BRIEF ON CATALOGUE
All Lots are sold on an “as is” basis. The contents of catalogues produced by Masterpiece formed statements of opinion only. Subject to the limited warranty given in the Conditions of Sale for Buyers, no representation and warranty is made by Masterpiece or any seller of a Lot in respect of anything, including without limitation, description, value, or quality.
Buyers are advised to inspect the property themselves. Masterpiece is not liable for any error or omission in this catalogue. All descriptions of dimensions are approximate only.
Condition reports are provided as a service to interested clients. Prospective buyers should note that descriptions of property are not warranties and that each lot is sold “as is”. Masterpiece catalogues sometimes include references to condition only in descriptions of Lots such as prints, books and wine. Generally, no statement of condition is given although they can be made available on request. Please liaise with Masterpiece representatives for a condition report on a particular lot.
EXPLANATION OF CATALOGUING PRACTICE
For Pictures, Drawings, Prints and Miniatures.
Terms used in this catalogue have the meanings ascribed to them below:
Name(s) or Recognized Designation of an Artist without any Qualification in Masterpiece opinion a work by the artist.
*”Attribute to…” In Masterpiece qualified opinion probably
a work by the artist in whole or in part.
*”Studio of..’/”Workshop of..” In Masterpiece qualified opinion a work executed in the studio or workshop of the artist, possibly under his supervision.
*”Circle of..” In Masterpiece qualified opinion a work of
the period of the artist and showing his influence.
*”Follower of…” In Masterpiece qualified opinion a work executed
in the artist’s style but not necessarily by a pupil.
*”Manner of…” In Masterpiece qualified opinion a work
executed in the artist’s style but of a later date.
*”After…” In Masterpiece qualified opinion a copy (of any date) of a work of the artist.
*”Signed..”/”dated…”/“Inscribed…” In Masterpiece’s qualified opinion
the work has been signed/dated/inscribed by the artist.
“With signature…”/”With inscription…” In Masterpiece’s qualified opinion the signature/ inscription appears to be by hand other than that of the artist.
*With date…” In Masterpiece’s qualified opinion the date on
the item was not executed on that date
INFORMATION FOR BUYERS
CONDITIONS OF SALE
Masterpiece CONDITIONS OF SALE FOR BUYERS governs the terms and conditions of contract between the buyer and the seller of a lot and is set out later in this catalogue. Persons who have been registered as bidders will be deemed to have read and be fully aware of and subject to the terms as stated in the CONDITIONS OF SALE FOR BUYERS. No reliance should be placed on oral representations made by any person at the auction.
Estimates are based upon prices recently paid at auction for comparable property, condition, rarity, quality and provenance. Estimates are subject to revision. Buyers should not rely upon estimates as prediction of actual selling prices. Estimates do not include the buyer’s premium. For estimate on request, please contact us for further information.
The reserve is the confidential minimum price the consignor will accept. The reserve will not normally exceed the low estimate.
Masterpiece charges a premium to the buyer on the final bid price of each lot sold
at the following rates: 22 % (twenty two percent) of the hammer price up to S$500,000, plus 17% of the balance above S$500,000, together with GST at prevailing rates of the aggregate of the Hammer Price and premium.
Pre-auction viewings are open to the public and free of charge. Buyers are strongly advised to examine the lots thoroughly, Condition reports are available. Masterpiece reserves the right to refuse admission and participation in its auctions.
Prospective buyers need to register for a numbered bidding paddle. Details of bank accounts are required for credit reference purposes.
The Auctioneer accepts bids from those present in the saleroom, from telephone bidders, or by absentee written bids left with Masterpiece in advance of the auction. Bidding will be done in Singapore Dollar (SGD.). The auctioneer will not specifically identify bids placed on behalf of the consignor.
The auctioneer will normally start with bids below the low estimate and may at his own discretion increase bids. The standard increments are:-
$500 - $1,000 by $50
$1,000 - $2,000 by $100
$2,000 - $5,000 by $200
$5,000 - $10,000 by $500
$10,000 - $20,000 by $1,000
$20,000 - $50,000 by $2,000
$50,000 - $100,000 by $5,000
$100,000 - $200,000 by $10,000
Above $200,000 at auctioneer's discretion
Absentee bids are written instructions from prospective buyers directing Masterpiece to bid on their behalf up to a maximum amount specified for each lot. Masterpiece staff will attempt to execute an absentee bid at the lowest possible price taking into account the reserve price. If identical bids are received from two or more parties, the first bid received by Masterpiece will take priority. The auctioneer may execute absentee bids directly from the rostrum. Absentee Bids Forms are available in this catalogue.
Absentee bids submitted on “no-reserve” lots will, in the absence of a higher bid, be executed at the amount of the bid.
