MODERN ART & ORIENTAL ANTIQUES AUCTION

BUYERS' TERMS AND CONDITIONS OF SALE THRU LIVE AUCTIONEERS All Regency Auction (the Auction House) pre-auction views and sales are free and open to the public without any obligation to bid or purchase. It is a requirement to register for a paddle number (bid card number)prior to bidding and purchasing. All lot items in the ONLINE AUCTION have a BUYER'S PREMIUM OF 25% of the final bid price. EACH AUCTION LOT IS SOLD "AS IS", including all faults, and ALL SALES ARE FINAL. No guarantee of authenticity is provided on any of the lots, especially on scrolls, and paintings. The purchasers are strongly advised to personally view and conduct an examination, or contact the auctioneer for condition reports and additional images prior to placing a bid. The highest bidder acknowledged by the Auction House shall become the owner of the item immediately at the close of the bid and become liable to settle in full the final bid price, premium, sales tax, and other applicable related expenses. By participating in any of our sale, the Buyer acknowledges to be bounded by the terms and conditions of sale set herein. YOUR BID EXPRESSLY SIGNIFIES THAT YOU ARE AMENABLE TO OUR TERMS AND CONDITIONS, AND CHARGES WILL BE AUTOMATICALLY MADE TO YOUR CREDIT CARD ACCOUNT. BIDDERS RISK BEING SUBJECTED TO CREDIT OR LEGAL DISPUTE FOR BREACH OF CONTRACT, and DISPUTABLE ACCOUNTS SHALL BE SUBMITTED TO FBI'S CENTER FOR INTERNET FRAUD, WWW.IC3.GOV. At the sole discretion of the Auction House, these terms and conditions may be amended from time to time. Advice of any changes in this Agreement, or with reference to a specific auction will be made through catalogues, correspondence, salesroom notices, or oral announcements. WE EXPRESSLY PROHIBIT BIDS AND PURCHASES WITH A NATURE OR INTENTION INCONSISTENT WITH THE STATE AND FEDERAL LAWS, SUCH AS BUT NOT LIMITED TO,SUPPORT OF TERRORISM, CONSPIRACY, MONEY LAUNDERING, COUNTERFEITING AND FORGERY, ALL FORMS OF FRAUD, TAX EVASION, AND OTHER RELATED ACTIVITIES OR TRANSACTIONS. 1. Except otherwise stated, the Auction House acts as agent for the consignor/seller, therefore the contract is made between the seller of the lots and the buyer subject to the general terms and conditions set herein. 2. CONDITION AND PROVENANCE OF ITEMS. All items or lots are sold as is, where is. Prospective bidders should inspect the lot prior to bidding to determine its condition, size and other considerations. Descriptions of items appearing in advertising are believed to be correct and true, and condition reports for each lot are available upon request. The Auction House will assert best effort to provide additional information and images to prospective buyers if requested, necessary, and available. Descriptions or any oral statements made by the Auction House or its representatives concerning any item, especially on scrolls and paintings, shall not be construed as a warranty, either expressed or implied. The Auction House is not responsible for error. Our printed materials (i.e. Partial Catalogs, Catalogs, or Advertisements) are meant merely as a guide, not a guarantee. 3. LOT AND WITHDRAWAL. The Auction House shall conduct the auction per lot as numbered in the catalogue. It reserves the right to withdraw any lot prior to sale and shall have no liability whatsoever for such withdrawal. 4. ESTIMATES. Each lot is given a low and high sale estimate, based on market conditions and previous auction history, as an indication of the range in which the lot might sell at auction. It should not be relied on as a representation or prediction of actual selling prices. 5. REGISTRATION. All purchasers are required to complete the registration form (and re-seller's permit, if applicable), provide ALL details requested, and present a valid identification card to obtain a paddle. If a representative is bidding on a company's or someone's behalf, an authorization letter with contact information of the actual bidder will also be required. A prospective buyer may opt to bid live on the floor, leave an absentee or telephone bid, or bid through internet. Absentee bids must state the highest bid the bidder is willing to pay. In events of identical bids, the earliest bid received will take precedence. It shall be executed in competition with other bidders. Telephone bids must be submitted one day prior to auction date, and may be limited to the capacity of our staff pool. As telephone and online bids are options of convenience to the buyers, the Auction House maintains that it will not be held responsible for live internet bids that are not sent, received, or executed by the administrator. We reserve the right to charge your credit card up to 33% of the average estimate of the lot bid on, or a minimum of USD1,000, and to refuse bids if it is in the best interest of the Auction House. 6. BID INCREMENTS. The Auction House uses regular increment multiples as bidding progresses, but may change at the Auction House's sole discretion. 