Lot # : 48 - Fernando Botero Watercolour on Paper

INTERNATIONAL NEW YORK AUCTION HOUSE. TERMS AND CONDITIONS OF BUSINESS. 1. YOUR ACCEPTANCE OF THIS AGREEMENT Please read these Terms & Conditions of Business (the 'terms') carefully. These terms apply to and govern your dealings with INTERNATIONAL NEW YORK AUCTION HOUSE., including its employees, agents, officers and directors (collectively the 'Auction House' and/or 'us' and/or 'we'), whether in person, by proxy, through an agent, or through INTERNATIONAL NEW YORK AUCTION HOUSE (the 'website') or some other platform used to access the website, i.e. Invaluable.com. These terms apply, but are not limited, to consignors of goods, auction bidders (whether in person, by proxy, online or other), buyers, users of the website, in person in store customers and/or other parties to whom we enter into a commercial relationship in furtherance of our business. In entering into business with us, you agree that you understand these terms, have no objections here, and agree to be bound. These terms govern your transactions with us along with your use of our website and its contents, as well as any products and/or services transacted with us. These terms also govern your use or accessing of our website and its products and services, including but not limited to visiting, logging on to your account, browsing, adding a lot to your watch list, registering a bid, bidding, requesting e-flyers , ordering a catalogue, purchasing, or otherwise using the website (the "Services") you signify your acceptance and agreement, and the acceptance and agreement of any person you purport to represent (and for purposes of this agreement, "person" includes any type of incorporated or unincorporated entity, including your employer), without limitation or qualification, to be bound by this agreement, and to comply with all applicable laws and regulations, and you represent and warrant that you have the legal authority to agree to and accept this agreement on behalf of yourself and any person (such as your employer) you purport to represent. If you do not agree with each provision of this agreement, or you are not authorized to agree to and accept this agreement, or you do not have the legal authority to agree to and accept this agreement, you may not use the website or enter into a transaction with us or through us, i.e. placing bids at auction, consigning goods to us, buying goods from us etc. 2. CHANGES TO THIS AGREEMENT These Terms and Conditions are current as of the date of at the bottom of this agreement, but are subject to revision by us at any time, without notice. Each time you enter into a transaction with us, or use our web site, you should review the current terms of this agreement. For each transaction and/or visit to our web site, you agree to be bound by the terms and conditions then in force. You may not change, supplement, amend or assign your rights or responsibilities under this agreement in any manner. It is our express intent that any changes to this agreement be in writing, and evidenced by writing. 3. MISPRINTS AND ERRORS, PRICES AND PURCHASES We endeavor to provide current and accurate information on the website and in our Catalogues. However, misprints or other errors may occur. Accordingly, we reserve the right to change the prices, listed fees and charges at any time, without notice or liability to you or any other person. Also, we cannot guarantee that the Services advertised on the website will be available when a bid is submitted, or a lot is purchased, or at any relevant time. Accordingly, we reserve the right at any time to reject, correct, cancel or terminate any Services or other request. We reserve the right to refuse to accept any request for products and/or services, notwithstanding any course of dealing between the Auction House and you in the past. 4. BIDDING AT AUCTION AND PURCHASING AT RETAIL In purchasing items, either at retail or at auction, you further agree to be bound by the following terms: a) You are responsible for reading the full item listing, examining, inspecting, making arrangements for inspection or otherwise fully satisfying yourself as to the authenticity, condition and provenance, if any, of each lot upon which you place a bid, and acknowledge that you have not relied upon any representation made by us, our employees, officers, directors or agents. b) You acknowledge that in placing a bid, you are extending an irrevocable offer to enter into a legally binding contract for purchase, and that a legally binding contract to purchase is formed when such bid is either the winning bid, or is otherwise accepted by us. You acknowledge that we are entitled to payment in full immediately upon acceptance, and that we may immediately submit the charges to your credit card if on file. You further acknowledge that ALL SALES ARE FINAL WITH NO REFUND, NO EXCHANGE AND NO STORE CREDIT. In all cases where a refund is granted by us for a lot purchased by you, a restocking fee of 30% will be charged to you for each refunded lot. c) While the Auction House has endeavored to catalogue and describe correctly each lot to be sold, such representations merely reflect our opinion, are cursory in nature, and as such, are not to be relied upon in making purchasing decisions. You acknowledge that errors may include, but are not limited to, the catalogue or contents therein, lot description or other descriptions of the physical