The bidding rules
Auction notice Buy art boutiques at LBL LBL holds 3-5 auctions each year, including New York, London, Hong Kong, Paris, Milan, Geneva, Singapore, and other places. The LBL auction will be held for the invitation system. We will keep your privacy strictly confidential. Please complete the relevant procedures 24 hours before the auction day. ? Buyer's Commission – The commission fee charged by LBL is called the buyer's commission, which is added as part of the total amount payable by the buyer. ? Payment Method – LBL accepts payments by cheque, wire transfer, credit card and cash (but with partial restrictions on credit card and cash payments). Note: Some auction venues may not accept credit card payments, and some credit cards are not available for all auctions. There may also be additional taxes. Learn the detailed bidding process You have a favorite art collection; or you have reviewed the fine art and consulted the experts. Now you are ready to bid for the auction. Buying art treasures at LBL is an easy task, and the steps are as follows: 1) Register for auction 2) Auction auction 3) Payment 4) Pick up or ship your boutique Note: The auctioneer should quote the starting price and the bidder should participate in the bidding. When the auctioneer finally auctions the final bid, there is no higher bid. After the bidder has no objection, the auctioneer rings the transaction. If there is no higher bid or the bidder has objections, the auction cannot be traded. After the bidder confirms the purchase, the bidder may not violate the contract. If the bidder breaches the contract, the company has the right to deduct the total amount of the deposit. It does not involve the transfer of property rights. The company has the right to deal with the matter separately and re-auction. The loss caused by the breach of contract shall be borne by the buyer for the cost of the auction service. Come to the auction Before the auction - If you are in the auction, you need to pre-register before the auction starts and receive an auction number plate. Please remember to bring a valid identification, such as a driver's license or passport. If you are participating in the auction for the first time, please provide your contact address, phone number and signature to activate your account. Alternatively, you may need to show proof of your bank account number. If you are a third-party bidder, you must present the relevant power of attorney. During the auction period - when bidding, simply raise the number plate until you get the auctioneer to confirm your bid. The auctioneer will signal to you whether your bid is valid; the auctioneer will not identify a casual position as a bid. The increase in bidding is determined by the auctioneer, and the increase in the amount will not exceed 10% of the previous bid amount under normal circumstances. The auctioneer will increase the bidding amount one by one until there is only one bidder left, confirming that the price is higher after no objection. Each lot is auctioned at the reserve price. The seller will negotiate with LBL for a completely confidential minimum transaction price. If the auction result fails to reach the price, the relevant lot will not be taken. Absentee auction (aka written/commissioned/instructed auction) If you are unable to attend the auction in person, we will be happy to perform the auction under your written entrustment. This service is free and confidential. Before the auction - through the Absence Auction form, you can fill in the form of your favorite art on the form and list the highest bid price you are willing to pay. You can also download the relevant form from the official LBL website. After you have completed the Absence Auction Form, please submit the form by fax (recommended) or by post to the LBL auction auction department, or contact the customer service department colleagues in person. During the auction period - when we execute an absentee bid for your entrusted authorization, the minimum increase will be used, which is equal to or exceeds the seller's expected auction reserve price. The same bid in the auction will be based on the first unsubscribed bid form received. You can also choose more than one auction art on the Absence Auction form. The bidding will depend on whether your previous auction was successful. LBL will not be able to "subscribe" or have no bid for the highest bid price. Auctions in writing and by phone are additional services at no additional charge, but the buyer must bear the risk. LBL will not be held liable for failure to execute the auction instructions. Successful absentee bidders will receive an invoice upon the end of the auction. Telephone auction You can also register for a phone call in the form of an absentee bid and participate in most of the auctions. Based on the Absence Auction Form you submitted, LBL representatives will contact you at the auction site before the item you specify and will inform the auctioneer of your willingness to bid. However, the hotline for the auction is limited. You must notify the arrangement 24 hours before the auction starts. If you are not familiar with the native language of the auction venue, please submit it in advance for special arrangements. Buyer's commission and taxes Please note that after the auction is successful, the buyer is required to pay the LBL commission and all taxes applied to the local area. Therefore, the amount actually paid by the buyer must be higher than the transaction price. Before bidding, you can ask the auction department or customer service manager for more information. In the UK, LBL also needs to levy a resale patent tax to cover the taxes paid by artists living in the world each time they sell art. Any buyer who has won an art boutique will also be required to pay the relevant resale patent tax, which is equivalent to the applicable franchise tax. payment You can pay in cash (except for certain restrictions and legal requirements), checks, money orders, and electronic funds transfer. We also accept credit card payments (with some exceptions). Note: Some auction venues may not accept credit cards, and some credit cards are not available for all auctions. Pick up and delivery After the payment is made, you can pick up the art you have invested in, or you can arrange the delivery. All buyers must pick up or ship art boutiques within seven working days of the end of the auction. If the deadline is exceeded, your art collection will be charged a fee and storage fee. If you are interested in shipping the products, our Art Delivery Department staff will assist with shipping and insurance. Terms and conditions All prospective buyers are required to comply with LBL's terms and conditions.
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