risks, Expenses and losses when the goods leave the place designated by the Company. Generally speaking, the

Company is not responsible for arranging transportation insurance after the goods leave the designated place,

unless the Seller explicitly asks the Company to do so and pay the insurance premium in advance. At the request

of the Seller, the Company can assist in returning the goods to the Seller by mail, express delivery or third-party

transportation. Once the Company delivers the goods to the mailing, express or transportation office or the

Company or any of its employees or branches, the goods shall be deemed to have been returned by the Company

and collected by the Seller.

Chapter III Conditions Concerning the Bidder and the Buyer

Article 30 Catalogue of Lot

At the auction, the Company will prepare a catalogue to introduce in brief the status of the Lot with words and/

or pictures for the convenience of Bidders and Sellers. The words, Reference Price and pictures contained in the

catalogue and other images and advertisements of the Lot are for information only and subject to revision before

auction and shall not constitute any warranty of the Company in respect of the authenticity, value, tone, quality

and flaw or defect of any Lot.

Article 31 Uncertainty of Catalogue

In case that the tone, color, graduation and shape shown in catalogue and/or any other illustrations, images and

advertisements differ from those of the original of the Lot due to print, photograph and other technical reasons,

the original shall apply.

Any statement and appraisal in any form ( including but not limited to the certificate, catalogue, slide show ,

news media ) of any Lot made by the Company and its employees or agents are only for reference and shall not

constitute any guarantee for the Lot. The Company and its employees or agents shall undertake no liability for

any inaccuracy and omission in the statements and appraisal mentioned above.

Article 32 Inspection by Bidders

The Company shall undertake no guarantee for the authenticity and/or quality of the Lot. Any Bidder and/or its

agent shall inspect and investigate the actual status regarding the Lot at his own cost and risk and take any legal

liability for its bidding. The Company strongly advises the Bidders to inspect the original Lot they intend to bid

for personally or with expert assistance or using other methods before the Auction Date. Bidders shall decide

on the authenticity and quality of the Lot at their own cost and risk with reference to, instead of relying upon, the

catalogue and other images and advertisements of the Lot.

Article 33 Registration of Bidders

To qualify as a Bidder, a natural person shall complete and sign the registration form and receive a bidding

number before the Auction Date by presenting a valid identity document, and a legal person or any other

organization shall complete and sign the registration form and receive a bidding number before the Auction

Date by presenting a valid certificate of registration, identity certificate of legal representative or valid power of

attorney.

The Bidder shall keep the bidding number in a proper manner. Unless a prior written agreement is otherwise

reached between the Company and the Bidder, any person who holds the bidding number at auction shall be

considered to be the relevant Bidder himself/herself.

Article 34 Deposit

The Company will charge a deposit before the Bidder receives bidding number. The amount of deposit will be

announced before Auction Date . The Company will refund all the deposit mentioned above without interest to

the Bidder within five business days after auction in case the Bidder fails in auction. In the event that the Bidder

succeeds at auction, the deposit will be taken as part of Purchase Price ( If the Bidder succeeds in bidding several

Lots, the Company is entitled to decide that the deposit and/or payment in part received is taken as the Purchase

Price of the specific Lot or Lots ) payable by the Buyer and the balance ( if any ) will be refunded at the time of

collection.

If there is any doubt or uncertainty concerning the credit standing or ability of any Bidder to implement any

specific performance, the Company is entitled to ask for relevant proof from the Bidder or commission any other

third party to investigate the said doubt or uncertainty and charge the said Bidder an additional deposit . The

Company may also charge the Bidder an additional deposit if the Bidder defaulted or showed a poor credit

standing in any previous auction held by the Company or any other auction organization. Failure to pay such

additional deposit will entitle the Company to refuse participation by the said Bidder in any auction held by the

Company.

Article 35 The Company’s Option

The Company may at its discretion forbid any one from participating in any auction held thereby, admission to the

premises or taking a picture or making a video recording during auction, as the case may be.

Article 36 Abnormal Events

In case of any abnormal events at auction, the Company may take necessary actions as the case may be. In the

case that any dispute arises at auction, the Company may have rights to mediate and settle.

