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Registration All bidders must register for the auction (using the ‘Register to Bid’ button on hotlotz.com or the ‘Get Approved to Bid’ button on thesaleroom.com). Please use your full legal name, as it’s written in your passport. You will also need to provide your full residential address. If this information is in your Hotlotz account you don’t have to enter your personal details again. We may contact you and ask you to provide additional identity information. This is to comply with Singapore’s AML (anti-money laundering) and KYC (know your client) regulations. Auction Format All bidding is conducted online at hotlotz.com or thesaleroom.com. We do not accept live, telephone, absentee or any other form of bidding. Bidding closes on Sunday 24 November 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. If any bid is placed 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. Bidding increments Bidding increments are listed as follows (and the system will prompt you to follow them): Between 0 to $400, bids rise in $20 increments Confidential maximum bids You may, if you prefer, enter your maximum bid. This is the highest amount 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. Buyer’s premium A buyer’s premium equal to 30% (inclusive of 9% GST) of the winning bid will be added to the closing bid price. 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 on hotlotz.com. No appointment is necessary. Condition reports/ additional photography Condition reports and additional photography are provided on request before any time stated in the auction catalogue 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 the end of the auction. Payment is due immediately. We prefer payments to be made by bank transfer or PayNow. These payment methods do not incur any additional fees. We also accept domestic and international Mastercard, Visa and American Express payment cards, but these incur a 2.73% (inc. GST) payment card service fee. Hotlotz is a cashless business and does not accept any form of currency or bank cheques. First party payment rules Payments can only be accepted from the individual or organisation that is named as the winning bidder on the invoice. You must ensure that you have recorded your full legal name (exactly as it's written in your passport) in your Hotlotz account. Please update your profile if that’s not the case. GST and removing GST on exported items In Singapore GST is chargeable on the item (unless the seller is named) as well as our fees. All amounts are inclusive of any Singapore GST – which is 9%. Where the seller is named, Hotlotz may not have to charge GST on the item – in which case the buyer will still pay the closing bid price and the seller may need to account for the GST. Hotlotz can zero-rate GST on items purchased at auction and exported by non-resident buyers. This represents a saving of 9% GST on the closing bid price (this applies to all items except those that are sold by a named seller) and the buyer’s premium. In order to zero-rate the GST, specific conditions must be met. Winning bidders must be non-resident in Singapore and provide an overseas shipping address. Hotlotz must control and manage the export, using a reputable logistics company that provides IRAS compliant documentation, and it must take place within 60 days of the auction date. Please email finance@hotlotz.com if you think that you meet these export conditions and you would like to request a zero-rated GST invoice. Auction currency All amounts are denominated in Singapore Dollars. Contact information You can contact Hotlotz by phone on (+65) 6254 7616 during our working house (available on hotlotz.com), or send an email to hello@hotlotz.com. We also have an extensive FAQ section at hotlotz.com. |