Osian's Auction Catalogue Masterpieces and Museum-Quality III | March 2004

242 MASTERPIECES & MUSEUM-QUALITY III of any member of the Advisory Board of Osians listed in the Auction Publication, 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. iv. 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 Auction Publication 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 fifteen percent (15%) of the Hammer Price is payable to Osian’s over and above the Hammer Price for each Lot purchased upto the value of Rupees Twenty Lacs (Rs. 2,000,000). In the event of the Hammer Price of a Lot exceeding Rupees Twenty Lacs (Rs. 2,000,000), a Buyers Premium of only ten percent (10%) shall be charged for the additional (marginal) amount in excess of Rupees Twenty Lacs (Rs. 2,000,000). 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 Lots’ have ‘Non-Exportable Lot’ 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 and diligence has been taken by Osians to verify the provenance, authenticity and origin of each 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.