Macallan 25 1 (70cl) 原装礼盒

麥卡倫25年

43%

1256 Total: 1btl HK$ 25,000 - 30,000

US$ 3,200 - 3,800

Macallan 25 Fine Oak 1 (70cl) 原装礼盒

麥卡倫25年黃金三桶

43%

1257 Total: 1btl HK$ 12,000 - 15,000

US$ 1,500 - 1,900

199

Macallan 25 Fine Oak 1 (70cl) 原装礼盒

麥卡倫25年黃金三桶

43%

1258 Total: 1btl HK$ 12,000 - 18,000

US$ 1,500 - 2,300

Macallan 25 Anniversary malt 1 (70cl) 原装纸盒

麥卡倫 25年週年紀念

43%

1259 Total: 1btl HK$ 30,000 - 40,000

US$ 3,800 - 5,100

200

Macallan 30 Fine Oak 1 (70cl) 原装礼盒

麥卡倫 30年Fine Oak

43% , Bourbon & Sherry Casks

1260 Total: 1btl HK$ 34,000 - 50,000

US$ 4,300 - 6,400

Macallan 30 Fine Oak Master 1 (70cl) 原装礼盒

of Photography

麥卡倫30年攝影大師系列

43% , 限量1000瓶

麥卡倫的攝影大師系列威士忌目前包含四個版本。這是John

Rankin Waddle或簡稱Rankin發佈的第一個版本。麥卡倫委託

Rankin製作一系列限量版照片，以與麥卡倫30年的酒相匹配。

這些照片是在一個夏天拍攝的，拍攝對象包括從工作人員到風

景、設備，在某些情況下，Rankin的裸體肖像在桶、洗臉盆和

靜止圖像上沉思。此版本僅選擇了1,000瓶和照片，展示盒包

含一張原始的Rankin寶麗來照片。搭配在歐洲和美國雪利酒橡

木桶和前波本酒桶中熟成的30年麥卡倫黃金三桶。

1261 Total: 1btl HK$ 50,000 - 60,000

US$ 6,400 - 7,600

201

Macallan 30 - Douglas Laing 1 (70cl) 原装礼盒

60th Anniversary

麥卡倫30年 - 道格拉斯蘭恩60週年紀念

1978年蒸餾/2009年裝瓶, 51.3% , 限量216瓶, Rum Cask

Finish

1262 Total: 1btl HK$ 15,000 - 20,000

US$ 1,900 - 2,500

Macallan 30 LMDW Artist #10 1 (70cl) 原装纸盒

麥卡倫30年 LMDW藝術家#10

1990年蒸餾/2020年裝瓶 53.5%, Cask#1034, 限量141瓶,

Hogshead

在La Maison Du Whisky的Artist系列中發布的單桶。該酒標以

王亞斌的作品為特色。

1263 Total: 1btl HK$ 18,000 - 23,000

US$ 2,300 - 2,900

202

Macallan Master of 1 (35cl) 原装礼盒

Photography Elliott Erwitt Edition

麥卡倫攝影大師艾略特歐維特版本

麥卡倫威士忌攝影大師系列於2008年推出，包含多個章節，每

個章節都展示了鏡頭背後一位傳奇藝術家的作品。這是第四次

發布，由58款獨特的單桶威士忌組成，所有威士忌均搭配不同

的Elliott Erwitt印花。每個木桶有35對可供選擇，這使得全球

共發布了2030瓶。這款威士忌裝在一個手工製作的燒瓶中，藏

在一本書中，除了每款威士忌附帶的印刷品外，還展示了所有

58張圖片。

1264 Total: 1btl HK$ 14,000 - 20,000

US$ 1,800 - 2,500

203

Macallan 12 1980s 1 (70cl) 无盒

80年代麥卡倫12年

43%

1265 Total: 1btl HK$ 6,000 - 8,000

US$ 800 - 1,000

204

Lot 1145 1972年6月6日出产 「金轮牌」三大革命茅台酒

領取、付運及倉儲

COLLECTION, DELIVERY & STORAGE

本目錄中之所有拍品均存放於專業酒藏空間，買家完成付款並收到本公司之取貨通知後，可提前7天預約至

保利香港辦公室提取拍品。有關提貨事宜請聯絡：

倉務及物流　吴光俊

電話：+852 2303 9871/ +852 9617 5737

電郵：fng@polyauction.com.hk

如已購得之拍品未有在成功拍賣後三十天領取，公司將安排儲事宜，並根據本圖錄之條款及條件向買家收取

儲存及保險費用，並向買家開出發票，須於支付所有收費後，拍品方可接受領取及付運。公司不會負責拍品的

付運，若買方欲運輸拍品至取貨地以外的地區，須負責所有因運輸而實際產生的關稅及運輸費。公司建議把

拍品重新包裝在泡沫塑料盒以作運輸至香港以外地方。除非客戶提出重新包裝的要求，否則所有拍品將以原

包裝儲存與發放，而任何重新包裝要求的最低收費為港幣200元。無論拍品是否重新被包裝，公司不會承擔在

運輸中拍品的損毀責任。

All lots offered for auction in this catalogue is kept at temperature controlled storage. Buyers

wishing to collect directly from the storage facility may do so by prior arrangement with 7 days

notice, once you have paid and received Poly Auction Hong kong’s release order.

For more information please contact:

Warehosue & Logistic Fernando Ng

Tel: +852 2303 9871 / +852 9617 5737

Emai: fng@polyauction.com.hk

Poly Auction Hong Kong will provide complimentary storage and insurance up to 15 days after.

If lots are not collected by then, Polhy Auction Hong Kong will charge for storage and insurance

based on terms and conditions provided with an invoice. Please note that all fees must be paid

before lots can be released. If buyers wish to collect lots outside of the noted storage location,

buyers are responsible for all taxes and fees derived from the shipment.

Re-packing Service: We recommend the lots be re-packed into Styrofoam cartons for international shipment. Without client’s request, all lots will be released in the same packing that they were

stored in and any re-packing service will be charged with a minimum of HK$200. Please note, all

responsibility and costs of shipment / logistics of the lots will be responsible by the buyer

領取拍賣品

在賣家或本公司可拒絕向閣下發放拍賣品的任何權力規限下，閣下一旦以已結清款項向賣家及本公司支付

應付的款項後，本公司可即向閣下或按閣下的書面指示發放拍賣品。領取拍賣品時，必須出示從本公司的出

納員的辦公室取得已加蓋印章的發票，方獲發行。

閣下須自費領取拍賣品，倘未有指定任何日期，則為拍賣會後第七日下午四時三十分或之前。

拍賣品可能遷移至其他地點儲存，屆時閣下必須向本公司查詢可在何時何地領取拍賣品。

若閣下未有於指定的日期領取拍賣品，則閣下授權本公司作為閣下代理，儲存承辦商協定（可應要求提供副

本）的標準條款及條件儲存拍賣品。倘拍賣品儲存於本公司物業，則須由第30日起，按本公司目前的每日收費

（每日最低為每項拍賣品每日50港元另加稅項）支付儲存費，該等儲存費為本公司開支的一部份。

於直至閣下已全數支付買價及任何開支為止，拍賣品將由本公司作為賣家的代理持有，或由儲存承辦商作為

賣家及本公司的代理按照儲存合約的條款持有。

閣下承諾遵守任何儲存合約的條款，尤其是支付根據任何儲存合約應付的收費（及所有搬運拍賣品入倉的費

用）。閣下確認並同意，於直至閣下已支付買價、任何開支及所有儲存合約下的收費為止，閣下不得從儲存承

辦商的物業領取拍賣品。

閣下須全面負責領取拍賣品時的包裝、處理及運輸，以及全面負責遵從與拍賣品有關的所有進出口規定。

Conditions of Lot Collection:

Subject to any power of the Seller or us to refuse to release the Lot to you, once you have paid to

us, in cleared funds, everything due to the Seller and to us ,we will release the Lot to you or as you

may direct us in writing. The Lot will only be released on production of a stamped, paid invoice,

obtained from our cashier’s office.

You must collect and remove the Lot at your own expense. Thereafter, the Lot may be removed

elsewhere for storage and you must enquire from us as to when and where you can collect it, although this information will usually be set out in the Notice to Bidders.

Until you have paid the full purchase price and expenses in the Lot, it will either be held by us or

by the Consignor

You will be wholly responsible for packing, handling, transport and all costs of the Lot collection

and adhere to all the import or export regulations in connection with the lot.

領取拍賣品

在賣家或本公司可拒絕向閣下發放拍賣品的任何權力規限下，閣下一旦以已結清款項向賣家及本公司支付

應付的款項後，本公司可即向閣下或按閣下的書面指示發放拍賣品。領取拍賣品時，必須出示從本公司的出

納員的辦公室取得已加蓋印章的發票，方獲發行。

閣下須自費領取拍賣品，倘未有指定任何日期，則為拍賣會後第七日下午四時三十分或之前。

拍賣品可能遷移至其他地點儲存，屆時閣下必須向本公司查詢可在何時何地領取拍賣品。

若閣下未有於指定的日期領取拍賣品，則閣下授權本公司作為閣下代理，儲存承辦商協定（可應要求提供副

本）的標準條款及條件儲存拍賣品。倘拍賣品儲存於本公司物業，則須由第30日起，按本公司目前的每日收費

（每日最低為每項拍賣品每日50港元另加稅項）支付儲存費，該等儲存費為本公司開支的一部份。

於直至閣下已全數支付買價及任何開支為止，拍賣品將由本公司作為賣家的代理持有，或由儲存承辦商作為

賣家及本公司的代理按照儲存合約的條款持有。

閣下承諾遵守任何儲存合約的條款，尤其是支付根據任何儲存合約應付的收費（及所有搬運拍賣品入倉的費

用）。閣下確認並同意，於直至閣下已支付買價、任何開支及所有儲存合約下的收費為止，閣下不得從儲存承

辦商的物業領取拍賣品。

閣下須全面負責領取拍賣品時的包裝、處理及運輸，以及全面負責遵從與拍賣品有關的所有進出口規定。

Conditions of Lot Collection:

Subject to any power of the Seller or us to refuse to release the Lot to you, once you have paid to

us, in cleared funds, everything due to the Seller and to us ,we will release the Lot to you or as you

may direct us in writing. The Lot will only be released on production of a stamped, paid invoice,

obtained from our cashier’s office.

You must collect and remove the Lot at your own expense. Thereafter, the Lot may be removed

elsewhere for storage and you must enquire from us as to when and where you can collect it, although this information will usually be set out in the Notice to Bidders.

Until you have paid the full purchase price and expenses in the Lot, it will either be held by us or

by the Consignor

You will be wholly responsible for packing, handling, transport and all costs of the Lot collection

and adhere to all the import or export regulations in connection with the lot.

酒瓶容量表

187.5 ml Piccolo or Split: 四分之一瓶標準瓶裝

375 ml Demi or Half: 半瓶標準瓶裝

750 ml Standard: 標準瓶裝 .

1.5 L Magnum: 二瓶標準瓶裝

3.0 L Double Magnum: 四瓶標準瓶裝

4.5 L Jeroboam: 六瓶標準瓶裝

6.0 L Imperial: 八瓶標準瓶裝

9.0 L Salmanazar: 十二瓶標準瓶裝

12.0 L Balthazar: 十六瓶標準瓶裝

15.0 L Nebuchadnezzar: 二十瓶標準瓶裝

縮寫，酒液耗損量，酒瓶容量

ABBREVIATIONS, ULLAGE FILL LEVELS, BOTTLE SIZES

WINE BOTTLE SIZES CHART

187.5 ML PICCOLO OR SPLIT: TYPICALLY USED FOR A SINGLE

SERVING OF CHAMPAGNE.

375 ML DEMI OR HALF: HOLDS ONE-HALF OF THE STANDARD

750 ML SIZE.

750 ML STANDARD: COMMON BOTTLE SIZE FOR MOST DISTRIBUTED WINE.

1.5 L MAGNUM: EQUIVALENT TO TWO STANDARD 750 ML

BOTTLES.

3.0 L DOUBLE MAGNUM: EQUIVALENT TO TWO MAGNUMS

OR FOUR STANDARD 750 ML BOTTLES.

4.5 L JEROBOAM (STILL WINE): EQUIVALENT TO SIX STANDARD 750 ML BOTTLES.

6.0 L IMPERIAL: EQUIVALENT TO EIGHT STANDARD 750 ML

BOTTLES OR TWO DOUBLE MAGNUMS.

9.0 L SALMANAZAR: EQUIVALENT TO TWELVE STANDARD

750 ML BOTTLES OR A FULL CASE OF WINE!

12.0 L BALTHAZAR: EQUIVALENT TO SIXTEEN STANDARD 750

ML BOTTLES OR TWO IMPERIALS.

15.0 L NEBUCHADNEZZAR: EQUIVALENT TO TWENTY STANDARD 750 ML BOTTLES.

HF: 高滿

正常年輕葡萄酒的水平高度

IN: 頸部

對於任何酒齡的葡萄酒來說都是非常好的。對於

10 年以上的葡萄酒來說，這是十分出色的。

BON: 頸底

對於任何酒齡的葡萄酒來說都是好的。

VTS: 最頂肩

對於任何10 年以上的葡萄酒來說都是非常好的。

TS: 頂肩

對於任何 15 年以上的葡萄酒來說都是完全可以

接受的。

HS: 高肩

透過軟木自然的減少容量。對於 20 年以上的葡

萄酒來說是可以接受的。

MS: 中肩

對於 40 年以上的葡萄酒來說不算不尋常。但可

能有一些透過軟木的劣化和一些變化。會列入拍

賣估價的考慮範圍。

LMS: 中肩至肩底

有風險的。拍賣估價會很低。

LS: 肩底

高風險，只會在是非常罕見或獨特的酒款情況之

下考慮進行拍賣。拍賣保留價會很低。

專有名詞 :

OC: 原裝紙盒 / 紙箱

OWC: 原裝木箱

BT(S): 瓶數

HF: HIGH FULL

NORMAL LEVEL AND HEIGHT OF YOUNG WINES

IN: INTO NECK

PERFECTLY GOOD FOR ANY AGE OF WINE. OUTSTANDING FOR WINES WITH 10+ YEARS OR OLDER

BON: BASE OF NECK

GOOD FOR ANY AGE OF WINE.

VTS: VERY TOP SHOULDER

PERFECT FOR ANY WINE WITH 10+ YEARS OR OLDER

TS: TOP SHOULDER

PERFECTLY ACCEPTABLE FOR ANY WINE OVER 15+

YEARS OLD

HS: HIGH SHOULDER

NATURAL REDUCTION VIA CORK. ACCEPTABLE FOR

WINE

20+YEARS OLD

MS: MID SHOULDER

NOT UNUSUAL FOR WINES 40+ YEARS. MOST LIKELY

SOME DETERIORATION THROUGH CORK AND SOME

VARIATION. AUCTION LIMITS TAKE THIS INTO ACCOUNT

LMS: LOW-MID SHOULDER

RISK. AUCTION CATALOGUE ESTIMATES WILL BE LOW

LS: LOW SHOULDER & BELOW

HIGH RISK AND ONLY ACCEPTED FOR AUCTION IF

BOTTLE OF LABEL IS EXCEPTIONALLY RARE OR. ALWAYS OFFERED WITH A LOW LIMIT

TERMS:

OC: ORIGINAL CASE / CARTON

OWC: ORIGINAL WOODEN CASE

BT(S): BOTTLE(S)

重要通告

IMPORTANT NOTICES

保利香港拍賣有限公司（以下稱為「保利香港拍賣」或

「本公司」）舉辦的拍賣活動均依據本圖錄中所附之業

務規則、重要通告、競投登記須知、財務付款須知及拍

賣品提存運送出口須知進行，參加拍賣活動的競投人須

仔細閱讀並予以遵守。該等業務規則及規定可以以公告

或口頭通知形式進行修改，而不需要另行通知。

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 notifi cation

without prior notice.

下文旨在給予閣下有關如何在拍賣會上競投之實用資

料。於本圖錄前部份所列之保利香港拍賣職員將樂意協

助閣下。然而，閣下務須詳閱下列資料，並須注意保利

香港拍賣乃賣方之代表。

The following pages are designed to give you useful

information on how to bid at auctions. Poly Auction (Hong

Kong)'s staff as listed at the front of this catalogue will

be happy to assist you. However, it is important that you

read the following information carefully and note that

Poly Auction (Hong Kong) acts for the seller.

展品之出處

在某些情況下，若展品出處之資料擁有學術價值或是為

人熟悉且能協助鑑別該展品，保利香港拍賣會在圖錄內

刊印有關資料。但基於不同理由，賣方或上手物主之身

份或不會被揭露，如因應賣方要求將身份保密或因展品

年代久遠以致上手物主之身份不詳等。

PROVENANCE

In certain circumstances, Poly Auction (Hong Kong) may

print in the catalogue the history of ownership of a work

of art if such information contributes to scholarship or

is otherwise well known and assists in distinguishing

the work of art. However, the identity of the seller or

previous owners may not be disclosed for a variety of

reasons. For example, such information may be excluded

to accommodate a seller's request for confi dentiality or

because the identity of prior owners is unknown given

the age of the work of art.

買家支付之佣金

買家應支付本公司佣金 。佣金按每件拍賣品落槌價之

百分之二十（20%）計算。

BUYER'S PREMIUM

A buyer's premium will be added to the Hammer Price

and is payable by the buyer as part of the total purchase

price. ﬔ e buyer's premium is 20% of the hammer price

of each Lot up.

拍賣品之狀況

競投人應於拍賣前之預展中審看拍賣品，並對自己的競

投行為承擔責任（包括但不限於法律責任）。如欲進一

步瞭解拍賣品資料，請向業務人員諮詢。如圖錄中未說

明拍賣品之狀況，不表示該拍賣品沒有缺陷或瑕疵。

CONDITIONS OF THE PROPERTIES

Bidder must review the Lot(s) in the preview before the

auction, and bear all responsibilities (including but not

limited to legal liability and/or responsibility) of their

bidding acts. For more information on the Properties,

please consult our business staff . If the conditions of a

Property are not described in the catalogue, this does

not mean that the Property has no weakness or defects.

受限制物料

附有▲符號之拍賣品於編制圖錄當時已識別為含有受

限制物料，而有關物料可能受到進出口之限制。有關資

料為方便競投人查閱，而無附有該符號並非保證該拍賣

品並無進出口之限制。由植物或動物材料（如珊瑚、鱷

魚、象牙、鯨骨、玳瑁、犀牛角及巴西玫瑰木等）製成

或含有植物或動物材料之物品，不論其年份或價值，均

可能須申領許可證或證書方可出口至香港境外，且由香

港境外國家進口時可能須申領其他許可證或證書。務請

注意，能取得出口許可證或證書並不能確保可在另一國

家取得進口許可證或證書，反之亦然。例如，將歷時不

足一百年之象牙進口至美國即屬非法。競投人應向相關

政府查核有關野生動物植物進口之規定後再參與競投。

買家須負責取得任何出口或進口許可證或證書，以及任

何其他所需文件。

RESTRICTED MATERIALS

Properties with a ▲ symbol have been identified

to be made of or containing restricted materials at

the time of the compiling of the catalogue, and the

materials concerned may be subject to import and

export restraints. Properties without this symbol it is not

guaranteed that Properties are not subject to import

and export restraints. For items made of botanic or

animal materials (coral, crocodile, ivory, whalebone,

tortoise, rhinoceros horn and Brazilian Rosewood, etc.)

or containing botanic or animal materials, regardless

of their year or value, may require an application for

permits or certificates before exporting outside Hong

Kong, and other application for permits or certificates

may be required when importing into countries outside

Hong Kong. Please pay attention that the ability to obtain

export permits or certificates does not ensure that

import permits or certifi cates 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.

電器及機械貨品

所有電器及機械貨品只按其裝飾價值出售，不應假設其

可運作。電器在作任何用途前必須經合格電器技師檢驗

和批核。

ELECTRICAL APPLIANCES AND MECHANICAL

MERCHANDISES

All electrical appliances and mechanical merchandise

are sold on an \"as is\" basis, and should not be assumed

that they operate. Before putting into any use, electrical

appliances must be inspected and approved by qualifi ed

electric technicians.

珠寶、鐘錶及手袋尚品

有關是次珠寶拍賣品的狀況陳述通常會載於圖錄上，然

而沒有說明不代表該拍賣品沒有缺陷、瑕疵或未經美化

處理。有色寶石的美化處理，如加熱、用油或放射等，

已被國際珠寶市場普遍接受。如該件拍賣品已向國際公

認寶石化驗所取得驗證報告，所知的重要事實及珠寶狀

況均已記載於圖錄上，本公司不會對驗證報告之準確性

承擔責任。本公司或不可能就每一件珠寶拍賣品取得驗

證報告，估價乃就當刻已知悉之所有資料而作出，競投

人應於拍賣前自行審看拍賣品，事後持不同意見不足構

成撤回或撤銷對該拍賣品之競投或延遲付款的理由。如

要求提供指定驗證報告，需另行付費及於拍賣會十四個

工作天前提出要求。競投人另需注意源自緬甸的寶石或

翡翠，可能會被禁止進口美國，此限制不足構成撤回或

撤銷對該拍賣品之競投或延遲付款的理由。

圖錄中的所有鐘錶拍賣品均以當刻的狀況賣出，競投人

應親自檢查拍賣品的狀況，圖錄中對各拍賣品的描述僅

供參考，沒有說明不代表該拍賣品狀況良好、沒有損壞

或不曾作過修復。狀況報告只屬保利香港拍賣專家的主

觀意見，可能並不完整，亦未必對所有零件更換、損壞

修復作出記錄。本公司不會對鐘錶拍賣品的運作、防水

性、個別零配件（包括錶帶）的真實性及是否原廠作出

保證。此外，競投人需注意美國對高級鐘錶的進口限制。

因印刷或攝影等技術原因造成拍賣品在圖錄及／或其它

任何形式的圖示，影像製品和宣傳品中的色調、顏色、

層次、形態等與原物存在誤差者，以原物為準。本公司

及其工作人員或其代理人對任何拍賣品用任何方式（包

括證書、圖錄、幻燈投影、新聞載體等）所作的介紹及

評價，均為參考性意見，不構成對拍賣品的任何擔保。

本公司及其工作人員或其代理人對上述之介紹及評價中

的不準確或遺漏之處不承擔責任。

免費提供的狀況報告及評級，是為方便買家而設，只

供參考，並不能代替閣下親身檢驗拍賣品或向專家尋求

專業意見。競投人應於拍賣前自行審查拍賣品，事後對

拍賣品的狀況有任何不滿不足構成撤回或撤銷對該拍賣

品之競投或延遲付款的理由。拍賣中所出售的拍賣品的

狀況可受多種因素如時間、先前的損壞、修復、維修及

磨損等影響而有較大變化。鐘錶評級是根據拍賣品的整

體狀況、品質、製作工藝、歷史價值、生產年代及稀有

程度而定，每件拍賣品均以拍賣時的實際狀況出售，保

利香港拍賣或賣家對於拍賣品的狀況不設任何聲明或保

證。買家承認及同意，任何出售均完全是買家的決定，

而過程中買家沒有依賴保利香港拍賣或賣家的任何陳述

或其他訊息（不論口頭或書面形式）。

鐘錶品相評級

評級 1：品相如新。鐘錶狀況如全新，沒有明顯使用或

放置痕跡，機芯製作圖錄時運作正常。

評級 1.5：品相極佳。鐘錶有極輕微放置痕跡，外殼或

有微細頭髮絲劃痕，但沒有明顯使用痕跡，機芯製作圖

錄時運作正常。

評級 2：品相非常好。鐘錶有輕微使用痕跡，外殼或有

輕微劃痕，機芯製作圖錄時運作正常。

評級 2.5：品相良好。鐘錶有明顯使用痕跡，外殼有明

顯刮花或劃刻，機芯製作圖錄時運作正常。

評級 3：品相尚可。鐘錶有非常明顯的使用痕跡，並有

明顯磨損或瑕疵，或需維修。

詳細的拍賣品品相狀況請參考品相報告

手袋尚品品相評級

評級 1：如新。看來從不曾使用過。沒有任何磨損跡象。

評級 1.5：嶄新。肉眼未見明顯使用痕跡，但因長期收

藏，可見輕微放置痕跡。

評級 2：處於原始狀態。在未受過訓練的人眼中是全新

的。可能會有輕微的狀況注意事項，但總體而言袋的狀

況幾近完美。

評級 3：狀況優良。看來較少使用表面幾乎沒有任何磨

損。可能會有少許 的狀況注意事項，但總體而言袋的

狀況優良。

評級 4：狀況非常良好。可能會有輕微的磨損。狀況非

常良好但邊角可能 呈現輕微的劃傷痕跡，底部可能會

出現輕微劃痕，而金屬配件亦可能會出現淺刮痕。

評級 5：狀況良好。有使用痕跡。狀況報告會顯示狀況

注意事項。

JEWELRY, WATCHES AND HANDBAGS

Description of the conditions of Jewelry Lot(s) usually

contained in the catalogue, however, absence of a

description does not imply that the Lot(s) is free from

defects or imperfection or beautification process.

Beautification processes of coloured gemstones, such

as heat enhancement, oiling or irradiation, etc, have

been generally accepted by the international jewellery

markets. If Poly Auction (Hong Kong) has obtained

gemological reports from internationally recognized

gemological laboratories for the Lot(s), all known

important facts and conditions of the Lot(s) have

contained in the catalogue, our Company assumes no

responsibility for the accuracy of the reports. It may

not be feasible for Poly Auction (Hong Kong) to obtain

laboratory reports for all Lot(s), the estimates are based

on all known information at the moment. Bidders must

inspect conditions of the Lot(s) by themselves before

the auction. Any dissent about conditions of the Lot(s)

after the bid shall not justify rescission or cancellation

of a sale or any delayed payment. If bidders request a

designated laboratory report for any Lot(s), such request

should be raised out 14 workings days before the auction

and at their own cost. Bidders should also be aware

that Lot(s) containing jadeite or gemstones originating

from Burma may not be allowed to be imported into the

U.S.. This will not constitute a ground for rescission or

cancellation of a sale or any delayed payment.

