These Conditions of Sale and the Important Notices and Explanation of Cataloguing Practice contain all the terms on which Kapoor Galleries Inc. and the seller contract with the buyer when applicable. They may be amended by posted notices or oral announcements. By entering into an agreement with Kapoor Galleries Ink you consent to be bound by these terms.

1. Kapoor Galleries Inc. as an Agent

Except as otherwise stated Kapoor Galleries Inc. acts as agent for the seller when applicable. The contract for the sale of the property is therefore made between the seller and the buyer, even when Kapoor Galleries Inc. is the sole seller.

2. Before The Sale

(a) Examination of property

Prospective buyers are strongly advised to examine any property in which they are interested before a transaction is conducted, by way of photo or in person, and are encouraged to request any additional photos. Condition reports are usually available on request. Neither Kapoor Galleries Inc. nor the seller (when applicable) provides any guarantee in relation to the nature of the property apart from the Limited Warranty in paragraph 6 below. The property is otherwise sold as is.

(b) Catalogue and other descriptions

Our cataloguing practice is explained in the Important Notices and Explanation of Cataloguing Practice which appear after the catalogue entries. All statements by us in the catalogue entry for the property or in the condition report, or made orally or in writing elsewhere, are statements of opinion and are not to be relied on as statements of fact. Such statements do not constitute a representation, warranty or assumption of liability by us of any kind. References in the catalogue entry or the condition report to damage or restoration are for guidance only and should be evaluated by personal inspection by interested party or knowledgeable representative. The absence of such a reference does not imply that an item is free from defects or restoration, nor does a reference to particular defects imply the absence of any others. Estimates of the selling price should not be relied on as a statement that this is the price at which the item will sell or its value for any other purpose. Except as set forth in paragraph 6 below, Kapoor Galleries Inc. is not responsible in any way for errors and omissions in the catalogue, or any supplemental material.

(c) Buyer’s responsibility

Except as stated in the Limited Warranty in paragraph 6 below, all property is sold as is without any representation or warranty of any kind by Kapoor Galleries Inc. Buyers are responsible for satisfying themselves concerning the condition of the property and the matters referred to in the catalogue entry.

3. At Time of Sale

Kapoor Galleries Inc. has the right, at our complete discretion, to refuse participation in business transactions and to reject any offer.

(a) Payment and passing of title

In order to transact the sale, the buyer must provide us with his or her name and permanent address and, if so requested, details of the bank from which payment will be made. The buyer must pay the full amount due in order to fulfill sale and receive property. This applies even if the buyer wishes to export the property and an export license is, or may be, required. The buyer will not acquire title to the property until all amounts due have been received by us in good cleared funds even in circumstances where we have released the property to the buyer.

(b) Collection of purchases

We shall be entitled to retain items sold until all amounts due to us, or to any of our affiliates, subsidiaries or parent companies worldwide, have been received in full in good cleared funds or until the buyer has satisfied such other terms as we, in our sole discretion, shall require. Subject to this, the buyer shall collect purchased lots within two calendar days from the date of the sale unless otherwise agreed between us and the buyer.

(c) Packing, handling and shipping

Although we shall use reasonable efforts to take care when handling, packing and shipping a purchased lot, we are not responsible for the acts or omissions of third parties whom might be retained for these purposes, either by Kapoor Galleries Inc. or the buyer. Similarly, where we may suggest other handlers, packers or carriers if so requested, we do not accept responsibility or liability for their acts or omissions.

(d) Export license

Unless otherwise agreed by us in writing, the fact that the buyer wishes to apply for an export license does not affect his or her obligation to make payment within two days nor our right to charge interest or storage charges on late payment. If the buyer requests us to apply for an export license 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 license is required.

