| 1.
Definitions
In these Conditions of Sale:
"Aggregate
Price" means the aggregate of the Hammer Price, the
Premium and any taxes payable by the buyer.
"Bowring's"
means Bowrings Fine Art Auctioneers Private Limited.
"Conditions
of Sale" means these standard notice and conditions
of sale applicable to all buyers including prospective buyers
and bidders in respect of Sales.
"Hammer
Price" means the price at which any Property is knocked
down to a buyer.
"Property"
or "Properties" means the property or properties
offered for Sale by Bowring's.
"Premises"
means any office, warehouse or other store owned, leased
or let by Bowring's or any other place where Bowring's hold
their Sales.
"Premium"
means the premium payable by the buyer in accordance with
clause 5.
"Sale"
means all sales made by Bowring's including by way of auction
or private sale.
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2.
Reserve
2.1
A seller of any Property shall be entitled to place a reserve
on such Property, provided that the reserve shall not exceed
the lower estimate as printed in the catalogue.
2.2
Neither the seller on his own behalf, nor any other person
on the seller's behalf except Bowring's, may make any bid
up to the reserve, in respect of the Properties of such seller.
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3.
Bidding
3.1
All prospective buyers shall be required to register with
Bowring's for a bidding number prior to the start of the auction.
For this purpose, amongst other information, the prospective
buyers will be required to provide a proof of identity (voters'
registration card, driving license, passport etc.) and bank
account details or a valid credit/charge card. Prospective
absentee bidders shall be required to provide similar information.
3.2
Bowring's reserves the right at their absolute discretion
to refuse registration for issuing a bidding number to any
prospective buyers or admission to their auctions or previews
without giving any reasons therefor.
3.3
Every bidder shall be deemed to act as principal unless such
bidder provides written acknowledgement that he acts as an agent
on behalf of a named principal. Any agent of a prospective buyer
shall be required to produce such written acknowledgement at
the time of registration for issue of a bidding number.
3.4
The auctioneer has the right to advance the bidding at his
absolute discretion and to accept or refuse any bid, to divide
any Property, combine any two or more Properties, withdraw
any Properties from the auction or vary the order in which
Properties are offered for auction without in any case giving
previous notice or any reason therefor.
3.5
The highest bidder acceptable to the auctioneer prior to the
fall of the hammer shall be the buyer of a Property but if
a bona fide dispute arises in respect of the Property sold
immediately after the fall of the hammer and no later than
after 5 more Properties have been auctioned, Bowring's may
in its absolute discretion set aside the sale of that Property
and offer such Property again for auction. In case a dispute
arises in respect of a Property sold which is among the last
5 Properties auctioned or to be auctioned then the time period
within which such dispute may be referred to Bowring's shall
be 5 minutes after the end of the auction.
3.6
If on the fall of the hammer, the buyer does not possess a
valid bidding number, or if Bowring's suspect that the bidding
number is not valid then the buyer shall immediately give
his name, address, proof of identity and bank account details
or a valid credit/charge card details and suitable references
to Bowring's.
3.7
In case the buyer fails to comply with clause 3.6, Bowring's
may, at its absolute discretion, set aside the sale of the
Property and offer such Property again for auction at any
point during the auction.
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4.
Buyer's Risk and Responsibility
4.1
The ownership in a Property sold shall not pass until payment
in respect thereof has been made to Bowring's in accordance
with clause 6.2. In the event Bowring's pays the seller the
proceeds of a Property sold before the buyer has accounted
to Bowring's then title in that Property shall pass to and
remain with Bowring's until the buyer has made payment to
Bowring's.
4.2
At the fall of the hammer risk in the Property(ies) shall
pass to the buyer. The Property(ies) shall remain insured
by Bowring's against all risk until the earlier of (i) 8 p.m.
(Indian Standard Time) on the third day following the conclusion
of the auction or (ii) until such time as the Property is
handed over to the purchaser or his agent. The sum insured
shall be limited to the Hammer Price. Bowring's may, following
the sale, at their absolute discretion remove such Properties
from the auction location to a nearby warehouse or any other
place.
