TERMS AND CONDITIONS OF SALE
Le Auction House operates public voluntary auctions, governed by the terms of Commercial Law No. 36/2005/QH11. As such, Le Auction House acts as an intermediary between the seller and the successful bidder.
These sales conditions form a separate civil agreement between Le Auction House and the bidders in public and private sales organized by Le Auction House.
The General Terms and Conditions can be modified by Le Auction House in writing or verbally before the sale. These modifications will be mentioned in the sales record.
I – PROPERTY FOR SALE
Lot Description: The information provided in the catalog is the responsibility of Le Auction House and its experts, according to the regulations mentioned below. Only the Vietnamese language instructions are binding on Le Auction House, except for free translations. These can be modified up to the time of sale in writing or verbally, and such modifications will be recorded in the sales record, which will serve as proof.
Le Auction House provides no other guarantees; remember that only the seller is bound by the guarantee of hidden defects and the legal guarantee of conformity. Certificates of authenticity for the lot will only be available if mentioned in the lot description.
The dimensions, weight, and other information of the lot are given for reference only with a reasonable margin of error.
Restorations done as a preventive measure, not altering the age and style characteristics and not making any changes to the specific features of the lot, will not be mentioned in the description.
The absence of an indication of restoration, accidents, or incidents in the catalog or condition report does not mean the lot is free from any current, past, or repaired defects. Conversely, mentioning certain defects does not imply the absence of other defects.
Special Notices:
If any request requires proof of origin beyond the description provided by Le Auction House, the customer must work with Le Auction House before the auction. Complaints or claims on this matter will be invalid.
Lots can only be viewed by appointment.
Condition of Lots: Lots are sold as-is at the time of sale with their defects. Since lots are second-hand items, their condition cannot be guaranteed. Buyers must read and carefully examine the detailed descriptions provided by Le Auction House.
References to the lot’s condition in the catalog or condition report (provided for information purposes only) cannot be considered a complete description of the lot’s condition. Descriptions cannot replace personal inspection of the lot before the sale under the conditions mentioned below. Condition reports will be sent upon request and are for information purposes only.
Exhibition of Lots: Potential bidders are required to personally inspect the lots and available documents before the sale in a private meeting or public exhibition before the sale to verify the condition of the lot. Buyers should accompany an expert in the field related to the sale.
Lot Copies: All defects and imperfections of the lot may not be visible in photographs in the catalog, online, or any media. Photos may not give an entirely accurate representation of the actual condition of the lot and may differ from what can be observed directly (size, color, etc.).
Estimates: Estimates are based on technical understanding, quality of the lot, origin, condition, and market price at the time of the estimate. They are provided for reference only and cannot be considered a guarantee that the lot will be sold at the estimated price.
II – SALE
Registration for Sale:
Important: Regular and priority auction modes must be present in the auction room to register for participation. As a service, other modes may require prior registration.
- By Phone: Le Auction House agrees to accept bids by phone only for those who registered before the last working day before the auction. Potential bidders must receive email confirmation from Le Auction House to be called.
- By Order: Any individual who registered previously and wishes to place a bid can request to register an order with Le Auction House. Orders must be communicated in writing before the last working day before the sale, and the bidder must receive email confirmation from Le Auction House. Unrestricted orders will not be accepted. If Le Auction House receives multiple orders with the same bid amount, the oldest order will take precedence.
- Online via Live Platform: Online bidding options are provided on platforms allowing electronic remote participation after pre-registration. Buyers through the Live platform are informed that only costs invoiced by these platforms must be paid.
Participation in bidding by phone, internet, or order is at the bidder’s risk. Le Auction House is not responsible if the bidder fails to participate in the auction for any reason, especially in case of malfunction or non-execution (lack of response from the bidder, errors, interruptions, or omissions in receiving bids). Any malfunction or interruption in phone or live service will not prevent the auctioneer from continuing the auction at their discretion.
