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experts have differences or conflicts making of definitive statements. The Company diseases, and any other events of force
in opinion in relation to the relevant does, however, agree to cancel a sale in this majeure ( the occurrence of which
description; category of art where it has been proven the and consequences of which cannot
3. Scholarship has developed since the Date lot is forgery. The Company will refund to the be reasonably prevented, avoided or
of Sale leading to a change in any respect original Purchaser the Hammer Price and the overcome by the Party affected) occurs,
of the generally accepted opinion of the Purchaser’s Commission paid by such Purchaser such that the Party is obstructed from
experts; (without interest) in accordance with the terms performing or is forced to defer the
of the limited warranty under Clause 18.1, performance of his obligations under
4. On the publication day of the Catalogue, provided that the original Purchaser notifies these Conditions, that Party shall notify
there is no existing authentication the Company with full supporting evidence the other Parties in writing as soon as
method generally accepted by experts documenting the forgery claim within twelve possible, and should provide details of
or generally accepted for use, or such (12) months of the Date of Sale. Such evidence the force majeure event and written
authentication method is unreasonably must be satisfactory to the Company that the proof thereof within the subsequent
costly or impractical, or which is likely to Auction Article is a forgery in accordance with 15 days to prove such occurrence. The
have damage to the Auction Article, in Clause 18.5 above and the Auction Article must Parties shall, having regard to the degree
the opinion of the Company; be returned to the Company in accordance with of impact of the force majeure event,
5. The Company has given clear reserved 18.4(2)(b) above. Clauses 18.2(3), 18.2(4), 18.4(1) discuss with each other to decide on
opinion or disclaimer of opinion in the and 18.4(2)(a) also apply to a claim under this whether to terminate the contract of sale,
Catalogue in relation to the place of category. waive or delay in performing obligations
origin, artist, authorship, manufacturer, the performance of which has been
year of production, era, period, culture affected by the force majeure event, or
and source etc. 19. SELLER’S WARRANTIES alter the manner of performance under
the contract of sale and these Conditions.
Neither Party is entitled to claim
（18.3）The Purchaser’s right under this limited （19.1）For each Auction Article, the Seller gives a compensation from the other for losses

warranty is to request the Company to cancel warranty that the Seller: caused by the force majeure event.
the sale and receive a refund of the Hammer (a) is the owner of the Auction Article or a
Price and Purchaser’s Commission (without joint owner of the Auction Article acting
interest) paid by the Purchaser to the Company. with the permission of the other co- （20.2）The Company gives no representation,
The Company will not, in any circumstances, be owners or, if the Seller is not the owner or warranty or guarantee or assume any liability of
required to pay the Purchaser more than the a joint owner of the Auction Article, has any kind in relation to (a) any statement made,
Hammer Price and the Purchaser’s Commission the permission of the owner to sell the or information given, by it or its representatives
(without interest) nor will be liable for any loss of Auction Article, or the right to do so in or employees, about any Auction Article; and
profits or business, loss of opportunity or value, law; and (ii) the merchantability, fitness for a particular
expected savings or interest, costs, damages, purpose, description, size, quality, condition,
other damages or expenses. (b) has the right to transfer ownership of attribution, authenticity, rarity, importance,
the Auction Article to the buyer without medium, provenance, exhibition history,
（18.4） any restrictions or claims by anyone else. literature, or historical relevance of any Auction
1. The limited warranty is provided to the Article, and as far as the Company is allowed
Purchaser shown on the invoice of the by law, all warranties and other terms which
Auction Article issued at the time of the If either of the above warranties are incorrect, may be added to these Conditions by law are
sale and only if the original Purchaser has the Seller shall not have to pay more than the excluded. The Seller’s warranties contained in
owned the Auction Article continuously Hammer Price paid by the Purchaser to the Clause 19 are the Seller’s own warranties, and
between the Date of Sale and the date of Company. The Seller will not be responsible the Company does not have any liability to the
claim. It cannot be transferred to a third to the Purchaser for any reason for loss of Purchaser in relation to those warranties.
party. profits or business, expected savings, loss
of opportunity or interest, costs, damages,
2. The Purchaser shall satisfy the following other damages or expenses. The Seller gives (20.3）The Company is not responsible to the
conditions before becoming eligible to no warranty in relation to any Auction Article Purchaser for any reason (whether for breaking
pursue a claim under this Clause: other than as set out above and, as far as the these Conditions or any other matter relating
(a) the Purchaser shall, within 3 months upon Seller is allowed by law, all warranties from the to the Purchaser’s purchase of, or bid for, any
his knowledge of the information that Seller to the Purchaser and all other obligations Auction Article) other than as expressly set out
has led him to question as to whether the upon the Seller which may be added to this in these Conditions.
Auction Article is a forged item, notify the agreement by law, are excluded.
Company in writing and provide the lot
number of the Auction Article, the Date （20.4）The Company has no responsibility
of Sale and full supporting evidence that 20. DISCLAIMER to any person other than the Purchaser in
has led him to question as to whether the connection with the purchase of any Auction
Auction Article is a forged item; and Article by the Purchaser.
(b) the Purchaser still wholly owns the （20.1）To the extent permitted by the Laws of
Auction Article, has not created any Hong Kong, the Company and its employees （20.5）f, in spite of the terms in this Clauses
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Encumbrances on the Auction Article shall not assume any responsibility for the 20.1 to 20.4 or Clause 18 above, the Company
and return the Auction Article, at the following matters: is found to be liable to the Purchaser for any
Purchaser’s expense, to the Company in 1. Loss caused by the negligence of the reason, the Company shall not have to pay
the same condition as it was in on the Company or its employees; more than the Hammer Price and Purchaser's
Date of Sale. Commission (without interest) paid by the
2. The Company’s failure to hold the Purchaser to the Company. The Company

（18.5）The Company has the discretion to waive auction as scheduled or arrange the
any requirements stipulated in this Clause. The Auction Article for bidding in the auction will not be responsible to the Purchaser for
Company is entitled to request the Purchaser regardless for any reasons; any reason for loss of profits or business, loss
to, at the expense of the Purchaser, provide of opportunity or value, expected savings or
two reports compiled by two different and 3. The amount of damages for any litigation interest, costs, damages, or expenses.
independent recognized experts in the field or arbitration instituted by the Purchaser
of the Auction Article mutually agreed by the against the Company shall not exceed the
Company and the Purchaser, confirming that the Sale Proceeds of the Auction Article or
Auction Article is a forged item. If the Company the estimated price, whichever is lower. 21. CONFIDENTIALITY
has any doubts, it has no obligation to adopt Under all circumstances, neither the
the opinions in the said reports and can seek Company nor its employees shall assume
additional opinions from other experts at its responsibility for the Purchaser’s indirect （21.1）n the course of operating auctions and
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own expense. loss. other related businesses, the Company will
（18.6）The limited warranty under Clause 18.1 4. In case that due to the occurrence of collect data from the Sellers, Purchasers, Bidders

does not apply to Auction Articles falling into any of the following events, namely, and attendants at the auctions or other third
the category of Chinese calligraphy and painting earthquakes, typhoons, tsunamis, floods, parties, or obtain information on the aforesaid
because current scholarship does not permit the fires, wars, riots, general strikes, infectious persons by other means (such as by sound
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