insurance for the Auction Property he or she purchased once the risks pass to him
or her. If the Buyer fails to collect the Auction Property within seven days from the
Sale Date, he or she shall bear all of the relevant costs for storing, handling, insuring,
etc. the Auction Property in question, and he or she shall bear all of the liability
for the Auction Property he or she purchased. Furthermore, notwithstanding the
Auction Property remaining in the custody of the Company or another agent, none
of the Company, its employees or agents shall be liable for damage to or loss of the
Auction Property, regardless of the reason the same arises.
Article 29 Packing and Shipping
The packing and processing by the employees of the Company of the purchased
Auction Property as required by the Buyer shall solely be deemed as a service
provided by the Company to the Buyer, and the Company may decide at its own
discretion whether to provide such service. If any losses arise therefrom, they
shall solely be borne by the Buyer. Under no circumstance shall the Company be
liable for damage to glass or frame, box, backing sheet, stand, mounting, inserts,
rolling rod or other similar auxiliary object arising for any reason. Furthermore, the
Company shall not be liable for any errors, omissions, damage or loss caused by
the packing company or removal company recommended by the Company to the
Buyer.
Article 30 Import/Export and Permits
The Buyer shall himself or herself be responsible for securing any relevant import
and export, endangered species or other permit for the Auction Property. A failure
or delay in obtaining any required permit shall not be deemed as grounds for
cancelling the purchase or delaying payment of the Purchase Price by the Buyer.
The Company shall not bear any liability for the failure to duly complete or submit the
required import or export waybill, list or documents.
If the Buyer requests that the Company apply for an export permit on his or her
behalf, the Company shall have the right to charge him or her a separate service
fee for such service. However, the Company does not warrant that such export
permit will be issued. Neither the Company nor the Seller gives any representations
or warranties as to whether or not any Auction Property is subject to import/export
restrictions or any embargo.
Article 31 Remedies for Non-Payment and Specifi c Performance
If the Buyer fails to make payment in full pursuant to these Conditions or any
payment arrangement agreed with the Company, the Company shall have the right
to take one or more of the following measures:
1.If the Buyer fails to pay all of the Purchase Price in full to the Company within 7
days from the Sale Date, the Company shall have the right to engage a third party
organization to collect all or part of the outstanding Purchase Price from the Buyer;
2.If the Buyer fails to pay the Purchase Price in full within 7 days from the Sale Date,
the Company shall have the right to charge interest at the rate 0.03% per day on
the Buyer’s outstanding amount starting from the 8th day after the Sale Date until
the date on which the Buyer pays the entire amount in full, unless the Buyer and the
Company agree otherwise;
3.All risks and charges relating to insurance coverage taken out on the Auction
Property, removal thereof, or storage thereof, at or from the Company or elsewhere
shall be borne by the Buyer;
4.To institute a legal action against the Buyer, demanding that he or she compensate
it for all the losses incurred as a result of his or her breach of contract, including the
interest losses arising due to delay in payment or refusal to pay by the Buyer;
5.To exercise a lien on the Auction Property in question and any other Auction
Property of the Buyer purchased under the auspices of the Company, and any
other property or property rights of the Buyer that may be in the Company’s
possession for any reason, and all expenses and/or risks arising during the duration
of the lien shall be borne by the Buyer. If the Buyer fails to perform all of his or her
relevant obligations by the deadline designated by the Company, the Company
shall have the right to dispose of the subject matter of the lien after issuing notice
to the Buyer that it is exercising its lien rights and if the Buyer fails to discharge all
outstanding amounts within 30 days after issuance of such notice. If the proceeds
from the disposal of the subject matter of the lien are insuffi cient to off set all the
monies payable by the Buyer to the Company, the Company shall have the right to
separately recover the same;
6.If the Buyer still has not paid all of the Purchase Price in full to the Company within
90 days from the Sale Date, the Company shall have the right (but shall not be
obliged) to decide, at its absolute discretion, to cancel the transaction or agree to
cancellation of the transaction by the Seller, and reserves the right to recover all of
the losses suff ered by the Company due to cancellation of the transaction;
7.To off set any amount related to the Auction Property owed by the Buyer to the
Company against any amount owed from any other transaction by the Company, its
divisions, affi liates, subsidiaries or parent, or China Guardian, its divisions, affi liates,
subsidiaries or parent to the Buyer;
8.To decide at its discretion to use any monies paid by the Buyer to discharge the
amount owed by the Buyer to the Company, its divisions, affi liates, subsidiaries or
parent, or China Guardian, its divisions, affi liates, subsidiaries or parent in connection
with the Auction Property or other transaction;
9.To refuse any future bids made by the Buyer or his or her agent, or to charge him
or her a bid deposit before accepting his or her bids;
The Company is aware that the Auction Property is unique and irreplaceable, if either
the Seller or the Buyer defaults, the payment of damages by one party to another
shall not be a suffi cient remedy to the observant party. Accordingly, the Company,
the Buyer and the Seller agree that any such breach, the observant party may apply
to the court to order specifi c performance, requiring the defaulting party to perform
his/her obligations under these Conditions or their ancillary documents.
