Loading Spinner
Don’t miss out on items like this!

Sign up to get notified when similar items are available.

Lot 8: Liu Wenxi (1933 2019) , A lady

Est: $35,000 HKD - $65,000 HKDPassed
Holly's AuctionsMay 28, 2024Hong Kong, Hong Kong

Item Overview

Description

劉文西 (1933 - 2019),小金花(仕女),鏡片 framed

Dimensions

60 × 39

Artist or Maker

Payment & Shipping

Payment

Accepted forms of payment: MasterCard, Personal Check, Visa, Wire Transfer

Shipping

N/A

Auction Details

Holly's International (HK) 2024 May Sales

by
Holly's Auctions
May 28, 2024, 04:00 PM HKT

902-3, Hollywood Centre 233 Hollywood Road, Sheung Wan, Hong Kong, Hong Kong, 000000, HK

Terms

Buyer's Premium

23.0%

Bidding Increments

From:To:Increment:
$0$9,999$500
$10,000$11,999$2,000
$12,000$17,999$3,000
$18,000$21,999$2,000
$22,000$27,999$3,000
$28,000$31,999$2,000
$32,000$37,999$3,000
$38,000$41,999$2,000
$42,000$47,999$3,000
$48,000$51,999$2,000
$52,000$57,999$3,000
$58,000$61,999$2,000
$62,000$67,999$3,000
$68,000$71,999$2,000
$72,000$77,999$3,000
$78,000$81,999$2,000
$82,000$87,999$3,000
$88,000$91,999$2,000
$92,000$97,999$3,000
$98,000$99,999$2,000
$100,000+$10,000

Holly's International (HK) Auctions Co.

Chapter I General Principles

ARTICLE 1 HOLLY'S INTERNATIONAL (HK) AUCTIONS CO. LIMITED ACTING AS THE AGENT
Holly's International (HK) Auctions Co. Limited shall be the Seller's agent unless otherwise agreed. The closing agreement of the Lot shall be the contract between the Seller and Buyer. these conditions and other terms, conditions and notices in the catalogue announced by the Auctioneer, or provided at the auction venue in the form of notice all constitute the agreed terms between the Seller, Buyer and/or Holly's International (HK) Auctions Co. Limited as the auction agent.

ARTICLE 2 DEFINITIONS AND INTERPRETATIONS
I. In all articles of these conditions, the following terminologies shall have the following meanings:
1. "Company" refers to Holly's International (HK) Auctions Co. Limited;
2. "Seller" refers to the natural person, legal person or other organization which entrusts the Company with auction of items within the scope specified in the Company's conditions of business. In these conditions, unless otherwise described or required in a particular context, Sellers shall include the Sellers' agents (excluding the Company), executor(s) or personal representative(s);
3. "Bidder" refers to any person, company, corporation or entity which considers, actually bids or tries to bid in any form. In these conditions, unless otherwise described or required in a particular context, the Bidder shall include agent of the Bidder;
4. "Buyer" refers to the Bidder, including the proxy of the person who bids in the capacity of an agent, who bids at the highest price or offer accepted by the Auctioneer in the auction activities held by the Company;
5. "Commission payable by Buyer" refers to the Hammer Price-based commission to be paid to the Company according to the rates specified in these conditions;
6. "Lot" refers to the item which the Seller consigns to the Company for auction and which is to be auctioned at the auction, especially items included in any catalogue with any assigned numbers and descriptions;
7. "Date of auction" refers to the date announced in the Company's notice on which the auction shall be officially held; In case of inconsistency between the announced date of commencement and the actual commencement date of auction activities, the actual commencement date of auction activities shall prevail;
8. "Date of deal" refers to the date when the deal of any Lot has been confirmed by the Auctioneer by striking the gavel or through other open ways to indicate that it has been dealt in the auction activity held by the Company;
9. "Auctioneer" refers to the person whom the Company designates for hosting a certain auction;
10. "Hammer Price" refers to the price at which the Auctioneer decides that the Lot shall be sold to the Buyer, or the agreed selling price in case of deal after the auction;
11. "Net proceeds of sale" refers to the net amount due to the Seller, being the remainder after deducting the pro-rata commissions, all costs and other amounts payable by the Seller to the Company;
12. "Purchase Price" refers to the amount payable by the Buyer for buying the Lot, including Hammer Price and all commissions. Total amount including all other expenses payable by the Buyer and all costs payable by the Buyer for failing to perform its obligations;
13. "All costs undertaken by Buyer" refers to the expenses and costs associated with the Company's selling the Lot, including but not limited to the those spent on insurance, packaging, transportation, storage and safekeeping by the Company; the costs of any tests, investigations, inquiries or appraisal of Lot additionally requested by the Buyer; or expenses and legal costs incurred in recovering payment from defaulting Buyer;
14. "reservation price" refers to the undisclosed minimum selling price which the Seller has confirmed with the Company for the Lot;
15. "Estimates" refers to the estimated selling price shown in the auction catalogue or after other descriptions, excluding the commissions payable by the Buyer;
16. "Storage fee" refers to the fees for storage payable by the Buyer to the Company according to these conditions.
II. In the articles of these conditions, where the context requires, words denoting the singular shall include the plural and vice versa.

ARTICLE 3 SCOPE OF APPLICATION
All parties who participate in the auction activities organized by the Company, including the Sellers, Bidders, Buyers and other related parties (including but not limited to the Sellers, Bidders, Buyers or Buyers' agents) shall be deemed to have fully accepted the provisions of the Articles in these conditions and shall be bound thereby, and shall adhere to these conditions in the auction activities organized by the Company, enjoy the rights specified by these conditions and undertake the obligations specified herein. In case of inconsistency between the written agreement and these conditions, the written agreement shall prevail. The Bidders who participate in the auction activities organized by the Company shall be deemed to have fully accepted these conditions, be they bid in person or through an agent, by raising the paddle at the auction activities, by absentee bids, by phone or by any other means. Any disputes between the parties which participate in the auction activities organized by the Company shall be resolved according to these conditions.

ARTICLE 4 SPECIAL NOTICE
The Bidders and Buyers who participate in the auction activities organized by the Company shall carefully read and be abide by these conditions. In particular, the Bidders and/or Buyers should read carefully the Company's responsibilities, limitations and disclaimers contained in these conditions. The Bidders and/or their agents shall be responsible for examining the original Lots in person, and bear liabilities for their acts of bidding for the Lots. In the auction activities organized by the Company, upon the Auctioneer's confirmation of the Bidder's payable price by striking the gavel or indicating that the purchase was made in other manner publicly, the closing agreement of the Lot shall take legal effect, and the Bidder shall become the Buyer of the Lot. The Company, Seller and Buyer shall admit the fact that the Lot has been sold and dealt, they shall be entitled to the rights specified by the law and provided herein, bear the liabilities and perform the obligations provided herein. Any party which fails to perform its obligations shall bear the corresponding liabilities. The Company may amend these conditions by displaying a notice at the auction venue or through announcement by the Auctioneer at the auction venue.