Bidder Verification Procedure:
Le Auction House reserves the right to request any potential bidder to verify their identity, provide valid documents such as an ID card or Passport, and complete contact information, including phone number and email. Non-compliance with identification procedures allows Le Auction House to refuse registration for the auction. All sold lots will be recorded with the bidder’s name and address. No subsequent modifications can be made. Bidders are considered acting on their own behalf and will be fully responsible for the bid unless informed in advance about their agent capacity under the conditions stated below. Any misrepresentation will entail legal liability for the successful bidder.
Third-Party Authorization: Authorized bidders must inform Le Auction House about the existence of the authorization during identification and registration, presenting a copy of the authorization and any other documents requested by Le Auction House. In this case, both the bidder and the principal will be jointly and severally liable.
Bidding Guidelines: The auctioneer manages the auction at their discretion, ensuring freedom and equality among participants while adhering to established professional practices. The auctioneer supervises the sale, which allows them to refuse or withdraw bids without justification.
Successful Bid: The highest and final bidder will be the successful bidder, accepting all means (order, internet, phone, on-site, etc.). The bid is confirmed when the phrase “Successful Bid” is announced, establishing a sales contract between the seller and the successful bidder. The buyer will receive a certificate from Le Auction House for that auction.
Each lot is identified by a number corresponding to the number assigned to that lot in the sales catalog. Sellers are prohibited from directly bidding on lots they own.
In the case of a “double auction” recognized by the auctioneer as valid, the lot will be re-auctioned, allowing all present bidders to participate in this second auction.
Withdrawal (cancellation of bids): Each successful bid and final bid is binding on the bidder who cannot withdraw the bid, whether in the room, by phone, online, or by order.
Transfer of Risk and Ownership: The transfer of ownership and risk between the seller and the successful bidder occurs when the auctioneer says “Successful Bid“. Le Auction House declines all responsibility for any losses and damages the lot may encounter during the auction. The successful bidder must insure the lot acquired from the auction.
III – COMPLETING THE TRANSACTION
Buyer’s Commission: The successful bidder must pay, in addition to the hammer price, for each lot, a buyer’s fee calculated as follows:
Note: A 20% buyer’s fee exclusive of VAT at the current rate. VAT arrangements are the responsibility of the consignor and buyer according to local law. Le Auction House is not obligated to handle tax procedures for this transaction.
VAT Requirements: VAT-related document requests must be agreed upon before the auction. Some lots will provide full VAT invoices, and this must be agreed upon with Le Auction House before the auction.
Note: In addition to the hammer price and 20% buyer’s fee, the successful bidder must pay all administrative, handling, and storage fees if payment is delayed beyond 15 days after the auction ends.
Payment of the due amount must be made by the successful bidder “in cash or by bank transfer in VND, USD, or EUR” after the bid is successful. Any bank fees cannot be deducted from the due amount. Additionally, if the lot accepts VAT payment, it will be transferred through the company account of Le Auction House Art Auction Co., Ltd.
Payment Terms
Accepted Legal Payment Methods by Le Auction House Accounting (Credit Card or Bank Transfer Encouraged):
– Visa, Mastercard: Bank fees, typically ranging from 1% to 3% depending on the card type, to be borne by the buyer.
– American Express: 2.95% fee.
– Bank Transfer: Only accepted from the buyer’s account with clear invoice number reference:
Company Account:
Name: Công ty TNHH Đấu Giá Nghệ Thuật Le Auction House
Bank: Vietcombank Ba Đình, Hanoi, Vietnam
Company Account Number: 33203999
Personal Accounts:
Account Holder: Lê Khắc Quang
Bank: Vietcombank Ba Đình, Hanoi, Vietnam
VND Account Number: 2979868686
USD Account Number: 1044189088
EURO Account Number: 1044189205
– Cash: Cash payments are acceptable.
– Cheque (as a last resort): Each lot must be negotiated individually for cheque payments, which will only be accepted if agreed upon initially by both parties. Delivery will be possible only twenty days after payment. Foreign cheques are not accepted.
Le Auction House reserves the right to refuse any payments not originating from the registered bidder. In any case of third-party payment, the bidder must provide proof of their relationship with the third party, and the payment must be pre-approved.
Breach of Payment: In case of non-payment by the buyer, the item can be resold at auction at the seller’s request. If the seller does not request this within three months from the auction, the sale will be automatically canceled.
