Conditions of Sale for Online Auctions
These Conditions of Sale for Online Auctions ("these Conditions"), the Important Notices and the Appendix set out the terms on which Artwide International H.K. Limited of Room 1104, Crawford House, 70 Queen’s Road Central, Central, Hong Kong (referred to as "Artwide", "we", "us", "our" and "ourselves" in these Conditions) and Sellers offer their Lots for sale. By registering to bid and/or by bidding at an Auction, you agree that these terms are contractually binding on you, so you should read them carefully before doing so.
1. DEFINITIONS AND INTERPRETATION
1.1. In these Conditions, unless otherwise defined or context otherwise requires, the following expressions shall bear the same meanings as set out below:
| "Artwide Group Company" | Artwide International H.K. Limited, its subsidiaries and any other companies within our corporate group |
| "Artwide Platform" | means our website (www.artwide.com), which enables you to bid for and buy a Lot through an Online Auction |
| "Authentic" | means being true, real and genuine as to the information of a Lot described in the work details including: (i) the identity of the artist, author or manufacturer of a Lot; (ii) a particular period or culture during which a Lot is created; and (iii) a particular origin or source of a Lot |
| "Authenticity Warranty" | refers to warranties given by us in clause 8.2, subject to limitations and requirements therein |
| "Business Day" | means each day upon which banks are generally open for business in Hong Kong, other than a Saturday and Sunday or a public holiday |
| "Buyer" | means a successful bidder of a Lot under clause 6.3 |
| "Buyer’s Premium" | the charge each Buyer pays us along with the Hammer Price, which is calculated in accordance with clause 7.1 |
| "Due Date" | in respect of an Online Auction, the 10th Business Day after the date of the Online Auction |
| "Estimate" | the price range included in the Sale Particulars within which we believe a Lot may be sold to you |
| "Hammer Price" | the amount of the highest bid for the sale of a Lot via the Online Auction |
| "High Estimate" | the higher figure in the Estimate |
| "Low Estimate" | the lower figure in the Estimate |
| "Online Auction" | in relation to a Lot, refers to the auction held in our online auction platform through which the Seller of the Lot sells the Lot to the Buyer |
| "Purchase Price" | the purchase price determined in accordance with clause 10.1 |
| "Reserve" | The confidential amount below which we will not sell a Lot during an Online Auction |
| "Sale Particulars" | in relation to a Lot, include the information of the Lot (such as online description of the Lot offered for sale in our Online Auction, together with any other information on our website relating to the Lot and the conduct of the sale), Lot notes, any payment information, any on-screen notices displayed as part of a sale, the FAQs, and any additional conditions which may apply to the Lot offered for sale in our Artwide Platform |
| "Seller" | in relation to a Lot, the person who owns the Lot at the time the sale of the Lot is completed |
| "User" | means a registered and approved user of the Artwide Platform |
1.2. Reference to any parties herein shall, where the context permits, include their respective successors and permitted assigns.
1.3. Reference to a statute or statutory provision herein includes a reference to it as from time to time amended, extended or re-enacted (with or without modification).
1.4. References to persons herein include references to individuals, bodies corporate, firms, companies, government, state or agencies of a state or any joint venture, association, or partnership (whether or not having separate legal personality), references to the singular shall include the plural and vice versa and references to one gender include references to any other genders.
1.5. References to clauses herein are references to clauses of these Conditions unless otherwise stated.
1.6. The headings herein are inserted for convenience only and do not affect its construction.
1.7. The Important Notices and the Appendix to these Conditions shall be deemed to form part of these Conditions.
2. SELLER
2.1. We may sell a Lot as the Seller or the Seller’s agent. If a Lot is owned by us, we will be the Seller. If a Lot is owned by a third party, that third party will be the Seller, whose identity will not be disclosed to you.
2.2. Where a third party is a Seller, we will be selling the Lot owned by the Seller as the Seller’s agent, meaning that we are concluding the contract of sale of the Lot on the Seller’s behalf. In other words, the contract of sale of the Lot created by your successful bid is contractually binding between you and the Seller only, and not between you and us. However, we will still give certain contractual undertakings to you, which are further described below in these Conditions.
2.3. The identity of a Seller will be kept confidential and will not be disclosed by us to any Buyer or any other person. Subject to clause 12(f), the identity of a Buyer will be kept confidential and will not be disclosed by us to any Seller or any other person.
3. BEFORE THE SALE
3.1. Description of Lots
(a) Certain words used in the Sale Particulars to describe a Lot have special meanings.
(b) All of our description and report on physical condition of a Lot and other statements (whether made orally or in writing) relating to any Lot, such as their nature, condition, artist, period, materials, approximate dimensions or provenance, are solely based on our opinion and not to be relied on as a statement of fact. We do not carry out any in-depth research, which is carried out by professional historians and scholars.
3.2. Our responsibility for our description of Lots
We do not provide any guarantee in relation to the nature of any Lot save for the Authenticity Warranty set out in clause 8.2.
3.3. Physical condition of Lots
The physical condition of a Lot can vary widely due to multiple factors, such as age, previous damage, restoration, repair and wear and tear. This means that a Lot will rarely be in perfect physical condition. Lots are sold by Sellers to you on "as is" basis, as stated in clause 9.3 below.
3.4. Estimates
Estimates are based on the physical condition, rarity, quality and provenance of a Lot and prices recently paid at auctions for similar property. Estimates may change. Neither you, nor anyone else, may rely on any Estimate as a prediction or guarantee of the actual selling price or value of a Lot for any purposes. For the avoidance of doubt, the Estimates do not include any Buyer’s Premium, applicable taxes or charges, or artist’s resale royalty (if applicable).
4. REGISTERING TO BID
4.1. Registration as a bidder in the Artwide Platform
(a) New bidders: If you have not previously bid and do not have an account on our Artwide Platform, you will need to create an account on the Artwide Platformby following our instructions, such as providing any required information or completing any necessary forms. In order to register and bid in an Online Auction, you must be of legal age in the jurisdiction in which you reside or are subject to.
(b) Returning bidders: If you are a returning bidder who has not bought anything from us in the last two years or if you want to spend more than on previous occasions, we may ask you for updated information. If you have any questions, please contact our Client Services (support@artwide.com).