Chapter II The Seller

ARTICLE 5 PROCEDURE OF CONSIGNMENT
When the Seller consigns its Lot to the Company:
I. if the Seller is a natural person, a government-issued identity card with photo (such as resident identity card or passport) must be presented and an auction consignment contract shall be signed with the Company;
II. if the Seller is a legal person or other organization, it must hold a valid certificate of incorporation, proof of shareholding or lawful authorization document and sign an auction consignment contract with the Company;
III. By signing an auction consignment contract with the Company, the Seller automatically authorizes the Company to produce photos, illustrations, catalogues or other forms of image products of the Lot.

ARTICLE 6 AGENT OF THE SELLER
If the Seller consigns the Lot to the Company through an agent, documentary proof of the proxy shall be presented to the Company. This may include:
I. a valid identity card in the case of a natural person;
II. valid certificate of incorporation and proof of shareholding if the Seller's agent is a legal person or other organizations;
III. power of attorney duly executed in accordance with the law. The Company has the right to examine to confirm its legality of the said documents.

ARTICLE 7 WARRANTIES OF SELLER
The Seller shall irrevocably guarantee to the Company and Buyer regarding the Lot consigned to the Company as follows:
I. It has the absolute ownership or lawful right of disposal of the Lot. The auction of the Lot shall not prejudice any third party's legal interest (including copyright interest) nor violate the related laws and regulations;
II. To the best of its knowledge, it has made full and complete disclosure and description of the Lot's origin and flaws to the Company and has notified the Company of the same in written form, without any concealment or fabrication. If alcohol is consigned, the consignor shall fully disclose the defects or flaws that exist on, including but not limited to the case, label, ullage and corks.
III. If the consigned Lot is an imported item, the Seller shall guarantee that it complies with the laws of the place of origin, has completed the import/export formalities and notify the Company accordingly in written form;
IV. If the consigned Lot is a restricted item, the consignor shall ensure that the Lot does not violate any laws of Hong Kong (including Public Health and Municipal Services Ordinance, Food Safety Ordinance and the Protection of Endangered Species of Animals and Plants Ordinance), and ensure that it is eligible for any licence or permit required by the laws of Hong Kong for possessing, disposing of or auctioning such Lot and disclose the same to the Company. The consignor guarantees that a written notice shall be sent no less than two months before the auction is held if the Company needs to apply to the authorities concerned for additional licence or permit before the Lot can be auctioned, displayed, disposed or possessed.
V. In case of violation of the said warranties resulting in claims or litigation made or initiated by the actual owner or any third party who claims to have rights in the Lot thus causing losses to the Company and/or Buyer, the Seller shall be responsible for compensating the Company and/or Buyer for all the losses they sustain, and shall bear all costs and expenses incurred.

ARTICLE 8 RESERVATION PRICE
Reservation prices are set for all Lots besides the non-reservation price agreed between the Company and Seller for the auction. The reservation price shall be confirmed by the Company and Seller in writing through negotiation. Once the reservation price amount has been confirmed by both parties, consent of the other party is needed if any either party intends to change it. If no deal is closed for the subject Lot authorised by the Seller, the Company shall has the right to maintain the reservation price for sale at a subsequent auction, the Seller shall pay the Company shall the commission. Under no circumstances shall the Company bear any responsibilities for closing no deal for any Lot at the reservation price at any auction organized by the Company.

ARTICLE 9 THE COMPANY'S RIGHT OF DECISION
The Company has sole right of decision for the following matters:
I. To make any descriptions and/or comments on the Lot through the auction catalogue and/or news media and/or other carriers;
II. Whether any expert shall be consulted;
III. Illustration of the Lot in auction catalogue, promotion of the Lot at the auction or other forms of publicity for the Lot and arrangements in promotion activities, as well as and the standard of payable costs;
IV. Whether a certain Lot is suitable for the Company to auction;
V. Such matters as date, venue, conditions and mode of auction.

ARTICLE 10 LOT NOT AUCTIONED
If for any reasons the Company considers a Lot to be unsuitable for the company's auction after the Seller has signed an auction consignment contract with the Company and delivered the Lot, the Seller shall collect the Lot within thirty days from the date of the Company's notice bearing such expenses as packaging and shipping, the auction consignment contract between the Company and the Seller shall be rescinded on the date when the Seller collects the Lot. If the consignor fails to collect the Lot within the said time frame, the auction consignment contract between the Company and the Seller shall be rescinded on the date of expiry of the said time frame. If the Seller fails to collect the Lot within seven days upon rescission of the auction consignment contract, the Company has the right to receive Storage fee, insurance premium and other reasonable expenses. The Company also has the right to dispose of the Lot in any ways it deems fit, and the Seller shall collect any remainder (if any) of the proceeds after deducting all expenses thus incurred to the Company.

ARTICLE 11 TERMINATION OF AUCTION
Under any one of the following circumstances, the Company has the right to terminate the auction activities of any Lot any time before the auction has actually commenced:
I. The Company has objection against the Lot's ownership or authenticity;
II. A third party has objection against the Lot's ownership or authenticity, presents related supportive materials, pays security as required by the Company, and is willing to undertake corresponding responsibilities for the legal consequences arising from termination of the auction activities and all losses incurred;
III. The Company has objections against the Seller's description or the accuracy as guaranteed by the Seller mentioned in Article 7 of these conditions;
IV. There is evidence to show that the Seller has violated or will violate any Articles of these conditions;
V. Any other reasons for which the Company consider that the termination is necessary;
VI. Regardless of the reason for termination, the Company has the right not to complete the Lot return formalities if it is aware that the consigned Lot is involved in any disputes over the ownership or other issues, the related formalities shall not be proceeded until the disputes have been resolved.

ARTICLE 12 SELLER'S WITHDRAWAL OF LOT
The Seller may withdraw the Lot any time before the date of auction by sending a written notice to the Company. But if the Lot has been included in the catalogue or other publicity materials have been put to press at the time when the withdrawal takes place, the Seller has to pay a sum equivalent to 20% of the Lot's reservation price and all other costs. If the catalogue or other publicity materials have not been put to press, a sum equivalent to 10% of the Lot's reservation price and all other costs shall also be paid. The Seller shall solely be responsible for any disputes or compensation arising from withdrawing the Lot, the Company will assume no responsibility whatsoever. If the consignor fails to pay the Company shall the corresponding fees, the Company shall has the right to auction the following Lots according to this contract.

ARTICLE 13 AUTOMATIC INSURANCE
Unless otherwise instructed by the Seller in writing, after the Seller has entered into the auction consignment contract and delivered the Lots to the Company, all the Lots shall be automatically covered by the Company's insurance, and the insurance premium amount shall be based on the reservation price (in the absence of reservation price, the agreed insurance amount for the Lot shall prevail. In case of adjusting the reservation price, the original reservation price of the Lot shall prevail). The insurance premium amount is only applicable to insurance and claims, it is not the warranty or guarantee for value of the Lot, neither does it means the Lot will be sold at a price equivalent to the insurance premium amount if the Lot is auctioned by the Company.

