numbers selected by the member and approved by the Company for the purpose of identifying the member and providing services.

6.1.3. PASSWORD: “PASSWORD” shall refer to the combination of letters and numbers selected by the member and approved by the Company for the purpose of verifying the identity of the member and for the protection of the member’s information.

6.1.4. Consignor: “Consignor” shall refer to a member who has registered objects according to the format provided online or offline by the Company for the purpose of selling such objects.

6.1.5. Buyer: “Buyer” shall refer to a member who has made a winning bid on an object in auction.

6.1.6. Bid: “Bid” shall refer to the act of submitting a desired purchase price amount for the purpose of purchasing an object in auction. A bid is considered to have indicated the buyer’s intent to purchase the object. Bids shall be submitted through the website according to the method set forth by the Company. However, the Company may approve purchase price amounts submitted as bids through other means according to individual Terms and Conditions or by request of the member.

6.1.7. Winning Bid: “Winning Bid” shall refer to the completion of the purchase and sale of an object in auction through a bid.

6.1.8. Standard Auction: “Standard Auction” shall refer to a format of auction in which the winning bid shall be achieved by the bidder who submits the highest bid price among all bidders.

6.1.9. Immediate Purchase: “Immediate Purchase” shall refer to a format of auction in which the winning bid shall be achieved by bidding the immediate purchase price amount specified by the seller.

6.1.10. Special Auction: “Special Auction” shall refer to an auction in which a variety of objects shall be put forth by the Company. The Company may provide additional information through the website regarding objects auctioned through Special Auctions.

6.1.11. My Page: “My Page” shall refer to the service webpage on which the Company shall compile and provide each member’s auction records, including but not limited to sale records, purchase records, credit levels, and member information, for the purpose of facilitating the rapid and convenient usage of auction services by each member.

6.1.12. Connected Companies: “Connected Companies” shall refer to companies operating websites connected through the Company’s service webpages and hyperlinks.

 

7. SERVICE USAGE CONTRACT

7.1. A service usage contract (hereafter referred to as “usage contract”) shall be established upon approval by the Company of the usage request (membership registration request) made by the person intending to utilize the services. The Company shall announce such intent to approve of usage on the applicable service webpage, or by notifying the usage applicant by email or other means.

7.2. Member registration is available to individuals of 19 years or older or organizations (including private or corporate business operators). The usage applicant must register with his/her real name, and a member who has registered with a name other than a real name or by using another individual’s information shall not be eligible or authorized to utilize the services provided by the company. Business operators requesting usage may be required to present additional verification other than the methods set forth on the website.

7.3. Minors who wish to register as members may be granted an exception and approved for membership with the consent of a legal representative and the consent of the Company. The Company may require verification of consent and finances from the legal representative before and/or after approving member registration and may refuse to approve membership registration by a minor.

7.4. One (1) ID shall be used by each real name, and the usage contract, by principle, shall be established per each ID. For business operator members, the business registration number shall fulfill the standard of the real name. However, the Company may, after comprehensive review based on the member’s trade period, total trade amounts, credit levels, dispute records, etc., grant additional IDs. Upon re-registration by the member after termination of the usage contract, the member shall, by principle, use the last ID previously used.

 

8. USAGE REQUEST

8.1. A person requesting usage must accurately input the following information according to the membership registration format provided online by the Company. During membership registration, required information shall be differentiated depending on whether the usage applicant is an individual or an organization. However, if the member has affirmed to the Company that he/she will not utilize auction services, the Company may exempt the member from inputting part of the personal identification information from the following required information.

8.2. REQUIRED INFORMATION FOR INDIVIDUAL MEMBERS

(i) Name (ii) Gender (iii) ID (iii) Password (iii) Date of Birth (iv) Address/Shipping Address (v) Mobile Phone Number (vi) Email Address

8.3. REQUIRED INFORMATION FOR ORGANIZATION MEMBERS

(i) ID (ii) Password (iii) Name of Company (iv) Principal Representative Name (v) Business Registration Number (vi) Company Address (vii) Company Telephone Number (viii) Alternative Representative Name (ix) Alternative Representative Date of Birth (x) Alternative Representative Gender (xi) Alternative Representative Department/Position (xii) Alternative Representative Mobile Phone Number (xiii) Alternative Representative Email Address (xiv) Alternative Representative Company Telephone Number

8.4. Private or corporate business operators must register as business operator members and must provide verification documentation and additional information requested by the Company, including business registration certificates, etc., upon membership registration.

