Fine Asian Works of Art - Spring 2019Terms


TERMS AND CONDITION OF SALE

This TERMS AND CONDITION OF SALE contain all the terms on which Mega
International Auction and the seller contract with the buyer. They may
be amended by posted notices or oral announcements made during the sale.
By bidding at auction you agree to be bound by these terms.

1. MEGA INTERNATIONAL AUCTION AS AGENT: Except as otherwise stated, Mega
International Auction acts as agent for the seller. The contract for the
sale of the property is therefore made between the seller and the buyer.
2. BEFORE THE SALE:
a. EXAMINATION OF PROPERTY: Prospective buyers are strongly advised to
examine personally any property in which they are interested, before the
auction takes place. Condition reports are usually available on request.
Neither Mega International Auction nor the seller provides any guarantee
in relation to the nature of the property.
All statements by us in the catalogue entry for the property or in the
condition report, or made orally or in writing elsewhere, are statements
of opinion and are not to be relied on as statements of fact. Such
statements do not constitute a representation, warranty or assumption of
liability by us of any kind. References in the catalogue entry or the
condition report to damage or restoration are for guidance only and
should be evaluated by personal inspection by the bidder or a
knowledgeable representative. The absence of such a reference does not
imply that an item is free from defects or restoration, nor does a
reference to particular defects imply the absence of any others.
Estimates of the selling price should not be relied on as a statement
that this is the price at which the item will sell or its value for any
other purpose. Neither Mega International Auction nor the seller is
responsible in any way for errors and omissions in the catalogue or any
supplemental material.
b. WITHDRAWAL: Mega International Auction reserves the right to withdraw
any property before the sale and shall have no liability whatsoever for
such withdrawal.
c. BUYER’S RESPONSIBILITY: ALL SALES ARE FINAL AND ALL PROPERTY IS SOLD
“AS IS, WHERE IS” without any representation or warranty of any kind by
Mega International Auction or the seller. Buyers are responsible for
satisfying themselves concerning the condition of the property and the
matters referred to in the catalogue entry. INTERNATIONAL BIDDERS ARE
RESPONSIBLE TO MEET ALL CUSTOMS AND IMPORT & EXPORT REGULATIONS.
MEGA INTERNATIONAL AUCTION WILL ASSIST BUT CANNOT BE HELD LIABLE FOR
INTERNATIONAL LAWS AFFECTING THE DELIVERY OF PURCHASED GOODS.
3. AT THE SALE:
a. REFUSAL OF ADMISSION: Mega International Auction reserves the right,
at our complete discretion, to refuse admission to the premises or
participation in any auction and to reject any bid.
b. REGISTRATION: Prospective buyers who wish to bid on the floor can
register online in advance, or can come to the floor on the day of the
sale to register in person. A prospective buyer must complete and sign a
registration form and provide identification before bidding. We may
require the production of bank or other financial references.
c. BIDDING: All bids must be placed in United States Dollar (USD). When
making a bid, a bidder is accepting personal liability to pay the
purchase price, including the buyer’s premium and all applicable taxes,
plus all other applicable charges, unless it has been explicitly agreed
in writing with Mega International Auction before the commencement of
the sale that the bidder is acting as agent on behalf of an identified
third party acceptable to Mega International Auction, and that Mega
International Auction will only look to the principal for payment.
d. ABSENTEE & TELEPHONE BIDDING: We will use reasonable efforts to
carry out written bids delivered to us prior to the sale for the
convenience of clients who are not present at the auction in person, by
an agent or by telephone. Bids must be placed in United States Dollar
(USD). Please refer to the catalogue for the Absentee/Telephone
Registration form or contact us (by telephone or e-mail) or visit our
website to obtain a copy of the form. If we receive written bids on a
particular lot for identical amounts, and at the auction these are the
highest bids on the lot, it will be sold to the person whose written bid
was received and accepted first. We do not accept liability for failing
to execute a written bid or for errors and omissions.
Telephone bids will be accepted no later than 24 hours prior to the sale
and only if the capacity of our pool of staff phone bidders allows.
Arrangements to bid in languages other than English must be made well in
advance of the sale date. Telephone bids may be recorded. By bidding on
the telephone, prospective purchasers consent to the recording of their
conversations.
