Article 16 Insurance Period
In case of sold of the Lot, the insurance period shall terminate on the earlier expiry of either thirty days
after Sale Date or the date when the Buyer collects the Lot. In case of unsold of the Lot, the insurance
period shall terminate upon the expiry of thirty days after the Seller has received the Company’s notice to
take back the Lot.
Article 17 Insurance by the Seller
In the event that the Seller notifi es the Company not to apply insurance for the Lot in writing, it shall
undertake all the risks and the following liabilities (unless otherwise judged by court or arbitration
commission) :
(1) to indemnify the Company from and against any claims or actions incurred or brought by any third
party with respect to the losses or damages of the Lot;
(2) to hold the Company and/or any other parties from and against any losses and expenses in relation
to the damages and/or losses of the Lot caused by any reason; and
(3) to notify the terms of indemnity hereunder to any insurer of the Lot.
Article 18 Uninsured
The Company will not be liable for the damages or losses of the Lot caused by natural wear, inherent
flaws, inherent or potential defects, inherent material changes, self-combustion, self-warming,
oxidation, rust, leakage, rat-bite, woodworm, changes in atmospheric (climate, temperature or humidity)
conditions, changes in normal water level, or other reasons of natural changes or caused by earthquake,
tsunami, war, actions similar to war, hostile actions, armed confl icts, terrorism, rebellion, coup, strike,
riots, or nuclear fi ssion, nuclear fusion, nuclear weapon, nuclear material, nuclear radiation, or radioactive
pollution. The Company will also not take responsibility for any damages to or any losses of frames,
glass, drawer, bottom mat, trestle, mounting, insert pages, roller or other similar accessories caused by
any reason.
Article 19 Insurance Indemnity
Any damages or losses of the Lot caused by incidents or disasters covered by insurance the Company
purchased for the Lot shall be handled in accordance with Chinese laws and regulations regarding
insurance. The Company shall pay insurance indemnities after deducting all expenses incurred by the
Company (except for commissions) to the Seller after the Company obtains such indemnities from the
insurance company.
Article 20 Non-Bidding
The Seller shall not bid for the Lot consigned to the Company by himself/herself/itself, nor authorize any
other person to bid on his/her/its behalf. The Seller shall be liable for and indemnify the Company for any
losses and damages caused by violation of this provision.
Article 21 Commission and Expenses
Unless otherwise agreed upon by the Seller and the Company, the Seller shall authorize the Company to
deduct 10% of the Hammer Price as commission and any other Expenses.
The Seller agrees that the Company is entitled to the Buyer’s commission equal to 15% of the Hammer
Price and other Expenses payable by the Buyer in accordance with provisions in Article 46 of the
Conditions.
Article 22 Service Fee for Unsold Lot
In case of unsold of the Lot due to bidding lower than the Reserve, the Seller shall authorize the
Company to charge the Seller a service fee for unsuccessful auctioning equal to 3% of the Reserve and
other expenses payable by the Seller.
Article 23 Payment Proceeds of Sale
In the case that the Buyer makes full payment to the Company in accordance with provisions in Article
47 herein, the Company shall pay the Proceeds of Sale to the Seller in RMB currency after thirty-fi ve
days from the Sale Date.
Article 24 Deferred Payment
In the case that the Company do not receive the full payment from the Buyer upon the expiry of the
payment period under Article 47 herein, the Company will pay the Sale Proceeds to the Seller within
seven working days (meanwhile such payment should be made after thirty-fi ve days of Sale Date as well)
after receipt of full payment from the Buyer.
