Osian's Auction Catalogue India The Passionate Detachment | February 2001

26 The Terms and Conditions set out below are the terms and conditions applicable to the Auction and are binding on the Purchasers, intending Purchasers, Sellers and Osian’s - Connoisseurs Of Art Private Limited (Osians). These Terms and Conditions and all other contents of the Catalogue are subject to amendment by Osians from time to time by the posting of notices or by oral announcements made during the Auction. By participating in the Auction, in person or otherwise, intending Purchasers, Purchasers and Sellers agree to be bound by these Terms and Conditions. 1. Definitions Auction: Auction shall mean the private Auction of Lots held by Osians wherein each Lot is sold to a Purchaser at the Hammer Price. Catalogue: Catalogue shall mean this catalogue and shall include any advertisement, brochure, estimate or price list published by Osians in respect of the Auction. Lot: Lot shall mean any item(s), being one or more paintings, sculpture, books or works of art deposited with Osians by a Seller for sale at the Auction and, in particular, the item(s) described against any lot number in the Catalogue. Auctioneer: Auctioneer shall mean any person(s) who is/are nominated by Osians to be the Auctioneer(s) at the Auction. Hammer Price: Hammer Price shall mean the amount of the highest Bid accepted by the Auctioneer in relation to a Lot excluding any Purchaser’s Premium and any taxes applicable. Purchase Price: Purchase Price shall mean the Hammer Price in respect of a Lot sold at the Auction together with Sales Tax payable, if any, and additional costs, charges, expenses and payments due from the Purchaser of such Lot. Seller: Seller shall mean any person, being an individual, artist, collector, organisation or art gallery, including Osians, owning a Lot and depositing such Lot with Osians for Sale at the Auction. Bid: Bid shall mean an offer made to Osians by an intending Purchaser to purchase a Lot, either in person at the Auction, or by a Written Bid Form received by Osians on or before 5.00 pm Indian Standard Time on 22 February 2001 or through an authorised representative at the Auction. Purchaser: Purchaser shall mean the person with the highest bid accepted by the Auctioneer for a Lot, who agrees to purchase such Lot at the Purchase Price and immediately pays to Osians, at least 20% of the Purchase Price as advance payment for the Lot to be purchased. 2. Role of Osians Sale of Lots at the Auction are undertaken by Osians as an agent for the Seller except when it wholly or partially owns any lot as principal or has made a financial commitment in respect of, and puts it for sale as a Seller. 3. The Sale & Sales Tax Sale of Lots shall be by auction at the Hammer Price. Sales Tax and other taxes, levies and duties shall be charged separately, if applicable. The taxes shall be collected and paid by Osians on behalf of the Seller. If Osians is acting as an agent for an artist who is not a dealer and not liable to any tax, sale of such Lot(s) on behalf of the artist is exempt from payment of tax. In the event of the Purchaser being a foreign national or entity, a non- resident Indian or Overseas Corporate Body making payments in convertible foreign currency and the Lot is dispatched outside India by Osians, no Sales Tax will be charged to such Purchaser. Local Sales Tax charged in Maharashtra is charged @ 13% plus Surcharge @ 10% of the Sales Tax plus Turnover Tax @ 1% totaling 15.3% of the Hammer Price. Purchasers from outside Maharashtra will be charged Central Sales Tax @ 4% against Form ’C’. In the event of the Purchaser not giving Form ’C’, Central Sales Tax will be charged @ 13% plus Surcharge @ 10% of the Sales Tax plus Turnover Tax @ 1% totaling 15.3% of the Hammer Price. Lots on which Local Sales Tax has already been paid in Maharashtra and are purchased by a Purchaser based in Maharashtra will be sold on the basis of Second Sale and no Sales Tax will be charged on such Lot. 4. The Purchaser The person making the highest Bid accepted by the Auctioneer for a Lot and immediately paying to Osians, at least 20% of the Purchase Price as advance payment for the Lot proposed to be purchased will be the Purchaser of such Lot at the Purchase Price. Every intending Purchaser shall be deemed to act as principal unless there is in force a written acknowledgement by Osians that such intending Purchaser is an authorised representative acting as agent on behalf of a named principal. Subject to the Auctioneer’s discretion, the striking of his hammer marks the acceptance of the highest Bid as the Hammer Price. Once the bid is accepted, no rejection claim will be entertained and accepted for any reason whatsoever. Any dispute during the Auction will be settled at the Auctioneer’s absolute discretion. The conclusion of the contract for sale between the Seller, Purchaser and Osians will be on receipt of full payment and despatch of Lot(s) by Osians. 5. The Bidding Before the Auction, Osians will accept written Bids for each Lot from intending Purchasers. If at the Auction, no Bids higher than the starting Bid are offered, that Bid shall become the Hammer Price, subject to such Bid being higher than the minimum reserve price for such Lot. The minimum reserve price shall be determined and fixed jointly by Osians and the Seller. In the event of higher Bids being offered, the Auction will continue by means of Paddle Bidding explained in Condition 7. 6. Absentee Bidding i. If instructed and where possible, Osians will, for the convenience of intending Purchasers provide the service of executing Bids and advising intending Terms and Conditions