Phoebus Auction Taipei-Asian Art Auction 2012

Auction Rules 1. Except otherwise stated the Auction Houses acts as agent for the consignor/seller, therefore the contract is made between the seller of the lots and the buyer subject to the general terms and conditions set herein. 2. These Conditions apply to both the buyer and the seller. The buyer and the seller must read carefully the following conditions. 3. All items or lots are sold as is. Prospective bidders should inspect the lot prior to bidding to determine its condition, size and other considerations. Descriptions of items appearing in catalog are believed to be correct and true, and condition reports for each lot are available upon request. Descriptions or any oral statements made by the Auction House or its representatives concerning any item shall not be construed as a warranty, either expressed or implied. The Auction House is not responsible for error. 4. References in the catalog entry or in 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. 5. The Auction House shall conduct the auction per lot as numbered in the catalogue. It reserves the right to withdraw any lot prior to sale and shall have no liability whatsoever for such withdrawal. 6. All purchasers are required to complete the registration form, provide all details requested, present a valid identification card and lodge a TWD 200,000 security deposit by a bank transfer or credit card to obtain a paddle. In the event that a deposit is sought it will be returned, without interest and at the bidder's cost with respect to transaction charges, within 7 working days of the end of the sale. A prospective buyer may opt to bid live on the floor, leave an absentee or telephone bid, or bid through internet. Absentee bids must state the highest bid the bidder is willing to pay. In events of identical bids, the earliest bid received will take precedence. Telephone bids/Absentee bids must be submitted two days prior to auction date, and telephone bids may be limited to the capacity of our staff pool. As telephone and online bids are options of convenience to the buyers, the Auction House maintains that it will not be held responsible for live internet bids and telephone bids that are not sent, received, or executed by the administrator. 7. The Auction House uses regular increment multiples as bidding progresses, but may change at the Auction House's sole discretion. 8. The highest bidder shall be deemed to have purchased the offered lot upon the fall of the auctioneer's hammer, and thereupon shall pay the purchase price in full plus premium, taxes and related expenses. International bidders are expected to satisfy all customs and import-export regulations. The Auction House may assist at its best effort but shall not be liable for any international laws affecting the delivery of lots. 9.Except for property purchased on Online Live Auctions, a premium equal to *15%* of the final bid price up to and including TWD 6,000,000, plus *12%*of the final bid over TWD 6,000,000, will be applied to each lot sold, to be paid by the Buyer as part of the purchase price. The buyers premium on property purchased on Live Auctions will be in the amount equal to *18%* of the final bid price up to and including TWD 6, 000,000, plus *15%* of the final bid over TWD 6,000,000. 10. Unless it has been explicitly agreed in writing with The Auction House before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party, a bidder is accepting personal liability to pay the purchase price, including the buy's premium and all applicable taxes, plus all other applicable charges. 11. The fall of the auctioneer's hammer indicates the final bid and the bidder should not withdraw his bid by any reason. 12. Unless otherwise indicated, all lots are offered subject to a reserve, which is the confidential minimum price below which the lot will not be sold. 13. Immediately following the sale, the buyer must provide us with his or her name and permanent address. The buyer must pay the full amount due (comprising the hammer price, buyer's premium, applicable taxes and related expenses) not later than the seventh calendar day following the sale. 14. If the buyer fails to make payment in full in good cleared funds within seven days after the sale, we shall be entitled in our absolute discretion to exercise one or more of the following rights or remedies: (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 legal fees and cost to the fullest extent; (iii) to cancel the sale; (iv) to resell the property publicly or privately; (v) to sequestrate the buyer's performance bond and to take such other action as we deem necessary or appropriate; 15. The copyright in all images, illustrations and written material produced by or for the Auction House relating to a lot is and shall remain at all times the property of the Auction House and shall not be used by the buyer nor by anyone else without our prior written consent. 16. The Auction House has absolute discretion to settle any dispute during the sale. 17. The Auction House has the right, at our complete discretion, to refuse admission to the auction site and to reject any bid. 18. All disputes arising from the sale shall be settled down in accordance with the laws of the Republic of China. The buyer shall be deemed to have accepted these Conditions and submitted to the exclusive jurisdiction of the Taiwan courts

Local Taxes Apply