Mega International Auction offers all absentee and telephone bidding
services as a convenience to our clients, but will not be responsible
for errors or failures to execute bids.
e. VIDEO OR DIGITAL IMAGES: At most auctions, there may be a video or
digital screen. We do not accept liability in the errors that may occur
during its operation as well as the quality of the image and videos.
f. RESERVES: Unless indicated, all lots are offered subject to a
reserve, which is the confidential minimum price of sale agreed upon
between Mega International Auction and the seller. The auctioneer may
open the bidding on any lot below the reserve by placing a bid on behalf
of the seller. The auctioneer may continue to bid on behalf of the
seller up to the amount of the reserve, either by placing consecutive
bids or by placing bids in response to other bidders. With respect to
lots that are offered without reserve, unless there are already
competing bids, the auctioneer will generally open the bidding at 50% to
75% of the low pre-sale estimate for the lot at his or her discretion.
In the absence of a bid at that level, the auctioneer will proceed
backwards at his or her discretion until a bid is recognized, and then
continue up from that amount. Absentee bids will, in the absence of a
higher bid, be executed at approximately 50% of the lower pre-sale
estimate or at the amount of the bid if it is less than 50% of the low
pre-sale estimate. In the event that there is no bid on a lot, the
auctioneer may deem such lot unsold.
g. AUCTIONEER’S DISCRETION: The auctioneer has the right at his absolute
and sole discretion to refuse any bid, to advance the bidding in such a
manner as he may decide, to withdraw or divide any lot, to combine any
two or more lots and, in case of error or dispute, and whether during or
after the sale, to determine the successful bidder, to continue the
bidding, to cancel the sale or to reoffer and resell the item in
dispute. If any dispute arises after the sale, our sale record is
conclusive.
h. SUCCESSFUL BID & PASSING OF RISK: Subject to the auctioneer’s
discretion, the highest bidder accepted by the auctioneer will be the
buyer and the striking of his hammer marks the acceptance of the highest
bid and the conclusion of a contract for sale between the seller and the
buyer. Risk and responsibility for the lot (including frames or glass
where relevant) passes to the buyer upon collection of lot after full
payment has been received and cleared.
4. AFTER THE SALE:
a. BUYER’S PREMIUM: In addition to the hammer price, the buyer agrees to
pay to Mega International Auction the buyer’s premium together with any
applicable value added tax, sales or compensating use tax or equivalent
tax in the place of sale. The buyer’s premium is 20% of the final bid
price of each lot for floor bidding, telephone bidding, & absentee
bidding.
b. TAX: Sales tax for the Los Angeles County in the State of California
is 9% and will be collected from buyers upon buyer’s collection of
purchases in person. If purchases are to be shipped outside of
California, the sales tax of 9% will be disregarded upon payment. Mega
International Auction is not responsible for any sales tax or any other
taxes place upon by the buyer’s shipper of choice as the buyer is
responsible for any shipping or method of collection of purchases
(Please see PACKING, HANDLING & SHIPPING). Resellers must complete
and sign General Resale Certificate (Form BOE-230) from California Board
of Equalization and present a valid Resale Permit.
c. PAYMENT & PASSING OF TITLE: Immediately following the sale, the
buyer is responsible for the full amount due (comprising the hammer
price, buyer’s premium and any applicable taxes) no later than ten
calendar days after the day of auction. There will be an additional 3%
charge to the buyer’s full amount due should the buyer choose to pay
using a Credit Card, however, the 3% additional charge shall be waived
if buyer pays full amount due immediately following the auction on the
day of the auction. The buyer will not acquire title to the lot until
all amounts due to Mega International Auction from the buyer have been
received by Mega International Auction in good cleared funds even in
circumstances where we have released the lot to the buyer.
d. COLLECTION OF PURCHASES: Mega International Auction shall be entitled
to retain items sold until all amounts due to us have been received in
full in good cleared funds. The buyer is responsible for the full amount
due and the collection purchased lots in a timely fashion within 30
calendar days from the date of the sale unless otherwise agreed between
us and the buyer. If purchases have not been collected after 30 calendar
days, unless an agreement has been arranged, an inventory fee of 1% of
the hammer price of each lot will be added every seven calendar days
after the initial 30 calendar days if purchases have not been claimed
within the time period.
e. PACKING, HANDLING & SHIPPING: Mega International Auction DOES NOT
accommodate any packing, handling and shipping within our facilities.
