87

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214

YO

YO-0132,800,000.981418531917

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16712532263

18905194413

()

215

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216

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YO-0141,500,000.25275.5354316

1852192218751908

217

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YO-015

1,500,000.

4112856225

1944

18831957

218

YO

YO-019120,000.

31155442021928

188319451934

YO-017250,000.37123

5221918731957

YO-018150,000.521756923318831945

219

YO

YO-021100,000.5213767216

1904

YO-020100,000.57152

72196

YO-02245,000.

4210755192

YO-02345,000.50132

652101830

1901

18471917

220

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YO-025200,000.

4112055208

YO-026200,000.4212156212

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5.536331501944

YO-02885,000.

2411326196

186419421900

221

YO

YO-029120,000.433257123

YO-030100,000. 554970149

YO-03290,000.534265136

YO-03385,000.

242643121

YO-03485,000.

384340133

YO-03540,000.

382850107

YO-031100,000.403654133

186419421900

222

YO

YO-037120,000.

51141652281904

YO-03945,000.

31132432031904

YO-038120,000.188121204137

(18451924)

YO-04020,000.

4211754185

223

YO

YO-04130,000.

3010143181

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402551106

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YO-04720,000.12129

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242636115

193418791955

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3624196170

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2811237179

18261897

(18421913)18961909

224

YO

YO-049300,000.50113651991890

18091892

YO-050100,000.6111275177

18361924

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225

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YO-052300,000.

534967146

189119751961

YO-05560,000.252537156

1917

1931

226

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46336551

19713

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1852192218751908

YO-057120,000.141890

(18521913)

187219631953

227

YO

YO-060400,000.

333339(1919

2007)

YO-06185,000.101023

YO-06340,000.8.58.59YO-062

80,000.181824

1995

()

228

YO

YO-065140,000.222221

YO-067100,000.

14.514.56

YO-06880,000.775.5

YO-06970,000.

9914

YO-066100,000.15.515.524

1894197819201955

1894197819201955

229

YO

YO-07070,000.14.5145.5192620041940

1985()

YO-073

45,000.

9919

189419781955

YO-07220,000.8.58.510

YO-07120,000.7.57.59

YO-07445,000.888.5

230

YO

YO-07670,000.20207.5

19121990

YO-07760,000.24.524.54.0

(19061982)1963197219761978

YO-07938,000.28284.5

19121990

YO-07840,000.886.51929

YO-08030,000.

6612.5

YO-08325,000.

17173

YO-08220,000.

101027.5

YO-08420,000.

7.57.514

YO-08130,000.1717

30.530.5(16611673

231

YO

YO-085190,000.181816

YO-086100,000.14147

189519811927195619671970

YO-08750,000.774

19102003)

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YO-08970,000.161616

1933

YO-09020,000.9.59.516

232

YO

YO-092250,000.12.5128.5

1894198518681941193019551971

YO-093100,000.13.513.57

YO-09580,000.12.512.58

YO-09490,000.15152

233

YO

YO-096200,000.101024

19162005

YO-09960,000.555

YO-09860,000.555

YO-09760,000.6.56.53.5

190019681961

234

YO

YO-101400,000.8.58.514

18961967

YO-102350,000.11.51018.5

235

YO

YO-105130,000.13126.5

YO-106120,000.1077

YO-104150,000.13138.5

YO-103280,000.8824

18961967

236

YO

YO-11170,000.9913YO-110

80,000.6.56.522

YO-109100,000.12127.5

19061994193819591987

YO-11235,000.8823

YO-108120,000.16.516.515.5

18991983193819701970

237

YO

YO-11950,000.13138.5

19011976

YO-11760,000.17.517.517

19021985

YO-11860,000.131311

2005

YO-11535,000.13137

YO-11440,000.1095.5

YO-11630,000.76.55

1932200119801996

YO-11350,000.8.58.514

19061994193819591987

238

YO

YO-123150,000.6.56.56.5

190419821970

YO-122150,000.99498

189819961979

YO-121250,000.

775.5

190419821970

239

YO

YO-12480,000.313120

YO-12535,000.8.58.522

YO-12630,000.

231619

YO-12720,000.3041

1977198019821983198419851986198719881990

190519991978

240

YO

YO-130150,000.4.54.52

YO-129400,000.

7714

YO-131150,000.202010.5

18831959

241

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YO-132300,000.45458.5 18871979

YO-133150,000.6.56.54

18831959

YO-134120,000.25184.5

19331983195919691974

242

YO

YO-13935,000.

9914

1846

YO-136330,000.202028

1859

1940

YO-13838,000.18.518.58.5

18421916

YO-137120,000.6.56.53.5

243

YO

YO-140100,000.1313.520

1927

YO-14180,000.42426

YO-14360,000.7.57.54

18751971

YO-14270,000.9.59.56.5

18901966

YO-14560,000.874YO-14480,000.

