How to Bid

 

  • The Auction will proceed one Lot at a time, in sequential order, and will take bids from the auction floor, telephone, online, and absentee bid (See section: How to Participate in the Auction below).
  • 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)
  • Bangkok Art Auction Center co.,Ltd shall not be responsible for any other applicable taxes and tariffs.

The Auction will take bids from the auction floor (including absentee bids), telephone, and online via invaluable.com. Please see below the registration process for each channel.

FOR IN-PERSON BIDDING / TELEPHONE BIDDING / ABSENTEE BIDDING
Step 1: Prepare the Supporting Document for Registration

1. Copy of THAI ID card or copy of passport (for foreigners)
2. Evidence of payment for credit cards or utility bills to confirm your identity and address

 

For Absentee Bidding and Telephone Bidding only

Please contact us at (+66) 64 828 9394 to arrange for Absentee Bidding / Telephone Bidding

Step 2: Fill your Registration Form

Online registration

Please send your Supporting Document electronically to info@bangkokartauctioncenter.com

Register in-person

August 15th – September 7th 2022, 9:00 – 18:00, by appointment only, at CW Tower, Unit 315-316, 90 Ratchadaphisek Road, Huai Khwang, Bangkok, 10310 Thailand

September 8th – 11th 2022 at ICONSIAM, 7th floor, True Icon Hall Convention

Please bring your Supporting Document in-person or send them electronically to info@bangkokartauctioncenter.com

Step 3: 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 BAAC account shown below:

                      Account name     : Bangkok Art Auction Center Company Limited
                      Bank Branch        : Siam Commercial Bank (Ladprao 59 branch)
                      Account No.         : 010-446574-9

  • Cheque payable to “Bangkok Art Auction Center Company Limited”
  • Credit Card: Visa or MasterCard. (Only on 11th September 2022, in-person only)

Once the deposit has been submitted, please send the proof of your deposit electronically to info@bangkokartauctioncenter.com or LINE Official Account: @bangkokartauction

Registration will be completed after BAAC receives all the required documents, which we will notify you with the confirmation via your initial contact channel (email, LINE official or social media inbox)

ONLINE BIDDING via invaluable.com

Please pre-register for Online Bidding at www.invaluable.com by 11.55pm on September 9th, 2022

  • 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 for Online Bidder. If you wish to increase your total bid amount limit, please contact BAAC at info@bangkokartauctioncenter.com

The Winning Bidder must make payment in full, including the Buyer’s Premium*, and collect the Lot within 7 calendar days. The payment can be made via one of the following channels:

  • Bank Transfer to BAAC account shown below:

                      Account name     : Bangkok Art Auction Center Company Limited
                      Bank Branch        : Siam Commercial Bank (Ladprao 59 Branch) 
                      Account No.         : 013-408874-2

  • Cheque payable to “Bangkok Art Auction Center Company Limited”
  • 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, BAAC 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 BAAC.

If the Winning Bidder fails to collect the Lot(s) within the designated period, BAAC reserves the right to charge a maintenance fee of 1,000 Baht per day per Lot, and if the Winning Bidder fails to contact BAAC to collect the Lot within 3 months from the Auction Day, the Lot in question will fall under the Ownership of BAAC.

*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 BAAC 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 by the end of the auction month.
  • 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 the Bidder cannot make payment in full for the winning Lot within the Auction Date, BAAC may consider the deposit as a partial payment for the Lot. (Subject to 3% credit card surcharge)

The Winning Bidder will be responsible for the packaging and transportation of their Lot from the Auction Venue.

The above information is a guide for Bidders only. Bangkok Art Auction Center Company Limited reserves the right to determine interpretation and judgment in the event of any disagreement.

For further information, please contact Bangkok Art Auction Center Company Limited,

Unit 315 – 316, CW Tower, 90 Ratchadaphisek Rd, Huai Khwang, Bangkok 10310 or call  (+66) 64 828 9393

or email: info@bangkokartauctioncenter.com