THE ASIAN ART SALE

Terms & conditions These terms and conditions apply to all auctions held by Arts & Antiques Group, f.k.a. Glerum Kunst- en Antiekveilingen B.V. (hereinafter referred to as: 'AAG'). Participants are informed at the beginning of an auction that these terms and conditions are applicable. Participation in an auction implies acceptance of these terms and conditions. In these terms and conditions: a. auction means a public auction sale of a lot; b. lot means the item or set of items of movable property sold by auction under one number; c. bid means the price offered by a bidder for a lot offered for sale at the auction; d. bidder means anyone making a bid at the auction; e. buyer means the bidder to whom a lot is knocked down; f. knock-down means the statement by the auctioneer that a bid is accepted, as a result of which a contract of sale and purchase is concluded between the consignor and the buyer; g. consignor means the person who has consigned the lot to AAG for auction; h. hammer price means the price at which the auctioneer knocks down a lot to the buyer; i. purchase price means the hammer price plus buyer's premium (including VAT) and, where appropriate, any resale royalty. Depending on the hammer price the buyer will be charged the following premium: Up to ' 20.000 29,6% ' 20.001 - ' 200.000 25% From ' 200.001 20% All percentages are including VAT. ARTICLE 1 1. Each bid shall be unconditional and irrevocable. 2. Anyone making a bid at an auction shall be deemed to be a bidder, even if the individual in question declares that he has not made a bid on his own behalf. 3. If a buyer has made a bid on behalf and at the expense and risk of one or more third parties, such third party/parties and the buyer shall be jointly and severally liable for the fulfilment of the obligations incumbent upon the buyer under these auction terms and conditions. ARTICLE 2 1. AAG shall have the right to change the order in which the lots are sold, to combine or divide lots, to withdraw one or more lots, and to furnish additional or different information on the lots at the auction. 2. The auctioneer shall determine the bid increments; a new bid shall automatically increase the standing bid by the applicable bid increment. 3. The auctioneer shall have the right to refuse a bid without giving reasons, and to continue the bidding process. 4. The auctioneer shall have the right to make bids on behalf of prospective buyers who are not at the auction. 5. The auctioneer's decision made at the auction regarding any occurrence during the auction and regarding the interpretation or application of the auction terms and conditions shall, by way of a binding opinion, be absolute and final. ARTICLE 3 1. AAG guarantees that each lot conforms with its description in the catalogue, except as expressly stated otherwise at the auction. 2. The buyer shall have the right to demand rescission of the sale and a refund of the purchase price if he satisfactorily demonstrates, within thirty (30) days of the auction date, that the lot is defective or that its description is incorrect to such an extent that if the buyer had been aware of the defects or incorrect description at the time of the auction, he would not have purchased the lot or would have purchased it only at a substantially lower price. 3. The buyer shall not have the aforesaid right if the defect or incorrect description is announced at the time of auction or has arisen after the knock-down. ARTICLE 4 1. A lot shall be sold and title thereto shall pass to the buyer in the condition in which the lot is at the time of knock-down. 2. The lot shall be entirely at the buyer's expense and risk from the time of knock-down. ARTICLE 5 1. The lot shall be transferred to the buyer or the buyer's representative after AAG has received the purchase price. 2. The purchase price must be paid to AAG within three days of the auction, failing which the buyer shall be required to pay the costs of transport, storage and insurance, plus interest at the rate of statutory interest. Such interest shall be calculated from the date of the auction until the date of payment in full. 3. AAG shall have the right to put items that have been sold but not yet collected into storage at the buyer's expense after five working days. 4. If the buyer has not paid the (full) purchase price within thirty (30) days of the auction date, the buyer shall be in default and AAG shall have the right to take immediate action to recover the outstanding debt, or to consider the contract of sale and purchase cancelled and to sell the lot by auction or private treaty. 5. A defaulting buyer shall be liable for any loss or damage sustained by AAG as a result of a cancellation and sale as referred to above and shall not be entitled to any surplus arising from such sale. 6. Any costs reasonably incurred by AAG in connection with the non-fulfilment by the buyer of any obligation arising from these terms and conditions shall be payable by the buyer. ARTICLE 6 In accordance with the margin scheme, VAT is charged only on the premium and any other charges. The purchase price referred to in these terms and conditions includes VAT on the premium. Buyers entitled to opt for application of the margin scheme may request that VAT also be charged on the hammer price. The hammer price of lots imported for auction from outside the European Union is always subject to VAT; the lots in question are marked in the auction catalogue with an asterisk (*). ARTICLE 7 1. The legal relationship between the buyer(s) and AAG shall be governed by the laws of the Netherlands. 2. In the event of a conflict or inconsistency between the Dutch text and any translation of these terms and conditions or the auction catalogue, the Dutch text shall prevail.