7.57.53.5

19461993

244

YO

YO-15720,000.12.512.510

YO-14825,000.

22.522.53.5

YO-14725,000.23233.5

YO-15525,000.242419.5

YO-16120,000.

361734.5

YO-16220,000.1587

YO-15130,000.

37376.5

YO-15420,000.

21218.5

1921

YO-15020,000.525211YO-14920,000.

22.522.54

YO-15920,000.

22229.5

YO-15320,000.34346

YO-15820,000.

22228.5(19272010)

YO-15620,000.222224

YO-16020,000.

16

YO-15220,000.21213

(191919501990

245

YO

YO-16420,000.

10102.5

YO-16520,000.

10102.5

YO-17225,000.21213

YO-16720,000.886

YO-17320,000.

552.5

YO-16348,000.209.52.5

(18941974)(1940)

YO-17020,000.13134.5YO-16925,000.

212110YO-17120,000.11.511.57.5

YO-16620,000.1071.5

YO-17425,000.7712.5

YO-16820,000.242410

19021990

246

YO

YO-18420,000.161619

YO-18630,000.

2525211930

YO-18030,000.12.512.52619292013

YO-17930,000.131327

19001990

YO-17630,000.

242437

YO-17730,000.

111119

YO-19120,000.131331

YO-19020,000.139.523.5

YO-17830,000.

9.59.529

YO-18220,000.21.521.531.5

YO-18320,000.21.521.527YO-181

30,000.262661

YO-18720,000.

1212221933

YO-18520,000.

313124.5

YO-18920,000.19.519.525.5

YO-18845,000.19.51724.5

247

YO

YO-20120,000.

101023(18941974)

YO-19220,000.414146

YO-20420,000.202031.51921

YO-19620,000.9.59.523

YO-19825,000.

161625

YO-19720,000.111117

YO-19520,000.()

111123.5

YO-20520,000.

1515241941

YO-19920,000.

101017

YO-20620,000.252529.5

YO-20220,000.

9916

YO-19420,000.

202030

YO-19320,000.

2121241927

YO-20320,000.

181827.5

YO-20020,000.27.527.531.5

YO-20720,000.10729

(1912)

248

YO

YO-21740,000.

9915(18881974)

YO-21145,000.212128YO-20950,000.

505050

YO-21240,000.17.517.56.5

YO-21540,000.22.5153

YO-21350,000.111013

1926

YO-21650,000.

6.56.54

YO-21045,000.141225

1914200419451961

YO-21420,000.77.524.5211967

19181979

249

YO

YO-22635,000.292911

1930

YO-21840,000.

8.58.512.51937

YO-22020,000.14.5615

YO-22120,000.6.56.513

YO-22320,000.

5.55.55.5(1969)

YO-21930,000.8.58.5131941

YO-225

20,000.11117

17511764

YO-22220,000.

5.55.55.51930

YO-22420,000.

554.5

250

YP

YP-0011,200,000.13137

18061869

251

YP

YP-003450,000.

24242.51846

YP-002550,000.883.5

1920

252

YP

YP-006110,000.8.58.52.5

YP-005200,000.

242436

YP-007100,000.

3118061869

253

YP

YP-00830,000.464621

YP-00920,000.

()998.5

YP-012600,000.633714(1661

YP-011

20,000.23233

YP-01020,000.251613

254

YP

YP-014200,000.

56.533.514.5

YP-01940,000.464621

YP-02320,000.()

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YP-017

20,000.45304

YP-02040,000.24245.5

YP-02135,000.

7.57.511

YP-024

20,000.() 242443.5

YP-02230,000.9.59.52

1936

YP-015

20,000.10.517.5

YP-02520,000.

161614

YP-018

20,000.20.520.58.5

255

YP

YP-02930,000.15234

YP-027130,000.188.57YP-026200,000.12938107

YP-03325,000.333329

YP-030

20,000.1087

YP-02830,000.

24.536.521915

YP-03220,000.

37378

YP-03520,000.

17435154

YP-03120,000.511327.5

YP-03425,000.4128.55.5

256

YP

YP-03850,000.341226

YP-04320,000.22YP-042

20,000.31.5

YP-04135,000.7448

YP-037100,000.60

YP-04820,000.58

YP-03920,000.40

YP-04030,000.23

YP-04520,000.1171

YP-04420,000.172412

YP-04720,000.31273YP-046

20,000.6814

257

YP

YP-05830,000.

7.57.56

YP-05620,000.

16141.5

YP-05220,000.161629

YP-05330,000.343415

YP-05750,000.42426.5

YP-06035,000.80621

YP-05930,000.292719

YP-04920,000.2215.521

YP-05420,000.291211

YP-05130,000.322410YP-05020,000.34192

YP-05520,000.444424

YP-06220,000.493418

YP-06320,000.62404

YP-06420,000.553614YP-061

20,000.413014

258

YP

YP-07630,000.14437127YP-07420,000.

