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TERMS AND CONDITIONS
- *Last Updated: March 1st, 2024
Mainichi Auction(MA) Conditions of Consignment and Sale The following Conditions of Consignment and Sale are Mainichi Auction, Inc. and the sellers'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 a seller or participating in MA as a buyer, please read the Conditions carefully and acknowledge that you are bound to these Conditions. Any consigner, bidder, and those who conclude a contract of sale 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.
BASIC GLOSSARY
The followings will help explaining and defining some of the key words commonly used in our catalogue.
Lot
an individual object or group of objects offered for sale at auction as a single unit. Each Lot bears Lot number and our auctioneer conducts the sale according to this number.
Bid number
special identification number allocated to a registered participant. Every participant receives the paddle bearing this number at the reception desk when registered. To place a bid, simply raise your paddle until the auctioneer acknowledges you. If you win the auction, your paddle number is recorded alongside your bid.
Seller
the institution, company or person who consigned the property to be sold at Mainichi Auction or the representative legally commissioned sole right to sell the property. The seller must be a sole owner of the property with an unrestricted right to transfer the title to the Buyer.
Buyer
the person who made the highest bid accepted by our auctioneer.
Hammer price
the amount of the highest bid accepted by our auctioneer regarding a Lot. According to this amount we calculate the total amount for Sellers and Buyers according to our designated seller commission, buyer's premium.
Selling price
the total amount due to a Seller subtracted Seller's commission from Hammer price. We charge each Lot fixed amount of 11,000 JPY when the hammer price is less than 70,000 JPY and 16.5% of hammer price of each Lot fetched 70,000 JPY or more and less than 500,000. And 11% Seller's commission is applicable to each Lot fetched 500,000 or more.
Buyer's price
the total amount including the realized Hammer price and the Buyer’s premium. The buyer's premium is the charge, added at a rate of 16.5% of the Hammer price per Lot.
Reserve price
the amount below which we agree with the Seller that property cannot be sold and cannot be above our low estimate. We negotiate the amount before accepting consignment and have the right to refuse the consignment in case of discrepancy between our estimate and the desirable selling price requested by the Seller.
No estimate or Nariyuki
in Japanese means that we are not able to suggest any reasonable opinion to estimate the Lot because of our uncertainty about authorship, circa, origin, provenance, signature, medium and/or other points. Or it means that we cannot suggest any concrete estimate because of lack of recent trade data. Regarding these lots indicated “No estimate” or “Nariyuki” in this catalogue we will not bear any responsibility if the authorship indicated in this catalogue is different from real author.
Counterfeit
a Lot constituting an imitation conceived and executed originally with a fraudulent intention as a whole to deceive as to authorship, origin, age, period, culture or source where the correct description as to such matters is not reflected by the description in the catalogue and which at the date of the auction had a value materially less than it would have had if it had been in accordance with the description in the catalogue. Accordingly, no Lot shall be capable of being a counterfeit by reason of any damage and/or restoration work of any kind including repainting.
