Mainichi Auction(MA)Conditions of Consignment and Sale
Mainichi Auction(MA)Conditions of Consignment
and Sale The following Conditions of Consignment
and Sale are Mainichi Auction, Inc. and thesellers'entire agreement with the buyers regarding
selling and buying properties through Mainichi
Auction(MA) which is conducted by Mainichi
Auction Inc. Before consigning your property as aseller or participating in MA as a buyer, please readthe Conditions carefully and acknowledge thatyou are bound to these Conditions. Any consigner,
bidder, and those who conclude a contract ofsale with MA are subject to MA conditions except
for cases where a separate contract with MA has
been already concluded. In this case, the former
agreement will be prioritized.

TO PARTICIPATE IN MA AS A
SELLER OR A BUYER(1) Participating in MA
1. Open to public
MA is open to public. Anyone can participate in
MA as a seller or a buyer by buying a MA Catalogue
and finishing registration. Obtaining catalogue
and registration can be accepted in advance orat the registration counter on the day of auction.
We, however, have the right to refuse accepting
registration at our complete discretion without
notifying any reason.

2. The fee for catalogue
subscription, registration andregistered membership number
The fees for the catalogue subscription andconsignment registration are listed on the separate
chart. The fee includes JCT and shipping fee forthe participants living overseas. Please fill out thesubscription form (on our web-site or will be sent
upon request) and send it to us along with thedesignated fee. A subscriber shall pay remittancecharge. The fee for consignment registration andcatalogue subscription shall not be refunded forany reasons. After receiving the form and fee,
we will allocate particular Client number to each
subscriber that is used as an identification number
for selling and buying at MA and this number isunchanged during the subscription period. Client
number will be printed on the entrance ticket. In
order to facilitate your registration, please send us
the image/photocopy of your passport by email orby fax at +81 33527 7336 due to Antique Dealings
Law.

3. Catalogue subscription andregistration fee includes:① Relevant MA Catalogues and entrance ticket
including domestic postage. An entrance ticket
enables each registered participant to accompany
friends or relatives who are interested in buying at
MA.
② The right to sell or buy properties at MA. (Freeconsignment fee)
③ Absentee bidding or telephone bidding service
on behalf of registered prospective buyers.
④ Evaluation and research work before compilingproperties in a catalogue. We, however, charge
special fee if we think it is necessary to have the Lot
examined by external appraisal institution. Traffic
expense for a connoisseur further than greater
Tokyo metropolitan area is also excluded.
⑤ Other catalogue listing works of consigned
properties including taking photos.
⑥ Exclusive log in ID (Client number) to access MA
auction results data base and to send bids via MA
web site.

CONDITIONS CONCERNINGPROSPECTIVE BUYERS FOR
WORKS OF ART AND
ALCOHOLIC BEVERAGES
THROUGH MA(2) MA Catalogue
M A C at al o gu e (C at al o gu e) w ill b e s ent to
subscribers 2 weeks prior to the auction date or
will be handed over to new subscribers registeredat our reception desk on the day of auction or presale viewing. The contents of the catalogue areorganized under the consideration of copyrightprotection, and the Company gets consent from thethird party’s intellectual property rights about theuse of the copyright as much as possible. However,there are some works with their copyright cannot
be determined. If you have some information about
the reproduction of copyright, please email us.

1. Catalogue description practice
Our Catalogue practice is explained in these
Conditions and in this Catalogue. Where terms havespecial meanings ascribed to them a glossary may
appear in this Catalogue.

2. Extent of liability for catalogue
description
Statement or condition report by us, or made orally
or in writing elsewhere, regarding the authorship,
origin, date, age, size, medium, attribution,
genuineness, provenance, condition of any Lot
are merely statement of our opinion, and are not
be relied on as statements of definitive fact. We,
therefore, will not bear any legal responsibility
regarding our opinion. For the items listed as tableware in the catalogue are not on condition of usage
as tableware, but on condition of decorative arts.

(3) Pre-auction Viewing
Pre-auction Viewing is held for 2 or 3 days prior
to the date of auction. Final concrete scheduleand information will be notified through ourcorresponding auction catalogue. Prospective
buyers are strongly recommended to participate
in MA after making final decision by examining
any interested Lot thoroughly. In our exhibition
room our staffs are very much pleased to offer any
service that might help making such decision. We,
however, have right to refuse any service that may
physically damage a Lot. To supplement Catalogue
information we offer condition report service byemail for the participants who cannot attend Preauction Viewing. We do not bear any responsibility
regarding the influence on prospective buyers'
decision making in connection with these services.
MA shall have right to make sound and visual
recordings of the exhibition rooms for preventing
problems and exhibition room maintenance.
All items damaged by the participants during
the Pre-auction Viewing are on the participants’
responsibility, and are required to pay the amountlisted on MA(5)-1 by the payment deadline. The
calculation will be as below.
1.[mean of the higher estimate and lower estimate]+ buyer’s premium for the buyer’s premium listedon (4)-1.
2.As for all Nariyuki (no estimate) items, 50,000JPY +buyer’s premium for the buyer’s premium listed on(4)-1.
The ownership of the damaged item will be on
the participants who had damaged the work
after the payment is completed. The prospective
buyers are required to provide the photocopy of
the Identification card when participating in our
Pre-auction Viewing. MA may refuse admission andparticipation in the auction at its own discretion.