Lot(s) of clocks and watches in the catalogue will

be sold at current status (i.e. as is). Bidders should

personally inspect the conditions of the Lot(s) before

the auction. Descriptions of the Lot(s) in the catalogue

are for reference only. The absence of a description

does not imply that the Lot(s) is in good condition, free

from defects or restorations. Descriptions only reflect

subjective opinions of experts of Poly Auction (Hong

Kong), it is not a statement of facts, nor a complete

record of all repairs, component replacements or

restorations. Poly Auction (Hong Kong) makes no

guarantee on operation, water-resistance, authenticity

and originality of individual parts (including watchstrap)

of the Lot(s). In addition, bidders should be aware of the

import restrictions of the U.S. concerning luxury watches.

Where the tone, colour, graduation shape or any

other feature of the Lot shown in the catalogue and/

or any other illustrations, images and public materials

differ from those of the original Lot due to printing,

photography or other technical reasons, the original Lot

shall take precedence. Any introduction and appraisal of

any Lot made by the Company and its employees or its

agents in any way (including the certificate, catalogue,

slideshow and news media) are only opinions for

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

the aforesaid introduction or appraisal.

Condition reports and grades are provided free of charge

as a convenience to our buyers and are for guidance

only. They are not an alternative for examining a lot in

person or taking your own professional advice from

Specialists. Bidders must inspect the conditions of the

Lot (s) by themselves before the auction. Any dissent

about conditions of the Lot (s) after the bid shall not

justify rescission or cancellation of a sale or any delay in

payment. ﬔ e condition of lots sold in our auctions can

vary widely due to factors such as age, previous damage,

restoration, repair and wear tear. ﬔ e 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. ﬔ e buyers acknowledge and agree that any sale

is entirely the buyers' decision, and the buyers have

not relied upon any representation or other information

(whether oral or written) by Poly Auction (Hong Kong) or

by the seller.

Condition Grades of Watches

Grading 1: As new. ﬔ e timepiece appears with neither

signs of use nor ownership over time. ﬔ e movement is

in working order when cataloguing.

Grading 1.5: In excellent condition. The timepiece

appears with extremely slight signs of ownership over

time. It may exhibit very slight hairline scratches on the

case but no obvious signs of use. The movement is in

working order when cataloguing.

Grading 2: In very good condition. ﬔ e timepiece appears

with slight signs of use over time. It may exhibit slight

scratches on the case. ﬔ e movement is in working order

when cataloguing.

Grading 2.5: In good condition. The timepiece appears

with obvious signs of use and scratches on the case. ﬔ e

movement is in working order when cataloguing.

Grading 3: In fair condition. The timepiece appears

with very obvious signs of use and scratches/defects.

Maintenance may be required.

For more details, please refer to the Condition Report for

each Lot.

Condition Grades of Handbags

Grading 1: As new. Appears never to have been used. It

exhibits no signs of wear.

Grading 1.5: In mint condition; virtually new and unused

with very minor signs of ownership over time.

Grading 2: In pristine condition. To the untrained eye, it

may appear brand new. ﬔ ere may be a slight condition

note, but overall the piece is in excellent condition.

Grading 3: In excellent condition. ﬔ is is a piece that has

seldom been used and shows little to no wear. ﬔ ere may

be small condition issues to note overall the piece is in

excellent condition.

Grading 4: In very good condition. ﬔ is piece may show

signs of light wear. It is in very good condition but the

corners may show signs of light scuffi ng, the base may

show light scratches, and the hardware may exhibit light

marks.

Grading 5: In good condition. ﬔ is piece shows signifi cant

wear. ﬔ ere are condition issues that will be noted in the

condition report.

酒類及茶葉

有關是次酒類及茶葉拍賣品的陳述已列於圖錄上，本公

司提醒競投人應在競投前詳細了解拍賣品。競投人在現

場參與競投即視為競投人認可並接受所競投拍賣品之包

裝、品質、狀態等，競投人競投成功後對拍賣品持不同

意見，不足構成撤回或撤銷對該拍賣品之競投或延遲付

款的理由。買家提貨時請審慎驗貨。買家 ( 或其代理人 )

簽收後，即表示已接受拍賣品之狀況及質量，包括但不

限於貨品包裝盒、標籤、耗損量、酒塞上等存在的缺陷

或瑕疵，且無異議。

ALCOHOL AND TEA

The descriptions about the auction of alcohol and

tea are being stated in the catalogue. Our Company

reminds bidders to learn more about the auctioned

products before bidding. Bidder's participation in

bidding at auction is deemed as the bidder's approval

and acceptance of the package, quality and status of

the auctioned items. Any different opinion formed by

the bidders aft er successful bidding, will not constitute

a valid reason to withdraw or cancel the bid and

delay payment for the auctioned item. Buyers should

cautiously inspect the auctioned item during collection.

Upon acknowledging receipt of the auctioned item by

the buyer (or his agent), the buyer confirms that he or

she has accepted the state and quality including but

not limited to any defect or fl aw on, e.g. the packaging,

labels, level of wear and tear, cork, etc., of the auctioned

items without any objection.

語言文本

本公司業務規則、重要通告、目錄編列方法之說明、競

投登記須知、財務付款通知、拍賣品提存運送出口須知

及載於圖錄、由拍賣官公佈或於拍賣會場以通告形式提

供之所有其他條款、條件、通知、表格等文件以及本圖

錄中拍賣品之描述，均以中文文本為準，英文文本僅供

參考。

LANGUAGE

The Chinese version of the Conditions of Business,

Important Notice, Explanation of Cataloguing Practice,

Important Notice about Bidding Registration, Important

Notice about Payment, Important Notice about

Storage Collection Shipping and Export and all other

documents such as the terms, conditions, notices, forms

etc. contained in this catalogue, announced by the

auctioneer or provided at the saleroom as well as the

descriptions of the Properties in this catalogue of our

Company shall be binding and the English version is for

reference only.

版權

本圖錄版權屬本公司所有。未經本公司書面許可，不得

以任何形式對本圖錄的任何部分進行複製或進行其他任

何形式的使用。

COPYRIGHT

ﬔ e copyright of this catalogue belongs to our Company.

Without the written permission of our Company, no parts

of this catalogue shall be reproduced in any way or used

in any other way.

解釋權

本公司業務規則、重要通告、目錄編列方法之說明、競

投登記須知、財務付款須知、拍賣品提存運送出口須知

及載於圖錄、由拍賣官公佈或於拍賣會場以通告形式提

供之所有其他條款、條件、通知、表格等文件的解釋權

均由本公司行使。

RIGHT OF INTERPRETATION

ﬔ e right of interpretation in respect of the Conditions of

Business, Important Notice, Explanation of Cataloguing

Practice, Important Notice about Bidding Registration,

Important Notice about Payment, Important Notice

about Storage Collection Shipping and Export and all

other documents such as the terms, conditions, notices,

forms, etc. contained in this catalogue, announced by

the auctioneer or provided at the salesroom, shall be

exercised by our Company.

重要通告

IMPORTANT NOTICES

保利香港拍賣有限公司（以下稱為「保利香港拍賣」或

「本公司」）舉辦的拍賣活動均依據本圖錄中所附之業

務規則、重要通告、競投登記須知、財務付款須知及拍

賣品提存運送出口須知進行，參加拍賣活動的競投人須

仔細閱讀並予以遵守。該等業務規則及規定可以以公告

或口頭通知形式進行修改，而不需要另行通知。

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 notifi cation

without prior notice.

下文旨在給予閣下有關如何在拍賣會上競投之實用資

料。於本圖錄前部份所列之保利香港拍賣職員將樂意協

助閣下。然而，閣下務須詳閱下列資料，並須注意保利

香港拍賣乃賣方之代表。

The following pages are designed to give you useful

information on how to bid at auctions. Poly Auction (Hong

Kong)'s staff as listed at the front of this catalogue will

be happy to assist you. However, it is important that you

read the following information carefully and note that

Poly Auction (Hong Kong) acts for the seller.

展品之出處

在某些情況下，若展品出處之資料擁有學術價值或是為

人熟悉且能協助鑑別該展品，保利香港拍賣會在圖錄內

刊印有關資料。但基於不同理由，賣方或上手物主之身

份或不會被揭露，如因應賣方要求將身份保密或因展品

年代久遠以致上手物主之身份不詳等。

PROVENANCE

In certain circumstances, Poly Auction (Hong Kong) may

print in the catalogue the history of ownership of a work

of art if such information contributes to scholarship or

is otherwise well known and assists in distinguishing

the work of art. However, the identity of the seller or

previous owners may not be disclosed for a variety of

reasons. For example, such information may be excluded

to accommodate a seller's request for confi dentiality or

because the identity of prior owners is unknown given

the age of the work of art.

買家支付之佣金

買家應支付本公司佣金 。佣金按每件拍賣品落槌價之

百分之二十（20%）計算。

BUYER'S PREMIUM

A buyer's premium will be added to the Hammer Price

and is payable by the buyer as part of the total purchase

price. ﬔ e buyer's premium is 20% of the hammer price

of each Lot up.

拍賣品之狀況

競投人應於拍賣前之預展中審看拍賣品，並對自己的競

投行為承擔責任（包括但不限於法律責任）。如欲進一

步瞭解拍賣品資料，請向業務人員諮詢。如圖錄中未說

明拍賣品之狀況，不表示該拍賣品沒有缺陷或瑕疵。

CONDITIONS OF THE PROPERTIES

Bidder must review the Lot(s) in the preview before the

auction, and bear all responsibilities (including but not

limited to legal liability and/or responsibility) of their

bidding acts. For more information on the Properties,

please consult our business staff . If the conditions of a

Property are not described in the catalogue, this does

not mean that the Property has no weakness or defects.

受限制物料

附有▲符號之拍賣品於編制圖錄當時已識別為含有受

限制物料，而有關物料可能受到進出口之限制。有關資

料為方便競投人查閱，而無附有該符號並非保證該拍賣

品並無進出口之限制。由植物或動物材料（如珊瑚、鱷

魚、象牙、鯨骨、玳瑁、犀牛角及巴西玫瑰木等）製成

或含有植物或動物材料之物品，不論其年份或價值，均

可能須申領許可證或證書方可出口至香港境外，且由香

港境外國家進口時可能須申領其他許可證或證書。務請

注意，能取得出口許可證或證書並不能確保可在另一國

家取得進口許可證或證書，反之亦然。例如，將歷時不

足一百年之象牙進口至美國即屬非法。競投人應向相關

政府查核有關野生動物植物進口之規定後再參與競投。

買家須負責取得任何出口或進口許可證或證書，以及任

何其他所需文件。

RESTRICTED MATERIALS

Properties with a ▲ symbol have been identified

to be made of or containing restricted materials at

the time of the compiling of the catalogue, and the

materials concerned may be subject to import and

export restraints. Properties without this symbol it is not

guaranteed that Properties are not subject to import

and export restraints. For items made of botanic or

animal materials (coral, crocodile, ivory, whalebone,

tortoise, rhinoceros horn and Brazilian Rosewood, etc.)

or containing botanic or animal materials, regardless

of their year or value, may require an application for

permits or certificates before exporting outside Hong

Kong, and other application for permits or certificates

may be required when importing into countries outside

Hong Kong. Please pay attention that the ability to obtain

export permits or certificates does not ensure that

import permits or certifi cates 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.

電器及機械貨品

所有電器及機械貨品只按其裝飾價值出售，不應假設其

可運作。電器在作任何用途前必須經合格電器技師檢驗

和批核。

ELECTRICAL APPLIANCES AND MECHANICAL

MERCHANDISES

All electrical appliances and mechanical merchandise

are sold on an \"as is\" basis, and should not be assumed

that they operate. Before putting into any use, electrical

appliances must be inspected and approved by qualifi ed

electric technicians.

珠寶、鐘錶及手袋尚品

有關是次珠寶拍賣品的狀況陳述通常會載於圖錄上，然

而沒有說明不代表該拍賣品沒有缺陷、瑕疵或未經美化

處理。有色寶石的美化處理，如加熱、用油或放射等，

已被國際珠寶市場普遍接受。如該件拍賣品已向國際公

認寶石化驗所取得驗證報告，所知的重要事實及珠寶狀

況均已記載於圖錄上，本公司不會對驗證報告之準確性

承擔責任。本公司或不可能就每一件珠寶拍賣品取得驗

證報告，估價乃就當刻已知悉之所有資料而作出，競投

人應於拍賣前自行審看拍賣品，事後持不同意見不足構

成撤回或撤銷對該拍賣品之競投或延遲付款的理由。如

要求提供指定驗證報告，需另行付費及於拍賣會十四個

工作天前提出要求。競投人另需注意源自緬甸的寶石或

翡翠，可能會被禁止進口美國，此限制不足構成撤回或

撤銷對該拍賣品之競投或延遲付款的理由。

圖錄中的所有鐘錶拍賣品均以當刻的狀況賣出，競投人

應親自檢查拍賣品的狀況，圖錄中對各拍賣品的描述僅

供參考，沒有說明不代表該拍賣品狀況良好、沒有損壞

或不曾作過修復。狀況報告只屬保利香港拍賣專家的主

觀意見，可能並不完整，亦未必對所有零件更換、損壞

修復作出記錄。本公司不會對鐘錶拍賣品的運作、防水

性、個別零配件（包括錶帶）的真實性及是否原廠作出

保證。此外，競投人需注意美國對高級鐘錶的進口限制。

因印刷或攝影等技術原因造成拍賣品在圖錄及／或其它

任何形式的圖示，影像製品和宣傳品中的色調、顏色、

層次、形態等與原物存在誤差者，以原物為準。本公司

及其工作人員或其代理人對任何拍賣品用任何方式（包

括證書、圖錄、幻燈投影、新聞載體等）所作的介紹及

評價，均為參考性意見，不構成對拍賣品的任何擔保。

本公司及其工作人員或其代理人對上述之介紹及評價中

的不準確或遺漏之處不承擔責任。

免費提供的狀況報告及評級，是為方便買家而設，只

供參考，並不能代替閣下親身檢驗拍賣品或向專家尋求

專業意見。競投人應於拍賣前自行審查拍賣品，事後對

拍賣品的狀況有任何不滿不足構成撤回或撤銷對該拍賣

品之競投或延遲付款的理由。拍賣中所出售的拍賣品的

狀況可受多種因素如時間、先前的損壞、修復、維修及

磨損等影響而有較大變化。鐘錶評級是根據拍賣品的整

體狀況、品質、製作工藝、歷史價值、生產年代及稀有

程度而定，每件拍賣品均以拍賣時的實際狀況出售，保

利香港拍賣或賣家對於拍賣品的狀況不設任何聲明或保

證。買家承認及同意，任何出售均完全是買家的決定，

而過程中買家沒有依賴保利香港拍賣或賣家的任何陳述

或其他訊息（不論口頭或書面形式）。

鐘錶品相評級

評級 1：品相如新。鐘錶狀況如全新，沒有明顯使用或

放置痕跡，機芯製作圖錄時運作正常。

評級 1.5：品相極佳。鐘錶有極輕微放置痕跡，外殼或

有微細頭髮絲劃痕，但沒有明顯使用痕跡，機芯製作圖

錄時運作正常。

評級 2：品相非常好。鐘錶有輕微使用痕跡，外殼或有

輕微劃痕，機芯製作圖錄時運作正常。

評級 2.5：品相良好。鐘錶有明顯使用痕跡，外殼有明

顯刮花或劃刻，機芯製作圖錄時運作正常。

評級 3：品相尚可。鐘錶有非常明顯的使用痕跡，並有

明顯磨損或瑕疵，或需維修。

詳細的拍賣品品相狀況請參考品相報告

手袋尚品品相評級

評級 1：如新。看來從不曾使用過。沒有任何磨損跡象。

評級 1.5：嶄新。肉眼未見明顯使用痕跡，但因長期收

藏，可見輕微放置痕跡。

評級 2：處於原始狀態。在未受過訓練的人眼中是全新

的。可能會有輕微的狀況注意事項，但總體而言袋的狀

況幾近完美。

評級 3：狀況優良。看來較少使用表面幾乎沒有任何磨

損。可能會有少許 的狀況注意事項，但總體而言袋的

狀況優良。

評級 4：狀況非常良好。可能會有輕微的磨損。狀況非

常良好但邊角可能 呈現輕微的劃傷痕跡，底部可能會

出現輕微劃痕，而金屬配件亦可能會出現淺刮痕。

評級 5：狀況良好。有使用痕跡。狀況報告會顯示狀況

注意事項。

JEWELRY, WATCHES AND HANDBAGS

Description of the conditions of Jewelry Lot(s) usually

contained in the catalogue, however, absence of a

description does not imply that the Lot(s) is free from

defects or imperfection or beautification process.

Beautification processes of coloured gemstones, such

as heat enhancement, oiling or irradiation, etc, have

been generally accepted by the international jewellery

markets. If Poly Auction (Hong Kong) has obtained

gemological reports from internationally recognized

gemological laboratories for the Lot(s), all known

important facts and conditions of the Lot(s) have

contained in the catalogue, our Company assumes no

responsibility for the accuracy of the reports. It may

not be feasible for Poly Auction (Hong Kong) to obtain

laboratory reports for all Lot(s), the estimates are based

on all known information at the moment. Bidders must

inspect conditions of the Lot(s) by themselves before

the auction. Any dissent about conditions of the Lot(s)

after the bid shall not justify rescission or cancellation

of a sale or any delayed payment. If bidders request a

designated laboratory report for any Lot(s), such request

should be raised out 14 workings days before the auction

and at their own cost. Bidders should also be aware

that Lot(s) containing jadeite or gemstones originating

from Burma may not be allowed to be imported into the

U.S.. This will not constitute a ground for rescission or

cancellation of a sale or any delayed payment.

Lot(s) of clocks and watches in the catalogue will

be sold at current status (i.e. as is). Bidders should

personally inspect the conditions of the Lot(s) before

the auction. Descriptions of the Lot(s) in the catalogue

are for reference only. The absence of a description

does not imply that the Lot(s) is in good condition, free

from defects or restorations. Descriptions only reflect

subjective opinions of experts of Poly Auction (Hong

Kong), it is not a statement of facts, nor a complete

record of all repairs, component replacements or

restorations. Poly Auction (Hong Kong) makes no

guarantee on operation, water-resistance, authenticity

and originality of individual parts (including watchstrap)

of the Lot(s). In addition, bidders should be aware of the

import restrictions of the U.S. concerning luxury watches.

Where the tone, colour, graduation shape or any

other feature of the Lot shown in the catalogue and/

or any other illustrations, images and public materials

differ from those of the original Lot due to printing,

photography or other technical reasons, the original Lot

shall take precedence. Any introduction and appraisal of

any Lot made by the Company and its employees or its

agents in any way (including the certificate, catalogue,

slideshow and news media) are only opinions for

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

the aforesaid introduction or appraisal.

Condition reports and grades are provided free of charge

as a convenience to our buyers and are for guidance

only. They are not an alternative for examining a lot in

person or taking your own professional advice from

Specialists. Bidders must inspect the conditions of the

Lot (s) by themselves before the auction. Any dissent

about conditions of the Lot (s) after the bid shall not

justify rescission or cancellation of a sale or any delay in

payment. ﬔ e condition of lots sold in our auctions can

vary widely due to factors such as age, previous damage,

restoration, repair and wear tear. ﬔ e 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. ﬔ e buyers acknowledge and agree that any sale

is entirely the buyers' decision, and the buyers have

not relied upon any representation or other information

(whether oral or written) by Poly Auction (Hong Kong) or

by the seller.

Condition Grades of Watches

Grading 1: As new. ﬔ e timepiece appears with neither

signs of use nor ownership over time. ﬔ e movement is

in working order when cataloguing.

Grading 1.5: In excellent condition. The timepiece

appears with extremely slight signs of ownership over

time. It may exhibit very slight hairline scratches on the

case but no obvious signs of use. The movement is in

working order when cataloguing.

Grading 2: In very good condition. ﬔ e timepiece appears

with slight signs of use over time. It may exhibit slight

scratches on the case. ﬔ e movement is in working order

when cataloguing.

Grading 2.5: In good condition. The timepiece appears

with obvious signs of use and scratches on the case. ﬔ e

movement is in working order when cataloguing.

Grading 3: In fair condition. The timepiece appears

with very obvious signs of use and scratches/defects.

Maintenance may be required.

For more details, please refer to the Condition Report for

each Lot.

Condition Grades of Handbags

Grading 1: As new. Appears never to have been used. It

exhibits no signs of wear.

Grading 1.5: In mint condition; virtually new and unused

with very minor signs of ownership over time.

Grading 2: In pristine condition. To the untrained eye, it

may appear brand new. ﬔ ere may be a slight condition

note, but overall the piece is in excellent condition.

Grading 3: In excellent condition. ﬔ is is a piece that has

seldom been used and shows little to no wear. ﬔ ere may

be small condition issues to note overall the piece is in

excellent condition.

Grading 4: In very good condition. ﬔ is piece may show

signs of light wear. It is in very good condition but the

corners may show signs of light scuffi ng, the base may

show light scratches, and the hardware may exhibit light

marks.

Grading 5: In good condition. ﬔ is piece shows signifi cant

wear. ﬔ ere are condition issues that will be noted in the

condition report.

酒類及茶葉

有關是次酒類及茶葉拍賣品的陳述已列於圖錄上，本公

司提醒競投人應在競投前詳細了解拍賣品。競投人在現

場參與競投即視為競投人認可並接受所競投拍賣品之包

裝、品質、狀態等，競投人競投成功後對拍賣品持不同

意見，不足構成撤回或撤銷對該拍賣品之競投或延遲付

款的理由。買家提貨時請審慎驗貨。買家 ( 或其代理人 )

簽收後，即表示已接受拍賣品之狀況及質量，包括但不

限於貨品包裝盒、標籤、耗損量、酒塞上等存在的缺陷

或瑕疵，且無異議。

ALCOHOL AND TEA

The descriptions about the auction of alcohol and

tea are being stated in the catalogue. Our Company

reminds bidders to learn more about the auctioned

products before bidding. Bidder's participation in

bidding at auction is deemed as the bidder's approval

and acceptance of the package, quality and status of

the auctioned items. Any different opinion formed by

the bidders aft er successful bidding, will not constitute

a valid reason to withdraw or cancel the bid and

delay payment for the auctioned item. Buyers should

cautiously inspect the auctioned item during collection.

Upon acknowledging receipt of the auctioned item by

the buyer (or his agent), the buyer confirms that he or

she has accepted the state and quality including but

not limited to any defect or fl aw on, e.g. the packaging,

labels, level of wear and tear, cork, etc., of the auctioned

items without any objection.

語言文本

本公司業務規則、重要通告、目錄編列方法之說明、競

投登記須知、財務付款通知、拍賣品提存運送出口須知

及載於圖錄、由拍賣官公佈或於拍賣會場以通告形式提

供之所有其他條款、條件、通知、表格等文件以及本圖

錄中拍賣品之描述，均以中文文本為準，英文文本僅供

參考。

LANGUAGE

The Chinese version of the Conditions of Business,

Important Notice, Explanation of Cataloguing Practice,

Important Notice about Bidding Registration, Important

Notice about Payment, Important Notice about

Storage Collection Shipping and Export and all other

documents such as the terms, conditions, notices, forms

etc. contained in this catalogue, announced by the

auctioneer or provided at the saleroom as well as the

descriptions of the Properties in this catalogue of our

Company shall be binding and the English version is for

reference only.

版權

本圖錄版權屬本公司所有。未經本公司書面許可，不得

以任何形式對本圖錄的任何部分進行複製或進行其他任

何形式的使用。

COPYRIGHT

ﬔ e copyright of this catalogue belongs to our Company.

Without the written permission of our Company, no parts

of this catalogue shall be reproduced in any way or used

in any other way.

解釋權

本公司業務規則、重要通告、目錄編列方法之說明、競

投登記須知、財務付款須知、拍賣品提存運送出口須知

及載於圖錄、由拍賣官公佈或於拍賣會場以通告形式提

供之所有其他條款、條件、通知、表格等文件的解釋權

均由本公司行使。

RIGHT OF INTERPRETATION

ﬔ e right of interpretation in respect of the Conditions of

Business, Important Notice, Explanation of Cataloguing

Practice, Important Notice about Bidding Registration,

Important Notice about Payment, Important Notice

about Storage Collection Shipping and Export and all

other documents such as the terms, conditions, notices,

forms, etc. contained in this catalogue, announced by

the auctioneer or provided at the salesroom, shall be

exercised by our Company.

重要通告

IMPORTANT NOTICES

保利香港拍賣有限公司（以下稱為「保利香港拍賣」或

「本公司」）舉辦的拍賣活動均依據本圖錄中所附之業

務規則、重要通告、競投登記須知、財務付款須知及拍

賣品提存運送出口須知進行，參加拍賣活動的競投人須

仔細閱讀並予以遵守。該等業務規則及規定可以以公告

或口頭通知形式進行修改，而不需要另行通知。

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 notifi cation

without prior notice.

下文旨在給予閣下有關如何在拍賣會上競投之實用資

料。於本圖錄前部份所列之保利香港拍賣職員將樂意協

助閣下。然而，閣下務須詳閱下列資料，並須注意保利

香港拍賣乃賣方之代表。

The following pages are designed to give you useful

information on how to bid at auctions. Poly Auction (Hong

Kong)'s staff as listed at the front of this catalogue will

be happy to assist you. However, it is important that you

read the following information carefully and note that

Poly Auction (Hong Kong) acts for the seller.