(c) When you join the Artwide Platform as a User, you accept all terms and conditions set out in these Conditions, together with Artwide’s Terms and Conditions of Sales, Privacy Policy, GDPR Privacy Notice and any other terms and conditions as may be published on the Artwide Platform or notified to you from time to time.
(d) You will need to give us sufficient time to process and approve your registration. We may, at our sole discretion, decline to permit you to register as a bidder.
(e) For the avoidance of doubt, we will ship a Lot only to the designated address which you have provided in accordance with 1(a) below.
4.2. Individual or corporate registration
(a) When registering to bid as an individual, you accept that in making a bid, you are accepting personal liability to pay the Purchase Price. In order to register to bid, you are required to supply the information requested by us, including but not limited to those requested under 3 below.
(b) If you are bidding on behalf of a company, you are accepting personal liability to pay the Purchase Price unless it has been explicitly agreed in writing with us before the commencement of the sale that you are bidding in an Online Auction as an agent of the company acceptable to us and provide documents required for our due diligence purposes listed under clause 3(b) below, in which case the company for whom you are acting as an agent will only be personally liable to pay the Purchase Price. As an authorized agent of the company, you must select the appropriate registered account of the company at time of sale. If the company does not already have a registered account with us, you will first need to create one as an authorized person. Please contact our Client Services (support@artwide.com) to set up a transaction account for the company.
5. ANTI-MONEY LAUNDERING DOCUMENTATION
5.1. As these Conditions are subject to Hong Kong law, we will request you to provide certain documents and information to satisfy our client identification and verification and other due diligence requirements under anti-money laundering and counter-financing of terrorist regulations before you can become a registered bidder and participate in an Online Auction.
5.2. Failure to provide the required documents
If in our opinion you do not satisfy our bidder identification and registration procedures to our satisfaction, including, but not limited to, completing any anti-money laundering or anti-terrorism financing checks, we may refuse to register you to bid or permit your participation in the sale of a Lot in an Online Auction. Even if you make a successful bid, we may cancel the contract for sale between you and the Seller.
5.3. Documents or deposits required from a registered bidder
(a) If you are registered as an individual bidder, you shall provide us with certified copies of the following documents:
(i) valid government-issued identification documents (i.e. national identity card or passport); and
(ii) documentary evidence of your current address, which shall be limited to a utility bill or bank statement issued within previous 3 months).
(b) If you are registered as a corporate bidder, you shall provide us with certified copies of the following documents:
(i) documentary evidence of registration as a company (i.e. Certificate of Incorporation, Certificate of Formation or Certificate of Good Standing);
(ii) documentary evidence of beneficial ownership (i.e. register of shareholders, articles of organization or association, or any other constitutional documents of a company);
(iii) documentary evidence of registered address (i.e. utility bill, storage contract or bank statement, if the registered address is not listed on company documents);
(iv) valid government-issued identification documents of an authorized person of a corporate client who is participating in an Online Auction as a registered bidder (i.e. national identity card or passport);
(v) documentary evidence of a current address of an authorized person of a corporate client who is participating in an Online Auction as a registered bidder (i.e. utility bill or bank statement issued within previous 3 months);
(vi) authorization letter or board resolution duly signed by a director of a corporate client authorizing the registered bidder to bid at an Online Auction on its behalf and, where applicable, chopped with company stamp;
(vii) documentary proof of directors and beneficial owners of a corporate client (i.e. register of directors and shareholders); and
(viii) a shareholding ownership structure diagram signed by a director of a corporate client.
(c) For trusts, partnerships, offshore companies and other business structures, please contact our Client Services (support@artwide.com) in advance to discuss our requirements.
(d) Where any payment is required to be made to us for the purchase of a Lot in an Online Auction, you shall provide information and documentary evidence to establish the source of the funds sought to be paid to us for the purchase of a Lot to our satisfaction, failing which we may refuse to disclose our bank account information and/or (in the event payment has already been made to us) to process onward payment to the Seller.
(e) We may also ask you to give us a financial reference and/or a deposit as a condition of allowing you to bid. We may also require deposits of a portion of a placed bid, which we will use to offset the appropriate portion of the Purchase Price only if you become a successful bidder and otherwise will be promptly returned to you if you do not become a successful bidder. For further information or help, please contact our Client Services (support@artwide.com).
(f) In the event that we require a physical copy of the document required under this clause, you shall be liable to pay any courier or delivery charges which may incur.
6. AUCTION
6.1. Reserves
(a) Unless otherwise indicated, the sale of each Lot is subject to a Reserve, meaning that a Lot shall not be sold at an Online Auction for a price which is lower than the Reserve of the Lot.
(b) We reserve the right to lower the Reserve of any Lot during an Online Auction.
6.2. Bidding increments
(a) Bids may only be submitted between the dates and times specified in the Sale Particulars of a Lot.
(b) As soon as you place and confirm your bid amount, the bid is submitted and you accept and agree that submitted bid is final and that you may not, under any circumstances, amend, retract or revoke your bid. We are not responsible for any errors you make in bidding. Once you have made a bid, the next bidding increment is shown for your convenience on your "Place Bid" button.
(c) Bidding generally opens at or up to 10% below the Low Estimate as determined at our sole discretion. Bidding increases in bidding increments as follows (or in such other increment as may be determined by Artwide from time to time):
| Bid amount |
Bidding increment (where each bid increases the bid amount by) |
| USD0 to USD35,000 | USD1,000 |
| USD35,001 to USD100,000 | USD2,500 |
| USD100,001 to USD350,000 | USD5,000 |
| USD350,001 to USD1,000,000 | USD10,000 |
| USD1,000,001 to USD3,500,000 | USD25,000 |
| USD3,500,001 to USD10,000,000 | USD50,000 |
| USD10,000,000 and above | USD100,000 |
(d) Currency Calculator: We may show bids in some major currencies, as specified in the Sale Particulars. Any conversion is for guidance only and we are not bound by any rate of exchange shown by the currency calculator. We are not responsible for any error (human or otherwise), omission or breakdown in providing these services.
6.3. Successful bids in Online Auctions
A successful bid will be the highest bid when an Online Auction closes, unless we decide otherwise in exercise of our discretion as set out in clause 6.9 below. The successful bidder will receive email notification of its successful bid. Unless you are the successful bidder, we do not accept responsibility for notifying you of the result of your bids and you should promptly check the outcome of your bids after the sale.
