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Fine Art Online Auction | Masterpiece.auction

Fine Art Online Auction

DescriptionThis Summer collection, we present our latest timed-auction of South Asian, Chinese, Modern and Contemporary Art from 8 to 27 September 2022 7.30 pm (UTC+7)Preview... show more

Terms & Condition


All Lots are sold on an "as is" basis. The contents of catalogues produced by Masterpiece form statements of opinion only. Subject to the limited warranty given in the Condition Of Sale For buyers, no representation and warranty is made by Masterpiece or any seller of a Lot in respect of anything, including without limitation, description, value, or quality.

Buyers are advised to inspect the property themselves. Masterpiece is not liable for any error or omission in this catalogue. All descriptions of dimension are approximate only.

CONDITION REPORTS

Condition reports are provided as a service to interested clients. Prospective buyers should note that descriptions of property are not warranties and that each lots is sold “as is”. Masterpiece catalogues sometimes include references to condition only in descriptions of Lots such as prints, books and wine. Generally, no statement of condition is given although they can be made available on request. Please liaise with Masterpiece representatives for a condition report on a particular lot.

PROPERTY INCORPORATING MATERIALS FROM ENDANGERED SPECIES

An export license may be required from the Primary Production Department and other regulatory departments in Singapore for the export of any item made of or incorporating (irrespective of percentage) endangered animal material such as ivory, whalebone, tortoiseshell, rhinoceros horn, etc., and this may take up to eight weeks to obtain. Clients are advised to check with the regulating body in the country importation regarding any possible restrictions on the importation of items within this category.

EXPLANATION OF CATALOGUING PRACTICE

For Pictures, Drawings, Prints and Miniatures.

Terms used in this catalogue have the meanings ascribed to them below: Name(s) or Recognized Designation of an Artist without any Qualification In Masterpiece opinion a work by the artist.

*”Attribute to…” In Masterpiece qualified opinion probably work by the artist in whole or in part.

*”Studio of..”/”Workshop of..” In Masterpiece qualified opinion a work executed in the studio or workshop of the artist, possibly under his supervision.

*”Circle of..” In Masterpiece qualified opinion a work of the period of the artist and showing his influence.

*”Follower of…” In Masterpiece qualified opinion a work executed in the artist’s style but not necessarily by a pupil.

*”Manner of…” In Masterpiece qualified opinion a work executed in the artist’s style but a later date.

*”After…” In Masterpiece qualified opinion a copy (of any date) of a work of the artist.

*”Signed..”/”dated…”/”Inscribed…” In Masterpiece’s qualified opinion the work has been signed/dated/inscribed by the artist.

*”With signature…”/”With inscription…” In Masterpiece’s qualified opinion the signature/inscription appears to be by hand other than that of the artist.

*”With date…” In Masterpiece’s qualified opinion the date on the item was not executed on that date.

INFORMATION FOR BUYERS

CONDITIONS OF SALE

Masterpiece CONDITION OF SALE FOR BUYERS governs the term and conditions of contract between the buyer and the seller of a lot and is set out later in this catalogue. Persons who have been registered as bidders will be deemed to have read and be fully aware of and subject to the terms as stated in the CONDITIONS OF SALE FOR BUYERS. No reliance should be placed on oral representations made by any person at the auction.

ESTIMATES

Estimates are based upon prices recently paid at auction for comparable property, condition, rarity, quality and provenance. Estimated are subject to revision. Buyers should not rely upon estimates as prediction of actual selling prices. Estimates do not include the buyer’s premium. For estimate on request, please contact us for further information.

RESERVES

The reserve is the confidential minimum price the consignor will accept. The reserve will not normally exceed the low estimate.

BUYERS PREMIUM

Masterpiece charges a premium to the buyer on the final bid price of each lot sold at the following rates: 22% of the hammer price.

VIEWING/ADMISSION

Pre-auction viewings are open to the public and free of charge. Please note the location of the painting. Masterpiece reserves the right to refuse admission and participation in its auctions.

REGISTRATION

Prospective buyers need to register online at auctions.masterpiece-auction.com to get an account to place bid.

BIDDING

Bidding are solely by online only. Bidding will be done in Singapore Dollar (S$).