Prospective buyers may bid by telephone during the course of the auction. Arrangements for this service must be confirmed with the Bid Department at least 2 hours prior to the auction. Telephone bids may be recorded. By bidding on the telephone, prospective buyers consent to the recording their conversation. Masterpiece will not be responsible for errors of failures to execute bids.
The fall of the auctioneer’s hammer indicates the final bid, at which time, the buyer assumes full responsibility for the lot.
You may view auction results at www.masterpiece-auction.com
CONDITIONS OF SALE FOR BUYERS
Together with the terms as set out in “INFORMATION FOR BUYERS”, These Conditions contain all terms in which a buyer contracts with a seller in respect of the sale of a Lot. These terms may be amended at any time by way of notices or oral announcements during the sale and auction. The buyer agrees to be bound by these Conditions when he/she bids to purchase a Lot.
In these terms and conditions, the following words and expressions have the following meanings:
“Buyer” means the successful bidding buyer of a Lot;
“Catalogue” means the Catalogue prepared by Masterpiece which describes and illustrates all Lots for sale by Masterpiece;
“Conditions” means these terms and conditions;
“Hammer Price” means the price at which a Lot is sold to Buyer;
“Lot” means each piece of property as described in the Catalogue for which bids are invited for purchase;
“Masterpiece”, “our”, “we”, “us” means PT. Dwi Samapersada;
“Reserve Price” means in respect of a Lot, the minimum price which the Seller is prepared to accept from a buyer;
“Seller”, means in respect of a particular Lot, the seller of that Lot and his personal representatives;
“Rp” means the lawful currency of Indonesia.
Except where the context otherwise requires, words importing the singular shall include the plural and vice versa, words importing any one gender shall include all genders, and words importing persons shall include companies and corporations and vice versa. Unless otherwise stated, references to Clauses are references to Clauses in these Conditions. The headings appearing in this Agreement are inserted for ease of reference only and shall in no way define, limit or construe the terms and conditions appearing herein.
2. Parties to the sale of a Lot
Unless otherwise stated, a Buyer contracts with a Seller to purchase a Lot. Masterpiece acts as the Seller’s agent in respect of the sale of a Lot.
(d) Collection. The Buyer is required to collect his purchase from the premises of Masterpiece and pay for all delivery and shipping costs. Masterpiece may assist the Buyer in making packing and shipping arrangements at the Buyer’s own costs and risk.
(e) Storage charges. All purchases will initially be held for collection at the premises of Masterpiece at no charge for a period of fourteen days from the date of sale. Subsequently Masterpiece will charge the Buyer storage charges at the rate of Rp. 50.000,- a day per Lot, together with all other transport, handling, removal, insurance and other expenses where a Lot is transported to another location pending collection.
(f) Limit on insurance cover. Masterpiece provides general insurance cover for sold Lots for a period of up to seven days from the date of sale of such Lots. Subsequently, risk of such Lots will transfer to the respective Buyers.
Where a Buyer fails to make payment with cleared funds within the stipulated time, Masterpiece and/or the Seller shall be entitled, in addition to all other rights and remedies available under the law, to :-
(a) charge default interest at the rate of 1.5% per month on the outstanding sums due from the Buyer;
(b) to commence legal proceedings against the Buyer for recovery of all outstanding sums, including interest, legal fees, costs and other expenses on a full indemnity basis;
(c) rescind the sale of the Lot;
(d) to resell the property on such terms as they deem fit and to set-off the proceeds of sale against the outstanding sums unpaid by the Buyer;
(e) to hold the Lot as security; pledge or lien pending payment of all outstanding sums due from the Buyer.
The copyright in all images, illustrations and literature, including the Catalogue is the property of Masterpiece and shall not be used by the Buyer without the prior written consent of Masterpiece. No warranty is made by Masterpiece and the Seller that the Buyer of a Lot shall acquire any intellectual property rights in it or to reproduce it.
(a) Notwithstanding anything stated in these Conditions, the Buyer shall indemnify Masterpiece and the Seller on a full indemnity basis, in respect of any loss, damage, cost or expense that may be incurred by either the Seller or Masterpiece in respect of any breach by the Buyer of these Conditions.
(b) If any part of this agreement is found by any courts to be invalid, illegal or unenforceable, that part may be discounted and the rest of the agreement shall continue to be valid and enforceable to the fullest extent permitted by law.
(c) Masterpiece will hold Buyer’s personal data and may communicate it to affiliated companies worldwide for the purposes of enabling the Buyer to consign or purchase property or services and, unless the Buyer objects, advising of forthcoming sales, events and service.
(d) These Conditions are subject to Indonesia law, which shall apply to its construction as well as to its effect.
(e) Where a translation of this agreement has been provided, the English language version shall prevail in case of conflict.