KINGSLEY'S Spring Auction 2015 Taipei

The following provisions are entered into by and between Kingsley Art Auctions (hereinafter referred to collectively as "the Company" ), as the auctioneer, and the Seller (hereinafter the "Seller"). The Agreement is also entered into by and between the Company as the agent of the Seller and the Buyer (hereinafter the "Buyers"). Both the Buyer and the Seller shall review and accept all provisions hereunder. 【The Buyer】 Agent The Company, as the auctioning party, shall act as the agent of the Seller. Except otherwise provided, items successfully sold in the action held by the Company shall be bound by the agreement made by and between the Seller, through the agency of the Company, and the Buyer. Before the auction a. Authentication We strongly recommend that the prospective buyers conduct their own authentication for the items they are interested in bidding prior to the action. We provide no guarantees to the buyer (with the exception of the guarantee with regard to counterfeits as defined of the Agreement). b. Catalogue Explanations Any statement of the author, history, date, year, size, material, ownership, authenticity, origin, condition of preservation or estimated selling price of any of the Lots shown in the catalogue or the authentication opinion made by the Company, or any other verbal or written statements made separately shall be solely statements of opinions and shall not be deemed the basis for the statements of actual fact. The photographs shown in the catalogue shall serve as reference only and shall not be deemed as the basis for determining the color or tone of any Lot or disclosure of the defects of such items. The estimated of the auction price shall not be deemed the price at which such item will be successfully sold or the statement of the value of the item for other purposes. Many auction items fail to maintain their perfect condition because of time and other environmental factors. Some of the explanations in the catalogue or the authentication opinions will state defects and/or the repair background of the Lots. Such information is meant for reference only. Missing information in the statements does not mean the Lot has no defects or has not been repaired any statement of the one particular defect does not mean there is no any other defect. c.Responsibility of the Buyer The Buyer is responsible for clarifying and satisfying himself about the condition of the items and any related matters stated in the catalogue descriptions. During the auction a. Refusal of admission The company has the right, at our own 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 fill in and sign the registration forms prior to the bidding and provide personal identification. Prospective buyers should also note that the Company may be requested to conduct credit checks against buyers. c. The bidder is the Buyer Unless a written agreement has been made upon registration that the bidder will be the agent who acts on behalf of a third person and such third person is accepted by the Company, the bidder will be deemed as the Buyer who will bear individual legal responsibilities. d.Absentee bids The Company will make proper effort to bid for the prospective buyers who instruct us to bid on their behalf by using the forms attached to the catalogue. Written bids form should be delivered to the Company prior to the auction. If we receive written bids on a particular lot for identical amounts, and 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. Execution of written bids is a free service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with it. e.Telephone bids The Company will make proper efforts to contact the bidder to participate in the auction by phone. The prospective buyer should request such arrangements prior to the auction. However, the Company will bear no responsibilities to the Seller or any prospective buyer if no contact is making under any circumstances. f.Currency converter The currency converter will be utilized at the auction. Errors may occur in the operation of the currency converter and we do not accept liability to bidders who follow the currency converter rather than the actual bidding in the saleroom. g.Video or digital images The image projection will be made at the auctions; however, errors may occur during the operation. The company is not liable for the color accuracy of the reproduced image and whether the projected image corresponds to the item being auctioned. h.Auctioneer's discretion The auctioneer reserve the absolute right to reject any bid, push for bids at his own discretion, withdraw any auction items, separate or combine two or more auction items, and if there is any error or dispute, re-auction the items. i.Successful bids Under the discretion of the auctioneer, the highest bidder accepted by the auctioneer will be the buyer and the striking of his hammer means the acceptance of the highest bid and the conclusion of a contract for sale between the seller and the buyer. After the auction a.The service fee of each lot payable by the Buyer The Buyer should pay the hammer price and, in addition, the service fee to the Company. The service fee should be calculated at 23% of the hammer price. (This rule is only for bidding at liveauctioneers) b.Taxes All the payments payable by the Buyer to the Company do not include any commodity or service taxes or any other value added taxes (whether imposed by the R.O.C. government or elsewhere). The Buyer shall be responsible for paying any applicable taxes as required by the law. c. Payment (1) All payments due (including the hammer price, buyer's premium and any applicable taxes) shall be paid within 7 