Strauss & co - 30 June 2014, Johannesburg

224 buyer at the sameor anyother auction;   2.7.3 to set offanyamountsowed to thebuyer byStrauss&Co against anyamountsowed toStrauss&Coby thebuyer for the lot;   2.7.4 to reject futurebids andoffersonany lot from thebuyer;   2.7.5 toproceedagainst thebuyer for damages;   2.7.6 to resell the lot or cause it tobe resoldbypublicauctionor private treaty,withestimates and reserves at Strauss&Co’s solediscretion, inwhichevent thebuyer shall be liable for any shortfall between theoriginal purchasepriceand theamount receivedon the resaleof the lot, includingall expenses incurredbyStrauss&Coand the seller in such resale;   2.7.7 toexercisea lienover and sell anyof thebuyer’sproperty inStrauss&Co’spossession, applying their saleproceeds toanyamountsowedby thebuyer toStrauss&Co;   2.7.8 to retain that or anyother lots sold to thebuyer at the same timeor at anyother auctionand to release such lots onlyafter payment of the total amount due;   2.7.9 todisclose thebuyer’sdetails to the seller toenable the seller to commence legal proceedings; 2.7.10 to commence legal proceedings; 2.7.11 to charge interest at a ratenot exceeding theprime rate plus 3%permonthon the total amount due to theextent that it remainsunpaidafter thedateof theauction; 2.7.12 if the lot ispaid for in full but remainsuncollectedafter forty fivedaysof theauction, following fourteendayswritten notice to thebuyer, to resell the lotbyauctionorprivate treaty,withestimatesand reservesat Strauss&Co’s sole discretion.The saleproceedsof such lot if so resold, lessall recoverableexpenses,will be forfeitedunlesscollectedby thebuyerwithin threemonthsof theoriginal auction. 3 CONDITIONSMAINLY CONCERNING SELLERS 3.1Strauss&Co’spowers 3.1.1The seller irrevocably instructs Strauss&Co tooffer for sale at anauctionall objects submitted for saleby the seller and receivedandacceptedbyStrauss&Coand to sell the same to the relevant buyer of the lot ofwhich those objects formpart, provided that thebidor offer accepted from that buyer is equal toor higher than the reserve (if any) on that lot (subject always to3.1.3), all on thebasis set out in thesegeneral conditionsof business. The seller further irrevocablypermits Strauss&Co tobid for any lot ofwhichanyof thoseobjects formpart as agent for oneor more intendingbuyers.  3.1.2Strauss&Coareauthorised to retainanyobjectsnot sold onauction for aperiodof sevendays after theauction for thepossible saleof suchobjectsbyStrauss&Cobywayof private treatyor otherwisepursuant to3.1.3.   3.1.3The seller further irrevocablyauthorises Strauss&Co to offer for salewhether byprivate treatyor otherwise, and without any further instructionor notification to the seller, within sevendays after theauction, all or any remaining objects submitted for saleby the seller and receivedand acceptedbyStrauss&Co inaccordancewith3.1.1,which objectswerenot soldonauction, provided that thebid or offer accepted from that buyer is equal toor higher than theamount that the sellerwouldhave receivedhad that lot been soldonauctionat the reserveon that lot taking intoaccount thedeductionof theapplicable seller’s commissionand recoverableexpenses forwhich the seller is liable.   3.1.4Strauss&Coand theauctioneer eachhas the right, at his absolutediscretion, tooffer anobject referred toabove for saleunder a lot, to refuseanybidor offer, todivide any lot, to combine twoormore lots, towithdrawany lot fromanauction, todetermine thedescriptionof lots (whether inany catalogueor otherwise), to storeaccepted objects at theauctionpremisesor anyother locationas hemaydeemfit andwhether or not to seek theopinion of experts.   3.1.5Strauss&Co shall not beunder anyobligation todisclose thenameof thebuyer to the seller. 3.2Estimated selling rangeanddescriptions   3.2.1Anyestimated selling rangeprovidedbyStrauss&Co to the seller is amere statement of opinionand shouldnot be relieduponas a true reflectionof thehammer price whicha lotmayachieveat a sale. Strauss&Co reserves the right to revise theestimated selling rangeat any time.   3.2.2The seller acknowledges that Strauss&Co isentitled to rely on theaccuracyof thedescriptionof a lot asprovidedbyor onbehalf of the seller.   3.2.3Strauss&Co shall not be liable for anyerror,misstatement or omission in thedescriptionof a lot (whether inany catalogueor otherwise), unless Strauss&Co, its employees or agents, engaged in intentionalmisleadingor deceptive conduct. 