42453217.5

YP-07530,000.42463018

YP-06820,000.9033106YP-067

20,000.7630109YP-069

20,000.752876

YP-07320,000.703325

YP-06620,000.11045151

YP-07120,000.352334

YP-07230,000.1259234YP-070

20,000.60148

YP-07720,000.87920

YP-07950,000.

1408768

YP-07850,000.103232

YP-08020,000.111836

259

YQ

YQ-001330,000.181827

186164

YQ-00270,000.40407

YQ-00520,000.

222224

YQ-00420,000.141433

YQ-003

30,000.262622

260

YQ

YQ-01245,000.1421.5

YQ-01340,000.1421

YQ-01435,000.13.520.5

YQ-007100,000.2430

YQ-01020,000.564276611928

YQ-01120,000.21

YQ-00835,000.3747

YQ-00920,000.34

19122002

261

YQ

YQ-015100,000.27158

YQ-02020,000.3719.5

YQ-01925,000.45

YQ-01720,000.26623

YQ-01820,000.31727

YQ-01640,000.13229100

262

YR

YR-00825,000.

112015.5230g

YR-00620,000.6522g

YR-01020,000.22248g

YR-00320,000.104g

YR-00150,000.5.52.5

YR-01420,000.7.54468g

YR-00525,000.881169g

YR-00240,000.4.518KSILVER

YR-00420,000.4.53.549g

YR-00920,000.16

YR-01220,000.4.54.52.5

YR-00725,000.

21211.5585gUD800DELUKE

YR-01120,000.

12

YR-01320,000.4.51.52

20

263

YR

YR-02025,000.

1.51.5

YR-02120,000.

52

YR-02320,000.15.5

YR-01830,000.5.54

YR-02630,000.9.56.512

YR-02820,000.66

YR-01730,000.

2494g

YR-02220,000.

21

YR-01925,000.

5.5

YR-02530,000.2.2

YR-01620,000.3256g925

YR-01525,000.4094g925

YR-02430,000.5225g

YR-02730,000.

513

YR-02920,000.

46.5SILVER

YR-03020,000.

40SILVER

264

YR

YR-03420,000.42

YR-03830,000.10.519.5

YR-03390,000.9721

YR-03720,000.

5.5511.5

YR-03920,000.

22

YR-04020,000.7

YR-035

20,000.19.5

YR-03270,000.25

YR-036

20,000.7.5

YR-04120,000.

136.512.5

265

YT

YT-0011,200,000.1951325

AMIR-NAGHASH

266

YT

YT-003400,000.417309MADE IN IRAN

YT-004300,000.375294AZiMiKASHMAR

267

YT

YT-006250,000.298203

YT-005270,000.237157

268

YT

YT-009150,000.175115

YT-010150,000.217138

YT-011120,000.224131

YT-008190,000.160105

269

YT

YT-01530,000.159234

YT-01620,000.9961YT-01455,000.273270

YT-013150,000.235151MADE IN IRANYT-012180,000.156101

270

YT

YT-01860,000.237150 YT-01940,000.250105

YT-02130,000.220280

YT-02240,000.186123

YT-02050,000.14087

YT-02320,000.1063237

271

YT

YT-02730,000.2.5

YT-03030,000.1.5

YT-03225,000.2.5

YT-02550,000.4

YT-02930,000.2.5

YT-02830,000.2

YT-02450,000.4

YT-02650,000.4

YT-03415,000.2.8

YT-03325,000.2

YT-03130,000.2

YT-03615,000.0.8

YT-04015,000.1.5

YT-03815,000.1.3

YT-03715,000.1.8

YT-03515,000.1.3

YT-03915,000.1.3

YT-04130,000.

1

YT-04230,000.2.5

272

YT

YT-04630,000.2.3

YT-04530,000.3

YT-044

35,000.2.5

YT-04730,000.2.8

YT-05030,000.2.5

YT-04830,000.2.5

YT-04930,000.2

YT-05330,000.

1.1

YT-05430,000.

1.2

YT-05925,000.2.5

YT-05725,000.2.5

YT-05825,000.2

YT-05525,000.2

YT-05625,000.1.8

YT-06125,000.2.3

YT-06025,000.2.5

YT-05230,000.2

YT-05130,000.3

YT-06225,000.2.5

273

YU

YT-06325,000.1.2

YT-06615,000.1.3

YT-06515,000.1

YT-06415,000.1

YU-00620,000.337

YU-00520,000.

119.54.5

YU-00180,000.247.5281936

YU-003

33,000.14.514.515

YU-00420,000.22819

YU-00220,000.

222221

YU-00720,000.13137

274

YV

YV-001230,000.14017162(1903)

(1955)

YV-002150,000.14216758

YV-004100,000.13016456YV-003150,000.14017062

275

YV

YV-007100,000.13417063

YV-005180,000.13016560 YV-006100,000.12816960

YV-00830,000.12615645

YV-00930,000.12515649

YV-01030,000.12316048

YV-01120,000.

