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Conditions of Sale
The "Conditions of Sale" and "Limited Warranty" are published in the catalogue and on the company's website (arthouse-ng.com). Arthouse Contemporary encourages bidders to be familiar with these documents as they set out the terms on which property is bought at auction.
Arthouse Contemporary will be available to answer any individual questions about this process or if assistance is required. Registered bidders who arrive at the auction will be given a numbered paddle for bidding.
The auctioneer accepts bids from those present in the saleroom or absentee written bids left with Arthouse Contemporary in advance of the auction. The auctioneer may also execute bids on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by entering bids in response to those made in the saleroom and/or absentee bids. After the reserve is met, the auctioneer will not execute any further bids.
A registered prospective buyer that is unable to attend the auction can complete a written instruction in the form of an absentee bid. This would be a maximum amount the bidder is willing to declare as the hammer price. Arthouse Contemporary will attempt to execute an absentee bid at the lowest possible price taking into account the reserve price. If identical bids are made for the same lot, the first bid received by Arthouse Contemporary will take priority. The auctioneer may execute absentee bids himself with a verbal declaration that he is doing so. Absentee Bid forms are available in this catalogue and on Arthouse Contemporary's website for submission by fax or by electronic delivery. As indicated in the Conditions of Sale, Arthouse Contemporary will confirm receipt of absentee bids up to 24 hours after submission by the prospective buyer. If the prospective buyer has not received a confirmation, he or she is responsible for follow-up with Arthouse Contemporary.
The sound of the auctioneer's hammer signifies that the final bid has been made and accepted. At that time, the buyer assumes full responsibility for payment of this lot. The results of absentee bids, if successful, will be conveyed to the absentee bidder at their preferred form of contact, indicated on the absentee bid form. The successful bidder will pay the hammer price plus the premium and any applicable value added tax.
Estimates are based upon market prices for similar works by the same artists, and, where applicable, upon prices recently paid at auction for comparable works. Estimates are subject to revision.
The reserve price is a minimum hammer price for which the work will be sold. If the reserve is not met, the lot will remain unsold.The reserve does not
exceed the low pre-sale estimate but the sum remains confidential.
Arthouse Contemporary charges a flat-rate premium to the buyer of 20% on the hammer price of the lot.
A value added tax of 7.5% will be charged to the buyer for the total price paid (hammer price plus buyer's premium).
Payment must be made within seven calendar days of sale. This applies even if the buyer wishes to export the lot and the export license is (or may be) required. The buyer, while assuming responsibility for the completion of payment, will not acquire title and possession of the lot until all amounts due to Arthouse Contemporary have been paid. Payment is accepted in the form of cash, cheque or telegraphic transfer in Nigerian Naira unless otherwise indicated. Cheques will need clearing before a purchase is released. Applicable payment details are available to the buyer on request. Please note that transfer of lots is not recognized.
The successful bidder at auction will be solely responsible for payment of the purchase to Arthouse Contemporary. Although we allow bidding at the auction by proxy, this arrangement has to be declared by the prospective buyer in writing before the auction, if not on the "Bidder Registration Form".
A shipping form is enclosed with each invoice. The buyer is responsible to pick up purchases or make all shipping arrangements. Arthouse Contemporary can arrange delivery for a purchased lot including property packing, transit insurance and shipping at an additional cost if the buyer so requests.
Property sold at auction will be subject to Nigerian law regarding the export of certain items as well as to import restrictions of foreign countries. It is the buyer's sole responsibility to obtain any relevant export or import license. The denial of any license or any delay in obtaining licenses shall neither justify the rescission of any sale nor any delay in making full payment for the lot. Buyers can consult Arthouse Contemporary for regulatory understanding as well as for assistance in securing an export license from Nigeria. Arthouse Contemporary will submit any applications for such a license on behalf of the buyer if so requested. However, Arthouse Contemporary cannot ensure that a license will be obtained.
Full collection details will be enclosed with the invoice. All lots will be available for collection in a predetermined, and insured, location in Lagos for 7 days after the auction date.
Arthouse Contemporary can offer the purchaser assistance in storage if so required. If purchases are not collected within seven days after the auction, storage will be arranged at the buyer's expense.
