How To Bid - Online Auction

Seoul Auction, the first art auction house in Korea to launch an online bidding system, offers artworks by a broad range of artists at reasonable prices.
In addition to artworks, our auctions also feature various types of lifestyle items (luxury goods, jewelry, designer furniture, figurines, etc.), offering something for everyone.
contact : info@seoulauction.com

Register on the website

Seoul Auction’s online auctions can be participated in by anyone without having to pay a membership fee. All one must do is register for membership on the Seoul Auction website and complete a simple self-authentication procedure before the auction begins.
Bidding for offline art auctions can only be done by regular (paying) members.

※ To apply for membership, an email certification process must be completed. Therefore, please provide a valid email address when applying for membership.

Please check the Fill the Bidding registration -> YES
* To be able to participate in online auctions, you must check “Yes” under “Bidding Registration” when applying for membership.
* The bidding button will become available for use one or two weekdays after selecting “Yes.”
* If the bidding button does not become available, please send an email inquiry to info@seoulauction.com
* If you register for membership near the closing time of an auction and make an email or phone inquiry related to bidding, Seoul Auction will provide all necessary assistance.
* If you require the assistance of an employee regarding a bidding-related matter, please do not hesitate to contact us at any time.

PREVIEW

Preview is a simple and small exhibition for check the condition of objects and art works before the auction begins. Anyone can enter the preview show and get a detail service regarding the objects and art works. The dates of preview exhibition and current auction will be notice through the invitation or website.

  • We submit the auction art works/objects as they are at the preview show.
  • We ensure the conditions of the items from the point we presented items on the auction.
  • The auction proceed with based on check the real objects through the preview show. Thus, we recommend that please fully check the condition of qualities of art woks/ objects.

Bidding

• Bidding can be done on the Seoul Auction website during the preview exhibition. Lots will be opened and closed by numerical sequence from the closing time of the auction.
• If a bid is made less than 30 seconds before closing time, the auction will be automatically extended for 30 seconds.
• The closing time may vary depending on the online auction number.
• Bidders may participate in online bidding after completing a procedure to confirm consent.

◊ If you use Internet Explorer, please verify your settings before the online auction begins.
How to enable the automatic refresh function on the online auction page

On-line Bidding

Single bid

Manual bidding is made once at a time as given amount of the money.

Automatic bid

Automatic bidding after establishing bid limit in advance
*For automatic bidding, if there is no other bidder, the lowest bid will be designated as the successful bid.

호가단위 자동 변경기준

  • 다음과 같이 온라인 경매 응찰 금액대별 호가단위가 자동 변경됩니다.
    이는 2019년 11월 1일자 기준, 온라인 상에서 진행되는 모든 경매부터 적용됩니다.
From(₩) To(₩) By(₩)
~ 1million won 50,000 won
1million won 3million won 100,000 won
3million won 5million won 200,000 won
5million won 10million won 300,000 won
10million won 30million won 500,000 won
30million won 50million won 1,000,000 won
50million won 100million won 2,000,000 won
100million won 200million won 3,000,000 won
200million won ~ 5,000,000 won

Successful bid

1. Successful bid and bid priority

A successful auction bid is granted to the bidder with the highest bid price. Opportunities for successful bids are granted with priority given to automatic bids, followed by manual bids.
If two identical bids are made, priority will be given to the individual who entered his or her bid price first (based on the time indicated by the server).
When a bid is made, the auction bid increases based on the bid increment.



2. Confirmation of successful bid

Once a successful bid has been determined, an email confirmation of the successful bid is sent. The bidder may also confirm the successful bid price and commission fees on the Seoul Auction website (Log in > Account > Auction Transaction Information > Purchase List).
The bidder cannot cancel his or her bid without incurring a penalty. In the event a bid must be cancelled, the bidder’s intention to cancel must be expressed in writing within seven days of the successful bid being made. A penalty corresponding to 30 percent of the successful bid price must be paid within seven days for breach of contract.