Article 25 Cancellation
In the event that the Buyer does not make full payment to the Company within ninety days of the Sale
Date, the Seller has right to cancel the transaction after giving the Company a notice in writing and
receiving prior approval from the Company. A cancellation notice is to be dispatched to the Buyer
within seven working days after such decision approving the cancellation as made by the Company. In
the event that the Buyer makes full payment and/or fi nishes collection procedure before the service of
the cancellation notice of the Seller to the Company, such notice should be deemed to be terminated
automatically, and the transaction is to be carried out in accordance with regulations stipulated in
Article 24, under which the Seller should cooperate with the Company and under no circumstance
raise objection. In the event that the Seller cancels the transaction, the Seller must collect the Lot within
thirty days from the date of the Company’s notice being dispatched (fees for the packaging charge and
cartage shall be paid by the Seller) . In the event the Lot has not been collected within the above period,
the Seller shall pay the Company Storage Fee according to the standard set forth in Article 2 (15) of the
Conditions from eighth day after the ceasing of the contract. If the Seller does not collect the Lot within
ninety days after the foregoing time limit, the Company has right to deal with according to Article 30 of
the Conditions.
Article 26 Claim on Behalf of the Seller
If the Buyer does not fully pay the Purchase Price, and the Seller requires the Company to claim for the
outstanding payment on behalf of the Seller to the Buyer, the Seller shall undertake reasonable expense
arising from it (including but not limited to litigation costs and attorney fee) .
Article 27 Taxes
In the case that the Seller has a duty to pay a tax to the government of People’s Republic of China, the
auctioneer should withhold and pay the tax to the competent authority in accordance with the relevant
laws or administrative regulations of the People’s Republic of China, and the auctioneer should deliver
receipt of tax payment to the Seller after payment of the tax.
Article 28 The Company’s Discretion
The Company may determine the following matters:
(1) to agree to special conditions of the payment of the Purchase Price;
(2) to remove, store and apply for insurance for sold Lot;
(3) to settle claims brought by the Buyer or the Seller in accordance with relevant terms and conditions
herein;
(4) to take other necessary measures to collect the outstanding payment by the Buyer to the Seller.
Article 29 Unsold Lot
In the event that the Lot is not sold, the Seller shall take back the Lot within thirty days after receipt of
the Company’s notice (packing charges and cartage at the Seller’s own expense) and pay the Company
fees for failed auction and all other expenses. The consignment auction contract between the Seller and
the Company will cease on the date of collection of the Lot by the Seller. If during the abovementioned
period the Seller fails to collect the Lot, the consignment auction contract will automatically cease. If
within seven days after the ceasing of the consignment auction contract, the Seller does not collect the
Lot, the Seller shall pay the Company Storage Fee according to the standard set forth in Article 2 (15)
of the Conditions from eighth day after the ceasing of the contract. If the Seller does not collect the Lot
within ninety days after the ceasing of the consignment auction contract, the Company has right to deal
with according to Article 30 of the Conditions.
Article 30 Risks and Losses
The Seller shall take liability for any risk and/or loss that occurs after the period mentioned above in the
case of failed retrieval of the Lot within the designated period.
In the event that the Seller shall take back the Lot in accordance with the Conditions as a result of
unauctionable Lot, withdrawal by the Seller, unsold Lot, cancellation of transaction by the Seller and
other circumstances, and the Seller fails to do so, the Company has right to public auction or sell the Lot
by a proper way and conditions. The amount, which is arising from forgoing disposal by the Company
after deducting all loss, expense (Storage Fee, insurance premium, cartage and notarization fee)
incurred, shall be collected by the Seller with no interests.
If the Seller requires the Company to assist in returning the Lot, whatever deferred collection of the Lot or
not, the Seller shall be liable for all risks and/or all losses and bear all expenses. Generally, the Company
are not responsible for arrangement of transportation insurance unless the Seller specifi cally instructs the
Company to do so and bears the insurance premium.
Chapter III Conditions Concerning the Bidder and the Buyer
Article 31 Catalogue of Lot
At the auction, the Company will prepare a catalogue to introduce the status of the Lot with words
and/or pictures for the convenience of Bidders and Sellers. The words, Reference Price, pictures in
the catalogue and other images and public materials are only references for Bidders and are subject to
revision before auction. The Company provides no guarantee for the authenticity, value, tone, quality or
for any fl aw or defect of any Lot.
Article 32 Uncertainty of Catalogue
In case that the tone, color, graduation and shape shown in catalogue and/or any other illustrations,
images and public materials diff ers from those of the original Lot due to print, photograph and other
technical reasons, the original shall take precedence.
