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Conditions of Business For Sellers
One Larasati Arts Pte. Ltd. herein refered to as Larasati, hereby informs all those participating as sellers in the auction, that it shall be held subject to the terms and conditions of the Consignment Agreement and the following conditions.
Larasati as Agent
As auctioneer, One Larasati Arts Pte. Ltd. herein referred to as Larasati acts as agent for the seller. Unless otherwise agreed, sales of goods at this auction result in contracts made between the seller and the buyer. Larasati shall not be responsible for any default by the seller or the buyer.
Definitions of Terms Used in These Conditions
In the conditions set out below, some terms are used regularly that need explanation.
They are as follows:
- the “Buyer” means the person with highest bid accepted by the auctioneer;
- a “Lot” means any item deposited with us for sale at auction and, in particular, the item or items described against any lot number in any catalogue;
- the “Hammer Price” means the charge payable by the auctioneer in relation to a lot;
- the “Buyer’s Premium” means the charge payable by the buyer as a percentage of the hammer price;
- the “Reserve” means the amount below which we agree with the seller that the lot cannot be sold;
- “Forgery” means a Lot constituting an imitation originally conceived and executed as a whole with a fraudulent intention to deceive as to authorship, origin, age, period, culture or source where the correct description as to such matters is not reflected by the description in the catalogue and which at the date of the auction had a value materially less than it would have had if it had been in accordance with the description in the catalogue. Accordingly, no Lot shall be capable of being a forgery by reason of any damage and/or restoration work of any kind (including repainting);
- the “Insured Value” means the amount thatLarasati in its absolute discretion from time to time shall consider to be the value for which a lot should be covered by insurance (whether or not insurance is arranged by us).
We shall charge the seller commission calculated by reference to the amounts, percentages, terms and conditions of the Consignment Agreement.
BEFORE THE SALE
The seller will bear all costs relating to:
a. Packing and shipping the lot to us for sale;
b. Any applicable transit insurance and custom duties;
c. Packing and shipping the lot if it is returned to the seller;
d. Any restoration of the lot agreed in advance with the seller;
f. Storage of the lot after the sale, where applicable;
g. Any examination by external experts we believe necessary for catalogue description;
h. Any external expert opinion we believe appropriate;
i. Our administration costs if expenses are incurred under sub-paragraphs (d), (e), (f), (g), and (h), being 10 % of such expenses;
j. Any applicable goods and services tax;
k. Insurance under Larasati’s policy (explained below);
l. Catalogue illustration at our discretion;
m. Contribution to our general expenses if the lot is not sold, equal to 5% of the insured value;
n. Any applicable custom duties.
When Insurance is Arranged by Us
(i) Unless we agree otherwise, the lot will be automatically insured under Larasati policy for the amount that we from time to time consider to be its appropriate value. This insured value is not a representation or warranty or undertaking by us that the lot will be sold for this amount.
(ii) Unless we agree otherwise, we shall charge the seller a sum to cover insurance, at the rate 1% of either the hammer price or, if the lot is unsold, its insured value. If we arrange transport, we shall charge the seller an additional sum to cover the cost of transit insurance, which will vary according to the particular circumstances of each case. Although we shall suggest carriers if specially requested, we cannot accept any liability in this respect.
(iii) The lot will remain insured until the expiry of seven days after the sale. If the lot has not been sold, it will be at the seller’s risk after that time.
(iv) We do not accept responsibility and shall not be liable for damage caused by woodworm or changes in atmospheric conditions.
If the seller specifically instructs us not to insure the lot, it shall remain at the seller’s risk at all times until buyer had made payment in full. The seller shall indemnify us and our employees and agents, and the buyer (where applicable) against any claim made against us or them in respect of the lot, however that claim may arise. The seller shall also reimburse us and them on demand for any expenses we or they may incur as a result of such claim, even if we or they are found to have been negligent and even where such reimbursement is required of a payment made without any legal liability being proved. The seller must notify the seller’s insurers of the terms of this clause.
Seller’s Representations and Warranties Regarding The Lot
The seller warrants and represents to Larasati and to the buyer that:
(i) The seller is the sole owner of the lot with an unrestricted right to transfer title to the buyer free from all third party rights or claims (including copyright claims);
(ii) All information supplied to Larasati by the seller or his agents is accurate;
(iii) The seller has complied with all requirements, legal or otherwise, relating to any export or import of the lot and has notified us in writing of any failure by third parties in complying with such requirements in the past; and
(iv) The seller has notified us in writing of any material alterations to the lot of which the seller is aware and any concerns expressed by third parties in relation to the ownership, condition or attribution of the lot.
If any of (i), (ii), (iii) or (iv) above is incorrect, the seller undertakes to and will indemnify Larasati and/or the buyer on a full indemnity basis against any liability, claims, costs or expenses whatsoever incurred as a result, whether arising in the relation to the lot or proceeds of sale or in dealing with any claim arising out of that respect.
AT THE SALE
(i) We shall have complete discretion as to the way a lot is described and illustrated in the catalogue or any condition report, the place and manner sale; the decision as to which person should be admitted to the auction, and as to which bids should be accepted; whether expert advice should be sought; and the combination or division of goods for sale.
(ii) Any estimate given, orally or in writing, is a matter of opinion only and is not an assurance in relation to the price that the lot will eventually fetch.
