ASIAN & INTERNATIONAL FINE ARTS AUCTION

Terms and Conditions of Sale 1. On the fall of the auctioneer's hammer, the highest bidder shall be deemed to have purchased the offered lot in accordance with all of the conditions set forth herein and, thereupon will pay the purchase price in full. If the foregoing conditions or any other applicable conditions herein are not complied with, in addition to other remedies available to us by law, including but without limitations the right to hold the purchaser liable for the purchase price, we, at our option, may either: i. cancel the sale, retaining as liquidated damages all payments made by the purchaser or: ii. resell the property on three days' notice to the purchaser and for the account and risk of the purchaser, either publicly or privately, and in such event the purchaser shall be liable for the payment of any deficiency plus all costs and expenses of both sales, our commission at our regular rates, all other charges due here under and incidental damages. 2. We reserve the right to withdraw any property at any time before the actual sale. Unless otherwise announced by the auctioneer at the time of sale, all bids are per lot as numbered in the catalogue and no lot shall be divided for sale. 3. We reserve the right to reject a bid from any bidder. The highest bidder acknowledged by the auctioneer shall be the purchaser. In the event of any dispute between bidders, or in the event the auctioneer doubts the validity of any bid, the auctioneer shall have sole and final discretion either to determine the successful bidder or to re-offer and resell the article in dispute. If any dispute arises after the sale, our sales records shall be inclusive in all respects. 4. If we are prevented by fire, theft or any other reason whatsoever from delivery of any property to the purchaser, our liability shall be limited to the sum actually paid by the purchaser. 5. Where the consignor is indebted to or has a monetary guarantee from us, and in certain other circumstances, we may have interest in the offered lots and the proceeds there-from other than our commissions, and may bid to protect such interest. We are entitled to our standard commission rate where a lot is "bought-in" to protect our interest. 6. If a lot is offered subject to reserve (the confidential minimum price below which a lot will not be sold), we may implement such a reserve by bidding on behalf of the consignor. 7. All statements contained in the catalogue or in any bill of sale, invoice or elsewhere as to authorship, period, source, origin, measurement or condition are qualified statements and shall not be deemed to be representations or warranties. Please note: i. Notwithstanding the statement in paragraphs 7 and 9, buyers have the right of rescission, PROVIDED that within 48 hours of their receipt of the property they inform us that the physical condition materially differs from the catalogue description (or from a provided condition report) or the catalogue description is inaccurate, TO OUR SATISFACTION. Buyers must return the property immediately and show clearly any differences or inaccuracies with the catalogue and the property must be received in the same condition as when it was sent. ii. As conditions are not included in the descriptive text of our Asian & International Fine Arts auctions, prospective bidders should inspect all property before bidding to determine condition, size, and whether or not it has been repaired or restored. Absence of condition statements are not indications that lots are flawless or without normal signs of wear consistent with age. As a service to prospective bidders, condition reports are available on all items. Please contact joey@chait.com. Per our terms and conditions, these reports are our educated opinions but should not be held as absolutes. 8. Payment terms: All items are to be paid for by i. Cash ii. Cashier's Check iii. Personal check with approved credit. iv. Bank wire transfer In addition, items may be paid for with a properly authorized Visa, MasterCard, or Discover Card. 9. ALL PROPERTY IS SOLD "AS IS" AND NEITHER WE NOR THE CONSIGNOR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESSED OR IMPLIED, AS TO THE MERCHANTABILITY, FITNESS OR CONDITION OF THE PROPERTY OR AS TO THE CORRECTNESS OF DESCRIPTION, GENUINENESS, ATTRIBUTION, PROVENANCE OR PERIOD OF THE PROPERTY. (See also paragraph 7i.) i. Please note that all Chinese scrolls are sold AS IS, with no guarantee as to authorship nor as to authenticity. It is the responsibility of the potential buyer, himself, to determine whether or not any of these scrolls might be original paintings, copies, etc. Unless specifically noted so in the description, no scrolls nor Chinese paintings are warranted or guaranteed to be by any particular artist nor of any particular age. Condition reports are available when requested, but will only refer to the physical condition of the scroll or painting. ii. Please note: Any description translations in Chinese are not our translations and therefore may contain discrepancies with the English description. These translations are for informational use only and should not be used to determine age, condition, authenticity, etc. Please contact us for a detailed condition report in Chinese. 10. ABSENTEE BIDS -- As a service to those wishing to place bids, we will accept such bids without charge, in advance of the sale, on bidding forms available from us. In the event identical bids are submitted, the earliest will take precedence. Absentee bids shall be executed in competition with other absentee bids, any applicable reserve, bids from the audience and bids live on-line. 11. ESTIMATED PRICES - As a convenience to our clients, we furnish pre-sale estimates for all materials included in the auctions. These estimates are only our approximate valuations and should be taken as educated guesses based upon comparable auction values, not as "prices." Bidding normally begins at about one-half the low estimate, but the final bid price may well be less than or more than any estimate printed. 