Major Asian Works of Art

Definitions Throughout Ravenswick terms and condition of sale, there are words and expressions used regularly. The definition meanings listed below are to aid any new bidder have a clear and consistent understanding of these words and expressions 1) The Auctioneer - Ravenswick and their staff and the agent of the vendor 2) The Vendor- the person who has appointed the auctioneer to be their agent and sell their goods 3) The buyer - the person registered to bid at the auction sale and is the highest bidder 4) The Lot - the object/objects that appear in the catalogue which are identified by a lot number 5) The Hammer Price- the final bid that is accepted by the auctioneer on any given lot 6) The Buyers Premium- the amount payable to the Auctioneer upon successful purchase of any lot and is a percentage of the hammer price 7) The Reserve - this is the minimum amount that the auctioneer can accept on behalf of the vendor to facilitate the sale Terms and Conditions 1. Auctioneer is Agent for Vendor Ravenswick is agent for the Vendor and is not responsible for any default by the Vendor or the Buyer. 2. Highest Bidder Subject to any reserve price, the highest bidder shall be the Buyer and a dispute shall be settled by the Auctioneer who may at any time at his absolute discretion and regardless of the fall of the hammer re-open the bidding or withdraw the Lot from sale. The decision of the Auctioneer shall be final. 3. Regulation of Bidding The Auctioneer has the right in his absolute discretion to refuse any bid and to advance and regulate the bidding as he decides and any bid acknowledged and relied upon by the Auctioneer may not be withdrawn. 4. Rights of Auctioneer and Vendor The Auctioneer and the Vendor reserve the following rights which may be exercised by the Auctioneer without giving any reason therefore: (a) not to offer for sale any Lot described in the catalogue; (b) to offer for sale part only of any Lot described in the catalogue; (c) to offer (2) or more of the Lots described in the catalogue as separate Lots or together as one Lot; (d) should such Lots referred to in (c) of this Condition not be knocked down under the hammer to a successful bidder, to offer them as separate Lots; (e) to keep secret the existence and amount of the reserve price (if any) of a Lot; (f) in the event that any Buyer shall successfully bid for more than one Lot at the auction - (1) to appropriate any moneys received from that Buyer in satisfaction or partial satisfaction of the Purchase Price due in respect of any one or more of such Lots to the total or partial exclusion of amounts due in respect of any other such Lot or Lots as the Auctioneer shall see fit; and (2) to elect at any time to treat each Contract for the sale of each such Lots as interdependent with each other such Contract or Contracts and default under any such Contract shall be treated as default under all such Contracts; (g) to bid on behalf of the Vendor or any prospective Buyer with or without disclosure; (h) in the event that any Lot is not sold at the auction to offer to sell same thereafter by private treaty but otherwise subject to these Conditions; and (i) to refuse any person or persons bid ,admission to, or eject them from, the auction site. 5. Buyer Bids as Principal Every Buyer shall be deemed to bid as principal unless prior to the auction he discloses to Ravenswick that he will be bidding on behalf of a principal and supplies the full name and address of his principal and a copy of a written authority to bid for and on behalf of that principal and such authority is satisfactory to Ravenswick. 6. Buyers Registration Form Every bidder shall complete and sign a Buyers Registration Form. Proof of identity acceptable to Ravenswick may be required prior to entry to the auction premises. 7. Buyers Premium The Buyer will be required to pay to Ravenswick a Buyer's Premium based on a percentage of the Hammer Price. The terms of that premium will be published prior to the auction. The Buyer acknowledges that Ravenswick may also receive commission from the Vendor. 8. G.S.T "G.S.T" means the goods and services tax imposed by the A New Tax System (Goods and Services Tax) Act 1999 (Com) (as amended) (a) Ravenswick will sell the Property to be auctioned on a G.S.T exclusive basis. The hammer price will therefore be exclusive of any G.S.T payable. Ravenswick will invoice the Purchaser for the hammer price, buyer's premium and the applicable G.S.T. Ravenswick will account to the Vendor for any G.S.T payable on the hammer price actually recovered from the Purchaser. The Vendor will be responsible to pay the G.S.T to the Australian Tax Office. (b) The purchaser must carefully assess whether input tax credits for any G.S.T paid in addition to the hammer price will be available. We recommend you contact your accountant or lawyer on this question. (c) Ravenswick will mark its sale catalogue with a diamond "?" against each lot declared to be subject to G.S.T on sale. The Purchaser shall be responsible to pay G.S.T on the hammer price for lots marked with a diamond as a "taxable supply". (d) Ravenswick will provide the Purchaser with a valid 'tax invoice' if G.S.T is assessable on the sale. (e) Any overseas buyer eligible for exemption from G.S.T must provide satisfactory proof to Ravenswick that the property has or will leave the country as an export within 60 days of its purchase. (f) No exemption of G.S.T will apply to a buyer's premium. G.S.T will be charged by Ravenswick to the purchaser on the buyer's premium. 