ASIAN ANTIQUITIES - THE SILK ROAD SALE

Pax Romana Auctions Terms and Conditions 1. Terms of Sale 1.1 All Auctions are carried out on the Website these are Terms to the exclusion of all other terms and conditions of business, including all terms and conditions otherwise implied by law, custom or previous course of dealing to the maximum extent permitted by law. 1.2 We reserve the right to update these Terms from time to time at our discretion. 1.3 We act in the interest of the Seller of Lots. Any information given to Buyers should not be relied upon as advice. 2. Definitions In these Terms of Sale, the following words have the following meanings: Bid: a sum offered by a Bidder to purchase the Lot. Bidder: the person offering a Bid. Buyer: the person who the Lot is knocked down to. Buyer?s Premium: The percentage of the Hammer Price. Date of Sale: the date on which we knock down the Lot. Hammer Price: the amount of the winning bid when knocked down by us to a Bidder. Knocked Down Bid: The act of Pax Romana Auctions in bringing the Hammer down to complete the contract for the sale of the Lot to the Buyer submitting the highest bid. Lot: the good for sale. Net Proceeds: the Hammer Price less the Selling Commission and any charges or expenses levied at our discretion such as shipping, restoration, custom made stands, lab tests etc. Purchase Price: the total sum due for any Lot, including the Hammer Price, the Buyer?s Premium and any other costs payable in accordance with Clause 4.8. Reserve Price: the minimum Hammer Price at which a Lot may be knocked down. Seller: the person offering the Lot for sale. We: Pax Romana Auctions Ltd., a company registered in England with registered number 11450370 and with a registered office at 10-12 Mulberry Green, Old Harlow, Essex CM17 0ET Website: the website where auction takes paxromana.auction 3. Lots 3.1 All sizes and weights of Lots are approximate and are for general guidance only. A single dimension given is normally the greatest dimension for the Lot. Colour reproduction of the item on the Website is limited by the technology used to deliver web pages and by the colour representation of your own monitor and computer set-up. We have made every effort to display as accurately as possible the colours of Lots but we cannot guarantee that the colour shown on your monitor?s display will accurately reflect the colour of the Lot itself. 3.2 We may describe the Lots using the following descriptions, and you agree that such descriptions have the meanings given to them here: Restored: the Good may have been repaired or otherwise reinstated and some parts may have been replaced; Fair Condition: the Goods may be fragmentary or have some obvious damaged; Fine Condition: the Good is likely to be generally complete but may have minor damage or evidence of restoration or repair; Very Fine Condition: the Good usually complete and in good condition, but may have some minor damage, restoration or repair. Lots are often very old, often show minor blemishes and defects and these are considered to be normal and would not be individually described. 3.3 You are advised to check concerning any Regulations applicable in your country of residence regarding importation and to enquire prior to bidding. The deferment of any Export Licence shall not be reason to cancel any bid nor to delay payment. 3.4 All Lots with an estimate value of £1,000 and above and are searched against the Art Loss Register database. 3.5 Lots are offered ?as seen? and ?as is? and are available for inspection. The Buyer must make all and any enquiries it wishes as to the accuracy and authenticity of any Lot description before the auction date. We do examine all items and put effort in making sure of the authenticity of each object. However the Buyer has to take a duty of care in relation to the description, illustrations or photographs of any Lot, including condition, quality, provenance, authenticity, background, style, period, age, origin, value and estimated selling price. We have no obligation to examine, investigate or carry out any tests to establish the accuracy or otherwise of any description or opinions given by us whether on the Website or in printed material. 3.6 We will provide a report on the physical condition of any Lot on request. The content of a report is information only and should not be relied upon as advice. For coins that have been authenticated, graded and encapsulated ('slabbed') by an independent grading company, no guarantee of any kind is offered by us. Buyers should note that removal or attempted removal from any slab will immediately void any independent guarantee that might have been offered by that grading company. 3.7 The Seller agrees that we shall be entitled to photograph or illustrate any Lot submitted for sale and to use such photographs or illustrations and any photographs, illustrations or documents provided by the Seller at any time and at our absolute discretion (whether or not in connection with any Auction). 3.10 We reserve the absolute right to withdraw any Lot from sale for any reason and in such circumstances no Withdrawal Fee will be payable. 3.11 If a Lot is not sold no selling Commission is payable unless the Lot was subject to a Reserve Price in which case a sum of 5£/lot (VAT inclusive) is payable by the Seller per lot. We shall retain possession of Unsold Lots for a period of twenty-eight days from the date of any Sale. The Seller is responsible for collection of any unsold goods immediately after this period and Lots will be released after any charges due have been paid in full. After the expiration of three months from the transfer date we reserve the right to re-sell any and all lots stored without notice and in any manner at our sole discretion and to apply any proceeds in defrayment of such costs. The buyer will be entitled to receive any credit balance above the amount of the costs on request but will remain liable for any deficit payments. 