AUDEMARS PIGUET Royal Oak Chronograph 2297 In 1972, Audemars Piguet's Royal Oak collection was designed by master AUDEMARS PIGUET watchmaker Gerald Genta and featured a never-before-seen octagonal case inspired by the octagonal porthole of the British warship Royal Oak. In a A FINE LIMITED EDTION STAINLESS STEEL OCTAGONAL departure from the precious metal design of luxury watches of the time, this CHRONOGRAPH AUTOMATIC WRISTWATCH, WITH DATE collection became the first ever high end watch in fine steel, and today the Royal Oak is synonymous with stylish and sporty models. This lot, model 25979ST/ Royal Oak, Ref. 25979ST/O/0002CA/01, limited edition of 1250 pieces, CIRCA 2003 O/0002CA/01, is a special edition of the City of Sails 30th anniversary limited to 1,250 pieces. The steel case with its iconic grey and black dial and the practical Movement : Automatic, cal. 2385, 37 jewels, signed chronograph function make it a very collectible model. Dial: Grey dial with three subsidiary dials for constant seconds, 60-minute and 12-hour registers, aperture for date between 4 and 5, signed 1972年，愛彼的 家 系列是由製錶大師Gerald Genta設計完成的，腕錶採用了從 Case : Stainless steel octagonal case, case back engraved with sailboat 有過的八角形錶殼，靈感來源於英國 “ 家 ”號的八角形 窗。此系列一 motifs and secured by 8 screws, signed With : Stainless steel Audemars Piguet folding clasp, Certificate of Origin 當時 華腕錶傳統的貴金屬製錶設計，成為了史上 一枚精 材質的高級腕錶，如 and presentation box 家 系列成為了時尚運動款式的代名 。此拍品型號25979ST/O/0002CA/01，為限 量1250枚的 風帆之 30週年特別版，精 錶殼搭配了標 性的 黑色錶盤， 有 Diameter 39 mm 用的計時功能，為相當值得收藏的紀 款式。 愛彼 錶 錶 HKD 80,000 - 180,000 USD 10,300 - 23,100

2298 OMEGA A FINE ROSE GOLD TRIPLE CALENDAR CHRONOGRAPH AUTOMATIC WRISTWATCH, WITH DATE, DAY, MONTH, DAY/NIGHT INDICATORS, SMALL SECONDS AND TACHYMETER Speedmaster, Ref. 36233321, CIRCA 2005 Movement : Automatic, cal. 1151, 25 jewels, signed 2299 Dial: Silvered dial with three subsidiary dials for constant seconds combined with day/night indicator, 30-minute ZENITH Case : register combined with day and month indicators, and With : 12-hour register, signed A SPECIAL AND FINE STAINLESS STEEL WORLD TIME Rose gold case, signed CHRONOGRAPH AUTOMATIC WRISTWATCH, WITH LARGE Rose gold Omega folding clasp, Certificate of Origin DATE AND ALARM and presentation box El Primero, Class Traveller Multicity Collections, Ref. 03.0520.4046/22.C681, Diameter 38 mm CIRCA 2016 歐米茄 Movement : Automatic, cal. 4046, 41 jewels, signed Dial: Black dial with two subsidiary dials for 30-minute register 錶 and alarm power reserve indicator, apertures for large date Case : between 1 and 2, revolving chapter ring with day/night world 錶 With : time display, signed Stainless steel case with sapphire crystal display back, case HKD 30,000 - 80,000 back secured by 8 screws, signed USD 3,800 - 10,300 Stainless steel Zenith folding clasp Diameter 46 mm 時 錶鐘 HKD 35,000 - 75,000 USD 4,500 - 9,600 104

MCT Limited edition of 3 pieces 2300 The Swiss independent watch brand, Manufacture MCT Contemporaine du Temps MCT was launched in 2007. Its creation, the Sequential One collection, AN UNUSUAL AND RARE LIMITED EDITION WHITE GOLD CUSHION-SHAPED has louvered flip design that makes the time scale JUMPING HOUR MECHANICAL WRISTWATCH large and easy to read. In addition, its unprecedented 270-degree central minute counter clockwise Sequential One, Ref. S100, Limited edition of 3 pieces, CIRCA 2016 turntable design brings out the infinite imagination and creativity of watchmakers, presenting an amazing Movement : Manual, cal. MCT-S1, 81 jewels, signed expression of time. Dial: Skeletonized dial made of 4 modules composed of 5 triangular prisms each for hours, rotating dial crafted from sapphire for minutes, signed 瑞士獨立製錶品牌MCT Manufacture Contemporaine Case : White gold cushion-shaped case with sapphire crystal display back, case back du Temps ，於2007年誕生之初，所打造的 secured by 8 screws, signed 「Sequential One」系列，百 窗式的翻轉設計令時標 With : White gold MCT folding clasp, Certificate of Origin and presentation box 顯得 大且易 ，加上前所未見的270度中央分鐘逆時 Measurement 45 × 45 mm 針轉盤設計，展現出製錶大師們無 的 力與創意，帶 來令人 表達時間的方式。 MT 錶 錶 HKD 90,000 - 150,000 USD 11,500 - 19,200

ROGER DUBUIS Roger Dubuis Excalibur Huracán 2301 ROGER DUBUIS AN ATTRACTIVE AND FINE TITANIUM SKELETONISED AUTOMATIC WRISTWATCH Excalibur Huracán, Ref. DBEX0749, CIRCA 2020 Movement : Automatic, cal. RD630, 29 jewels, signed Dial: Skeletonised dial, signed Case : Titanium case, case back secured by 4 screws, signed With : Titanium Roger Dubuis folding clasp, Certificate of Origin and presentation box Diameter 45 mm 羅彼 錶 錶 HKD 260,000 - 360,000 USD 38,300 - 46,200 During the 2019 Geneva International Motor Show, Roger Dubuis released the 羅 · 彼在2019年 的日內瓦國 車展 Geneva Excalibur Hurac n series. For the second year in a row, the brand is collaborating International Motor Show 期間，發表Excalibur Hurac n with the legendary carmaker Lamborghini and the premium tyre manufacturer Pirelli 系列的新款時計， 續 二年與傳奇 車專家林寶堅 以及優質 to incorporate mechanical elements into its timepieces. This model, DBE 0749, 輪 製造商 力合作，融合機械元素予腕錶之中。本拍品型號 made of DLC-coated titanium with a skeletonised dial, is a daring creation that 為 DBE 0749，由 有DLC 層的鈦金屬打造而成，錶面經鏤空 combines high-end technology with an avant-garde design inspired by the world 處 ，是結合高端科技與從 車世界 靈感的前 設計風格下所 of automobiles, and shares the performance, lightness and safety of its namesake 創造出的果 之作，與其同名的超級跑車同樣具備著高性能、輕盈 supercar. This model is equipped with the RD630 self-winding skeleton movement 度和安全性。此款式所搭載的為RD630自動上弦鏤空機芯，設有 with a 12-degree angled balance wheel, a signature movement construction in 12度角 斜設置的擺輪，是跟林寶堅 合作的標 性機芯結構；受 collaboration with Lamborghini. Inspired by the rims of the Hurac n sports car, the Hurac n跑車輪 啟發而創造出的360度擺陀 體現了 中的 360-degree oscillating weight embodies the speed of the wheels of a speeding 超級跑車車輪所散發出的 度感，腕錶 而 氣，展露了鐘錶創 super sports car. It is a fashionable model loved by young collectors. 作的高度可能性，屬受年輕藏家所鐘愛的時尚款式。 107

JAQUET DROZ Enamel dial 2302 JAQUET DROZ A VINTAGE AND FINE YELLOW GOLD AND DIAMOND- SET AUTOMATIC WRISTWATCH, WITH MINIATURE ENAMEL DIAL CIRCA 1995 Movement : Automatic, cal. 1150.4, 29 jewels, signed Dial: Miniature enamel dial depicting a polo game with diamond-set hour indexes, signed Case : Yellow gold case with sapphire-set crown and sapphire crystal display back, signed With : Yellow gold pin buckle Diameter 36 mm 雅克德羅 錶 錶 HKD 30,000 - 60,000 USD 3,800 - 7,700

VULCAIN limited edition of 25 pieces 2303 Founded in 1858 as a watchmaker, Vulcain launched the Cricket collection in VULCAIN 1947, a unique collection of alarm watches that used the world's first mechanical alarm movement and were worn by US Presidents Dwight Eisenhower, A VERY FINE LIMITED EDITION ROSE GOLD DUAL TIME MECHANICAL Harry S. Truman, Richard Nixon and Lyndon B. Johnson, as such the WRISTWATCH, WITH ALARM AND CLOISONNÉ ENAMEL DIAL legendary movement is also known as the Presidents Watch . This lot, model 100506.023, is a 25-piece limited edition alarm watch with a rose gold case and Cricket, Ref. 100506.023, limited edition of 25 pieces, CIRCA 2002 a stunning enamelled dial, featuring a red aeroplane travelling across the ocean and between continents, reflecting the adventurous spirit of the brand. Movement : Manual, 17 jewels, signed Dial: Cloisonné enamel dial depicting world map of west Africa and Europe, 凡爾 作為鐘錶製造商成立於1858年，並於1947年推出的Cricket 系列，該系 and East North and South America with a plane in the center, signed Case : Rose gold case, signed With : Rose gold Vulcain pin buckle, Certificate of Origin and presentation box Diameter 42 mm 列是別具意義的 腕錶，這系列使用了世上 一款機械式 機芯，美國總統德懷 特· 森 爾 Dwight Eisenhower 、 里· Harry S. Truman 、 爾 查德· 克松 Richard Nixon 和林 ·約 Lyndon Baines Johnson 的手 HKD 75,000 - 170,000 錶鐘 錶 上都 凡爾 腕錶， 這品牌又被譽為“總統錶 ，傳奇機芯從此名 史。本 USD 9,600 - 21,800 錶 拍品型號100506.023為限量生產25枚的 腕錶，錶殼以玫瑰金打造而成，配有令人 的琺瑯錶盤，一 色飛機 洋、穿 於不同大 之間，充分展現品牌的 精神； 清腕 ，響至遠方。

IWC Cloisonné Enamel Dial 2304 Vintage watches with their fine enamelled dials are more than just IWC timepieces; they are regarded by collectors as true works of art. Stern Créations has always been the most renowned and skilled A VINTAGE AND RARE YELLOW GOLD MECHANICAL WRISTWATCH, manufacturer of enamelled watch dials, and was active from the 1940s WITH CLOISONNÉ ENAMEL DIAL MADE BY STERN FRERES to the 1960s. The most prestigious Swiss watchmakers, including Patek Philippe, Rolex, Vacheron Constantin and IWC have all used Ref. 580, CIRCA 1958 Stern's enamel dials. This IWC watch includes a floral motif by Stern Freres, and is extremely valuable as a collectible. Movement : Manual, cal. 89, 16 jewels, signed Dial: Cloisonné enamel dial, made by Stern Freres, signed 帶有精緻琺瑯錶盤的複古腕錶不僅僅是時計， 們被收藏家視為 正的藝術 Case : Yellow gold case with snap-on case back, signed 品。 Stern Créations 一直是琺瑯錶盤最知名、技術最精湛的製造商，並 With : Yellow gold pin buckle and presentation box 活 於1940 至 1960 年代。瑞士最負盛名的手錶製造商包括百達翡麗、 力士、江詩丹頓和 國錶 都採用過 Stern製作的琺瑯錶盤。這款 國錶 Diameter 35 mm 製的 有Stern Freres精心燒製的花 圖案錶盤，極具收藏意義。 萬國錶 錶 錶 錶 HKD 100,000 - 200,000 USD 12,800 - 25,600

ULYSSE NARDIN Executive Moonstruck 2305 Inspired by the gravitational force of the moon and the sun which causes the tides in Earth's oceans, the moon and the sun had been deeply-rooted in ULYSSE NARDIN human history and constantly fasicinated every civilised nation’s imagination on the Earth. It is also the inspiration behind Swiss watch brand, Ulysse Nardin, A FINE AND RARE LIMITED EDITION PLATINUM unveils the Executive Moonstruck timepiece. ASTRONOMICAL AUTOMATIC WRISTWATCH, WITH MOON PHASES INDICATOR On the ocean blue mother-of-pearl dial, it clearly displays different phases of the moon and tidal variations of any coastline or ocean through two discs with Executive Moonstruck, Ref. 1069-113, limited edition of 500 pieces, CIRCA an earth’s surface hand painted by craftsmen. Push buttons at 8 o’clock and 2011 10 o’clock enable the wearers to quickly move the time forward or backward which is a handy feature during long trip. This Executive Moonstruck is not only Movement : Automatic, cal. UN106, 42 jewels, signed the perfect showcase of the cutting-edge technology and watch craftsmanship Dial: Blue-grey mother-of-pearl dial with hand-painted world of the Ulysse Nardin, but also shows the brand’s tribute to the universe and featuring top view of the globe, luminescent hands, sun and human civilisation Case : moon indicators rotating around the earth as well as a map of the tides, signed 太陽與 亮，行經天 的 、造成 起 的 大力量， 們 於人類的歷史， With : Platinum case with blue ceramic bezel with date, push buttons 不斷啟發每一個文明對世界的 ，也成為了雅典創作出這枚“ 之 “腕錶的靈 at 8 and 10 o'clock to instantly adjust the time backward or 感源 。 forward in one-hour increments, sapphire crystal display back, case back secured by 6 screws, signed White gold Ulysse Nardin folding clasp and a setting pin for moon phases Diameter 46 mm 雅 湛藍的珍珠 母錶盤上，日 輪轉， 圓盤 通過圍繞中心手工繪製的地球表面，便 錶 能夠精 地顯示出 相盈 以及 特定海 線 海洋上的 變化，錶殼左 8點及 10點鐘位置的按鈕還可讓使用者快 前後調整時區，在長 行的時 ，更展現出腕 HKD 200,000 - 300,000 錶的 用與便利之處。這枚“ 之 ”，不僅是雅典錶尖端科技與製錶工藝的完美 USD 25,600 - 38,500 呈現，更表達出品牌對 物，人類文明的致 ！

CARTIER Rotonde de Cartier 2306 CARTIER A VERY FINE LIMITED EDITION WHITE GOLD AND SAPPHIRE-SET MECHANICAL WRISTWATCH, WITH ENAMEL DIAL Rotonde de Cartier, \"Ours Polaire\", Ref. HPI00540, limited edition of 40 pieces, CIRCA 2011 Movement : Manual, cal. 9601 MC, 20 jewels, signed Dial: Plique-à-jour paillonné enamel dial depicting a polar bear, signed Case : White gold case with sapphire-set crown and sapphire crystal display back, case back secured by 8 screws, signed With : White gold Cartier folding clasp, Certificate of Origin and presentation box Diameter 42 mm 錶 錶 HKD 320,000 - 500,000 USD 41,000 - 64,100 113

