The following provisions may be amended by public notice or verbal notifi cation
during the auction. By bidding at the auction, the Bidder agrees to be bound by the
following provisions.
Article 1 China Guardian (Hong Kong) Auctions Co., Ltd. as the Auction Agent
Unless otherwise provided, China Guardian (Hong Kong) Auctions Co., Ltd. shall
serve as the Seller’s agent. The contract for the sale of the Auction Property shall
be the contract between the Seller and the Buyer. These Conditions, the Conditions
of Business for Sellers, and all other terms, conditions and notices contained in the
catalogue, announced by the Auctioneer or provided in the auction venue in the
form of an announcement shall constitute the terms agreed among the Seller, the
Buyer and/or China Guardian (Hong Kong) Auctions Co., Ltd. as the auction agent.
Article 2 Defi nitions and Explanations
1. The following terms herein shall have the meanings assigned to them below:
(1) “Company” means China Guardian (Hong Kong) Auctions Co., Ltd.;
(2) “China Guardian” means China Guardian Auctions Co., Ltd., with its domicile
at 3/F, Offi ce Area, Guardian Art Center, No.1 Wangfujing Street, Dongcheng
District, Beijing, People’s Republic of China;
(3) “Seller” means any person, company, body corporate or entity that offers
Auction Property for sale. Unless otherwise stated or specifi cally required by the
context, the term “Seller” herein shall include the Seller’s agent (excluding the
Company), executor or personal representative;
(4) “Bidder” means any person, company, body corporate or entity that
contemplates, makes or attempts a bid in any manner. Unless otherwise stated
or specifi cally required by the context, the term “Bidder” herein shall include the
Bidder’s agent;
(5) “Buyer” means the Bidder, including the principal of a person bidding as an
agent, the highest bid or off er of whom is accepted by the Auctioneer in the
auction held by the Company;
(6) “Buyer’s Commission” means the commission that the Buyer must pay to the
Company based on the Hammer Price at the rate specifi ed herein;
(7) “Auction Property” means the item(s) that the Seller consigns to the Company
for auction and which are auctioned off at the auction;
(8) “Auction Date” means, for a particular auction, the date announced by the
company on which the auction will offi cially commence;
(9) “Sale Date” means the date on which the transaction of an Auction Property
is confi rmed by the striking of the hammer by the Auctioneer or other public
indication by the Auctioneer that a transaction has been struck in the auction
held by the Company;
(10) “Auctioneer” means the person that the Company designates to preside over
a particular auction;
(11) “Hammer Price” means the price at which the Auctioneer strikes the hammer,
deciding the sale of the Auction Property to the Buyer, or, in the case of a
post-auction transaction, the agreed upon sale price;
(12) “Purchase Price” means the total amount that the Buyer is required to pay for
his or her purchase of an Auction Property, including the Hammer Price plus
the Buyer’s Commission, and the taxes, levies, interest and various charges
payable by the Buyer;
(13) “Buyer Charges” means the expenditures and expenses relating to the sale of
an Auction Property by the Company, including but not limited to the charges
for insurance, packing, transport, storage and custody that the Company is
required to purchase in respect of the Auction Property, expenses for testing,
investigation, searching or authentication of an Auction Property additionally
requested by the Buyer and additional expenditures and legal expenses
incurred in seeking recourse against a defaulting Buyer;
(14) “Reserve” means the confidential minimum selling price for an Auction
Property determined by the Seller and the Company;
(15) “Estimated Price” means the estimated sales price of an Auction Property
indicated in the catalogue or after other descriptive text, and excluding the
Buyer’s Commission;
(16) “Storage Fee” means the charge for storage that the Buyer is required to pay
to the Company in accordance herewith.
2. As required by the context, the singular of a term herein includes the plural
thereof, and vice versa. Unless otherwise required by the context:
(i) the Buyer and the Company are herein collectively referred to as the “Parties”,
and a “Party” refers to either Party;
(ii) Any mention of legal provisions shall be construed as including any future
amendments to, or re-enactment of, such provisions;
(iii) Any mention of “person” shall include natural persons, companies, legal
persons, enterprises, partnerships, individual proprietorships, governmental
or social organizations and organizations comprised of more than one of the
foregoing;
(iv) Any mention of “Article” or “Clause” refers to the Articles or Clauses hereof;
(v) The headings are provided for ease of reference only, and shall not aff ect the
interpretation hereof.
Article 3 Applicable Scope
All Bidders, Buyers and other concerned parties participating in the auction of such
collectibles as cultural artifacts, works of art, etc. organized and conducted by the
Company shall act in accordance herewith.
Article 4 Special Notice
All Bidders and Buyers participating in the auction by the Company shall carefully
read and abide by these Conditions, and, in particular, they shall carefully read the
provisions hereof on the liability of the Company, the restrictive provisions, and the
disclaimers. The Bidder and/or his or her agent is/are responsible for viewing the
original Auction Properties in person, and shall be legally liable for his or her bidding
on the Auction Properties. The Company may at its own discretion postpone or
cancel any auction due to weather or other reasons and shall not be liable to make
any compensation to the Bidder.
Article 5 Responsibilities of the Bidder and the Company in Respect of the
Auction Properties
1. The Company’s perception of an Auction Property is partly dependent on the
information provided by the Seller, the Company is in no position to and will not
carry out comprehensive due diligence of the Auction Properties. The Bidder is
aware of this and shall be responsible for inspecting and examining the original
Auction Properties so as to satisfy himself or herself in respect of those Auction
Properties which he or she may be interested in.
2. All Auction Properties to be sold by the Company are available for viewing by
the Bidder before sale. Where the Bidder and/or his or her agent participates
in bidding, the Bidder shall be deemed as having thoroughly examined the
Auction Properties, and to be satisfi ed with the condition of, and the accuracy
of the description of, the Auction Properties.
3. The Bidder confi rms that numerous Auction Properties are of great age and
of special types, meaning that they are not necessarily sound and free from
defects. All Auction Properties are sold “as is” at the time of the auction
(whether or not the Bidder attends the auction in person). Condition reports
may be provided at the time of viewing the Auction Properties. Under certain
CONDITIONS OF BUSINESS FOR BUYERS