6.4. Record of the sale
Our record of 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 our record of sale, our record of sale will supersede online records or messages which you have received.
6.5. Withdrawal of Lots
We reserve the right to withdraw any Lot from the sale in our complete discretion, whether prior to or during an Online Auction, and shall have no liability whatsoever with regard to such withdrawal.
6.6. Employee bidding
Our employees may participate in bidding in any Online Auction, but they will have no advantage over other bidders.
6.7. Closing of a Lot
The closing time for the Online Auction of each Lot or a countdown clock indicating the time left for the Online Auction is displayed on the description page of the Lot, and the Online Auction for each Lot shall be closed when the closing time is reached or the countdown is completed (as the case may be and as may be determined by Artwide in our discretion).
6.8. Connectivity and technical issues
(a) Broadband or other internet capacity constraints, corporate firewalls and other technical problems beyond our reasonable control may create difficulties for some users including, but not limited to, accessing and maintaining access to sales of a Lot in an Online Auction.
(b) We will not be liable to you for any losses arising directly or indirectly from any connectivity and technical issues in connection with our Artwide Platform in accordance with clause 2(c).
(c) We do not accept liability for any errors or omissions in connection with our Artwide Platform, such as any errors in the quality of digital image of any Lot.
6.9. Our discretion in relation to bidding and/or purchase during Online Auction
(a) We reserve the following rights in our absolute discretion:
(i) to reject your registration to bid;
(ii) to reject, revoke or refuse to accept any bid (including previously accepted bids);
(iii) to withdraw or divide any Lot or combine any two or more Lots;
(iv) to restart or continue the bidding even if the bidding has finished, either during or after the sale of a Lot; and
(v) to continue the bidding, determine the successful bidder, cancel the sale of a Lot, or re-offer or re-sell any Lot, where there is any error or dispute during or after the sale of the Lot.
You accept that any of our abovementioned decisions is final and shall not be challenged in any way.
(b) We reserve the right to disable or deactivate your account at any time during an Online Auction or the sale.
7. OUR RIGHTS TO CHARGE
7.1. Buyer’s Premium
(a) We will charge you the Buyer’s Premium on the Hammer Price of each Lot sold. The Buyer’s Premium is charged on the Hammer Price at the following rates:
(i) 14.5% on the Hammer Price up to USD1,500,000.00; plus
(ii) 9.5% on any part of the Hammer Price equal to or over USD1,500,000.01.
(b) A total sum of the Buyer’s Premium charged by us will be cumulative sum of the Buyer’s Premium charged on the Hammer Price determined in accordance with clause 1(a) above.
7.2. Taxes
(a) You, as a successful bidder, are responsible for ascertaining and paying all applicable taxes levied including, but not limited to, any sales or compensating use tax or equivalent tax wherever such taxes may arise on the Hammer Price, Buyer’s Premium, or any other charges relating to a Lot.
(b) Tax liability and tax rates depend on the particular circumstances of the Buyer so this section should be used only as a general guide, and we recommend you obtain your own independent tax advice.
(c) As for any purchased Lot which we ship, sales or use tax may be levied on the Hammer Price and Buyer’s Premium, and any other charges relating to a Lot may be levied, depending on the matters such as the origin of the Lot, or the residency or tax residency of the Buyer. The applicable sales tax rate may also be determined based upon the state, county, or locale to which the Lot will be shipped. We will collect sales tax for a Lot, if legally required.
(d) If you claim any exemption from sales tax levied in any jurisdictions, you must provide appropriate documentation to us, prior to the release of the Lot by us or within 90 days after the sale, whichever is earlier.
7.3. Artist’s Resale Royalty
In certain countries, local laws entitle the artist or the artist’s estate with artist’s resale right under which either of them can claim a royalty from you or a Seller when a Lot created by the artist is sold to you. If a Lot is subject to an artist’s resale right, you must pay us an extra amount equal to the royalty, unless the applicable law requires the payment to be made by a Seller. If artist’s resale royalty is applicable, we may calculate the same using the exchange rate applicable on the day of the sale. We will forward the royalty received from you to the appropriate government authority on your or a Seller’s behalf.
7.4. Shipping charges
(a) Unless otherwise stated, any shipping charges you will be required to pay include international shipping charges for delivery of a Lot to your designated delivery address. The shipping charges will not include (i) any applicable local taxes and handling fees; and (ii) any customs duty, import tax and any local clearance fees applicable to your country.
(b) Where the Buyer elects the Lot to be shipped by our nominated shipper and agrees with the quote provided by them, the Buyer will be responsible and separately charged for all shipping charges.
(c) It is your responsibility to ascertain and pay any applicable international duties, custom charges, taxes, charges and tariffs owed to the appropriate government entity, and any other charges that need to be paid prior to shipment or delivery of the purchased Lot, including, but not limited to, any third-party charges necessary to facilitate shipment as well as any necessary insurance charges. For the avoidance of doubt, Artwide is not responsible for any payment in connection with the clearance of customs or the shipment of the Lot or taking out any insurance for a shipment.
8. WARRANTIES AND CONDITIONS
8.1. Seller’s warranties
(a) The Seller of a Lot gives you the following warranties that the Seller:
(i) is a legal owner of the Lot or a legal joint owner of the Lot acting with the permission of the other co-owners, or a person who is authorized by the legal owner of the Lot or under law to sell the Lot; and
(ii) has the right to transfer title and ownership of the Lot to a Buyer without being subject to any restrictions or claims by any third parties.
(b) If any of the above warranties are incorrect, the Buyer shall not be obliged to pay the Purchase Price.
(c) The Seller shall not be responsible to you for any reasons for loss of profits or business, expected savings, loss of opportunity or interest, costs, expenses or any special, consequential, incidental or indirect damages of any kind or any damages which fall within the meaning of ‘special’, ‘incidental’ or ‘consequential’ under applicable local law.
(d) The Seller of a Lot gives no warranty in relation to the Lot other than as set out above in this clause and the Authenticity Warranty (if applicable) and, as far as permitted by law, any other warranties or obligations of the Seller which may be added to these Conditions by applicable law are excluded.