8.5. The Company may, for the purpose of provide varied and useful information to the member, request from usage applicants information, including occupation, company name, company address, company telephone number, hobbies, areas of interest, artists of interest, etc., in addition to the aforementioned required information. However, the usage applicant may refuse to provide such information, and the Company shall not restrict usage of services for reasons of the usage applicant’s refusal to provide information other than the aforementioned required information.

8.6. The Company may require from the member, before and/or during usage of services, identity verification or payment security procedures through mobile phone identity verification, credit card identity verification, I-PIN, Digital Certificate, and/or other comparable means.

8.7. By submitting a bid, the member shall be considered to have agreed to the fact that all actions undertaken with the ID granted to the member may be recorded by the Company for the purposes of auction bid, consignment, purchase, shipping, payment, promotion, provision of information, etc. The member shall be considered to have agreed to such recording, and bidding information stored by the Company shall serve as definitive and final records to be used as evidentiary documentation for the purpose of resolving disputes.

 

9. APPROVAL OF USAGE APPLICATION

9.1. The Company shall, by principle, approve service usage after completing real name verification if the usage applicant has accurately input the required information set forth in Article 8 and agreed to these Terms and Conditions.

9.2. The Company shall undertake real name verification for individual member registration requests through credit information companies or credit information concentration institutions as permitted by law and shall undertake real name verification for business operator member registration requests through verification documentation received according to Article 8. The Company may request verification documentation from applicants if real name verification cannot be undertaken for the usage application.

9.3. The Company may refuse approval for usage applications on grounds of any of the following.

(i) In the case of a minor applying for usage without the consent of a legal representative;

(ii) In the case of the Company’s real name verification process revealing the membership registration to have not been requested under the real name;

(iii) In the case of the name and/or mobile phone number (or business registration number) being identical to that of an existing member;

(iv) In the case of a former member whose usage contract has been terminated by the Company according to Article 10 of these Terms and Conditions re-applying for usage

(v) In the case of a member who has received a member eligibility suspension by the Company according to Article 15 of these Terms and Conditions terminating the usage contract at will and re-applying for usage;

(vi) In the case of false information being input for the required information upon membership registration;

(vii) In the case of other articles of these Terms and Conditions or of other individual Terms and Conditions of the Company being breached or a case of illegal and/or inappropriate usage application being confirmed or other reason precluding approval of the usage application being recognized by the Company;

9.4. The Company may defer approval for usage application on grounds of any of the following. In such case, the Company shall announce to the usage applicant the reason for deferral, the time period of possible approval, or additional essential information documentation required for approval and other information relevant to the deferral announce on the applicable service webpage or by notifying the usage applicant by email.

(i) In the case of no availability in the infrastructure related to service provision;

(ii) In the case of technological interruption or error;

(iii) In the case of the real name listed in registration unable to be verified by the Company’s real name verification process;

(iv) In the case of the person requesting business operator member registration not providing verification documentation or additional information set forth in Article 8.4;

(v) In other cases deemed necessary at the reasonable discretion of the Company;

 

10. TERMINATION OF USAGE CONTRACT

10.1. The member or the Company may terminate the usage contract according to the procedure set forth in these Terms and Conditions.

10.2. TERMINATION BY THE MEMBER

10.2.1. The member may, at any time, terminate the usage contract by notifying intent to terminate. However, the member must complete, withdraw or cancel all ongoing auction processes before notifying intent to terminate. In such case, any disadvantage incurred due from withdrawing or canceling auction processes shall be the responsibility of the member. If any auction processes have not been completed, the Company may defer termination of the usage contract until all outstanding amounts payable have been rendered.

