SEEFOOD ROOM CO. LIMITED
Conditions of Sale (Online Auctions Conducted via Artsy)
Effective March 2026
These Conditions of Sale (the “Agreement”) govern the offering and sale of property by SEEFOOD ROOM CO. LIMITED, a company incorporated under the laws of Hong Kong (the “Auctioneer,” “we,” “us,” or “our”).
By registering to bid, placing a bid, or purchasing any Lot through Artsy or any affiliated online platform (a “Bidding Platform”), you acknowledge that you have read, understood, and agreed to be legally bound by this Agreement.
1. Agreement and Definitions
Participation in any online auction conducted through a Bidding Platform constitutes acceptance of this Agreement.
Definitions:
- “Lot” means any item of property offered for sale.
- “Hammer Price” means the highest bid accepted at the close of bidding.
- “Purchase Price” means the total amount payable by the Buyer pursuant to Section 6.
- “Buyer” or “Bidder” means the person or entity bidding on or purchasing a Lot.
- “Seller” means the consignor or owner of the Lot.
- “Sale Date” means the date on which online bidding closes.
- “Enforcement Costs” means all reasonable legal fees, court costs, collection expenses, storage charges, administrative costs, bank fees, merchant processing penalties, and related expenditures incurred in enforcing rights under this Agreement.
Headings are for convenience only and shall not affect interpretation.
2. Role of the Auctioneer
Unless expressly stated otherwise in writing, the Auctioneer acts solely as agent for the Seller.
Upon acceptance of the highest bid at the close of the online auction, a binding contract of sale is formed between the Seller and the Buyer.
The Auctioneer does not assume personal liability for the acts or omissions of the Seller and shall not be liable for any breach of warranty by the Seller except as expressly provided herein.
3. Registration and Eligibility
Participation is subject to prior registration and approval through the applicable Bidding Platform.
The Auctioneer reserves the right, in its sole discretion and without liability, to:
- Refuse registration
- Decline any bid
- Withdraw any Lot
- Reopen bidding in the event of dispute or error
- Cancel any sale prior to delivery
Where a Bidder acts as agent for another person or entity, both agent and principal shall be jointly and severally liable for all obligations arising from the bid and purchase.
4. Conduct of Auction and Reserve
The Auctioneer has absolute discretion in conducting the auction and determining bidding increments.
Unless expressly stated as offered without reserve, a Lot may be subject to a confidential minimum price agreed between the Auctioneer and the Seller (the “Reserve”).
The Auctioneer may open bidding below the Reserve and may bid on behalf of the Seller up to the Reserve.
The Auctioneer’s records shall constitute conclusive evidence of the bidding history and outcome.
5. Description of Lots and Estimates
All Lots are sold strictly “AS IS” and “WHERE IS,” with all faults and imperfections whether or not expressly described.
Catalogue descriptions, condition reports, provenance statements, exhibition histories, literature references, photographs, and other written or oral statements are statements of opinion only and do not constitute warranties or representations of fact.
The absence of reference to any condition issue shall not imply that the Lot is free from such matters.
Measurements are approximate. Photographs are provided for identification purposes only and may not accurately reflect colour, tone, texture, or condition.
Estimates are provided for guidance only and do not include the Buyer’s Premium, taxes, or additional charges.
6. Purchase Price and Taxes
The total amount payable by the Buyer (the “Purchase Price”) consists of:
- The Hammer Price
- A Buyer’s Premium of twenty-five percent (25%) of the Hammer Price
- Any applicable taxes
- Storage fees (if applicable)
- Enforcement Costs (if applicable)
A surcharge of up to five percent (5%) may apply to certain payment methods where permitted by the applicable Bidding Platform.
The Buyer is solely responsible for any sales tax, VAT, GST, customs duties, import or export charges, or other governmental levies arising from the purchase or shipment of a Lot.
7. Payment and Invoicing
Following the Sale Date, an invoice will be issued to the registered Buyer.
