Terms & Conditions For Timed Auction

 

 

Buying at Online Auction

The following pages are designed to give you useful information on how to buy at PT. Balai Lelang Larasati - herein referred to as LARASATI - Fine Art Auction.

 

A buyer's premium is payable by the buyer of each lot at rate of 18% of the hammer price of the lot. Upon signing the Bidder Registration Form, all Bidder are legally bound to all terms and conditions as stated in our website www.larasati.com "timed auction".

 

Bidding by Internet LIVE and Timed Auctions

For LIVE and Timed Auctions, the Company does not provide in-house real-time bidding service. However, bids may be placed through the Internet Bid System provided by INVALUABLE (hereinafter referred to as the "Real-Time Internet Bidding"). Any person who intends to participate must register through INVALUABLE as the appointed third-party company for Real-Time Internet Bidding and is bound to the INVALUABLE's Terms and Conditions of the sale.

 

Viewing

All works are not available for viewing.

 

1. BEFORE THE AUCTION

 

Pre-sale Estimates

The pre-sale estimates are intended as a guide for prospective buyers. Any bid between the high and the low pre-sale estimates would, in our opinion, offer a fair chance of success. However, all lots, depending on the degree of competition, can realise prices either above or below the pre-sale estimates.

 

Reserves

The reserve is the minimum price the seller is willing to accept below which the lot will not be sold.

 

Condition of Lots

Solely as a convenience, Larasati may provide condition reports. The absence of reference to the condition of a lot in the catalog description does not imply that the lot is free from faults or imperfections.

2. THE AUCTION

 

Conditions of Business

The Auction is governed by the Conditions of Business at Larasati Timed Auction. These Conditions of Business apply to all aspects of the relationship between Larasati and actual and prospective bidders and buyers. Anyone considering bidding in the auction should read them carefully.

 

Bidding at Online Auction

To register for the auction, potential bidder must register on www.invaluable.com for a bidding paddle. All auctions are conducted in Indonesian Rupiahs.

Timed Auctions are internet-only auctions that run for a set duration of time and are available for absentee bidding only. These auctions allow you to place bids until the scheduled end time for a particular lot. Whoever has the highest bid when the time runs out wins the lot.

If a bid is placed within the last 5 minutes of a lot’s scheduled end time, we extend the sale by 5 minutes from the last bid. This way other bidders have a chance to place a bid. Extended bidding continues until 2 hours after the last lot’s scheduled end time.

 

Bidding Increments

Bidding generally opens below the low estimates and advances in the following increments:

Below IDR 2.000.000	by	IDR 100.000
IDR 2 - 5.000.000	by	IDR 200.000
IDR 5 - 10.000.000	by	IDR 500.000
IDR 10.000.000 - 20.000.000	by	IDR 1.000.000
IDR 20.000.000 - 50.000.000	by	IDR 2.000.000
IDR 50.000.000 - 100.000.000	by	IDR 5.000.000
IDR 100.000.000 - and above	by	IDR 10.000.000

 

Successful Bids

Whoever has the highest bid when the time runs out wins the lot. If your bid is successful, you will be notified immediately after the sale by email. Larasati will not accept any cancellation.

 

3. AFTER THE AUCTION

 

Payment

Payment must be made within seven calendar days of the sale by telegraphic transfer to Larasati's bank account as stated in the purchase invoice. Please include your name, Larasati's account number and invoice number with your instructions to your bank. We don't accept credit cards as payment for purchase.

 

Collection

Lots will be released to you or your authorized representative when full and cleared payment has been received by Larasati.

 

Items retained will be covered by our insurance from the date of sale for a period of seven days or, if by then the goods have been collected, to the time of collection. After seven days or from the time of collection, whichever is the earlier, the lot will be entirely at the buyer's risk.

 

Storage and Insurance

All purchases will initially be held for collection at the saleroom at no charge. Larasati provides insurance cover for a maximum of seven days after the sale. If purchases are not collected within the time stated in the catalog, they will be deposited in the warehouse and charges will be incurred.

 

Packing and Handling

We shall use all reasonable effort to take care when handling and packing a purchased lot but remind the buyer that after seven days or from the time of collection, the lot is entirely at the buyer's risk.

 

Shipping

Shipping can also be arranged on your behalf. You can also instruct the shipper of your choice, either immediately after the sale, if you are attending or in writing on the instruction form sent with our invoice.