JAEGER-LECOULTRE Reverso Diamond set pocket watch This lot, Ref. 580.31.01, is a dazzling museum-quality pocket watch from the Reverso collection, featuring a reproduction of a work by the Czech painter Alphonse Mucha using micro-painted enamel. Known as the most difficult of the three techniques, micro-painted enamel is first applied to the metal surface, turning it into a pure white 'canvas', after which the watch is transformed into a miniature oil painting by the imagination of the craftsman. The famous painting on the case is taken from one of Mucha's quartet of works, Les Arts, titled Peinture, in which Mucha uses a bouquet of flowers to represent a brush, held in a woman's hand to convey the action of painting. The Jaeger master enamellers have perfected this classic work of art, and it is an enchanting sight to behold. Crafted entirely in 18-carat white gold, this dazzling pocket watch is set with 522 sparkling white VVS1 diamonds throughout the case. The crown is embellished with pastel sapphires and the caseback is adorned with mother-of-pearl. The pocket watch features a hand-wound movement with practical functions such as day and night, moon phases and a power reserve, as well as a fascinating micro-painted enamel finish, making it an exceptional collector's item. 本拍品型號580.31.01，是Reverso系列中奪目耀眼的精緻博物館級 懷錶，上面利用微繪琺瑯重現出 克畫家 爾豐斯· Alphonse Mucha 的作品。微繪琺瑯被譽為三種技藝當中最 的一種，工匠首 先在金屬表面上 上白 ，使其成為 白色的「畫 」，之後便可以發 無 的 力，讓鐘錶 身一變為一 微型 畫。錶殼上的名畫 自 的四 作 - 藝術 Les Art 的其中一 名為繪畫 Peinture 的作 品， 用花束來代表畫 ，握在女 手中呈現出繪畫的意 ，背景 運用了彩虹般的 線，襯 出女 娜多姿的身 ，積家的琺瑯大師完 美繪製此經典作品，讓人 其中。 如此閃耀奪目的懷錶全由18K白金打造而成，全個錶殼共鑲有522顆達 VVS1級的閃亮白鑽，錶 以粉彩藍寶石作點綴，錶底 以珍珠 母裝 飾，極為 華瑰麗。 外，懷錶搭載了手動上弦機芯， 日 、 相以 及動力 存 用功能，微繪琺瑯的畫功引人入勝，絕對是 能可貴的 頂級收藏系列。

JAEGER-LECOULTRE Reverso Diamond set pocket watch 2307 JAEGER-LECOULTRE AN EXQUISITE AND POSSIBLY PIECE UNIQUE WHITE GOLD, DIAMOND, PASTEL SAPPHIRE-SET AND MOTHER-OF-PEARL RECTANGULAR REVERSIBLE MECHANICAL POCKET WATCH, WITH ENAMEL CASE DEPICTING MUCHA'S ART DECO PAINTING, MOON PHASES, DAY/NIGHT AND POWER RESERVE INDICATORS Reverso, \"Peinture\", Ref. 580.31.01, CIRCA 2012 Movement : Manual, signed Dial: Silvered dial with subsidiary dials for constant seconds and moon phases, two fan-formed sectors for day/night and power-reserve Case : indicator, signed White gold, mother-of-pearl and diamond-set reversible case with With : Mucha's Art Deco enamel painting portrait of the goddess and pastel sapphire-set crown, signed Jaeger-LeCoultre Certificate of Origin and presentation box Measurement 38 x 55 mm 積家 錶 錶 HKD 1,000,000 - 2,000,000 USD 128,200 - 256,400 116

CHOPARD Kylin Japanese lacquer dial 2308 CHOPARD A VERY FINE ROSE GOLD AUTOMATIC WRISTWATCH, WITH JAPANESE LACQUER DIAL Kylin, Ref. 161902-5045, CIRCA 2014 Movement : Automatic, cal. L.U.C 96.17-L, 29 jewels, signed Dial: Japanese lacquer dial with two Kylin against a full moon, signed Case : Rose gold case with sapphire crystal display back, case back secured by 8 screws, signed With : Rose gold Chopard pin buckle, Certificate of Origin and presentation box Diameter 40 mm 蕭邦 錶錶 錶 HKD 80,000 - 150,000 USD 10,300 - 19,200 A watch is a multidisciplinary work of art, and the present lot is a collaboration between Chopard and Japanese national lacquer master Kiichiro Masumura, part of the L.U.C P Urushi collection, using the time-honoured techniques of lacquer and dill painting to present this exquisite Kylin'. The pigments used in Japanese lacquer painting come from the epoxy of trees, which can only be harvested once a year and in very small quantities. Each layer of lacquer is thinly applied, and metal powder is used to embellish the lacquer and to highlight the delicate contours of the lacquer, a technique that only a handful of master lacquer artists know. The watch is also presented in a bespoke lacquer box, black on the outside and gold on the inside, in the shape of an octagon representing good fortune, with a delicate ribbon as the case closure. 腕錶是一個融匯著多 的藝術品，本拍品是蕭邦與日本國寶級 藝大師增 紀一 合作的 L.U.C P Urushi系列錶款， 運用歷史 悠久的 繪和 繪 畫技藝，呈 了這枚精美絕倫的“ 照 ”作品。 日本 繪藝術的 來自 木的生 ，一年只能採集一次，且數量 少。作畫時，工匠 層上 ，每一層都非常 薄，並利用金屬 粉 來點綴 繪， 並 出 細的 繪輪 ，這 造極的工 藝只有極少數 藝大師熟 此 。 為象 元素的靈 ，這系 列的腕錶還配備特別 製的 ， 外黑內金，呈代表 的八 角形，以一條精緻絲帶作為錶 開 ， 的設計製作由 平安 完成，獨一而無二。

PATEK PHILIPPE Travel Time 4864/1G 2309 In 1916, Patek Philippe, a brand with a long history of pocket watches, sold its first ladies' minute repeater watch in New York, and since then has developed a range of PATEK PHILIPPE ladies' watches with sophisticated functions, offering a stylish alternative to the new generation of women. A RARE AND FINE WHITE GOLD, DIAMOND AND SAPPHIRE-SET DUAL TIME MECHANICAL BRACELET In 1997, Patek Philippe launched the men's and women's Travel Time series, with a WATCH, WITH SMALL SECONDS AND 24-HOUR time display made up of two completely separate hands, distinguished by different INDICATOR colours, whose clever mechanism allows the wearer to tell the time in two different time zones with ease and elegance. This lot, model 4864/1G, has a case and Travel Time, Ref. 4864/1G, CIRCA 2001 bracelet made of white gold, and the silvered dial has two blue enamel subsidiary dials for the seconds and 24 hours, which are decorated with diamond hour-markers Movement : Manual, cal. 215 / 156, stamped with the Geneva seal, 18 and a sapphire-set crown. Dial: jewels, signed White dial with diamond-set indexes, two subsidiary blue Case : enamel dials for constant seconds and 24-hour indicator, With : signed White gold case with sapphire-set crowns and snap-on case back, signed 1916年，百達翡麗這家 經擁有了懷錶悠久歷史的品牌在紐約 出首枚女裝三 錶，從此精 White gold Patek Philippe bracelet, folding clasp and 心發展出一系列帶有複雜功能的女裝腕錶，為新時代女性 了時尚亮麗的選 。 Extract from the Archives Diameter 34 mm, approximate length 170 mm 百麗 1997年，百達翡麗 Patek Philippe推出 款和女款Travel Time 行時間腕錶，時間顯示由 錶 完全獨立的時針組合而成，用不同 色 行區分，其巧妙的機制讓 者可以輕 和優 雅地 個不同時區的時間。本拍品型號4864/1G，錶殼和鏈帶以白金材質製成，銀白色 HKD 120,000 - 220,000 錶盤 有 個藍色琺瑯 錶盤，用作顯示小秒針及24小時，百達翡麗又以鑽石時標跟藍寶石 USD 15,400 - 28,200 鑲嵌錶 作裝飾，使用起來既方便又典雅。

PATEK PHILIPPE 5131/1P Cloisonné Enamel Dial 2310 PATEK PHILIPPE AN FINE EXTREMELY FINE PLATINUM WORLD TIME AUTOMATIC BRACELET WATCH, WITH CLOISONNÉ ENAMEL DIAL Complications, Ref. 5131/1P, CIRCA 2020 Movement : Automatic, cal. 240 HU, stamped with the PP seal, 33 jewels, signed Dial: Cloisonné enamel dial depicting the world map of the North Pole, revolving chapter ring with day/night world time display, signed Case : Platinum case with sapphire crystal display back and world time pusher at 10, signed With : Platinum Patek Philippe bracelet, folding clasp, Certificate of Origin and presentation box Diameter 39 mm, approximate length 180 mm 百麗 錶 錶 錶 HKD 1,000,000 - 1,800,000 USD 128,200 - 230,800 The popular reference 5131 is an iconic Patek Philippe world-time complication on the market and one of the most appealing timepieces to Patek Philippe collectors. The present watch contains a world-time function in platinum case and the depiction of the North Pole on the cloisonné enamel dial. Every dial is a unique piece of artwork, as the whole cloisonné enameling has to be handmade. First, the enamel artisan outlines the shapes with very fine gold wires in order to separate the different field of enamel colors, and then the dial is fired in a kiln at around 850 to 900 . The whole process repeats several times to intensify the colors and alter the translucency of the enamels. This wristwatch 5131P is a masterpiece with extraordinary craftsmanship. More significantly, this lot is equipped with a relatively rare platinum case and bracelet, which is surely a precious product in the watch market. 型號5131一直是百達翡麗世界時間腕錶中最受 的款式之一，更是鐘錶愛好者 長期以來的 對象。錶盤的中央配以繪畫精緻的 極圈的 絲琺瑯地圖。珍貴 之處是，每一 的 絲琺瑯地圖都是工匠花 心思所創造出獨 一無二的工藝品。 首先，工匠 要利用精細的金絲刻劃出圖案形狀，用作分格不 同的琺瑯 色粉 ，再把整個 絲琺瑯錶盤 入850至900度高 的大明火內燒製。這過程 要 重複數次，才能製作出如此精美的 絲琺瑯錶盤。期間燒製的過程複雜，更有製 作 的機會，所以更 顯了每 絲琺瑯地圖的收藏價值。本拍品5131P以鉑 金外 襯 著色澤明亮鮮 的 絲琺瑯地圖，更特別的是，本拍品配以相當少見 的鉑金鏈帶，為鐘錶 上 少見少的 品。 121

PATEK PHILIPPE Celestial 5102PR 2311 PATEK PHILIPPE A VERY FINE AND RARE PLATINUM AND ROSE GOLD ASTRONOMICAL AUTOMATIC WRISTWATCH, WITH SKY CHART, PHASES AND POSITION OF THE MOON AND TIME OF MERIDIAN PASSAGE OF SIRIUS AND THE MOONS Grand Complications, “Celestial”, Ref. 5102PR, CIRCA 2009 Movement : Automatic, cal. 240 / 165, stamped with the Geneva seal, 45 jewels, Dial: signed Case : Blue sky dial, outer track with silvered Roman numerals and dot minute divisions, celestial chart disc with passage of Sirius, lunar With : orbit with aperture for moon phases, signed Platinum case with rose gold case bands finely engraved with Patek Philippe Calatrava crosses, winding crown at 2 to set the time and 4 to set the celestial chart and moon phases, sapphire crystal display back, signed Platinum Patek Philippe folding clasp, Certificate of Origin and presentation box Diameter 43 mm 百麗 錶 錶 Estimate upon request 123

2312 PATEK PHILIPPE A FINE WHITE GOLD AND DIAMOND-SET TONNEAU- SHAPED MECHANICAL BRACELET WATCH Ref. 3528/3, CIRCA 1972 Movement : Manual, cal.175, 18 jewels, signed 2313 Dial: Silvered dial, signed Case : White gold tonneau-shaped case with diamond-set PATEK PHILIPPE bezel and snap-on case back, signed With : White gold Patek Philippe bracelet, folding clasp, A VINTAGE AND FINE TWO-TONED YELLOW GOLD Extract from the Archives and presentation box AND STAINLESS STEEL ROUNDED OCTAGONAL BRACELET WATCH, WITH DATE Measurement 31 mm x 26 mm, approximate length 180 mm 百麗 錶 Nautilus, Ref. 3900, CIRCA 1990 錶 Movement : Quartz, signed Dial: Gilt dial with aperture for date at 3, signed HKD 42,000 - 52,000 Case : Yellow gold and stainless steel rounded octagonal USD 5,400 - 6,700 case, signed With : Yellow gold and stainless steel Patek Philippe bracelet, folding clasp, Certificate of Origin and presentation box Diameter 32 mm, approximate length 165 mm 百麗 錶 錶 HKD 95,000 - 185,000 USD 12,200 - 23,700 124

PATEK PHILIPPE Nautilus 3800/1 2314 In the 1970s, watchmaker Gerald Genta designed the bodies of many new collections, including Patek Philippe's Nautilus collection. PATEK PHILIPPE The 3800 was one of the more enduring models in the Nautilus collection and was sold from 1981 until it was replaced by the slightly A VINTAGE AND FINE YELLOW GOLD AND DIAMOND-SET larger 5800/1A model in 2006. In addition to the most common ROUNDED OCTAGONAL AUTOMATIC BRACELET WATCH, WITH steel and gold versions, the 3800 series was also available in pure DATE platinum, yellow gold, and white gold. This yellow gold watch with diamond-set hour-markers exudes a vintage look. Nautilus, Ref. 3800/1, CIRCA 1997 1970年代，製錶大師Gerald Genta 經為多間錶 新系列腕錶設計錶 Movement : Automatic, cal. 335 SC, 29 jewels, signed 身，當中包括了百達翡麗的Nautilus系列，型號3800可 是Nautilus系 Dial: Gilt dial with diamond-set indexes, aperture for date at 3, signed 列中 長 的款式，自1981年起至2006年止，3800系列被列作 名 Case : Yellow gold rounded octagonal case with screw-down case back, signed 上長達共四分一個世紀，到2006年才被錶 大的5800/1A所 代。 With : Yellow gold Patek Philippe bracelet, folding clasp, Extract from 3800系列 了最常見的精 及金 版本外， 期更有 鉑金、 金及白 the Archives and presentation box 金製造的常規版3800手錶，這款全 金的腕錶 有鑽石鑲嵌時標，復古 Diameter 37.5 mm, approximate length 185 mm 相當濃重。 百麗 錶 錶 HKD 390,000 - 600,000 USD 50,000 - 76,900