10.2.2. The usage contract shall be terminated upon arrival of the intent to terminate at the Company.

10.2.3. A member who has terminated the usage contract according to this clause may re-register as a member according to the membership registration procedure and relevant articles set forth in these Terms and Conditions.

10.3. TERMINATION BY THE COMPANY

10.3.1. The Company may terminate the usage contract on grounds of any of the following. In such case, the Company shall notify the member of intent to terminate and reason for termination by email, telephone, fax or other means. However, the Company may grant the member a chance to express opinions regarding the reason for termination beforehand.

(i) In the case of the existence of reason for refusal to approve the usage contract according to Article 9.3 being confirmed regarding the member;

(ii) In the case of the member completing or attempting a purchase or sale of object(s) in a manner violating law, Terms and Conditions, reasonable custom or other aspects of public order;

(iii) In the case of the member taking an action infringing upon the rights, reputation, credit or other due profit of the Company, another member or another person (including alteration or attempt to alter information announced by the Company, appropriation of personal information or financial information, transmission or posting of viruses, illegal information, etc., infringement of third-party copyright or intellectual property right, action harming the reputation or obstructing the business of a third party, etc.);

(iv) In the case of the member taking or attempting an action obstructing the smooth execution of services provided by the company (including obstruction of auction, false bidding or consignment, repeated cancellation of winning bids, etc.)

(v) In the case of the member taking actions otherwise breaching these Terms and Conditions;

10.3.2. The usage contract shall be terminated upon arrival of the Company’s intent to terminate to the member; however, if the Company is unable to notify the member of the intent to terminate due to erroneous contact information provided by the member, the usage contract shall be terminated upon announcement by the Company of the intent to terminate on My Page.

10.3.3. In the case of the Company terminating the usage contract, the Company may cancel or forcibly terminate auction processes related to the relevant member without prior notice. In such case, the Company may invoice the member to render outstanding amounts payable relating to the auction processes. In the case of the Company terminating the usage contract, consignor members must take all necessary actions relating to the uncompleted auction by termination for the purpose of protecting buyer members.

10.4. Any damage or loss incurred relating to the termination of the usage contract shall be the liability of the member whose usage contract has been terminated, and the Company shall not be held responsible or liable.

 

11. COLLECTION AND PROTECTION OF MEMBER INFORMATION

11.1. The Company may collect additional necessary information from the member other than information provided by the member by disclosing the purpose of collection and/or usage. In such case, the Company shall solicit consent to the collection of information from the member. The Company shall not pre-set the “Agree” selection regarding personal information collection·usage·provision. In addition, the Company shall not restrict or refuse to provide services including membership registration, etc. for reasons of the usage applicant’s refusal to consent regarding personal information collection·usage·provision other than required information.

11.2. In the case of the Company soliciting consent from the member for the purpose of information collection, the Company shall specify or notify beforehand the purpose of collecting and using the information and any terms regarding the information and third parties (who will receive the information, purpose of such provision, contents of provided information). The member may withdraw consent at any time even after agreeing to provide information.

11.3. In case of the member providing information to the Company, the member must provide factual information. The Company may request verification documentation to the extent permitted by relevant law for the purpose of verifying the accuracy of information provided by the member, and the Company may restrict the usage of auction services or terminate the usage contract if the member does not provide such verification documentation without due reason.

11.4. The Company shall not, aside from information publicly available, including ID, etc., through service webpages, use collected information for purposes other than the collection and usage purposes disclosed at the time of collection, smooth provision of services and/or expansion of provided services or provide information to third parties without the consent of the member. However, exception shall be made for other cases set forth by relevant law and the provision to shipment companies of minimum information (name, address, telephone number, etc.) for the purpose of shipment, and the member may refuse to request shipment by refusing to consent to the provision of personal information required for shipment to third parties.

11.5. The member may, at any time, view information related to himself/herself and request the correction of inaccurate information to the Company and/or the person responsible for the management of information. In case of a request for information correction by the member, the Company shall correct such information or refrain from using such information until the information has been corrected.