Arthouse Contemporary provides insurance cover for sold items for a maximum of 7 days after the date of the auction. After this period, the lot will be held in a storage facility entirely at the buyer's risk.
Important Notices and Explanation of Cataloguing Practice
Arthouse Contemporary's condition reports only include information on known restoration, alterations or replacement components. Please contact us for a condition report on a particular lot. 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".
Other conditions and information
(a) All metric dimensions are approximate. All other dimensions (such as the English system) are converted from the metric dimensions then rounded off; they are contained in parentheses.
(b) The exchange rate is subject to prevailing market rates. The rate displayed in this catalog is indicative only and taken around the time of catalogue publication with no predication on future trends.The exchange rate taken is printed afresh in this section for each catalogue, and further rounded off for purpose of readability and presentation.(c) The exchange rate of 460 Nigerian Naira to 1 US Dollar was taken on 23 November 2020.
CONDITIONS OF SALE
By Placing a Bid at or before the auction, the bidder agrees to be bound by the terms herein.
1. Arthouse Contemporary acts as agent for the seller and, therefore, the contract of sale is made between the seller and the buyer.
2. Buyers are responsible for satisfying themselves concerning the condition of the property and the matters referred to in the catalogue entry. This can be done by, for example, a personal inspection and examination of the property in which they are interested, a review of the condition report, a consultation with the artist or any other authority on the subject (if known to the buyer) and/or a review of past-sales amounts for similar items, where available. To facilitate in this process, Arthouse Contemporary provides free viewings of the consigned lots prior to the auction, condition reports of individual works, available on
request, and price comparables of works sold at auction.
3. Neither Arthouse Contemporary nor the seller provides any guarantee in relation to the property, which is sold in "as is" condition to the buyer, except as stated in the Limited Warranty in paragraph 19 below. This pertains to, but is not limited to, the condition of the work, the authorship and authenticity of the work and any descriptive or historical detail about the work that is disclosed verbally or printed in the catalogue or elsewhere. In good faith to the buyer, signed declarations by the seller warrant the following: (a) the seller is the owner of the item, or is properly authorized by the owner to sell the item. (b) The seller can and shall, in accordance with the conditions set upon him by Arthouse Contemporary, transfer possession to the buyer with good and marketable title to the item, free from any third party rights, claims or potential claims (including without limitation, by governments or governmental agencies). (c) The seller has provided Arthouse Contemporary in writing with all information concerning the item's provenance and has notified Arthouse in writing of any concerns expressed by third parties concerning its ownership,
condition, authenticity, attribution and export or import history. (d) The seller has paid or will pay all taxes and duties potentially due to her on the sale proceeds of the item.
3. (a) All statements by Arthouse Contemporary made orally or printed in the catalogue entries, the condition reports or elsewhere are statements of opinion and not to be relied on as statements of fact. Such statements do not constitute a representation, warranty or assumption of liability by us of any kind. (b) References to damage and restoration are for guidance only and absence to such references does not imply that an item is free from defects or restoration, nor does a reference to particular defects imply the absence of
Before the Sale
4. (a) A prospective buyer must complete and sign a bidder registration form and provide identification before he has the right to bid. Arthouse Contemporary may require the production of bank or other financial references. (b) A prospective, registered buyer can authorize a third party to act as agent in the bidding process if the buyer is unable to attend the auction. This arrangement, if such is to occur, must be conveyed in writing to Arthouse Contemporary for acceptance. (c) Arthouse Contemporary has the right, at its complete discretion, to refuse admission to the premises or participation in an auction and to reject any bid.
At the Sale
5. When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer's premium and all applicable taxes, plus all other applicable charges. This does not apply if the bidder is acting as agent on behalf of an identified third party acceptable to Arthouse Contemporary and this has been explicitly agreed in writing with Arthouse Contemporary before the commencement of the sale.In respect of this situation Arthouse Contemporary will only consider the principal liable for payment. Conditions in paragraph 4 apply to both the agent bidder and the principal for the bid to be valid.
