HAMMER 66 / Asian Art

By participating in the auction the bidder accepts the following auction conditions. 1. The auction objects are auctioned in the name and on the account of the supplier or one of the third parties designated by him. The bid in Swiss francs is accepted from the highest bidder recognized by the auctioneer. In principle, the auctioned item is handed over to the buyer only in return for cash payment. The invoice for a successful bid for an auctioned item is payable within 7 days from the end of the auction. HAMMER AUKTIONEN may use any payment by the purchaser as settlement for any debt which the purchaser owes to HAMMER AUKTIONEN and set off any debt which it owes to the purchaser against its own claims. If the successful bidder defaults on a payment, default interest of 15% p.a. is charged upon the invoiced sum. 2. In addition to the bid price, the successful bidder must pay a surcharge of 26% on top of the the hammer price. If the winning bid is placed in the course of an Internet live online auction through www.liveauctioneers.com or www.invaluable.com, the surcharges are subject to the conditions published on the respective Internet sites. Payment is welcome by bank wire to the account specified on the invoice. All costs and fees for the wire sould be borne by the buyer. Payment by credit card is subject to a surcharge of 3%. Payment through Paypal is subject to a surcharge of 5%. The invoice is payable within 7 (seven) days from the end of the auction. 3. The stated percentage of the surcharge relates to the successful bid for each individual item. The purchaser agrees that, if HAMMER AUKTIONEN acts as agent for the party offering the goods for sale, HAMMER AUKTIONEN receives a commission from the latter. 4. The items are auctioned in the condition existing at the time of the successful bid. Without prejudice to Clause 5, no guarantee or warranty whatsoever is given against legal and material defects. The items can be inspected while exhibited. The items are described to the best of our knowledge and belief but HAMMER AUKTIONEN cannot accept any liability for the particulars given in the catalogue. HAMMER AUKTIONEN reserves the right to call in experts or specialists of its choice to give an opinion and to rely upon that opinion. HAMMER AUKTIONEN cannot be held liable for the correctness of that opinion. 5. The auction house is prepared of its own free will to cancel the successful bid and to refund the bid price, the surcharge and the VAT if within 2 month from the date of the successful bid the purchased item is found to be a deliberate modern forgery. A deliberate modern forgery is deemed to be an imitation which may be proven to have been produced with the intention to deceive whether with regard to the originator, origin, date, age, period, cultural society or source without this being shown in the catalogue and if, at the time of the sale, its value was less than the value of an item corresponding to that described in the catalogue. However, HAMMER AUKTIONEN's warranty does not in any way apply to the attribution of authorship and/or period of paintings, watercolors, drawings and sculpture which were or, according to the particulars given in the catalogue. A refund requires that the successful bidder makes a complaint to HAMMER AUKTIONEN by registered letter immediately after the discovery of the defect and returns the forged item to HAMMER AUKTIONEN in the same condition as it was sold to him and unencumbered by third parties claims. The successful bidder must provide proof that the auctioned item is a forgery when compared with the description in the catalogue and that the item is indeed the auctioned item. No claims of any kind may be made if the description in the catalogue corresponds to the latest specialist knowledge or the opinion of the majority of authoritative experts at the time when the catalogue was prepared and/or if the fake could not be recognized in accordance with the latest research and with generally accepted and practiced scientific methods at the time when the catalogue was prepared or could only have been recognized by means of a scientific process which was unreasonably expensive or impractical to use or was likely to have caused damage to the property. 6. A bid is a binding offer. The bidder remains bound by his bid until a higher bid is given or until it is rejected by the auctioneer. In the event of a double bid, the call for bids is immediately made once again; in doubtful cases the auction management decides. Ownership is transferred to the purchaser with the successful bid. HAMMER AUKTIONEN retains a right of retention and a lien on all the purchasers items in its custody until full payment of all monies owed. HAMMER AUKTIONEN may exercise such liens by private sale or in accordance with the legislation on the enforcement of debts on whatever conditions seem appropriate. 7. Bidders who are not personally known to HAMMER AUKTIONEN are required to prove their identity before the auction begins. HAMMER AUKTIONEN reserves the right to request proof of financial soundness in the case of successful bids of more than CHF 10.000. If such proof is not provided, HAMMER AUKTIONEN may request an immediate payment on account of 10% of the successful bid in cash or a guarantee. If the payment on account is not made or the guarantee not provided, HAMMER AUKTIONEN may cancel the successful bid. 8. HAMMER AUKTIONEN may refuse a bid without giving reasons. HAMMER AUKTIONEN may also knock down or withdraw auctioned items without a sale. HAMMER AUKTIONEN reserves the right at its discretion to for bid any person entry to its premises or attendance at or participation in its auctions. 