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TERMS AND CONDITIONS full responsibility for payment of this lot. The Property sold at auction will be subject to
results of absentee bids, if successful, will Nigerian law regarding the export of certain
be conveyed to the absentee bidder at their items as well as the import restrictions
preferred form of contact, indicated on the of foreign countries. It is the buyer’s sole
BUYING AT SOGAL ART AUCTION absentee bid form. The successful bidder will responsibility to obtain any relevant export or
pay the hammer price plus the premium and import license. The denial of any license or
any applicable value added tax. any delay in obtaining licenses shall neither
Conditions of Sale justify the rescission of any sale nor any delay
The “Conditions of Sale” and “Limited Estimates in making full payment for the lot. Buyers
Warranty” are published in the catalogue and Estimates are based upon market prices can consult Sogal Art Auction for regulatory
on the company’s website (Http://auction. for similar works by the same artists, and, understanding as well as for assistance in
sogalart.com). Sogal Art Auction encourages where applicable, upon prices recently paid at securing an export license from Nigeria.
bidders to be familiar with these documents auction for comparable works. Estimates are Sogal Art Auction will submit any applications
as they set out the terms on which property is subject to revision. for such a license on behalf of the buyer if
bought at the auction.
so requested. However, Sogal Art Auction
Reserves cannot ensure that a license will be obtained.
Bidder Registration The reserve price is a minimum hammer
We require prospective buyers to register at price for which the work will be sold. If the Collection
least 72 hours before the auction. All first-time reserve is not met, the lot will remain unsold. Full collection details will be enclosed with the
registrants will be required to supply a bank The reserve does not exceed the low pre-sale invoice. All lots will be available for collection
reference to complete this process. Sogal estimate but the sum remains confidential. in a predetermined and insured location in
Art Auction will be available to answer any Lagos for 7 days after the auction date.
individual questions about this process or if Buyer’s Premium
assistance is required. Registered bidders Sogal Art Auction charges a flat-rate premium Storage
who arrive at the auction will be given a to the buyer of 10% on the hammer price of Sogal Art Auction can offer the purchaser
numbered paddle for bidding.
the lot. assistance in storage and shipping if so
required. If purchases are not collected within
Bidding Tax seven days after the auction, storage will be
The auctioneer accepts bids from those A value added tax of 5% will be charged to arranged at the buyer’s expense.
present in the saleroom or absentee written the buyer for the total price paid (hammer
bids Left with Sogal Art Auction in advance of price plus buyer’s premium). Insurance
the auction. The auctioneer may also execute Sogal Art Auction provides insurance cover
bids on behalf of the seller up to the amount PAYMENT INSTRUCTIONS for sold items for a maximum of 7 days after
of the reserve, either by placing consecutive Payment must be made within seven the date of the auction. After this period, the
bids or by entering bids in response to those calendar days of sale. This applies even if lot will be held in a storage facility entirely at
made in the saleroom and/or absentee bids. the buyer wishes to export the lot and the the buyer’s risk.
After the reserve is met, the auctioneer will export license is (or may be) required. The
not execute any further bids.
buyer, while assuming responsibility for the IMPORTANT NOTICES AND
completion of payment, will not acquire title EXPLANATION OF CATALOGUING
Absentee Bids and possession of the lot until all amounts PRACTICE
A registered prospective buyer that is unable due to Sogal Art Auction have been paid.
to attend the auction can complete a written Payment is accepted in the form of cash, Condition Reports
instruction in the form of an absentee bid. cheque or telegraphic transfer in Nigerian Sogal Art Auction’s condition reports only
This would be a maximum amount the bidder Naira unless otherwise indicated. Cheques include information on known restoration,
is willing to declare as the hammer price. will need clearing before a purchase is alterations or replacement components.
Sogal Art Auction will attempt to execute an released. Please note that transfer of lots Please contact us for a condition report on a
absentee bid at the lowest possible price is not recognized. The successful bidder at particular lot. Condition reports are provided
taking into account the reserve price. If auction will be solely responsible for payment as a service to interested clients. Prospective
identical bids are made for the same lot, the of the purchase to Sogal Art Auction. buyers should note that descriptions of
first bid received by Sogal will take priority. property are not warranties and that each lot
The auctioneer may execute absentee bids Although we allow bidding at the auction by is sold “as is”.
himself with a verbal declaration that he is proxy, this arrangement has to be declared
doing so. Absentee Bid forms are available by the prospective buyer in writing before Other conditions and information
in this catalogue and on Sogal Art Auction’s the auction, if not on the Bidder Registration (a) All metric dimensions are approximate.
website for submission by email or hand Form”. Applicable payment details are All other dimensions (such as the English
delivery. As indicated in the Conditions of available to the buyer on request. system) are converted from the metric
Sale, Sogal Art Auction will confirm receipt dimensions then rounded off; they are
of absentee bids up to 24 hours after Shipping contained in parentheses.
submission by the prospective buyer. If The buyer is responsible to pick up purchases
the prospective buyer has not received a or make all shipping arrangements. Sogal Art (b) All estimates are calculated in the local
confirmation, he or she is responsible for Auction can arrange delivery for a purchased currency of the auction. All payments are to
follow-up with Sogal Art Action.
lot including property packing, transit be made in the local currency.
insurance and shipping at an additional cost if
Successful Bids the buyer so requests. CONDITIONS OF SALE
The sound of the auctioneer’s hammer
signifies that the final bid has been made and Export/Import Permits By Placing a Bid at or before the auction,
accepted. At that time, the buyer assumes