TERMS & CONDITIONS OF BUSINESS AND RULES OF CONSIGNMENT ON AUCTION

Swelz (Pty) Ltd Trading as Stephan Welz & Co., (“The Company”)

The Company carries on its business as auctioneers in accordance with these Terms and Conditions of Business and Rules of Auction, by agreeing to this our sellers confirm these terms of consignment as well.

A. DEFINITIONS

In these conditions of business, headnotes are for convenience only and shall not be used in their interpretation, any expression which denotes any gender shall include the other genders, any expression which denotes the singular shall include the plural (and vice versa), any expression which denotes a natural person shall include a juristic person (and vice versa) and the following terms shall have the following meanings:

DEFINITIONS

“auction” means any private treaty or auction sale at which a lot is offered for sale by the Company;

“auctioneer” means the representative of the Company conducting an auction;

“bidder” means any person making, attempting or considering to make a bid or offer to buy a lot at an auction, or private treaty sale;

“Buyer” means the bidder who makes the bid or offer for any lot that is finally accepted by the auctioneer (after determination by the auctioneer of any dispute that may exist in respect thereof) at a sale of that lot, and (where the Buyer is an agent acting for a principal), the Buyer and the Buyer’s principal jointly and severally;

“Buyer’s premium” means the premium payable by the Buyer of a lot to the Company on the sale of that lot, calculated on the hammer price of that lot at the relevant current rates;

“catalogue” means any advertisement, brochure, estimate, pricelist, condition report and other publication (in whatever medium, electronically or otherwise) published by the Company in respect of any auction;

“current rates” means the Company’s current rates of commission, premiums and other amounts payable to the Company for the time being, together with VAT thereon (if any), all as published by the Company (whether in a catalogue or otherwise) or as agreed between a prospective Buyer or Seller (as the case may be) and the Company;

a “deliberate forgery” means an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source, which is not shown to be such in the description in the catalogue and which at the date of the sale had a value materially less than it would have had if it had been in accordance with that description and includes any misrepresentation made with intention of deceiving as to authorship, origin, date, age, period, culture or source;

“hammer price” means the bid or offer made by the Buyer for any lot that is finally accepted by the auctioneer (after determination by the auctioneer of any dispute that may exist in respect thereof) at a sale of that lot, together with VAT thereon (if any);

“lot” means any item or items to be offered for sale by the Company at an auction or private treaty sale;

“prime rate” means the publicly quoted base rate of Interest (percent, per annum compounded monthly in arrears and calculated on a 365 day year, irrespective of whether or not the year is a leap year) from time to time published by RMB Private Bank, or its successor-in-title, as being its prime overdraft rate, as certified by any manager of such bank, whose appointment, authority and designation need not be proved;

“private treaty” means the sale of any lot other than by auction sale at a price privately agreed on by the Buyer and Seller;

“purchase price” means the hammer price of any lot at a sale thereof, plus the applicable Buyer’s premium for that lot, plus all recoverable expenses for which the Buyer is liable in respect of that lot;

“recoverable expenses” includes all fees, taxes (including VAT), charges and expenses incurred by the Company in relation to any lot that the Company is entitled to recover from a Buyer or Seller;

“reserve” means the confidential minimum hammer price (if any) at which a lot may be sold at an auction as agreed between the Seller of that lot and the Company in writing;

“sale proceeds” means the amount due by the Company to the Seller of a lot in respect of the sale of that lot, made up of the hammer price of the lot, less the applicable Seller’s commission for that lot, less all recoverable expenses for which the Seller is liable in respect of that lot and any other amounts due to the Company by the Seller in whatever capacity and howsoever arising.

“sale” means the sale of any lot at an auction, whether done by private treaty or auction sale, and “sell” and “sold” shall have corresponding meanings;

“Seller” means the person named as the Seller of any lot, being the person that offers the lot for sale;

“Seller’s commission” means the commission payable by the Seller to the Company on the sale of a lot that is calculated on the hammer price of that lot at the relevant current rate;

“VAT” means value added tax levied in terms of the Value Added Tax Act, 1991.

