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Article 41 Non-liability of Authorized Bids and/or other Lots sold to the same Buyer at this auction or any other auctions as applicable, and
Since authorized bid shall be the free service on transferring the bid message on behalf of the Bidder reserve the right to claim any losses caused by such cancellation.
provided by the Company to the Bidder, the Company and its employees shall not be liable for any (7) carry out a re-sale of the Lot by public auction or other ways according to the Conditions subject
failure in bidding or any negligence or fault in the authorized bids. Bidders shall attend the auction in to the consent of the Seller. The original Buyer shall be liable to the Seller for the remuneration/
person to assure the success of bidding. commission and other Expenses occurred at such auction as well as all Expenses for re-sale by
Article 42 Principle of Priority public auctions or other ways. In addition, the original Buyer shall also be liable for the diff erence,
In the event that two or more Bidders entrust the Company to bid on their behalf for the same Lot with if the Purchase Price actually received by the Seller for re-sale by public auctions or other ways of
the same authorized price, and fi nally succeed by dropping the hammer at such price, the Bidder whose such Lot is lower than the original Purchase Price that would have been receivable therein had the
authorization certifi cate was fi rst delivered to the Company shall be the Buyer of the Lot. Buyer made the full payments.
Article 43 Auctioneer’s Discretion Article 55 Remedies for Deferred Collection
The auctioneer is entitled to represent the Company and to increase or decrease the bidding ladder, In case the Buyer fails to collect the purchased Lot within the period provided in Article 47 herein, the
refuse any bidding, or restart auction in case of any dispute arising. Company shall be entitled to exercise one or more of the following remedies:
Article 44 Screen of Video Images (1) arrange storage of the Lot at the Company or any other places at Buyer’s risk and expense(including
At some auctions, there will be a video screen or other screens in operation for the convenience of but not limited to the Storage Fee according to the standard set forth in Article 2 (15) of the
Bidders, which is only for reference. However, there may be errors in amounts, numbers or pictures of Conditions from thirty-fi rst day after the Sale Date) . The Buyer shall not collect the Lot unless the full
the Lot, or in foreign exchange rate on the screen. The Company shall not be liable for any losses and Purchase Price is paid (packaging charges, cartage, transportation insurance premium and export
damages caused by such errors. appraisal fee for which the Buyer is responsible) ;
Article 45 Successful Bid (2) The Seller shall take liability for any risk and/or loss that occurs after the period mentioned above
When the highest bidding is confi rmed by dropping the auctioneer’s hammer or in other public manners, in the case of failed retrieval of the Lot within the designated period. In the event that the Seller
the Bidder with the highest bidding succeeds in the bid which means that the Bidder becomes to be the shall take back the Lot within ninety days after Sale Date in accordance with the Conditions, the
Buyer and the Buyer shall sign the writing confi rmation/auction minutes. . Company has right to public auction or sell the Lot by a proper way and conditions. The amount,
Article 46 Remuneration and Expenses which is arising from forgoing disposal by the Company after deducting all loss, expense (packaging
The Bidder will be deemed as the Buyer of the Lot after succeeding in bidding and shall pay the charges, cartage, transportation insurance premium and export appraisal fee, Storage Fee,
Company a remuneration equal to 15% of Hammer Price and other Expenses and acknowledge that notarization fee) incurred, shall be collected by the Seller with no interests.
the Company is entitled to charge commission and other costs payable by the Seller in accordance with Chapter IV Miscellaneous
Article 21 hereof. Article 56 State Pre-emption Right
Article 47 Payment When the relevant department of the government exercises the state pre-emption right, related parties
The Buyer shall make full payments in a lump sum to the Company within thirty days after the Sale shall implement according to the laws and related decision of the government, acknowledge and provide
Date and take the Lot back. The Buyer shall also undertake packaging charges, cartage, transportation necessary cooperation.
insurance premium and export appraisal fee (if any) . Article 57 Confidentiality

Article 48 Currency The Company shall be obligated to maintain the confidentiality of any information provided to the
All payments shall be made in the currency designated by the Company. In the event that the Buyer Company (except otherwise prescribed by laws of People’s Republic of China) , and indemnify all legal
makes payments in currency other than the designated one, the currency shall be converted at the rights of Seller, Bidder, Buyer and the Company against any damages according to the relevant laws and
rate agreed upon by the Buyer and the Company or at the rate announced by People’s Bank of China regulations of the People’s Republic of China.
one working day prior to the payment. The Buyer shall reimburse the Company for any bank charges, Article 58 Identification

commission and other expenses for converting the currency into RMB. The Company may identify the Lot if necessary and as the case may be, at the Company’s own
Article 49 Passing of Title discretion. In case of any discrepancy with respect to the status of such Lot between the identifi cation
The Buyer will acquire ownership of the Lot after having paid the full Purchase Price. and the consignment auction contract, the Company shall be entitled to modify or rescind the
Article 50 Transfer of Risks consignment auction contract.
After a successful bid, any Lot purchased shall be entirely at the Buyer’s risk as early as one of the Article 59 Copyright
following conditions is met: The Seller authorizes the Company that the Company shall take photographs, make illustrations,
(1) the Buyer collects the Lot purchased; or catalogues or other images and public materials relating to the Lot consigned to the Company for
(2) the Buyer pays to the Company full Purchase Price for the Lot; or auction and shall have the copyright for such photographs, illustrations, catalogue or other images and
(3) expiry of thirty days after Sale Date. public materials mentioned above.
Article 51 Collection Article 60 Compensation for Invalidation of Auction
The Buyer shall collect the purchased Lot at the Company’s domicile or other place appointed by the In the event that the auction is invalid as the result of related person’s reason, such related person shall
Company no later than thirty days after Sale Date. In case of failure to do so, the Buyer shall be solely undertake responsible for compensation to cover all loss of the Company. The standard of compensation
responsible for all risks and losses of the Lot and bear all expenses for storage, cart and insurance in shall be the Company’s acquirable interest in case of valid auction.
connection therewith due to delay. Nevertheless the Lot is still preserved by the Company or any other Article 61 Notice in Written
agents, the Company and its employees or its agents shall not be liable for any losses and damages of Both the Bidder and Seller shall notify the Company of their valid and regular means of communication
the Lot caused by any reason. and address in the bid registration documents, consignment auction contract and other form agreed
Article 52 Package and Transportation by the Company. No change in any of the particulars will be eff ective until it has been notifi ed in writing
The Company may arrange packing and handling of the purchased Lot on behalf of the Buyer as the as soon as possible. All notices referred in this agreement shall be in writing and shall be delivered by
case may be on its request and the Buyer shall be liable for any loss arising from such arrangements. post or transmitted by fax. A notice sent by post shall be deemed to have been sent on the date the
In no circumstances shall the Company take any liability for any damages or losses of glass, frames, Company gives it to the post offi ce and received by the addressee via normal mail service. A notice sent