(iii) Upon signing the Consignment Agreement, the seller may not withdraw a lot from auction without the consent of Larasati. Should such lot be withdrawn, the seller agrees to indemnify Larasati on a full indemnity basis in respect of all costs and expenses incurred in putting up the lot for auction or against any liability, claims, costs or expenses howsoever incurred as a result of dealing with any claim arising out of that respect.
(iv) Larasati may at its sole discretion withdraw a lot from auction at any time if (a) we have any doubt as to its attribution or authenticity or as to the accuracy of the statements made by the seller in the Consignment Agreement, (b) there is any breach of these conditions or the terms and conditions of the Consignment Agreement or (c) we believe it would be improper to include the Lot in the sale.
(v) If we withdraw the lot, we shall charge the seller a equal to 10% of the insured value, plus an amount equal to our commission if the lot had been sold at the insured value, together with any applicable Government Service Charge and insurance and other expenses.
Conduct of Sale
(i) The lot will be sold subject to the reserve, which cannot be above the low estimate printed in the catalogue unless the reserve is agreed to in a currency other than Singapore Dollars, and the exchange rates fluctuate between the time the reserve is agreed and the day of the sale. In this case, unless we agree otherwise, the reserve shall be an amount equal to the Singapore Dollars equivalent based on the closing exchange rate on the business day immediately preceding the sale. We shall in no circumstances be liable if bids are not received at the level of the reserve. If we do so, we shall be obliged to account to the seller as if hammer price was equal to the reserve.
(ii) The seller may not bid for the lot nor employ any person to do so on the seller’s behalf, although we shall have the right to bid on the seller’s behalf up to the amount of the reserve.
AFTER THE SALE
After the sale, we shall require payment in full from the buyer, including payment of the buyer’s premium. Provided this has occurred, we shall remit to the seller an amount equal to the hammer price less all charges due to be paid by the seller, 45 working days after the date of the sale, unless we have received notice that the lot is a forgery (as defined in the definition of terms used in these Conditions of Business). In the event of late payment by the buyer we shall make such remittance to the seller within seven days of receipt of such payment by the buyer. If for any reason we make payment to the seller of any amount before payment by the buyer, we shall acquire complete ownership of and title in the lot, save only that in the event that we are obliged to accept the lot back from the buyer on the basis that it is a forgery, the seller will refund to us all proceeds of sale that have been paid to the seller. Payment will be made in Singapore Dollars.
Non-Payment by The Buyer
If the buyer fails to pay the full amount due within 45 working days after the date of sale, we shall be entitled (i) on the seller’s behalf, to agree special terms with the buyer for payment, storage and insurance, and (ii) to take any steps we consider necessary to collect the amount due from the buyer. However, we shall not be obliged either to remit the price due to the seller ourselves, nor to take any legal proceedings on the seller’s behalf. We shall discuss with the seller the appropriate course of action to be taken to recover the purchase price from the buyer.
If within 6 (six) months of the date of the auction the Buyer satisfies us that the Lot is a Forgery, with the condition that claim must be accompanied with satisfactory evidence in the form of a written opinion of at least 3 (three) independent experts with knowledge on the related property, confirming that the lot is a forgery, then:
(i) if the Buyer at that time has not yet paid the full amount due, we shall have the right to cancel the sale and/or
(ii) if the Buyer has paid the full amount and if we have at the time not paid the seller the whole or part of the full amount due to the seller, then we will refund to the Buyer the purchase price of the lot and/or
(iii) If the Buyer had paid the full amount and if we at that time had also paid the Seller the whole or part of the full amount due, then the Seller must refund to us, on demand, the total amount paid. We shall then refund the total amount received from the Seller to the Buyer plus any balance due to the Buyer to pay back the full purchase price of the lot. The Buyer does not reserve the right to claim any interests on the purchase price paid by the Buyer. In the latter case we shall exercise a lien over any property of the Seller under our control as security for the amount due.
We reserve the right to seek for further expert opinion. There will be no refund if there is a conflict of opinion among the related experts. Larasati is not responsible for any faults or defects in any lot, including the genuineness of the work.
If any lot is unsold, or is not included in a sale, or is withdraw from the sale for any reason, it must be collected from us within 7 days after we send the seller a notice requiring the seller to collect it. If any such lot remains uncollected for a period exceeding 7 days, a storage charge of S$ 30 per item per day will apply and additional charge will be made for insurance. The seller will not be entitled to collect the lot until all outstanding charges are met.
If any such lot is not collected within 30 days after the date of the sale or the date of the notice referred to above (whichever occurs first), it may be disposed of by us as we see fit, which may involve its removal to a third party warehouse at the seller’s expense and its sale by public auction on such terms as we consider appropriate, including those relating to estimates and reserves. We shall then account to the seller for the proceeds of sale, having deducted all amounts due.
CONDITIONS APPLICABLE TO BOTH BUYERS AND SELLERS
The copyright in all images, illustrations and written material relating to a lot is and shall remain at all times our property and shall not be used by the buyer nor anyone else without our prior written consent.
Any notice given under these conditions is to be in writing and, if given by post, will be taken to have been received by the addressee on the second working day after posting, or if the addressee is overseas, on the fifth working day after posting.
If any part of these conditions is found by any court to be invalid, illegal or unenforceable, that part may be discounted and the conditions shall continue to be valid and enforceable to the fullest extent permitted by law.
Law and Jurisdiction
These Conditions of Business are governed by Singapore law, which shall apply to their construction as well as to their effect. For our benefit, the buyer hereby submits to the exclusive jurisdiction of the Singapore courts.