B. GENERAL TERMS AND RULES OF AUCTION

Every auction and/or sale shall be governed by these terms, section 45 of the Consumer Protection Act 68 of 2008 (“the Act”) and the rules of auction and in accordance with the laws of South Africa.

The provisions of section 45 reads as follows:

GENERAL TERMS AND RULES OF AUCTION

1. Auctions

1.1 In this section, “auction” includes a sale in execution of or pursuant to a court order, to the extent that the order contemplates that the sale is to be conducted by an auction.

1.2 When goods are put up for sale by auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction.

1.3 A sale by auction is complete when the auctioneer announces its completion by the fall of the hammer, or in any other customary manner, and until that announcement is made, a bid may be retracted.

1.4 Notice must be given in advance that a sale by auction is subject to –

(a) A reserved or upset price; or

(b) A right to bid by or on behalf of the owner, in which case the owner or auctioneer, or any one person on behalf of the owner or auctioneer, as the case may be, may bid at the auction.

1.5 Unless notice is given in advance that a sale by auction is subject to a right to bid by or on behalf of the owner or auctioneer:

(a) The owner or auctioneer must not bid or employ any person to bid at the sale;

(b) The auctioneer must not knowingly accept any bid from a person contemplated in paragraph B.1.5 (a); and

(c) The consumer may approach a court to declare the transaction fraudulent, if this subsection has been violated.

1.6 The Minister may prescribe requirements to be complied with by an auctioneer, or different categories of auctioneer, in respect of:

(a) The conduct of an auction;

(b) The records to be maintained with respect to property placed for auction; and

(c) The sale of any such property by auction.

2. The rules of the auction are those promulgated in terms of the Regulations promulgated by the Minister of Trade and Industry dated 23 November 2010 under Government Gazette No. 33818 on 1 April 2011 and any subsequent amendment and/or variation to the rules and these terms.

3. In the event of there being a discrepancy between the rules and the terms herein, the rules shall be operative and overriding.

4. Every bid constitutes an offer, open for acceptance by the Auctioneer and such acceptance shall be signified by the fall of the hammer, or by the acceptance of the offer by the Company in the event of a private sale.

4.1 Refunds:

Items returned for a refund will take 14 days to be processed .

Refunds will be processed on condition:

-We are notified in writing within 48 hours of purchase that the item is not suitable .

-No refunds will be processed if the item is damaged or worn.

-No refunds will be processed if the item has been tampered with.

- Credit card payments will be refunded by credit card.

- All refunds are subject to a 5% handling fee which will be taken off the payment.

4.2 All credit card purchases are subject to a 2.5% handling fee.

5. Buyers are solely responsible to satisfy themselves prior to auction/private treaty sale as to the condition of each lot and should exercise and rely on their own judgement as to whether the lot accords with the description or not.

5.1 Neither the Company, its servants, its employees, its agents and/or the Auctioneer shall be responsible whether directly or indirectly for any errors, omissions, acts of negligence, incorrect and/or inadequate descriptions or defects or lack of authenticity and/or inadequate descriptions or defects or lack of authenticity or lack of ownership or genuineness in any goods auctioned and sold. The Company shall not be held responsible for any incorrect, inaccurate or defective description of the goods listed for sale in the catalogue or in any condition report, publication, letter, or electronic transmission or to the attribution, origin, date, age, provenance, condition and description of the goods sold, and shall not be responsible for any loss, damage, consequential damages and/or patrimonial loss of any kind or nature whatsoever and howsoever arising thereout.

5.2 No warranty, whether express, implied or tacit is given by the Company, its servants, its agents, or its employees, or the Auctioneer or the Seller or the Buyer of any lot shall be binding or legally enforceable.