drawer, bottom mat, trestle, mounting, insert pages, roller or other similar accessories arising out of any by fax, shall be deemed to be received on the date when it is faxed.
reason. In addition, the Company shall undertake no liability for any fault, omissions, damages or losses Article 62 Severability
caused by the packers or carriers recommended by the Company. If any provision or part of the Conditions is deemed to be invalid, unlawful or unenforceable by
Article 53 Export of Lot a competent agency, the Conditions shall be ineffective to the extent of such unlawfulness or
The Company will explain in the catalogue or at the auction those Lots which are prohibited to be unenforceability without invalidating or aff ecting the validity or enforceability of the remaining provisions of
exported pursuant to the Protection Law of Cultural Relics of the People’s Republic of China and other the Conditions.
relevant laws and regulations. Article 63 Settlement of Disputes
The Buyer shall be responsible for applying for an export license in accordance with laws of the People’s If any dispute arises from or is related to participation in the auction pursuant to the Conditions, all
Republic of China for the Lot permitted to be exported pursuant to the Protection Law of Cultural Relics concerned parties shall submit such dispute to a competent Chinese court of the place where the
of the People’s Republic of China and other relevant laws and regulations. Company has its domicile. Such dispute shall be governed by Chinese laws.
Article 54 Remedies for Non-payment Article 64 Language
In the case that the Buyer fails to make full payment within the period provided in Article 47 herein, the The Chinese version of the Conditions shall be the standard version. The English version is only for
Company shall be entitled to exercise one or more of the following remedies: reference. In case of any discrepancy between the Chinese version and English version, the Chinese
(1) If following a successful bid the Buyer fails to make payment within the stipulated period under the version shall prevail.
Conditions, the Buyer will lose the right to request the Company to refund the guarantee money (the Article 65 Copyright of the Conditions
deposit) and the Company shall keep the guarantee money (the deposit) . Besides which, the Buyer The Conditions are made and amended in accordance with Chinese laws and the Company shall have
shall also undertake any liability may occur in accordance with the Conditions; In the event that its copyright accordingly. Without the Company’s prior written consent, no party shall use the Conditions
the Buyer fails to pay any one Purchase Price of the Lot on time according to the Conditions after for commercial purpose in any way or manner and shall not copy, transmit, or store any part herein into
successful bidding on several Lots with the same one paddle affi xed with number, all of guarantee a searchable system.

money (the deposit) shall not be refunded and the Buyer shall undertaker relevant responsibilities in Article 66 Singular and Plural
accordance with the Conditions. In the provisions of the Conditions, the singular includes the plural and vice versa where the context
(2) If within thirty days after a successful bid the Buyer fails to pay the Company the Purchase Price, the requires.
Company shall have the right to entrusting third party to collect all or part of the default payment Article 67 Right to alternation
from the Buyer; The Company reserves the right to make any alternation to the Conditions at its sole discretion at any
(3) charge the Buyer an interest at a rate of 0.3‰ per day on the due and unpaid amount from thirty-fi rst time the Company considers proper. The altered version is valid and becomes automatically eff ective
day after Sale Date until such payment is made fully, to the extent it remains fully unpaid within thirty on the date it is altered and is to be published in the way the Company considers proper. Any party
days after Sale Date, unless otherwise agreed by the Buyer and the Company; involved must pay attention to any such alternations of the Conditions and the Company shall under no
(4) commence lawsuit proceedings against the Buyer for any damages caused by the Buyer’s breach conditions be liable to any separate notice.
of contract, including but not limited to the losses of interest on deferred or unpaid payment by the Article 68 Formatted Text
Buyer. Unless otherwise agreed by the Company, the consignment auction contract mentioned in Article 6 of
(5) exercise a lien on the purchased Lot or other properties of the Buyer which may be in the Company’s the Conditions and the cancellation notice mentioned in Article 25 should be in the forms provided by the
possession for any reason. The Buyer is responsible for all expenses or risks that occur during the Company. Such forms provided by the Company consist of the whole part together with the Conditions.
period of lien. In case the Buyer fails to perform all relevant obligations herein within the period the Article 69 Date of Effectiveness

Company designates, the Company shall have the right to dispose of such property in accordance The Conditions of Business take eff ect on May.1st, 2015.
with relevant laws and regulations. In the case the proceeds cannot cover the amount outstanding, Article 70 Right to Interpret
the Company is entitled to claim the balance; The Company is responsible for interpreting the Conditions.
(6) in the event that the Buyer does not make full payment to the Company within ninety days from the
Sale Date, the Company is authorized to cancel or approve the Seller to cancel the sale of the Lot