(4) Conduct of MA

3. Extent of liability forphotographs and illustration

1. Settlement currency,
commission and premium

Photographs and illustrations are for guidance only,and should not be relied on either to determine thetone or color of any Lot or to reveal imperfections.

MA operates an auction open to any registeredparticipants. The currency of pricing, bidding
and payment shall be Japanese yen. The Buyer's
premium will be charged to the Buyer as part of
total Buyer's price at a rate of 16.5% of the Hammer
price of each Lot.

4. Estimate price
Our estimate price is merely our opinion and should
not be relied on as a statement that this price iseither the price at which the Lot will sell or its value
for any other purpose.

5. Extent of liability for condition
Many items are of an age or nature, which preclude
their being in perfect condition, and we will
make reference to damage and/or restoration inthis Catalogue or by other means of condition
report when we find such defects. We provide thisinformation for guidance only and the descriptionof “being in good condition” or absence of suchreference does not imply that an item is free fromany defects or restoration nor does a reference toparticular defects imply the absence of any others.
Alcoholic beverages are naturally prone to liquid
spills, loss or ullages as well as to natural changes
in labels, corks, and/or other components overtime. The condition of the Lots (with or without
frame, general condition, defects) described on
the catalogue is not complete. Please note that
we are unable to get rid of misprints completely.
Prospective buyers, therefore, are strongly advised
to examine personally any Lot in which they
are interested at pre-sale viewing. Prospective
buyers are responsible for satisfying themselves
concerning the condition of Lots and the mattersreferred to in the Catalogue description and making
bid on the basis of their own judgment. We will not
accept any cancellation of sales contract because of
the difference between Catalogue description andreal state of the Lot.

2. Participating in MA
Only registered participants or official
representatives of 1 year or 3 years subscribers
can make bid although auction room is open tovisitors. By showing entrance ticket at the reception
desk, participants will be handed over the paddle
numbered his/her own registered Bid number. Bids
may be executed in person by this paddle during
the auction. By raising this paddle, participants
show their intension to buy interested Lot to our
auctioneer and lowering this paddle indicates nointension to make further bid. Participants may
supplement raising a paddle with oral appeal toattract auctioneer's attention. The agent of theprospective buyer is required to provide photocopy
of his/her identification. MA may refuse admission
and participation in the auction at its own
discretion.

3. Admission to auction room
MA takes place on our own auction room or
premises over which we have complete control
for the sale. We have the right, at our absolute
discretion and without notifying any reason, torefuse to allow any person to participate in our
auction and to refuse admission to our premises.
MA shall have right to make sound and visual
recordings of the auction room for preventing
problems and auction room maintenance.

4. Auctioneer's discretion② Decide a successful Buyer in the case of two or
more identical highest absentee bids.

website by 18:00(JST) on the day before the relevant
auction date (if the sale is held for several days, theday before the first day of the sale). Please allow
yourself sufficient time to complete the registrationin time for your bidding. Your registration will beprocessed when you satisfy all our requirements,
confirmed by an email with your ID (Client number)and password. We are not liable for any failure
to purchase the Lots or for the purchase of theincorrect lots as a result of the following reasons:③ Decide a successful Buyer or withdraw any Lot
and re-offer it for another sale.

① Software failure or inability to access theinternet.

④ Ruling a dispute regarding auction such as
successful Buyer, Hammer price, etc.

② Client’s improper operation of their devices.

During the course of the auction the auctioneer has
the rights at his absolute discretion to:① Commence and advance the bidding in levels
that he considers appropriate in the light of thevalue of the Lot under auction.

⑤ Refuse a bid regardless of its indicated price.
⑥ Divide a Lot or combine any two or more Lots.

5. Successful bid
Subject to auctioneer's discretion, the striking of hishammer marks the acceptance of the highest bid
and identifies the Hammer price at which the Lot
is knocked down to the Buyer and the conclusionof a contract for the sale of the Lot between the
Seller and MA, along with a contract for the saleof the Lot between MA and the Buyer. However,
the auctioneer may continue to accept higher
bid if such bids were made indistinguishably and
immediately after striking his hammer. Following
the sale, the Buyer must provide Confirming
Document with the Buyer's signature if so requested
by us. A dispute with regard to identifying
successful Buyer and/or Hammer price shall be
ruled only by our documents. The successful bidder
is unable for any reason including the conditions of
the work or frame to cancel the bid.

③ Failing to make bidding decisions in time, and assuch has the auctioneer judged.