8.2. Our Authenticity Warranty
(a) We warrant that that each Lot listed for the Online Auctions are Authentic, subject to the following limitations below:
(i) The Authenticity Warranty do not apply if you have failed to give us a written notice of your claim within a period of three (3) months from the date of the sale;
(ii) The Authenticity Warranty is given only for information shown in the title description of the Sale Particulars of a Lot;
(iii) The Authenticity Warranty does not apply where the title description of the Sale Particulars of a Lot either matched the generally accepted opinion of experts or drew attention to any conflict of opinion at the time of sale;
(iv) The Authenticity Warranty does not apply if a Lot can only be shown not to be Authentic by a scientific process which (i) was not available or generally accepted for use; (ii) was unreasonably expensive or impractical; or (iii) was likely to have damaged a Lot, on the date we published the Sale Particulars; and
(v) The benefit of the Authenticity Warranty is only available to the original Buyer shown on the invoice for a Lot issued at the time of the sale and only if on the date of the notice of claim, the original Buyer is the full legal owner of the Lot and the Lot is free from any claim, interest or restriction by anyone else. The benefit of this Authenticity Warranty may not be transferred to anyone else.
(b) In order for you to claim under the Authenticity Warranty from us and to be entitled to the refund of your Purchase Price, you must:
(i) give us a written notice of your claim, together with full supporting evidence of such claim if we require, within one (1) year of the date of the Online Auction;
(ii) if requested by us, obtain written opinions of two recognized experts in the field of the Lot mutually agreed by you and us confirming that the Lot is not Authentic (and if we have any doubts, we reserve the right to obtain additional opinions at our expense without your consent); and
(iii) return the Lot at your expense to the place from where it was shipped to you in the physical condition it was in at the time of sale.
(c) For the avoidance of doubt, your only right under this Authenticity Warranty is to cancel the sale and receive a refund of the Purchase Price paid by you to us. We will not, in any circumstances, be required to pay you more than the Purchase Price nor will we be liable for any reason for loss of profits or business, expected savings, loss of opportunity or interest, costs, expenses or any special, consequential, incidental or indirect damages of any kind or any damages which fall within the meaning of ‘special’, ‘incidental’ or ‘consequential’ under applicable local law.
8.3. Disclaimer of additional warranties by us and the Seller
(a) To the fullest extent permissible under applicable law, we and the Seller disclaim and exclude any and all other warranties of any kind relating to a Lot and the Artwide Platform, save for the Authenticity Warranty in clause 2 above.
(b) Save for our warranties set out above in clauses 1 and 8.2 and any warranty of any kind required by any applicable local law and regulations, no representation, warranty, guarantee or assumption of liability of any kind in respect of a Lot with regard to merchantability, fitness for a particular purpose, description, size, quality, physical condition, attribution, Authenticity, rarity, importance, medium, provenance, exhibition history, literature, or historical relevance are contained in these Conditions.
(c) We make no warranty and have no responsibility whatsoever to any person other than the Buyer of a Lot, and any rights granted to you under these Conditions shall not be transferred to anyone else.
(d) Our liability to you in any way shall be limited to the Purchase Price defined in clause 3 below, and we shall not be liable to you for any reason for any special, consequential, incidental or indirect damages of any kind or any damages which fall within the meaning of ‘special’, ‘incidental’ or ‘consequential’ under applicable local law.
8.4. Your warranties
You warrant that the funds used for payment of the Purchase Price are not connected with any criminal activity, including tax evasion, and that you and the company which you are acting for as an authorized person (if applicable) are neither under investigation, nor you and such company has been charged with or convicted of money laundering, terrorist activities or any other crimes.
9. BUYER’S CONDITIONS
9.1. You will be bound by the purchase of a Lot once you have become a successful bidder in the Online Auction.
9.2. You are advised to carry out your own inspections and investigations into a Lot and satisfy yourself or consult with your own experts prior to purchase of the Lot.
9.3. All Lots are sold by the Sellers on "as is" basis, meaning that you purchase a Lot with full knowledge of physical condition of the Lot at the time of the sale, without reliance on any representation, warranty, or assumption of liability of any kind as to physical condition of the Lot made by us or the Seller. A physical condition report from us or the Seller may be available on your request, but you should conduct your own inspection.
9.4. It is your sole responsibility to identify and obtain any necessary import, export, endangered species, or any other permit for a Lot. We make no representations or warranties as to whether a Lot is or is not subject to any export or import restrictions. The denial of any permit or licence shall not justify the cancellation of the purchase of a Lot or any delay in payment.
9.5. Following the purchase of a Lot, payment is due by the Due Date in accordance with clause 1 below and should be made by any of the payment modes stipulated in clause 10.2 below. For the avoidance of doubt, all invoices will be sent via e-mail by us and shall be deemed to have been received by you at the time such e-mail is sent by us.
9.6. We do not accept cash, credit card or cheque payments for purchasing Lots.
9.7. We reserve the right to decline payments received from a third party who is not our registered bidder in an Online Auction and reserve the right to seek identification and documentary evidence of the source of any funds received.
9.8. We may cancel the sale of a Lot if (i) any of your warranties in clause 4 is not correct; (ii) we reasonably believe that completing the sale is or may be unlawful; or (iii) we reasonably believe that the sale may damage our or the Seller’s reputation and/or place us or the Seller under any liability to anyone else.
9.9. You will pay us for any deficiency, any and all costs, handling charges, late charges, and expenses (including, without limitation, taxes and duties) incurred by us in relation to shipment, packing and storage of a Lot in accordance with clause 12
9.10. 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 a Lot which you have purchased.
9.11. You are solely responsible for all taxes and duties of any kind that may be payable on your purchased Lot and you will pay any taxes and duties of any kind due to us in accordance with clause 2 above.
