NEW ART EST-OUEST AUCTIONS Conditions of Consignment at TOKYO
The seller which is indicated on the reverse side of this document ("Seller") must agree entirely with all below listed terms and conditions ("Conditions") set forth by NewArt Est-Ouest Auctions Co., Ltd., in order to consign works and items indicated on the reverse side of the document ("Item(s)") for the auction held by New Art Est-Ouest Auctions as indicated on the reverse side ("Auction").
1. Item delivery
Item(s) shall be delivered at New Art Est-Ouest Auctions’ designated place. Seller is liable for all expenses (transportation costs, insurance costs, consumption tax ("CT") and customs duties etc.) which may be incurred for the delivery.
2. Insurance
Seller is responsible to insure Item(s) against any risk of loss, theft, damage or defacement of Item(s) with waiver of subrogation from the date Item(s) is delivered to New Art Est-Ouest Auctions to the date Seller collect Item(s). In the event of an accident, the maximum guarantee is within the limits of insurance, and New Art Est-Ouest Auctions shall not bear any liability. If Seller delivers Item(s) to New Art Est-Ouest Auctions without any insurance, Seller is deemed to have abandoned indemnity for the Item(s) and New Art Est-Ouest Auctions is not liable for the loss, theft, damage or defacement caused by the accident. Seller may cover Item(s) under the insurance that New Art Est-Ouest Auctions is entered into by paying 1% of the reserve price of the Item(s) to New Art Est-Ouest Auctions. In this case, the maximum claim coverage may be made up to the 90% of the reserve price. In case where Item(s) is without reserve price, the low estimate will be considered as the reserve price.
3. Fees (Consignment fee, Handling fee)
3-1 Consignment fee: 10% of the hammer price. (However, in the case where the consignment fee is less than JPY 10,000, the amount of JPY10,000 will nevertheless be charged as the consignment fee.) Seller is liable to pay New Art Est-Ouest Auctions the total amount of the above consignment fee plus CT.
3-2 JPY 30,000 (plus CT) will be charged as handling fee for Item(s) of which low estimate is under JPY 300,000 and the sum of length, width and height exceeds 2.5m or the weight is over 50kg. Handling fee will be exempted for Item(s) with hammer price over JPY 300,000.
4. Reserve price
4-1 Seller may set reserve price(s) (minimum hammer price(s)) for Item(s). However, Seller cannot set reserve price(s) for item(s) with low estimate(s) of less than JPY 300,000. The minimum hammer price(s) for Item(s) without reserve price will be half of the low estimate(s). However, if Seller wish to, it is possible to sell Item(s) at hammer price(s) lower than half of the low estimate(s).
4-2 Even if the price bidded is below the reserve price, New Art Est-Ouest Auctions has the right to close the deal at its own discretion. However, in such case, New Art Est-Ouest Auctions will guarantee that Seller receive the same amount as Item(s) would have been sold at the reserve price.
4-3 In case of consigning two or more Item(s), Seller may register for Total Reserve. Total Reserve is a system to allow Item(s) to be sold below its reserve price by allocating excess amount from reserve price of certain Item(s) to other Item(s) which did not reach its reserve price.
5. Catalogue listing fee
5-1 Seller agrees to allow New Art Est-Ouest Auctions to do photography on and reproduce the Item(s) with waiver of fees and responsibilities. In addition, Seller agrees to allow New Art Est-Ouest Auctions to publish the illustration and reproduction provided by Seller including those photographed and reproduced by New Art Est-Ouest Auctions in the catalogues and advertisements of the auctions held by New Art Est-Ouest Auctions with waiver of fees and responsibilities. This agreement shall be valid continuously even after the cancelation or termination of consignment contract.
5-2 Item(s) will be listed in the auction catalogue for Auction. Seller agrees to pay for the catalogue listing fee for each item. The Auction may, at its own discretion, edit and determine the location, size (number of items per page in the catalogue), and photographs of the items to be listed in the auction catalogue, and Seller cannot state objection for its content.
