Adam's Mid-Century Modern November 13th 2018

123 Commission 13. The buyer shall pay the Auctioneer a commission at the rate of 20%, exclusive of V.A.T.. Payment 14. Unless credit terms have been agreed with the Auctioneer before the auction the buyer of a Lot shall pay to the Auctioneer within one (1) day from the date of the auction the Total Amount Due. Notwithstanding this, the Auctioneer may, in its sole discretion, require a buyer to pay a deposit of 25% of the Total Amount Due at the conclusion of the auction. The Auctioneer may apply any payments received by a buyer towards any sums owing from that buyer to the Auctioneer on any account whatever regardless of any direc- tions of the buyer or his agent in that regard whether express or implied. The Auctioneer shall only accept payment from successful bidders in cash or by the bidder’s own cheque. Cheques drawn by third parties, whether in the Auctioneer’s favour or requiring endorsement, shall not be accepted. Reservation of Title 15. Notwithstanding delivery or passing of risk to the buyer the ownership of a Lot shall not pass to the buyer until he has paid to the Auctioneer the Total Amount Due. Collection of Purchases 16. The buyer shall at his own expense collect the Lot purchased not later than seven (7) days after the date of the auction but (unless credit terms have been agreed with the Auctioneer pursuant to condition 14) not before payment to the Auctioneer of the Total Amount Due. The buyer shall be responsible for any removal, storage and insurance charges in respect of any Lot which is not taken away within seven (7) days after the date of the auction. The purchased Lot shall be at the buyer’s risk in all respects from the earlier of the time of collection or the expiry of one (1) day from the date of the auction. Neither the Auctioneer nor its employees, servants or agents shall thereafter be liable for any loss or damage of any kind howsoever caused while a purchased Lot remains in its custody or control after such time. Packaging and Handling of Purchased Lots 17. Purchased Lots may be packed and handled by the Auctioneer, its employees, servants or agents. Where this is done it is undertaken solely as a courtesy to buyers and at the discretion of the Auctioneer. Under no circumstances shall the Auctioneer, its employees, servants or agents be liable for damage of any kind and howsoever caused to glass or frames nor shall the Auctioneer be liable for the errors or omissions of, or for any damage caused by, any packers or shippers which the Auctioneer has recommended. Non-Payment or Failure to Collect Purchased Lots 18. If a buyer fails to pay for and/or collect any purchased Lot by the dates herein specified for payment and collection the Auctioneer shall, in its absolute discretion and without prejudice to any other rights or remedies it may have, be entitled to exercise one or more of the following rights or remedies without further notice to the buyer: (a) To issue court proceedings for damages for breach of contract; (b) To rescind the sale of that Lot or any other Lots sold to the buyer whether at that or at any other auction; (c) To resell the Lot or cause it to be resold whether by public auction or private sale. In the event that there is a deficiency between the Total Amount Due by the buyer and the amount received by the Auctioneer on such resale after deduction of any neces- sary expenses the difference shall be paid to the Auctioneer by the buyer. Any surplus arising shall belong to the seller. (d) To store (whether at the Auctioneer’s premises or elsewhere) and insure thepur- chased Lot at the expense of the buyer. (e) To charge interest on the Total Amount Due at the rate of 2% over and above the base rate from time to time of Bank of Ireland or if there be no such rate, the nearest equivalent thereto as determined by the Auctioneer in its absolute discretion from the date on which payment is due hereunder to the date of actual payment. (f) To retain that Lot or any other Lot purchased by the buyer whether at the same or any other auction and release same to the buyer only after payment to the Auctioneer of the Total Amount Due. (g) To apply any sums which the Auctioneer received in respect of Lots being sold by the buyer towards settlement of the Total Amount Due. (h) To exercise a lien on any property of the buyer in the possession of the Auctioneer or whatever reason. Liability of Auctioneer and Seller 19. Prior to auction ample opportunity is given for the inspection of the Lots on sale and each buyer by making a bid acknowledges that he has, by exercising and relying on his own judgment, satisfied himself as to the physical condition, age and Catalogue description of each Lot (including but not restricted to whether the Lot is damaged or has been repaired or restored). All Lots are sold with all faults and imperfections and errors of description. None of the seller, the Auctioneer nor any of their employees, servants or agents shall be responsible for any error of description or for the condition or authenticity of any Lot. No warranty whatsoever is given by the seller or Auctioneer or by any of their employees, servants or agents in respect of any Lot and any con- dition or warranty express or implied by statute or otherwise is hereby specifically excluded. Forgeries 20. Any amount