ARTICLE 14 INSURANCE PREMIUM
After closing a deal for the Lot, the Seller shall pay insurance premium equivalent to 1% of the Hammer Price unless otherwise agree with the Company. If the Lot remains unsold at the auction, the Seller shall also pay insurance premium equivalent to 1% of the reservation price.

ARTICLE 15 INSURANCE PERIOD
In case of closing a deal for the Lot, the insurance period shall terminate from the 30th day from the Date of deal (inclusive of the date of sale) or the day when the Buyer collects the Lot (whichever is earlier). If the Lot remains unsold at the auction, the insurance period shall terminate from the 30th day from the date of notice issued by the company notifying collection of the Lot.

ARTICLE 16 INSURANCE TO BE ARRANGED BY SELLER
If the Seller notifies in writing that the Company is not obliged to insure the Lot, the risks shall be wholly borne by the Seller. Besides, the Seller shall also bear the following responsibilities:
I. To compensate for the claims and litigation against the Company initiated by any other right holders for the damages and loss of the Lot;
II. To be responsible for compensating the Company and/or any party for all losses and expenses arising from damages and loss of the Lot for any reasons;
III. To notify any insurer of the Lot of this Article's provisions about compensation.

ARTICLE 17 EXCLUSION FROM INSURANCE
Damage or loss of the Lot due to natural wear and tear, inherent flaws, internal or potential defects, changes in materials, self-combustion, self-heating, oxidation, corrosion, leakage, rat-bite, bug-bite, atmospheric changes (climate or air temperature), changes in humidity or temperature, other causes of gradual changes, and force majeure such as earthquake, tsunami, war, hostile behavior, armed conflicts, terrorist activities, coup d'etat, strike and social riot, or nuclear radiation or radioactive pollution as well as the damage or loss of frames or glass, drawers, bottom pads, trestles, mountings, insert pages, scroll heads or other similar accessories due to any reason are not within the scope of insurance indemnity.

ARTICLE 18 INSURANCE INDEMNITY
All damages and losses of Lot as a result of the events or disasters covered by the insurance taken out by the Company shall be handled pursuant to the laws and regulations of Hong Kong on insurance. In the case that the Company claims against the insurance company and obtains insurance indemnity whereinafter, it shall pay the remaining sum of the insurance indemnity to the Seller after deducting the expenses (excluding commissions).

ARTICLE 19 PROHIBITION OF BIDDING
The Seller shall not bid for the Lot he consigned to the Company, neither shall the Seller entrust others to bid on his or her behalf. But, the Company has the right to bid with offer no higher than the reservation price on behalf of the Seller. In case of violation of this Article, the Seller shall solely bear the corresponding liabilities and compensate all losses which the Company suffers as a result.

ARTICLE 20 COMMISSIONS AND COSTS
Unless otherwise agreed between the Seller and the Company, the Seller authorizes the Company to deduct 10% of the Hammer price as commissions apart from deducting other miscellaneous fees therefrom. Although the Company is the Seller's agent, the Seller agrees that the Company may receive commissions and charge other miscellaneous fees from the Buyer according to Article 49 of these conditions.

ARTICLE 21 HANDLING FEES FOR UNSOLD LOTS
If a Lot fails to close a deal because the bid price is lower than the reservation price, the Seller authorizes the Company to charge handling fees and other miscellaneous fees on the unsold Lot.

ARTICLE 22 PAYMENT OF NET PROCEEDS OF SALE
If the Buyer has fully paid the Company the Purchase Price according to Article 49 of these conditions, the Company should pay the Seller the Net proceeds of sale within 35 days from the Date of deal in Hong Kong dollars.

ARTICLE 23 LATE PAYMENT
If the Company fails to receive full payment of Purchase Price upon expiry of the payment period according to Article 51 of these conditions, the Company shall pay the Seller the Net proceeds of sale within 7 working days from the date when the Buyer fully pays the Purchase Price.

ARTICLE 24 TAX PAYABLE BY SELLER
Net proceeds of sale received by the Seller is taxable. If it is stipulated in the law that the Company is obligated to withhold the tax, the Company shall do so pursuant to the law, the Seller shall help complete all formalities and bear the related tax and expenses.

ARTICLE 25 ASSISTANCE IN RECOVERING OUTSTANDING PAYMENT
By consigning the Lot to the Company, the Seller is deemed to have authorised the Company to recover from the Buyer the related outstanding payment on behalf of the Seller. Where the Buyer fails to fully pay the Purchase Price to the Company within 7 days from the Date of deal (inclusive of the date of sale), the Company has the right to recover from the Buyer the commissions and other miscellaneous fees pursuant to Article 58 of these conditions; in addition, it also has the right to take appropriate measures (including but not limited to resolution through legal channels) to help the Seller collect the outstanding payment from the Buyer under circumstances it deems practical and feasible. The aforesaid provision does not deny the Seller's right to recover the outstanding payment personally or through an entrusted third party, neither does it obligate the Company to recover the outstanding payment from the Buyer on behalf of the Seller under any circumstances. Where the Buyer fails to pay the Purchase Price, under no circumstances shall the Company bear the Buyer's corresponding responsibilities to the Seller.
ARTICLE 26 THE COMPANY'S RIGHT OF DECISION
The Company has the right to be authorised by the Seller (with fee borne by Seller) and decide on the following matters depending on specific situations:
I. Consent to have the Purchase Price paid on special payment terms;
II. Removal, storage and insurance of sold Lots;
III. Resolution of claims made by Buyer or Seller according to related articles of these conditions;
IV. Recovery of outstanding payment from Seller through other necessary means.

ARTICLE 27 UNSOLD LOTS
I. Post-auction deals
The Company and Seller shall re-negotiate and confirm the consigned Lot's reservation price and sell the Lot for the Seller, the Company shall pay the Seller the Net proceeds of sale no less than that payable based on the revised reservation price.
II. Re-auction
The agreed levels of the original auction consignment contract shall prevail for the standards of commissions and fees.
III. Collection of Lots
The Seller shall collect the Lots (bearing the packaging and transportation costs) within 30 days from the date of notice issued by the Company, and pay the Company the formality fee and other miscellaneous fees for the Lot. For failure of collection beyond the said time frame, the Company has the right to charge Storage fee, insurance premium and other reasonable expenses. The Company also has the right to sell the Lot through public auction or in other manner on conditions which the Company deems fit, and has the right to deduct from the Net proceeds of sale the formality fee and other miscellaneous fees payable by the Seller for the unsold Lot in the first auction and all expenses for the second auction; the remainder will be paid to the Seller.

