MODERN AND CONTEMPORARY ASIAN ART

Conditions mainly concerning Buyers 1. The buyer All lots will be invoiced to the name and address given at the time of registration and the issue of an allocated buyer's number and cannot be transferred to other names and addresses. The highest bidder will be the buyer at the 'hammer price' and any dispute will be settled at the auctioneer's absolute discretion. Every bidder will be deemed to act as principal unless there is in force a written acknowledgement by 33 Auction that he/she acts as agent on behalf of the named principal. 2. Minimum increment The auctioneer will have the right to refuse any bid which does not exceed the previous bid by at least 5% or by such other proportion as the auctioneer will in his/her absolute discretion direct. 3. The premium A Buyer's Premium will be added to the hammer price and is payable by the buyer as part of the total purchase price. The Buyer's Premium is 20% of the hammer price on the first S$250,000 and 15% on the amount in excess of S$250,000. 4. GST 33 Auction acts as agent on behalf of the seller and should the seller be registered as a GST vendor and has informed 33 Auction that his lots must be charged with GST, then such lots will be indicated in the catalogue with the sign ^ ,and 7 % GST at will be charged on the hammer price and will be payable by the buyer. 5. Absentee bids. Upon request, 33 Auction shall execute absentee bids on behalf of intending buyers. This service is free. Lots will be bought as cheaply as is allowed by other bids placed and the seller's reserves. In the event of identical bids, the earliest will take precedence. When absentee bids are placed by telephone they are accepted at the buyer's risk, and must be confirmed prior to the sale by letter or facsimile. To ensure a satisfactory service, bidders are urged most strongly to send bids so that they are received at least 24 hours before a sale. 6. Telephone bids 33 Auction will do its best to accommodate telephone bids from buyers who have made proper arrangements at least 24 hours prior to the sale and subject to the availability of sufficient telephone lines. Because this method cannot be entirely free from risk of communication breakdown, 33 Auction cannot be held responsible for losses arising from missed bids. 7. Company property It is the general policy of 33 Auction to act as agent only for the seller. Circumstances do, however, arise from time to time where 33 Auction or its director/s may have an interest in a lot or lots being offered. In the catalogue, such lots are designated next to the lot number. 8. Payment Immediately a lot is sold the buyer will: a) give to 33 Auction his/her name and address and, if so requested, proof of identity; b) pay to 33 Auction the 'total amount due' c) Any payments by a buyer to 33 Auction may be applied by 33 Auction towards any sums owing by the buyer to 33 Auction on any account whatsoever without regard to any directions of the buyer or his/her agent, whether express or implied. 9. Collection of purchases The ownership of the lots purchased will not pass to the buyer until he/she has made payment in full to 33 Auction of the 'total amount due'. After an auction, only limited assistance with packing and/or loading of purchases is available from the staff of 33 Auction. Where such assistance is rendered, no liability will devolve on 33 Auction or its staff for any damage that may arise, from whatever cause, during such packing and/or loading. The buyer will at his/her own expense collect the lot purchased immediately after the auction and will be responsible for all packing, removal, storage and insurance charges. 10. Buyer's responsibility for lots purchased The buyer will be responsible for the loss of or damage to lots purchased from the time of auction to date of collection. 33 Auction nor its servants or agents will thereafter be responsible for any loss or damage of any kind, whether caused by negligence or otherwise, while any lot is in its custody or under its control. 11. Remedies for non-payment or failure to collect purchases a) If any lot is not paid for in full and taken away in accordance with Conditions 8 and 10, or if there is any other breach of either of those conditions, 33 Auction as agent of the seller will, at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise one or more of the following rights and remedies: b) to proceed against the buyer for payment and/or damages for breach of contract; c) to rescind the sale of that or any other lots sold to the defaulting buyer at the same or any other auction; d) to resell the lot or cause it to be resold by public auction or private sale and the defaulting buyer will be liable to pay to 33 any resulting deficiency in the ?total amount due? (after deduction of any part payment and addition of resale costs) and any surplus will belong to the seller; e) to remove, store and insure the lots at the expense of the defaulting buyer and, in the case of storage, either at 33 Auction's premises or elsewhere; f) to charge interest at a rate not exceeding 2% per month on the 'total amount due' to the extent it remains unpaid for more than 5 working days after the day of the auction; g) to retain that or any other lot sold to the same buyer at the same time or at any other auction and release it only after payment of the ?total amount due?; h) to reject or ignore any bids made by or on behalf of the defaulting buyer at any future auctions or require and receive a deposit in an amount determined by 33 Auction before accepting any bids in future; i) to apply any proceeds of sale then due or at any time thereafter becoming due to the defaulting buyer towards settlement of the 'total amount due' and to exercise a lien on any property of the defaulting buyer which is in 33 Auction's possession for any purpose. 12. Legal Costs The buyer shall be responsible for the payment of 33 Auction's legal costs calculated on the scale as between attorney and its own client incurred in the enforcement of 33 Auction's rights irrespective of whether 33 Auction institute legal proceedings or not. 13. Liability of 33 Auction and sellers a) Goods auctioned are usually of some age. All goods are sold as it is with all faults and imperfections and errors of description. Illustrations in catalogues are for identification only. Buyers should satisfy themselves prior to sale as to the condition of each lot and should exercise and rely on their own judgement as to whether the lot accords with its description or not. Subject to the obligations accepted by 33 Auction under this condition, neither the seller, 33 Auction, its servants or agents is/are responsible for errors of descriptions or for the genuineness or authenticity of any lot. No warranty whatsoever is given by 33 Auction, its servants or agents, or any seller to any buyer in respect of any lot, and any express or implied conditions or warranties are hereby excluded. b) Any lot which proves to be a 'deliberate forgery' may be returned by the buyer to 33 Auction within 21 days of the date of auction in the same condition in which it was at the time of the auction, accompanied by a statement of defects, the number of the lot, and the date of the auction at which it was purchased. If 33 Auction is satisfied that the item is a 'deliberate forgery' and that the buyer has and is able to transfer a good and marketable title to the lot, free from any third-party claims, the sale will be set aside and any amount paid in respect of the lot will be refunded, subject to the express condition that the buyer will have no rights or claims against 33 Auction if: i) the description in the catalogue at the date of the sale was in accordance with the then generally accepted opinion of scholars and experts or fairly indicated that there was conflict of such opinion; or ii) the only method of establishing at the date of publication of the catalogue that the lot was a 'deliberate forgery' was by means of a scientific process not generally accepted for use until after publication of the catalogue, or by a process which was unreasonably expensive or impractical. c) A buyer's claim under this condition will be limited to any amount paid in respect of the lot and will not extend to any loss or damage of whatsoever nature suffered, or expense incurred by him/her. d) The benefit of this condition will not be assignable and will rest solely and exclusively in the buyer who, for the purpose of this condition, will be and only be the person to whom the original invoice is made out by 33 Auction in respect of the lot sold.