MASTERPIECE

fINE ART AUCTION



CONDITION OF BUSINESS

The conditions of business set up below are information guidance for prospective buyer and seller with any enquiries relating to buying or selling at the auction. We encourage you to read them wisely and thoroughly.


THE BUYER
Estimated Price

Estimated price is the price range, which reflects the opinion of our specialist for the price expected to offer at the auction. This should not be relied on as a statement that this price is either at which the lot will sell or its value for any other purpose. Estimated prices are based upon ` prices recently paid at auction, and the condition of the artworks including the quality, rarity and history of ownership (provenance).


Reserve Price

The reserve is the confidential minimum price the seller is willing to accept and below which a lot not be sold.


Buyer’s Premium

Buyers are reminded that the price to be paid will be the sum of the final bid price plus the buyer’s premium. The rate of buyer’s premium for each lot is
22 % (twenty two percent) of the hammer price.



BEFORE THE AUCTION
Viewing

Pre-sale viewings are strongly recommended for prospective buyers in order to examine the artworks thoroughly. Pre-sale viewing is open for the public at no charge and usually displayed for 2 (two) days prior to the sale.


Condition Reports

Condition reports are available upon request. They are statements of opinion and should not be relied on as statements of definitive fact. Descriptions of property are not warranties and that lot is sold “as is”. All goods are sold with all faults and imperfections and errors of description. Illustrations in catalogues are for identification only. It is strongly recommended that prospective buyers inspect and seek any independent expert advice to satisfy you as to authorship, attribution, authenticity, genuineness, origin, date, age, provenance or condition of lot.


Registration

If you are planning to participate in the auction, you will need to register with us at the registration desk, to complete a bidder registration form and to receive a bidding number to identify you if you are a successful bidder. Registration can be made during the viewing period or 30 minutes prior to the sell.



THE AUCTION
Bidding

All artworks are auctioned in consecutive numerical order. Bidding is done in Indonesian Rupiah (IDR) in incremental price raise. The auctioneer will accept bids from those present in the saleroom or absentee bidders participating by telephone or by written bid left with HERITAGE in advance. The lot being offered is usually illustrated on a screen.


Bidding Increments

Bidding generally opens below the low estimate and advances in the following increments:


Rp. 1.000.000 - Rp. 10.000.000 by Rp. 500.000


Rp. 10.000.000 - Rp. 20.000.000 by Rp. 1.000.000


Rp. 20.000.000 - Rp. 50.000.000 by Rp. 2.000.000


Rp. 50.000.000 - Rp. 100.000.000 by Rp. 5.000.000


Rp. 100.000.000 - Rp. 200.000.000 by Rp. 10.000.000


Rp. 200.000.000 - Rp. 500.000.000 by Rp. 20.000.000


Rp. 500.000.000 - Rp. 1.000.000.000 by Rp. 50.000.000


Rp. 1.000.000.000 - above by the auctioneer’s direction.


Absentee/ Written Bids

If you cannot attend the auction in person, you may bid in other ways. The most common is written bids. Written bids are written instruction given to HERITAGE to bid for you on one or more lots up to a maximum amount you specify for each lot. There is no charge for this service. If two or more parties leave identical bids, the first bid received by HERITAGE will take preference. Written bid forms are available 7 days before the sale and returned to HERITAGE within 24 hours before the sale or by fax to (021) 351 0707.


Telephone Bids

If you cannot attend the auction, HERITAGE will execute on behalf of your bid by telephone. Please make arrangements for this service at least 1 (one) day before the sale. It is advisable for you to leave your maximum bid, in case you are unable to reach us by phone.


Successful Bids

Successful bidder will be indicated by the fall of the auctioneer’s hammer after reaching or exceeding the reserve price. HERITAGE will record the bidder number of the buyer. Under the auctioneer’s discretion bidding may be reopened.


Unsold lots

When a lot fails to sell, the auctioneer will not announce a bidder’s number. Lots unsold will be returned to the consignor usually after a week in case there are any post sale offers.



AFTER THE AUCTION
Payment

Payment of purchases should be made within 7 (seven) calendar days. Please include your paddle number, name, lot number, and total payment in your bank instruction. If buyers do not make any payment or notice to HERITAGE during the scheduled time, they will be considered as withdrawing.


Collection of Goods

Goods can be collected only when payment has cleared and been received by HERITAGE. Due to space constraints, HERITAGE requires that purchases and unsold property be collected within 7 (seven) days. If the goods remain after 7 (seven) days HERITAGE reserves the right to cause the artworks to be stored at the expense of the purchaser.


