Summer Asian Art Auction Day 1

WILLIAM'S AUCTIONS TERMS OF SALE All properties offered and sold though William's Auctions, LLC as owner or as agent for consignor are subject to the following Terms of Sale. Where William's Auctions is agent, the contract is between seller and buyer. All bidders are responsible for reading and understanding these Terms of Sale before bidding. By bidding at auction, whether in person or by agent, by absentee bid, by telephone bid or other means, the buyer agree to be bound by these terms and conditions. AS IS All properties are sold "AS IS" and ALL SALES ARE FINAL. There are NO RETURNS and EXCEPTIONS. It is the buyer's responsibility to determine conditions, size, color, age, value or any other factor. All measurements and weight are approximate. All properties are sold AS IS and without recourse. William's Auctions may attempt to describe the property on the internet and at the auction for reference only, but makes no warranty, representation or assumption of liability. Neither William's Auctions nor the seller is responsible in any way for errors or omissions in the catalog or any supplemental material. Buyers shall be the sole judge of value. Especially in online auction, errors may occur in its operation and in the quality of the image, and William's Auctions does not accept liability for such errors. CATALOG DESCRIPTIONS AND CONDITION OF PROPERTY The knowledge of each property is partially on information provided to us by the seller and William's Auctions is not able to and does not carry out exhaustive due diligence on each property. The buyers acknowledge this fact and accept responsibility for carrying out inspection and investigation to satisfy themselves as to the properties in which they may be interested. a.NO Guarantee of Authenticity for Jade: William's Auctions does not guarantee the authenticity of the size, the color or the age of any jade. All jades will sell AS IS, without any warranties. Judgments of such qualities are sole judgment of the buyer b.NO Guarantee of Authenticity for Chinese Paintings and Oil Paintings: William's Auctions does not guarantee any descriptions concerning Chinese paintings and Oil paintings including authentication, origination and the date of completion. c.NO Guarantee of Authenticity for Stamps, Coins and Paper Currency: William's Auctions does not guarantee any authentication and origination for Stamps, Coins and Paper Currency. Descriptions, illustrations and conditions are providing as reference. d.NO Guarantee of Authenticity for Bronze: William's Auctions does not guarantee any authentication and origination for any Bronze item. Descriptions, illustrations and conditions are providing as reference. e.NO Guarantee of Authenticity for Zisha Teapot: William's Auctions does not guarantee any authentication and origination for any Zisha Teapot. Descriptions, illustrations and conditions are providing as reference. AUCTIONEER'S DETERMINATION A property will sell to the highest bidder as determined in the exclusive judgment of the auctioneer. The auctioneer will have the sole and exclusive power and authority to the followings: a.The auctioneer has the right to determine the bidding increments and has the right to reject a bid. b.The auctioneer has the right to resolve any disputes between bidders. If any dispute arises after the sale, the William's Auctions sale record shall be conclusive. c.The auctioneer has the right to exclude any bidder from the premises. d.If a price does not reach reserve (the confidential minimum price), the auctioneer has the right to pass over the property. RESERVES Unless otherwise indicated, all properties that are offered subject to a reserve, which is the confidential minimum price below which such property will not be sold. No reserve will exceed the low estimate of the property. Reserves are agreed, upon with the consignor or in the absolute discretion of William's Auctions. The auctioneer may implement the reserve by opening bidding on any property by planning a bid on behalf on the seller. The auctioneer will not specifically identify bids placed on behalf of the seller. The auctioneer may further bid on behalf of the seller, up to the amount of the reserve. Unless otherwise noted in the catalog or by an announcement at the auction, William's Auctions acts as agent on behalf of the seller and does not permit the seller to bid on his or her own property. ESTIMATES Each property has a low and high estimate representing that range which represents a fair and probable auction value. The estimate is based on previous auction records of comparable property, condition, rarity, quality and provenances. The estimates are often determined several months before a sale and are therefore subject to change upon further research of the property or to reflect market conditions or currency fluctuations. Estimates are subject to revision. Actual prices realized for items can fall below or above this range. An estimate 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. Estimates do not include the buyer's premium. CONDITION REPORTS It is the responsibility of the prospective buyer to inquire as to the condition of a specific property PRIOR to bidding. All completed condition reports are posted with the property as an additional image; condition report will NOT be included in the description of the lot. If the prospective buyer wants to request further condition reports, please email to customerservice@williamartauction.com, all contact information must include in the email. Requests are answered in the order they are received. Condition reports will NOT be given over the phone under any circumstances. Requests placed on the auction day will NOT be answered. William's Auctions