2315 PATEK PHILIPPE PATEK PHILIPPE Nautilus 5711/1R A VERY FINE ROSE GOLD ROUNDED OCTAGONAL AUTOMATIC BRACELET WATCH, WITH DATE 127 Nautilus, Ref. 5711/1R, CIRCA 2021 Movement : Automatic, cal. 26-330 SC, stamped with PP seal, 30 jewels, signed Dial: Brown dial with aperture for date at 3, signed Case : Rose gold rounded octagonal case with sapphire crystal display back, signed With : Rose gold Patek Philippe bracelet, folding clasp, Certificate of Origin and presentation box Diameter 40 mm, approximate length 190 mm 百麗 錶 錶 HKD 1,000,000 - 1,800,000 USD 128,200 - 230,800 In 2015, Patek Philippe added a new member to the Nautilus collection, the 5711/1R, with a rose gold case and a chocolate- coloured dial, offering a classic vintage look. The dial features the usual Nautilus embossed horizontal motifs and a dazzling reflective effect, with the brown tones gradually changing from dark brown to light hazelnut from the outer edge to the centre, allowing for different gradients of light and shade at different angles. The magnificent rose gold case is interspersed with a brushed and mirror-polished face, both of which have been carefully and skilfully polished, with all the edges of the case and bracelet being meticulously polished to a curved mirror finish. The watch is entirely hand-polished and has a practical date display, which is very sophisticated. 2015年，百達翡麗為Nautilus系列增添了新成員， 本拍品型號5711/1R， 玫瑰金錶殼搭配了巧克力色錶盤，呈現出經典復古之美。其錶盤添有 Nautilus常見的浮雕 紋，加上 目的 射效果， 色調從外緣到中心 步 由深 色變成淡 色，這種 變在不同光線角度下的光影色澤非常誘人。 華麗的玫瑰金錶殼跟拉絲和 面拋光的錶面相互交 襯映， 者都經過精心 和熟 打磨，錶殼和錶鏈的所有 邊都經過細緻打磨拋光成 狀 面，腕錶 全人手打磨而成， 有 用的日期顯示功能，相當精緻。

PATEK PHILIPPE Calatrava 2316 PATEK PHILIPPE A VINTAGE AND FINE ROSE GOLD MECHANICAL WRISTWATCH, WITH SMALL SECONDS Calatrava, Ref. 3796, CIRCA 1992 Movement : Manual, cal. 215, stamped with the Geneva seal, 18 jewels, signed Dial: White dial with subsidiary dial for constant seconds at 6, signed Case : Rose gold case with snap-on case back, signed With : Rose gold Patek Philippe pin buckle, Certificate of Origin and presentation box Diameter 30 mm 百麗 錶 錶 HKD 52,000 - 82,000 USD 6,700 - 10,500

2317 PATEK PHILIPPE PATEK PHILIPPE Complications 5036R A FINE ROSE GOLD ANNUAL CALENDER AUTOMATIC BRACELET In 1996, Patek Philippe first introduced the 5035 collection with a simple WATCH, WITH DATE, DAY, MONTH, MOON PHASES AND POWER annual calendar, which allows the wearer to adjust the calendar only RESERVE INDICATORS once a year on 1 March to ensure the accuracy of the watch throughout the year. This was followed in 1997 by the 5036/1 collection, the first Complications, Ref. 5036R, CIRCA 2004 collection of calendar watches in precious metal with a moon phase and power reserve display. This series uses the powerful 324 S QA LU Movement : Automatic, cal. 315, stamped with the Geneva seal, 37 jewels, signed 24 H automatic mechanical movement with annual calendar, date and Dial: White dial with luminescent hands, aperture for date at 6, fan- month display and high readability. The opaline dial with its large central formed sector for power reserve indicator at 12, three subsidiary seconds hand, the gold applied hour-markers and the rose gold case Case : dials for day, month and moon phases indicators, signed are a symbol of Patek Philippe's supremacy and timeless elegance. With : Rose gold case with sapphire crystal display back, signed Rose gold Patek Philippe bracelet, folding clasp and Extract from the 百達翡麗於1996年首度推出有 單年 功能的5035系列手錶， 者只 在 Archives 每年三 一日調 日 一次，便能 保腕錶全年運行準 無 ；1997年再推 出5036/1系列，是首個設有 相及動力 存顯示 功能的貴金屬錶帶年 腕 Diameter 36 mm, approximate length 170 mm 錶系列。5036系列採用了高性能的324 S QA LU 24 H自動機械機芯，具備 年 、日期和 份 顯示功能，有著極高的易 性。 白色錶盤配以中心大秒 百麗 針，金質立體時標加上玫瑰金錶殼，打造了百達翡麗至高無上的地位， 象 著 品牌 的典雅魅力。 錶 HKD 230,000 - 630,000 USD 29,500 - 80,800

PATEK PHILIPPE Complications 5054G 2318 PATEK PHILIPPE A FINE WHITE GOLD AUTOMATIC WRISTWATCH, WITH DATE, MOON PHASES, POWER RESERVE INDICATORS AND SMALL SECONDS Complications, Ref. 5054G, CIRCA 2000 Movement : Automatic, cal. 240 / 164, stamped with the Geneva seal, 29 jewels, Dial: signed White dial with two subsidiary dials for constant seconds and date Case : combined with moon phases, fan-formed sector for power reserve With : indicator, signed White gold case, signed White gold Patek Philippe pin buckle, Certificate of Origin, setting pin and presentation box Diameter 36 mm 百麗 錶 錶 HKD 100,000 - 180,000 USD 12,800 - 23,100

PATEK PHILIPPE Gondolo Calendario 5135G 2319 PATEK PHILIPPE A FINE AND RARE WHITE GOLD TONNEAU-SHAPED ANNUAL CALENDAR AUTOMATIC WRISTWATCH, WITH DATE, DAY, MONTH, 24-HOUR AND MOON PHASES INDICATORS Gondolo Calendario, Ref. 5135G, CIRCA 2008 Movement : Automatic, cal. 324 / 205, stamped with the Geneva seal, 34 jewels, Dial: signed Silvered dial with three aperture for date, day and month Case : indicators, subsidiary dial for moon phases combined with 24- With : hour indicator, signed White gold tonneau-shaped case with sapphire crystal display back, signed White gold Patek Philippe pin buckle, Certificate of Origin and presentation box Measurement 38 × 39.5 mm 百麗 錶 錶 HKD 235,000 - 335,000 USD 30,100 - 42,900

PATEK PHILIPPE Perpetual Chronograph 2320 PATEK PHILIPPE A MAGNIFICENT ROSE GOLD PERPETUAL CALENDAR SPLIT SECONDS CHRONOGRAPH MECHANICAL BRACELET WATCH, WITH DATE, DAY, MONTH, LEAP YEAR, MOON PHASES AND DAY/ NIGHT INDICATORS, IN SINGLE SEALED CONDITION Grand Complications, Ref. 5204/1R, CIRCA 2020 Movement : Manual, cal. CHR 29-535 PS Q, stamped with the PP seal, 34 jewels, Dial: signed Black dial with three subsidiary dials for constant seconds, 30-minute Case : register and date combined with moon phases, four apertures for With : day, month, leap year and day/night indicators, signed Rose gold case with sapphire crystal display back, signed Rose gold Patek Philippe bracelet, folding clasp, Certificate of Origin, setting pin, spare case back and presentation box Diameter 40 mm 百麗 錶 錶錶 HKD 1,800,000 - 2,500,000 USD 230,800 - 320,500 The perpetual calendar split seconds chronograph model 5204/1R, launched by Patek Philippe at Basel World in 2017, caught the attention of many lovers of complicated functions and is now available in a variant with an ebony black dial and a rose gold bracelet instead of the previous leather strap. This model in pink gold, with a 40mm diameter case, is equipped with the Patek Philippe-manufactured CHR 29-535 PS Q hand-wound movement with a power reserve of 65 hours and a new patented technology that makes the timekeeping system even more accurate. The watch's delicate gearing, split seconds chronograph and perpetual calendar are sophisticated and complex, yet the layout of the dial remains clear and easy to read. The double apertures at 12 o'clock indicates the day of the week and the month; at the 6 o'clock position the date and moon phases are integrated; and the seconds hand and the 30-minute register occupy the 9 o'clock and 3 o'clock positions. Finally, the leap year and day/night displays are positioned on either side of the sub-dial at 6 o'clock, in true Patek Philippe style. The combination of a rose gold case and an ebony dial has long been a favourite among high-end Patek Philippe collectors and is a classic model not to be missed. 2017年，百達翡麗在巴塞爾鐘錶展 Basel World 中所推出的 年 雙 針計時碼錶型號5204R，引起了眾多複雜功能愛好者的 意，如 的變化版本 型號5204/1R搭配了 木黑色錶盤，又把之前的 革錶帶替 成玫瑰金鏈帶， 顯雍容華貴的氣息。 此款式以玫瑰金材質打造，錶殼直 40毫米，搭載了百達翡麗自製的CHR 29-535 PS Q手動上弦機芯，動力 存長達 十 小時，加上新穎的技術專 利，令計時系統更為準 。這 腕錶內藏精巧的 輪組合、雙 針計時碼錶及 年 裝置，精密而複雜，然而錶盤上的 局 清晰易 ，讓人一目了 然。十二時方向的雙顯示窗用作顯示星期及 份； 時位置融合了日期與 相顯示；小秒針與三十分鐘跳示計 器 了 時及三時位置，最後 年跟 顯示位於 時方向的 錶盤 ，極具百達翡麗的設計特色。玫瑰金錶殼和 木黑錶盤的組合長期以來受到高端百達翡麗收藏家的 ，絕為不容 過的經典款式。 133

PATEK PHILIPPE Complications 5180/1G 2321 PATEK PHILIPPE AN EXTREMELY ELEGANT AND FINE WHITE GOLD SKELETONISED AUTOMATIC BRACELET WATCH, WITH HAND-ENGRAVED DECORATION Complications, Ref. 5180/1G, CIRCA 2015 Movement : Automatic, cal. 240 SQU, stamped with the PP seal, 27 jewels, signed Dial: Skeletonised dial with hand-engraved decoration, signed Case : White gold case with sapphire crystal display back, signed With : White gold Patek Philippe bracelet and folding clasp, presentation box Diameter 39 mm, approximate length 180 mm 百麗 錶 錶 HKD 450,000 - 700,000 USD 57,700 - 89,700 As a delicate instrument for telling time, the interlocking gears, levers, hairsprings and 手錶作為 時間的精細儀器，機芯內相 交 的 輪、 bars of a watch movement often reveal an infinite amount of mechanical charm. In order to showcase the skill of the watchmakers, the skeleton technique was created and has 、 絲和發條 件 流露著無限的機械魅力，為 become one of the rarest crafts in the world of fine watchmaking. Skeletonisation was already used on pocket watch movements more than 200 years ago, but due to the 了展現製錶工匠的 熟技藝，鏤空技術 運而生，成為了 immaturity of metal smelting and cutting techniques at the time, and the time-consuming nature of the production process, the number of skeletonised pocket watches produced 頂級手錶的珍稀工藝之一。 於二百多年前，鏤空技術 was very few. With the advent of new technology, Patek Philippe, as the inheritor of a rare craft, has taken the skeleton technique to its fullest potential. 用於懷錶的機芯上， 受制於當時金屬 及切 技術 In 2008, Patek Philippe launched this magnificent model, the 5180/1R, a fully skeletonised 未成熟，製作工 又過於繁複耗時， 鏤空懷錶的產量 watch. The mainplate, bridges and case back are skeletonised and satin-brushed, the movement is engraved with a magnificent vine motif, and together with the Calatrava 少之又少。隨著科技日 步，百達翡麗作為稀有工藝的 Cross mainspring on the front and the pearl tourbillon on the back, it is a masterpiece of art that Patek Philippe has put its heart and soul into making. As it was never easy to 傳承者，把鏤空技術發 得 致。 make, this model is a luxury piece that must not be missed by watch collectors. 2008年，百達翡麗推出了此款華麗極致的型號5180/1G 細工鏤空腕錶。經一 金雕 後，手錶上的機芯 、 承 及底 不但被鏤空得剔透玲瓏，整枚機芯更刻有 富麗 的 花紋，正面的 十字星主發條極具品牌特 色，背後的珍珠陀 若 若現，可謂百達翡麗 心 去 製作的藝術傑作。由於製作過程毫不容易，產量相當稀 少，此款式 定是鐘錶藏家不容 過的 華 品。 135

PATEK PHILIPPE Grand Complications 5320G 2322 PATEK PHILIPPE A VERY FINE WHITE GOLD PERPETUAL CALENDAR AUTOMATIC WRISTWATCH, WITH DATE, DAY, MONTH, DAY/ NIGHT, LEAP YEAR AND MOON PHASES INDICATORS Grand Complications, Ref. 5320G, CIRCA 2021 Movement : Automatic, cal. 324 S Q, stamped with the PP seal, 29 jewels, signd Dial: Ivory dial with luminescent hands and Arabic numerals, subsidiary dial for date combined with moon phases, four apertures for day, Case : month, day/night and leap year indicators, signed With : White gold case with sapphire crystal display back, signed White gold Patek Philippe folding clasp, Certificate of Origin, setting pin, spare case back and presentation box Diameter 38 mm 百麗 錶 錶錶 HKD 500,000 - 650,000 USD 64,100 - 83,300 Inspired from the masterpieces made from the 1940s and 1950s, Patek Philippe 百達翡麗從上世紀40至50年代中的作品 靈感，打造 creates reference 5320G, a retro perpetual calendar watch. The ivory-white dial 了充滿復古氣息的型號5320G 年 腕錶。象 白色的錶 has a light yellowish tone with a refreshing design. The double apertures at 12 盤 有一 淡 色調， 設計令人耳目一新，12時方向的雙 o’clock clearly show the weekday and month, which are derived from the model 視窗設計清晰地顯示了星期和 份，其造型源自於1941年 1526 in 1941 and model 1526 in 1942. Together with the day/night and leap year 的型號1518及1942年的型號1526，而6時方向的日期和 indicators on two sides, the subsidiary dial for date combined with moon phases 相顯示融合在同一個 錶盤上， 還有顯示日 和 年 at 6 o’clock has displayed various fine and complex functions. The three- 的圓形小窗，展示了 種精細而複雜的功能。錶盤上的時 dimensional hour indexes and the long-pointed hands based on the Barton style 標極具立體 感，指針以巴頓式設計為基礎，配以尖長的針 echo with the model 1463 created in 1950s. Both indexes and hands are coated 尖， 了 1950 年代型號1463 計時碼錶的設計，且刻度 with luminous coating, which allow the user to read the time clearly. The case is 及指針 有 光 層，在黑 中 可清 時。錶殼以 made of 18K white gold, and the design of the three-layer lugs is based on the 18K白金打造而成，三層式錶耳的設計 材於 1950年代 model 2405 in the 1950s. The sapphire crystal display back shows the automatic 的型號2405，藍寶石水晶玻璃底蓋可見手錶搭載的324 S 324 S Q movement with the Patek Philippe seal. This lot is undoubtedly a Q自動上弦機芯， 有了品牌的優質 記，為集合了百達 collection of elegant watches designed by Patek Philippe over the years. 翡麗歷年來優 設計的高雅腕錶。 137