Buyers who do not have the means to collect his or her purchases in
person may arrange for handlers, packers or carriers to collect the
buyer’s goods at the buyer’s expenses upon agreement between Mega
International Auction and the buyer. If buyer is incapable of obtaining
a mean for packing, handling and shipping that is approved by us, we can
recommend local carriers to service packing, handling and shipping of
goods at the approval of the buyer.
f. REMEDIES FOR NON PAYMENT: If the buyer fails to make payment in full
in good cleared funds within 10 calendar days after the day of auction
as mentioned in PAYMENT & PASSING OF TITLE, we shall be entitled in
our absolute discretion to exercise one or more of the following rights
or remedies (in addition to asserting any other rights or remedies
available to us by law):
i. To charge interest at such rate as we shall reasonably decide.
ii. To hold the defaulting buyer liable for the total amount due and to
commence legal proceedings for its recovery together with interest,
legal fees and costs to the fullest extent permitted under applicable
law.
iii. To cancel the sale.
iv. To resell the property publicly or privately on such terms as we
shall think fit.
v. To pay the seller an amount up to the net proceeds payable in respect
of the amount bid by the defaulting buyer.
vi. To set off against any amounts which Mega International Auction may
owe the buyer in any other transactions, the outstanding amount
remaining unpaid by the buyer.
vii. Where several amounts are owed by the buyer to Mega International
Auction in respect of different transactions, to apply any amount paid
to discharge any amount owed in respect of any particular transaction,
whether or not the buyer so directs.
viii. To reject at any future auction any bids made by or on behalf of
the buyer or to obtain a deposit from the buyer before accepting any
bids;
ix. To exercise all the rights and remedies of a person holding security
over any property in our possession owned by the buyer, whether by way
of pledge, security interest or in any other way, to the fullest extent
permitted by the law of the place where such property is located. The
buyer will be deemed to have granted such security to us and we may
retain such property as collateral security for such buyer’s obligations
to us.
x. To take such other action as we deem necessary or appropriate.
If we resell the property under paragraph (iv) above, the defaulting
buyer shall be liable for payment of any deficiency between the total
amount originally due to us and the price obtained upon resale as well
as for costs, expenses, damages, legal fees and commissions and premiums
of whatever kind associated with both sales or otherwise arising from
the default. If we pay any amount to the seller under paragraph (v)
above, the buyer acknowledges that Mega International Auction shall have
all of the rights of the seller, however arising, to pursue the buyer
for such amount.
g. EXPORT & PERMITS: as stated in BUYER’S RESPONSIBILITY,
international buyers are responsible for identifying and understanding
any import & export regulations and permits for their purchases.
Mega International Auction will provide necessary assistance, but
neither Mega International Auction nor the seller are liable for
international laws affecting the delivery of purchased goods.
h. SELLING PROPERTY: In addition to expenses such as transport and
insurance, all consignors pay a commission according to a fixed scale of
charges based upon the value of the property sold by the consignor at
Mega International Auction in a calendar year. Commissions are charged
on a sale by sale basis.
5. EXTENT OF MEGA INTERNATIONAL AUCTION’S LIABILITY: Neither the seller
nor we, nor any of our officers, employees or agents, are responsible
for the correctness of any statement of whatever kind concerning any
lot, whether written or oral, nor for any other errors of omissions in
description or for any faults or defects in any lot.
6. COPYRIGHT: The copyright in all images, illustrations and written
material produced by or for Mega International Auction relating to a lot
including the contents of our physical and digital catalogue, is and
shall remain at all times the property of Mega International Auction and
shall not be used by the buyer, nor anyone else, without our prior
written consent. Mega International Auction and the seller make no
representation or warranty that the buyer of a property will acquire any
copyright or other reproduction rights in it.
7. SEVERABILITY: If any part of these Terms and Conditions of Sale is
found by any court to be invalid, illegal or unenforceable, that part
shall be discounted and the rest of the conditions shall continue to be
valid to the fullest extent permitted by law.
8. LAW AND JURISDICTION: All of the above Terms and Conditions of Sale
as well as bidders, the purchaser’s and our respective rights and
obligations hereunder, shall be governed by and construed and enforced
in accordance with the laws of the State of California. By bidding at an
auction, whether present in person or by agent, order bid, telephone or
other means, all bidders including the purchaser, shall be deemed to
have consented to the exclusive jurisdiction of the state courts of, and
federal courts sitting in the State of California. All parties agree,
however, that Mega International Auction shall retain the right to bring
proceedings in a court other than the state and federal courts sitting
in the State of California.