Conditions of Business
I General Regulations and Numbering
Article I
The regulations are made in accordance with the auction events held by Treasure Art Auction Ltd. (Treasure Art hereafter). Consignors, bidders, and buyers must carefully read following regulations and articles and comply all of them to attend all the auction events of Treasure Art's to be in charge of their behaviors. Treasure Art does not bear any responsibilities for any actions that are against the regulations. If any losses or obligations caused result from not careful reading the regulations, behaviors must bear all the consequences.
Article II
Consignors are meant to those natural persons, juridical persons or other organizations with legally effective identification or registered certificates with the auction contract signed by Treasure Art. In the regulations, unless there are other extra instruction or special demands according the context, consignors include the agents of the consignors.
Articles III
Bidders mean those who possess effective identification or registered certificates to complete all the necessary procedures, including signing up for auctions, paying the security deposits, and obtaining bidding paddles to participate Treasure Art's auction events. Bidders must be the capable natural persons, juridical persons or other organizations in accordance with the civil laws.
Article IV
Buyers are defined those bidders who participate in Treasure Art 's auction events and are publicly recognized by the auctioneers with the hammer price. Treasure Art can immediately request buyers to sign deal confirmation at the auction venue.
Article V
Price Instruction: Estimate means the reference price listed in the cataloguing, other publications published by Treasure Art and information before the auction events as the reference for the bidders.
Reserve Price means both sides confirm the reserve price for the lot and sign on the entrusted contract after negotiation.
Closing Price means the price which auctioneers knock down the gavel at the auction event venue and publicly offer the price of the lot to the buyers.
Service Charge represents both consignors and buyers must pay the service fees to Treasure Art in accordance with the closing price by ratio at Treasure Art's public auction events.
Article VI
Treasure Art sign the entrusting auction contract with consignors and accept consignors' trust to be their agents. Besides other specific regulations, the legal and effective sale relationship between consignors or represented by Treasure Art and buyers exists after the auctioneers knock down the gavel at Treasure Art's auction events. Consignors and buyers must not regret for the sale relationship. Both consignors and buyers must undertake the legal responsibilities respectively.
II Regarding to Buyers
Article VII Paddles
Paddles are the only certificate for bidders to participate in the live auction events. Bidders must keep the paddles carefully. Once lost, bidders should immediately proceed to the loss reporting procedures in the written form regulated by Treasure Art. All the bidding actions would be considered as the behaviors made by the paddles' registrants. Unless all the loss reporting procedures are completed before the auction date, bidders must take the legal responsibilities for the paddles holders.
Article VIII Bidders Security Deposits
Bidders who participate in Treasure Art's auction events should submit payment for security deposits before obtaining paddles. The amount of security deposits would be announced by Treasure Art before the auction date. If bidders are not able to purchase any bidding lot, the security deposits will be returned to the bidders in ten working days without interests. If bidders turn to buyers, the security deposits will automatically transit as an initial payment to pay for the closing price of the lot.
Article IX Cataloguing
In the auction events held by Treasure Art, for the convenience of the bidders and consignors to attend the auctions, Treasure Art would publish cataloguing for lots which are briefly described with words and photos for their conditions. Words, estimates, photos, and other forms of videos and propagandas which can be revised before auctions are only for the reference and information for bidders. Treasure Art does not take any responsibilities for the actuality, value, color, texture and deficiency of the lots. In case of discrepancy between the cataloguing and the real lot, the real lot shall prevail. Treasure Art and its staff or agents do not guarantee for bidding lots regardless of introduction and comments through the form of certificate, cataloguing, condition description, projection, news piece, Internet media, etc. The quotes for the instruction of the bidding lots from publications are only for the reference of the bidders. Treasure Art would not offer the original copies of the publication and reserve the rights to revise or amend the description. Treasure Art and its staff or agents shall not be in charge of any omissions or mistakes in the description of the introduction and comments.
Article X Review Responsibility of the Bidders
Treasure Art specifically announces that it shall neither take any obligations for the authenticity or quality of the bidding lots nor the deficiency of the lots. Treasure Art solemnly suggests bidders should review the originals of the bidding lots in person before the auction date and judge the authenticity and quality of the bidding lots by themselves as well as bear the legal responsibility for their own behaviors.
Article XI Absentee Bid
Bidders shall be presence at the auction events. If not, bidders can entrust Treasure Art for bidding in the written form. Treasure Art has the rights to determine in receiving above trust. Those who would like to entrust Treasure Art to bid shall submit their entrusting procedures forty-eight hours prior to the auctions and present the entrusting bidding authorization to Treasure Art in written form. Bidders who entrust Treasure Art to bid must take all the consequences and related legal responsibilities for the bidding results. If bidders would like to cancel their trust to Treasure Art, they shall notify Treasure Art twenty-four hours prior to the auctions in written form. Due to complimentary service offered by Treasure Art to deliver bidding information to the bidders, Treasure Art and its staff do not bear any responsibilities for any negligence, fault or inabilities to bid during the auction.
