Bidding at the Auction

The following pages are designed to give you useful information on how to bid and buy at Sidharta Auctioneer's Modern Art auction (the "Auction" or the "Sale").

Estimates

The estimated price range of each lot, printed below the description of each lot, is intended as a guide for prospective buyers. Any bid between the high and the low estimated price range would, in our opinion, offer a fair chance of success in the purchase of the lot. However, all lots, depending on the degree of competition, can realise prices either above or below the estimates. Estimates do not include the buyer's premium.

Reserves

The reserve is a confidential minimum price the seller is willing to accept in the sale of the lot. If the highest bid of the lot fails to reach the reserve, the lot will not be sold.

Pre-Auction Viewing/Condition of Lots

Prior to the Auction, viewings will be open to public and free of charge. The condition of each lot is described in the condition report which we prepared with reasonable effort and good professional manner. We strongly encourage interested buyers to request these condition reports and to examine the lots properly. The absence of reference to the condition of a lot in the catalog description does not imply that the lot is free from faults or imperfections.

Buyer's Terms The Auction is governed by the Buyer's General Terms and Sales Terms printed in this catalog. These Terms apply to all aspects of the relationship between Sidharta Auctioneer and actual and prospective bidders and buyers. Anyone considering bidding in the Auction should read them carefully. They may be amended by way of notices posted in the saleroom or by way of announcement made by the auctioneer.

Bidding at the Auction Registration is required for all bidders 30 minutes prior to the start of the Auction. The identity of bidders will be verified. Bids may be executed in person by the use of paddle or by telephone through Sidharta Auctioneer's staff during the Auction, or in writing prior to the Sale. The Auction speeds vary, but usually average between 50-60 lots per hour.

We reserve the right to refuse admission to the premises or participation in any auction and to reject any bid.

Consecutive and Responsive Bidding 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, by placing consecutive or responsive bids for a lot, up to amount of the reserve.

The lots are auctioned in consecutive numerical order with video image or any manner of display we consider appropriate. Bidding is done in Indonesian Rupiah in incremental price increase. The auctioneer accepts bids from those present in the saleroom, from telephone bidders, or by absentee bids left with us in advance of the Auction.

Bidding Increments Bidding generally opens below the low estimates and progresses in the following increments:

Rp. 1.000.000,- to Rp. 10.000.000,- by Rp. 200.000,-

Rp. 10.000.000,- to Rp. 20.000.000,- by Rp. 1.000.000,-

Rp. 20.000.000,- to Rp. 50.000.000,- by Rp. 2.000.000,-

Rp. 50.000.000,- to Rp. 100.000.000,- by Rp. 5.000.000,-

Rp. 100.000.000,- to Rp. 200.000.000,- by Rp. 10.000.000,-

Rp. 200.000.000,- to Rp. 500.000.000,- by Rp. 20.000.000,-

Rp. 500.000.000,- to Rp. 1.000.000.000,- by Rp. 50.000.000,-

Rp. 1.000.000.000,- and above: according to Auctioneer's direction

The Auctioneer may change the increments during the course of the Auction at his or her discretion.

Bidding in person To bid in person at the Auction, registered bidders should collect their numbered paddle before the auction begins. Proof of identity and registration will be required to collect paddles.

The paddle is used to indicate your bids to the auctioneer during the sale. Successful buyers of any lot should ensure that their paddle is visible to the Auctioneer and that it is their number that is called out as the successful bidder. Should there be any doubts as to price or buyer, the bidder should draw the Auctioneer's attention to it immediately. All lots sold will be invoiced to the name and address in which the paddle has been registered and cannot be transferred to other names and addresses.

Please do not mislay your paddle; in the event of loss please inform the Sales Clerk immediately. At the end if the sale, please return your paddle to the registration desk.

Absentee Bids Prospective buyers who are unable to attend the Auction can submit absentee bids using Written Bid form that can be found on the last page of catalog. This service is confidential and free of charge. Absentee Bids can be in the form of a Written Bid or Telephone Bid. The Absentee Bid type should be indicated on the form.

