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knowledge, and generally accepted research and scholarship at the time.

d. Estimates of the selling price of the Property lots should not be depended on as the price at which the item will sell or its value on any other grounds.

5) AT THE AUCTION

a. The Auctioneers have the right, at our complete discretion, to refuse admission to the premises or participation in the auction and to reject any bid;

b. Potential Buyers must complete and sign a bidder registration form and

Bidder is accepting personal liability to pay the Purchase Price, including the Buyer’s Premium and all applicable taxes, plus all other applicable charges. Bidders are personally liable for their bid;

been explicitly agreed in writing with the Auctioneers before the commencement of the sale. We will only look to the principal for payment, but Bidders acting as agent are jointly and severally liable with their principal;

d. If Bidders are not able to attend the auction, or bid via an agent or by telephone, Auctioneers will carry out absentee written bids provided they are delivered to us prior to the sale. Bids must be placed in Euros. Please refer to the catalogue for the Absentee Bids Form. If we receive written bids on

accepted will have priority. Provided that we have exercised reasonable care in the handling of written bids, we cannot accept liability in any single instance for failing to carry out a written bid or for errors in connection with it arising from situations beyond our reasonable control;

e. If a Bidder makes arrangements with the Auctioneers prior to the start of the auction, we will use reasonable attempts to contact them for them to participate in the bidding by telephone, but we do not accept liability for failure to do so or for errors in connection with telephone bidding arising from situations beyond our reasonable control;

f. Unless otherwise stated, all Property lots are offered subject to a Reserve. The Reserve will not be higher than the low estimate printed in the catalogue. The auctioneer may open the bidding on any lot below the Reserve by placing a bid on behalf of the Seller. The auctioneer may continue to bid on behalf of the Seller up to the amount of the Reserve, either by placing successive bids or by placing bids in response to other bidders;

g. The auctioneer has the right to exercise discretion in refusing any bid, advancing the bidding or withdrawing any Property lot. In the case of error or dispute, whether during or after the sale, he may take such action as he

any evidence to the contrary, the sale record maintained by the auctioneer will be conclusive;

j. Subject to the auctioneer’s reasonable discretion, the highest Bidder recognized by the auctioneer will be the Buyer. The striking of the auctioneer’s hammer marks the acceptance of the highest bid and the conclusion of the contract for sale between the Seller and the Buyer. Risk and responsibility for the Property lot passes to the Buyer at the expiration of three calendar days from the date of the sale or on collection by the Buyer if earlier.

6) AFTER THE AUCTION

a. The Buyer must pay the Purchase Price for a Property lot and any Buyer’s Expenses immediately after the sale. This applies regardless if requirements for export, import or other permits apply;

b. If the Artist’s Resale Right Regulations 2006 (EU Directive 2001/84/EC) apply to the Property lot, the Buyer also agrees to pay the Auctioneers an amount equal to the relapse royalty provided for in those Regulations. We are responsible to pay such amount to the artist’s collection agent on behalf of the Buyer;

c. The Buyer will not acquire title to the Property lot until the Purchase Price and Buyer’s Expenses have been received by the Auctioneers in cleared funds. Any earlier release does not affect the passing of title or the Buyer’s unconditional obligation to pay the Purchase Price and Buyer’s Expenses even in circumstances where we have released the lot to the Buyer. We shall be

The type of the relationship between La Parole Divine Limited (hereinafter re-

are outlined below.

1) The Auctioneers’ and Sellers’ legal relationship with prospective Buyers is regulated by:i) these Condition of Sale;ii) the Consignment Agreement for Sellers;iii) any additional notices and terms printed in the sale catalogue as amended by any saleroom notice or the auctioneer’s announcement at the auction.

2) The Auctioneers’ act as agent for the Seller. Therefore, a sale contract is made directly between the Seller and the Buyer. The Auctioneers may own a lot (and in such instances acts in a principal capacity as Seller) and/or may

otherwise.

