Strauss & co - 8 June 2019, Johannesburg

1.20    ‘seller’ means the person named as the seller of any lot, being the person that offers the lot for sale;  1.21    ‘seller’s commission’ means the commission payable by the seller to Strauss & Co on the sale of a lot that is calculated on the hammer price of that lot at the relevant current rate; and  1.22    ‘VAT’ means value added tax levied in terms of theVal- ue AddedTax Act, 1991 including any similar tax which may be imposed in place thereof from time to time. 2 CONDITIONS MAINLY CONCERNING BUYERS 2.1 The buyer    2.1.1   Any dispute of whatever nature about any bid or about the identity of the buyer (including without limitation any dispute about the validity of any bid, or whether a bid has been made, or any dispute between two or more bidders or between the auctioneer and one or more bidders) shall be determined at the auctioneer’s absolute discretion.    2.1.2   Every bidder shall be deemed to act as principal unless, prior to the commencement of any auction, Strauss & Co is provided with a written acknowledgement from a third party in respect of whom a particular bidder is acting as agent, which acknowledgement must (i) identify the third party principal; (ii) be accompanied by all relevant information and documentation referred to below in respect of that third party principal as if that third party principal were to register as a bidder; (iii) confirm that that particular bidder is acting on behalf of that third party principal; (iv) be signed by that third party principal; and (v) otherwise be in a form and substance acceptable to Strauss & Co.    2.1.3   All bidders wishing to make bids or offers in respect of any lot must complete a bidder registration form prior to that lot being offered for sale, which registration form will include an acknowledgement by the bidder that he is acquainted with and bound by these general conditions of business. Bidders shall be personally liable for their bids and offers made during any auction and shall be jointly and severally liable with their principals if acting as agent.    2.1.4   The following information must accompany the bidder registration form  (i)   for individuals: photo identification (driver’s licence, national identity card, or passport) and, if not shown on the ID document, proof of current address (for example, a current utility bill or bank statement);  (ii)   for corporate clients: certificate of incorporation, memorandum of incorporation or equivalent docu- ment(s) showing the name and registered address together with documentary proof of directors and beneficial owners; and (iii)   for trusts, partnerships, offshore companies and other business structures: please contact us in advance to discuss our requirements. Prospective bidders who have not previously registered with Strauss & Co are required to register at least twenty four hours before the auction commences, and pay a R5000 holding deposit.    2.1.5   Bidders are advised to attend any auction at which a lot is to be sold by auction sale, but Strauss & Co will endeavour to execute absentee written bids and/or telephone bids, provided they are, in Strauss & Co’s absolute discretion, received in sufficient time and in legible form.When bids are placed by telephone before an auction they are accepted at the sender’s risk and must, if so requested by Strauss & Co, be confirmed in writing to Strauss & Co before commencement of the auction. Persons wishing to bid by telephone during the course of an auction must make proper arrangements with Strauss & Co in connection with such telephonic bids at least twenty four hours before the commence- ment of the auction. As telephone bids cannot be entirely free from risk of communication breakdown, Strauss & Co will not be responsible for losses arising from missed bids.Telephone bidding may be recorded and all bidders consent to such recording.    2.1.6   If Strauss & Co agrees, as a convenience to a client, to execute a bid as a buyer, Strauss & Co will not be responsible for failing to execute the bid, or executing such bid strictly in accordance with the client’s instruc- tions (including but not limited to computer-related errors). In doing so, Strauss & Co will endeavour to purchase the relevant lot for the lowest possible price, taking into account the reserve and other bids. If identical bids are left, Strauss & Co will give precedence to the first bid received. 2.2 Examination of lots    2.2.1   It is the responsibility of all prospective buyers to exam- ine and satisfy themselves as to the condition of each lot prior to the auction, and that the lot matches any oral or written description provided by the seller and/ or Strauss & Co. All illustrations of a lot in any catalogue are intended merely as guidance for bidders and do not provide definitive information as to colours, patterns, condition or damage to any lot. Strauss & Co does not guarantee the working order of clocks and watches and cannot be held responsible for any losses which may be incurred. Strauss & Co cannot be held liable for any synthetic stones or the condition of any wine offered.    2.2.2   Strauss & Co shall not be liable for any error, misstate- ment or omission in the description of a lot (whether in any catalogue or otherwise), unless Strauss & Co, its employees or agents, are engaged in intentional misleading or deceptive conduct.    2.2.3   In bidding for any lot, all bidders confirm that they have not been induced to make any bid or offer by any representation of the seller or Strauss & Co. 2.3 Exclusions and limitations of liability to buyers    2.3.1   If a lot sold to a buyer proves to be a forgery (which will only be the case if an expert appointed by Strauss & Co for such purpose confirms same in writing), the buyer may (as his sole remedy hereunder or at law) return the lot to Strauss & Co within three hundred and sixty five days of the date of the sale of that lot in the same condition in which it was as at the date of sale, together with a written statement by the buyer detailing the defects to the lot, the date of the sale and the number of the lot. Should Strauss & Co be satisfied in its absolute discretion that the lot is a forgery and that the buyer is capable of transferring good and marketable title to the lot to a third party purchaser thereof, free from any encumbrances and other third party claims, the sale of that lot shall be set aside and the hammer price of that lot shall be refunded to the buyer, provided 246