Auction Rules & Buyer’s Premium
Auction Rules
The Auction will follow the English auction format; that is, for each Lot:
- The Auctioneer will open the auction of the Lot by announcing the starting price.
- The Auctioneer will determine the minimum increment of bids and accept increasingly higher bids from Bidders. Each Bidder may announce their own bid given that it is higher than the minimum increment.
- At any given moment, the Auctioneer reserves his/her right to determine the current highest bid (“Standing Bid”).
- If no competing bidder challenges the Standing Bid within the count of three, the Auctioneer falls the hammer, and the Stand Bid becomes the winner.
Buyer’s Premium
Each Lot will be sold to its corresponding Winning Bidder at the winning price “Hammer Price” plus “Buyer’s Premium”.
- For Non-Online Bidders (including, In-person, Absentee, and Telephone), the Buyer’s Premium is equal to 15% of the Hammer Price and is subject to 7% VAT (i.e. totaling 16.05% of the Hammer Price, inclusive of VAT).
- For Online Bidders via invaluable.com, the Buyer’s Premium includes Online platform service fee and is equal to 20% of the Hammer Price and is subject to 7% VAT (i.e. totaling 21.40% of the Hammer Price, inclusive of VAT)
TAAC shall not be responsible for any other applicable taxes and tariffs.
Registration for Bidding
Online Registration
Prepare the Supporting Document for Registration
- Copy of THAI ID card or copy of passport (for foreigners)
- Evidence of payment for credit cards or utility bills to confirm your identity and address.
For Absentee Bidding and Telephone Bidding
Please contact us at (+66) 02 233 7939
or (+66) 65 097 9909
to arrange for Absentee Bidding / Telephone BiddingFill out the Online Registration Form
Online Registration FormPlease fill the form and send it to [email protected]
Send Supporting Documents
Email Your DocumentsOnline Bidding via Invaluable
Please pre-register for Online Bidding at www.invaluable.com by 11:55 P.M. (before the Auction Day)- Please note that we may only provide your access to the Online Bidding after receiving all Supporting Documents requested.
- The total bid amount will be limited to THB 500,000 (Five Hundred Thousand Baht) for Online Bidder. If you wish to increase your total bid amount limit, please contact [email protected]
In-Person Registration
Prepare the Supporting Document for Registration
- Copy of THAI ID card or copy of passport (for foreigners)
- Evidence of payment for credit cards or utility bills to confirm your identity and address
Register In-Person
Please bring your Supporting Document in-person or send them electronically to [email protected]
Submit your deposit
The deposit amount for all types of Bidders is THB 50,000 (Fifty Thousand Baht). Please submit the deposit via one of the channels below:
- Bank Transfer to TAAC account
Account name : The Art Auction Center Company Limited
Bank Branch : Siam Commercial Bank Talad Noi Branch
Account No. : 013-408874-2
- Cheque payable to “The Art Auction Center Company Limited”
- Credit Card: Visa or Mastercard (Only on the Auction Day, in-person only)
Once the deposit has been submitted, please send proof of your deposit electronically to us by one of the following:
- Email to [email protected]
- LINE Official Account @theartauction
Registration will be completed after TAAC receives all the required documents. We will notify you with confirmation via your initial contact channel (email, LINE official or social media inbox).
- Bank Transfer to TAAC account
Absentee &
Telephone Bidding
Please contact us at (+66) 02 233 7939 or (+66) 65 097 9909 to arrange for Absentee Bidding / Telephone Bidding
Payment for Sold Lots and Deposit Returns
Bank Transfer
The payment can be made via one of the following channels:
- Bank Transfer to TAAC account shown below:
Account name : The Art Auction Center Company Limited
Bank Branch : Siam Commercial Bank Talad Noi Branch
Account No. : 013-408874-2
- Cheque payable to “The Art Auction Center Company Limited” (The payment will be fully completed when the bank charges 100% of the amount)
- Credit Card: Visa or MasterCard. (Note that there will be 3% credit card surcharge)
If the Winning Bidder fails to make payment in full within the designated period, TAAC reserves the right to offer the auctioned Lot to the next highest bidder. In this case, the deposit of the Winning Bidder will be forfeited to TAAC.
*Buyer’s Premium
- For Non-Online Bidders (Including, In-person, Absentee, and Telephone)
the Buyer’s Premium is equal to 15% of the Hammer Price and is subject to 7% VAT (i.e. totaling 16.05% of the Hammer Price, inclusive of VAT). - For Online Bidders via invaluable.com
the Buyer’s Premium includes Online platform service fee and is equal to 20% of the Hammer Price and is subject to 7% VAT (i.e. totaling 21.40% of the Hammer Price, inclusive of VAT)
Return of Deposit
- Deposit shall be seized by TAAC only in case the Bidder fails to make payment in full for their winning Lot.
- Deposit made by Bank Transfer or Cheque will be returned to the Bidder’s designated bank account within 10 days after the Auction Day.
- Deposit made by credit card will be returned at the end of the event by cancelling the deposit transaction if the Bidder wins nothing. However, if there’s a wining lot, the company will cancel the deposit payment transaction when the bidder completes the entire amount.
If the Winning Bidder fails to make payment in full within the designated period, TAAC may consider the deposit as a partial payment for the Lot. (Subject to 3% credit card surcharge)
Transportation
The above information is a guide for Bidders only. The Art Auction Center Company Limited reserves the right to determine interpretation and judgment in the event of any disagreement.
For further information, please contact The Art Auction Center Company Limited, 4th Floor, River City Bangkok, Room 442-443
or call (+66) 2 233 7939 / (+66) 65 097 9909
email: [email protected]