展品之出處

在某些情況下，若展品出處之資料擁有學術價值或是為

人熟悉且能協助鑑別該展品，保利香港拍賣會在圖錄內

刊印有關資料。但基於不同理由，賣方或上手物主之身

份或不會被揭露，如因應賣方要求將身份保密或因展品

年代久遠以致上手物主之身份不詳等。

PROVENANCE

In certain circumstances, Poly Auction (Hong Kong) may

print in the catalogue the history of ownership of a work

of art if such information contributes to scholarship or

is otherwise well known and assists in distinguishing

the work of art. However, the identity of the seller or

previous owners may not be disclosed for a variety of

reasons. For example, such information may be excluded

to accommodate a seller's request for confi dentiality or

because the identity of prior owners is unknown given

the age of the work of art.

買家支付之佣金

買家應支付本公司佣金 。佣金按每件拍賣品落槌價之

百分之二十（20%）計算。

BUYER'S PREMIUM

A buyer's premium will be added to the Hammer Price

and is payable by the buyer as part of the total purchase

price. ﬔ e buyer's premium is 20% of the hammer price

of each Lot up.

拍賣品之狀況

競投人應於拍賣前之預展中審看拍賣品，並對自己的競

投行為承擔責任（包括但不限於法律責任）。如欲進一

步瞭解拍賣品資料，請向業務人員諮詢。如圖錄中未說

明拍賣品之狀況，不表示該拍賣品沒有缺陷或瑕疵。

CONDITIONS OF THE PROPERTIES

Bidder must review the Lot(s) in the preview before the

auction, and bear all responsibilities (including but not

limited to legal liability and/or responsibility) of their

bidding acts. For more information on the Properties,

please consult our business staff . If the conditions of a

Property are not described in the catalogue, this does

not mean that the Property has no weakness or defects.

受限制物料

附有▲符號之拍賣品於編制圖錄當時已識別為含有受

限制物料，而有關物料可能受到進出口之限制。有關資

料為方便競投人查閱，而無附有該符號並非保證該拍賣

品並無進出口之限制。由植物或動物材料（如珊瑚、鱷

魚、象牙、鯨骨、玳瑁、犀牛角及巴西玫瑰木等）製成

或含有植物或動物材料之物品，不論其年份或價值，均

可能須申領許可證或證書方可出口至香港境外，且由香

港境外國家進口時可能須申領其他許可證或證書。務請

注意，能取得出口許可證或證書並不能確保可在另一國

家取得進口許可證或證書，反之亦然。例如，將歷時不

足一百年之象牙進口至美國即屬非法。競投人應向相關

政府查核有關野生動物植物進口之規定後再參與競投。

買家須負責取得任何出口或進口許可證或證書，以及任

何其他所需文件。

RESTRICTED MATERIALS

Properties with a ▲ symbol have been identified

to be made of or containing restricted materials at

the time of the compiling of the catalogue, and the

materials concerned may be subject to import and

export restraints. Properties without this symbol it is not

guaranteed that Properties are not subject to import

and export restraints. For items made of botanic or

animal materials (coral, crocodile, ivory, whalebone,

tortoise, rhinoceros horn and Brazilian Rosewood, etc.)

or containing botanic or animal materials, regardless

of their year or value, may require an application for

permits or certificates before exporting outside Hong

Kong, and other application for permits or certificates

may be required when importing into countries outside

Hong Kong. Please pay attention that the ability to obtain

export permits or certificates does not ensure that

import permits or certifi cates 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.

電器及機械貨品

所有電器及機械貨品只按其裝飾價值出售，不應假設其

可運作。電器在作任何用途前必須經合格電器技師檢驗

和批核。

ELECTRICAL APPLIANCES AND MECHANICAL

MERCHANDISES

All electrical appliances and mechanical merchandise

are sold on an \"as is\" basis, and should not be assumed

that they operate. Before putting into any use, electrical

appliances must be inspected and approved by qualifi ed

electric technicians.

珠寶、鐘錶及手袋尚品

有關是次珠寶拍賣品的狀況陳述通常會載於圖錄上，然

而沒有說明不代表該拍賣品沒有缺陷、瑕疵或未經美化

處理。有色寶石的美化處理，如加熱、用油或放射等，

已被國際珠寶市場普遍接受。如該件拍賣品已向國際公

認寶石化驗所取得驗證報告，所知的重要事實及珠寶狀

況均已記載於圖錄上，本公司不會對驗證報告之準確性

承擔責任。本公司或不可能就每一件珠寶拍賣品取得驗

證報告，估價乃就當刻已知悉之所有資料而作出，競投

人應於拍賣前自行審看拍賣品，事後持不同意見不足構

成撤回或撤銷對該拍賣品之競投或延遲付款的理由。如

要求提供指定驗證報告，需另行付費及於拍賣會十四個

工作天前提出要求。競投人另需注意源自緬甸的寶石或

翡翠，可能會被禁止進口美國，此限制不足構成撤回或

撤銷對該拍賣品之競投或延遲付款的理由。

圖錄中的所有鐘錶拍賣品均以當刻的狀況賣出，競投人

應親自檢查拍賣品的狀況，圖錄中對各拍賣品的描述僅

供參考，沒有說明不代表該拍賣品狀況良好、沒有損壞

或不曾作過修復。狀況報告只屬保利香港拍賣專家的主

觀意見，可能並不完整，亦未必對所有零件更換、損壞

修復作出記錄。本公司不會對鐘錶拍賣品的運作、防水

性、個別零配件（包括錶帶）的真實性及是否原廠作出

保證。此外，競投人需注意美國對高級鐘錶的進口限制。

因印刷或攝影等技術原因造成拍賣品在圖錄及／或其它

任何形式的圖示，影像製品和宣傳品中的色調、顏色、

層次、形態等與原物存在誤差者，以原物為準。本公司

及其工作人員或其代理人對任何拍賣品用任何方式（包

括證書、圖錄、幻燈投影、新聞載體等）所作的介紹及

評價，均為參考性意見，不構成對拍賣品的任何擔保。

本公司及其工作人員或其代理人對上述之介紹及評價中

的不準確或遺漏之處不承擔責任。

免費提供的狀況報告及評級，是為方便買家而設，只

供參考，並不能代替閣下親身檢驗拍賣品或向專家尋求

專業意見。競投人應於拍賣前自行審查拍賣品，事後對

拍賣品的狀況有任何不滿不足構成撤回或撤銷對該拍賣

品之競投或延遲付款的理由。拍賣中所出售的拍賣品的

狀況可受多種因素如時間、先前的損壞、修復、維修及

磨損等影響而有較大變化。鐘錶評級是根據拍賣品的整

體狀況、品質、製作工藝、歷史價值、生產年代及稀有

程度而定，每件拍賣品均以拍賣時的實際狀況出售，保

利香港拍賣或賣家對於拍賣品的狀況不設任何聲明或保

證。買家承認及同意，任何出售均完全是買家的決定，

而過程中買家沒有依賴保利香港拍賣或賣家的任何陳述

或其他訊息（不論口頭或書面形式）。

鐘錶品相評級

評級 1：品相如新。鐘錶狀況如全新，沒有明顯使用或

放置痕跡，機芯製作圖錄時運作正常。

評級 1.5：品相極佳。鐘錶有極輕微放置痕跡，外殼或

有微細頭髮絲劃痕，但沒有明顯使用痕跡，機芯製作圖

錄時運作正常。

評級 2：品相非常好。鐘錶有輕微使用痕跡，外殼或有

輕微劃痕，機芯製作圖錄時運作正常。

評級 2.5：品相良好。鐘錶有明顯使用痕跡，外殼有明

顯刮花或劃刻，機芯製作圖錄時運作正常。

評級 3：品相尚可。鐘錶有非常明顯的使用痕跡，並有

明顯磨損或瑕疵，或需維修。

詳細的拍賣品品相狀況請參考品相報告

手袋尚品品相評級

評級 1：如新。看來從不曾使用過。沒有任何磨損跡象。

評級 1.5：嶄新。肉眼未見明顯使用痕跡，但因長期收

藏，可見輕微放置痕跡。

評級 2：處於原始狀態。在未受過訓練的人眼中是全新

的。可能會有輕微的狀況注意事項，但總體而言袋的狀

況幾近完美。

評級 3：狀況優良。看來較少使用表面幾乎沒有任何磨

損。可能會有少許 的狀況注意事項，但總體而言袋的

狀況優良。

評級 4：狀況非常良好。可能會有輕微的磨損。狀況非

常良好但邊角可能 呈現輕微的劃傷痕跡，底部可能會

出現輕微劃痕，而金屬配件亦可能會出現淺刮痕。

評級 5：狀況良好。有使用痕跡。狀況報告會顯示狀況

注意事項。

JEWELRY, WATCHES AND HANDBAGS

Description of the conditions of Jewelry Lot(s) usually

contained in the catalogue, however, absence of a

description does not imply that the Lot(s) is free from

defects or imperfection or beautification process.

Beautification processes of coloured gemstones, such

as heat enhancement, oiling or irradiation, etc, have

been generally accepted by the international jewellery

markets. If Poly Auction (Hong Kong) has obtained

gemological reports from internationally recognized

gemological laboratories for the Lot(s), all known

important facts and conditions of the Lot(s) have

contained in the catalogue, our Company assumes no

responsibility for the accuracy of the reports. It may

not be feasible for Poly Auction (Hong Kong) to obtain

laboratory reports for all Lot(s), the estimates are based

on all known information at the moment. Bidders must

inspect conditions of the Lot(s) by themselves before

the auction. Any dissent about conditions of the Lot(s)

after the bid shall not justify rescission or cancellation

of a sale or any delayed payment. If bidders request a

designated laboratory report for any Lot(s), such request

should be raised out 14 workings days before the auction

and at their own cost. Bidders should also be aware

that Lot(s) containing jadeite or gemstones originating

from Burma may not be allowed to be imported into the

U.S.. This will not constitute a ground for rescission or

cancellation of a sale or any delayed payment.

Lot(s) of clocks and watches in the catalogue will

be sold at current status (i.e. as is). Bidders should

personally inspect the conditions of the Lot(s) before

the auction. Descriptions of the Lot(s) in the catalogue

are for reference only. The absence of a description

does not imply that the Lot(s) is in good condition, free

from defects or restorations. Descriptions only reflect

subjective opinions of experts of Poly Auction (Hong

Kong), it is not a statement of facts, nor a complete

record of all repairs, component replacements or

restorations. Poly Auction (Hong Kong) makes no

guarantee on operation, water-resistance, authenticity

and originality of individual parts (including watchstrap)

of the Lot(s). In addition, bidders should be aware of the

import restrictions of the U.S. concerning luxury watches.

Where the tone, colour, graduation shape or any

other feature of the Lot shown in the catalogue and/

or any other illustrations, images and public materials

differ from those of the original Lot due to printing,

photography or other technical reasons, the original Lot

shall take precedence. Any introduction and appraisal of

any Lot made by the Company and its employees or its

agents in any way (including the certificate, catalogue,

slideshow and news media) are only opinions for

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

the aforesaid introduction or appraisal.

Condition reports and grades are provided free of charge

as a convenience to our buyers and are for guidance

only. They are not an alternative for examining a lot in

person or taking your own professional advice from

Specialists. Bidders must inspect the conditions of the

Lot (s) by themselves before the auction. Any dissent

about conditions of the Lot (s) after the bid shall not

justify rescission or cancellation of a sale or any delay in

payment. ﬔ e condition of lots sold in our auctions can

vary widely due to factors such as age, previous damage,

restoration, repair and wear tear. ﬔ e 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. ﬔ e buyers acknowledge and agree that any sale

is entirely the buyers' decision, and the buyers have

not relied upon any representation or other information

(whether oral or written) by Poly Auction (Hong Kong) or

by the seller.

Condition Grades of Watches

Grading 1: As new. ﬔ e timepiece appears with neither

signs of use nor ownership over time. ﬔ e movement is

in working order when cataloguing.

Grading 1.5: In excellent condition. The timepiece

appears with extremely slight signs of ownership over

time. It may exhibit very slight hairline scratches on the

case but no obvious signs of use. The movement is in

working order when cataloguing.

Grading 2: In very good condition. ﬔ e timepiece appears

with slight signs of use over time. It may exhibit slight

scratches on the case. ﬔ e movement is in working order

when cataloguing.

Grading 2.5: In good condition. The timepiece appears

with obvious signs of use and scratches on the case. ﬔ e

movement is in working order when cataloguing.

Grading 3: In fair condition. The timepiece appears

with very obvious signs of use and scratches/defects.

Maintenance may be required.

For more details, please refer to the Condition Report for

each Lot.

Condition Grades of Handbags

Grading 1: As new. Appears never to have been used. It

exhibits no signs of wear.

Grading 1.5: In mint condition; virtually new and unused

with very minor signs of ownership over time.

Grading 2: In pristine condition. To the untrained eye, it

may appear brand new. ﬔ ere may be a slight condition

note, but overall the piece is in excellent condition.

Grading 3: In excellent condition. ﬔ is is a piece that has

seldom been used and shows little to no wear. ﬔ ere may

be small condition issues to note overall the piece is in

excellent condition.

Grading 4: In very good condition. ﬔ is piece may show

signs of light wear. It is in very good condition but the

corners may show signs of light scuffi ng, the base may

show light scratches, and the hardware may exhibit light

marks.

Grading 5: In good condition. ﬔ is piece shows signifi cant

wear. ﬔ ere are condition issues that will be noted in the

condition report.

酒類及茶葉

有關是次酒類及茶葉拍賣品的陳述已列於圖錄上，本公

司提醒競投人應在競投前詳細了解拍賣品。競投人在現

場參與競投即視為競投人認可並接受所競投拍賣品之包

裝、品質、狀態等，競投人競投成功後對拍賣品持不同

意見，不足構成撤回或撤銷對該拍賣品之競投或延遲付

款的理由。買家提貨時請審慎驗貨。買家 ( 或其代理人 )

簽收後，即表示已接受拍賣品之狀況及質量，包括但不

限於貨品包裝盒、標籤、耗損量、酒塞上等存在的缺陷

或瑕疵，且無異議。

ALCOHOL AND TEA

The descriptions about the auction of alcohol and

tea are being stated in the catalogue. Our Company

reminds bidders to learn more about the auctioned

products before bidding. Bidder's participation in

bidding at auction is deemed as the bidder's approval

and acceptance of the package, quality and status of

the auctioned items. Any different opinion formed by

the bidders aft er successful bidding, will not constitute

a valid reason to withdraw or cancel the bid and

delay payment for the auctioned item. Buyers should

cautiously inspect the auctioned item during collection.

Upon acknowledging receipt of the auctioned item by

the buyer (or his agent), the buyer confirms that he or

she has accepted the state and quality including but

not limited to any defect or fl aw on, e.g. the packaging,

labels, level of wear and tear, cork, etc., of the auctioned

items without any objection.

語言文本

本公司業務規則、重要通告、目錄編列方法之說明、競

投登記須知、財務付款通知、拍賣品提存運送出口須知

及載於圖錄、由拍賣官公佈或於拍賣會場以通告形式提

供之所有其他條款、條件、通知、表格等文件以及本圖

錄中拍賣品之描述，均以中文文本為準，英文文本僅供

參考。

LANGUAGE

The Chinese version of the Conditions of Business,

Important Notice, Explanation of Cataloguing Practice,

Important Notice about Bidding Registration, Important

Notice about Payment, Important Notice about

Storage Collection Shipping and Export and all other

documents such as the terms, conditions, notices, forms

etc. contained in this catalogue, announced by the

auctioneer or provided at the saleroom as well as the

descriptions of the Properties in this catalogue of our

Company shall be binding and the English version is for

reference only.

版權

本圖錄版權屬本公司所有。未經本公司書面許可，不得

以任何形式對本圖錄的任何部分進行複製或進行其他任

何形式的使用。

COPYRIGHT

ﬔ e copyright of this catalogue belongs to our Company.

Without the written permission of our Company, no parts

of this catalogue shall be reproduced in any way or used

in any other way.

解釋權

本公司業務規則、重要通告、目錄編列方法之說明、競

投登記須知、財務付款須知、拍賣品提存運送出口須知

及載於圖錄、由拍賣官公佈或於拍賣會場以通告形式提

供之所有其他條款、條件、通知、表格等文件的解釋權

均由本公司行使。

RIGHT OF INTERPRETATION

ﬔ e right of interpretation in respect of the Conditions of

Business, Important Notice, Explanation of Cataloguing

Practice, Important Notice about Bidding Registration,

Important Notice about Payment, Important Notice

about Storage Collection Shipping and Export and all

other documents such as the terms, conditions, notices,

forms, etc. contained in this catalogue, announced by

the auctioneer or provided at the salesroom, shall be

exercised by our Company.

重要通告

IMPORTANT NOTICES

保利香港拍賣有限公司（以下稱為「保利香港拍賣」或

「本公司」）舉辦的拍賣活動均依據本圖錄中所附之業

務規則、重要通告、競投登記須知、財務付款須知及拍

賣品提存運送出口須知進行，參加拍賣活動的競投人須

仔細閱讀並予以遵守。該等業務規則及規定可以以公告

或口頭通知形式進行修改，而不需要另行通知。

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 notifi cation

without prior notice.

下文旨在給予閣下有關如何在拍賣會上競投之實用資

料。於本圖錄前部份所列之保利香港拍賣職員將樂意協

助閣下。然而，閣下務須詳閱下列資料，並須注意保利

香港拍賣乃賣方之代表。

The following pages are designed to give you useful

information on how to bid at auctions. Poly Auction (Hong

Kong)'s staff as listed at the front of this catalogue will

be happy to assist you. However, it is important that you

read the following information carefully and note that

Poly Auction (Hong Kong) acts for the seller.

展品之出處

在某些情況下，若展品出處之資料擁有學術價值或是為

人熟悉且能協助鑑別該展品，保利香港拍賣會在圖錄內

刊印有關資料。但基於不同理由，賣方或上手物主之身

份或不會被揭露，如因應賣方要求將身份保密或因展品

年代久遠以致上手物主之身份不詳等。

PROVENANCE

In certain circumstances, Poly Auction (Hong Kong) may

print in the catalogue the history of ownership of a work

of art if such information contributes to scholarship or

is otherwise well known and assists in distinguishing

the work of art. However, the identity of the seller or

previous owners may not be disclosed for a variety of

reasons. For example, such information may be excluded

to accommodate a seller's request for confi dentiality or

because the identity of prior owners is unknown given

the age of the work of art.

買家支付之佣金

買家應支付本公司佣金 。佣金按每件拍賣品落槌價之

百分之二十（20%）計算。

BUYER'S PREMIUM

A buyer's premium will be added to the Hammer Price

and is payable by the buyer as part of the total purchase

price. ﬔ e buyer's premium is 20% of the hammer price

of each Lot up.

拍賣品之狀況

競投人應於拍賣前之預展中審看拍賣品，並對自己的競

投行為承擔責任（包括但不限於法律責任）。如欲進一

步瞭解拍賣品資料，請向業務人員諮詢。如圖錄中未說

明拍賣品之狀況，不表示該拍賣品沒有缺陷或瑕疵。

CONDITIONS OF THE PROPERTIES

Bidder must review the Lot(s) in the preview before the

auction, and bear all responsibilities (including but not

limited to legal liability and/or responsibility) of their

bidding acts. For more information on the Properties,

please consult our business staff . If the conditions of a

Property are not described in the catalogue, this does

not mean that the Property has no weakness or defects.

受限制物料

附有▲符號之拍賣品於編制圖錄當時已識別為含有受

限制物料，而有關物料可能受到進出口之限制。有關資

料為方便競投人查閱，而無附有該符號並非保證該拍賣

品並無進出口之限制。由植物或動物材料（如珊瑚、鱷

魚、象牙、鯨骨、玳瑁、犀牛角及巴西玫瑰木等）製成

或含有植物或動物材料之物品，不論其年份或價值，均

可能須申領許可證或證書方可出口至香港境外，且由香

港境外國家進口時可能須申領其他許可證或證書。務請

注意，能取得出口許可證或證書並不能確保可在另一國

家取得進口許可證或證書，反之亦然。例如，將歷時不

足一百年之象牙進口至美國即屬非法。競投人應向相關

政府查核有關野生動物植物進口之規定後再參與競投。

買家須負責取得任何出口或進口許可證或證書，以及任

何其他所需文件。

RESTRICTED MATERIALS

Properties with a ▲ symbol have been identified

to be made of or containing restricted materials at

the time of the compiling of the catalogue, and the

materials concerned may be subject to import and

export restraints. Properties without this symbol it is not

guaranteed that Properties are not subject to import

and export restraints. For items made of botanic or

animal materials (coral, crocodile, ivory, whalebone,

tortoise, rhinoceros horn and Brazilian Rosewood, etc.)

or containing botanic or animal materials, regardless

of their year or value, may require an application for

permits or certificates before exporting outside Hong

Kong, and other application for permits or certificates

may be required when importing into countries outside

Hong Kong. Please pay attention that the ability to obtain

export permits or certificates does not ensure that

import permits or certifi cates 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.

電器及機械貨品

所有電器及機械貨品只按其裝飾價值出售，不應假設其

可運作。電器在作任何用途前必須經合格電器技師檢驗

和批核。

ELECTRICAL APPLIANCES AND MECHANICAL

MERCHANDISES

All electrical appliances and mechanical merchandise

are sold on an \"as is\" basis, and should not be assumed

that they operate. Before putting into any use, electrical

appliances must be inspected and approved by qualifi ed

electric technicians.

珠寶、鐘錶及手袋尚品

有關是次珠寶拍賣品的狀況陳述通常會載於圖錄上，然

而沒有說明不代表該拍賣品沒有缺陷、瑕疵或未經美化

處理。有色寶石的美化處理，如加熱、用油或放射等，

已被國際珠寶市場普遍接受。如該件拍賣品已向國際公

認寶石化驗所取得驗證報告，所知的重要事實及珠寶狀

況均已記載於圖錄上，本公司不會對驗證報告之準確性

承擔責任。本公司或不可能就每一件珠寶拍賣品取得驗

證報告，估價乃就當刻已知悉之所有資料而作出，競投

人應於拍賣前自行審看拍賣品，事後持不同意見不足構

成撤回或撤銷對該拍賣品之競投或延遲付款的理由。如

要求提供指定驗證報告，需另行付費及於拍賣會十四個

工作天前提出要求。競投人另需注意源自緬甸的寶石或

翡翠，可能會被禁止進口美國，此限制不足構成撤回或

撤銷對該拍賣品之競投或延遲付款的理由。

圖錄中的所有鐘錶拍賣品均以當刻的狀況賣出，競投人

應親自檢查拍賣品的狀況，圖錄中對各拍賣品的描述僅

供參考，沒有說明不代表該拍賣品狀況良好、沒有損壞

或不曾作過修復。狀況報告只屬保利香港拍賣專家的主

觀意見，可能並不完整，亦未必對所有零件更換、損壞

修復作出記錄。本公司不會對鐘錶拍賣品的運作、防水

性、個別零配件（包括錶帶）的真實性及是否原廠作出

保證。此外，競投人需注意美國對高級鐘錶的進口限制。

因印刷或攝影等技術原因造成拍賣品在圖錄及／或其它

任何形式的圖示，影像製品和宣傳品中的色調、顏色、

層次、形態等與原物存在誤差者，以原物為準。本公司

及其工作人員或其代理人對任何拍賣品用任何方式（包

括證書、圖錄、幻燈投影、新聞載體等）所作的介紹及

評價，均為參考性意見，不構成對拍賣品的任何擔保。

本公司及其工作人員或其代理人對上述之介紹及評價中

的不準確或遺漏之處不承擔責任。

免費提供的狀況報告及評級，是為方便買家而設，只

供參考，並不能代替閣下親身檢驗拍賣品或向專家尋求

專業意見。競投人應於拍賣前自行審查拍賣品，事後對

拍賣品的狀況有任何不滿不足構成撤回或撤銷對該拍賣

品之競投或延遲付款的理由。拍賣中所出售的拍賣品的

狀況可受多種因素如時間、先前的損壞、修復、維修及

磨損等影響而有較大變化。鐘錶評級是根據拍賣品的整

體狀況、品質、製作工藝、歷史價值、生產年代及稀有

程度而定，每件拍賣品均以拍賣時的實際狀況出售，保

利香港拍賣或賣家對於拍賣品的狀況不設任何聲明或保

證。買家承認及同意，任何出售均完全是買家的決定，

而過程中買家沒有依賴保利香港拍賣或賣家的任何陳述

或其他訊息（不論口頭或書面形式）。

鐘錶品相評級

評級 1：品相如新。鐘錶狀況如全新，沒有明顯使用或

放置痕跡，機芯製作圖錄時運作正常。

評級 1.5：品相極佳。鐘錶有極輕微放置痕跡，外殼或

有微細頭髮絲劃痕，但沒有明顯使用痕跡，機芯製作圖

錄時運作正常。

評級 2：品相非常好。鐘錶有輕微使用痕跡，外殼或有

輕微劃痕，機芯製作圖錄時運作正常。

評級 2.5：品相良好。鐘錶有明顯使用痕跡，外殼有明

顯刮花或劃刻，機芯製作圖錄時運作正常。

評級 3：品相尚可。鐘錶有非常明顯的使用痕跡，並有

明顯磨損或瑕疵，或需維修。

詳細的拍賣品品相狀況請參考品相報告

手袋尚品品相評級

評級 1：如新。看來從不曾使用過。沒有任何磨損跡象。

評級 1.5：嶄新。肉眼未見明顯使用痕跡，但因長期收

藏，可見輕微放置痕跡。

評級 2：處於原始狀態。在未受過訓練的人眼中是全新

的。可能會有輕微的狀況注意事項，但總體而言袋的狀

況幾近完美。

評級 3：狀況優良。看來較少使用表面幾乎沒有任何磨

損。可能會有少許 的狀況注意事項，但總體而言袋的

狀況優良。

評級 4：狀況非常良好。可能會有輕微的磨損。狀況非

常良好但邊角可能 呈現輕微的劃傷痕跡，底部可能會

出現輕微劃痕，而金屬配件亦可能會出現淺刮痕。

評級 5：狀況良好。有使用痕跡。狀況報告會顯示狀況

注意事項。

JEWELRY, WATCHES AND HANDBAGS

Description of the conditions of Jewelry Lot(s) usually

contained in the catalogue, however, absence of a

description does not imply that the Lot(s) is free from

defects or imperfection or beautification process.

