Asian Fine Art Estates & Collections Auction

TERMS AND CONDITION OF SALE This TERMS AND CONDITION OF SALE contain all the terms on which Mega International Auction and the seller contract with the buyer. They may be amended by posted notices or oral announcements made during the sale. By bidding at auction you agree to be bound by these terms. 1. MEGA INTERNATIONAL AUCTION AS AGENT: Except as otherwise stated, Mega International 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. EXAMINATION OF PROPERTY: Prospective buyers are strongly advised to examine personally any property in which they are interested, before the auction takes place. Condition reports are usually available on request. Neither Mega International Auction nor the seller provides any guarantee in relation to the nature of the property. 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 others. 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 purpose. Neither Mega International Auction nor the seller is responsible in any way for errors and omissions in the catalogue or any supplemental material. b. WITHDRAWAL: Mega International Auction reserves the right to withdraw any property before the sale and shall have no liability whatsoever for such withdrawal. c. BUYER?S RESPONSIBILITY: ALL SALES ARE FINAL AND ALL PROPERTY IS SOLD ?AS IS, WHERE IS? without any representation or warranty of any kind by Mega International Auction or the seller. Buyers are responsible for satisfying themselves concerning the condition of the property and the matters referred to in the catalogue entry. INTERNATIONAL BIDDERS ARE RESPONSIBLE TO MEET ALL CUSTOMS AND IMPORT & EXPORT REGULATIONS. MEGA INTERNATIONAL AUCTION WILL ASSIST BUT CANNOT BE HELD LIABLE FOR INTERNATIONAL LAWS AFFECTING THE DELIVERY OF PURCHASED GOODS. 3. AT THE SALE: a. REFUSAL OF ADMISSION: Mega International Auction reserves the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid. b. REGISTRATION: Prospective buyers who wish to bid on the floor can register online in advance, or can come to the floor on the day of the sale to register in person. A prospective buyer must complete and sign a registration form and provide identification before bidding. We may require the production of bank or other financial references. c. BIDDING: All bids must be placed in United States Dollar (USD). 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, unless it has been explicitly agreed in writing with Mega International Auction before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to Mega International Auction, and that Mega International Auction will only look to the principal for payment. d. ABSENTEE, TELEPHONE, & ONLINE BIDDING: We will use reasonable efforts to carry out written bids delivered to us prior to the sale for the convenience of clients who are not present at the auction in person, by an agent or by telephone. Bids must be placed in United States Dollar (USD). Please refer to the catalogue for the Absentee/Telephone Registration form or contact us (by telephone or e-mail) or visit our website to obtain a copy of the form. If we receive 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. We do not accept liability for failing to execute a written bid or for errors and omissions. Telephone bids will be accepted no later than 24 hours prior to the sale and only if the capacity of our pool of staff phone bidders allows. Arrangements to bid in languages other than English must be made well in advance of the sale date. Telephone bids may be recorded. By bidding on the telephone, prospective purchasers consent to the recording of their conversations. Online bids will be executed through LiveAuctioneers and Invaluable online auction services under each of their respective Terms and Conditions as well as our own. Each bidder is responsible for understanding both our Terms and Conditions and the Terms and Conditions of the online auction service of choice prior to online bidding registration. Mega International Auction offers all absentee, telephone, and internet bidding services as a convenience to our clients, but will not be responsible for errors or failures to execute bids. e. VIDEO OR DIGITAL IMAGES: At most auctions, there may be a video or digital screen. We do not accept liability in the errors that may occur during its operation as well as the quality of the image and videos. f. RESERVES: Unless indicated, all lots are offered subject to a reserve, which is the confidential minimum price of sale agreed upon between Mega International Auction and the seller. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. The auctioneer may continue to bid on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. With respect to lots that are offered without reserve, unless there are already competing bids, the auctioneer will generally open the bidding at 50% to 75% of the low pre-sale estimate for the lot at his or her discretion. In the absence of a bid at that level, the auctioneer will proceed backwards at his or her discretion until a bid is recognized, and then continue up from that amount. Absentee bids will, in the absence of a higher bid, be executed at approximately 50% of the lower pre-sale estimate or at the amount of the bid if it is less than 50% of the low pre-sale estimate. In the event that there is no bid on a lot, the auctioneer may deem such lot unsold. g. AUCTIONEER?S DISCRETION: The auctioneer 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 or divide any lot, to combine any two or more lots and, in 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 or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive. h. SUCCESSFUL BID & PASSING OF RISK: Subject to the auctioneer?s discretion, the highest bidder accepted by the auctioneer will be the buyer and the striking of his hammer marks the acceptance of the highest bid and the conclusion of a contract for sale between the seller and the buyer. Risk and responsibility for the lot (including frames or glass where relevant) passes to the buyer upon collection of lot after full payment has been received and cleared. 