ARTICLE 28 ASSUMPTION OF RISK
If the Seller fails to collect the Lots not auctioned or sold beyond the time frame specified in these conditions, the Seller shall bear all risks and expenses which occur and incur beyond the said time frame. All risks and expenses of the Lots not auctioned or sold shall be borne by the Seller from the 30th day from the date of collection notice (inclusive of the date of sale) issued by the Company to the Seller or from the date the consignor collects the Lots according to provisions of these conditions (whichever is earlier). If the Seller requests the Company to help it withdraw the Lot within the time frame specified in these conditions and the Company agrees, all risks and expenses of the Lots shall be borne by the Seller after the Lot has been removed from the Company's designated location. Unless the Seller specially indicates and pays the insurance premium in advance, the Company is not obligated to insure the Lot after it has been removed from the Company's designated location. If the Seller requests the Company to help return the Lot by post, express delivery or other third-party shipping methods, the Company shall be deemed to have returned the Lot and the Seller has collected the same upon the Company's delivery of the Lot to the post, express delivery, transportation entities, the Company or their employees/branch offices.


Chapter III Bidder and Buyer

ARTICLE 29 BIDDERS' AND THE COMPANY'S RESPONSIBILITIES FOR SOLD LOTS
I. The Company's knowledge about the Lots partly relies on the information provided by the Seller, the Company is unable and will not conduct thorough due diligence on the Lots. The Bidders are aware of this and shall be responsible for checking and examining the original Lot so that Bidders are satisfied with the Lot which they may be interested.
II. All Lots to be auctioned by the Company are open for Bidder's examination before they are sold. By participating in bidding, the Bidders and/or their agents shall be deemed to have thoroughly examined the Lots before the bidding and are satisfied with the Lots' conditions and accuracy of their descriptions.
III. Bidders' acknowledgment of the Lots' long history and special categories means the Lots are not perfect and flawless. All Lots are sold on an 'as is' basis at the time of the auction (regardless if Bidders attend the auction). Conditions report may be provided when examining the Lots. Under certain circumstances, catalogue description and conditions report can serve as reference for certain flaws of the Lots. Nonetheless, the Bidders shall note that the Lots may have flaws which are not specified in the catalogue description and conditions report.
IV. Any Lot-related information provided to the Bidders, including any forecast information (written or verbal) and including any catalogue information, rules, other reports, comments or estimates, are not factual description but statement of the Company's views. Such information may be amended by the Company from time to time at its sole discretion.
V. Neither the Company nor the Seller make any statement or warranty regarding whether the Lot is subject to any copyright or whether the Buyer has bought the copyright of any Lot.
VI. Subject to the items listed in Articles 29(1) to 29(5) and the specific exemption stated in Article 30 of these conditions, the Company gives the explicit statements in catalogue description and conditions report in a reasonable and prudent manner (consistent with the articles regarding the Company as the auction agent provided herein) based on (1) information provided by the Seller to the Company; (2) academic and technical knowledge (if any); and (3) views generally accepted by related experts.

ARTICLE 30 WAIVER OF AND LIMITATION TO BUYER'S RESPONSIBILITIES
I. If the Lot is shown to be a counterfeit, the commissions will be refunded to the Buyer together with the Hammer price.
II. Subject to the issues contained in Article 29 and Articles 30(1) and 30(5) of these conditions, the Company needs not:
(1) bear responsibilities for any errors or omissions of the oral or written information provided by the Bidder to the Company, regardless if they are caused by negligence or any other reasons, unless otherwise stated in Article 29(6) herein;
(2) make any guarantee or warranty to the Bidders, and excluding any implicit warranties and rules other than the explicit warranties which the Company makes to Buyer as entrusted by the Seller (except responsibilities which cannot be excluded under the law);
(3) bear responsibilities to any Bidders for the actions or omissions regarding the auction or any matters pertaining to selling any Lots (regardless if they are caused by negligence or other reasons).
III. bear responsibilities for the Seller's violation of these conditions unless the Company owns the Lot for sale.
IV. Without prejudice to Article 30(2) of these conditions, any claims that the Company or Seller faces from the Bidder shall be limited to the Lot's Hammer price and the commission payable by Buyer. Under no circumstances shall the Company or Seller bear responsibilities for any losses suffered by the Buyer correspondingly;
V. Article 6 of these Conditions does not exclude or limit the Company's responsibilities for casualties resulted from the Company's or Seller's fraudulent misrepresentation or the Company's or Seller's negligent acts or omissions.

ARTICLE 31 CATALOGUE AND OTHER DESCRIPTIONS OF LOTS
In order to facilitate Bidder's or Buyer's participation in the auction activities organized by the Company, the Company will produce a catalogue of the Lots which provides concise descriptions about the Lots' conditions in the forms of text and/or pictures. The text, estimates, photos or other forms of images and publicity items of the catalogue are for Bidders' reference only, they may be amended before the auction and do not constitute the Company's guarantee for the Lots' authenticity, value, tone and flawlessness.

ARTICLE 32 UNCERTAINTY OF CATALOGUE
Where the illustrations, video production and publicity materials of the Lots in any other forms are different from the original item in tone, color, graduation and shape due to printing and technical reasons including photography, the original item shall prevail. The introduction and comments in any form made by the Company and its employees or agents for any Lot are views provided for reference, they shall not constitute any guarantee for the Lot. The Company and its employees or agents shall bear no responsibilities for the inaccuracy or omissions of the said introduction and comments.

ARTICLE 33 RESERVATION PRICE AND ESTIMATES
Unless otherwise indicated, all Lots are offered subject to a reserve regardless if it is indicated or not. The reservation price is generally no higher than the pre-auction minimum estimate announced or published by the Company before the auction. For Lots without any reservation price, the Auctioneer has the right to determine the starting price unless bidding has already started, but the starting price shall be no higher than the pre-auction minimum estimate. Under no circumstances shall the Company bear any responsibilities for closing no deal for any Lot at the reservation price at any auction organized by the Company. If the Lot's bid price is lower than the reservation price, the Auctioneer has the right to decide that the Lot shall be sold at a price lower than the reservation price. Under such circumstances, however, the payment to be made by the Company to the Seller shall be the amount receivable by the Seller when the Lot is sold at reservation price. The estimate is evaluated some time earlier than the Date of auction, it is not the confirmed selling price and is not binding legally. Any estimates shall not serve as the basis for Hammer Price forecast, and the Company has the right to amend the estimates already made from time to time.

ARTICLE 34 BIDDER'S RESPONSIBILITY OF INSPECTION
The Bidder and/or shall be responsible for understanding actual conditions of the Lot personally and bear liabilities for their acts of bidding for the Lots. The Company solemnly advises that the Bidder shall personally inspect the original Lot intended for bidding by appraisal or other means before the date of auction, so as to personally determine whether the Lot is consistent with the descriptions provided in the Company's catalogue and other forms of image products and publicity materials. In no way shall any decisions be made based on the descriptions provided in the catalogue, image products and publicity materials.