(5) After the sale(from successful bid to collection of purchases)

1. Buyer's price and payment
deadline
The Buyer must pay us Buyer's price in full within 10
days after the last day of the auction. Buyer's priceis the total amount of the Hammer price, buyer's
premium and JCT defined in (4)-1 “Conduct of MA“.
If the buyer failed to meet the payment deadline,
clauses defined in (6)-”Our rights and remedies for
non-payment” shall be applicable to the Buyer.

2. Payment by cash
The Buyer can make payment in cash at our auction
room or at our office within 10 days after the last
day of the auction. After finishing payment in
full, the Buyer can collect the Lot. We are ready toarrange packing and shipment as the Buyer's agent.

6. Telephone bidding

3. Transfer to our bank accountTelephone bidding is offered to participants willingto bid higher than the low estimate, and for Lots
with a minimum estimate of 300,000JPY. Please
request in advance since the number of bilingual
staffs and telephone lines is limited, and for thisreason we may ask our clients to leave absentee
bids instead. Please send us a filled bid form with aclear indication of “Telephone biding” by 18:00(JST)the evening before the auction. By bidding on
the phone, prospective buyers are consent to
the recording of the conversation. We will bear
no liability to either the Seller or any prospective
buyers as a result of failure to do so because of thefollowing reasons:

We issue an invoice to the Buyer within 3 days
after the sale and the buyer must make remittanceaccordingly to our bank account by bank transfer.
(Buyers are responsible for remittance charge).
Please note that payment by transfer is not be
deemed as to have been completed until we are inreceipt of cash or cleared funds.

① Interrupted telephone lines due to technicalissues.
② Unable to reach the prospective buyer at thevery moment of your registered Lot.
③ Failing to make bidding decisions in time, and assuch has the auctioneer judged.

7. Absentee bidding
Please indicate Lot numbers in numerical orderwith details and your maximum hammer price(excluding buyer’s premium) onto our Bid form. Allbids must be placed in JPY. Members of our online
subscription may place absentee bids through our
website. In case of identical bids, the earliest shalltake precedence. When bidding on your behalf, we
aim to purchase the relevant Lot(s) at the lowest
price possible within the bids you indicate. We,
however, cannot exclude possibilities of mistakes as
misreading the bid form, and cannot accept liability
for failure to make successful bid for any reason.
No Absentee bid application by telephone or oral
instruction shall be accepted.

8. Live bidding
Live bidding grants its participants to join oursale real time via internet connection. We require
all prospective live bidders, including returningclients, to complete the prior registration from our

4. Collection of purchases
The Buyer may acquire title to the Lot after making
remittance of the total amount due and this is thesettlement of a contract for sale. The Buyer shallcollect the Lot either on the spot of our auction
room or at our depository or arrange shipmentof the purchased Lot, at the Buyer's expense andresponsibility, no later than 14 days after the next
day of the sale. We may arrange packing andshipping as the Buyer's agent. Although we shallsuggest carriers, we cannot accept liability in thisrespect. We shall retain purchases for 14 days after
the next day of the sale whether or not payment has
been made. If the 14th day following the auction
date falls on a holiday of the Company, the due date
for pickup shall be the next business day. Where
purchases are not collected within this period,
unless we specifically agree to the contrary, we havethe right to arrange external storage at the Buyer's
risk and expense. A storage fee will be payable
by the purchaser. It is purchaser’s responsibility
to insure such Lots during this period. Due to thetransportation policy of DHL Japan, shipments via
DHL are not available at our auction house.

Storage Fee
The buyer shall pay the storage fee, if the buyer fails
to collect the items within 14 days from the next dayof the sale. The storage fee will be charged with theamount of 1,100JPY per Lot for every 7 days after
this period.

5. Risk-bearing after the sale
Any Lot purchased is entirely at the Buyer's risk fromthe time that the payment in full has been made.

The Buyer shall insure the Lot, based upon any
amount of insured value for which the Lot should
be covered, by his/her own discretion, expense andresponsibility by notifying us to do so. We, however,as a good-will agent of a contract for sale, insure theLot purchased until the Buyer collect the Lot andthe maximum insured period is 10 days after the
next day of the sale. The buyer will be compensatedonly by the insurance in case of damage and theft
and the maximum amount of compensation shallbe “Buyer's price” of the Lot. Please note that we will
not, in any circumstances, be liable for any loss ordamage caused to frames or to glass that is covering
prints, paintings or other works although we will
make an all-out efforts to deliver the Lot safely if weare commissioned packing and shipping. Conditionsof Movable Property Comprehensive Insurance
Policy of our contracting insurance company areapplicable in case of compensation. It is solely the
Buyer's risk bearing in case of exporting the Lot
because we do not insure any Lot in such case.

6. Overseas shipping ofEndangered Species
Prospective purchasers are advised that certain
property sold at auction may be covered by
CITES (the Convention on International Trade inEndangered Species of Wild Fauna and Flora)
or other restric tions upon expor tation andimportation to another country and the items
made of or incorporating materials such as ivory,
crocodile, tortoise shell, bone, fur, animal skin,coral and etc. cannot be exported out of Japan.
Those properties must be collected on the spot of
our auction room or transported to the address inJapan.