3) DEFINITIONS

Auctioneers means LA PAROLE DIVINE LTD, a limited a company regis-tered under the laws of Cyprus under reg. No HE 245027 having its registered

Bidder means any person considering, making or attempting to make a bid, by whatever means, and includes Buyers;

Buyer means any person who makes the highest bid or offer accepted by the auctioneer, and includes such person’s principal when bidding as agent;

Buyer’s Expenses means any costs or expenses due to the Auctioneers from the Buyer and any artist’s re-sale right levy payable in respect of the sale of

in respect of any applicable VAT thereon;

Buyer’s Premium means the commission payable by the Buyer on the

Hammer Price above !15,000;

Hammer Price means the highest bid accepted by the auctioneer by the fall of the hammer, or in the case of a post-auction sale, the agreed sale price;

Purchase Price means the Hammer Price and the applicable Buyer’s Premium and VAT;

Reservehas agreed to sell a Property lot;

Seller means the person offering a Property lot for sale (including their agent (other than the Auctioneers), executors or personal representatives);

VAT is Value Added Tax at the current rate.

4) CATALOGUE DESCRIPTIONS AND CONDITION

The Auctioneers sell the Property lots as described or otherwise in the condition they are in at the time of the sale, based on the following methods:

a. Due to the type and age of the lots sold, they will seldom be in perfect condition, and are likely to show signs of wear, damage, restoration or repair. Any reference to condition in a catalogue entry will not equate to a full description of condition. Condition reports are available on request. Each lot offered for sale by the Auctioneers is available for inspection prior to the sale, and we recommend that you always view the Property in person. Illustrations

Property lot;

b. All dimensions of the Property lots in the catalogue entries are approximate.

c. Any statements made by the Auctioneers about any Property lot, whether written or oral, concerning attribution to an artist, school, or country of origin; history; provenance; or any date or period; is not a representation of fact but rather is a statement of opinion. Our opinions have been formed genuinely and in accordance with a reasonable standard of care, taking into account information provided by the Seller, the Auctioneers’ scholarship and technical

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7) WARRANTYIn addition to the Auctioneers’ liability to Buyers set out in clause 4 of these Conditions, but subject to the terms and conditions of this paragraph, the Auctioneers warrant for a period of one year that if they sell a Property lot

the sale and refund the Buyer the original purchase price paid for the Property lot in the currency of the original sale. A forgery means a Property lot that in the Auctioneers’ reasonable opinion is a fraudulent imitation created to deceive as to authorship or date, and where the Property lot is not described as such in headings printed in UPPER CASE TYPE in the catalogue (as such description may be amended by any saleroom notice or announcement).

The Auctioneers’ warranty does not apply to supplemental material which appears below the upper case type headings of each Property lot and the Auctioneers are not responsible for any errors or omission in such material. The warranty does not apply to any heading which is stated to represent a

a) It does not apply where (i) the catalogue description or saleroom notice corresponded to the generally accepted opinion of scholars or experts

publication of the catalogue or a process which at the date of publication of the catalogue was unreasonably expensive or impractical or likely to have caused damage to the Property;

original Buyer of the Property lot as shown on the invoice originally issued by the Auctioneers when the lot was sold at auction;

c) The original Buyer must have remained the owner of the Property lot without disposing of any interest in it to any third party;

d) Neither the Auctioneers nor the Seller will be liable for any damages

e) The Buyer must give written notice of claim to us within two years form the date of the auction. The Auctioneers shall have the right to require the Buyer

acceptable to the Auctioneers and the Buyer, before the Auctioneers decides whether or not to cancel the sale under the warranty.

f) The Buyer must return the Property lot to the Auctioneers in the same condition as at the time of the sale.

8) The copyright in all images, illustrations and written material produced by or for the Auctioneers relating to a Property lot including the contents of this catalogue, is and shall remain at all times the property of the Auctioneers and shall not be used by the Buyer, nor by anyone else, without our prior written consent. The Auctioneers and the Seller make no representation or warranty that the Buyer of a property will acquire any copyright or other reproduction rights in it.