BIDDING INCREMENTS

The auctioneer will normally start with bids below the low estimate and may at his own discretion increase bids. The standard increments are:

$500 - $1,000 by $50

$1,000 - $2,000 by $100

$2,000 -$5,000 by $200

$5,000 - $10,000 by $500

$10,000 -$20,000 by $1,000

$20,000 - $50,000 by $2,000

$50,000 - $100,000 by $5,000

$100,000 - $200,000 by $10,000

SUCCESSFUL BIDS

The highest bid will be the successful bidder when the lot closes. Winning bidders will receive and email notification of any successful bid.

CONDITION OF SALE FOR BUYERS

Together with the terms as set out in “INFORMATION FOR BUYERS”, these conditions contain all terms in which a buyer contracts with a seller in respect of the sale of a Lot. These terms may be amended at any time by way of notices or oral announcements during the sale and auction. The buyer agrees to be bound by the Conditions when he/she bids to purchase a Lot.

1. Meanings

In these terms and conditions, the following words and expressions have the following meaning:

“Buyer” means the successful bidding buyer of a Lot;

“Catalogue” means the Catalogue prepared by Masterpiece which describes and illustrates all Lots for sale by Masterpiece;

“Conditions” means these terms and conditions;

“Hammer Price” means the price at which a Lot is sold to Buyer;

“Lot” means each piece pf property as described in the Catalogue for which bids are invited for purchase;

“Masterpiece”, “our”, “we”, “us” Masterpiece Auction House

“Reserve Price” means in respect of a Lot, the minimum price which the Seller is prepared to accept from a buyer;

“Seller” means in respect of a particular Lot, the seller of that Lot and his personal representatives;

“$” means the lawful currency of Singapore.

Except where the context otherwise requires, words importing the singular shall include the plural and vice versa, words importing any one gender shall include all genders, and words importing persons shall include companies and corporations and vice versa.

Unless otherwise stated, references to Clauses are references to Clauses in these Conditions.

The headings appearing in this Agreement are inserted for ease of reference only and shall in no way define, limit or construe the terms and conditions appearing herein.

2. Parties to the sale of a Lot

Unless otherwise stated, a Buyer contracts with a Seller to purchase a Lot. Masterpiece acts as the Seller’s agent in respect of the sale of a Lot.

3. Bidding

(a) Registering. Prospective buyers are required to register online at auctions. masterpiece-auction.com. You will receive email confirmations indicating that you have successfully registered online.

(b) Reserve. Unless otherwise stated, all Lots are offered for sale, subject to a Reserve Price which is confidential between Seller and Masterpiece. Bids may be placed by representatives of Masterpiece on behalf of the Seller up to Reserve Price. There is no obligation on Masterpiece to identify bids placed on behalf of the Seller.

(c) Types of Bids. Bids are solely placed by online only.

(d) Currency. Prices of all Lots are in Singapore dollars and all bids shall be made in Singapore Dollars. Prices which may be stated in other currencies on the screen during the auction are for reference purposes only.

(e) Closing of a lot. A countdown clock is displayed for each lot on the lot description. There will be a bidding extension so that there will always be a 3-minute period between the last bid and closing of that lot. These extensions will continue indefinitely until there is no more bidding activity on the lot for a period of 3 minutes. The highest bid will be the successful bidder when the lot closes.

(f) Buyer’s Responsibility. When bidding, a prospective buyer accepts personal responsibility to pay the Hammer Price of the Lot for which he bids if he is successful, together with the following additional amounts being :

4. Limited Warranty

(a) No Warranty. Neither the Seller nor Masterpiece makes any warranty on respect of the description of any Lot, its value or its quality. Save for the limited warranty set out in this Clause 4(b) below, the Buyer purchases a Lot ‘as is” without any representative or warranty of any kind by masterpiece or the Seller. The contents of the Catalogue are statements of opinion only and do not constitute any representation or warranty whatsoever in respect of any Lot.

(b) Limited Warranty. The Seller and Masterpiece only warrant that the Lot is related to the artist named in its description in the Catalogue. In the event of any allegation of lack of authenticity or forgery, the Buyers is required to notify Masterpiece in writing within a period of one year (the “Notice”) from the date of auction.

(c) Contents of Notice. The Notice shall include written evidence from a reputable independent expert who is able to show that the Lot is forgery. Masterpiece or the Seller reserves the right to request for further evidential proof from other experts if in their respective opinions either of them is not satisfied with the finding of the Buyer’s expert.

