Osian's Auction Catalogue Forty Masterpieces | March 2003

112 113 he/she is authorising Osians to Bid as the Hammer Price for every Lot on his behalf. Lots will be bought as cheaply as is allowed by such other bids and the minimum reserve. In the event of identical bids, the earliest will take precedence. Buy or unlimited bids shall not be accepted by Osians. Intending Purchasers are requested to use the bidding slips provided, to check Lot numbers and descriptions and to bid as early as possible. The Bid Price mentioned on the bidding slip shall be the amount upto which the intending Purchaser would bid if the intending Purchaser were to attend the Auction. ii. Bids, when placed by telephone, shall be accepted at the sender’s risk and only if confirmed by the Written Bid Form reaching Osians before the scheduled time as mentioned in Clause 1. Osians is not responsible for the failure of any telephone bid for any reason whatsoever. Osians reserves the right to record on tape conversations of telephone bids. iii. Alternative bids should be indicated by using the word OR between lot numbers. Then if the intending Purchaser’s bid on an early Lot is successful, Osians will not continue to bid on other lots for the intending Purchaser. Or, if the early bids are unsuccessful, Osians will continue to execute bids for alternative lots until a bid is successful. Bids must always be placed in the same order as the lot numbers in the Catalogue. Purchasers will be notified with invoice of Purchase and Purchase Price within 10 days after the Auction and the Purchaser will within next seven days make full payment to Osians. For overseas and outstation bidders, whether present or absent at the Auction venue, the Lots will be dispatched by Osians at the Purchaser’s risk. Osians liability will cease as soon as the Lots are handed over to the carriers for onward despatch to the Purchaser. 7. Paddle Bidding i. To assist the progress of the Auction, all intending Purchasers are required to register for a bidding paddle before the commencement of the Auction. All intending purchasers should bring with them some means of identification to the satisfaction of Osians. ii. All intending Purchasers should provide a credit reference through their Bankers and details on name and address of bank and account number. Intending Purchasers are also expected to provide a reference of any member of the Advisory Board of Osians listed in the Catalogue, who is personally known to him/her. iii. The numbered paddles must be used to indicate the intending Purchaser’s bids to the Auctioneer during the Auction. Purchaser of any Lot, shall ensure that his bidding paddle can be seen by the Auctioneer and that it is his number that is called out. Should there be any doubts as to a Bid, the Hammer Price or the Purchaser, the Auctioneer’s attention should be drawn to it immediately. All Lots sold shall be invoiced to the name and address given against the issue of the numbered bidding paddles and cannot be transferred to other names and addresses. Please do not mislay the paddle; in the event of loss or misplacement, the staff at the registration desk should be informed immediately. At the end of the sale, paddles should be returned to the registration desk. 8. Minimum Reserves All Lots in the Auction are subject to a minimum reserve which is a confidential minimum value below which the Seller is unwilling to sell the Lot. The minimum reserve shall, in no circumstances, exceed the lower pre-sale estimate mentioned in the Catalogue or revisions as mentioned in Clause 9. Osians retains the right to open the bidding on behalf of the Seller and continue to bid up to the value of the minimum reserve. 9. Pre-sale Estimates Pre-sale listed estimates of probable Hammer Prices of each Lot are intended as a guide for intending Purchasers. Any bid between such listed estimates would, in Osians opinion, offer a fair chance of success. However all Lots, depending on the degree of competition, can realise prices either above or below such listed estimates. Estimates by Osians are statements of opinion only, made by Osians for the convenience of intending Purchasers. Estimates are subject to revision by Osians from time to time. 10. Minimum Increment The Auctioneer shall have the right to refuse any bid which does not exceed the previous bid by at least 5 –10 percent or by such other proportion as the Auctioneer shall in his absolute discretion deem appropriate. 11. Buyer’s Premium A Buyer’s premium of ten percent (10%) of the Hammer Price is payable to Osians over and above the Hammer Price. 12. Conclusion of Sale On the Sale of a Lot, the Purchaser of such Lot shall: i. immediately furnish to Osians his/her name and address and, if requested, proof of identity; ii. immediately pay to Osians, a sum not less than twenty percent of the Purchase Price for the Lot to be purchased; iii. immediately execute a Sale Contract in the form acceptable to Osians; and iv. within seven days from the date of the Auction, pay to Osians the balance of the Purchase price along with Sales Tax, if applicable. 13. Foreign Purchasers Any Purchaser who is a foreign national or entity, a non-resident Indian (whether or not an Indian citizen) (NRI) or Overseas Corporate Body (OCB) owned to the extent of at least 60% of it’s shares by NRIs, shall make such payment in convertible foreign currency or in Indian Rupees from NRO accounts in accordance with the Foreign Exchange Regulation Act, 1973 unless exempted by the Government of India. 14. Exportable Items All relevant export documents for exportable Lots shall have to be procured by the Purchasers. Osians shall in no way be responsible for procurement of the same. However, Osians will endeavour to help the Purchaser in facilitating the process of procurement of export documents. 15. Non-Exportable Items All ‘Non-Exportable Items’ have ‘Non-Exportable Item’ written besides the Lot’s caption details. These items cannot be exported or taken out of India by the buyers or their agents, if any. Osians shall in no way be responsible in case of any loss, damage or legal consequences incurred by any other person or entity due to export of such non- exportable items, after sale by Osians within India. 