Fine Asian Works of Art, Jadeite

Conditions of Sale The following terms and conditions, as amended by any posted notices or oral announcements during the sale, constitutes the entire terms and conditions on which property listed in the catalogue shall be offered for sale or sold by Golden Mountain Auction gallery, inc (GMAG) and any consignor of such property for whom GMAG has acted as agent. By bidding at an auction, whether in person or by agent, absentee bid, telephone, Internet or other means, the purchaser or bidder agrees to be bound by these Terms and Conditions of Sale. BEFORE THE SALE Prospective buyers are strongly advised to personally examine any property in which they are interested during the Preview exhibition. The pre-auction estimates are provided as a guide for prospective buyers only, and is not definitive. These estimates are subject to revision at GMAG's discretion. We may include a brief note on condition within the catalog description. We do this when the condition problem is serious enough to affect the estimate of the artwork. Any condition statement is given as a courtesy to a client, is only an opinion and should not be treated as a statement of fact. GMAG shall have no responsibility for any error or omission. The absence of a condition statement does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging. All items are sold "AS IS", "WHEREIS" and without recourse, and GMAG, its agents, employees, and consignor(s) do not make any express or implied warranty or representation of any kind or nature with respect to merchantability, fitness for purpose, correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, material, genuineness, attribution, provenance, period, culture, source, origin, exhibitions, literature or historical significance of any lot sold. Prospective buyers are advised that some countries prohibit or require special permits, such as CITES permit for the importation of property containing materials from endangered or protected species, including but not limited to ivory, tortoise shell, crocodile skin, rhinoceros horn, some species of coral and certain woods. It is the potential buyers' sole responsibility to research and satisfy the requirements of any law and regulations that apply to the import and export of property containing the aforementioned materials. The inability or delay in obtaining permits, licenses and other permissions related to import and export of property containing such materials shall not constitute a basis for rescission or cancellation of the sale or the delay in payment purchased items in accordance with the Conditions of Sale. AT THE SALE Refusal of Admission ? GMAG reserves the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid. Registration before Bidding ? A prospective buyer must complete and sign a registration form and provide identification to acquire a paddle and bidder number before bidding. We may require bank or other financial references. Bidding as Principal ? When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer's premium, all applicable taxes and all other applicable charges, unless it has been explicitly agreed upon in writing with GMAG before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to GMAG and that GMAG will only look to that principal for payment. Absentee Bids ? We will use reasonable efforts to carry out written bids given 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 U.S. dollars. If we receive multiple written bids on a particular lot for identical amounts, and these are the highest bids on the lot at the auction, 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 the written bid. Telephone Bids ? On lots that have the opening bid of $500 and above and if a prospective buyer makes arrangements with us prior to the commencement of the sale we will use reasonable efforts to contact them to enable them to participate in the bidding by telephone and we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding. These telephone bids may be recorded at the discretion of GMAG. Online Bids ? We will use reasonable efforts to carry out online bidding, either live or in absentee, via our website or a third party online auction provider of our choice, and do not accept liability for equipment failure, inability to access the internet or software malfunctions related to the execution of online bids. In case of failure of internet connection, we reserve the right to cancel and reschedule the remaining parts of the sale. Reserves ? some lots in the sale are subject to a reserve which is the confidential minimum price below which such lot will not be sold, as agreed upon with consignors or, at the absolute discretion of GMAG. 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. Auctioneer's Discretion ? The auctioneer has the right at his or her absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she 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 or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive. Successful Bid ? The purchaser will be the highest bidder acknowledged by the auctioneer at the fall of the hammer, by announcing the winning bid and the Bidder Number. Failure of the person assigned to such Bidder Number to object at the time of announcement shall constitute an acknowledgment of the bid and purchase. In the case of a tie bid, the winning bidder will determined by the auctioneer at his or her sole discretion. In the event of a dispute between bidders, the auctioneer has final discretion to determine the successful bidder or to reoffer the lot in dispute. If any dispute arises after the sale, the GMAG sale record shall be conclusive. Title passes upon the fall of the auctioneer's hammer to