Strauss & co - 8 June 2019, Johannesburg

3 CONDITIONS MAINLY CONCERNING SELLERS 3.1 Strauss & Co’s powers  3.1.1   The seller irrevocably instructs Strauss & Co to offer for sale at an auction all objects submitted for sale by the seller and received and accepted by Strauss & Co and to sell the same to the relevant buyer of the lot of which those objects form part, provided that the bid or offer accepted from that buyer is equal to or higher than the reserve (if any) on that lot (subject always to 3.1.3) , all on the basis set out in these general conditions of business.The seller further irrevocably permits Strauss & Co to bid for any lot of which any of those objects form part as agent for one or more intending buyers.  3.1.2   Strauss & Co are authorised to retain any objects not sold on auction for a period of seven days after the auction for the possible sale of such objects by Strauss & Co by way of private treaty or otherwise pursuant to 3.1.3.  3.1.3   If any object submitted for sale by the seller and received and accepted by Strauss & Co in accordance with 3.1.1 was unsold on auction, and if Strauss & Co receives a bid or offer from a buyer, then Strauss & Co may proceed to sell same (taking into account the deduction of the applicable seller’s commission and recoverable expenses for which the seller is liable), whether by private treaty or otherwise, after contacting the seller and obtaining confirmation from the seller to do so.  3.1.4   Strauss & Co and the auctioneer each has the right, at his absolute discretion, to offer an object referred to above for sale under a lot, to refuse any bid or offer, to divide any lot, to combine two or more lots, to withdraw any lot from an auction, to determine the description of lots (whether in any catalogue or other- wise), to store accepted objects at the auction premises or any other location as he may deem fit and whether or not to seek the opinion of experts.  3.1.5   Strauss & Co shall not be under any obligation to disclose the name of the buyer to the seller, save for the circumstances contemplated elsewhere in these general conditions of business. 3.2 Estimated selling range and descriptions  3.2.1   Any estimated selling range provided by Strauss & Co to the seller is a mere statement of opinion and should not be relied upon as a true reflection of the hammer price which a lot may achieve at a sale. Strauss & Co reserves the right to revise the estimated selling range at any time and will advise the seller accordingly.  3.2.2   The seller acknowledges that Strauss & Co is entitled to rely on the accuracy of the description of a lot as provided by or on behalf of the seller.  3.2.3   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, engaged in intentional mislead- ing or deceptive conduct.  3.2.4   Where a seller insists on estimate or reserve that is higher than those provided by Strauss & Co specialists and not in line, in the opinion of Strauss & Co (in its absolute discretion), with market-related values, Strauss & Co reserves the right to charge a ‘bought-in’or ‘unsold fee’, in addition to the recovery of all expenses (including, but not limited to, photography, insurance and catalogue costs) incurred by Strauss & Co in respect of such lot. 3.3 Warranties of the seller  3.3.1   The seller warrants to Strauss & Co and to the buyer that: 3.3.1.1   he is the true owner of all objects submitted for sale and/or is properly authorised by the true owner to do so, and that he is able to transfer good and marketable title to all such objects, free from any encumbrances and other third party claims, to the buyer of the lot of which those objects form part; 3.3.1.2   he has complied with all requirements, legal or other- wise, in relation to the sale and any export or import of the lot, if applicable, and has notified Strauss & Co in writing of any failure by third parties to comply with such requirements in the past; 3.3.1.3   the lot and any written provenance given by the seller are authentic; 3.3.1.4   the lot is fit for its purpose and safe if used for the purpose for which it was designed and is free from any defect not obvious on external inspection; and 3.3.1.5   to the extent that the seller required any approval, licence, consent, permit or clearance by law to be in possession of any lot or for the sale of any lot, he is in possession of a valid approval, licence, consent, permit and clearance.  3.3.2   Notwithstanding any other provision of these general conditions of business, none of the seller, Strauss & Co, its servants or agents is responsible for errors of descrip- tion or for the authenticity of any lot, and no warranty whatever is given by Strauss & Co, its servants or agents, or any seller to any buyer in respect of any lot (save insofar as the seller is concerned as set out in 3.1.1) , and all express or implied conditions or warranties are hereby excluded.  3.3.3   The seller of any object forming part of a lot not held by Strauss & Co at the auction premises warrants and undertakes to Strauss & Co and the buyer that the relevant object will be available and in a deliverable state on demand to the buyer.  3.3.4   The seller agrees to indemnify and keep indemnified Strauss & Co and the buyer against any loss or damage suffered by either in consequence of any breach of any warranty in these general conditions of business.  3.3.5   The seller agrees that Strauss & Co may, at its absolute discretion refuse to sell any object submitted for sale, ir- respective of any previous acceptance to sell.The seller further accepts that Strauss & Co is under no obligation to provide reasons in relation to the refusal thereof. 3.4 Commission and expenses  3.4.1   Seller’s commission, calculated at the applicable current rate of the hammer price, shall be payable by the seller to Strauss & Co in respect of the sale of each lot comprising one or more objects submitted by the seller for sale.The seller acknowledges that Strauss & Co may also receive a buyer’s premium and other fees for or in respect of that lot.Without derogating from the seller’s obligation to pay the seller’s commission and any recoverable expenses for which the seller is liable, the seller irrevocably authorises Strauss & Co to 249