134160105

276

YV

YV-01910,000.12415848

YV-02410,000.13011947

YV-01810,000.12015444

YV-02310,000.12415449

YV-02210,000.12215548

YV-01720,000.13016048

YV-01420,000.14015250

YV-01360,000.134168115

YV-02110,000.12015045

YV-02010,000.12215645

YV-01520,000.12014743

YV-01620,000.12215542

277

YV

YV-02620,000.133185103

YV-02520,000.133188102

YV-02720,000.135185101

YV-03510,000.44532

YV-03610,000.42830

YV-03710,000.35228

YV-03910,000.32330

YV-03810,000.32331

YV-02820,000.130185104

YV-04020,000.

YV-03310,000.130184107

YV-03410,000.124166105

YV-03210,000.110160106

YV-02910,000.124176108

YV-03010,000.124176107

YV-03110,000.128176106

278

YV

YV-05020,000.12816146

YV-05320,000.12614946

YV-04720,000.12615445

YV-04230,000.12615446

YV-04530,000.12415549

YV-04430,000.12615946

YV-05220,000.12916343

YV-05120,000.12515549

YV-04330,000.12215444

YV-04620,000.12815546

YV-04820,000.12216449

YV-04920,000.12416046

279

YV

YV-06210,000.12649156

YV-05520,000.13115846

YV-05420,000.12315141

YV-06410,000.12315049

YV-06310,000.12415949

YV-06510,000.12415047

YV-06610,000.12415448

YV-05810,000.12615548

YV-06010,000.12613952

YV-05910,000.12815248

YV-06110,000.12116247

YV-05620,000.12215846

YV-06710,000.12616053

YV-05720,000.12415549

280

YV

YV-07220,000.

YV-07310,000.

YV-07120,000.137237

YV-070100,000.YV-069100,000.

YV-07410,000.120035

YV-07610,000.120037

YV-07510,000.131037

YV-07710,000.

YV-07810,000.

281

YV

YV-08420,000.6938

YV-08220,000.37

YV-08020,000.70

YV-07920,000.70

YV-08550,000.140300

18661962

YV-08120,000.70

YV-08320,000.128157

YV-08620,000.64458768

YV-08730,000.65428866

282

YV

YV-09320,000.

YV-09430,000.169.58.5

YV-09230,000.422

YV-09040,000.4.52

YV-089100,000.63.5

YV-09120,000.33.5

283

YW

YW-00280,000.11118

18461904187818941900

YW-001100,000.131325

YW-007

30,000.171512.5

YW-006VENEZIA 20,000.

262630

YW-005

20,000.16.516.540.5

YW-003BOHEMIA25,000.

232330

YW-004BOHEMIA20,000.19.519.529.5

YW-009

20,000.171733

YW-00825,000.

99.527

YW-01020,000.10.510.534

284

YW YW-01620,000.23.523.511.5

YW-020

25,000.18182

YW-013STEUBEN30,000.

333315.5

YW-019100,000.343481989

YW-01720,000.

11.59.55.51968

YW-01430,000.

86.511

YW-02320,000.

181647

YW-01230,000.101014.5

YW-02120,000.15.515.52.5

YW-022KPM20,000.252531840

YW-01820,000.

97.54.5

YW-01525,000.111130

5

285

YW

YW-03320,000.67

YW-02480,000.19

YW-03630,000.141127

YW-03120,000.25.51214

YW-03420,000.26723

YW-035

20,000.1810.537

YW-028

20,000.11916M-NIPPON19111921

YW-02620,000.

111115M-NIPPON19111921

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50.1

LIVE AUCTION RULES

IntroductionThe auction rules consist of General Ruules and Specific Rules. The Specific Rules are divided

into three section :

(A) Catalogue and Previews, (B) Bidding.

General Rules1)The auction is conducted according to the rules published in the latest catalogue.

2)The defect of live auction's rule is made up for by the silent auction's rule.

3)Sellers and bidders unconditionally accept the rules when their items being registered and

bidding completed, respectively.

4)In the event of any legal dispute. the case must be brought before the Kyoto District court.

5)Kogire-kai reserves the rights to enforce the rules.

Specific Rules

A. Catalogue and PreviewsA-1The auction catalogue is available at Kogire-kai for sale. The catalogue compiles the

photographs of auction items with their brief descriptions. Each description includes a lot number,

title, quantity, size, material (s), age, place of production, and reference price.

A-2The assessment of age in the description reflects Kogire-kai's understanding and

judgement based on available references at the time of registration. This is an opinion and should

not to be taken as an appraisal and / or a guarantee ; therefore, Kogire-kai is not liable for the

faults of any statement and typographical errors found in the description. The correction of

undue errors will be announced at an appropriate occasion. The item is marked with a symbol, (),

when a clear discrepancy in opinion between a seller and Kogire-kai exists.