Beautification processes of coloured gemstones, such

as heat enhancement, oiling or irradiation, etc, have

been generally accepted by the international jewellery

markets. If Poly Auction (Hong Kong) has obtained

gemological reports from internationally recognized

gemological laboratories for the Lot(s), all known

important facts and conditions of the Lot(s) have

contained in the catalogue, our Company assumes no

responsibility for the accuracy of the reports. It may

not be feasible for Poly Auction (Hong Kong) to obtain

laboratory reports for all Lot(s), the estimates are based

on all known information at the moment. Bidders must

inspect conditions of the Lot(s) by themselves before

the auction. Any dissent about conditions of the Lot(s)

after the bid shall not justify rescission or cancellation

of a sale or any delayed payment. If bidders request a

designated laboratory report for any Lot(s), such request

should be raised out 14 workings days before the auction

and at their own cost. Bidders should also be aware

that Lot(s) containing jadeite or gemstones originating

from Burma may not be allowed to be imported into the

U.S.. This will not constitute a ground for rescission or

cancellation of a sale or any delayed payment.

Lot(s) of clocks and watches in the catalogue will

be sold at current status (i.e. as is). Bidders should

personally inspect the conditions of the Lot(s) before

the auction. Descriptions of the Lot(s) in the catalogue

are for reference only. The absence of a description

does not imply that the Lot(s) is in good condition, free

from defects or restorations. Descriptions only reflect

subjective opinions of experts of Poly Auction (Hong

Kong), it is not a statement of facts, nor a complete

record of all repairs, component replacements or

restorations. Poly Auction (Hong Kong) makes no

guarantee on operation, water-resistance, authenticity

and originality of individual parts (including watchstrap)

of the Lot(s). In addition, bidders should be aware of the

import restrictions of the U.S. concerning luxury watches.

Where the tone, colour, graduation shape or any

other feature of the Lot shown in the catalogue and/

or any other illustrations, images and public materials

differ from those of the original Lot due to printing,

photography or other technical reasons, the original Lot

shall take precedence. Any introduction and appraisal of

any Lot made by the Company and its employees or its

agents in any way (including the certificate, catalogue,

slideshow and news media) are only opinions for

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

the aforesaid introduction or appraisal.

Condition reports and grades are provided free of charge

as a convenience to our buyers and are for guidance

only. They are not an alternative for examining a lot in

person or taking your own professional advice from

Specialists. Bidders must inspect the conditions of the

Lot (s) by themselves before the auction. Any dissent

about conditions of the Lot (s) after the bid shall not

justify rescission or cancellation of a sale or any delay in

payment. ﬔ e condition of lots sold in our auctions can

vary widely due to factors such as age, previous damage,

restoration, repair and wear tear. ﬔ e 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. ﬔ e buyers acknowledge and agree that any sale

is entirely the buyers' decision, and the buyers have

not relied upon any representation or other information

(whether oral or written) by Poly Auction (Hong Kong) or

by the seller.

Condition Grades of Watches

Grading 1: As new. ﬔ e timepiece appears with neither

signs of use nor ownership over time. ﬔ e movement is

in working order when cataloguing.

Grading 1.5: In excellent condition. The timepiece

appears with extremely slight signs of ownership over

time. It may exhibit very slight hairline scratches on the

case but no obvious signs of use. The movement is in

working order when cataloguing.

Grading 2: In very good condition. ﬔ e timepiece appears

with slight signs of use over time. It may exhibit slight

scratches on the case. ﬔ e movement is in working order

when cataloguing.

Grading 2.5: In good condition. The timepiece appears

with obvious signs of use and scratches on the case. ﬔ e

movement is in working order when cataloguing.

Grading 3: In fair condition. The timepiece appears

with very obvious signs of use and scratches/defects.

Maintenance may be required.

For more details, please refer to the Condition Report for

each Lot.

Condition Grades of Handbags

Grading 1: As new. Appears never to have been used. It

exhibits no signs of wear.

Grading 1.5: In mint condition; virtually new and unused

with very minor signs of ownership over time.

Grading 2: In pristine condition. To the untrained eye, it

may appear brand new. ﬔ ere may be a slight condition

note, but overall the piece is in excellent condition.

Grading 3: In excellent condition. ﬔ is is a piece that has

seldom been used and shows little to no wear. ﬔ ere may

be small condition issues to note overall the piece is in

excellent condition.

Grading 4: In very good condition. ﬔ is piece may show

signs of light wear. It is in very good condition but the

corners may show signs of light scuffi ng, the base may

show light scratches, and the hardware may exhibit light

marks.

Grading 5: In good condition. ﬔ is piece shows signifi cant

wear. ﬔ ere are condition issues that will be noted in the

condition report.

酒類及茶葉

有關是次酒類及茶葉拍賣品的陳述已列於圖錄上，本公

司提醒競投人應在競投前詳細了解拍賣品。競投人在現

場參與競投即視為競投人認可並接受所競投拍賣品之包

裝、品質、狀態等，競投人競投成功後對拍賣品持不同

意見，不足構成撤回或撤銷對該拍賣品之競投或延遲付

款的理由。買家提貨時請審慎驗貨。買家 ( 或其代理人 )

簽收後，即表示已接受拍賣品之狀況及質量，包括但不

限於貨品包裝盒、標籤、耗損量、酒塞上等存在的缺陷

或瑕疵，且無異議。

ALCOHOL AND TEA

The descriptions about the auction of alcohol and

tea are being stated in the catalogue. Our Company

reminds bidders to learn more about the auctioned

products before bidding. Bidder's participation in

bidding at auction is deemed as the bidder's approval

and acceptance of the package, quality and status of

the auctioned items. Any different opinion formed by

the bidders aft er successful bidding, will not constitute

a valid reason to withdraw or cancel the bid and

delay payment for the auctioned item. Buyers should

cautiously inspect the auctioned item during collection.

Upon acknowledging receipt of the auctioned item by

the buyer (or his agent), the buyer confirms that he or

she has accepted the state and quality including but

not limited to any defect or fl aw on, e.g. the packaging,

labels, level of wear and tear, cork, etc., of the auctioned

items without any objection.

語言文本

本公司業務規則、重要通告、目錄編列方法之說明、競

投登記須知、財務付款通知、拍賣品提存運送出口須知

及載於圖錄、由拍賣官公佈或於拍賣會場以通告形式提

供之所有其他條款、條件、通知、表格等文件以及本圖

錄中拍賣品之描述，均以中文文本為準，英文文本僅供

參考。

LANGUAGE

The Chinese version of the Conditions of Business,

Important Notice, Explanation of Cataloguing Practice,

Important Notice about Bidding Registration, Important

Notice about Payment, Important Notice about

Storage Collection Shipping and Export and all other

documents such as the terms, conditions, notices, forms

etc. contained in this catalogue, announced by the

auctioneer or provided at the saleroom as well as the

descriptions of the Properties in this catalogue of our

Company shall be binding and the English version is for

reference only.

版權

本圖錄版權屬本公司所有。未經本公司書面許可，不得

以任何形式對本圖錄的任何部分進行複製或進行其他任

何形式的使用。

COPYRIGHT

ﬔ e copyright of this catalogue belongs to our Company.

Without the written permission of our Company, no parts

of this catalogue shall be reproduced in any way or used

in any other way.

解釋權

本公司業務規則、重要通告、目錄編列方法之說明、競

投登記須知、財務付款須知、拍賣品提存運送出口須知

及載於圖錄、由拍賣官公佈或於拍賣會場以通告形式提

供之所有其他條款、條件、通知、表格等文件的解釋權

均由本公司行使。

RIGHT OF INTERPRETATION

ﬔ e right of interpretation in respect of the Conditions of

Business, Important Notice, Explanation of Cataloguing

Practice, Important Notice about Bidding Registration,

Important Notice about Payment, Important Notice

about Storage Collection Shipping and Export and all

other documents such as the terms, conditions, notices,

forms, etc. contained in this catalogue, announced by

the auctioneer or provided at the salesroom, shall be

exercised by our Company.

目錄編列方法之說明

EXPLANATION OF CATALOGUING PRACTICE

保利香港拍賣在受委託拍賣品中的權益

保利香港拍賣可能不時提供其或其附屬公司部分或全部擁

有之拍賣品。該等拍賣品在目錄中的拍賣編號旁註有△

號，以供識別。保利香港拍賣有時在受委託出售的拍賣品

中有直接的財政權益，這可能包括保証最低出售價格或以

受委託拍賣品作抵押預先支付委託人該等拍賣品於目錄中

其拍賣編號旁註有□號以供識別。倘若保利香港拍賣在目

錄中的每一項拍賣品均有著擁有或財政權益，則保利香港

拍賣將不在每一項拍賣品旁註上符號，但將於目錄的前部

份聲明其權益。

POLY AUCTION (HONG KONG) INTEREST IN

PROPERTY CONSIGNED FOR AUCTION

From time to time, Poly Auction (Hong Kong) may offer a lot

which it owns in whole or in part. Such property is identified

in the catalogue with the symbol Δ next to the lot number.

On occasion, Poly Auction (Hong Kong) has a direct financial

interest in lots consigned for sale which may include

guaranteeing a minimum price or making an advance to

the consignor that is secured solely by consigned property.

Such property is identified in the catalogue by the symbol

□ next to the lot number. This symbol will be used both in

cases where Poly Auction (Hong Kong) holds the financial

interest on its own, and in cases where Poly Auction (Hong

Kong) has financed all or a part of such interest through a

third party. Such third parties generally benefit financially if

a guaranteed lot is sold successfully and may incur a loss

if the sale is not successful. The financing offered by a third

party may be in the form of an irrevocable bid provided by

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.

所有量度皆為約數及狀況報告

保利香港拍賣目錄只會在多類型作品（例如印刷品、書本、

酒類及茶葉）的描述中提及狀況事宜。至於其他所有拍賣

品，除列明重整或替換部分外，均無其他狀況聲明。如欲

索取某拍賣品的狀況報告，請與專家聯絡。狀況報告乃保

利香港拍賣向有興趣客戶提供的一項服務。準買家應注意

每項拍賣品均以現狀出售，拍賣品的描述並不可作保證。

ALL MEASUREMENTS ARE APPROXIMATES AND

CONDITION REPORTS

Poly Auction (Hong Kong) catalogues include references to

condition only in descriptions of multiple works (such as

prints, books, alcohol and tea). For all other properties, no

statement of the condition is made, and only alterations

or replacement components are listed. Please contact the

Specialist Department for a condition report on a particular

lot. Condition reports are provided as a service to interested

clients. Prospective buyers should note that descriptions of

property are not warranties and that each lot is sold on an

\"as is\" basis.

本目錄採用之貨幣兌換率

7.85 港元 =1 美元

本目錄中標示的貨幣兌換率是根據目錄付印時的兌換率設

定，可能與拍賣當日兌換率有差別。競投者請注意，所有

貨品的估價均是多月前擬定，並非一成不變，拍賣時可能

會作出調整。

CATALOGUE EXCHANGE RATE

HK$7.85 = US$1

The rate of exchange was established at the latest practical

date prior to the printing of the catalogue and may therefore

have changed by the time of the sale. Bidders should bear in

mind that estimates are prepared well in advance of the sale

and are not definitive. They are subject to revision.

目錄編列方法之說明

有關相片、圖畫、印刷品及微型書畫之規定

下列詞語於本目錄中具有以下意義。請注意本目錄中有關

作者身份的所有聲明均按照本公司之業務規則及有限保證

的條款而作出。買家應親自檢視各拍賣品的狀況，亦可向

保利香港拍賣要求提供書面狀況報告。

一、目錄內註明藝術家之姓名或認可名稱之作品，保利香

港拍賣無條件地認為是屬於該藝術家之作品。

二、「認為是＿＿＿之作品」指以保利香港拍賣合資格之

意見認為，某作品全部或部份是藝術家之創作。

三、「＿＿＿之創作室」及「＿＿＿之工作室」指以保利

香港拍賣合資格之意見認為，某作品在某藝術家之創

作室或工作室完成，可能在他監督下完成。

四、「＿＿＿時期」指以保利香港拍賣合資格之意見認為，

某作品屬於某藝術家一個時期之創作，並且反映出該

藝術家之創作風格。

五、「跟隨＿＿＿風格」指以保利香港拍賣合資格之意見

認為，某作品具有某藝術家之風格，但未必是該藝術

家門生之作品。

六、「具有＿＿＿創作手法」指以保利香港拍賣合資格之

意見認為，某作品具有某藝術家之風格，但於較後時

期完成。

七、「＿＿＿複製品」指以保利香港拍賣合資格之意見認

為，某作品是某藝術家作品之複製品（任何日期）。

八、「簽名＿＿＿」、「日期＿＿＿」、「題寫＿＿＿」

指以保利香港拍賣合資格之意見認為，某作品由某藝

術家簽名／寫上日期／題詞。

九、「附有＿＿＿簽名」、「附有＿＿＿之題詞」指以保

利香港拍賣合資格之意見認為某簽名／題詞應不是某

藝術家所為。

十、「附有＿＿＿日期」指以保利香港拍賣合資格之意見

認為，並非於該日期完成。

於本目錄編列方法之說明中此詞語及其定義為對作者身份

而言之有規限說明。雖然本詞語之使用，乃基於審慎研究

及代表專家之意見，保利香港拍賣及委託人於目錄內使用

此詞語及其所描述之拍賣品及其作者身份之真確及可信

性，並不承擔及接受任何風險、義務或責任，而有限保證

條款，亦不適用於以此詞語所描述的拍賣品。

EXPLANATION OF CATALOGUING PRACTICE

FOR PICTURES, DRAWINGS, PRINTS AND

MINIATURES

Terms used in this catalogue have the meanings ascribed to

them below. Please note that all statements in this catalogue

as to authorship are made subject to the provisions of the

Conditions of Business and Limited Warranty.

Buyers are advised to inspect the property themselves.

Written condition reports are usually available on request.

1. Name(s) or Recognized Designation of an Artist without

any Qualification in Poly Auction (Hong Kong)'s opinion a

work by the artist.

2. \"Attributed to ...\" in Poly Auction (Hong Kong)'s qualified

opinion is probably a work by the artist in whole or in part.

3. \"Studio of ...\" / \"Workshop of ...\" in Poly Auction (Hong

Kong)'s qualified opinion a work executed in the studio or

workshop of the artist, possibly under his supervision.

4. \"Circle of ...\" in Poly Auction (Hong Kong)'s qualified

opinion a work of the period of the artist and showing his

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

opinion is a work executed in the artist's style but of a later

date.

7. \"After ...\" in Poly Auction (Hong Kong)'s qualified opinion a

copy (of any date) of a work of the artist.

8. \"Signed ...\" / \"Dated ...\" / \"Inscribed ...\" in Poly Auction

(Hong Kong)'s qualified opinion the work has been signed/

dated/inscribed by the artist.

9. \"With signature ...\" / \"With inscription...\" / in Poly Auction

(Hong Kong)'s qualified opinion the signature/inscription

appears to be by a hand other than that of the artist.

10. \"With date ...\" in Poly Auction (Hong Kong)'s qualified

opinion, the date on the item was not executed on that date.

This term and its definition in this Explanation of Cataloguing

Practice are a qualified statement as to authorship. While the

use of this term is based upon careful study and represents

the opinion of specialists, Poly Auction (Hong Kong) and

the consignor assume no risk, liability and responsibility for

the authenticity of authorship of any lot in this catalogue

described by this term, and the Limited Warranty shall not be

available with respect to lots described using this term.

業務規則

第一章 總則

第一條

除另有約定外，保利香港拍賣有限公司作為賣家之代理人。

拍賣品之成交合約則為賣家與買家之間的合約。本規則、載

於圖錄或由拍賣官公佈或於拍賣會場以通告形式提供之所

有其他條款、條件及通知均構成賣家、買家及 / 或保利香港

拍賣有限公司作為拍賣代理之協定條款。

第二條 定義及釋義

( 一 ) 本規則各條款內，下列詞語具有以下含義：

(1)“本公司”指保利香港拍賣有限公司 ;

(2)“賣家”指委託本公司業務規則規定範圍內拍賣品的自然

人、法人或者其它組織。本規則中除非另有說明或根據文義

特殊需要，賣家均包括賣家的代理人（不包括本公司）、遺囑

執行人或遺產代理人；

(3)“競投人”指以任何方式考慮、作出或嘗試競投之任何人

士、公司、法團或單位。本規則中，除非另有說明或根據文義

特殊需要，競投人均包括競投人的代理人；

(4)“買家”指在本公司舉辦的拍賣活動中，拍賣官所接納之

最高競投價或要約之競投人包括以代理人身份競投之人士

之委託人；

(5)“買家須支付之佣金”指買家根據本規則所載費率按落槌

價須向本公司支付之佣金；

(6)“拍賣品”指賣家委託本公司進行拍賣及於拍賣會上被拍賣

的物品，尤其指任何圖錄內編有任何編號而加以說明的物品；

(7)“拍賣日”指本公司通告公佈的正式進行拍賣交易之日。

若公佈的開始日期與開始拍賣活動實際日期不一致，則以拍

賣活動實際開始之日為准；

(8)“拍賣成交日”指在本公司舉辦的拍賣活動中拍賣官以落

槌或者以其他公開表示買定的方式確認任何拍賣品達成交

易的日期；

(9)“拍賣官”指本公司指定主持某場拍賣的人員；

(10)“落槌價”指拍賣官落槌決定將拍賣品售予買家的價格，

或若為拍賣會後交易，則為協定出售價；

(11)“出售所得款項淨額”指支付賣家的款項淨額，該淨額為

落槌價減去按比率計算的佣金、各項費用及賣家應支付本公

司的其他款項後的餘額 ;

