Summer Asian Fine Art Auction

Arnaud's Auctions and Appraisals & CO. LIMITED BUYER?S TERMS IMPORTANT In addition to the hammer price, Arnaud's charges a buyer?s premium on the hammer price of each lot sold. On purchases from $0-$49,999, a buyer's premium of 25% will be applied. On purchases from $50,000-$$499,999, a buyer's premium of 20% will be applied. On purchases above $500,000, a buyer's premium of 15% will be applied. A charge of 13% HST (Harmonized Sales Tax) is applicable on the hammer price and buyer's premium, except for purchases exported from Canada with a registered international shipper. In the case where purchases are shipped out of the province of Ontario, the HST or GST is charged based on the tax status of that Canadian province. ALL TRANSACTIONS ARE CONDUCTED IN CANADIAN DOLLARS (CDN) BUYING AT ARNAUD?S Description of Lot: Our description of any lot in the catalogue, any condition report and any other statement made by us (whether orally or in writing) about any lot, including about its nature or condition, artist, period, materials, approximate dimensions, or provenance are our opinion and not to be relied upon as a statement of fact. We do not carry out in-depth research or scientific testing of the sort carried out by professional historians and scholars. All dimensions and weights are approximate only. Condition of Lot: The condition of lots sold in our auctions can vary widely due to factors such as age, previous damage, restoration, repair and wear and tear. The nature of the items means that they are rarely in perfect condition, and a good condition may show minor flaws of the item. Lots are sold ?as is,? in the condition they are in at the time of the sale, without any representation or warranty or assumption of liability of any kind as to condition by Arnaud's or by the seller. Condition reports are available upon request by phone, fax, email or in person. Condition reports may be available to help you evaluate the condition of a lot. They offer our opinion but they may not refer to all faults, inherent defects, restoration, alteration or adaptation. A condition report is not an alternative to examining a lot in person. It is your responsibility as a purchaser to ensure that you have requested, received and considered any condition report. SHIPPING The Auctioneers will not undertake packing or shipping. The purchaser must designate and arrange for the services of an independent shipper and be responsible for all shipping and insurance expenses. The Auctioneers will, upon request, provide names of professional packers and shippers but will not be held responsible for the service or have any liability for providing this information. For pre-auction packing and shipping estimates, please contact our Client Service Office. CONDITIONS OF SALE FOR ALL AUCTIONS 1. In addition to the hammer price, Arnaud's charges a buyer?s premium on the hammer price of each lot sold. On all lots we charge 25% of the hammer price up to and including CAD$1000, 20% on that part of the hammer price over CAD$10,000 and up to and including CAD$50,000, and 15% of that part of the hammer price above CAD$100,000. Buyer?s premium and applicable Canadian taxes are added to the hammer price. Taxes are exempt for any items directly shipped from our premises out of Canada with a registered international shipper. 2. Unless exempted by law, the buyer is required to pay Ontario Retail Sales Tax and Federal Goods and Services Tax on the total purchase price including the buyer's premium. Taxes are exempt for any items directly shipped from our premises out of Canada with a registered international shipper. 3. The auctioneer reserves the right to withdraw or refuse any lot from sale at any time, move the bidding backwards or forwards in any way he or she may decide, change the order of the lots, divide any lot or combine any two or more lots, or reopen or continue the bidding even after the hammer has fallen. 4. The auctioneer has the right to refuse any bid and to advance the bidding at his absolute discretion. The auctioneer reserves the right not to accept and not to reject any bid. Without limitation, any bid which is not commensurate with the value of the article offered, or which is merely a nominal or fractional advance over the previous bid may not be recognized. 