NewDirections2023 - Catalog - Page 46
APC CONDITIONS OF AUCTION AND SALE
POST-SALE CONDITONS
9. Post auction private sale: Should the lot
fail to sell at auction, Australian Prostate
Cancer Research is authorised to sell the
lot privately for a period of seven days in
which event this agreement shall apply
to the relevant buyer to the full extent of
its provisions.
10. Payment: The buyer will not acquire
title until payment has cleared in full.
Interest at a rate of 17.5% p.a. will be
charged over outstanding accounts
where no extension of terms has
been granted. Interest will be payable
from the payment due date. 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)
Post sale packing, handling, shipping
and storage where applicable. c) If
payment is made via Visa, Mastercard
or American Express, any merchant
fees payable by Australian Prostate
Cancer Research on the transaction as
indicated in the prospective buyers and
sellers guide Payment must be made
within seven days of the date of sale in
Australian dollars by cash, bank cheque,
direct deposit, approved credit cards
or electronic funds transfer. In certain
circumstances, extension of payment
may be granted at the discretion of
Australian Prostate Cancer Research.
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 13a.
11. Risk and Title: Risk in the lot, including
risk of loss or damage, will pass to the
buyer on the earlier of: a) the date
payment is due, whether or not it has
been made; and b) collection by the
buyer. The buyer assumes risk for
the property in all respects from this
date and neither Australian Prostate
Cancer Research nor the vendor will
be liable for loss or damage occurring
after the payment due date. The buyer
is encouraged to make arrangements
to ensure comprehensive cover is
maintained from this date. Title in the
lot does not pass to the buyer, even
if the lot is released to the buyer, until
the buyer has paid all sums owing to
Australian Prostate Cancer Research. If
a buyer makes a claim against Australian
Prostate Cancer Research for damage
or loss after sale, the buyer’s premium
and the final bid price shall be payable
notwithstanding.
12. Freight: a) The buyer may only remove a
lot from the Australian Prostate Cancer
Research 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 costs may be charged
to the buyer. If a lot has not been
collected within 30 days after the date
of sale and alternative arrangements
have not been with Australian Prostate
Cancer Research, the lot may be resold by Australian Prostate Cancer
Research without reserve at the next
auction and Australian Prostate Cancer
Research may set off any amounts
owed for storage and insurance costs
and its standard commission before
remitting the proceeds to the buyer. b)
Buyers are required to make their own
arrangements for packing, handling,
shipping and transit insurance for their
property. Australian Prostate Cancer
Research 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
Australian Prostate Cancer Research.
13. Limited Warranty of Authorship: If a
buyer is able to establish that a lot
is a forgery in accordance with these
conditions for sale within five years
of the date of sale, the buyer shall be
entitled to rescind the sale and obtain
a refund of the hammer price from
the vendor. The buyer must return
the lot in the state in which it was