A-3Except for the damages by aging. any apparent damages and repairs are indicated in the

description. If the over looked damages are identified by bidders and confirmed by Kogire-kai at

the preview, the items are reevaluated and reassessed. Any overlooked damages can be inquired

by telephone before the auction. Kogire-kai accepts no claims for any unidentified damages after

the completion of the bidding.

A-4The pre-auction exhibition is held on an announced date.

B. BiddingB-1Bidders must present one of the following identifications in order to register : Art and

antique dealer's license, driver's license, heaith insurance ID card, and passport. For the first time,

the person who participates in the auction occasionally requests a guarantee money (one million

yen as an earnest money) beforehand our judgment.

B-2The registration must be completed before the auction begins. Each bidder is given a

registration number upon the completion of the registration process, thereafter, the bidder is

identified by the registration number. Kogire-kai can refuse or unsubscribe from registration for

bidder when we judge if they bring about obstacles to our business operation.

B-3The auctioneer conducts the live auction and determines the final bidding price throughout

the auction. The bidders can raise the price by the minimum unit of \1,000.

B-4The registered bidder can participate in the live auction in person, by telephone, or by

submitting the bidding form.

B-5Pre-arrangement is required for the telephone participation. The absentee bid form is

accepted if Kogire-kai receives the doccuments by the last day of the previews.

B-6No negotiations and referrals for the auctioned items are accepted after the auction.

B-7The commission fees, 15% of the final price (= the successful bidding price), and 5%

consumption tax for the commission fees are added to the final price.

B-8The results of the biddings are reported to all successful bidders. A list of successful

biddings is sent by request.

B-9In principle, no cancellations are accepted from successful bidders after the auction.

However, if serious problems arise between a bidder and Kogire-kai including the delay in settling

the account, the bidder must pay 30% of the final price to Kogire-kai, a half of which goes to the

seller as the cancellation fees. If any dispute cannot be settled between the bidder and Kogire-kai,

the case is brought before the Kyoto District Court and the bidder must pay all legal fees

required for filing the suit ; hereafter, the bidder is barred from participating in any Kogire-kai

auctions.

B-10The account must be settled by cash or specified credit cards on the day of the auction,

or by bank transfer within a week from the day of the auction. The 5% service charge is added to

the payment for credit card users. If no payment is made and any cancellation processes are

undertaken, 0.1% of the final price per day will be charged as the interest which is added to the

final price.

B-11The cancellation fees are paid to the seller within a week from the day of the settlement

with the bidder, however, won't be paid if Kogire-kai cannot confirm the fees from the bidder.

B-12For museums and public institutions, the extension of payment can be arranged prior to the

auction if the account cannot be settled as stated in B-10.

B-13As soon as the account is settled, the successful bidder can transfer the item. If

requested, Kogire-kai can ship the item to the bidder with fees which cover the costs of shipping

and the packing. The shipping process starts after the fees are paid.

B-14Once the accounts are settled with the sellers, Kogire-kai does not recognize or accept

any claims made by the bidders.

Bidders (buyers) are liable for 30% of hammer price when canceling.

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2

The Bidding ProcessIf you wish to put in a bid:Making a bid involves the following procedure.

Please fill in all necessary items on the bid form (enclosed at the end of this catalogue with an entry example) and submit to Kogirekai by post, fax, or in person. All entry forms must reach us no later than the closing date for tenders. Please specify a method of delivery on the form. If no specifications are made, auctioned articles will be shipped roughly 10 days after payment has been confirmed.* Alterations, additions, and cancelations of bids and bidding prices can be made until the closing date.* The data in this catalogue is for referential purposes only, and cancelations of bids due to misinformation or insufficient information will not be accepted.* The specified return envelopes take 3 to 4 days longer than ordinary post. Keeping this in mind, please mail your bid form in as soon as possible.* If you are foreign to Japan and this is your first time to participate in a Kogirekai auction, you are required to make a deposit of 30% of your bidding price in advance. Without this deposit, your bid will remain invalid. If you are unsuccessful in your bid, you will be fully refunded.* Please be sure to read the terms of agreement at the end of this catalogue.

Please note that we will be unable to issue notes of confirmation regarding bid forms that arrive less than three days prior to the closing date.Upon receiving your form, we will send you a note of confirmation.Please read your note of confirmation carefully.Alterations, additions, and cancelations of bids and bidding prices can be made until the closing date.* If you do not receive a note of confirmation, please contact Kogirekai, as it is possible that your bid form has not reached us.

Preliminary inspectionPreliminary inspection at Kogirekai Headquarters in Kyoto* We will be accepting bids outside the preliminary inspection period as well.Business hours: 10:00 18:00 Closed: Sundays and holidays (However, we will be open on these days during the preliminary inspection.) We accept fax messages at all hours.All articles in this catalogue will be exhibited at the preliminary inspection, an opportunity to examine the condition and color of articles in person. (All articles show varying degrees of damage and wear due to aging.)

