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Properties may have other defects not expressly stated in the catalogue or condition discretion, to decide the starting price, which, however, may not be higher than the audio recordings or video recordings, etc. in the auction venue. Article 20 Image Display Panel and Currency Conversion Display Panel
reports. low Estimated Price of the Auction Property before the auction. Article 14 Bidding as Principal For the convenience of Bidders, the Company may use image projection or other
4.The information concerning any Auction Property provided to the Bidder, including Under no circumstance shall the Company bear any liability in the event that the Unless a particular Bidder has presented written proof to the Company indicating manner of display panel during the auction. The information shown thereon shall
any forecast information (written or verbal), and any information, rules or other bids for an Auction Property fail to reach the Reserve at the auction held by the that he or she is the agent of a particular Bidder and the same has been approved be provided for reference only. Regardless of whether there may be errors in the
reports, commentaries or estimated values contained in the catalogues, are not Company. If the bids for an Auction Property are lower than the Reserve, the in writing by the Company, each Bidder shall be deemed to be the Bidder himself or information, such as the amount, reference number of an Auction Property, the
statements of fact, but rather statements of the opinions held by the Company. Auctioneer shall have the right, at his or her discretion, to sell the Auction Property herself. picture of an Auction Property or reference foreign exchange amount, etc., shown
Such information may be revised at the sole discretion of the Company from time to at a price lower than the Reserve. However, under such a circumstance, the amount Article 15 Telephone Bids on the image projection or other manner of display panel, the Company shall not be
time. that the Company shall pay the Seller shall be the amount that the Seller would have The Bidder shall attend the auction in person. If he or she cannot attend in person liable for any losses arising as a result thereof.
5.Neither the Company nor the Seller gives any representations or warranties as to received had the Auction Property been sold at the Reserve. or by way of an agent, he or she may appoint the Company in writing using the Article 21 Successful Sale
whether any Auction Property is subject to any copyright or whether the Buyer has An Estimated Price is estimated some time before the Auction Date, is not a Telephone Bidding Form to bid on his or her behalf. The Company shall have the Upon the confi rmation of the highest bid by the striking of the hammer or otherwise
bought the copyright in any Auction Property. defi nitive selling price, and is not legally binding. No Estimated Price may serve as discretion to decide whether or not to accept such an appointment. by the Auctioneer, such Bidder’s bid shall be the successful bid, indicating that he or
6.Subject to Articles 5(1) to 5(5) and the specifi c exemptions contained in Article 6 a forecast of the Hammer Price for an Auction Property, and the Company has the If the Bidder wishes to appoint the Company to bid on his or her behalf, he or she she has become the Buyer of the Auction Property, and that a binding sales contract
hereof, the catalogue descriptions and condition reports are made by the Company right to revise from time to time Estimated Price(s) that have already been made. should have completed the appointment procedures of the bids by the prescribed has been concluded between the Seller and the Buyer.
in a reasonable and prudent manner (consistent with the provisions relating to the Article 9 Bidding at Auction deadline (no later than 24 hours before the Auction Date), present a duly completed Article 22 Commission and Charges
Company as the Auction Agent) based on (1) the information provided by the Seller Bidders shall bid through the following methods: and signed Telephone Bidding Form to the Company, and paid the bid deposit Once the Bidder has made a successful bid, he or she becomes the Buyer of
to the Company; (2) academic and technical knowledge (if any); and (3) generally 1. The Bidder shall attend the auction in person, and complete the registration and pursuant to these Conditions. the Auction Property. The Buyer shall pay to the Company a commission to be
accepted opinions of relevant experts. pay a bid deposit before obtaining a paddle as required, subject to Article 10 to If, having appointed the Company to bid on his or her behalf, the Bidder wishes to calculated as follows: For each Auction Property, those part of Hammer Price which
Article 6 Exemption of Liability Towards the Bidder and the Buyer and Article 12 hereof; or cancel the appointment, he or she shall notify the Company in writing no later than is HKD5 million or below, the commission shall be equivalent to 20% of the Hammer
Limitations 2. Subject to Article 15 hereof, the Bidder may appoint the Company in writing to 24 hours before the Auction Date. Price; for each Auction Property whose Hammer Price exceeds HKD5 million, the
1.Subject to Article 5 and Articles 6(1) and 6(4) hereof, the Company or the Seller bid on his or her behalf by a duly completed and signed Telephone Bidding Form of Article 16 Outcome of Telephone Bid commission applicable to those part of the Hammer Price between HKD5 million
shall not: the Company (“Telephone Bidding Form”); or If the Bidder has appointed the Company to bid on his or her behalf, the bid to HKD20 million shall be equivalent to 17% thereof and the commission applicable
(1) be liable for any errors or omissions in the information provided by the Company 3. The Bidder shall adopt the Live Auction Platform which authorized by the outcome and relevant legal liabilities shall be borne by him or her. to those part of the Hammer Price above HKD20 million shall be equivalent to 14%
to the Bidder, whether verbally or in writing, regardless of whether due to negligence Company. The Bidder shall accurately provide the instant communication method (such as thereof. The Buyer shall also pay to the Company other Buyer Charges, and accepts
or otherwise; Article 10 Bidder Registration mobile phone number) and keep such instant communication instrument in safe that the Company may charge the Seller a commission and other Seller charges in
(2)give any guarantee or warranty to the Bidder, and any implied warranties or Where the Bidder is an individual, he or she shall fi ll in and sign before the Auction custody. While the Company is appointed to bid on the behalf of the Bidder, the accordance with the Conditions of Business for Sellers.