Article XII Image Display and Money Exchange Display
For the convenience of the bidders, Treasure Art may use image projectors or other forms of displays during the auction. The content of the displays are only for reference. There may be errors on the displays for showing amounts, bidding numbers, auction photos or foreign exchange rates. Treasure Art would not be in charge of any errors resulting in any losses.
Article XIII Decision of the Auctioneers
Auctioneers have the right to represent Treasure Art to raise or lower the bidding brackets, to refuse any bidding, and reopen the bid if any controversy happens.
Article XIV Abnormal Situation Handling
When abnormal situation happens which may cause influence during auctions, Treasure Art has the rights to make proper responses in accordance with the actual situation until the suspension of the auctions. If there is any controversy happening at the site of auctions, Treasure Art shall reserve the rights to negotiation and mediate.
Article XV Rights for Refusal
Treasure Art shall possess all the rights to refuse anyone to participate at Treasure Art's auction events or enter the auction sites. In addition, Treasure Art can deny all activities such as photography, tape recording, and video recording.
Article XVI Service Fees and Payment for Closing Price
Buyers shall pay Treasure Art for service fees for eighteen percent of the closing price.
The payment which buyers shall pay includes closing price and service fees. If there is any taxation and other charges owing to the purchase, buyers should declare and bear the charges. After the deal is completed, buyers shall fulfill the payment to Treasure Art for closing price in New Taiwan Dollars within ten days after the auctions. If buyers choose to pay in currencies other than New Taiwan Dollars and wire the amount to the designated account of Grand Art's foreign currency accounts, Treasure Art will adopt the exchange rate to New Taiwan Dollars on the auction date to pay for the closing price. The differences caused by the exchange rate changes from foreign currencies to New Taiwan Dollars must be undertaken by the buyers.
Article XVII Ownership Transferring and Claim Bidding Lots
After buyers complete payment for closing price, they can obtain the ownership of the lot. Buyers shall claim bidding lots at the designated venue by Treasure Art among thirty days after the auctions. All the overdue costs on preservation, transporting, and insurance fees must be taken by buyers. Buyers also need to take full responsibilities for the lots. Grand Art does not share any obligations for any losses, diminishes, and damages of the lots.
Article XVIII Packing and Transporting
If buyers request Treasure Art and its staff for packing and handling the bidding lots, it will be considered as service offered by Treasure Art to buyers. Treasure Art can decide whether to provide this service or not. If any losses happen, buyers must bear the consequences. In addition, if any errors, omissions, and losses happen due to packing and transporting services recommended by Treasure Art to buyers, Treasure Art does not take any responsibilities. All the costs for shipping, transporting insurance fees, exit declaration, and appraisal charges must be paid by buyers.
Article XIX Undischarged Payment
Buyers who do not fulfill payment for closing price ten days after the auctions are considered as breach of contract. Besides confiscating security deposits and paid amount, Treasure Art can hold other bidding lots or payments in custody from the same buyers.
Fourteen days after the extension notification given by Treasure Art to buyers, if buyers cannot complete payments within the deadline, Treasure Art can remain the rights to dissolve this deal and cope with the lots at its will.
III Others
Article XXXII If the third party has any doubts or questions to its legitimacy of the bidding lots and asks Treasure Art to suspend bidding, the third party must present a written certificate issued by the judiciary forty-eight hours prior to the auctions. After the approval of Treasure Art and submitting guarantee deposits according to Treasure Art's regulations, the third party must sign a written form to take the legal responsibilities for all the losses caused by the suspension of the auction.
Article XXXIII
Any disputes arising from this auction held by Treasure Art may be governed by applicable laws and regulations of the Republic of China (Taiwan). The parties hereby submit and consent to the non-exclusive jurisdiction of the Taiwan Taipei District Court.
Article XXXIV Regulations Amendment and Date of Implementation
Treasure Art reserves the rights to amend or revise the regulations and immediately applies the latest version of the revision of the regulations. If the regulations are amended, Treasure Art will announce them in time and in the proper manners considered by Treasure Art. All parties shall pay attention to this. Treasure Art has the rights not to inform all parties individually. The regulations are in effect starting from December 1, 2018.
Shipping Terms
Ownership Transferring and Claim Bidding Lots
After buyers complete payment for closing price, they can obtain the ownership of the lot. Buyers shall claim bidding lots at the designated venue by Treasure Art among thirty days after the auctions. All the overdue costs on preservation, transporting, and insurance fees must be taken by buyers. Buyers also need to take full responsibilities for the lots. Treasure Art does not share any obligations for any losses, diminishes, and damages of the lots.
Packing and Transporting
If buyers request Treasure Art and its staff for packing and handling the bidding lots, it will be considered as service offered by Treasure Art to buyers. Treasure Art can decide whether to provide this service or not. If any losses happen, buyers must bear the consequences. In addition, if any errors, omissions, and losses happen due to packing and transporting services recommended by Treasure Art to buyers, Treasure Art does not take any responsibilities. All the costs for shipping, transporting insurance fees, exit declaration, and appraisal charges must be paid by buyers.
Undischarged Payment
Buyers who do not fulfill payment for closing price ten days after the auctions are considered as breach of contract. Besides confiscating security deposits and paid amount, Treasure Art can hold other bidding lots or payments in custody from the same buyers.
