ASIAN & INTERNATIONAL FINE ARTS AUCTION

Terms and Conditions of Sale

These Terms and Conditions of Sale are made by and between I.M. Chait Gallery/Auctioneers, Inc. (I.M. Chait, Auction House, We, Our or Us) and Bidder (Purchaser, Buyer or Agent). The Terms and Conditions of Sale and all contents of the catalogue are subject to amendment by I.M. Chait either by the posting of notices or announcements made by auctioneer. By participating in any sale, Bidder hereby acknowledges to be bound by these terms and conditions.

1. On the fall of the Auctioneer's hammer, or upon the statement of sold, the highest bidder or authorized agent shall be deemed to have purchased the offered lot in accordance with all of the conditions set forth herein and will pay the purchase price in full plus buyers premium and any applicable taxes. 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 limitation to the right to hold the Purchaser liable for the purchase price, we, at our option, may either:

i. cancel the sale, retaining as liquidated damages all payments made by the Purchaser, or

ii. resell the property on three (3) days notice to the Purchaser and for the account and risk of the Purchaser, either publicly or privately, and in such event the Purchaser shall be liable for the payment of any deficiency plus all costs and expenses of both sales, our commission at our regular rates, all other charges due and incidental damages.

2. We reserve the right to withdraw any property at any time before the actual sale. Unless otherwise announced by Auctioneer at the time of sale, all bids are per lot as numbered in the catalogue and no lot shall be divided for sale.

3. We reserve the right to reject a bid from any bidder. The highest bidder acknowledged by the Auctioneer shall be the Purchaser. In the event of any dispute between bidders, or in the event the Auctioneer doubts the validity of any bid, the Auctioneer shall have sole and final discretion either to determine the successful bidder or to re-offer and resell the article in dispute. If any dispute arises after the sale, our sales records shall be preeminent in all respects.

4. If we are prevented by fire, theft or any other reason whatsoever from delivery of any property to the Purchaser, our liability shall be limited to the sum actually paid by the Purchaser.

5. Where the consignor is indebted to us or has a monetary guarantee from us, and in certain other circumstances, we may have interest in the offered lots and the proceeds there from other than our commissions, and may bid to protect such interest. We are entitled to our standard commission rate where a lot is "bought-in" to protect our interest.

6. If a lot is offered subject to reserve (the confidential minimum price below which a lot will not be sold), we may implement such a reserve by bidding on behalf of the consignor. CONSIGNORS MAY NOT BID ON THEIR OWN PROPERTY.

7. All statements contained in the catalogue or in any bill of sale, invoice or elsewhere as to authorship, period, source, origin, measurement or condition are qualified statements and shall not be deemed to be representations or warranties. Please note:

i. These Terms and Conditions of Sale take precedence over any statements made to the contrary by the Auctioneer, staff or affiliates. If the Auctioneer warrants the quality or condition of a lot during or before the auction, that statement is not binding on the Auction House or the Buyer and the as is provisions of these Terms and Conditions take precedence.

ii. Notwithstanding the statement in paragraph 7, buyers have the right of rescission, PROVIDED that within 48 hours of their receipt of the property they inform us that the physical condition materially differs from the catalogue description, from a provided condition report or the catalogue description is inaccurate, TO OUR SATISFACTION. Buyers must return the property immediately and show clearly any differences or inaccuracies with the catalogue and the property must be received in the same condition as when it was sent.

iii. The content of the catalogue including text, photographs, digital images and designs are copyright protected and belong exclusively to I.M. Chait. Reproduction of any kind is not authorized without prior written consent.

8. Payment terms: All items are to be paid for by:

Bank wire transfer, cashier's check, personal check with approved credit, cash or properly authorized Visa, MasterCard, or Discover Card.

9. ALL PROPERTY IS SOLD "AS IS" AND NEITHER WE NOR THE CONSIGNOR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESSED OR IMPLIED, AS TO THE MERCHANTABILITY, FITNESS OR CONDITION OF THE PROPERTY OR AS TO THE CORRECTNESS OF DESCRIPTION, GENUINENESS, ATTRIBUTION, PROVENANCE OR PERIOD OF THE PROPERTY. (See also paragraph 7ii.)

i. Please note that all Chinese scrolls are sold AS IS, with no guarantee as to authorship nor as to authenticity. It is the responsibility of the potential buyer to determine whether or not any of these scrolls might be original paintings, copies, etc. Unless specifically noted so in the description, neither scrolls nor Chinese paintings are warranted or guaranteed to be by any particular artist nor of any particular age. Condition reports are available when requested, but will only refer to the physical condition of the scroll or painting.

ii. Please note: The lot description translations in Chinese are not our translations and therefore may contain discrepancies with the English description. These translations are for informational use only and should not be used to determine age, condition, authenticity, etc. Please contact us for a detailed condition report in Chinese.

