5. Buyer Bids as Principal

Every Buyer shall be deemed to bid as principal unless prior to the auction he discloses to BUNDA that he will be bidding on behalf of a principal and supplies the full name and address of their principal and a copy of a written authority to bid for and on behalf of that principal and such authority is satisfactory to BUNDA.

6. Buyers Registration Form

Every bidder shall complete and sign a Buyers Registration Form. Proof of identity acceptable to BUNDA may be required prior to entry to the auction premises.

7. Buyer’s Premium

The Buyer will be required to pay to BUNDA a Buyers Premium based on 17.5% percent of the Hammer Price. The Buyer acknowledges that BUNDA may also receive commission from the Vendor.

8. New York Sales Tax

The New York Sales Tax of 8.625% will be applied to the aggregate of (a) The hammer price, plus (b) The Buyer’s Premium unless the buyer furnishes a completed sales tax declaration.


9. Statements made by Auctioneer at Rostrum

All conditions, notices, descriptions, statements and other matters in the catalog and elsewhere concerning a Lot are subject to any statements modifying or affecting the same made by the Auctioneer from the rostrum prior to any bid being accepted for the Lot.

10. Catalog Descriptions

(a) Any representation or statement by BUNDA in any catalog, advertisement or brochure as to the authorship, origin, date, age, period, attribution, genuineness, provenance, condition, quality, or estimated selling price of any Lot is a statement of opinion only. Any illustrations in the catalog are solely for the guidance of prospective Buyers and are not to be relied upon in terms of tone or color or necessarily to reveal imperfections in any Lot; BUNDA will warrant for a period of seven days only any catalog description appearing in upper-case in the first section of the lot description.

(b) Many Lots are of an age or nature which precludes their being in pristine condition and some descriptions in the catalog make reference to damage and/or restoration. Such information is given for guidance only and the absence of such a reference does not imply that a Lot is free from defects nor does any reference to particular defects imply the absence of others;

(c) Buyers must satisfy themselves as to all matters referred to in (a) and (b) above by inspection or otherwise prior to the date of the auction. The attention of Buyers is also drawn to the Explanation of Cataloguing Practice (if any) contained in the catalog.

11. Exclusion of Warranties

(a) No error or misdescription or deficiency in quantity shall vitiate the sale and the Buyer shall be bound to take delivery of the Lot without any allowance or abatement in price.

(b) All Lots are sold "as is" and BUNDA and the Vendor make no representations or warranties as to any Lot other than those implied by the Common Law or by statute, the exclusion of which would render this Condition void or voidable or which would constitute an offense by the Auctioneer or the Vendor.

(c) Intending bidders must satisfy themselves by inspection or otherwise as to the nature of the Lot and must accept same with all faults, patent or latent (if any).

(d) No warranty shall be implied from any affirmation made at the auction or otherwise but in all cases where an express warranty is intended, the same shall only be enforceable if reduced to writing and signed by the Vendor or by the Auctioneer as agent for the Vendor.

12. Guarantee
(a)

If (1) within twelve (12) days of the date of the auction BUNDA receives notice in writing from the Buyer of any Lot that in their view the Lot is a Forgery,

(2) within six (6) days of such notice, the Buyer returns the Lot to BUNDA in the same condition as at the date of the auction, and

(3) within a reasonable time thereafter, the Buyer satisfies BUNDA that the Lot is a Forgery and that the Buyer is able to give a good and marketable title of the Lot free of any liens or encumbrances, then BUNDA will set aside the sale and refund to the Buyer any amount paid for the Lot.

(b) Provided that the Buyer shall have no rights under this Condition if:

(1) he or she does not give the notice in writing within twelve (12) days as specified in Clause 12(a) (1),

(2) the catalog description at the date of the auction was in accordance with the then generally accepted opinions of scholars or experts or fairly indicated that there was a conflict of such opinion, or

(3) it can be established that the Lot is a Forgery only by means of a scientific process not generally accepted for use until after the date of the auction or by means of a process which as at that date was unreasonably expensive or impractical or likely to have caused damage to the Lot;

(c) The Buyer shall not be entitled to claim under this Condition for more than the amount paid by him for the Lot and in particular shall have no claims for any loss, consequential loss or damage, whether direct or indirect, suffered by him.

