FINE CHINESE AND JAPANESE ART DAY 1

1. I agree to abide these terms of business an the conditions of sale as printed in the catalogue and displayed in the saleroom. (Catalogues are sent out 7 days before each sale with the exception of Victiorian and General Sales). 2. Agency. JOHN NICHOLSON AUCTIONEER (The Auctioneer) acts as agent for the Vendor. He will not be responsible for any default by the Vendor or Buyer. 3. Warranty. The Auctioneer makes no warranty to the effect of the catalogue decription is accurate. All statements are statements of opinion only, and neither the Auctioneers nor his employees or agents will be responsible for the accuracy of any opinion given. 4. Title. The Vendor warrants to the auctioneer and the buyer that he has good title to each lot, and indemnifies the Auctioneers against any such defect. 5. Damage. The Auctioneer will not be liable for damage to glass or picture frames, nor cleavage of stones (jewellery). And other damage claim shall be settled at the Auctioneer's discretion provided that the Vendor has availed himself of the Auctioneers insurance. 6. Rescission. Notwithstanding Paragraph No. 3, if the buyer makes a justified claim to rescind a sale on the basis that the lot in question is a deliberate forgery, after taling expert advice, the Auctioneer may refund to the Buyer the amount paid, and recover such monies from the Vendor if he has been paid out. 7. Commission an Expenses. The Auctioneer shall be entitled to deduct commission at the stated rates and any other expenses including cartage from the hammer price. The Vendor acknowledges the Auctioneer's right to retain the buyers premium. 8. VAT. If any lot is an asset of the Vendors business, the Vendor must notify the Auctioneer whether he is registered for VAT. He is to record his VAT number on the Entry Form and notify the Auctioneer if he intends to operate the VAT Used Goods Scheme (Special Scheme). 9. Withdrawal of Lots. The Vendor is entitled to withdraw any lot up to the point of sale. The Auctioneer will charge a withdrawal fee of 5% of the reserve price (or lower estimate if no reserve has been set) on any any lot withdrawn after the catalogue has benn produced. 10. Reserves. The Vendor has the right to place a reserve on any lot. This should be entered at the entry form and agreed with the Auctioneer. Where 'discretion' is agreed, the auctioneer may sell the lots at upto 10% below the reserve price. otherwise all lots will be sold without reserve. 11. Payment. The Auctioneer shall pay the NET sale proceeds to the Vendor within 28 days before of the date of the sale unless the buyer has failed top pay the purchase price. In this case the Auctioneer shall notify the Vendor accordingly and will agree with the Vendor to a) rescind the sale. b) take such legal steps as are necessary to recover the monies from the buyer. 12. Consumer Protection Act 1987/Furniture and Furnishings (Fire Safety) regulations 1988. Goods which do not satisfy the safety regulations set out in the above acts cannot be excepted for sale. 13. All transactions will be goverened by English Law. Conditions of Sale 1. John Nicholsons (called the auctioneer) acts in all respects, only as agent for the seller in each lot. 2. The highest bidder acceptable to the auctioneer shall be the buyer at the hammer price and any dispute shal be settled at the auctioneers absolute discretion. He may immediately put the lot up again for sale. 3. The auctioneer has the right at his absolute discretion to refuse any bid and to advance the bidding as he may decide. 4. WARRANT OF TITLE. a) The seller warrants to John Nicholson and to the buyer that he is the true owner of the property or is properly authorised to sell the property by the true owner and is free from any third party claim. b) The seller will imdemnify John Nicholson, his servants and agents and the buyer against any loss suffered by breach of a). 5. a) The seller shall be entitled to place a reserve on any lot, and the auctioneer shal have the right to bid on the behalf of the seller for any lot on which a reserve price has been placed. b) Any lot not carrying a sellers reserve will be sold at 'the auctioneers discretion'. c) The auctioneer at absolute discretion withdraw or divide any lot or combine any two or more lots. 6. a) All statements in the catalogues, brochures and advertising are statements of opinion and are not, nor are they to be relied upon as statments or representations of fact. Intending purchasers must satisfy themselves of all faults, imperfections and errors of description. Illustrations in catalogues or on websites are for identification only. b) Neither the seller, John Nicholson nor any person in his employ may, or have any authority to, make any representation of warranty, authorship, origin, date, age, attribution, genuineness, provenance, errors of description, faults or defects. 7. PAYMENT a) The purchase price payable by the buyer shall be the aggregate of the final bid plus 20% buyers premium together with any VAT chargeable. IMMEDIATELY THE LOT IS SOLD THE BUYER SHALL: b) Give to John Nicholson his name and full address and if so requested proof of identity. c) Pay to John Nicholsons the total amount due (unless credit terms and references have been agreed with John Nicholsons before the auction.) d) If a buyer fails to pay for any lot in full John Nicholson shall be entitled to at his absolute discretion and without prejudice exercise any of the following remedies:- i) Without notice to the buyer resell any lot by auction or private treaty, any deficiency between the purchase price and the resale to be made good by the defaulting buyer and surplus (after retention of the premium) to be the sellers. ii) To store the lot or cause it to be stored at the sole expense of the buyer, and to release the lot only after full payment of the purchase price. Cost of removal, storage at cost, plus insurance and any other costs incurred in connection with the lot. iii) To charge interest at the rate of 3% per month, ( minimum charge one month) on the purchase price from the date of sale. iv) Payment may be made by credit card (2% plus VAT surcharge) or debit card ( no extra charge). 8. The property in a lot shall not pass to the buyer untill the purchase price has been paid in full, plus any other charges in clauses i), ii), & iii), but the lot shall be at the buyers risk in all respects from the fall of the hammer. Notwithstanding that John Nicholson acts only as agent for the seller, he shall be entitled to retain the premium preferred to in condition 7a) hereof irrespective of and in addition to such remuneration as he may recieve from the seller. John Nicholson shall be entitled to a lien on any lot sold until the purchase price and any expenses are paid in full by the buyer.