5.3 Any lot which proves to be a ‘deliberate forgery’ (which will only be the case if an expert appointed by the Company for such purposes confirms same in writing) may be returned by the Buyer (as his sole remedy hereunder or at law) to the Company within 21 days of the date of auction in the same condition in which it was at the time of the auction, accompanied by a statement of defects, the number of the lot, and the date of the auction at which it was purchased. If the Company is satisfied that the item is a ‘deliberate forgery’ and that the Buyer has and is able to transfer a good and marketable title to the lot, free from any third-party claims, the sale will be set aside and any amount paid in respect of the lot will be refunded, subject to the express condition that the Buyer will have no rights or claims against the Company if:

5.3.1 the description in the catalogue at the date of the sale was in accordance with the then generally accepted opinion of scholars and experts or fairly indicated that there was conflict of such opinion; or

5.3.2 the only method of establishing at the date of publication of the catalogue that the lot was a ‘deliberate forgery’ was by means of a scientific process not generally accepted for use until after publication of the catalogue, or by a process which was unreasonably expensive or impractical.

5.4 Buyer’s claiming under this condition will be limited to any amount paid in respect of the lot and will not extend to any loss or damage of whatsoever nature suffered, or expense incurred by him/her.

5.5 The benefit of this condition will not be assignable and will rest solely and exclusively in the Buyer who, for the purpose of this condition, will be and only be the person to whom the original invoice is made out by the Company in respect of the lot sold.

6. The Company will have the sole, exclusive and absolute right, at its discretion, to refuse admission to any person to its premises or any other premises at which such auction is to be conducted.

6.1 First time buyers may be required to lodge a refundable deposit of R10 000

7. The Company has the sole and absolute discretion without having to give any reasons therefore, to refuse any bid, withdraw or reoffer lots for auction (including after the fall of the hammer), cancel any sale if the Auctioneer and/or the Company believes that there may be an error or dispute of any nature whatsoever, and shall have the rights, as it deems fit, to divide any lot; to combine any two or more lots, or to put up any lot for auction again.

8. Any notice required to be given in connection with this agreement:

8.1 if given by the Company, shall be delivered by hand, or sent by registered post; or by telefax or by email, provided such address is given in which event such address shall constitute the domicilium citandi et executandi of the person to whom notice must be given. Notice shall be deemed to have been received by the person who is required to receive such notice, whether given personally or to a third party or any other manner as envisaged by this clause:

8.1.1 on the date of delivery if delivered by hand or email;

8.1.2 on the fourth (4th) day from the date of posting, including the date of posting if posted by prepaid registered post from within the Republic of South Africa, which postage shall be deemed to have been sent on receipt of the post office of proof of posting.

8.2 if required by the Company, such written notification must be given to the Company at its telefax number and/or email address as published in the brochure, alternatively the Company’s published address and/or fax number.

9. The Seller submits to the non-exclusive jurisdiction of the South African courts.

10. The Buyer and/or Seller, as the case may be, hereby pledges the goods either sold and/or bought as security to the Company for all amounts which are owing to it.

11. No variation, alteration, consensual termination, representation, condition, term or warranty, relaxation or waiver or release by the Company, or estoppel against the Company, or the suspension by the Company, in respect of these terms and conditions of business, or any part thereof, shall be of any force or effect unless reduced to writing and signed by the Company and the Buyer.

12. The Buyer shall be responsible for the payment of the Company’s legal costs, calculated on the scale as between attorney and client incurred by the Company in enforcing any of its rights of its principal whether such rights are exercised by way of legal proceedings or not.

13. Notwithstanding the nature or amount of the claim by the Company, the Company and the Buyer hereby consent to the jurisdiction of the Magistrate’s Court otherwise having jurisdiction; this consent is without prejudice to the right of the Company to institute proceedings and to obtain judgment or any order in the High Court of competent jurisdiction, the Company nevertheless still being entitled to claim on the High Court scale of costs and expenses, all as set out in this agreement.

IMPORTANT NOTES WHEN CONSIGNING WORK FOR AUCTION OR SALE

Estimates and property receipts

1. Estimates and reserves must be agreed by the Seller.

2. Reserves should ideally be 20% to 30% below the low estimate to entice buyers to bid.

3. The Seller should be offered the option to place items on the Company's online auctions as an alternative - this must indicated by the seller.