6. Absentee bids are welcome and Arthouse Contemporary will carry out written bids for the convenience of clients who are not present at the auction in person, through the auctioneer or by way of representation through an agent. We reserve the right to not accept an absentee bid if it does not comply with any of the following conditions: (a) the bidder is registered or submits the bid with a completed bidder registration form; (b) the bid is made in the currency of the country where the auction is held and (c) the bid is received a minimum of 72 hours prior to the auction. Please refer to the absentee bid form on our
website for clarifications. Bidders will receive a receipt of acknowledgement from Arthouse Contemporary, up to 1 working day after it is submitted and will further receive a confirmation that the bid is accepted with a date stamp, the
purpose of which is to fairly execute the following circumstance: If we receive written bids on a particular lot for identical amounts, and at the auction these are the highest bids on the lot, it will be sold to the person whose written bid was received and accepted first.
7. Reserve sale prices, indicated by the owner, are included for all lots unless otherwise indicated (by the symbol • next to the lot number). The reserve is the confidential minimum price for the lot. If bidding for a particular lot ends below the reserve, the lot will not be sold. The reserve will not exceed the low estimate printed in the catalogue. The auctioneer may open the bidding on any lot below the reserve and may continue to bid on behalf of the seller up to, and strictly limited to, the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders.
8. The auctioneer has the right at his absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.
9. Subject to the auctioneer's discretion, the highest bidder accepted by the auctioneer will be the buyer. The auctioneer will indicate that the highest bid has been accepted with a strike of his hammer (hereafter referred to as the 'hammer price'). This same strike of the hammer symbolically and legally establishes the contract for sale between the seller and buyer. Risk and responsibility for the lot (including frames or glass where relevant) passes to the buyer at the expiration of seven calendar days from the date of the sale or on collection by the buyer if earlier.
After the Sale
10. In addition to the hammer price, the buyer agrees to pay Arthouse Contemporary the buyer's premium (this becomes the 'purchase price'), together with any applicable value added tax (VAT), sales or compensating use tax or equivalent tax in the place of sale. The Buyer's Premium is 20% of the hammer price. The VAT, subject to Nigerian law is 7.5% of the total purchase price.
11. Immediately following the sale, the buyer must confirm his or her name and permanent address and, if applicable, the details of the bank from which payment will be made. The buyer must pay the full amount due (comprising the hammer price, buyer's premium and any applicable taxes) immediately after the sale. This applies even if the buyer wishes to export the lot and an export license is, or may be, required for the lot. The buyer will not acquire title to the lot until all amounts due to Arthouse Contemporary from the buyer have been received in good cleared funds even in circumstances where the lot
has been released to the buyer.
12. Payment must be made to Arthouse Contemporary within a period of seven (7) days after the sale. This includes the time required to process checques or to receive wire transfers. Failure to meet this schedule may incur the buyer additional charges or actions, made at the discretion of Arthouse Contemporary. Possible charges or actions against late- or non-payment are elaborated upon in paragraph 16 below.
13. Arthouse shall be entitled to retain items sold until all amounts due have been received in full in good cleared funds or until the buyer has satisfied such other terms as we, in our sole discretion, shall require. Subject to this, the buyer shall have paid for and collected purchased lots within ten (10) calendar days from the date of sale, unless otherwise agreed upon.
14. Although Arthouse Contemporary shall use reasonable efforts to take care when handling, packing and shipping a purchased lot, we are not responsible for the acts or omissions of third parties whom we might retain for these purposes. Similarly, where we may suggest other handlers, packers or carriers if so requested, we do not accept responsibility or liability for their acts or omissions.
15. Unless otherwise agreed by Arthouse Contemporary in writing, the fact the buyer wishes to apply for an export license does not affect his or her obligation to make payment within seven days nor our right to charge interest or storage charges on late payment. If the buyer requests us to apply for an export license on his or her behalf, we shall be entitled to make a charge for this service. We shall not be obliged to rescind a sale nor to refund any interest or other expenses incurred by the buyer in circumstances where an export license is required.
