November Asian Antiques & Fine Arts Auction

Amauction, Inc. Conditions of Business 1. Some properties in our auctions are subject to a Reserve. The Reserve is a confidential minimum price agreed upon by the consignor and Amauction below which the lot will not be sold. Representatives of Amauction or the Auctioneer will execute such reserves by bidding on behalf of the consignor. 2. In any event and whether or not a lot is subject to a Reserve, the auctioneer may reject any bid or raise not commensurate with the value of such lot. 3. All property is sold “as is,” and neither the auctioneer nor any consignor makes any warranties or representation of any kind or nature with respect to the property, and in no event shall they be responsible for the correctness, nor deemed to have made any representation or warranty, of author, description, genuineness, authorship, attribution, provenance, period, culture, source, origin, or condition of the property and no statement made at the sale, or in the bill of sale, or invoice or elsewhere shall be deemed such a warranty of representation or an assumption of liability. 4. For customer's convenience, Amauction offers pre-sale estimates for all materials included in the auctions. These estimates are only our approximate valuations and should be taken as educated guesses based upon comparable auction values, not as "prices." Bidding normally begins at about one-half to one-thirds the lower estimate, but the final bid price may well be less than or more than these estimates. 5. Amauction makes no guarantee to provide a complete and accurate description of each lot's physical condition. Prospective bidders should inspect all lots prior to bidding to determine their condition, size and whether or not it has been repaired or restored. Absence of condition reports does not indicate that the lots are flawless or without normal signs of wear consistent with age. Therefore, Amauction is only responsible for the feasible description of the lot's physical condition. For any unmade descriptions of physical condition, Amauction holds legal immunity. 6. Buyers have the right of rescission, provided that within 48 hours of receipt of the property they inform Amauction that there is indeed an error in the description of physical condition stated in the condition report, catalogue, or any other authorized catalogue. Buyers must return the property immediately and clearly point out any discrepancies and the property must be received in the same condition it is sent. 7. Condition Reports are available upon request. Please e-mail your request to AA@amauction.com. According to Amauction’s Conditions of Business, these reports shall only be taken as educated opinions from Amauction, not as an absolute guarantee. 8. Except under the circumstances described in Article 1&2, the highest bidder as determined by the auctioneer shall be the purchaser. In the case of a disputed bid, the auctioneer shall have sole discretion in determining the purchaser and may also, at his or her judgment, withdraw the lot or reoffer the lot for sale. The auctioneer shall have sole discretion to refuse any bid or refuse to acknowledge any bidder. If any dispute arises after the sale, our sales records shall be inclusive in all respects. 9. All property purchased must be paid in full and removed from the premises the day of the auction. Amauction will impose an additional five percent (5%) of the purchase price of any lot or property not fully paid for after three (3) business days following the auction. For property not paid in full within ten (10) business day, an additional five percent (5%) of the purchase price of any lot or property not paid in full will be charged as a breach of contract; shipping and storage fee will still apply. The property will be automatically assumed abandonment by the buyer. Any sums already paid will not be refunded to compensate for damages caused by the purchaser's failure to comply with Amauction's Conditions of Business. However, other remedies are available to Amauction and the consignor by law, including but not limited to the right to 1) hold the buyer liable for the purchase price, 2) publicly or privately resell the property on three days' notice to the original buyer, and in such an event the buyer shall be liable for the price difference and all costs and expenses of both conducted sales, 3) charge commission on both sales according to Amauction’s set rates, and 4) charge all other costs and expenses to compensate for collateral damage. Buyer agrees to pay all costs and fees listed above and allow Amauction to resell the lots in future auctions. 10. For property that is paid for, but not removed within three (3) business days of the sale, buyer agrees to pay a fee equal to five dollars ($5) per item per day for storage. Amauction shall have no liability for any damage or loss to property left on its premises for more than three (3) business days from the date of sale. Amauction has the right to remove property from display and store it in its warehouse while the buyer agrees to pay all shipping, handling and storage fees. 11. Payment options: 1) Cash 2) Cashier's Check 3) Debit Card (Buyers oversea must apply for card authorization prior to auction) 4) Credit Card — VISA, MASTER CARD 5) Personal Check (residents of the Greater Los Angeles area only) — Purchased lots may be picked up only after check has been deposited. Buyer will be charged a fee of thirty five dollars ($35) for bounced checks. 6) Bank Wire Transfer — Purchased lots may be picked up only after full payment amount is received. For the convenience of oversea buyers, we offer card entrustment services (e.g. Buyers in Mainland China may entrust their UnionPay cards to Amauction before an auction, then complete our Card Authorization Form). Upon request, Amauction can also provide a designated temporary payment bank account in your local country. 