4. Full details, banking details and copy of Identity Document must be presented when completing a property receipt or by email.

5. Consignor must sign and date the property receipt or alternatively agree to the estimates by email to the relevant department specialist.

6. By signing the property receipt the Seller warrants that he/she is the lawful owner of the works consigned.

7. The Seller acknowledges that the Company may also receive a Buyer's premium [and other fees for or] in respect of a lot.

Insurance cover (Clause 9)

Items consigned to the Company are covered by insurance while in our possession at the mid-point between the low and high estimate as agreed with the consignor.

Charges for Withdrawn lots (Clause 13)

In the event that a lot is withdrawn from the auction the Seller will be held liable for both the Seller and Buyer commissions based on the mid-point of the estimates agreed.

2 Inspections and authorisations

2.1.1 Any item referred to above that is not collected within 5 days will incur a storage charge of R25 per day plus vat .

2.1.1.1 Any item referred to above that is not collected within 60 days will be placed on the next auction and sold without a reserve and the proceeds will be used to off set any storage and handling charges ,the balance will be paid to the consignors nominated bank account .

2.12 The Company shall inspect items brought to its offices or viewed at Seller’s domain for potential auction and will advise the Seller as to the value and suitability for sale within the Company’s auction trade markets. The Company reserves the sole right to accept or reject any items not meeting the Company’s criteria for the auction trade or resell market. Items of insufficient value or unsuitability for the Company’s auction trade or resell market items must be collected within 5 days after having been notified of the unsuitability. Please note that any communication emanating from us whether written, oral or otherwise, is merely a general view of products and markets referred to, and is not to be construed as investment or other advice or to bind the Company in any way.

2.13 The owner of the goods, as principal, instructs and authorises the Company as its agent, to sell goods on its behalf at an auction/ sale.

3 The seller’s warranty of title

3.12 The Seller warrants to the Company (and also to the Buyer) that he/ she/it is the lawful owner of the property to be sold at an auction or by way of private treaty sale and shall comply with the rules in regard thereto.

3.13 The Seller warrants and represents that the goods to be auctioned by the Company on its behalf, at an auction, or at a public sale, or by private treaty sale are, authentic, genuine and original and that ownership of such goods can be freely and validly transferred, and that no person has any direct or indirect claim to ownership in the goods.

3.14 The Seller warrants that any property which is to be sold by the Company at an auction/sale and not delivered to the Company at the time such instruction to sell was given, shall be delivered free of exchange to the Company at least one month before the intended auction.

3.15 The Seller of any property not held by the Company on its premises or under its control, warrants and undertakes to the Company and the Buyer that the property will be delivered on demand of the Buyer to it.

3.16 The Seller indemnifies the Company, its servants, its employees, its agents and the Buyer against any loss or damages suffered by either as a result of any breach of these warranties or as a result of any latent and/or patent defects in the goods.

4 4. Late entries

The Company reserves its right to unilaterally determine a final date for acceptance of delivery of the goods to be sold at an auction. If the goods of the Seller are not received by the Company timeously, or on due date, or at a time reasonably to enable the Company to sell such goods at an auction, such goods will be regarded as a late entry for that auction and the Company shall endeavor to sell such goods at the next arranged auction date.

5. VAT (Value Added Tax)

It is a requirement of Section 20 (8) of the VAT Act that all Sellers provide the Company with a copy of their Identification Document, so that the Company can complete a VAT 264 form – ‘Declaration in respect of the acquisition of moveable second-hand or repossessed goods’ when requested to complete a form for a vendor claiming input tax on moveable second-hand goods.

5.1 VAT status

The Seller must give the Company all relevant information as to his/her registered South African VAT status concerning the lot to be sold, and the Company is entitled to rely on this information. If the Seller is VAT registered, he has the option of informing the

Company, who acts as agent on behalf of the Seller, as to whether VAT must be charged on the hammer price or not. Once a lot has been designated vatable, a “†” symbol will appear alongside the lot number in the catalogue indicating that the hammer price will be charged VAT at the ruling rate. The Company, acting as agent for the Seller, will pay the VAT over to the Seller.