10. ABSENTEE BIDS - As a service to those wishing to place bids, we will accept absentee bids without charge, in advance of the sale, on bidding forms available from us. 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 live online bids.

11. ESTIMATED PRICES - As a convenience to our clients, we furnish pre-sale estimates for all materials included in the auctions. These estimates are approximate valuations and are based upon comparable auction values. These estimates are NOT 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.

12. With respect to all property, a premium of 22% of the successful bid price will be added thereto (EXCEPT AS NOTED FOR SPECIAL SALES EVENTS) and is payable by the Purchaser as part of the total purchase price.

13. International Bidders: YOU ARE RESPONSIBLE FOR MEETING ALL CUSTOMS/IMPORT/EXPORT REGULATIONS. WE CANNOT BE HELD LIABLE FOR DOMESTIC OR INTERNATIONAL LAWS AFFECTING THE DELIVERY OF YOUR ITEMS. Regarding endangered species and wildlife: U.S. laws as well as many International laws, regulate the import and export of such objects. It is the responsibility of the bidder/purchaser to be aware of and comply with all import/export regulations and restrictions. Auction House is neither importers nor exporters of any endangered species. Denial of or failure to obtain required documents, permits and/or permission to ship/import/export items shall not in any way cancel or void and sale or transaction.

14. CONDITION OF PROPERTY - Absence of condition statements are not indications that lots are flawless or without normal signs of wear consistent with age. Prospective bidders are advised to inspect all lots prior to bidding to determine age, condition, size, medium, repairs and any restoration or lack thereof. As a service to prospective bidders, condition reports are available on ALL lots. Please contact joey@chait.com for any condition report requests. Please note per our terms, these reports are merely our educated/professional opinions and should not be considered absolute.

15. With respect to sold property; all lots must be removed from our premises at the Purchaser's expense, no later than ten (10) days following the date of the sale. Purchaser will incur a $5 per day fee per lot until the sold property is removed. In addition, applicable interest on each lot not so removed will accrue. We reserve the right to transfer non-removed property to a storage facility at the Purchaser's risk and expense.

16. No property will be released until payment in full is made on the items. Packing, shipping and insurance (including reimbursement for damage or loss) of purchased lots is the responsibility of the Purchaser. I.M. Chait can provide in-house packing and shipping services at the Buyer's expense. Items will be shipped via UPS unless another carrier is specified. Please note: items that are large and/or heavy and/or need special packaging or shipping requirements, may have additional shipping costs and delays. If we cannot pack and ship your purchases, we can recommend packing/shipping through a third party carrier. 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 shipper, we will not be held responsible for the outcome. This reimbursement, of course, only covers the actual cost of the items shipped. Within approximately one week after the auction, I.M. Chait will advise Purchasers of recommended shipping methods or possible third party carriers. (Note: on occasion, quotes from some of the third party carriers may take additional time.)

17. Endangered Species: Certain lots, such as items containing materials from plants and animals on the Federal Endangered Species list, irrespective of age or value, may require a license or permit prior to exportation and additional licenses or permits upon importation to another country. It is the Purchaser's responsibility to obtain any licenses and/or other documentation required to transport the lot. Purchaser must pay the purchase price at the time of sale, regardless if Purchaser has acquired such documentation. Please note that some types of endangered species may not be exported at all and other types may not be resold or imported for commercial purposes into and within the United States. IM Chait is not subject to indemnification or liability for any liability or penalty incurred by the Purchaser for failing to comply with these laws. (See paragraph 13).

18. In the event of a seizure by state or Federal authorities the Gallery will have ninety (90) days from the date of the seizure (Retrieval Period) to use its efforts to retrieve any and all items placed in the Gallery's possession (via consignment or otherwise). Upon expiration of the Retrieval Period, if the Gallery has made reasonable progress towards retrieving the items, the Retrieval Period shall be extended for another ninety (90) days from the end of the Retrieval Period (Extended Retrieval Period), to allow the Gallery to continue using its efforts to retrieve the seized items.

