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CONDITIONS OF SALE FOR AFRICA FOUNDATION (USA) ART FOR AFRICA™ LIVE AND SILENT AUCTIONS LIVE AUCTION TO BE HELD AND SILENT AUCTION TO CONCLUDE ON NOVEMBER 17th, 2011 AT SOTHEBY’S, 1334 York Avenue, New York, New York 10021.

The property offered at the Art for Africa™ Live Auction to be held the evening of Thursday, November 17and Silent Auction to commence at the Art for Africa™ Gala Dinner the evening of Tuesday, October 12 and conclude with the close of the Live Auction (the Live Auction and Silent Auction, together, the ‘Auction’) and listed in this catalogue will be sold by Africa Foundation (USA), a 501(c)(3) non-profit corporation. Africa Foundation (USA)’s intention in holding this Auction, in collaboration with Sotheby’s, is to raise as many charitable funds as possible. As a result, no commissions or buyer’s premiums will be charged to any sale of property listed in this catalogue. Any questions in relation to the Auction should be directed to Africa Foundation (USA) and not to Sotheby’s, which serves merely as auctioneer for Africa Foundation (USA) in conducting the sale and participates on the following terms and conditions which govern the sale of all the property offered (as may be amended by any posted notices or oral announcements during the Auction):

  • 1.(a) Neither Sotheby’s nor Africa Foundation (USA) assume any risk, liability or responsibility for the authenticity or the authorship of any property identified in this catalogue (that is, the identity of the creator or the period, culture, source or origin, as the case may be, with which the creation of any property is identified herein).
  • (b) All property is sold with all faults and imperfections and errors of description and neither Sotheby’s nor Africa Foundation (USA) makes any representations or warranties of any kind or nature, expressed or implied, with respect to the property and in no event shall either of them be responsible for the correctness of any descriptions of property, nor be deemed to have made, any representations or warranties of physical condition, size, quality, rarity, importance, genuineness, attribution, authenticity or provenance of the property. No statement in the Auction catalogue or other description made at the sale, in any sale invoice or elsewhere, shall be deemed such a representation or warranty.
  • (c) Prospective bidders should inspect the property before bidding to determine its condition, size and whether or not it has been repaired or restored.
  • (d) Property may be offered subject to reserves.
  • 2. Any property may be withdrawn by Sotheby’s (upon Africa Foundation (USA)’s prior approval) or by Africa Foundation (USA) at any time before the actual sale.
  • 3. Unless otherwise announced by (i) the auctioneer at the time of sale of lots offered through the Live Auction or (ii) Sotheby’s during the Live Auction for lots offered through the Silent Auction all bids are per lot as numbered in the catalogue.
  • 4. Sotheby’s and Africa Foundation (USA) reserve the right to reject a bid from any bidder. The highest Live Auction or Silent Auction bidder acknowledged at the Live Auction (i) by the auctioneer for lots offered for sale through the Live Auction or (ii) by Sotheby’s for lots offered for sale through the Silent Auction, shall be the purchaser. In the event of any dispute between bidders, the auctioneer for Live Auction bids and Sotheby’s for Silent Auction bids shall have sole and final discretion either to determine the successful bidder or to re-offer and resell the lot in dispute. If any dispute arises after the sale, the sale records of Africa Foundation (USA) shall be conclusive in all respects.
  • 5. If the auctioneer determines, with respect to Live Auction bids or if Sotheby’s determines, with respect to Silent Auction bids, that any opening bid is not commensurate with the value of the property, they may reject the same and withdraw the property from sale, and if, having acknowledged or accepted an opening bid, they decides that any advance thereafter is insufficient, they may reject the advance.
  • 6. On the fall of the auctioneer’s hammer with respect to lots offered for sale at the Live Auction and at the close of the Live Auction with respect to lots offered for sale through the Silent Auction, the highest bidder shall be deemed to have purchased the lot offered at either the Live Auction or Silent Auction, as the case may be, subject to all of the conditions set forth herein, and thereupon: (a) assumes the risk and responsibility thereof, (b) will sign a confirmation of purchase thereof, (c) will sign a form Hayes NY Business LLC (‘Hayes’) Bill of Lading if the successful bidder is in attendance at the Live Auction, and (d) will pay the full purchase price or such part as Africa Foundation (USA) may require.
  • After payment, the purchaser shall promptly remove the property from Hayes New York storage facility. If the property is not so removed within seven (7) days of its sale, it may be held by Africa Foundation (USA) at its discretion in storage for the account, risk and expense of the purchaser and such charges (including interest expense) will then be added to the purchase price of the property. Neither Sotheby’s nor Africa Foundation (USA) will be responsible for any damage or loss to any purchased property in the transfer of such property from Sotheby’s to the Hayes storage facility or for any damage or loss to such property while in storage at the Hayes storage facility.
  • A successful absentee or telephone bidder must have submitted to Africa Foundation (USA) prior to the close of the Live Auction a signed Absentee/Telephone Bid Form. The Absentee/Telephone Bid Form and Hayes Bill of Lading can be found at the back of this catalogue and on the Art for Africa™ website (www.artforafrica-newyork.com).
  • If the foregoing conditions and other applicable conditions are not complied with, in addition to other remedies available to Africa Foundation (USA) by law including, without limitation, the right to hold the purchaser liable for the bid price, Africa Foundation (USA), at its option, may either (a) cancel the sale, retaining as liquidated damages all payments made by the purchaser or (b) resell the property on three (3) days notice to the purchaser and for the account and risk of the purchaser, either publicly or privately, and in such event the purchaser shall be liable for payment of any shortfall between the original sale price and the price achieved upon resale, all other charges due hereunder and any incidental damages.
  • 7. Payments for purchases must be made in U.S. Dollars and will be accepted only in the following forms; check made payable to ‘Africa Foundation (USA)’ or EFT transfer to:
  • Bank: The Northern Trust Company Chicago, IL
    ABA: 071000152
    Account name: Trust Services
    Account No.: 5186061000
    F/B/O: Africa Foundation (USA) 26-09705
    Reference: Lot number
  • 8. In the case of commission bids or bids transmitted by telephone, Sotheby’s and Africa Foundation (USA) are not responsible for errors or omissions arising out of or resulting from mechanical difficulties or failure.
  • 9. In no circumstances will Sotheby’s or Africa Foundation (USA) rescind any purchase made or refund the amount paid in respect of any lot.
  • 10. Neither shipping nor delivery costs nor applicable New York State and/or City sales taxes are included in the price at which a lot is either knocked down by the auctioneer to the buyer at the Live Auction or determined by Sotheby’s to be the highest amongst all Silent Auction bids at the close of the Live Auction.
  • 11. The purchaser of any property at the Auction shall be deemed to have consented to the application of these Conditions of Sale to him or her upon the purchase of such property.
  • 12. These Conditions of Sale, as well as the purchaser’s, Africa Foundation (USA)’s and Sotheby’s respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of New York. By bidding at an auction, whether present in person or by agent, commission bid, telephone or other means, the purchaser shall be deemed to have consented to the exclusive jurisdiction of Courts of New York.
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