5. Bidding generally starts below the low estimate and increases in steps (bid increments). The auctioneer will decide at their sole option where the bidding should start and the bid increments. In general, bid increments shall be as follows Price Bid Increment $0.00 $50 $300 $100 $2000 $200 $2200 $300 $2800 $200 $3200 $300 $3800 $200 $4200 $300 $4800 $200 $5200 $300 etc. $10,000 $1000 $20,000 $2000 $22,000 $3000 $28,000 $2000 $32,000 $3000 $38,000 $2000 etc. $100,000 $5000 6. Unless otherwise indicated, all lots are subject to an unpublished reserve price below which the auctioneers is not obligated to sell the item, and which may be changed at any time prior to the actual sale by agreement between the auctioneer and the consignor. We identify lots that are offered without reserve with the symbol * next to the lot number. The reserve cannot be more than the lot?s low estimate. 7. The highest bidder accepted by the auctioneer is the successful bidder of a lot. This means a contract for sale has been formed between the seller and the successful bidder. If any dispute should arise between bidders the auctioneer shall have the absolute discretion to designate the buyer or, at the auctioneer?s option, to withdraw any disputed lot from the sale, or to re-offer it at the same or a subsequent sale. The auctioneer's decision in all cases shall be final. 8. Immediately after the successful bid of a lot, we will issue an invoice only to the registered bidder who made the successful bid. While we send out invoices by mail and/or email after the auction, we do not accept responsibility for telling you whether or not your bid was successful. If you have bid by written bid, you should contact us by telephone or in person as soon as possible after the auction to get details of the outcome of your bid to avoid having to pay unnecessary storage charges. The successful bidder shall pay or undertake to the satisfaction of the auctioneer with respect to payment of the whole or any part of the purchase price requested by the auctioneer, failing which the auctioneer in his sole discretion may cancel the sale, with or without re-offering the item for sale. 9. The buyer shall pay for all lots within 48 hours from the date of the sale, after which a late charge of 2% per month on the total invoice may be incurred or the auctioneer, in his sole discretion, may cancel the sale. The buyer shall not become the owner of the lot until paid for in full. Items must be removed within 10 days from the date of sale, after which storage charges may be incurred. 10. Each lot purchased, unless the sale is cancelled as above, shall be held by the auctioneer at his premises or at a public warehouse at the sole risk of the buyer until fully paid for and taken away. ? 11. It is the responsibility of the buyer to make all arrangements for insuring, packing and removing the property purchased and any assistance by the auctioneer or his servants, agents or contractors, in packing or removal shall be rendered as a courtesy and without any liability to them. 12. The auctioneer acts solely as agent for the consignor and makes no representation as to any attribute of, title to, or restriction affecting the articles consigned for sale. Without limitation, the buyer understands that any item bought may be affected by the provisions of the Cultural Property Export Act (Canada). 13. The auctioneer reserves the right to refuse admission to the sale or to refuse to recognize any or all bids from any particular person or persons at any auction. LAW AND DISPUTES This agreement, and any non-contractual obligations arising out of or in connection with this agreement, or any other rights you may have relating to the purchase of a lot will be governed by the laws of Ontario. Buyers who intend to challenge authenticity or provenance of a lot must notify the Auctioneer in writing within thirty (30) days of the Auction?s conclusion. In order to challenge authenticity the purchaser is required to - (i) provide written details of any challenge within 30 days of the date of sale. Failure to do so will mean rejection of purchaser?s claim; (ii) submit a certificate of appraisal provided by a curator of an acknowledged provincial museum in Canada or any equivalent in the United States. We reserve the right to obtain additional opinions at our expense (iii) return the lot to Arnaud?s in the condition it was in at the time of sale; (iiii) the purchaser?s only right is to cancel the sale and receive a refund of the purchase price paid by you to us. We will not, in any circumstances, be required to pay you more than this total amount. In the event Auctioneer cannot deliver the lot or subsequently it is established that the lot lacks title, provenance, authenticity, or other transfer or condition issue is claimed, Auctioneer?s liability shall be limited to rescission of sale and refund of purchase price; in no case shall Auctioneer?s maximum liability exceed the high bid on that lot, which bid shall be deemed for all purposes the value of the lot. ????Arnaud's???????/????????????????????????????????