Contemporary & Classical Art A128

Auction terms and conditions for online bidding Through participating in the auction, the bidder acknowledges the following conditions: 1. The sale is made to the highest bidder. In case of contention about the acceptance of a bid, the officer from the office of the mayor has final decision. The auctioneer is free to refuse a bid without giving reasons. A proof of solvency or credit card data can be required from the bidder. The auctioneer has discretion at any time to refuse any bid, withdraw or add any lot or change the order of opening bids. Unless otherwise specified the opening bid is no higher than half of the upper estimate. 2. All bids are to be understood in Swiss Francs only. They are binding and cannot be withdrawn. Orders for less than half the upper estimate shall not be considered. Every successful bidder is personally liable for his purchases and cannot claim to have acted on a third party’s behalf. 3. The auction takes place against immediate cash payment in Swiss currency or in Euro. In the event of a late settlement of the account, the buyer bears the cost of any exchange rate differences. For security and transparency reasons, invoice amounts above CHF 10’000.- must be paid in cash or by bank transfer. We do not accept cheques. Objects purchased at auction will only be delivered to the buyer once payment in full (incl. VAT) has been made. In view of our commitments to the sellers, all payments are due within 7 days of the issuing date of invoice without any deductions. Bills are deemed as paid within the stipulated time limit only after receipt of the cash amount or remittance by banker’s order. Upon expiry of this time limit, due invoices shall be cancelled without any further notice and the buyer shall be banned from all future auctions. A buyer’s premium of 23% is added to the hammer price. The purchaser is required to pay VAT on the premium. This premium applies to dealers, wholesalers as well as private clients. All objects marked with * are fully subjected to value added tax, i.e. for these objects, VAT has to be paid on the hammer price as well as on the buyer’s premium. VAT amounts will be refunded to buyers who produce a valid export declaration and their bank reference. 4. Should invoices remain unpaid or not be paid within the stipulated time limit, the auctioneer may either demand compliance of the sales contract or cancel the adjudication at any time without setting a further time limit. In all cases, the buyer is liable for damages resulting from the non-payment or the late payment, especially for the possible reduction of the proceeds if the purchase is cancelled, unless the lot can be sold to another bidder of the same auction or to a third party at a later auction. The buyer whose purchase was cancelled has no right whatsoever to possible additional proceeds. 5. The ownership is transferred to the buyer only once the full amount of the invoice has been paid, whereas the hazards are already transferred with the knockdown. 6. All lots are sold in the condition they are at the time of the auction. The seller’s warranties of the auction house cease with the knockdown. During viewing days, objects can be examined in detail. Catalogue descriptions were written to the best of conscience and belief. No liability shall be incurred for the details given. Condition, age, authenticity, ascription to an artist or an era, identification, signatures and dates, and possible imperfections or restorations must be examined by the prospective buyer on-site based on the object. Any liability for defects in material or title is explicitly rejected. No complaint will be accepted. 7. Under no circumstances shall the auction house be held responsible or have any claims made against for failure of anyone's internet service, technical or software problems during live auction. The auction house will not be responsible for any missed bids from any source and is not responsible for any bids placed "accidentally" or by "mistake" from any source. 8. Purchased lots are ready for collection either immediately after each auction session or within the following day from 9.00 a.m. through to 5 p.m. (the auction house is closed on Saturdays). No responsibility can be taken for storing the purchased objects. Any purchased item not collected within two weeks of the end of the auction will be stored with a storage warehouse, without prior notice and at the buyer’s expense. In this case, the buyer can only collect the object after payment of the invoice and the storage fees. 9. Objects are auctioned on behalf and for the account of third parties. Lots are auctioned under the provision that the lot attains the estimated price. The auctioneer can also make bids and announcements below the estimate. The auctioneer has discretion to withdraw unsold lots during the auction without third parties being aware. Once the auction is closed, enquiries can be submitted to the auction house concerning unsold lots. 10. The above conditions are an integral part of each sales contract concluded at the auction. To be valid, amendments have to be made in writing. 11. The auction is held in cooperation with the Office of the Mayor of Zurich. 12. The Mayor of Zurich as well as the Canton and the Town of Zurich decline any responsibility for actions of the auctioneer. All parts of the relations between the parties are subjected to Swiss Law. The place of fulfilment and the place of jurisdiction are Zurich. SCHULER AUKTIONEN AG

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on request: infoschulerauktionen.ch