Absentee bids must be confirmed before the Sale by letter or fax. To ensure satisfactory service to bidders, please ensure that we receive your bids at least 24 hours before the Sale.

Fax number for bids is: +62 21 727 88 283

Written Bids Prospective buyers who would like to entrust Sidharta Auctioneer to execute bids on their behalf can place a Written Bid. In the Written Bid form, the lot number and description of the item and the Top Limit-the highest price which you would bid if you were attending the auction yourself-should be specified. Although there is no minimum set as the Top Limit of Bid (with the exception of Early Bird written bids in the Modern Art auctions), it is recommended that the bids are at least equal to the low estimate. Unlimited or unspecified bids such as instructions to "buy" will not be accepted. Although the Top Limit is denoted, lots will always be bought as cheaply as is consistent with other bids and the reserves. In the case of identical bid limits, the earliest bid received will take precedence.

Bidding by Telephone For prospective buyers who are unable to attend the Auction but would like to participate in the Auction remotely through the moderation of Sidharta Auctioneer's staff, it is possible to bid on the telephone on lots with a minimum low estimate of Rp. 20.000.000,-. As the number of telephone lines is limited, it is necessary to make arrangements for this service 24 hours before the sale. We also suggest that you still indicate a Top Limit maximum bid which we can execute on your behalf in case we are unable to reach you by the telephone. Bilingual staff is available to execute bids for you.

Early Bird Written Bids ("Early Bird") Sidharta Auctioneer is proud to introduce Early Bird discounts on Buyer's Premium to prospective buyers who submit Written Bids with Top Limits that are at least equal to the lowest estimate price at the latest one day (24 hours) before the auction. Successful Early Bird bidders will be entitled to enjoy a 2% discount on the Buyer's Premium for the bid lot if the bid is submitted 24 hours prior to the auction day.

Successful Bids The fall of the Auctioneer's hammer indicates the final bid (the "Hammer Price"). The auctioneer's will call out and record the Paddle Number of the buyer. If your written bid is successful, you will be notified immediately after the sale by post. Bidding may be reopened at the auctioneer's discretion.

Currency Conversion Since bidding is carried out in Indonesian Rupiah, a currency converter may be operated, based on the most recently available rates of exchange quoted to us by Bank Indonesia applicable on the date of the Auction. However, please note that figures shown in foreign currencies are only approximates and do not represent exact exchange rates.

Payment

Payment will be requested in Indonesian Rupiah. Payment must be in good fund within seven calendar days of the sale and may be made by telegraphic transfer direct to

PT. Balai Lelang Horizon's account at:
Lippo Bank, Kemang Branch, account # 761-30-72903-0

Please include your name and invoice number with your instructions to your bank.

Although personal and corporate cheques are accepted, please be advised that property will not be released until such cheques have been cleared. Payment in cash is limited to a maximum amount of Rp. 20.000.000,- per invoice or customer.

Collection

Lots will be released to the Buyers or their authorized representative when full and cleared payment has been received by Sidharta Auctioneer.

Items retained will be covered by insurance from the date of sale for a period of seven days or, if by then the goods have been collected, to the time of collection. After seven days or from the time of collection, whichever is the earlier, the lot will be entirely at the Buyer's risk.

Storage and Insurance

All purchases will initially be held for collection at the Auction room at no charge and covered by insurance for a maximum of seven days after the sale. If purchases are not collected within the time stated in the catalog, they will be deposited in Sidharta Auctioneer's warehouse and charges will be incurred.

Packing and Handling

We shall use all reasonable effort to take care when handling and packing purchased lots. However, the Buyer is reminded that after seven days or from the time of collection, the lots are entirely at the Buyer's risk.

Shipping

Shipping can only be arranged by an appointed shipping agency. The address to which the lots are to be shipped should be indicated by filling in and signing the shipping form sent with our invoice.