Osian's Auction Catalogue Creative India Series 1 Bengal | December 2011

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 Osian’s 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 Osian’s are statements of opinion only, made by Osian’s for the convenience of intending Purchasers. Estimates are subject to revision by Osian’s 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 (Commission) Buyer’s Premium will be charged by Osian’s in addition to the Hammer Price. Such premium will be computed as mentioned below on total Hammer Price of all the lots purchased by a Purchaser in an auction. Total Hammer Price Buyers Premium (%) Upto Rs. 10.00 Crore 20.0 From Rs. 10.01 Crore to 15.00 Crore 17.5 Above Rs. 15.00 Crore 15.0 The applicable Service Tax will be charged on Buyer’s Premium, which is currently 10.30%. 12. Conclusion of Sale On the Sale of a Lot, the Purchaser of such Lot shall: i. immediately furnish to Osian’s his/her name and address and, if requested, proof of identity; ii. immediately pay to Osian’s, a sum not less than twenty percent of the Purchase Price for the Lot to be purchased; iii. immediately execute a Purchase Contract in the form acceptable to Osian’s; iv. within fourteen days from the date of the Auction, pay to Osian’s the balance of the Purchase Price along with Sales Tax/ VAT, if applicable. The payment should be made in favour of “Osian’s- Connoisseurs of Art Private Limited” either by way of cheque or demand draft payable at par in Mumbai or by credit card. v. The closing exchange rates (as notified by RBI) as on the date of auction, in case the day being holiday, the rate of the last working day, shall be considered for foreign currency transactions, however, it is in the interest of the clients to recheck and confirm from Osian’s. 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) shall make such payment in convertible foreign currency or in Indian Rupees from NRO accounts in accordance with the Foreign Exchange Management Act, 1999 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. Osian’s shall in no way be responsible for procurement of the same. However, Osian’s will endeavour to assist the Purchaser in facilitating the process of procurement of export documents. Each potential purchaser should be aware of the relevant Import Duties prevalent for their country before purchasing from the auction. If required our Client Service Team can help the buyer for further information as per specific needs. 15. Non-Exportable Items All items which are Antiquities or National Art Treasures under the Antiquities and Art Treasures Act, 1972 whether specifically indicated in the catalogue or otherwise cannot be exported out of India. All ‘Non-Exportable Item’ have ‘Non-Exportable Lot’ written below the Lot’s caption details. These items cannot be exported or taken out of India by the buyer/s or their agents, if any. Osian’s shall in no way be responsible in case of any loss, damage or legal consequences incurred by any other person or entity due to an illegal export of such non-exportable items, after sale by Osian’s. 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 plus applicable taxes as required by Osian’s. The ownership of the Lot to the Purchaser shall not result in transfer of intellectual property rights 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 21 days after the date of the Auction, but not before payment of the Purchase Price plus taxes as required by Osian’s. 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 to KKT Art Advisory Services Private Limited (“KKT”), a Warehousing and Logistics Company chosen by Osian’s for all removal, storage, insurance and other post auction services charges imposed by KKT on the Lot not collected by the Purchaser within 21 days after the date of the Auction. Storage & handling charges will be levied @ 1 percent of the purchase Price per month or pro rata thereof from the twenty second day after the date of the Auction. Terms and Conditions contd...