(12)“購買價款”指買家因購買拍賣品而應支付的包括落槌價、

全部佣金。應由買家支付的其它各項費用以及因買家不履行

義務而應當支付的所有費用在內的總和；

(13)“買家負責的各項費用”指與本公司出售拍賣品相關的

支出和費用，包括但不限於本公司對拍賣品購買保險、包裝、

運輸、儲存、保管、買家額外要求的有關任何拍賣品之測試、

調查、查詢或鑒定之費用或向違約買家追討之開支、法律費

用等；

(14)“保留價”指賣家與本公司確定的且不公開之拍賣品之

最低售價；

(15)“估價”指在拍賣品圖錄或其他介紹說明文字之後標明

的拍賣品估計售價，不包括買家須支付之內佣金；

(16)“儲存費”指買家按本規則規定應向本公司支付的儲存

費用。

( 二 ) 在本規則條款中，根據上下文義，單數詞語亦包括複數

詞語，反之亦然。

第三條 適用範圍

凡參加本公司組織的拍賣活動的當事人各方，包括賣家、競

投人、買家和其他相關各方（包括但不限於賣家、競投人、買

家或買家的代理人），均應視為完全接受本規則條款的約定，

受本規則約束，在本公司組織的拍賣活動中遵守本規則的規

定，享有本規則規定的權利，承擔本規則規定的義務。如書

面協定與本規則不一致的部分，以書面協定為准。

在本公司組織的拍賣活動中參與競投的競投人，無論是自己

親自出席或者由代理人出席競投，無論是以在拍賣活動中舉

牌競投，還是以委託競投、電話或任何其他方式競投，均被

視為完全接受本規則。

參加本公司組織的拍賣活動的當事人各方之間發生的各種爭

議，均應按照本規則的約定加以解決。

第四條 特別提示

凡參加本公司拍賣活動的競投人和買家應仔細閱讀並遵守本

規則。競投人及 / 或買家應特別仔細閱讀本規則所載之本公司

之責任及限制、免責條款。競投人及 / 或其代理人有責任親自

審看拍賣品原物，並對自己競投拍賣品的行為承擔法律責任。

在本公司舉辦的拍賣活動中，競投人的應價經拍賣官落槌或

者以其他公開表示買定的方式確認時，即表明關於拍賣品的

買賣合同關係已合法生效，該競投人即成為該拍賣品的買家。

本公司、賣家及買家應承認拍賣品已出售、成交的事實，並享

有法律規定及本規則約定的權利，承擔法律規定和本規則約

定的義務。任何一方不履行義務的均應承擔相應的法律責

任。本公司可以通過在拍賣會場張貼公告或者通過拍賣官在

拍賣會上宣佈的方式對本規則進行修改。

第二章 關於賣家

第五條　委託程序

賣家委託本公司拍賣其物品時：

一、賣家若為自然人，必須憑政府發出附有照片的身份證明

文件（如居民身份證或護照）並與本公司簽署委託拍賣合同；

二、賣家若為法人或其他組織的，應持有效註冊登記文件、

股東證明文件或者合法的授權委託證明文件，並與本公司簽

署委託拍賣合同；

三、賣家與本公司簽署委託拍賣合同時，即自動授權本公司

對該物品自行製作照片、圖示，圖錄或其它形式的影像製品。

第六條　賣家之代理人

代理賣家委託本公司拍賣物品的，應向本公司出具相關委託

證明文件。包括：

一、若為自然人的，必須持有有效身份證明；

二、賣家的代理人若為法人或者其他組織的，須持有有效註

冊登記文件、股東證明文件；

三、經合法程式做出的授權委託書。本公司有權對上述檔以

合法的方式進行核查。

第七條　賣家之保證

賣家就其委託本公司拍賣的拍賣品不可撤銷地向本公司及

買家保證如下：

一、其對該拍賣品擁有絕對的所有權或享有合法的處分權，

對該拍賣品的拍賣不會侵害任何第三方的合法權益（包括著

作權權益），亦不違反相關法律、法規的規定；

二、其已盡其所知，就該拍賣品的來源和瑕疵向本公司進行

了全面、詳盡及準確的披露和說明，並以書面形式通知本公

司，不存在任何隱瞞或虛構之處；若拍賣品為酒類及茶葉，

賣家須詳盡披露包括但不限於包裝盒、標籤、耗損量、酒塞

上等存在的缺陷戒瑕疵。

三、賣家並無受限於其營運所在的司法管轄區的貿易制裁、

禁運或任何其他貿易限制，亦無受限於香港法律、歐盟法律、

英格蘭及威爾斯法律或美國法律及法規下的貿易制裁、禁運

或任何其他貿易限制，亦非受上述各項制裁的人士（一個或

多個）（統稱「受制裁人士」）所擁有（或部分擁有）或控制；

四、拍賣品與任何犯罪活動沒有關連或任何聯繫，也並非來

自任何犯罪活動，包括但不限於逃稅、洗錢、恐怖主義活動

或其他犯罪活動，賣家亦無被調查，或被控告或被判犯有（包

括但不限於）逃稅、洗錢、恐怖主義活動或其他犯罪活動；

五、若拍賣品由外地進口香港，賣家應保證符合來源地法律，

並且進出口手續完成並以書面形式通知本公司；

六、若拍賣品為受限制物品，賣家須確保拍賣品不抵觸任何

香港法例（包括《公眾衞生及市政條例》、《食物安全條例》

及《保護瀕臨危動植物物種條例》等），並確保及向本公司

披露其具有依照香港法例規定之任何牌照資格或許可而管

有、處置或出售拍賣品。賣家保證，如本公司需要向有關機構

作出額外的牌照或許可申請方可拍賣、展示、處置或管有拍

賣品，會在拍賣舉行不少於兩個月前以書面告知。

七、賣家保證拍賣品是正品，同時賣家保證：

(a) 拍賣品不是以下物品的贗品：

(i) 若賣家描述拍賣品是某藝術家、作者或生產商之作品或

產品的話，即該藝術家、作者或生產商之作品或產品；

(ii) 若賣家描述拍賣品是某時期或某文化製作的作品，即該

時期或該文化製作之作品；

(iii) 若賣家描述拍賣品來自某來源的話，即為該來源之作品

或產品；或

(iv) 若賣家描述拍賣品曾經過或以某工序、過程或手法製造、

加工或修復等，即經過該工序、過程或手法的作品或產品。

(b) 就鐘錶和珠寶而言，除了以上第 7(a) 條款提到的保證，

賣家進一步保證，拍賣品的確是按照賣家描述的製作過程而

製作的，是由賣家描述的物料和材料而構成的，也從未經過

賣家描述的修復工序以外的其他修復工序。

(c) 就寶石而言，除了以上第 7(a) 條款提到的保證，賣家進

一步保證，拍賣品從未經過賣家描述的美化工序以外的其

他美化工序。

八、賣家謹此承諾，任何出售所得款項淨額均不會轉讓至或

用於任何受制裁人士以使該等受制裁人士得益，而交易任何

一方（包括金融機構、貨運代理公司或其他貨運代理或任何

其他方）均不是受制裁人士，亦不是由受制裁人士所擁有（或

部分擁有）或控制，但如對交易有管轄權的政府當局書面授

權上述活動，或適用法律或法規授權上述活動，則不在此限。

九、如賣家擔任另一方（「委託人」）的代理人（就本規則而

言稱為「代理人」），代理人以其本身的身份保證（除上文載

列的保證外）：(i) 代理人與委託人就拍賣品的安排或其他安

排（全部或部分）均非協助稅務罪行；(ii) 代理人已根據所有

適用反洗錢、反恐怖主義及制裁法律及法規對委託人進行

適當的客戶盡職審查，不知道亦沒有理由懷疑代理人的拍賣

品與任何犯罪活動（包括但不限於逃稅、洗錢、恐怖主義活

動或其他犯罪活動）的得益有關連或任何聯繫，也不知道亦

沒有理由懷疑委託人被調查，或被控告或被判犯有（不限於）

逃稅、洗錢、恐怖主義活動或其他犯罪活動；以及 (iii) 代理

人將向本公司披露其委託人的身份，代理人亦同意本公司以

代理人的盡職審查作為依據，代理人會保留盡職審查的證

明文件不少於五年時間。代理人會在接獲本公司書面提出的

要求後，從速提供上述文件供獨立第三方立即查閱。

十、本公司保留查找已收款項來源的權利，以及就與本公司交

易的任何人士進行查詢的權利。如本公司就賣家、（如賣家擔

任代理人）代理人和其委託人或買方進行的反洗錢、反恐怖

主義籌資查詢或其他本公司認為合適的查核，未完成至其滿

意的程度（滿意程度由其酌情決定），本公司有權不完成或取

消（視適用情況而定）任何拍賣品的出售，並採取適用法律規

定或容許的任何進一步行動，而不對賣家承擔任何法律責任。

十一、如賣家違反任何上述保證及承諾，賣家同意完全彌償

本公司及／或買家因此而招致公司及／或買家蒙受任何損

失，費用開支或支出。

第八條　保留價

一、除本公司與賣家約定無保留價的拍賣品外，所有拍賣品

均設有保留價。保留價由本公司與賣家通過協商書面確定。

保留價數目一經雙方確定，其更改須事先徵得對方同意。

二、除非另行以書面協定，每項拍賣品的保留價將會是告知

賣家的拍賣前低位估價的百分之七十五（75%）。

三、保留價不得高於本公司所公佈或刊登的最終拍賣前低位

估價。倘若保留價以非港元設定同時沒有書面協定匯率，則

保留價為按照拍賣前三十個曆日的香港匯豐銀行電匯匯率

平均價計算的港元等值金額。

四、經賣家授權之拍賣標的未成交之後，拍賣方有權以其保

留價在該次拍賣會後出售，賣家須向拍賣方支付佣金。在任

何情況下，本公司不對某一拍賣品在本公司舉辦的拍賣會中

未達保留價不成交而承擔任何責任。

第九條　本公司的決定權

本公司對下列事宜擁有完全的決定權：

一、通過拍賣品圖錄及／或新聞媒體及／或其它載體對任何

拍賣品做任何內容說明及／或評價；

二、是否應徵詢任何專家意見；

三、拍賣品在圖錄中插圖、拍賣品展覽及其它形式的拍賣品

宣傳，推廣活動中的安排及所應支付費用的標準；

四、某拍賣品是否適合本公司拍賣；

五、拍賣日期、拍賣地點、拍賣條件及拍賣方式等事宜。

若發生本公司按理無法控制的情況，或發生令本公司不能履

行委託拍賣合同下義務的情況（包括但不限於火災、洪水、自

然災害或其他天災；任何暴動、罷工、或其他民眾或勞工騷亂；

交通或其他基礎建設停擺，或無法確保有充足的勞動力、電

源、基本商品或必需設備；任何戰爭、武裝衝突或恐怖襲擊；

在簽立委託拍賣合同後政府作出任何行為或制定或實施任

何規定禁止或限制有關拍賣（一場或多場）、拍賣品出售或

委託拍賣合同擬履行的任何其他義務；任何疾病爆發、公共

衛生緊急事態、隔離、流行病、大流行、核污染或化學污染，

或其他本公司按其合理酌情權釐定為危及本公司人員、賣方

或客戶生命、健康或安全的情況），導致本公司在履行委託

目錄編列方法之說明

EXPLANATION OF CATALOGUING PRACTICE

保利香港拍賣在受委託拍賣品中的權益

保利香港拍賣可能不時提供其或其附屬公司部分或全部擁

有之拍賣品。該等拍賣品在目錄中的拍賣編號旁註有△

號，以供識別。保利香港拍賣有時在受委託出售的拍賣品

中有直接的財政權益，這可能包括保証最低出售價格或以

受委託拍賣品作抵押預先支付委託人該等拍賣品於目錄中

其拍賣編號旁註有□號以供識別。倘若保利香港拍賣在目

錄中的每一項拍賣品均有著擁有或財政權益，則保利香港

拍賣將不在每一項拍賣品旁註上符號，但將於目錄的前部

份聲明其權益。

POLY AUCTION (HONG KONG) INTEREST IN

PROPERTY CONSIGNED FOR AUCTION

From time to time, Poly Auction (Hong Kong) may offer a lot

which it owns in whole or in part. Such property is identified

in the catalogue with the symbol Δ next to the lot number.

On occasion, Poly Auction (Hong Kong) has a direct financial

interest in lots consigned for sale which may include

guaranteeing a minimum price or making an advance to

the consignor that is secured solely by consigned property.

Such property is identified in the catalogue by the symbol

□ next to the lot number. This symbol will be used both in

cases where Poly Auction (Hong Kong) holds the financial

interest on its own, and in cases where Poly Auction (Hong

Kong) has financed all or a part of such interest through a

third party. Such third parties generally benefit financially if

a guaranteed lot is sold successfully and may incur a loss

if the sale is not successful. The financing offered by a third

party may be in the form of an irrevocable bid provided by

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.

所有量度皆為約數及狀況報告

保利香港拍賣目錄只會在多類型作品（例如印刷品、書本、

酒類及茶葉）的描述中提及狀況事宜。至於其他所有拍賣

品，除列明重整或替換部分外，均無其他狀況聲明。如欲

索取某拍賣品的狀況報告，請與專家聯絡。狀況報告乃保

利香港拍賣向有興趣客戶提供的一項服務。準買家應注意

每項拍賣品均以現狀出售，拍賣品的描述並不可作保證。

ALL MEASUREMENTS ARE APPROXIMATES AND

CONDITION REPORTS

Poly Auction (Hong Kong) catalogues include references to

condition only in descriptions of multiple works (such as

prints, books, alcohol and tea). For all other properties, no

statement of the condition is made, and only alterations

or replacement components are listed. Please contact the

Specialist Department for a condition report on a particular

lot. Condition reports are provided as a service to interested

clients. Prospective buyers should note that descriptions of

property are not warranties and that each lot is sold on an

\"as is\" basis.

本目錄採用之貨幣兌換率

7.85 港元 =1 美元

本目錄中標示的貨幣兌換率是根據目錄付印時的兌換率設

定，可能與拍賣當日兌換率有差別。競投者請注意，所有

貨品的估價均是多月前擬定，並非一成不變，拍賣時可能

會作出調整。

CATALOGUE EXCHANGE RATE

HK$7.85 = US$1

The rate of exchange was established at the latest practical

date prior to the printing of the catalogue and may therefore

have changed by the time of the sale. Bidders should bear in

mind that estimates are prepared well in advance of the sale

and are not definitive. They are subject to revision.

目錄編列方法之說明

有關相片、圖畫、印刷品及微型書畫之規定

下列詞語於本目錄中具有以下意義。請注意本目錄中有關

作者身份的所有聲明均按照本公司之業務規則及有限保證

的條款而作出。買家應親自檢視各拍賣品的狀況，亦可向

保利香港拍賣要求提供書面狀況報告。

一、目錄內註明藝術家之姓名或認可名稱之作品，保利香

港拍賣無條件地認為是屬於該藝術家之作品。

二、「認為是＿＿＿之作品」指以保利香港拍賣合資格之

意見認為，某作品全部或部份是藝術家之創作。

三、「＿＿＿之創作室」及「＿＿＿之工作室」指以保利

香港拍賣合資格之意見認為，某作品在某藝術家之創

作室或工作室完成，可能在他監督下完成。

四、「＿＿＿時期」指以保利香港拍賣合資格之意見認為，

某作品屬於某藝術家一個時期之創作，並且反映出該

藝術家之創作風格。

五、「跟隨＿＿＿風格」指以保利香港拍賣合資格之意見

認為，某作品具有某藝術家之風格，但未必是該藝術

家門生之作品。

六、「具有＿＿＿創作手法」指以保利香港拍賣合資格之

意見認為，某作品具有某藝術家之風格，但於較後時

期完成。

七、「＿＿＿複製品」指以保利香港拍賣合資格之意見認

為，某作品是某藝術家作品之複製品（任何日期）。

八、「簽名＿＿＿」、「日期＿＿＿」、「題寫＿＿＿」

指以保利香港拍賣合資格之意見認為，某作品由某藝

術家簽名／寫上日期／題詞。

九、「附有＿＿＿簽名」、「附有＿＿＿之題詞」指以保

利香港拍賣合資格之意見認為某簽名／題詞應不是某

藝術家所為。

十、「附有＿＿＿日期」指以保利香港拍賣合資格之意見

認為，並非於該日期完成。

於本目錄編列方法之說明中此詞語及其定義為對作者身份

而言之有規限說明。雖然本詞語之使用，乃基於審慎研究

及代表專家之意見，保利香港拍賣及委託人於目錄內使用

此詞語及其所描述之拍賣品及其作者身份之真確及可信

性，並不承擔及接受任何風險、義務或責任，而有限保證

條款，亦不適用於以此詞語所描述的拍賣品。

EXPLANATION OF CATALOGUING PRACTICE

FOR PICTURES, DRAWINGS, PRINTS AND

MINIATURES

Terms used in this catalogue have the meanings ascribed to

them below. Please note that all statements in this catalogue

as to authorship are made subject to the provisions of the

Conditions of Business and Limited Warranty.

Buyers are advised to inspect the property themselves.

Written condition reports are usually available on request.

1. Name(s) or Recognized Designation of an Artist without

any Qualification in Poly Auction (Hong Kong)'s opinion a

work by the artist.

2. \"Attributed to ...\" in Poly Auction (Hong Kong)'s qualified

opinion is probably a work by the artist in whole or in part.

3. \"Studio of ...\" / \"Workshop of ...\" in Poly Auction (Hong

Kong)'s qualified opinion a work executed in the studio or

workshop of the artist, possibly under his supervision.

4. \"Circle of ...\" in Poly Auction (Hong Kong)'s qualified

opinion a work of the period of the artist and showing his

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

opinion is a work executed in the artist's style but of a later

date.

7. \"After ...\" in Poly Auction (Hong Kong)'s qualified opinion a

copy (of any date) of a work of the artist.

8. \"Signed ...\" / \"Dated ...\" / \"Inscribed ...\" in Poly Auction

(Hong Kong)'s qualified opinion the work has been signed/

dated/inscribed by the artist.

9. \"With signature ...\" / \"With inscription...\" / in Poly Auction

(Hong Kong)'s qualified opinion the signature/inscription

appears to be by a hand other than that of the artist.

10. \"With date ...\" in Poly Auction (Hong Kong)'s qualified

opinion, the date on the item was not executed on that date.

This term and its definition in this Explanation of Cataloguing

Practice are a qualified statement as to authorship. While the

use of this term is based upon careful study and represents

the opinion of specialists, Poly Auction (Hong Kong) and

the consignor assume no risk, liability and responsibility for

the authenticity of authorship of any lot in this catalogue

described by this term, and the Limited Warranty shall not be

available with respect to lots described using this term.

業務規則

第一章 總則

第一條

除另有約定外，保利香港拍賣有限公司作為賣家之代理人。

拍賣品之成交合約則為賣家與買家之間的合約。本規則、載

於圖錄或由拍賣官公佈或於拍賣會場以通告形式提供之所

有其他條款、條件及通知均構成賣家、買家及 / 或保利香港

拍賣有限公司作為拍賣代理之協定條款。

第二條 定義及釋義

( 一 ) 本規則各條款內，下列詞語具有以下含義：

(1)“本公司”指保利香港拍賣有限公司 ;

(2)“賣家”指委託本公司業務規則規定範圍內拍賣品的自然

人、法人或者其它組織。本規則中除非另有說明或根據文義

特殊需要，賣家均包括賣家的代理人（不包括本公司）、遺囑

執行人或遺產代理人；

(3)“競投人”指以任何方式考慮、作出或嘗試競投之任何人

士、公司、法團或單位。本規則中，除非另有說明或根據文義

特殊需要，競投人均包括競投人的代理人；

(4)“買家”指在本公司舉辦的拍賣活動中，拍賣官所接納之

最高競投價或要約之競投人包括以代理人身份競投之人士

之委託人；

(5)“買家須支付之佣金”指買家根據本規則所載費率按落槌

價須向本公司支付之佣金；

(6)“拍賣品”指賣家委託本公司進行拍賣及於拍賣會上被拍賣

的物品，尤其指任何圖錄內編有任何編號而加以說明的物品；

(7)“拍賣日”指本公司通告公佈的正式進行拍賣交易之日。

若公佈的開始日期與開始拍賣活動實際日期不一致，則以拍

賣活動實際開始之日為准；

(8)“拍賣成交日”指在本公司舉辦的拍賣活動中拍賣官以落

槌或者以其他公開表示買定的方式確認任何拍賣品達成交

易的日期；

(9)“拍賣官”指本公司指定主持某場拍賣的人員；

(10)“落槌價”指拍賣官落槌決定將拍賣品售予買家的價格，

或若為拍賣會後交易，則為協定出售價；

(11)“出售所得款項淨額”指支付賣家的款項淨額，該淨額為

落槌價減去按比率計算的佣金、各項費用及賣家應支付本公

司的其他款項後的餘額 ;

(12)“購買價款”指買家因購買拍賣品而應支付的包括落槌價、

全部佣金。應由買家支付的其它各項費用以及因買家不履行

義務而應當支付的所有費用在內的總和；

(13)“買家負責的各項費用”指與本公司出售拍賣品相關的

支出和費用，包括但不限於本公司對拍賣品購買保險、包裝、

運輸、儲存、保管、買家額外要求的有關任何拍賣品之測試、

調查、查詢或鑒定之費用或向違約買家追討之開支、法律費

用等；

(14)“保留價”指賣家與本公司確定的且不公開之拍賣品之

最低售價；

(15)“估價”指在拍賣品圖錄或其他介紹說明文字之後標明

的拍賣品估計售價，不包括買家須支付之內佣金；

(16)“儲存費”指買家按本規則規定應向本公司支付的儲存

費用。

( 二 ) 在本規則條款中，根據上下文義，單數詞語亦包括複數

詞語，反之亦然。

第三條 適用範圍

凡參加本公司組織的拍賣活動的當事人各方，包括賣家、競

投人、買家和其他相關各方（包括但不限於賣家、競投人、買

家或買家的代理人），均應視為完全接受本規則條款的約定，

受本規則約束，在本公司組織的拍賣活動中遵守本規則的規

定，享有本規則規定的權利，承擔本規則規定的義務。如書

面協定與本規則不一致的部分，以書面協定為准。

在本公司組織的拍賣活動中參與競投的競投人，無論是自己

親自出席或者由代理人出席競投，無論是以在拍賣活動中舉

牌競投，還是以委託競投、電話或任何其他方式競投，均被

視為完全接受本規則。

參加本公司組織的拍賣活動的當事人各方之間發生的各種爭

議，均應按照本規則的約定加以解決。

第四條 特別提示

凡參加本公司拍賣活動的競投人和買家應仔細閱讀並遵守本

規則。競投人及 / 或買家應特別仔細閱讀本規則所載之本公司

之責任及限制、免責條款。競投人及 / 或其代理人有責任親自

審看拍賣品原物，並對自己競投拍賣品的行為承擔法律責任。

在本公司舉辦的拍賣活動中，競投人的應價經拍賣官落槌或

者以其他公開表示買定的方式確認時，即表明關於拍賣品的

買賣合同關係已合法生效，該競投人即成為該拍賣品的買家。

本公司、賣家及買家應承認拍賣品已出售、成交的事實，並享

有法律規定及本規則約定的權利，承擔法律規定和本規則約

定的義務。任何一方不履行義務的均應承擔相應的法律責

任。本公司可以通過在拍賣會場張貼公告或者通過拍賣官在

拍賣會上宣佈的方式對本規則進行修改。

第二章 關於賣家

第五條　委託程序

賣家委託本公司拍賣其物品時：

一、賣家若為自然人，必須憑政府發出附有照片的身份證明

文件（如居民身份證或護照）並與本公司簽署委託拍賣合同；

二、賣家若為法人或其他組織的，應持有效註冊登記文件、

股東證明文件或者合法的授權委託證明文件，並與本公司簽

署委託拍賣合同；

三、賣家與本公司簽署委託拍賣合同時，即自動授權本公司

對該物品自行製作照片、圖示，圖錄或其它形式的影像製品。

第六條　賣家之代理人

代理賣家委託本公司拍賣物品的，應向本公司出具相關委託

證明文件。包括：

一、若為自然人的，必須持有有效身份證明；

二、賣家的代理人若為法人或者其他組織的，須持有有效註

冊登記文件、股東證明文件；

三、經合法程式做出的授權委託書。本公司有權對上述檔以

合法的方式進行核查。

第七條　賣家之保證

賣家就其委託本公司拍賣的拍賣品不可撤銷地向本公司及

買家保證如下：

一、其對該拍賣品擁有絕對的所有權或享有合法的處分權，

對該拍賣品的拍賣不會侵害任何第三方的合法權益（包括著

作權權益），亦不違反相關法律、法規的規定；

二、其已盡其所知，就該拍賣品的來源和瑕疵向本公司進行

了全面、詳盡及準確的披露和說明，並以書面形式通知本公

司，不存在任何隱瞞或虛構之處；若拍賣品為酒類及茶葉，

賣家須詳盡披露包括但不限於包裝盒、標籤、耗損量、酒塞

上等存在的缺陷戒瑕疵。

三、賣家並無受限於其營運所在的司法管轄區的貿易制裁、

禁運或任何其他貿易限制，亦無受限於香港法律、歐盟法律、

英格蘭及威爾斯法律或美國法律及法規下的貿易制裁、禁運

或任何其他貿易限制，亦非受上述各項制裁的人士（一個或

多個）（統稱「受制裁人士」）所擁有（或部分擁有）或控制；

四、拍賣品與任何犯罪活動沒有關連或任何聯繫，也並非來

自任何犯罪活動，包括但不限於逃稅、洗錢、恐怖主義活動

或其他犯罪活動，賣家亦無被調查，或被控告或被判犯有（包

括但不限於）逃稅、洗錢、恐怖主義活動或其他犯罪活動；

五、若拍賣品由外地進口香港，賣家應保證符合來源地法律，

並且進出口手續完成並以書面形式通知本公司；

六、若拍賣品為受限制物品，賣家須確保拍賣品不抵觸任何

香港法例（包括《公眾衞生及市政條例》、《食物安全條例》

及《保護瀕臨危動植物物種條例》等），並確保及向本公司

披露其具有依照香港法例規定之任何牌照資格或許可而管

有、處置或出售拍賣品。賣家保證，如本公司需要向有關機構

作出額外的牌照或許可申請方可拍賣、展示、處置或管有拍

賣品，會在拍賣舉行不少於兩個月前以書面告知。

七、賣家保證拍賣品是正品，同時賣家保證：

(a) 拍賣品不是以下物品的贗品：

(i) 若賣家描述拍賣品是某藝術家、作者或生產商之作品或

產品的話，即該藝術家、作者或生產商之作品或產品；

(ii) 若賣家描述拍賣品是某時期或某文化製作的作品，即該

時期或該文化製作之作品；

(iii) 若賣家描述拍賣品來自某來源的話，即為該來源之作品

或產品；或

(iv) 若賣家描述拍賣品曾經過或以某工序、過程或手法製造、

加工或修復等，即經過該工序、過程或手法的作品或產品。

(b) 就鐘錶和珠寶而言，除了以上第 7(a) 條款提到的保證，

賣家進一步保證，拍賣品的確是按照賣家描述的製作過程而

製作的，是由賣家描述的物料和材料而構成的，也從未經過

賣家描述的修復工序以外的其他修復工序。

(c) 就寶石而言，除了以上第 7(a) 條款提到的保證，賣家進

一步保證，拍賣品從未經過賣家描述的美化工序以外的其

他美化工序。

八、賣家謹此承諾，任何出售所得款項淨額均不會轉讓至或

用於任何受制裁人士以使該等受制裁人士得益，而交易任何

一方（包括金融機構、貨運代理公司或其他貨運代理或任何

其他方）均不是受制裁人士，亦不是由受制裁人士所擁有（或

部分擁有）或控制，但如對交易有管轄權的政府當局書面授

權上述活動，或適用法律或法規授權上述活動，則不在此限。

九、如賣家擔任另一方（「委託人」）的代理人（就本規則而

言稱為「代理人」），代理人以其本身的身份保證（除上文載

列的保證外）：(i) 代理人與委託人就拍賣品的安排或其他安

排（全部或部分）均非協助稅務罪行；(ii) 代理人已根據所有

適用反洗錢、反恐怖主義及制裁法律及法規對委託人進行

適當的客戶盡職審查，不知道亦沒有理由懷疑代理人的拍賣

品與任何犯罪活動（包括但不限於逃稅、洗錢、恐怖主義活

動或其他犯罪活動）的得益有關連或任何聯繫，也不知道亦

沒有理由懷疑委託人被調查，或被控告或被判犯有（不限於）

逃稅、洗錢、恐怖主義活動或其他犯罪活動；以及 (iii) 代理

人將向本公司披露其委託人的身份，代理人亦同意本公司以

代理人的盡職審查作為依據，代理人會保留盡職審查的證

明文件不少於五年時間。代理人會在接獲本公司書面提出的

要求後，從速提供上述文件供獨立第三方立即查閱。

十、本公司保留查找已收款項來源的權利，以及就與本公司交

易的任何人士進行查詢的權利。如本公司就賣家、（如賣家擔

任代理人）代理人和其委託人或買方進行的反洗錢、反恐怖

主義籌資查詢或其他本公司認為合適的查核，未完成至其滿

意的程度（滿意程度由其酌情決定），本公司有權不完成或取

消（視適用情況而定）任何拍賣品的出售，並採取適用法律規

定或容許的任何進一步行動，而不對賣家承擔任何法律責任。

十一、如賣家違反任何上述保證及承諾，賣家同意完全彌償

本公司及／或買家因此而招致公司及／或買家蒙受任何損

失，費用開支或支出。

第八條　保留價

一、除本公司與賣家約定無保留價的拍賣品外，所有拍賣品

均設有保留價。保留價由本公司與賣家通過協商書面確定。

保留價數目一經雙方確定，其更改須事先徵得對方同意。

二、除非另行以書面協定，每項拍賣品的保留價將會是告知

賣家的拍賣前低位估價的百分之七十五（75%）。

三、保留價不得高於本公司所公佈或刊登的最終拍賣前低位

估價。倘若保留價以非港元設定同時沒有書面協定匯率，則

保留價為按照拍賣前三十個曆日的香港匯豐銀行電匯匯率

平均價計算的港元等值金額。

四、經賣家授權之拍賣標的未成交之後，拍賣方有權以其保

留價在該次拍賣會後出售，賣家須向拍賣方支付佣金。在任

何情況下，本公司不對某一拍賣品在本公司舉辦的拍賣會中

未達保留價不成交而承擔任何責任。

第九條　本公司的決定權

本公司對下列事宜擁有完全的決定權：

一、通過拍賣品圖錄及／或新聞媒體及／或其它載體對任何

拍賣品做任何內容說明及／或評價；

二、是否應徵詢任何專家意見；

三、拍賣品在圖錄中插圖、拍賣品展覽及其它形式的拍賣品

宣傳，推廣活動中的安排及所應支付費用的標準；

四、某拍賣品是否適合本公司拍賣；

五、拍賣日期、拍賣地點、拍賣條件及拍賣方式等事宜。

若發生本公司按理無法控制的情況，或發生令本公司不能履

行委託拍賣合同下義務的情況（包括但不限於火災、洪水、自

然災害或其他天災；任何暴動、罷工、或其他民眾或勞工騷亂；

交通或其他基礎建設停擺，或無法確保有充足的勞動力、電

源、基本商品或必需設備；任何戰爭、武裝衝突或恐怖襲擊；

在簽立委託拍賣合同後政府作出任何行為或制定或實施任

何規定禁止或限制有關拍賣（一場或多場）、拍賣品出售或

委託拍賣合同擬履行的任何其他義務；任何疾病爆發、公共

衛生緊急事態、隔離、流行病、大流行、核污染或化學污染，

或其他本公司按其合理酌情權釐定為危及本公司人員、賣方

或客戶生命、健康或安全的情況），導致本公司在履行委託

目錄編列方法之說明

EXPLANATION OF CATALOGUING PRACTICE

保利香港拍賣在受委託拍賣品中的權益

保利香港拍賣可能不時提供其或其附屬公司部分或全部擁

有之拍賣品。該等拍賣品在目錄中的拍賣編號旁註有△

號，以供識別。保利香港拍賣有時在受委託出售的拍賣品

中有直接的財政權益，這可能包括保証最低出售價格或以

受委託拍賣品作抵押預先支付委託人該等拍賣品於目錄中

其拍賣編號旁註有□號以供識別。倘若保利香港拍賣在目

錄中的每一項拍賣品均有著擁有或財政權益，則保利香港

拍賣將不在每一項拍賣品旁註上符號，但將於目錄的前部

份聲明其權益。

POLY AUCTION (HONG KONG) INTEREST IN

PROPERTY CONSIGNED FOR AUCTION

From time to time, Poly Auction (Hong Kong) may offer a lot

which it owns in whole or in part. Such property is identified

in the catalogue with the symbol Δ next to the lot number.

On occasion, Poly Auction (Hong Kong) has a direct financial

interest in lots consigned for sale which may include

guaranteeing a minimum price or making an advance to

the consignor that is secured solely by consigned property.

Such property is identified in the catalogue by the symbol

□ next to the lot number. This symbol will be used both in

cases where Poly Auction (Hong Kong) holds the financial

interest on its own, and in cases where Poly Auction (Hong

Kong) has financed all or a part of such interest through a

third party. Such third parties generally benefit financially if

a guaranteed lot is sold successfully and may incur a loss

if the sale is not successful. The financing offered by a third

party may be in the form of an irrevocable bid provided by

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.