(d) The benefit of this Condition shall not be assignable and shall rest solely and exclusively in the Buyer who shall be the person to whom the original invoice was made out by BUNDA in respect of the Lot when sold and who has since the auction retained uninterrupted and unencumbered ownership thereof.

(e) In the event of a dispute under this Condition then the matter shall be settled by arbitration, the Arbitrator to be nominated by the President of the Appraiser’s Association of America. Both the Buyer and the Vendor agree to be bound by that decision.

13. Agreement for Sale and Payment of Purchase Price

Upon the sale of a Lot, the Buyer shall:

(a) unless he has already done so, give to BUNDA their name and address, and, if so required by BUNDA, proof of their identity and details of their bank or other suitable references,

(b) sign the agreement for sale (if any);

(c) immediately prior to leaving the auction sale; pay or make arrangements to pay BUNDA the Purchase Price. Payment shall be made in US dollars either in cash, by bank check or by telegraphic transfer direct to BUNDA. Personal checks may be accepted at the discretion of BUNDA but, unless prior arrangements have been made, must be cleared before delivery of the Lot.

(d) The Auctioneer may at their discretion require immediate payment or part payment of the Purchase Price in cash or otherwise upon the fall of the hammer.

14. Responsibility for purchased Lots

A purchased Lot shall be at the Buyer’s risk in all respects from the fall of the hammer whether or not payment has been made and neither BUNDA nor the Vendor shall thereafter be liable for any loss or damage of any kind, whether caused by negligence or otherwise, notwithstanding that any Lot is in or under BUNDA custody or control at the time of the occurrence of the loss or damage.

15. Collection of Purchases

(a) The property in a Lot shall not pass to the Buyer until the Purchase Price has been paid in full and until all checks given on account of same have been cleared.

(b) No Lot may be taken away during the auction nor may any Lot be taken away until the Purchase Price has been paid in full.

(c) The Buyer shall remove at their expense any Lot purchased by him within two (2) working days from the date of the auction or such other time as may be specified or agreed to by BUNDA and in this regard time shall be of the essence.

(d) Any removal shall be at the risk of the Buyer and, in such removal, the Buyer shall do no damage or shall forthwith make good any damage which may be occasioned.

(e) Any Lot or part thereof which the Buyer does not remove may thereafter be removed by BUNDA or by some person firm or company engaged by BUNDA or the Vendor and/or stored at the place at which the auction took place or elsewhere. Such removal and/or storage (whether made for the safety of the goods or for the convenience of the Vendor or BUNDA or to enable resale of the Lot pursuant to Condition 15) shall be deemed to have been made by BUNDA at the request of the Buyer and all costs incurred by BUNDA or the Vendor in relation thereto shall be immediately payable by the Buyer to BUNDA who may sue for and recover the same as liquidated damages.

(f) Any packing and handling of purchased Lots by BUNDA is undertaken solely as a service to Buyers, and will only be undertaken at BUNDA discretion and at the Buyer’s risk. BUNDA shall not be liable in any event for any damage to glass or frames, irrespective of cause. BUNDA shall not be liable for any errors or omissions or damage caused by packers and shippers that BUNDA has recommended to Buyers.

(g) No Buyer shall resell or otherwise deal with any Lot or part thereof within the auction premises.

16. Remedies for non-payment or failure to collect purchases

(a) If a Buyer fails either to pay for or to take away any purchased Lot within two (2) working days of the auction or such other period as is specified at the auction or subsequently agreed to or any check given on account of the Purchase Price is dishonored, BUNDA shall, without further notice to the Buyer and in its absolute discretion and without prejudice to any other rights or remedies it may have, and without being bound to give any notice, be entitled to exercise one or more of the following rights or remedies:

(1) to absolutely forfeit any moneys which the Buyer may have paid;

(2) to issue proceedings against the Buyer for damages for breach of contract;

(3) to rescind the sale of that or any other Lot sold to the Buyer at the same or at any other auction;

(4) to resell the Lot or cause it to be resold by auction or private sale. Any deficiency in the Purchase Price resulting from such resale (after giving credit for any payment made) together with the full costs incurred in connection with the resale (including commission and Expenses) shall be payable to BUNDA by the Buyer and any surplus (if any) over the Proceeds of Sale of the initial sale shall belong to BUNDA;

(5) to store the Lot or cause it to be stored whether in its own premises or elsewhere at the sole expense and risk of the Buyer, and to release the Lot only after payment in full of the Purchase Price together with Expenses accrued and all other costs incurred in connection with the Lot;