conditions other than the express warranties given by the Seller to the Buyer Date the registration documents on the strength of an identity document with photo Bidder shall personally use the instant communication instrument. In event of loss Article 23 Taxes
through the Company are excluded (except where it is provided in law that such issued by the government (such as a resident identity card or passport), and provide of, or loss of the control of, the instant communication instrument in question, the All the monies paid to the Company by the Buyer shall be the net amount, exclusive
liabilities may not be exempted); proof of his or her current address (e.g. a utility bill or bank statement); where the Bidder shall promptly revise by way of a written method approved by the Company of any tax on goods, tax on services or other value added tax (whether levied by
(3)be liable to any Bidder for any actions or omissions in respect of any matter Bidder is a company or other organization, it shall fi ll in and sign the registration the instant communication method provided on the Telephone Bidding Form. Hong Kong or another region). If any taxes or levies are applicable to the Buyer, he
relating to the auction or sale of any Auction Property by the Company (regardless of documents on the strength of its valid incorporation document, identity document While the Company is appointed to bid on the Bidder’s behalf, it will (use timely or she shall solely bear the same in accordance with the relevant laws currently in
whether due to negligence or otherwise). of the legal or authorized representative, proof of shareholding or directors and and appropriate effort) to contact the Bidder, and all of the bidding information force.
2.Unless the Company owns the Auction Property to be sold, it shall not be liable for lawful authorization document, and collect a paddle before the Auction Date. The transmitted by the instant communication instrument (regardless of whether it Article 24 Payment Deadline
any breach of these Conditions by the Seller. Company may request the Bidder to present banking information for making is transmitted by the Bidder himself or herself or the Bidder’s Agent) shall be Unless otherwise agreed in writing, after a sale, the Buyer shall pay the Purchase
3.Without prejudice to Article 6(1) hereof, the amount of any claim that a Bidder may payment, other proof of fi nancial standing or other documents for the purpose of deemed as having been transmitted by the Bidder himself or herself, and the Price in full to the Company and collect the Auction Property within seven days from
lodge against the Company or the Seller shall be limited to the Hammer Price of the due diligence. The Company reserves the right to check the source of the Bidder’s Bidder shall be legally liable for the actions thereof, unless the Buyer has himself or the Sale Date, regardless of any export, import or other permit regulations for the
Auction Property and the Buyer’s Commission. Under no circumstance shall the funds. herself altered by way of a written method approved by the Company the instant Auction Property. All packing and handling charges, freight and insurance charges,
Company or the Seller bear any consequential losses incurred by the Buyer. Article 11 Paddle communication method provided on the Telephone Bidding Form. Nevertheless, export related charges, etc. involved, if any, shall be paid by the Buyer together with
4.Article 6 hereof does not exempt or restrict the liability of the Company for any The Company may, depending on the auction conditions and auction method, under no circumstance shall the Company be liable for any unsuccessful attempt the foregoing.
fraudulent misrepresentation made by the Company or the Seller, nor for any announce before the Auction Date the conditions and procedures for obtaining a to make contact or for any errors or omissions in the bids made using the instant Article 25 Payment Currency
personal injury or death arising due to the negligence of or an omission by the paddle, including but not limited to formulating the qualifi cation conditions necessary communication instrument in question. All monies shall be paid in Hong Kong dollars. If the Buyer pays in a currency other
Company or the Seller. for Bidders to carry out the procedures for obtaining a paddle. Article 17 Disclaimer of Liability for Telephone Bid than the Hong Kong dollar, the same shall be converted at the exchange rate agreed
Article 7 Catalogue and Other Descriptions of the Auction Property The Company solemnly reminds the Bidder that a paddle is the sole proof for the Given that telephone bidding is a free service provided by the Company to the between the Buyer and the Company or at the exchange rate for the Hong Kong
All statements made by the Company about an Auction Property in the catalogue or Bidder to participate in the bidding in person. The Bidder shall keep the same in Bidder for the purpose of transmitting bidding information, neither the Company dollar and the currency in question posted by The Hong Kong & Shanghai Banking
in the condition reports, or separately made verbally or in writing, are statements of safe custody and may not lend the same to other persons. In the event it is lost, nor its employees shall be liable for unsuccessful bids or any errors, omissions, Corporation Ltd. one working day prior to the date of payment by the Buyer. All
opinion only, and shall not be relied upon as statements of fact. Such statements do the Bidder shall promptly carry out the loss report procedures by way of a written negligence, fault or inability to bid on the Bidder’s behalf arising in the course of the bank service charges, commissions and other charges incurred by the Company in
not constitute any representation, warranty or assumption of liability by the Company method approved by the Company. bidding on the Bidder’s behalf. converting the foreign currency paid by the Buyer into Hong Kong dollars shall be
in any form. The relevant defects and restorations mentioned in the catalogue All of the bidding acts carried out during the auction by a paddle holder, regardless Article 18 Discretion of the Auctioneer borne by the Buyer.
