Osian's Auction Catalogue ABC Series III | March 2007

ABC Series III 166 In the event of any person raising objection to the Lot to be counterfeit, fake, forgery, stolen or smuggled during the process of the same being auctioned, Osian’s shall at its discretion withdraw the work from the auction and shall not be responsible for any criminal or civil proceedings being initiated. Osian’s shall retain the custody of the Lot for a period of six weeks so as to assist the investigating agency, if any person with regard to that Lot initiates any proceedings. 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 one (1) year 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 bonade expert’s report clearly specifying reasons for such claim. Osians shall not to be liable to any claims after completion of the period of one (1) year. 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 in all respects 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 eld, 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 nal 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 accepts the claim of the Purchaser that the Lot is counterfeit, Osians shall refund to the Purchaser the Hammer Price and Buyer’s Premium 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 benet of the guarantee and the refund amount is not capable of being transferred and is solely for the benet 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 Auction Publication 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 1% of the Purchase Price or pro rata thereof as demurrage charges per month; 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 resulting deciency 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 per month on the Purchase Price to the extent the Purchase Price or any part thereof remains unpaid for more than fourteen 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. Right to Refuse Admission Osians shall have the right, at its discretion, to refuse admission or attendance to 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 Seller’s 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 notied 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 notied 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 indemnied 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.