Page 136 - Freemam Auction of Asian Art September 10th, 2016

Terms & Conditions

All property offered and sold (“property”) through Samuel T. Freeman & Co, (“Freeman’s”) shall be offered and sold on
the terms and conditions set forth below which constitutes the complete statement of the terms and conditions on which
all property is offered for sale. By bidding at the auction, whether present in person or by agent, by written bid, telephone,
internet or other means, the buyer agrees to be bound by these terms and conditions.

1 8
Unless otherwise indicated, Upon the fall of the hammer, in the original purchase price and 13
all Property will be offered by title to any offered lot or article will also be responsible for all costs, A Buyer’s Premium will be added
Freeman’s as agent for the will immediately pass to the including warehousing, the expense to the successful bid price and is
Consignor. highest bidder as determined in of the ultimate sale, and Freeman’s payable by the buyer as part of the
2 the exclusive discretion of the commission at its regular rates total purchase price. The Buyer’s
Freeman’s reserves the right to auctioneer, subject to compliance together with all related and Premium shall be: 25% on the first
vary the terms of sale and any such by the buyer with these Conditions incidental charges, including legal $200,000 of the hammer price of
variance shall become part of these of Sale. Buyer thereupon assumes fees. Payment is a precondition to each lot, 20% on the portion from
Conditions of Sale. full risk and responsibility of the removal. Payment shall be by cash, $200,001 through $3,000,000, and
property sold, agrees to sign any
12% thereafter.
certified check or similar bank draft,
3 requested confirmation of purchase, or any other method approved by
Buyer acknowledges that it had and agrees to pay the full price, plus Freeman’s. Checks will not be 14
the right to make a full inspection Buyer’s Premium, therefore or such deemed to constitute payment until Unless exempted by law from
of all Property prior to sale to part, upon such terms as Freeman’s cleared. Any exceptions must be the payment thereof, the buyer
determine the condition, size, repair may require. made upon Freeman’s written will be required to pay any and all
or restoration of any Property. approval of credit prior to sale. In federal excise tax and any state
Therefore, all property is sold “AS- 9 addition, a defaulting buyer will be and/or local sales taxes, including
IS”. Freeman’s is acting solely as an No lot may be removed from deemed to have granted and where deliveries are to be made
auction broker, and unless otherwise Freeman’s premises until the buyer assigned to Freeman’s, a continuing outside the state where a sale is
stated, does not own the Property has paid in full the purchase price security interest of first priority in conducted, which may be subject to
offered for sale and has made no therefor including Buyer’s Premium any property or money of, or owing a corresponding or compensating
independent investigation of the or has satisfied such terms that to such buyer in Freeman’s tax in another state.
Property. Freeman’s makes no Freeman’s, in its sole discretion, possession, and Freeman’s may 15
warranty of title, merchantability or shall require. Subject to the retain and apply such property or Freeman’s may, as a service to
fitness for a particular purpose, or foregoing, all Property shall be paid money as collateral security for the buyer, arrange to have purchased
any other warranty or representation for and removed by the buyer at obligations due to Freeman’s. property posted and shipped at the
regarding the description, his/her expense within ten (10) Freeman’s shall have all of the rights buyer’s expense. Freeman’s is not
genuineness, attribution, provenance days of sale and, if not so removed, accorded a secured party under the responsible for any acts or omissions
or condition to the Property of any may be sold by Freeman’s, or sent Pennsylvania Uniform Commercial in packing or shipping of purchased
kind or nature with respect to the by Freeman’s to a public warehouse, Code. lots whether or not such carrier
Property. at the sole risk and charge of the 10 is recommended by Freeman’s.
buyer(s), and Freeman’s may
4 prohibit the buyer from Unless the sale is advertised and Packing and handling of purchased
Freeman’s in its sole and exclusive participating, directly or indirectly, announced as “without reserve”, lots is at the responsibility of the
discretion, reserves the right to as a bidder or buyer in any future each lot is offered subject to buyer and is at the entire risk of the
withdraw any property, at any time, sale or sales. In addition to other a reserve and Freeman’s may buyer.
before the fall of the hammer. remedies available to Freeman’s by implement such reserves by 16
5 law, Freeman’s reserves the right to bidding through its representatives In no event shall any liability of
Unless otherwise announced by impose a late charge of 1.5% per on behalf of the Consignors. In Freeman’s to the buyer exceed the
the auctioneer at the time of sale, month of the total purchase price on certain instances, the Consignor purchase price actually paid.
all bids are per lot as numbered in any balance remaining ten (10) days may pay less than the standard 17
the printed catalogue. Freeman’s after the day of sale. If Property is commission rate where Freeman’s No claimed modification or
reserves the right to determine any not removed by the buyer within ten or its representative is a successful amendment of this Agreement
and all matters regarding the order, (10) days, a handling charge of 1% bidder on behalf of the Consignor. on the part of any party shall be
precedence or appropriate increment of the total purchase price per Where the Consignor is indebted to deemed extant, enforceable or
of bids or the constitution of lots. month from the tenth day after the Freeman’s, Freeman’s may have an provable unless it is in writing that
6 sale until removal by the buyer shall interest in the offered lots and the has been signed by the parties
be payable to Freeman’s by the
proceeds therefrom, other than the
The highest bidder acknowledged buyer; Freeman’s shall charge 1.5% broker’s Commissions, and all sales to this Agreement. No course of
by the auctioneer shall be the buyer. of the total purchase price per are subject to any such interest. dealing and no delay or omission on
The auctioneer has the right to reject month for any property not so the part of Freeman’s in exercising
any bid, to advance the bidding removed within 60 days after the 11 any right under this Agreement shall
at his absolute discretion and in sale. Freeman’s will not be No “buy” bids shall be accepted at operate as a waiver of such right or
the event of any dispute between responsible for any loss, damage, any time for any purpose. any other right and waiver on any
bidders, the auctioneer shall have theft, or otherwise responsible for 12 one or more occasions shall not be
the sole and final discretion either any goods left in Freeman’s Any pre-sale bids must be submitted construed as a bar to or waiver of
to determine the successful bidder possession after ten (10) days. If the in writing to Freeman’s prior to any right or remedy of Freeman’s on
or to re- offer and resell the article foregoing conditions or any commencement of the offer of the any future occasion.
in dispute. If any dispute arises after applicable provisions of law are not first lot of any sale. Freeman’s copy 18
sale, the Freeman’s sale record shall complied with, in addition to other of any such bid shall conclusively be These Conditions of Sale and
be conclusive in all respects. remedies available to Freeman’s and deemed to be the sole evidence of the buyer’s, the Consignor’s and
7 the Consignor (including without same, and while Freeman’s accepts Freeman’s rights under these
If the auctioneer determines that any limitation the right to hold the these bids for the convenience of Conditions of Sale shall be governed
opening or later bid or any advance buyer(s) liable for the bid price) bidders not present at the auction, by, construed and enforced in
bid is not commensurate with the Freeman’s, at its option, may either Freeman’s shall not be responsible accordance with the laws of the
value of the Property offered, he may cancel the sale, retaining as for the failure to execute, or, to Commonwealth of Pennsylvania
reject the same and withdraw the liquidated damages all payments execute properly, any pre-sale bid. and Consignor and Buyer agree
Property from sale. made by the buyer(s), or resell the to the exclusive jurisdiction of the
property. In such event, the buyer(s) Philadelphia, Pennsylvania Court
shall remain liable for any deficiency of Common Pleas and the United
States District Court for the Eastern
District of Pennsylvania.

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