A Princely Collection

CONDITIONS OF SALE - NATIVE SPRL Taking part in auctions constitutes unconditional acceptance of these Conditions of Sale. 1. Auctions and state of the objects a) The objects at auction are put up for auction by Native on behalf and in the name of the person who has consigned them ("Vendor"). Adjudication is made in favor of the highest bidder in Euros acknowledged by Native at the time of the auction ("Buyer") and the Sales Contract between the Vendor and the Buyer is concluded by this adjudication. The object being sold is released to the Buyer only against cash or bank transfer payment. b) Objects are put in the auction in the state in which they are found at the time of the auction. Subject to point 1c. below, any guarantee for material damage or legal damages is excluded. The objects are on display during the event. The descriptions shown in catalogs, advertisements, brochures, internet site or any other article or document issued by Native are given purely by way of illustration. They in no way commit the liability of Native. Consequently, Native guarantees neither the accuracy of the explanatory notes contained in the catalog, nor the origin, date, age, cultural background or provenance of the objects put up for auction. It is the Vendor who is solely liable for the explanatory notes in the catalog. Native agrees to reproduce them in the catalog only in its capacity as an agent for the Vendor. c) Native freely states that it is prepared to cancel the auction on behalf of the Vendor and refund only the hammer price, commission and VAT if an object sold should prove, within 1 year from the date of the auction, to be a modern intentional fake. By modern intentional fake is to be understood a reproduction which it can be proved has been made with the intention of deceiving others whether in respect of origin, date, age, cultural background or source, without this having been shown in the catalog. The condition for this refund is that the Buyer sends an immediate claim by registered letter to Native as soon as the defect has come to light and at the latest by 1 year from the date of the auction and that he immediately return the fake object in the same state as on the day of the auction and exempt of any third-party claim. The Buyer must provide proof that the object auctioned is a fake compared with the description in the catalog and that the object is identical to the item auctioned. Any other claim by the Buyer is excluded. d) Buyers must, at their own expense, come and collect the objects auctioned within 10 working days from the end of the auction during opening times at Native, namely from Monday to Friday 10:00 to 16:30. If sufficient time is available, objects will be released after each session. In accordance with point 1, handover will be against payment in cash for lots up to ? 2999. During the abovementioned period, Native is liable for the loss, theft, damage or destruction of the objects auctioned and paid for, although only up to the amount of the price of the auction, commission and VAT. Upon the expiration of this period Native?s liability will cease. If the objects auctioned are not withdrawn within 10 working days, they will be stored at the expense and risk of the Buyer. e) Each Buyer is personally responsible for the item awarded to him at auction. Proof of powers of attorney may be required from persons acting as third-party representatives or as an organ of a corporate body. The representative is jointly and severally liable to the person represented for meeting all commitments. 2. Hammer price, premium, risk transfer, ownership transfer, payment, invoicing, VAT, importing and exporting a) In addition to the hammer price, the Buyer owes a supplement ("premium") on the hammer price. Premium is 25% of the hammer price. In case of bidding through an internet platform, an extra premium will be added by those. Premium for drouot.com is 1,8% on the hammer price, for liveauctioneers.com 5%. The Buyer must also pay Belgian VAT (21%) calculated on the premium. For lots where the Vendor is a non-resident of the EU (lots indicated by ?), the Buyer will pay an import tax of 6% in addition to the bid price plus legal costs. The amount of this tax will be reimbursed on presentation of proof of export outside the E.U. b) Ownership of the auctioned item passes to the Buyer once the hammer has come down. Until full payment of the hammer price, premium and VAT, Native reserves a right of retention and lien on all objects in its keeping. The release of the auctioned object to the Buyer is not made until after full payment of the hammer price, premium and VAT. c) An auctioned object must be paid for within 7 days after the auction. If the Buyer remains in default on payment 30 days after the auction, any sum due at that time will, as of right and without any formal notification being necessary, be subject to interest on arrears of 10% per