ARTICLE 35 REGISTRATION OF BIDDERS
Where the Bidder is an individual, he or she should fill out and sign a registration form presenting government-issued identity credential (such as resident identity card or passport) with photo and proof of current address (such as utility bills or monthly bank statement). If the Bidder is a company or other organization, it shall fill out and sign a registration form presenting valid certificate of incorporation, proof of shareholding and lawful authorization document to obtain a paddle. The Company may request the Bidder to present payer bank information or other documentary proof of financial status.

ARTICLE 36 PADDLE
The Company may announce the conditions and procedure for obtaining a paddle based on any circumstances such as different conditions and ways of auction before the date of auction, including but not limited to setting the eligibility for being issued a paddle. The Company solemnly reminds that the paddle is the only proof of a Bidder's eligibility to take part in on-site bidding. The Bidder should properly safe keep the paddle and shall not lend it to others. In case of loss, the loss registration formalities shall be completed in a written form recognized by the Company. The acts of bidding of any paddle holder at auction activities shall be regarded as the acts of the paddle registrant's acts whether or not the holder is the Bidder's proxy. The Bidder shall bear liabilities for his or her acts unless the paddle registrant has personally completed the loss registration formalities in a written form recognized by the Company and the Auctioneer has announced that paddle has been void on-site.

ARTICLE 37 BIDDING DEPOSIT
To participate in the Company's auction activities, the Bidder shall pay the bidding deposit before collecting the paddle. The Company will announce the amount of bidding deposit before the date of auction and has the right to waive the same. If the Bidder fails to buy any Lot and owes the Company no money, the deposit shall be fully refunded to the Bidder interest-free within 14 working days at the end of the auction. If the Bidder becomes a Buyer, the Company has the right to keep the deposit as part of the Lot's Purchase Price.

ARTICLE 38 THE COMPANY'S RIGHT OF CHOICE
The Company has the discretion to forbid anyone from participating in the auction activities organized by the Company, entering the auction venue, or taking photos, tape-recording or audio-recording at the auction venue.

ARTICLE 39 EMERGENCY ACTIONS FOR ABNORMAL EVENTS
The Company has the right to take emergency actions if abnormal events take place at the auction venue. The Company has the right to resolve any disputes which occur at the auction venue through mediation.

ARTICLE 40 BIDDING AS THE PRINCIPAL
Each Bidder shall be deemed the Bidder himself or herself unless the Bidder presents a written proof before the date of auction to the Company that he or she is the agent of a Bidder and has received a written recognition from the Company. The Company only receives payment from the Bidders.

ARTICLE 41 ABSENTEE BID
A Bidder should attend the auction in person. Where the Bidder cannot attend in person or attend through an agent, he or she may entrust the Company with arrangement of absentee bid or telephone bidding on his or her behalf. The Company has the right to decide whether to accept the said absentee bid. Bidder who entrusts the Company with bidding shall complete the formalities within the specified time frame (no later than 3 working days before the date of auction), presents to the Company a filled-out bidding form and pays the bidding deposit according to these conditions. If the Bidder who entrusts the Company with bidding needs to cancel the absentee bid, he or she shall notify the Company in writing no later than 24 hours before the date of auction.

ARTICLE 42 AUCTION RESULTS OF ABSENTEE BID
The Bidder who entrusts the Company with the bidding shall undertake the results of the absentee bid entrusted as well as the related liabilities. Bidders who indicate bidding by way of instant communication such as telephone in the absentee bid form shall accurately state the mode of instant communication and keep the instant communication device in safe custody. The instant communication device shall be used by the Bidder personally during the period when the Company is entrusted with the bidding. If the instant communication device is lost or out of control, the instant communication device specified in the absentee bid form should be immediately changed in a written form recognized by the Company. When being entrusted with absentee bid, the Company will make appropriate efforts to contact the Bidder, the bidding information transmitted through that instant communication device (whether or not transmitted by the Bidder or the Bidder's agent) shall be deemed acts of the Bidder. The Bidder shall bear liabilities for his or her acts unless the Bidder has changed the mode of instant communication specified in the absentee bid form in a written form recognized by the Company. The Company has absolute right to audio record and retain all telephone bidding. By choosing telephone bidding, the Bidder agrees to have his or her telephone recorded. Nevertheless, under no circumstances shall the Company bear responsibilities for any unsuccessful contact or errors, suspension or omissions in the bidding process using that instant communication device.

ARTICLE 43 DISCLAIMER OF ABSENTEE BID
Given that absentee bid is the Company's free service of transmitting bidding information to the Bidders, the Company and its employees shall bear no responsibilities for unsuccessful bids; any errors, omissions, negligence, mistakes or inability to bid in the course of bidding.

ARTICLE 44 ABSENTEE BID ON FIRST-COME-FIRST-SERVED PRINCIPLE
If two or more Bidders entrust the Company with absentee bid for the same Lot at the same price and the Lot is eventually sold at that Hammer Price, the Bidder whose absentee bid form reached the Company first shall be the Lot's Buyer.

ARTICLE 45 AUCTIONEER'S RIGHT OF DECISION
The Auctioneer has absolute right to decide on the following matters:
I. To forbid any bidding;
II. To auction in the way it determines;
III. To withdraw any Lot, split up any Lot for auction or pair up any two or more Lots for combined auction;
IV. To decide on the successful Bidder, whether to continue with the auction, cancel the auction or re-auction the contentious Lot in case of errors or disputes (whether during or after the auction);
V. The Auctioneer may start and carry out the bidding at a level with bidding increments he deems fit, and has the right to bid on behalf of the Seller up to the amount of the reservation price, either by placing bids or consecutive bids or by placing bids in response to other Bidders;
VI. To adopt other actions which it deems fit.

ARTICLE 46 NO RESERVATION PRICE SET
For Lots with no reservation price set, the Auctioneer may decide on the starting price at his or her discretion unless bidding is in progress. If no bids are offered for such price, the Auctioneer shall continue with the auction by lowering the price at his or her discretion until bids are offered again, and then continue with increments.

ARTICLE 47 IMAGE PANEL AND CURRENCY CONVERSION PANEL
In order to facilitate bidding of Bidders, image projectors or other forms of panels may be installed at the venue but the content displayed is for reference only. The data and information - including Lot numbers, Lot photos or reference amounts in foreign currency - shown on the image projectors or other forms of panels may contain errors, the Company shall bear no responsibilities for any loss caused by such errors.

ARTICLE 48 CLOSING A DEAL
Upon confirmation of the highest bid with a knockdown of the gavel or other open manners employed by the Auctioneer to indicate that the deal is closed, the Bidder's bid shall be deemed successful. It also means that the Bidder shall become the Lot's Buyer and an auction agreement has been concluded between the Seller and Buyer.

