Page 84 - C:\Users\rayje\Documents\Flip PDF\SOGAL - ACQUIRE 2019 Brochure\

77 Contemporary & Modern SOGAL Art Auction
the bidder agrees to be bound by the terms absence of any others to the lot number). The reserve is the
herein. confidential minimum price for the lot. If
BEFORE THE SALE bidding for a particular lot ends below the
Preconditions 4. (a) A prospective buyer must complete and reserve, the lot will not be sold. The reserve
1. Sogal Art Auction acts as agent for the sign a bidder registration form and provide will not exceed the low estimate printed in
seller and, therefore, the contract of sale is identification before he has the Right to bid. the catalogue. The auctioneer may open the
made between the seller and the buyer. Sogal Art Auction may require the production bidding on any lot below the reserve and
of bank or other financial references. (b) A may continue to bid on behalf of the seller up
2. Buyers are responsible for satisfying prospective, registered buyer can authorize to, and strictly limited to, the amount of the
themselves concerning the condition of a third party to act as agent in the bidding reserve, either by placing consecutive bids or
the property and the matters referred to process if the buyer is unable to attend the by placing bids in response to other bidders.
in the catalogue entry. This can be done auction. This arrangement, if such is to occur,
by, for example, a personal inspection and must be conveyed in writing to Sogal Art 8. Subject to the auctioneer’s discretion, the
examination of the property in which they are Auction and approved by the same. (c) Sogal highest bidder accepted by the auctioneer
interested, a review of the condition report. Art Auction has the Right, at its complete will be the buyer. The auctioneer will indicate
To facilitate in this process, Sogal Art Auction discretion, to refuse admission to the that the highest bid has been accepted with a
provides free viewings of the consigned lots premises or participation in any auction and strike of his hammer (hereafter referred to as
prior to the auction, condition reports will to reject any bid. the ‘hammer price’). This same strike of the
be provided if requested by customers, and hammer symbolically and legally establishes
price comparables of works sold at auction. AT THE SALE the contract for sale between the seller and
5. When making a bid, a bidder is accepting buyer. Risk and responsibility for the lot
3. Neither Sogal Art Auction nor the seller personal liability to pay the purchase price, (including frames or glass where relevant)
provides any guarantee in relation to the including the buyer’s premium and all passes to the buyer at the expiration of seven
property, which is sold in “as is” condition applicable taxes, plus all other applicable calendar days from the date of the sale or on
to the buyer, except as stated in the charges. This does not apply if the bidder is collection by the buyer if earlier.
Limited Warranty in paragraph 19 below. acting as agent on behalf of an identified third
This pertains to, but is not limited to, the party acceptable to Sogal Art Auction and AFTER THE SALE
condition of the work, the authorship and this has been explicitly agreed in writing with 9. In addition to the hammer price, the buyer
authenticity of the work and any descriptive Sogal Art Auction before the commencement agrees to pay Sogal Art Auction the buyer’s
or historical detail about the work that is of the sale. In respect of this situation Sogal premium (this becomes the ‘purchase price’),
disclosed verbally or printed in the catalogue Art Auction will only consider the principal together with any applicable value added
or elsewhere. liable for payment. Conditions in paragraph tax (VAT), sales or compensating use tax
4 apply to both the agent bidder and the or equivalent tax in the place of sale. The
In good faith to the buyer, signed principal for the bid to be valid. buyer’s premium is 10% of the hammer price.
declarations by the seller warrant the The VAT, subject to Nigerian law is 5% of the
following: (a) the seller is the owner of the 6. Absentee bids are welcome and Sogal total purchase price.
item, or is properly authorized by the owner Art Auction will carry out written bids for the
to sell the item. (b) The seller can and shall, convenience of clients who are not present at 10. Payment must be made to Sogal Art
in accordance with the conditions set upon the auction in person, through the auctioneer Auction within a period of seven (7) days after
him by, transfer possession to the buyer or by way of representation through an the sale. This includes the time required to
with good and marketable title to the item, agent. We reserve the Right to not accept an process cheques or to receive wire transfers.
free from any third party Rights, claims or absentee bid if it does not comply with any of Failure to meet this schedule may incur the
potential claims (including without limitation, the following conditions: buyer additional charges or actions, made at
by governments or governmental agencies). (a) the bidder is registered or submits the bid the discretion of Sogal Art Auction. Possible
(c) The seller has provided Sogal Art Auction with a completed bidder registration form; charges or actions against late- or non-
in writing with all information concerning the (b) the bid is made in the local currency payment are elaborated upon in paragraph
item’s provenance and has notified Sogal in (c) the bid is received a minimum of 72 hours 16 below.
writing of any concerns expressed by third prior to the auction.
parties concerning its ownership, condition, Please refer to the absentee bid form on our 11. Immediately following the sale, the
authenticity, attribution and export or import website for clarifications. buyer must confirm his or her name and
history. (d) The seller has paid or will pay all Bidders will receive a receipt of permanent address and, if applicable, the
taxes and duties potentially due to her on the acknowledgement from Sogal Art Auction, details of the bank from which payment
sale proceeds of the item. up to 24 hours after it is submitted and will will be made. The buyer must pay the full
further receive a confirmation that the bid amount due (comprising the hammer price,
3. (a) All statements by Sogal Art Auction is accepted with a date stamp, the purpose buyer’s premium and any applicable taxes)
made orally or printed in the catalogue of which is to fairly execute the following immediately after the sale. This applies even
entries, the condition reports or elsewhere circumstance: if the buyer wishes to export the lot and an
are statements of opinion and not to be relied If we receive written bids on a particular lot for export license is, or may be, required for the
on as statements of fact. Such statements identical amounts, and at the auction these lot. The buyer will not acquire title to the lot
do not constitute a representation, warranty are the highest bids on the lot, it will be sold until all amounts due to Sogal Art Auction
or assumption of liability by us of any kind. to the person whose written bid was received from the buyer have been received in good
(b) References to damage and restoration and accepted first. cleared funds even in circumstances where
are for guidance only and absence to such the lot has been released to the buyer.
references does not imply that an item is 7. Reserve sale prices, indicated by the
free from defects or restoration, nor does owner, are included for all lots unless 12. Sogal shall be entitled to retain items sold
a reference to particular defects imply the otherwise indicated (by the symbol • next until all amounts due have been received in