No. Bidding is binding. If you place a bid you are legally responsible to pay for the item if you are the highest bidder, even if you made the bid in error or changed your mind. We strongly advise you to view lots in person wherever possible, or request additional photography or condition reports if you have any doubts as items are always sold 'As Is'.
Can I reduce a maximum bid amount?
Yes. You can reduce your maximum bid by entering a reduced maximum bid amount in the box where you would normally place your bid. You must make sure that the reduced amount meets a bidding increment and that it is more than or equal to the current bid.
What is Auto-Extended Bidding?
If you place a bid in the final five minutes before a lot closes, the bidding period is extended by a further five minutes. This continues until a full five minutes has elapsed without another bid being placed.
Do you sell ivory products or items with ivory detailing?
We do not, and cannot, sell any ivory products at all (including pre and post 1990 ivory) including tiny amounts used in larger items (e.g. handles or stringing in furniture). This is in line with our core values as a company and our resolve in supporting the fight against illegal trade in endangered animals, which mirrors the new NParks directives
Can I place a confidential maximum bid?
Yes, you may enter a ‘maximum’ bid. This is the most you are willing to pay for an item. Our bidding platform will then bid intelligently for you, against any other competitors, bidding only enough for you to stay in the lead. Your maximum bid amount remains totally confidential, even Hotlotz does not know what it is.
How do lots close during the auction?
Lots in our auctions all close in sequence in intervals of one minute, starting at the published end time of the auction. e.g. If the published end time of the auction is 6pm, Lot 1 will close at 6pm, however Lot 75 would close seventy five minutes later at 7.15pm.
What do all the prices mean on a lot?
The opening bid amount is also the item’s ‘reserve’ price. This is the lowest price that the item can be sold for in auction. The estimates are a range of prices that we think the item will likely sell between. Estimates are based on a range of factors including our examination of the item, its provenance and condition, and recent auction records for comparable items.
What if I want to find out more information on a lot?
If you are unable to view in person or you would like addition information about an item we can schedule a video call with you or provide you with a written condition report. We can also email additional photos or video on request. The catalogue page for each lot also includes an option to ‘ask a question’. If you use this function it will send an email to the saleroom. Please try to make additional information requests in good time. We may not be able to reply to requests sent on the day of the auction.
Can I view the lots in person?
Every item is on view in the Hotlotz saleroom, unless there is a note to the contrary in the catalogue notes, or the item is offered for sale in a ‘Home Contents’ auction when viewing takes place at the property.
Collection & Shipping
How soon do I need to collect the items I have won?
Items must be dispatched within seven days or storage fees may apply.. Please contact the saleroom if you need help organising shipping.
Valuations & Consignment
Is requesting an appraisal from Hotlotz using the ‘Sell With Us’ service free?
Hotlotz is pleased to offer appraisals, including provisional auction estimates or Marketplace valuations, free of charge for items which we consider appropriate for sale at Hotlotz. We cannot unfortunately provide appraisals for items which are of a type or value that is typically not sold by us.
I have submitted items for review using the ‘Sell With Us’ service – when can I expect a reply from Hotlotz?
After submitting items for review using the ‘Sell With Us’ service you will receive an email to confirm we have received your request. Our appraisers will carefully review your submission, and, if your item is suitable for sale at Hotlotz, we will then provide an appraisal along with our recommendations on the best way to sell it. This process usually takes between one and two weeks. We will inform you within three working days if your item is not suitable for sale at Hotlotz.
I represent a family estate. What if I would like Hotlotz to appraise the many items within this estate?
Please send us an introductory email outlining your circumstances for our consideration. Appraisers with responsibility for special projects, including Private Collection & Estate Sales, will then contact you.
I have a large collection. What if I would like Hotlotz to appraise the many items within my collection?
Please send us an introductory email outlining your circumstances for our consideration. Appraisers with responsibility for special projects, including Private Collection & Estate Sales, will then contact you.
I would like to offer the partial or full contents of a property for sale. What if I would like Hotlotz to appraise them?
Please send us an introductory email outlining your circumstances for our consideration. Appraisers with responsibility for special projects, including Home Contents sales, will then contact you.
Can I withdraw an item from sale after I have approved my sales contract?
Yes, but you will be charged a withdrawal fee of $60 inc. GST as recorded in the sales contract in your dashboard. This fee will be invoiced and must be paid before you collect your item.
How will I know if my item has been sold?
You will receive am automated ‘Consignment Update’ email at midday, the day after the auction’s closing date. This will list the item (or items) that were sold and the hammer price, inclusive of GST, that they achieved.
