Fusung Gallery Bankruptcy Estate Auction

Tokyo-L.A. Gallery Auction Center Conditions of sale Tokyo ? L.A. Gallery Auction Center (?Our?, ?We?, ?Us?) conduct business and auctions according to this article and the following stated terms and conditions of sale are approved by the company board. All employees and staffs shall act according to this article. All the individuals (?Buyer?, ?Bidder?, ?Client?, ?Customer?) will be bound to all the terms and conditions of sales by participate our auctions and sales. Conditional agreements made and approved by us with the clients will be prioritized to this article. No. 1 (General Provisions) 1.All the auctions conducted by us will be open and fair to the public. All individuals have the right to participate in our auctions by application. We also reserved the rights to refuse accept applications without stating the reason. 2.All property is sold as is. All sales are final. We reserve the right to change, modify and add to these terms and conditions.Tokyo-L.A. acts as agent for the seller,the contract for the sale of the property is therefore made between the seller and the buyer. 3.Video recording, audio recording and loud taking are prohibited during all auctions in our company. 4.Unless stated otherwise, all payment made to us shall be in USD. No. 2 (Items and Catalogue) All property is sold ?AS IS? and neither we nor the consigner 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. 1. Please note that all of our merchandises 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 items might be original, copies, etc. Unless specifically noted so in the description, all of our merchandises are not 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 merchandise. 2. 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. All statement contained in the catalogue or in any bill of sale, invoice or elsewhere as to authorship, period, source, origin, measurement or condition are qualified statement and shall not be deemed to be representations or warranties. 3. 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. 4. 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. The content of the catalogue including text, photographs, digital images and designs are copyright protected and belong exclusively to Tokyo ? L.A. Gallery Auction Center. Reproduction of any kind is not authorized without prior written consent. No.3 (Blemish on items) Other than stated in catalogue or description, we are not responsible for any blemishes of the merchandises. No.4 (Merchandise Condition) 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 us for any condition report requests. Please note per our terms, these reports are merely our educated/professional opinions and should not be considered absolute. No.5 (Registration) When participating our auctions the bidder shall provide valid government issued photo identification, current address and contact information. We reserve the rights to refuse any bidder?s application on our behalf. If the bidder is registered we have the right to cancel the application. No.6 (Auction) 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: (1). cancel the sale, retaining as liquidated damages all payments made by the Purchaser, or (2). 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. 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. 5 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. No. 7 (Absentee?s 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. No. 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. No. 9 (Item Delivery) 1. 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. 2. 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. We can provide in-house packing and shipping services at the Buyer?s expense. Items will be shipped via USPS 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, We 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.) No. 10(Change of Terms and Conditions) We reserve the rights to modify the terms and conditions in this article. Once modifications are made we will announce on our catalogue or other official mediums. New terms and conditions will be effect as they were announced. No. 11 (Exemption Clauses) 1. Our company and staffs will not be responsible for the following conditions unless the gross negligence is caused by our company or our staffs. (1). When we are not able to conduct the scheduled auction regardless the cause of the cancelation. 2. When compensation is offered to clients the amount of compensation will not exceed the value of the involved merchandises or estimated value of the merchandises. 3. When natural disasters, war, or any kinds of man caused chaos occurs the related damage will not be our responsibility. ALL PROPERTY IS SOLD AS IS. ALL SALES ARE FINAL. A 20% PREMIUM WILL BE PAID BY THE PURCHASER AS PART OF THE PURCHASE PRICE EXCEPT AS NOTED FOR SPECIAL SALES EVENTS. Internet bidder?s buyer?s premium will be 23%.