paid by a buyer in respect of a Lot which, if it is proved within three (3) years of the date of the auction at which it was purchased, to have been a Forgery shall be refunded to the seller subject to the provisions hereof, provided that: (a) The Lot has been returned by the buyer to the Auctioneer within three (3) years of the date of the auction in the same condition in which it was at the time of the auction together with evidence proving that it is a Forgery, the number of the Lot and the date of the auction at which it was purchased; (b) The Auctioneer is satisfied that the Lot is a Forgery and that the buyer has and is able to transfer good and marketable title to the Lot free from any third party claims; FURTHER PROVIDED THAT the buyer shall have no rights hereunder if: (i) The description of the Lot in the Catalogue at the time of the auction was in accor- dance with the then generally accepted opinion of scholars or experts or fairly indicat- ed that there was a conflict of such opinion; (ii) The only method of establishing at the time of the auction in question that the Lot was a Forgery would have been by means of scientific processes which were not gen- erally accepted for use until after the date of the auction or which were unreasonably expensive or impractical. The buyer’s sole entitlement under this condition is to a refund of the actual amount paid by him in respect of the Lot. Under no circumstances shall the Auctioneer be liable for any damage, loss (including consequential, indirect or economic loss) or expense suffered or incurred by the buyer by reason of the Lot being a Forgery. The benefit of this condition shall be solely and exclusively for the buyer and shall not be assignable. The buyer shall for the purpose of this condition be the person to whom the original invoice in respect of the sale of the Lot is made. Photographs 21. The buyer authorises the Auctioneer at any time to make use of any photographs or illustrations of the Lot purchased by the buyer for such purposes as the Auctioneer may require. CONDITIONS WHICH MAINLY CONCERN THE SELLER Auctioneer’s Discretion 22. With regard to the sale of any Lot the Auctioneer shall have the following powers exercisable solely in the discretion of the Auctioneer: (i) To decide whether to offer any Lot for sale or not; (ii) To decide whether a particular Lot is suitable for sale by the Auctioneer and, if so, to determine which auction, the place and date of sale, the conditions of sale and the manner in which such sale should be conducted; (iii) To determine the description of any Lot in a Catalogue. (iv) To decide whether the views of any expert shall be obtained and to submit Lots for examination by any such experts. (v) To determine what illustration of a Lot (if any) is to be included in the Catalogue. Seller’s Warranty and Indemnity 23. The seller warrants to the Auctioneer and to the buyer that he is the true owner of the Lot or is legally authorised to sell the Lot on behalf of the true owner and can transfer good and marketable title to the Lot free from any third party claims. As regards Lots not held by the Auctioneer on its premises or under its control the seller warrants and undertakes to the Auctioneer and the buyer that the Lot will be available and in a deliverable state on demand by the Auctioneer or buyer. The seller shall indemnify the Auctioneer and the buyer or any of their respective employees, servants or agents against any loss or damage suffered by any of them in consequence of any breach of the above warranties or undertakings by the seller. Reserves 24. Subject to the Auctioneer’s discretion, the seller shall be entitled prior to the auction to place a reserve on any Lot. All reserves must be agreed in advance by the Auctioneer and entered on the Sale Order Form or subsequently be confirmed in writing to the Auctioneer prior to auction. This also applies to changes in reserves. A reserve may not be placed upon any Lots under IR£100 in value. The reserve shall be the minimum Hammer Price at which the Lot may be sold by the Auctioneer. A reserve once in place may only be changed with the consent of the Auctioneer. A commission shall be charged on the ‘knock-down’ bid for Lots which fail to reach the reserve price. Such commission shall be 5% of the ‘knock-down’ bid. This commission and any VAT payable thereon must be paid before removal of the Lot after the auction. The mini- mum commission hereunder shall be IR £25. The Auctioneer may in its sole discretion sell a Lot at a Hammer Price below the reserve therefore but in such case the Proceeds of Sale to which the seller shall be entitled shall be the same as they would have been had the sale been at the reverse. Unless a reserve has been placed on a Lot in accordance with the provisions set out above such Lot shall be put up for sale without reserve. In the event that any reserve price is not reached at auction then for so long as the Lot remains with the Auctioneer and to the extent that the Lot has not been re-entered in another auction pursuant to condition 31 the seller authorises the Auctioneer to sell the Lot by private treaty at not less than the reserve price. The Auctioneer shall ensure that in such a case those conditions herein which concern mainly the buyer shall, with any necessary modification, apply to such sale.