or the condition report for an Auction Property are for guidance only and shall be of whether he or she has been appointed by the Bidder, shall be deemed as having The Auctioneer shall have the absolute right of discretion in respect of the following Article 26 Transfer of Ownership
reviewed in person by the Bidder or a representative with the relevant knowledge. been done by the paddle registrant himself or herself, and the Bidder shall bear the matters: The Buyer shall own the ownership of the Auction Property only after he or she
The absence of a reference to the above-mentioned information does not mean that legal liability for the acts of such person, unless the paddle registrant has himself 1.to refuse or accept any bid; has paid in full the Purchase Price and all amounts that he or she may owe the
the Auction Property is completely free from defects or has never been restored. or herself carried out with the Company the procedures for reporting the loss of a 2.to conduct the auction in the manner he or she decides; Company, its divisions, affi liates, subsidiaries or parent company, or China Guardian,

Furthermore, even if reference is made to a specifi c defect, this does not mean there paddle by way of a written method approved by the Company, and the paddle in 3.to withdraw any Auction Property, divide it into separate lots for auction or its divisions, affi liates, subsidiaries or parent company, even if the Auction Property

are no other defects. question is declared void by the Auctioneer on the spot. combine any two or more Auction Properties and auction them together; has been delivered to the Buyer by the Company. For the avoidance of doubt,
Where there is a discrepancy between the tone, color, texture or shape of an Auction Article 12 Bid Deposit 4.where an error or dispute occurs, whether during or after the auction, to decide before the transfer of the ownership of the Auction Property, the Company and/or
Property in the catalogue and/or in any other manner of illustration, video recording When the Bidder participates in the Company’s auction, he or she shall pay a the successful Bidder, whether or not to continue the auction, to cancel the auction the Seller reserve the right of possession /lien or any other lawful relieves.
or publicity materials and that of the original, due to printing, photographic or other bid deposit before collecting the paddle. The amount of the bid deposit shall be or to auction the disputed Auction Property anew; Article 27 Transfer of Risks
such technical reason, the actual Auction Property shall prevail. announced by the Company before the Auction Date, and the Company has 5.to open and conduct the bidding at the level and at bid increments that he or Once a successful bid has been made, the risks attaching to the Auction Property
Bibliographies cited in any description of an Auction Property by the Company, its the right to reduce or waive the bid deposit. If the Bidder fails to buy an Auction she deems appropriate, and to bid on behalf of the Seller up to the amount of shall be solely borne by the Buyer once any of the following circumstances (whichever
employees or its agents are for the Bidder’s reference only. The Company will not Property and does not have any amounts owing to the Company, its divisions, the Reserve, by making a bid, by making consecutive bids or by making bids in is earlier) arises:
provide the originals or photocopies of the bibliographic publications or other such affiliates, subsidiaries or parent, or China Guardian, its divisions, affiliates, response to the bids of other Bidders; 1.the Buyer collects the Auction Property; or
materials, and reserves the right to revise the cited descriptions. subsidiaries or parent, the entire amount of the bid deposit shall be refunded to the 6.to take other actions that he or she reasonably deems appropriate. 2.the Buyer pays all of the Purchase Price for the Auction Property to the Company;
Article 8 Reserve and Estimated Price Bidder without interest within 14 working days after conclusion of the auction. If the Article 19 No Reserve or
A Reserve is set for all of the Company’s Auction Properties, unless it is indicated Bidder becomes the Buyer, the bid deposit shall automatically be transformed into For those Auction Properties without a Reserve, unless there are bids, the 3.the lapse of seven days after the Sale Date.
or stated that an Auction Property is not subject to such a Reserve. In general, the the deposit for payment of the Purchase Price of the Auction Property. Auctioneer shall have the right, at his or her own discretion, to decide the starting Article 28 Collection of the Auction Property
Reserve is not higher than the low Estimated Price announced or published before Article 13 Discretion of the Company price. If there are no bids at such price, the Auctioneer will, at his or her own The Buyer must, within seven days from the Sale Date, proceed to the Company’s
the auction by the Company. If a Reserve has not been set for an Auction Property, The Company has the right, at its discretion, to refuse anyone from participating discretion, lower the price and continue the auction until a Bidder starts to bid, address or other location designated by the Company to collect the Auction
unless there already have been bids, the Auctioneer shall have the right, at his or her in the auction held by the Company, entering the auction venue, or taking photos, whereupon he will increase the price from there and continue the auction. Property he or she purchased. The Buyer shall be solely responsible for purchasing