7. Claims from third party after
the saleWe, the Seller, the Buyer agree that Japanese
Civil Law and Law of Curio Dealing have exclusive
jurisdiction to settle any dispute in case of claims or/
and rights of pledge from the third party that both
we and the Seller could not predict or investigate
before the sale.

(6) Our rights and remedies
for the default in payment by
the Buyer
In case of the default in payment by the Buyer
within 10 days from the following date of the sale,
MA shall be entitled to exercise the following:

1. Additional payment of defaultinterest
MA shall charge default interest at an annual rate of
14.6% on the unpaid balance of the Buyer's price forthe period from the following date of the auction
up to the payment clearance of the Buyer's price.

2. Cancellation of the contract forsale
If the Buyer fails to make payment in full in spite ofour repeated re-issuing of invoice after the deadlineof payment, we shall have the right to cancel thecontract for sale with the Buyer. We also deem it
as no intension of payment by the Buyer and haveright to cancel the contract if the invoices cannot
reach the Buyer because of refusal of receipt,
absence or unknown new address despite of correct
registered mailing address. We shall cancel thecontract by sending a letter of cancellation to theregistered address regardless of refusal of receipt or
unknown new address.

3. Cancellation of subscription
and membership rights
In case of above (6)-2, we shall, without any
obligation, cancel the Catalogue subscription andmembership rights of the Buyer and not refundLast Updated : June 1st, 2024

remaining Catalogue fee.

3. No obligation to refund

4. Compensation by the Buyer

We shall not be obliged to refund any amount if
eitherAfter the cancellation of the contract, the Buyer
shall lose any right over the Lot. We shall have thesole right to arrange a resale of the Lot, publicly
or privately, and, if the re-auctioned Buyer's priceor privately-sold price results in a lower pricethan the original Buyer's price, claim the balancefrom the Buyer together with any costs incurredin connection with the Buyer's failure to makepayment.

(7) Our guarantee and extent
of liability in respect ofcounterfeit Lots
1. Procedure and the deadline forCounterfeit claim
Within 1 year after the sale based upon our
Catalogue description, the Buyer shall be entitledto ask refund of the Buyer's price by notifying us inwriting that in his/her view the Lot concerned is a
Counterfeit. After making a claim, the Buyer mustthen return the Lot to us in the same condition asat the auction date with our invoice or receipt ofauthentication certificate. The buyer must submit
the evidence satisfactory to us that the Lot is acounterfeit with the receipt of authentication
certificate. A sale will be cancelled and the Buyer's
price, the fee for authentication certificate andthe other incurred expense will be refunded to
the Buyer if a Lot sold by us proved to have beena Counterfeit. The Lot must be free from any third
party claims. This condition shall not be applied to
the following Lots:① Lots described as “ No estimate” or “Nariyuki”.
② Lots of deceased foreign artists other thanJapanese whose authoritative authentication
specialists or institutions, commonly admitted asreliable by major fine art institutions, do not exist.
We shall not deem the opinion of other specialist as
necessary proof to replace our opinion.
③ Lots of reproduction prints which are not listedon the catalogue raisonne.
④ Items which are accompanied as set items to
the titled piece with no photographs listed on the
catalogue.
⑤ Lots of ceramics, porcelain, glass works, furniture,industrial art objects, medals and jewelry.
⑥ Evidence issued by the organization or party
designated by MA as the authentication foundation.

2. Commission of authenticity
appraisal
Regarding authorship, we are entitled to choose aright and reliable appraisal institution, if available,
to decide the authenticity at our own discretionaccording to following manner:① Paintings and other works of deceased artists:
Our designated appraisal institution affiliated withspecialized art dealers, an official connoisseur of
the artist or a specialized research institution (orperson).
② Paintings and other works of living artists: An
artist himself/herself or an officially appointed
connoisseur or a concerned person designated law.
③ Prints: The same manner as is defined in 1 and 2.
However, we mostly rely on catalogue raisonne ingeneral because such appraisal institutions are very
limited in the field of prints and prints artists. We
ourselves have the right to decide the authenticity
if the Lot is excluded from catalogue raisonne, nocatalogue raisonne has been published ever or
mistakes are found in catalogue raisonne.

① The Catalogue description or auction room
notice at the auction date corresponded to thegenerally accepted opinion of the scholars orexperts at that time, or fairly indicated that there
was a conflict of opinions; or② It can be demonstrated that the Lot is a
Counterfeit only by means of either a scientificprocess not generally accepted for use until after
the publication of the Catalogue or a process
which at the date of the auction was unreasonably
expensive or incapable or likely to have caused
damage to the Lot.

4. Entitled person to claim refund
The benefit of this guarantee of refund is notcapable of being transferred, and is solely for the
benefit of the person to whom the original invoice
was made out by us in respect of the Lot whensold and who, since the sale, has remained thesole owner of the Lot without disposing of any
interest in it to any third party and being capable oftransferring title to us.

