BONA IAG SPRING AUCTION 2022 - PAINTINGS

Standard Terms and Conditions of Auction - BONA - IAG 1. Commission Payable by the Sellers: We shall charge the seller's commission for each sold lot at a percentage of that lot's hammer price at a flat rate of 18% of the Lot's Hammer Price, and shall not charge any additional fee, save as provided under these terms and conditions. Further, we shall not charge any fee for unsuccessful bid items. 2. Commission Payable by the Buyer? We will charge the buyer's commission for each sold lot at a percentage of that lot's hammer price at a flat rate of 22% of the Lot's Hammer Price. In addition, the buyer shall also have to pay the sale tax GST (5%) and PST (7%)of British Columbia at the aggregate rate of 12% of the hammer price if residing in British Columbia, and GST (5%) only if residing in another province, and no tax if residing outside Canada. 3. Physical Loss or Damages Liability: a) Before the auction we will not pay more than the reserved price of the Lots. b) After the auction, we will not pay more than the hammer price if the Lot is sold or the reserved price if the Lot is unsold. 4. Collection of Auctioned items: a) Buyers shall collect the auctioned items purchased by them at auction as soon as possible at our designated place for collection of them against payable of purchase price; and which shall not exceed three business days from the date of auction. b) Sellers shall collect the unsold auctioned items within one week from the date of auction at such place and time as may be advised by us. 5. General Authenticity Guarantee: None of the items in our catalogue are subject to any guarantee of authenticity and in all such properties are sold as is in accordance with the normal conditions of business. All the estimated value of the items are reference only. The Buyers should take independent professional advice on the authenticity of any such items and make independent assessments before entering a bid. Notwithstanding the above, if we sells an item which does not match with our correct description of the said items in the catalogue and render it not compatible with the realized value of the item, the buyer shall have a 30 days after the auction date's guaranteed period for the refund of the purchase price in full as stipulated under clause 6 hereof. The Buyer acknowledges that he has made prior independent authentication and confirms that the item purchased is an original art piece. In order to protect the rights of all parties, if we discover that the item was not the same as one sold at auction, then the buyer shall not be entitled to enforce this clause for the return of the purchase price. The buyer must fulfill his obligations for full payment of purchase price and incidental charges before he can raise any requisition and be protected by the 30 days guaranteed period under clause 6 hereof. 6. Guaranteed period: We provide a period of 30 days from the date of auction for guaranteeing the quality of our auctioned items in accordance with the description of the said items in our auction catalogue. Buyer may have a refund of the full purchase price, commission and tax; providing that he must provide compelling evidence showing that there is a blatant misstatement and misrepresentation of the said item to render it not compatible with the realized value. If the guaranteed period shall have expired with no such proof, we shall release the purchase price to the seller in accordance with our auction terms and conditions. Notwithstanding the above, if there is specification in the auction catalogue that certain auction items are to be sold on an ?as-is? basis and the 30 days guarantee period shall not apply, then they shall not be subjected to the 30 days guarantee period hereof. 7. There shall be a period of several days for a preview of the items appearing in the catalogue to enable the interested buyers to have full and extensive examination on the auctioned items before the date of the auction. 8. Payment of Proceeds: All proceeds shall be placed in an independent trust account and we shall endeavour to pay out within five business days after 30 days to the seller, in accordance with the agreement with the seller subject to clause 6 above. All payment shall be made only to the Seller's registered account as consignor of the items and no other person. 9. Other terms and Conditions: We follow the usual trade practice, and conditions of sale adopted by the major international auction houses; in so far as they apply to our situation and circumstance. 10. Deposit for bidding at auction sessions: We require a prepaid deposit sum of $1000 to be placed by each bidder (including local, oversea or online bidders) in our account for registration and participation in the bidding of the auctioned items at each independent session of the auction. The sum will be returned to the holder as soon as possible after the conclusion of the auction session. If we accept the proof of identity and credit of the bidder, we may waive the payment of said deposit. 11. We shall arrange for and shall only be responsible for local collection of sold items. If a buyer needs to import the purchased items to oversea, we shall offer assistance but would not guarantee the delivery of items to their destinations. There is also no guarantee that the sold items would meet with the laws and regulations of the designated countries. Buyers are expected to perform it?s own due diligence on those laws and regulations. 12. Further Enquiries: For further enquiries of the auction terms and conditions and/or on the auctioned items, please contact us at: Tel: 778-883-0698 (BONA) or 604-230-1529 (IAG) Email address: Info@iagbc.com Website: www.bonaiag.com www.iagbc.com