所有量度皆為約數及狀況報告

保利香港拍賣目錄只會在多類型作品（例如印刷品、書本、

酒類及茶葉）的描述中提及狀況事宜。至於其他所有拍賣

品，除列明重整或替換部分外，均無其他狀況聲明。如欲

索取某拍賣品的狀況報告，請與專家聯絡。狀況報告乃保

利香港拍賣向有興趣客戶提供的一項服務。準買家應注意

每項拍賣品均以現狀出售，拍賣品的描述並不可作保證。

ALL MEASUREMENTS ARE APPROXIMATES AND

CONDITION REPORTS

Poly Auction (Hong Kong) catalogues include references to

condition only in descriptions of multiple works (such as

prints, books, alcohol and tea). For all other properties, no

statement of the condition is made, and only alterations

or replacement components are listed. Please contact the

Specialist Department for a condition report on a particular

lot. Condition reports are provided as a service to interested

clients. Prospective buyers should note that descriptions of

property are not warranties and that each lot is sold on an

\"as is\" basis.

本目錄採用之貨幣兌換率

7.85 港元 =1 美元

本目錄中標示的貨幣兌換率是根據目錄付印時的兌換率設

定，可能與拍賣當日兌換率有差別。競投者請注意，所有

貨品的估價均是多月前擬定，並非一成不變，拍賣時可能

會作出調整。

CATALOGUE EXCHANGE RATE

HK$7.85 = US$1

The rate of exchange was established at the latest practical

date prior to the printing of the catalogue and may therefore

have changed by the time of the sale. Bidders should bear in

mind that estimates are prepared well in advance of the sale

and are not definitive. They are subject to revision.

目錄編列方法之說明

有關相片、圖畫、印刷品及微型書畫之規定

下列詞語於本目錄中具有以下意義。請注意本目錄中有關

作者身份的所有聲明均按照本公司之業務規則及有限保證

的條款而作出。買家應親自檢視各拍賣品的狀況，亦可向

保利香港拍賣要求提供書面狀況報告。

一、目錄內註明藝術家之姓名或認可名稱之作品，保利香

港拍賣無條件地認為是屬於該藝術家之作品。

二、「認為是＿＿＿之作品」指以保利香港拍賣合資格之

意見認為，某作品全部或部份是藝術家之創作。

三、「＿＿＿之創作室」及「＿＿＿之工作室」指以保利

香港拍賣合資格之意見認為，某作品在某藝術家之創

作室或工作室完成，可能在他監督下完成。

四、「＿＿＿時期」指以保利香港拍賣合資格之意見認為，

某作品屬於某藝術家一個時期之創作，並且反映出該

藝術家之創作風格。

五、「跟隨＿＿＿風格」指以保利香港拍賣合資格之意見

認為，某作品具有某藝術家之風格，但未必是該藝術

家門生之作品。

六、「具有＿＿＿創作手法」指以保利香港拍賣合資格之

意見認為，某作品具有某藝術家之風格，但於較後時

期完成。

七、「＿＿＿複製品」指以保利香港拍賣合資格之意見認

為，某作品是某藝術家作品之複製品（任何日期）。

八、「簽名＿＿＿」、「日期＿＿＿」、「題寫＿＿＿」

指以保利香港拍賣合資格之意見認為，某作品由某藝

術家簽名／寫上日期／題詞。

九、「附有＿＿＿簽名」、「附有＿＿＿之題詞」指以保

利香港拍賣合資格之意見認為某簽名／題詞應不是某

藝術家所為。

十、「附有＿＿＿日期」指以保利香港拍賣合資格之意見

認為，並非於該日期完成。

於本目錄編列方法之說明中此詞語及其定義為對作者身份

而言之有規限說明。雖然本詞語之使用，乃基於審慎研究

及代表專家之意見，保利香港拍賣及委託人於目錄內使用

此詞語及其所描述之拍賣品及其作者身份之真確及可信

性，並不承擔及接受任何風險、義務或責任，而有限保證

條款，亦不適用於以此詞語所描述的拍賣品。

EXPLANATION OF CATALOGUING PRACTICE

FOR PICTURES, DRAWINGS, PRINTS AND

MINIATURES

Terms used in this catalogue have the meanings ascribed to

them below. Please note that all statements in this catalogue

as to authorship are made subject to the provisions of the

Conditions of Business and Limited Warranty.

Buyers are advised to inspect the property themselves.

Written condition reports are usually available on request.

1. Name(s) or Recognized Designation of an Artist without

any Qualification in Poly Auction (Hong Kong)'s opinion a

work by the artist.

2. \"Attributed to ...\" in Poly Auction (Hong Kong)'s qualified

opinion is probably a work by the artist in whole or in part.

3. \"Studio of ...\" / \"Workshop of ...\" in Poly Auction (Hong

Kong)'s qualified opinion a work executed in the studio or

workshop of the artist, possibly under his supervision.

4. \"Circle of ...\" in Poly Auction (Hong Kong)'s qualified

opinion a work of the period of the artist and showing his

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

opinion is a work executed in the artist's style but of a later

date.

7. \"After ...\" in Poly Auction (Hong Kong)'s qualified opinion a

copy (of any date) of a work of the artist.

8. \"Signed ...\" / \"Dated ...\" / \"Inscribed ...\" in Poly Auction

(Hong Kong)'s qualified opinion the work has been signed/

dated/inscribed by the artist.

9. \"With signature ...\" / \"With inscription...\" / in Poly Auction

(Hong Kong)'s qualified opinion the signature/inscription

appears to be by a hand other than that of the artist.

10. \"With date ...\" in Poly Auction (Hong Kong)'s qualified

opinion, the date on the item was not executed on that date.

This term and its definition in this Explanation of Cataloguing

Practice are a qualified statement as to authorship. While the

use of this term is based upon careful study and represents

the opinion of specialists, Poly Auction (Hong Kong) and

the consignor assume no risk, liability and responsibility for

the authenticity of authorship of any lot in this catalogue

described by this term, and the Limited Warranty shall not be

available with respect to lots described using this term.

業務規則

第一章 總則

第一條

除另有約定外，保利香港拍賣有限公司作為賣家之代理人。

拍賣品之成交合約則為賣家與買家之間的合約。本規則、載

於圖錄或由拍賣官公佈或於拍賣會場以通告形式提供之所

有其他條款、條件及通知均構成賣家、買家及 / 或保利香港

拍賣有限公司作為拍賣代理之協定條款。

第二條 定義及釋義

( 一 ) 本規則各條款內，下列詞語具有以下含義：

(1)“本公司”指保利香港拍賣有限公司 ;

(2)“賣家”指委託本公司業務規則規定範圍內拍賣品的自然

人、法人或者其它組織。本規則中除非另有說明或根據文義

特殊需要，賣家均包括賣家的代理人（不包括本公司）、遺囑

執行人或遺產代理人；

(3)“競投人”指以任何方式考慮、作出或嘗試競投之任何人

士、公司、法團或單位。本規則中，除非另有說明或根據文義

特殊需要，競投人均包括競投人的代理人；

(4)“買家”指在本公司舉辦的拍賣活動中，拍賣官所接納之

最高競投價或要約之競投人包括以代理人身份競投之人士

之委託人；

(5)“買家須支付之佣金”指買家根據本規則所載費率按落槌

價須向本公司支付之佣金；

(6)“拍賣品”指賣家委託本公司進行拍賣及於拍賣會上被拍賣

的物品，尤其指任何圖錄內編有任何編號而加以說明的物品；

(7)“拍賣日”指本公司通告公佈的正式進行拍賣交易之日。

若公佈的開始日期與開始拍賣活動實際日期不一致，則以拍

賣活動實際開始之日為准；

(8)“拍賣成交日”指在本公司舉辦的拍賣活動中拍賣官以落

槌或者以其他公開表示買定的方式確認任何拍賣品達成交

易的日期；

(9)“拍賣官”指本公司指定主持某場拍賣的人員；

(10)“落槌價”指拍賣官落槌決定將拍賣品售予買家的價格，

或若為拍賣會後交易，則為協定出售價；

(11)“出售所得款項淨額”指支付賣家的款項淨額，該淨額為

落槌價減去按比率計算的佣金、各項費用及賣家應支付本公

司的其他款項後的餘額 ;

(12)“購買價款”指買家因購買拍賣品而應支付的包括落槌價、

全部佣金。應由買家支付的其它各項費用以及因買家不履行

義務而應當支付的所有費用在內的總和；

(13)“買家負責的各項費用”指與本公司出售拍賣品相關的

支出和費用，包括但不限於本公司對拍賣品購買保險、包裝、

運輸、儲存、保管、買家額外要求的有關任何拍賣品之測試、

調查、查詢或鑒定之費用或向違約買家追討之開支、法律費

用等；

(14)“保留價”指賣家與本公司確定的且不公開之拍賣品之

最低售價；

(15)“估價”指在拍賣品圖錄或其他介紹說明文字之後標明

的拍賣品估計售價，不包括買家須支付之內佣金；

(16)“儲存費”指買家按本規則規定應向本公司支付的儲存

費用。

( 二 ) 在本規則條款中，根據上下文義，單數詞語亦包括複數

詞語，反之亦然。

第三條 適用範圍

凡參加本公司組織的拍賣活動的當事人各方，包括賣家、競

投人、買家和其他相關各方（包括但不限於賣家、競投人、買

家或買家的代理人），均應視為完全接受本規則條款的約定，

受本規則約束，在本公司組織的拍賣活動中遵守本規則的規

定，享有本規則規定的權利，承擔本規則規定的義務。如書

面協定與本規則不一致的部分，以書面協定為准。

在本公司組織的拍賣活動中參與競投的競投人，無論是自己

親自出席或者由代理人出席競投，無論是以在拍賣活動中舉

牌競投，還是以委託競投、電話或任何其他方式競投，均被

視為完全接受本規則。

參加本公司組織的拍賣活動的當事人各方之間發生的各種爭

議，均應按照本規則的約定加以解決。

第四條 特別提示

凡參加本公司拍賣活動的競投人和買家應仔細閱讀並遵守本

規則。競投人及 / 或買家應特別仔細閱讀本規則所載之本公司

之責任及限制、免責條款。競投人及 / 或其代理人有責任親自

審看拍賣品原物，並對自己競投拍賣品的行為承擔法律責任。

在本公司舉辦的拍賣活動中，競投人的應價經拍賣官落槌或

者以其他公開表示買定的方式確認時，即表明關於拍賣品的

買賣合同關係已合法生效，該競投人即成為該拍賣品的買家。

本公司、賣家及買家應承認拍賣品已出售、成交的事實，並享

有法律規定及本規則約定的權利，承擔法律規定和本規則約

定的義務。任何一方不履行義務的均應承擔相應的法律責

任。本公司可以通過在拍賣會場張貼公告或者通過拍賣官在

拍賣會上宣佈的方式對本規則進行修改。

第二章 關於賣家

第五條　委託程序

賣家委託本公司拍賣其物品時：

一、賣家若為自然人，必須憑政府發出附有照片的身份證明

文件（如居民身份證或護照）並與本公司簽署委託拍賣合同；

二、賣家若為法人或其他組織的，應持有效註冊登記文件、

股東證明文件或者合法的授權委託證明文件，並與本公司簽

署委託拍賣合同；

三、賣家與本公司簽署委託拍賣合同時，即自動授權本公司

對該物品自行製作照片、圖示，圖錄或其它形式的影像製品。

第六條　賣家之代理人

代理賣家委託本公司拍賣物品的，應向本公司出具相關委託

證明文件。包括：

一、若為自然人的，必須持有有效身份證明；

二、賣家的代理人若為法人或者其他組織的，須持有有效註

冊登記文件、股東證明文件；

三、經合法程式做出的授權委託書。本公司有權對上述檔以

合法的方式進行核查。

第七條　賣家之保證

賣家就其委託本公司拍賣的拍賣品不可撤銷地向本公司及

買家保證如下：

一、其對該拍賣品擁有絕對的所有權或享有合法的處分權，

對該拍賣品的拍賣不會侵害任何第三方的合法權益（包括著

作權權益），亦不違反相關法律、法規的規定；

二、其已盡其所知，就該拍賣品的來源和瑕疵向本公司進行

了全面、詳盡及準確的披露和說明，並以書面形式通知本公

司，不存在任何隱瞞或虛構之處；若拍賣品為酒類及茶葉，

賣家須詳盡披露包括但不限於包裝盒、標籤、耗損量、酒塞

上等存在的缺陷戒瑕疵。

三、賣家並無受限於其營運所在的司法管轄區的貿易制裁、

禁運或任何其他貿易限制，亦無受限於香港法律、歐盟法律、

英格蘭及威爾斯法律或美國法律及法規下的貿易制裁、禁運

或任何其他貿易限制，亦非受上述各項制裁的人士（一個或

多個）（統稱「受制裁人士」）所擁有（或部分擁有）或控制；

四、拍賣品與任何犯罪活動沒有關連或任何聯繫，也並非來

自任何犯罪活動，包括但不限於逃稅、洗錢、恐怖主義活動

或其他犯罪活動，賣家亦無被調查，或被控告或被判犯有（包

括但不限於）逃稅、洗錢、恐怖主義活動或其他犯罪活動；

五、若拍賣品由外地進口香港，賣家應保證符合來源地法律，

並且進出口手續完成並以書面形式通知本公司；

六、若拍賣品為受限制物品，賣家須確保拍賣品不抵觸任何

香港法例（包括《公眾衞生及市政條例》、《食物安全條例》

及《保護瀕臨危動植物物種條例》等），並確保及向本公司

披露其具有依照香港法例規定之任何牌照資格或許可而管

有、處置或出售拍賣品。賣家保證，如本公司需要向有關機構

作出額外的牌照或許可申請方可拍賣、展示、處置或管有拍

賣品，會在拍賣舉行不少於兩個月前以書面告知。

七、賣家保證拍賣品是正品，同時賣家保證：

(a) 拍賣品不是以下物品的贗品：

(i) 若賣家描述拍賣品是某藝術家、作者或生產商之作品或

產品的話，即該藝術家、作者或生產商之作品或產品；

(ii) 若賣家描述拍賣品是某時期或某文化製作的作品，即該

時期或該文化製作之作品；

(iii) 若賣家描述拍賣品來自某來源的話，即為該來源之作品

或產品；或

(iv) 若賣家描述拍賣品曾經過或以某工序、過程或手法製造、

加工或修復等，即經過該工序、過程或手法的作品或產品。

(b) 就鐘錶和珠寶而言，除了以上第 7(a) 條款提到的保證，

賣家進一步保證，拍賣品的確是按照賣家描述的製作過程而

製作的，是由賣家描述的物料和材料而構成的，也從未經過

賣家描述的修復工序以外的其他修復工序。

(c) 就寶石而言，除了以上第 7(a) 條款提到的保證，賣家進

一步保證，拍賣品從未經過賣家描述的美化工序以外的其

他美化工序。

八、賣家謹此承諾，任何出售所得款項淨額均不會轉讓至或

用於任何受制裁人士以使該等受制裁人士得益，而交易任何

一方（包括金融機構、貨運代理公司或其他貨運代理或任何

其他方）均不是受制裁人士，亦不是由受制裁人士所擁有（或

部分擁有）或控制，但如對交易有管轄權的政府當局書面授

權上述活動，或適用法律或法規授權上述活動，則不在此限。

九、如賣家擔任另一方（「委託人」）的代理人（就本規則而

言稱為「代理人」），代理人以其本身的身份保證（除上文載

列的保證外）：(i) 代理人與委託人就拍賣品的安排或其他安

排（全部或部分）均非協助稅務罪行；(ii) 代理人已根據所有

適用反洗錢、反恐怖主義及制裁法律及法規對委託人進行

適當的客戶盡職審查，不知道亦沒有理由懷疑代理人的拍賣

品與任何犯罪活動（包括但不限於逃稅、洗錢、恐怖主義活

動或其他犯罪活動）的得益有關連或任何聯繫，也不知道亦

沒有理由懷疑委託人被調查，或被控告或被判犯有（不限於）

逃稅、洗錢、恐怖主義活動或其他犯罪活動；以及 (iii) 代理

人將向本公司披露其委託人的身份，代理人亦同意本公司以

代理人的盡職審查作為依據，代理人會保留盡職審查的證

明文件不少於五年時間。代理人會在接獲本公司書面提出的

要求後，從速提供上述文件供獨立第三方立即查閱。

十、本公司保留查找已收款項來源的權利，以及就與本公司交

易的任何人士進行查詢的權利。如本公司就賣家、（如賣家擔

任代理人）代理人和其委託人或買方進行的反洗錢、反恐怖

主義籌資查詢或其他本公司認為合適的查核，未完成至其滿

意的程度（滿意程度由其酌情決定），本公司有權不完成或取

消（視適用情況而定）任何拍賣品的出售，並採取適用法律規

定或容許的任何進一步行動，而不對賣家承擔任何法律責任。

十一、如賣家違反任何上述保證及承諾，賣家同意完全彌償

本公司及／或買家因此而招致公司及／或買家蒙受任何損

失，費用開支或支出。

第八條　保留價

一、除本公司與賣家約定無保留價的拍賣品外，所有拍賣品

均設有保留價。保留價由本公司與賣家通過協商書面確定。

保留價數目一經雙方確定，其更改須事先徵得對方同意。

二、除非另行以書面協定，每項拍賣品的保留價將會是告知

賣家的拍賣前低位估價的百分之七十五（75%）。

三、保留價不得高於本公司所公佈或刊登的最終拍賣前低位

估價。倘若保留價以非港元設定同時沒有書面協定匯率，則

保留價為按照拍賣前三十個曆日的香港匯豐銀行電匯匯率

平均價計算的港元等值金額。

四、經賣家授權之拍賣標的未成交之後，拍賣方有權以其保

留價在該次拍賣會後出售，賣家須向拍賣方支付佣金。在任

何情況下，本公司不對某一拍賣品在本公司舉辦的拍賣會中

未達保留價不成交而承擔任何責任。

第九條　本公司的決定權

本公司對下列事宜擁有完全的決定權：

一、通過拍賣品圖錄及／或新聞媒體及／或其它載體對任何

拍賣品做任何內容說明及／或評價；

二、是否應徵詢任何專家意見；

三、拍賣品在圖錄中插圖、拍賣品展覽及其它形式的拍賣品

宣傳，推廣活動中的安排及所應支付費用的標準；

四、某拍賣品是否適合本公司拍賣；

五、拍賣日期、拍賣地點、拍賣條件及拍賣方式等事宜。

若發生本公司按理無法控制的情況，或發生令本公司不能履

行委託拍賣合同下義務的情況（包括但不限於火災、洪水、自

然災害或其他天災；任何暴動、罷工、或其他民眾或勞工騷亂；

交通或其他基礎建設停擺，或無法確保有充足的勞動力、電

源、基本商品或必需設備；任何戰爭、武裝衝突或恐怖襲擊；

在簽立委託拍賣合同後政府作出任何行為或制定或實施任

何規定禁止或限制有關拍賣（一場或多場）、拍賣品出售或

委託拍賣合同擬履行的任何其他義務；任何疾病爆發、公共

衛生緊急事態、隔離、流行病、大流行、核污染或化學污染，

或其他本公司按其合理酌情權釐定為危及本公司人員、賣方

或客戶生命、健康或安全的情況），導致本公司在履行委託

目錄編列方法之說明

EXPLANATION OF CATALOGUING PRACTICE

保利香港拍賣在受委託拍賣品中的權益

保利香港拍賣可能不時提供其或其附屬公司部分或全部擁

有之拍賣品。該等拍賣品在目錄中的拍賣編號旁註有△

號，以供識別。保利香港拍賣有時在受委託出售的拍賣品

中有直接的財政權益，這可能包括保証最低出售價格或以

受委託拍賣品作抵押預先支付委託人該等拍賣品於目錄中

其拍賣編號旁註有□號以供識別。倘若保利香港拍賣在目

錄中的每一項拍賣品均有著擁有或財政權益，則保利香港

拍賣將不在每一項拍賣品旁註上符號，但將於目錄的前部

份聲明其權益。

POLY AUCTION (HONG KONG) INTEREST IN

PROPERTY CONSIGNED FOR AUCTION

From time to time, Poly Auction (Hong Kong) may offer a lot

which it owns in whole or in part. Such property is identified

in the catalogue with the symbol Δ next to the lot number.

On occasion, Poly Auction (Hong Kong) has a direct financial

interest in lots consigned for sale which may include

guaranteeing a minimum price or making an advance to

the consignor that is secured solely by consigned property.

Such property is identified in the catalogue by the symbol

□ next to the lot number. This symbol will be used both in

cases where Poly Auction (Hong Kong) holds the financial

interest on its own, and in cases where Poly Auction (Hong

Kong) has financed all or a part of such interest through a

third party. Such third parties generally benefit financially if

a guaranteed lot is sold successfully and may incur a loss

if the sale is not successful. The financing offered by a third

party may be in the form of an irrevocable bid provided by

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.

所有量度皆為約數及狀況報告

保利香港拍賣目錄只會在多類型作品（例如印刷品、書本、

酒類及茶葉）的描述中提及狀況事宜。至於其他所有拍賣

品，除列明重整或替換部分外，均無其他狀況聲明。如欲

索取某拍賣品的狀況報告，請與專家聯絡。狀況報告乃保

利香港拍賣向有興趣客戶提供的一項服務。準買家應注意

每項拍賣品均以現狀出售，拍賣品的描述並不可作保證。

ALL MEASUREMENTS ARE APPROXIMATES AND

CONDITION REPORTS

Poly Auction (Hong Kong) catalogues include references to

condition only in descriptions of multiple works (such as

prints, books, alcohol and tea). For all other properties, no

statement of the condition is made, and only alterations

or replacement components are listed. Please contact the

Specialist Department for a condition report on a particular

lot. Condition reports are provided as a service to interested

clients. Prospective buyers should note that descriptions of

property are not warranties and that each lot is sold on an

\"as is\" basis.

本目錄採用之貨幣兌換率

7.85 港元 =1 美元

本目錄中標示的貨幣兌換率是根據目錄付印時的兌換率設

定，可能與拍賣當日兌換率有差別。競投者請注意，所有

貨品的估價均是多月前擬定，並非一成不變，拍賣時可能

會作出調整。

CATALOGUE EXCHANGE RATE

HK$7.85 = US$1

The rate of exchange was established at the latest practical

date prior to the printing of the catalogue and may therefore

have changed by the time of the sale. Bidders should bear in

mind that estimates are prepared well in advance of the sale

and are not definitive. They are subject to revision.

目錄編列方法之說明

有關相片、圖畫、印刷品及微型書畫之規定

下列詞語於本目錄中具有以下意義。請注意本目錄中有關

作者身份的所有聲明均按照本公司之業務規則及有限保證

的條款而作出。買家應親自檢視各拍賣品的狀況，亦可向

保利香港拍賣要求提供書面狀況報告。

一、目錄內註明藝術家之姓名或認可名稱之作品，保利香

港拍賣無條件地認為是屬於該藝術家之作品。

二、「認為是＿＿＿之作品」指以保利香港拍賣合資格之

意見認為，某作品全部或部份是藝術家之創作。

三、「＿＿＿之創作室」及「＿＿＿之工作室」指以保利

香港拍賣合資格之意見認為，某作品在某藝術家之創

作室或工作室完成，可能在他監督下完成。

四、「＿＿＿時期」指以保利香港拍賣合資格之意見認為，

某作品屬於某藝術家一個時期之創作，並且反映出該

藝術家之創作風格。

五、「跟隨＿＿＿風格」指以保利香港拍賣合資格之意見

認為，某作品具有某藝術家之風格，但未必是該藝術

家門生之作品。

六、「具有＿＿＿創作手法」指以保利香港拍賣合資格之

意見認為，某作品具有某藝術家之風格，但於較後時

期完成。

七、「＿＿＿複製品」指以保利香港拍賣合資格之意見認

為，某作品是某藝術家作品之複製品（任何日期）。

八、「簽名＿＿＿」、「日期＿＿＿」、「題寫＿＿＿」

指以保利香港拍賣合資格之意見認為，某作品由某藝

術家簽名／寫上日期／題詞。

九、「附有＿＿＿簽名」、「附有＿＿＿之題詞」指以保

利香港拍賣合資格之意見認為某簽名／題詞應不是某

藝術家所為。

十、「附有＿＿＿日期」指以保利香港拍賣合資格之意見

認為，並非於該日期完成。

於本目錄編列方法之說明中此詞語及其定義為對作者身份

而言之有規限說明。雖然本詞語之使用，乃基於審慎研究

及代表專家之意見，保利香港拍賣及委託人於目錄內使用

此詞語及其所描述之拍賣品及其作者身份之真確及可信

性，並不承擔及接受任何風險、義務或責任，而有限保證

條款，亦不適用於以此詞語所描述的拍賣品。

EXPLANATION OF CATALOGUING PRACTICE

FOR PICTURES, DRAWINGS, PRINTS AND

MINIATURES

Terms used in this catalogue have the meanings ascribed to

them below. Please note that all statements in this catalogue

as to authorship are made subject to the provisions of the

Conditions of Business and Limited Warranty.

Buyers are advised to inspect the property themselves.

Written condition reports are usually available on request.

1. Name(s) or Recognized Designation of an Artist without

any Qualification in Poly Auction (Hong Kong)'s opinion a

work by the artist.

2. \"Attributed to ...\" in Poly Auction (Hong Kong)'s qualified

opinion is probably a work by the artist in whole or in part.

3. \"Studio of ...\" / \"Workshop of ...\" in Poly Auction (Hong

Kong)'s qualified opinion a work executed in the studio or

workshop of the artist, possibly under his supervision.

4. \"Circle of ...\" in Poly Auction (Hong Kong)'s qualified

opinion a work of the period of the artist and showing his

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

opinion is a work executed in the artist's style but of a later

date.

7. \"After ...\" in Poly Auction (Hong Kong)'s qualified opinion a

copy (of any date) of a work of the artist.

8. \"Signed ...\" / \"Dated ...\" / \"Inscribed ...\" in Poly Auction

(Hong Kong)'s qualified opinion the work has been signed/

dated/inscribed by the artist.

