Chieftown Auction HK Spring 2008

The Conditions of Chieftown General terms and Conditions for Buyers 1. Unless otherwise provided, Chieftown is acting as an agent for the Seller and all sales contracts shall be made directly between the Seller and the Buyer. The general terms and conditions herein shall be incorporated as terms and conditions of the contract between Chieftown and the Buyer (the "Contract") and be applied to and shall govern the relationship between Chieftown and the Buyer, where appropriate to the Seller and subject to and shall be incorporated with other terms and conditions whereso specified. 2. Definitions and Interpretations In the Contract, unless contrary intention appears, the following definitions apply: "Auctioneer" means any persons conducting sale by auction, including any persons who represent or retain by Chieftown or otherwise. "Bidder" means any person, company, corporation or entity entered into or intending or attempting to enter into or making a bid for sale or any part thereof under the Auction. "Buyer" means the highest Bidder accepted by the Auctioneer, and including any Bidder's principal when bidding as an agent. "Buyer's Expenses" means any costs, charges, fee and all other expenses reasonably incurred by Chieftown in connection with the sale of the Lot. Alternative means any costs, charges, fee due to Chieftown by the Buyer. "Buyer's Premium" means the commission payable by the Buyer to Chieftown for the sale of each Lot at the rates of 15% on the Hammer Price. "Hammer Price" means the price of the highest bid accepted by the Auctioneer by the fall of the hammer or a post-auction sale (as the case maybe), the agreed sales price. "Lot" means goods or properties that are put up for sale by Auction. "Purchased Lot" means the Lot that is sold on conclusion of a sale by Auction. "Purchase Price" means the Hammer Price and applicable Buyer's Premium. "Reserve" means being the confidential minimum price agreed by the Seller and Chieftown. . "Seller" means any person, company, corporation or entity offering a Lot for sale or any part thereof under any agreement or otherwise with Chieftown. "Chieftown" means Chieftown Auction (HK) International Limited with its registered office situated at 49-50/F, Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong and shall include its parent company, associates, affiliates or related companies. 3. Inspection and investigation of Lot Condition reports maybe available on request. However, before entering into the sale, prospective Buyers should inspect and investigate any Lot that they maybe interested. Each of the offering Lot is available for inspection by Bidders prior to the sale and it shall be the responsibility of the Bidder to satisfy themselves with the merchantability, condition and accuracy of the descriptions thereof. 4. Catalogue and other descriptions 4.1 Catalogue, condition reports and other materials are made to assist the Bidders with endeavor to make descriptions, illustrations, and/or entries to render information, provide estimates and/or particularize imperfections of a Lot. The Bidder is advised that such descriptions, illustrations, and/or entries shall be for reference only; that any information provided is not a representation of fact; that any estimates may not be relied on as an indication of the selling price or value of a Lot and may subject to revisions; and that any Lots may have imperfections, fault, not expressly reference in the catalogue or condition reports All statements made in the catalogue, condition reports or otherwise made orally or in writing whatsoever shall be regarded only as statements of opinion and shall not be relied upon as statements of fact. Such statements shall not constitute as representations, warranties or assumptions of liability by Chieftown. 4.2 No warranties or representations shall be made by Chieftown or the Seller as to the conditions of any Lots or whether any Lot is subject to copyright or whether the Buyer shall acquire copyright in any Lot. 5. Auction 5.1 Before bidding, all Bidders must duly complete and sign registration forms, provide valid identifications, supply such information and references as requested by Chieftown and obtain registration paddle(s). 5.2 Unless otherwise specified, all Lots may offer subject to a Reserve or upset price. 5.3 Chieftown shall have the right at its absolute discretion to refuse registration or admission to the premises or participation in any auction and to reject any bid. 5.4 Subject to Condition 6 below, the highest Bidder accepted by the Auctioneer will be the Buyer on striking of the hammer by the Auctioneer and whereupon the contract between the Buyer and the Seller is concluded with obligations on the Buyer to make all payments herein (the "Conclusion of the Auction"). Risk and responsibility for a Lot but not its title will pass to the Buyer at the expiration of seven calendar days from the date of the sale or on collection by the Buyer whichever is earlier. 5.5 No Bidder shall be accepted as the Buyer, save and except in his personal capacity or unless otherwise with the consent in writing from Chieftown before the commencement of the Auction. All Bidders shall be personal liable for their bids as the principal but where a Bidder is acting as an agent on behalf of an identified third party and who must be acceptable to Chieftown, and such Bidder shall be jointly and severally liable with his/her principal if bidding as an agent. 