Strauss & co - 8 June 2019, Johannesburg

deduct from the hammer price of any lot the seller’s commission and all such recoverable expenses for which the seller is liable.  3.4.2   Strauss & Co may deduct and retain the seller’s commission and the recoverable expenses for which the seller is liable from the amount paid by the buyer for the lot as soon as the purchase price, or part of it, is received and prior to the sale proceeds being paid to the seller. 3.5 Reserve  3.5.1   All lots will be sold without reserve or minimum price unless a reserve has been placed on a lot, in which event such lot will be offered for sale subject to the reserve. A reserve shall only be placed on a lot if agreed in writing between the seller and Strauss & Co prior to the auction. A reserve, once placed on a lot, may not be changed by the seller without the prior written consent of Strauss & Co. Should Strauss & Co consent to an increase of the reserve on a lot, Strauss & Co reserves the right to charge the seller an additional offer fee as the object may not be sold on auction as a result of the increased reserve.  3.5.2   Where a reserve has been placed on a lot, only the auctioneer may bid on behalf of the seller.  3.5.3   Where a reserve has been placed on a lot and the auctioneer is of the opinion that the seller or any person acting as agent of the seller may have bid on the lot, the auctioneer may knock down the lot to the seller without observing the reserve and the seller shall pay to Strauss & Co the buyer’s premium and all expenses for which the buyer is liable in addition to the seller’s commission and all expenses for which the seller is liable.  3.5.4   Where a reserve has been placed on a lot, Strauss & Co may, at its option, still sell a lot at a hammer price below the reserve, provided that the sale proceeds to which the seller is entitled will be the same as they would have had the sale been at the reserve.Without limiting the generality of the foregoing, where Strauss & Co does sell a lot below reserve, Strauss & Co reserves the right to adjust its seller’s commission charge/ rate accordingly to ensure that the seller is paid the correct proceeds it would have, had the sale been at the reserve.  3.5.5   Should no reserve have been placed on a lot, Strauss & Co shall not be liable if the purchase price of the lot is less than the estimated selling range. 3.6 Insurance  3.6.1   Unless Strauss & Co and the seller have otherwise agreed in writing, Strauss & Co will insure all objects consigned to it or put under its control for sale and may, at its discretion, insure property placed under its control for any other purpose for as long as such objects or property remain at Strauss & Co’s premises or in any other storage depot chosen by them.  3.6.2   The sum for which Strauss & Co so insures any object shall not be construed as a warranty or representation by Strauss & Co as to the value thereof.   3.6.3   If any payment is made to Strauss & Co under the said insurance, in the event of loss or damage to any object, Strauss & Co shall pay such amount to the seller after deduction of the seller’s commission and expenses incurred by them.  3.6.4   In the event the seller instructs Strauss & Co not to insure a lot or property submitted for sale, it shall at all times remain at the risk of the seller. In such an event, the seller undertakes to: 3.6.4.1   indemnify Strauss & Co against all claims made or pro- ceedings brought against them in respect of damage or loss to the lot of whatsoever nature and howsoever arising and in all circumstances, even when negligence is alleged or proved; 3.6.4.2   reimburse Strauss & Co on demand for all costs, payments or expenses made or incurred in connection herewith. All payment made by Strauss & Co in connection with such loss, damage, payments, costs or expenses shall be binding on the seller as conclusive evidence thereof that Strauss & Co was liable to make such payment; and 3.6.4.3   notify any insurer of the existence of the indemnity contained herein. 3.7 Payments for the proceeds of sale  3.7.1   Strauss & Co shall only be liable to remit the sale pro- ceeds of a lot to the seller thereof on the later of thirty days after the date of the sale of that lot or seven days after the date on which the full purchase price for that lot has been received by Strauss & Co in cleared funds.  3.7.2   If the buyer of a lot fails to pay the total amount due to Strauss & Co within forty eight days after the date of sale of that lot, Strauss & Co shall give notice of this to the seller of that lot and shall request the seller’s written instructions as to the appropriate course of action to be followed. Should Strauss & Co deem it so appropriate, Strauss & Co will assist the seller to recover the total amount due from the buyer. Should no written instructions be forthcoming from the seller within seven days after request, the seller hereby authorises Strauss & Co, at Strauss & Co’s absolute discretion but at the seller’s expense: 3.7.2.1   to agree terms for payment of the total outstanding amount; 3.7.2.2   to remove, store and insure the lot sold; 3.7.2.3   to settle any claim by or against the buyer on such terms as Strauss & Co in their absolute discretion deem fit; 3.7.2.4   to take such steps as Strauss & Co in their absolute discretion consider necessary to collect monies due to the seller from the buyer; and 3.7.2.5   if necessary, to rescind the sale and refund any monies to the buyer.  3.7.3   Should Strauss & Co pay an amount equal to the sale proceeds to the seller before having received full pay- ment of the purchase price from the buyer, ownership of the lot shall pass to Strauss & Co.  3.7.4   If the sale of any lot is rescinded, set aside or cancelled by an action of the buyer, and Strauss & Co has accounted to the seller for the sale proceeds, the seller shall immediately refund the full sale proceeds to Strauss & Co, who will in turn refund the purchase price to the buyer and make the lot available to the seller for collection. Any annulment, rescission, cancellation or nullification of the sale shall not affect the seller’s obligation to pay the commission to Strauss & Co and/ or to reimburse any expenses incurred by Strauss & Co. 250