Deutscher and Hackett

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TERMS AND CONDITIONS

The terms and conditions of business set forth below and subject to amendment by verbal or written notice prior to and during the sale constitute the entire contractual agreement between deutscher and hackett and the buyer with respect to any lot offered at auction. By bidding at auction in any manner compliant with bidding procedures, the buyer and all bidders agree to be bound by these terms and conditions, as amended. To the extent that an agent acts on behalf of the buyer, liability for obligations arising from these conditions of business will pass to the buyer. Multiple buyers are jointly and severally liable for obligations arising from this agreement.

DEFINITIONS

1.	Definition of terms:

	a.	‘deutscher and hackett’ refers to deutscher and hackett Pty Ltd., its subsidiaries, officers, employees and agents.
	b.	The ‘vendor’ refers to the party consigning property for sale and/or such party’s principal where acting as agent.
	c.	The ‘buyer’ refers to the party with the highest accepted bid for any lot and such party’s principal where acting as agent.
	d.	The ‘lot’ refers to the item(s) described against any lot number in the catalogue.
	e.	The ‘hammer price’ refers to the final bid price accepted by the auctioneer, or in the case of a post-auction sale, the agreed sale price.
	f.	The ‘buyer’s premium’ refers to the charge payable by the buyer calculated as a percentage of the hammer price.
	g.	The ‘reserve’ refers to the minimum price the vendor will accept for a lot.
	h.	‘G.S.T’ refers to the goods and services tax imposed by the New Tax System (Goods and Services) Act 1999 as amended.

PRELIMINARY CONDITIONS AND DISCLAIMER

Agency: deutscher and hackett acts as agent for the vendor. Contractual agreements made between deutscher and hackett and the buyer are therefore taken to be binding between the buyer and the vendor.

Property is sold ‘as is’: No guarantees, warranties or representations are made (express or implied) by deutscher and hackett or the vendor in relation to the nature and condition of any property. deutscher and hackett disclaims liability for any misrepresentations, errors or omissions, whether verbal or in writing, in the catalogue or any supplemental material. All such information represents the specialist opinions of deutscher and hackett employees and should not be relied upon as statements of fact.

Responsibility to inspect: Responsibility remains with the buyer to satisfy its, his or her self by inspection and evaluation prior to purchase as to the nature and condition of any property.

CONDITIONS AT AUCTION

Auctioneer’s discretion: deutscher and hackett reserves the right to absolute discretion over the conduct of the auction including the regulation of bidding and its increments. This discretion extends to the challenge or rejection of any bid, the right to withdraw any lot and the right to determine the successful bidder or reoffer a lot in the event of a dispute.

Reserve: Unless indicated otherwise, all lots are subject to a confidential reserve price determined by the vendor. deutscher and hackett or the auctioneer may place any number of bids on behalf of the vendor below the reserve price.

Absentee or commission bids: deutscher and hackett will make reasonable efforts to place bids for prospective buyers in absentia provided written or verbal instructions are communicated at least twenty-four hours prior to hammer fall by facsimile or telephone. Lots will be bought at the lowest possible bid authorized by an absent bidder. Identical absentee bids shall be prioritised according to their order of receipt. deutscher and hackett accepts no responsibility for errors and omissions in relation to this courtesy service and reserves the right to record telephone bids.

Bidding: deutscher and hackett may sell each lot to the highest bidder at auction provided the reserve price has been met or where the net amount accounted to the consignor is at least equivalent to the net amount that would have been achieved for a sale at reserve price. The fall of the auctioneer’s hammer marks the acceptance of the highest bid and the conclusion of a contract for sale between the vendor and the buyer.

POST-SALE CONDITONS

Post auction private sale: Should the lot fail to sell at auction,
deutscher and hackett is authorised to sell the lot privately for a period of seven days in which event this agreement shall apply to the full extent of its provisions.

10.

Payment: The buyer will not acquire title until payment has cleared in full and penalty interest at a rate of 17.5% p.a. will be charged over outstanding accounts where no extension of terms has been granted. With respect to each lot purchased, the buyer agrees to make the following payments within seven days from the date of sale:

