By placing a bid on an item, each bidder agrees to these auction rules:
1. All prices are listed in Singapore Dollars.
2. All lots will be sold only above the Starting Bid.
3. Images are for guidance only. All lots are sold as is with all faults, imperfections and errors of description. In no event shall STPI be responsible for the condition of the lots or the correctness of any description of lots.
4. Silent auction begins at 10:00 AM (GMT+8:00) on Friday, 16 October 2020 and ends at 6:00 PM (GMT+8:00) on Sunday, 25 October 2020. Please note that no exceptions will be accepted.
Placing a Bid:
5. By placing a bid you are entering into an agreement to purchase the artwork(s) and/or auction experience(s) at the offered price. You agree to pay the full amount of your bid if, upon completion of the auction, you have the highest bid.
6. Winning bids will be determined when the silent auction ends at 6:00 PM (GMT+8:00) on Sunday, 25 October 2020.
7. The highest bid (at the end of the silent auction) will be deemed to be the winner. In the extreme case of where an entry error has occurred, please contact us for the retraction of your bid. If this occurs, we reserve the right to offer the item to the second highest bidder.
8. The sole discretion of choosing the winners lies with STPI and will be final.
9. All sales are final. There will be no exchanges or refunds.
10. All bids are only finalised upon written confirmation from STPI.
Payment for Successful Bids:
11. Payment for artwork(s) and/or auction experience(s) purchased must be made in full to STPI by 06 November 2020. STPI accepts cash, bank transfer or cheque payment (subject to cleared funds).
12. All bank charges (for International Bidders) must be paid by remitter.
13. Auction bids are exclusive of Singapore 7% GST. If the final delivery location of artwork(s) and/or experience(s) is in Singapore, the Singapore 7% GST will be applied on the estimated market value, or the final bid price, whichever is lower.
14. Donation tax deduction benefit of 250% is only applicable to the difference between the final bid price and the estimated market value of the item being auctioned, on the condition that the final bid price is higher than the estimated market value.
15. STPI will submit the tax-deductible donation information to IRAS. Donor must provide name and tax reference number (NRIC/ FIN/ UEN) to STPI in order to be eligible for tax deduction.
Delivery of Artworks/Experiences:
16. For international bidders, VAT upon delivery/shipment shall apply based on destination country.
17. Delivery, insurance, and installation of artworks are not included. Additional charges apply.
18. All artworks and auction experiences have been kindly donated by the respective parties and as such, any respective terms and conditions are applicable.
19. STPI reserves the right to add or withdraw artwork(s) and/or auction experience(s), without notice, to or from the auction.
20. STPI, its elected and appointed members and employees, sponsors, and/or volunteers connected with the auction cannot be held responsible or liable for any risks or hazards related to the artwork(s) and/or auction experience(s) won at the auction.
21. Bidders and buyers acknowledge and understand that STPI may process their personal data in accordance with their privacy policies as published here.
22. The auction shall be subject to, governed by and interpreted in accordance with the laws of Singapore for every purpose.
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