WATCHES INDEX Audemars Piguet 2228, 2255, 2269, 2297 Bazeley Cheltenham 2241 Breitling 2208 Bvlgari 2221, 2256, 2257, 2265 Cartier 2248, 2249, 2277, 2306 Chanel 2258 Chopard 2211, 2215, 2217, 2218, 2220, 2308 Corum 2254 De Beers 2246 Erwin Sattler 2229 Franck Muller 2210, 2226 Franklin Mint 2205 Girard-Perregaux 2294 H. Moser 2227 Imhof 2206, 2240 IWC 2214, 2261, 2262, 2263, 2304 Jacob & Co. 2278 Jaeger-Lecoultre 2201, 2202, 2203, 2224, 2225, 2230, 2239, 2307 Jaquet Droz 2295, 2302 Juvenia 2243 Kerbedanz 2235 144

Laurent Ferrier 2231 MCT 2300 Memorigin 2223, 2264 Omega 2212, 2268, 2271, 2298 Panerai 2207, 2209 Parmigiani 2274 Patek Philippe 2251, 2253, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324 Piaget Reuge 2244, 2247, 2252, 2267, 2272, 2273, 2296 Richard Mille 2242 Roger Dubuis 2238, 2275, 2276 2301 Rolex 2259, 2260, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, Royal 2291, 2292, 2293 Ulysse Nardin Unsigned 2204 Vacheron Constantin 2266, 2270, 2305 Van Cleef & Arpels 2245 Vulcain 2213, 2219, 2232, 2233, 2234, 2236, 2237 Zenith 2216, 2222, 2250 2303 2299 145

IMPORTANT NOTICES Property are not described in the catalogue, this does not mean that the Property has no weakness or defects. The auctions held by Poly Auction (Hong Kong) Limited (“Poly Auction (Hong Kong)”or“our company”) are conducted according to the Conditions of Business, Important Notices, Important Notices about Bidding Registration, Important Notice about Payment and Important Notice about Storage Collection Shipping and Export, and anyone participating in the auction should read the terms carefully. These Conditions and rules may be revised by announcement or verbal notification without prior notice. The following pages are designed to give you useful RESTRICTED MATERIALS 1 information on how to bid at auctions. Poly Auction (Hong Properties with a symbol have been identified 1.5 Kong)’s staff as listed at the front of this catalogue will to be made of or containing restricted materials at be happy to assist you. However, it is important that you the time of the compiling of the catalogue, and the 2 read the following information carefully and note that materials concerned may be subject to import and 2.5 Poly Auction (Hong Kong) acts for the seller. export restraints. Properties without this symbol it is not 3 PROVENANCE guaranteed that Properties are not subject to import In certain circumstances, Poly Auction (Hong Kong) may and export restraints. For items made of botanic or print in the catalogue the history of ownership of a work animal materials (coral, crocodile, ivory, whalebone, of art if such information contributes to scholarship or tortoise, rhinoceros horn and Brazilian Rosewood, etc.) is otherwise well known and assists in distinguishing or containing botanic or animal materials, regardless the work of art. However, the identity of the seller or of their year or value, may require an application for previous owners may not be disclosed for a variety of permits or certificates before exporting outside Hong reasons. For example, such information may be excluded Kong, and other application for permits or certificates to accommodate a seller’s request for confidentiality or may be required when importing into countries outside because the identity of prior owners is unknown given Hong Kong. Please pay attention that the ability to obtain the age of the work of art. export permits or certificates does not ensure that import permits or certificates can be obtained in another country and vice versa. For example, importing ivory for fewer than 100 years is illegal in the USA. Bidders should enquire about the import regulations on products made of or containing wild animals and plants materials of the governments concerned before participating in an auction. Buyers must be responsible for obtaining any export or import permits/or certificates and any other documents required. 20% ELECTRICAL APPLIANCES AND MECHANICAL 1 BUYER S PREMIUM MERCHANDISES 1.5 A buyer’s premium will be added to the Hammer Price All electrical appliances and mechanical merchandise 2 and is payable by the buyer as part of the total purchase are sold on an “as is” basis, and should not be assumed price. ﬔe buyer’s premium is 20% of the hammer price that they operate. Before putting into any use, electrical 3 of each Lot up. appliances must be inspected and approved by qualified electric technicians. 4 CONDITIONS OF THE PROPERTIES 5 Bidder must review the Lot(s) in the preview before the JEWELRY, WATCHES AND HANDBAGS auction, and bear all responsibilities (including but not Description of the conditions of Jewelry Lot(s) usually limited to legal liability and/or responsibility) of their contained in the catalogue, however, absence of a bidding acts. For more information on the Properties, description does not imply that the Lot(s) is free from please consult our business staff. If the conditions of a

defects or imperfection or beautification process. not relied upon any representation or other information a valid reason to withdraw or cancel the bid and Beautification processes of coloured gemstones, such (whether oral or written) by Poly Auction (Hong Kong) or delay payment for the auctioned item. Buyers should as heat enhancement, oiling or irradiation, etc, have by the seller. cautiously inspect the auctioned item during collection. been generally accepted by the international jewellery Condition Grades of Watches Upon acknowledging receipt of the auctioned item by markets. If Poly Auction (Hong Kong) has obtained Grading 1: As new. ﬔe timepiece appears with neither the buyer (or his agent), the buyer confirms that he or gemological reports from internationally recognized signs of use nor ownership over time. ﬔe movement is she has accepted the state and quality including but gemological laboratories for the Lot(s), all known in working order when cataloguing. not limited to any defect or flaw on, e.g. the packaging, important facts and conditions of the Lot(s) have Grading 1.5: In excellent condition. The timepiece labels, level of wear and tear, cork, etc., of the auctioned contained in the catalogue, our Company assumes no appears with extremely slight signs of ownership over items without any objection. responsibility for the accuracy of the reports. It may time. It may exhibit very slight hairline scratches on the LANGUAGE not be feasible for Poly Auction (Hong Kong) to obtain case but no obvious signs of use. The movement is in The Chinese version of the Conditions of Business, laboratory reports for all Lot(s), the estimates are based working order when cataloguing. Important Notice, Explanation of Cataloguing Practice, on all known information at the moment. Bidders must Grading 2: In very good condition. ﬔe timepiece appears Important Notice about Bidding Registration, Important inspect conditions of the Lot(s) by themselves before with slight signs of use over time. It may exhibit slight Notice about Payment, Important Notice about the auction. Any dissent about conditions of the Lot(s) scratches on the case. ﬔe movement is in working order Storage Collection Shipping and Export and all other after the bid shall not justify rescission or cancellation when cataloguing. documents such as the terms, conditions, notices, forms of a sale or any delayed payment. If bidders request a Grading 2.5: In good condition. The timepiece appears etc. contained in this catalogue, announced by the designated laboratory report for any Lot(s), such request with obvious signs of use and scratches on the case. ﬔe auctioneer or provided at the saleroom as well as the should be raised out 14 workings days before the auction movement is in working order when cataloguing. descriptions of the Properties in this catalogue of our and at their own cost. Bidders should also be aware Grading 3: In fair condition. The timepiece appears Company shall be binding and the English version is for that Lot(s) containing jadeite or gemstones originating with very obvious signs of use and scratches/defects. reference only. from Burma may not be allowed to be imported into the Maintenance may be required. COPYRIGHT U.S.. This will not constitute a ground for rescission or For more details, please refer to the Condition Report for ﬔe copyright of this catalogue belongs to our Company. cancellation of a sale or any delayed payment. each Lot. Without the written permission of our Company, no parts Lot(s) of clocks and watches in the catalogue will Condition Grades of Handbags of this catalogue shall be reproduced in any way or used be sold at current status (i.e. as is). Bidders should Grading 1: As new. Appears never to have been used. It in any other way. personally inspect the conditions of the Lot(s) before exhibits no signs of wear. RIGHT OF INTERPRETATION the auction. Descriptions of the Lot(s) in the catalogue Grading 1.5: In mint condition; virtually new and unused ﬔe right of interpretation in respect of the Conditions of are for reference only. The absence of a description with very minor signs of ownership over time. Business, Important Notice, Explanation of Cataloguing does not imply that the Lot(s) is in good condition, free Grading 2: In pristine condition. To the untrained eye, it Practice, Important Notice about Bidding Registration, from defects or restorations. Descriptions only reflect may appear brand new. ﬔere may be a slight condition Important Notice about Payment, Important Notice subjective opinions of experts of Poly Auction (Hong note, but overall the piece is in excellent condition. about Storage Collection Shipping and Export and all Kong), it is not a statement of facts, nor a complete Grading 3: In excellent condition. ﬔis is a piece that has other documents such as the terms, conditions, notices, record of all repairs, component replacements or seldom been used and shows little to no wear. ﬔere may forms, etc. contained in this catalogue, announced by restorations. Poly Auction (Hong Kong) makes no be small condition issues to note overall the piece is in the auctioneer or provided at the salesroom, shall be guarantee on operation, water-resistance, authenticity excellent condition. exercised by our Company. and originality of individual parts (including watchstrap) Grading 4: In very good condition. ﬔis piece may show of the Lot(s). In addition, bidders should be aware of the signs of light wear. It is in very good condition but the import restrictions of the U.S. concerning luxury watches. corners may show signs of light scuffing, the base may Where the tone, colour, graduation shape or any show light scratches, and the hardware may exhibit light other feature of the Lot shown in the catalogue and/ marks. or any other illustrations, images and public materials Grading 5: In good condition. ﬔis piece shows significant differ from those of the original Lot due to printing, wear. ﬔere are condition issues that will be noted in the photography or other technical reasons, the original Lot condition report. shall take precedence. Any introduction and appraisal of Grading 6: In fair condition. ﬔis piece shows significant any Lot made by the Company and its employees or its wear and/or damage. It may require repair or agents in any way (including the certificate, catalogue, refurbishment in order to be used. Condition issues will slideshow and news media) are only opinions for be noted in the condition report. reference and do not constitute any guarantee for the Lot. The Company and its employees or agents shall () undertake no liability for any inaccuracy or omission in ALCOHOL AND TEA the aforesaid introduction or appraisal. The descriptions about the auction of alcohol and Condition reports and grades are provided free of charge tea are being stated in the catalogue. Our Company as a convenience to our buyers and are for guidance reminds bidders to learn more about the auctioned only. They are not an alternative for examining a lot in products before bidding. Bidder’s participation in person or taking your own professional advice from bidding at auction is deemed as the bidder’s approval Specialists. Bidders must inspect the conditions of the and acceptance of the package, quality and status of Lot (s) by themselves before the auction. Any dissent the auctioned items. Any different opinion formed by about conditions of the Lot (s) after the bid shall not the bidders after successful bidding, will not constitute justify rescission or cancellation of a sale or any delay in payment. ﬔe condition of lots sold in our auctions can vary widely due to factors such as age, previous damage, restoration, repair and wear tear. ﬔe grading of watches is based on the general condition, quality, technical and historical interest, age and rarity of each timepiece. Lots are sold “as is,” in the condition they are in at the time of the sale, without any representation or warranty as to condition by Poly Auction (Hong Kong) or by the seller. ﬔe buyers acknowledge and agree that any sale is entirely the buyers’ decision, and the buyers have

EXPLANATION OF CATALOGUING PRACTICE mind that estimates are prepared well in advance of the sale opinion is a work executed in the artist s style but of a later and are not definitive. They are subject to revision. date. 7. After ... in Poly Auction (Hong Kong) s qualified POLY AUCTION (HONG KONG) INTEREST IN opinion a copy (of any date) of a work of the artist. PROPERTY CONSIGNED FOR AUCTION 8. Signed ... / Dated ... / Inscribed ... in Poly From time to time, Poly Auction (Hong Kong) may offer a lot Auction (Hong Kong) s qualified opinion the work has been which it owns in whole or in part. Such property is identified signed/dated/inscribed by the artist. in the catalogue with the symbol next to the lot number. 9. With signature ... / With inscription... / in Poly On occasion, Poly Auction (Hong Kong) has a direct financial Auction (Hong Kong) s qualified opinion the signature/ interest in lots consigned for sale which may include inscription appears to be by a hand other than that of the guaranteeing a minimum price or making an advance to artist. the consignor that is secured solely by consigned property. 10. With date ... in Poly Auction (Hong Kong) s Such property is identified in the catalogue by the symbol qualified opinion, the date on the item was not executed on that date. next to the lot number. This symbol will be used both in This term and its definition in this Explanation of Cataloguing cases where Poly Auction (Hong Kong) holds the financial Practice are a qualified statement as to authorship. While the interest on its own, and in cases where Poly Auction (Hong use of this term is based upon careful study and represents Kong) has financed all or a part of such interest through a the opinion of specialists, Poly Auction (Hong Kong) and third party. Such third parties generally benefit financially if the consignor assume no risk, liability and responsibility for a guaranteed lot is sold successfully and may incur a loss the authenticity of authorship of any lot in this catalogue if the sale is not successful. The financing offered by a third described by this term, and the Limited Warranty shall not be party may be in the form of an irrevocable bid provided by available with respect to lots described using this term. that third party. Where Poly Auction (Hong Kong) has an ownership or financial interest in every lot in the catalogue, Poly Auction (Hong Kong) will not designate each lot with a symbol, but will state its interest at the front of the catalogue. ALL MEASUREMENTS ARE APPROXIMATES AND EXPLANATION OF CATALOGUING PRACTICE CONDITION REPORTS FOR PICTURES, DRAWINGS, PRINTS AND Poly Auction (Hong Kong) catalogues include references to MINIATURES condition only in descriptions of multiple works (such as Terms used in this catalogue have the meanings ascribed to prints, books, alcohol and tea). For all other properties, no them below. Please note that all statements in this catalogue statement of the condition is made, and only alterations as to authorship are made subject to the provisions of the or replacement components are listed. Please contact the Conditions of Business and Limited Warranty. Specialist Department for a condition report on a particular Buyers are advised to inspect the property themselves. lot. Condition reports are provided as a service to interested Written condition reports are usually available on request. clients. Prospective buyers should note that descriptions of 1. Name(s) or Recognized Designation of an Artist without property are not warranties and that each lot is sold on an any Qualification in Poly Auction (Hong Kong) s opinion a work by the artist. as is basis. 2. Attributed to ... in Poly Auction (Hong Kong) s qualified opinion is probably a work by the artist in whole or 7.8 =1 in part. 3. Studio of ... / Workshop of ... in Poly Auction (Hong CATALOGUE EXCHANGE RATE Kong) s qualified opinion a work executed in the studio or HK$7.8 = US$1 workshop of the artist, possibly under his supervision. The rate of exchange was established at the latest practical 4. Circle of ... in Poly Auction (Hong Kong) s qualified date prior to the printing of the catalogue and may therefore opinion a work of the period of the artist and showing his have changed by the time of the sale. Bidders should bear in influence. 5. Follower of ... in Poly Auction (Hong Kong) s qualified opinion is a work executed in the artist s style but not necessarily by a pupil. 6. Manner of ... in Poly Auction (Hong Kong) s qualified

