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Conditions of Sale

ART635 AUCTION: TERMS AND CONDITIONS

Bidder Registration 

Bids must be registered on the Art 635 Inspire before 28th August 2020 .Late Bids will be rejected. Bids will be publicly displayed on auction website.

Interested Bidders may obtain further information from the Art 635 Auction website.

Bidding

All bidders will receive virtual bidding numbers.

The auctioneer will accept bids from those present in the online saleroom and online pre-bids. The auctioneer may also execute bids on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by entering bids in response to those made in the saleroom and/or absentee bids. After the reserve is met, the auctioneer will not execute any further bids.

Successful Bids 

The sound of the auctioneer's hammer signifies that the final bid has been made and accepted. At that time, the buyer assumes full responsibility for payment of this lot. The successful bidder will pay the hammer price, the value added tax and other tax or charges.

 

Estimates

Estimates for each artwork have been determined by the team of curators and valuers based upon market prices for similar works by the same artists, and, where applicable, upon prices recently paid at auction for comparable works.

Reserves

The reserve price is a minimum hammer price for which the work will be sold. If the reserve is not met, the lot will remain unsold. The reserve does not exceed the low pre-sale estimate but the sum remains confidential.

Payment Instructions 

Payment must be made within five working [b1] days of sale. This applies even if the successful bidder wishes to export the lot and the export license is (or may be) required. The successful bidder, while assuming responsibility for the completion of payment, will not acquire title and possession of the lot until all amounts due to Art 635 have been paid. Payment is accepted in the form of cash, cheque or electronic transfer in Nigerian Naira unless otherwise indicated. Cheques will need clearing before a purchase is released. Please note that transfer of lots is not recognized. The successful bidder at auction will be solely responsible for payment of the purchase to Art 635.

Applicable payment details are available to the successful bidder on request.

Shipping

The successful bidder is responsible to pick up purchases or make all shipping arrangements. Art 635 can also arrange delivery for a purchased lot including property packing  and shipping.

 

Export/Import Permits 

Property sold at auction will be subject to Nigerian law regarding the export of certain items as well as to import restrictions of foreign countries. It is the successful bidder's sole responsibility to obtain any relevant export or import license. The denial of any license or any delay in obtaining licenses shall neither justify the rescission of any sale nor any delay in making full payment for the lot.

Collection

Full collection details will be enclosed with the invoice. All lots will be available for collection in a predetermined, and insured, location in Lagos for seven (7) days [b2] after the auction date.

Storage

Art 635 can offer the purchaser assistance in storage if so required. For purchases that are not collected within seven (7) days after the auction, storage will be arranged at the successful bidder’s expense.

Important Notices and Explanation of Cataloguing Practice

 

Other conditions and information

 (a) All metric dimensions are approximate.

(b) All estimates are calculated in the Nigerian local currency of the auction. All payments are to be made in the Nigerian local currency.

 

Conditions of Sale

 

By placing a Bid at or before the auction, the bidder agrees to be bound by the terms herein.

Preconditions

1. Art 635 acts as agent for the seller and, therefore, the contract of sale is made between the seller and the buyer.

2. Successful bidders are responsible for satisfying themselves concerning the condition of the property and the matters referred to in the catalogue entry. This can be done by, for example, a personal inspection and examination of the property in which they are interested, a consultation with the artist or the curators of the event and/or a review of past-sales amounts for similar items, where available. To facilitate in this process, Art 635 provides free viewings of the consigned lots prior to the auction.

3. Neither Art635 nor the seller provides any guarantee in relation to the property, which is sold in "as is" condition to the successful bidder, except as stated in the Limited Warranty. This pertains to, but is not limited to, the condition of the work, the authorship and authenticity of the work and any descriptive or historical detail about the work that is disclosed verbally or printed in the catalogue or elsewhere.

Before the Sale

4. (a) A prospective buyer must complete and sign a bidder registration form online. (b) Art 635 has the right, at its complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid.

At the Sale

5. When making a bid, a bidder is accepting personal liability to pay the purchase price and all applicable taxes, plus all other applicable charges.