Condition ReportFor those who are unable to participate in the preliminary inspection, we provide reports on the condition of each article with images of a specified area of the article. We will respond to requests for condition reports in the order of their arrival. Depending on the number of requests we receive, we may not be able to provide all the reports before the closing date.

(1) Make a bid

(2) Confirmation

(1) Make a bid

(2) Confirmation

(3) Bid Opening

(4) Results

(5) Payment

(6) Delivery

Determination of successful bids and biddersBids will be opened after the closing date. The highest bid for each article will be the successful bid. If multiple bidders tie for the highest bid, the article will be sold to the bidder whose bid form arrived at Kogirekai earliest. Processing the bids will take several days.The most recent bid form sent in by the closing date will be the bidders final submission. Once the highest bids have been determined, bidders will not be permitted to change their bidding prices.* Bids received after the closing date will be considered invalid, regardless of bidding price, if a bid for the article has already been accepted. If no bids have been submitted to the article, however, the article will be put up for a resale (Please refer to the description below.)

The results of the auction will be sent by mail to all bidders regardless of their success.* We will not send the results by fax or e-mail.

Total PaymentIn addition to their hammer price, successful bidders will be required to pay a commission fee (15% of bidding prices below 500,000 or 10% of bidding prices of 500,000 and above) and consumption tax on the commission.Example: Total payment ensuing for bidding prices of 100,000 and 500,000100,000 + 15,000(commission) + 1,200(consumption tax on commission) = 116,200500,000 + 50,000(commission) + 4,000(consumption tax on commission) = 554,000* The above calculations do not include shipping fees (Please refer to Delivery)

ResaleArticles for which no bids have been accepted will be resold at reserve prices to the first payment offer we receive.

Methods of payment include the following. Please be sure to make your payment by the deadline.

a. Cash * Please notify us in advance before visiting us in person.

b. Postal Transfer * A postal transfer form will be enclosed in the results. All transfer fees will be borne by us. (Confirming payments takes about 4 days. If you wish to receive your article sooner, please fax us a receipt confirming your payment.)

c. Bank Transfer * Any ensuing transfer fees will be borne by the customer. Please deposit necessary amount into the account specified in the results.

Articles may be acquired after payment has been confirmed.If no method of delivery has been specified on the bid form, we will arrange for auctioned articles to be packaged and sent (using method a below) about 10 days after we have confirmed your payment.

a. Packaging and shipping by courier service * Shipping fees must be borne by successful bidders. (Please refer to the shipping fee chart at the end of this catalogue.) Your shipping bill will be enclosed with the auctioned article.Regarding articles which are difficult to ship, please contact us to receive a quotation of the shipping costs.* Shipments outside Japan will be made after bidders have confirmed and agreed to the written quotation of shipping fees we send them.

b. Retrieval* Please notify us in advance before visiting us in person.On the spot exchanges of cash and auctioned articles are also permitted.If you have made your payment in advance, however, please bring the receipt.

After Dec. 3rd, storage of articles costs 300 per day per article.

For further details on the auction, please contact our office:Tel: 075-371-0094 E-mail: office@kogire-kai.co.jp

(3) Bid Opening

(4) Results

(5) Payment

(6) Delivery

600-8357 596 TEL.075371-0094FAX.075371-0093 http://www.kogire-kai.co.jp e-mail: oce@kogire-kai.co.jp

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Kogirekai Auction Terms of AgreementPlease note that all successful bidders are responsible for paying the hammer price and will be charged 30% of their hammer price in the case of cancelation.

The Kogirekai auction terms of management consist of a general clause and detailed clauses A, B and C.Clauses A, B and C each concern catalogues and preliminary inspections, entering bids and listing articles respectively.

General Clause1. All Kogirekai auctions and resale shall be carried out according to the Japanese terms of agreement published in the most recent Kogirekai catalogue.2. Upon registering articles or entering a bid, sellers and bidders will be viewed as having acknowledged the terms of agreement.3. Any disputes which may arise from a Kogirekai auction shall be subject to the jurisdiction of the Kyoto District Court.4. All rights are reserved by Kogirekai Co., Ltd.