(d) Refund. In the event that Masterpiece is satisfied with the evidence as enclosed in the Notice and subject to (i) receipt of the full refund from the Seller and (ii) the return of the Lot in such condition as it was sold, a refund of the purchase price for that Lot will be made to the Buyer. The liability of Masterpiece and Seller is limited to the purchase price of such Lot. Neither Masterpiece nor the Seller shall be liable for any other damages, costs and expenses that may be incurred in presenting the Notice.

(e) Conflict of Opinion. In the event of conflict opinion between the Buyer’s expert and the expert appointed by Masterpiece or the Seller, or if it can be shown that test of authenticity would involve scientific process which could damage or otherwise jeopardize the condition of the Lot and which scientific process did not exist at the time of the publication of the Catalogue, no refund will be made of the affected Lot.

(f) No assignment of Limited Warranty. The Limited warranty in this clause 4 is for the benefit of the Buyer only and cannot be assigned to any third party.

5. Payment, title and collection of purchases

(a) Deadline for payment. All payments for sold Lots must be made within seven calendar days from the date of sale, notwithstanding that the Buyer wishes to export the Lot and is applying for an export/import licence.

(b) Title. No title in the Lot will pass to Buyer until all amounts due to Masterpiece as stated in Clause 3(f) above the been paid, even in circumstances where Masterpiece has released the Lot to the Buyer before full payment has been made.

(c) Payment modes. Payments must be in Indonesian Rupiahs and will be based on Bank Indonesia average exchange rate against SGD on the day of closing to the bank account attached in the invoice.

(d) Collection. The Buyer is required to collect his purchase from the premises of Masterpiece and pay for all delivery and shipping costs. Masterpiece may assist the Buyer in making packing and shipping arrangements at the Buyer’s own costs and risk.

(e) Export, import Restrictions. Property comprised in a Lot may be subject to laws governing export out of Indonesia and import restrictions in foreign countries. It is responsibility of the Buyer to comply with all export and import regulations imposed by the relevant authorities.

(f) Storage Charges. All purchases will initially be held for collection at the premises of Masterpiece at no charge for a period of fourteen days from the date of Sale. Subsequently Masterpiece will charge the Buyer storage charges at the rate of $10 a day per Lot, together with all other transport, handling, removal, insurance and other expenses where a Lot is transported to another location pending collection.

(g) Limit on insurance cover. Masterpiece provides general insurance cover for sold Lots for a period of up to seven days from the date of sale such Lots. Subsequently, risk of such Lots will transfer to the respective Buyers.

6. Non-payment

Where a Buyer fails to make payment with cleared funds within the stipulated time, Masterpiece and/or the Seller shall be entitled, in addition to all other rights and remedies available under the law, to:

(a) Charge default interest at the rate of 1.5% per month in the outstanding sums due from the buyer;

(b) To commence legal proceedings against the Buyer for recovery of all outstanding sums, including interest, legal fees, costs and other expenses on a full indemnity basis;

(c) Rescind the sale of the Lot;

(d) To resell the property on such terms as they deem fit and to set-off the proceeds of sale against the outstanding sums unpaid by the Buyer;

(e) To hold the Lot as security; pledge or lien pending payment of all outstanding sums due from the Buyer

7. Copyright

The copyright in all images, illustrations and literature, including the Catalogue is the property of Masterpiece and shall not be used by the Buyer without the prior written consent to Masterpiece. No warranty is made by Masterpiece and the Seller that the Buyer of a Lot shall acquire any intellectual property rights in it or to reproduce it.

8. Miscellaneous

(a) Notwithstanding anything stated in these conditions, the Buyer shall indemnity basis, in respect of any loss, damage, cost or expense that may be incurred by either the Seller or Masterpiece in respect of any breach by the Buyer of these Conditions.

(b) If any part of this agreement is found by any courts to be invalid, illegal or unenforceable, that part may be discounted and the rest of the agreement shall continue to be valid and enforceable to the fullest extent permitted by law.

(c) Masterpiece will hold Buyer’s personal data and may communicate it to affiliated companies worldwide for the purposes of enabling the Buyer to consign or purchase property or services and, unless the Buyer objects, advising of forthcoming sales, events and service.

(d) These conditions are subject to Singapore Law, which shall apply to its construction as well as to its effect.

(e) Where a translation of this agreement has been provided, the English language version shall prevail in case of conflict

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