11.6. The Company shall limit administrative officers to a minimum for the purpose of protecting member information, and the Company shall be responsible according to relevant law for damages incurred by the member from the loss, theft, breach or alteration of member information due to misconduct or negligence on the part of the Company.

11.7. In the case of termination of the usage contract, the Company shall, by principle, destroy the information of the relevant member. However, the member information shall be stored in the following cases. In such case, the Company shall use the stored member information only for the purposes of such storage. ① The Company shall store member information for the period set forth by relevant law for purposes of regulations of relevant law including the Commercial Act, the Act on the Consumer Protection in Electronic Commerce, etc. ② The Company shall store the minimum information within the extent required by relevant law in the case that damage has been caused to another person due to dissemination of slanderous or false statements, for the purposes of protecting members and the Company from other infringements of intellectual property rights and/or online fraud and for the purpose of cooperating with investigations according to legal procedure. ③ In the case that outstanding amounts payable by the member to the Company remain, minimum required information including the member’s ID, name or company name, contact information, address, etc., shall be stored for the purpose of recouping such amounts payable until such amounts payable have been rendered in full. ④ In the case that a storage period was specified at the time of soliciting consent for other information collection, member information shall be stored until the end of the specified storage period.

11.8. The Company shall disclose the Privacy Policy regarding member information protection and management on the website so they can be viewed by the members and users who wish to utilize the services.

 

12. MODIFICATION OF MEMBER INFORMATION

12.1. In the case that information input at the time of usage application is incorrect or changed, the member must immediately modify such information. However, the ID, name, date of birth, and in the case of business operator, the business registration number cannot, by principle, be modified. The member must provide verification documentation regarding such modifications immediately upon request by the Company.

12.2. Notification from the Company to the member shall be considered complete upon arrival at the address or email address specified in the member information, and any damages incurred due to failure to modify changed information or incorrect modifications of changed information shall be the responsibility of the member, and the Company shall assume no responsibility or liability arising from such. In addition, the member shall be responsible for any damages incurred by the Company due to failure by the member to modify changed information or modifications with false information. However, if the member has complete mobile phone identity verification according to these Terms and Conditions, the verified mobile phone number may be processed and listed as member information.

 

13. MANAGEMENT OF ID AND PASSWORD

13.1. The member shall be responsible for the management of the ID and password, and the member cannot transfer or lend the ID or password to another person.

13.2. The Company shall not be responsible for any losses or damages incurred due to the breach, transfer or loan of the ID or password such breach, transfer or loan due to causes not attributable to the Company.

13.3. If the member becomes aware that the ID or password has been stolen or is being used by a third party, the member must immediately notify the Company and follow any instructions by the Company, if applicable.

 

14. TYPES AND USAGE OF AUCTION SERVICES

14.1. The Company may provide to the member Weekly Online Artwork Auctions, Premium Online Artwork Auctions, Major Auctions (limited to cases in which online bidding has been approved) and other auction services. The types, contents and other details of auction services may change.

14.2. The Company shall announce information, depending on the type of auction service, regarding the nature of each auction, auction process and purchase methods on the service webpage. The member must understand the terms of each auctions, announced by the Company, beforehand and utilize auction services. The Company does not provide for direct trade between members and shall assume no responsibility whatsoever for issues arising from direct trade between members.

14.3. The member can access auction services provided by the Company using the ID, password or mobile phone verification or other methods required by the Company and can utilize such auction services to consign objects for auction or bid and/or purchase in auction. However, the Company may, for the purpose of protecting members, set conditions regarding the eligibility of members to become consignors or buyers.

14.4. The Company may provide information in foreign languages for members using foreign languages. However, the Company does not guarantee the accuracy of translations in foreign languages and shall not assume responsibility for translations. The prevailing language for all information and their interpretation regarding auction services and objects, including these Terms and Conditions, shall be Korean.