a.	The hammer price.
b.	In exchange for services rendered by deutscher and hackett, a buyer’s premium calculated at 20% of the hammer price.
c.	Post sale packing, handling, shipping and storage where applicable.
d	All amounts specified in this section as payable by the buyer, or otherwise used to calculate payment to deutscher and hackett are exclusive of any G.S.T component. On receipt of a tax invoice, the buyer is further liable to pay the G.S.T. in respect of these amounts. deutscher and hackett will invoice the buyer for any applicable G.S.T. on the realised price and will remit this amount to the vendor upon whom responsibility for making payment to the Australian Taxation Office will fall. G.S.T. on buyer’s premium cannot be exempted with the exception of buyers with non-resident status.
e.	Exporters and overseas buyers (with a declaration of non-resident status) eligible for exemption from G.S.T. on the hammer price must provide satisfactory proof that the property will leave the country as an export within sixty days of the date any payment is made or of the date on which an invoice is provided, whichever is earlier. Application for a cultural heritage export licence or any other licence in no way affects the buyer’s obligation to make payment or collection within the periods specified in sections 10 and 12a.

11.

Insurance

Unless agreed otherwise, deutscher and hackett accepts full liability for physical loss or damage to the lot, including while in transit, to the extent that it is underwritten by Lloyd’s of London specialist insurers. Liability is established by the conditions as defined and applied in this policy, available for inspection at deutscher and hackett offices and subject to change.

deutscher and hackett accepts no responsibility for risks arising in any manner not covered by paragraph 5a of the policy, including but not limited to damage or loss

(i)	to glass and picture frames
(ii)	arising from insect infestation, changes in temperature or humidity, natural ageing, inherent defect or vice, war, radioactivity or terrorism
(iii)	arising from processing errors or
(iv)	occurring in the course of any process or service conducted by independent contractors employed with the consignor’s consent.

Insurance under deutscher and hackett shall commence from the time that the lot is received by deutscher and hackett or its agent and will subsist until the buyer has made payment and/or collection or until the expiry of seven days after the sale, whichever is sooner. The buyer assumes risk for the property in all respects from this date and neither deutscher and hackett nor the consignor will be liable for loss or damage occurring from this date. The buyer is therefore encouraged to make arrangements to ensure comprehensive cover is maintained from date of payment.

The insured value of any lot is restricted to the gross realised hammer price.

In the event of a successful claim for damage or loss after sale, compensation will be paid to the buyer. The buyer’s premium and the final bid price shall be payable notwithstanding.

12.

Freight

a.	The buyer may only remove property from the deutscher and hackett premises once payment has been cleared in full and must be removed no later than seven days after the date of sale. Should items not be removed by this time, storage and insurance may be charged to the buyer.
b.	Buyers are required to make their own arrangements for packing, handling, shipping and transit insurance for their property. deutscher and hackett does not accept responsibility or liability for the acts or omissions of any third party, such as a shipping agent, whether or not such a party has been recommended or suggested by deutscher and hackett.

13.

Limited Warranty of Authorship: The sale shall be rescinded and purchase price refunded in the event of forgery should the buyer show entitlement to the remedy. Entitlement shall be proven provided that:

a.	The buyer supplies two independent expert testimonies attesting to the forgery. deutscher and hackett is entitled to request further expert evidence where it deems evidence unsatisfactory.
b.	The buyer provides written notification of forgery allegation within five years of the auction date.
c.	The buyer returns the lot in the state in which it was sold within fourteen days of notification of forgery allegations.
d.	There is no conflict of opinion among accepted experts in the field.
e.	The forgery can be proven through means that at the time of publication of the catalogue were commonly employed and that would not have damaged or otherwise put the property in jeopardy.
f.	The buyer has retained title to the property without disposing of any interest in it up until the forgery allegations.

14.

Termination, Breach and Legalities

deutscher and hackett breach: The sole remedy to a buyer for breach of warranty is a refund of original purchase price, including buyer’s premium. In such an event the sale contract shall be rescinded and all costs associated with returning the property (in the state in which it was sold) to the premises of deutscher and hackett are to be borne by the buyer.

Buyer breach: deutscher and hackett may, in addition to other remedies available by law, exercise one or more of the following rights or remedies for breach:

(i)	Cancel the sale and retain any payment or property in deutscher and hackett custody as collateral or liquidated damages.
(ii)	Resell the property without reserve at the next auction or privately on five days notice. Any disparity between sale and resale prices, including associated costs such as, but not limited to, legal, storage and sale expenses, will be to the account of the defaulting buyer.
(iii)	Take any other action deutscher and hackett deems necessary or appropriate.

15.

Governing law and jurisdiction: These terms and conditions and any matters concerned with the foregoing fall within the exclusive jurisdiction of the courts of the state in which the auction is held.

Severability: In the event that any provisions of this agreement should be found unenforceable in a court of law, that part shall be discounted and the remaining conditions shall continue in full force and effect to the extent permitted by law.