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CONDITION OF BUSINESS CHAPTER I GENERAL RULES Lot written in the catalogue or other descriptive materials, such Agent is a legal person or any other organization; and excluding the Buyer's Commission; 4.A power of attorney duly executed. ﬔe Company has the right ARTICLE 1 POLY AUCTION (HONG KONG) LIMITED (16) Storage Fee means the storage fee payable by the to examine the aforesaid documents in a lawful manner. AS AGENT Buyer to the Company according to these Conditions of Business. Unless otherwise stated, Poly Auction (Hong Kong) Limited In these Conditions of Business, where the context requires, ARTICLE 7 THE SELLER S WARRANTIES acts as the Seller's agent. ﬔe closing agreement for sale of words denoting the singular shall include the plural and vice versa. ﬔe Seller hereby makes irrevocable warranties to the Com- a Lot shall be a contract between the Seller and the Buyer. pany and the Buyer with respect to the Lot it consigns to the ﬔese Conditions of Business and all other terms, conditions ARTICLE 3 SCOPE OF APPLICATION Company for auction as follows: and notices contained in the catalogue, announced by the All parties participating in any auctions organized by the 1.ﬔe Seller has absolute ownership or legal right to dispose of Auctioneer or provided at the saleroom shall constitute the Company, including the Seller, the Bidder, the Buyer and all the Lot. ﬔe auction of the Lot will not prejudice any legal inter- provisions agreed among the Seller, the Buyer and/or Poly other related parties (including but not limited to the agents est (including copyright interest) of any third party, and will not Auction (Hong Kong) Limited as auction agent. of the Seller, the Bidder and the Buyer) shall be deemed to violate the provisions of relevant laws and regulations; accept in full and bound by these Conditions of Business, 2.ﬔe Seller has, to the best of its knowledge, made full, com- ARTICLE 2 DEFINITIONS AND INTERPRETATION and shall comply with them in such auctions, enjoy the rights plete and accurate disclosure and description to the Com- In these Conditions of Business, the following terms shall and perform the obligations provided herein. pany with respect to the origin and any flaw of the Lot and have the meanings set forth below: Any Bidder who bids in an auction organized by the Company, notified the Company in writing, without any concealment or (1) Company means Poly Auction (Hong Kong) Limited; whether in person or by authorizing an agent to bid on his/ fabrication. If the Lot is liquor or tea, the Seller should truly (2) Seller means any natural person, legal person or her/its behalf, whether by raising the paddle, by absentee disclose the defects or flaws about, including but not limit to other organization that consigns a Lot(s) within the scope of bids, by phone or by any other means, shall be deemed to the packaging, labels, level of wear and tear, corks, etc.; these Conditions of Business to the Company for auction. In have accepted these Conditions of Business in full. 3.ﬔe Seller is not subject to trade sanctions, embargoes or these Conditions of Business, a Seller shall include any of its Any dispute among the parties to auctions organized by any other restriction on trade in the jurisdiction in which it agents unless as otherwise specified herein or required in a the Company shall be settled in accordance with these does business as well as under the laws of Hong Kong, the particular context; Conditions of Business. laws of the European Union, the laws of England and Wales (3) Bidder means any person, company, body corporate or the laws and regulations of the United States, and is not or other organization who or which considers, carries out or ARTICLE 4 SPECIAL NOTICE owned (nor partly owned) or controlled by such sanctioned attempts to bid in anyway. In these Conditions of Business, Bidders and Buyers participating in any auctions organized person(s) (collectively, Sanctioned Person(s) ); a Bidder shall include any of its agents unless as otherwise by the Company shall carefully read and be abided by these 4.ﬔe Lot is not connected with nor has any link to nor is de- specified herein or required in a particular context; Conditions of Business; Bidders and Buyers shall read the rived from any criminal activity, including without limitation (4) Buyer means the Bidder whose bid or offer for a Lot provisions limiting the Company's liabilities and disclaimers tax evasion, money laundering, terrorist activities or other is recognized by an Auctioneer as the highest bid for that Lot contained in these Conditions of Business carefully. Bidders criminal activity, and the Seller is neither under investiga- in an auction held by the Company, including the principal on and/or their agents have the responsibilities to review the tion, nor has it been charged with or convicted of without behalf of which such Bidder acts; original Lot in person, and bear legal liabilities for their acts limitation, tax evasion, money laundering, terrorist activities (5) Buyer's Commission means any commission that of bidding the Lot. or other criminal activity; a Buyer shall pay to the Company calculated at the rate Upon the Auctioneer confirms the Bidder's bid by striking 5.If the Lot being consigned shall be imported into Hong Kong, specified herein of the Hammer Price for the Lot that such his/her hammer or in any other manner publicly indicating the Seller shall guarantee the compliance with the laws of its Buyer purchases; confirmation of the purchase in any auctions organized by origin, and ensure the completion of the export and import pro- (6) Lot means any item consigned by a Seller to the Company the Company, the contract for sale regarding the Lot shall cedures and notify the Company in writing; and for auction and so auctioned in any auction, in particular, any item immediately enter into force and the Bidder shall become the 6.ﬔe Seller must ensure that the auctioned items do not con- numbered in any catalogue with certain description; Buyer of the Lot. ﬔe Company, the Seller and the Buyer shall travene any laws of Hong Kong (including the Public Health and (7) Auction Date means the date on which an auction acknowledge the sale of the Lot and its closing, enjoy the rights Municipal Services Ordinance, the Food Safety Ordinance and is formally held, as announced by the Company in its public and assume the obligations provided by applicable laws and/ the Protection of Endangered Species of Animals and Plants notice. In case of any discrepancy between the actual date or these Conditions of Business. Any party that fails to perform Ordinance the Endangered Species of Wild Animals and Plants), and the announced date of an auction, the actual date shall obligations shall bear its/his/her corresponding legal liabilities. ensure and disclose to our Company that it has any license prevail; The Company may amend these Conditions of Business for a or qualification registration to possess, disposal or sale of the (8) Sale Date means, in an auction held by the Company, particular auction by posting announcements at the auction site or auctioned item required by the laws of Hong Kong. ﬔe Seller the date on which the auctioneer concludes a contract for making an announcement at such auction through an Auctioneer. should ensure that if they require our Company to make an sale between a Seller and a Buyer by way of hammer striking additional license or permit to the relevant departments for the or any other customary manner publicly confirming the sale; CHAPTER II THE SELLER auction, display, disposal or possession of the auctioned items, (9) Auctioneer means any person designated by the they should notify us in the written notice not less than two Company to moderate a particular auction; ARTICLE 5 CONSIGNMENT PROCEDURE months prior to the auction. (10) Hammer Price means the price for a Lot at which When arranging for the consignment of the Seller s Lot to 7.ﬔe Seller shall guarantee that the Lot is authentic. In so the Auctioneer decides to sell the Lot by striking the hammer the Company for auction: doing, the Seller guarantees: or the agreed sale price in the post-auction sale; 1.The Seller must present a valid identity document with a)ﬔe Lot is not a counterfeit or forgery of: (11) Proceeds of Sale means the net amount due to the Seller, photo issued by the government (e.g. resident identity card i.ﬔe work of any artist, author or manufacturer, if the Lot is being the Hammer Price less the Buyer's Commission, all expenses or passport) if the Seller is a natural person and sign a con- described by the Seller as to the work of that artist, author or and other amounts payable to the Company by the Seller; signment auction contract with the Company; manufacturer; (12) Purchase Price means the total amount payable 2.A valid certificate of incorporation, proof of shareholding, ii.A work created or produced within a particular time frame by the Buyer for his/her/its purchase for each Lot, including or a legal authorization document shall be required if the or culture, if the Lot is described by the Seller as a work cre- the Hammer Price, the Buyer's Commission, other Buyer's Seller is a legal entity or any other organization, which shall ated or produced during that time frame or culture; Expenses and all Buyer's Expenses arising from its failure to sign a consignment auction contract with the Company. iii.A work of a particular origin or source, if the Lot is de- perform its obligations; 3.When the Seller signs a consignment auction contract scribed by the Seller as a work of that origin or source; or (13) Buyer's Expenses means costs and expenses in with the Company, the Company shall be automatically au- iv.A work created or crafted or refined or restored through a relation to sale of the Lot by the Company, including but thorized to make pictures, illustrations, catalogues, or other particular process or manner, if the Lot is described by the not limited to insurance policies, packing, moving, storage, video images of the Lot. Seller as a work created through that process or manner. custody for the Lot, any expenses of testing, investigation, b)In the case of jewellery and timepieces, in addition to 7(a) queries or authentication related to the Lot at the request of ARTICLE 6 THE SELLER S AGENT above, the Lot is crafted in the manner as described by the the Buyer or any additional costs and legal expenses to bring 1.When arranging for the consignment of the Lot to the Seller, out of the particular materials as described by the claims against a defaulting Buyer; Company for auction, the Seller s Agent shall submit to the Seller, and had underwent no restoration processes other (14) Reserve means the confidential minimum selling price Company the relevant authorization certificates including: than those stated by the Seller; and for the Lot that the Seller has confirmed with the Company; 2.A valid identity document if such Agent is a natural person; c)In the case of gemstones, in addition to 5(a) above, the Lot (15) Estimate means the estimated selling price of a 3.A valid certificate of incorporation and proof of shareholding if had undergone no beautification processes other than those

specified by the Seller. 3.ﬔe illustration of the Lot in the catalogue, the exhibition of in relation to the Lot being consigned for auction, the Com- 8.The Seller hereby undertakes that none of the Proceeds the Lot and other forms of publicizing the Lot, the arrange- pany shall have the right to refuse to return such Lot until the of Sale will be transferred to or used for the benefit of any ment in the promotional activities as well as the standards of dispute is settled. Sanctioned Person(s), nor will any party involved in the trans- payable expenses; action including financial institutions, freight forwarders or 4.Suitability of a Lot for auction by the Company; ARTICLE 12 THE SELLER S WITHDRAWAL OF LOT other forwarding agents or any other party be a Sanctioned 5.Other matters such as the date of auction, the place of auc- The Seller may withdraw the Lot at any time prior to the Person(s) nor owned (or partly owned) or controlled by a tion, the conditions of auction and the manner of auction. Auction Date by issuing a written notice to the Company. Sanctioned Person(s), unless such activity is authorized in ﬔe Company shall not be liable for any delay in meeting nor In the case that the Lot has been listed in the catalogue or writing by the government authority having jurisdiction over failure to meet its obligations under the consignment auction other public materials and they have begun to be printed at the transaction or in applicable law or regulation. contract (including without limitation the postponement or the time of the withdrawal of the Lot, the Seller shall pay an 9.Where the Seller is acting as Agent (for the purposes of this cancellation of any auction) and may terminate its obliga- amount equal to 20% of the Reserve of the Lot and all other Article, the Agent ) for another party (the Principal ) tions under the consignment auction contract to offer the expenses. In the case that the catalogue or other public the Agent warrants in its own capacity (in addition to the Lot for sale, or cancel or postpone any auction, as a result materials have not been printed, the Seller shall pay an warranties set out above that: (i) the arrangements between of circumstances beyond its reasonable control or which amount equal to 10% of the Reserve of the Lot and all other the Agent and the Principal in relation to the Lot or otherwise make such performance impracticable, including without expenses. Any dispute or claim arising out of the Seller s do not, in whole or in part, facilitate tax crimes; (ii) the Agent limitation any fire, flood, natural disaster, or other act of God; withdrawal of the Lot shall be borne by the Seller and has has conducted appropriate customer due diligence on the any riot, strike, or other civil or labour unrest; transportation nothing to do with the Company. Principal in accordance with all applicable anti-money laun- or other infrastructural incapacitation, or inability to secure dering, anti-terrorism and sanctions laws and regulations sufficient labour, power, essential commodities, or necessary ARTICLE 13 AUTOMATIC INSURANCE and does not know, and has no reason to suspect, that the equipment; any act of war, armed conflict, or terrorist attack; Unless otherwise instructed by the Seller in writing, all Lots Lot consigned by the Agent is connected with or has any link any governmental action or regulation enacted or effected will be automatically covered under the insurance policies to the proceeds of any criminal activity, including without following the execution of the consignment auction contract purchased by the Company after the Seller enters into the limitation tax evasion, money laundering, terrorist activities and which is prohibitive or restrictive of the auction(s), the consignment auction contract with the Company and deliv- or other criminal activity or that the Principal is under investi- sale of the Lot, or any other performance contemplated by ers the Lots to the Company. The insured amount shall be gation, or has been charged with or convicted of without lim- the consignment auction contract; any outbreak of disease, based on the Reserve agreed by the Seller and the Company itation tax evasion, money laundering, terrorist activities or public health emergency, quarantine, epidemic, pandemic, in the consignment auction contract (if there is no Reserve, it other criminal activity; and (iii) the Agent will disclose to the nuclear or chemical contamination, or other condition that shall be the agreed insured amount of the Lot; if the Reserve Company the identity of the Agent s Principal and the Agent threatens the life, health, or safety of the Company s per- is adjusted, it shall be the original Reserve of the Lot). ﬔe consents to the Company relying on the Agent s due dili- sonnel, vendors, or clients as determined by the Company in insured amount is only applicable to insurance and claim for gence and the Agent will retain for a period of not less than 5 its reasonable discretion. compensation, is not the Company s warranty or guarantee years the documentation evidencing the due diligence. ﬔe Without prejudice to the above, in the event that the Compa- for the value of the Lot, and does not mean that the Lot can Agent will make such documentation promptly available for ny determines not to conduct an auction on the scheduled be sold for an amount equal to the insured amount through immediate inspection by an independent third-party upon date as a result of circumstances beyond its control or which any auction by the Company. the Company s written request to do so. make such performance impracticable, the Company may 10.ﬔe Company reserves the right to seek identification of postpone or cancel any auction, or change the platform for ARTICLE 14 INSURANCE PREMIUM the source of funds received, and to make enquiries about any or format of any auction (including but not limited to from a If the Lot is sold, the insurance premium payable by the Seller person transacting with the Company. If the Company has not live auction to an online auction only), and the sale of the Lot shall be 1% of the Hammer Price unless otherwise agreed by completed its enquiries in respect of anti-money laundering, an- shall be subject to these Conditions of Business applicable the Seller and the Company. If the Lot is not sold, the Seller ti-terrorist financing or other checks as it considers appropriate to the auction in which the Lot will be placed. shall as well pay the insurance premium at 1% of the Reserve. concerning the Seller or where the Seller is acting as Agent, the Agent and its Principal, or the Buyer to the Company s satis- ARTICLE 10 LOT NOT AUCTIONED ARTICLE 15 INSURANCE PERIOD faction at its discretion, the Company shall be entitled either not After the Seller has signed the consignment auction contract If the Lot is sold in the auction, the insurance period shall to complete or to cancel the sale of any lot, as appropriate, and with and delivered the Lot to the Company, if for any reason terminate at the earlier of the seventh day after the Sale Date to take any further action required or permitted under applica- the Company believes that the Lot is not suitable for auction (including the Sale Date) and the date when the Buyer collects ble law without any liability to the Seller. by the Company, the Seller shall collect the Lot within thirty the Lot. If the Lot is not sold in the auction, the insurance period 11.If the Seller violates any of the above warranties and days from the issuance date of the Company s notice (fees shall terminate upon the expiry of thirty days after the Company undertakings, the Seller shall fully indemnify all losses, costs for packaging and transportation shall be at the Seller s issues the notice on the collection of the Lot. and expenses suffered by the Company and/or the Buyer. own expense). The consignment auction contract between the Seller and the Company will terminate on the date when ARTICLE 16 INSURANCE BY THE SELLER ARTICLE 8 RESERVE the Seller collects the Lot. If during the above-mentioned pe- In the event that the Seller notifies the Company in writing 1.Unless otherwise agreed upon by the Company and the riod the Seller fails to collect the Lot, the consignment auc- not to insure the Lot, it shall undertake all the risks and the Seller, all Lots are offered subject to a Reserve. ﬔe Reserve tion contract will automatically terminate upon the expiration following liabilities at any time (unless otherwise ruled by an shall be determined by the Seller and the Company in writing of such period. If within seven days after the termination of arbitration institution): through consultation, and no modification of the Reserve the consignment auction contract the Seller does not col- 1.To compensate for any claim or action brought by any other shall be made without the prior consent of the other party lect the Lot, the Company shall have the right to charge the parties against the Company with respect to the damage or after it is determined by both parties. Storage Fee, insurance fees and other reasonable expenses, destruction of the Lot; 2.Unless otherwise agreed in writing, the Reserve for each and to dispose of the Lot in a way the Company deems prop- 2.To compensate the Company and/or any other parties for Lot will be equal to seventy five per cent (75%) of the low pre- er. ﬔe Seller is responsible for the collection of, if any, the all losses suffered and all expenses incurred because of the sale estimate notified to the Seller. amount obtained from the disposal after deducting all the damage or destruction of the Lot caused by any reason; and 3.No Reserve may exceed the Lot s final low pre-sale esti- fees and expenses incurred by the Company. 3.To notify the compensation related provisions herein to any mate announced or published by the Company. In the event insurer of the Lot. of a Reserve agreed in a currency other than Hong Kong ARTICLE 11 SUSPENSION OF AUCTION dollars without written agreement on the exchange rate, the ﬔe Company has the right to suspend the auction of any Lot ARTICLE 17 INSURANCE DISCLAIMER Reserve shall be an amount equal to the Hong Kong dollar at any time before the actual auction in any one of the follow- ﬔe damage or destruction of the Lot caused by natural wear, equivalent based on the average telegraphic transfer ex- ing situations: inherent flaws, internal or potential defects, change of sub- change rate offered by HSBC on the thirtieth calendar days 1.ﬔe Company has an objection to the ownership or authen- stance itself, self-combustion, self-heating, oxidation, corrosion, preceding the auction. ticity of the Lot; leakage, rat-bite, worm-bite, change in the atmosphere (climate 4.Following the bidding failure of the Lot authorized by the 2.Any third party has an objection to the ownership or or air temperature), change in humidity or temperature, or other Seller, the Auctioneer shall have the right to sell such Lot at authenticity of the Lot and can provide relevant evidence gradual changes or caused by force majeure such as earth- the Reserve after such auction and the Seller must pay the materials as to the basis of such objection, pays a security quake, tsunami, war, hostile action, armed conflict, terrorism, Commission to the Auctioneer. In no circumstance shall the pursuant to the Company s requirements and is willing to coup, strike and social riot, or nuclear radiation or radioactive Company bear any liability for failure to sell the Lot at the take the corresponding liabilities for the legal consequences pollution as well as the damage or destruction of book frames, Reserve at the auction held by the Company. and all losses caused by the suspension of auction; glass, drawers, bottom pads, trestles, mountings, insert pages, 3.The Company has an objection to the explanation of the scroll heads or other similar accessories caused by any reason ARTICLE 9 THE COMPANY S DISCRETION Seller or the accuracy of the Seller s warranty mentioned in is not within the scope of insurance coverage. The aforesaid ﬔe Company may decide the following matters at its abso- Article 7 hereof; risks should be borne by the Seller. lute discretion: 4.Any evidence proves the Seller has violated or will violate 1.Explanation and/or appraisal of any aspect of any Lot any provisions of these Conditions of Business; ARTICLE 18 INSURANCE INDEMNITY through the catalogue of the Lot and/or news media and/or 5.For any other reason, the Company believes that the auc- Any damage or destruction of the Lot caused by incidents or other carriers; tion of such Lot shall be suspended; or disasters covered by the insurance purchased by the Compa- 2.Whether to consult any expert or not; 6.If the Company is aware of any ownership or other dispute ny for the Lot shall be handled in accordance with the laws of