5. Our rights and extent ofliability
We shall be entitled, to counter the claim ofCounterfeit, to rely on any scientific or otherprocess to establish that the Lot is not a Counterfeit,
whether or not such process was used or in use at
the date of auction. Although the Buyer's price will
be refunded to the Buyer if the Lot is proved to havebeen Counterfeit, in no circumstances shall we berequired to pay the Buyer any more than the total
amount of Buyer's price and the incurred expense
including the fee for expertise paid by him/her for
the Lot concerned and the Buyer shall have no claim
for interest. Neither the Seller nor we, nor any of
our employees or agents, are responsible for thecorrectness of any statement as to the authorship,
origin, date, age, attribution, genuineness orprovenance of any Lot nor for any other errors ofdescription or for any faults or defects in any Lot.
Neither the Seller, ourselves, our employees oragents, give any guarantee in respect of any Lot.
Any warranty of any kind whatsoever is excluded bythis clause.

(8) Our liability regarding
jewelry, designer items, andwatches including clocks andmusic boxes
1. Extent of liability for reporting
contents
References in the catalogue entry to gemological
rep or ts, diamond grading rep or ts, analysis
reports, or sorting memos issued by gemologicallaboratories appointed by us are for guidance only,
and the accuracy, terms, information, and relevanceto the Lots should be evaluated by personal
inspection by the bidder, and we accept no
responsibility for the accuracy, terms, information,and relevance to the Lots. The gemologicallaboratories will only report on the improvements
or treatments known to the laboratories at thedate of the report. A number of laboratories issue
certificates that give more detailed descriptionsof gemstones and those laboratories may differ
in their assessment of a gemstone, including its
grading, origin, presence, type, and degree oftreatment because of differences in approach andtechnology, and their certificates or reports may
contain different results. MA does not accept any
liability for contradictions or differing certificatesobtained by the Buyer on any Lot subsequent to theSale.

2. Extent of liability fordescriptions
As many gemstones are treated to enhance theirappearance, which is accepted by the international
jewelry trade, we do not guarantee that the lack of
the description in the catalogue entry is equal to
the Lot without such treatment. Regarding designer
items, catalogue descriptions and comments (suchas designer name, series name, material, size,
factory, year of manufacture, warranty, originalcase, etc.) are compiled by MA with due care andattention. Nevertheless, they are solely for reference
and to guide prospective buyers, and their accuracy
and relevance to the Lots should be evaluated bypersonal inspection by the bidders. MA will not be
responsible or liable for any claims for the accuracyof the catalogue descriptions and their relevance tothe Lots. We also do not guarantee the conditions,descriptions, reliability, and accuracy of any kind ofaccompanied items (such as boxes, guarantees, andbooklets), and their relevance to the Lots.

3. Extent of liability formechanical parts and movements
Regarding such items as watches, wristwatches,clocks, and music boxes that contain mechanicalparts and movements, we have checked whether
they work well or not before the Sale. We,
however, have not had any of them inspected by
an appropriate mechanical specialist to examineth e auth e nticit y of m ove m e nt s an d p ar t s ,timekeeping, water-resistance, or waterproofness.
The description in this catalogue is entirely based
upon the manufacturers' statement, sellers'
information, and our opinion. Therefore, we accept
no responsibility for these items.

(9) Our liability regarding
alcoholic beverages
1. Non-assurance of the quality ofalcoholic beverages
Alcoholic beverages for auction are naturally prone
to changes over time. We conduct no real taste test
due to the nature of the Lots, but only check thestorage environment that we know of in advance, as
well as post-arrival conditions. Therefore, we accept
no responsibility for the contents of the Lots, except
in cases where there is willful misconduct or grossnegligence on our part.

2. Extent of liability fordescriptions
The origin, producer, brewer, age, and otherdescription of any alcoholic beverage in the
catalogue, attachment, list of errata, or referential
information preannounced orally or otherwise are
merely statements of our evaluations and opinions
and should not be relied upon as statementsof definitive fact. Therefore, we bear no legal
responsibility for any description in the catalogue.

3. Eligibility
Any person under 20 years old is not eligible topurchase any Lot of alcoholic beverage. It is notallowed to resell any purchased Lot for retailing
purposes.

(10) Receipt of alcoholic
beverage
Due to their nature, alcoholic beverages are storedat our third party storage facility, and cannot
be collected on the spot of our auction room.
Purchases will only be dispatched by carriers
selected by us, and we bear no responsibility for ourselection of carriers. We do not accept a combined
shipment of alcoholic beverages with otherproperty, regardless of the auction session, andalso do not dispatch any alcoholic beverage fromJapan to overseas. We will store purchases for 14

days from the day after the auction, whether or not
payment has been made. If the 14th day following
the auction date falls on a holiday of the Company,
the due date for pickup shall be the next businessday. After the passage of this period, we have thesole discretion to arrange external storage of the
Lots. Therefore, the Buyer shall pay the storage fee
shown below for purchases that are not collectedduring this period and shall assume the risk of lossof them.

