In Confidence: Selected Masterpieces - Q and A

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How does the In Confidence model work and how should I bid?

Under this new silent auction concept, bids are placed by submitting confidential written commission bids only. All bids are irrevocable and may not be withdrawn for any reason.

There are two bidding deadlines. The initial bidding period finishes at 6pm on Friday May 22nd. Bidders who place a bid before this deadline will be informed if they have been outbid. The second deadline is 24 hours later, at 6pm on Saturday May 23rd. During this final 24 hours, bidders will have the opportunity to place their best and final bid either by improving their initial bid, or by placing a bid for the first time.

All bidding information and results will remain private and unpublished. Completed commission bid forms must be emailed to inconfidencehk@sothebys.com. An independent auditor will monitor the bidding process.

15 May: E-catalogue goes live. There is no printed catalogue for this auction.

15 May – 23 May: Open for bidding. Bidders who place bids between 15 -22 May will be notified if they have been outbid. Bidders who place bids during the final 24 hours of the auction will not be notified if they have been outbid.

23 May, 6pm: After the auction closes, the bidder who has placed the highest bid shall be the winning bidder. Notwithstanding the highest bid submitted, the winning bid price (i.e. the auction hammer price) payable by the winning bidder will be an amount that is one increment above the second highest bid, or the amount of the reserve if there are no other bids. If Sotheby’s receives two or more identical bids which are the highest bids for a lot, the identical bid first received in time should be the winning bid. The winning bidder shall pay the winning bid price plus buyer’s premium.

Can anyone participate in this auction or is it by invitation only?

The auction is open to the public, however due to the value of the lots, potential bidders may be required to pay a deposit and / or provide financial references.

Will there be estimates? How do I know the starting bid of each lot? What is the bidding increment?

All lots are offered by estimate on request. Bids must be placed in increments of HK$100,000 Commission bids of an amount other than HK$100,000 will be rounded down to the nearest HK$100,000. Starting bids range from HK$5 million to HK$70 million.

Can bidders place multiple bids on the same lot?

Bidders may only place one bid per lot during the initial bidding period and one bid per lot in second and final bidding period. Additional bids in same round will be ignored as bids are irrevocable.

When will bidders be notified when they are outbid?

Bidders who are outbid during the initial bidding period (before 6pm on Friday May 22) will be informed by 10pm the same day.

Will bidders be told by how much they have been outbid?

No. Bidders should always place their bid at the maximum price that they are willing to bid for an item.

If I win the bid, will I be charged for the amount I put on the commission bid form?

No. After the auction closes, the bidder who has placed the highest bid shall be the winning bidder. Notwithstanding the highest bid submitted, the winning bid price (i.e. the auction hammer price) payable by the winning bidder will be an amount that is one increment above the second highest bid, or the amount of the reserve if there are no other bids. If Sotheby’s receives two or more identical bids which are the highest bids for a lot, the identical bid first received in time should be the winning bid. The winning bidder shall pay the winning bid price plus buyer’s premium.

For clients who did not win, will they be notified?

Underbidders will be notified that they were unsuccessful after the auction.

Is the buyer’s premium calculated following the same rate for In Confidence as Sotheby’s usual buyer’s premium?

Yes the buyer’s premium is calculated as the same rate as for Sotheby’s regular live auctions.

Will results be disclosed or published on sale page after the sale?

No. Because in this new silent auction concept, we keep the final results confidential.

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