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 12% (twelve percent).
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 Ringgit (MYR). 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:
MYR 1,000 - MYR 10,000 by RM 500
MYR 10,000 - MYR 20,000 by RM 1.000
MYR 20,000 - MYR 50,000 by RM 2.000
MYR 50,000 - MYR 100,000 by RM 5.000
MYR 100,000 - MYR 200,000 by RM 10.000
MYR 200,000 - MYR 500,000 by RM 20.000
> MYR 500,000 by the auctioneer’s
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 Masterpiece Auction sdn. bhd;
“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;
“MYR” means the lawful currency of Malaysia.
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.
(a) Registering. Prospective buyers are required to register for a numbered bidding paddle. Copies of bank accounts may be required to be shown to Masterpiece for credit references and/or payment purposes.
(b) Reserve. Unless otherwise stated, all Lots are offered for sale, subject to a Reserve Price which is confidential between the Seller and Masterpiece. Bids may be placed by representatives of Masterpiece on behalf of the Seller up to the Reserve Price. There is no obligation on Masterpiece to identify bids placed on behalf of a Seller.
(c) Types of bids. Bids may be accepted from those present at the auction and from telephone bidders, or by absentee written bids left with Masterpiece prior to the auction. By bidding by telephone, all prospective buyers consent to the recording of all conversation and bids.
(d) Currency. Prices of all Lots are in MYR and all bids shall be made in MYR.
(e) Final bid. The fall of the auctioneer’s hammer indicates acceptance of the final bid, at which time the Buyer enters into a full valid and binding contract with the Seller to purchase the Lot. The results of absentee bids will be notified to the prospective buyer after the auction. Risk and responsibility of the Lot (but not title) pass to the Buyer seven calendar days from the date of the sale or earlier if full payment is made and delivery made to the Buyer.
(f) Buyer’s responsibility. When bidding, a prospective buyer accepts personal responsibility to pay the Hammer Price of the Lot for which he bids if he is successful, together with the premium price of 10% (ten percent) of the hammer price.
4. Limited warranty
(a) No warranty. Neither the Seller nor Masterpiece makes any warranty in respect of the description of any Lot, its value or its quality. Save for the limited warranty set out in this Clause 4(b) below, the Buyer purchases a Lot “as is” without any representation or warranty of any kind by Masterpiece or the Seller. The contents of the Catalogue are statements of opinion only and do not constitute any representation or warranty whatsoever in respect of any Lot.
(b) Limited warranty. The Seller and Masterpiece only warrant that the Lot is
related to the artist named in its description in the Catalogue. In the event of
any allegation of lack of authenticity or forgery, the Buyer is required to notify Masterpiece in writing within a period of one year (the “Notice”) from the date of auction.
(c) Contents of Notice. The Notice shall include written evidence from a reputable independent expert who is able to show that the Lot is a forgery. Masterpiece or the Seller reserves the right to request for further evidential proof from other experts if in their respective opinions either of them is not satisfied with the finding of the Buyer’s expert.
(d) Refund. In the event that Masterpiece is satisfied with the evidence as enclosed in the Notice and subject to (i) receipt of the full refund from the Seller and (ii) the return of the Lot in such condition as it was sold, a refund of the purchase price for that Lot will be made to the Buyer. The liability of Masterpiece and the Seller is limited to the purchase price of such Lot. Neither Masterpiece nor the Seller shall be liable for any other damages, costs and expenses that may be incurred in presenting the Notice.
(e) Conflict of opinion. In the event of conflict of opinion between the Buyer’s expert and the expert appointed by Masterpiece or the Seller, or if it can be shown that tests of authenticity would involve scientific process which could damage or otherwise jeopardize the condition of the Lot and which scientific process did not exist at the time of the publication of the Catalogue, no refund will be made of the affected Lot.
(f) No assignment of Limited Warranty. The Limited Warranty in this Clause 4 is for the benefit of the Buyer only and cannot be assigned to any third party.
5. Payment, Title and Collection of purchases
(a) Deadline for payment. All payments for sold Lots must be made within seven calendar days from the date of sale.
(b) Title. No title in the Lot will pass to the Buyer until all amounts due to Masterpiece as stated in Clause 3(f) above have been paid, even in circumstances where Masterpiece has released the Lot to the Buyer before full payment has been made.
(c) Payment modes. Payments must be in MYR and may be made in the following modes:
(i) telegraphic transfer to Masterpiece’s bank account. Please include the
Buyer’s name and invoice number in the bank instructions.
(ii) By way of bankers’ draft or cashier’s order made payable to
“PT. Dwi Samapersada.”.
(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, 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 forsold 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.
• The Seller shall pay to Masterpiece relating to the cost of packaging and transportation of a sum of MYR 250 per pick up or delivery of artwork from or to the above stated addressed of the Consignor.
• The Seller shall pay to Masterpiece all costs and charges relating to iinsuring each Lot amounting to 1.5% of Reserve Price per Lot commencing from the date of pick up.
• The Seller shall pay to Masterpiece a Commission Fee of 10% on the Reserve Price orHammer Price whichever is higher for each piece sold.