Storage Fee
The Buyer shall pay 33,000 JPY for 10 days,
regardless of the number of Lots. After this period,
the Buyer shall pay 33,000 JPY for every 10 days.

CONDITIONS MAINLYCONCERNING SELLERS(11) Our role and Seller'scommission
Our sales at MA are undertaken through our
mediation and MA Conditions, the contract forthe sale of the Lot will be concluded between the
Seller and MA, MA and the Buyer and will be settled
according to this contract. Calculated by reference
to Hammer price, we shall charge fixed amount of
11,000JPY to each Lot less than 70,000JPY and 16.5%
Seller's commission of the Hammer price of each Lot
70,000JPY or more and less than 500,000JPY and
11% of the Hammer price of each Lot 500,000JPY
or more. Please note that we shall have complete
discretion and no obligation to disclose theinformation as to which persons should be admitted
to the auction, and as to which bids should be
accepted since MA is a public auction.

(12) Procedures fromconsignment to receiving
Selling price
1. Registration as a seller
A prospective seller must start his/her consignment
procedure by registering with MA to sell any
property at MA. Please refer to (1) Participating in
MA. We shall have right to ask for the photocopyof the Identification card in order to fascilitate theregistration.

2. Sending Auction Estimate
Questionnaire
A prospective seller can send a mail, email or fax
for estimate questionnaire on free of charge basis.
Please describe your property as precisely as
possible such as name of artist, title, size, signature,
medium, circa, condition, catalogue raisonne
information, provenance, attachment and otherinformation. There is no designated form but aprospective seller can use “MA AUCTION ESTIMATEQUSTIONNAIRE FORM” that is attached to thiscatalogue. Sending photos or digital images will bevery much helpful for us. Please be advised that weneed at least 70 days or more to finish necessary
works to sell pieces properly at designated auction.

3. Auction estimate
Our specialists will examine a prospective seller’s
property through the information and photos
and estimate the property based on recent prices
realized for similar objects, the current state ofJapanese market, rarity and conditions. We give aprospective seller a free verbal or written auction
estimate via phone, fax or email. If a prospective
seller agrees with our estimate we will proceed
to consignment procedure. Please note that any
estimate given, orally or in writing, is a matterof our opinion only at that moment and is not
an assurance in relation to the price the work forconsignment will eventually fetch.

4. Reserve price
Prospective sellers can set a reserve price inJapanese yen below which the Lots can not be sold.
The consignment commission will be deductedon basis of the reserve price from the hammer
price. The reserve price cannot be set when thelower estimate is below 100,000JPY and it cannot
be above our lower estimate. We, however, havethe right to refuse the consignment in case ofu n co m p r o m isi n g d is c r e p a n c y b e t we e n o u restimate and the desirable selling price requested
by a prospective seller. It is impossible to amend thereserve price without our agreement.

5. Packing, Shipping, examinationand catalogue description of the
Lot and storage
If our estimate price and other conditions areagreeable the Seller may bring or send the Lot bybearing packing and shipping cost. After receiving
the Lot we confirm the consignment conditions,
examine the Lot and write the catalogue descriptionof the Lot. “AGREEMENT OF CONSIGNMENT AND
CATALOGUE DESCRIPTION” form that includes allnecessary information will be sent to the Seller. The
Seller must check the document carefully and notify
us of any correction of the description or conditionby the designated date. We deem this confirmation
procedure by the Seller as the final agreement ofconsignment and no withdrawal of the Lot willbe allowed after this date. The Lot will be in ourcustody until the collection by the Buyer.

6. Catalogue listing
Except the Seller's special instruction to us, alladministrative works for Catalogue listing such as
taking photograph and drafting description will bedone by us and included in the Seller's Catalogue
subscription and registration fee.

7. Conclusion of contract for saleContract for the sale of the Lot between the Seller
and MA as well as contract for the sales of the Lot
between MA and the Buyer are concluded when the
successful bidding is accepted as set forth in (4)-5.

8. Payment of Selling price
After the sale we shall require payment in full fromthe Buyer. Provided this has occurred, we shall remit
to the Seller a total amount of Seller's price 20 days
after the auction date and this is the settlement of
a contract for sale. We may, sometimes, divide thepayment if several Buyers bought the Lots.

9. Unsold Lot
If any Lot unsold at designated auction we willcontinue trying to sell the Seller’s property for
1 week as “AFTER SALE PERIOD” based upon
agreed reserve price. When such “after sale” finallyproved to be unsuccessful we will consult the
Seller whether to withdraw or resell at auction or
privately. The Seller will bear the cost of packing
and shipping in case of withdrawal. We shall offer
free storage of 14 days after the auction in case ofwithdrawal of the Lot. If the 14th day following theauction date falls on a holiday of the Company, thedue date for pickup shall be the next business day. If
the unsold property remained uncollected without
prior arrangement, we are entitled to transfer themto the warehouse following the sale. A storage
fee required by paragraph (5)-4 will be payable by
the consignor until its collection. It is consignor’s
responsibility to insure the property during thisperiod.