4. Fees and Payments 4.1 Estimates are for general guidance only and Lots may sell outside their range. 4.2 The Seller may set a Reserve Price on any Lot where the low estimate exceeds £100. We may accept a bid received at one bid increment or 10% of the Reserve Price (whichever is higher) below the Reserve Price sum if necessary to sell the Lot. 4.3 Value Added Tax is charged and invoiced on an inclusive basis, under the Pax Romana?s Margin Scheme on all Buyers? Premiums and other charges; Buyers resident outside the EU should note that there is no relief or exemption from this VAT. 4.4 The Purchase Price is due and payable when the Lot is Knocked Down and Invoice will be sent out by email or post; Bidders may be telephoned or otherwise contacted when payment is not received promptly or where there are queries in any respect. 4.5 The full Purchase Price must be paid in Pounds Sterling and can be made by bank transfer; by cash up to the value of £8,000, by cheque from a UK bank (subject to clearance) or by bank debit card or credit card (up to a maximum of £500). 4.6 Unless agreed by us in writing in advance of the Auction, the Buyer must pay by no later than 3 working days following the Date of Sale the full Purchase Price 4.7 The standard rate of selling commission payable is 15% of the Hammer Price (not VAT inclusive). In case where the Seller provides a larger collection or an exceptional item the commission can be negotiated with Pax Romana Auctions. 4.8 We may levy additional charges on the Purchase Price as follows: (a) collection of Lots from Seller?s premises, storage of Lots submitted for sale by a Seller and storage of Lots unsold; (b) costs of any unusual research, special or additional imaging, testing, consultation with external specialists, conservation, cleaning or other services concerned with presenting the Lot, including VAT or othertaxes or duties as applicable, provided such costs shall be notified to Bidders in advance; and (c) all items submitted for sale in the Near Eastern/Egyptian category will incur an administration charge of £5.00 (VAT inclusive) per item for additional checking, including the Art Loss Register, per lot. 4.9 The Net Proceeds of the Auction (Hammer Price less Selling Commission, insurance and any other charges or expenses at our absolute discretion) will become due and payable to the Seller 30 days following the Date of Sale provided that We have received cleared payment of the Purchase Price in full. 4.10 In cases where a Lot of exceptional value is provided by the Seller, we may charge the Seller 1.5% of the Reserve Price, or of the Hammer Price if sold, whichever of them is greater, after it is Knocked Down to pay for the insurance. 5. Registration for the Auction 5.1 Bidders must register their personal data with We before bidding and a Bidder Number will be allocated for their exclusive use. We shall process such personal data in accordance with our privacy policy. 5.2 We reserve its right to refuse any Bidder or any Bid at our discretion. The Bidder Number must be shown by Bidders to the Pax Romana Auction when placing a bid and by the successful Bidder when the Lot is Knocked Down. We shall conduct the auction at our sole discretion for all matters, accept Bids from any source or on behalf of Sellers up to any Reserve. Bidding shall be in pounds sterling only and generally in accordance with the increments set out below: (a) £0 to £99 ? in increments of £5 (b) £100 to £199 ? in increments of £10 (c) £200 to £499 ? in increments of £20 (d) £500 to £999 ? in increments of £50 (e) £1000 to £1999 ? in increments of £100 (f) £2000 to £4999 ? in increments of £200 (g) £5000 to £9999 ? in increments of £500 (h) £10000 to £19999 ? in increments of £1000 (i) £20000 to £49999 ? in increments of £2000 (j) £50000 to £99999 ? in increments of £5000 (k) £100000 to £249999 ? in increments of £10000 (l) £250000 and up ? in minimum increments of £25000 5.3 Bidders will receive future notifications by email and may be sent catalogues for future sales. Any client who does not wish to receive this information should contact us at enquiries@paxromana.auction to opt out. 6. Title, Risk 6.1 Title to a Lot is retained by the Seller until the Purchase Price and all other sums payable by the Buyer have been paid in full and cleared funds. On receipt of such full and cleared funds, title will transfer from the Seller to the Buyer. 6.2 Risk for the Lot passes to the Buyer at the time the Lot is Knocked Down to the Bidder. We does not hold property insured after the Lot has been Knocked Down. 7. Collection or Delivery 7.1 Once payment of all sums due have been received in full and cleared funds, we will release the Lot to the Buyer for collection. The Buyer must collect, or arrange the collection of, all purchases from our Gallery at 25 Bury Place, WC1A 2JH, by seven working days following the Date of Sale. Lots not collected may be removed until any storage costs have been paid in full. In the event that the actual of storage charges reaches 50% of the Hammer Price paid or after the expiration of three months from the transfer date, whichever occurs first, we may re-sell any and all lots stored without notice and in any manner at our sole discretion and to apply any proceeds in defrayment of such costs. The Buyer will be entitled to receive any credit balance above the amount of the costs on request but will remain liable for any deficit. 7.2 Upon request we will arrange delivery of purchased lots subject to payment of an agreed fee. We do not insure Lots in transit but can arrange insurance at buyers preference. Delivery will be exercised as agreed with the Buyer, and unless otherwise specified by us during the working days and hours only following the sale. We ship paid lots up to 3 working days after payment is received. 