(e) Remedies for non-payment

If the buyer fails to make payment in full in good cleared funds within a reasonable amount of time, we shall be entitled in our absolute discretion to exercise one or more of the following rights or remedies (in addition to asserting any other rights or remedies available to us by law):

(i) to charge interest at such rate as we shall reasonably decide;

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

(iii) to cancel the sale;

(iv) to resell the property publicly or privately on such terms as we shall think fit;

(v) to pay the seller an amount up to the net proceeds payable in respect of the amount bid by the defaulting buyer;

(vi) to set off against any amounts which we, Kapoor Galleries Inc. or any of its affiliates, subsidiaries or parent companies worldwide, may owe the buyer in any other transactions, the outstanding amount remaining unpaid by the buyer;

(vii) where several amounts are owed by the buyer to us, Kapoor Galleries Inc., or to any of its affiliates, subsidiaries or parent companies worldwide, 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 directs;

(viii) to reject at any future offers made by or on behalf of the buyer or to obtain a deposit from the buyer before entering into any kind of agreement;

(ix) to exercise all the rights and remedies of a person holding security over any property in our possession owned by the buyer, whether by way of pledge, security interest or in any other way, to the fullest extent permitted by the law of the place where such property is located. The buyer will be deemed to have granted such security to us and we may retain such property as collateral security for such buyer’s obligations to us;

(x) to take such other action as we deem necessary or appropriate.

If we resell the property under paragraph (iv) above, the defaulting buyer shall be liable for payment of any deficiency between the total amount originally due to us and the price obtained upon resale as well as for all 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 (v) above, the buyer acknowledges that Kapoor Galleries Inc. shall have all of the rights of the seller, however arising, to pursue the buyer for such amount.

(g) Failure to collect purchases

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 location at the buyer’s expense, and only release the items after payment in full has been made of removal, storage, handling, insurance and any other costs incurred, together with payment of all other amounts due to us.

(h) Selling Property at Kapoor Galleries Inc.

In addition to expenses such as transport and insurance, all consignors pay a commission according to a fixed scale of charges based upon the value of the property sold and bought at Kapoor Galleries Inc. in a calendar year. Commissions are charged on a sale by sale basis, at the then applicable level.

5. Extent of Kapoor Galleries Inc. Liability

We agree to refund the purchase price in the circumstances of the Limited Warranty set out in paragraph 6 below. Apart from that, neither the seller nor we, nor any of our officers, employees or agents, are responsible for the correctness of any statement of whatever kind concerning any property, whether written or oral, nor for any other errors or omissions in description or for any faults or defects in any lot. Except as stated in paragraph 6 below, neither the seller, ourselves, our officers, employees or agents, give any representation, warranty or guarantee or assume any liability of any kind in respect of any lot with regard to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature or historical relevance. Except as required by local law any warranty of any kind whatsoever is excluded by this paragraph.

6. Limited Warranty

Subject to the terms and conditions of this paragraph, Kapoor Galleries Inc. warrants for a period of five years from the date of the sale that any property described in headings printed as guaranteed by Kapoor Galleries Inc. with qualification to be the work of a named author or authorship, is authentic and not a forgery. The term “author” or “authorship” refers to the creator of the property or to the period, culture, source or origin, as the case may be, with which the creation of such property is identified. Kapoor Galleries Inc. warranty does not apply to supplemental material which appears. Kapoor Galleries Inc. is not responsible for any errors or omissions in such material. The terms used in the headings are further explained in Important Notices and Explanation of Cataloguing Practice. The warranty does not apply to any heading which is stated to represent a qualified opinion. The warranty is subject to the following:

(i) It does not apply where (a) the catalogue description or saleroom notice corresponded to the generally accepted opinion of scholars or experts at the date of the sale or fairly indicated that there was a conflict of opinions; or (b) correct identification of a lot can be demonstrated only by means of either a scientific process not generally accepted for use until after 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.

(ii) The benefits of the warranty are not assignable and shall apply only to the original buyer of the lot as shown on the invoice originally issued by Kapoor Galleries Inc. Auctions when the lot was sold at auction.

(iii) The original buyer must have remained the owner of the lot without disposing of any interest in it to any third party.

(iv) The buyer’s sole and exclusive remedy against Kapoor Galleries Inc. Auctions and the seller, in place of any other remedy which might be available, is the cancellation of the sale and the refund of the original purchase price paid for the lot. Neither Kapoor Galleries Inc. Auctions nor the seller will be liable for any special, incidental or consequential damages including, without limitation, loss of profits nor for interest.