Article 37 Bidding as Principal

Any person who bids shall be deemed as principal, unless the Bidder presents to the Company a written certificate

showing that it is the agent of a principal and subject to the Company ’s approval in writing before Auction Date

. When arranging for bidding, the Bidder’s agent shall present to the Company the original power of attorney

and a copy of the valid identity certificate of the Bidder and its agent each while the Company will examine the

original of such identity certificate. The power of attorney issued by a Bidder shall indicate the name of the agent,

authorized items, acting authority and period.

Article 38 Commission Bids

The Bidder shall in principle attend the auction personally; otherwise it may give the Company a commission in

writing or in any other way approved by the Company to bid on its behalf. The Company shall have the right but

no obligation to accept such commission.

Article 39 Procedures of Commission Bids

The Bidder who intends to give the Company a commission to bid on its behalf shall present the Company with a

written authorization certificate and hand in a deposit in accordance with provisions in Article 34 hereof within the

specified period ( not later than 24 hours before Auction Date ) . Otherwise, the Company has the right to reject

the commission.

Article 40 Cancellation of Commission Bids

The Bidder who entrusts the Company to bid on its behalf shall inform the Company of cancellation in writing not

later than 24 hours before Auction Date.

Article 41 Non-liability of Commission Bids

Since the Company charges no fee for bidding on behalf of the Bidder in the case that the Bidder can not attend

the auction personally, the Company shall not be liable for any failure in bidding or any negligence or fault in the

commission bids.

Article 42 Principle of Priority

In the event that two or more Bidders entrust the Company to bid on their behalf for the same Lot and succeed

with the same commission price, the Bidder whose authorization certificate was first received by the Company

shall be the Buyer of the Lot.

Article 43 Auctioneer’s Discretion

The auctioneer is entitled to represent the Company to increase or decrease the bidding ladder, refuse any bid, or

restart auction in case any dispute arises.

Article 44 Screen of Video Images

At some auctions, there will be a video screen or other screens in operation for the convenience of Bidders, which

are only for reference. However, there might be errors on the screen. The Company shall not be liable for any

losses and damages caused by such errors in amounts, serial number or pictures of the Lot, or foreign exchange

rate.

Article 45 Successful Bid

When the highest bid is confirmed by the auctioneer ’s hammer striking or in any other public manner, the Bidder

offering the highest bid shall succeed in the auction and the sale contract concerning the Lot shall come into

effect immediately. The said highest Bidder of the Lot will be the Buyer of the Lot.

Article 46 Auction Record

The Company will prepare a written record with respect to the auction signed by the auctioneer and the recorder.

At the auction, for the convenience of the Buyers’ payment and so on, the Buyer shall sign the purchase

confirmation showing the successful bid after the highest bid is confirmed by the auctioneer’s hammer striking

or in any other public manner. Signing the purchase confirmation is one of the proofs that the sale contract

concerning the Lot has come into effect.

Article 47 Remuneration and Expenses

The Buyer shall pay the Company a remuneration equal to 15% of Hammer Price and other Expenses payable

by the Buyer hereunder and acknowledge that the Company is entitled to charge commission and other costs

payable by the Seller under Article 21 hereof.

Article 48 Payment

The Buyer shall make full payments in a lump sum and collect the Lot ( packaging and handling at the Buyer’s

expense ) within 7days following the Sale Date; otherwise the Buyer shall be liable for breach of contract.

Article 49 Currency

All payments shall be made in the currency designated by the Company. In the event that the Buyer makes

payments in a currency other than the designated one, the currency shall be converted at the rate agreed upon by

the Buyer and the Company or at the rate announced by the People’s Bank of China one (1) business day prior to

the payment . The Buyer shall reimburse the Company for any bank charges , commission and other Expenses for

converting the currency into RMB.

Article 50 Passing of Title

The Buyer will acquire ownership of the Lot after having paid Purchase Price in full and picking up the Lot.

Article 51 Transfer of Risks

After a successful bid, any Lot purchased shall become at the Buyer’s sole risk when, whichever is earlier:

(1)The Buyer collects the Lot purchased;

(2)The Buyer pays to the Company full Purchase Price for the Lot;

(3)The Auction Date (including the Auction Date) expires on the 7th day.

Article 52 Collection

The Buyer shall, at the site the Company at its sole discretion considers appropriate, collect the purchased Lot

no later than of the 7th day after Sale Date ( counting from that day ) after having made full payments. In case

of failure to do so, the Buyer shall be solely liable for all risks and losses of the Lot and bear all Expenses for

transportation, storage and insurance in connection therewith due to delayed collection . Nevertheless the Lot

is still preserved by the Company or any other agents on behalf of the Buyer, the Company and its employees or

agents shall not be liable for any losses and damages of the Lot caused for any reason.

