The auction process

REGISTERING TO BID IN THE TRADITIONAL AUCTION

The auction process is not as daunting as you may think, especially if you have selected Antiquorum and MC Luxury Auction as your auctioneer. Antiquorum and MC Luxury Auction strive to help you, the client, buy and sell at auction with ease and confidence. To walk you through the process, Antiquorum and MC Luxury Auction has outlined the important steps you should know in order to successfully purchase or consign timepieces and jewelry at auction.

THE AUCTION CATALOGUE (printed or online)

THE BUYER

Lot descriptions provide technical data carefully compiled by our experts for each lot in the sale and are often enhanced by historical or bio graphical comments.

• Estimates are listed at the end of each lot description and are an indication of the price range the lot is expected to fetch. Estimates do not include the buyer’s premium or sales tax.

• An estimate indicated by three stars ***, advises clients to contact Antiquorum and MC Luxury Auction for more information. • Condition Reports are given for each lot in the catalogue based on a grading system developed by Antiquorum’s experts. This grading system is explained at the end of the auction catalogue.

• Buyers are advised to read the Conditions of Sale (at the end of the auction catalogue or online) and Important Notices (at the beginning of the auction catalogue or online) before bidding at auction.

• Auction catalogue can be viewed at www.antiquorum.swiss

Each client wishing to bid at auction is required to register at the latest two hours before the sale. Clients may register the morning of the sale beginning, at the auction venue. Clients will be able to pick up their bidding paddles on the day of the sale, prior to the auction, at the entrance of the saleroom.

BIDDING IN THE SALEROOM

Lots offered for sale are auctioned in numerical order as they appear in the catalogue. The lot being auctioned is announced by the auctioneer, as well as shown live or illustrated on a screen at the front of the saleroom. Bidders are advised to have the auction catalogue to hand during the sale for reference.

ABSENTEE BIDDING (WRITTEN BIDS)

If you are unable to bid in person at the auction, you can submit an absentee or written bid. Bid forms are found in every auction catalogue, as well as on Antiquorum’s website at www.antiquorum. swiss, and can be requested at previewexhibitions or from any Antiquorum office (see the list of worldwide offices). Bid forms should be completed and signed, then emailed to to bids@antiquorum.swiss. E-mail bids can be submitted, but must be followed-up with a signed bid form. Absentee bids will be processed on your behalf at auction by Antiquorum’s staff.

This service is free of charge and Antiquorum’s staff will execute the bids at the lowest possible price, taking into account the reserve and other bids. Antiquorum and MC Luxury Auction cannot be held responsible for errors, omissions or late-arriving bids. In the event that two identical bids are received, the first bid received by Antiquorum will take precedence. It is very important that the bidder lists a daytime telephone number in case any part of the bid form is unclear. It is advisable to send the bid form in good time before the sale, especially in the case of new buyers, whose bank references will be checked. Bids submitted in a foreign currency will be converted to € using the exchange rate on the day of the sale.

TELEPHONE BIDS

You may also participate in Antiquorum and MC Luxury Auction auctions by telephone. This service is free of charge and telephone bids will be executed by an Antiquorum staff member in the saleroom.

All telephone bids must be confirmed in writing on a completed bid form. Please provide the telephone number(s) at which you can be reached during the sale. Bid forms should be completed and signed, then emailed to bids@antiquorum.swiss at latest three hours prior the sale. Antiquorum and MC Luxury Auction cannot be held responsible for errors, omissions or late-arriving telephone bids.

CLIENTS ARE ADVISED TO MAKE ARRANGEMENTS FOR TELEPHONE BIDS AT LEAST TWO DAYS BEFORE THE SALE.

An Antiquorum staff member will call you during the auction approximately 3 to 10 lots before the lot(s) on which you wish to bid. Language assistance for telephone bidding is available in English, French, German, Italian, Mandarin, Cantonese and Japanese. Please note that all bid cancellations must be received in writing.

ONLINE BIDDER REGISTRATION

The registration process for online interactive bidding and online absentee bidding is similar to that used for traditional telephone and absentee bidding. On Antiquorum’s fully secure website, www.antiquorum.swiss, the following steps must be completed by prospective buyers:

• Register, providing the bidder’s name, address, telephone number, email address, and a requested credit limit for online bid- ding. NOTE : First time bidders are required to provide a valid ID (passport or identity card), proof of address from less than 3 months and bank details. In some cases, Antiquorum may impose a credit limit to the online applicant, in which case the amended credit limit will be communicated to the client upon receipt of the registration form.

• Accept Antiquorum’s terms and conditions of sale.

• Condition Reports are given for each lot in the live auction in progress, no registration is needed to view a live internet broadcast made available on auction day. For additional information about the online bidding system, terms and conditions of use and sale, please visit www.antiquorum.swiss

ONLINE INTERACTIVE AND ABSENTEE BIDDING

Antiquorum’s fully secure online interactive bidding system allows prospective buyers to place interactive bids and absentee bids directly through www.antiquorum.swiss for all traditional auctions worldwide. Especially designed to offer the suspense and excitement of a traditional auction room, Antiquorum’s online interactive bidding system allows buyers worldwide to bid as safely and comfortably as if they were in the saleroom.

THE SYSTEM OFFERS MANY FEATURES TO FACILITATE THE ONLINE BIDDING PROCESS:

• The lot number with its image and description.

