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PLEASE READ THESE CONDITIONS OF SALE AND THE SALE PARTICULARS (AS DEFINED BELOW) CAREFULLY BEFORE PLACING ANY BID ON A LOT.
THESE CONDITIONS OF SALE AND THE SALE PARTICULARS, ALONG WITH THE IMPORTANT NOTICES, SET OUT THE TERMS AND CONDITIONS ON WHICH WE OFFER THE LOTS LISTED ON THE PLATFORM. THESE CONDITIONS OF SALE ALSO DESCRIBE CERTAIN LIMITATIONS AND EXCLUSIONS OF LIABILITY FOR CHRISTIE’S. UNLESS WE OWN A LOT, CHRISTIE’S ACTS AS AGENT FOR THE SELLER (AS DEFINED BELOW).
PLEASE ENSURE THAT YOU HAVE UNDERSTOOD ALL CHARGES, FEES AND TAXES THAT MAY BE APPLIED TO YOUR BID PRICE BEFORE YOU PLACE YOUR BID. THESE WILL DEPEND UPON YOUR PLACE OF RESIDENCE AS DETERMINED WHEN YOU REGISTER TO BID.
Words and expressions which are in bold in these Conditions of Sale have the meaning set out in this glossary.
artist: the individual or entity that created the digital asset.
auction: the listing, auction and sale of the property through the Platform pursuant to this Agreement
auction page: the listing page for the auction of each lot.
authentic: with respect to a digital asset, that the digital asset was directly created by the purported artist of the digital asset, and is not a copy of another file or digital asset by another third party.
authenticity warranty: the guarantee we give in these Conditions of Sale that a lot is authentic.
Authorized User: an individual authorized to execute transactions on behalf of an entity which has a registered transactional account.
bidder: any individual or entity registered to bid for the property through the Platform
buyer: the bidder that provided the highest bid for the property at the conclusion of the auction
blockchain: a distributed digital ledger of transactions maintained by a distributed peer-to-peer computer network that cryptographically validates transactions and records such transactions on the ledger.
commission – a percentage of the hammer price that is allocated and distributed to Christie’s, which is determined in Christie’s sole discretion.
Christie’s: means Christie’s Inc., which is offering to sell a lot either as agent for the seller or as the owner of the lot.
Christie’s Group: Christie’s International Plc, its subsidiaries and other companies within its corporate group.
Conditions of Sale: the Conditions of Sale set out above; Important Information set forth in Paragrah K; the explanation of symbols used in the Sale Particulars; and the explanation of the application of VAT or other similar applicable sales taxes.
digital asset: the digital work which the NFT identifies, and with which the NFT is associated.
digital wallet: a custodial or hosted software-based device, program, service, or hardware, that allows the owner to receive, store and transfer digital assets, including, but not limited to, cryptocurrencies and NFTs, on a blockchain.
digital wallet address: a unique alphanumeric string of characters that is associated with and represents the on-chain address for a digital wallet.
estimate: the price range included in the Sale Particulars within which we believe a lot may sell; low estimate means the lower figure in the range and high estimate means the higher figure; and the mid-estimate is the midpoint between the two.
hammer price: the amount of the highest bid accepted for the sale of the lot
lot: an item to be offered for sale at an auction through the Platform.
lot description: the description of a lot in the Sale Particulars for the sale, as amended by any notice given to you during the auction.
mint: to generate an NFT for a digital asset on a blockchain.
NFT (or non-fungible token): a unique digital certificate that identifies (including through a pointer to, or hash of, the digital asset(s)) and is associated with one or more digital assets, which is held and transferred on a blockchain.
NFT metadata: information included within the NFT that includes at least: the name of the digital asset; a description of the digital asset; and the location of where the digital asset is stored or a hash of the digital asset itself (such as a content identifier).
ongoing NFT payments: any payments made in connection with the sale and any future payments, in each case that may be configured or programmed into the NFT smart contract, including any payments that are triggered when the NFT is transferred from one digital wallet address to another digital wallet address.
other damages: any special, consequential, incidental or indirect damages of any kind or any damages which fall within the meaning of ‘special’, ‘incidental’ or ‘consequential’ under local law
owner: with respect to an NFT, the individual or entity that has the private key to the digital wallet that controls the ability to store or transfer the NFT.
payment period: has the meaning given to it Paragraph G1(a).
Platform: the Christie’s online NFT auction platform hosted on htttps://nft.christies.com, provided by Christie’s to facilitate the display and auction of NFTs
physical component: a physical element associated with a lot.
proceeds of sale: in relation to a lot, the hammer price less the commission and any other amounts owed to us under the seller’s agreement (if any).
provenance: the ownership history of a lot.
purchase price: has the meaning given to it in Paragraph G1(b).
reserve: the confidential amount below which we will not sell a lot.
