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condition reports will

condition reports will sign a bidder registration (a) the bidder is registered or submits the bid apply to both the agent bidder and the principal be provided if requested by customers, and price form and provide identification before he has with a completed bidder for the bid to be valid. comparables of works the Right to bid. Sogal Art registration form; 6. Absentee bids are welcome and Sogal Art sold at auction. Auction may require the production of bank or (b) the bid is made in the local currency Auction will carry out written 3. Neither Sogal Art Auction nor the seller other financial references. (c) the bid is received a minimum of 72 bids for the convenience of clients who are not provides any guarantee in relation (b) A prospective, registered buyer can authorize 7. Reserve sale prices, indicated by the owner, present at the auction in to the property, which is sold in “as is” condition a third party to act as agent are included for all lots unless person, through the auctioneer or by way of to the buyer, except as in the bidding process if the buyer is unable to otherwise indicated (by the symbol • next to representation through an agent. stated in the Limited Warranty in paragraph 19 attend the auction. This the lot number). The reserve is We reserve the Right to not accept an absentee below. This pertains to, but arrangement, if such is to occur, must be the confidential minimum price for the lot. If bid if it does not comply with is not limited to, the condition of the work, the conveyed in writing to Sogal Art bidding for a particular lot ends any of the following conditions: authorship and authenticity Auction and approved by the same. (c) Sogal below the reserve, the lot will not be sold. The (a) the bidder is registered or submits the bid of the work and any descriptive or historical Art Auction has the Right, at its reserve will not exceed the with a completed bidder detail about the work that is complete discretion, to refuse admission to the low estimate printed in the catalogue. The registration form; disclosed verbally or printed in the catalogue premises or participation in auctioneer may open the bidding (b) the bid is made in the local currency or elsewhere. any auction and to reject any bid. on any lot below the reserve and may continue (c) the bid is received a minimum of 72 hours In good faith to the buyer, signed declarations to bid on behalf of the seller prior to the auction. by the seller warrant the At the Sale up to, and strictly limited to, the amount of the Please refer to the absentee bid form on our following: (a) the seller is the owner of the item, hours prior to the auction. reserve, either by placing website for clarifications. or is properly authorized Please refer to the absentee bid form on our consecutive bids or by placing bids in response Bidders will receive a receipt of acknowledgement by the owner to sell the item. (b) The seller can website for clarifications. to other bidders. from Sogal Art Auction, and shall, in accordance Bidders will receive a receipt of acknowledgement 8. Subject to the auctioneer’s discretion, the up to 24 hours after it is submitted and will with the conditions set upon him by, transfer from Sogal Art Auction, highest bidder accepted by the further receive a confirmation possession to the buyer with up to 24 hours after it is submitted and will auctioneer will be the buyer. The auctioneer that the bid is accepted with a date stamp, the good and marketable title to the item, free further receive a confirmation will indicate that the highest bid purpose of which is to fairly from any third party Rights, that the bid is accepted with a date stamp, the has been accepted with a strike of his hammer execute the following circumstance: claims or potential claims (including without purpose of which is to fairly (hereafter referred to as the If we receive written bids on a particular lot for limitation, by governments execute the following circumstance: ‘hammer price’). This same strike of the hammer identical amounts, and at or governmental agencies). (c) The seller has If we receive written bids on a particular lot for symbolically and legally the auction these are the highest bids on the provided Sogal Art Auction identical amounts, and at establishes the contract for sale between the lot, it will be sold to the person in writing with all information concerning the the auction these are the highest bids on the seller and buyer. Risk and whose written bid was received and accepted item’s provenance and lot, it will be sold to the person responsibility for the lot (including frames or first. has notified Sogal in writing of any concerns whose written bid was received and accepted glass where relevant) passes to 7. Reserve sale prices, indicated by the owner, expressed by third parties first. the buyer at the expiration of seven calendar are included for all lots unless concerning its ownership, condition, authenticity, 5. When making a bid, a bidder is accepting days from the date of the sale or otherwise indicated (by the symbol • next to attribution and export personal liability to pay the on collection by the buyer if earlier.If such is to the lot number). The reserve is or import history. (d) The seller has paid or will purchase price, including the buyer’s premium occur, must be the confidential minimum price for the lot. If pay all taxes and duties and all applicable taxes, plus conveyed in writing to Sogal Art bidding for a particular lot ends potentially due to her on the sale proceeds of all other applicable charges. This does not Auction and approved by the same. (c) Sogal below the reserve, the lot will not be sold. The the item. apply if the bidder is acting as Art Auction has the Right, at its reserve will not exceed the agent on behalf of an identified third party complete discretion, to refuse admission to the low estimate printed in the catalogue. The 3. (a) All statements by Sogal Art Auction made acceptable to Sogal Art Auction premises or participation in auctioneer may open the bidding orally or printed in the and this has been explicitly agreed in writing any auction and to reject any bid. on any lot below the reserve and may continue catalogue entries, the condition reports or with Sogal Art Auction before to bid on behalf of the seller elsewhere are statements of the commencement of the sale. In respect of At the Sale up to, and strictly limited to, the amount of the opinion and not to be relied on as statements this situation Sogal Art Auction 5. When making a bid, a bidder is accepting reserve, either by placing of fact. Such statements do not will only consider the principal liable for payment. personal liability to pay the consecutive bids or by placing bids in response constitute a representation, warranty or Conditions in paragraph 4 purchase price, including the buyer’s premium to other bidders. assumption of liability by us of any apply to both the agent bidder and the principal and all applicable taxes, plus 8. Subject to the auctioneer’s discretion, the kind. (b) References to damage and restoration for the bid to be valid. all other applicable charges. This does not highest bidder accepted by the are for guidance only and 6. Absentee bids are welcome and Sogal Art apply if the bidder is acting as auctioneer will be the buyer. The auctioneer absence to such references does not imply that Auction will carry out written agent on behalf of an identified third party will indicate that the highest bid an item is free from defects bids for the convenience of clients who are not acceptable to Sogal Art Auction has been accepted with a strike of his hammer or restoration, nor does a reference to particular present at the auction in and this has been explicitly agreed in writing (hereafter referred to as the defects imply the absence of person, through the auctioneer or by way of with Sogal Art Auction before ‘hammer price’). This same strike of the hammer any others representation through an agent. the commencement of the sale. In respect of symbolically and legally We reserve the Right to not accept an absentee this situation Sogal Art Auction establishes the contract for sale between the Before the Sale bid if it does not comply with will only consider the principal liable for payment. seller and buyer. Risk and 4. (a) A prospective buyer must complete and any of the following conditions: Conditions in paragraph 4 responsibility for the lot (including frames or

