Auction Format
Hotlotz operates timed auctions only. All bidding is conducted online at hotlotz.com or thesaleroom.com. We do not accept live, commission or telephone bidding.
Bidding closes on Sunday 11 June 2023 from 6pm SGT onwards. Lots in our auctions all close in sequence in intervals of one minute, starting at the published end time of the auction.
All auctions are subject to auto-extended bidding. If you place a bid within five minutes of the designated closing time of a lot, the bidding period for that lot will be extended by a further five minutes. This extension will continue until a full five minutes has elapsed without another bid being placed.
Contact information
You can contact Hotlotz by phone on (+65) 6254 7616 during working hours, or send an email to hello@hotlotz.com. We also have an extensive FAQ section at hotlotz.com.
Registration
All bidders must register for the auction (using the ‘Register to Bid’ button on hotlotz.com or the ‘Connect to Auction’ button on thesaleroom.com). You must provide your full name (as written in your passport) and provide your full residential address.
Identity verification
New anti-money laundering regulations require Hotlotz and other art businesses to verify the identity of our clients.
New clients may be asked to provide the following documents before they can bid:
- A copy of your passport or other government-issued photo ID (e.g., NRIC/FIN card)
- Proof of your residential address (such as a bank statement or utility bill dated within the last three months. Financial details may be redacted)
Buyer’s premium
A buyer’s premium equal to 30% (inclusive of 8% GST) of the winning bid will be added to the hammer price.
Auction currency
All opening bids, bidding increments and hammer prices (as the winning bid is often referred to) are denominated in Singapore Dollars and are inclusive of 8% GST.
Bidding increments
- Bidding increments are listed as follows:
- From 0 to $400 bidding rises in $20 increments
- From $400 to $1000 bidding rises in $50 increments
- From $1,000 to $2,000 bidding rises in $100 increments
- From $2,000 to $5,000 bidding rises in $200 increments
- From $5,000 to $10,000 bidding rises in $500 increments
- From $10,000 to $100,000 bidding rises in $1,000 increments
- Above $100,000 bidding rises in $5,000 increments
Confidential maximum bids
You may, if you prefer, enter your maximum bid into our bidding platform. This is the most you are willing to pay for an item. Our bidding platform will then bid intelligently for you, against any other competitors, bidding only enough for you to stay in the lead. Your maximum bid amount remains totally confidential, even Hotlotz does not know what it is.
Viewing
Every lot we offer for auction is exhibited in our saleroom, and we strongly advise you to examine items before you bid as they are offered in ‘as is’ condition, and bidding is legally binding. Our opening hours can be found here. No appointment is necessary.
Condition reports/ additional photography
Condition reports and additional photography are provided on request as a goodwill gesture and are our general assessment of damage and restoration. Whilst care is taken in their drafting, they are for guidance only. We will not be held responsible for oversights concerning damage or restoration.
Winner’s notification
An email is sent to all winners at the end of every auction confirming the items that they have won.
Paying your invoice
You will receive an invoice, with full instructions on how to make payment, within 24 hours of an auction’s closing time. Please make immediate payment to secure your lots.
We accept PayNow, bank transfer and Mastercard, Visa and American Express payment cards. Hotlotz is a cashless business; we do not accept cash payments or cheques.
Removing GST on exported items
Hotlotz can zero-rate GST on items purchased and exported by foreign-registered buyers. This represents a 8% saving on the hammer price and the buyer’s premium fee.
In order to zero-rate the GST specific conditions must be met. Winning bidders must be non-resident and provide an overseas shipping address. Hotlotz must control and manage the export, and it must take place within 60 days of the auction date. If you agree to these IRAS mandated export conditions then we are able to zero-rated the GST on your purchase.
Please email hello@hotlotz.com if you think that you meet these export conditions and you would like to request a zero-rated GST invoice.
First party payment rules
Please ensure the name on your chosen payment method (i.e. your bank account or payment card) matches the registered name in your Hotlotz account exactly. Due to financial regulations we cannot accept a third-party payment from another individual or organisation. This includes a payments from a partner or family member.