9.12. Without prejudice to any rights we or the Seller may have, in the event that you fail to pay the Purchase Price of a Lot in accordance with the procedures set out in clause 10 below, you will be in default and liable for the Purchase Price and all fees, charges and expenses, including but not limited to shipment, storage and insurance costs, and taxes and duties, as set out in these Conditions. In our sole discretion, we may inform the Seller and exercise one or more of the follow remedies (as well as any other rights or remedies we have by law):
(a) we may charge interest on the unpaid amount due from the Due Date at the rate of 15% per annum from time to time;
(b) we may cancel the sale of the Lot. If we do this, we may sell the Lot again, either publicly or privately on such terms we shall think necessary or appropriate, in which case you must pay us any shortfall between the Purchase Price and the proceeds from the resale. You must also pay all costs, expenses, losses, damages and legal fees which we have incurred or may suffer and any shortfall in the Seller’s commission on the resale;
(c) we may pay the Seller an amount up to the net proceeds payable in respect of the amount bid by your default in which case you shall acknowledge and understand that we will have all of the rights of the Seller to demand you for such amounts due;
(d) we may hold you legally responsible for the Purchase Price and may begin legal proceedings to recover this sum together with other losses, interest, legal fees and costs as far as we are allowed by law to recover from you;
(e) we may deduct the amounts what you owe us from any amounts which we or any Artwide Group Company may owe you (including any deposit or other part-payment which you have paid to us);
(f) we may, at our option, reveal your identity and inform your details to the Seller;
(g) we may reject at any future Online Auction any bids made by you or obtain a deposit from you before accepting any bids;
(h) we may exercise all the rights and remedies of a person holding security over any property in our possession owned by you, whether by way of pledge, security interest or in any other way as permitted by the law of the place where such property is located. You will be deemed to have granted such security to us and we may retain such property as collateral security for fulfilment your obligations to us;
(i) if you owe money to us or to any Artwide Group Company, we may use or deal with any of your property we hold or which is held by another Artwide Group Company in any way permissible by law. We will only release your property to you after you pay us or the relevant Artwide Group Company in full for what you owe. However, if we choose, we may sell your property in any way we think appropriate. We are entitled to use the proceeds of the sale of the property to set off any amounts you owe us, and we will pay any remaining proceeds of that sale to you. If there is a shortfall, you must pay us any difference between the proceeds of the sale of the property and the amount you owe us; and
(j) we may take any other action we see necessary or appropriate.
In any event, you will be liable for any deficiency, any and all cost, handling charges, late charges, expenses, legal fees, collection fees and incidental damages incurred by us.
9.13. You are prohibited from offering a Lot for re-sale until ownership has been passed to you in accordance with clause 1 below. You will comply with any restrictions on re-sale of a Lot imposed by the Seller. Failure to comply with these conditions will lead to immediate termination of your registered account and you will be subject to all remedies available to us.
10. PAYMENT
10.1. Purchase Price and payment
(a) Immediately following the sale of a Lot during an Online Auction, you must pay the Purchase Price, which is the aggregate sum of the following amounts in respect of the Lot:
(i) the Hammer Price;
(ii) the Buyer’s Premium as set out under clause 1 above;
(iii) any artist’s resale royalty as set out under clause 3 above;
(iv) any shipping and related costs and charges as set out under clause 4 above; and
(v) any applicable duties, goods, sales use, compensating or service tax.
(b) You will be issued an invoice by us as the Seller or as agent for the Seller (as the case may be) for the Purchase Price as soon as practicable following receipt of the invoice from the Seller (if applicable).
(c) The invoice issued by us to you is due and payable immediately. In any event, payment of the Purchase Price should be made by wire transfer no later than the Due Date being the 10th Business Day following the date of an Online Auction. If you are paying in cryptocurrency, please refer to the Appendix Clause 3.
(d) We will only accept payment from the registered bidder and our invoice will contain information of the registered bidder. Once issued, we cannot change the Buyer’s name on an invoice or re-issue the invoice in a different name. You must pay the Purchase Price by the Due Date even if you want to export the Lot and you need an export licence to do so.
(e) Please contact our Client Services (support@artwide.com) for any questions relating to
10.2. Mode of Payment
You must pay for a Lot purchased from us in the Online Auction in the currency stated on the invoice through wire transfer. You must make payment to the following bank account from a bank account under your name:
HSBC(The Hongkong & Shanghai Banking Corporation Limited)
Unit 803-806, 8/F, Low Block, Grand Millennium Plaza
181 Queen’s Road Central, Hong Kong
Account: 652-243734-838
SWIFT: HSBCHKHHHKH
Beneficiary: ARTWIDE INTERNATIONAL HK LTD
11. OWNERSHIP AND RISK
11.1. Transfer of ownership to you
The ownership of a Lot will not pass to you until (i) we have confirmed that you have met all bidder identification and registration procedures; and (ii) we have received full, clear and undisputed payment of all amounts due to us including the Purchase Price, even in circumstances where we have released the Lot to you.
11.2. Transfer of risk to you
The risk in and responsibility for the Lot will transfer to you from whichever is the earlier of the following: (i) when the Lot comes into your physical possession or that of any person or carrier which you authorized to take possession of the Lot; or (ii) at the end of the 30th day following the date of the Online Auction or, if earlier, the date the Lot is taken into care by a third party warehouse unless we have agreed otherwise with you in writing.
12. SHIPMENT
12.1. Transport and shipping
(a) If you choose to have us arrange the shipping of your Lot via one of our partners, then unless otherwise explicitly agreed by us or unless the Lot purchased by you requires a special permit (in which case shipment may be delayed), we will endeavor to ship your Lot to the designated delivery address which you provided at registration no later than 30 days from receipt of full and clear payment for the Purchase Price for the Lot.
(b) You must ensure that you provide a valid delivery address at registration for a Lot to be shipped. Except in very limited circumstances, we will only ship to the registered address on your account which you provided at the time of Purcases cannot be delivered to P.O. boxes. Our shipping partners will only operate a curb-side or ground floor delivery, unless otherwise agreed with you. You are responsible for paying any shipping charges if the Lot is returned to the Seller or us due to your failure to provide a valid delivery address, or to pay any duty, import taxes or customs processing fees, or failure of a recipient to sign and accept delivery, where necessary. You will be responsible for any and all shipping expenses, including costs, packing and handling, as specified in the Sale Particulars. We shall use reasonable efforts to take care when handling, packing and facilitating any shipment of a Lot, but we are not responsible for any acts or omissions of any third party retained or hired for these purposes, including, without limitation, any packing, shipping or delivery of a Lot. Similarly, where we suggest any third party handler, packer or carrier upon request, we do not accept liability for their acts, omissions or neglect and you agree to release us from any such liability.
(c) Subject to clause 1(e) below, we will obtain any special permits required for the export or import of the product and will be regarded as the "Exporter of Record". As the recipient of the package, you will be regarded as the "Importer of Record" and you must appoint a shipper as your agent to manage all import and customs clearance procedures and to ensure that customs duties and taxes are paid to the relevant customs and tax authorities in your country.
(d) Our shipping partners may contact you directly if necessary for delivering your Lot or making arrangements for pick-up, if you need to return a Lot.
