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TOKYO CHUO AUCTION HONGKONG COMPANY LIMITED

THE CONDITIONS OF SALE
purchase, sale and leaseback arrangement Auction Article by the Company;
1. PREAMBLE
or any agreement in relation to the above 2. Any written descriptions, explanations
encumbrances created on any Auction Article, and comments (contained in Catalogue,
The Bidder confirms that he is aware that property, assets, rights (including creditor’s reports, documents, video products or any
the Company is the agent of the Seller and it rights) or interests (regardless of their nature); other promotional materials or otherwise)
will receive commission from the Seller. The Hong Kong means The Hong Kong Special and any other statement made by the
contract of sale after the sale of the Auction Administrative Region of the People’s Republic of Company (whether orally or in writing) about
Article constitutes an agreement between the China; any Auction Article, including its nature or
Seller and the Purchaser. The Bidder confirms condition, artist, period, materials, approximate
that he is aware of, understands and agrees Working Day means a day other than dimensions or provenance are mere
Saturday, Sunday, Hong Kong Public Holidays,
to these Conditions, the Bidders Registration days on which No. 8 typhoon signal is hoisted expressions of opinion and not to be relied
Form, Absentee Bids Registration Form, or a Black Rainstorm Warning Signal is hoisted upon as a statement of fact. The Company
Telephone Bidding Registration Form, Online does not carry out in-depth research of the
Bidding Registration Form, as the case may be, in Hong Kong from 9am to 6pm; sort carried out by professional historians
and all the terms contained in other notices Auctioneer means the person who chairs and scholars. Under all circumstances, the
and documents (including Catalogues) issued the auction for the Company and strikes the Company shall not be deemed to have given
by the Company and that he shall be bound by hammer. representations or warranties regarding any
the said terms. aspect of the Auction Article (including but
not limited to its genuineness, originality,

（2.2）Unless the context otherwise requires, in commercial value, fitness for specific purposes,
2. DEFINITIONS AND INTERPRETATION these Conditions: quality or other conditions, etc.). All dimensions
1. The Company, the Bidder and the and weights are approximate only;
Purchaser will be collectively referred to 3. A reference to condition in a Catalogue

（2.1） In these Conditions (including the as “the Parties”, whereas “a Party” refers entry will not amount to a full description
Appendices), unless the context requires to either of the Parties, as required by the of condition, and images may not show
otherwise, the following words and expressions context. an Auction Article clearly. Colours and
shall have the following meaning:
2. Any references to statutory provisions shall shades may look different in print or on
be construed to include any amendments screen as to how they look on physical
Catalogue means this catalogue issued by the and re-enactments made subsequently to inspection. The descriptions, explanations,
Company together with all of its supplement(s) such provisions. images or comments on the flaws of an
Auction Article made by the Company are
issued by the Company from time to time on 3. Any references to “people” or “person(s)” its opinion for reference only, and shall
or before the Date of Sale; shall include natural persons, companies, not mean that there are no other flaws,
The Company means Tokyo Chuo Auction corporations, partnerships, firms, inherent defects, restoration, alteration or
Hongkong Company Limited, a company government authorities of all levels, adaption in the Auction Article because
incorporated and subsisting in Hong Kong with government departments, statutory the Company’s staff are not professional
company no. 2656114, whose registered office authorities, private companies or social restorers or conservators. Under all
is situated at Room 2601, 26/F, Wing On Centre, organizations, and organizations formed circumstances, the Company shall not be
No. 111 Connaught Road Central, Hong Kong; by them jointly. deemed to have given representations or
The Seller means the seller named in the 4. Any ref erences to “Clauses” and warranties regarding the Auction Articles.
relevant auction consignment contract entered “Appendices” refers to the clauses and A Bidder should inspect the Auction
into between the Company and such seller appendices of these Conditions. The Article in person or assign representative
who entrusts the Company as its exclusive Appendices are constituent parts of these with the professional knowledge to do so
agent to sell the Auction Articles; Conditions. The content and agreed before the Bidder makes a bid to make
terms in the Appendices shall have the sure that he accepts the description and
The Purchaser means, in respect of any same binding effect as those in these its condition. The Company recommends
particular Auction Article, any Bidder or his Conditions. the Bidder to get his own advice from a
agents whose highest bid therefor has been restorer or other professional adviser.
accepted by the Auctioneer in the auction held 5. Headings are for ease of reference only
by the Company; and shall not affect the interpretation of 4. The Company only provides descriptions,
these Conditions. explanations or comments on an Auction
The Purchaser’s Commission means the Article with reasonable caution on (1) the
commission that the Company will receive from representations and warranties given by
the Purchaser, being 20% of the hammer price 3. THE BIDDER’S RESPONSIBILITIES the Seller on the Auction Article and the
below HK$5,000,000; 18% of the hammer price information provided by him, (2) expert
reaching HK$5,000,000 and up to $19,999,999; opinion (if any). The Bidder confirms that the
15% of the hammer price reaching HK$20,000,000 （3.1）By his participation in bidding, the Bidder Company does not have the obligation to

and above HK$20,000,000; confirms the following matters and shall conduct a comprehensive due diligence on
Auction Article means the items to be sold in assume the corresponding responsibilities: the Auction Article.
auctions held by the Company; 1. The condition of Auction Articles sold 5. Guaranteed Lot ▲
Auction Day means the day on which the in auctions can vary widely due to The seller of lots with this symbol has been
Company announces to hold the auction; factors such as age, previous damage, guaranteed a minimum price from this sale.
Date of Sale means the date on which a restoration, repair and wear and tear. This guarantee could be provided by the
Company, a third party or a joint agreement
transaction of an Auction Article is concluded Their nature means that they will rarely be by the Company and a third party. It could
in perfect condition. The Auction Article is
as confirmed by the striking of the hammer or auctioned for sale in its present condition be in the form of an irrevocable bid provided
announced by other commonly used means by on an as is basis in the condition they are by a third party. Providing or participating
the Auctioneer ;
in at the time of the sale, without any in a guarantee, third party could be
Hammer Price means the highest bid that the representation or warranty or assumption financially beneficial if a guaranteed lot is
Auctioneer announces for the conclusion of of liability of any kind as to condition sold successfully. If a third party providing or
the sale by striking the hammer or using other by the Company or by the Seller. By participating in a guarantee is the successful
usual means; participating in the bidding, the Bidder bidder for the guaranteed lot, they have to
Encumbrances means any mortgage, charge, shall be deemed to have inspected pay the full Purchaser’s Commission.
pledge, liens (except those created under the the Auction Article prior to the auction
operation of law), equitable charge or other and is satisfied with the condition and
adverse rights claims or other encumbrances, description of it without relying on any
preferential rights or charge interest, delayed of the written or verbal descriptions,
purchase, retention of title, lease, sale and explanations or comments made on the
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