Osian's Auction Catalogue The Masterpieces and Museum Quality Series | October 2004

THE MASTERPIECES & MUSEUM-QUALITY SERIES 197 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 Auction Publication. iv. 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. v. 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 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. 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 Management Act, 1999(FEMA) 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 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.