condition, trueness of the photographic image used in the online lot description or catalogue, medium, importance, authorship, origin, age, size, attribution, genuineness, authenticity, provenance, exhibitors, literature or historical relevance of any lot or item contained therein, and as such, the Auction House shall not be liable for any such errors or omissions. Measurements on paintings are approximate only and are of image size. Further, the absence of description regarding an item or the failure to note a flaw or defect in an item does not imply that the lot is in perfect condition or free from defects, wear and tear, modification, alterations or other imperfections. Unless noted, all items have some amount of wear and tear, scratches, nicks, missing stitches or other imperfections, corresponding to their age and use. No statement made by us, whether written or oral, shall be deemed as a warranty, representation or condition. No sale will be set aside on account of any imperfection, regardless of whether noted. Each lot is sold "AS IS", "WHERE IS," "WITH ALL FAULTS" and "WITHOUT RECOURSE". Each and every lot is sold by us with all faults and defects and with all errors of description and is to be taken and paid for whether genuine and authentic or not and no compensation shall be paid regarding any imperfection, fault, damage or other defect. It is the responsibility of the buyer to determine the authenticity and condition (and to otherwise fully satisfy themselves) of each item prior to making a bid (or prior to purchase for those items listed by us for sale), and should the buyer lack the appropriate skills and knowledge, the buyer shall, at their expense engage an expert in determining authenticity, prior to purchase. No transaction shall be set aside on the basis that the buyer later determined any such item purchased to not be authentic, or have other fault or flaw, and all parties agree that each such sale shall have been intended by the parties to be for a "novelty or replica item," without regard to the description or image used, price actually paid or the market value of same (including the difference between the market value of the item as understood by the buyer, and the actual market value determined after proper inspection). Should the buyer place a bid or otherwise buy an item or lot without having satisfied themselves as to authenticity, condition or any other factor set forth in this subparagraph, the buyer shall be deemed to have intended to purchase a "novelty or replica item." In such case, the buyer agrees to waive any claim or defence alleging inadequate consideration. To be clear, the buyer assumes all risks relating to the authenticity and condition of items, along with the other factors set forth herein, and agrees to hold the Auction House harmless in regard to same. The company make no representation or warranty and accepts no liability whatsoever to the seller, the buyer, or any third party in respect of the availability or issuance of valid import and export permits or the existence or exercise of pre-emption or other rights to purchase by governmental or regulatory authorities anywhere. All authorship of paintings in this catalog are described according to the following terms: By [Artist Name]: In our opinion, the work is by the artist. Attributed to [Artist Name]: In our opinion, the work may be ascribed to the artist on the basis of style, but there may be some question as to actual authorship. In the manner/style of [Artist Name]: In our opinion, the work was executed by an unknown hand, but was designed deliberately to emulate the style of the artist. After [Artist Name]: In our opinion, the work was executed by an unknown hand, but is a deliberate copy of a known work by the artist. Circle of [Artist Name]: In our opinion, a work of the period of the artist showing his influence, closely associated with the artist but not necessarily his pupil. Follower of [Artist Name]: In our opinion, a work by a pupil or a follower of the artist (not necessarily a pupil). American, 19th century: In our opinion, this work was executed by an unknown hand, and can only be identified by origin (i.e., region, period). Bears signature: In our opinion, the signature on the artwork may be spurious. Apocryphal: Of doubtful authenticity. You expressly acknowledge that the contents of our website and/or catalogs and/or other promotional material, including, but not limited to lot descriptions, does not constitute advice or a recommendation. You expressly acknowledge that you have a responsibility to seek professional third party advice and recommendations before acting, at the risk of overpaying for a "novelty item" or otherwise not receiving the item you had thought you were bargaining for and purchasing. You expressly acknowledge that you have not acted, or omitted to act based on any information provided by us. As noted above, we list items as we understand them to be, based on our opinion and what we are told by the sellers of each item, and sometimes we are fooled or otherwise get it wrong. d) All descriptions appearing on-line are subject to any variation announced by the auctioneer, on-line or otherwise, prior to the time of sale. No representation is made in respect to any copyrights available to any purchaser. All prospective purchasers shall have an opportunity to inspect all lots prior to the time of the auction and it is recommended that they do so. Purchasers