Page 77 - ACQUIRE AT SOGAL AUCTION 2018

TERMS AND CONDITIONS Sogal Art Auction’s website for submission by due to Sogal Art Auction have been paid. if so required. If purchases are not collected
BUYING AT SOGAL ART AUCTION email or hand delivery. As Payment is accepted in the form within seven days after the
indicated in the Conditions of Sale, Sogal Art of cash, cheque or telegraphic transfer in auction, storage will be arranged at the buyer’s
Conditions of Sale Auction will confirm receipt of Nigerian Naira unless otherwise expense.
The “Conditions of Sale” and “Limited Warranty” absentee bids up to 24 hours after submission indicated. Cheques will need clearing before a
are published in the catalogue and on the company’s by the prospective buyer. If the purchase is released. Please Insurance
website prospective buyer has not received a confirmation, note that transfer of lots is not recognized. The Sogal Art Auction provides insurance cover for
(Https://www. he or she is responsible successful bidder at auction sold items for a maximum of
signaturebeyondcom). Sogal for follow-up with Sogal Art Action. will be solely responsible for payment of the 7 days after the date of the auction. After this
Art Auction encourages bidders to be familiar purchase to Sogal Art Auction. period, the lot will be held in a
with these documents as they Successful Bids Although we allow bidding at the auction by storage facility entirely at the buyer’s risk.
set out the terms on which property is bought The sound of the auctioneer’s hammer signifies proxy, this arrangement has to
at the auction. that the final bid has been be declared by the prospective buyer in writing Important Notices and Explanation of Catalo
made and accepted. At that time, the buyer before the auction, if not on guing Practice
Bidder Registration assumes full responsibility the Bidder Registration Form”. Applicable
We require prospective buyers to register at for payment of this lot. The results of absentee payment details are available to Condition Reports
least 72 hours before the auction. bids, if successful, will be the buyer on request. Sogal Art Auction’s condition reports only
All first-time registrants will be required to conveyed to the absentee bidder at their include information on known
supply a bank reference to preferred form of contact, indicated Shipping restoration, alterations or replacement components.
complete this process. Sogal Art Auction will be on the absentee bid form. The successful The buyer is responsible to pick up purchases Please contact us for
available to answer any bidder will pay the hammer price or make all shipping a condition report on a particular lot. Condition
individual questions about this process or if plus the premium and any applicable value arrangements. Sogal Art Auction can arrange reports are provided as a
assistance is required. Registered added tax. delivery for a purchased lot service to interested clients. Prospective buyers
bidders who arrive at the auction will be given including property packing, transit insurance should note that descriptions
a numbered paddle for Estimates and shipping at an additional of property are not warranties and that each lot
bidding. Estimates are based upon market prices for cost if the buyer so requests. is sold “as is”.
similar works by the same artists,
Bidding and, where applicable, upon prices recently Export/Import Permits Other conditions and information
The auctioneer accepts bids from those present paid at auction for comparable Property sold at auction will be subject to (a) All metric dimensions are approximate. All
in the saleroom or absentee works. Estimates are subject to revision. Nigerian law regarding the export other dimensions (such as the
written bids Left with Sogal Art Auction in of certain items as well as the import restrictions English system) are converted from the metric
advance of the auction. The Reserves of foreign countries. It is dimensions then rounded off;
auctioneer may also execute bids on behalf of The reserve price is a minimum hammer price the buyer’s sole responsibility to obtain any they are contained in parentheses.
the seller up to the amount of for which the work will be relevant export or import license.
the reserve, either by placing consecutive bids sold. If the reserve is not met, the lot will remain The denial of any license or any delay in obtaining (b) All estimates are calculated in the local
or by entering bids in response unsold. The reserve does licenses shall neither currency of the auction. All
to those made in the saleroom and/or absentee not exceed the low pre-sale estimate but the justify the rescission of any sale nor any delay in payments are to be made in the local currency.
bids. After the reserve is met, sum remains confidential. making full payment for
the auctioneer will not execute any further the lot. Buyers can consult Sogal Art Auction for CONDITIONS OF SALE
bids. Buyer’s Premium regulatory understanding By Placing a Bid at or before the auction, the
Sogal Art Auction charges a flat-rate premium as well as for assistance in securing an export bidder agrees to be bound by
Absentee Bids to the buyer of 10% on the license from Nigeria. Sogal the terms herein.
A registered prospective buyer that is unable to hammer price of the lot. Art Auction will submit any applications for
attend the auction can such a license on behalf of Preconditions
complete a written instruction in the form of an Tax the buyer if so requested. However, Sogal Art 1. Sogal Art Auction acts as agent for the seller
absentee bid. This would A value added tax of 5% will be charged to the Auction cannot ensure that a and, therefore, the contract of
be a maximum amount the bidder is willing to buyer for the total price paid license will be obtained. sale is made between the seller and the buyer.
declare as the hammer price. (hammer price plus buyer’s premium).
Sogal Art Auction will attempt to execute an Collection 2. Buyers are responsible for satisfying themselves
absentee bid at the lowest PAYMENT INSTRUCTIONS Full collection details will be enclosed with the concerning the condition
possible price taking into account the reserve Payment must be made within seven calendar invoice. All lots will be of the property and the matters referred to in
price. If identical bids are days of sale. This applies available for collection in a predetermined and the catalogue entry. This can be
made for the same lot, the first bid received by even if the buyer wishes to export the lot and insured location in Lagos for done by, for example, a personal inspection
Sogal will take priority. The the export license is (or may 7 days after the auction date. and examination of the property
auctioneer may execute absentee bids himself be) required. The buyer, while assuming in which they are interested, a review of the
with a verbal declaration that responsibility for the completion Storage condition report. To facilitate
he is doing so. Absentee Bid forms are available of payment, will not acquire title and possession Sogal Art Auction can offer the purchaser in this process, Sogal Art Auction provides free
in this catalogue and on of the lot until all amounts assistance in storage and shipping viewings of the consigned lots prior to the auction,