5.2 VAT on imported goods

Overseas Sellers consigning items for sale in South Africa will be liable for VAT on the importation of goods, at the prevailing rate, in terms of Section 13(2) of the Customs and Excise Act. VAT will be calculated in terms of Section 65 of the Customs Act based on the transaction method, i.e. the actual amount paid or payable as a result of the contract of sale or if no sale and imported by intermediaries and sold by auction after importation, that value.

Value Added Tax at the applicable rate will be deducted from the net hammer price on all such imports sent to the Company for sale at auction together with any other costs relating to customs examination, customs clearing and delivery costs to our office.

The Company will pay such VAT deducted to the relevant South African Revenue Services department on behalf of the Seller.

6. Seller’s commission and illustration charges

6.1 Seller’s commission, calculated at the applicable current rate of the hammer price, shall be payable by the Seller to the Company in respect of the sale of each lot comprising one or more objects submitted by the Seller for sale. The Seller acknowledges that the

Company may also receive a buyer’s premium and other fees for or in respect of that lot. Without derogating from the Seller’s obligation to pay the Seller’s commission and any recoverable expenses for which the Seller is liable, the Seller irrevocably authorises the Company to deduct from the hammer price of any lot the Seller’s commission and all such recoverable expenses for which the Seller is liable.

6.2 The Company may deduct and retain the Seller’s commission and the recoverable expenses for which the Seller is liable from the amount paid by the Buyer for the lot as soon as the purchase price, or part of it, is received and prior to the sale proceeds being paid to the Seller.

6.3 Illustrations:

The Company shall have the right to illustrate, photograph or otherwise reproduce images of any lot submitted by the seller for sale, whether or not in conjunction with the sale, and to use such photographs and illustrations at any time and in their sole and absolute discretion. The copyright of all photographs taken and illustrations made of any lot by the Company shall be the sole and absolute property of the Seller and the Company undertakes to abide by all copyright applicable to any and all lots submitted for sale.

Lots illustrated in the catalogue will be at the discretion of the relevant Head of Department.

6.4 Seller’s commission rates and VAT (Clause 6)

For lots selling between R1 - R9 999: 20% + VAT

For lots selling between R10 000 - R100 000: 18% + VAT

For lots selling between R100 001 - R1 000 000: 15% + VAT

For lots selling at or above: R1 000 001: 5% + VAT

VAT is chargeable on commission and will be deducted from the sale proceeds

7. Reserve price

The Seller will be entitled to place, prior to the auction, a reserve on any lot, being the minimum ‘hammer price’ at which that lot may be treated as sold.

A reserve once placed by the Seller may not be changed without the consent of the Company. The auctioneer may open the bidding on any lot by placing a bid on behalf of the Seller.

The auctioneer may further bid on behalf of the Seller, up to the amount of the reserve, by placing responsive or consecutive bids for a lot. The reserve, if any, on any one lot will not exceed the low estimate as published in the catalogue. Items under R500 will be sold without reserve.

The Company may, at its option, sell a lot at a hammer price below the reserve, but in such cases the sale proceeds to which the Seller is entitled will be the same as they would have, had the sale been at the reserve. Where a lot has been sold at below its reserve, the Company reserves the right to adjust its Seller’s commission charge/ rate accordingly to ensure that the Seller is paid the correct proceeds it would have had the sale been at the reserve.

The Seller authorizes the company to accept an offer for the low estimate, prior to the item going on auction.

8. Written valuations

The provision of written valuations for Insurance, Sale by Private Treaty, Estate Duty or other purposes is an important part of the Company’s services. Valuations can be arranged through any of the Company’s offices. Valuation fees vary according to the nature and amount of work to be undertaken and are subject to VAT at the prevailing rate but will always be highly competitive. The Company shall refund the valuation fee charged if the property is consigned to the Company for sale within 4 months of the valuation.