In all cases, the defaulting buyer must pay Le Auction House for non-payment or delayed payment:
- All costs and additional charges incurred by Le Auction House related to the recovery of unpaid invoices (including legal fees);
- Late payment penalties calculated by applying the annual base rate (calculated by the European Central Bank (ECB)), increased by 5 points on the total amount due;
- Damages to compensate for losses incurred by Le Auction House (costs, fees, and purchase commissions, storage, etc.).
Le Auction House reserves the right to:
- Share the name and contact information of the defaulting buyer with the seller so they can assert their rights;
- Exercise or request the exercise of all rights and remedies, especially the right of retention, against any property of the defaulting buyer under the supervision of Le Auction House;
- Ban the defaulting bidder from bidding at the next sale organized by Le Auction House or allowing them to bid only if the previous amount is prepaid;
- Register the defaulting bidder into a bad payer database shared among member auction houses.
Le Auction House, as a member of the auction community, will block non-paying bidders who must be registered for payment incidents.
Right to access, rectification, and opposition for legitimate reasons must be exercised by the defaulting bidder.
Collection and Storage of Lots:
The successfully auctioned lots can only be delivered to the buyer after full payment of the purchase invoice, transferred to Le Auction House’s bank account.
Lots will be handed directly to the buyer upon presentation of any identification documents proving their identity or to a third party designated by the buyer with original authorization and a copy of their ID. The collection of lots is at the successful bidder’s cost and risk.
Uncollected lots on the same day after the auction must be collected by the buyer from the person mentioned for this purpose on the contact page at the beginning of the catalog. The delivery location will be specified in the email accompanying the invoice.
Applicable storage fees are mentioned in the “special terms” section below.
Resale of Paid and Uncollected Lots: If one or more lots awarded and paid for at auction remain uncollected by the buyer within the agreed timeframe in the “special terms” below and the current storage, monitoring, and preservation costs exceed the hammer price of the lot(s), Le Auction House reserves the right to sell them to reimburse all costs incurred.
- Preferential Rights:
In Vietnam, obtaining a certificate may be necessary for any item that is art, an antique, or any property requiring a certificate. The procedure for obtaining such a permit in Vietnam may take 1 to 3 months. - Export:
Export procedures (requiring a cultural property certificate, export permit) for applicable lots are the buyer’s responsibility and may be delayed up to 6 months. Le Auction House is available to guide buyers through these procedures or forward requests to the relevant Licensing Service. Le Auction House is not responsible for delays. Le Auction House is not liable for administrative decision refusals or delays. In any case, refusal of a certificate or permit cannot justify buyer non-payment, delayed payment, or cancellation of the purchase.
VI – Governing Law and Jurisdiction
These General Terms and Conditions, as well as the rights and obligations arising therefrom, are governed by the laws of Vietnam.
Any legal actions related to Le Auction House’s sales activities will be decided by the competent Tax Authority in Vietnam under Commercial Law No. 36/2005/QH11. Specifically, all legal actions involving successful bidders and/or commercial bidders will be decided by the Court.
Civil liability actions initiated in auctions and voluntary and judicial sales at public auctions are limited to 5 years from the auction or auction.
For any difficulties, contact the Court.
VII – Intellectual Property Rights:
Le Auction House owns all reproductions in its catalog. Any reproduction is prohibited and constitutes infringement. The sale of multiple lots does not imply the transfer of any applicable intellectual property rights (representation and/or reproduction) to the work.
IX – Special Terms
- Storage Fees:
Storage of goods auctioned within the context of an auction or private sale that the buyer does not collect within 15 days after the sale (including the day of sale), will be invoiced as follows:
- Paintings or items valued < $10,000 = $10/day storage;
- Paintings or items valued > $10,001 = $20/day storage;
- Other lots < 1m³ = $3/day;
- Other lots > 1m³ = $5/day.
If customers believe they have not received a satisfactory response, they should contact the relevant department manager directly. In case of no response within the expected timeframe, customers can contact the customer service department at [email protected] – hotline: 0084.979868686 or 0084.912369999, a service under the Customer Care Department of Le Auction House.