5.6 Bidders are advised to attend the Auction although written and telephone bids maybe offered prior to the Auction. Bids must be placed in the currency of the place of the sale. Where a written bid on a particular Lot for identical amount has been received and is the highest bid on the Lot at the Auction, it will be sold to such person whose written bid was received and accepted first. [Please be referred to the Absentee Bids Form] 5.7 Written and telephone bids are offered as free services at the Bidders risk and are undertaken subject to Chieftown's other commitments at the time of the Auction and Chieftown shall not accept liability for failure to execute such bids or for errors and omissions in connection with it. 5.8 Other manners for bids may be adopted from time to time by Chieftown, including currency converter, videos or digital screen or images and where errors and omission may occur in such operation, Chieftown shall not accept liability in connection with it. 6. Auctioneer's discretion 6.1 The Auctioneer has the right at its absolute and sole discretion to reject any bid, to conduct the bidding in such manners as it may think fit, to withdraw, divide, combine or deal with any Lots and to determine or decide on the successful bid, to continue the bid, to cancel the sale or to re-offer and resell the Lot (including after the fall of the hammer) in case of errors or disputes. The decision of the Auctioneer shall be final and conclusive. 6.2 Auctioneer may conduct the bidding by itself or by any person on its behalf to bid at levels and in increments in the manner as it thinks fit and is entitled to place a bid or series of bids on behalf of the Seller up to the amount of Reserve, and regardless other bids are placed. 6.3 The Auction sale is subjected to the right of the Auctioneer to bid on behalf of the Seller, and the Auctioneer may as it may think fit employ any person to bid at such sale. 7. Payment and Collection 7.1 Immediately after the Conclusion of the Auction, the Buyer must provide his/her identity and particulars including name, permanent, address and details of bank account. 7.2 Unless otherwise agreed, payment of the Purchase Price for a Lot and any Buyer's Expenses are due forthwith on Conclusion of the Auction (the "Due Date") and be payable in Hong Kong currency, notwithstanding any export, import or other permits for such Lot maybe required. It is the Buyer's duty to obtain all relevant export/import licenses or other permits for the Purchased Lot and to undertake to comply with all necessary import/export regulations including completion of manifest, list or other documentation. Chieftown may apply for an export license on behalf of the Buyer provided that the Buyer shall be fully responsible for the charge of such service. No representations or warranties as to whether any Lot is subject export or import restrictions or any embargoes. Chieftown shall not be obliged to rescind the sale or to refund any payment in the event of denial of any permit or licence for the Purchased Lot or any failure to comply with the relevant import or export restrictions or regulations. 7.3 Title in a Purchased Lot will not be passed and the Purchased Lot shall not be released to the Buyer until all payments (including Purchase Price and Buyer's Expenses) in full have been made and cleared to Chieftown and until the Buyer has complied with all terms and conditions in the Contract including the provision of valid identification. In case of an early release, it shall not affect the passing of title nor the Buyer's obligation to make all payments herein. 7.4 Purchased Lot must be collected within 7 days from the date of Auction. Purchased Lots are at the Buyers' risk from the date of collection or 7 days after the Auction, whichever is the earlier and the Buyer is advised to take proper insurance therefore. 7.5 Chieftown shall not assume any responsibilities for the acts or omissions of third parties when handling, packaging and shipping a Purchased Lot notwithstanding that Chieftown may suggest or arrange other handlers, packers or carriers to deal with the Purchased Lot. 7.6.1 Where purchases are not collected within the time stipulated in condition 7.4 above regardless whether payment has been made, Chieftown shall be authorized or permitted to remove and store the Purchased Lot to the third party warehouse at the Buyer's cost and shall only be released upon full payment of all costs and expenses including but not limiting to removal, storage, handling, insurance and any other charges and fee in addition to all outstanding payments due to Chieftown. 7.6.2 Where Purchase Lot are not collected within 6 months from the date of the Auction and a notice to the Buyer has been given, the Buyer authorizes Chieftown to resale the Purchased Lot by Auction or private sale and on such term as Chieftown shall think fit. Any proceed of the re-sale (after deduction of all costs incurred by Chieftown) will be forfeited to Chieftown unless collected by the Buyer within two years of the date the original Auction. 