THE AUCTION PROCESS
The auction process is not as daunting as you may think, especially if you have selected Antiquorum as your auctioneer. Antiquorum and its team of experts strive to help you, the client, buy and sell at auction with ease and confidence. To walk you through the process, Antiquorum has outlined the important steps you should know in order to successfully purchase or consign timepieces at auction.
THE AUCTION CATALOGUE
Lot descriptions provide technical data carefully compiled by our experts for each lot in the sale and are often enhanced by historical or biographical comments.
• Estimates are listed at the end of each lot description and are an indication of the price range the lot is expected to fetch. Estimates do not include the buyer’s premium or sales tax.
• An estimate indicated by three stars * * *, advises clients to contact Antiquorum for more information.
• Condition Reports are given for each lot in the catalogue based on a grading system developed by Antiquorum’s experts. This grading system is explained at the end of the auction catalogue.
• Buyers are advised to read the Conditions of Sale (at the end of the auction catalogue or online) and Important Notices (at the beginning of the auction catalogue or online) before bidding at auction.
• Auction catalog for traditional auctions can be viewed at www.antiquorum.swiss
REGISTERING TO BID IN THE TRADITIONAL AUCTION
BIDDING IN THE SALEROOM
Bid forms should be completed and signed, then faxed to Antiquorum at Fax. +1 41 (0)22 909 28 60 or mailed to 3, rue du Mont Blanc, 1201 Geneva. E-mail bids can be submitted, but must be followed-up (by mail or fax) with a signed bid form. Absentee bids will be processed on your behalf at auction by Antiquorum’s
staff. This service is free of charge and Antiquorum’s staff will execute the bids at the lowest possible price, taking into account the reserve and other bids. Antiquorum cannot be held responsible for errors, omissions or late-arriving bids.
In the event that two identical bids are received, the first bid received by Antiquorum will take precedence. It is very important that the bidder lists a daytime telephone number in case any part of the bid form is unclear. It is advisable to send the bid form in good time before the auction, especially in the case of new buyers, whose bank references will be checked.
Bids submitted in a foreign currency will be converted to CHF using the exchange rate on the day of the sale.
*Please note that all bid cancellations must be received in writing.
Antiquorum prior to each auction and details of these exhibitions are found at the beginning of every catalogue or online. Previews are open to the public and prospective buyers are encouraged to view and examine lots offered for sale prior to making their purchases.
You may also participate in Antiquorum auctions by telephone. This service is free of charge and telephone bids will be executed by an Antiquorum staff member in the saleroom.
CLIENTS ARE ADVISED TO MAKE ARRANGEMENTS FOR TELEPHONE BIDS AT LEAST TWO DAYS BEFORE THE SALE.
All telephone bids must be confirmed in writing on a completed bid form. Please provide the telephone number(s) at which you can be reached during the sale. Bid forms should be completed and signed, then faxed to Antiquorum at Fax. +1 41 (0)22 909 28 60 or emailed to registration@antiquorum. swiss.
Antiquorum will call you during the auction approximately 3 to 10 lots before the lot(s) on which you wish to bid. Language assistance for telephone bidding is available in English, French, German, Italian, Mandarin, Cantonese and Japanese.
Please note that all bid cancellations must be received in writing.
Auctions are conducted in Swiss Francs in Geneva, and in HK Dollars in Hong Kong. A currency conversion board is made available in each saleroom and online, indicating approximate exchange rates for various major currencies.
Bidding usually opens below the low estimate figure of each lot and generally advances in increments of 10%, for example:
from CHF 500 to 1,000 by CHF 50
from CHF 1,001 to 2,000 by CHF 100
from CHF 2,001 to 5,000 by CHF 200
from CHF 5,001 to 10,000 by CHF 500
from CHF 10,001 to 20,000 by CHF 1,000
from CHF 20,001 at the auctioneer’s discretion
When the auctioneer’s hammer falls, the final bid has been reached and the auctioneer will record the bidder’s paddle number, or the absentee bid number. If your bids have been successful, you will be notified by means of an invoice sent by e-mail. You are also welcome to call Antiquorum the day after the auction to request the outcome of your bids.
LOTS SOLD WITHOUT RESERVE
When the entire first part of the description is in red, this indicates that the lot is to be sold without reserve, as is also stated beneath or alongside the description.
Payment for purchased lots at any Antiquorum auction is due within 7 days of the sale date.
• For traditional auctions, the buyer’s premium is: 25% of the hammer price on each lot up to and including CHF 100,000, 20% from CHF 100,001 to CHF 1,500,000 and 12% from CHF 1,500,001.
• Extended payment terms or special credit terms can be arranged on occasion.
• For information regarding payment policies, please contact accounting department at Antiquorum Auctioneers (Geneva), Tel. +1 41 (0)22 909 28 50.
• PAYMENT METHODS Payment may be submitted in cash, by wire transfer, check or credit card (restrictions apply).
• WIRE TRANSFER Please refer to the wire transfer instructions as shown on your customer invoice.
• CASH, MONEY ORDERS OR TRAVELERS CHECKS is limited to the equivalent of CHF 10,000.
• CREDIT CARDS Major credit cards are accepted (3% service charge for MasterCard, Visa and 2,59% for American Express).