3. Purchase commission

The bid commission for successful bids is generally imposed in accordance with the relevant regulations, which are listed below. The commission rates may be applied differently, in accordance with internal policy.
Online auction: 18% (VAT not included)
Hammer price: price announced by the auctioneer upon banging the gavel
Purchase price: sum of the hammer price, bid commission, and VAT



4. Payment guidelines

Methods of paying the full price of the artwork successfully bid upon are listed below.
▶Wire transfer
Bank : Woori Bank (Pyeongchangdong Branch) Account :1005-500-700549 Account Name : SEOUL AUCTION
Swift code : HVBKKRSEXXX
Inquiries : (Phone) +82-2-2075-4422 (Email) info@seoulauction.com
Business hours: (KST) 9:00-18:00
* When making an account transfer, please write the name of the successful bidder in the deposit memo section. If the name of the account holder and name of the bidder are not the same, the deposit confirmation may be delayed. Seoul Auction assumes no responsibility for any inconvenience that may arise from a discrepancy between the name of the account holder and the name of the bidder.

▶Website payment
For an artwork bid upon via online auction and payment with a credit card that is accepted in Korea, credit card payments may be made on the Seoul Auction website. For a high-value item, there is a chance that credit card payment may not be accepted, in accordance with the policy of the relevant credit card company. The successful bidder should make the payment after logging in to the Seoul Auction website and confirming the hammer price.

▶In-person payment
If the bidder would like to make the payment with a credit card that cannot be used online, he or she may make the payment in person at the Pyeongchang-dong office of Seoul Auction.
If a payment inquiry is made in advance, the employee in charge will provide the relevant guidelines.
* The bidder must make the payment for the artwork (including purchase commission) within seven days of the auction (or 21 days, for hammer prices of KRW 300 million or higher) and take possession of the relevant artwork.
* The bidder may make the payment for an artwork via installment based on negotiation with Seoul Auction prior to the auction.
* The bidder may pay the full price for the artwork via cashier’s check, cash, or wire transfer to Seoul Auction’s designated bank account.

Guidelines on the receipt, shipment, and installation of artworks

Inquiry : +82 (0)2 2075 4422 (English), +82 (0)2 2075 4391 (中國語)(Head Office)
Business hours: (KST) 9:00-18:00


* Ways for the bidder to receive the artwork

1. Artworks bid upon in an auction must be received directly by the bidder.

2. Pick-up location : Seoul Auction House (B1, Storage), 24 (Pyeongchang-dong 98), Pyeongchang 30-gil, Jongro-gu, Seoul, or the Hong Kong office (SA+) for artworks held in Hong Kong

3. Please make a reservation with a sales employee for the date and time you wish to pick up artwork by the day before pick-up.
  Pick-up is conducted based entirely on an advance reservation system. . If you arrive at the office without a reservation, you will not be able to pick up the artwork.

4. Pick-up days and times : Monday to Friday (excluding national holidays) / Seoul Auction business hours: 9 a.m. to 6 p.m. (excluding lunch hour (12 p.m. to 1 p.m.)
  * For pick-up by car: artworks up to 90 × 118cm in size can be loaded into a car (up to No. 50 canvas)

5. If the bidder is unable to pick up the artwork directly, Seoul Auction can recommend the services of an art shipment company. In this case, the shipment of the artwork shall be the responsibility of (and paid for by) the bidder.
  * Regular delivery companies are not recommendeddue to the risk of damage to or loss of the artwork.

★ Basic shipping fee (One Way)

  • Shipping fee is free of charge for Seoul and Gyeonggi-do. For other provinces, it will be shipped twice a month on the designated day for free of charge. (Including weekend)
  • Additional fee is charged for individual shipping, mountainous, remotes areas, Jeju Island and overseas.
  • Additional fee is paid to the on-site employee who does the installation and artworks that require additional personnel for installation. (Quotation will be provided in advance)
  • Inquiry: +82-2-2075-4404
  • Overseas: Estimated on request