Detailed ClauseA. Catalogues and preliminary inspections1. Kogirekai auction catalogues containing photos, descriptions and the reserve price of articles put up for auction can be acquired for a fee including consumption tax and shipping.2. Descriptions in the catalogue include such information as the registration number, title, quantity and measurements of articles put up for auction. 3. All descriptions of articles, as well as assessments regarding the time of their creation are interpretations made by Kogirekai at the time of registration and are for referential purposes only. They are not guaranteed and are insufficient as a definite basis for judgment. Kogirekai will not compensate or bear responsibility for any issues which may arise due to erroneous descriptions in the auction catalogue. We will, however, correct any noticeable errors upon discovery. If there is a clear discrepancy in opinion between us and a seller regarding an article and the latter opinion is applied in the catalogue description, we will indicate that it reflects the sellers stance at the end of the description.4. The data in this catalogue is for referential purposes only, and cancelations of bids due to misinformation or insufficient information and complaints about damaged articles will not be accepted once the successful bidders have been determined. Also, please note that Kogirekai does not confirm or guarantee the mechanical performance of machinery such as watches.5. It is upon bidders to confirm scratches, stains and other damage of articles in person at the preliminary inspection. As an auxiliary means, however, we respond to requests for condition reports by phone.6. We provide condition reports only during the specified period.7. Public preliminary inspections will be held during the specified period.

B. Entering bids1. Before entering a bid, bidders are required to register their name and address and submit their bank certificate along with copies of official identification documents (such as their drivers license, health insurance card or passport). Please be sure to read the bidding requirements carefully. Kogirekai reserves the right to refuse or cancel the registration of a bidder whose application Kogirekai believes may obstruct the operation of the auction.2. In order to enter a bid, enter the registration number of the article you wish to purchase and your desired bidding price on the specified bid form. Bids may be submitted by post (Please use the specified envelope.), fax or in person. If the title and number of an item entered on a bid form do not correspond, Kogirekai will decide which to put through without consulting the bidder.3. Bids lower than the reserve price will be ineffective.4. If you are foreign to Japan and this is your first time to participate in a Kogirekai auction, you are required to make a deposit of 30% of your bidding price by the closing date. Without this deposit, your bid will remain invalid. After the opening of the bids, you will receive a full, prompt refund. Upon request, however, the deposit may be retained leaving successful bidders to be charged the remaining 70% of their bidding price.5. Kogirekai does not accept negotiations to sell unsold articles below the reserve price. Neither will we respond to requests to mediate between sellers and successful bidders.6. Bidders have the option of limiting their total bidding price by

entering their budget in the relevant column on the bid form. If no priority sequence is clarified (Please number the articles outside of the frame to clarify the priority sequence.), and the total price of successful bids exceeds the entered limit, Kogirekai will arbitrarily decide which successful bids to put through.7. Lot bidding, a method of bidding for similar items collectively, requires consultation in advance. In order to make a lot bid, enter the total bidding price on the form. If the total bidding price of a lot bidder is the same as the total of all highest individual bids for the collection of items, the lot bidder shall overrule the individual bidders. 8. Bids will be accepted from the date the catalogue is issued until the specified time of the closing date. Bid forms submitted by post or fax will be effective only if they reach Kogirekai by the specified time of the closing date.9. Alterations, additions, and cancelations of bids and bidding prices can be made until the closing date. The most recent bid form sent in before the closing date will be the bidders final submission.10. The bids will be opened immediately after the closing date, and each article will be sold to the highest bidder. After the successful bidders have been determined, the results of the auction will be sent to all bidders. In the case of delayed contact with the successful bidder, we will respond appropriately. The bid opening process will not be open to the public.11. For each auctioned article, successful bidders will be required to pay a commission fee (15% of bidding prices below 500,000 or 10% of bidding prices of 500,000 and above) and consumption tax on the commission in addition to their hammer price.12. Hammer prices will be sent to all bidders and published in the next Kogirekai auction catalogue.13. If multiple bidders tie for the highest bid, the article will be sold to the bidder whose form arrived at Kogirekai earliest.14. No successful bid may be canceled after the closing date. Delayed payments and other such problems, however, will be resolved within a specified period by charging the bidder a cancelation fee of 30% of their hammer price. (50% of the cancellation fee will in turn be paid to the seller.) If agreement cannot be reached through negotiation, the matter will be subject to the legal proceedings of the Kyoto District Court. All legal expenses must be borne by the bidder. Kogirekai will not do business with such bidders thereafter.15. 50% of the cancellation fee will be paid to the seller, unless Kogirekai is unable to collect the fee from the bidder.16. Payments must be made within the deadline through cash or deposits into a specified bank account. Unless the necessary cancelation procedure has been completed, bidders will be required to pay an interest rate of 0.1% of their total payment for every day they are late in making their payment.17. We are open to requests from public institutions such as art museums that wish to extend their payment deadline beforehand.18. If a successful bidder cancels their bid, the article will be sold to the second highest bidder at the bidding price they submitted.19. As soon as payment for auctioned articles has been confirmed, successful bidders may collect their articles. Upon request, we will also take on the procedure of packaging and shipping auctioned articles at Kogirekai. In this case, bidders will be charged a packaging fee and must bear all shipping fees and premiums that ensue. Similarly, bidders who commission the packaging of an article (including breakables and nonstandard-size objects) to a shipping company will be required to bear all costs. One month after the payment deadline, storage of articles will cost 300 per day per article.20. As a rule, bidders outside of Japan will be required to make their payments in cash to the Kogirekai office, and section 19 above will be applied to the shipping of articles outside Japan as well.21. Kogirekai will not respond to any complaints once payments have been made to the seller.22. Bids received after the closing date will be considered invalid,