• Bid history for all previous bids on the current lot buyers are bidding upon.

• Access to a HELPLINE in the event of a connection failure. Antiquorum’s online interactive bidding system also offers buyers the option to place an online absentee bid. Absentee bids are accepted by the online server up to three hours before the start of the live interactive auction.

PLEASE NOTE THAT ALL BID CANCELLATION MUST BE RECEIVED IN WRITING.

AUCTION PREVIEWS

Previews are conducted by Antiquorum and MC Luxury Auction prior to each auction and details of these exhibitions are found at the beginning of every catalogue or online. Previews are open to the public and prospective buyers are encouraged to view and examine lots offered for sale prior to making their purchases.

CURRENCY CONVERSION

Auctions are conducted in Euros in Monaco, in Swiss Francs in Geneva, and in HK Dollars in Hong Kong. A currency conversion board is made available in each saleroom and online, indicating approximate exchange rates for various major currencies.

BIDDING INCREMENTS

Bidding usually opens below the low estimate figure of each lot and generally advances in increments of 10%, for example:

VALUES INCREMENTS*

from € 500 to 1,000 by € 50

from € 1,001 to 2,000 by € 100

from € 2,001 to 5,000 by € 200

from € 5,001 to 10,000 by € 500

from € 10,001 to 20,000 by € 1,000

from € 20,001 at the auctioneer’s discretion *

The auctionner may adjust the bidding increments at his/her discretion.

SUCCESSFUL BIDS

When the auctioneer’s hammer falls, the final bid has been reached and the auctioneer will record the bidder’s paddle number, or the absentee bid number. If your bids have been successful, you will be notified by means of an invoice sent by e-mail. You are also welcome to call Antiquorum the day after the auction to request the outcome of your bids.

LOTS SOLD WITHOUT RESERVE

When the entire first part of the description is in red, this indicates that the lot is to be sold without reserve, as is also stated beneath or alongside the description. the absentee bid number. If your bids have been successful, you will be notified by means of an invoice sent by e-mail. You are also welcome to call Antiquorum the day after the auction to request the outcome of your bids.

LOTS FROM OUTSIDE UE

Lots from outside the UE : (identified by an*) are submitted to commissions and taxes :

• If the lot is delivered within the EU : a 20% import VAT is due on the hammer price with buyer’s premium, plus 120€ for termination of temporary export, at buyer’s expense.

• If the lot is delivered outside EU : 120€ for termination of temporary export is due, at buyer’s expense.

LOTS REQUIRING AN EXPORT LICENSE AND/ OR AN EXPORT PASSPORT

In accordance with the current legislation, lots of 50 years or older, with a value of 50’000 EUR or more (identified by an **), will require an export license and/ or an export passport, for which will apply on your behalf to the French Ministry of Culture. Note, it may take 1 to 3 month(s) to obtain this license or passport. Antiquorum (Antiquorum Genève SA, Antiquorum Auctioneer HK Ltd, MCLA, Antiquorum Auctioneer SRL) cannot be held responsible for any delays in the application process.

SALES RESULT

Price lists are made available online at www.antiquorum.swiss approximately 24 hours after the end of each auction.

PAYMENT

Payment for purchased lots at any MC Luxury Auction and Antiquorum auction is due within 7 days of the sale date.

• For traditional auctions, the buyer’s premium is : 26% excluding VAT of the hammer price on each lot up to and including 1,000,000 EUR, 21% excluding VAT from 1,000,001 EUR to 5,000,000 EUR and 16% excluding VAT for all amounts in excess of 5,000,001 EUR.

• Extended payment terms or special credit terms can be arranged on occasion, before the auction.

• For information regarding payment policies : please contact accounting department at Antiquorum Monaco, tel. +37797983144

• PAYMENT METHODS Payment may be submitted by wire transfer, or credit card (restrictions apply).

• WIRE TRANSFER Please refer to the wire transfer instructions as shown on your customer invoice.

• CASH is limited to the equivalent of € 10,000.

• CREDIT CARDS : Major credit cards are accepted (additional charge)

• There may be administration fee incurred for choosing electronic payment methods.

• For buyers having paid by credit card, a shipping delay of 3 to 7 working days may apply in order to do additional controls.

ONLINE INTERACTIVE AND ABSENTEE BIDDING

COLLECTION

For collection of lots purchased, the buyerwill need to contact Antiquorum and MC Luxury Auction with instructions. Collection of purchased lots can only take place once the invoice has been paid in full.

For more details, contact Antiquorum Monaco :

tel. +37797983144

email : monaco@antiquorum.swiss

SHIPPING & INSURANCE

Winning lots (watches and jewelry only) are available for pick up at our Monaco office for buyers having selected the collect point Monaco and at our Hong Kong office for buyers having selected the collect point Hong Kong.

All others will be shipped directly to their location as per buyer‘s instructions.

Please note that buyers are responsible for all shipping fees and any other applicable fees including value added tax, customs duties etc… for importation to their respective countries.

1% of the hammer price plus premium will be charged to cover the insurance liability, as according to law once the hammer falls the buyer is responsible for the insurance of the lot.

Please note Antiquorum and Mc Luxury Auction are not responsible for shipping clocks, furnitures, voluminous and/or fragile items. Our shipping department will assist you in choosing a third party crating service.

The auction process

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