FINE ASIAN ART AUCTION #12

1. The auction house acts in the name of and for the account of its client (vendor). The auction shall be conducted in accordance with the conditions listed below, which are recognised by means of the personal, written, telephone or online participation via the Internet in the auction. 2. The auctioneer retains the right to combine, separate, offer in different sequence or withdraw items from the catalogue. 3. All objects to be auctions may be viewed and inspected prior to the auction. The objects are used. They are purchased in the state in which they are found at the point in time of the purchase. The catalogue information, which is provided according to the best knowledge and in the best conscience, is not contractually bound information regarding quality, or guarantees in the sense of sale of goods law. At the request of the interested party, condition reports provided serve merely as improved orientation regarding the external condition of the object according to the assessment of the auctioneer. The auctioneer bears no liability towards the purchaser for faults insofar as they have fulfilled the duty of care to which they are subject. However, they declare themselves willing to make known to the vendor complaints regarding faults that are communicated to him in due time and are well-founded; here, the period of limitation is twelve months from the point in time of the purchase. However, in all cases, a precondition for a reverse transaction is that the auctioned item remains in an unchanged state since the time of auction. 4. Every bidder must give their name and address before the start of the auction. This also applies when they participate in the auction as a representative. In this case, they must also give the name and address of the person they are representing. In cases of doubt, the bidder makes a purchase in their own name and on their own account. Every bidder must provide a cash deposit before the start of the auction. 5. In order to make sure that the written rules are implemented, they must be entered onto the form provided for the purpose ? at least 24 hours before the start of the auction at the auction house. The bidder must provide evidence that they have been received. Precise information regarding the individual or company of the bidder and the lot number must be submitted in order for a written bid to be effective. When a bid is submitted, a telephone number must be given at which the bidder can be regularly contacted. The bid is restricted solely to the given lot number. Written offers will only be considered by the auction house with the amount required in order to out-bid another bid that has been submitted. A precondition for telephone participation is a written notice received at least 24 hours prior to the start of the auction day by the auction house. The auction house bears no liability for the realisation or maintenance of telephone communication connections and the correct transfer and receipt in due time of online offers to the auction house. Of decisive importance for the auction and its progression are the events in the hall (e.g. with regard to revisions in accordance with item 1b). Only those bids submitted in the hall are binding. The auction house may reject bids if objective reasons are provided. This applies in particular when at the request of the auction house, bidders can provide no sufficient securities prior to the auction which correspond to the value of the bid. If a bid is rejected, the bid submitted immediately prior to it remains binding. 6. The bid is accepted after it has been called to the highest bidder three times. The auctioneer may refuse to accept the bid or accept it on condition; in the latter case, the bidder is bound to their bid for a period of 2 weeks. If several bidders submit the same bid, and no higher bid is offered after the bid is called three times, the matter is decided by lot. The auctioneer may withdraw acceptance of the bid and offer the object again if a higher bid that has been submitted in due time has erroneously been overlooked, or if the highest bidder does not wish their bid to remain valid, or if there is any other doubt regarding acceptance of the bid. 7. The auctioneer may offer the lot for the vendor up to the agreed minimum purchase price (limit) without indicating this, and regardless of whether other bids have been submitted or not. In order to protect the object provided for sale, the auctioneer may accept a bid below the limit to the vendor; this is a case of reversal. 8. Bids may be submitted prior to the auction in written form or by e-mail. They are brought into play by the auctioneer only to the extent required in order to outbid other bids. 9. On lots marked with (R), the commission of 28% is added to the hammer price, and the legally valid VAT of 19% is also added to the total (hammerer price + commission). On all other lots, the commission of 33 % is added to the hammer price. The VAT is included and cannot be separately shown (margin scheme). 10. Dispatches to third countries are not subject to VAT and ? on provision of the VAT ID no. ? this also applies to companies in EU member states. Should purchasers bring purchased objects into third countries themselves, they are reimbursed the VAT as soon as the auction house receives the certificate of export from the customs office and the certificate of import from the importing country. Invoices presented during or directly after the auction must be checked; errors are to this extent excepted. The re-writing of invoices entails additional effort and is therefore subject to a fee. 11. The total amount is due on acceptance of the bid, and is payable in cash or through a cheque confirmed by the bank. Payments from successful external bidders who have bid in writing, via e-mail or by telephone, are due within 7 days following the date of invoice. 12. The auction house retains the right to assert claims due to the client which it is representing in their own name ? including before a court. 13. Ownership of the purchased items is only transferred to the purchaser following full receipt of payment by the auction house. 14. If payment is delayed, default interest at the level of the standard bank interest rate, although at least at the level of the legal default interest rate in accordance with §§ 288, 247 of the German Civil Code, can be demanded without prejudice to any further damage compensation claims ? including legal costs. If due to the delayed payment damage compensation is demanded in lieu of performance, this can be calculated such that the object is re-auctioned in a new auction, and the defaulting purchaser, whose rights from the previous purchase are void and who is prohibited from making a further bid, is liable for a minimum revenue and costs arising through the additional sale, and has no claim to any potential profit. 15. The successful bidder is obliged to take receipt of the objects immediately after the auction. With the transfer, the risk for losses and damage for which there is no responsibility is transferred to the purchaser. The dispatch of purchased items at the request of the purchaser who is the contractor occurs at their own cost and at their own risk. The costs of transport insurance are borne by the purchaser. Following delivery, the purchaser, who is the contractor, must immediately inspect the objects for transport damage and report this to the transport company; later complaints arising from non-covert damage are excluded. 16. On written request, following the conclusion of the auction, the name and address of the respective contractual partner will be made known to the vendor and the purchaser. 17. The place of fulfilment and place of jurisdiction for the commercial transaction is NN. German law applies; the UN Convention on Contracts for the International Sale of Goods (CISG) does not apply. 18. These conditions also apply accordingly for post-auction sale which is a part of the auction; the right of revocation and return for long-distance contracts does not apply. 19. Should one of the above conditions be entirely or partially ineffective, the validity of the others remains intact. 20. Insofar as the conditions of contract are provided in several languages, the German version is decisive.