Hong Kong on insurance. ﬔe Company shall pay insurance 2.To remove, store and insure the sold Lot; and will not carry out comprehensive inspection of all Lots. indemnities after deducting the Company s expenses (other 3.To settle claims brought by the Buyer or the Seller in accor- Bidders are aware of this and bear the responsibilities of than the Commission) to the Seller after the Company ob- dance with the relevant articles hereof; and inspecting and testing the original Lots so that Bidders will tains such indemnities from the insurance company. 4.To take other necessary measures to collect the outstand- be satisfied with those Lots in which they may be interested. ing payment owed by the Buyer to the Seller. 2. All Lots for sale by the Company are available for viewing ARTICLE 19 BIDDING PROHIBITION by Bidders. By bidding, Bidders and/or their agents are ﬔe Seller shall not bid for the Lot consigned to the Company ARTICLE 27 UNSOLD OR UNCOLLECTED LOT deemed to have carried out thorough examination of the by himself/herself/itself for auction, or authorize any other 1.In the event that the Lot is not sold, the Company may Lots, and are deemed to be satisfied with the conditions of person to bid on his/her/its behalf. Only the Company has re-negotiate with the Seller on the revised Reserve and sell the Lots and the accuracy of their description. the right to bid on behalf of the Seller at a price not more the Lot in private sale, and pay the Seller the Proceeds of 3. Bidders acknowledge that various Lots are dated long time than the Reserve. ﬔe Seller shall bear all legal liabilities and Sales adjusted based on the revised Reserve. ago and of special categories, implying that the Lots are not compensate for all losses caused to the Company if the Sell- 2.ﬔe Company will send the Seller a notice if any Lot fails to perfect and not free from defects. All Lots are sold on an as er violates this Article. sell at auction or privately pursuant to 1 above. Subject to is basis at the time of the auction (whether or not Bidders 27.1 above, unsold Lots may either be consigned to the Com- attend the auction). Condition reports may be provided when ARTICLE 20 COMMISSION AND EXPENSES pany for re-sale according to the Commission and expenses during the viewing period. Under certain circumstances, Unless otherwise agreed upon by the Seller and the Compa- scale set out in the previous consignment auction contract catalogue descriptions and condition reports may be used ny, the Seller shall authorize the Company to deduct 10% or, alternatively, collected by the Seller. If the Seller decides for reference about certain defects of the Lots. Nevertheless, of the Hammer Price as Commission and at the same time to collect an unsold Lot, the Company may charge the Seller Bidders should pay attention that the Lots may have other deduct other expenses. Despite the fact that the Company is the commission and expenses applicable to unsold Lots in defects not clearly stated in the catalogue descriptions and the Seller s Agent, the Seller agrees that the Company may accordance with the consignment auction contract. condition reports. collect the Commission and other expenses from the Buyer 3.If the Seller fails either to reconsign or collect the Lot with- 4. Regarding the information about the Lot provided to in accordance with the provisions in Article 49 hereof. in thirty (30) days of the auction, the Company is released Bidders, including any forecast information (written or from any duty of bailment it may have for such Lot and shall, verbal), catalogues and other reports, commentaries or ARTICLE 21 SERVICE FEE FOR UNSOLD LOT in its sole discretion, be entitled to (i) store the Lot at an in- estimated values, such information are not statement of In case the Lot is not sold because the bidding price is lower dependent storage facility at the Seller s risk and expense facts, but rather are statements of the opinion that the than the Reserve, the Seller shall authorize the Company to including the Storage Fee, insurance fees and other reason- Company holds. Such information can be altered at the sole charge the Seller a service fee for unsuccessful auction and able expenses; or (ii) re-offer the Lot for sale at public auction discretion of the Company from time to time. other expenses. (at the Company or elsewhere) with a reserve no less than 5. ﬔe Company or the Seller has not made any declaration fifty per cent (50%) of the Reserve at which it was previously or warranty as to whether any Lot is subject to any copyright ARTICLE 22 PAYMENT OF PROCEEDS OF SALE offered. or whether the Buyer has bought the copyright of any Lot. Where the Buyer effects full payment of the Purchase Price 4.In the event of re-sale pursuant to 3(ii) above, the Company 6. In accordance with the matters contained in Article 29 (1) to to the Company in accordance with the provisions in Article shall be entitled to deduct the commissions and expenses 29 (5) of the Conditions of Business and the special exemption 49 hereof, the Company shall pay the Proceeds of Sale to for the unsuccessful auction in accordance with the con- contained in Article 30 of the Conditions of Business, the the Seller thirty-five days after the Sale Date in Hong Kong signment auction contract as well as the commissions and descriptions in the catalogue and in the condition reports are dollars. expenses for the re-sale from the Proceeds of Sale before written in a reasonably prudent manner (and such should paying the remaining amount to the Seller. be in line with those terms of the Conditions of Business ARTICLE 23 DEFERRED PAYMENT 5.In the event a Lot has been deposited with the Company regarding the Company serving as Auction Agent) based on Where the Company does not receive the full payment of the for more than one year and the owner has neither collected (1) the information provided by the Seller to the Company; (2) Purchase Price from the Buyer upon the expiry of the payment it nor consigned it for sale, the Company shall be entitled to academic and technical knowledge (if any); and (3) generally period under Article 51 hereof, the Company will pay the Pro- sell such property at auction (at the Company or elsewhere) accepted opinions of the relevant experts. ceeds of Sale to the Seller within seven working days after after sixty (60) days notice of such sale to the owner s receipt of full payment of the Purchase Price from the Buyer. address, with estimates and reserves at the Company s ARTICLE 30 THE COMPANY'S EXEMPTION AND discretion. RESTRICTION OF RESPONSIBILITIES TO THE BUYER ARTICLE 24 SELLER TAXES 6.Any re-sale of unsold Lots or sale of uncollected Lots shall 1. If the Company considers the Lot as forgery, it shall return ﬔe Seller shall pay taxes to the government for the Proceeds be conducted under these Conditions of Business applicable the Hammer Price and Buyer's Commission to the Buyer. of Sale obtained. If the Company has an obligation to with- to the relevant auction. The proceeds of such sale less all 2. Subject to the matters contained in Article 29 of the hold and pay taxes according to the provisions of the rele- costs incurred by the Company will be forfeited unless col- Conditions of Business and the rules in Article 30 (1) and 30 vant laws, the Company will follow the provisions of the laws. lected by the Seller within two years of the sale. (5) of the Conditions of Business, the Company shall not: ﬔe Seller shall assist in handling all the formalities and bear (1) be responsible for any errors or omissions in the the corresponding taxes and expenses. ARTICLE 28 RISK ASSUMPTION information provided by the Company to the Bidder verbally The Seller shall assume liability for all risks and expenses or in writing, no matter whether this is caused by negligence ARTICLE 25 ASSISTANCE IN THE COLLECTION OF that occur after the time limit prescribed herein if the Seller or other reasons, with the exception of provision contained OUTSTANDING PAYMENT fails to take back the Lot not auctioned or the unsold Lot in Article 29 (6) of the Conditions of Business; ﬔe Seller shall, at the time of its consignment of the Lot to within such the time limit. The Seller shall assume liability (2) make any guarantee or warranty to the Bidder, excluding the Company for auction, be deemed to have authorized for all risks and expenses of the Lot not auctioned or the un- any implied warranty and rules other than the expressed the Company to demand the corresponding outstanding sold Lot at the earlier of the thirtieth day after the Company warranty that the Seller has entrusted the Company to make payment from the Buyer on behalf of the Seller. Where the issues notice on collection of the Lot to the Seller (including to the Buyer (with the exception of those responsibilities that Buyer fails to fully pay the Purchase Price within seven days the notice date) and the time when the Seller collects the cannot be discharged according to the stipulations of laws); after the Sale Date (including the Sale Date), the Company Lot in accordance with these Conditions of Business. Where (3) be accountable to any Bidder for any actions or omissions shall have the right to demand the Commission and other the Seller requests Company to assist it in the return of the of the Company regarding the auction or the sale of any Lot (no Buyer s Expenses according to the provisions of Article Lot within the time limit provided herein and the Company matter whether this is caused by negligence or other reasons). 58 hereof. In addition, the Company shall as well have the so agrees, the Seller shall assume liability for all risks and 3. Unless the Company owns the Lot to be sold, it shall not right to take appropriate actions (including but not limited expenses that occur after the Lot leaves the place desig- be responsible for any breach of the Conditions of Business to resorting to legal proceedings) to assist the Seller in col- nated by the Company. Unless the Seller specifically gives by the Seller. lecting such outstanding payment from the Buyer where it is an indication and pays insurance premium in advance, the 4. Without affecting Article 30 (2) of these rules, any claim deemed by the Company to be practicable. ﬔe above provi- Company has no obligation to ensure the Lot for any period for compensation that the Bidder makes to the Company sion does not exclude the Seller s right to demand in per- after it departs from the place designated by the Company. or the Seller shall be limited to the Hammer Price and the son or authorize any third party to demand the outstanding Where the Seller requests the Company to assist it in re- Buyer's Commission of the Lot. Under no circumstances payment from the Buyer and does not obligate the Company turning the Lot by means of post, express delivery or other shall the Company and the Seller bear any consequential to demand the corresponding outstanding payment from the third-party transportation, the Company shall be deemed losses incurred by the Buyer. Buyer on behalf of the Seller under any circumstance. ﬔis to have returned the Lot, and the Seller shall be deemed to Company shall not bear the corresponding liability for the have collected the Lot upon the Company s delivery of the ARTICLE 31 CATALOGUE AND OTHER EXPLANATION Seller because of the Buyer s failure to pay the Purchase Lot to the post, express delivery and transportation entities, OF THE LOT Price under any circumstance. companies or their employees/branch offices. ﬔe Company shall prepare a catalogue of the Lot to briefly introduce the conditions of the Lot with words and/or ARTICLE 26 THE COMPANY S DISCRETION CHAPTER III THE BIDDER AND THE BUYER pictures to facilitate the Bidder and Seller to participate in The Company shall have the right to accept the Seller s the auction held by the Company. ﬔe words and Estimate authorization (at the Seller s expenses) and may determine ARTICLE 29 RESPONSIBILITIES OF THE BIDDER in the catalogue of the Lot, pictures, other images as well the following matters as the case may be: AND THE COMPANY IN RESPECT OF THE LOT as public materials are only references for the Bidder and 1.To agree on special conditions of the payment of the Pur- 1. ﬔe Company's perception of all Lots partly relies on the may be revised before auction. The Company provides chase Price; information provided by the Seller, the Company is unable no guarantee for the authenticity, value, tone, quality or

