Page 206 - 文津——中国书画

Auction Rules of Beijing Wenjinge International Auction Co., Ltd.

The Auction Rules are Based on the Chinese 14."The safekeeping fee" refers to the auction item Article 8. Guarantee of the seller
Version safekeeping fee paid to the Company for the auction The seller irrevocably guarantees as follows to the Company
item not taken by the seller or the buyer beyond the and the buyer for the auction item entrusted to the
Chapter I General principles reasonable term regulated in the rules, which is 0.5% of Company for auction:
the reserve price of the auction item. 1.It has complete ownership or legal disposal right to the
Article 1. Rules establishment auction item. The auction to the auction item will not
In order to formalize and smoothly hold auctions, the rules Article 3. Applicable scope intrude the legitimate interests of any third party nor
are established in accordance with the Auction Law of the The Company organizes and holds auctions under the laws violate the provisions of relevant laws and regulations.
People's Republic of China, other relevant laws, regulations and policies of the People's Republic of China. All sellers, In case of claims or lawsuits of the actual owner of the
and the Company's constitution as well as in consultation bidders, buyers and other related parties who participate auction item or any third party claiming the right to the
with international conventional practices. in the auctions of cultural relics, works of art and other auction item incurred by its violation of the guarantee
collections organized and held by the Company should lead to the loss of the Company and/or the buyer, the
Article 2. Definition of terms perform in accordance with the rules. seller shall be responsible for the compensation of all
The below terms are defined as follows except separately losses of the Company and/or the buyer caused by the
interpreted in the articles. Article 4. Special notes violation and undertake all costs and expenses incurred
by that, including but not limited to the legal cost,
1."The Company" refers to Beijing Wen Jin Ge International At all auctions held by the Company, the Company usually retaining fee, investigation fee, appraisal fee, business trip
Auction Co., Ltd. plays as the agent of the seller. Once the bidder's highest cost and other reasonable supporting fees.
bid is confirmed by the auctioneer's hammer or other
2."The bidder" refers to the natural person, the legal person public mode indicating purchase, it shows that the purchase 2.It has made full and complete disclosure and instruction
or any other organization who registers in the Company, and sale contract between the seller and the bidder on the to the origin and defect of the auction item as far as its
processes necessary procedures and possesses of complete auction item is legal and effective and the bidder becomes knowledge without any concealment or fabrication.
capacity of civil disposition in accordance with the the buyer of the auction item immediately. Thus, the legal In case its violation to this guarantee causes the loss or
regulations in the laws of China. The transaction shall results incurred shall be borne by the seller and the buyer lawsuit of the Company and/or the buyer, the seller
meet the law and regulation-stipulated conditions on the respectively. shall be responsible for the compensation of all losses of
sale of auction items or qualifications of the bidder. In the Company and/or the buyer caused by the violation
the rules, the bidder shall include the agent of the bidder The contents of the rules constitute corresponding articles and undertake all costs and expenses incurred by that,
except separately noted or special situations according to of the agreements established between the Company as including but not limited to the legal cost, retaining fee,
the contents. the auctioneer and the seller, the Company and the buyer, investigation fee, appraisal fee, business trip cost and
as well as of the purchase and sale contract on the auction
3."The buyer" refers to the bidder who obtains the auction item between the seller and the buyer. Therefore, all sellers, other reasonable supporting fees.
item at the highest bid in the auction held by the bidders, buyers and other related parties who participate
Company. in the auctions of the Company should carefully read Article 9. Reserve price
4."The seller" refers to the natural person, the legal person and observe the rules and undertake their responsibilities All auction items of the Company shall have the reserve
or any other organization who entrusts the Company to for their conducts in the auctions. Any damages or prices except specially notifying no reserve prices indicated
auction the auction items within the scope of the rules. responsibilities incurred due to the misreading of the rules or noted for the auction items. Reserve price shall be
In the rules, the seller shall include the agent of the seller shall be borne by the doer itself. defined in written form by the Company and the seller
except separately noted or special situations according to through consultation. Once the reserve price is defined
the contents. Article 5. Defect guarantee by both parties, the alteration shall be approved by the
5."The auction item", i.e. auction object, refers to the goods The Company is exempt from the defect guarantee counterpart beforehand in written form.
