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Westgate Walding Auctioneers Westgate Walding Auctioneers Monsoon Trading

BUYERS INFORMATION

Westgate as agent

Westgate acts only as agent for the Seller

The Buyer

The Buyer shall be the highest bidder acceptable to Westgate and Westgate shall have absolute discretion to settle any dispute. Every bidder shall be deemed to act as principle unless Westgate has, before the date of the auction, acknowledged in writing that the bidder is acting as agent on behalf of a disclosed principal. Every bidder shall complete and sign a registration form before the auction.

Catalogue Descriptions

Any representation or statement by Westgate in the catalogue as to the authorship, origin, date, age, attribution, provenance, condition or estimated selling price of any Lots is a statement of opinion only. In addition, many Lots are of an age or nature which precludes their being in pristine condition and some descriptions in the catalogue make reference to damage and/or restoration, such information is given for guidance only and the absence of such a reference does not imply that a Lot is free from such defects nor does any reference to defects imply the absence of others. Buyers must satisfy themselves by inspection or otherwise prior to the auction.

Buyer's Premium

The Buyer shall pay to Westgate a premium of 20% on items sold for R1000 and under, 15% for items sold for R10000 and 10% for items sold for over R10000 of the hammer price together with VAT, at the prevailing rate, thereon and the Buyer acknowledges that Westgate may also receive commission from the Seller in accordance with the Seller's Conditions.

VAT (Value Added Tax)

In the case of a Lot marked with an asterisk (*) in the catalogue, and a coloured lot number sticker on our Household Sales, VAT, at the prevailing rate, is payable on the hammer price and is refundable on proof of export.

Payment

Upon the sale of a Lot, the Buyer shall, unless he/she has already done so, give to Westgate his/her full name and address and, if so required by Westgate, bank details and/or other suitable references. The Buyer shall pay to Westgate the Purchase Price being the sum of the hammer price, premium and VAT, within forty eight hours from the sale.

Collection of Purchases

The property in a Lot shall not pass to the Buyer until he/she has paid the Purchase Price in full and no Lot may be removed during the auction. The Buyer shall remove at his/her expense any Lot purchased within forty eight hours from sale. The Buyer shall be responsible for any removal, storage and insurance charges on any Lot not removed within forty eight hours from sale. Any packing and handling of purchased Lots by Westgate staff is undertaken solely as a service to Buyers, and will only be undertaken at Westgate's discretion and at the Buyer's risk. Westgate shall not be liable, in any event, for any damage to glass or frames, irrespective of cause.

Responsibility for Purchased Lots

The Purchased Lot shall be at the Buyer's risk, in all respects, from the "hammer" to the time of collection, and neither Westgate nor its employees shall thereafter be liable for any loss or damage of any kind, whether caused by negligence or otherwise, while any Lot is in or under their respective custody or control.

Remedies for Non-Payment or Failure to Collect Purchases

• If a Buyer fails either to pay for or to remove any Lot, Westgate shall, without notice to the Buyer and at its absolute discretion and without prejudice to any other rights or remedies it may have, be entitled to exercise one or more of the following:-

• To issue proceedings against the Buyer for damages for breach of contract

• To rescind the sale of that or any other Lots sold to the Buyer at the same or any other auction

• To re-sell the Lot or cause it to be re-sold by public or private sale. Any deficiency in the Purchase Price resulting from such re-sale (after giving credit for payment) together with full costs incurred in connection with the Lot shall be paid to Westgate by the Buyer, any surplus over the Proceeds of Sale shall belong to the Seller and in this Condition the expression "Proceeds of Sale" shall have the same meaning in relation to a sale by private treaty as it has in relation to a sale by auction.

• To store the Lot or cause it to be stored whether at its own premises or elsewhere at the sole expense of the Buyer, and to release the Lot only after payment in full of the Purchase Price and all other costs incurred in connection with the Lot.

• To charge interest on the Purchase Price at the rate of 2% above the prime bank rate to the extent that it remains unpaid for more than seven days from date of sale.

• To retain that or any other Lots sold to the Buyer at the same or any other auction and release the sale on payment of the Purchase Price.

• To apply any Proceeds of Sale of any Lot then due, or at any time thereafter, to the Buyer towards settlement of the Purchase Price and expenses, and Westgate shall be entitled to a lien on any property of the Buyer which is in Westgate's possession for any purchase.

Guarantee

• Subject to Condition 3 set out above, if within twenty one days form date of auction:-

• Westgate has received notice, in writing, from the Buyer of any Lot that is in his/her view a forgery

• Westgate has the Lot in its possession in the same condition as at the date of auction

• The Buyer satisfies Westgate that the Lot is a forgery and that the Buyer is able to transfer the Lot free from any liens or encumbrances

• Westgate shall set aside the sale and refund the amount paid by the Buyer in respect of the Lot. The benefit of this guarantee shall not be assignable and shall rest solely and exclusively on the Buyer.

Commission Bids

Prospective buyers are advised to attend the sale. Westgate will, however, if so instructed execute bids of behalf of the Buyer, but neither Westgate nor its employees shall be liable for any neglect or default in so doing or for failure to do so.

Vendue Roll

The Auctioneer's Vendue Roll is final and no dispute will be taken into consideration as to the correctness of the same.