8. Remedies for Non-payment 8.1 Without prejudice to any rights of the Seller may have, if the Buyer fails to make payment in full and in good cleared funds within the Due Date stipulated under condition 7.2, Chieftown shall be in its absolute discretion to exercise the any one or more of the following rights or remedies: 8.1.1 to cancel the sale of the Purchased Lot; 8.1.2 to hold, store or otherwise deal with the Purchased Lot at its premises or elsewhere and in such manner(s) as Chieftown shall think fit, at the Buyer's sole risk and expense; 8.1.3 to charge interest at the rate of 2% per month from the 7 days after Due Date to the date of full payments; 8.1.4 to resale the Purchased Lot or any part thereof by public Auction or private sale and on such terms as Chieftown shall think fit and any increase in price of the resale shall belong to Chieftown without prejudice to Chieftown's right to recover the actual loss which may flow form the Buyer's breach of this Contract, on such resale any deficiency in price shall be made good and all reasonable expenses attending such resale shall be borne by the Buyer and such deficiency and expenses shall be recoverable by Chieftown. This provision shall not preclude or be deemed to preclude the Chieftown from taking other steps or remedies to enforce the Chieftown's right hereunder or to prevent the Chieftown and the Seller from recovering, damages, representing interest paid or lost by him by reason of the Buyer's failure; 8.1.5 to hold the defaulting Buyer liable for the total amount due and to institute litigation proceedings for recovering of all loss and damages arising from the default including interest, legal costs on a fully indemnity basis; 8.1.6 to disclose and release the name, address and other information of the Buyer to the Seller, who may if so desire to commence legal proceedings to claim her/his loss and damages; 8.1.7 to hold security over any property of the Buyer in the possession or custody of Chieftown by way of charge, lien, pledge, security interest or otherwise permitted by the law of the place where such Lot is located. The Buyer will be deemed to have been granted to Chieftown; 8.1.8 to reject future bids from the Buyer or render such bids subject to payment of a deposit; 8.1.9 to set off any amount which Chieftown may owe the Buyer in any other transactions against the outstanding amount owed by the Buyer; and 8.2.0 to take all necessary actions as Chieftown shall think fit. 9. Exclusions and limitations of liability No representations, warranties, and guarantees regarding to correctness and accuracy of description or illustration, genuineness, attribution, provenance, rarity, completeness, authenticity, authorship, merchantability, literature, condition of the Lot, estimate of value, history of the Lots or otherwise in any forms or nature be given to the Buyer by Chieftown or its employees, officers and agents, who shall assume no responsibility of any kind for any Lot, whatsoever, in writing, orally or otherwise implied. All Lots are offered "as is" and all sales are final, with no returns or refunds. 10. Copyright All images, illustrations and written material produced by or for Chieftown in connection with a Lot are the copyright of Chieftown and shall remain at all time its properties. No representations or warranties by Chieftown or the Seller that the Buyer will acquire any copyright or other reproduction rights in such properties. 11. Data Protection Chieftown will hold and use its client's, including Bidder's and Seller's personal data and information, for the provision of its service. Sensitive information will not be used unless permitted by law and with the consent of such client. To ensure provision of high quality service, Chieftown may record telephone conversation or video images of clients. 12. Severability If at any time any conditions of this Contract is or becomes illegal, invalid or unenforceable in any respect, the remaining provisions hereof shall in no way be affected or impaired thereby. 13. Governing Laws This Contract shall be governed by and construed in accordance with the laws of Hong Kong and each party hereby irrevocably submits to the non-exclusive jurisdiction of the courts of Hong Kong. 14. Non Assignment The Buyer shall not assign any rights and obligations under this Contract without prior written consent of Chieftown. 15. Translation Where a translation of this Contract has been provided, it is agreed between Chieftown and Buyer that the Chinese version shall prevail over the other translated version. 16. Tax The Purchased Price for any Lot payable by the Buyer to Chieftown is exclusive of any goods or service tax or other value added tax (whether imposed by Hong Kong or otherwise). If any such tax applies, the Buyer is responsible to pay such tax at the rate and time as required by the relevant law.

Local Taxes Apply

b10:30 in HK Lot 351-539 uFine Chinese Paintings and Calligraphyubrbr 12:00 in HK Lot 551-561 uEight Great Painters of Ming and Qing Dynastyubrbr 14:30 in HK Lot 1-98 uScholar's Works of Artubrbr 16:00 in HK Lot 601-672 uFine Chinese Jade Carvingsubrbr 17:00 in HK Lot 101-200 uThe Arts of The Buddhaubrbr 18:30 in HK Lot 201-321 uFine Chinese Snuff Bottlesbubrbr