(13) Risk-bearing of the Lot
during shipping, storage andexhibition
1. Insurance
We will automatically insure the Lot on behalf of theSeller, from the arrival date of the Lot to the date oftitle transfer after the Buyer's remittance in full. If
the Lot has not been sold it will remain insured until
the expiry of 14 days collection deadline for the
Seller. Unless we agree otherwise, the insured valuethat we consider being its appropriate value by ourabsolute discretion is as follows:① The Lot without Reserve price: intermediate pricebetween our upper estimate and lower estimate
minus Seller's commission.
② The Lot with Reserve price: Reserve price minus
Seller's commission.
③ The Lot described as “No estimate”: 50,000JPY
regardless of its category. The Seller will becompensated only by the insurance in case ofdamage and theft and Conditions of Movable
Property Comprehensive Insurance Policy of ourcontracting insurance company are applied incase of compensation. The maximum amount ofcompensation shall be our insured value definedin ①, ② and ③. We will not, in any circumstances,insure and be liable for any loss or damage caused
to frames or to glass that is covering prints,
paintings or other works during consignment.

2. Exemption from insurance
policy and a Seller’s responsibility
We would also like to call your attention that
according to the above-mentioned Insurance Policy
we will not compensate for:① Loss or damage resulting from earthquake orvolcanic eruption or tsunami caused thereby or any
loss or damage consequent thereon.
② Loss or damage resulting from flood, thaw orsnow melt flood, tidal wave, landslide or similarwater disaster occasioned by typhoon, windstorm,
heavy rain or the like.
③ Other loss or damage that is defined in the abovementioned Insurance Policy.
Please note that our insurance principle is entirely
based upon our good will and the Seller shall befully responsible for risk bearing until the title
passes to the Buyer. The Seller, we recommend to
do so especially for the Lot in higher price, may
insure the Lot based on any amount of insured value
for which the Lot should be covered, by his/her own
discretion and responsibility by notifying us.

(14) Seller's warranties andresponsible expenses
excluded from Catalogue andregistration fee
1. Sole ownership of the Lot
The Seller must be the sole owner of the Lot or the
representative legally commissioned from the soleowner with an unrestricted right to transfer title to
the Buyer free from all third party's rights or claims.
If the ownership information proves incorrect the
Seller will indemnify us and/or the Buyer in fullon demand against all claims, costs or expenses
incurred by the Buyer or us as a result. And theBuyer or we have the right to take legal action
against the Seller.

2. Obligation to report the truth
The Seller must provide us with all information
to the best of his/her knowledge concerning thename of artist, title, size, signature, medium, circa,
condition, catalogue raisonne number, provenance,
attachment and so on. If we find intentional
forgeries with regard to such information before
auction we have the right, at our complete
discretion, to withdraw the Lot from sale andreturn it to the Seller at any time. If such Lot withincorrect and forged description, which we could
not find at the examination procedure before theauction, has been sold, we or/and the Buyer havethe right to cancel the contract for sale, returnthe Lot and ask full compensation for any costs or
expenses incurred by the forgery information or/
and concealed defects and faults. We have the rightto take legal action against the Seller in both cases.

4. Unsold Lot(“Tokushu chinou boryoku syudan”)

If the Lot is unsold we shall in no circumstances
be liable to the Seller to pay or lend the money
relevant to our estimate price.

⑨ a person or organization equivalent to any of theabove howsoever described or falls within any of
the followings:

3. Prohibition of the Seller's bid

5. Non-payment by the Buyer

To raise the bid price the Seller may not bid for
his/her Lot nor employ any person to do so on the
Seller's behalf.

In the event of late payment from the Buyer
because of unintentional or clerical reasons we will
make every effort to collect the money as soon as
possible and make such payment of Selling priceto the Seller after confirming the remittance. If wejudge that the Buyer has no capability to pay the
Buyer's price or breached the contract for sale, weshall cancel the contract according to(6)-“Our rights
and remedies for non-payment by the Buyer” andshall take any steps we consider necessary to collect
the amount due incurred by the Buyer. However,
we shall not be obliged to compensate the Selling
price due to the Seller ourselves and it is our own
decision whether or not to proceed to legal action
on the Seller's behalf.

- Operating an entity having such relationship with
Boryokudanin, etc. that shows their control over theentity’s management.

4. Withdrawal of the Lot
After the agreement of consignment defined in (12)5, the Seller may not withdraw the consigned Lot
from sale without our consent. The seller must pay
33,000JPY as cancellation fee in case of withdrawal
after this date due to agreeable reasons if our lower
estimate price is less than 200,000JPY or Nariyuki
and 16.5% of our lower estimate price if the Lot isestimated 200,000JPY or more. The cancellation
will not be accepted until we have received thecancellation fee. If the fee is not received by us by
24 hours before the sale, we shall be entitled to sell
your items at the designated auction.