9. \"With signature ...\" / \"With inscription...\" / in Poly Auction

(Hong Kong)'s qualified opinion the signature/inscription

appears to be by a hand other than that of the artist.

10. \"With date ...\" in Poly Auction (Hong Kong)'s qualified

opinion, the date on the item was not executed on that date.

This term and its definition in this Explanation of Cataloguing

Practice are a qualified statement as to authorship. While the

use of this term is based upon careful study and represents

the opinion of specialists, Poly Auction (Hong Kong) and

the consignor assume no risk, liability and responsibility for

the authenticity of authorship of any lot in this catalogue

described by this term, and the Limited Warranty shall not be

available with respect to lots described using this term.

業務規則

第一章 總則

第一條

除另有約定外，保利香港拍賣有限公司作為賣家之代理人。

拍賣品之成交合約則為賣家與買家之間的合約。本規則、載

於圖錄或由拍賣官公佈或於拍賣會場以通告形式提供之所

有其他條款、條件及通知均構成賣家、買家及 / 或保利香港

拍賣有限公司作為拍賣代理之協定條款。

第二條 定義及釋義

( 一 ) 本規則各條款內，下列詞語具有以下含義：

(1)“本公司”指保利香港拍賣有限公司 ;

(2)“賣家”指委託本公司業務規則規定範圍內拍賣品的自然

人、法人或者其它組織。本規則中除非另有說明或根據文義

特殊需要，賣家均包括賣家的代理人（不包括本公司）、遺囑

執行人或遺產代理人；

(3)“競投人”指以任何方式考慮、作出或嘗試競投之任何人

士、公司、法團或單位。本規則中，除非另有說明或根據文義

特殊需要，競投人均包括競投人的代理人；

(4)“買家”指在本公司舉辦的拍賣活動中，拍賣官所接納之

最高競投價或要約之競投人包括以代理人身份競投之人士

之委託人；

(5)“買家須支付之佣金”指買家根據本規則所載費率按落槌

價須向本公司支付之佣金；

(6)“拍賣品”指賣家委託本公司進行拍賣及於拍賣會上被拍賣

的物品，尤其指任何圖錄內編有任何編號而加以說明的物品；

(7)“拍賣日”指本公司通告公佈的正式進行拍賣交易之日。

若公佈的開始日期與開始拍賣活動實際日期不一致，則以拍

賣活動實際開始之日為准；

(8)“拍賣成交日”指在本公司舉辦的拍賣活動中拍賣官以落

槌或者以其他公開表示買定的方式確認任何拍賣品達成交

易的日期；

(9)“拍賣官”指本公司指定主持某場拍賣的人員；

(10)“落槌價”指拍賣官落槌決定將拍賣品售予買家的價格，

或若為拍賣會後交易，則為協定出售價；

(11)“出售所得款項淨額”指支付賣家的款項淨額，該淨額為

落槌價減去按比率計算的佣金、各項費用及賣家應支付本公

司的其他款項後的餘額 ;

(12)“購買價款”指買家因購買拍賣品而應支付的包括落槌價、

全部佣金。應由買家支付的其它各項費用以及因買家不履行

義務而應當支付的所有費用在內的總和；

(13)“買家負責的各項費用”指與本公司出售拍賣品相關的

支出和費用，包括但不限於本公司對拍賣品購買保險、包裝、

運輸、儲存、保管、買家額外要求的有關任何拍賣品之測試、

調查、查詢或鑒定之費用或向違約買家追討之開支、法律費

用等；

(14)“保留價”指賣家與本公司確定的且不公開之拍賣品之

最低售價；

(15)“估價”指在拍賣品圖錄或其他介紹說明文字之後標明

的拍賣品估計售價，不包括買家須支付之內佣金；

(16)“儲存費”指買家按本規則規定應向本公司支付的儲存

費用。

( 二 ) 在本規則條款中，根據上下文義，單數詞語亦包括複數

詞語，反之亦然。

第三條 適用範圍

凡參加本公司組織的拍賣活動的當事人各方，包括賣家、競

投人、買家和其他相關各方（包括但不限於賣家、競投人、買

家或買家的代理人），均應視為完全接受本規則條款的約定，

受本規則約束，在本公司組織的拍賣活動中遵守本規則的規

定，享有本規則規定的權利，承擔本規則規定的義務。如書

面協定與本規則不一致的部分，以書面協定為准。

在本公司組織的拍賣活動中參與競投的競投人，無論是自己

親自出席或者由代理人出席競投，無論是以在拍賣活動中舉

牌競投，還是以委託競投、電話或任何其他方式競投，均被

視為完全接受本規則。

參加本公司組織的拍賣活動的當事人各方之間發生的各種爭

議，均應按照本規則的約定加以解決。

第四條 特別提示

凡參加本公司拍賣活動的競投人和買家應仔細閱讀並遵守本

規則。競投人及 / 或買家應特別仔細閱讀本規則所載之本公司

之責任及限制、免責條款。競投人及 / 或其代理人有責任親自

審看拍賣品原物，並對自己競投拍賣品的行為承擔法律責任。

在本公司舉辦的拍賣活動中，競投人的應價經拍賣官落槌或

者以其他公開表示買定的方式確認時，即表明關於拍賣品的

買賣合同關係已合法生效，該競投人即成為該拍賣品的買家。

本公司、賣家及買家應承認拍賣品已出售、成交的事實，並享

有法律規定及本規則約定的權利，承擔法律規定和本規則約

定的義務。任何一方不履行義務的均應承擔相應的法律責

任。本公司可以通過在拍賣會場張貼公告或者通過拍賣官在

拍賣會上宣佈的方式對本規則進行修改。

第二章 關於賣家

第五條　委託程序

賣家委託本公司拍賣其物品時：

一、賣家若為自然人，必須憑政府發出附有照片的身份證明

文件（如居民身份證或護照）並與本公司簽署委託拍賣合同；

二、賣家若為法人或其他組織的，應持有效註冊登記文件、

股東證明文件或者合法的授權委託證明文件，並與本公司簽

署委託拍賣合同；

三、賣家與本公司簽署委託拍賣合同時，即自動授權本公司

對該物品自行製作照片、圖示，圖錄或其它形式的影像製品。

第六條　賣家之代理人

代理賣家委託本公司拍賣物品的，應向本公司出具相關委託

證明文件。包括：

一、若為自然人的，必須持有有效身份證明；

二、賣家的代理人若為法人或者其他組織的，須持有有效註

冊登記文件、股東證明文件；

三、經合法程式做出的授權委託書。本公司有權對上述檔以

合法的方式進行核查。

第七條　賣家之保證

賣家就其委託本公司拍賣的拍賣品不可撤銷地向本公司及

買家保證如下：

一、其對該拍賣品擁有絕對的所有權或享有合法的處分權，

對該拍賣品的拍賣不會侵害任何第三方的合法權益（包括著

作權權益），亦不違反相關法律、法規的規定；

二、其已盡其所知，就該拍賣品的來源和瑕疵向本公司進行

了全面、詳盡及準確的披露和說明，並以書面形式通知本公

司，不存在任何隱瞞或虛構之處；若拍賣品為酒類及茶葉，

賣家須詳盡披露包括但不限於包裝盒、標籤、耗損量、酒塞

上等存在的缺陷戒瑕疵。

三、賣家並無受限於其營運所在的司法管轄區的貿易制裁、

禁運或任何其他貿易限制，亦無受限於香港法律、歐盟法律、

英格蘭及威爾斯法律或美國法律及法規下的貿易制裁、禁運

或任何其他貿易限制，亦非受上述各項制裁的人士（一個或

多個）（統稱「受制裁人士」）所擁有（或部分擁有）或控制；

四、拍賣品與任何犯罪活動沒有關連或任何聯繫，也並非來

自任何犯罪活動，包括但不限於逃稅、洗錢、恐怖主義活動

或其他犯罪活動，賣家亦無被調查，或被控告或被判犯有（包

括但不限於）逃稅、洗錢、恐怖主義活動或其他犯罪活動；

五、若拍賣品由外地進口香港，賣家應保證符合來源地法律，

並且進出口手續完成並以書面形式通知本公司；

六、若拍賣品為受限制物品，賣家須確保拍賣品不抵觸任何

香港法例（包括《公眾衞生及市政條例》、《食物安全條例》

及《保護瀕臨危動植物物種條例》等），並確保及向本公司

披露其具有依照香港法例規定之任何牌照資格或許可而管

有、處置或出售拍賣品。賣家保證，如本公司需要向有關機構

作出額外的牌照或許可申請方可拍賣、展示、處置或管有拍

賣品，會在拍賣舉行不少於兩個月前以書面告知。

七、賣家保證拍賣品是正品，同時賣家保證：

(a) 拍賣品不是以下物品的贗品：

(i) 若賣家描述拍賣品是某藝術家、作者或生產商之作品或

產品的話，即該藝術家、作者或生產商之作品或產品；

(ii) 若賣家描述拍賣品是某時期或某文化製作的作品，即該

時期或該文化製作之作品；

(iii) 若賣家描述拍賣品來自某來源的話，即為該來源之作品

或產品；或

(iv) 若賣家描述拍賣品曾經過或以某工序、過程或手法製造、

加工或修復等，即經過該工序、過程或手法的作品或產品。

(b) 就鐘錶和珠寶而言，除了以上第 7(a) 條款提到的保證，

賣家進一步保證，拍賣品的確是按照賣家描述的製作過程而

製作的，是由賣家描述的物料和材料而構成的，也從未經過

賣家描述的修復工序以外的其他修復工序。

(c) 就寶石而言，除了以上第 7(a) 條款提到的保證，賣家進

一步保證，拍賣品從未經過賣家描述的美化工序以外的其

他美化工序。

八、賣家謹此承諾，任何出售所得款項淨額均不會轉讓至或

用於任何受制裁人士以使該等受制裁人士得益，而交易任何

一方（包括金融機構、貨運代理公司或其他貨運代理或任何

其他方）均不是受制裁人士，亦不是由受制裁人士所擁有（或

部分擁有）或控制，但如對交易有管轄權的政府當局書面授

權上述活動，或適用法律或法規授權上述活動，則不在此限。

九、如賣家擔任另一方（「委託人」）的代理人（就本規則而

言稱為「代理人」），代理人以其本身的身份保證（除上文載

列的保證外）：(i) 代理人與委託人就拍賣品的安排或其他安

排（全部或部分）均非協助稅務罪行；(ii) 代理人已根據所有

適用反洗錢、反恐怖主義及制裁法律及法規對委託人進行

適當的客戶盡職審查，不知道亦沒有理由懷疑代理人的拍賣

品與任何犯罪活動（包括但不限於逃稅、洗錢、恐怖主義活

動或其他犯罪活動）的得益有關連或任何聯繫，也不知道亦

沒有理由懷疑委託人被調查，或被控告或被判犯有（不限於）

逃稅、洗錢、恐怖主義活動或其他犯罪活動；以及 (iii) 代理

人將向本公司披露其委託人的身份，代理人亦同意本公司以

代理人的盡職審查作為依據，代理人會保留盡職審查的證

明文件不少於五年時間。代理人會在接獲本公司書面提出的

要求後，從速提供上述文件供獨立第三方立即查閱。

十、本公司保留查找已收款項來源的權利，以及就與本公司交

易的任何人士進行查詢的權利。如本公司就賣家、（如賣家擔

任代理人）代理人和其委託人或買方進行的反洗錢、反恐怖

主義籌資查詢或其他本公司認為合適的查核，未完成至其滿

意的程度（滿意程度由其酌情決定），本公司有權不完成或取

消（視適用情況而定）任何拍賣品的出售，並採取適用法律規

定或容許的任何進一步行動，而不對賣家承擔任何法律責任。

十一、如賣家違反任何上述保證及承諾，賣家同意完全彌償

本公司及／或買家因此而招致公司及／或買家蒙受任何損

失，費用開支或支出。

第八條　保留價

一、除本公司與賣家約定無保留價的拍賣品外，所有拍賣品

均設有保留價。保留價由本公司與賣家通過協商書面確定。

保留價數目一經雙方確定，其更改須事先徵得對方同意。

二、除非另行以書面協定，每項拍賣品的保留價將會是告知

賣家的拍賣前低位估價的百分之七十五（75%）。

三、保留價不得高於本公司所公佈或刊登的最終拍賣前低位

估價。倘若保留價以非港元設定同時沒有書面協定匯率，則

保留價為按照拍賣前三十個曆日的香港匯豐銀行電匯匯率

平均價計算的港元等值金額。

四、經賣家授權之拍賣標的未成交之後，拍賣方有權以其保

留價在該次拍賣會後出售，賣家須向拍賣方支付佣金。在任

何情況下，本公司不對某一拍賣品在本公司舉辦的拍賣會中

未達保留價不成交而承擔任何責任。

第九條　本公司的決定權

本公司對下列事宜擁有完全的決定權：

一、通過拍賣品圖錄及／或新聞媒體及／或其它載體對任何

拍賣品做任何內容說明及／或評價；

二、是否應徵詢任何專家意見；

三、拍賣品在圖錄中插圖、拍賣品展覽及其它形式的拍賣品

宣傳，推廣活動中的安排及所應支付費用的標準；

四、某拍賣品是否適合本公司拍賣；

五、拍賣日期、拍賣地點、拍賣條件及拍賣方式等事宜。

若發生本公司按理無法控制的情況，或發生令本公司不能履

行委託拍賣合同下義務的情況（包括但不限於火災、洪水、自

然災害或其他天災；任何暴動、罷工、或其他民眾或勞工騷亂；

交通或其他基礎建設停擺，或無法確保有充足的勞動力、電

源、基本商品或必需設備；任何戰爭、武裝衝突或恐怖襲擊；

在簽立委託拍賣合同後政府作出任何行為或制定或實施任

何規定禁止或限制有關拍賣（一場或多場）、拍賣品出售或

委託拍賣合同擬履行的任何其他義務；任何疾病爆發、公共

衛生緊急事態、隔離、流行病、大流行、核污染或化學污染，

或其他本公司按其合理酌情權釐定為危及本公司人員、賣方

或客戶生命、健康或安全的情況），導致本公司在履行委託

拍賣合同下義務時有任何延誤，或導致本公司無法履行委託

拍賣合同下的義務（包括但不限於延後或取消任何拍賣），

本公司概不承擔法律責任，並可終止委託拍賣合同下其出售

拍賣品的義務，或取消或延後任何拍賣。

在不影響上文規定的情況下，倘發生本公司無法控制的情況或

情況導致其不能履行，以致本公司決定不如期舉行拍賣，本公

司可延後或取消任何拍賣，或更改任何拍賣平台或形式（包括

但不限於把現場拍賣改為只進行線上拍賣），而有關拍賣品的

出售須符合本業務規則中適用於該拍賣品的拍賣會規定。

第十條　未上拍拍賣品

賣家與本公司簽署委託拍賣合同且將拍賣品交付本公司後，

若因任何原因致使本公司認為某拍賣品不適合由本公司拍賣

的，則賣家應自本公司發出通知之日起三十日內取回該拍賣

品（包裝及搬運等費用自負），本公司與賣家之間的委託拍

賣合同自賣家領取該拍賣品之日解除。若拍賣人未在上述期

限內取走拍賣品，則本公司與賣家之間的委託拍賣合同自上

述期限屆滿之日即告解除。若賣家在委託拍賣合同解除後七

日內仍未取走拍賣品，本公司有權收取儲存費、保險費及其

他合理支出，本公司亦有權以本公司認為合理的方式處置該

拍賣品，處置所得在扣除本公司因此產生之全部費用後，若

有餘款，由賣家自行取回。

第十一條　拍賣中止

如出現下列情況之一，本公司有權在實際拍賣前的任何時間

中止任何拍賣品的拍賣活動：

一、本公司對拍賣品的歸屬或真實性持有異議；

二、第三方對拍賣品的歸屬或真實性持有異議且能夠提供異

議所依據的相關證據材料，並按照本公司規定交付擔保金，

同時願意對中止拍賣活動所引起的法律後果及全部損失承

擔相應責任；

三、對賣家所作的說明或對本規則第七條所述賣家保證的準

確性持有異議；

四、有證據表明賣家已經違反或將要違反本規則的任何條款；

五、本公司認為應當中止的其他任何原因；

六、如本公司得知賣家寄售之拍品涉及權屬或其他爭議時，

本公司有權暫不予辦理退貨手續，待爭議解決後再予辦理相

關手續。

第十二條　賣家撤回拍賣品

賣家在拍賣日前任何時間，均可向本公司發出書面通知，撤

回其拍賣品。但撤回拍賣品時，若該拍賣品已列入圖錄或其

它宣傳品已開始印刷，則賣家應支付相當於該拍賣品保留價

之百分之二十的款項及其它各項費用。如圖錄或任何其它宣

傳品尚未印刷，也需支付相當於該拍賣品保留價之百分之十

的款項及其它各項費用。因賣家撤回拍賣品而引起的任何爭

議或索賠均由賣家自行承擔，與本公司無關。

第十三條　自動受保

除賣家另有書面指示外，在賣家與本公司訂立委託拍賣合同

並將拍賣品交付本公司後，所有拍賣品將自動受保於本公司

的保險，保險金額以本公司與賣家在委託拍賣合同中確定的

保留價為準（無保留價的，以該拍賣品的約定的保險金額為

準。調整拍賣保留價的，以該拍賣品原保留價為準）。此保險

金額只適用於保險和索賠，並非本公司對該拍賣品價值的保

證或擔保，也不意味著該拍賣品由本公司拍賣，即可售得相

同於該保險金額之款項。

第十四條　保險費

拍賣成交後，除非賣家與本公司另有約定，賣家應支付相當

於落槌價百分之一的保險費。如拍賣品未成交，賣家也應支

付相當於保留價百分之一（1%）的保險費。

第十五條　保險期間

如果拍賣品拍賣成交，保險期限至拍賣成交日起第三十日（含

成交日）終止或買家領取拍賣品之日終止（以二者中較早者

為準）。如果拍賣品拍賣未能成交，則保險期限至本公司發

出領回拍賣品的通知之日起三十日屆滿為止。

第十六條　賣家安排保險

如賣家以書面形式告知本公司不需投保其拍賣品，則風險由

賣家自行承擔。同時，賣家還應隨時承擔以下責任：

一、對其他任何權利人就拍賣品的毀損、滅失向本公司提出

的索賠或訴訟做出賠償；

二、賠償本公司及／或任何他方因任何原因造成拍賣品毀損、

滅失等所遭受的全部損失及所支出的全部費用。

三、將本條所述的賠償規定通知該拍賣品的任何承保人。

第十七條　保險免責

因自然磨損、固有瑕疵、內在或潛在缺陷、物質本身變化，自

燃、自熱、氧化、鏽蝕、滲漏、鼠咬、蟲蛀、大氣（氣候或氣溫）

變化、濕度或溫度轉變或其它漸變原因以及因地震、海嘯、

戰爭、敵對行為、武裝衝突、恐怖活動、政變、罷工、社會騷

亂等不可抗力及核輻射及放射性污染對拍賣品造成的任何

毀損、滅失，以及由於任何原因造成的圖書框架或玻璃、囊

匣、底墊、支架、裝裱、插冊、軸頭或類似附屬物的毀損、滅失，

不在保險理賠範圍之內，上述有關風險須由賣家承擔。

第十八條　保險賠償

凡屬因本公司為拍賣品所購保險承保範圍內的事件或災害

所導致的拍賣品毀損、滅失，應根據香港有關保險的法律和

規定處理。本公司在向保險公司進行理賠並獲得保險賠償

後，將保險賠款扣除本公司費用（佣金除外）的餘款支付給

賣家。

第十九條　競投禁止

賣家不得競投自己委託本公司拍賣的物品也不得委託他人

代為競投。唯本公司有權代賣家以不超過保留價之價格參考

競投。若違反本條規定，賣家應自行承擔相應之法律責任，

並賠償因此給本公司造成的全部損失。

第二十條　佣金及費用

除賣家與本公司另有約定外，賣家授權本公司按落槌價之百

分之十（10%）扣除佣金，同時扣除其它各項費用。儘管本

公司是賣家的代理人，但賣家同意本公司可根據本規則第

四十九條的規定向買家收取佣金及其它各項費用。

第二十一條　未成交手續費

如果某拍賣品的競投價低於保留價而未能成交，則賣家授權

本公司向其收取未拍出手續費及其它各項費用。

第二十二條　出售所得款項淨額支付

如買家已按本規則第四十九條的規定向本公司付清全部購買

價款，則本公司應自拍賣成交日起三十五日後將出售所得款

項淨額以港幣方式支付賣家。

第二十三條　延遲付款

如本規則第五十一條規定的付款期限屆滿，本公司仍未收到

買家的全部購買價款，則本公司將在收到買家支付的全部購

買價款之日起七個工作日內將出售所得款項淨額支付賣家。

第二十四條　賣家稅項

賣家所得的出售所得款項淨額應向政府納稅，如有關法律規

定本公司有代扣代繳義務的，本公司將依照法律規定執行，

賣家應協助辦理所有手續，並承擔相應稅費。

第二十五條　協助收取拖欠款項

賣家在委託本公司拍賣其物品的同時，被視為授權本公司有權

代賣家向買家追索相應拖欠價款。如買家在拍賣成交日（含成

交日）起七日內未向本公司付清全部購買價款，本公司除有權按

照本規則第五十八條之約定向買家追索其應付的佣金及其他各

項費用外，亦有權在本公司認為實際可行的情況下，採取適當

措施（包括但不限於通過法律途徑解決）協助賣家向買家收取

拖欠的款項。上述約定並不排除賣家親自或委託任何第三方向

買家追索相應拖欠款項的權利，亦不賦予本公司在任何情況下

代賣家向買家追索相應拖欠價款的義務。本公司在任何情況下

不應因買家未能支付購買價款而向賣家承擔相應責任。

第二十六條　本公司有權決定

本公司有權接受賣家授權（由賣家支付費用）並視具體情況

決定下列事項：

一、同意購買價款以特殊付款條件支付；

二、搬移、貯存及投保已出售的拍賣品；

三、根據本規則有關條款，解決買家提出的索賠或賣家提出

的索賠；

四、採取其他必要措施收取買家拖欠賣家的款項。

第二十七條　拍賣品未能成交或未被取回

一、如拍賣品未能成交，由本公司與賣家重新商議確定拍賣

品的保留價並代為出售，本公司支付賣家不少於以新的保留

價出售時應支付的出售所得款項淨額。

二、如拍賣品未能經拍賣會或按照上文第 1 款的規定由本公

司代為出售而成交，本公司將通知賣家。在上文第 27.1 條規

限下，未能成交的拍賣品可委託本公司根據原委託拍賣合同

之佣金及費用標準重新上拍，或可由賣家取回。如賣家決定

取回未能成交的拍賣品，本公司可根據委託拍賣合同向賣家

收取適用於該未能成交的拍賣品的佣金及費用。

三、如賣家未有在拍賣會起計三十日內委託本公司重新拍賣

該拍賣品，亦未有取回該拍賣品，本公司對該拍賣品可能負

有的任何委託保管責任均會解除，並有權按其絕對酌情權（i）

將該拍賣品儲存於獨立貯存設施，有關風險及開支（包括儲

存費、保險費及其他合理開支）由賣家承擔；或（ii）安排該

拍賣品在（本公司或其他地方的）公開拍賣會重新上拍，保

留價不低於其上次上拍保留價的百分之五十（50%）。

四、倘按照上文第 3（ii）條重新上拍，本公司有權根據委託

拍賣合同從出售所得款項淨額扣除未拍出的佣金及開支，及

重新上拍的佣金及開支後，才支付剩餘金額予賣家。

五、倘拍賣品寄存於本公司一年以上，而其擁有人未有取回

或委託本公司出售該拍賣品，本公司有權在向擁有人的地址

發出六十日通知後，在（本公司或其他地方的）拍賣會出售該

財產，估價及保留價由本公司酌情決定。

六、任何未拍出的拍賣品重新上拍，或出售任何未有被取回

的拍賣品，均須按照本業務規則中適用於有關拍賣會的規定

進行。出售上述拍賣品所得款項（扣除本公司產生的所有成

本），如賣家沒有在出售後兩年內收取，則會被沒收。

第二十八條　風險承擔

無論是未上拍或未能成交的拍賣品，賣家均應對其超過本規

則規定期限未能取回其拍賣品而在該期限後所發生之一切

風險及費用自行承擔責任。自本公司向賣家發出領回拍賣品

的通知之日（含通知日）起第三十日，或自委託人按本規則約

定領取拍賣品之時（以先到者為準），未上拍或未能成交拍

賣品的一切風險及費用由賣家承擔。如賣家在本規則規定期

限內要求本公司協助其退回拍賣品並經本公司同意，拍賣品

自離開本公司指定地點後的一切風險及費用由賣家承擔。除

非賣家特別指明並預先支付保險費，本公司無義務對拍賣品

在離開本公司指定地點後予以投保。如賣家要求本公司協助

以郵寄、快遞或其他通過第三方的運輸方式退回其拍賣品，

一旦本公司將拍賣品交付郵寄、快遞、運輸部門、公司或其

雇員分支機構，則視為本公司已退回該拍賣品，同時應視為

賣家已領取該拍賣品。

第三章 關於競投人與買家

第二十九條 競投人及本公司有關出售拍賣品之責任

(一 ) 本公司對各拍賣品之認知部分依賴於賣家提供之資料，

本公司無法及不會就拍賣品進行全面盡職檢查。競投人知悉

此事，並承擔檢查及檢驗拍賣品原物之責任，以使競投人滿

意其可能感興趣之拍賣品。

( 二 ) 本公司出售之各拍賣品於出售前可供競投人審看。競

投人及 / 或其代理人參與競投，即視為競投人已在競投前全

面檢驗拍賣品，並滿意拍賣品之狀況及其描述之準確性。

( 三 ) 競投人確認眾多拍賣品年代久遠及種類特殊，意味拍

賣品並非完好無缺。所有拍賣品均以拍賣時之狀態出售 ( 無

論競投人是否出席拍賣 )。狀況報告或可於審看拍賣品時提

供。圖錄描述及狀況報告在若干情況下可用作拍賣品某些

瑕疵之參考。然而，競投人應注意拍賣品可能存在其他在圖

錄或狀況報告內並無明確指出之瑕疵。

( 四 ) 提供予競投人有關任何拍賣品之資料，包括任何預測

資料 ( 無論為書面或口述 ) 及包括任何圖錄所載之資料、規

則或其他報告、評論或估值，該等資料並非事實之陳述，而

是本公司所持有之意見之聲明，該等資料可由本公司不時全

權酌情決定修改。

( 五 ) 本公司或賣家概無就任何拍賣品是否受任何版權所限

或買家是否已購買任何拍賣品之版權發出任何聲明或保證。

( 六 ) 受本規則第二十九 ( 一 ) 至二十九 ( 五 ) 條所載事項所

規限及本規則第三十條所載特定豁免所規限，本公司應基於

(1) 賣家向本公司提供的資料；(2) 學術及技術知識（如有）；

及 (3) 相關專家普遍接納之意見，以合理審慎態度發表（且

與本規則中有關本公司作為拍賣代理的條款相符）載於圖錄

描述或狀況報告之明示聲明。

第三十條 對買家之責任豁免及限制

( 一 ) 如本公司視拍賣品為贋品，將落槌價連同買家佣金退

還予買家。

(二)受本規則第二十九條之事項所規限及受規則第三十(一)

