Tender Bid Deadline Strictly 5.00pm AEST, Thursday 01 July 2021
Fine Art Bourse Australia Pty Ltd (trading as YourDiamonds.comTM(together ‘YD’)) of Level 7, 167 Macquarie Street, Sydney NSW 2000, Australia advises the following Conditions of Sale by Public Tender:
1. The Tender will close strictly at 5.00pm AEST on Thursday, 1 July 2021.
2. The Sealed Tender Bids will be opened in the presence of Mr Ian Renwood, Partner & National Head of Technology Consulting at Grant Thornton, Australia at 10.00am Friday 2 July 2021 at the offices of YD, Level 7, 167 Macquarie Street, Sydney and the Tenderers advised of the results of their bids.
3. The highest bid on a lot received equal to, or above, a reserve (if applicable) will be automatically accepted and their respective bidders advised accordingly. If a bid is less than a reserve (if applicable) then both the bidder and the Vendor shall be advised accordingly and the parties invited to adjust their bid/s or reserve/s respectively. YD will first deal with the highest tender bidder before reverting to any other bidders if applicable. However, if in the opinion of YD a sale is not achievable with the highest bidder YD may at its discretion commence discussions with other tenderers or any other third parties.
4. This sale of Australian Pink Diamonds is conducted by a Public Tender and YD will maintain confidential any information made available to it by a Vendor or a Tenderer. The results of the Tender may be disclosed after the completion of the Tender unless otherwise agreed with the Tenderer.
5. Diamonds must be viewed strictly by appointment only at the premises in the cities and at the times advertised on the YD website.
6. Tender Bids:
• can be submitted on one or any number of lots;
• may not combine two or more lots as the Vendor of each lot may vary;
• must be in Australian dollars and received in a sealed envelope in person by Tim Goodman (representing YD) at the Public Tender private viewings, by completion of the online Tender Bid Form on this website, by email of the Tender Bid Form to [email protected] or sent by registered or express post marked to the attention of:
Philip Wood, Fine Art Bourse Australia Pty Ltd, Level 7, 167 Macquarie Street, Sydney NSW 2000, Australia
and received no later than 5.00pm AEST, Thursday 01 July 2021; and
• are received as binding offers to purchase the goods therein.
7. YD will not disclose any reserve if applicable to any third party. Nor will YD disclose Sealed Tender Bids to anybody until after the conclusion of the Tender when YD will disclose to the Vendor any bids lower than the reserve placed upon the lot/s by the Vendor.
8. A successful Tenderer will be considered to have bought on his/her own account, whether or not any Tenderer is acting on behalf of a third party.
9. A Tenderer’s bid is a binding offer to buy at a Public Tender and if such bid is equal to or above the reserve price, or if under the reserve price and such bid has been accepted by the Vendor, the Tenderer will be notified upon the completion of the Public Tender period that his/her bid has been successful.
10. Upon acceptance of the Tenderer’s bid, the Tenderer shall be provided with a sale invoice on or about Friday 02 July 2021, after which the Tenderer is required to settle the invoice by bank transfer into YD’s bank account detailed below and to collect the goods within 72 hours excluding weekends:
Yourdiamonds Client Trust Account Westpac Banking Corporation:
BSB: 032-573 Account number: 387229
11. YD reserves the right to require a deposit of up to 20% of the estimate in value of the Lot from a Tenderer upon receipt of the Tender bid form by YD.
12. There is a Buyer’s Premium of 10% charged on top of the Tender bid. The Buyer’s Premium is reflected by a reduction in the fees charged to the Vendor. This is commonplace at auctions around the world except the Buyer’s Premium at most auctions of jewellery is usually over 25%.
13. At YD’s discretion, it may deliver the goods to successful buyers.
14. YD warrants that any certificates provided are genuine unless advised otherwise.
15. YD guarantees its catalogue descriptions.
16. Any information provided outside a catalogue description by an employee, officer or agent of YD is not guaranteed.
17. All diamonds are covered by insurance against all risks whilst in the custody of YD. In the event that YD delivers any diamond to a buyer, the goods are covered against all risks whilst in transit up to the delivery of the goods to the buyer or the buyer’s representative. Delivery is defined by an event whereby YD’s staff, consultant or agent delivers the Lot/s to the successful buyer at the Public Tender or to the buyer’s nominated representative and the recipient signs a confirmation of receipt form provided at the time of receipt of the goods.
18. In the event that a successful Tenderer wishes to resell any lot/s purchased by him/her at this Tender, such Tenderer may do so at the next available auction or Public Tender conducted by YD free any transaction commission. There will be a modest charge of a flat fee of just USD$350 plus an insurance success only charge of 0.5% of the successful resale price. This offer is extended to the Tenderer for their natural life.