reserve the right to close the Condition Report desk at any time. BUY'S RESPONSIBILITY The highest bidder acknowledged by the auctioneer should be the buyer. The property title passes upon the fall of the auctioneer's hammer to the highest acknowledged bidder; such bidder thereupon assumes full risk and responsibility; including all costs and expenses of handling, shipping, insurance, taxes, export, and otherwise, and is liable for the full purchase price, plus the buyer's premium, applicable taxes, and any other associated expenses. William's Auctions shall not be responsible for insuring buyer's property after purchase. Although in our service we will execute orders or absentee bids or accept telephone bids to clients, we are not responsible for any errors or omissions in connection therewith. The total purchase price to be paid by buyer is the amount of the successful bid price plus 15% buyer's premium (18% buyer's premium for all online bidders). Additional 3% fee will be charged if buyer pays with credit card. All properties purchased are subject to payment of the NY State sales tax rate of 8.875% on the total purchase price, unless the buyer presents proof of exemption with a properly completed NY state Resale Certificate evidencing possession of a valid NY Resale Number. All successful bidders will be sent invoice by mail or email. All successful bids must be claimed; payment must be paid in full within seven (7) days after the auction. All payments shall me made in US dollars. Successful bidder can only collect the purchased property after full payment. METHODS OF PAYMENT William's Auctions accepts payment by bank check, personal check, traveler's check, cash, money order, bank wire and credit card (MasterCard, Visa, and Discover). All invoices will be sent by mail or email after the auction. Payments for all purchased items are due immediately upon receipt of invoice. William's Auctions will reserve the right to hold all goods paid for by check until payment has cleared. The purchaser agrees to pay William's Auctions a handling charge of $25 for any check dishonored. If payment is not received within seven (7) days of invoice, William's Auctions reserves the right to impose from the date of sale a late charge of 1.5% a month of the total purchase price and hold the defaulting buyer liable for the amount due plus interest and losses due to purchaser's default. COLLECTION AND SHIPPING Collection of property: The buyer will pay for the purchased property immediately at their expense not later than two (2) business days following the full payment. If it is not removed, William's Auctions reserves the right to charge a minimum storage fee of $5 per lot per day or to deliver the property to a public warehouse for storage at the buyer's risk and expense. William's Auctions shall have no liability for any damage to property left on its premises for more than two (2) days following the sale. Buyers those who choose to pick up their property from William's Auctions following the sale must call 24 hours in advance to arrange pick-up. Property purchased and left at the auction house for 90 days will be sold or donated for you. Shipping of property: The buyer is solely responsible for the shipment and insurance of all purchased property. We will work with any shipper of your choosing. William's Auctions is not liable for any loss or damages arising out of the fault of Shipment and Package Company, even though the company is recommended by us. We are not responsible for any damage or loss that occurs while your objects are in another's or our care after purchase is made. We will also not be responsible for any and all losses that occur during shipping. All international customs, duties, and other tariffs are the responsibility of the Buyer. William's Auctions will declare the selling price as the value in all cases. BUYER DEFAULT Remedies: If any of the Terms of Sale are not fully complied by the buyer, the buyer will be in default without need of notice by William's Auctions. The buyer shall be liable to William's Auctions and the consignor for the total purchase price, including all premiums, charges, and expenses specified in the Terms of Sale. In event of default, the buyer will be responsible to William's Auctions and the consignor for any deficiency, any and all costs and expenses, including reasonable attorney's fees, collection fees and expenses, late charge, and other damages. In addition to other remedies available to William's Auctions by law, William's Auction may, at its option: a.Cancel the sale of the property on which the buyer defaulted and of any other property sold to the defaulting buyer at the same or any other auctions and retain as liquidated damages all payments made by the buyer; b.Resell the purchased property, weather at online auction, public auction or private sale without reserve, and the purchaser will be liable for any deficiency, cost, including handling charges, the expenses of both sales, our commission, all other charges due here-under and incidental damages; c.To set off the outstanding amount remaining unpaid by the buyer against any amounts which we may owe the buyer in any other transactions; d.Where several amounts are owed by the buyer to us, 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; e.To reject at any future auction any bids made by or on behalf of the buyer or to require a deposit from the buyer before accepting any bids; f.To take such other actions as we deem necessary or appropriate; or g.To effect any combination thereof. In addition, a defaulting purchaser will be deemed to have granted and assigned to us a continuing security interest of first priority in, and we may retain as collateral security for such purchaser's