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CONDITIONS OF SALE

SALE BY AUCTION ON BEHALF OF THIRD PARTIES.
PARTICIPATION IN THE AUCTION CONSTITUTES UNCONDITIONAL ACCEPTANCE OF THE PRESENT CONDITIONS OF SALE.

Art. 1. – Currency and Payment: The sale is executed strictly in Swiss francs and without warranty. Invoices can be settled at the end of each online auction session. Buyers can settle the invoice via bank transfer, major credit/debit cards or cash. Payments in cash for an amount equal to or more than CHF 100'000 (one hundred thousand francs) will not be accepted. Personal or company cheques are not accepted.

Art. 2. -  The Contract of Sale: The winning bid will be placed in favour of the last online bidder at the date and time indicated in the online auction catalogue. To give all bidders an equal opportunity to bid, any bid placed in the last 5 minutes of the online sale will have an additional time of 5 minutes added to the countdown. This can be repeated until the last bid is placed on the lot.

Art. 3. - Conduct of the Sale; Reserves: Auctions take place exclusively online. If the starting price is not reached, the lot will remain unsold. Lots unsold at auction may be sold by private treaty after the sale, subject to the reserve price.

Art. 4.- Buyer’s Premium and VAT: The purchaser shall pay a buyer’s premium of 25% in addition to the hammer price of each lot, plus VAT at 8.1% calculated on such premium, resulting in a total of 27.03% inclusive of VAT.

No additional charge shall be applied to bids placed via our PIGUET ONLINE platform.

For purchasers bidding via Invaluable, DrouotOnline, ePaiLive, ArtFoxLive and InterEnchères, an additional 3% shall be charged. For purchasers bidding via LiveAuctioneers and Lot Tissimo, an additional 5% shall be charged.

Art. 4a.- VAT on Certain Lots: For lots marked with an asterisk (*), VAT payable by the purchaser shall be calculated on the aggregate of the hammer price and the buyer’s premium, resulting in a total of 35.13% inclusive of VAT.

Art. 4b.- Purchasers domiciled outside Switzerland: For buyers resident outside Switzerland, the VAT collected may be refunded upon presentation of duly completed Swiss customs papers. To avoid administrative fees, reimbursement of VAT will only be allowed if the amount of the VAT is superior to 50 CHF.

Art. 5.- Bidding: Bids must be placed online on piguet.com . The minimum bid is set at 10%, with different bidding increments available online.

Art. 6.- Condition of Lots; No Warranty:  Buyers are invited to inspect lots prior to sale by consultation or via the public viewing period. No claims shall be accepted after the fall of the hammer. Lots are sold “as seen.” Catalogue descriptions are professional opinions and do not constitute a guarantee. Some damage may be noted but the list is not exhaustive. Lots with a low estimate of CHF 1,000 or less have no condition statement. Condition reports are available on request. Photographs, dimensions and weights are for guidance only.

Art. 6a.- Export and Import:  Buyers resident outside Switzerland shall always check the relevant customs laws and regulations before bidding on any lot containing materials derived from species protected under the Washington Convention (CITES) such as, but not only: ivory, tortoiseshell, crocodile skin, rhinoceros’ horn, whalebone or exotic woods. H?tel des Ventes pays particular attention to complete its due diligence duties to ensure that all the objects presented in the catalogue comply with our laws and regulations of Cultural Property (CPTA). However, we are under no obligation to cancel your purchase and refund the amount paid if your lot cannot be exported, imported or if seized by a government authority.

Art. 7. -  Collection of lots: Lots must be collected at the expense and sole risk of the buyer. To avoid delivery errors and complications in invoice settlement, no lot can be collected during the sale. Unless previously agreed, collection is not permitted before full payment of the invoice. Objects may be collected by the buyer according to the Payment and collection of lots as outlined at the front of the catalogue.

Art. 8. -  Damage: Every visitor is responsible for any damages he may cause to any given object in the sale; he may be charged with an amount equal to the average of the object's estimate plus buyer's premium and VAT.

Art. 9. -  Absentee bids: Written bids are executed with care, discretion and free of charge. All cancellations of online or written bids must be made in writing at least 24 hours in advance. To be valid, the cancellation must be signed and confirmed exclusively by the management of Piguet HDV H?tel des Ventes SA.

Art. 10. - Transfer of Risk and Title; Default:  Title of goods therefore any risk passes to the buyer the moment the hammer falls on a lot. However, ownership of a lot can only be assumed after full payment of the invoice. In case of non- payment after three days following the end of the sale, the buyer is liable to judicial prosecution. Cancellation of the sale will ensue after a 30-day period of non-payment if instructed by the vendor however, all fees and other charges will still be due by the buyer. We give no guarantees as to the condition of the frames and glass.

Art. 11. - Admission and Conduct: Piguet H?tel des Ventes reserves the right to refuse admission or participation in any auction or to reject any bids. Any persons obstructing or disrupting the auction will be subject to police sanctions.

Art. 12.- Payment Deadline; Interest; Card Charges: Invoices must be paid within three (3) days of the conclusion of the relevant auction session. Piguet H?tel des Ventes is free to accept or refuse payment by credit card. Debit and credit cards may incur handling charges of between 1% and 3% (plus VAT) of the total amount.

Art. 13.- Reproduction Rights: Piguet H?tel des Ventes may publish, for advertising purposes, photographs of objects sold at auction in its own magazines and/or through other media channels.

Art. 14.- Governing Law and Jurisdiction:  Any dispute concerning the sale is subject to Swiss law and is under the jurisdiction of the Canton of Geneva law courts, regardless of the town or country of residence of the involved parties.

Art. 15.- Storage and Abandoned Property:  Unless otherwise specified, storage fees at a minimum of CHF50 per month and per object will be charged for any lot that has not been collected by the buyer within 8 days following the auction. These lots will be sent into storage at the expense and risk of the buyer. The buyer expressly agrees that the unclaimed lot becomes the property of H?tel des Ventes and authorises the resale as soon as storage costs exceed the price of the low estimate (in the buyer's case) or the reserve price (in the vendor's case). 

NB: unless otherwise stated, the dimensions of paintings and furniture are indicated in centimetres and are written in this order: height x width x depth. Unless otherwise stated, books and watches are measured in millimetres. For the purposes of cataloguing, carpets are designated as “old” if over thirty (30) years old and as “antique” if over eighty (80) years old.

Piguet? and H?tel des Ventes? are registered trademarks of HDV H?tel des Ventes SA – CHE-112.797.222 VAT.