Malaysian Contemporary Fine Art Auction

1. BIDDING PROCEDURES AND THE BUYER 1.1 Bidders are required to register their particulars before bidding at Live Auctioneers and to satisfy any security arrangements before placing any bids. Younie Auction Sdn Bhd (YA) shall have the right at our discretion, to approve or reject any bidders. 1.2 The maker of the highest bid accepted by the auctioneer conducting the sale shall be the buyer at the hammer price and any dispute about a bid shall be settled at the auctioneer?s absolute discretion by reoffering the Lot during the course of the auction or otherwise. The auctioneer shall act reasonably in exercising this discretion. 1.3 Bidders shall be deemed to act as principals. 2. PAYMENT 2.1 Immediately a Lot is sold you will pay to us the total amount due within 7 working days after the date of auction. 2.2 Acceptable forms of payment are: Cash, Wire Transfer, or Paypal, payable in Malaysian Ringgit (MYR). 3. TITLE AND COLLECTION OF PURCHASES 3.1The ownership of any Lots purchased shall not pass to you until you have made payment in full to us of the total amount due. 3.2 You shall at your own risk and expense take away any lots that you have purchased and paid for not later than 7 working days following the day of the auction after which you shall be responsible for any removal, storage and insurance charges. 3.3 No purchase can be claimed or removed until it has been paid for. 4. SHIPPING 4.1 Transfer of Risk Any lot purchased is entirely at the buyer?s risk from the earlier of: (a) the time the buyer collects the lot purchased; or (b) the time that the buyer pays to YA the full amount due for the lot; or (c) seven (7) working days after the day of the sale. The buyer shall be solely responsible for insuring the lot purchased from the time risk passes to the buyer. In the case of the sold lot encounter damages before the time risk passes to the buyer, the dealing of the sold lot will be automatically cancelled. The buyer will not be compensated for any loss or damage to the lot which occurs after sale but prior to the time risk passes to the buyer. Furthermore, YA will not also, in any circumstances, be liable for any loss or damage caused to frames or to glass which is covering prints, paintings or other works unless the frame or glass is, in itself, the object sold at auction. 4.2 Packing, handling and shipping The packing, handling and shipping of lot is entirely at the buyer?s risk and expense (which shall be paid in full before the lot is shipped out) and YA shall not, in any circumstances, be responsible for the acts or omissions of the packers or shippers. In circumstances where YA proposed handlers, packers or carriers if so requested, YA shall also not accept responsibility or liability for their acts or omissions. 4.3 Export license The export of any lot from Malaysia or import into any other country may be subject to one or more export or import licences being granted. It is the buyer?s responsibility to obtain any relevant export or import licence. Lots purchased shall be paid for accordance with Clause 2 above and the denial of any export or import licence required or any delay in the obtaining of such licence shall not justify the rescission or cancellation of the sale by the buyer or any delay by the buyer in making payment of full amount due for the lot. YA shall not be obligated to rescind a sale nor to refund any interest or other expenses incurred by the buyer where payment is made by the buyer in circumstances where an export license is required. 5. REMEDIES FOR NON-PAYMENT OR FAILURE TO COLLECT PURCHASES 5.1 If any Lot is not paid for in full or if there is any other breach of these Conditions, we as agent for the consignor shall at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise all or any of the following rights and remedies: (i) to proceed against you for damages for breach of contract; (ii) to rescind the sale of that Lot and/or any other Lots sold by us to you; (iii) to resell the Lot (by auction or private treaty) in which case you shall be responsible for any resulting deficiency in the total amount due (after crediting any part payment and adding any resale costs). Any surplus so arising shall belong to the consignor; (iv) to remove, store and insure the Lot at your expense and, in the case of storage, either at our premises or elsewhere; (v) to charge interest at a rate not exceeding 1.5% per month on the total amount due to the extent it remains unpaid for more than 7 working days after the sale; (vi) to retain that or any other Lot sold to you until you pay the total amount due for 14 working days after the 7 working days. After such retain period, we have full right and discretion to either return the Lot to the consignor or resell the Lot in auction or private treaty; (vii) to reject or ignore bids from you or your agent at future auctions or to impose conditions before any such bids shall be accepted; (x) to apply any proceeds of sale of other Lots due or in future becoming due to you towards the settlement of the total amount due and to exercise a lien (that is a right to remain possession of) any of your property in our possession for any purpose until the debt due is satisfied. 