Page 162 - Pundole's Auction M0015

TERMS AND CONDITIONS OF SALE
The Terms and Conditions of Sale set out below explain the method by which
the seller and buyer will complete the transaction of buying an artwork
through Pundole’s, and the terms each is bound by.
TERMS OF SALE
Unless specifically stated, Pundole’s does not have a financial interest in any
of the property offered for sale. Pundole’s only acts as an agent for the seller.
All property will be sold ‘as is’.
Each auction will have a catalogue printed prior to the sale. Please read the
catalogue carefully for all details pertaining to the property offered.
All bidders are encouraged to examine the property offered for sale in person
prior to the sale.
Information provided in the catalogue on matters relating to the condition
report, authenticity, provenance, quality, or art historical relevance, whether
stated in the catalogue or communicated verbally constitutes an opinion
from Pundole’s.
Pundole’s does not guarantee the frames.
Pundole’s will provide details and information to the best of its abilities, and
cannot be held liable for any information that is erroneously provided or
not mentioned. Any statement by Pundole’s does not constitute a
representation, warranty or assumption of liability by them of any kind.
Pundole’s only take responsibility for the information provided regarding the
Author, name of the artist or basic description of the property as stated in the
opening line of each lot in capital letters. The information in the catalogue
and condition report is meant to help prospective buyers, but is not
exhaustive by any means, and all buyers are encouraged to supplement that
information through their own experts or other research.
Condition reports are available on request. These reports have not been
done by trained conservators. We encourage you to get an additional
professional assessment should you need. Condition reports will broadly
state the physical and visible, damaged and restored areas of the artwork. If
there is an area specifically mentioned, it does not exclude other similar
areas, and if there is a problem not mentioned, it does not mean that they do
not exist.
Estimates are only provided as indicative values to give buyers a general
range of the price we expect the work to sell for. It is not to be taken as a
confirmed price expected for the work.
Pundole’s may withdraw any property before, during or after the auction if in
its opinion there is any issue regarding authenticity, ownership or any change
to the information provided for the artwork when it was consigned.
THE AUCTION
By bidding at a Pundole’s auction, the bidder enters into an irrevocable offer
to buy the artwork that has been bid on. Should the bid be successful, the
buyer agrees to pay the hammer price plus the buyer’s premium, all
applicable taxes, plus any additional charges relating to shipping, storage,
insurance, import-export permissions and bank transfer fees.
All registration formalities, as outlined in the Registration/Absentee Bids
form must be completed prior to the sale. Registration may be done on the
day of the sale as well, but as a banker’s reference is needed, it would be ideal
to complete the registration process beforehand. Photo identification will be
required while collecting a paddle.
In the event that a party is bidding on a third person’s behalf, it is the party’s
responsibility to ensure that all paperwork explaining the transaction and
relationship has been completed prior to the sale as per Pundole’s
registration requirements.
Paddles are given at Pundole’s discretion, and bidders may be refused entry
to the auction or not allowed to bid at Pundole’s discretion.
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Absentee bids will be carried out by the auctioneer or a member of Pundole’s
on behalf of the client. This service is offered free of charge, and Pundole’s
does not accept any liability in the unlikely event that the bid is not executed
or executed incorrectly. In the event the auctioneer has two bids of identical
values and no higher bids are taken in the saleroom, the bid received on
the earlier date/time will be given preference. All absentee bids need a
completed and signed form (available at the back of the catalogue) in order
for them to be accepted.
Similarly, telephone bids can be arranged for clients unable to be in the
saleroom. Telephone bidding will be arranged subject to availability of
Pundole’s staff hence requests should be made as early as possible. This
service is offered free of charge, and, Pundole’s does not accept any liability
in the unlikely event that the telephone bid is not executed or executed
incorrectly or the client has been unreachable due to faulty telephone
connections. Telephone bids may be recorded.
Bidders may also choose to bid online through Pundole’s website or mobile
bidding application. All registration formalities must be completed before
the start of the sale, or bidders may not be granted bidding access. Pundole’s
does not accept any liability for online and / or mobile bids that are not
accepted or not executed correctly. In the event that there is a technical
problem on the Pundole’s website or mobile application, the auction will
continue. Any online or mobile bids received before the problem occurs will
be executed. Pundole’s does not accept any liability for any technical
problems incurred either on the website or on the mobile application during
an auction. Pundole’s reserves the right to determine when online and mobile
bids have been recorded.
Pundole’s is not liable for any delay or time lag incurred in-between the time a
bid is placed and is received by Pundole’s, or, information regarding current
bid amounts is received by bidders due to slow mobile networks or heavy
traffic over internet lines.
Consignors may not bid on their own lots in the auction.
Pundole’s employees and consultants may not bid in the sale as principals
unless a written bid is submitted 72 hours prior to the start of the sale. They
may not increase that bid or bid on their own behalf in the room.
All works, unless specifically indicated otherwise, will be sold subject to a
reserve. The reserve is the minimum price at which the consignor has agreed
to sell the Property at, and in no case will exceed the low estimate of a
Property. All reserves are kept confidential. The auctioneer may open the
bidding by placing a bid on behalf of the seller. The auctioneer may continue
to bid up until the amount of the reserve, either by placing consecutive bids or
by placing bids in response to other bidders. In the event that neither an
absentee bid nor a bid in the room reaches the amount of the reserve, the
auctioneer will ‘pass’ the Property and it will remain unsold.
For all bids, the auctioneer’s decision is final, and the auctioneer will have full
discretion to choose, accept or reject bids. While bidding increments will
usually increase by approximately 10%, the auctioneer has the discretion to
break or change the increments. In the event of a dispute, the auctioneer
reserves the right to re-offer the lot and determine the successful bidder for
the lot.
The auctioneer will determine the successful and highest bidder for each lot.
The fall of the auctioneer’s gavel shall confirm the close of each lot, and the
auctioneer will announce whether the lot has been sold or not. The
successful sale of each lot and the announcing of the successful paddle
number also marks a successful and irrevocable contract between the seller
and buyer of the artwork. The buyer accepts full responsibility to pay for the
lot, as determined by the final hammer price plus the buyer’s premium, all
applicable taxes, plus any additional charges relating to shipping, storage,
insurance, import-export permissions and bank transfer fees.
POST SALE INVOICES
All successful bidders will require putting down a deposit of 10% of the
hammer price, on completion of each session, either in cash [with a self-