The Purchase Price must be paid in full by the due date stated on the invoice and without deduction or set-off.
Payment shall be made in Hong Kong Dollars (HKD) or United States Dollars (USD), as specified on the invoice.
No Lot shall be released and no title shall pass until payment has been received in cleared funds.
If payment is not received by the due date, interest shall accrue on the outstanding balance at 1.5% per month (18% per annum), or the maximum rate permitted by applicable law, whichever is lower, until paid in full.
Initiation of a chargeback or payment dispute constitutes a material breach of this Agreement.
8. Title and Risk of Loss
Title shall not pass until the Purchase Price has been received in full in cleared funds.
Risk of loss shall pass to the Buyer immediately upon the Sale Date.
- Collection by the Buyer or their agent;
- Thirty (30) days after the Sale Date;
- Release to any carrier or shipping provider.
After risk has passed, the Buyer assumes full responsibility for the Lot.
9. Collection, Storage and Shipping
Purchased property must be collected within fifteen (15) days after the Sale Date.
If not collected within thirty (30) days, storage fees of USD $10 per day per Lot (or the equivalent in HKD) shall accrue.
If uncollected for ninety (90) days, the Lot may be deemed abandoned and resold without further notice.
The Buyer is solely responsible for arranging packing, shipping, insurance, customs clearance, and delivery.
10. Third-Party Bidding Platforms
The Auctioneer shall not be liable for technical failures, transmission delays, system interruptions, cybersecurity incidents, or data errors of any Bidding Platform.
Participation through a Bidding Platform is entirely at the Buyer’s own risk.
In the event of conflict between these Conditions and mandatory Bidding Platform terms, the Platform’s terms shall prevail to the extent required.
11. Default and Remedies
Failure to pay, repudiation of a bid, initiation of a chargeback, or failure to collect property constitutes default.
- Cancel the sale
- Resell the Lot at the Buyer’s risk and expense
- Recover any deficiency and damages
- Suspend or revoke bidding privileges
- Recover Enforcement Costs
12. Rescission
If within two (2) years after the Sale Date the Auctioneer becomes aware of a third-party claim asserting superior ownership rights, the Auctioneer may rescind the sale.
Upon return of the Lot in substantially the same condition, the Hammer Price and Buyer’s Premium shall be refunded.
Such refund constitutes the Buyer’s sole and exclusive remedy.
13. Disclaimer of Warranties
Except for the limited title warranty below, and to the fullest extent permitted by Hong Kong law, each Lot is sold without any representation or warranty, express or implied.
14. Limited Title Warranty
The Seller warrants that it has the right to transfer title free from undisclosed liens or encumbrances.
This warranty applies only to the original Buyer and is non-transferable.
15. Limitation of Liability
To the fullest extent permitted by law, the Auctioneer shall not be liable for indirect, incidental, consequential, special, or punitive damages.
Total aggregate liability shall not exceed the Purchase Price paid for the Lot.
16. Indemnity
The Buyer agrees to indemnify and hold harmless the Auctioneer and the Seller from any claims, losses, liabilities, damages, or expenses arising from breach of this Agreement.
17. Anti-Money Laundering and Sanctions
The Auctioneer may request identification or documentation necessary to comply with regulatory requirements.
Failure to provide documentation may result in refusal of participation, cancellation of sale, or delay in delivery without liability.
18. Force Majeure
The Auctioneer shall not be liable for delays caused by events beyond its reasonable control, including natural disasters, war, civil unrest, government restrictions, transport disruption, labor disputes, or system failures.
19. Governing Law and Jurisdiction
This Agreement shall be governed by the laws of Hong Kong.
The Buyer irrevocably submits to the exclusive jurisdiction of the courts of Hong Kong.
Notices: auctions@seefoodroom.com
If any provision is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.
This Agreement constitutes the entire agreement between the parties and supersedes any prior understandings or representations.