16. Ownership of Lots The ownership of a Lot purchased shall not pass on to the Purchaser of such Lot until the Purchaser makes full payment of the Purchase Price as required by Osians. The ownership of the Lot to the Purchaser shall not result in transfer of intellectual property right and copyright in the Lot in favour of the Purchaser. 17. Collection of Purchases i The Purchaser shall at his/her own expense take delivery of the Lot purchased not later than 7 days after the date of the Auction, but not before payment of the Purchase Price as required by Osians. ii The Purchaser shall solely be responsible for packing, insurance, and forwarding of the Lot(s) purchased by him/her. iii The Purchaser shall be liable to pay Osians all removal, storage and insurance charges imposed by Osians on the Lot not collected by the Purchaser within 7 days after the date of the Auction. iv On specific instructions of local Purchasers, Osians may undertake packing, handling and insurance. All costs towards the same as determined by Osians shall be borne fully and paid by the Purchaser. This service is being given solely as a courtesy to local Purchasers, and will be undertaken at Osians discretion. In no event will Osians be liable for damage, regardless of cause. While Osians may recommend packers and shippers, Osians shall not in any way be responsible for their errors, omissions or negligence whatsoever. However, in case of inter-state sale or export sale, the costs and expenses towards insurance, packing, handling and transportation shall be undertaken by Osians, which shall be reimbursed by Purchasers at a price determined by Osians. 18. Purchaser’s Responsibilities for Lots Purchased The Purchasers shall be solely responsible for loss or damage to Lots purchased after the period specified in Clause 17 (i), and neither Osians or it’s employees or agents shall thereafter be responsible for any loss or damage of any kind, whether caused by negligence or otherwise, while any Lot is in the custody or under control of Osians. 19. Provenance All intending Purchasers are hereby advised that Seller shall provide Osians for each Lot, a guarantee letter that such Lot is created/owned by such Seller. Due care has been taken by Osians to verify the provenance, authenticity and origin of each Lot. In case of doubt, such Lot has been submitted to Osians’ Authentication Committee which has, after verification and due deliberation, certified the authenticity of such Lot. 20. Guarantee in respect of counterfeit Lot If, after sale by Osians, any Lot is proved to be counterfeit or fake, Osians undertakes to set aside the sale and refund to the Purchaser the amount paid by him in connection with the Lot subject to the following conditions: i that within three (3) years of the date of the sale, the Purchaser shall notify Osians in writing of the number of the Lot, the date of the Auction at which it was purchased and the reasons as to why the Purchaser considers the Lot to be counterfeit along with a bonafide expert’s report clearly specifying reasons for such claim. Osians shall not to be liable to any claims after completion of the period of three (3) years. ii that the Purchaser is able to transfer good title to Osians free from any third party claims arising after the date of sale to him/her. iii that the Purchaser returns the Lot to Osians in the same condition as at the date of sale by Osians. On receipt of the claim, Osians shall have the right to request the Purchaser to obtain at the Purchaser’s cost, the reports of two (2) independent experts in the field, mutually acceptable to the Purchaser and Osians, setting out the reasons in full as to why the Lot in question is considered to be counterfeit. Osians agrees that it will give due consideration to any such expert reports. However, Osians reserves the right to seek additional independent advice/report and/or submit such Lot to Osians’ Authentication Committee for reconsideration, before making its final determination as to whether the Lot is counterfeit or genuine and shall not be bound by any expert report submitted by the Purchaser. If Osians agrees with the Purchaser that the Lot is counterfeit, Osians shall refund to the Purchaser the Hammer Price as paid by the Purchaser to Osians at the time of purchase excluding taxes, duties and levies paid/payable to any Government or Municipal Authority by Osians provided always that the benefit of the guarantee and the refund amount is not capable of being transferred and is solely for the benefit of the purchaser. Osians shall in no way be responsible for any loss, damage or any other liability incurred by any third party due to genuineness, origin, attribution, condition, ownership, provenance, age or estimated price of any Lot. 21. Condition of Lots All Lots are auctioned as shown, with all faults, imperfections and errors of description. Osians shall not be in any way responsible for errors of description or for genuineness or authenticity of any Lot, or for any fault or defect in it. Intending Purchasers should inspect a Lot before bidding to determine its condition, size, or whether or not it has been repaired, restored or damaged. Osians has referred to restoration in works where it has been brought to its knowledge. The absence of reference to damage and/or restoration does not imply that the Lot is free from defects. Any representation in the Catalogue pertaining to authorship, origin, date, age, size, medium, attribution, provenance, condition, or estimated price is a statement of opinion only. 22. Non-payment or Failure to Collect Purchases If the Purchase Price for any Lot is not received by Osians in full or if any Lot is not collected by its Purchaser in accordance with Clause 12, Osians shall be entitled to - i charge 2% of the Hammer Price as storage charges for every subsequent week thereafter; ii dispose of the Lot as Osians deems appropriate, without giving any notice to the Purchaser and forfeit all amounts paid by the Purchaser in respect of such Lot; iii proceed against the Purchaser for damages for breach of contract; iv rescind the Sale of that or any other Lot or Lots sold to the defaulting Purchaser at the Auction; v resell the Lot or cause it to be resold by public auction or private sale and the defaulting Purchaser shall pay to Osians any