Asian Art & Painting Auction

1. Unless otherwise indicated, all Property will be offered by penglong auction inc USA as agent for Consignor. 2. penglong auction inc USA reserves the right to vary the terms of sale, and any such changes shall become part of these Conditions of Sale. 3. penglong auction inc USA shall conduct the auction per lot as numbered in the catalog. It reserves the right to withdraw any lot prior to sale and shall have no liability whatsoever for such withdrawal. 4. ALL PROPERTIES ARE SOLD AS IS, WHERE IS. Neither penglong auction inc USA nor the consignor makes any warranties or representations of any kind or nature with respect to property or its value, and in no event shall be responsible for the correctness of description, genuineness, attribution, provenance, authenticity, authorship, completeness, condition of property or estimate of value. We do not guarantee authorship, signatures, or markings. No statement (oral or written) in this catalog, at the sale, or elsewhere shall be deemed such a warranty or representation, or any assumption of responsibility. All measurements are approximate. a. All items are available for your examination prior to bidding. Written and oral descriptions are our opinions and should in no way be construed as a guarantee of any kind as to authenticity, age, condition, materials or any other feature of items being sold. b. penglong auction inc USA will assert best effort to catalog every lot correctly and will attempt to point out any defects, but will not be responsible or liable for the correctness of the catalog or other descriptions of the lot. c. We recommend the prospective bidders examine all items in which they have an interest. By placing a bid, either in person, by phone, absentee or via the Internet, the bidders signify that they have examined the items as fully as possible, or that they have chosen not to examine the items. d. If your item(s) are damaged in shipping, you will need to contact the shipper to file a claim. If your item(s) are being shipped and there is a condition problem upon receipt, you are expected to notify us immediately by phone at 862-245-2373. Any condition concerns will be null and void after the 10th business day following the end of the auction. Please note that if you pay late and thus receive your item(s) late, this does not qualify you for special privileges. e. NO REFUNDS! ALL SALES ARE FINAL! 5. The highest bidder acknowledged by the auctioneer shall be the buyer. The auctioneer has the right to reject any bid, to advance the bidding at his absolute discretion, and in the event of any disputes between bidders, the auctioneer shall have the sole and final discretion either to determine the successful bidder or to re-offer and resell the item in dispute. If any dispute arises after sale, the penglong auction inc USA's sale record shall be conclusive in all respects. 6. If the auctioneer determines that any opening or later bid or any advance bid is not commensurate with the value of the Property offered, he may reject the same and withdraw the Property from sale. 7. Upon the fall of the hammer, title to any offered lot or article will immediately pass to the highest bidder as determined in the exclusive discretion of the auctioneer. Such bidder thereupon assumes full risk and responsibility for the property sold, agrees to sign any requested confirmation of purchase, and agrees to pay the full purchase price therefore or such part upon such terms as the Company may require. a. All property shall be paid for and removed by the purchaser at his/her expense within seven (7) days of sale and, if not so removed, may be sold by the Company, or sent by the Company to a public warehouse, at the sole risk and charge of the purchaser(s), and the Company may prohibit the purchaser from participating, directly or indirectly, as a bidder or purchaser in any future sale or sales. The Company will not be responsible for any loss, damage, theft, or otherwise responsible for any goods left in the Company's possession after seven (7) days. b. If the foregoing conditions or any applicable provisions of law are not complied with, in addition to other remedies available to the Company and the Consignor (including without limitation the right to hold the purchaser(s) liable for the bid price) the Company, at its option, may either cancel the sale, retaining as liquidated damages all payments made by the purchaser(s), or resell the property. In such event, the purchaser(s) shall remain liable for any deficiency in the original purchase price and will also be responsible for all costs, including warehousing, the expense of the ultimate sale, and the Company's commission at its regular rates together with all related and incidental charges, including legal fees. c. Payment is a precondition to removal. Payment shall be by cash, certified