glass where relevant) passes to the buyer at the expiration of seven calendar days from the date of the sale or on collection by the buyer if earlier. AFTER THE SALE 9. In addition to the hammer price, the buyer agrees to pay Sogal Art Auction the buyer’s premium (this becomes the ‘purchase price’), together with any applicable value added tax (VAT), sales or compensating use tax or equivalent tax in the place of sale. The buyer’s premium is 10% of the hammer price. The VAT, subject to Nigerian law is 5% of the total purchase price. 10. Payment must be made to Sogal Art Auction within a period of seven (7) days after the sale. This includes the time required to process cheques or to receive wire transfers. Failure to meet this schedule may incur the buyer additional charges or actions, made at the discretion of Sogal Art Auction. Possible charges or actions against late- or non-payment are elaborated upon in paragraph 16 below. 11. Immediately following the sale, the buyer must confirm his or her name and permanent address and, if applicable, the details of the bank from which payment will be made. The buyer must pay the full amount due (comprising the hammer price, buyer’s premium and any applicable taxes) immediately after the sale. This applies even if the buyer wishes to export the lot and an export license is, or may be, required for the lot. The buyer will not acquire title to the lot until all amounts due to Sogal Art Auction from the buyer have been received in good cleared funds even in circumstances where the lot has been released to the buyer. 12. Sogal shall be entitled to retain items sold until all amounts due have been received in full in good cleared funds or until the buyer has satisfied such other terms as we, in our sole discretion, shall require. Subject to this, the buyer shall have paid for and collected purchased lots within ten (10) calendar days from the date of sale, unless otherwise agreed upon. 13. Although Sogal Art Auction shall use reasonable efforts to take care when handling, packing and shipping a purchased lot, we are not responsible for the acts or omissions of third parties whom we might retain for these purposes. Similarly, where we may suggest other handlers, packers or carriers if so requested, we do not accept responsibility or liability for their acts or omissions. 14. Unless otherwise agreed by Sogal Art Auction in writing, the fact the buyer wishes to apply for an export license does not affect his or her obligation to make payment within seven days nor our Right to charge interest or storage charges on late payment. If the buyer requests us to apply for an export license on his or her behalf, we shall be entitled to make a charge for this service. We shall not be obliged to rescind a sale nor to refund any interest or other expenses incurred by the buyer in circumstances where an export license is required. 15. If the buyer fails to make payment in full in good cleared funds within the time required by paragraph 11 above, we shall be entitled in our absolute discretion to exercise one or more of the following Rights or remedies (in addition to asserting any other Rights or remedies available to us by law): (a) to charge interest at such rate we shall reasonably decide; (b) to hold the defaulting buyer liable for the total amount due and to commence legal proceeding for its recovery together with interest, legal fees and cost to the fullest extent permitted under applicable law; (c) to cancel the sale (d) to resell the property publicly or privately on such terms as we shall think fit (e) to reject at any future auction any bids made by or on behalf of the buyer or to obtain a deposit from the buyer before accepting any bids; (f ) to take such other action as we deem necessary or appropriate. (e) to reject at any future auction any bids made by or on behalf of the buyer or to obtain a deposit from the buyer before accepting any bids; (f ) to take such other action as we deem necessary or appropriate. If Sogal Art Auction resells the property under paragraph (d) above the defaulting buyer shall be liable for payment of any deficiency between the total amount originally due to us and the price obtained upon resale as well as for all costs, expenses, damages, legal fees and commissions and premiums of whatever kind associated with both sales or otherwise arising from the default. If Sogal Art Auction pays any amount to the seller under paragraph (e) above, the buyer acknowledges that Sogal Art Auction shall have all of the Rights of the seller, however arising, to pursue the buyer for such amount. 16. Where purchases are not collected within seven calendar days from the date of sale, whether or not payment has been made, Sogal Art Auction shall be permitted to remove the property to a managed third party warehouse at the buyer’s expense. Sogal Art Auction is only liable to release the items after payment in full has been made of all the additional costs incurred, whether for removal, storage, handling, insurance and/or any other activity that warrants charges. This includes payment of all other amounts due to Sogal Art Auction, in respect of the purchase price and any applicable taxes. NO WARRANTY WILL BE OFFER Other Conditions 17. (a) The copyright in all images, illustrations and written material produced by or for Sogal Art Auction relating to a lot is and shall remain at all times the property of Sogal Art Auction and shall not be used by anyone without our prior written consent. (b) Sogal Art Auction and the seller make no representation or warranty that the buyer of a property will acquire any copyright or other reproduction Rights in it.

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