assume all risks by failing to inspect and/or have items and/or lots properly authenticated prior to purchase. Nothing within this contract shall limit the purchaser's recourse against an expert retained by them to determine authenticity. We are an auction house and/or small collectibles store only, and are unable to, and do not, guarantee the authenticity of any items listed for sale, or the condition of same, whether at auction or retail. e) Estimates of item value are merely that, and are intended to help prospective purchasers estimate what amount of money that might be required for the purchase of a particular lot. The lower estimate may represent the reserve price, and the price at auction will not be below that amount. Estimates do not include the Buyer's Premium. Estimates are subject to revision at any time, and are in no way definitive. f) The auctioneer and International New York Auction House. have the right to withdraw any item from bidding at any time, for any reason, and/or to divide any lot, or to combine any two or more lots, in their sole discretion. Likewise, the auctioneer and International New York Auction House. have the right, at their discretion, and without penalty, to default or cancel any sale in the event of an error or dispute. The auctioneer has the right to refuse and/or reject any bid and to advance the bidding and set bidding increments, at his absolute discretion. The highest bidder accepted by the auctioneer shall be the purchaser. If any dispute should arise between bidders, or in the event of any doubt on the part of the auctioneer as to the validity of any bid, the auctioneer may, at his discretion, determine the successful bidder, or he may reoffer the lot, and in making this determination, the auctioneer shall have absolute discretion. The auctioneer will also have full discretion to reopen the bidding, cancel any sale and/or re-offer or resell the property. Should a dispute arise after the auction, our sale record is conclusive. Further, the purchaser acknowledges that invoices generated during the sale or shortly after may not be error free, and are subject to review to correct errors g) The purchaser will be the highest bidder for the lot accepted by the auctioneer and will thereupon pay the full purchase price, including the buyer's premium and all applicable taxes. h) Each lot sold at auction is subject to a buyer's premium of 15% on top of the purchase and/or hammer price, payable by the purchaser, and shall form a lien and first security interest on any such item purchased. i) The purchaser shall, at the time of opening an on-line account and at the time of registering and placing a bid, make available to us, the name, address and telephone number of the purchaser and make payment as aforesaid. Also, if the required payment is not complied with, we may assert a lien and first security interest on any works purchased by the purchaser and any funds owing by us to the consignor and in addition to all other remedies we may have. In our sole discretion, we may resell any of the lots affected without notice to the original purchaser and in such case the original purchaser shall be responsible to us and the consignor for: (a) any deficiency in price between the resale amount and the amount that should have been paid by the original purchaser, (b) reasonable charges for storage, (c) any excess commission which would have been earned by us had the original sale been completed in full, and (d) such additional fees and charges as may be reasonably incurred by us. j) Risk of damage/loss is conveyed immediately after retail sale or upon receipt of payment (including waiting for a cashier's cheque to clear) after a successful bid at auction, as the case may be, and buyers are encouraged to immediately (after payment) remove such items from the premises and/or to secure their own insurance on same. While we will try to handle and store items left at our facility after sale, we disclaim all liability for loss or damage to those items, from all causes, including specifically our own negligence, or the negligence of those for whom we are at law responsible. If shipping is necessary, buyer shall make all arrangements for shipping, and pay all associated charges. Buyer is solely responsible for purchasing insurance on each item purchased. k) Each lot offered for sale may be subject to an unpublished reserve in consultation between the consignor and us. We also, as a service, may provide absentee order bids for purchasers who cannot participate in the on-line auction. We shall attempt to execute the absentee bid at the lowest possible price taking into account the reserve price and other bids. If identical bids are left by two or more parties, the first bid received by us will take priority. We shall not be responsible for errors or failures to execute such bids. All items purchased in person at auction must be paid for on the day of the sale. All items purchased via absentee bid must be paid for within one (1) business days of the sale date. If a buyer does not contact International New York Auction House within one (1) business days of the sale, the credit card used to secure the bid will be charged for the full invoice amount, which the bidder agrees to pay. . International New York Auction House accepts the following payment methods: GLOBAL PAYMENT, ZELLE, BANK ORDER, CERTIFIED CHECK AND BANK TRANSFER. Additionally, items can be paid for with a properly authorized Visa or MasterCard. Please note that we do not accept PayPal under any circumstances. International New York Auction House will process bounced checks or non-payment of purchases to the fullest extent permitted by law and the names of offenders will be announced to the public and other auction companies. 