(e) Shipping is currently not possible to countries subject to international embargoes. If the country you wish to ship to is unavailable or if you have questions generally about international shipping, please contact our Client Services (support@artwide.com).
(f) You expressly agree not to divert, reship or forward any part of a shipment to any country subject to international embargoes.
(g) If you have any questions about international shipping in general, or about a specific shipment of our products, please contact our Client Services (support@artwide.com).
12.2. Customs Duty and Tax
(a) Customs duty and import tax are specific to a particular country. Customs authorities in each country calculate duty and tax based on a number of factors, including:
(i) the category in which a Lot is classified in the international Harmonised System Code (HS);
(ii) the value of a Lot, meaning the amount of the successful bid; and
(iii) for most countries, duty is calculated on a "CIF" basis (meaning Cost, Insurance and Freight), so the shipping charge you pay will also be factored into the calculation of the duty you will pay.
(b) 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 shipment or delivery including any third-party charges necessary to facilitate shipment. Artwide shall not be responsible for any damages, losses, costs or delays in this respect.
12.3. Delivery times
Where required, your purchases will be shipped via international air. Delivery time depends on a number of variables, and there may be delays such as bad weather affecting air transport, or a package being held for inspection by customs. Neither we nor our shipping partners are liable for any delays in international transportation or customs clearance. Shipments can be delivered directly to most addresses, however in certain remote areas you may need to pick up your package from the closest service point of our nominated shipping partner.
12.4. Loss or damage during shipment
(a) Be sure to check the details of your purchase carefully on receipt and check the contents of the package promptly upon If you have a problem with a Lot, contact our Client Services (support@artwide.com).
(b) On rare occasions, a package may be lost or the contents be damaged during international shipment no matter how carefully it is handled. If your package is lost or damaged in international transit, you will need to submit a claim within 14 days of the date of delivery, or within 14 days of the date you received confirmation that it was lost. To make a claim, contact our Client Services (support@artwide.com).
(c) For the avoidance of doubt, if you have not taken out any insurance for shipment of the Lot, you shall be solely liable for all damages, if any, incurred in the course of and arising out of the shipment.
12.5. Limitation to export and import
(a) Certain Lot sold may be affected by laws on exports from the country in which it is sold and the import restrictions of other countries. Many countries require a declaration of export for property leaving the country or an import declaration on entry of property into the country. Obtaining the necessary permits or licenses may result in additional costs and subsequent delays. Local laws may prevent you from importing a Lot or selling a Lot in the country you import it into. Unless otherwise agreed by us in writing, the fact that you may need to apply for an import or export license or some other permit or license for shipment may result in additional time to process at an additional cost and does not affect your obligation to make payment on the payment Due Date nor our right to charge interest or storage charges on late payment. A delay in obtaining required permits or licenses shall not justify a rescission of any sale nor a delay in making full payment for a Lot, and we shall not be obliged to refund any interest or other expenses incurred by you. Local laws may prohibit the import or export of some property or the resale of some property in the country of importation. It is your responsibility to check if a Lot can be imported into or transported to the specified delivery location and plan for additional time to apply for and receive the appropriate and necessary permits or licenses. No such restriction or delays associated with processing shipments shall justify the rescission of any sale or delay in making full payment for a Lot.
(b) You alone are responsible for getting advice about and meeting the requirements of any laws or regulations which apply to exporting or importing any Lot prior to bidding. If you are refused a license or there is a delay in getting one, you must still pay us in full for the Lot. We may be able to help you apply for the appropriate licenses if you ask us to and pay our fee for doing so, however we cannot guarantee that you will obtain all necessary licenses. For more information, contact our Client Services (support@artwide.com).
13. LIMITATION OF OUR LIABILITY
13.1. We give no warranty in relation to any statement made, or information given, by us or our representatives or employees, about any Lot other than the Authenticity Warranty set out in clause 2 and, as far as we are allowed by law, all warranties and other terms which may be added to these Conditions by law are excluded. The Seller’s warranties contained in clause 8.1 are provided by the Seller and we do not have any liability to you in relation to those warranties (unless we are the Seller).
13.2. We:
(a) shall not be responsible to you for any reason (whether for breaching these Conditions or any other matter relating to your purchase of, or bid for, any Lot) except for fraud or fraudulent misrepresentation by us or as expressly set out in these Conditions;
(b) do not give any representation, warranty or guarantee or assume any liability of any kind in respect of any Lot with regard to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature, or historical relevance;
(c) are not responsible to you in contract, tort (including negligence) or otherwise for any business losses, such as loss of data, profits, revenue, business, opportunity, goodwill, reputation or business interruption or for any losses which are not reasonably foreseeable by us arising directly or indirectly from your use or inability to use our Artwide Platform, any delays or disruptions to our Artwide Platform, viruses or other malicious software obtained by accessing or linking to our Artwide Platform, or any inaccuracies of any kind on our Artwide Platform;
(d) have no responsibility and are not liable to any person other than the Buyer of a Lot;
13.3. If, in spite of the terms in clauses 2(a) to 13.2(d) above, we are found to be liable to you for any reason, the aggregate amount of our liability shall be limited to the Purchase Price actually received by us. We will not be responsible to you for any reason for loss of profits or business, loss of opportunity or value, expected savings or interest, costs, damages, or expenses; and
13.4. Neither we nor the Seller will be responsible for any failure to meet any obligation which we or the Seller has under these Conditions or under the Sale Particulars which is caused by circumstances beyond our 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.
14. PERSONAL INFORMATION, PRIVACY AND DATA PROTECTION
14.1. We will hold and process your personal information and may pass it to any Artwide Group Company for use as described in and in line with our privacy notice as may be published from time to time on the Artwide Platform and in accordance with the Personal Data (Privacy) Ordinance (Cap 486 of Laws of Hong Kong).
14.2. In order to ship a Lot internationally to you, we may provide certain personal information about you to our nominated shippers, including your name, delivery address and phone number, details and the Purchase Price of your purchased Lot, and the weight and dimensions of the package. Our shippers will treat this information as private and confidential and will only use it for the purpose of providing international shipping and any customs clearance services you request from them in order to deliver your Lot to you. Information about the packages being shipped to you will be provided to the necessary authorities for purposes of export, import, duty, tax, and security screening. The information may include your name, delivery address, description of the goods, their value, the number of pieces, and the weight of the package. This information is required by law and regulations applicable in the countries from where and to where packages are transported. Our shipping partners are committed to responsible data management, comply with applicable data protection legislation, and employ industry standard practices to protect the security of your data, which may be stored and processed in the United Kingdom, the United States, and other countries.