the highest acknowledged bidder subject to the Conditions of Sale set forth herein, and the bidder assumes full risk and responsibility. Bidding Increments ? Bidding generally opens at half the low estimate and advances in the following incremental order, though the auctioneer may vary the bidding increments during the course of auction. The standard bidding increments for GMAG auctions are: $1-$1,000 $50 $1,000-$2,000 $100 $2,000-$5,000 $250 $5,000-$10,000 $500 $10,000-$20,000 $1,000 $20,000-$50,000 $2,000 $50,000-$100,000 $5,000 $100,000 and above $10,000 AFTER THE SALE Purchase Price - The buyer agrees to pay GMAG the purchase price, which shall be the sum of (1) the hammer price at which the item is sold, plus (2) a buyer's premium of 15% over the hammer price of any lot that sells for $4000 and up, and 25% for selling price between $1 and $4000. (an additional 3-5% will be charged by the third party online auction provider, applicable to online bidders), plus (3) any applicable tax, unless the purchaser is exempt by law from such taxes and has provided documentation as proof of such exemption upon registration. Payment ? The buyer must pay the entire amount due (including the hammer price, buyer's premium, all applicable taxes and other charges) no later than 5 p.m. on the seventh (7) business day following the sale. Payment in U.S. dollars may be made with cash; bank check or cashier's check drawn on a U.S. bank; money order; major credit cards or wire transfer unless other arrangements are made with GMAG. We reserve the right to hold merchandise purchased by personal check until the check has cleared the bank. The purchaser agrees to pay GMAG a handling charge of $75 for any check dishonored from the purchaser. Tax Exempt Notice ? Lots marked with a ?Tax Exempt? are tax exempt as permitted by law. Collecting Purchases ? Once GMAG has received all funds due to us, the buyer shall collect purchased lots within seven (7) business days from the date of the sale. Packing and Shipping ? If your bid is successful, we can provide you with a list of shippers. We will not be responsible for the acts or omissions of carriers or packers whether or not recommended by us. Property will not be released to the shipper without the buyer's written consent and until payment has been made in full. Packing and handling of purchased lots by us is at the entire risk of the purchaser, and GMAG will have no liability of any loss or damage to such items. Non Payment ? If we do not receive payment in full, in good cleared funds, within seven (7) business days following the sale, we are entitled in our absolute discretion to exercise one or more of the following measures, in addition to any additional actions available to us by law: a.) to impose a late charge of one and a half percent (1.5%) per thirty (30) days of the total purchase price b.) to hold the defaulting buyer liable for the total amount due and to begin legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law c.) to cancel the sale d.) to resell the property publicly or privately with such terms as we find appropriate, to resell the property at public auction without reserve, and with the purchaser liable for any deficiency, cost, including handling charges, the expenses of both sales, our commission on both sales at our regular rate, all other charges due hereunder and incidental damages. In addition, a defaulting purchaser will be deemed to have granted us a security interest in, and we may retain as collateral security for such purchaser's obligations to us, any property in our possession owned by such purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds to offset against any amount owed e.) to not allow any bids at any upcoming auction by or on behalf of the buyer f.) to take other action as we find necessary or appropriate Failure to Collect Purchases ? If property is not picked up within seven (7) business days following the sale, whether or not payment has been made, GMAG reserves the right to charge $10 per lot per day or to deliver the said property to a public warehouse for storage at the purchaser's expense. GMAG shall have no liability for any damage to property left on its premises for more than seven (7) business days following the sale. In addition, we reserve the right to impose a late charge of one and a half percent (1.5%) per month of the total purchase price if payment is not made in accordance with the conditions set forth herein. For property that is not picked up after thirty (30) calendar days, an additional administration fee of $75 will be charged. Property which is paid for but left on our premises for any reason in excess of sixty (60) calendar days is subject to sale by us with the balance of any funds recovered in excess of storage charges and any other fees being remitted to the buyer. No Transfer - No lots shall be sold, transferred, or assigned to anyone other than the winning bidder prior to the removal of the lot from GMAG and only the winning bidder shall remove the lot. Purchased Lots - If for any reason a purchased lot cannot be delivered in the same condition as at the time of sale, or should any purchased lot be stolen, mis-delivered or lost prior to delivery, GMAG shall not be liable for any amount in excess of that paid by the purchaser. Legal Ramifications - The rights and obligations of the parties with respect to these Conditions of Sale, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws of the jurisdiction in California. If any part of these 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. Discretion - Any and all of the conditions may be waived or modified at the sole discretion of Golden Mountain Auction Gallery, Inc.