Storage and Insurance

HERITAGE provides insurance cover for sold items for a maximum of 7 (seven) days after the date of the sale. If the goods have not been removed by the deadline, the goods will be deposited at warehouse and all storage transportation and other associated costs as well as risk shall be at the purchaser’s responsibility.



THE SELLER
Auction estimates

If you are considering selling your property at the auction, HERITAGE will provide a free initial estimate of its auction value. You can send a clear photograph of each item with complete data includes the dimension, artist’s signature, medium, physical condition and any other relevant information.


After Sale Notification

You will receive an after sale advice listing the final bid price, or in the event that the property failed to sell, notification that it was bought-in to be returned to you. Payment for your sold property takes approximately 4 (four) weeks, provided payment has been received by us from the buyer.



CONDITIONS OF SALE

These conditions of sale together with any terms and conditions set out a consignment form constitute the entire agreement with the Buyer on respect to any lots listed in the catalogue. Amendment to the catalogue descriptions may be made verbally during the course of auction or by appropriate posted notices. By bidding at the auction, you shall be bound by the conditions set out below.


Terms used in these conditions
  • “The Buyer” means the person with the highest bid accepted by the auctioneer.
  • “The Lot” means any items deposited with us for sale at auction and, in particular, the item (s) described against any lot number in the catalogue.
  • “The Hammer Price” means the amount of the highest bid accepted by the auctioneer in relation to a lot.
  • “The Reserve” means the amount below which we agree with the seller that the lot cannot be sold.
  • “The Buyer’s Premium” means the charge payable by the buyer as a percentage of the hammer price,
    at the rate set out in the auction room at the time of the relevant sale.
  • “Forgery” means a Lot constituting an imitation originally conceived and executed as a whole with a fraudulent intention to deceive as to authorship, origin, age, period, culture or source where the correct description as to such matters is not reflected by the description in the catalogue.

Withdrawal of Property

HERITAGE reserve the right to withdraw from the sale the property or to have the property listed at any auction without any prior notice to the vendor.


Control of Auction

HERITAGE will have absolute discretion to determine the successful bidder should a dispute arise between the bidders and this includes the authority to reject any bid, to cancel the sale or to re-offer the property in dispute.


Ownership of Property

The fall of the auctioneer’s hammer indicates the property sold to the buyer who is responsible for the property and shall be liable to pay the full purchase price within 7 (seven) days. If extended payment terms have not been granted, penalty interest will be charged on the unpaid balance until paid.


Remedies of HERITAGE

If the buyer is in breach of any of the conditions of sale then HERITAGE may choose to take the following action:


(1) Cancel the sale, retaining as liquidated damages any payment made by the buyer.


(2) Re-sell the property without any minimum price at the next auction of HERITAGE or privately on 5(five) days notice to the buyer.


(3) Take any other action HERITAGE may consider necessary.


In the event a defaulting buyer has made a part payment, HERITAGE reserves the right to apply such payment to any such lots at its sole discretion.


Forgery

In the event of proven forgery, HERITAGE will refund to the buyer the purchase price of the lot. This refund will only occur on the following terms:


(i) The buyer must provide evidence from an independent expert who proves that the lot is a forgery. HERITAGE reserves the right to request further expert evidence if, in its sole discretion, it is not satisfied with the finding of either expert.


(ii) The buyer must provide written notification to HERITAGE within 1 (one) year of the auction date of the forgery allegations.


No refund will occur if there is any conflict of opinion among accepted experts in the field or if it can be demonstrated that the lot is a forgery only by means of scientific process that could damage or otherwise jeopardize the condition of the lot and which scientific techniques were not commonly employed until after the publication of the catalogue.


This guarantee is for the benefit of the buyer only and cannot be assigned. Such buyer must have remained the owner of the property without disposing of any interest in it to any third party up until the time the alleged forgery was discovered.


Handling and Packaging

Handling and packing of all purchase lots shall be at the risk of the buyer who shall pay an administration charge if HERITAGE is responsible for such services. HERITAGE shall use our best efforts to take care when handling the packing but remind the buyer that from 7 (seven) days time after the sale, the goods are entirely at the buyer’s risk. You can instruct your own shipper for the shipping. However, we can also arrange for such service but are not responsible for any costs incurred during the shipping.


Notice

HERITAGE remind prospective buyers that none of the property in this catalogue is subject to any guarantee of authenticity and all of the artworks sold “as is” with all imperfections, incompleteness, faults and errors of description. All property is sold without any warranty or representation. HERITAGE is not responsible for any errors or omission in the catalogue. Buyers are strongly recommended to take independent professional advice on selection of purchase.