12. Oversea buyers bidding through Absentee Bid/Telephone Bid/Internet Bid must pay a sixteen thousand dollar security deposit ($16,000) prior to an auction. See Article 11 for payment options. If oversea buyer did not make a purchase at this auction, the security deposit will be refunded. Any bank transaction fee and currency exchange fee will be charged to the buyer. 13. Buyers who have accumulated a certain monetary amount in purchases, either through auction purchases or private sales, will be promoted to become our Premium Member and enjoy all the benefits of a Premium Member. Buyers may also become our Premium Member by prepaying commission, which grants buyers the same privileges, such privileges include set and temporarily added benefits and services. Once buyer has become our Premium Member, Amauction will begin to implement all exclusive operations. Buyers clearly understands and agrees that becoming a Premium Member by prepaying commission, the commission paid is non-refundable and can only be used, according to preferential standards, as deductible Buyer’s Premium. All Premium Member privileges and standards are subject to Amauction’s specifications and interpretations. 14. Amauction is not responsible for the price of any property that exceeds the purchase price paid by the buyer elsewhere. 15. Packing, shipping and handling, and insurance is the buyer’s responsibility. Upon request, our staff will provide a list of shippers who deliver to destinations within the United States and overseas. Some property that is sold at auction can be subject to laws governing export from the U.S., such as items that include material from some endangered species. Import restrictions from foreign countries are subject to these same governing laws. Granting of licensing for import or export of goods from local authorities is the sole responsibility of the buyer. Denial or delay of licensing will not constitute cancellation or delay in payment for the total purchase price of these lots. 16. All purchases are subject to California sales tax, unless the buyer has a valid U.S. sales permit along with proper documentations on file with Amauction. 17. Buyer’s Premium: Buyer’s Premium Hammer Price Premium Member | Regular Buyer 20.7% 23% up to $10,000 16.2% 18% above $10,000 up to $100,000 9% 10% above $100,000 These rates exclude California sales tax and Resale tax exempts. ***An additional 3% will be added to the total for all online purchases.*** 18. In an event that Amauction is held liable, regardless of the reason, Amauction’s liability shall not exceed the purchase price actually paid by the buyer for the property. 19. Bidding on any lots indicates your acceptance of these terms and all other terms announced at the time of sale whether bidding in person, through a representative, by phone, by internet, or other absentee bid. 20. Amauction and its consignors will acquire and retain all copyrights and reproduction rights of all sold properties, without any explicit or implied guarantees or explanations to the buyer. Amauction explicitly reserves the right to reproduce any image of the lots sold in its catalogues. The copyrights of all images, illustrations and written material produced by or for Amauction relating to a lot, including the contents of this catalogue is and shall remain at all times, the property of Amauction and shall not be used by the buyer, or by anyone else, without acquiring, in advance, our written consent. 21. Pre-sale Exhibition security: Amauction seeks feasible security while exhibiting its lots. If buyer/bidder wishes to closely inspect and examine a lot of interest, please ask for the assistance of our staff members. For lots labeled “Do not touch” or “Please ask for assistance”, you must ask for our staff’s assistance to ensure the security of yourself and the lots. When the buyer/bidder is personally inspecting a lot, the buyer/bidder shall be solely responsible for his or her own behavior. If any accidents occur, buyer/bidder agrees to be solely responsible for any loss caused to Amauction and the consignor. Pre-sale Exhibitions will be closed before the start of the auction. 22. The paddle number given to each buyer is a lifelong number. Once buyer has registered successfully with Amauction as a bidder, the paddle number issued will be bound to the buyer. From then on, the buyer will use the same paddle number for each and every participation in our auctions. The buyer shall be solely responsible for the security of the paddle number. The paddle number should be returned to Amauction upon checkout or leaving, safely kept, or destroyed immediately. If the paddle number is lost by the buyer, the buyer shall be responsible for any possible property dispute. Amauction will not be liable in any way. 23. This Condition of Business is governed by California law. The buyer/bidder agrees that any lawsuit against the enforcement of this agreement or against any relevant transactions completed according to this agreement should be brought before the California federal court. The buyer/bidder consents to the non-exclusive jurisdiction of the District Court and renounces now and/or hereafter any objections against the location of such proceedings. 24. If this Conditions of Business is subject to any dispute, the English version shall prevail. 25. Amauction reserves the right of interpretation and modification of this Conditions of Business. Copyright © 2012 Amauction, Inc. All rights reserved.

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