CONDITIONS OF SALE

THESE CONDITIONS OF SALE together with any terms and conditions set out in a consignment form constitute the entire agreement with the Buyer with respect to any lots listed for sale in the catalogue. Amendment to the catalogue descriptions may be made verbally during the course of auction or by appropriate posted notices. By bidding at auction, you shall be bound by the conditions set out below.

1. WITHDRAWAL OF PROPERTY

Without any prior notice to the Vendor, Menzies Art Brands Pty Ltd reserves the right to withdraw from sale the property or to have the property listed at any auction.

2. CONTROL OF AUCTION

Menzies Art Brands Pty Ltd will have absolute discretion to determine the successful bidder should a dispute arise between the bidders and this includes the power to reject any bid, to cancel the sale or to re-offer the property in dispute.

3. LOTS SUBJECT TO RESERVE

All lots may be subject to a reserve price which Menzies Art Brands Pty Ltd shall act to maintain by bidding through the Auctioneer. The Auctioneer may place a bid on behalf of the Vendor and continue to bid until the reserve is reached. The reserve price is strictly confidential between Menzies Art Brands Pty Ltd and the Vendor.

4. ABSENTEE OR COMMISSION BIDS

Menzies Art Brands Pty Ltd may accept any bid in the absence of the bidder whether by facsimile or telephone, however with respect to all such bids, Menzies Art Brands Pty Ltd accepts no responsibility to errors or omissions in connection with their execution.

5. PROPERTY SOLD AS IS

All property is sold without any warranty or representation. Menzies Art Brands Pty Ltd is not responsible for any errors or omissions in the catalogue.

6. PURCHASE PRICE DEFINED

The purchase price payable by the Purchaser shall be the hammer price plus the buyer’s premium together with any Goods and Services Tax. The buyer’s premium is 20% of the final bid price.

7. G.S.T.

“G.S.T.” means the goods and services tax imposed by the A New Tax System (Goods and Services Tax) Act 1999 (Com) (as amended).

i.Menzies Art Brands Pty Ltd will sell the Property to be auctioned on a G.S.T. exclusive basis. The hammer price will therefore be exclusive of any G.S.T. payable. Menzies Art Brands will invoice the Purchaser for the hammer price, buyer’s premium and the applicable G.S.T. Menzies Art Brands will account to the Vendor for the G.S.T. payable on the hammer price actually recovered from the Purchaser. The Vendor will be responsible to pay the G.S.T to the Australian Tax Office.

ii.The Purchaser must carefully assess whether input tax credits for any G.S.T. paid in addition to the hammer price will be available. We recommend you contact your accountant or lawyer on this question.

iii.Menzies Art Brands Pty Ltd will mark its sale catalogue with a black diamond symbol against each lot declared to be subject to G.S.T. on sale. The Purchaser shall be responsible to pay G.S.T. on the hammer price for lots marked with a black diamond as a “taxable supply”.

iv.Menzies Art Brands Pty Ltd will provide the Purchaser with a valid “tax invoice” if G.S.T. is assessable on the sale.

v.Any overseas buyer eligible for exemption from G.S.T. must produce satisfactory proof to Menzies Art Brands Pty Ltd that the property has or will leave the country as an export within 60 days of its purchase.

vi.No exemption for G.S.T. will apply to a buyer’s premium. G.S.T. will be charged by Menzies Art Brands Pty Ltd to the Purchaser on the Buyer’s Premium.

8. INSURANCE

i. Menzies Art Brands maintain their own insurance against their personal liability for risks arising from fire, theft following forcible entry and water damage (but not against accidental breakage or damage). The value of the Goods covered by Menzies Art Brands policy is restricted to the gross amount realised by sale, or in the case of unsold Goods, the best bid received at auction, or in the case of Goods withdrawn or otherwise held prior to a sale, Menzies Art Brands estimated auction realisation price;

ii. Menzies Art Brands own insurance will subsist until payment is made by the Buyer or, in the case of unsold Lots, until the expiry seven (7) days after notice from Menzies Art Brands sent by prepaid mail or facsimile to the Vendor's last known address or facsimile number requiring him to collect the same.

iii. A purchased Lot shall be at the Buyer's risk in all respects from date payment is due to Vendor whether or not payment has been made and neither Menzies Art Brands 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 Menzies Art Brands custody or control at the time of the occurrence of the loss or damage.

iv. Menzies Art Brands advise all Buyers to arrange for their own "all risks" insurance to cover their purchased goods effective from date of payment to protect their interests as Menzies Art Brands can not warrant that the Vendor has insured its interests in the goods and that Menzies Art Brands cover will extend to all risks.

v. Menzies Art Brands Pty Ltd does not accept responsibility for goods damaged by insect infestation or by changes in atmospheric conditions and Menzies Art Brands Pty Ltd shall not be liable for such damage not for any other damage to glass or to picture frames.