flawlessness of the Lot. already submitted a written report to the Company regarding ARTICLE 43 DISCLAIMER OF ABSENTEE BID the loss paddle. Since absentee bid is a free service of transmitting ARTICLE 32 UNCERTAINTY OF CATALOGUE bidding information that the Company provides to the Where the tone, color, graduation shape or any other ARTICLE 37 AUCTION DEPOSIT Bidder, the Company and its employees shall not bear any feature of the Lot shown in the catalogue and/or any other When a Bidder participates in an auction of the Company, responsibilities for unsuccessful bidding or any errors, illustrations, images and public materials differ from those he/she shall first pay the auction deposit before collecting omissions, negligence, fault or inability to bid on its behalf of the original Lot due to printing, photography or other the paddle. The amount of the auction deposit will be during the bidding process. technical reasons, the original Lot shall take precedence. Any announced by the Company before the Auction Date, and the introduction and appraisal of any Lot made by the Company Company has the right to waive the auction deposit. If the ARTICLE 44 FIRST-COME-FIRST-SERVE PRINCIPLE and its employees or its agents in anyway (including the Bidder fails to buy the Lot and he does not owe the Company FOR ABSENTEE BID certificate, catalogue, slideshow and news media) are only any sum, then that auction deposit shall be returned to the If two or more Bidders appointing the Company to bid on their opinions for reference and do not constitute any guarantee Bidder in full without interest within 14 working days after behalf have bid the same price for the same Lot and eventually for the Lot. The Company and its employees or its agents the end of the auction. If the Bidder succeeds in buying a Lot, that Lot is sold at that Hammer Price, then the one who first shall undertake no liability for any inaccuracy or omission in the auction deposit shall automatically be converted to the submitted to the Company shall be the Buyer of that Lot. the aforesaid introduction or appraisal. payment of the Purchase Price of the Lot. ARTICLE 45 DISCRETION OF THE AUCTIONEER ARTICLE 33 RESERVE AND ESTIMATE ARTICLE 38 DISCRETION OF THE COMPANY The Auctioneer has the right at his absolute and sole Unless otherwise indicated, all Lots are offered subject to a The Company has the right to forbid anyone from discretion in the following matters: Reserve. Normally, the Reserve is not higher than the lowest participating in the auction organized by the Company or 1. Refusal or acceptance of any bid; Estimate announced before the auction or published before entering the auction site, or taking pictures or shooting 2. Carrying out the auction in such a manner as he may the auction by the Company. If a Reserve has not been set for videos at the auction site at its discretion. decide; a Lot, unless there has already been bidding, the Auctioneer, 3. Withdrawal of any Lot, dividing it for auction separately, in his or her discretion, may determine the starting price, but ARTICLE 39 HANDLING OF ABNORMAL EVENTS combining any two or more Lots for auction; this shall not be higher than the lowest Estimate of the Lot If any abnormal event occurs at the auction site, the 4. If there are errors or disputes, no matter if they occur before the auction. Company has the right to take emergency actions. If any during or after the auction, he shall have the right to decide Under no circumstances shall the Company bear any liability dispute arises at the auction site, the Company has right to the successful Bidder, whether or not to continue the when the bids for a Lot do not reach the Reserve. If the bids mediate and settle it. auction, to cancel the auction or place the Lot under dispute are lower than the Reserve, the Auctioneer, in his or her for auction again; discretion, may sell the Lot at a price lower than the Reserve. ARTICLE 40 CONFIRMATION OF BUYER'S IDENTITY 5. ﬔe Auctioneer may open and carry out the bidding at a However under such circumstances, the amount that the ﬔe Bidder must take good care of his/her/its paddle and be level with bidding increments that he considers suitable, and Company shall pay the Seller shall be the amount that the cautious not to lose it. ﬔe Bidder shall not lend his/her/its has the right to bid on behalf of the Seller up to the amount Seller would receive as if the Lot was sold at the Reserve. paddle to others, or the Bidder shall assume all legal liability of the Reserve, either by placing consecutive bids or by The Estimate is estimated at an earlier time before the for others' act of bidding for the Lot using his/her/its paddle. placing bids in response to other Bidders; Auction Date, it is not a confirmed selling price, and is not 6. Adoption of other actions that he considers as appropriate. legally binding. Estimates cannot be used as a forecast of ARTICLE 41 ABSENTEE BIDS the Hammer Price of the Lot, and the Company has the right Bidders shall attend the auction in person. If a Bidder or its ARTICLE 46 NO RESERVE to revise from time to time the Estimate already made. agent cannot attend in person, it can appoint the Company For those Lots without a Reserve, unless there has already in writing for the Company to bid on its behalf. ﬔe Company been bidding, otherwise the Auctioneer, under his own ARTICLE 34 BIDDERS' INSPECTION has the discretion to accept or not accept the above discretion, may decide the starting price. If there is no RESPONSIBILITY appointment. Any Bidder who has appointed the Company bidding at such a price, the Auctioneer will, at his own The Bidder and/or his/her/its agents shall have the to bid shall handle the appointment formalities within the discretion, lower the price and continue the auction until a responsibility to learn about the actual conditions of the Lot period stipulated (no later than three business days), and Bidder starts to bid, then he will continue the auction at that and shall be legally liable for his/her/its bid for a certain produce a completed Absentee Bid Order to the Company, price and then continue up from that amount. Lot. ﬔe Company strongly advises the Bidders to personally and at the same time pay the auction deposit according to inspect the original Lot they intend to bid for before the the Conditions of Business. ARTICLE 47 IMAGE DISPLAY BOARD AND Auction Date by authentication or other means. Bidders If the Bidder who has appointed the Company to bid needs CURRENCY CONVERSION BOARD shall judge by themselves whether Lot complies with the to cancel the absentee bid, it shall notify the Company no To facilitate Bidders, the Company may use image projector descriptions in the Company's catalogue of the Lot and later than 24 hours before the Auction Date. or other forms of display boards in the auction. ﬔe contents other images and public materials, rather than relying on the shown are for reference only. It is possible that there are catalogue, images and public materials to make decisions. ARTICLE 42 AUCTION RESULTS OF ABSENTEE BID differences in the information such as the amount, reference If a Bidder who has appointed the Company to bid, the number of the Lot, images of the Lot or reference foreign ARTICLE 35 REGISTRATION OF BIDDERS auction results and the related legal responsibilities shall be currency etc. shown in the image projector or other forms If the Bidder is a natural person, before the Auction Date, he/ borne by the Bidder. of display boards and the Company shall not bear any she shall fill in and sign the registration documents with an If the Bidder indicates in the Absentee Bid Order that it bids responsibilities for any losses caused by such differences. identity document with photo issued by the government (such by instant communication methods such as telephone, it as resident identity card or passport), and provide proof of shall fill in the instant communication method accurately ARTICLE 48 SUCCESSFUL BID the current address (e.g. utility bill or bank statement); if the and keep the instant communication instrument properly, The fact that the Auctioneer confirms the highest bid of a Bidder is a company or other organization, before the Auction during the period in which the Company is appointed to bid, Bidder by striking his/her hammer or in any other manner of Date, it shall fill in and sign the registration documents and the Bidder shall use that instant communication instrument publicly confirming the sale shall indicate the conclusion of a collect a paddle with its valid certificate of incorporation itself. Where the instant communication instrument is lost or sales contract for the Lot between the Bidder and the Seller. and proof of shareholding and legitimate authorization it cannot be within control, the Bidder shall immediately use a document. ﬔe Company may request the Bidder to present written form recognized by the Company to change the instant ARTICLE 49 COMMISSION AND EXPENSES proof of bank details or other proof of financial conditions for communication method filled in the Absentee Bid Order. After the Bidder has succeeded in bidding, it will become payment purposes. During the period the Company is appointed to bid, it shall the Buyer of that Lot. A buyer s premium will be added to make appropriate efforts to contact the Bidder, the bidding the Hammer Price and is payable by the buyer as part of ARTICLE 36 PADDLE information transmitted by that instant communication the total purchase price. The buyer s premium is 20% of The Company can announce before the Auction Date the instrument (whether or not it is transmitted by the Bidder the hammer price of each lot and at the same time other conditions and procedures of arranging paddle for the personally or the Bidder's agent) shall be considered as Buyer s Expenses, and recognizes that the Company can Bidder according to different auction conditions and auction transmitted by the Bidder itself, and the Bidder shall bear legal charge the Seller the commission and other Seller expenses methods etc., including but not limited to the qualification responsibilities for the actions taken by it. Unless the Buyer according to provisions of the Consignment Agreement. and conditions for the Bidder to arrange a paddle. The itself has changed the instant communication method filled Company solemnly reminds that a paddle is the only proof in the Absentee Bid Order by a written method recognized by ARTICLE 50 TAXES for the Bidder to participate in the auction at the venue. ﬔe the Company. All telephone bids may be recorded and kept All the monies that the Buyer pays to the Company are net Bidder shall keep it properly and shall not lend it to others to at Poly Auction (Hong Kong) s sole discretion, by opting for amounts, which shall not include any tax on goods, tax use it. If it is lost, it shall immediately handle the loss report telephone bids, the Bidder agrees that its phone conversation on services or other value added tax (whether levied by formalities in a written form recognized by the Company. will be recorded. Hong Kong or other regions). If there is any tax applicable No matter if the person holding a paddle has been appointed Nevertheless, under no circumstances shall the Company to the Buyer, the Buyer shall bear it itself according to the by the Bidder or not, his or her bidding acts at auction are be responsible for any unsuccessful contact or errors provisions of the relevant laws currently in force. considered as having been made by the registered person or omissions in the bidding process using that instant himself, and the Bidder shall bear the legal responsibilities communication instrument. ARTICLE 51 PAYMENT TIME for the acts of the former, unless the Bidder himself has After the Lot is successfully sold in an auction, unless