 

15. SUSPENSION OF MEMBER ELIGIBILITY

15.1. The Company may, for the purpose of maintaining safety and confidence in trade through auction services, suspend member eligibility, restrict usage of auction services and/or undertake other necessary measures. If the Company suspends member eligibility or restricts usage of auction services or undertakes other necessary measures, the Company shall notify the member by telephone, email or other means unless otherwise regulated by these Terms and Conditions, and if the member cannot be reached or in unavoidable cases such as those in which urgency is required, the Company may undertake measures ahead and notify the member afterwards. Members whose eligibility has been suspended cannot utilize auction services.

15.2. SPECIFICS REGARDING REASONS FOR SUSPENSION OF MEMBER ELIGIBILITY, ETC.

(i) Refusal to sell: Once a winning bid has been made, the consignor cannot refuse to sell the relevant object.

(ii) Refusal to purchase: Once a winning bid has been made, the buyer cannot cancel the winning bid if no issue with the object exists.

(iii) The Company may, immediately or after review, temporarily or permanently suspend eligibility of such member on grounds of the above Clause (i) or (ii).

15.3. The Company may suspend member eligibility on grounds of inappropriate bidding behavior obstructing auction progress including submitting false bids, manipulating bids, etc. and/or illegal credit card transactions.

15.4. If incomplete auctions processes exist for a member whose eligibility has been suspended, such member must complete any and all processes relating to the auction.

 

16. BIDDING IN AUCTION

16.1. Members who wish to purchase an object must bid on the service webpage provided by the Company. The Online Auction Terms and Conditions may be applied preferentially regarding any information on bidding not explicitly set forth by these Terms and Conditions or regarding specific information on the below bidding methods and/or purchase procedures.

16.2. BIDDING METHODS

16.2.1. The member must bid carefully if he/she intends to purchase the object. All information provided by the Company on the object is for the member’s reference only, and as the Company exhibits all objects in auctions provided on the website during a set period for members’ inspection of the physical objects, the member himself/herself must verify the details of the object.

16.2.2. Multiple bids may be submitted by the specified closing time, but cancellations are not permitted.

16.2.3. Bidding methods include bidding (at the current bid price), automatic bidding, and other methods, including shopping carts, etc., provided by the Company on the website.

16.2.4. All objects are open for automatic bidding up to the closing time of such object. If multiple bids are submitted, automatic bidding will automatically bid on your behalf according to the set increments up to the selected maximum bid price.

16.2.5. The Company may enable the member to bid on multiple objects simultaneously or provide methods to facilitate bidding by the member.

16.3. Members who are buyers can confirm whether they have made winning bids through the winning bid confirmation email sent by the Company after conclusion of the auction (or in the case that a SMS message or KakaoTalk SNS message is sent to the mobile phone number input by the member, such messages shall hold identical force) or on the My Page webpage. In such case, if the member has not modified the mobile phone number or email address at which to receive the winning bid confirmation, the information input into the Company’s system by the closing time of the auction shall be used.

16.4. Members who are buyers must notify the Company of the shipping address by telephone or email if the shipping address for objects differs from the shipping address input at the time of membership registration.

16.5. The Company may require a signature and/or seal on the winning bid confirmation form from members who are buyers.

 

17. SYSTEM OPERATIONS, ETC.

17.1. The Company shall not assume responsibility for continuing to provide services in the case of temporary or permanent inability to provide services due to natural disasters or similar event of force majeure, maintenance, inspection, replacement and/or failure of information and communications infrastructure, communications outage, etc. However, in such case, the Company shall notify members according to the method(s) set forth in Article 2 of the Terms and Conditions.

17.2. The Company shall not assume responsibility for service usage error due to reasons attributable to internet users or members.

17.3. The Company shall not assume responsibility for damages incurred by members due to flaws of objects traded through auction services or errors or omissions of listed object information unless such damage is proven to have been caused by reasons attributable to the Company. However, if relevant information is set forth in individual laws or Terms and Conditions, the Company shall abide by such information.

17.4. Objects in auctions are exhibited in the Company’s exhibition spaces prior to the auction, and therefore bidders must meticulously inspect and verify such objects in person before bidding. The Company guarantees the condition of objects in auction “as-is” at the time of the auction and shall assume no responsibility for the condition of objects not verified by the buyer at the time of the auction.