Any statement and appraisal in any way (including but not limited to the certifi cate, catalogue, status
explanation, slide show and news media) of any Lot made by the Company and its employees or its
agents are only for reference and should not relied on as any guarantee for the Lot. The Company and
its employees or agents shall undertake no liability for any inaccuracy or omission in the statements and
appraisals mentioned above.
The publications quoted in any explanation of the Lot by the Company and its staff or its agent are only
reference for the Buyer. The Company shall not provide the original or copy of such publications and
other materials, and reserve the right to modify such quotation in explanation.
Article 33 Inspection by Bidders
The Company especially declares that the Company cannot guarantee the genuineness or fakery or
the quality of the Lot, and the Company shall not bear the liability for guaranteeing the drawbacks. The
Bidder and/or his/her/its agents shall inspect and investigate the actual status of the Lot and take liability
for his/her/its bidding.
The Company strongly advises the Bidders to personally inspect the original Lot on which they intend
to bid before the Auction Date by identifi cation or other methods. Bidders shall judge the genuineness
or fakery or the quality of the Lot by themselves rather than relying on the Company’s catalogue, status
explanation and other images and public materials of the Lot.
Article 34 Registration of Bidders
The Bidder shall register, check-in and receive a paddle affi xed with number before the Auction Date, in
accordance with the condition and procedure for the paddle affi xed with number as announced by the
Company, with a valid identity card, or passport or other certifi cates approved by the People’s Republic
of China and other materials required by the Company in the case of a natural person, or with a valid
certifi cate of registration, ID of legal representative or other legal authorization certifi cates and other
materials required by the Company in the case of a legal entity or other organization.
Article 35 Paddle Affi xed With Number
The Company will announce the condition and procedure to deal with the paddle affi xed with number by
the Bidder before the Auction Date, including but not limited to require qualifi cations of the Bidder for the
paddle affi xed with number, in accordance with diff erent conditions and manners of auction.
The Company seriously notices that the paddle affi xed with number is the only evidence of the Bidder’s
participation in bid. Each Bidder shall take good care of his or her paddle affi xed with number and may
not lend it to any third person. In case of losing such paddle, the Bidder shall go through the procedure
for report of losing in the form of writing agreed by the Company.
The person holding the paddle is deemed to be the registered owner of the paddle, whatever he/or she
is entrusted by the Bidder or not. The Bidder shall be liable for using his or her paddle bid in the auction
process, unless the Bidder goes through the procedure for report of losing in the form of writing agreed
by the Company and such paddle affi xed number has been cancelled by the auctioneer’s announcement
in the auction process.
Article 36 Guarantee Money
The Company will charge a guarantee money before the Bidder receives paddle affi xed with number.
The amount of guarantee money will be announced before Auction Date. The Company will refund all
the guarantee money mentioned above with no interest to the Bidder within fi ve working days after
auction in case that the Bidder fails in auction. In the event that the Bidder becomes to be the Buyer,
the guarantee money will automatically turn to be deposit as part of the Purchase Price payable by the
Buyer.
Article 37 The Company’s Option
The Company may forbid anyone from participating in auction, admission to the premises, taking a
picture, making a sound recording or making a video recording during auction, as the case maybe.
Article 38 Abnormal Events
In case of any abnormal events aff ecting the success of the auction process, the Company has the right
to take necessary actions as the case may be, even terminate the auction process. In the case that any
dispute arises at auction, the Company has right to mediate and settle.
Article 39 Bidding as Principal
Any person who bids shall be deemed as principal, unless the Bidder represents to the Company a
written certifi cate showing that it is the agent of a principal and is also subject to the Company’s approval
in written form before Auction Date.
Article 40 Authorized Bids
The Bidder shall attend the auction personally; otherwise it may give the Company an authorization in
writing to bid on his/her/its behalf. The Company shall have the right to but no obligation to accept such
authorization.