Sale Particulars: the lot information (the online description of the lot or lots offered for sale together with other information on the sale website relating to a lot and the conduct of the sale); lot notes; payment information; any on- screen notices displayed as part of a sale; the FAQs and any Special Conditions of Sale which apply to any lot or group of lots offered for sale at the same time.
seller: the owner of a lot; this may be either Christie’s or another owner for whom Christie’s acts as agent.
smart contract: The computer code that is executed on a blockchain, including code that can govern the minting and execution of an NFT.
Special Conditions of Sale: any additional conditions which apply to a sale and which are set out in the Sale Particulars.
warranty: a statement or representation in which the person making it guarantees that the facts set out in it are correct.
We do not provide any guarantee in relation to the nature of an NFT lot, and the fact that a lot may be stored on a blockchain should also not be interpreted as, or deemed to be, any guarantee.
Estimates are based on the rarity, quality and provenance of the lot, on prices recently paid at auction for similar property, ongoing NFT payments to any party including the seller, any restrictions on the resale of the NFT and any potential expiry of the NFT. Estimates can change. Neither you, nor anyone else, may rely on any estimate as a prediction or guarantee of the actual selling price of a lot or its value for any other purposes. Estimates do not include any applicable taxes or charges or artist’s resale royalty.
If in our opinion you do not satisfy our bidder identification and registration procedures, including, but not limited to, completing any anti-money laundering and/or anti-terrorism financing checks we may require to our satisfaction, we may refuse to register you to bid or permit your participation in the auction and if you make a successful bid, we may cancel the contract for sale between you and the seller.
The record of sale (Christie’s records which relate to the sale) will be taken as absolute and final in all disputes. In the event of a discrepancy between any online records or messages provided to you and the record of sale, the record of sale will govern.
Christie’s reserves the right, at our complete discretion, to withdraw any lot from the auction, whether prior to or during the auction, and shall have no liability whatsoever with regard to such withdrawal. Upon any withdrawal during the auction, any bid amount locked in the Platform will be released to you.
Employees of Christie’s may be bidding in any auction, however they will have no advantage over other bidders.
The highest bid will be the successful bidder when the lot closes, unless Christie’s decides to use its discretion as set out in Paragraphs D2 and D5 above. This means a contract for sale has been formed between the seller and the successful bidder. Winning bidders will receive an email notification of any successful bid. Bidders are also requested to log in as soon as possible after the sale to obtain details of the outcome of their successful bid by checking the Platform. We do not accept responsibility for notifying you of the result of your bids unless you are successful and you should check as soon as possible after the auction to get details of the outcome of your bid.
While we look to alert you (where applicable) to the fact that ongoing NFT payments are payable in relation to an NFT lot, you alone are responsible for determining the extent of any ongoing NFT payments, including any automated fees, commissions or royalties, in the NFT smart contract, which may be due by you to the seller or other third party upon a subsequent transfer of the lot by you to a third party, and by purchasers of the NFT going forward. Christie’s is not responsible to you for any reason in connection with any ongoing NFT payments, including for making any disclosures to you in connection therewith other than alerting you to the fact that such payments are payable. Ongoing NFT payments that are triggered by the sale itself are deducted from the proceeds of sale.
Certain lots may include and be accompanied by a physical component. Physical components are sold “as is” in the condition that they are in at the time of the sale, without any representation or warranty or assumption of liability of any kind as to the condition by Christie’s or by the seller. Unless otherwise stated, you shall be responsible for any and all shipping charges and related costs associated with shipping, which, for the avoidance of doubt will include international shipping charges from where the lot is located to your designated delivery address. The shipping charges will not include any applicable local taxes and handling fees, any customs duty, import tax and any local clearance fees applicable for your country. It is your responsibility to ascertain and pay any applicable international duties, custom charges, taxes, charges and tariffs owed to the appropriate government entity or that otherwise need to be paid prior to delivery of the physical component.
If you owe money to us or to another Christie’s Group company, as well as the rights set out in Paragraph G4 above, we can use or deal with any of your property we hold or which is held by another Christie’s Group company in any way we are allowed to by law. We will only release this property to you after you pay us or the relevant Christie’s Group company in full for what you owe. However, if we choose, we can also sell your property in any way we think appropriate. We will use the proceeds of the sale against any amounts you owe us and we will pay any amount left from that sale to you. If there is a shortfall, you must pay us any difference between the amount we have received from the sale and the amount you owe us.
