(1)The Company will hold a pre-auction viewing for every Property to be auctioned.

(2)Persons who desire to purchase any Property shall, at their own decision and responsibility, inspect the auctioned works at the pre-auction viewing and place their bids.

(3)When a person desires admission to the pre-auction viewing, the Company may ask the person to present his/her identification and may refuse admission or ask the person to leave the pre-auction viewing.

(4)In case any person admitted to the pre-auction viewing causes any blemish or any other damage to a Property, the Company may demand compensation for such damage from such person.

(5)Schedules for the pre-auction viewing shall generally be announced in advance or described in the catalogue, subject to any change made by the Company at its own discretion. The Company shall not be liable for any damage incidental to such change in the schedule of the pre-auction viewing.

(1)The Company shall lend a bidding paddle to each registered participant at the auction desk on the day of the auction.

(2)Every auction participant shall always remain aware of the bid number of his/her own paddle and listen attentively to the bid numbers called out by the auctioneer. If the auctioneer instructs any participant to raise his/her paddle for the purpose of visibility, the person so instructed shall immediately do so.

(3)When any auction participant loses his/her paddle, he/she shall immediately notify a staff member of the Company at the auction site. All auction participants shall return their paddles to the Company immediately upon the end of an auction or when exiting in the middle of an auction.

(4)Every auction participant shall treat his/her paddle with due care and responsibility and shall not lend his/her paddle to a third party. Participants shall bear full responsibility for any damages arising from the loss, theft, or borrowing and lending of their paddles. In no event shall the Company bear any liability for such damages whatsoever.

(1)An auctioneer appointed by the Company shall preside over and conduct every auction. Every auction shall be conducted by the bidding-up system, and the starting price and increments of bidding shall be decided at the discretion of the auctioneer. The price so bid up shall not include the Buyer's Premium, consumption tax thereon, and any other costs and expenses. Every auction participant agrees in advance to pay the Company the full amount of the Buyer's Premium, consumption tax thereon, and all other costs and expenses in case his/her bid is successful.

(2)Every auction participant must be approved by the Company and registered with the Company. Unless otherwise agreed in advance with the consignor, the Company shall not announce the name of such consignor or the Reserve even if the Reserve has been set.

(3)The auctioneer may participate in the auction himself/herself at his/her own discretion until the price reaches the Reserve.

(4)In case any dispute arises between auction participants or between the auctioneer and any auction participant, the final winning bidder shall be decided through either re-auction or the judgment of the auctioneer. In such case, any and all parties involved in such auction must obey the final decision reached. Moreover, the auctioneer may refuse any purchase offer at his/her own discretion.

(5)Every auction participant shall be deemed to participate in the auction as a principal unless he/she has notified the Company in writing of his/her desire to participate in the auction as an agent or a representative of another person in advance and the Company has consented thereto; provided that more than one person may not bid for a Property under a joint name.

(6)A bidder shall express his/her intention to place a bid by raising his/her paddle so that the auctioneer can see it, or with gestures or in any other manner recognizable by the auctioneer. When a bidder judges that the auctioneer has failed to recognize the bidder's intention to place a bid, the bidder must immediately take actions to draw the attention of the auctioneer.

(7)A bidder shall be bound by the price of his current bid until any other bidder places a bid at a higher price. Any bid shall become void when any other bidder places a bid at a higher price and the auctioneer recognizes such higher price.

(8)The winning bid shall be finally decided when the auctioneer calls out the highest price bid multiple times and brings down the hammer. The person who has bid the highest bidding price before the auctioneer brings down the hammer shall be the winning bidder; provided, however, that if the auctioneer judges that the auction needs to be continued, he/she may resume the auction again at his/her own discretion. When the auctioneer brings down the hammer, the winning bidder and the Company shall enter a sales agreement under which the bidding price for the relevant Property shall be the sales price, and the winning bidder shall be obligated to pay the amount of the Hammer Price plus the prescribed Buyer's Premium, consumption tax thereon, and any other costs and expenses.

(9)Nobody may protest the decision of the winning bidder of an auction after the auctioneer starts the bidding for the auction of the next Property.

(1)Persons registered with the Company who desire to participate in an auction may participate by written bids or telephone bids, as well as by direct participation at the auction site.