7. BIDDING. The highest bidder shall be deemed to have purchased the offered lot upon the fall of the auctioneer's hammer, and thereupon shall pay the purchase price in full plus premium, taxes and related expenses. If the foregoing conditions or any other applicable conditions herein are not complied with, in addition to other remedies available to us and the consignor by law, including but without limitations the right to hold the buyer liable for the purchase price, the Auction House may charge the buyer's credit card, cancel the sale, retaining as liquidated damages all payments made by the purchaser, or resell the lot on three days' notice to the buyer and for the account and risk of the buyer, either publicly or privately. In such event the buyer shall be liable for the payment of any deficiency plus all costs and expenses of both sales, commission rates, and all other charges due and incidental damages. The Auction House at its sole and absolute discretion, reserves the right to reject any opening bid or advance on the sale of a lot, if the bids are unacceptable, insufficient, or below the reserve price. Any dispute shall be decided by the Auction House at its sole and absolute discretion, up to the extent permissible by law. International bidders are expected to satisfy all customs and import-export regulations. The Auction House may assist at its best effort but shall not be liable for any international laws affecting the delivery of lots. In participating in any of the Auction House's sale, the buyer warrants that any bids placed by him/herself or through a representative, are not a result of any collusive or other anti-competitive agreement and are otherwise consistent with federal and state antitrust law. YOUR BID EXPRESSLY SIGNIFIES THAT YOU AGREE AND ARE AMENABLE TO OUR TERMS AND CONDITIONS, AND CHARGES WILL BE AUTOMATICALLY MADE TO YOUR CREDIT CARD ACCOUNT. 8. BUYER'S PREMIUM AND SALES TAX. A Buyer's premium of 25% shall be added to the winning bid price of each lot purchased online, plus applicable sales tax are computed based on this figure; the total of which shall be the final purchase price. A valid and current re-sale certificate number must be provided to determine the legal tax status of the buyer. 9. PAYMENTS. All buyers are required to fully pay and clear all balances immediately after the auction. Payments may be made in cash or cash equivalent in US Dollar currency, Paypal, credit cards (Paypal and credit cards have a processing fee of 3.5%) checks, and/or wire transfer. Checks must be cleared prior to removal of lots purchased. Acceptance of checks requires prior approval by the Auction House, and will be reviewed from time to time. All bank charges shall be for the account of the buyer. A US$35 fee will be charged to the buyer for every returned check for any reason. All invoices that are due and demandable may be taken from any deposits made, or credit card account in the Auction House's database. Please contact the AUCTION HOUSE if you wish to pay through wire transfer. 10. PROPERTY PICK-UP OR SHIPPING. As a courtesy to buyers, the Auction House will assist in the minimum packing of lots for pick-up whenever possible; however will not be liable for any damages regardless of the cause. Removal shall be at the expense, liability, and risk of the purchaser. The Auction Company shall not be responsible for delivery, and reserves the right to hold purchases pending check clearance. Lots purchased must be picked up within five (5) days from auction date for US buyers, and 10 days for international buyers. The Auction House may accommodate to pack and/or ship lots if requested by the buyer at an additional expense. Insurance is necessary and automatic,unless instructed otherwise. Packing and shipping of purchased lots is at the entire risk of the buyer. If prevented by fire, theft, or loss within the premises of the gallery, the Auction House shall be liable to the buyer up to the final bid price paid by the Buyer. However, the auction house will not be liable for any unfortunate event of loss or breakage on released parcels; the buyer shall be responsible in making a claim from the insurance company and will not be a reason for payment dispute and refund nor rescission of sale. 11. HANDLING AND STORAGE SERVICES. All sold and unsold lots may be transferred from one location to another from time to time by the Auction House, and it shall not be liable for any damages on unclaimed properties during this transportation. A storage fee of US$10 per day per lot shall be charged to the buyer after the allowable time provided to pick up. If the purchased and paid lot remains uncollected after 12 months, the lot shall be considered abandoned and shall form part of the Auction House's asset. 12. EXTENT OF LIABILITY. The Auction House, its officers, employees, agents, representatives shall, in good faith, competently and truthfully provide descriptions, provenance, literature, quality, rarity and others attributes to each lot but shall not be responsible for the correctness of any statement of whatever kind concerning any lot, whether written or oral, nor for any other errors or omissions in description of for any faults or defects in any lot. 13. SEVERABILITY. If any part of these Terms and Conditions of Sale is found by any court in California to be invalid, illegal, or unenforceable, that part shall be discounted and the rest shall continue to be valid and enforced to the fullest extent permissible by law. 14. GOVERNMENT LAW AND JURISDICTION. The rights and obligations of the parties pertaining to the 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 jurisdiction in which the auction is held. By bidding at this auction, the buyer shall be deemed to have submitted, for the benefit of the Auction House, to the exclusive jurisdiction of the courts of that country, state, county or province, and of the federal courts sitting in such state.