3.3Warrantiesof the seller   3.3.1The sellerwarrants toStrauss&Coand to thebuyer that: 3.3.1.1he is the trueowner of all objects submitted for saleand/ or isproperlyauthorisedby the trueowner todo so, and that he is able to transfer goodandmarketable title toall suchobjects, free fromanyencumbrances andother third party claims, to thebuyer of the lot ofwhich thoseobjects formpart; 3.3.1.2hehas compliedwithall requirements, legal or otherwise, in relation toanyexport or import of the lot, if applicable, andhasnotifiedStrauss&Co inwritingof any failureby thirdparties to complywith such requirements in thepast; 3.3.1.3 the lot andanywrittenprovenancegivenby the seller are authentic; 3.3.1.4 the lot is fit for itspurposeand safe if used for thepurpose forwhich itwasdesignedand is free fromanydefect not obviousonexternal inspection; 3.3.1.5 to theextent that the seller requiredanyapproval,licence, consent, permitor clearanceby law tobe inpossessionof any lotor for the saleof any lot, he is inpossessionof avalid approval, licence, consent, permit andclearance.   3.3.2Notwithstandinganyother provisionof thesegeneral conditionsof business, noneof the seller, Strauss&Co, its servantsor agents is responsible for errorsof descriptionor for theauthenticityof any lot, andnowarrantywhatever isgivenbyStrauss&Co, its servantsor agents, or any seller toanybuyer in respect of any lot (save insofar as the seller is concernedas set out in3.3.1), andall expressor implied conditionsorwarranties areherebyexcluded.   3.3.3. The seller of anyobject formingpart of a lot not held byStrauss&Coat theauctionpremiseswarrants and undertakes toStrauss&Coand thebuyer that the relevant objectwill beavailableand inadeliverable stateon demand to thebuyer.   3.3.4The seller agrees to indemnifyand keep indemnified Strauss&Coand thebuyer against any lossor damage sufferedbyeither in consequenceof anybreachof any warranty in thesegeneral conditionsof business. 3.4Commissionandexpenses   3.4.1Seller’s commission, calculatedat theapplicable current rateof thehammer price, shall bepayableby the seller to Strauss&Co in respect of the saleof each lot comprising oneormoreobjects submittedby the seller for sale. The seller acknowledges that Strauss&Comayalso receivea buyer’spremiumandother fees for or in respect of that lot.Without derogating from the seller’sobligation topay the seller’s commissionandany recoverableexpenses for which the seller is liable, the seller irrevocablyauthorises Strauss&Co todeduct from thehammer priceof any lot the seller’s commissionandall such recoverableexpenses forwhich the seller is liable.   3.4.2Strauss&Comaydeduct and retain the seller’s commission and the recoverableexpenses forwhich the seller is liable from theamount paidby thebuyer for the lot as soonas thepurchaseprice, or part of it, is receivedandprior to the saleproceedsbeingpaid to the seller. 3.5Reserve   3.5.1All lotswill be soldwithout reserveorminimumprice unless a reservehasbeenplacedona lot, inwhichevent such lotwill beoffered for sale subject to the reserve. A reserve shall onlybeplacedona lot if agreed inwriting between the seller andStrauss&Coprior to theauction. A reserve, onceplacedona lot,maynot be changedby the sellerwithout thepriorwritten consent of Strauss&Co. ShouldStrauss&Co consent toan increaseof the reserve ona lot, Strauss&Co reserves the right to charge the seller anadditional offer feeas theobjectmaynot be soldon auctionas a result of the increased reserve.   3.5.2Wherea reservehasbeenplacedona lot, only the auctioneermaybidonbehalf of the seller.   3.5.3Wherea reservehasbeenplacedona lot and the auctioneer isof theopinion that the seller or anyperson actingas agent of the sellermayhavebidon the lot, the auctioneermay knockdown the lot to the sellerwithout observing the reserveand the seller shall pay toStrauss &Co thebuyer’spremiumandall expenses forwhich the buyer is liable inaddition to the seller’s commissionandall expenses forwhich the seller is liable.   3.5.4Shouldno reservehavebeenplacedona lot, Strauss&Co shall not be liable if thepurchasepriceof the lot is less than theestimated selling range. 3.6. Insurance   3.6.1Unless Strauss&Coand the seller haveotherwiseagreed inwriting, Strauss&Cowill insureall objects,with the exceptionofmotor vehicles, consigned to it or put under its control for saleandmay, at itsdiscretion, insure propertyplacedunder its control for anyother purpose for as longas suchobjectsor property remainat Strauss &Co’spremisesor inanyother storagedepot chosenby them.   3.6.2The insurance referred toabove shall bearrangedat theexpenseof the seller, andwill be for theamount estimatedbyStrauss&Co tobe themid-rangeof the estimated sellingpriceas establishedbyStrauss&Co (or suchother valueagreedwith the seller) and shall subsist untilwhichever is theearlier of theownershipof the propertypassing from the seller or the seller or consignor becomingbound to collect theproperty. The sum for which theproperty is insuredbyStrauss&Co shall never be construedas awarrantyof Strauss&Coas to thevalue of theproperty.   3.6.3 If anypayment ismade toStrauss&Counder the said insurance, in theevent of lossor damage toanyobject, Strauss&Co shall pay suchamount to the seller after