Page 355 - 当代艺术·有美：现代艺术·有美：中国书画

Article 12 Suspension of Auction Hammer Price. The Seller agrees that the Company may be entitled to the Buyer's remuneration
and other expenses payable by the Buyer in accordance with provisions in Article 47 hereof.
The Company may suspend any auction at any time under any one of the following situations:
(1) the Company has objection to the ownership or authenticity of the Lot;
(2) any third party has objection to the ownership and authenticity of the Lot with undertakings Article 22 Service Fee for Unsold Lot
to provide relevant evidence accepted by the Company, makes security pursuant to the In the case that the auction of the Lot fails due to bidding lower than the Reserve Price, the Seller
Company's provisions and takes the corresponding responsibilities for all legal repercussions shall authorize the Company to charge the Seller a service fee of unsuccessful auction equal to 3%
and losses due to suspension of auction in writing; of the Reserve Price and other expenses payable by the Seller.
(3) the Company has objection to the explanation of the Seller or the accuracy regarding the
Seller's warranty provided in Article 8; Article 23 Payment of Sale Proceeds
(4) the Company has any evidence to prove the Seller has already violated or is to violate any term In the case that the Buyer makes full payment to the Company in accordance with provisions in
of the Conditions;
(5) the Lot involves the judicial proceedings (including but not limited to investigation, litigation, Article 48 hereof, the Company shall pay the Sale Proceeds (after having paid the taxes described
preservation, seizure, injunction, detention, freezing, compulsory execution) of any judicial in Article 25 of the Conditions) to the Seller in RMB after 35 days from the Sale Date, and the
organ with coercive power (court, procuratorate, public security, etc.). remittance fees charged by the bank shall be borne by the Seller.
(6) any other reasonable causes.
Article 24 Deferred Payment
Article 13 Withdrawal of Lot by Seller In the case that the Company does not receive the full payment from the Buyer upon the expiry
of payment period under Article 48 hereof, it will pay the Sale Proceeds (after having paid the
The Seller may withdraw the Lot at any time prior to the Auction Date subject to the Company's
consent and a written notice stating the reasons. However, upon the Seller's withdrawal, the Seller taxes described in Article 25 of the Conditions) to the Seller within seven days (meanwhile such
shall pay an amount equal to 20% of the Reserve Price of the Lot and compensate the Company payment should be made after 35 days of Sale Date as well) after receipt of such full payment from
the Buyer.
if such amount is insufficient to cover all losses caused by the withdrawal. No dispute or claim
arising out of the Seller's withdrawal of the Lot shall be borne by the Company.
Article 25 Taxes
Article 14 Insured Automatically In the case that the Seller has a duty to pay the tax imposed on its Sale Proceeds to the government,
the auctioneer shall withhold and pay the tax in accordance with the relevant laws and regulations.
Unless otherwise instructed by the Seller in writing, all Lots will be automatically covered under the
insurance of the Company as soon as the Seller signs the consignment auction contract with and
delivers the Lot to the Company. The insured value shall be based on the Reserve Price agreed by Article 26 Assistance in Collecting Deferred Payments
the Seller and the Company in the consignment auction contract (if no Reserve Price, the insured In the event that the Buyer fails to make full payment to the Company in accordance with the
value is the one agreed by both parties; if the Reserve Price is adjusted, the insured value shall be Conditions, the Company is entitled to recover the remuneration and other expenses payable by
the original Reserve Price). The insured value is only subject to insurance and claim other than the the Buyer in accordance with provisions in Article 56 hereof and to take necessary measures to
Company's warranty or security for the value of the Lot and the Hammer price of the Lot. assist the Seller in collecting deferred payments upon the Seller's request as soon as practicable.
However, the Company shall have no obligation to sue the Buyer on behalf of the Seller in any
Article 15 Insurance Premium circumstances.
The Company shall not be liable to the Seller under any circumstances if the Buyer fails to pay the
Unless otherwise agreed by the Seller and the Company, the Seller shall pay an insurance premium
to the Company as follows: Purchase Price.
(1) the Seller shall pay the insurance premium equal to 1% of the Hammer Price of the Lot after
sale; Article 27 The Company's Discretion
(2) in the case that the Lot fails to sell, the insurance fee payable by the Seller shall be 1% of the The Company may determine the following matters, as the case may be, upon authorization of the
Reserve Price (if no Reserve Price, the insured value is the one agreed by both parties). Seller (at the Seller's expense):
(1) to agree to special terms on how to make the payment of Purchase Price;
Article 16 Insurance Period (2) to remove, store and arrange insurance for sold Lot;
(3) to settle claims brought by the Buyer or the Seller in accordance with relevant terms and the
The insurance period shall be calculated as soon as the Seller signs the consignment auction
Conditions hereof;
contract with and delivers the Lot to the Company. (4) to take other necessary steps to collect the deferred payment by the Buyer to the Seller.
