Page 356 - 当代艺术·有美：现代艺术·有美：中国书画

Article 32 Inspection by Bidder Article 44 Screen of Video Images
The Company especially declares that the Company shall undertake no guarantee for the At some auctions, there will be a projector screen or other screes in operation for the convenience
authenticity and/or quality of the Lot. The Bidder and/or its agent shall inspect and investigate of the Bidders, which is only for reference. However, there may be errors on the screen. The
the actual condition of the Lot and take liability for its bidding. The Company strongly advises Company shall not be liable for any losses and damages caused by such errors in amounts,
the Bidders to inspect personally the original Lot on which they intend to bid by identification or numbers or pictures of the Lot, or in foreign exchange rate on the screen.
other methods before the Auction Date. The Bidder shall judge the authenticity and/or quality of
the Lot by themselves rather than relying on the Company's catalogue, condition explanation and Article 45 Successful Bids
other video images and publicity materials of the Lot.
When the highest bidding is confirmed by the striking of the hammer by the auctioneer or in
other public manners, the Bidder with the highest bidding succeeds in the bid, and a binding sales
Article 33 Registration of Bidder
contract of the Lot between the Bidder and the Seller is hereby concluded, and the Buyer should
The Bidder shall register and receive a bidding paddle before the Auction Date with a valid identity sign on a purchase confirmation immediately. In the case that the Buyer fails to sign on a purchase
card, passport or other certificates approved by the government of the People's Republic of China confirmation, the legal liability of the Buyer shall not be affected. When the bid succeeds, in the
in the case of a natural person; or a valid certificate of registration, ID of legal representative or case that a third party (including but not limited to the holder of bidding paddle affixed with
other legal authorization documents as well as other documents required by the Company in the number) signs the purchase confirmation on behalf of the Buyer at auction, no matter whether the
case of a legal entity or other organization, otherwise it will not be deemed as a legal Bidder. signatory provides an authorization letter by the Buyer to the Company, or no matter whether the
The bidding paddle is the only evidence of the Bidder's participation in bidding. The Bidder shall signature on the purchase confirmation is the Buyer's own name, it shall be deemed that the Buyer
take good care of his or her paddle affixed with number and may not lend it to any third person. has authorized such parties to sign on his/her/its behalf, and the Buyer shall be liable for any legal
In case of losing such paddle, the Bidder shall go through the procedure for report of losing in repercussions caused by the signatory's action unless the Buyer raises an objection at auction.
a written form approved by the Company. The person holding the paddle is deemed to be the
registered owner of the paddle, whatever he/she is entrusted by Bidder or not. The Bidder shall Article 46 Auction Record
be liable for using his or her paddle to bid in the auction process, unless the Bidder goes through The Company will prepare a written record with respect to the auction signed by the auctioneer
the procedure for report of losing in a written form approved by the Company and such paddle
affixed with number has been cancelled by the auctioneer's announcement in the auction process. and the recorder. At the auction, the Buyer shall sign the written record showing the successful
bid after the highest bid is confirmed by the striking of the hammer by the auctioneer or in other
public manners. If the Buyer, or any person authorized by the Buyer in writing, fails to sign on the
Article 34 Guarantee Money
record, the Company is entitled to do so for the Buyer and the written record will be deemed as a
The Company will charge a guarantee money before the Bidder receives the bidding paddle legitimate document and completely accepted by the Buyer.
affixed with number. The amount of guarantee money will be announced before the Auction
Date. The Company will refund all the guarantee money mentioned above with no interest to Article 47 Remuneration and Expenses
the Bidder within seven working days after auction in case the Bidder fails in auction. In the event
that the Bidder succeeds at auction, the guarantee money will automatically turn to be deposit The Bidder will be deemed as the Buyer of the Lot after succeeding in bidding and shall pay
as part of the Purchase Price of the Lot, and the guarantee money shall be used first to pay for the Company a remuneration equal to 15% of the Hammer Price and other expenses and
acknowledge that the Company is entitled to charge commission and other costs payable by the
the commission of auction, the interest of overdue payment, storage fee and other losses of Seller in accordance with provisions in Article 21 hereof.
the auctioneer (if any) prior to the other liabilities to the auctioneer. In the case that the Bidder
purchases several Lots with the same one paddle affixed with number, the Company has the right
to determine the distribution of the guarantee money. Article 48 Payment
The Company has the right to use the guarantee money paid by the Bidder for the offline auction After an auction is completed, the Buyer shall make full payments in a lump sum to the Company
and online auction account to pay any payment owed to the Company, the parent company, and collect the Lot within 30 days after the Sale Date. The buyer shall also undertake packaging
subsidiaries, branches and affiliates of the Company. charges, cartage, transportation insurance premium, export appraisal fee and other expenses. The
If the auction process cannot be completed due to the Buyer's reasons, the guarantee money Company reserves the right to refuse any payment from any third party other than the Buyer.
should not be refunded. In the case that the Buyer purchases several Lots but fails to pay the Purchase Price in full, and
the Purchase Price for a particular Lot is not specified in writing when making the payment,
Article 35 The Company's Option the Company shall have the right to determine the distribution of the Purchase Price at its sole
discretion.