(v) The buyer must give written notice of claim to us within five years from the date of the auction. It is Kapoor Galleries Inc. Auctions general policy, and Kapoor Galleries Inc. Auctions shall have the right, to require the buyer to obtain the written opinions of two recognized experts in the field, mutually acceptable to Kapoor Galleries Inc. Auctions and the buyer, before Kapoor Galleries Inc. Auctions decide whether or not to cancel the sale under the warranty.

(vi) The buyer must return the lot to the Kapoor Galleries Inc. Auctions saleroom at which it was purchased in the same condition as at the time of the sale.

7. Copyright

The copyright in all images, illustrations and written material produced by or for Kapoor Galleries Inc. Auctions relating to a lot including the contents of this catalog, is and shall remain at all times the property of Kapoor Galleries Inc. Auctions and shall not be used by the buyer, nor by anyone else, without our prior written consent. Kapoor Galleries Inc. Auctions and the seller make no representation or warranty that the buyer of a property will acquire any copyright or other reproduction rights in it.

8. Severability

If any part of these Conditions 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 extent permitted by law.

9. Law and Jurisdiction

The rights and obligations of the parties with respect to these Conditions of Sale, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws of the jurisdiction in which the auction is held. 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 submitted, for the benefit of Kapoor Galleries Inc. Auctions, to the exclusive jurisdiction of the courts of that country, state, county or province, and (if applicable) of the federal courts sitting in such state.

Additional Terms:

Timed Auction:

Items are available for absentee bidding only. You can browse the catalog and place bids at any time. All items are available for inspection at Sanjay Kapoor Inc, 34 East 67th street, unless otherwise noted.

Email Notification:

You will receive an email notification:

-Each time you place a bid

-When you are outbid on any lot

-At the close of the auction if you are the high bidder

End of the Auction:

You will receive an invoice from Kapoor Galleries Inc. detailing the hammer price, sales tax for New York residents and a shipping quote. To schedule a payment, call our office at +1 212 794 2300, Monday through Friday, 11am to 5pm, otherwise by appointment. By registering and bidding in an auction conducted by Kapoor Galleries Inc. bidders (through a live internet connection) agree to be bound by these terms. These are the complete and only terms and conditions on which all property is offered for sale. Kapoor Galleries Inc. retains the right to bar any bidder from participating in any auction and to exclude or reject any bid.

1) REGISTRATION. All bidders must register with BidSquare to bid.

2) ACCEPTANCE OF TERMS. Bidding on any item, via a live internet auction indicates the bidder’s agreement to be bound by these Terms and Conditions for Bidders. Any right of bidder under this agreement shall not be assignable and shall only be enforceable by the original buyer. The rights and obligations of the parties shall be governed by the laws of the state of New York. All bidders submit to the personal jurisdiction of the state and federal courts in New York.

3) TERMS OF SALE. The auctioneer reserves the right to withdraw any lot at any time before its final sale and to reject any bid for any reason. The highest bidder for each lot acknowledged by the auctioneer shall be the “buyer”.

4) ESTIMATES AND RESERVES. Presale estimates are intended to be guides and may or may not reflect the ultimate hammer price of a lot. A reserve is a confidential minimum price agreed upon by the seller of the lot and Kapoor Galleries Inc. In the case of reserved lots, the seller has authorized Kapoor Galleries Inc. to use this price as the starting price for the lot.

5) WARRANTIES AND DISCLAIMERS. Kapoor Galleries Inc. makes a limited

warranty only to the original buyer of record concerning the authenticity of each lot for a period of 21 days after bidder’s receipt of the purchased lot. If the buyer is not satisfied that the lot purchased is genuine or described correctly, they may after notification to Kapoor Galleries Inc. return the item for a refund of the purchase price, providing it is returned in the same condition. Kapoor Galleries Inc.shall not be liable for any incidental or consequential damages. All sales are final, with no returns or refunds except as provided in this limited warranty.

6) DEFINITIONS OF AUTHORSHIP.