15. GENERAL TERMS
15.1. No failure or delay to exercise any right or remedy provided under these Conditions shall constitute a waiver of any right or remedy, nor shall it prevent or restrict the further exercise of any right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of any right or remedy.
15.2. You may not assign, transfer, charge or deal with these Conditions or all or any part of the benefit of, or the rights and benefits under these Conditions, except with our written consent. These Conditions will be binding on your successors or estate and anyone who takes over your rights and responsibilities.
15.3. These Conditions and any claims arising in connection with these Conditions or any other rights you may have relating to the purchase of a Lot shall be governed by and construed with the laws of Hong Kong.
15.4. Any dispute, controversy, difference or claim arising out of or relating to these Conditions, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non- contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre ("HKIAC") under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be Hong Kong law. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.
15.5. If it is found that any part of these Conditions is not valid, or is illegal or impossible to enforce, that part of the Conditions will be treated as being deleted, and the rest of the Conditions shall not be affected and remain in full force and effect and be binding upon you.
15.6. If we have provided a translation of these Conditions, the original version in English shall prevail over any translated versions and be used in deciding any issues or disputes which may arise under these Conditions.
15.7. A person who is not party to these Conditions cannot enforce or enjoy the benefit of any term of these Conditions under the Contracts (Rights of Third Parties) Ordinance (Cap 623 of Laws of Hong Kong).
15.8. Any notice or other communication to be made under or in connection with these Conditions shall be made in writing and, unless otherwise stated, shall be delivered personally or by courier by an internationally recognized courier company, or by facsimile or email, and sent to our address as stipulated below. The notice or other communication sent to us in accordance with this clause shall be effective upon our receipt.
Artwide International H.K. Limited
Address: Room 1104, Crawford House, 70 Queen’s Road Central, Central, Hong Kong
Email address: support@artwide.com
15.9. Our Client Services referred to in these Conditions can be reached at (support@artwide.com).
IMPORTANT NOTICES
Our Sale Particulars of a Lot entries are not intended to describe the physical condition of the Lot and you are advised to seek professional advice before purchasing a Lot.
The following expressions with their accompanying explanations are used by us as standard cataloguing practice. Our use of these expressions does not take account of the physical condition of a Lot of the extent of any of its restoration.
Property owned in part or in full by Artwide
From time to time, we may offer a Lot which we own in whole or in part.
Minimum Price Guarantee
On certain occasion, we have a direct financial interest in the outcome of the sale of a Lot consigned for sale. This will usually be where we have guaranteed to a Seller that whatever the outcome of the sale, the Seller will receive a
minimum sale price for the Lot, as known as a minimum price guarantee.
Third Party Guarantees/Irrevocable bids
Where we have provided a minimum price guarantee, we are at risk of making a loss, which can be significant, if the Lot fails to sell. We therefore sometimes choose to share that risk with a third party who agrees prior to an Online
Auction to place an irrevocable written bid on the Lot. If there are no other higher bids, that third party commits to buy the Lot at the level of their irrevocable written bid. In doing so, the third party takes on all or part of the
risk of the Lot not being sold. If the Lot is not sold, the third party may incur a loss.
We compensate the third party in exchange for accepting this risk provided that the third party is not the successful bidder. The remuneration to the third party may either be based on a fixed fee or an amount calculated against the Hammer Price. The third party may also bid for the Lot above the irrevocable written bid. Where the third party is the successful bidder, the third party is required to pay the Hammer Price and the Buyer’s Premium in full.
Third party guarantors are required by us to disclose to anyone they are advising their financial interest in any Lot 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
A party with a direct or indirect interest in a Lot, such as a person who may have knowledge of the Reserve or any other material information relating to a Lot, may be bidding on the Lot. The example of such persons are the beneficiaries
of an estate that consigned a Lot or a joint owner of a Lot. Any interested party that successfully bids on a Lot must comply with these Conditions, including paying us with the Buyer’s Premium and any applicable taxes of a Lot.
Other arrangements
We may enter into other arrangements not involving bids. These include arrangements where we have given the Seller an advance on the proceeds of sale of a Lot or where we have shared the risk of a guarantee with a partner who was not
required to place an irrevocable written bid or otherwise participating in the bidding on a Lot.
APPENDIX
TERMS FOR PAYMENT BY BUYERS IN CRYPTOCURRENCY
This appendix shall apply when we have agreed to accept full or partial payment of the Hammer Price, the Buyer’s Premium, and any additional costs, either in cryptocurrency, fiat Currency, or a combination of both, and have confirmed the acceptance to the Buyer in writing.
1. TYPE OF CRYPTOCURRENCY
1.1 Except in the event you are a resident of Mainland China, you, the Buyer, may make payment of the Hammer Price, the Buyer’s Premium, and any additional costs Tether (USDT) (or other cryptocurrencies accepted by us, at the cost and expense of the Buyer) via a digital wallet transfer to us if we have stipulated that payment may be made in cryptocurrency for a Lot, provided always that the Hammer Price, the Buyer’s Premium, and any other sums which together constitute the full amount of the Purchase Price under 1(a) shall be payable only in US Dollar or Euro or other fiat currencies of the sale accepted by us.
1.2. We reserve the right to specify that we will only accept a particular cryptocurrency or cryptocurrencies, in addition to, or in the alternative, to USDT, for an individual Lot or Online Auction at our sole discretion.
1.3. If you offer to bid in a cryptocurrency not specified by us as acceptable to us for an individual Lot or Online Auction, we may refuse to register you to bid or permit your participation in the sale. Further, if you make a successful bid in such circumstances, we reserve the right, in our sole discretion, to cancel the contract for sale between you and the Seller.
2. DIGITAL WALLET(S)
2.1. You must send payment of the Hammer Price, the Buyer’s Premium, and any additional costs directly to us from a digital wallet maintained with one of the following digital wallet providers: Coinbase Custody Trust; Coinbase, Inc.; Coinbase Singapore Pte Ltd; Fidelity Digital Assets Services, LLC; Gemini Trust Company, LLC; Gemini Europe Limited; Gemini Europe Services Limited; Gemini Digital Payments Pte Ltd; Paxos Trust Company, LLC; Paxos Global Pte Ltd; Digivault Limited; Ziglu Limited; Archax Ltd.; Solidi Ltd.; Independent Reserve SG Pte Ltd; or such other digital wallet producers as may be specified by us from time to time.