12. With respect to all property, a premium of 22% of the successful bid price will be added thereto (EXCEPT AS NOTED FOR SPECIAL SALES EVENTS) and is payable by the purchaser as part of the total purchase price. 13. International Bidders: YOU ARE RESPONSIBLE TO MEET ALL CUSTOMS/IMPORT-EXPORT REGULATIONS. WE WILL ASSIST BUT CANNOT BE HELD LIABLE FOR INTERNATIONAL LAWS AFFECTING THE DELIVERY OF YOUR ITEMS. 14. Condition of Property: Prospective bidders are advised to inspect all lots prior to bidding to determine age, condition, size, medium, repairs and any restoration or lack thereof. As a service to prospective bidders, condition reports are available on ALL lots. Please contact joey@chait.com for any condition report requests. Please note per our terms, these reports are simply our educated professional opinions and should not be considered absolute. 15. With respect to sold property; all lots must be removed from our premises at the purchaser's expense, no later than 10 days following the date of the sale. If not so removed, storage fees of $5 dollars per day, per lot will accrue until so removed. We reserve the right to transfer non-removed property to a storage facility at the purchaser's risk and expense. 16. No property will be released until payment in full is made on the items. Packing, shipping and insurance (including reimbursement for damage or loss) of purchased lots is the responsibility of the purchaser. We can provide packing and shipping services at the buyer's expense. Items will be shipped via UPS unless another carrier is specified. Please note, items that are large and/or heavy and/or need special packaging or shipping requirements, may have additional shipping costs. If we cannot pack/ship your purchases, we can arrange packing/shipping through a third party carrier. We are not responsible for any delays on the part of this third party, should there be any. We will offer recommendations of suitable third party carriers. We recommend shipping all items insured. Insurance costs through third party carriers will be borne by the purchaser and in case of damage, insurance claims should be taken up with the third party carrier. Should any damage or loss occur to items transported by a third party, we can assist the purchaser in filing proper claims for reimbursement but will not be held responsible for the outcome. This reimbursement, of course, only covers the actual cost of the items shipped. Within approximately one week after the auction, we will advise purchasers of recommended shipping methods or possible third party carriers. (Note: on occasion, quotes from some of the third party carriers may take longer to get.) Buyer's Premium I.M. Chait Gallery does not own the property that we sell at auction. We provide a venue to bring buyers and sellers together. Sellers are called consignors and we take possession of their property months before the auction. We use this time to research, catalogue, photograph and market the items before they go up for sale. When an object is sold, I.M. Chait Gallery receives a percentage of the hammer price (we call that the seller's commission) plus certain fees as our payment from the consignor. We also collect a percentage of the hammer price from the buyer that we call a Buyer's Premium. A Buyer's Premium is added to the winning bid price of each individual lot purchased. The winning bid price plus the premium constitute the total purchase price for the lot. Applicable sales taxes are computed based on this figure. This total becomes the final purchase price. Note on Fossils: Please keep in mind that virtually all fossils are repaired, restored or enhanced in some way. For the purpose of this catalogue, restoration on any fossil will not be mentioned if it is less than 30%. Restoration is defined as the replacement of missing segments of the fossil, not including repair of small cracks or chips. Repair is simply the reconstruction of theelements (piecing back together) that are recovered. Rarely are fossils found or recovered in one piece. A fossil is enhanced when it is highlighted, shaded or in some cases partly covered to match the rest of the specimen. All of the fossils in this catalogue have been professionally prepared for the purpose of display or exhibition. Advertising & Marketing Once you sign a consignment agreement for the sale of your property in an I.M. Chait Gallery auction, we begin marketing it to potential buyers. After scheduling your property in an upcoming auction, your objects will then be catalogued as lots for our printed and online catalogues. Your property will also be photographed for inclusion in our online catalogue and for live online bidding. Special auction catalogues include full color photography for which we charge the consignors (based on the photo fees scale) an additional amount per photo. We create an extensive marketing plan for each auction that includes direct mailings, advertisements, online promotions, special events, and public previews. All of our sales are posted online, so we have unique access to millions of Internet auction buyers who can bid live online in real time. Online Imaging & Upload Fee For a lot to be pictured in the online catalog, a $25 online imaging and upload fee will apply. (This is different from a per lot photo fee). Preview Safety We are concerned for your safety while you are on our premises and we endeavor to display items safely so far is reasonably practicable. Nevertheless, should you handle any items on view on our premises; you do so at your own risk. Some items can be large and/or heavy and can be dangerous if mishandled. Should you wish to view or inspect any items more closely, please ask for assistance from a member of the staff to ensure your safety and the safety of the property on view. Some items on view may be labeled "DO NOT HANDLE" or "PLEASE ASK FOR ASSISTANCE". Should you wish to view these items, you must ask for assistance from a staff member who will be pleased to assist you. ALL PROPERTY IS SOLD AS IS. ALL SALES ARE FINAL. A 22% PREMIUM WILL BE PAID BY THE PURCHASER AS PART OF THE PURCHASE PRICE (25% if an online purchase).

There will be added an 9.25% for California Residents and applicable New York sales tax for our only our New York Sales.