otherwise agreed, regardless of any stipulations of the aspects related to the Lot. Failure or delay in obtaining Buyer in any other transactions; export, import or other permits of the Lot, the Buyer shall any permits required shall not be deemed as a reason for 10. ﬔe Company can decide to use any monies paid by the fully pay the Purchase Price within 7 days after the Sale Date cancelling the purchase or delaying in paying the Purchase Buyer to repay any sums that the Buyer owes the Company (including the Sale Date), and collect the Lot. If packing, Price. The Company shall not bear any responsibilities for in any other transactions; moving costs, and insurance expenses, expenses related to the failure to properly fill in or submit the required import or 11. To reject any bids made by the Buyer or its agent export are involved, the Buyer shall pay them altogether. export documents. at future auctions, or to obtain auction deposit before If the Buyer requests the Company to apply for the import accepting any bids; ARTICLE 52 PAYMENT CURRENCY and export licenses on its behalf, the Company has the 12. To disclose the information of the Buyer to the Seller, so All monies shall be paid in Hong Kong dollars. If the Buyer right to charge service fees for this service. However, the that the Seller can start a law suit to recover the outstanding pays in another currency other than Hong Kong dollars, it Company does not warrant that the import or export license amount, or claim damages and claim legal fees for breach of shall convert it at the exchange rate agreed between the will be issued. The Company and the Seller has not made contract by the Buyer. Buyer and the Company or at the exchange rate of Hong declaration or warranty in respect of whether or not any Lot Kong dollars and that currency type on the previous working is subject to import and export restrictions or any embargo. ARTICLE 59 REMEDIES FOR DELAY IN COLLECTING day announced by such bank as selected by the Company. THE LOT All bank handling fees, commission and charges incurred by ARTICLE 58 REMEDIES FOR NON-PAYMENT If the Buyer fails to collect the purchased Lot 7 days after the the Company for converting the foreign currency paid by the If the Buyer fails to make full payment according to the Sale Date (including the Sale Date), the Company has the Buyer into Hong Kong dollars shall be borne by the Buyer. provisions of the Conditions of Business or any payment right to adopt one or more of the measures below: arrangements agreed with the Company, the Company has 1. All costs (including but not limited to the storage fee ARTICLE 53 TRANSFER OF OWNERSHIP the right to adopt one or more of the following measures: calculated and charged according to the provisions of the Even if the Company has delivered the Lot to the Buyer, the 1. After the Lot is sold, if the Buyer fails to pay the Purchase Bidder Registration Order starting from the 31st day from Buyer has not yet obtained the ownership of the Lot. This Price within 7 days from the Sale Date (including the Sale the Sale Date (including the Sale Date) and/or risks for the shall pass onto the Buyer only when the Buyer has fully paid Date), the auction deposit paid at the time of bidding taking out of an insurance policy and/or storing the Lot in the the Purchase Price and all monies that the Buyer owes the registration shall not be refunded, and it shall at the same Company or other places shall be borne by the Buyer. Only Company. time bear the relevant responsibilities according the after the Buyer has paid the full amount of the Purchase Price, provisions of the Conditions of Business; if the Buyer has it can collect the Lot (packing and moving costs, insurance ARTICLE 54 TRANSFER OF RISKS bought a few Lots with the same paddle, after the Lots are expenses, expenses related to export shall be at the Buyer's After the bidding has succeeded, the risks ofthe Lot shall be sold, if the Buyer has not paid the Purchase Price of any of expense); borne by the Buyer itself after the occurrence of one of the the Lots within the time stipulated, then the entire auction 2. ﬔe Buyer shall bear all the risks and expenses incurred following events (whichever earlier): deposit shall not be refunded, and it shall at the same time after the deadline as stated in the Conditions of Business if it 1. ﬔe Buyer has collected the Lot; or bear the relevant responsibilities according the provisions of cannot collect the Lot concerned within that deadline. If the 2. ﬔe Buyer has fully paid the Purchase Price for the Lot to the Conditions of Business; Buyer has not yet collected the Lot within 30 days from the the Company; or 2. If the Buyer fails to pay the Purchase Prices in full to Sale Date (including the Sale Date), after notifying the Buyer, 3. ﬔe expiry of seven days after the Sale Date (including the the Company within 7 days from the Sale Date (including the Company has the right to sell that Lot in a public auction Sale Date). the Sale Date), the Company has the right to appoint a or by a method and with methods and conditions that it third party organization to collect the entire or part of the considers suitable. Any proceeds after the deduction of all ARTICLE 55 COLLECTION OF THE LOT Purchase Prices that the Buyer owes; the losses, expenses (packing & moving costs, insurance Risk and responsibility for the lot passes to the Buyer at the 3. If the Buyer fails to pay the Purchase Price in full within costs, expenses related to export, Storage Fee, and notarial expiration of thirty calendar days from the Sale Date (including 7 days from the Sale Date (including the Sale Date), the expenses etc.) incurred by the Company from the disposal the Sale Date). or on collection by the Buyer, if earlier. After Company has the right to charge interest at 0.03% per day shall be taken back by the Buyer; such balance is non- thirty calendar days, all expenses incurred, including but not on the unpaid portion starting from the 8th day after the interest-bearing. If the Buyer fails to take the proceeds back limited to storage, moving, insurance will be for the account of Sale Date until the day on which the Buyer has fully paid the two years after the Sale Date, the balance shall be deposited the Buyer. Although the Company shall use reasonable efforts monies, with the exception that the Buyer has otherwise to a Hong Kong court by the Company after deducting the to take care of purchased Lot and suggest handlers, packers or agreed with the Company; relevant expenses (including legal fees). carriers, the company is not responsibleto any person to whom 4. The Buyer shall bear the risks and expenses of taking we have made are commendation for the acts or omissions of out an insurance policy, moving and storing the Lot in the ARTICLE 60 LIMITED WARRANTY the third party concerned. Company or other places; 1. ﬔe Company provides general warranty to the Buyer: 5. To sue the Buyer or apply to Arbitration Agency for If the Lot sold by the Company is later found to be a ARTICLE 56 PACKING, HANDLING AND MOVING mediation, demand for compensation for all the losses due counterfeit, the Company will cancel that deal according to If the employees of the Company pack and handle the Lot to the breach of contract by the Buyer including but not the terms of the Conditions of Business, and will return to bought on behalf of the Buyer according to the latter's limited to economic loss, legal expenses, default penalty and the Buyer in the currency of the original deal the Hammer requirements, this is considered as a service provided by the pass due interest caused by the delay in payment or refusal Price together with the Buyer's Commission that the Buyer Company to the Buyer and the Company has the discretion to make payments by the Buyer; has paid to the Company for the Lot. In this regard, based on to decide whether to provide this service, if any losses 6. To retain that or any other Lot that the same Buyer has the reasonable opinion of the Company, counterfeits refer to arise therefrom, the Buyer shall bear them itself. Under no bought via the Company, and any other properties or rights frauds in various aspects such as the source, place of origin, circumstances shall the Company be responsible for any to property of the Buyer that the Company holds for any date, production year, duration, culture or sources etc. of damage of the glass or picture frame, box, backing sheet, reasons, all the expenses and/or risks incurred during the the article, and the correct description of the above points frame case, mounting, inserts, rolling rod or similar auxiliary retention period shall be borne by the Buyer. If the Buyer fails have not been recorded in the contents of the catalogue objects caused by any reasons. to perform all its duties concerned within the period specified (any special terminologies are taken into consideration). Any Where the Buyer requests the Company to assist it in by the Company, the Company has the right to issue a lien damage and/or any type of restored item and/or repaired collecting the purchased Lot (the packaging, mailing and notice tothe Buyer and dispose of the items under lien if the items (including repaintingor painting on top of it) of the Lot transportation expenses shall be paid by the Buyer) by Buyer has not yet fully paid all outstanding amounts within shall not be considered as counterfeit. means of post, express delivery or transportation, the 30 days after the issue of that notice. if the items under lien Please pay attention that if any of the following situations Company shall be deemed to have delivered the Lot and the are insufficient to offset all the monies payable by the Buyer happens, this warranty shall not apply; The contents of Buyer shall be deemed to have collected such Lot according to the Company, the Company has the right to claim them; the catalogue are based on generally accepted opinion to the normal procedure upon the Company's delivery of the 7. The Company has sole discretion to cancel the sale or of academics and specialists on the selling date, or Lot to the post, express delivery and transportation entities, agree that the Consignor can cancel the deal, and reserve contradictions in opinions are shown in the contents of the companies or their employees/branch offices. The risks the right to claim all the losses suffered by the Company due catalogue; or arising from this process shall be borne by the Buyer. Unless to the cancellation of that deal; On the selling date, the only method of proving the Lot is a Buyer gives a clear indication and pays insurance premium, 8. ﬔe Company can place the Lot for auction again or sell it counterfeit is not a method which can be used in general; no insurance is provided in the process of mailing, express by other means according to the provisions of the Conditions which is recognized; which is extremely high price; the delivery or transportation generally. of Business with the consent of the Seller, and the Company usage of such method is impractical; or this method may The Company shall undertake no liability for any error, reserves the right to decide the Estimate and Reserve. ﬔe have caused damage to the Lot or may (according to the omission, damage or destruction caused by the packaging original Buyer shall pay the commission and other Buyer's reasonable opinion of the Company) have already caused company and post, express delivery and transportation Expenses and the Seller in the first auction, and it shall the Lot to lose value; or entities or companies designated by the Buyer or bear all the costs of the second auction or the sale of the If the Lot has not lost any material value from the description recommended by the Company to the Buyer. Lotby other means. If the price obtained from the second of the Lot. auction or the sale of the Lot by other means is lower than 2. ﬔe deadline in this warranty is 5 years fromthe Auction ARTICLE 57 IMPORT, EXPORT LICENSES AND the original auction sum, the original Buyer shall pay the Date concerned, these benefits are exclusively enjoyed by PERMIT shortfall; the Buyer, and shall not be transferred to any third party. ﬔe Buyer shall be responsible for obtaining any import and 9. To offset any monies related to the Lot that the Buyer In order to make claims based on this warranty, the Buyer export licenses, permit for endangered animals or other owes the Company by any sums that the Company owes the shall:-(1) notify the Company in writing within one month

after the receipt of any information which leads the Buyer clock hammers or keys are for available for sale. party may receive compensation for damages through legal to doubt the authenticity or attributes of the Lot, specifying (2) Watches and timepieces generally have a very proceedings. However, prior to the Company's disclosure the reference number of the Lot, date on which the Lot sophisticated mechanical manufacture that may require of such materials to the Seller or the Buyer, the Company is purchased and reasons for which it is considered as general warranty service, battery replacement or further shall take the reasonable steps to notify the party whose counterfeit; (2) return the Lot to the Company in the same repair works, and these will be all at the buyer's disposal. materials are to be disclosed. conditions as it was on the date of sale, and the proper Our Company does not guarantee that any auction of Buyers and sellers have to bear liabilities arisen from ownership of it is transferrable, plus there are no claims watches is in good working condition. Unless mentioned in transactions including but not limited to, economic, legal, tax from any third party after the Sale Date. the catalogue, otherwise we do not provide a certificate. and settlement and other related responsibilities, and have to 3. Regarding Southeastern Asian modern and contemporary (3) Most watches have been opened to check the ensure transactions not relate to money laundering or other art, Chinese painting and Chinese calligraphy and Chinese movement of the models and their quality, so with a illegal benefit transfers. Any receive or payment instruction must ink painting, although at present the academic sector does waterproof case may not contain waterproof function, be clear and direct, the Company shall assume no liability for not permit the making of definitive statements, the Company our Company recommends that you to ask a professional losses arisen from account stolen, misappropriation of funds and reserves the discretion to cancel those deals of Lots which watch maker to check before use. other unforeseen circumstances resulting from mismanagement are proved to be counterfeit southeastern Asian modern and of sellers or buyers. contemporary arts, Chinese painting and Chinese calligraphy CHAPTER IV MISCELLANEOUS and Chinese ink paintings within one year after the Auction ARTICLE 67 NOTICE Date based on this warranty. Paid sums shall be returned ARTICLE 62 OBTAINING INFORMATION, ﬔe Bidder and the Buyer shall inform the Company their to the Buyer according to this term, however the Buyer VIDEO-TAKING permanent and effective correspondent address and shall provide evidences (based on the methods provided In connection with the operation of the auction business contact methods in the bidding registration documents forin clause 2 and 4 of this article) to prove that the Lot is of the Company, the Company may make audio recording, or by other methods recognized by the Company. If there counterfeit within one year from the Auction Date; video recording of any auction process, and need to are changes, they shall inform the Company in writing 4. The Company can, at its discretion, decide to waive collect personal information from the Bidder or ask for the immediately. any of the above provisions. The Company has the right information of the Bidder from third parties (such as asking The notices mentioned in the Conditions of Business to demand from the Buyer two independent specialist for credit review from banks). Such information will be only refer to written notices sent by letter or fax formats. reports which are recognized by the specialist sector handled and kept confidential by the Company. However the A notice shall be deemed as served at the following concerned and which are accepted by the Company and information concerned may be provided to the Company, moment: the Buyer at the expense of the Buyer. ﬔe Company shall its divisions, affiliates and subsidiaries in order to assist the 1. If it is served by hand, when it reaches the address of not be subject to any report presented by the Buyer, and Company to provide comprehensive services to Bidders, the party concerned; retains the right to seek additional expert opinion at the carry out client analysis, or in order to provide services 2. If it is sent by post, then it is the seventh day after it is expense of the Company. that meet the requirements of the Bidder. For the sake of posted; 5. ﬔis limited warranty does not apply to auction categories, the interest of the Bidder, the Company may also provide 3. If it is sent by fax, then it is the moment the outgoing fax such as, jewellery, watches, designer handbags, alcohol, tea some personal information of the Bidder to third party transmission is confirmed by the fax machine. and other food and beverage items, etc. service providers (such as cargo liners or storage houses). By participating in the auction of the Company, the Bidder ARTICLE 68 SEVERABILITY ARTICLE 61 SPECIAL CATEGORIES agrees to all previously stated disclosure. If the Bidder would If any terms or parts of the Conditions are confirmed as 1. Statements about the status of jewellery items in the like to obtain or amend his personal information, please void, illegal or cannot be executed, other terms or parts of auctions are usually set out in the catalogue. However, it contact the customer service department. the Conditions are still valid, the parties concerned shall does not imply that the auctioned item has no defects, abid by and execute them. flaws or has not enhanced beautification after processing. ARTICLE 63 CONFIDENTIALITY (1) Coloured gems (such as rubies, sapphires, emeralds The Company shall be obligated to keep confidentiality ARTICLE 69 LAWS AND JURISDICTION and various coloured gems) may enhance beautification for the Seller, the Bidder and the Buyer and protect the The Conditions of Business and the related matters, after processing or improved in appearance, including legitimate rights of the Seller, the Bidder, the Buyer as well transactions, any disputes caused by or in connection with heat-treated, oiling and radiation. ﬔese common practises as the Company according to these Conditions of Business the participation in the auction activities of the Company have been approved by the international jewellery and the laws of Hong Kong. With below exceptions: pursuant to the Conditions of Business shall be subject to industries. However, the hardness of the treated stones 1.To any related parties as the Company considers Hong Kong laws and shall be interpreted by Hong Kong laws. may be reduced and / or need special maintenance in the appropriate with the obligations to maintain the ﬔe Company and the Buyer and the Bidder shall submit to future. confidentiality of the information extended; the exclusive jurisdiction of Hong Kong courts. Adjudication(s) (2) Our Company will not apply appraisal report from 2.To whom information is requested to be disclosed by promulgated by Hong Kong courts on any disputes arising professional organisations for each piece of jewellery any court, jurisdiction, governmental, banking, taxation from the Conditions of Business and related matters can be item in the auction. If an auctioned item has obtained or other regulatory authority, or by any applicable law or enforced in People's Republic of China. the appraisal report from an internationally recognised regulation; gem laboratory, the Company will specify it in the 3.Being agreed by relevant seller, bidder or buyer. ARTICLE 70 LANGUAGE auction catalogue. Due to the difference in methods ﬔe Chinese version of the Conditions of Business shall be the and techniques used in different laboratories, there may ARTICLE 64 AUTHENTICATION RIGHT standard texts; the English version is for reference only. be different views as to whether a gemstone has been The Company may authenticate the Lot if necessary. In Should there be any discrepancy between the English version treated, degree of treat or permanently treated. Our case of any discrepancy between the authentication and Chinese version, the Chinese version shall prevail. Company will not be responsible for the accuracy of the conclusion and the conditions of the Lot in the appraisal report issued by each laboratory. consignment auction contract, the Company shall have ARTICLE 71 OWNERSHIP OF THE COPYRIGHT OF (3) If you would like to request an appraisal report by a the right to request modification or rescission of the THE CONDITIONS specific laboratory, please submit the request at least consignment auction contract. The Conditions of Business is prepared and revised 14 working days before the auction date, the Company by the Company, the copyright concerned belongs to will apply for appraisal report on behalf of you, and the ARTICLE 65 COPYRIGHT the Company. Without the prior written approval of the corresponding appraisal costs will borne by you. The Seller authorizes the Company to produce photos, Company, no one shall use any methods or means to use (4) ﬔe valuation of an item of jewellery item in the auction illustrations, catalogue, video products and advertising the Conditions of Business to obtain business benefits, is made based on all information being known at the materials in other forms of the Lot that it has appointed the and shall not make duplication, of any parts of the time the item being auctioned, bidders should review the Company to place for auction, the Company is entitled to Conditions of Business. auctioned item or make a detailed understanding of the the above photos, illustrations, catalogue, video products auctioned item before the auction. Once you have placed and advertising materials in other forms of the Lot, and has ARTICLE 72 APPLICABLE PERIOD a bid, it is deemed that you have accepted all the current the right to use them. Without prior written consent of the The Conditions of Business is only applicable for this status of the auctioned items. Company, the Buyer and anyone shall not use them. The auction. The Company may update the Conditions of (5) Our Company reminds bidders that precious stones Company and the Seller have not made any statement and Business from time to time, when the Bidder and the or emerald originating from Myanmar may be banned in warranty as to whether the Lot is restricted by copyright or if Buyer participate in another auction, the then applicable certain countries. the Buyer has obtained any copyright of the Lot. Conditions of Business shall prevail. 2. Watches and Timepieces Auctioned items (1) Our Company has stated that the current status of a ARTICLE 66 EXEMPTION FROM LIABILITY ARTICLE 73 RIGHT OF INTERPRETATION watch and timepieces auctioned items being known on Being an agent of the Seller, the Company shall assume ﬔe right of interpretation of these Rules shall belong to the auction catalogue, and is for bidder's reference only. no liability for any breach of contract by the Seller or the the Company. Due to the fact that most timepieces have been repaired Buyer. In case of the breach of contract by the Seller or and maintained during the previous period being used, we the Buyer, the Company shall have the right to decide to do not guarantee that any parts and components of any disclose the other party's name and address to the Seller watch are original, and it is possible that no pendulum, or the Buyer at its own discretion so that the damaged