2.2. We reserve the right to amend this list at our sole discretion and specify which further or alternative digital wallet providers your digital wallet must be maintained by.
2.3. Only cryptocurrency payments sent from digital wallets hosted by the providers specified by us will be credited towards the purchase of a Lot. We will not recognise payments from digital wallets hosted by other providers, or from self-hosted digital wallets.
2.4. If you do not have such a digital wallet maintained by a provider specified by us, we may refuse to register you to bid or permit your participation in the sale. Further, if you make a successful bid, we reserve the right, in our sole discretion, to cancel the contract for sale between you and the Seller.
2.5. You must be the owner of the digital wallet, or, if you registered a bid as a company, then the company must be the owner.
- You agree, upon our request, to provide documentation confirming that the cryptocurrency payment was made from a digital wallet owned by you and maintained by one of the providers listed above.
- For the avoidance of doubt, "ownership" of a digital wallet means either you hold or have held on your behalf, or the company on whose behalf you are bidding holds, or has held on its behalf, the private keys associated with that digital wallet or that the provider of the digital wallet recognizes you, or the company on whose behalf you are bidding, as owning the cryptocurrency associated with that digital wallet.
2.6. Partial payments of a single Lot from multiple digital wallets will not be allowed. If you purchase multiple lots, you may purchase one Lot with payment from one digital wallet and another Lot with payment from a different digital wallet, but this must be accomplished through two separate transactions paying the Hammer Price, the Buyer’s Premium, and any additional costs in full.
3. TIME FOR PAYMENT
Payment of the Hammer Price, the Buyer’s Premium, or any additional costs, if made in cryptocurrency, must be made in full upon receipt of the invoice for the respective Lot, and no later than the specified time indicated on the invoice. Alternatively, payment of the Hammer Price, the Buyer’s Premium, or any additional costs, which together constitute the full amount of the Purchase Price shall be made to us in accordance with clause 10.1 and 10.2.
4. CURRENCY CONVERSION
4.1. Where we determine that payment for the Hammer Price, Buyer’s Premium, and any additional costs are to be made in cryptocurrency, our invoice to you will specify (i) the Purchase Price in the fiat currency of the sale (i.e., Hong Kong dollar), and (ii) the Hammer Price, the Buyer’s Premium and any additional costs in Tether or other accepted cryptocurrencies, including any associated exchange fees (cryptocurrency to fiat) charged by our gateway partners.
- The respective cryptocurrency amount(s) will be calculated by us based on the following:
- For Tether (if accepted): the USD/USDT hourly quoted CoinDesk Tether Price Index at the start time of the auction. The USD/USDT rate will then be converted into HKD/USDT using the HKD/USD exchange rate provided by our bank on the same day as the USDT/USD is quoted.
- For Ether (if accepted): the USD/ETH hourly quoted CoinDesk Ether Price Index (ETX) at the start time of the auction. The USD/ETH rate will then be converted into HKD/ETH using the HKD/USD exchange rate provided by our bank on the same day as the ETH/USD is quoted; or
- For Bitcoin (if accepted): the USD/BTC hourly quoted CoinDesk Bitcoin Price Index (XBX) at the start time of the auction. The USD/BTC rate will then be converted into HKD/BTC using the HKD/USD exchange rate provided by our bank on the same day as the BTC/USD is quoted,
or equivalent rates applicable to other cryptocurrency where we specify acceptance of this additional or alternative cryptocurrency, as determined by us at the time the invoice is issued and will be disclosed in the invoice.
Our certificate as to such rate(s) will be conclusive and final.
4.3. You understand that the price of cryptocurrencies can be volatile and subject to upward and downward movements. You undertake to pay the specified fiat currency amount or cryptocurrency amount set out in the invoice, regardless of whether the fiat currency to cryptocurrency or other conversion rate differs at the time of your payment to the rate used to calculate the cryptocurrency amount set out in the invoice.
4.4. You understand that if you fail to make full payment upon receipt of our invoice and by the specified time indicated on the invoice, in accordance with these Conditions, we will only accept payment for the Hammer Price, Buyer’s Premium, and any additional costs in the specified fiat currency of the sale, as per Clause 10.
4.5. Partial payment in cryptocurrency, alongside fiat currency or another cryptocurrency, is discouraged and should be discussed with us prior to the issuance of any invoice.
5. SANCTIONS, ANTI-MONEY LAUNDERING ("AML") AND COUNTER-TERRORIST FINANCING ("CTF") MEASURES
5.1. We are committed to the fight against money laundering and terrorist financing and to compliance with relevant sanctions laws. To this end, you undertake to comply with our request(s) for Know-Your-Client ("KYC"), source of funds, and other information and documentation fully, accurately, and promptly. We may require such information or documentation from you at our sole discretion in order for us to comply with our Sanctions, AML and CTF policies and our obligations under domestic and international law.
5.2. If, in our absolute discretion, you do not satisfy our bidder identification and registration procedures, inclusive of, but not limited to (i) you being obstructive or misleading in response to our requests for KYC, source of funds or other information and/or documentation; (ii) you failing to provide KYC, source of funds or other documentation requested by us at all or to the standard we require, to be determined at our sole discretion; and (iii) passing any sanctions or AML and/or CTF checks to our satisfaction, we may refuse to register you to bid, and if you make a successful bid, we may cancel the contract for sale between you and the seller.
5.3. You warrant that if you make payment in cryptocurrency to us from a digital wallet, the source of funds for the digital wallet is not attributable, either directly or indirectly, to:
- a citizen or resident of, or located in, Iran, North Korea, Syria, Cuba or the Crimea region of Russia or any other geographic area that is the target of comprehensive sanctions or embargoes imposed by the European Union, the United Kingdom, the United Nations or the United States;
- an individual, or an individual employed by or associated with an entity, identified on any international embargo or sanction,
- and you accept that we, in our absolute discretion, can make such enquiry as we require to satisfy ourselves of the source of funds related to the transaction.
6. ANCILLARY
Please contact our Client Services (support@artwide.com) for any questions relating to payments.