9. Statements made by Auctioneer at Rostrum All conditions, notices, descriptions, statements and other matters in the catalogue and elsewhere concerning a Lot are subject to any statements modifying or affecting the same made by the Auctioneer from the rostrum prior to any bid being accepted for the Lot. 10. Catalogue Descriptions (a) Any representation or statement by Ravenswick in any catalogue, advertisement or brochure as to the authorship, origin, date, age, period, attribution, genuineness, provenance, condition, quality, or estimated selling price of any Lot is a statement of opinion only. Any illustrations in the catalogue are solely for the guidance of prospective Buyers and are not to be relied upon in terms of tone or colour or necessarily to reveal imperfections in any Lot; (b) Many Lots are of an age or nature which precludes their being in pristine condition and some descriptions in the catalogue make reference to damage and/or restoration. Such information is given for guidance only and the absence of such a reference does not imply that a Lot is free from defects nor does any reference to particular defects imply the absence of others; (c) Buyers must satisfy themselves as to all matters referred to in (a) and (b) above by inspection or otherwise prior to the date of the auction. The attention of Buyers is also drawn to the Explanation of Cataloguing Practice (if any) contained in the catalogue. 11. Exclusion of Warranties (a) No error or misdescription or deficiency in quantity shall vitiate the sale and the Buyer shall be bound to take delivery of the Lot without any allowance or abatement in price. (b) Any warranties which might otherwise be implied by the Sale of Goods Act 1923 are hereby excluded and shall not apply. All Lots are sold "as is" and ravenswick and the Vendor make no representations or warranties as to any Lot other than those implied by the Common Law or by statute, the exclusion of which would render this Condition void or voidable or which would constitute an offence by the Auctioneer or the Vendor. (c) Intending bidders must satisfy themselves by inspection or otherwise as to the nature of the Lot and must accept same with all faults, patent or latent (if any). (d) No warranty shall be implied from any affirmation made at the auction or otherwise but in all cases where an express warranty is intended, the same shall only be enforceable if reduced to writing and signed by the Vendor or by the Auctioneer as agent for the Vendor. 12. Guarantee (a) If: (1) within twenty-one (21) days of the date of the auction Ravenswick receives notice writing from the Buyer of any Lot that in his view the Lot is a Forgery, and (2) Within fourteen (14) days of such notice, the Buyer returns the Lot to Ravenswick in the same condition as at the date of the auction, and (3) within a reasonable time thereafter, the Buyer satisfies Ravenswick that the Lot is a Forgery and that the Buyer is able to give a good and marketable title of the Lot free of any liens or encumbrances, then Ravenswick will set aside the sale and refund to the Buyer any amount paid for the Lot. (b) Provided that the Buyer shall have no rights under this Condition if: (1) he or she does not give the notice in writing within twenty-one (21) days as specified in Clause 11(a) (1), (2) the catalogue description at the date of the auction was in accordance with the then generally accepted opinions of scholars or experts or fairly indicated that there was a conflict of such opinion, or (3) it can be established that the Lot is a Forgery only by means of a scientific process not generally accepted for use until after the date of the auction or by means of a process which as at that date was unreasonably expensive or impractical or likely to have caused damage to the Lot; (c) The Buyer shall not be entitled to claim under this Condition for more than the amount paid by him for the Lot and in particular shall have no claims for any loss, consequential loss or damage, whether direct or indirect, suffered by him (d) The benefit of this Condition shall not be assignable and shall rest solely and exclusively in the Buyer who shall be the person to whom the original invoice was made out by Ravenswick respect of the Lot when sold and who has since the auction retained uninterrupted and unencumbered ownership thereof. 13. Deliveries and Collections 1) All goods collected and paid for within two working days of auction sale, unless with prior authority from the auctioneer 2) Should the successful buyer, fail to collect with 30 working days, the sale is forfeit, and the auctioneer reserves the right to reoffer the goods unencumbered. The buyer shall have no recourse to the goods after this time as they have rescinded title to the said goods 14) Live Bidding 1) The Auctioneer is not responsible for bids that were not processed due to technical problems and/or delays; 2) The bidder will agree that they will not make any claims against the Auctioneer from any loss or damage arising as a result of the use of the internet for bidding, including but not limited to, losses resulting from errors or problems on the internet, service or any issues beyond the Auctioneers' control or losses arising from Purchaser's use of or inability to use the service 3) The Auctioneer cannot prevent inappropriate use of the system or bidder information stored in the system 4) All bidders if bidding using the particular live bidding, must also abide by their terms and conditions

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