(2)Any person who desires to participate in an auction by written bids shall fill in the Absentee Bids Form attached to the pertinent catalogue, send the form to the Company to apply for participation, obtain the approval of the Company, and follow the instructions of the Company; provided, however, that if such Absentee Bids Form fails to arrive or arrives after the application deadline due to erratic delivery or otherwise, or if the Company cannot recognize such request for written bid, the Company shall deem that such application is not made and the Company shall assume no responsibility; provided further that the Company may refuse the application of any person desiring to participate in any auction by written bids at its own discretion.

(3)The Company shall accept written bids delivered directly in person at the pre-auction viewing or delivered by facsimile or mail not later than one (1) business day prior to the date of the auction; provided that the amount indicated by the bidder shall not include the amount of the prescribed Buyer's Premium, the consumption tax thereon, and any other costs and expenses.

(4)If the prices indicated by more than one bidder participating in an auction by written bids are the same, the written bid which arrives before the other written bid(s) in the same amount shall prevail; provided, however, that if such bids arrive at the same time, the winner will be chosen by drawing lots.

(5)When the Company finds any instruction by a participant by written bid to be incomplete or inadequate, it may decide not to follow such written instruction, and in such case the Company shall not be responsible in any respect.

(6)The Company shall assume no responsibility for any failures which may occur in the course of processing the instructions of a participant included in a written bid, regardless of the reason.

(7)If any description or explanation described in a catalogue is changed, the announcement about such change at the auction site shall be deemed to be a notice of such change and instruction by any written bid shall be deemed to be made subject to such changed description and explanation. Although the Company shall make the best efforts to notify bidders of all changes in descriptions and explanations, it shall assume no responsibility whatsoever if a bidder of written bids fails to receive such notification for any reason.

(8)If the price instructed by any bidder of a written bid and the price bid up by any participant at the auction site are the same, the auctioneer may decide the final winning bidder at his/her own discretion.

(9)Any person who desires to participate in an auction by telephone shall fill in the Absentee Bids Form attached to the pertinent catalogue, send the form to the Company to apply for participation, obtain the approval of the Company, and follow the instructions of the Company.

(10)If the number of participants desiring to participate in an auction by telephone simultaneously exceeds the number of phone lines available, the Company shall accept bids on a first-come-first-served-basis; provided that the Company may, at its own discretion, refuse to accept any bid placed by any participant by telephone.

(11)The Company shall not be responsible for any failures with respect to the instructions made by participants by telephone due to miscommunication, trouble with telephone lines, or any other reasons.

(1)After the successful bidder completes payment of the Purchase Price, the Company shall hand over the relevant purchased property; provided, however, that if such successful bidder has any obligations due and payable to the Company other than the Purchase Price, the Company shall not hand over the purchased property until the bidder fulfills all of such obligations as well as the Purchase Price (the Purchase Price and any and all obligations due and payable to the Company shall hereinafter be referred to as the "Purchase Price, etc.").

(2)The successful bidder shall, after paying off the Purchase Price, etc., pick up the purchased property within the payment period at the premises of the Company or in such other place designated by the Company. If the successful bidder cannot pick up the Property by himself/herself, he/she may entrust an agent, a representative, or a carrier with the pickup or transportation at the expense and responsibility of the successful bidder.

(3)Costs and expenses for such pickup or transportation of a purchased property shall be born by the successful bidder, and the Company shall not be liable for any accident involving the purchased property after the time of handover (when the Company passes the purchased property over to the successful bidder or its agent, its representative, or the carrier). When the successful bidder requests the Company to make shipping arrangements, the Company shall do so only for the benefit of the successful bidder. In such case, the successful bidder shall take all reasonable measures against risk to the purchased property through the purchase of insurance, etc., and the Company shall assume no responsibility for any damage (disappearance, loss, theft, deterioration, defacement) occurring after the handover, even if the carrier appointed by the Company has proven unreliable or has caused such damage to the purchased property. The successful bidder must, at its judgment, responsibility and burden, pack the purchased property in the manner which the successful bidder considers appropriate. Although the Company may pack the purchased property in a manner it deems appropriate for shipment and delivery, the Company shall bear no responsibility for such packing.