obligations to us, any property or money of or owing to such purchaser in our possession. We shall have all of the rights accorded a secured party under the New York Uniform Commercial Code with respect to such property and we may apply against such obligations all monies held or received by us for the account of, or due from us, to such purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds represented by checks, or in the case of bank or cashier's checks, we have confirmed their authenticity. In the event the purchaser fails to pay any or all of the total purchase price for any lot and William's Auctions nonetheless elects to pay the consignor any portion of the sale proceeds, the purchaser acknowledges that William's Auctions shall have all of the rights of the consignor to pursue the purchaser for any amounts paid to the consignor, whether at law, in equity, or under these Terms of Sale. BIDDER QUALIFICATION As a security measure for our consignors and William's Auctions, all buyers must establish credit. Buyers will be asked to submit identification and a valid credit card number, credit reference, certificate bank check, and/or (for live bidding, absentee biding and phone bidding) an initial deposit in the form of a pre-authorization hold equal to 10% of the low estimate of the total number of properties on which you are bidding. If you are acting as buyer's agent or principal, we may request a letter of authorization. If you are successful bidder and do not remit payment as specified, the amount owed will be charged to your credit card together with such charges set forth in these Terms of sale. BIDDING INCREMENTS Property price: $0-$100: $10 $100-$300: $25 $300-$1000: $50 $1000-$2000: $100 $2000-$5000: $250 $5000-$10000: $500 $10000-$20000: $1000 $20000-$50000: $2500 $50000-$100000: $5000 $100000 and up: $10000 WITHDRAWAL OF PROPERTY FROM SALE William's Auctions reserves the right to withdraw property from the sale for any reason and with no liability whatsoever for such withdrawal. RESCISSION BY WILLIAM'S AUCTIONS In the event the William's Auctions receives notice of an adverse claim with respect to purchased Property, William's Auctions shall have the right (but not the obligation), in its sole and absolute discretion, to rescind the sale to the buyer, upon written notice to the buyer. Upon such notice, the buyer will promptly return the purchased property to the Auction House's premises in the same condition as when purchased. The Auction House will then promptly refund the purchase price, including the buyer's premium and applicable taxes paid. Buyer will have no further recourse against William's Auctions or the consignor, and William's Auctions and the consignor shall not be liable for any damages of any nature suffered by the buyer. LIMITED LIABILITY If for any cause a purchased lot cannot be delivered in as good condition as at the time of sale, or should any purchased lot be stolen or mis-delivered or lost prior to delivery, William's Auctions shall not be liable for any amount in excess of that paid by the purchaser. We are not responsible for the acts or omissions of carriers or packers of purchased lots, whether or not recommended by us. Packing and handling of purchased lots by us is at the entire risk of the purchaser and William's Auctions will have no liability for any loss or damage to such items. WILLIAM'S AUCTIONS' EMPLOYEES Employees of William's Auctions are not prohibited from bidding on property. In the course of their employment it is possible that they may have access to information not available to the public. WAIVER OF CONDITIONS Any and all of these conditions may be waived or modified in the sole discretion of William's Auctions. These Terms of Sale may not be changed unless William's Auctions and buyer have agreed to do so in a written agreement signed by both parties. The Conditions of Sale, Terms of Guarantee, if any, and all other contents of this catalog are subject to amendment by us by oral announcements made during the sale. Salesroom notices amend the catalog description of a lot after our catalog has gone to press. They are posted in the viewing galleries and salesroom or are announced by the auctioneer. Please take note of them. If any part of these Conditions of Sale is found by any court to be invalid, illegal or unenforceable, the balance of the conditions shall continue to be valid to the fullest extent permitted by law. EXPORT AND IMPORT It is the sole responsibility of buyers to familiarize themselves with International and U.S. laws or requirements for import and export; to identify and obtain any necessary export, import, endangered species or other permit prior to bidding; and to abide by International and U.S. laws and requirements. William's Auctions and the Consignor make no representations or warranties as to whether any lot is or is not subject to export or import restrictions or any embargoes and will have no responsibility with regard to these matters. THE AGREEMENT The rights and obligations of the parties with respect to these Terms of Sale, as well as the purchaser's and our respective rights and obligations here-under, the conduct of the auction and any matters connected with any of the foregoing, shall be governed and interpreted by the laws of the State of New York. 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 William's Auctions, to the exclusive jurisdiction of the federal or state courts located in the state and county of New York and waives any objection to the jurisdiction and venue of any such court.

All properties are sold "AS IS" and ALL SALES ARE FINAL. There are NO RETURNS and EXCEPTIONS. It is the buyer's responsibility to determine conditions, size, color, age, value or any other factor.