17.5. The Company shall assume no responsibility for damages incurred by members arising from relying on the accuracy of information, data and facts, etc. published by members other than the Company.

 

18. GOVERNING LAW

These Terms and Conditions shall be governed by the laws of the Republic of Korea, and in case a lawsuit is filed regarding the interpretation of these Terms and Conditions or dispute arising between the Company and the member, the laws of the Republic of Korea shall determine the competent court.

 

19. OTHER

19.1. The Company implements and operates a Client Services Department for the purpose of applying reasonable opinions or complaints raised by members, rectifying such issues and resolving disputes arising between the Company and members. The Company shall swiftly rectify opinions and/or complaints it judges to be valid, and if immediate resolution is not possible, shall notify the member of the reason and the time period for resolution.

19.2. If a breach of such service or issues in utilizing the services arise, please contact us at art@k-auction.com, by telephone (+82-2-3479-8888) or by fax (+82-2-3479-8889) and we will resolve the issue to the best of our ability.

19.3. The Company only provides an online marketplace for trade between members, and as such does not directly represent the member who intends to sell or purchase objects unless otherwise set forth by individual Terms and Conditions or individual contracts. In addition, no action by the Company shall be construed as an action of representing the consignor or buyer. The Company does not provide information about the consignor or the buyer to either party.

 

Company Information

K Auction Inc.

Company Address: Art Tower 23, Eonju-ro 172-gil, Gangnam-gu, Seoul, Korea

CEO : HyunSoon Do

 

<Supplementary Article>

Article 1 (Applicable Date)

These Terms and Condition shall be applied beginning on 31 October, 2015.

Article 2 (Procedure Regulation Regarding Membership Registration Format Change)

Members who have registered before the applicable date of these Terms and Condition and wish to use the Company’s services must complete mobile phone identity verification.

<Supplementary Article>

These Terms and Conditions shall be applied beginning on 18 April, 2021.


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 online auction conducted by K Auction and its Online Auction System (the “Online Auction System) on K Auction’s website (www.k-auction.com) in accordance with these Auction Terms and/or the Important Notices.

2.2 “Auction Catalogue” means, in relation to an Auction, the descriptions and information listed on K Auction’s website and pertinent to 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 Closing Date” means, in relation to an Auction, the date on which the Auction Period of the Lot(s) shall end. “Auction Closing Time” means, in relation to an Auction, the time at which the Auction Period of each Lot is scheduled to end. “Final Auction Closing Time” means, in relation to an Auction, the actual time at which the Auction Period of each Lot has ended.

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 K Auction 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 confirmed by K Auction at the Final Auction Closing Time of such Lot 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.

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 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 relevant Auction Closing Date, 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 will be conducted as prescribed in the relevant Important Notices. However, if a possessor of a mobile phone registered to a domestic mobile carrier has completed mobile phone identity verification with a domestic mobile carrier through K Auction’s Online Auction System, he/she will be considered as having applied to register as a prospective Bidder. K Auction shall use reasonable endeavours to process any registration and/or any application to place bids. 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 Auction Period, Auction Closing Date, Auction Closing Time and/or place of, any Auction at any time without prior notice.

7.2 K Auction may, at its sole and absolute discretion as is delegated, as reflects the nature of sale through auction, to it, refuse participation of any person in any Auction and/or reject any bid placed in any Auction.

7.3 The Auction shall proceed in the order of the Lot numbers listed in the Auction Catalogue, and the bidding increments and Auction Closing Time of the relevant Lot shall be displayed on the bidding web page of such Lot. Each Lot shall be sold subject to the Reserve Price of such Lot and K Auction shall not accept any bids below such Reserve Price in principle. K Auction shall keep the Reserve Price confidential. The Reserve Price of each Lot shall not exceed the low Estimate Price on the date of the sale of such Lot.

7.4 A Bidder may place bids subject to and in accordance with, these Auction Terms and/or the Important Notices. All Bids placed may be recorded or documented and Bidders shall be deemed to have consented to the recording and documentation of their conversations by placing bids.