Two-page spread layout…JPY30,000
One-page single item…JPY20,000
One-page 2 items…JPY10,000
One-page 3 items…JPY9,000
One-page 4 items…JPY7,000
One-page 5 items…JPY6,000
One-page 6 items…JPY5,000
One-page 8-9 items…JPY4,000
5-3 For Item(s) that requires the use of copyright, which is deemed necessary in business customs at the discretion of New Art Est-Ouest Auctions, Seller agrees to New Art Est-Ouest Auctions’s judgment and agrees to pay for the actual costs such as the copyright royalty and the costs associated therewith.
6. Payment for sold Item(s)
After Item(s) has been sold and the successful bidder(s) has made the payment, New Art Est-Ouest Auctions will pay Seller the amount of the hammer price after deducting the consignment fee as stated in clause 3 and all fees owed to New Art Est-Ouest Auctions within 50 days from the date of Auction in principle. However, New Art Est-Ouest Auctions shall pay Seller on the 35th day from the date of Auction only if the payment of all sold Item(s) by successful bidder(s) is made within the defined payment deadline and there is not any other problem. If the 35th day from the date of Auction happens to be a bank holiday, New Art Est-Ouest Auctions shall pay Seller on the next bank working day. If successful bidder(s) fail to make payment within 50 days from the date of Auction, Seller may ask for the return of Item(s) but New Art Est-Ouest Auctions is not responsible for any financial loss Seller might have incurred by the delay of payment.
7. Other expenses (Appraisal fee, Copyright royalties, Box fee)
7-1 For Item(s) which requires an expert opinion, New Art Est-Ouest Auctions may request for an appraisal to a certain expert on behalf of Seller. Seller accepts to pay the actual appraisal fee, any other necessary fee incurred for the appraisal and agency fee.
・Request to an authority in Japan: agency fee (JPY 5,000 (plus CT) or above), the actual appraisal fee and any other necessary fee incurred for the appraisal of each Item.
・Request to an overseas authority outside Japan: agency fee (JPY 30,000 (plus CT) or above), the actual appraisal fee and any other necessary fee incurred for the appraisal of each Item.
7-2 When consigning fragrant wood (Agarwood, Agalloch Wood), Seller is liable to pay for its appraisal, research and quality inspection fee at JPY5,000 (plus CT) per Item.
7-3 For Item(s) that requires the use of copyright which is deemed necessary in business customs, New Art Est-Ouest Auctions may request for the permission of the copyright use to the copyright holder or its agency on behalf of Seller by New Art Est-Ouest Auctions’s own discretion. Seller accepts to pay the actual fees such as copyright royalties and related costs.
7-4 With Seller’s consent, New Art Est-Ouest Auctions can also ask a specialist for necessary restoration, cleaning and overhaul etc. of Item(s) on behalf of Seller, and Seller is liable to pay the fee incurred.
7-5 When Item(s) does not have minimum protection for storing and transporting, New Art Est-Ouest Auctions will prepare a box and Seller is responsible to pay for the box fee.
8. Unsold Item(s)
8-1 If Item(s) remains unsold at Auction, New Art Est-Ouest Auctions reserves the right to continue the sales of unsold Item(s) for 10 business days (except Saturday, Sunday and public holiday) from the day after Auction as "after sale period". In addition, the minimum hammer price set forth in clause 4 will be applicable during "after sale period".
8-2 Seller is responsible for the collection of cancelled Item(s) within one month from the date of cancellation. Unsold Item(s) must be collected within one month after the date of Auction. If Item(s) remains uncollected until the due dates, Seller must pay the storage fee of JPY 5,000 (plus CT) per item per month to New Art Est-Ouest Auctions. However, for Item(s) of which the sum of length, width, and height exceeds 2.5m, the storage fee is chargeable at JPY 40,000 (plus CT) per 3.3㎡ per month. If Item(s) remains uncollected over 300 days after the date of Auction, Seller is deemed to not have the will to collect Item(s), and Seller agrees that New Art Est-Ouest Auctions sell or dispose the uncollected Item(s) in auction or any other ways at its own discretion without obtaining Seller’s consent. The selling price can be determined at the discretion of New Art Est-Ouest Auctions. New Art Est-Ouest Auctions will pay Seller if there is balance amount from the sale after deducting all fees (consignment fees, catalogue listing fees, storage fee etc.) owed to New Art Est-Ouest Auctions; On the other hand, Seller must pay with no objection to New Art Est-Ouest Auctions if there is an outstanding balance after the sale.