SHIPPING & INSURANCE
Winning lots (watches only) are exported to our Hong Kong office for buyers having selected the collect point Hong Kong.
All others will be shipped directly to their location as per buyer‘s instructions.
Please note that buyers are responsible for all shipping fees and any other applicable fees including value added tax, customs duties etc… for importation to their respective countries.
Due to the change in our Global Shipping Policy, all winnings lots from the Geneva auction with shipping destination in the USA, will be shipped directly from Geneva.
In addition, purchased items will no longer be available for pick-up at Antiquorum USA, Inc., New York.
ONLINE BIDDER REGISTRATION
• Register, providing the bidder’s name, address, telephone,email address, credit card details.
NOTE: First time bidders are required to provide a valid ID (passport, identity card or driver licence) and credit card information.
• Accept Antiquorum’s terms and conditions of sale.
• Submit registration form to Antiquorum’s fully secure website.
• Approved bidders will receive an email confirmation to bid online in the auction.
Once the auction catalogue is available online, prospective buyers can register or place absentee bids online. Absentee bids are accepted online up until three hours prior to the start of the live interactive auction. On auction day, registered online bidders connect to www.antiquorum.swiss to follow instructions for live interactive bidding.
For collectors who simply want to follow the live auction in progress, no registration is needed to view a live internet broadcast made available on auction day. For additional information about the online bidding system, terms andconditions of use and sale, please visit www.antiquorum.swiss
ONLINE INTERACTIVE AND ABSENTEE BIDDING
Antiquorum’s fully secure online interactive bidding system allows prospective buyers to place interactive bids and absentee bids directly through www.antiquorum.swiss for all traditional auctions worldwide. Especially designed to offer the suspense and excitement of a traditional auction room, Antiquorum’s online interactive bidding system allows buyers worldwide to bid as safely and comfortably as if they were in the saleroom.
THE SYSTEM OFFERS MANY FEATURES TO
FACILITATE THE ONLINE BIDDING PROCESS:
• The lot number with its image, description
• Bid history for all previous bids on the current lot buyers are bidding upon.
• Access to a HELP LINE in the event of a connection failure.
• Auction monitoring in major currencies
Antiquorum’s online interactive bidding system also offers buyers the option to place an online absentee bid. Absentee bids are
accepted by the online server up to three hours before the start of the live interactive auction. To help familiarize prospective
buyers with Antiquorum’s online bidding system, a bidding simulator is available on www.antiquorum.swiss
STATEMENT OF CONDITION
Antiquorum provides descriptions of watches and clocks and their condition in this catalogue as a service to prospective buyers. Any such description or condition are statements of opinion for general guidance and should not be treated as statements of fact. All lots are sold “AS IS” at the moment of “knock-down” and cannot be returned on the grounds that repairs have been made or parts supplied by anyone than the named makers. All watches shall be viewed personally to evaluate their condition prior to the auction.
Although we endeavor to mention in our descriptions significant defects, needed repairs, absent stones and the like, we do not guarantee that the descriptions are comprehensive. Please note that descriptions may not specify all mechanical defects, replacement of original parts, or authenticity of individual component parts (such as wheels, hands, crowns, crystals, screws, bracelets, buckles, deployant clasps and leather bands since subsequent repairs and restoration work may have resulted without Antiquorum’s knowledge.) Furthermore, we make no judgments as to whether diamond dials or diamond bezels originated at the factory or are later additions. We do not guarantee the accuracy or operation of any watch function such as timekeeping, chronograph, calendar, repeat or register. Buyers are advised that boxes, certificates or any other accessories are not available unless stated otherwise.
The dimensions given in the catalogue descriptions are overall tip-to-tip and most often include the lugs. Buyers of water-resistant and waterproof watches are strongly encouraged to have such watches inspected by a competent watchmaker of their choice upon purchase since these watches have been opened by the Antiquorum watch experts during cataloging. Watches may not be taken apart whilst on view without consent of Antiquorum’s watch experts.
Antiquorum will accept requests for condition reports with additional photographs via email at geneva@antiquorum. swiss. To best accommodate any requests, please submit all inquries no later than two days prior to the sale date. Kindly limit the number of requests to the lots of serious interest. Antiquorum shall have no responsibility for any error or omission in the condition reports and may not specify all mechanical replacements, imperfections, repairs, restorations or the effects of aging in the movement, case or dial.
• Antiquorum Geneva now takes credit cards as payment for lots won at auction.
• 3.0% service charge for MasterCard and Visa and 2.59% charge for American Express.
In addition to the hammer price, the buyer’s premium is payable as follows: 25% of the hammer price on each lot up to and including CHF 100,000, 20% from CHF 100,001 to CHF 1,500,000 and 12% from CHF 1,500,001.
IMPORT/EXPORT RESTRICTIONS AND TAXES
Buyers are advised that Antiquorum will remove bands made of materials derived from endangered or otherwise protected species (i.e. alligator, caiman, lizard, snake…) prior to shipping lots abroad. Buyers are responsible for compliance with any applicable export and import regulations. Moreover certain items made of tortoiseshell, ivory may be subject to importation restrictions in certain countries. Please consult your local customs authority for information on importing items made of these materials. The Buyer is responsible for the payment of all applicable import and export duties and taxes related to the lots purchased.