9. HAMMER AUKTIONEN reserves the right to combine, separate or omit numbered lots in the catalogue or to offer them out of sequence. HAMMER AUKTIONEN reserves the right to sell lots conditionally at its sole discretion. The hammer price will be considered as conditional, and the highest bidder will remain bound by his bid for 14 days following the auction. The highest bidder will be released from all obligations if he does not receive a statement from HAMMER AUKTIONEN within this period declaring the hammer price as final. 10. The auctioned items must be collected at the purchaser's own expense within 7 days from the end of the auction. The opening hours of HAMMER AUKTIONEN are the following: Tuesday to Friday from 10 AM to 12 PM and from 2 PM to 6 p.m. HAMMER AUKTIONEN is closed on Mondays and Saturdays. If time permits, the items are handed over after each session. They are handed over in return for payment in cash pursuant with Clause 1. During the said period HAMMER AUKTIONEN is liable for loss, theft, damage or destruction of items which have been auctioned and paid for but only up to the total of the auction price, surcharge and VAT. HAMMER AUKTIONEN ceases to have liability after the said period. No liability can be assumed for frames and glass. If the auctioned items are not collected within 7 days, they are stored at the successful bidder's expense and risk. In such cases, the fees incurred are added to the bid price. Three weeks after the auction, all furniture and furnishings over 50 cm in bigness will be sent for storage to the warehouse in Basel City. The objects may be collected at the warehouse by contacting the warehouse directly. All storage costs will be invoiced to the buyer by the warehouse. Storage is subject to the business conditions of the warehouse, which are available upon request from the warehouse. HAMMER AUKTIONEN accepts written instructions concerning transport. Unless otherwise agreed in writing, items to be transported are insured by HAMMER AUKTIONEN at the principal's expense. Glass-covered pictures and fragile items are not dispatched by HAMMER AUKTIONEN. 11. If payment is not made or is not made promptly (Clause 1), HAMMER AUKTIONEN may at its discretion claim fulfillment of the purchase agreement or cancel the successful bid at any time without allowing a period of notice or giving any other notification. The successful bidder is liable for all prejudice caused by non-payment or late payment and, should the successful bid be cancelled, particularly for any loss of proceeds if the auctioned item is sold elsewhere. 12. Each successful bidder acquires personal liability for the bid accepted from him. Proof of the power of representation may be requested from persons bidding as agents for a third party or as an organ of a corporate body. The agent is jointly and severally liable with his principal for the fulfillment of all obligations. 13. Written bids from potential buyers who cannot attend the auction in person are accepted up to 24 hours before the bidding begins. Potential buyers may bid by telephone if they have given written notice at least 24 hours before the auction begins. We do not accept telephone bids for amounts under CHF 500. Please leave a written bid or participate in the salesroom. Potential buyers who intend to place their bids in the course of an Online Auction via the Internet may participate in the auction after their registration applications were approved by HAMMER AUKTIONEN. HAMMER AUKTIONEN reserves the right to decline registration applications at its discretion. HAMMER AUKTIONEN refuses all liability for any kind of bids as well as advance notifications of telephone bidding which are not taken into consideration. Telephone bidders and persons giving written instructions are also subject to the provisions of Clause 7 relating to proof of identity and of financial soundness. For bidders placing bids in the course of an Online Auction via the Internet Clause 7 only applies with regards to financial soundness. This is in any event without prejudice to Clause 8. 14. The physical auctions (floor sales) are attended by an official of the Basel City Mayor's Office. The attending official, the local authority and the State have no liability for the acts of HAMMER AUKTIONEN. 15. HAMMER AUKTIONEN reserves the right to publish illustrations and photographs of sold items in its own publications and the media and to publicize its services therewith. 16. The foregoing conditions form part of each individual sales agreement concluded at the auction. Amendments are binding only with HAMMER AUKTIONEN's written agreement. 17. Swiss law alone is applicable to all business relations with HAMMER AUKTIONEN as well as to all business relations resulting from and arising out of the sale at auction. The place of performance is Basel and the courts of Basel Stadt have jurisdiction. HAMMER AUKTIONEN may, however, bring legal action before any other competent court.

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