or property right possessed or disposable according to responsibility for the genuineness and/or quality of the The Company shall be exempted from any responsibilities
the law by the seller and entrusted to the Company for auction item. for the auction item's below the reserve price and failure to
auction, especially the goods or property right coded in The bidder and/or its agent shall inspect the original auction a deal at the auction held by the Company in any cases.
any catalogues for introduction. item and undertake legal responsibility for its bidding of the
6."The auction date" refers to the official auction auction item. Article 10. The Company's decision-making right
commencement date announced by the Company for prior to auction
some auction. In case of inconsistency between the The Company has the complete decision-making right to
publicized and the actual commencement dates of the Chapter II Provisions on the seller the following issues:
auction, the actual one will prevail. Article 6. Entrustment procedures 1.Making introductions and/or evaluations to any auction
7."The auction transaction date" refers to the date on which When the seller entrusts the Company to auction its item via the auction item catalogue, the auction object
the transaction of any auction item is confirmed through property, as for a natural person, he/she should present diagram and/or media and/or other carriers;
the auctioneer's hammer or any other public mode valid ID card/passport/other effective identity certificate 2.Whether inquiring the opinions of any expert or not;
indicating purchase at auctions held by the Company. approved by Chinese government and sign an auction
8."The hammer price" refers to the auction item's price entrustment contract with the Company; as for a legal 3.The order, place, layout size and charge standard in the
catalogue for the auction item; exhibition/showcase mode
dealt with the buyer determined through the auctioneer's person or other entity, it should present valid registration of the auction item; arrangement of the auction item in
hammer or any other public mode indicating purchase. documents, legal representative's ID card or legal the exhibition/showcase and the charge standard for the
9."The sale proceeds" refer to the net sum paid to the seller, authorization certificate and sign an auction entrustment arrangement;
contract with the Company.
which is the balance of the hammer price deducts the 4.Except additional agreement reached between the
commissions, taxes, fees, miscellaneous costs and other When the seller entrusts the Company to auction its Company and the seller, the Company shall have the
dues to the Company of the seller which are calculated property, it is deemed that it automatically authorizes the complete decision-making right to the auction (i.e.
based on proportions. Company to exhibit and showcase the property, make performing the auction or not), the venue, the order, the
10."The purchase price" refers to the sum of costs to be photos, diagrams, catalogues or other video products and date, the conditions and the mode of the auction.
promotion materials for the property.
paid by the buyer to buy the auction item, including
the hammer price, all remunerations, other payable Article 11. Auction item not auctioned
costs by the buyer and all due costs of the buyer for Article 7. Agent of the seller After the seller signs an auction entrustment contract with
nonperformance of obligations. The seller may entrust the agent to auction its property. the Company and entrusts the auction item to the latter,
11. "The miscellaneous costs" refer to the costs collected by When the agent entrusts the Company to auction the the seller shall take back the auction item within 30 days
property, it shall present relevant entrustment certificates
the Company for auction item insurance, auction item to the Company, provide the legal identity certificate of the upon the Company's notification for taking back (with
catalogue and other promotion materials preparation, seller and its agent and sign an entrustment auction contract the packing and transport at its own cost) in case that
packing, transport, storage and safekeeping as well as with the Company. In case the agent is a natural person, he/ the Company believes the auction item is not suitable for
other costs collected in accordance with relevant laws, she should present valid ID card/passport/other effective auction due to any reason and the auction entrustment
regulations or the rules. identity certificate approved by Chinese government; in contract shall be cancelled from the day on which the seller
12."The reserve price" refers to the lowest sale price of the case the agent is a legal person or other entity, it should takes back the auction item.
auction item raised by the seller and finalized in written present valid registration documents, legal representative's In case the seller does not take back the auction item within
form with the Company after consultation. ID card or legal authorization certificate. above term, the auction entrustment contract between
13. "The reference price" refers to the estimated price of The Company shall have the right to inspect above the Company and the seller shall be cancelled from the
expiration of aforesaid time limit. In case the seller does
the auction item indicated in the catalogue or other entrustment issues in a reasonable mode according to its not take back the auction item within seven days upon
introductions. The reference price is estimated prior opinion. the cancelation of the auction entrustment contract, the
to the auction date and not the finalized price. The Company shall have the right to dispose the auction item
reference price is possibly to be adjusted and has no legal with a reasonable mode according to its opinion. The
binding force. balance of the disposition after deducting all incurred costs
(if exists) shall be taken back by the seller itself.