Osian's Auction Catalogue The Greatest Indian Show On Earth | September 2014

The Greatest Indian Show on Earth 335 Terms and Conditions contd... 5. The Bidding Before the Auction, Osian’s will accept Written Bids for each Lot from intending Purchasers. If at the Auction, no Bids higher than the starting Bid are offered, that Bid shall become the Hammer Price, subject to such Bid being higher than the minimum reserve price for such Lot. The minimum reserve price shall be determined and fixed jointly by Osian’s and the Seller. In the event of higher Bids being offered, the Auction will continue by means of Paddle Bidding explained in Clause 7. 6. Absentee Bidding i. If instructed and where possible, Osian’s will, for the convenience of intending Purchasers provide the service of executing Bids and advising intending Purchasers. This service shall be free. The intending Purchaser shall mention the maximum amount till which he/she is authorising Osian’s to Bid as the Hammer Price for every Lot on his behalf. Lots will be bought as cheaply as is allowed by such other bids and the minimum reserve. In the event of identical bids, the earliest will take precedence. Buy or unlimited bids shall not be accepted by Osian’s. Intending Purchasers are requested to use the bidding slips provided to check Lot numbers and descriptions and to bid as early as possible. The Bid Price mentioned on the bidding slip shall be the amount up to which the intending Purchaser would bid if the intending Purchaser were to attend the Auction. ii. Bids, when placed by telephone, shall be accepted at the caller’s risk and only if confirmed by the Written Bid Form reaching Osian’s before the scheduled time as mentioned in Clause 1. Osian’s is not responsible for the failure of any telephone bid for any reason whatsoever. Osian’s reserves the right to record on tape conversations of telephone bids. iii. Alternative bids should be indicated by using the word “OR” between lot numbers. Then, if the intending Purchaser’s bid on an early Lot is successful, Osian’s will not continue to bid on other lots for the intending Purchaser. Or, if the early bids are unsuccessful, Osian’s will continue to execute bids for alternative lots until a bid is successful. Bids must always be placed in the same order as the lot numbers in the Auction Publication. iv. Purchasers will be notified with invoice and Purchase Price within two days after the Auction and the Purchaser will within next twelve days make full payment to Osian’s. v. For overseas and outstation bidders, whether present or absent at the Auction venue, the Lots will be dispatched by Osian’s at the Purchaser’s risk. Osian’s liability will cease as soon as the Lots are handed over to the carriers for onward dispatch to the Purchaser. 7. Paddle Bidding i. To assist the progress of the Auction, all intending Purchasers are required to register for a bidding paddle before the commencement of the Auction. All intending purchasers should bring with them some means of identification to the satisfaction of Osian’s. ii All intending Purchasers should provide a credit reference through their Bankers and details of name and address of bank and account number. iii The numbered paddles must be used to indicate the intending Purchaser’s bids to the Auctioneer during the Auction. Purchaser of any Lot shall ensure that his bidding paddle can be seen by the Auctioneer and that it is his number that is called out. Should there be any doubts as to a Bid, the Hammer Price or the Purchaser; the Auctioneer’s attention should be drawn to it immediately. iv All Lots sold shall be invoiced to the name and address given against the issue of the numbered bidding paddles and cannot be transferred to other names and addresses. Please do not mislay the paddle; in the event of loss or misplacement, the staff at the registration desk should be informed immediately. At the end of the sale, paddles should be returned to the registration desk. 8. Minimum Reserves All Lots in the Auction are subject to a minimum reserve which is a confidential minimum value below which the Seller is unwilling to sell the Lot. The minimum reserve shall, in no circumstances, exceed the lower pre-sale estimate mentioned in the Auction Publication or revisions as mentioned in Clause 9. Osian’s retains the right to open the bidding on behalf of the Seller and continue to bid up to the value of the minimum reserve. 9. Pre-sale Estimates Pre-sale listed estimates of probable Hammer Prices of each Lot are intended as a guide for intending Purchasers. Any bid between such listed estimates would, in Osian’s opinion, offer a fair chance of success. However all Lots, depending on the degree of competition, can realise prices either above or below such listed estimates. Estimates by Osian’s are statements of opinion only, made by Osian’s for the convenience of intending Purchasers. Estimates are subject to revision by Osian’s from time to time. 10. Minimum Increment The Auctioneer shall have the right to refuse any bid which does not exceed the previous bid by at least 5-10 percent or by such other proportion as the Auctioneer shall in his absolute discretion deem appropriate. 11. Buyer’s Premium (Commission) Buyer’s Premium will be charged by Osian’s in addition to the Hammer Price. Such premium will be computed as mentioned below on total Hammer Price of all the lots purchased by a Purchaser in an auction. Total Hammer Price Buyers Premium (%) Upto Rs. 10.00 Crore 20.0 From Rs.10.01 Crore to 15.00 Crore 17.5 Above Rs. 15.00 Crore 15.0 The applicable Service Tax will be charged on Buyer’s Premium, which is currently 12.36%. 12. Conclusion of Sale On the Sale of a Lot, the Purchaser of such Lot shall: i. immediately furnish to Osian’s his / her name and address and, if requested, proof of identity; ii. immediately pay to Osian’s, a sum not less than twenty percent of the Purchase Price for the Lot to be purchased; iii. immediately execute a Purchase Contract in the form acceptable to Osian’s; iv. within fourteen days from the date of the Auction, pay to Osian’s the balance of the Purchase Price along with Sales Tax / VAT, as applicable. The payment should be made either by way of cheque or demand draft drawn in favour of “Osian’s-Connoisseurs of Art Private Limited” payable at par at Mumbai or by credit card. v. The closing exchange rates (as notified by RBI) as on the date of auction, in case the day being a holiday, the rate of the last working day, shall be considered for foreign currency transactions, however, it is in the interest of the clients to recheck and confirm from Osian’s.