Article 53 Package and Transportation

The Company Reserves the right to decide whether to accept the Buyer’s request to arrange packing and

handling service. The Company may arrange packing and handling of the purchased Lot on behalf of the Buyer

as non - profit services upon its request at the sole risk and loss of the Buyer. Under no circumstances shall the

Company take any liability for any damages or losses of glass, frames, drawer, bottom mat, trestle, mounting,

insert pages, roller or other similar accessories arising out of any reason.

In the case that the Buyer requires the Company to assist in sending the purchased Lot by mailing, express

delivery or any other shipping way ( with packing, mailing and transportation at the cost of the Buyer ), once

the Company does so in that way, the Lot shall be considered as having been received by the Buyer in normal

procedure. The Buyer shall be liable for all risks during the foregoing process. The Company is not responsible

for arrangement of shipping insurance, unless the Buyer specifically instructs the Company to do so and bears the

insurance premium.

In addition, the Company shall undertake no liability for any fault, omissions, damages and losses caused by the

packers or carriers the Company recommended or the Buyer designated.

Article 54 Export of Lot

The Company will, to the best of its knowledge, identify in catalogue or at auction any Lot prohibited to be

exported under the Law of the People’s Republic of China on Protection of Cultural Relics and other relevant

laws and regulations. The Buyer shall be responsible for applying for export license in accordance with Chinese

laws for the Lot permitted to be exported pursuant to the Law of the People’s Republic of China on Protection of

Cultural Relics and other relevant laws and regulations.

Article 55 Remedies for Non-payment

In the case that the Buyer fails to make full payment within the period provided in Article 48 hereof, the Company

shall be entitled to exercise one or more of the following remedies:

(1)If the Buyer fails to pay the purchase price within the specified time after purchasing the goods, the deposit

will not be refunded. At the same time, should bear the corresponding responsibility in accordance with the

provisions of this rule;

(2)Charge the Buyer an interest at a rate of three ten-thousandths per day on the due and unpaid amount until

such payment is made fully, to the extent it remains unpaid fully for more than 7 days after Sale Date, unless other

wise agreed by the Buyer and the Company；

(3)Commence lawsuit, arbitration or other dispute resolution proceedings against the Buyer for any damages

caused by the Buyer’s breach of contract, including but not limited to the losses of interest on deferred or unpaid

payment by the Buyer and the attorney fee;

(4)Exercise a lien on the purchased Lot or other properties of the Buyer which may be in the Company’s possession

for any reason. The Buyer is liable for all Expenses and/or risks incurred during the period of lien. In case the Buyer

fails to perform all relevant obligations hereunder within the specified period, the Company shall have the right to

dispose of such property in accordance with relevant laws and regulations of China. In case the proceeds cannot

cover the amount outstanding, the Company is entitled to claim for the balance;

(5)Cancel the sale of the Lot and any other Lot sold to the same Buyer at this auction or at any other auctions and

Reserve the right to claim for the losses caused by the cancellation;

(6)Resell the Lot by auction or other ways in accordance with these Conditions, subject to consent of the Seller.

The original Buyer shall be liable to the Company for the remuneration/ commission and other Expenses incurred

at such auction as well as all Expenses for resale by auction or otherwise. In addition, the original Buyer shall also

be liable for the shortfall together with all costs, in the event such resale is for less than the original Purchase Price

and Buyer’s Expenses for the Lot;

(7)Other appropriate measures.

Article 56 Remedies for Deferred Collection

In case the Buyer fails to collect the purchased Lot within the period provided in Article 48 hereof, the Company

shall be entitled to exercise one or more of the following remedies:

(1)Arrange storage of the Lot at the Company or any other place at Buyer’s risk and/or Expenses. The Buyer shall

pay the Lot storage fee equal to 0.3‰ of the Hammer Price of the Lot per day from the 8th day following Sale

Date to the actual collection day and the insurance premium equal to 1% of the Hammer Price of the Lot. The

Buyer shall not collect the Lot unless the Purchase Price and relevant Expenses are paid in full ( package and

transportation at the Buyer’s expense );

(2)Exercise a lien on the purchased Lot. After 30 days of delayed collection by the Buyer, the Company may, as the

case may be, dispose of such Lot and use the proceeds to compensate for the amount outstanding owed to the

Company including but not limited to storage, insurance and transportation costs.