ARTICLE 49 COMMISSION AND FEES
Th Bidder shall become the Lot's Buyer upon successful bid. The Buyer shall pay the Company commission in amount equivalent to 18% of the Hammer Price as well as All costs undertaken by Buyer. Besides, the Company may receive from the Seller commission and all miscellaneous fees to be borne by the Seller according to these conditions of business.

ARTICLE 50 TAXES
All monies to be paid by the Buyer to the Company shall be in net amounts, excluding tax on goods, tax on services or other value added tax (whether or not levied by Hong Kong or other regions). Any tax applicable to the Buyer shall be borne by the Buyer pursuant to the current relevant laws and regulations.

ARTICLE 51 TIME OF PAYMENT
When a deal is closed, the Buyer shall fully pay all monies for the purchase and arrange collection of the Lot within 7 days from the Date of deal (inclusive of the date of sale) regardless of any provisions of the import, export or other permits unless otherwise agreed. Any packaging, conveyance, transportation, insurance and departure fees incurred shall be borne by the Buyer.

ARTICLE 52 CURRENCY OF PAYMENT
All monies shall be paid in Hong Kong dollars. If the Buyer pays in currency other than Hong Kong dollars, it shall be converted based on the currency rate agreed between the Buyer and the Company or the exchange rate of Hong Kong dollars against the currency of payment announced by the bank selected by the Company one working day before the payment will be made. All bank formalities incurred in the Company's conversion of that currency into Hong Kong dollars, commissions or other fees shall be borne by the Buyer.

ARTICLE 53 TRANSFER OF OWNERSHIP
The Buyer has no ownership of the Lot even after the Company has delivered it to the Buyer, it is not owned by the Buyer until monies for the purchase and amounts which the Buyer owes the Company are fully paid.

ARTICLE 54 TRANSFER OF RISKS
The risks of the Lot which occurs under any one of the following circumstances (whichever is earlier) after successful bid shall be borne by the Buyer:
I. The Buyer has collected the Lot purchased; or
II. The Buyer has paid all monies for the purchase to the Company; or
III. Upon expiry of 7 days from the Date of deal (inclusive of the date of sale).

ARTICLE 55 COLLECTION OF THE LOT
The Buyer shall go to the Company's address or other location specified by the Company for collection of the Lot purchased within 30 days from the Date of deal (inclusive of the date of sale). The Buyer shall be responsible for the insuring the Lot purchased after the risks were transferred to the Buyer. If the Buyer fails to collect the Lot within 30 days from the Date of deal (inclusive of the date of sale), all related fees including safe keeping, conveyance and insurance upon expiry of the said time frame shall be borne by the Buyer, and the Buyer shall bear all responsibilities for the Lot he or she has purchased. If the Lot is safe kept by the Company or its agent upon expiry of the said time frame, the Company and its employees or agent shall bear no responsibilities for damages and loss of the Lot due to any reasons.

ARTICLE 56 PACKAGING AND SHIPMENT
The Company has the right to decide whether to accept the Buyer's request for packaging and handling services. If the Company's employees package and handle the Lot as requested by the Buyer, the said packaging and handling shall only be deemed services provided by the Company to the Buyer, so any risks and losses shall be borne by the Buyer. Under no circumstances shall the Company be responsible for damages and loss of frames or glass, drawers, bottom pads, trestles, mountings, insert pages, scroll heads or other similar accessories due to any reason. Where the Buyer requests the Company to help collect the Lot purchased in form of postal delivery, express delivery or transportation (packaging, postal and transportation costs to be borne by the Buyer), the Company shall be deemed to have delivered the Lot and the Buyer shall be deemed to have collected the Lot through normal procedure once the Company has delivered the Lot to the postal, express delivery, transportation entities or companies and their employees/branch organizations, the risks involved in the process shall be borne by the Buyer, and the postal, express delivery and transportation processes are not insured unless the Buyer has specially indicated and bear the insurance premium. The Company shall not be responsible for all errors, omissions, damages or loss caused by the packaging company and postage, express delivery, transportation entities or companies which the Buyer designates or the Company recommends.

ARTICLE 57 IMPORT/EXPORT AND PERMITS
The Buyer shall be responsible for obtaining the permits for import/export, endangered species or others. Failure or delay in obtaining the necessary permits shall not be deemed the Buyer's reason for canceling the purchase or late payment of all monies for the purchase. The Company shall bear no responsibilities arising from failure to fill out or submit the import/export shipping orders, lists or documents. If the Buyer requests the Company to apply for the export permit on his or her behalf, the Company has the right to charge service fee for such service. But, the Company does not guarantee that the export permit will be issued. Neither the Company nor the Seller make no representation or guarantee as to whether any Lot is subject to import/export control or embargo.

ARTICLE 58 REMEDIES FOR OUTSTANDING PAYMENT
Where the Buyer fails to make full payment according to these conditions or any payment arrangements agreed with the Company, the Company has the right to adopt one or more of the following measures:
1. After a deal is closed, if the Buyer fails to pay the Purchase Price within 7 days from the Date of deal (inclusive of the date of sale), the bidding deposit paid at the time of registration shall not be refunded and the Buyer shall bear the corresponding responsibilities as provided herein. If the Buyer has closed deals for a number of Lots using the same paddle and fails to pay Purchase Price of any of them within the specified time frame when the deals are closed, all bidding deposits shall not be refunded and the Buyer shall bear the corresponding responsibilities as provided herein;
2. Where the Buyer fails to fully pay the Company all monies for the purchase within 7 days from the Date of deal (inclusive of the date of sale), the Company has the right to entrust a third party organization to remind the Buyer to pay all or part of the monies for purchase;
3. Where the Buyer fails to fully pay the monies for the purchase within 7 days from the Date of deal (inclusive of the date of sale), the Company has the right to receive interest at the daily rate of 3/10000 of the outstanding amount from the 8th day from the Date of deal until the day when the Buyer has fully paid all monies unless the Buyer has otherwise agreed with the Company;
4. The Buyer shall bear the risks and expenses of taking out an insurance policy, removing and storing the Lot in the Company or other places;
5. To initiate litigation against the Buyer or apply to an arbitration institution for mediation demanding compensation for all the losses suffered by the Company, including but not limited to financial losses, legal costs, default payment and interest on late payment as a result of the Buyer's late payment of or refusal to pay the monies for the purchase;
6. To retain the Lot or other Lots which the same Buyer has successfully bid from the Company and the Buyer's other properties or property rights occupied by the Company for any reasons, all expenses and/or risks incurred during the retention period shall be borne by the Buyer; If the Buyer fails to perform all his or her related obligations during the time frame specified by the Company, the Company has the right to issue a notice on the exercise of lien, and dispose of the items under lien if the Buyer fails to fully repay all outstanding monies within 30 days after issuance of the notice; If the proceeds from disposing the items under lien are insufficient to fully offset the monies payable by the Buyer, the Company has the right to recover them separately;
7. The Company may decide at its absolute discretion to cancel or agree that the consignor shall cancel the deal; refuse the defaulting Buyer's request to pay or collect the Lot, and reserve the right to recover all losses which the Company suffers as a result of canceling the deal;
8. With consent of the consignor, the Company may re-auction the Lot or sell the same in other modes according to these conditions; the Company shall determine the estimate and reservation price at its discretion. In addition to the commissions payable by the Buyer and Seller and other miscellaneous fees which they shall bear for the first auction, and all the expenses incurred in the re-auction or selling of the same in other modes, the original Buyer shall also pay the difference if the Lot is sold in the re-auction or sale in other modes at a price lower than the that offered in the original auction;
9. Any amount after offsetting the monies which the Company owes the Buyer in any other deals from the monies which the Buyer owes to the Company for the Lot;
10. The Company may solely decide to repay the monies which the Buyer owes to the Company for the Lot or in any other deals with any monies paid by the Buyer;
11. To refuse the Buyer or its agent to bid in the future or receive bidding deposit before they bid;
12. To disclose information of the Buyer to the Seller so the Seller may initiate litigation to recover the outstanding amount or claims for damage compensation and legal costs from the defaulting Buyer.