“By”; or “Maker/Artist” – in our opinion, the work is by the artist or maker stated “Attribute”; – in our opinion, the work is probably, but not definitely, by the artist or maker stated “Signed” or “Marked” – in our opinion, the signature or mark is that of the stated artist or maker “Bearing the signature (or mark) of” – in our opinion, the signature or mark is probably, but not definitely, that of the artist or maker stated “After” – in our opinion, the work is a copy of a work by the stated artist or maker

7) INSPECTION. All lots are available for inspection in the gallery of Kapoor Galleries Inc. Condition reports for most items can be found online on BidSquare with the lot in question. Prospective bidders are encouraged to contact Kapoor Galleries Inc. directly for additional information regarding the condition of any lot. Kapoor Galleries Inc. has described the condition of every lot. Buyers interested in a further discussion of the condition of an item are encouraged to contact Kapoor Galleries Inc. and, to the best of our ability, we will document for the prospective bidder the condition status on any lot. Condition is always a subjective evaluation and final responsibility rests with the buyer to assess the condition of any item sold by Kapoor Galleries Inc.

INTERNET BIDDING

10) INTERNET BIDDING. Internet bidding is available through Bidsquare.com. There may be terms which apply to internet bids that should be reviewed online at the time of sale. Kapoor Galleries Inc. is not responsible for any failure to execute a bid and shall have no liability to any bidder for any technical or other failure associated with an internet auction.

11) BIDDING INCREMENTS. The following increments are used at the auction. Absentee bids must fall within these increments. Kapoor Galleries Inc. will automatically reduce any absentee bid to the closest increment if the bid falls outside the published range of increments. For Bids falling Between Bidding Increment

$0 – 200 $10

$201 – 500 $25

$501 – 1,000 $50

$1,001-3,000 $100

$3,001-5,000 $250

$5,001 and up $500

AFTER THE AUCTION

12) BUYER’S RESPONSIBILITY. Upon the fall of the hammer, title to the offered lot shall pass to the buyer and the buyer immediately assumes full risk and responsibility for the lot, including liability for loss or damage and is liable for payment of the Purchase Price (as defined below) to Kapoor Galleries Inc. It is the buyer’s responsibility to ask specific questions on condition related concerns prior to the auction.

13) PURCHASE PRICE AND PAYMENT. The discounted “Purchase Price” for each lot shall equal the hammer price, sales tax and, if applicable, all packing, handling, insurance and shipping costs. U.S. bidders may pay with cash, personal check, money order, bank check, wire transfer or credit card (Visa and MasterCard). Bidders outside the U. S. will be required to pay by wire transfer or Credit Card. Kapoor Galleries Inc. reserves the right to hold a purchased lot until a check has cleared.

14) SALES TAX. Buyers are required to pay any applicable state and local sales tax, Kapoor Galleries Inc. is only required to collect sales tax for New York State.

15) SHIPPING. At the request of the buyer, Kapoor Galleries Inc. will ship the purchased items. Shipment usually happens within four business days after the auction has ended. Shipping costs are generally quoted within the item description. Shipment are generally made via Fed-Ex Ground. Unless buyer gives special instructions, the shipping method shall be at the sole discretion of Kapoor Galleries Inc.

16) SHIPPING CHARGES. Buyers are required to pay for all packing, shipping and insurance charges. Overseas duty charges are the responsibility of the successful bidder. Be aware that for larger and/or valuable items, shipping charges can be substantial.

17) REMOVAL AND STORAGE OF PROPERTY. If purchased property has not been removed, or Kapoor Galleries Inc. has not received shipping instructions within 21 days after the auction date, a $10 per item per day storage fee may be charged to the buyer.

18) CANCELLATION OF SALE. If purchased property remains in the custody of Kapoor Galleries Inc. for a period of 60 days following the auction, Kapoor Galleries Inc. may, at its option, cancel the sale, retaining as liquidated damages any payments made by the buyer, or resell the property at auction or by any other commercially reasonable means, for the account and at the risk of the buyer, and in such event, buyer shall be liable for the payment of all deficiencies plus all of Kapoor Galleries Inc. costs, including but not limited to storage and costs of both sales. This right of cancellation is in addition to any and all other remedies available to Kapoor Galleries Inc.

© Kapoor Galleries Inc. Auctions (2018)