regardless of the bidding price, if a bid for the article has already been accepted. If no bid has been accepted for the article, however, the article will be resold at the reserve price to the first payment offer we receive. Unsold articles will be put up for resale until a specified date after the auction.23. Payments for resold articles must be made within 10 days after purchase has been determined. Bidders who cancel their purchase after a resale to them has been determined will be charged a cancelation fee of 30% of the reserve price.24. We will not respond to inquiries regarding the auction results for three days after the closing date.25. Articles with parts made of animals protected by the Washington Convention (such as ivory, coral, crocodile and alligator skin) cannot be shipped outside of Japan.26. As a rule, we request that bidders arrange for the shipping of articles difficult to ship themselves (For example, over-sized or heavy articles). Upon request of bidders who wish Kogirekai to package and ship their articles, Kogirekai will provide a written quotation of all ensuing costs.

C. Listing Articles1. All items that follow Kogirekai standards shall be listed and put up for auction. We provide free consultation. The criteria assessing the suitability of items for the Kogirekai auction reflect the current stance of Kogirekai and are liable to change based on our judgment from past experiences and other circumstances. Even articles that were sold in previous Kogirekai auctions may no longer qualify.2. In order to put an item up for auction, sellers are required to present official identification documents (such as a drivers license, health insurance card or passport). Kogirekai reserves the right to refuse or cancel the registration of a seller whose application Kogirekai believes may obstruct the operation of the auction.3. The reserve price of each article must be no lower than 20,000, and the listing of certain articles may be denied. We are open to consultation regarding the reserve price.4. Kogirekai may cancel the listing of an article after the publication of the catalogue. In this case, the seller must bear all expenses except for listing fees, which will be borne by Kogirekai.5. Reserve prices (minimum desired selling prices) must be decided by Kogirekai and sellers through discussion and printed in the auction catalogue.6. Even articles that were sold in previous Kogirekai auctions may no longer qualify for auction, depending on the current regulations.7. For further information on listing prices, please refer to our separate document on the subject.8. Kogirekai reserves the copyright and usage rights regarding all photos taken by Kogirekai even after the auction.9. If a sellers makes any requests regarding the photos of their articles (size, the number of shots taken, etc.) and Kogirekai obliges, they will be charged the full listing fee, regardless of whether they are successful in selling their article or not.10. Sellers will be charged a market fee of 10% their selling price as well as consumption tax on the market fee.11. Sellers will be informed of the auction results by an interim report, to be followed by an official report once bidders payments have been confirmed.12. Sellers will be paid within 30 days after the successful bidder has been determined. If the bidder is late in making their payment, sellers will receive payment only after the bidders payment has been confirmed.13. If articles are damaged or lost in accidents such as fire or theft while under our care, the seller will cover the damage by paying an insurance premium of 0.5% the reserve price. While other damage will be covered by standard insurance, Kogirekai will be exempt from payments of 50,000 or less, and no more than 80% of the reserve price will be insured. Damage caused by earthquakes, thunderstorms and other natural disasters will not be insured. Any issues will be settled according to the terms of the insurance policy

employed. Kogirekai will not compensate articles damaged by conditions for which we bear no responsibility (changes in weather, indoor environment, temperature, humidity and so on) unless the article is completely destroyed, in which case the seller will receive up to 5% of the reserve price. If an article is destroyed before a reserve price has been agreed upon, the seller will receive up to 50,000 in compensation.14. The insurance and compensation in above clause 13 does not cover damage inflicted on unlisted articles during shipping.15. All packaging materials (paper, wooden boxes) and evaluations of articles by an appraiser must be paid for by the seller. For further information, please refer to our separate document on packaging materials and expenses.16. Unsold articles will be returned to sellers after a certain amount of time. The seller must bear all shipping fees to have unsold articles returned. 17. Sellers who cancel the listing of an article prior to the publication of the catalogue will be charged a penalty of 20% the reserve price. If the listing of an article is canceled after publication, the seller will be charged various expenses including the listing fee, photography fee, insurance, packaging materials and a penalty of 20% the reserve price.18. Articles being transported in Kogirekai vehicles are uninsured. Sellers who feel the need to insure their articles should make arrangements personally.19. Articles stored by Kogirekai are uninsured while being transported between our facilities using public roads.

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issued; 16th Oct. 2015http://www.kogire-kai.co.jpe-mail oce@kogire-kai.co.jp

600-8357596TEL.075-371-0094FAX.075-371-0093

596, Kakimoto-cho,Shimogyo-ku, Kyoto, 600-8357 JAPAN.

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