check or similar bank draft, or any other method approved by the Company. Checks will not be deemed to constitute payment until cleared. The Company will charge interest of one and one-half percent (1 1/2%) per month on any balance remaining thirty (30) days after the day of sale. Any exceptions must be made upon the Company's written approval of credit prior to sale. 8. Unless the sale is advertised and announced as "without reserve", each lot is offered subject to a reserve and the Company may implement such reserves by bidding through its representatives on behalf of the Consignors. In certain instances, the Consignor may pay less than the standard commission rate where the Company or its representative is a successful bidder on behalf of the Consignor. Where the Consignor is indebted to the Company, the Company may have an interest in the offered lots and the proceeds there from other than the broker's Commissions, and all sales are subject to any such interest. 9. All bidders 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. 10. Telephone bids must be submitted 24 hours prior to auction, and may be limited to the capacity of our staff pool. As telephone and online bids are options of convenience to the buyers, penglong auction inc USA 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 18% of the average estimate of the lot bid on, and to refuse bids in the best interest of the Auction House. 11. Absentee Bids is a free and confidential service. Any absentee bids must be left in writing with the penglong auction inc USA 24 hours before the start of auction. In the event identical bids are submitted, the earliest will take precedence. Absentee bids shall be executed in competition with other absentee bids, any applicable reserve, bids from the audience and bids live on-line. No "buy" bids or unlimited bids shall be accepted at any time for any purpose. Please note the execution of written bids is offered as an additional service for no extra charge at the bidder's risk and is undertaken subject to penglong auctioninc USA's other commitments at the time of the auction; penglong auction inc USA therefore cannot accept liability for error or failure to place such bids, whether through negligence or otherwise. 12. As a convenience to our clients, we furnish pre-sale estimates for all materials included in the auctions. These estimates are only our approximate valuations and should be taken as educated guess based upon comparable auction values, not as prices. Bidding normally begins at about one-half the low estimate, but the final bid price may well be less than or more than any estimate printed. 13. penglong auction inc USA A buyer's premium will be added to the successful bid price and is payable by the purchaser as part of the total purchase price. The online buyer's premium is 25% of the successful bid price up to and including $20,000, 23 % between $20,001 and $500,000, and 21% on any amount in excess of $500,000. 14. INTERNATIONAL BIDDERS: YOU ARE RESPONSIBLE TO MEET ALL CUSTOMS AND IMPORT-EXPORT REGULATIONS. WE WILL ASSIST BUT CANNOT BE HELD LIABLE FOR INTERNATIONAL LAWS AFFECTING THE DELIVERY OF YOUR ITEMS. 15. Packing, shipping and insurance (including reimbursement for damage or loss) of purchased loss is the sole responsibility of the purchaser. California Asian Art Auction Gallery USA will assist and offer recommendations of suitable third party carriers. We are not responsible for any delays on the part of this third party, should there be any. We recommend shipping all items insured. Insurance costs through third party carriers will be borne by the purchaser and in case of damage, insurance claims should be taken up with the third party carrier. Should any damage or loss occur to items transported by a third party, we can assist the purchaser in filing proper claims for reimbursement but will not be held responsible for the outcome. 16. If any applicable conditions herein are not complied with by the purchaser, in addition to other remedies available to it by law, including without limitation the right to hold the purchaser liable for the total purchase price, penglong auction inc USA at its option may either (a) cancel the sale, retaining as liquidated damages all payments made by the purchaser or (b) resell the property at public auction without reserve or minimum selling price, and the purchaser will be liable for any deficiency and costs, including handling charges, expenses of both sales, the commission on both sales at regular rates, all other charges due hereunder and incidental damages. 17. These terms and conditions of sale, as well as the respective rights and obligations of penglong auction inc USA and any purchasers or bidder at any sale of penglong auction inc USA, shall be governed by and construed and enforced in accordance with the laws of the State of Colorado.