Kawasawa May Sale: Selected Asian Art Auction

Osaka Kawasawa Auction Rules These rules are available in Japanese and English, with the Japanese version prevailing in principle. These rules are governed by the laws of Japan and are based on international practice. General Rules 1. Kawasawa Auction is an auction house organized by Kawasawa Art Auction Osaka, Ltd (hereinafter referred to as "the Company") in accordance with these rules. Bidders, buyers and other participants in auctions organized by the Company (hereinafter referred to as "Bidders") shall be deemed to have accepted and agreed to comply with the Rules and other provisions relating to the Rules, such as the Bidder Registration Form, written/telephone bidding instructions, and online registration of bids. 2. Kawasawa Auction holds public auctions and anyone may apply to the Company in advance of the auction and, upon completion of registration, may participate in the Company's auction. Please note that the Company reserves the right to reject bids of any kind from any one bidder without informing the bidder. 3. When a bidder has reached a separate agreement with the Company, the separate agreement shall take precedence. 4. The Company shall have the right to amend these rules accordingly in the light of actual circumstances. The right to interpret these rules shall be vested in Osaka Kawasawa Auction. I. Definitions 1. Lot: An item entrusted by the Seller to the Company for auction. 2. Auctioneer: The person who conducts the auction on behalf of the Company and decides on the hammer. 3. Auction date: The date on which the Company announces the auction transaction. 4. Bidding: The act of bidders proposing a purchase price for a lot during an auction. 4. Hammer price: The highest price bid by a bidder when the auctioneer drops the hammer or other customary method to announce the sale of the lot. 5?Seller: Any party entrusted with the sale of a lot by the Company. 6?Buyer: The buyer of a lot, the bidder with the highest bid accepted by the auctioneer. 7. Buyer's commission: the commission received by the Company from the buyer. Upon successful bidding, the bidder is required to pay the Company's commission and 10% excise duty on the commission, in addition to the hammer price. 8. Reference Price: The estimated price of the hammer price, the reference hammer price indicated by the Company in the catalogue. 9. Lot number: The lot number attached to the lot. One number is not limited to one lot, and there are cases where one number represents a group of lots. The auction is conducted in the order of the lot numbers. II. Lots and catalogues 1. Our lots are offered for sale in the condition in which they were sold at the time of the auction and we do not guarantee any defects, dirt or scratches on the lots. Bidders must check the detailed pictures and condition reports carefully and accept legal responsibility for their actions in bidding for the lots. The Company specifically states that it cannot guarantee the authenticity and quality of the lots. 3. The descriptions contained in our catalogue, such as authorship, age, size, weight, material, technique, authenticity, provenance, condition and other information, are provided for our sole reference only. The Company shall not be liable for any inaccuracies or discrepancies between the catalogue and the actual object. 4. If there is a difference in tone, colour or colour level between the photographs in the catalogue and the actual object, please refer to the actual object and the Company will not be held responsible. III. Bidding Method 1. The Company offers online bidding/written bidding/telephone bidding to bidders, who are required to submit photo identification and proof of address and other relevant information issued by the relevant government departments to participate in the registration process. 2. Online Bidding 2.1 Bidders wishing to bid online should submit an application to the Company prior to the auction. 2.2 We will hold an online preview prior to the auction. All lots will be displayed on the Company's official website and on all major auction platforms, and will be freely available for viewing. 2.3 The method of determining the buyer of an online auction is the same as that used in the live auction, i.e. the contract of sale will be formed after the highest online bidder has been confirmed by the auctioneer by the fall of the hammer. 2.4 The Company reserves the right to reject a bidder's online application without giving reasons. The Company shall not be liable for any such rejection whether or not it reaches the Bidder in writing. 2.5 The Company shall not be liable for any unsuccessful bids or losses incurred by Bidders for any of the following reasons (1) Any interruption of the Company's or the Bidder's internet connection during the online bidding process. (2) Any failure or problem with the online bidding software. 3) Any failure or problem with any internet connection, computer, mobile device or system. 4) Any errors caused by the quality of the digital images. 5) Any operational errors made by bidders during the bidding process. (6) Delays in the receipt of information due to network delays. 3. Written bids 3.1 Bidders who wish to apply in writing should apply to the Company by completing the Written/Phone Bid Proposal Form and sending it to the Company by post, email or fax within the specified period. 3.2 The Company may, at its sole discretion, decide whether or not to accept the appointment. In the event of a successful bid, the Company will charge the bidder a buyer's commission and an excise duty on the commission at the hammer price. 