9) If any part of these Conditons of Sale is found by any court to be invalid,illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extend permitted by law.

10) The rights and obligations of the parties with respect to these Conditions of Sale, and all aspects of all matters, transactions or disputes to which they relate or apply shall be governed and interpreted by the laws of the Republic of Cyprus. By bidding at auction, whether present in person or by agent, by written bid, telephone or other means, the Buyer shall be deemed to have

court of the Republic of Cyprus.

entitled to retain items sold until all amounts due to us, have been received in full in cleared funds or until the Buyer has performed any other outstanding obligations as we shall require, including completing any anti-money launder-

-tion, the Auctioneers shall be entitled to cancel the sale and to take any other actions that are required or permitted under applicable law. Subject to this the Buyer shall collect purchased Property lots within two calendar days from the date of sale unless otherwise agreed between us and the Buyer;

e. Although we shall use reasonable efforts to take care when handling, packing and shipping a purchased Property lot and in selecting third parties for these purposes, we are not liable for the acts or omissions of any such third parties;

f. Unless otherwise agreed by us in writing, the fact that the Buyer wishes to apply for an export licence does not affect his or her obligation to make payment immediately after the sale nor our right to charge interest or storage charges on late payment. If the Buyer requests us to apply for an export licence on his or her behalf, we shall be entitled to make a charge for this service. We shall not be obliged to rescind a sale nor to refund any interest or other expenses incurred by the Buyer where payment is made by the Buyer in circumstances where an export licence is required;

g. If the Buyer fails to make payment in full in good cleared funds within 7 days after the auction, we shall have the right to exercise a number of legal rights and remedies. These include, but are not limited to the following:

i) hold the defaulting Buyer liable for the total amount due and to commence legal proceedings for its recovery together with interest, and costs for such proceedings to the fullest extent permitted under applicable law;

ii) cancel the sale of the Property lot;

iii) resell the Property publicly or privately on such terms as we shall think

iv) pay the Seller an amount up to the net proceeds payable in respect of the amount bid by the defaulting Buyer;

Central Bank of Cyprus;

vi) set off any amounts which the Auctioneers owe the Buyer against the outstanding amount remaining unpaid by the Buyer;

vii) where several amounts are owed by the Buyer to us in respect of different transactions to apply any amount paid to discharge any amount owed in respect of any particular transaction, whether or not the Buyer so authorises;

viii) exercise a lien over any of the Buyer’s property which is in the possession of the Auctioneers. We shall inform the Buyer of the exercise of any such lien and within 14 days of such notice may arrange the sale of such property and apply the proceeds to the amount owed to the Auctioneers;

ix) take such other action as we decide necessary or appropriate.

If we resell the Property under paragraph (iii) above, the defaulting Buyer

originally due to us and the price obtained upon resale as well as for all reasonable costs, expenses, damages, legal fees and commissions and premiums of whatever kind associated with both sales or otherwise arising from the default. If we pay any amount to the Seller under paragraph (iv) above, the Buyer acknowledges that the Auctioneers shall have all of the rights of the Seller, however arising, to pursue the Buyer for such amount

Where purchases are not collected within two calendar days from the date of the sale, whether or not payment has been made, we shall be permitted to remove the property to a third party warehouse at the Buyer’s expense, and only release the items after payment in full has been made of removal, storage, handling, and any other costs reasonably incurred, together with payment of all other amounts due to us.

14 Promitheos Street, Agios Dometios, 2370 Nicosia, Cyprus;

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THE INTERNATIONAL INVESTMENT, BUSINESS & FINANCE MAGAZINE OF CYPRUS

FOR SUBSCRIPTIONS, ADVERTISING INQUIRIES OR OTHER REQUESTS: 5 Aigaleo St., Strovolos 2057, P.O.BOX 21185, 1503 Nicosia, Cyprus,

Tel. +357 22 505555, Fax. +357 22 679820, gold@imh.com.cy, www.goldmagazine.com.cy, www.imh.com.cy

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