NOTICE TO THE BIDDER
1. The place where obligations of a contract are fulfilled should be the place
where the Auctioneer is located at.
2. The Conditions of Business, which is published on the catalogues, should
be read carefully by the Bidder and complied with strictly.
3. The Bidder shall present his own valid Identification Card, passport
or other relevant documents to undergo registration procedure. For a
paddle registration, the Bidder shall pay a deposit of RMB 200,000.
To bid in sales of Chinese paintings & calligraphy (including Important
Manuscripts and Photographs), Modern and Contemporary Oil
Paintings, Following Lu Xun and China's New Woodcut Movement:
Rong Ge Memorial Sale for His Woodcut Career, the Bidder shall pay a
deposit of RMB 500,000. The Bidder who bids for lots at a total purchase
price of RMB 10,000,000 (commission included) or more shall pay an
additional deposit of RMB 500,000.
4. The Bidder can authorize his agent to bid if the Bidder is unable to be
present at the auction hall and place a bidding. Before the auction date,
the trustee shall present an authorization letter which is recognized by
the Auctioneer to prove him as the agent of the Bidder, otherwise each
Bidder shall be deemed as the Bidder himself.
5. Besides cash and cheque, payments can be remitted directly to the banks
where the Auctioneer has accounts.
Deposit Bank
BENEFICIARY NAME: XILINGYINSHE AUCTION Co., Ltd.
BENEFICIARY BANK: INDUSTRIAL AND COMMERCIAL BANK
OF CHINA, HANGZHOU CHENGZHAN
DISTRICT BRANCH
A/C NO: 1202027709814004367 SWIFT BIC: ICBKCNBJZJP
equal to 30% of the article’s base price and other expenses. In the case the
catalogue or any other advertisements of the article have not begun to be
printed after the Seller’s withdrawal, the Seller shall pay an amount equal
to 20% of the article’s base price and other expenses. Any dispute or claim
arising out of the Seller’s withdrawal shall be borne by the Seller.
9. Unsold auction articles or contract rescission between the Buyer and the
Auctioneer
If an article fails to be auctioned or the contract is rescinded between
the Buyer and the Auctioneer due to any other reason, the Seller shall take
the article back at his own expense within 60 days after the auction date or
the contract rescission. After the expiry of such a period, the Auctioneer
shall have the right to auction the article publicly. The Auctioneer shall also
be entitled to demand the Seller to pay all amounts due after the article is
auctioned. And the Auctioneer shall charge the Seller storage fees at a rate
of 0.03% per day on the base price after the auction date or the contract
rescission. The Seller shall be responsible to all the risks and accidents
thenceforward.
Part III Other Rights and Duties of the Auctioneer
1. The Auctioneer shall provide services for both the Seller and the Buyer,
but it shall not be responsible for any Buyer or Seller’s breach of contract.
2. The Auctioneer shall be entitled to refuse any bid which comes after the
hammer price, raise bidding price, withdraw any auction article and sell
the article in another auction if there are any disputes.
3. The Auctioneer shall have the right to hold exhibitions, auctions, and
make announcements, catalogues and other forms of publications to
introduce the auction article.
4. The Auctioneer shall ask the Bidder to notice the defects in an auction
article, examine the article and decide his own bidding.
5. The Auctioneer shall have the right to determine, together with the Seller,
the base price, and to determine the name of currency in auction, means
of auction and bidding increments.
6. The Auctioneer shall keep it confidential concerning the Buyer and the
Seller in accordance with the laws of the People’s Republic of China
and the business rules of the Auctioneer; the Auctioneer shall protect
the rights and interests of the Buyer, the Seller and the Auctioneer from
infringement.
7. According to the agreement between the Auctioneer and the Seller,
the Seller shall be the owner of the auction article and shall be legally
responsible. The Auctioneer shall not accept or hear any cases regarding
different opinions from other persons about the ownership of the auction
articles the Auctioneer is going to sell. If the Auctioneer receives an
announcement or decision made in accordance with law from the judicial
departments before the auction, the Auctioneer shall have the right to
stop the auction.
Part IV Definitions of the Terms Used in This Document and Other
Terms
The definitions of the terms used in this document and catalogue are
as follows:
1. “The Company”, “The Auctioneer” refer to the Xiling Yinshe Auction
Co., Ltd.
2. “Different kinds of expenses” refers to expenses collected by the
Auctioneer for insurance, catalogue and so on.
3. “Imitation” refers to an auction article different from the caption
described in catalogue, including its author, origin, date, period and
background.
4. “Auction article” refers to an article or property rights consigned by the
Seller to the Auctioneer for sale in the auction.
5. “Base price” refers to the lowest hammer price that should be reached in
the auction.
6. “Estimated price” refers to the estimated price of each article shown in
the Auctioneer’s catalogue. The price is subject to alteration.
7. “Hammer price” refers to the price of a certain auction article upon
which the Auctioneer’s hammer falls.
8. “Purchase price” refers to the total amount of hammer price and
commission that should be paid by the Buyer.
9. “Commission” refers to the expenses collected on a certain percentage by
the Auctioneer from both the Buyer and the Seller.
10. “Auction proceeds” refers to the amount paid by the Auctioneer to
the Seller after deducting commission calculated by certain rate, other
expenses and the amount that the Seller should pay to the Auctioneer on
the basis of the hammer price.
11. “Sale/Auction date” means the date on which the Auctioneer confirms
the sale of any article in the auction by striking his hammer or in any
other public manner.
12. “Notice” refers to a notice in written form. The Auctioneer sends out
notice and letters to the address provided by the Consigner, Bidder and
Buyer. Once the notice/letter is sent out, it is deemed as delivered to
whom is concerned.
13. “Seal” refers to a seal in an auction article..The seal’s caption in the
Auctioneer’s Catalogue is for the Buyer’s reference only
14. “Color” in the catalogue means an auction article (a piece of Chinese
calligraphy or painting) is colored.
15. “Defect” refers to authenticity and some tiny flaws in the artwork. The
Auctioneer believes all works of art are subject to defects or flaws caused
by nature, artists of improper preservation. So the Auctioneer shall ask
the Bidder to examine the auction article if he can find any obvious
or hidden defects. There is a traditional Chinese saying: “The defects
cannot obscure the virtues”. In a word, the Bidder shall determine
before bidding whether a certain defect counts or not.
16. The place where obligations of a contract are fulfilled refers to the place
where the Auctioneer is located at.
17. The jurisdiction shall be for the court whose jurisdiction area includes
the domicile of the Auctioneer. The court shall exercise jurisdiction
over disputes in the performance of Consignment Agreement and
the contract between the Auctioneer, the Bidder, the Seller and other
interested parties.
18. The contact or identification information registered by the Seller, Bidder
or Buyer at the Auctioneer is deemed as the information based on which
the Auctioneer makes contact with. Notice or other legal documents sent
by the Auctioneer or agent and judicial authority using such information
to the Seller, Bidder and Buyer is deemed to have been served. For
any change in such information, a written notice to the Auctioneer is
necessary, otherwise the change is invalid.
*If there are any differences in the comprehension of the English version of
the document, the Chinese version shall prevail.
*The right to interpret the Conditions of Business is reserved by the
Auctioneer.
