Auction Terms

01 Scope and auction formats

These Terms apply to the following auction formats we run.

• Live auction: the host sets an opening price and buyers bid in real time in the live room, with the highest bid winning
• Sealed-bid auction: bidding usually opens at 0 with a reserve price, and bids are not visible between buyers
• Catalogue auction: items are presented through photographs and text, and buyers bid within a set period
• Offline sale: held at a designated venue, sometimes with a preview session

02 Eligibility to bid

• You must register an account and complete identity verification before bidding
• Accounts that are restricted from bidding or frozen may not take part
• Eligibility is personal to you: you may not bid on someone else's behalf or let anyone else use your account
• Some sales set additional conditions, as stated in the sale announcement

03 Opening price, reserve and bid increments

• The opening price is set by us or the seller and is the lowest bid accepted for that item
• The reserve is the lowest price the seller will accept. It is not published, and bids below it do not result in a sale
• Sealed-bid auctions usually open at 0 and carry a reserve price
• Bid increments are set by the rules of each sale; your bid must be the opening price plus a whole multiple of the increment
• We do not change a published opening price or increment once a sale is under way

04 Effect of a bid and irrevocability

A bid expresses your intention to buy that item at that price and binds you as soon as it is submitted.

• Once confirmed, a bid cannot be withdrawn or amended
• Check the number of digits carefully before bidding; a winning bid caused by an input error, such as one digit too many, will not as a rule be reversed
• Bidding countdowns follow server time; the clock on your own device may differ
• Where a bid fails, is delayed, or is not placed in time because of your own network interruption, device fault or misoperation, you bear the consequences
• If you are unsure whether a bid went through, check your bidding history rather than submitting again

05 Winning and confirmation

• When the auction closes, the highest bid at or above the reserve wins
• Where identical highest bids are placed in a sealed-bid auction, the earlier bid wins
• The sale contract is formed once we confirm the result; the order page is the record of what you won
• Results are sent by in-app message, push notification or SMS, so keep the mobile number and email on your account current
• Notifications are reminders only; not receiving one does not affect the validity of the result

06 Payment deadline and late payment

• The winning bidder must pay within the period we specify
• We may cancel the order if payment is late or you refuse to perform
• Depending on the circumstances we may warn a defaulting bidder, restrict their bidding privileges or freeze their account
• Costs actually incurred because of the default, such as shipping already paid, are borne by the defaulting bidder
• We may relist or otherwise dispose of items from cancelled orders

07 Collection and delivery

• Winning items ship by SF Express by default, by air or road, with freight paid on delivery by the buyer
• Items won at an offline sale may be collected in person at the time and place stated in the sale announcement
• Please inspect the item on delivery and confirm it matches its description before signing for it; filming the unboxing is recommended
• Only tap "Confirm receipt" once you are satisfied with the item — we release payment to the seller at that point

08 Previews and disclosure of defects

• Some sales offer an offline preview. Previews must be booked in advance and places may be limited, as stated in the sale announcement
• Handle items gently and wear the gloves provided; do not let sharp objects touch an item's surface
• Anyone who damages an item through careless handling at a preview must compensate its value
• Observations made at a preview are indicative only and are not a final assessment of condition
• Condition is determined by our combined AI and human authentication and the product page description; known defects are listed in the defect notes on that page

09 Prohibited conduct and enforcement

Bidding must be based on a genuine and lawful intention to buy. The following are prohibited without exception.

We may decline to confirm a bid that breaches these rules, and may cancel the order, restrict bidding privileges, freeze the account or terminate service. Conduct amounting to a criminal offence will be referred to the competent authorities.

• Bidding, buying or raising complaints in bad faith, or bidding to inflate prices or disrupt a sale
• Colluding with others to suppress prices or rig bidding, or using multiple accounts to manipulate the outcome of a sale
• Using bots, scripts or similar means to bid automatically or interfere with a sale
• Bidding under someone else's identity, or lending or renting your account to another bidder
• Concluding a sale privately with the seller outside the platform

10 Disputes and governing law

If you have any questions about these Auction Terms, contact us at service{'@'}theluxpik.com or on +86 400-831-5667.

• If you doubt an item's authenticity, you may have it assessed by an accredited third-party authenticator, whose findings we support and accept; where an item is confirmed counterfeit, a full return and refund is available
• Returns are accepted where an item does not match its description or a defect was concealed
• Disputes should first be settled between buyer and seller. If that fails, you may ask customer service to step in and we will decide on the basis of the evidence
• These Terms are governed by the laws of the People's Republic of China; failing settlement, either party may bring proceedings before the competent court where the platform operator is located