ARTICLE 59 REMEDIES FOR LATE COLLECTION OF LOTS
If the Buyer fails to collect the Lot purchased within 7 days from the Date of deal (inclusive of the date of sale), the Company has the right to adopt one or more of the following measures:
I. To insure the Lot and/or store it in the Company or other places, all costs (including but not limited to Storage fees calculated and received as specified in the consignor's registration form from the 31st day from the Date of deal (inclusive of the date of sale)) and/or the risks thus incurred shall be borne by the Buyer. The Buyer shall not collect the Lot until the Buyer has fully paid all monies for the purchase (packaging, conveyance, transportation, insurance and departure costs to be borne by the Buyer);
II. The Buyer shall bear all risks and costs incurred after the time frame for collection specified in this Article if the Buyer fails to collect the Lot during the time frame. Where the Buyer fails to collect the Lot within 30 days from the Date of deal (inclusive of the date of sale), the Company has the right to publicly auction or sell the Lot in forms and conditions it deems fit after notifying the Buyer. If monies are left after deducting all losses and costs (packaging, conveyance, transportation,, insurance, departure, storage and notary costs) from the proceeds of disposal, the Buyer shall receive the balance, which is interest-free. If the balance has not been collected within two years after the Date of deal, it will be deposited into the courts of Hong Kong after lessing the related costs (including legal costs).

ARTICLE 60 LIMITED WARRANTY
I. The Company provides general warranty to the Buyer: If the Lot sold by the Lot is subsequently found to be counterfeit, the Company shall cancel the deal as provided herein, and refund the Hammer Price together with the commissions paid by the Buyer in the currency used in the original deal. In this connection, according to the Company s reasonable opinions, counterfeit refers to counterfeit which frauds in the provenance, place of origin, date, year of production, duration, culture or sources, etc. of the item, and the correct description of the above have not been included in the contents of the catalogue (any special terminologies are taken into consideration). Any damages of the Lot or any kind of restored item and/or repaired items (including repainting or paint thereon) shall not be regarded as counterfeit.
Please note that this warranty does not apply to any of the following circumstances:
The catalogue content is based on opinions of scholars and experts generally accepted as at the selling day or the catalogue content shows contradictions in such opinions; or the only way to prove that the Lot is a counterfeit on the selling day was not generally available or recognized, extremely expensive or not practicable at the time; or method which has already damaged the Lot or may (based on the Company's reasonable opinions) cause a loss of the Lot's value; or if no significant value of the Lot is lost according to description of the Lot.
II. The time frame specified in this warranty, which is within 5 years after the related auction, is exclusively made to the Buyer, it is not transferable to any third party. In order to make a claim based on this warranty, the Buyer must: notify the Company in writing within one month upon receipt of any information which leads to the Buyers' doubt about the authenticity and properties of the Lot stating the Lot number, date of purchase and reasons for considering the Lot to be a counterfeit, and return to the Company the Lot in a status identical with that on the day when it was sold to the Buyer, with proper ownership fit for transfer and free of claims from any third party since the selling day.
III. For Southeast Asian modern and contemporary art, Chinese oil painting and Chinese painting and calligraphy artwork, although currently the academic circle disallows definitive descriptions for this category, the Company reserves the discretion to cancel the deals of modern and contemporary art, Chinese oil painting and Chinese painting and calligraphy artwork proved to be counterfeit according to this warranty but the time frame is set within one year from the auction day. According to this Article, the paid monies shall be: refunded to the Buyer but the Buyer must produce evidence (in the mode specified in (II) and (IV) of this Article) to the Company within one year from the auction day to prove that the Lot is counterfeit.
IV. The Company may waive any of the rules above at its discretion. The Company has the right to demand the Buyer to obtain reports from two independent experts recognized in the sector and are acceptable to the Company and Buyer with costs borne by the Buyer. The Company shall not be restricted by any report presented by the Buyer, and shall reserve the right to consult additional experts at the Company's costs.
V. This limited warranty is not applicable to other categories including jewelry, time pieces, luxury handbags and Chinese or Western liquor.


Chapter IV Miscellaneous

ARTICLE 61 SPECIAL CATEGORIES
I. Descriptions of the status of Lots in jewelry category are usually provided in the catalogue, but a lack of description does not mean the Lot has no defects, flaws or not processed for better appearance.
1. Colored gemstones (such as rubies, sapphires, emeralds and various colored gemstones) may have been processed for better or improved appearance, including heating, oiling and radiation, etc. These common methods have been recognized by the international jewelry business, but processed gemstones may have their hardness impaired and/or need special maintenance in the future.
2. The Company will not apply to professional institutions for appraisal reports for each jewelry Lot. If a certain Lot has been issued an appraisal report from an internationally recognized jewelry laboratory, the Company will provide details in the catalogue. Each laboratory may have different opinions as to whether a certain jewelry has been processed, the extent it has been processed or whether permanent effect is achieved due to different methods and techniques adopted. The Company shall bear no responsibilities for the accuracy of the appraisal reports issued by the laboratories.
3. If you want appraisal report from a specific laboratory, such request should be made at least 14 working days before the Date of auction, the Company will apply for the appraisal report on behalf of you but you shall bear the appraisal costs.
4. The estimate for a jewelry Lot is based on all the information known at the time, the Bidder should examine the Lot or pursue thorough knowledge of the same personally before the auction. By bidding, the Bidder is deemed to accept all the conditions of the Lots.
5. The Company reminds the Bidder that gemstones or jade from Burma may be subject to embargo of certain countries.
II. Lot under timepieces category
1. Description about the known current conditions of a certain Lot under timepieces category is included in the catalogue is for Bidders' reference only. Most timepieces have been repaired and maintained during the course of use, the Company does not guarantee that any parts of any timepieces are genuine parts, and it is possible that the pendulum, clock hammers or key is missing.
2. Timepieces generally has very exquisite mechanical structure which may need general maintenance service, battery replacement or further repairs all of which shall be undertaken by the Buyer. The Company does not guarantee any timepieces sold are in satisfactory operating conditions. We do not provide certificates unless otherwise mentioned in the catalogue.
3. Most timepieces have been opened for checking the caliber model and quality, so waterproof case may not have insufficient waterproof function, the Company advises that an examination shall be conducted by a timepieces expert.
III. The Company reminds the Buyer to carefully examine the conditions and materials of the Lot at the time of collection. For Lots under categories of jewelry and timepieces, the Company does not accept Buyer's application for return after a lapse of two years 'from the delivery of the Lots to the Buyer. For Lots under categories of luxury handbags, and Chinese and Western liquors, the Company does not accept Buyer's (and his or her agent's) application for return after a lapse of 15 days from the delivery of the Lots to the Buyer.
For application for return of Lots under categories of jewelry and timepieces within two years after collection and application for Lots under categories of luxury handbags, and Chinese and Western liquors within 15 days after collection, the Company only makes limited guarantee that it accepts applications from Buyers and the Lot to be returned shall satisfy the following requirements:
- the Buyer has provided sufficient evidence to the acceptance of the Company to prove that the Lot is counterfeit and the Company recognizes so
- wine bottles should remain sealed
- luxury handbags should be in conditions identical with those at the time of collection
- all outward appearance of packaging should be in conditions identical with those at the time of collection
- other requirements determined by the Company based on the Lot's actual conditions.

