Lot 213: Mao Zedong & Benjamin Franklin IV

Larasati Auctioneers

November 27, 2016, 7:00 PM HKT
Wanchai, Hong Kong
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Description: Oil on canvas, framed, Signed on the reverse
Dimensions: 130.3 x 162.2cm
Artist or Maker: Lee Youngha
Medium: Oil on canvas, framed
Date: 2015
Provenance: Private Collection, Asia
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Accepted forms of payment: Wire Transfer
Shipping: Delivery
Article 15.
(1) The Company shall deliver the Lot to the successful bidder after the purchase price has been paid in full. Provided, however, that if the successful bidder owes any debts to the Company that have fallen due (including miscellaneous expenses defined in Paragraph 3 of Article 17), the Company shall not deliver the Lot until the purchase price and all such debts have been fulfilled. The purchase price and all other debts owing to the Company that have fallen due shall be hereinafter called as "the total amount due."
(2) The successful bidder shall receive the Lot within the payment period after having paid in full the total amount due.
(3) The place of the delivery of the Lot shall be at the premises of the Company, and any expenses for receipt of the Lot shall be borne by the successful bidder. The Company shall in no way be liable for any accidents to the Lot (including destruction, loss, theft, damage, or soiling) after the time of delivery (which shall mean the time at which the Company delivers the Lot to the successful bidder, to his agent or messenger, or to a carrier at the Company). If the Company arranges a carrier upon request of the successful bidder, such arrangement is made solely as a courtesy, and the successful bidder shall take out appropriate insurance. The Company shall in no way be liable for any accidents (including destruction, loss, theft, damage, or soiling) after the time of delivery or for its selection of carrier. The successful bidder shall - at his own judgment, responsibility, and expense - make such packaging as he shall deem proper. The Company may, before delivering the Lot, pack the Lot in a manner it deems appropriate, but this is intended solely as a courtesy, and the Company shall in no way be liable for such packaging.
(4) The successful bidder may inspect the Lot at the time he receives the Lot. Regardless of whether the successful bidder actually inspects the Lot, when the Company delivers the Lot to the successful bidder (or to his agent or messenger, or to a carrier), the successful bidder shall neither make any claim against the Company nor terminate the sales contract for any mistake in the Lot he has received, or for any damage or soiling thereof after the time of delivery. This provision shall not prevent the Company from requiring the return of any object that the Company has mistakenly delivered.
(5) The successful bidder shall, upon receipt of the Lot, deliver to the Company the Lot exchange slip. When the Company receives the Lot exchange slip, the Company shall be relieved of any liability even if a party other than the successful bidder receives the Lot.

Risk of Loss and Transfer of Ownership
Article 16.
(1) The successful bidder shall bear any risk of loss of the Lot after the conclusion of sale (when the auctioneer hammers the Lot down to the highest bidder), which means that the successful bidder shall bear any loss, destruction, theft, damage, or soiling of the Lot not attributable to impropriety by the Company.
(2) Ownership of the Lot shall not be transferred to the successful bidder until he pays the total amount due in full and the Company delivers the Lot to him. Ownership shall be transferred to the successful bidder at the time of the delivery of the Lot after the total amount due has been paid in full.
Buyer's Premium
HKD0 - 4,000,000: 25.0%
HKD4,000,001+: 17.0%
From: To: Increment:
HKD0 HKD9,999 HKD500
HKD10,000 HKD19,999 HKD1,000
HKD20,000 HKD29,999 HKD2,000
HKD30,000 HKD49,999 HKD3,000
HKD50,000 HKD99,999 HKD5,000
HKD100,000 HKD199,999 HKD10,000
HKD200,000 HKD299,999 HKD20,000
HKD300,000 HKD499,999 HKD30,000
HKD500,000 HKD999,999 HKD50,000
HKD1,000,000+ HKD100,000
Payment Period of Purchase Price: Article 14.
The successful bidder shall pay the purchase by 14th December 2016. Such period shall be hereinafter referred to as "the payment period". Payment will only be accepted during the Company's hours of business. Payments shall be made in HKD by remittance transferred to the following company's accounts (in which case the remittance must reach the designated account within the payment period).
Account Name : ONE EAST LARASATI HK LIMITED
Bank Name: The Hongkong and Shanghai Banking Corp. Ltd.
Hong Kong Address: 1 Queen's Road Central, Hong Kong
Account Number: 808-515266-001
Swift Code: HSBCHKHHHKH
Shipping Terms: Delivery
Article 15.
(1) The Company shall deliver the Lot to the successful bidder after the purchase price has been paid in full. Provided, however, that if the successful bidder owes any debts to the Company that have fallen due (including miscellaneous expenses defined in Paragraph 3 of Article 17), the Company shall not deliver the Lot until the purchase price and all such debts have been fulfilled. The purchase price and all other debts owing to the Company that have fallen due shall be hereinafter called as "the total amount due."
(2) The successful bidder shall receive the Lot within the payment period after having paid in full the total amount due.
(3) The place of the delivery of the Lot shall be at the premises of the Company, and any expenses for receipt of the Lot shall be borne by the successful bidder. The Company shall in no way be liable for any accidents to the Lot (including destruction, loss, theft, damage, or soiling) after the time of delivery (which shall mean the time at which the Company delivers the Lot to the successful bidder, to his agent or messenger, or to a carrier at the Company). If the Company arranges a carrier upon request of the successful bidder, such arrangement is made solely as a courtesy, and the successful bidder shall take out appropriate insurance. The Company shall in no way be liable for any accidents (including destruction, loss, theft, damage, or soiling) after the time of delivery or for its selection of carrier. The successful bidder shall - at his own judgment, responsibility, and expense - make such packaging as he shall deem proper. The Company may, before delivering the Lot, pack the Lot in a manner it deems appropriate, but this is intended solely as a courtesy, and the Company shall in no way be liable for such packaging.
(4) The successful bidder may inspect the Lot at the time he receives the Lot. Regardless of whether the successful bidder actually inspects the Lot, when the Company delivers the Lot to the successful bidder (or to his agent or messenger, or to a carrier), the successful bidder shall neither make any claim against the Company nor terminate the sales contract for any mistake in the Lot he has received, or for any damage or soiling thereof after the time of delivery. This provision shall not prevent the Company from requiring the return of any object that the Company has mistakenly delivered.
(5) The successful bidder shall, upon receipt of the Lot, deliver to the Company the Lot exchange slip. When the Company receives the Lot exchange slip, the Company shall be relieved of any liability even if a party other than the successful bidder receives the Lot.

Risk of Loss and Transfer of Ownership
Article 16.
(1) The successful bidder shall bear any risk of loss of the Lot after the conclusion of sale (when the auctioneer hammers the Lot down to the highest bidder), which means that the successful bidder shall bear any loss, destruction, theft, damage, or soiling of the Lot not attributable to impropriety by the Company.
(2) Ownership of the Lot shall not be transferred to the successful bidder until he pays the total amount due in full and the Company delivers the Lot to him. Ownership shall be transferred to the successful bidder at the time of the delivery of the Lot after the total amount due has been paid in full.
Purchase Price: Purchase Price
Article 13.
The successful bidder shall pay, in addition to the hammer price, an amount equivalent to 20% of the first4,000,000.HKD of the hammer price, and 12% on the amount by which the hammer price exceeds 4,000,000. HKD as the buyer's premium. (The combined sums of the hammer price and the buyer's premium shall hereinafter be referred to as "the purchase price.")
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