Article 32 Remedies for Delay in Collecting the Auction Property
If the Buyer fails to collect the purchased Auction Property within seven days from
the Sale Date, the Company shall have the right to take one or more of the following
measures:
1.To take out insurance coverage for the Auction Property and/or store the same
on Company premises or elsewhere, with all of the costs (including but not limited
to charging the Storage Fee specifi ed on the Bidder Registration Form from the
31st day following the Sale Date) and/or risks arising therefrom borne by the Buyer.
In such a case, the Buyer may collect the Auction Property (packing and handling
charges, freight and insurance charges, export related charges at the sole expense
of the Buyer) only after he or she has paid all of the Purchase Price in full;
2.If the Buyer fails to collect the relevant Auction Property by the deadline prescribed
herein, he or she shall solely be liable for all the risks and expenses arising after the
expiration of such deadline.
Article 33 Limited Warranties
1.The general warranties provided to the Buyer by the Company are as set forth
below:
If it is discovered after an Auction Property is sold by the Company that the same
is a forgery, the Company will, in accordance herewith, cancel the transaction and
refund to the Buyer in the original currency the Hammer price together with the
Buyer’s Commission paid by the Buyer to the Company in respect of the Auction
Property.
For the purposes of the foregoing, a forgery, based on the reasonable opinion of
the Company, means such things as a forged work or intentional concealment or
a fraudulent claim in respect of the source, place of origin, date, production year,
age, culture or origin, etc. of a work, and a correct description of the foregoing is not
included in the catalogue (considering any terms of art). Any damage to an Auction
Property and/or any manner of restored piece and/or any repaired piece (including
repainting or overpainting) shall not be deemed a forgery.
Please note that the foregoing warranty shall not apply if:
(1)The information in the catalogue is based on the generally accepted opinions
of academics and experts on the selling date, or said information in the catalogue
indicates that there exist confl icts in such opinions; or
(2)On the selling date, the only means of proving that the Auction Property in
question is a forgery is not generally available or recognized at such time, is
extremely expensive or is impractical; or may already have caused damage to the
Auction Property or may (in the reasonable opinion of the Company) already have
caused the Auction Property to lose value; or
(3)If, based on its description, the Auction Property has not lost any material value.
2.The period specifi ed by this warranty simply provides the Buyer an exclusive nontransferrable benefi t for 5 years after the Sale Date. To lodge a claim based on this
warranty, the Buyer must:
(1) notify the Company in writing within three months after the receipt of any
information which leads the Buyer to doubt the authenticity or attributes of the
Auction Property, specifying the reference number of the Auction Property, the date
on which the Auction Property was purchased and the reasons for believing that the
Auction Property is a forgery;
(2)return the Auction Property to the Company in a condition identical to that on
the date on which it was sold to the Buyer, and provided that good title thereto is
transferrable and no third party claims have been made in respect thereof since the
selling date.