4.3
Bowring's responsibility to obtain and maintain insurance
of Property(ies) shall be limited until the earlier of (i)
8 p.m. (Indian Standard Time) on the third day following the
conclusion of the auction or (ii) until such time as the Property
is handed over to the purchaser or his agent. Should the Properties(s)
remain uncollected after 8 p.m. (Indian Standard Time) on
the third day following the conclusion of the auction, the
buyer shall be responsible for any loss or damage whether
caused by negligence or otherwise.
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5.
Premium
5.1
For auctions held within India, the buyer shall pay to Bowring's
in respect of each Property a premium at the rate of 16.5%
of the Hammer Price. This is inclusive of insurance whilst
the buyer’s property is in Bowring’s care. The
Premium payable by the buyer to Bowring's shall not be waived.
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6.
Payments and Collection
6.1
All payments are subject to taxes at the prevailing rates.
6.2
Subject only to any arrangements made in writing with Bowring's
prior to the Sale, the buyer shall pay the Aggregate Price
to Bowring's by no later than 8 p.m. (Indian Standard Time)
on the third day following the conclusion of the Sale and
shall upon making such payment be required to take away the
Property at his own expense. In the event of payment being
made by demand draft, cheque or bank transfer, payment shall
not be deemed to be made until the funds have been received
in Bowring's bank account.
6.3
If the buyer fails to pay to Bowring's in respect of any Property
in accordance with clause 6.2, Bowring's shall on behalf of
the seller, be entitled at their absolute discretion and without
prejudice to other rights or remedies:
(a)
to proceed against the buyer for damages for breach of contract
including the right to sue the buyer for the price of the
Property although title in the Property has not passed to
the buyer;
(b)
to remove and store the Property at the expense of the defaulting
buyer;
(c)
to charge interest at the rate of 1% per week or part thereof
on the total amount due to the extent that it remains unpaid
for more than seven days after the date of the Sale;
(d)
to retain any other Property sold to the defaulting buyer
and release it only after payment of the total amount due;
(e)
to apply any proceeds of the Sale that might be due or at
anytime thereafter become due from the defaulting buyer towards
settlement of the total amount due and to exercise a lien
on any property of the defaulting buyer which is or which
may come into Bowring's possession, no matter for what purpose;
or
(f)
without notice to the defaulting buyer, at any time to resell
the Property by public auction or by private sale in which
event the defaulting buyer shall be liable for any resulting
shortfall including any resulting shortfall in the buyer's
premium payable to Bowring's and any taxes thereon but in
the event that the Property should sell for a higher price
the buyer shall not be entitled to any excess thereon.
6.4 Should a buyer fail to remove Property(ies) purchased
by 8 p.m. (Indian Standard Time) on the third day following
the conclusion of the Sale then Bowring's shall be entitled
to move those Property(ies) to their own or to any other warehouse
and the buyer shall be liable for reasonable transport charges
and daily storage charges. In such an event, the buyer shall
be liable in accordance with clause 4 for any loss or damage
whatsoever caused to those Property(ies) and neither Bowring's
nor their agents shall have any responsibility whatsoever
in relation to the Property(ies).
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7.
Export
7.1
Any Property bearing the words, "non exportable item"
is in Bowring's opinion either an antiquity or an art treasure
as defined under the Antiquities and Art Treasures Act, 1972
and therefore cannot be exported out of India.
7.2
All Properties not bearing the words, "non exportable
item" can in Bowring's opinion be exported out of India
in accordance with Indian law.
7.3
The Aggregate Price for such Properties will be held in an
escrow account by Bowring's U.K. bankers and will only be
transferred to Bowring's bank account in India upon the Properties
being exported from India.
7.4
All buyers who are seeking to export Properties on their own
must do so in accordance with all relevant provisions of Indian
law and policy and must notify Bowring's by no later than
8 p.m. (Indian Standard Time) on the third day following the
conclusion of the Sale.
All buyers who wish to engage the services of an an alternative
exporter/cargo agent must provide Bowring's with the details
by no later than 8 p.m. (Indian Standard Time) on the third
day following the conclusion of the Sale. All buyers undertaking
the export of their Properties shall be charged sales tax
in respect of Properties purchased by them.
7.5
In the event an export licence is refused through no fault
of the buyer then the Sale shall be cancelled and the Aggregate
Price will be returned to the buyer.