9. Insurance

The Company will insure property (other than ‘motor vehicles’) consigned to it which is held at its business premises or place of auction, or put under its control for sale and may, at its discretion, insure property put under its control for any other purpose. The insurance cover provided will at all times be subject to the insurance excess applicable

to all claims and the terms and conditions of any relevant Company policy that is in force from time to time and the Company assumes no additional liability for the property held in their possession. Save for the aforesaid insurance the property will remain at all times at the risk of the Seller or consignor and neither the Company nor its servants or agents will be responsible for any loss or damage, save where such loss is caused by negligence or otherwise of the Company or its servant. The basis of valuation for insurance purposes will be the mid-price between the Company’s low and high estimates or the amount agreed upon in writing between the Company and the Seller and/ or representative of the Seller thereof. The insurance will cease immediately when the property is collected by the Buyer or once delivery to the consignee (or the consignee’s nominee) at the address agreed by prior arrangement. In no event will the Company be liable for damage to glass or picture frames save where the Company was negligent. The Company reserves the right to deduct from any insurance payout commission at the stated rates, illustration and other reasonable expenses before remitting the balance to the Seller.

In effecting insurance, the Company acts as the sole and authorised agent on behalf of the Seller.

10. Payment of sale proceeds

10.1 Subject to the Company receiving payment in full of a Buyer, the Company shall make payment to the Seller of the amount it received from the Sale, after deduction of the Company’s commission at current rates, VAT, and any other amounts which the Company have had to pay and/or expend on the Seller’s behalf

10.1.1 45 days from the date of the auction of Fine and Decorative Arts, Books, Collectables, Jewellery, Silver, Furniture, Watches, Clocks, Carpets, Ceramics and Collectable Cars.

10.1.2 45 days from the date of the auction of Postage Stamps, Postal History, Coins, Medals, Militaria, Memorabilia and Models.

10.2 If credit terms have been agreed between the Company and the Buyer, the Company will remit the sale proceeds to the Seller 45 days after the auction unless otherwise agreed by the Seller.

10.3 If the Buyer fails to pay the Company the ‘sale proceeds’ within 30 days after the auction, the Company will endeavor to notify the Seller and take the Seller’s instructions as to the appropriate course of action and, so far as in the Company’s opinion it is practicable, will assist the Seller to recover the ‘sale proceeds’ from the Buyer. If circumstances do not permit the Company to take instructions from the Seller, the Seller authorizes the Company at the Seller’s expense to agree special terms for payment of the ‘sale proceeds’, to remove, store and insure the lot sold, to settle claims made by or against the Buyer on such terms as the Company will in its absolute discretion think fit, to take such steps as are necessary to collect monies due by the Buyer to the Seller and if necessary to rescind the sale and refund money to the Buyer.

10.4 Should the Company make payment in full to the Seller, not with- standing the fact that the Company has not received full payment, the Seller irrevocably transfers ownership of the goods sold to the Company who shall retain ownership of such goods.

10.5 The Company is not a financial institution and does not pay any interest on any monies received on behalf of the Seller between the time of receipt of monies and the final payment date to the Seller. In the unlikely event of a late payment due by the agent ( SWELZ PTY LTD ), the agent will pay interest at bank call rates as prescribed by the FNB rate of the day from day 46 until date of payment to the seller.

11. 11. Goods fit for the purpose for which they are intended

The Seller warrants that the goods delivered to the Company and placed in the Company’s possession and/or control for the purpose of the sale by auction and/or private treaty sale are fit for the purpose for which they were intended and are free of any patent and/or latent defects. If electrical or mechanical goods or watches are sold at the auction, the Seller warrants that such goods are free of defects, are electrically and/or mechanically sound and are compliant, with all safety standards and regulations and are intended to be used for the purpose for which they are to be sold. The Seller hereby indemnifies the Company against any claim of any nature or howsoever arising from any Buyer who bought such goods and who thereafter suffered damages, whether they be patrimonial or not, notwithstanding the Company’s exclusion of any form of liability, whether it be through a breach of warranty, misrepresentation, false or negligent misrepresentation, act of negligence and/or omission.