When will I receive payment?
Payments to sellers are called ‘settlements’. They usually take place within 21 days of the auction closing date. Settlements are made by bank transfer into your nominated bank account. Please note that you are responsible for accurately recording your bank account details in your online Hotlotz account. You will receive a ‘Settlement Statement’ by automated email confirming that the transfer has taken place. A copy of the statement will also be filed in your online dashboard (Simply log in and go to My Account; Paperwork; Settlement Statements).
Why is the hammer price displayed as inclusive of GST on the bidding platform but exclusive of GST in the ‘Settlement Statement’?
Our bidding platform is like any other retail environment in Singapore, and we must adhere to strict price display laws. These state that the hammer price charged to the buyer must be displayed as inclusive of GST. When we prepare a settlement payment, we must first remove the GST that was paid by the buyer on the hammer price, and account to the IRAS for this amount. (To calculate hammer price exclusive of GST we divide the hammer price inclusive of GST by 1.08). Thereafter, the hammer price on settlement statements is shown as exclusive of GST.
Do you deduct your commissions and fees from the hammer price inclusive of GST or the hammer price exclusive of GST?
Commissions and fee charged to sellers are always calculated from the hammer price exclusive of any GST paid by the buyer on the sale. Commissions and fees are themselves also subject to GST.
What is a ‘Minimum Commission’ fee?
Yes, we charge a minimum seller’s commission fee of $40 inc. GST per item sold. This is outlined in your Sales Contract.
My settlement is late. Why might that be?
If your settlement is delayed it is usually because we are waiting for a late payment from a buyer. We have very robust processes in place to ensure that settlements are made in a timely manner but occasionally buyers can be slow to pay their invoices. Buyers who renege on purchases are extremely uncommon as they are banned from future bidding with us and our global platform partner, the-saleroom.com. This acts as a deterrent. We never dispatch items without receiving a cleared payment. In the unlikely event that any buyer reneges on a sale we will offer the item to the underbidder, if one exists.
Technical Issues
I’m an existing member but my email/password is invalid. What do I do?
When we migrated to the new Hotlotz, we sent all existing customers a welcome email dated Saturday 14 November 2020 with a link to migrate your account. If you don’t see it in your inbox we recommend also checking your spam/junk folder. You just need to follow the instructions in this email. If you didn’t receive it, please email help@hotlotz.com with your full name (and paddle number if you recall it) and we will resend you the welcome email.
When I try to register for an auction or place a bid, I am presented with an ‘Invalid phone number format’ error. How do I fix this?
This error occurs when there is no number (or an invalid number) in your Hotlotz account. To check this visit this link (https://www.hotlotz.com/account/profile) and click ‘MANAGE’ under your personal details to edit them. If a phone number has been entered, sometimes re-entering the country code and number can fix the error. If you still receive the error after following the above steps, reach out to help@hotlotz.com.
I went went through the steps to reset my password but I can’t find the password reset email. What do I do?
Firstly, check your spam/junk folder as there is a good chance the email could end up there. If it isn’t there then you can send a request to help@hotlotz.com.
The Hotlotz app isn’t working. Why is this?
Since moving to the new Hotlotz platform, we have discontinued the app and have focused resources into the development of a fully mobile-responsive website. Just type hotlotz.com into your browser and it will resize to your device. Please delete the app.
I have another technical issue. How can I receive further support?
Send your issue/question to help@hotlotz.com. Please include your phone number so our IT support can call you back.
Goods and Services Tax (GST)
Is Hotlotz registered for Goods and Services Tax (GST) in Singapore?
Yes, Hotlotz has been GST registered since January 2021. Our GST registration number is 201524698M.
I want to bid for an item in a timed auction on hotlotz.com. Is my bidding inclusive or exclusive of GST?
Your bid is inclusive of GST. Under Singaporean law all GST registered businesses must display prices that are inclusive of GST. Accordingly all estimates, opening bids, bidding increments, closing bids (which are often referred to as the ‘Winning Bid’ or the ‘Hammer Price’) and Marketplace prices that are displayed on hotlotz.com or quoted in any correspondence are always inclusive of GST.
I’d like to sell an item on hotlotz.com. Will I be charged GST on Seller’s Commission or Insurance Fees?
Yes, you will be charged GST on Seller’s Commission and any other miscellaneous charges like Insurance Fees. These will be listed on your 'Settlement Statement'.
I've won an item in a timed auction on hotlotz.com. Is the Buyer’s Premium inclusive or exclusive of GST?
