CONDITIONS OF SALE
The Conditions of Sale set forth below govern the relationship between bidders and buyers, on the one hand, and Cosmoscow International Contemporary Foundation for contemporary art (hereinafter – Cosmoscow), on the other hand. All prospective buyers should read these Conditions of Sale carefully before bidding.
By bidding at the auction, whether in person, through an agent, by written bid, by telephone bid or other means, bidders and buyers agree to be bound by these Conditions of Sale, as so changed or supplemented.
These Conditions of Sale, as so changed or supplemented, contain all the terms on which Cosmoscow contract with the buyer.
1. GENERAL PROVISIONS
Lots offered at the auction are sold by the current owner of the work. The contract for the sale of the property is therefore made between the buyer and the current owner of the work of art with the support of Cosmoscow.
The auction is held in benefit of the «COSMOSCOW» Foundation for support of Contemporary Art (hereinafter – Foundation)
2. CATALOGUE DESCRIPTIONS AND CONDITION OF PROPERTY
Lots are sold at the time of the sale on the following basis:
(a) The knowledge of Cosmoscow in relation to each lot is partially dependent on information provided to us by the current owner of the works of art, and we are not able to and do not carry out exhaustive due diligence on each lot. Prospective buyers acknowledge this fact and accept responsibility for carrying out inspections and investigations to satisfy themselves as to the lots in which they may be interested.
(b) Each lot offered for sale is available for inspection by prospective buyers prior to the auction. All dimensions are approximate. Illustrations are for identification purposes only and cannot be used as precise indications of size or to convey full information as to the actual condition of lots.
(c) Information provided to prospective buyers in respect of any lot, including any pre-sale estimate, whether written or oral, and information in any catalogue, condition or other report, commentary or valuation, is not a representation of fact but rather a statement of opinion. Any pre-sale estimate may not be relied on as a prediction of the selling price or value of the lot and may be revised from time to time by Cosmoscow in our absolute discretion. Cosmoscow shall not be liable for any difference between the pre-sale estimates for any lot and the actual price achieved at auction or upon resale.
3. BIDDING AT AUCTION
(a) Cosmoscow have absolute discretion to refuse admission to the auction or participation in the sale. All bidders must register for a paddle prior to bidding, supplying such information and references as required.
(b) As a convenience to bidders who cannot attend the auction in person, Cosmoscow may, if so instructed by the bidder, execute written absentee bids on a bidder's behalf. Absentee bidders are required to submit bids on the "Bid Form," a copy of which is available from Cosmoscow. Bids must be placed in the currency of the sale. The bidder must clearly indicate the maximum amount he or she intends to bid. Our staff will attempt to execute an absentee bid at the lowest possible price taking into account the reserve and other bidders. In the event of identical bids, the earliest bid received will take precedence. In the event of identical absentee bid and bid in the room, bid in the room will take precedence.
(c) Telephone bidders are required to submit bids on the "Bid Form," a copy of which is available from Cosmoscow. Telephone bids may be recorded and, by bidding on the telephone, a bidder consents to the recording of the conversation.
(d) Arranging absentee and telephone bids is a free service provided by Cosmoscow to prospective buyers. While we undertake to exercise reasonable care in undertaking such activity, we cannot accept liability for failure to execute such bids except where such failure is caused by our willful misconduct.
4. CONDUCT OF THE AUCTION
(a) Reserve price of a lot shall be the low pre-sale estimate at the time of the auction.
(b)The auctioneer has discretion at any time to refuse any bid, withdraw any lot, re-offer a lot for sale (including after the fall of the hammer) if he or she believes there may be error or dispute and take such other action as he or she deems reasonably appropriate. Cosmoscow shall have no liability whatsoever for any such action taken by the auctioneer. If any dispute arises after the sale, our sale record is conclusive.
(c) The auctioneer will commence and advance the bidding at levels and in increments he considers appropriate. The sale will be conducted in EURO.
(d) Subject to the auctioneer's reasonable discretion, the highest bidder accepted by the auctioneer will be the buyer and the striking of the hammer marks the acceptance of the highest bid and the conclusion of a contract for sale between the seller and the buyer.
(e) If a lot is not sold, the auctioneer will announce that it has been "passed," "withdrawn," "returned to owner" or "bought-in."
(f) Any post-auction sale of lots offered at auction shall incorporate these Conditions of Sale as if sold in the auction.
5. PURCHASE PRICE AND PAYMENT
(a) Hammer price shall be considered as a final price. No seller's commission or buyer's premium will be charged.
(b) Unless otherwise agreed, a buyer is required to pay for a purchased lot immediately following the auction. Payments must be made in Russian Rubles at the rate of the Central Bank of the Russian Federation on the day of the auction either by cash, credit card, check or wire transfer.
(c) Title in a purchased lot will not pass upon receipt the Purchase Price for that lot in cleared funds.
6. COLLECTION OF PROPERTY
(a) A lot to the buyer may be released after the payment is received of its Purchase Price in full in cleared funds. As soon as this is done, the buyer should contact Cosmoscow to arrange for collection of purchased property.
(b) The buyer must arrange for collection of a purchased lot within three days of the date of the auction. Promptly after the auction, we will transfer all lots to the warehouse.
Purchased lots are at the buyer's risk, including the responsibility for insurance, from the earlier to occur of (i) the date of collection or (ii) the date of payment, whichever is earlier.
(c) Cosmoscow will, at the buyer's expense, either provide packing, handling, insurance and shipping services or coordinate with shipping agents instructed by the buyer in order to facilitate such services. Any such instruction, whether or not made at Cosmoscow's recommendation, is entirely at the buyer's risk and responsibility, and Cosmoscow will not be liable for acts or omissions of third-party packers or shippers.
(d) If the buyer pays the Purchase Price but fails to collect a purchased lot within 3 days of the auction, Cosmoscow has the right to collect a storage fee for each day for each uncollected lot. Additional charges may apply to oversized lots. We will not release purchased lots to the buyer until all such charges have been paid in full.
7. REMEDIES FOR NON-PAYMENT
If the buyer without prior agreement fails to make payment of the Purchase Price for a lot in cleared funds within seven days of the auction, Cosmoscow may in its sole discretion exercise one or more of the following remedies:
(i) store the lot at the Cosmoscow premises or elsewhere at the buyer's sole risk and expense at the reasonable rates;
(ii) cancel the sale of the lot, retaining any partial payment of the Purchase Price as liquidated damages;
(iii) resell the lot by auction or private sale, with estimates and a reserve set at Cosmoscow's reasonable discretion, it being understood that in the event such resale is for less than the original price for that lot, the buyer will remain liable for the shortfall together with all costs incurred in such resale;
(iv) commence legal proceedings to recover the purchase price for that lot, together with interest and the costs of such proceedings.
8. LAW AND JURISDICTION
(a) Should any provision of these Conditions of Sale be held void, invalid or unenforceable for any reason, the remaining provisions shall remain in full force and effect. No failure by any party to exercise, nor any delay in exercising, any right or remedy under these Conditions of Sale shall act as a waiver or release thereof in whole or in part.
(b) The rights and obligations of the parties with respect to these conditions of sale, the conduct of the auction and any matters related to any of the foregoing shall be governed by and interpreted in accordance with laws of the Russian Federation, excluding its conflicts of law rules.