annum. Moreover, in the event of non-payment by the final deadline, any sum due will be increased as of right by a flat-rate indemnity of 15%, without prejudice to Native?s right to seek full reparation of the damage suffered. In addition, if the payment due by the Buyer does not take place or is not made in time, Native can, as it chooses and in the name of the Vendor, either continue to demand that the sales contract be executed or, without being bound to set a fixed time, waive the right to require execution of the sales contract and claim damages for non-execution or even renounce the contract. The Buyer is liable in respect of Native and the Vendor for all damages resulting from non-payment or late payment. d) According to the law of 30 June 1994 on authors? rights, the Buyer shall pay in addition to the hammer price an Artist Resale Right (droit de suite) of 4% on the part of the hammer price from 0 ? to 50,000 ?, of 3% on the part of the hammer price from 50,001 ? to 200,000 ?, of 1% on the part of the hammer price from 200,001 ? to 350,000 ?, of 0.5% on the part of the hammer price form 350,001 ? to 500,000 ? and of 0.25% for the last part of the hammer price above 500,001 ?. The resale right ceases when the artist has been deceased for more than 70 years. e) The exporting of any object from Belgium and the importing into a third country may be subject to particular authorisations. The Buyer is responsible for obtaining all necessary export or import licenses. Refusal of these authorisations or any delays after they have been obtained will in no case be grounds for a cancellation of the sale or a delay in payment. 3. Registration and attendance at the Sale a) The submission of a bid or an absentee bid unconditionally and irrevocably binds the bidder. The bidder remains bound to his offer until this becomes the subject of a higher bid or is rejected by Native. Double bids become the subject of an immediate new call to bid; in cases where there is doubt, the auction management decides by drawing lots. b) Bidders who are not personally known to Native are bound to give legitimate proof of identity before the beginning of the auction. Native reserves the right to request proof of the bidder?s solvency. If this latter document is not available, Native is authorised to demand the immediate payment of a cash deposit equal to 10% of the auction price or the lodging of a guarantee. If this deposit is not paid or guarantee lodged, Native is authorised on behalf of the Vendor to cancel the auction. c) Native is entitled to reject any bid without having to to give any explanation. Similarly, it is entitled to adjudicate without a sale or to withdraw items from the auction. Native reserves the right to refuse any person access to its commercial premises or forbid any person from taking part in one of its auctions. d) Bids from interested parties who do not wish to attend the auction personally will be taken into consideration if they communicate such a wish in writing 24 hours before the start of the auction. Interested persons can bid by telephone if they have not announced their wishes in writing at least 24 hours before the start of the auction. Native accepts bids by telephone for lots whose lowest estimate reaches at least ? 1,000. Native disclaims all responsibility for offers that have not been taken into account as well as for bids made by telephone which may not have been taken into account. The rules set down in point 3b with respect to providing proof of identity and solvency also apply to persons bidding by telephone or in writing. For bidders who place their offer via the Internet, in other words an absentee bid, point 3b applies only in respect of solvency . In order to comply with the ML/TF law of Sept. 18, 2017, any buyer who has purchased for an amount from ?10,000 must submit a photo of the identity card (recto and verso) or passport. Native cannot be held responsible in the event of dysfunction of the platforms used to bid online. The user must read and accept, without reservation, the conditions of use of this platform. 4. Miscellaneous The auction is held under the joint authority of a huissier de justice (Court bailiff). Any liability on the part of Native arising from acts attributable to the huissier involved is excluded. b) The foregoing stipulations are an integral part of each individual sales contract concluded at sales by auction. Amendments to them are in no way binding unless Native has given its agreement to them in writing. c) Any dispute on the validity, interpretation and execution of these Conditions of Sale and any dispute on the conducting of the auctions will be subject to Belgian law, with the exception of (a) the stipulations of the Vienna Convention on international sales contracts and (b) the rules of referral to Belgian international private law. d) Only the courts and tribunals of Brussels are competent to rule on any disputes.