7.5 Provided that the following shall be subject to Clauses 7.6 and 7.7: in relation to any Auction taking place on K Auction’s website, the Bidder shall bid by selecting a desired Bid amount and clicking on the “Bid” or “Automatic Bid” button on the bidding web page of the relevant Lot prior to the Final Auction Closing Time of such Lot.

7.6 With respect to a Lot, K Auction shall use reasonable endeavours to receive the aforementioned bids. 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 receiving such bids, 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, any 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 such bid. However, as reflects the nature of sale through auction, 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 two or more Automatic Bids have the same bid price and are the highest bid, the Bidder of the Automatic Bid first received by K Auction will be declared the Buyer of such Lot.

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 Auction Closing Date or Auction Closing Time 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 confirmation by K Auction of the highest bid as the Hammer Price of the relevant Lot at the Final Auction Closing Time of such Lot in relation to any Auction taking place on K Auction’s website. 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, etc) 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. 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 in an Online Auction, the Buyer’s Premium shall be calculated as follows: (i) for any Hammer Price not exceeding 10,000,000 Korean Won, 18% (excluding VAT) of the Hammer Price, or (ii) for any Hammer Price exceeding 10,000,000 Korean Won, the sum of 18% (excluding VAT) of the amount up to 10,000,000 KRW (i.e. 1,980,000 Korean Won, including VAT) and 15% (excluding VAT) of the amount exceeding 10,000,000 KRW. In relation to any Online Auction, specific examples in applying the Buyer’s Premium are as follows. In the event of any ambiguity regarding the calculation of the Buyer’s Premium, the Buyer’s Premium as determined according to the following example shall be final.

 

Hammer Price (Korean Won)

Buyer’s Premium (including VAT)

~ 10,000,000

19.8% of the Hammer Price

10,000,001 ~

1,980,000 + [ ( Hammer Price - 10,000,000 ) x 16.5% ]

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 by email to the email address provided by the Buyer in his/her registration form as soon as practicable from the date of the sale of such Lot(s).

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 Protection Act, 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 Auction 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 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 regarding 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.

Article 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,Buyers, agents and others 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 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 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 registered mail, 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 service 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 notified to K Auction or any other usual address.

 

  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.

Personal Information Collection · Usage Agreement (Required)


K Auction Inc. (“The Company”) abides by Articles 15, 17, and 22 of the Personal Information Protection Act in soliciting members’ consent for the collection, usage, and provision to third parties of your personal information for purposes of conducting art auctions, etc. You consent to the collection, usage, and provision of your personal information pursuant to the following terms. All language included in this agreement shall adhere to the definitions provided in the “K Auction Terms & Conditions”.

 

Terms Regarding Collection and Usage

 

1) Purposes of Collection and Usage

The Company collects required personal information for purposes of member registration and management and auction consignment, bidding, and purchase through online registration or paper documentation (member registration forms, bidding registration forms, consignment agreements), and collected personal information is used for the following purposes.

-      Member registration and management (user identification and verification, prevention of unlawful usage by unscrupulous parties, processing of customer requests, delivery of notifications, etc.)

-      Provision of goods and/or services, delivery of goods and/or provision of services, provision of information

-      Fulfillment of terms and conditions, fulfillment of artwork consignment agreements

-      Fulfillment of legal obligations


2) Types of Personal Information to be Collected and Used

[Individual] Name, Date of Birth, Gender, Address, Shipping Address, Email Address, Mobile Phone Number, Foreign Identity Card Photo(If Applicable)

[Business] Name of Company, Business Registration Number, Name of Principal Representative, Company Address, Telephone Number, Alternative Representative Name, Alternative Representative Gender, Alternative Representative Date of Birth, Alternative Representative Department/Position, Mobile Phone Number, Email Address, Alternative Representative Company Phone Number

[Shared] ID, Password, 
Mobile Phone/Credit Card Identity Verification Results such as CI/DI, etc. (collected through online identity verification), IP address, cookies, MAC address, service usage records, access records, misusage records, etc. (personal information that is automatically generated in the process of internet service usage)

 

3) Usage and Retention Period

The Company retains and uses your personal information during the period of providing services, and personal information is destroyed within 30 days from the date of completing the purposes of collecting and using personal information or the date of membership cancellation.