Neither we, you, nor the seller will be responsible for any failure to meet any obligation which we, you or the seller has under these Conditions of Sale or under the Sale Particulars which is caused by circumstances beyond our, your or the seller’s reasonable control. This includes, but is not limited to strikes, lock-outs, fire, flood, natural disasters, war, armed conflict, terrorist attack and nuclear and chemical contamination, or network or blockchain issues outside of Christie’s or its service provider’s control.
In addition to the other rights of cancellation contained in these Conditions of Sale, we can cancel a sale of a lot if (i) any of your warranties in Paragraph F2 are not correct; (ii) we reasonably believe that completing the transaction is or may be unlawful; or (iii) we reasonably believe that the sale places us or the seller under any liability to anyone else or may damage our reputation.
We own the copyright in all images, illustrations and written material produced by or for us relating to a lot (including the contents of our Sale Particulars). You cannot use them without our prior written permission. We do not offer any guarantee that you will gain any copyright or other reproduction rights to the lot.
If a court finds that any part of these Conditions of Sale is not valid, or is illegal or impossible to enforce, that part of these Conditions of Sale will be treated as being deleted, and the rest of these Conditions of Sale will not be affected.
You may not grant a security over or transfer your rights or responsibilities under these Conditions of Sale on the contract of sale unless we have given our written permission. These Conditions of Sale will be binding on your successors, estate and anyone who takes over your rights and responsibilities.
If we have provided a translation of these Conditions of Sale, we will use this original version in English in deciding any issues or disputes which arise under these Conditions of Sale.
We will hold and process your personal information and may pass it to another Christie’s Group company for use as described in, and in line with our privacy notice: http://www.christies.com/about-us/contact/privac y/. In addition, if you are a resident of California you can see a copy of our California Consumer Privacy Act statement at https://w w w.christies.com/about-us/contact/ccpa.
No failure or delay to exercise any right or remedy provided under these Conditions of Sale shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.
These Conditions of Sale and any claims arising in connection with these Conditions of Sale or any other rights you may have relating to the purchase of a lot shall be governed by and enforced pursuant to the laws of the State of New York, without regard to conflicts of law. The parties exclude the application of the United Nations Convention on Contracts for the International Sale of Goods. Any dispute, controversy or claim arising out of, relating to, or in connection with these Conditions of Sale, or the breach, termination, interpretation or validity thereof (“Dispute”), shall be submitted for mediation administered by the American Arbitration Association’s International Centre for Dispute Resolution, or its successor (“ICDR”), in accordance with its Mediation Rules. If the Dispute, or any portion of the Dispute, is not settled within 60 days from the date when mediation is initiated, then, except in the circumstances specified below, the Dispute shall be submitted for binding arbitration administered by ICDR in accordance with its International Arbitration Rules. The arbitration shall be conducted by one arbitrator, who shall be appointed within 30 days after the initiation of the arbitration. Pre-hearing information exchange shall be limited and the arbitrator shall order the reasonable production of documents only upon a showing that such documents are relevant and material to the outcome of the Dispute. The arbitrator may grant any remedy or relief available under applicable law, including, without limitation, injunctive relief. The arbitration, its existence, content or results shall be confidential and shall not be disclosed to non-parties to the arbitration, except to the extent necessary to confirm an arbitration award, enforce a judgment or where disclosure is required by law. The arbitration award shall be final and binding on all parties involved. Judgment upon the award may be entered by, and enforcement of the award (including interim awards for injunctive relief) may be sought in, any court having jurisdiction over the relevant party or its assets. The arbitration and any proceedings conducted hereunder shall be governed by applicable New York law, Title 9 (Arbitration) of the United States Code and by the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of June 10, 1958 (the “Convention”). The place of any mediation or arbitration shall be New York, New York, and the language of any mediation or arbitration shall be English. Despite these provisions we may bring proceedings against you in any court having jurisdiction over the matter, instead of arbitration, in the event that either you fail to make any payment to us in full cleared funds when due, or you or assets belonging to you are located in a jurisdiction that is not a signatory to the Convention. If we bring court proceedings against you the Dispute shall be resolved in such proceedings, and neither of us shall have the right to arbitrate any portion of the Dispute. WE EACH WAIVE ANY RIGHT TO TRIAL BY JURY.
This is a UK Margin Scheme supply tax in accordance with Art. 333 of 2006/112/EC.
Lot is subject to standard UK VAT rules and 20% VAT will be charged on the ‘hammer’
VAT Zero-rated items (UK only).
Lot imported under Temporary Admission. 5% UK import VAT will be chargedon the ‘hammer’ and invoiced on an inclusive basis under UK Margin Scheme rules.