4. AFTER THE SALE: a. BUYER?S PREMIUM: In addition to the hammer price, the buyer agrees to pay to Mega International Auction the buyer?s premium together with any applicable value added tax, sales or compensating use tax or equivalent tax in the place of sale. The buyer?s premium is 18% of the final bid price of each lot for floor bidding, telephone bidding, & absentee bidding. For successful online bids, an additional 3% will be added to buyers using LiveAuctioneers and 5% will be added to buyers using Invaluable. b. TAX: Sales tax for the Los Angeles County in the State of California is 9% and will be collected from buyers upon buyer?s collection of purchases in person. If purchases are to be shipped outside of California, the sales tax of 9% will be disregarded upon payment. Mega International Auction is not responsible for any sales tax or any other taxes place upon by the buyer?s shipper of choice as the buyer is responsible for any shipping or method of collection of purchases (Please see PACKING, HANDLING & SHIPPING). Resellers must complete and sign General Resale Certificate (Form BOE-230) from California Board of Equalization and present a valid Resale Permit. c. PAYMENT & PASSING OF TITLE: Immediately following the sale, the buyer is responsible for the full amount due (comprising the hammer price, buyer?s premium and any applicable taxes) no later than ten calendar days after the day of auction. There will be an additional 3% charge to the buyer?s full amount due should the buyer choose to pay using a Credit Card, however, the 3% additional charge shall be waived if buyer pays full amount due immediately following the auction on the day of the auction. The buyer will not acquire title to the lot until all amounts due to Mega International Auction from the buyer have been received by Mega International Auction in good cleared funds even in circumstances where we have released the lot to the buyer. d. COLLECTION OF PURCHASES: Mega International Auction shall be entitled to retain items sold until all amounts due to us have been received in full in good cleared funds. The buyer is responsible for the full amount due and the collection purchased lots in a timely fashion within 30 calendar days from the date of the sale unless otherwise agreed between us and the buyer. If purchases have not been collected after 30 calendar days, unless an agreement has been arranged, an inventory fee of 1% of the hammer price of each lot will be added every seven calendar days after the initial 30 calendar days if purchases have not been claimed within the time period. e. PACKING, HANDLING & SHIPPING: Mega International Auction DOES NOT accommodate any packing, handling and shipping within our facilities. Buyers who do not have the means to collect his or her purchases in person may arrange for handlers, packers or carriers to collect the buyer?s goods at the buyer?s expenses upon agreement between Mega International Auction and the buyer. If buyer is incapable of obtaining a mean for packing, handling and shipping that is approved by us, we can recommend local carriers to service packing, handling and shipping of goods at the approval of the buyer. f. REMEDIES FOR NON PAYMENT: If the buyer fails to make payment in full in good cleared funds within 10 calendar days after the day of auction as mentioned in PAYMENT & PASSING OF TITLE, we shall be entitled in our absolute discretion to exercise one or more of the following rights or remedies (in addition to asserting any other rights or remedies available to us by law): i. To charge interest at such rate as we shall reasonably decide. ii. To hold the defaulting buyer liable for the total amount due and to commence legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law. iii. To cancel the sale. iv. To resell the property publicly or privately on such terms as we shall think fit. v. To pay the seller an amount up to the net proceeds payable in respect of the amount bid by the defaulting buyer. vi. To set off against any amounts which Mega International Auction may owe the buyer in any other transactions, the outstanding amount remaining unpaid by the buyer. vii. Where several amounts are owed by the buyer to Mega International Auction in respect of different transactions, to apply any amount paid to discharge any amount owed in respect of any particular transaction, whether or not the buyer so directs. viii. To reject at any future auction any bids made by or on behalf of the buyer or to obtain a deposit from the buyer before accepting any bids; ix. To exercise all the rights and remedies of a person holding security over any property in our possession owned by the buyer, whether by way of pledge, security interest or in any other way, to the fullest extent permitted by the law of the place where such property is located. The buyer will be deemed to have granted such security to us and we may retain such property as collateral security for such buyer?s obligations to us. x. To take such other action as we deem necessary or appropriate. If we resell the property under paragraph (iv) above, the defaulting buyer shall be liable for payment of any deficiency between the total amount originally due to us and the price obtained upon resale as well as for costs, expenses, damages, legal fees and commissions and premiums of whatever kind associated with both sales or otherwise arising from the default. If we pay any amount to the seller under paragraph (v) above, the buyer acknowledges that Mega International Auction shall have all of the rights of the seller, however arising, to pursue the buyer for such amount. g. EXPORT & PERMITS: as stated in BUYER?S RESPONSIBILITY, international buyers are responsible for identifying and understanding any import & export regulations and permits for their purchases. Mega International Auction will provide necessary assistance, but neither Mega International Auction nor the seller are liable for international laws affecting the delivery of purchased goods. h. SELLING PROPERTY: In addition to expenses such as transport and insurance, all consignors pay a commission according to a fixed scale of charges based upon the value of the property sold by the consignor at Mega International Auction in a calendar year. Commissions are charged on a sale by sale basis. 5. EXTENT OF MEGA INTERNATIONAL AUCTION?S LIABILITY: Neither the seller nor we, nor any of our officers, employees or agents, are responsible for the correctness of any statement of whatever kind concerning any lot, whether written or oral, nor for any other errors of omissions in description or for any faults or defects in any lot. 6. COPYRIGHT: The copyright in all images, illustrations and written material produced by or for Mega International Auction relating to a lot including the contents of our physical and digital catalogue, is and shall remain at all times the property of Mega International Auction and shall not be used by the buyer, nor anyone else, without our prior written consent. Mega International Auction and the seller make no representation or warranty that the buyer of a property will acquire any copyright or other reproduction rights in it. 7. SEVERABILITY: If any part of these Terms and Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law. 8. LAW AND JURISDICTION: All of the above Terms and Conditions of Sale as well as bidders, the purchaser?s and our respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of California. By bidding at an auction, whether present in person or by agent, order bid, telephone, online or other means, all bidders including the purchaser, shall be deemed to have consented to the exclusive jurisdiction of the state courts of, and federal courts sitting in the State of California. All parties agree, however, that Mega International Auction shall retain the right to bring proceedings in a court other than the state and federal courts sitting in the State of California.