Hong Kong Guide for Prospective Buyers: Watches
Effective as of 1 March 2023
Buying at Auction
The following pages are designed to offer you information on how to buy at auction at Phillips. Our staff will be happy to assist you.
Conditions of Sale
The Conditions of Sale and Authorship Warranty which appear later in this catalogue govern the auction. Bidders are strongly encouraged to read them as they outline the legal relationship among Phillips, the seller and the buyer and describe the terms upon which property is bought at auction. Please be advised that Phillips generally acts as agent for the seller. Bidders should also read the Important Notices immediately following this Guide for Prospective Buyers.
Phillips charges the successful bidder a commission, or buyer’s premium, on the hammer price of each lot sold. The buyer’s premium is payable by the buyer as part of the total purchase price at the following rates: 27% of the hammer price up to and including HK$7,500,000, 21% of the portion of the hammer price above HK$7,500,000 up to and including HK$50,000,000 and 14.5% of the portion of the hammer price above HK$50,000,000.
The purchase price payable for any lot is the sum of the hammer price plus the buyer’s premium plus and applicable tax and charges.
Phillips makes no representation or warranty that any watch or clock is in working order, and no catalogue description of any lot should be construed as so stating. Prospective buyers are advised to have watches and clocks checked by a competent watchmaker or watch or clock restorer before use. As a service to prospective buyers, we may provide a description of the condition of watches and clocks in the catalogue entry, including references to defects and repairs, and furnish a condition report, but such information is not necessarily complete and may not specify all mechanical replacements, restorations or defects. Please note that Phillips does not guarantee the authenticity of any individual components parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since prior repairs and restoration work may have resulted in the replacement of original parts. Nor does Phillips warrant that watches in water-resistant cases are currently water-resistant. Prospective buyers should inspect all watches and clocks prior to the auction to evaluate the condition of property offered for sale.
Exportation of Watch Bands Incorporating Material from Endangered Species
Some of the watches offered for sale in the catalogue may have bands made of endangered or protected animal materials, such as alligator or crocodile, and may not lawfully be exported from the auction site without a CITES export permit. As explained in Paragraph 1 & 4 of the Guide for Prospective Buyers, these lots are marked with ∑ in the catalogue. Accordingly, for purchased watches that are to be shipped out of the sale site for delivery, Phillips may need to remove and retain the band before shipping the watch and buckle.
Importation of Watches Into the United States
Prospective buyers should be aware that the importation of luxury watches into the United States may be restricted. These watches may not be shipped into the US and may only be imported personally. US customs regulations may limit the importation of luxury watches to one per buyer. Lots marked with ▼ are subject to these restrictions. A purchaser’s inability to import a luxury watch into the United States or Phillips’s failure to mark a lot with ▼ shall not constitute grounds for non- payment or cancellation of the sale.
Certain manufacturers do not issue certificates of authenticity, and Phillips has no obligation to furnish a buyer with a certificate of authenticity from the manufacturer, except when specifically noted in the catalogue. Unless Phillips is satisfied that we should cancel the sale in accordance with the Authorship Warranty provided in the Conditions of Sale, the failure of a manufacturer to issue a certificate will not constitute grounds for cancellation of the sale.
To bid on Premium Lots marked in the catalogue with the symbol *, prospective buyers must complete and satisfy Phillips’ Premium Lot pre-registration procedure no later than 24 hours before the start of the auction session in which the Lot is offered for sale. Premium Lot paddles will be issued to bidders who complete and satisfy the Premium Lot pre-registration procedure. The Auctioneer will only accept bids from Premium Lot paddles in respect of Premium Lots. For details, please contact the department organising the auction or the Client Services Department at +852 2318 2000.