6. Reserve sale prices, indicated by the owner, are included for all lots unless otherwise indicated (by the symbol • next to the lot number). The reserve is the minimum price for the lot. If bidding for a particular lot ends below the reserve, the lot will not be sold. The reserve will not exceed the low estimate printed in the catalogue. The auctioneer may open the bidding on any lot below the reserve and may continue to bid on behalf of the seller up to, and strictly limited to, the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders.[b3]

7. The auctioneer has the right to refuse any bid, to advance the bidding in such a manner as he may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, [b4] and whether during or after the sale, to determine the successful bidder, to continue the bidding, cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.

8. Subject to the auctioneer's discretion, the highest bidder accepted by the auctioneer will be the buyer. The auctioneer will indicate that the highest bid has been accepted with a strike of his hammer (hereafter referred to as the 'hammer price'). This same strike of the hammer symbolically and legally establishes the contract for sale between the seller and buyer. Risk and responsibility for the lot (including frames or glass where relevant) passes to the buyer at the expiration of five working days from the date of the sale or on collection by the buyer if earlier.

After the Sale

9. Immediately following the sale, the buyer must confirm his or her name and permanent address and, if applicable, instruction on how to debit the successful bidder’s Guaranty Trust Bank account from which payment should be made. The successful bidder must pay the full amount due (comprising the hammer price and any applicable taxes) immediately after the sale. This applies even if the successful bidder wishes to export the lot and an export license is, or may be, required for the lot. The successful bidder will not acquire title to the lot until all amounts due to the artist from the successful bidder have been received in good cleared funds even in circumstances where the lot has been released to the buyer.

10. Payment must be made to Art 635 within a period of five (5) days [b5] after the sale. This includes the time required to process cheques or to receive wire transfers. Failure to meet this schedule may incur the buyer additional charges or actions, [b6] made at the discretion of Art 635. Possible charges or actions against late- or non-payment are elaborated upon in paragraph 16 below.

11. Art 635 shall be entitled to retain items sold until all amounts due have been received in full in good cleared funds or until the buyer has satisfied such other terms as we, in our sole discretion, shall require. Subject to this, the buyer shall have paid for and collected purchased lots within five (5) calendar days from the date of sale, unless otherwise agreed upon.

12. Although all pieces are insured, Art 635 shall use reasonable efforts to take care when handling, packing and shipping a purchased lot, we are not responsible for the acts or omissions of third parties whom we might retain for these purposes. Similarly, where we may suggest other handlers, packers or carriers if so requested, we do not accept responsibility or liability for their acts or omissions..

13. Unless otherwise agreed by Art 635 in writing, the fact the buyer wishes to apply for an export license does not affect his or her obligation to make payment within seven working days nor our right to charge interest [b7] or storage charges on late payment. If the buyer requests us to apply for an export license on his or her behalf, we shall be entitled to make a charge for this service. We shall not be obliged to rescind a sale nor to refund any interest or other expenses incurred by the buyer in circumstances where an export license is required.

14. If the buyer fails to make payment in full in good cleared funds within the time required by paragraph 12 above, we shall be entitled in our absolute discretion to exercise one or more of the following rights or remedies (in addition to asserting any other rights or remedies available to us by law):

(a) to charge interest on the purchase price at the prevailing market rate in Nigeria (b) to hold the defaulting buyer liable for the total amount (c) to cancel the sale (d) to resell the property publicly or privately on such terms as we shall think fit (e) to pay the seller an amount up to the net proceeds payable in respect of the amount bid by the defaulting buyer; [b8] (f) to set off against any amounts which we may owe the buyer in any other transactions, the outstanding amount remaining unpaid by the buyer; (g) to reject at any future auction any bids made by or on behalf of the buyer or to obtain a deposit from the buyer before accepting any bids

15. Where purchases are not collected within seven calendar days from the date of sale, whether or not payment has been made, Art 635 shall be permitted to remove the property to an insured and managed third party warehouse at the successful bidder's expense. Art 635 is only liable to release the items after payment in full has been made of all the additional costs incurred, whether for removal, storage, handling, insurance and/or any other activity that warrants charges. This includes payment of all other amounts due to Art 635, in respect of the purchase price and any applicable taxes.

Other Conditions

16. (a) The copyright in all images, illustrations and written material produced by or for Art 635 relating to a lot is and shall remain at all times the property of Art 635 and shall not be used by anyone without our prior written consent. (b) Art 635 and the seller make no representation or warranty that the buyer of a property will acquire any copyright or other reproduction rights in it.

17. If any part of these Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law.

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