5.2 We shall as agent for the consignor and on our own behalf, pursue these rights and remedies only so far as is reasonable to make appropriate recovery in respect of breach of these conditions. 6. FAILURE IN COLLECTION AFTER PAYMENT If the Buyer has paid the Total Amount Due but does not collect the Lot within ninety (90) days after the Auction date, the Buyer authorises YA to dispose of the Lot as it sees fit, at sole discretion of YA which may involve offering the Lot for sale by auction or private sale on such price and terms as YA considers appropriate including those relating to estimates and reserves. All payment due from the Buyer to YA under or pursuant to these Conditions of Sale which remain outstanding, including expenses incurred by YA for the storage, removal, insurance and other cost or Taxes incurred for the storage and disposal of the Lot shall be deducted from the proceeds of sale. YA undertakes to hold to the Buyer?s order the balance of the proceeds of sale received by YA in cleared funds less all storage, removal, insurance and any other costs or Taxes incurred, provided that if the Buyer does not collect such sum within two (2) years of the Auction date (or the date of conclusion of any post-auction sale of the Lot to the Buyer), the Buyer shall be deemed to have waived all rights to such proceeds of sale and YA shall be entitled to retain such proceeds of sale to the extent permissible by law. 7. THIRD PARTY LIABILITY The firm, the auctioneers, their agents, the owners of the premises and all persons for whom the auctioneer may be acting on behalf of, shall not be liable to any person for damages to their person or property while in, on, or about these premises and salesrooms, nor shall they be liable for hidden defects. All persons are on these premises at their own risk. 8. WARRANTY OF TITLE AND AVAILABILITY The consignor warrants to the auctioneer and you that the consignor is the true owner of the property consigned or is properly authorized by the true owner to consign it for sale and is able to transfer good and marketable title to the property free from any third-party claims. 9. AGENCY Younie Auction Sdn Bhd and its authorized auctioneer normally act as agent only and disclaim any responsibility for default by consignors or buyers. 10. TERMS OF SALE The consignor acknowledges that Lots are sold subject to the stipulations of these Conditions in their entirety and on the Terms of Consignment as notified to the consignor at the time of the entry of the Lot. 11. DESCRIPTIONS AND CONDITIONS Whilst we seek to describe lots accurately, it may be impractical for us to carry out exhaustive due diligence on each lot. Prospective buyers are given ample opportunities to view and inspect before any sale and they (and any independent experts on their behalf) must satisfy themselves as to the accuracy of any description applied to a lot. Prospective buyers also bid on the understanding that, inevitably, representations or statements by us to any authorship, genuineness, origin, price involve matters of opinion. Subject to the foregoing, neither the firm, auctioneer nor our employees or agents nor the consignor, accept liability for the correctness of such opinions and all conditions and warranties, whether relating to description, graphics, photography, condition or quality of lots, express, implied or statutory, are hereby excluded. GENERAL 12. All lots are sold ?as is? and ?where is?. All sales are final with no refund, no exchange. 13. Any indemnity or exclusion under these Conditions shall extend to all actions, costs, expenses, claims and demands whatsoever suffered or incurred by the person entitled to the benefit of it and the auctioneer declares itself to be a trustee of the benefit of every such clause so far as it is expressed to be for the benefit of its employees and agents. 14. Any indulgence extended to bidders, buyers or consignors by us notwithstanding the strict terms of these Conditions or of the Terms of Consignment shall affect the position at the relevant time only and in respect of that particular concession only; in all other respects these Conditions shall be construed as having full force and effect. 25. Malaysia law applies to the interpretation of these Conditions.