5. Expenses of the Seller's
responsibility
The Seller will bear all costs relating to:① Packing and shipping the Lot to us for sale andfrom us in case of unsold.
② Any applicable insurance from the date ofshipping to the settlement of the contract for saleor to the date of returning to the Seller in case ofunsold.
③ Any examination by external appraisal institutionthat we believe necessary.
④ Any certificate of authenticity issued by rightappraisal institution.
⑤ Any restoration and framing of the Lot.
⑥ Storage of the Lot after 20 days from the auction
date.

(15) Our rights andresponsibility regarding thesale of the Lot
1. Editing Catalogue andcopyright
We shall have the complete discretion regarding
photograph, description, how to arrange coveragefor the Lot, numbering and listing order of the Lot
in Catalogue and have the right to use them inwhatever way we see it. No Sellers can be allowed
to inspect them in advance. The copyright in all
photographs, illustrations and descriptions in
Catalogue is and remain at all times our property
and shall not be used by anyone without our priorpermission.

2. Sale arrangement
Regarding sale arrangement, we shall havecomplete discretion as to the way the Lot is
exhibited at pre-sale viewing, the place and mannerof auction, combination or division of the Lot for
sale, deciding a successful Buyer and withdrawing
any Lot and re-offering it for another sale.

3. Selling below the Reserve price
Although we will make every effort to sell the
Lot above the Reserve price if the price is agreed,
we shall in no circumstances be liable if bids are
not received at the level of the Reserve price. We,
however, shall be entitled to sell the Lot below theReserve price. If we do so, we shall be obliged toaccount to the Seller as if the Hammer price was
equal to the Reserve price by compensating thediscrepancy.

(16) Our rights and the Seller's
liability in case of counterfeit
Lot
If within 1 year of the date of the auction the Buyer
satisfies us that the Lot is a Counterfeit after theprocess defined in (7)-”Our guarantee and extent
of liability in respect of counterfeit Lots”, we willproceed to following procedures against the Seller:

1. In case of non-payment- Operating an entity having such relationship with
Boryokudanin, etc. that shows their substantial
involvement in the entity’s management.
- Operating an entity having such relationshipwith Boryokudanin, etc. that shows reliance on
Boryokudanin, etc. for the purpose of unfairly
benefiting oneself, one’s own company or third
parties or of damaging third parties.
- Operating an entity having such relationshipthat shows provision of funds or facilities to
Boryokudanin, etc.
- Operation an entity of which Board members or
people substantially involved in its management
have socially condemnable relationship with
Boryokudanin, etc.
⑩ Other similar person or organization engaged
or involved in those who acts ①~ ⑨ “Anti-social
Forces” also includes;
When participants or sellers fall under, or foundto be applicable, MA may refuse to register you tobid / consign, we may cancel the contract for salebetween you and the seller / buyer.

If the Buyer at that time has not yet paid the fullamount due, we shall have the right to cancel thecontract and the seller must refund the fee forauthentication certificate issued through MA andthe other incurred expenses. After payment of
the expences above is completed, the Lot shall be
returned to the seller.

① Use of threatening action or statements, orviolent acts and behaviors in connection with anytransaction between the parties.

2. In case of the payment has
been made③ Unjust claims exceeding legal responsibilities

If we have at that time paid the Seller the wholeor part of the full amount of Selling price, thenthe Seller must refund to us, on demand, the total
amount paid. Moreover, the seller must refund thefee for authentication certificate issued throughMA and the other related expenses, which was
paid by the buyer. Payment shall be required to becompleted by the due date, and we shall be entitled
to exercise a lien over any property of the seller.

LAW AND JURISDICTION② Acts and behaviors which may damage the credit
or obstruct the business of the bank by the use of
fraudulent means or by force④ Any acts ①~ ③ by using a third party

These conditions of MA are subject to Japanese Law,
which shall apply to their construction as well as totheir effect. We, the Seller and the Buyer submit to
the exclusive jurisdiction to Tokyo District Court.

(17) Refusal of Transaction
with Anti-social Forces
When participants or sellers fall under, or foundto be applicable, MA may refuse to register you tobid / consign, we may cancel the contract for salebetween you and the seller / buyer.
① an organized crime group (“Boryokudan”)② a member of an organized crime group(“Boryokudanin”)③ a person who was a member of an organizedcrime group (“Boryokudanin”) within the past 5years④ associate member of an organized crime group(“Boryokudan jyunkoseiin”: who are third parties inconnection with Boryokudan)⑤ a company affiliated with an organized crimegroup (“Boryokudan kankei kigyo”)⑥ a racketeer attempting to extort money froma company by threatening to cause trouble at thegeneral stockholders’ meeting (“Soukaiya”)⑦ groups acting as if advocating legitimate social
causes (“Shakai undou hyoubou goro”)⑧ a special intelligence organized crime group etc.

Any use of materials or other commercial exploitation of any kind on this catalogue without permission of Mainichi Auction, Inc. is strictly prohibited.