Lot imported under Temporary Admission. Customs duty at the applicable rate will be charged on the ‘hammer’ and 20% UK import VAT will be charged on the duty inclusive ‘hammer’ price.
This is a French Margin Scheme supply tax in accordance with Art. 333 of2006/112/EC.
Lot is subject to standard French VAT rules and 20% VAT will be charged onthe ‘hammer’.
This is a Netherlands Margin Scheme supply tax in accordance with Art. 333 of2006/112/EC.
Lot is subject to standard Netherlands VAT rules and 21% VAT will be charged on the ‘hammer price.’
Lot is subject to Netherlands VAT rules and the reduced rate of 6% VAT for books will be charged on the ‘hammer.’
7.7% VAT will be charged on the ‘buyers’ premium’
Lot is subject to standard Swiss VAT rules and 7.7% VAT will be charged onthe ‘hammer’ and the ‘buyer’s premium’.
5% Import Duty will be applied to the hammer price. Duty paid in Dubai is treated as final duty payment as per GCC’s customs laws. Import VAT at 5% will be applied to the Duty inclusive hammer price.
The meaning of words in bold in this section can be found in the Glossary.
º Christie’s has a direct financial interest in the lot. See “Important Notices” in Paragraph K.
Δ Owned by Christie’s or another Christie’s Group company in whole or part.
Christie’s has a direct financial interest in the lot and has funded all or part of our interest with the help of someone else. See “Important Notices” in Paragraph K.
¤ Bidding by interested parties.
∆ Property owned in part or in full by Christie’s:
From time to time, Christie’s may offer a lot which it owns in whole or in part. Such property is identified in the catalogue with the symbol ∆ in the Sale Particulars. Where Christie’s has an ownership or financial interest in every lot in the catalogue, Christie’s will not designate each lot with a symbol, but will state its interest in the front of the catalogue.
º Minimum Price Guarantees:
On occasion, Christie’s has a direct financial interest in the outcome of the sale of certain lots consigned for sale. This will usually be where it has guaranteed to the seller that whatever the outcome of the sale, the seller will receive a minimum sale price for the work. This is known as a “minimum price guarantee”. Where Christie’s holds such financial interest we identify such lots with the symbol º in the Sale Particulars.
º ♦ Third-Party Guarantees/Irrevocable bids:
Where Christie’s has provided a minimum price guarantee it is at risk of making a loss, which can be significant, if the lot fails to sell. Christie’s therefore sometimes chooses to share that risk with a third party who agrees prior to the auction to place an irrevocable written bid on the lot. If there are no other higher bids, the third party commits to buy the lot at the level of the irrevocable written bid. In doing so, the third party takes on all or part of the risk of the lot not being sold. Lots which are subject to a third-party guarantee arrangement are identified in the Sale Particulars with the symbol º ♦.
In most cases, Christie’s compensates the third party in exchange for accepting this risk. Where the third party is the successful bidder, the third party’s remuneration is based on a fixed financing fee. If the third party is not the successful bidder, the remuneration may either be based on a fixed fee or an amount calculated against the final hammer price. The third party may also bid for the lot above the irrevocable written bid. Where the third party is the successful bidder, Christie’s will report the purchase price net of the fixed financing fee.
Third-party guarantors are required by us to disclose to anyone they are advising their financial interest in any lots they are guaranteeing. However, for the avoidance of any doubt, if you are advised by or bidding through an agent on a lot identified as being subject to a third-party guarantee you should always ask your agent to confirm whether or not he or she has a financial interest in relation to the lot.
¤ Bidding by parties with an interest
When a party with a direct or indirect interest in the lot who may have knowledge of the lot’s reserve or other material information may be bidding on the lot, we will mark the lot with this symbol ¤ . This interest can include beneficiaries of an estate that consigned the lot or a joint owner of a lot. Any interested party that successfully bids on a lot must comply with Christie’s Conditions of Sale, including paying the lot’s full buyer’s premium plus applicable taxes.
In certain instances, after the catalogue has been published, Christie’s may enter into an arrangement or become aware of bidding that would have required a catalogue symbol. In those instances, a pre-sale or pre-lot announcement will be made.
Christie’s may enter into other arrangements not involving bids. These include arrangements where Christie’s has given the seller an advance on the proceeds of sale of the lot or where Christie’s has shared the risk of a guarantee with a partner without the partner being required to place an irrevocable written bid or otherwise participate in the bidding on the lot. Because such arrangements are unrelated to the bidding process they are not marked with a symbol in the Sale Particulars.
Please see http://w w w.christies.com/buying-services/buying-guide/financial-information/ for a more detailed explanation of minimum price guarantees and third-party financing arrangements.
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