8. Failure to pay the Purchase Price 8.1 If the Purchase Price and/or all sums payable are not paid in full when they fall due and/or the Lot is not removed in accordance with these terms, we will without further notice to the Buyer be entitled to exercise one or more of the following rights: (a) To terminate the agreement for sale immediately; (b) To retain possession of the Lot; (c) To remove and/or store the Lot at the Buyer?s expense; (d) To take legal proceedings against the Buyer for payment of any sums due; (e) To be paid interest on any monies due at the annual rate of 8% per annum from time to time to be calculated on a daily basis from the date upon which such monies became payable until the date of actual payment; (f) To sell the Lot without a Reserve Price at the Auction and apply any proceeds against the amount owing by the Buyer; (g) To apply any monies received from the Buyer in payment or part payment of any sums due from the Buyer under these Terms; (h) To refuse to allow the Buyer to register for a future Auction or to reject a bid from the Buyer at 8.2 For the avoidance of doubt, payment of sums to the Seller will only be made after the Purchase Price has been received in full from the Buyer. Accordingly, if the Buyer fails to pay the Purchase Price, no sums are due to the Seller. 9. Liability 9.1 The Seller warrants and represents that it(a) is the owner of the Lot or is duly authorised to sell the Lot by the owner and that he is legally capable of selling the Lot and of transferring full title to the Lot; (b) to the best of his knowledge and belief, the Lot is genuine and that the description given to the Lot is accurate; (c) it has complied with all requirements legal or otherwise relating to any export or import of the Lot and all duties and taxes in respect of the export or import of the Lot have been paid and as far as he is aware all previous third party owners have complied with such requirements. 9.2 The Seller shall indemnify and hold us and our directors and agents harmless from and against all claims and all direct, indirect or consequential losses (including loss of profits, loss of business, depletion of goodwill and similar losses), costs, proceedings, damages and expenses (including legal and other professional fees and expenses) awarded against or incurred or paid by us as a result or in connection with any breach of the warranties set out in Clause 9.1 above. 9.3 We may provide to you information about Lots, including where and how to store the Lots, how to authenticate Lots, and how best to describe them on resale. You acknowledge and agree that the information we provide is not advice, and we are not liable for any losses you may suffer as a result of the provision of such information. If you engage a third party we have referred to you, you agree that the third party, and not us, is liable for the services they provide to you. In addition, we do not warrant that our advice will lead to any financial gains for you. 9.4 It is entirely the responsibility of the to ensure that Bids are made accurately. Bids cannot be retracted once made and are binding on the Bidder in all circumstances. We are not responsible for any technical failure or otherwise which results in bids not being received. 9.5 Nothing in these Terms shall limit or exclude our liability for (a) death or personal injury resulting from our negligence; (b) fraud or fraudulent misrepresentation; or (c) any other liability that cannot be excluded or limited by English law. 10. Website use 10.1 You agree to use the website in accordance with the terms of use. 10.2 The website contains material which is owned by or licensed to us. This includes, but is not limited to, the design, layout, look, appearance and graphics. 10.3 The Website is made for your personal or internal business use only. You may not reproduce all or a substantial part of the website, or commercially exploit any of the content on the website. 10.4 We will use reasonable endeavors to make the Website available to you at all times. However, there may be occasions when access to the website may be interrupted, including for scheduled maintenance or upgrades, for emergency repairs, or due to failure of telecommunications links and/or equipment. We reserve the right to remove any content or features from the website for any reason. 11. Disputes 11.1 If the Buyer has any dispute in relation to any Lot, not being a Lot described as a Group, Collection or other term indicating that the lot comprises more than one object, which has been sold, that dispute must be notified to us in writing within 21 days following the Date of the Sale in order that we can hold the proceeds pending resolution of the dispute. If the claim is that the Lot is a forgery, the Buyer shall submit two opinions in writing from recognised experts for consideration and return the Lot to us in the same condition it was at the date of collection. We may investigate or consult with others at their discretion. We will have no liability to the Buyer and Seller after a period of 21 days as then we will release monies and make payments to Sellers in accordance with these Terms. 11.2 Notwithstanding the resolution of the claim, our maximum liability to the Buyer is a refund of the Hammer Price and Buyer?s Premium. We will not pay or refund any additional costs, fees, shipping, loss of profit, damages and consequential costs. 12. General 12.1 If any provision of these Terms is held by a court of competent jurisdiction to be invalid or unenforceable, then such provision shall be construed, as nearly as possible, to reflect the intentions of the parties and all other provisions shall remain in full force and effect. 12.2. These Terms shall be governed by and construed in accordance with the law of England and Wales, and you agree to submit to the exclusive jurisdiction of the English Courts.