The Company may forbid anyone from participating in the auction, admission to the premises or
taking a picture, making a sound recording or making a video recording during the auction, as the
case may be. Article 49 Payment Time
After an auction is completed, the Buyer shall make full payments in a lump sum and collect
Article 36 Abnormal Events the Lot (package and transportation at the Buyer's expense) within 30 days after the Sale Date
(including the Sale Date); otherwise, the Buyer shall be liable for breach of contract.
In case of any abnormal events, the Company may take necessary measures as the case may If the Buyer pays for and collects the Lot 60 days overdue, the Company has the right to ask the
be, including but not limited to, suspending the auction, continuing the auction, suspending Seller for permission and decides whether withdraw the Lot to the Seller or not, and has the right
certain bidding method, deciding the re-auction of the disputed Lot, holding another auction or
cancelling the auction. The Company shall not be liable for any losses incurred by abnormal events to terminate the sales contract with the Buyer. The Buyer will be liable for the fine equals to 5% of
or its measures mentioned above. In the case that any dispute arises at auction, the Company shall the Hammer Price for breach of contract. Moreover, the Company reserves the right to claim the
have the right to mediate and settle. indemnity for commissions, interest on overdue payments, storage fees and other losses according
to the laws and the Conditions hereby.
In the case that the Buyer purchases several Lots but fails to pay the Purchase Price in full, and
Article 37 Bidding as Principal the Purchase Price for a particular Lot is not specified in writing when making the payment,
Unless a particular Bidder has presented written proof to the Company indicating that he or she is the Company shall have the right to determine the distribution of the Purchase Price at its sole
the agent of a particular Bidder and the same has been approved in writing by the Company before discretion.
the Auction Date, each Bidder shall be deemed to be the Bidder himself or herself. The Bidder will
be deemed as a co-bidder if the Company can prove that the Bidder is the agent of a principal or Article 50 Payment Currencies
in cooperation with a principal during the auction in any other manner. They shall jointly bear the All payments shall be made in the currency designated by the Company. In the event that the
expenses, collect the Lot, pay any penalty or compensate for any losses with joint liability.
Buyer makes payments in currency other than the designated one, the currency shall be converted
at the rate agreed upon by the Buyer and the Company or at the rate announced by People's Bank
Article 38 Authorized Bids
of China one (1) working day prior to the payment. The Buyer shall bear all the relevant bank
Generally, the Bidder shall attend the auction personally; otherwise, it may give the Company an charges, commission and other expenses for converting the currency into RMB.
authorization in writing to bid on his/her/its behalf. The Company shall have the right, but not the
obligation, to accept such authorization. The Bidder shall bear the bidding result and the relevant Article 51 Passing of Title
legal liabilities in the case that the Company bids on his/her/its behalf.
The Buyer will acquire ownership of the Lot after having paid the full Purchase Price.
Article 39 Procedures of Authorized Bids
Article 52 Transfer of Risks
The Bidder who intends to give the Company authorization to bid on his/her/its behalf shall
present the company with a written authorization letter and hand in guarantee money in After a successful bid, any Lot purchased shall be entirely at the Buyer's risk as early as one of the
following conditions is met:
accordance with provisions in Article 34 herein within certain period (no later than 24 hours (1) the Buyer collects the Lot purchased; or
before the Auction Date).
(2) the Buyer pays to the Company full Purchase Price for the Lot; or
(3) expiry of 30 days after Sale Date (including the Sale Date).
Article 40 Cancellation of Authorized Bids
The Bidder who entrusts the Company to bid on his/her/its behalf shall inform the cancellation in Article 53 Collection
writing no later than 24 hours before the Auction Date.
The Buyer shall collect the purchased Lot no later than 30 days after the Sale Date (including the
Sale Date). In case of failure to do so, the Buyer shall be solely responsible for all risks and losses
Article 41 Non-Liability of Authorized Bids of the Lot and bear all expenses for transportation, storage and insurance in connection therewith
Since the Company charges no fee for bidding on behalf of the Bidder in the case that the Bidder due to delay. Nevertheless the Lot is still preserved by the Company or any other agents, the
cannot attend the auction personally, the Company and its employees shall not be liable for any Company and its employees or its agents shall not be liable for any losses and damages of the Lot
failure in bidding or any negligence or fault in the authorized bids. caused by any reason.
Article 42 Principle of Priority Article 54 Package and Transportation
In the event that two or more Bidders entrust the Company to bid on their behalf for the same Lot The Company may arrange packing and handling of the purchased Lot on behalf of the Buyer
and succeed in the same commission price, the Bidder whose authorization letter is first received as the case may be on its request and the Buyer shall be liable for any loss arising thereupon. In
by the Company shall be the Buyer of the Lot. no circumstances shall the Company take any liability for any damages or losses of glass, frames,
drawer, bottom mat, trestle, mounting, insert pages, roller or other similar accessories arising
Article 43 Auctioneer's Discretion out of any reason. In addition, the Company shall undertake no liability for any fault, omissions,
damages and losses caused by the packers or carriers recommended by the Company.
The auctioneer is entitled to represent the Company to increase or decrease the bidding ladder,
refuse any bidding, or restart auction in case of any dispute arises.