However, the Company shall retain personal information in case of i) ongoing inquiry or investigation pursuant to relevant laws, until the termination of such, or ii) existence of amounts payable/receivable relevant to the usage of the Company’s website or disputes relevant to the terms and conditions or other such provisions, until the resolution of such amounts payable/receivable and/or disputes. (Login ID information may be retained in perpetuity for purposes of preventing duplicate registration and/or misusage, etc.) Personal information may also be retained pursuant to and for the period stipulated by relevant laws.

 

※ You may refuse to consent to the collection and usage of your personal information. However, the above items are the most basic information required for the Company to provide services, and refusal to consent may result in the restriction of services such as member registration, bidding in auction, artwork consignment, and accessing auction information.

 

Personal Information Provision Agreement (Required)


K Auction Inc. (“The Company”) abides by Articles 15, 17, and 22 of the Personal Information Protection Act in soliciting members’ consent for the collection, usage, and provision to third parties of your personal information for purposes of conducting art auctions, etc. You consent to the collection, usage, and provision of your personal information pursuant to the following terms. All language included in this agreement shall adhere to the definitions provided in the “K Auction Terms & Conditions”.

  

1)    Third Parties Receiving Personal Information

Artwork shippers (list posted separately, provided to applicable members), catalogue shippers (list posted separately, provided to applicable members)

2) Purposes of Receiving Personal Information

Shipping of auction lots, delivery of catalogues


3) Types of Personal Information to be Provided

[Shared] Name/Company Name, Shipping Address, Telephone Number, Mobile Phone Number, (Email Address)

[Shipping of Auction Lots] Auction Lot Information, Other Information Required in the Shipping and Installation of Auction Lot(s)

 

4) Retention and Usage Period of Personal Information Provided

Retained from the date of provision of personal information and up to 7 days from the date of delivery

 

※ You may refuse to consent to the provision of your personal information to third parties. Refusal to consent may result in the restriction of services such as auction lot shipping and catalogue delivery. 

Personal Information Collection · Usage Agreement (Optional)

You consent to the collection, usage, and provision by the Company of your personal information pursuant to the following terms.

 

Terms Regarding Collection and Usage

 

1) Purposes of Collection and Usage

The Company shall use personal information for purposes of marketing, statistical analysis of goods/services usage, and recommendations of goods/services.


2) Types of Personal Information to be Collected and Used

[Individual] Occupation, Company Name, Company Address, Company Telephone Number, Areas of Interest in the Arts, Name, Gender, Date of Birth, Mobile Phone Number, Email Address

[Business] Areas of Interest in the Arts, Alternative Representative Company Fax Number, Company Name, Alternative Representative Information (Name, Date of Birth, Mobile Phone Number/Company Telephone Number, Email Address)

 

3) Usage and Retention Period

The Company retains and uses your personal information during the period of providing services, and personal information is destroyed within 30 days from the date of completing the purposes of collecting and using personal information or the date of membership cancellation.

 

※ You may refuse to consent to the collection and usage of your personal information. Refusal to consent may result in the restriction of services such as auction lot recommendation and delivery of auction/exhibition information, etc.

The Company solicits members consent pursuant to Article 50 of the Act on Promotion of Information and Communications Network Utilization and Information Protection, Etc. in order to transmit advertising information for profit by using an electronic transmission medium. In addition, the Company solicits members advance consent to receive such information, pursuant to the Personal Information Protection Act, etc.

1) Purpose

Notification of the Companys auction/exhibition information, benefits, and other new services and events to the members registered mobile phone number and/or email address including provision of advertising information(promotion or recommendation of goods or services, etc)


2) Retention Period

Up to the withdrawal of consent or the cancellation of membership


3) Method of Providing Marketing Materials

SMS text, telephone, email, push notifications, mail

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