If a lot is damaged or destroyed after sale and Menzies Art Brands insurance company pays compensation which is then paid to or on behalf of a Buyer, the Buyers premium shall still be payable by the Buyer in addition to the final bid price calculated in accordance with the Published Rates.

9. PENALTY INTEREST

If the buyer fails to pay for the property within 7 days, or if extended payment terms have not been granted, penalty interest at the rate of 18% p.a., will be charged on the unpaid balance until paid.

10. COLLECTION OF PROPERTY SOLD

The Purchaser may only remove the goods from the Auction Room of Menzies Art Brands Pty Ltd once the property has been paid for in full. All lots sold must be removed from the premises of Menzies Art Brands Pty Ltd no later than 7 (seven) days from the date of sale. If the goods have not been removed by this deadline the goods may be transferred to a public warehouse or stored privately and all storage freight and other associated costs shall be to the Purchaser’s account.

11. HANDLING AND PACKAGING

Buyers should make own arrangements for shipping of goods including transit insurance. Menzies Art Brands will assist Buyers to identify Carriers who will undertake to handle goods at the Buyers direction. If Menzies Art Brands introduce Buyer to Packers or Shippers no recommendation is to be implied.

12. REMEDIES OF DEUTSCHER~MENZIES

If the buyer is in breach of any of the conditions of sale then Menzies Art Brands Pty Ltd may choose to take the following action:—

i. Cancel the sale, retaining as liquidated damages any payment made by the buyer.

ii. Re-sell the property without any minimum price at the next auction of Menzies Art Brands Pty Ltd or privately on 5 (five) days notice to the Buyer.

iii. Take any other action Menzies Art Brands Pty Ltd may deem necessary.

The remedies set out above are in addition to any other remedies Menzies Art Brands Pty Ltd may have either at common law or equity and any deficiency that may exist between the purchase price and the price paid upon re-sale shall be to the account of the defaulting buyer including all costs and expenses, warehousing and expenses of both sales and Solicitors costs on a Solicitor/Client basis.

In the event a defaulting buyer has made a part payment Menzies Art Brands Pty Ltd reserves the right to apply such payment to any such lots at its sole discretion. Any defaulting buyer will also be deemed to have granted us a security interest in any property that is in the custody of Menzies Art Brands Pty Ltd

13. BUYER’S REMEDIES

The buyer acknowledges that Menzies Art Brands Pty Ltd under no circumstances shall be responsible for any indirect or consequential loss or damage including loss of profits for any acts or omissions that have occurred before during or after the course of an auction. The buyer acknowledges that its damages shall be limited to the original purchase price paid for the lot.

14. CHOICE OF LAW

By bidding at an auction whether present, in person or by agent or by absentee bid, the buyer shall be deemed to have consented to the exclusive jurisdiction of the Courts of the State in which the Auction is conducted.

15. REFUND IN CASE OF FORGERY

In the event of proven forgery Menzies Art Brands Pty Ltd will refund to the buyer the purchase price of the lot. This refund will only occur provided the following conditions are met:

i. The buyer must produce evidence from two independent experts who both agree that the lot is a forgery. Menzies Art Brands Pty Ltd reserves the right to request further expert evidence if, in its sole discretion, it is not satisfied with the findings of either expert.

ii. The buyer must provide written notification to Menzies Art Brands Pty Ltd within 4 (four) years of the auction date of the forgery allegations.

iii. The buyer must return to Menzies Art Brands Pty Ltd the allegedly unauthentic lot within 14 (fourteen) days of notifying Menzies Art Brands Pty Ltd of any lack of authenticity.

No refund will occur if there is any conflict of opinion among accepted experts in the field or if it can be demonstrated that the lot is a forgery only by means of scientific process that could damage or otherwise jeopardise the condition of the lot and which scientific techniques were not commonly employed until after the publication of the catalogue.

This guarantee is for the benefit of the buyer only and cannot be assigned. Such buyer must have remained the owner of the property without disposing of any interest in it to any third party up until the time the alleged forgery was discovered.

16. INTEREST OF MENZIES ART BRANDS IN PROPERTY CONSIGNED FOR SALE

If Menzies Art Brands Pty Ltd is the owner in whole or in part of any lot that has been offered for sale, then these lots will be identified with a red triangle symbol next to the lot number.

17. EXPORT LICENCE

Any application for an export license by the buyer pursuant to any of the following:

1. The Movable Cultural Heritage Act (1986); and

2. The Wildlife Protection (Regulations of Exports and Imports) Act 1982; and

3. Any other legislation or regulations that may prohibit the movement of or export of a lot from State to State or Territory and/or out of the Commonwealth of Australia;

shall not affect the obligations of the buyer to make payment to Menzies Art Brands Pty Ltd within the time stipulated by these conditions. Unless there is an express written agreement by Menzies Art Brands Pty Ltd to make an application for an export license on his or her behalf, then all disbursements and out of pocket expenses that relate to such an application shall be to the buyer’s account.