12. Rescission of the sale

If before 21 days after the auction or within 48 hours of a private treaty sale, the buyer makes a claim to rescind the sale under the definition of deliberate forgery or otherwise and the Company is of the opinion that the claim is justified, the Company reserves the right to rescind the sale and refund the buyer any amounts paid to the Company in respect of that sale and the seller authorises the Company to do so.

13. Charges for withdrawn lots

Where any lot, or unsold item, is withdrawn, or cancelled by the Seller

prior to any auction or private treaty sale for any reason whatsoever,

including but not limited to a claim of ownership to the lot by a third

party, the Company may charge the Seller the full Buyer’s premium and

Seller’s commission based on the Company’s mid estimate of the low

and high estimates together with value added tax thereof and recoverable

expenses in relation to that lot or unsold item.

14. Intellectual Property Rights

The Seller gives the Company full and absolute right to photograph,

illustrate, or otherwise produce images, whether in pictorial form

or by way of a photographic reproduction or the like and the Seller

waives any claim it may have in law to the proprietary rights it has in its

property. The Seller authorises the Company to reproduce such images

in its catalogue and/or magazine and/or any publication used by the

Company for the purpose of perpetuating its own business.

15. Provenance

The Seller authorises the Company and gives its consent to publish, print and produce a catalogue and/or any other publication used by the Company in the furtherance of its business and to disclose the history of ownership of a lot and/or any details and/or scholarship and/or any intellectual thought used and/or published to identify or distinguish such item. If the Seller does not agree to such publication and wishes to keep such information, the Seller is required to notify the Company in writing thereof at least 75 days prior to the date of the auction. Should the Company have produced a publication and/or catalogue in which such information and/or detail and/or images are published, provided such printing was done 75 days before the intended sale then the Seller waives its rights to claim confidentiality and/or protection.

16. Unsold lots and uncollected items

The Company reserves the right to sell any unsold lot within twenty-five (25) business days from the auction and/or sale date on behalf of the Seller at the reserve price or a price confirmed by the seller . Where any lot fails to sell after said period, the seller agrees to place the item on the next suitable auction as determined by the company at a reduced reserve by up to 30% , if the item then goes unsold the company reserves the right to once again reduce the reserve by up to 50% and place the item on the next suitable auction .The company also reserves the right to send any item that has not sold on 3 auctions to an agent of its choice or a charity to dispose of the auction for no reserve Alternatively the Seller must make their own arrangements to collect the goods at their cost. Notification will be as per clause If such arrangements are not made The Company reserves the right to charge R25 (twenty-five rand) plus VAT per day to store any one item not collected from the Company’s place of business from the time the Seller has been notified and until such time as the item has been collected.

17. Notices

Any notice required to be given in connection with this agreement:

17.1 If given by the Company, shall be delivered by hand, or sent by registered post; or by or by email, provided such address is given in which event such address shall constitute the domicilium citandi et executandi of the person to whom notice must be given. Notice shall be deemed to have been received by the person who is required to receive such notice, whether given personally or to a third party or any other manner as envisaged by this clause:

17.1.1 on the date of delivery if delivered by hand and or email.

17.1.2 on the twenty fourth (24th) day from the date of posting or email, including the date of posting if posted by prepaid registered post from within the Republic of South Africa, which postage shall be deemed to have been sent on receipt of the post office of proof of posting.

17.2 if required by the Company, such written notification must be given to the Company at its number and/or email address as published in the brochure, alternatively the Company’s published address.

18. 18. Consumer Protection Act

The terms and conditions herein are governed by section 45 of the Consumer Protection Act 68 of 2008 and the rules of auction promulgated thereunder.

19. Declaration of Ownership

The Seller who by this agreement wishes to dispose of his or her property by way of an auction, by his or her signature hereto, states and warrants that he/she is the owner or rightful holder of the goods and consents to the declaration hereunder being handed to the auctioneer at the time of auction.