(4)The successful bidder may inspect the purchased property when picking it up. After the handover of the purchased property from the Company to the successful bidder (including its agent, representative or carrier), however, the successful bidder may not raise any claim regarding any mistake, deterioration or defacement with respect to the purchased property, terminate the agreement on the grounds of any mistake, deterioration or defacement with respect to the purchased property, or make any other complaint to the Company, unless such mistake, deterioration or defacement with respect to the purchased property can be reasonably attributed to the willful acts or gross negligence of the Company, regardless of whether the successful bidder has inspected the purchased property at the pickup; provided, however, that if the Company hands over any Property different from the purchased property by mistake, it may request the successful bidder to return the Property and the successful bidder shall grant such request.

(5)When the successful bidder picks up the purchased property, he/she shall present to the Company a prescribed invoice issued by the Company. If the Company passes the purchased property over to any person other than the successful bidder who appears with the prescribed invoice issued by the Company and thereafter the successful bidder fails to receive the purchased property, the Company shall not be responsible therefor.

(1)The successful bidder shall burden risks of the purchased property on and after the time of conclusion of the sales agreement with respect to the purchased property. (Any disappearance, loss, theft, deterioration, or defacement caused for any reason not attributable to the Company shall be burdened by the successful bidder and the successful bidder shall not be exempted from payment of the Purchase Price.)

(2)The title to the purchased property shall not be transferred to the successful bidder until the successful bidder completes payment of the Purchase Price, etc. and the Company hands over the purchased property to the successful bidder. The title to the purchased property shall be transferred to the successful bidder upon completion of payment of the Purchase Price, etc. by the successful bidder and the handover of the purchased property by the Company.

(1)If the successful bidder asks for an extension of the payment due date for the Purchased Price, etc. in writing, the Company may extend the payment due date by giving a written notice setting a grace period to the successful bidder; provided, however, that the successful bidder shall have no right to request such extension of the payment due date and the Company may, at its own discretion, decide not to grant such extension.

(2)The successful bidder shall pay the interest on the Purchase Price, etc. incurred during the grace period (at the rate set from time to time and notified in writing by the Company).

(3)If a provisional attachment with respect to other obligations of the successful bidder or compulsory execution is filed, or an application or a petition is filed for commencement of a bankruptcy procedure, civil rehabilitation procedure, corporate reorganization procedure, company arrangement or special liquidation of the successful bidder, or any draft or check drawn by the successful bidder is dishonored, or the performance of any part of the obligations payable to the Company is delayed, the Purchase Price, etc. shall immediately become due without notice from the Company and the successful bidder shall pay the Purchase Price, etc. forthwith.

(1)The successful bidder shall not be required to pay the expenses for the storage and insurance of the purchased property during the payment period. If the successful bidder fails to pick up the purchased property during the payment period, he/she must pay expenses for the storage and insurance of the purchased property incurred from the first day after the end of the payment period up to the day of the actual pickup; provided, however, that the Company shall not be obliged to take such insurance.

(2)When the Company grants an extension of the payment due date to the successful bidder, the successful bidder shall pay expenses for the storage and insurance of the purchased property incurred from the day after the end of the payment period up to the complete payment of the Purchase Price, etc. and the pickup of the purchased property.

(1)If any person claiming to be the true owner of the purchased property proves that the purchased property has been stolen or lost and demands the return of the property before handover by the Company to the successful bidder, or if the purchased property is identified as an item whose trade or possession is prohibited by law, the Company may terminate the sales agreement without notice to the successful bidder. If the Company has received any payment of the Purchase Price from the successful bidder in such case, the Company shall return it to the successful bidder free of interest and the successful bidder may not make a claim for damage or any other claims to the Company.

(2)In case any chief of police orders the Company to keep hold of the purchased property pursuant to the provisions of Article 21 of the Antique Dealing Law and such holding period exceeds ten (10) days from the day following the date of the auction, the Company shall not hand over the purchased property to the successful bidder until the holding period expires, and the provisions of 9-(3) shall apply by changing the wordings "within ten (10) days from the date of the auction" provided for therein to "within three (3) days after the final day of the holding period of the property by order of the chief of police," and the provisions of 10-(2), 13-(1) and (2) and 15 shall apply upon changing the wording "payment period" provided for in the aforesaid three Articles correspondingly; provided that if the handover of the purchased property is delayed on the grounds of such storage, the Company shall not be responsible for the results caused due to such delay.