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SHANGHAI AUCTIONS's Terms & Conditions of Sale Any buyer to SHANGHAI AUCTIONS Live Auctions must accept the following Terms & Conditions to participate in SHANGHAI AUCTIONS's Live Auctions. Buyer acknowledges that by accepting these Terms and Conditions, you are opting in to receive emails and notifications about this sale and by placing a bid during a SHANGHAI AUCTIONS Live Auction that such bid constitutes acceptance of the following terms: 1. CONTRACT Your bid is a contract. Place a bid only if you're serious about buying the item. If you are the successful and winning bidder, you have entered into a legally binding contract to purchase the property bid on from the seller. You should contact the seller to resolve any questions before bidding. 2. PRIOR TO SALE All bidders must register with eBay/LiveAuctioneers to participate in live bidding. Visit www.ebayliveauctions.com. Unlike eBay procedures, Bidders do not have the right to withdraw a bid once a SHANGHAI AUCTIONS's auctioneer accepts it as a winning bid. 3. BUYER'S PREMIUM A buyer's premium shall be added to each purchase to reach the total sales price. The buyer's premium on property purchased will be in the amount equal to 22% of the final bid price. The buyer's premium is subject to change upon posting notice by SHANGHAI AUCTIONS. 4. TOTAL SALES PRICE The total sales price of an item includes (i) the hammer price of the item (ii) the buyer's premium (iii) applicable sales and other taxes due on account of the sale, (iv) packing, shipping transportation and insurance charges, CITIES permits, and customs fees and charges and duties, if applicable, and (v) any other amount due from the Buyer as provided in the Seller's E-commerce Policies posted on the Item Detail Page. Buyer may be charged China sales tax and/or any local tax on the total purchase price. 5. ONLINE BIDDING By registering to bid through SHANGHAI AUCTIONS's Live Auction service, you agree to accept SHANGHAI AUCTIONS' policies of bid history disclosure, including the policy that live online bidder's increments are not reported when bidding against an absentee bid until the absentee bid is surpassed. Please register to bid well in advance of the start time. Neither SHANGHAI AUCTIONS's nor its suppliers or affiliates will be held responsible for errors or failure to execute bid(s). Absentee bids must be submitted electronically during the preview period on http://www.ebayliveauctions.com, or http://www.eBay.com. 6. METHODS OF PAYMENTS Shipping, insurance and price must be paid in advance. A purchaser may utilize one or more of the following methods of payment: cash(in house only), PayPal, traveler's checks, cashiers or certified checks, money order, personal check, China Union Pay, western union, and bank wire transfer. SHANGHAI AUCTIONS reserves the right to hold items purchased by personal check, cashiers or certified checks, money order, until the check has cleared. SHANGHAI AUCTIONS will charge a fee of $50 for any dishonored check. Purchasers may also choose to pay by PayPal (Visa, MasterCard, and American Express shall pay through PayPal, NO phone credit card payment.) SHANGHAI AUCTIONS will charge a fee of $50 for any unreasonable and groundless chargeback claim filed. 7. PAYMENT DUE Buyer shall communicate with SHANGHAI AUCTIONS within three (3) days of the completion of the auction. Complete payment is due upon receipt of notification of a successful bid and shall be received by the SHANGHAI AUCTIONS no later than 10 days following the auction. Title shall pass to the Buyer once payment in full has been made. All shipping charges will be borne by the Buyer unless otherwise negotiated with SHANGHAI AUCTIONS. Any risk of loss during shipment will be borne by the Buyer following delivery of the purchased item to the designated common carrier. 8. SHIPMENT SHANGHAI AUCTIONS may, in its discretion and at a purchaser's request, package and ship items as directed by the purchaser. In such event, purchaser agrees that (a) all such packaging, handling and shipping is at the sole risk of the purchaser and that SHANGHAI AUCTIONS shall have no liability for any loss or damage to such items, and (b) purchaser shall pay in advance, all packaging expenses, including labor, materials and postage and carrier fees, and all insurance charges. Allow two to six weeks for shipping. 9. STORAGE OF ITEM All merchandise purchased must be paid for and removed from the premises within 15 days of the date of sale. SHANGHAI AUCTIONS may impose, and the purchaser agrees to pay, a monthly storage charge ranges from $1 to $50 depending on the size of the item. SHANGHAI AUCTIONS shall have no liability for any damage to the property left on its premises after 15 days of the date of the sale. At the option of SHANGHAI AUCTIONS, the merchandise may be transferred to and stored at a bonded warehouse and the purchaser agrees to pay all transfer and storage expenses. SHANGHAI AUCTIONS may impose and the purchaser agrees to pay, a monthly interest charge of 1% of the purchase price of any lot or item not paid by the purchaser within forty-five (45) days of the date of sale. 10. WINNING BID SHANGHAI AUCTIONS reserves the right to reject a bid from any bidder. The highest bidder shall be the buyer and if any dispute arises between two or more bidders, the auction coordinator shall decide the buyer, or to re-offer and resell the article in dispute. If any dispute arises after the sale, SHANGHAI AUCTIONS's sale record will be conclusive. Although SHANGHAI AUCTIONS will execute order or absentee bids, as a convenience to clients who are not present at auctions, SHANGHAI AUCTIONS is not responsible for any errors or omissions in connection therewith. 11. RECORD OF SALE Record The record of sale, posted on SHANGHAI AUCTIONS Live Auctions, will be taken as absolute and final in all disputes. 12. RESERVE PRICE All the lots are offered subject to a reserve. A reserve is a confidential minimum price below which such a lot will not be sold. SHANGHAI AUCTIONS will act to protect the reserve by bidding through the auctioneer. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the Seller and may continue to bid on behalf of the Seller up to the amount of the reserve. This may be done by placing consecutive bids or by placing bids in response to other bidders. After a lot has been auctioned, but has failed to sell because it has not reached the reserve, SHANGHAI AUCTIONS, at its discretion, may reveal the reserve the prospective post-sale purchasers. 