The Bidder who intends to give the Company an authorization to bid on his/her/its behalf shall present
the Company with a written authorization letter and hand in guarantee money in accordance with the
provisions in Article 36 herein within certain period (not later than twenty-four hours before Auction Date) .
The Bidder who entrusts the Company to bid on his/her/its behalf shall inform the Company of bid
cancellation in writing not later than twenty-four hours before Auction Date.
In the event that the Bidder entrusts the Company to bid on his/her/its behalf, such biding outcome and
relevant liabilities shall be borne on the Bidder.
Article 41 Non-liability of Authorized Bids
Since authorized bid shall be the free service on transferring the bid message on behalf of the Bidder
provided by the Company to the Bidder, the Company and its employees shall not be liable for any
failure in bidding or any negligence or fault in the authorized bids. Bidders shall attend the auction in
person to assure the success of bidding.
Article 42 Principle of Priority
In the event that two or more Bidders entrust the Company to bid on their behalf for the same Lot with
the same authorized price, and fi nally succeed by dropping the hammer at such price, the Bidder whose
authorization certifi cate was fi rst delivered to the Company shall be the Buyer of the Lot.
Article 43 Auctioneer’s Discretion
The auctioneer is entitled to represent the Company and to increase or decrease the bidding ladder,
refuse any bidding, or restart auction in case of any dispute arising.
Article 44 Screen of Video Images
At some auctions, there will be a video screen or other screens in operation for the convenience of
Bidders, which is only for reference. However, there may be errors in amounts, numbers or pictures of
the Lot, or in foreign exchange rate on the screen. The Company shall not be liable for any losses and
damages caused by such errors.
Article 45 Successful Bid
When the highest bidding is confi rmed by dropping the auctioneer’s hammer or in other public manners,
the Bidder with the highest bidding succeeds in the bid which means that the Bidder becomes to be the
Buyer and the Buyer shall sign the writing confi rmation/auction minutes. .
Article 46 Remuneration and Expenses
The Bidder will be deemed as the Buyer of the Lot after succeeding in bidding and shall pay the
Company a remuneration equal to 15% of Hammer Price and other Expenses and acknowledge that
the Company is entitled to charge commission and other costs payable by the Seller in accordance with
Article 21 hereof.
Article 47 Payment
The Buyer shall make full payments in a lump sum to the Company within thirty days after the Sale
Date and take the Lot back. The Buyer shall also undertake packaging charges, cartage, transportation
insurance premium and export appraisal fee (if any) .
Article 48 Currency
All payments shall be made in the currency designated by the Company. In the event that the Buyer
makes payments in currency other than the designated one, the currency shall be converted at the
rate agreed upon by the Buyer and the Company or at the rate announced by People’s Bank of China
one working day prior to the payment. The Buyer shall reimburse the Company for any bank charges,
commission and other expenses for converting the currency into RMB.
Article 49 Passing of Title
The Buyer will acquire ownership of the Lot after having paid the full Purchase Price.
Article 50 Transfer of Risks
After a successful bid, any Lot purchased shall be entirely at the Buyer’s risk as early as one of the
following conditions is met:
(1) the Buyer collects the Lot purchased; or
(2) the Buyer pays to the Company full Purchase Price for the Lot; or
(3) expiry of thirty days after Sale Date.
Article 51 Collection
The Buyer shall collect the purchased Lot at the Company’s domicile or other place appointed by the
Company no later than thirty days after Sale Date. In case of failure to do so, the Buyer shall be solely
responsible for all risks and losses of the Lot and bear all expenses for storage, cart and insurance in
connection therewith due to delay. Nevertheless the Lot is still preserved by the Company or any other
agents, the Company and its employees or its agents shall not be liable for any losses and damages of
the Lot caused by any reason.
Article 52 Package and Transportation
The Company may arrange packing and handling of the purchased Lot on behalf of the Buyer as the
case may be on its request and the Buyer shall be liable for any loss arising from such arrangements.
In no circumstances shall the Company take any liability for any damages or losses of glass, frames,
drawer, bottom mat, trestle, mounting, insert pages, roller or other similar accessories arising out of any
reason. In addition, the Company shall undertake no liability for any fault, omissions, damages or losses
caused by the packers or carriers recommended by the Company.