2.3 Bidders applying for a written consignment will be required to make a minimum bid of ?100,000 and to pay a deposit of ?1,000,000 (in principle ?1,000,000, but we may request a deposit of more than ?1,000,000 if the total reference price is too high) 24 hours before the date of the auction (subject to our local time). 3.4 If the written bidding form and deposit do not arrive 24 hours before the auction date, the bidder will not be deemed to have received the auction number and will not be eligible to participate in the auction. 3.5 If two or more bidders bid for the same lot at the same price in a written auction and the lot is eventually sold at that price, the Company may, at its discretion, sell the lot to the bidder who has submitted the written bid registration form earlier. 3.6 In no event shall the Company be liable for the failure of a written bidder or for any errors or omissions in the written bidding process. 4. Telephone bidding 4.1 Bidders who apply for telephone bids should apply to the Company and complete the Written/Phone Bid Proposal Form and send it to the Company by post, email or fax within the specified period. 4.2 The Company may, at its sole discretion, decide whether or not to accept the appointment. In the event of a successful bid, the Company will charge the bidder's buyer's commission and excise duty on the commission at the hammer price. 4.3 Bidders applying by telephone are required to pay a minimum bid of 100,000 yen and a deposit of 1,000,000 yen (in principle, 1,000,000 yen, but we may request a deposit of more than 1,000,000 yen if the total reference price is too high) 24 hours before the date of the auction (based on our local time). 4.4 If a telephone bidder's written/telephone bid form and deposit do not arrive 24 hours before the auction date, he/she will be deemed not to have received the auction number and will not be eligible to participate in the auction. If for any reason the bidder cannot be contacted through the contact details set out in the Letter of Engagement, he/she shall be deemed to have abandoned the telephone engagement and the Company shall not be held liable. 4.5 In no event shall the Company be liable for any failure of a written bidder to bid successfully or for any errors or omissions in the written bidding process. IV. Payment 1. The amount to be paid by the Purchaser to the Company shall consist of the hammer price, the Company's commission to the Purchaser and the total amount of excise duty on the Purchaser's commission (hereinafter referred to as the "Purchase Price"). 2. Commission Rate The successful bidder shall pay to the Company, in addition to the hammer price, the commission and 10% excise duty on the commission. 3. The payment methods accepted by the Company are as follows. International SWIFT Code : SMBCJPJT Name of receiving bank: SUMITOMO MITSUI BANKING CORPORATION Bank branch name: SUMITOMOMITSUI BANKING CORPORATION TENGACHAYA BRANCH/shop number (448 ) Address: 1-1-5.SHIOJI NISHINARI-KU/OSAKA.557-0052 JAPAN Beneficiary's name: JIANG YONGKAI Account number of the recipient: 07023752 4. Payment will be made by remittance on the day of the auction after the sale. If settlement cannot be made on the day of the auction, please settle within 7 days by bank remittance. If payment is not received within the payment period, the Company has the right to cancel the transaction and return the lot to the bidder. 5. The buyer has no right to cancel the transaction after the auction is completed. In the event of a dispute such as the buyer's failure to pay the corresponding price on time, the Company shall be entitled to charge a cancellation fee. The cancellation fee is 30% of the hammer price. In the event that a settlement cannot be reached by negotiation, the transaction will be determined in accordance with Japanese law. The buyer shall be liable for all court costs and the Company shall be entitled to prohibit him/her from participating in future auctions. V. Delivery of Lots 1. The Company shall deliver the lot only after the buyer has paid the full amount of the purchase price. You can collect your lot after you have paid the full price. In the event that settlement cannot be made on the same day, the auction will be collected and sent after the Company has confirmed receipt of payment. In the event of a request for packaging and postage of a purchased work, the costs of packaging and postage will be borne by the purchaser. After full payment of the purchase price, the buyer may collect the lot. After the hammer has fallen, all removal, insurance and other costs will be borne by the buyer. 2. The Company will only accept full purchase price. Once the bidder has paid the full purchase price, ownership of the lot will be transferred to the bidder upon delivery of the lot. 3. The bidder shall be liable for all hazards arising out of the goods from the moment the hammer falls. Any liability for damage other than that caused by the Company shall be borne by the bidder. 4. The Company shall not be liable for any damage caused by natural disasters such as earthquakes, volcanic eruptions, tsunamis, typhoons, storms or force majeure such as war, either directly or indirectly. 5?Special Note: According to Japanese laws and regulations and the Washington Convention, endangered species of wildlife (ivory, rhinoceros horn, coral, etc.) are restricted from leaving Japan. The buyer is advised to exercise caution with regard to lots restricted from export, and will bear all responsibilities in the event of legal disputes. The Company is responsible for the interpretation of these Kawasawa Auction Rules.