Chapter IV Miscellaneous

Article 57 Confidentiality

The Company shall be obligated to maintain the confidentiality of any information provided to it by Seller, Bidder

and Buyer and indemnify and hold Seller, Bidder, Buyer and the Company harmless from and against any damages

to their legitimate rights and interests in accordance with relevant laws and regulations of the People’s Republic

of China and these Conditions.

Article 58 Identification

The Company may identify or re-identify the Lot as it deems necessary at the Company's own discretion at any

time ( including but not limited after the delivery of the Lot to the Buyer, the payment of Proceeds of Sale to

the Seller from the Company ) after entering into the consignment contract with the Seller. The identification

items may include its maker, date, name, type, material, Condition, flaw and size. In case of any discrepancy with

respect to the status of such Lot between the identification results and the consignment contract, or the damage

to the Company's reputation, the Company shall be entitled to terminate or modify the consignment contract.

In the case that the consignment contract has been fulfilled, the Seller should return the Proceeds of Sale to the

Company. The Seller shall assume compensation liability according to the rules for any violation of warranties in

Article 8.

Article 59 Copyright

The Company shall be entitled to take photographs, make illustrations or produce catalogues or other images

relating to the Lot consigned to the Company for auction and shall have the copyright in such photographs,

illustrations, catalogues or other images mentioned above.

Article 60 Exemption

The Company shall undertake no liability for any breach of contract by the Buyer or the Seller. The Company may

at its sole discretion disclose the name and address of the Buyer or the Seller to the other party to enable that

party to commence legal proceedings to recover the losses, provided that, prior to such disclosure, the Company

takes reasonable steps to notify the party whose information will be so disclosed.

Article 61 Notice

Both the Bidder and the Seller shall notify the Company of their valid and regular contact information. Any change

in such contact information shall be notified in writing to the Company as soon as possible. All notices referred to

in these Conditions shall be in writing and delivered by mail or fax. A notice sent by mail shall be deemed to have

been delivered and received by the addressee via normal mail service on the date when the Company gives the

notice to the post office. A notice sent by fax shall be deemed to be received on the date when it is faxed.

Article 62 Serviceability

Rights and obligations of parties participating in an auction held by the Company shall be subject to these

Conditions.

If any provision or part of these Conditions is deemed invalid, unlawful or unenforceable by a competent

agency, these Conditions shall be ineffective to the extent of such unlawfulness or unenforceable ability without

invalidating or affecting the validity or enforce ability of the remaining provisions of these Conditions.

In case of any discrepancy between these Conditions and any relevant law or regulation currently in force, these

Conditions shall prevail if they do not violate any prohibitive provisions of such laws and regulations. Any matters

not covered by these Conditions shall be governed by existing laws and regulations applicable thereto, if any, or

subject to domestic or international trade practices if such matters are not covered by these Conditions or any

existing laws or regulations.

Article 63 Dispute Resolution

Any dispute arising between parties participating in an auction held by the Company under these Conditions shall

be referred to a Chinese court whose jurisdiction covers the business address of the Company, unless the par ties

have agreed otherwise. Such disputes shall be governed by the laws of the People’s Republic of China.

Article 64 Language

These Conditions are written in Chinese and English. The English version is only for reference. In case of any

discrepancy between Chinese version and English version, the Chinese, as the official version, shall prevail.

Article 65 Right of amendment

All amendments to this rule belong to the Company, which has the right to amend this rule at any time according

to the actual situation, and the revised version of this rule will automatically apply from the date of amendment.

If the rules are amended, the Company will promptly draw up a formula according to the law in a way that the

Company deems appropriate, and ask all parties concerned to pay attention to it. The Company has the right to

give no separate notice.

Article 66 Right to Interpret

Beijing BoMei Auctions Co., Ltd. has the right to interpret these Conditions at its own discretion.

AUCTION RULES

北京博美国际拍卖有限公司

BEIJING BOMEI INTERNATIONAL AUCTION CO., LTD.

北京市朝阳区广渠东路 2 号 6-12 栋（博美艺术空间）