16. If the buyer fails to make payment in full in good cleared funds within the time required by paragraph 12 above, we shall be entitled in our absolute discretion to exercise one or more of the following rights or remedies (in addition to asserting any other rights or remedies available to us by law):
(a) to charge interest at such rate we shall reasonably decide; (b) to hold the defaulting buyer liable for the total amount due and to commence legal proceeding for its recovery together with interest, legal fees and cost to the fullest extent permitted under applicable law; (c) to cancel the sale (d) to resell the property publicly or privately on such terms as we shall think fit (e) to pay the seller an amount up to the net proceeds payable in respect of the amount bid by the defaulting buyer; (f) to set off against any amounts which we may owe the buyer in any other transactions, the outstanding amount remaining unpaid by the buyer;
(g) to reject at any future auction any bids made by or on behalf of the buyer or to obtain a deposit from the buyer before accepting any bids;
(h) to exercise all the rights and remedies of a person holding security over any property in our possession owned by the buyer, whether by way of pledge, security interest or in any other way, to the fullest extent permitted by the law of the place where such property is located. The buyer will be deemed to have granted such security to us and we may retain such property as collateral security for such buyer's obligations to us; (i) to take such other action as we deem necessary or appropriate. If Arthouse Contemporary resells the property under paragraph (d) above the defaulting buyer shall be liable for payment of any deficiency between the total amount originally due to us and the price obtained upon resale as well as for all costs, expenses, damages, legal fees and commissions and premiums of whatever kind associated with both sales or otherwise arising from the default. If Arthouse Contemporary pays any amount to the seller under paragraph (e) above, the buyer acknowledges that Arthouse Contemporary shall have all of the rights of the seller, however arising, to pursue the buyer for such amount.
17. Where purchases are not collected within seven calendar days from the date of sale, whether or not payment has been made, Arthouse Contemporary shall be permitted to remove the property to, an insured and managed third party warehouse at the buyer's expense. Arthouse Contemporary is only liable to release the items after payment in full has been made of all the additional costs incurred, whether for removal, storage, handling, insurance and/or
any other activity that warrants charges. This includes payment of all other amounts due to Arthouse Contemporary, in respect of the purchase price and any applicable taxes.
18. Arthouse Contemporary agrees to refund the purchase price in the circumstances of the Limited Warranty set out in paragraph 19 below. Apart from any of those circumstances, neither the seller nor Arthouse Contemporary, including any of its officers, employees or agents, are responsible for the correctness of any statement of any kind concerning any lot, whether written or oral. This includes any errors or omissions in description or for any faults or defects in any lot.
19. Subject to the terms and conditions of this paragraph
Arthouse Contemporary warrants for a period of two years from the date of the sale that any property described in headings in UPPER CASE TYPE in this catalogue (as such description may be amended by any saleroom notice or announcement) which is stated without qualification to be the work of a named author or authorship, is authentic and not a forgery. The term "author" or "authorship" refers to the creator of the property. Arthouse Contemporary only warrants lots in this catalogue with headings of UPPER CASE TYPE. Arthouse Contemporary's warranty does not apply to supplemental material, which appears below the UPPER CASE TYPE headings of each lot. Arthouse Contemporary is also neither responsible for omission or errors of such information below the heading. The warranty does not apply to any heading, which is stated to represent a qualified opinion (for example, in cases where
the seller of a lot is the author of that lot). The warranty is subject to
the following: (a) It does not apply where the catalogue description or saleroom notice corresponded to the generally accepted opinion of scholars or experts at the date of the sale or fairly indicated that there was a conflict of
opinions. (b) The benefits of the warranty are not assignable and shall apply only to the original buyer of the lot as shown on the invoice originally issued by Arthouse Contemporary. (c) The buyer's sole and exclusive remedy against Arthouse Contemporary and the seller is the cancellation of the sale and the refund of the original purchase price paid for the lot. Neither Arthouse Contemporary nor the seller will be liable for any special, incidental or consequential damages, including, without limitation, loss of profits nor of interest. (d) The buyer must give written notice of claim to us within two years from the date of the auction. The buyer is required to obtain the written opinions of two recognised experts in the field, mutually acceptable to Arthouse Contemporary and the buyer, before Arthouse Contemporary decides whether or not to cancel the sale under the warranty. (e) The buyer
must return the lot to Arthouse Contemporary in the same condition
as at the time of the sale.
20. (a) The copyright in all images, illustrations and written material produced by or for Arthouse Contemporary relating to a lot is and shall remain at all times the property of Arthouse Contemporary and shall not be used by anyone without our prior written consent. (b) Arthouse Contemporary and the seller make no representation or warranty that the buyer of a property will acquire any copyright or other reproduction rights in it.
21. If any part of these Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law.