13. ESTIMATE Catalogue descriptions of each lot generally include an estimated range of prices, within which SHANGHAI AUCTIONS estimates the lot may sell. These estimates tend to be much lower than our approximate valuations. They should not be taken as comparable auction values, or as "prices." These estimates are made before the sale and are sometimes revised before the sale. Pre-sale estimates do not include the buyer's premium or applicable state/local taxes and other expenses. 14. INQUIRIES All inquiries regarding lots must be sent directly to the SHANGHAI AUCTIONS via email and received 48 hours prior to the start of the auction. 15. COPYRIGHTS The copyright in the text of the catalogue, our websites, photographs, and illustrations of lots contained in the catalogue and websites belong to us. No one is allowed to reproduce or permit anyone else to reproduce such text, photographs, or illustrations without our prior written consent. 16. WITHDRAWAL PRIOR TO SALE SHANGHAI AUCTIONS reserves the right to withdraw any property before the sale and shall have no liability whatsoever for such withdrawal. If the auctioneer decides that any opening bid is not commensurate with the article offered, he may reject the same and withdraw the article from the sale, and if, having acknowledged an opening bid, he decides that any advance thereafter is insufficient, the auctioneer may, in his sole discretion, reject the advance. 17. "AS IS" CONDITON All property is sold "as is". All sales are final. Neither SHANGHAI AUCTIONS, the auctioneer, nor any consignors makes any warranties or representation of any kind or nature with respect to the property, and in no event shall they be responsible for the correctness, nor deemed to have made any representation or warranty, or description, genuineness, authorship, attribution, provenance, period, culture, source, origin, or condition of the property and no statement made at the sale, or in the bill of sale, or invoice or elsewhere shall be deemed such a warranty of representation or an assumption of liability. Absolutely no sales shall be canceled due to age estimate, condition issues, or whether or not they are expressed in the condition report. 18. ITEMS DESCRIPTION As a service to prospective purchasers, SHANGHAI AUCTIONS may estimate the age and describe the physical condition of certain lots included in the catalogue. These reports are only the opinion of SHANGHAI AUCTIONS. Whether or not additional damages, repairs, restorations or other defects are described for certain lots, does not mean that all defects to such lots are described or that similar conditions do not exist with respect to other lots although not noted. Such descriptions are not intended to negate the conditions of sale included in this catalogue. All items in the catalog are sold as described by SHANGHAI AUCTIONS. The description, age estimate, and condition reports are only an opinion of SHANGHAI AUCTIONS. No statement regarding age, condition, kind, value or quality of a lot shall be construed to be an expressed or implied warranty, representation or assumption of liability by SHANGHAI AUCTIONS. Discrepancies of description shall be decided by mutually agreed upon experts whose determination must be in writing and is at the expense of the Buyer. Items are ascribed to given artists, age, and origins only upon exercise of SHANGHAI AUCTIONS's best judgment or that of an outside expert. No unqualified statement as to authorship is made. SHANGHAI AUCTIONS suggests that the prospective bidder seek the advice of his own expert before bidding on any particular lot. SHANGHAI AUCTIONS makes no representation or warranty as to whether the purchaser acquires any copyrights, including, but not limited to, any reproduction rights in the property. SHANGHAI AUCTIONS, its employees, or agents, do not guarantee the genuineness, authenticity, condition, or description of any catalogued lot. Absolutely no sales shall be canceled due to age estimate, condition issues, or whether or not they are expressed in the condition report. 19. Breach If the purchaser breaches any of its obligations under these Conditions of Sale, including its obligation to pay in full the purchase price of all items for which it was the highest successful bidder, SHANGHAI AUCTIONS may exercise all of its rights and remedies under the law including, without limitation, (a) right to hold purchaser liable for the total purchase price (2) reasonable attorney's fee connected therein (3) cancel the sale and applying any payments made by the purchaser to the damages caused by the purchaser's breach, and/or (4) offering at public auction, without reserve, any lot or item for which the purchaser has failed to pay in full the purchase price, holding the purchaser liable including but not limited to any deficiency, costs, handling chargers, expenses and commission for both sales, and any and all incidental damages. 20. LIABILITY In no event will the liability of SHANGHAI AUCTIONS to any purchaser with respect to any item exceed the purchase price actually paid by such purchaser for such item. 21. INTERNATINAL BIDDERS International bidders and buyers are responsible to meet all customs/cities/import-export regulations. Upon request, SHANGHAI AUCTIONS can assist but cannot be held liable for international laws affecting the delivery of the items. 22. ENTIRE AGREEMENT Waiver. This Agreement, including the SHANGHAI AUCTIONS User Agreement and all exhibits and other documents incorporated by reference, set forth the entire understanding and agreement of the parties and supersedes any and all other written or oral agreements or understandings between the parties as to the subject matter of this Agreement. In the event of an inconsistency between this Agreement and any other document, which is part of this Agreement, the terms of this Agreement shall govern. From time to time during the term of this Agreement, SHANGHAI AUCTIONS may amend this Agreement (including any incorporated documents) by posting the amended terms on the SHANGHAI AUCTIONS Site, emailing notice of the amendment to the Buyer, or otherwise communicating such amendment to the Buyer. Each amendment will be effective immediately after it is initially posted on the SHANGHAI AUCTIONS Site, emailed to the Buyer, or otherwise communicated to the Buyer. (It used to read 30 days after the change was posted.) The waiver of a breach of any provision of this Agreement will not operate or be interpreted as a waiver of any other or subsequent breach. The laws of the People's republic of China shall govern all transactions.