Article 53 Export of Lot
The Company will explain in the catalogue or at the auction those Lots which are prohibited to be
exported pursuant to the Protection Law of Cultural Relics of the People’s Republic of China and other
relevant laws and regulations.
The Buyer shall be responsible for applying for an export license in accordance with laws of the People’s
Republic of China for the Lot permitted to be exported pursuant to the Protection Law of Cultural Relics
of the People’s Republic of China and other relevant laws and regulations.
Article 54 Remedies for Non-payment
In the case that the Buyer fails to make full payment within the period provided in Article 47 herein, the
Company shall be entitled to exercise one or more of the following remedies:
(1) If following a successful bid the Buyer fails to make payment within the stipulated period under the
Conditions, the Buyer will lose the right to request the Company to refund the guarantee money (the
deposit) and the Company shall keep the guarantee money (the deposit) . Besides which, the Buyer
shall also undertake any liability may occur in accordance with the Conditions; In the event that
the Buyer fails to pay any one Purchase Price of the Lot on time according to the Conditions after
successful bidding on several Lots with the same one paddle affi xed with number, all of guarantee
money (the deposit) shall not be refunded and the Buyer shall undertaker relevant responsibilities in
accordance with the Conditions.
(2) If within thirty days after a successful bid the Buyer fails to pay the Company the Purchase Price, the
Company shall have the right to entrusting third party to collect all or part of the default payment
from the Buyer;
(3) charge the Buyer an interest at a rate of 0.3‰ per day on the due and unpaid amount from thirty-fi rst
day after Sale Date until such payment is made fully, to the extent it remains fully unpaid within thirty
days after Sale Date, unless otherwise agreed by the Buyer and the Company;
(4) commence lawsuit proceedings against the Buyer for any damages caused by the Buyer’s breach
of contract, including but not limited to the losses of interest on deferred or unpaid payment by the
Buyer.
(5) exercise a lien on the purchased Lot or other properties of the Buyer which may be in the Company’s
possession for any reason. The Buyer is responsible for all expenses or risks that occur during the
period of lien. In case the Buyer fails to perform all relevant obligations herein within the period the
Company designates, the Company shall have the right to dispose of such property in accordance
with relevant laws and regulations. In the case the proceeds cannot cover the amount outstanding,
the Company is entitled to claim the balance;
(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
and/or other Lots sold to the same Buyer at this auction or any other auctions as applicable, and
reserve the right to claim any losses caused by such cancellation.
(7) carry out a re-sale of the Lot by public auction or other ways according to the Conditions subject
to the consent of the Seller. The original Buyer shall be liable to the Seller for the remuneration/
commission and other Expenses occurred at such auction as well as all Expenses for re-sale by
public auctions or other ways. In addition, the original Buyer shall also be liable for the diff erence,
if the Purchase Price actually received by the Seller for re-sale by public auctions or other ways of
such Lot is lower than the original Purchase Price that would have been receivable therein had the
Buyer made the full payments.
Article 55 Remedies for Deferred Collection
In case the Buyer fails to collect the purchased Lot within the period provided in Article 47 herein, the
Company shall be entitled to exercise one or more of the following remedies:
(1) arrange storage of the Lot at the Company or any other places at Buyer’s risk and expense(including
but not limited to the Storage Fee according to the standard set forth in Article 2 (15) of the
Conditions from thirty-fi rst day after the Sale Date) . The Buyer shall not collect the Lot unless the full
Purchase Price is paid (packaging charges, cartage, transportation insurance premium and export
appraisal fee for which the Buyer is responsible) ;
(2) The Seller shall take liability for any risk and/or loss that occurs after the period mentioned above
in the case of failed retrieval of the Lot within the designated period. In the event that the Seller
shall take back the Lot within ninety days after Sale Date in accordance with the Conditions, the
Company has right to public auction or sell the Lot by a proper way and conditions. The amount,
which is arising from forgoing disposal by the Company after deducting all loss, expense (packaging
charges, cartage, transportation insurance premium and export appraisal fee, Storage Fee,
notarization fee) incurred, shall be collected by the Seller with no interests.