ARTICLE 62 COLLECTION OF INFORMATION AND VIDEO-RECORDING
For operation of auction business, the Company may audio-record, video-record and record the course of any auction, and also needs to provide personal information of the Bidder or obtain information about the Bidder from a third party (e.g. credit review from the bank). This information will be handled and kept confidential by the Company, but the information may be provided to the Company's division, affiliates or subsidiaries to help provide perfect services to Bidders, conduct customer analysis or provide services which meet the Bidders' needs. The Company may also need to provide some personal information of the Bidder to third party service providers (such as sea freight company or storage company) as and when necessary so as to protect the Bidder's interests. By taking part in bidding at the Company's auction, a Bidder agrees to the foregoing provisions. The Bidder may contact the Customers' Services Department if the Bidder wants to access or change his or her personal information.


ARTICLE 63 CONFIDENTIALITY
The Company shall be obligated to keep confidentiality for the Seller, Bidder and Buyer and protect the legitimate rights of the Seller, Bidder and Buyer as well as the Company according to the laws of Hong Kong and these conditions. Except the following circumstance:
I. the information is transferred to any affiliated entities or individuals of the Company when requested reasonably, but the obligation of confidentiality shall be extended to such entities or individuals;
II. the information is disclosed to any courts, judicial institutions, government, banks, tax authorities or other regulators or their designated persons as demanded or pursuant to any appropriate laws;
III. the information is disclosed with consent from the Seller, Bidder and Buyer.

ARTICLE 64 RIGHT OF APPRAISAL
The Company may appraise the Lot if it deems necessary. Where the appraisal conclusion is different from the Lot's conditions stated in the auction consignment contract, the Company has the right to request for amending or rescinding the auction consignment contract.

ARTICLE 65 COPYRIGHTS
Where the Seller entrusts the Company with production of photos, illustrations, catalogue or other forms of image products and publicity materials for the Lot consigned to the Company, the Company shall own copyrights of the said photos, illustrations, catalogue or other forms of image products and publicity materials. It has the right to use them pursuant to the law. The Seller or any other person shall not use them without prior written consent from the Company. The Company and Seller make no representation and warranties as to whether the Lot is subject to copyright or whether the Buyer obtains any copyright of the Lot.

ARTICLE 66 WAIVER OF RESPONSIBILITIES
As the Seller's agent, the Company undertakes no responsibilities for any defaulting acts of the Seller or Buyer. Under circumstances where the Seller or Buyer has defaulting acts, the Company has the right to disclose the name and address of the Buyer to the Seller, and vice versa, based on its judgment so the aggrieved party may claim compensation for its damages through litigation. Before disclosing the information to the Seller or Buyer, however, the Company will adopt reasonable measure to notify the party whose information shall be disclosed. The Buyer and Seller shall undertake related responsibilities involved in the deal including but not limited to financial, legal, tax and clearance responsibilities, and shall confirm that no illegal acts such as money laundering or transfer of interests is involved in the deal. Any receipt or payment instructions must be clear and specific. Where unforeseen events including embezzlement or misappropriation of funds occurs to the Seller's or Buyer's account due to poor management, the Company shall have nothing to do with any consequence.

ARTICLE 67 NOTICES
The Bidder and Buyer shall notify the Company their valid permanent correspondence address and mode of contact in the bidding registration form or in a way recognized by the Company, and notify the Company in written form in case of changes in them. The notices mentioned in these conditions only refer to written notices issued in the forms of letters or fax messages.
Such notices shall be deemed to have been delivered at the following times:
I. if the notice have been delivered in person, at the time of delivery;
II. If the notice has been delivered by post, the 7th day from the date of posting;
III. If the notice has been delivered by fax, the confirmation slip of the facsimile machine;
IV. If the notice has been delivered by e-mail, the moment confirmation is shown in the email record.

ARTICLE 68 SEVERABILITY
If any articles or parts of these conditions has been determined to be ineffective, illegal or unenforceable for any reasons, the other articles or other parts of these conditions shall remain effective and shall be observed and performed by all related parties.

ARTICLE 69 LAWS AND JURISDICTION
Any disputes over these conditions, issues or deals occurring as a result of or in connection with participating in the Company's auction activities according to these conditions shall be governed and interpreted pursuant to the laws of Hong Kong. All related parties including the Company, Buyers and Bidders shall subject themselves to the jurisdiction of the courts of Hong Kong. Any decisions announced by the courts of Hong Kong for the disputes arising from these conditions are enforceable in the People's Republic of China.

ARTICLE 70 LANGUAGE
The version in Chinese language shall be the standard version of these conditions, the version in English language shall serve as reference only.
In case of inconsistency between the English and Chinese versions, the Chinese version shall prevail.

ARTICLE 71 COPYRIGHT OWNERSHIP OF THESE CONDITIONS
These conditions are formulated and amended by the Company which shall own the corresponding copyrights. Without prior written consent from the Company, in no way shall anyone obtain commercial interests in any ways and through any means making use of these conditions; neither shall anyone reproduce, transmit or save any parts of these conditions in the retrieval system.

ARTICLE 72 PERIOD OF APPLICABILITY
These conditions are only applicable to this auction. The Company may update these Conditions from time to time, when Bidders and Buyers participate in another auction, the conditions of business applicable at the time shall prevail.

ARTICLE 73 RIGHT OF INTERPRETATION
The right of interpretation of these conditions shall be reserved by the Company.

Shipping Terms

N/A