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8.
Responsibility to Buyers
8.1
While every care has been taken by Bowring's in the preparation
of this catalogue, any statement as to authorship, attribution,
origin, date, age, provenance, or condition is a statement
of opinion and is not to be taken or relied upon as a statement
or representation of fact. Bowring's reserve the right, in
forming their opinion, to consult and rely upon any expert
or authority considered by them to be reliable. Buyers should
satisfy themselves as to the condition of any Property before
bidding for it. Bowring's do not accept any responsibility
for faults, errors of description or imperfection.
8.2
Bowring's on their own behalf give no guarantee as to the
right of any seller to offer any Property for the Sale and
will not be responsible for any defect in the seller's title
to such Property.
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9.
Forgeries
9.1
For the purposes of these Conditions of Sale, a forgery, in
relation to a Property, means an imitation intended by the
maker or any other person to deceive as to authorship, date
or provenance (provided that it is not shown to be such in
the catalogue description), and at the date of the Sale had
a value materially less than it would have had if it had been
in accordance with that description.
9.2
In the event of any Property proving to be a forgery, Bowring's
will, subject to the following conditions, rescind the Sale
and refund the amount of the Aggregate Price paid by the buyer
for such Property, provided that this obligation shall only
arise if:
(a)
Within one year of the Sale the buyer gives notice in writing
to Bowring's that a Property purchased by him through Bowring's
is a forgery (as defined in clause 9.1) and demonstrates to
Bowring's reasonable satisfaction that the Property alleged
to be a forgery is the Property actually purchased by him
through Bowring's.
(b)
The buyer returns to Bowring's the Property, in the same condition
as it was at the time of the Sale, together with written proof
of forgery.
(c)
The buyer proves to Bowring's satisfaction that he is able
to give Bowring's clear and absolute title to such Property.
9.3
Notwithstanding clause 9.2 the buyer shall have no rights
in respect of an alleged forgery if:
(a)
the catalogue description at the date of the Sale was in accordance
with the then generally accepted opinion of scholars and experts
or fairly indicated that there was a conflict of such opinion;
or
(b)
it can be established that the Property is a forgery only
by means of a process not generally accepted for use until
after publication of the catalogue or by means of a process
which at the date of the Sale was unreasonably expensive or
impractical.
9.4
The benefits of this clause shall be personal to the buyer
who, for the purposes of this clause shall be the person to
whom the original invoice is made. The benefit(s) under this
clause shall not be assignable by the buyer.
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10.
Consequential Loss
10.1
Any claim by a buyer against Bowring's whether under any of
these Conditions of Sale or otherwise arising out of the Sale
of any Property shall be limited to the amount paid (if any)
by the buyer in respect of such Property and shall not extend
to any consequential or other loss, or damage, or expense
suffered by the buyer.
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11.
General
11.1
Each Sale and matters connected therewith, including these
Conditions of Sale, shall be governed by and construed in
accordance with Indian law. In case of any dispute arising
between the buyer and Bowring's in respect of these Conditions
of Sale, the buyer and Bowring's agree to submit such dispute
to the exclusive jurisdiction of the courts at the place where
the Sale of the Property is effected.
11.2
Any Sale of the Property including other matters concerning
the Property are subject to the Conditions of Sale.
11.3
In the event of the buyer's failure to pay any sum due to
Bowring's or its agents under these Conditions of Sale, Bowring's
shall without prejudice to any other rights under these Conditions
of Sale, be entitled to initiate legal proceedings against
the buyer.
11.4
Bowring's are under no obligation to disclose to any person
the identity of either the buyer or the seller of any Property.
11.5
Each bidder by making any bid in respect of any Property acknowledges
his acceptance of the Conditions of Sale which are subject
are subject to any printed notices displayed in the sale room
or any statements made by Bowring's from the rostrum modifying
or affecting the same, prior to any bid being accepted for
the Property.
11.6
Bowring's act as agents only except in respect of any obligation
to repurchase a Property under clause 9 and in respect of
their retention of the Premium.
11.7
The headings are for convenience only and shall be ignored
in construing these Conditions of Sale. The male prefix includes
the female.
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