8-3 New Art Est-Ouest Auctions reserves right to cancel the sale without obtaining Seller’s consent under any circumstances that the sold item(s) is determined as an improper sale.
9. Exclusion of antisocial force
9-1 Seller must acknowledge the followings and no violation of the followings will happen.
(1) A Seller is not; a violent group, a member of violent group, a former member of violent group within last 5 year, a sub-member of violent group, corporate related to violent group, a corporate extortionist, a political racketeering organization, terrorists of specialized intelligence (the “Antisocial Force”) and/or a person or group which are recognized as above.
(2)A Seller is not; an executive (the “Executive” includes an executive member, director and/or another personal recognized as above), a practical director, a shareholder, a deputation or intermediary of this contract and others belong to Antisocial Force.
(3) The contract is signed on seller's willing and not forced by or involved any Antisocial Force.
(4) An Antisocial Force will not be involved to implement the contract and/or accomplish object of a Seller or the Antisocial Force.
(5) A Seller, an Executive, a practical director, and/or shareholder is not related to an Antisocial Force or a person/group recognized as Antisocial Force in society by offering them funds and/or physical/unphysical benefit.
9-2 New Art Est-Ouest Auctions obtains right to cancel the agreement or terminate without notice in case a Seller has the one of or more than one of followings. New Art Est-Ouest Auctions shall not be liable for any losses caused.
(1) a Seller’s action is against provision no 9-1.
(2) a Seller’s action are taken by violence or illegal mean.
(3) a Seller’s action includes assault, threats and/or violence when dealing
(4) a Seller spreads false information to public and slander the Est-Ouest result in interference of business operations.
(5) a Seller take action(s) recognized as above.
10. Others
10-1 In principle, Item(s) confirmed as consignment is mainly determined by this Condition of Consignment and Consignment agreement. When the estimation and conditions are agreed verbally on phone or by email, these are also treated as the agreement of consignment. After the agreement to consign, Seller cannot cancel the consignment of Item(s) due to Seller’s personal reason. In addition, if the consignment agreement did not receive within ten days from the issue date, Seller will be deemed to have accepted the consignment agreement and Seller cannot cancel the consignment of Item(s) due to Seller’s personal reason.
10-2 The name of the artist and other details written in the Receipt of Property at the time of Item delivery are not the finalized statement.
10-3 In case Item(s) is found to be fake or stolen/lost item(s) at any time from the receipt of Item(s), after the Item is sold or even after the payment, Seller is liable for compensation of any consequence New Art Est-Ouest Auctions suffered by the incident.
10-4 New Art Est-Ouest Auctions is responsible to keep confidential anything pertaining to Seller’s personal information and payment details after the sale; Seller is responsible to keep confidential the rate of consignment fee and reserve price(s) of Item(s). However some cases will be exceptional where both parties are in agreement.
10-5 Seller shall read and understand all the terms used in Condition such as estimation, reserve price, consignment fee, no reserve item, total reserve, after sale and so on. Seller may refer to "the introduction of special terms for auction".
10-6 Contractual relationship between the parties hereto including the interpretation of provisions on this matter between the parties shall be governed by and executed by the laws of Japan. Any provision of "United Nations Convention on Contracts for the International Sale of Goods" shall be excluded.
10-7 Both parties agree that the Tokyo District Court or Tokyo Summary Court shall have exclusive jurisdiction for the first instance over any lawsuit in connection with this matter.
(Conditions shall apply to auctions which are held in Japan only. The English version of the Conditions is for the purpose of reference only. If there is any discrepancy between the Japanese version and the English version, the Japanese version shall have the binding effect.)
July 2024
New Art Est-Ouest Auctions Co., Ltd.