Chapter IV Miscellaneous
Article 56 State Pre-emption Right
When the relevant department of the government exercises the state pre-emption right, related parties
shall implement according to the laws and related decision of the government, acknowledge and provide
necessary cooperation.
Article 57 Confi dentiality
The Company shall be obligated to maintain the confidentiality of any information provided to the
Company (except otherwise prescribed by laws of People’s Republic of China) , and indemnify all legal
rights of Seller, Bidder, Buyer and the Company against any damages according to the relevant laws and
regulations of the People’s Republic of China.
Article 58 Identifi cation
The Company may identify the Lot if necessary and as the case may be, at the Company’s own
discretion. In case of any discrepancy with respect to the status of such Lot between the identifi cation
and the consignment auction contract, the Company shall be entitled to modify or rescind the
consignment auction contract.
Article 59 Copyright
The Seller authorizes the Company that the Company shall take photographs, make illustrations,
catalogues or other images and public materials relating to the Lot consigned to the Company for
auction and shall have the copyright for such photographs, illustrations, catalogue or other images and
public materials mentioned above.
Article 60 Compensation for Invalidation of Auction
In the event that the auction is invalid as the result of related person’s reason, such related person shall
undertake responsible for compensation to cover all loss of the Company. The standard of compensation
shall be the Company’s acquirable interest in case of valid auction.
Article 61 Notice in Written
Both the Bidder and Seller shall notify the Company of their valid and regular means of communication
and address in the bid registration documents, consignment auction contract and other form agreed
by the Company. No change in any of the particulars will be eff ective until it has been notifi ed in writing
as soon as possible. All notices referred in this agreement shall be in writing and shall be delivered by
post or transmitted by fax. A notice sent by post shall be deemed to have been sent on the date the
Company gives it to the post offi ce and received by the addressee via normal mail service. A notice sent
by fax, shall be deemed to be received on the date when it is faxed.
Article 62 Severability
If any provision or part of the Conditions is deemed to be invalid, unlawful or unenforceable by
a competent agency, the Conditions shall be ineffective to the extent of such unlawfulness or
unenforceability without invalidating or aff ecting the validity or enforceability of the remaining provisions of
the Conditions.
Article 63 Settlement of Disputes
If any dispute arises from or is related to participation in the auction pursuant to the Conditions, all
concerned parties shall submit such dispute to a competent Chinese court of the place where the
Company has its domicile. Such dispute shall be governed by Chinese laws.
Article 64 Language
The Chinese version of the Conditions shall be the standard version. The English version is only for
reference. In case of any discrepancy between the Chinese version and English version, the Chinese
version shall prevail.
Article 65 Copyright of the Conditions
The Conditions are made and amended in accordance with Chinese laws and the Company shall have
its copyright accordingly. Without the Company’s prior written consent, no party shall use the Conditions
for commercial purpose in any way or manner and shall not copy, transmit, or store any part herein into
a searchable system.
Article 66 Singular and Plural
In the provisions of the Conditions, the singular includes the plural and vice versa where the context
requires.
Article 67 Right to alternation
The Company reserves the right to make any alternation to the Conditions at its sole discretion at any
time the Company considers proper. The altered version is valid and becomes automatically eff ective
on the date it is altered and is to be published in the way the Company considers proper. Any party
involved must pay attention to any such alternations of the Conditions and the Company shall under no
conditions be liable to any separate notice.
Article 68 Formatted Text
Unless otherwise agreed by the Company, the consignment auction contract mentioned in Article 6 of
the Conditions and the cancellation notice mentioned in Article 25 should be in the forms provided by the
Company. Such forms provided by the Company consist of the whole part together with the Conditions.
Article 69 Date of Eff ectiveness
The Conditions of Business take eff ect on May.1st, 2015.
Article 70 Right to Interpret
The Company is responsible for interpreting the Conditions.