(6) to charge interest on the Purchase Price and Expenses at the Published Rates calculated on a daily basis to the extent that they remain unpaid in part or in full for more than two (2) days from the date of the auction;

(7) to retain the Lot or any other Lot sold to the Buyer at the same or any other auction and release the same only after payment of the Purchase Price and accrued Expenses;

(8) to apply any moneys at any time due and/or any Proceeds of Sale of any Lot then due or at any time thereafter becoming due to the Buyer by BUNDA or the Vendor towards settlement of the Purchase Price and Expenses;

(9) to exercise a lien on any property of the buyer which is in BUNDA possession for any purpose;

(10) to apply any payments by the Buyer to BUNDA or any credits due by BUNDA to the Buyer towards any sums owing from the Buyer to BUNDA or to any associated company of BUNDA without regard to any directions of the Buyer or their agent, whether express or implied.

(b) Without limiting the generality of the foregoing, BUNDA shall be entitled to recover from the Buyer:

(1) the amount of any Vendors commission and Buyers Premium upon the purchase which the Buyer did not complete, as determined in accordance with the Published Rates.

(2) such sum for Expenses incurred by the Auctioneer in connection with or incidental to the auction or the resale, and

(3) where applicable, any sales tax, or any other tax or charge relating to or arising from the sale of the Lot.

(c) Should the same Buyer purchase more than one Lot at the same sale, then BUNDA may at any time elect to treat each contract as interdependent with the others and default under any one contract shall constitute default under any or all of the others.

17. Auctioneer not Liable for Damage Loss or Injury

All persons attending an auction do so at their own risk and the auctioneer shall not be liable for any damage, loss or injury to person or property suffered for any cause whatsoever at any auction except insofar as the damage, loss or injury is caused by the direct negligence of BUNDA.

18. Law of these Conditions

These Conditions of Business shall be governed by and construed in accordance with the law of the State in which the sale has been conducted and all parties concerned hereby submit to the exclusive jurisdiction of that State’s Courts.

19. Sale by Private Treaty

Where applicable these Conditions shall apply where relevant to either a sale by auction or by private treaty.

20. Notices

Any notice given hereunder shall be in writing and if given by post shall be deemed to have been duly received by the addressee in the ordinary course of post.

INTERPRETATION CLAUSE

In these Conditions of Business the following words and expressions shall have the following meanings:

Auctioneer R.M.Bunda, Limited, R.M.Bunda (NYC Licensed Auctioneer #0919611) its servants and agents except that where the context so permits it shall include the person actually conducting the auction sale on behalf of R.M.Bunda, Limited

Buyers Premium The premium payable to BUNDA by the Buyer based on a percentage of the Hammer Price as published.

Expenses All expenses reasonably and necessarily expended by BUNDA on behalf of the Vendor including but not limited to cartage, photographs, repairs, insurance and check issuing costs together with a handling fee not exceeding 20% of the item of expense. In addition storage expenses on uncollected Lots will be charged for at Commercial rates.

Forgery A Lot made or substantially made with an intention to deceive as to authorship, origin, date, age, period, culture or source which is not shown to be such in the description in the catalog and which at the date of the auction had a value materially less that it would have had if it had been in accordance with the description

Hammer Price The price at which a Lot is knocked down to the Buyer at the auction or the gross sale price, without deduction, if the Lot is sold by private treaty.

BUNDA R.M.Bunda, Limited Pty. trading as BUNDA and its employees and agents.

Lot Any item deposited with BUNDA, whether on its premises or elsewhere, with a view to its sale by auction and, in particular, the item or items described against any Lot number in any catalog. This phrase also includes the word "goods".

Proceeds of Sale The net amount due to the Vendor on the sale of a Lot being the Hammer Price less Vendors Commission and Expenses, and any other amounts due to BUNDA or to any associated company of BUNDA from the Vendor in whatever capacity and howsoever arising.

Reserve Price The value which is agreed to by BUNDA and the Vendor in writing as the minimum price for which a Lot will be sold.

Vendor Includes each and every one of the owners of a Lot and the person or company instructing the Auctioneer to offer that Lot for sale and where more than one jointly and severally

Vendors Commission The commission due to BUNDA from the Vendor on the sale or attempted sale of a Lot.

Highlights of Past Sales