Fine Chinese Ceramics and Works of Art II

CONDITIONS OF SALE By bidding at auction the bidder agrees to be bound by these terms. 1. JOYCE GALLERY AUCTION AS AGENT Joyce Gallery Auction acts as agent for the seller. The contract for the sale of the property is therefore made between the seller and the buyer. 2. BEFORE THE SALE (a) Condition reports are usually available on request. The property is sold "as is". Buyers are responsible for satisfying themselves concerning the condition of the property and the matters referred to in the catalogue. (b) All statements by us in the catalogue entry for the property or in the condition report, or made orally or in writing elsewhere, are statements of opinion and are not to be relied on as statements of fact. Such statements do not constitute a representation, warranty or assumption of liability by us of any kind. References in the catalogue entry or the condition report to damage or restoration are for guidance only and should be evaluated by personal inspection by the bidder or a knowledgeable representative. The absence of such a reference does not imply that an item is free from defects or restoration, nor does a reference to particular defects imply the absence of any other. Estimates of the selling price should not be relied on as a statement that this is the price at which the item will sell or its value for any other purposes. All measurements are approximations. 3. AT THE SALE (a) Refusal of admission Joyce Gallery Auction has the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid. (b) Registration before bidding A prospective buyer must complete and sign a registration form and provide valid identifications before bidding. (c) Bidding as principal When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer's premium and all applicable taxes, plus all other applicable charges. (d) Absentee bids We will use reasonable efforts to carry out written bids delivered to us prior to the sale for the convenience of clients. If we received written bids on a particular lot for identical amounts, and at the auction these are the highest bids on the lot, it will be sold to the person whose written bid was received and accepted first. (e) Reserves Unless otherwise indicated, all lots are offered subject to a reserve, which is the confidential minimum price below which the lot will not be sold. The reserve will not exceed the low estimate. (f) Joyce Gallery Auction has the right at his absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he may decide to withdraw any lot and, in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale. 4. AFTER THE SALE (a) Buyer's premium In addition to the hammer price, the buyer agrees to pay to us the buyer's premium together with any applicable tax and charges. The buyer's premium is 16% of the final bid price of each lot up to and including $100,000, and 14% of the excess of the hammer price above $100,000. (b) Payment and passing of title The buyer must pay the full amount due (comprising the hammer price, buyer's premium and any applicable taxes and charges) not later than the seventh calendar day following the sale. The buyer will not acquire title to the lot until all amounts due have been received by us in good cleared funds. (c) Loss/damage liability and transfer of risks All purchased lots shall be entirely at the buyer's risk upon the expiry of 7 calendar days after the sale date or upon full payment of the invoice value by the buyer or upon collection, whichever is earlier. (d) Collection of purchases We shall be entitled to retain items sold until all amounts due to Joyce Gallery Auction have been received in full in good cleared funds. Subject to this, the purchased lots shall be picked up or shipping arranged as soon as practicable following the sale, in no case later than two weeks after the sale. (e) Packing, handing and shipping Although we shall use reasonable efforts to take care when handling, packing and shipping a purchased lot, we are not responsible for the acts or omissions of third parties whom we might retain for these purposes. (f) Remedies for non payment If the buyer fails to make payment in full in good cleared funds within the time, we shall be entitled in our absolute discretion to exercise one or more of the following rights or remedies: (i) to charge interest at such rate as we shall reasonably decide; (ii) to cancel the sale; (iii) to resell the property.

Tax is at buyer's cost.