6. NON-PAYMENT & FAILURE TO COLLECT LOT(S) Where the purchaser fails to make payment in full, or to collect their lots as required once full payment has been received, the Auction House, in its absolute discretion, may elect one or more of the following remedies without providing further notice to the purchaser and without prejudice to any other rights or remedies the Auction House may have: i) To issue judicial proceedings against the Buyer for damages for breach of contract together with the costs of such proceedings on a full indemnity basis; ii) To rescind the sale of that or any other Lot(s) sold to the Buyer; iii) To charge the full purchase price against any credit cards then on file for the purchaser, without the need for any signatures; iv) To resell the Lot or cause it to be resold by public or private sale, or by way of live or online auction, with any deficiency to be claimed from the Buyer and any surplus, after Expenses, to be delivered to the purchaser. By way of liquidated damages, in any subsequent sale, the Auction House will again be entitled to both a seller's commission and a buyer's premium, calculated in each instance based upon the greater of the sales prices from the various auctions; v) To store the Lot on the premises of the Auction House or third party storage facilities with Expenses accruing to the account of the purchaser, and to release the Lot to the purchaser only after the Purchase Price and Expenses to the Auction House; vi) To charge compound interest on the Purchase Price (which includes the buyer's premium and HST if applicable), at the annual rate of fifty-nine (59) percent, or otherwise at the maximum rate allowable by law; vii) To retain that or any other Lot sold to, or placed for sale by, the purchaser at the same or any other auction and release the same only after payment of the aggregate outstanding Purchase Price; viii) To apply any Proceeds of Sale of any Lot then due or at any time thereafter becoming due to the purchaser towards settlement of the Purchase Price, and the Auction House shall be entitled to a lien on any other property of the purchaser which is in the Auction House's possession for any purpose; ix) To apply any payments made by the purchaser to the Auction House towards any sums owing from the purchaser to the Auction House without regard to any directions received from the purchaser or his agent, whether expressed or implied; and x) In the absolute discretion of the Auction House, to refuse or revoke the Buyer's registration in any future auctions held by the Auction House. xi) To transfer the putative purchasers' account to collections, for which purchaser further agrees to such additional charges as imposed by the collections agency and all reasonable charges incurred in a collections action, again, on a full indemnity basis. xii) To charge the credit card registered under the putative purchasers' account a non-refundable restocking fee (minimum $25.00 charge) of 30% based on the purchaser’s invoice total for a canceled sale. SHIPPING WE SHIP FOR YOU. To make your shopping experience more pleasant and comfortable, we have an internal shipping service. We carefully package all parts and ship them via insured transportation once payment is cleared. We will combine shipping on multiple lots for our winning bidders. Shipping costs will be calculated manually after the sale for all purchases. Once your package has been shipped, you will receive an email with tracking information. We are working to get your order to you as quickly as possible. We appreciate your patience. Until payment has been received by us (including the expiry of our holding period where payment was made by Cashiers' Cheque), it is the responsibility of the consignor to maintain insurance on their property, including insurance protecting them against damage to their property, including, but not limited to damage caused by our negligence, or the negligence of those for whom we are at law responsible. Once payment in full has been made, and title has passed to the purchaser, it is the responsibility of the purchaser to obtain insurance protecting them against damage to their property, including, but not limited to damage caused by our negligence, or the negligence of those for whom we are at law responsible. b) The Auction House further reserves the right to withdraw any Lot at any time prior to the auction sale if, in the sole discretion of the Auction House: i) there is doubt as to its authenticity; ii) there is doubt as to the accuracy of any of the Consignor's representations or warranties; iii) the Consignor has breached or is about to breach any provisions of this agreement; or iv) any other just cause exists. c) In the event of a withdrawal for the reasons set forth in subparagraph b immediately above, the consignor shall pay a charge to the Auction House, as set forth below. d) The Consignor may not withdraw a Lot prior to the auction sale without the consent of the Auction House. In the event that such consent is given, or in the event that we are required to withdraw a lot for one of the reasons set forth in