days after the auction. (2) If the Buyer fails to pay to the Company all the payments due, the Buyer will not acquire the ownership of the Lot even if the Company has delivered such item to the Buyer. If the payment is made other than NT dollars, the buyer shall pay the related expense incurred, including bank charges and foreign exchange service fee. d.Collection, packing and shipping Unless otherwise agreed by the Company, the Company will hold temporarily the successfully sold Lots until all payments to the Company are made in full. The Lot will be covered by the insurance of the Company from the auction date for 7 days during the temporary holding period. The insurance coverage will terminate upon collection of such item. The Buyer should be responsible for all risks following expiration of the said 7-day period or the collection (whichever is the earlier). The Company will provide shipping company upon the buyer's request and do not accept any liability if any damage occurred by the shipping company. e.Remedies for non-payment or non-collection of purchases of purchases The Company is entitled to exercise one or more of the following rights or remedies if the Buyer fails to make payment within 7 days. (1)An interest at the monthly rate of no higher than 4% plus the base interest rate will be imposed on all of the payment due if payment is not made within 7 days following the auction date. The payment to be made by the Buyer should offset any payment owed by the Company or its subsidiaries to the Buyer for any other transactions. (2)The Company reserves the right to refuse the Buyer to make on behalf of others, bids in any future auctions and/or to require a deposit from the Buyer before accepting any future bids made by the Buyer. If the Buyer fails to make payment within 35 days, the Company is entitled to exercise the following rights in addition to the aforementioned. (3)To take legal action to the Buyer on behalf of the Seller to claim the entire payment due and the legal fees resulting from such legal action based on a total claim. (4)To cancel the transaction of Lots bid by the Buyer or any other auction items sold to the Buyer at the same or any other auctions. (5)To arrange a public or private re-sale of the Lot. If the reselling price is lower than the payment, the differences and other expenses incurred shall be responsible by the Buyer. f.No collection of the purchases The Company will arrange for the storage of the Lot if such item sold is not collected within 7 days of the item, regardless payment is made or not. Such storage cost will be borne by the Buyer. g.Export permit Unless otherwise agreed by the Company in written, the process of applying the export permit does not affect the Buyer's responsibility to make the payments within 7 days. If the Buyer requests the company to apply the export permit on his or her behalf, the Company is entitled to charge the related expenses. The legal responsibility of the Company The company is responsible for returning payment to the Buyer pursuant to Article 6. otherwise, whether the Buyer, the Company, any employees or agents of the company will not be held liable for any statements of the author, history, date, year, ownership, authenticity or origin of any auction item or any errors with respect to any explanations and any flaws or defects of any auction item. The Buyer, the Company makes no guarantee with respect to any auction items. Any warrantee of any kind shall not be included herein. Return of payments for forgery If the Lot is considered as a forgery by the Buyer, the Buyer should inform the Company in written notice within 14 days. The written comment should under the following condition and the transaction will be cancelled and payments made will be returned to the Buyer. It is unnecessary for the Company to pay the Buyer an amount more than what the Buyer pays in connection with the Lot and the Buyer does not reserve the right to claim interests under any circumstances. a. The written report should be provided by two individual experts and agreed by the Company. b. The Buyer must return the Lot to the Company within the following 21 days and the condition of the item must be the same as on the auction day. c. The Buyer has absolute right to the Lot and the Lot is free from the third party rights of claims. d. The Company will refund to the Buyer any amount paid to the Company after receiving the amount returned by the Seller. Copyright The copyright of all the images, photographs and written material in connection with the Lot belong to the Company at any time. The Buyer or any person may not use such items without obtaining prior written consent from the Company. Notices All the notices distributed according to the Transaction Agreement herein shall be made in writing. Any notice shall be deemed served to the recipient on the second day following delivery if sent by mail. If the recipient is abroad, the notice shall be deemed as received on the fifth working day following delivery by mall. Severability If any part of the Transaction Agreement is deemed invalid, illegal or unenforceable by any court, such part can be ignored and the rest of the Transaction Agreement continues to be valid and enforceable to the maximum extent permitted by the law. Jurisdiction The Transaction Agreement are governed under the R.O.C. law and the interpretation and effect of the Rules shall be subject to the R.O.C. laws. The Buyer and Seller shall submit themselves to the exclusive jurisdiction of the Taiwanese court for the interests of the Company. (Any discrepancy between the Chinese and English version of this terms and Conditions of Business, the Chinese version.