In the case that the auction of the Lot succeeds, the insurance period shall terminate on the earlier
expiry of either 30 days after the Sale Date or the date on which the Buyer collects the Lot. In the
case that the auction of the Lot fails, the insurance period shall terminate upon the expiry of seven Article 28 Unsold Lot
days after the Seller has received the Company's notice (including the date of the notice being In the case that the Lot is not sold, the Seller shall take back the Lot within 30 days after receipt of
dispatched) to take back the Lot. the Company's notice (packing and cartage at the Seller's own expense) and pay the Company
fees for failed auction and other expenses. The consignment auction contract between the
Article 17 Insurance by Seller Company and the Seller will cease on the date of collection of the Lot by the Seller. If during
the abovementioned period, the Seller fails to collect the Lot, the consignment auction contract
In the event that the Seller notifies the Company not to arrange insurance for the Lot in writing,
the Seller shall undertake all the risks and the following liabilities (unless otherwise judged by court between the Company and the Seller will automatically terminate upon the expiration of such
or arbitration commission): period.
(1) to indemnify the Company from and against any claims or actions incurred or brought by any
third party with respect to the losses or damages of the Lot; Article 29 Risks and Losses
(2) to hold the Company and/or any other parties from and against any losses and expenses in The Seller shall take liability for any risk and/or loss that occurs after the period mentioned above
relation to the damages and/or losses of the Lot caused by any reason; in the case of failed retrieval of the Lot within the designated period, including but not limited to
(3) to notify the terms of indemnity hereunder to any insurer of the Lot. that the Buyer shall pay for the overdue fee equals to 0.03% per day of the Reserve Price agreed
by the Seller and the Company in the consignment auction contract. In the case that the Seller
Article 18 Uninsured requires the Company to assist in returning the Lot, the Seller shall be liable for all risks and/or
losses and bear all the expenses. Generally, the Company is not responsible for arrangement of
The Company will not be liable for the following items: transportation insurance unless the Seller specifically instructs the Company to do so and bears
(1) any damages or losses of the Lot caused by natural wear, inherent flaws, inherent or potential
defects, inherent material changes, self-combustion, self-warming, oxidation, rust, leakage, the insurance premium.
rat-bite, woodworm, changes in atmospheric (climate, temperature or humidity) conditions,
or other reasons of natural changes or caused by force majeure such as earthquake, tsunami,
war, hostile actions, armed conflicts, terrorism, rebellion, coup, strike, riots, administrative act Chapter III Conditions Concerning The Bidder And The Buyer
or judicial act, as well as nuclear radiation and radioactive pollution;
(2) any damages or losses of frames, glass, drawer, bottom mat, trestle, mounting, insert pages, Article 30 Catalogue of Lot
roller or other similar accessories caused by any reason; At the auction, the Company will prepare a catalogue to briefly introduce the conditions of the Lot
(3) indirect losses of any kind arising from any circumstance.
with texts and/or pictures for the convenience of Bidders and Sellers. The texts and/or pictures,
Reference Price or other video images and publicity materials in the catalogue are only reference
Article 19 Insurance Indemnity for Bidders and are subject to revision before auction. The Company does not guarantee for the
Any damages or losses of the Lot caused by incidents or disasters covered by insurance the authenticity, value, tone, quality and flaw or defect of any Lot.
Company purchased for the Lot shall be handled in accordance with the relevant insurance laws
and regulations of the People's Republic of China. The Company shall pay insurance indemnities Article 31 Uncertainty of Catalogue
after deducting all expenses incurred by the Company (except for commissions) to the Seller after In the case that the tone, color, graduation and form shown in the catalogue and/or any other
the Company obtains such indemnities from the insurance company. illustrations, video images and publicity materials differ from those of the original of the Lot due to
print, photograph and other technical reasons, the original shall prevail.
Article 20 Non-Bidding Any statement and appraisal in any way (including but not limited to certificate, catalogue,
The Seller shall not bid for the Lot consigned to the Company by himself/herself/itself, nor slide show, news media) of any Lot made by the Company and its employees or its agents are
authorize any other person to bid on his/her/its behalf. The Seller shall be liable for and indemnify only for reference and should not be relied on as any guarantee for the Lot. The Company and
the Company for any losses and damages caused by violation of this provision. its employees or its agents shall undertake no liability for any inaccuracy and omission in the
statements and appraisal mentioned above.
Article 21 Commission and Expenses The publications quoted in any description of the Lot by the Company and its employees or its
agents are only reference for Bidders. The Company shall not provide the original or copy of such
Unless otherwise agreed upon by the Seller and the Company, the Seller shall authorize the publications and other materials, and reserve the right to modify such quotation in explanation.
Company to deduct 10% of the Hammer Price as commission and any other expenses from the