subparagraph b above, the consignor shall pay to us a charge of thirty-five percent (35%) of the high pre-sale estimate, as liquidated damages (as it is difficult to precisely quantify the time, expenses, lost profits and damage to reputation so incurred), together with any applicable taxes, prior to any release of the property. Where such fee is not paid, the Auction House may nonetheless proceed with selling such items at auction, and the consignor consents to same. e) The consignor authorizes the auction house to deduct the seller's commission also referred to as the commission on sale, from the sale price. The consignor also acknowledges that in addition, the Auction House shall charge and retain the buyer's premium on each sale. f) The consignor shall pay and authorize the Auction House to deduct all expenses incurred on behalf of the consignor, together with any taxes. g) The Auction House retains all rights to photographic and printed material and the right of reproduction of such photographs. CONSIGNOR WARRANTIES AND INDEMNITIES a) The consignor warrants to the Auction House and to the Buyer that the consignor has and shall be able to deliver unencumbered title to the Lot, free and clear of all claims; b) The consignor shall fully indemnify the Auction House, its employees and agents and the purchaser against all claims made or proceedings brought by persons entitled or purporting to be entitled to the Lot; CONSIGNOR WARRANTIES AND INDEMNITIES a) The consignor warrants to the Auction House and to the Buyer that the consignor has and shall be able to deliver unencumbered title to the Lot, free and clear of all claims; b) The consignor shall fully indemnify the Auction House, its employees and agents and the purchaser against all claims made or proceedings brought by persons entitled or purporting to be entitled to the Lot; c) The consignor can also ship the items directly to the end customer, internal handling between the auction house and the consignor. 13. SOLD & UNSOLD LOTS - STORAGE AND DISPOSITION a) Purchaser further agrees, as does consignor for all unsold lots, that any lots not removed from the premises within five (5) days after auction will be subject to storage charges of $5.00 per day. We disclaim all responsibility for items stored with us beyond 365 days from the time of sale, at which point purchaser shall be deemed to have abandoned same to us for our benefit, for use as we see fit, including listing at auction solely for our benefit, or discarding, or taking any other action, again, at our discretion. b) Unsold Lots are to be collected at consignor's expense within five (5) days after an unsuccessful auction, or within the week of receiving notice from the Auction House. Storage charges shall apply, as set forth above. If the unsold lots are not removed from our premises on request, the Auction House shall also have the right to sell such Lots by public or private sale and on such terms as the Auction House shall alone determine, and shall deduct from the Proceeds of Sale any sum owing to the Auction House or to any associated company of the Auction House including Expenses, before remitting the balance to the Consignor. If the Consignor cannot be traced, the Auction House shall place the funds in a bank account in the name of the Auction House for the Consignor. c) Lots returned at the Consignor's request shall be returned at the Consignor's risk and expense and will not be insured in transit unless the Auction House is otherwise instructed by the Consignor and arrangements are made for the Consignor regarding same, with the Consignor bearing all related expenses; d) If any Lot is unsold by auction, the Auction House may elect to act, at its sole discretion, as the exclusive agent for the Consignor for a period of ninety (90) days following the auction to sell such Lot by private sale or auction sale for a price that will result in a payment to the Consignor of not less than the net amount (i.e., after deduction of the Seller's Commission and Expenses) to which the Consignor would have been entitled had the Lot been sold at a price equal to the agreed Reserve, or for such lesser amount as the Auction House and the Consignor shall agree. In such event, the Consignor's obligations to the Auction House hereunder with respect to such a Lot are the same as if it had been sold at auction. The Auction House shall continue to have the exclusive right to sell any unsold Lots after the said ninety (90) day period, until such time as the Auction House is notified in writing by the Consignor that such right is terminated. Authenticity: International New York Auction House makes no claims of authenticity! All pieces sold "AS IS" "WHERE IS". No returns for pieces deemed to not be inauthentic by a third party. All information in the catalog concerning authenticity is NOT guaranteed by International New York Auction House, please do all research prior to the sale. Clients can ask for more photos if they need to submit information to experts for authenticity purposes. - ALL SALES ARE FINAL. NO MONEY WILL BE REFUNDED OR CREDIT GIVEN. - ALL MERCHANDISE IS SOLD "AS IS". No guarantees are made as to condition, period, size, count, weight, style, authenticity, material, or manufacturer copyright or reproduction of the merchandise sold. Showplace makes no representation, nor any express or implied warranties. Buyers must rely on their own knowledge when purchasing merchandise.