You will be charged a Buyer’s Premium of 30% on the closing bid (often referred to as the ‘Winning Bid’ or ‘Hammer Price’). This is inclusive of GST.
I have bought an item in auction on hotlotz.com. I am not a Singaporean resident and I will be exporting the item. Do I still have to pay GST?
GST will be zero rated for buyers of goods bought in auction who are non-resident in Singapore, providing that Hotlotz manages the export process and the export is carried out within 60 days of the auction date. In any other export scenario GST will be applied. Buyers of goods bought in auction who have indicated in their Hotlotz account that their country of residence is not Singapore will be contacted after the sale by Hotlotz client services to discuss export of their goods.
I want to buy an item in the Hotlotz Marketplace. Is the price listed inclusive or exclusive of GST?
The price of items in the Hotlotz Marketplace is fixed and inclusive of GST.
I have bought an item in the Hotlotz Marketplace. I am not a Singaporean resident and I am exporting the item. Do I still have to pay GST?
Yes, you have to pay a GST inclusive price for all items in the Hotlotz Marketplace.. Hotlotz is exploring participation in an electronic ‘Tourist Refund Scheme’. This will enable a tourist who makes a purchase from Hotlotz and departs with the goods from Singapore via Changi International Airport or Seletar Airport, to be eligible to claim a GST refund under the scheme.
Finance
Information for Sellers
Do you list items in more than one auction, if they do not sell first time around?
We usually list items for one auction only. If items are unsold we can offer them for a fixed price in the Hotlotz Marketplace.
Can I simultaneously list my item for sale on other platforms?
No, your sales contract states that you grant us exclusivity whilst an item is in auction or on sale in our Marketplace. If we discover your item on sale elsewhere we will withdraw it from sale and you will be invoiced for a withdrawal fee.
Why is the hammer price displayed as inclusive of GST on the bidding platform but exclusive of GST in the ‘Settlement Statement’?
Our bidding platform is like any other retail environment in Singapore, and we must adhere to strict price display laws. These state that the hammer price charged to the buyer must be displayed as inclusive of GST. When we prepare a settlement payment, we must first remove the GST that was paid by the buyer on the hammer price, and account to the IRAS for this amount. (To calculate hammer price exclusive of GST we divide the hammer price inclusive of GST by 1.08). Thereafter, the hammer price on settlement statements is shown as exclusive of GST.
Do you deduct your commissions and fees from the hammer price inclusive of GST or the hammer price exclusive of GST?
Commissions and fee charged to sellers are always calculated from the hammer price exclusive of any GST paid by the buyer on the sale. Commissions and fees are themselves also subject to GST.
I have sold an item on hotlotz.com. If the buyer is not resident of Singapore will this change the amount that I am settled?
No, it will not change the amount that you are settled. We can remove – or ‘zero rate’ - the GST for a buyer who is not a resident of Singapore providing the sale meets export criteria stipulated by the IRAS. In short, Hotlotz must manage the export and it must take place within 60 days of the auction sale date. GST charged on our commissions and fees can never be zero-rated.
How will I know if my item has been sold?
You will receive an automated ‘Consignment Update’ email at midday, the day after the auction’s closing date. This will list the item (or items) that were sold and the hammer price, inclusive of GST, that they achieved.
When will I receive payment?
Payments (or settlements) usually take place within 21 days of the auction’s closing date. Settlements are made by bank transfer into your nominated bank account. Please note that you are responsible for accurately recording your bank account details in your online Hotlotz dashboard. You will receive a ‘Settlement Statement’ by automated email confirming that the transfer has taken place. A copy of the statement will also be filed in your online dashboard (Simply log in and go to My Account; Paperwork; Settlement Statements).
My settlement is late. Why might that be?
If your settlement is delayed it is usually because we are waiting for a late payment from a buyer. We have very robust processes in place to ensure that settlements are made in a timely manner but occasionally buyers can be slow to pay their invoices. Buyers who renege on purchases are extremely uncommon as they are banned from future bidding with us and our global platform partner, the-saleroom.com. This acts as a deterrent. We never dispatch items without receiving a cleared payment. In the unlikely event that any buyer reneges on a sale we will offer the item to the underbidder, if one exists.
If the buyer is not resident of Singapore will this change the amount that I am settled?
No, it will not change the amount that you are settled. We can remove – or ‘zero rate’ - the GST for a buyer who is not a resident of Singapore providing the sale meets export criteria stipulated by the IRAS. In short, Hotlotz must manage the export and it must take place within 60 days of the auction sale date. GST charged on our commissions and fees can never be zero-rated.