19. BUYER'S PREMIUM - I.M. Chait provides a venue to bring buyers and sellers (consignors) together. We take possession of consignor's property months before the auction. We use this time to research, catalogue, photograph and market the items before they go up for sale. When an object is sold, I.M. Chait receives a percentage of the hammer price (seller's commission) plus certain fees as our payment from the consignor. We also collect a percentage of the hammer price from the Buyer (Buyer's Premium).

20. A Buyer's Premium is added to the winning bid price of each individual lot purchased. The winning bid price plus the premium constitute the total purchase price for the lot. Applicable sales taxes are computed based on this figure. This total becomes the final purchase price.

21. ONLINE BIDDING - By using and accessing our website and/or third party bidding platforms and websites, Buyer agrees to be bound by these Terms and Conditions. I.M. Chait is not liable for any viruses that may affect a computer while accessing these sites, missed bids or outages. We make no warranties, express or implied, that sites will be error free or that use will be uninterrupted. I.M. Chait is not liable for damages relating to or arising from use online platforms. A sale online is determined complete when payment confirmation is sent. I.M. Chait takes no responsibility for the information, content, or other materials on any website or bidding platform.

22. PREVIEW SAFETY - We are concerned for your safety while you are on our premises and we endeavor to display items safely so far is reasonably practicable. Nevertheless, should you handle any items on view on our premises, you do so at your own risk. Some items can be large and/or heavy and can be dangerous if mishandled. Should you wish to view or inspect any items more closely, please ask for assistance from a member of the staff to ensure your safety and the safety of the property on view. Some items on view may be labeled "DO NOT HANDLE" or "PLEASE ASK FOR ASSISTANCE". Should you wish to view these items, you must ask for assistance from a staff member who will be pleased to assist you.

For Consignors:

23. Once you sign a consignment agreement for the sale of your property in an I.M. Chait auction, we begin marketing such to potential buyers. After scheduling your property in an upcoming auction, your objects will then be catalogued as lots for our printed and online catalogues. Your property will also be photographed for inclusion in our online catalogue and for live online bidding. Special auctions include full color photography in our printed catalogues for which we charge the consignor (based on the photo fees scale) per photo.

24. For a lot to be pictured in the online catalog, a $25 online imaging and upload fee will apply (the per lot handling fee).

25. We create an extensive marketing plan for each auction that includes direct mailings, advertisements, online promotions, special events, and public previews. All of our sales are posted online so I.M. Chait has unique access to millions of Internet auction buyers worldwide who can bid live online in real time.

26. DISPUTE RESOLUTION - Any dispute resulting from or arising out of any purchase or consignment related to these Terms and Conditions must be resolved through binding arbitration in Los Angeles County California. The results of any arbitration are final and nonappealable. I.M. Chait reserves the right to invoke jurisdiction of a competent court to remedy or prevent violation of any provision. These procedures are the exclusive procedures for the resolution of all such disputes between the parties.

27. INDEMNITY - I.M. Chait will not be subject to indemnification for any claim by a third party arising out of your breach of these Terms and Conditions.


ALL PROPERTY IS SOLD AS IS.

ALL SALES ARE FINAL.

A 22% PREMIUM WILL BE PAID BY THE PURCHASER AS PART OF THE PURCHASE PRICE
EXCEPT AS NOTED FOR SPECIAL SALES EVENTS.

WE RESERVE THE RIGHT TO CHANGE, MODIFY, AND ADD TO THESE TERMS & CONDITIONS

Severability: If any of the provisions in these Terms and Conditions are held void, invalid, or unenforceable, the other provisions remain in full force and effect. Each provision is severable from all other provisions.

These Terms and Conditions of Sale constitute the sole entire agreement between the Buyer and I.M. Chait Gallery/Auctioneers, Inc. with respect to the subject matter hereof, and no representations, warranties, inducements, promises or agreements, oral or otherwise, not embodied or incorporated herein have been made concerning or in connection with this Agreement. Any prior discussions or negotiations, agreements, commitments and understandings relating hereto are superseded hereby and merged herein.