Osian's Auction Catalogue Forty Masterpieces | March 2003

114 115 resulting deficiency in the purchase price (after deduction of any part payment and addition of resale costs and charges) and any surplus shall belong to Osians. vi charge interest at a rate not exceeding two percent on the Purchase Price to the extent the Purchase Price or any part thereof remains unpaid for more than ten days after the date of the auction; vii retain that or any other Lot sold to the same Purchaser and release such Lot or any other Lot only after receiving payment of the Purchase Price in respect of each Lot purchased by the Purchaser; viii reject or ignore any bids made by or on behalf of the defaulting Purchaser at any future auction or sale or obtain a deposit from the Purchaser before accepting any bids in future; and ix to apply any proceeds of sale then or at any other time becoming due to the defaulting Purchaser towards settlement of the Purchase Price and to exercise lien on any property of the defaulting Purchaser which is in Osians possession for any purpose. 23. Rights to Refuse Admission Osians shall have the right, at its discretion, to refuse admission or attendance of any person at the place of auction. 24. Undertaking of Seller Osians shall handle each Lot, and the Purchaser shall purchase such Lot on the basis of the Sellers undertaking that: a. the Seller is the sole owner of the Lot with an unrestricted right to transfer title to the Purchaser free from all third party rights or claims; b. the Seller has complied with all requirements legal or otherwise relating to any export or import of the Lot and has notified Osians in writing that there is no failure by any third party to comply with such a requirement in the past; and c. the Seller has notified Osians in writing of any material alterations to the Lot and of any concerns, expressions or claims made by third parties in relation to the ownership, additions or attributions of the Lot. In case any of the a, b, c is incorrect, and due to the incorrect information provided by the Seller, any third party institutes any claim or institutes any proceedings for compensation for damages then the Seller undertakes to indemnify Osians and keep Osians indemnified from time to time against any such claim for compensation or damages. 25. Discretion of Osians Osians has absolute discretion without giving any reason, to refuse any Bid, to combine any two or more Lots, to withdraw any Lot from the Auction, and in case of dispute to put up any Lot for auction again. 26. Copyright No warranties or representations are made by either the Seller or Osians as to any Lot is subject to copyright, nor as to whether the Purchaser acquires any copyright in any Lot sold. 27. Honorarium for Living Artists Osians shall, at its discretion, pay an honorarium of one half percent (0.5%) of the Hammer Price to all living artists for works created by them but consigned for sale by other owners. The honorarium shall be payable from the commission or income generated by Osians through sale of the Lot. The honorarium is void in the event of the Lot being bought in or remaining unsold. The honorarium is at the discretion of Osians and Osians shall not be held liable for any delay in payment or, for any reason whatsoever, non- payment of this honorarium. This honorarium is only for living artists and heirs of deceased artists shall not be eligible to receive this honorarium. 28. Waiver If part of these terms and conditions is found by any court to be invalid, illegal or unenforceable, that part may be discounted and the rest of the terms and conditions shall continue to be binding and enforceable to the fullest extent permissible by law. 29. Default by a Party Osians shall not be responsible for any default of these terms and conditions or otherwise by any of the Sellers, intending Purchasers or the Purchasers. 30. Notice Any notice by Osians to a Seller, intending Purchaser or the Purchaser may be served by mail or by facsimile with confirmation of receipt and if served by mail shall be deemed to have been duly received by the addressee forty-eight hours after mailing. 31. Governing Law These terms and conditions shall be governed and construed in accordance with Indian law. All transactions to which these terms and conditions apply and all matters connected with shall also be governed by Indian law and subject to Bombay Jurisdiction. All disputes arising out of these terms and conditions or any disputes arising out of any transaction between Osians and/or the Seller, and/or the Purchaser, and/or the Intending Purchaser shall be referred to an arbitration panel comprising of three arbitrators, one appointed by each party and the third umpire appointed by the arbitrators and the arbitration proceedings shall be governed by Arbitration and Conciliation Act, 1996. The place of arbitration shall be Mumbai. The arbitration proceedings shall be conducted in English language. 32. Headings Headings in the Terms and Conditions do not form part of the terms and conditions and are for convenience only. Publications by HEART & OSIANs (1997–2002) The Flamed Mosaic: Indian Contemporary Painting New Delhi: HEART in assoc. with Mapin Publications 1997 New York: Harry Abrams 1998 12.5” x 10” / Hardbound; 480pp & 307 illustrations / Rs. 4000 Tuli’s first major book was a seminal survey and study of the aesthetics and history of Modern & Contemporary Painting in India. The scale and objectivity of the study has helped to strengthen the foundations from which modern and contemporary Indian art is understood and appreciated throughout the world. The Intuitive-Logic: A Festival of Indian Contemporary Painting New Delhi & Mumbai: HEART 1997 8.25” x 8.25” / Paperback; 38pp / Rs. 500 This pioneering series of large scale non- commercial exhibitions organised by HEART & curated by Tuli brought together The NGMA, The British Council, Max Mueller Bhavan, Cymroza Art Gallery, Gallery Chemould, Pundole Gallery and Prithvi Gallery, for the first time, opening out new directions for the study and dissemination of the subject, inspiring many organisations to change the scale and manner of interaction involved in their activities. The Intuitive-Logic II Modern & Contemporary Indian Paintings, Drawings, Graphics, Sculpture & Tapestry Auction New Delhi: HEART & in assoc. with Mapin 1997. 11” x 8.25” / Paperback; 200pp / Rs. 2500 This was the first international quality auction held in India without the involvement of Christie’s or Sotheby’s. The success of the curated auction created new levels of transparency in the domestic art market, establishing clearer pricing benchmarks and a deeper understanding of the links between the historical relevance of a painting and its price. The catalogue set new standards for documentation and design. Total Lots Offered/Sold : 220/127 % Lots Sold : 58 Total Sale Value Rs. /US$ : 21,018,500 /576,600