及三十 ( 五 ) 條所規限，本公司無須：

(1) 對本公司向競投人以口述或書面提供之資料之任何錯誤

或遺漏負責，無論是由於疏忽或因其他原因引致，惟本規則

第二十九 ( 六 ) 條所載者則除外；

(2) 向競投人作出任何擔保或保證，且賣家委託本公司向買

家作出之明示保證以外之任何暗示保證及規則均被排除（惟

法律規定不可免除之該等責任除外）；

(3) 就本公司有關拍賣或有關出售任何拍賣品之任何事宜之行動

或遺漏（無論是由於疏忽或其他原因引致）向任何競投人負責。

( 三 ) 除非本公司擁有出售之拍賣品，否則無須就賣家違反

本規則而負責。

( 四 ) 在不影響規則第三十 ( 二 ) 條之情況下，競投人向本公

司或賣家提出之任何索賠以該拍賣品之落槌價連同買家佣

金為限。本公司或賣家在任何情況下均無須承擔買家任何相

應而產生的損失。

第三十一條 拍賣品圖錄及其他說明

為便於競投人及賣家參加本公司舉辦的拍賣活動，本公司製

作拍賣品圖錄，以文字及 / 或圖片的形式，對拍賣品之狀況

進行簡要陳述。拍賣品圖錄中的文字、估價，圖片或其它形

式的影像製品和宣傳品，僅供競投人參考，並可於拍賣前修

訂，不表明本公司對拍賣品的真實性、價值、色調、質地有無

缺陷等所作的擔保。

第三十二條 圖錄之不確定性

因印刷或攝影等技術原因造成拍賣品在圖錄及 / 或其它任

何形式的圖示，影像製品和宣傳品中的色調、顏色、層次、形

態等與原物存在誤差者，以原物為準。本公司及其工作人員

或其代理人對任何拍賣品用任何方式（包括證書、圖錄、幻

燈投影、新聞載體等）所作的介紹及評價，均為參考性意見，

不構成對拍賣品的任何擔保。本公司及其工作人員或其代理

人對上述之介紹及評價中的不準確或遺漏之處不承擔責任。

第三十三條 保留價及估價

凡本公司拍賣品未標明或未標明無保留價的，均設有保留價。保

留價一般不高於本公司於拍賣前公佈或刊發的拍賣前最低估價。

如拍賣品未設保留價，除非已有競投，否則拍賣官有權自行決定

起拍價，但不得高於拍賣品的拍賣前最低估價。

在任何情況下，本公司不對拍賣品在本公司舉辦的拍賣會中未

達保留價不成交而承擔任何責任。若拍賣品競投價格低於保留

價，拍賣官有權自行決定以低於保留價的價格出售拍賣品。但

在此種情況下，本公司向賣家支付之款項為按保留價出售拍賣

品時賣家應可收取之數額。估價在拍賣日前較早時間估定並非

確定之售價，不具有法律約束力。任何估價不能作為拍賣品落

槌價之預測，且本公司有權不時修訂已作出之估價。

第三十四條 競投人之審看責任

競投人及 / 或其代理人有責任自行瞭解有關拍賣品的實際狀

況並對自己競投某拍賣品的行為承擔法律責任。本公司鄭重

建議，競投人應在拍賣日前，以鑒定或其它方式親自審看擬

競投拍賣品之原物，自行判斷該拍賣品是否與本公司拍賣品

圖錄以及其它形式的影像製品和宣傳品所描述相符合，而不

應依圖錄及影像製品和宣傳品的描述做出決定。

第三十五條 競投人登記

競投人為個人的應在拍賣日前憑政府發出附有照片的身份

證明文件（如居民身份證或護照）填寫並簽署登記文件並提

供現時住址證明（如公用事業賬單或銀行月結單）；競投人

為公司或者其他組織的，應在拍賣日前憑有效的註冊登記文

件、股東證明文件以及合法的授權委託證明文件填寫並簽署

登記文件，領取競投號牌。本公司可能要求競投人出示用作

付款的銀行資料或其他財政狀況證明。

第三十六條 競投號牌

本公司可根據不同拍賣條件及拍賣方式等任何情況，在拍賣

日前公佈辦理競投號牌的條件和程式包括但不限於制定競

投人辦理競投號牌的資格條件。

本公司鄭重提示，競投號牌是競投人參與現場競價的唯一憑證。

競投人應妥善保管，不得將競投號牌出借他人使用。一旦丟失，

應立即以本公司認可的書面方式辦理掛失手續。

無論是否接受競投人的委託，凡持競投號牌者在拍賣活動中所

實施的競投行為均視為競投號牌登記人本人所為，競投人應當

對其行為承擔法律責任，除非競投號牌登記人本人已以本公司

認可的書面方式在本公司辦理了該競投號牌的掛失手續。

第三十七條 競投保證金

競投人參加本公司拍賣活動，應在領取競投號牌前交納競投

保證金。競投保證金的數額由本公司在拍賣日前公佈，且本

公司有權減免競投保證金。若競投人未能購得拍賣品且對本

公司無任何欠款，則該保證金在拍賣結束後十四個工作日內

全額無息返還競投人；若競投人成為買家，則本公司有權可

用該保證金作為支付拍賣品購買價款的款項。

第三十八條 本公司之選擇權

本公司有權酌情拒絕任何人參加本公司舉辦的拍賣活動或進

入拍賣現場，或在拍賣會現場進行拍照、錄音、攝像等活動。

第三十九條 異常情況緊急處理

在拍賣現場出現異常的情況下，本公司有權做出緊急處理。

如拍賣現場出現任何爭議，本公司有權協調解決。

第四十條 以當事人身份競投

除非某競投人在拍賣日前向本公司出具書面證明並經本公司

書面認可，表明其身份是某競投人的代理人，否則每名競投

人均被視為競投人本人。本公司只會向競投人收取款項。

第四十一條 委託競投

競投人應親自出席拍賣會。如不能親身出席或由代理人出

席，可採用書面形式委託本公司代為競投或電話競投。本公

司有權決定是否接受上述委託。

委託本公司競投之競投人應在規定時間內（不遲於拍賣日前

三個工作日）辦理委託手續，向本公司出具填妥的本公司委

託競投表格，並應根據本規則規定同時交納競投保證金。

委託本公司競投之競投人如需取消委託競投，應不遲於拍賣

日前二十四小時書面通知本公司。

第四十二條 委託競投的競投結果

競投人委託本公司代為競投的競投結果及相關法律責任由

競投人承擔。

競投人如在委託競投表格中表示以電話等即時通訊方式競

投，則應準確填寫即時通訊方式並妥善保管該即時通訊工具，

在本公司受託競投期間，競投人應親自使用該即時通訊工具，

一旦丟失或無法控制該即時通訊工具，應立即以本公司認可

的書面方式變更委託競投表格中填寫的即時通訊方式。

在本公司受託競投期間會盡適當努力聯絡競投人，而該即時

通訊工具所傳達之競投資訊（無論是否競投人本人或競投

人的代理人傳達），均視為競投人本人所為，競投人應當對

其行為承擔法律責任，除非競投人本人已以本公司認可的書

面方式變更了委託競投表格中填寫的即時通訊方式，本公司

有絕對權利對所有電話競投錄音和保存。選擇電話競投即

代表競投人同意其電話被錄音。

但在任何情況下，如未能聯絡，或在使用該即時通訊工具的

競投中有任何錯誤或遺漏，本公司均不負任何責任。

第四十三條 委託競投之免責

鑒於委託競投是本公司為競投人提供的代為傳遞競投資訊

的免費服務，本公司及其工作人員對競投未成功或代理競投

過程中出現的任何錯誤、遺漏、疏忽、過失或無法代為競投

等不承擔任何責任。

第四十四條 委託在先原則

若兩個或兩個以上委託本公司競投之競投人以相同委託價

對同一拍賣品出價且最終拍賣品以該價格落槌成交，則最先

將委託競投表格送達本公司者為該拍賣品的買家。

第四十五條 拍賣官之決定權

拍賣官對下列事項具有絕對決定權：

( 一 ) 拒絕或接受任何競投；

( 二 ) 以其決定之方式進行拍賣；

( 三 ) 將任何拍賣品撤回或分開拍賣或將任何兩件或多件拍

賣品合併拍賣；

( 四 ) 如遇有出錯或爭議時，不論在拍賣之時或拍賣之後，有

權決定成功競投者、是否繼續拍賣、取消拍賣或將有爭議的

拍賣品重新拍賣；

( 五 ) 拍賣官可以在其認為合適的水平及競價階梯下開始及進

行競投，並有權代表賣家以競投或連續競投方式或以回應其

他競投人的競投價而競投的方式，代賣家競投到底價的金額；

( 六 ) 採取其合理認為適當之其他行動。

第四十六條 不設保留價

就不設保留價的拍賣品，除非已有競投，否則拍賣官有權自

行斟酌決定開價。若在此價格下並無競投，拍賣官會自行斟

酌將價格下降繼續拍賣，直至有競投人開始競投，然後再由

該競投價向上繼續拍賣。

第四十七條 影像顯示板及貨幣兌換顯示板

本公司為方便競投人，可能於拍賣中使用影像投射或其他形

式的顯示板，所示內容僅供參考。無論影像投射或其他形式

的顯示板所示之數額、拍賣品編號、拍賣品圖片或參考外匯

金額等資訊均有可能出現誤差，本公司對因此誤差而導致的

任何損失不承擔任何責任。

第四十八條 拍賣成交

最高競投價經拍賣官落槌或者以其他公開表示買定的方式

確認時，該競投人競投成功，即表明該競投人成為拍賣品的

買家，亦表明賣家與買家之間的拍賣合約之訂立。

第四十九條 佣金及費用

競投人競投成功後，即成為該拍賣品的買家。買家應支付本

公司相當於落槌價百分之二十的佣金，同時應支付其他買家

負責的各項費用。且本公司可根據本公司業務規則的規定向

賣家收取佣金及其他賣家負責的各項費用。

第五十條 稅項

買家向本公司支付的所有款項均應是淨額的，不得包括任何

貨物稅、服務稅或者其他增值稅（不論是由香港或其他地區

所徵收）。如有任何適用於買家的稅費，買家應根據現行相

關法律規定自行負擔。

第五十一條 付款時間

拍賣成交後，除非另有約定，否則不論拍賣品之出口、進口或

其他許可證之任何規定，買家應自拍賣成交日（含成交日）起

七日內向本公司付清購買價款並安排提取拍賣品。若涉及包

裝及搬運費用運輸及保險費用、出境費等，買家需一並支付。

第五十二條 支付幣種

所有價款應以港幣支付。如買家以港幣以外的其他貨幣支付，

應按買家與本公司約定的匯價折算或按照本公司選擇之銀

行於買家付款日前一個工作日公佈的港幣與該幣種的匯價折

算。本公司為將買家所支付之該種外幣兌換成港幣所引致之

所有銀行手續費、佣金或其他費用，均由買家承擔。

第五十三條 所有權轉移

拍賣品的所有權將在買家付清購買價款及欠付本公司的所有款

項時，轉移給買家。

第五十四條 風險轉移

競投成功後，拍賣品的風險於下列任何一種情形發生後（以

較早發生日期為準）即由買家自行承擔：

( 一 ) 買家提取所購拍賣品；

( 二 ) 買家向本公司支付有關拍賣品的全部購買價款；

( 三 ) 拍賣成交日（含成交日）起七日屆滿。

第五十五條 提取拍賣品

買家須在拍賣成交日（含成交日）起三十日內前往本公司地址

或本公司指定之其他地點提取所購買的拍賣品。買家須自行負

責於風險轉移至買家後為所購拍賣品購買保險。若買家未能在

拍賣成交日（含成交日）起三十日內提取拍賣品，則逾期後對該

拍賣品的相關保管、搬運、保險等費用均由買家承擔，且買家

應對其所購拍賣品承擔全部責任。逾期後，即使該拍賣品仍由

本公司或其他代理人代為保管，本公司及其工作人員或其代理

人對任何原因所致的該拍賣品的毀損、滅失，不承擔任何責任。

第五十六條 包裝及付運

本公司有權決定是否接受買家要求，提供代為包裝及處理的

服務。如果本公司工作人員應買家要求代為包裝及處理購買

的拍賣品，上述包裝及處理僅應視為本公司對買家提供的服

務，因此發生的任何風險及損失均由買家自負。在任何情況

下，本公司對因任何原因造成的框架或玻璃、囊匣、底墊、支

架、裝裱、插冊、軸頭或類似附屬物的損壞、滅失不負責任。

如買家要求本公司協助以郵寄、快遞或運輸方式領取其所購

買的拍賣品（包裝及郵遞、運輸費用由買受人負擔），一旦本

公司將拍賣品交付郵寄、快遞、運輸部門、公司或其雇員 / 分

支機構，則視為本公司已交付該拍賣品，同時應視為買家已

按正常程序領取該拍賣品，此過程中的風險由買家承擔，除

非買家特別指明並負擔保險費外，在郵寄、快遞、運輸過程

中一般不予投保。對於買家指定或本公司向買家推薦的包裝

公司及郵寄、快遞、運輸部門或公司所造成的一切錯誤、遺漏、

損壞或滅失，本公司不承擔責任。

第五十七條 進出口及許可證

買家須自行負責取得任何有關拍賣品進出口、瀕臨絕種生物

或其他方面之許可證。未獲得任何所需之許可證或延誤取得

該類許可證不可被視為買家取消購買或延遲支付購買價款

之理由。本公司不承擔因不能填妥或呈交所需出口或進口貨

單、清單或文件所產生之任何責任。

如買家要求本公司代其申請出口許可證，本公司則有權就此

拍賣合同下義務時有任何延誤，或導致本公司無法履行委託

拍賣合同下的義務（包括但不限於延後或取消任何拍賣），

本公司概不承擔法律責任，並可終止委託拍賣合同下其出售

拍賣品的義務，或取消或延後任何拍賣。

在不影響上文規定的情況下，倘發生本公司無法控制的情況或

情況導致其不能履行，以致本公司決定不如期舉行拍賣，本公

司可延後或取消任何拍賣，或更改任何拍賣平台或形式（包括

但不限於把現場拍賣改為只進行線上拍賣），而有關拍賣品的

出售須符合本業務規則中適用於該拍賣品的拍賣會規定。

第十條　未上拍拍賣品

賣家與本公司簽署委託拍賣合同且將拍賣品交付本公司後，

若因任何原因致使本公司認為某拍賣品不適合由本公司拍賣

的，則賣家應自本公司發出通知之日起三十日內取回該拍賣

品（包裝及搬運等費用自負），本公司與賣家之間的委託拍

賣合同自賣家領取該拍賣品之日解除。若拍賣人未在上述期

限內取走拍賣品，則本公司與賣家之間的委託拍賣合同自上

述期限屆滿之日即告解除。若賣家在委託拍賣合同解除後七

日內仍未取走拍賣品，本公司有權收取儲存費、保險費及其

他合理支出，本公司亦有權以本公司認為合理的方式處置該

拍賣品，處置所得在扣除本公司因此產生之全部費用後，若

有餘款，由賣家自行取回。

第十一條　拍賣中止

如出現下列情況之一，本公司有權在實際拍賣前的任何時間

中止任何拍賣品的拍賣活動：

一、本公司對拍賣品的歸屬或真實性持有異議；

二、第三方對拍賣品的歸屬或真實性持有異議且能夠提供異

議所依據的相關證據材料，並按照本公司規定交付擔保金，

同時願意對中止拍賣活動所引起的法律後果及全部損失承

擔相應責任；

三、對賣家所作的說明或對本規則第七條所述賣家保證的準

確性持有異議；

四、有證據表明賣家已經違反或將要違反本規則的任何條款；

五、本公司認為應當中止的其他任何原因；

六、如本公司得知賣家寄售之拍品涉及權屬或其他爭議時，

本公司有權暫不予辦理退貨手續，待爭議解決後再予辦理相

關手續。

第十二條　賣家撤回拍賣品

賣家在拍賣日前任何時間，均可向本公司發出書面通知，撤

回其拍賣品。但撤回拍賣品時，若該拍賣品已列入圖錄或其

它宣傳品已開始印刷，則賣家應支付相當於該拍賣品保留價

之百分之二十的款項及其它各項費用。如圖錄或任何其它宣

傳品尚未印刷，也需支付相當於該拍賣品保留價之百分之十

的款項及其它各項費用。因賣家撤回拍賣品而引起的任何爭

議或索賠均由賣家自行承擔，與本公司無關。

第十三條　自動受保

除賣家另有書面指示外，在賣家與本公司訂立委託拍賣合同

並將拍賣品交付本公司後，所有拍賣品將自動受保於本公司

的保險，保險金額以本公司與賣家在委託拍賣合同中確定的

保留價為準（無保留價的，以該拍賣品的約定的保險金額為

準。調整拍賣保留價的，以該拍賣品原保留價為準）。此保險

金額只適用於保險和索賠，並非本公司對該拍賣品價值的保

證或擔保，也不意味著該拍賣品由本公司拍賣，即可售得相

同於該保險金額之款項。

第十四條　保險費

拍賣成交後，除非賣家與本公司另有約定，賣家應支付相當

於落槌價百分之一的保險費。如拍賣品未成交，賣家也應支

付相當於保留價百分之一（1%）的保險費。

第十五條　保險期間

如果拍賣品拍賣成交，保險期限至拍賣成交日起第三十日（含

成交日）終止或買家領取拍賣品之日終止（以二者中較早者

為準）。如果拍賣品拍賣未能成交，則保險期限至本公司發

出領回拍賣品的通知之日起三十日屆滿為止。

第十六條　賣家安排保險

如賣家以書面形式告知本公司不需投保其拍賣品，則風險由

賣家自行承擔。同時，賣家還應隨時承擔以下責任：

一、對其他任何權利人就拍賣品的毀損、滅失向本公司提出

的索賠或訴訟做出賠償；

二、賠償本公司及／或任何他方因任何原因造成拍賣品毀損、

滅失等所遭受的全部損失及所支出的全部費用。

三、將本條所述的賠償規定通知該拍賣品的任何承保人。

第十七條　保險免責

因自然磨損、固有瑕疵、內在或潛在缺陷、物質本身變化，自

燃、自熱、氧化、鏽蝕、滲漏、鼠咬、蟲蛀、大氣（氣候或氣溫）

變化、濕度或溫度轉變或其它漸變原因以及因地震、海嘯、

戰爭、敵對行為、武裝衝突、恐怖活動、政變、罷工、社會騷

亂等不可抗力及核輻射及放射性污染對拍賣品造成的任何

毀損、滅失，以及由於任何原因造成的圖書框架或玻璃、囊

匣、底墊、支架、裝裱、插冊、軸頭或類似附屬物的毀損、滅失，

不在保險理賠範圍之內，上述有關風險須由賣家承擔。

第十八條　保險賠償

凡屬因本公司為拍賣品所購保險承保範圍內的事件或災害

所導致的拍賣品毀損、滅失，應根據香港有關保險的法律和

規定處理。本公司在向保險公司進行理賠並獲得保險賠償

後，將保險賠款扣除本公司費用（佣金除外）的餘款支付給

賣家。

第十九條　競投禁止

賣家不得競投自己委託本公司拍賣的物品也不得委託他人

代為競投。唯本公司有權代賣家以不超過保留價之價格參考

競投。若違反本條規定，賣家應自行承擔相應之法律責任，

並賠償因此給本公司造成的全部損失。

第二十條　佣金及費用

除賣家與本公司另有約定外，賣家授權本公司按落槌價之百

分之十（10%）扣除佣金，同時扣除其它各項費用。儘管本

公司是賣家的代理人，但賣家同意本公司可根據本規則第

四十九條的規定向買家收取佣金及其它各項費用。

第二十一條　未成交手續費

如果某拍賣品的競投價低於保留價而未能成交，則賣家授權

本公司向其收取未拍出手續費及其它各項費用。

第二十二條　出售所得款項淨額支付

如買家已按本規則第四十九條的規定向本公司付清全部購買

價款，則本公司應自拍賣成交日起三十五日後將出售所得款

項淨額以港幣方式支付賣家。

第二十三條　延遲付款

如本規則第五十一條規定的付款期限屆滿，本公司仍未收到

買家的全部購買價款，則本公司將在收到買家支付的全部購

買價款之日起七個工作日內將出售所得款項淨額支付賣家。

第二十四條　賣家稅項

賣家所得的出售所得款項淨額應向政府納稅，如有關法律規

定本公司有代扣代繳義務的，本公司將依照法律規定執行，

賣家應協助辦理所有手續，並承擔相應稅費。

第二十五條　協助收取拖欠款項

賣家在委託本公司拍賣其物品的同時，被視為授權本公司有權

代賣家向買家追索相應拖欠價款。如買家在拍賣成交日（含成

交日）起七日內未向本公司付清全部購買價款，本公司除有權按

照本規則第五十八條之約定向買家追索其應付的佣金及其他各

項費用外，亦有權在本公司認為實際可行的情況下，採取適當

措施（包括但不限於通過法律途徑解決）協助賣家向買家收取

拖欠的款項。上述約定並不排除賣家親自或委託任何第三方向

買家追索相應拖欠款項的權利，亦不賦予本公司在任何情況下

代賣家向買家追索相應拖欠價款的義務。本公司在任何情況下

不應因買家未能支付購買價款而向賣家承擔相應責任。

第二十六條　本公司有權決定

本公司有權接受賣家授權（由賣家支付費用）並視具體情況

決定下列事項：

一、同意購買價款以特殊付款條件支付；

二、搬移、貯存及投保已出售的拍賣品；

三、根據本規則有關條款，解決買家提出的索賠或賣家提出

的索賠；

四、採取其他必要措施收取買家拖欠賣家的款項。

第二十七條　拍賣品未能成交或未被取回

一、如拍賣品未能成交，由本公司與賣家重新商議確定拍賣

品的保留價並代為出售，本公司支付賣家不少於以新的保留

價出售時應支付的出售所得款項淨額。

二、如拍賣品未能經拍賣會或按照上文第 1 款的規定由本公

司代為出售而成交，本公司將通知賣家。在上文第 27.1 條規

限下，未能成交的拍賣品可委託本公司根據原委託拍賣合同

之佣金及費用標準重新上拍，或可由賣家取回。如賣家決定

取回未能成交的拍賣品，本公司可根據委託拍賣合同向賣家

收取適用於該未能成交的拍賣品的佣金及費用。

三、如賣家未有在拍賣會起計三十日內委託本公司重新拍賣

該拍賣品，亦未有取回該拍賣品，本公司對該拍賣品可能負

有的任何委託保管責任均會解除，並有權按其絕對酌情權（i）

將該拍賣品儲存於獨立貯存設施，有關風險及開支（包括儲

存費、保險費及其他合理開支）由賣家承擔；或（ii）安排該

拍賣品在（本公司或其他地方的）公開拍賣會重新上拍，保

留價不低於其上次上拍保留價的百分之五十（50%）。

四、倘按照上文第 3（ii）條重新上拍，本公司有權根據委託

拍賣合同從出售所得款項淨額扣除未拍出的佣金及開支，及

重新上拍的佣金及開支後，才支付剩餘金額予賣家。

五、倘拍賣品寄存於本公司一年以上，而其擁有人未有取回

或委託本公司出售該拍賣品，本公司有權在向擁有人的地址

發出六十日通知後，在（本公司或其他地方的）拍賣會出售該

財產，估價及保留價由本公司酌情決定。

六、任何未拍出的拍賣品重新上拍，或出售任何未有被取回

的拍賣品，均須按照本業務規則中適用於有關拍賣會的規定

進行。出售上述拍賣品所得款項（扣除本公司產生的所有成

本），如賣家沒有在出售後兩年內收取，則會被沒收。

第二十八條　風險承擔

無論是未上拍或未能成交的拍賣品，賣家均應對其超過本規

則規定期限未能取回其拍賣品而在該期限後所發生之一切

風險及費用自行承擔責任。自本公司向賣家發出領回拍賣品

的通知之日（含通知日）起第三十日，或自委託人按本規則約

定領取拍賣品之時（以先到者為準），未上拍或未能成交拍

賣品的一切風險及費用由賣家承擔。如賣家在本規則規定期

限內要求本公司協助其退回拍賣品並經本公司同意，拍賣品

自離開本公司指定地點後的一切風險及費用由賣家承擔。除

非賣家特別指明並預先支付保險費，本公司無義務對拍賣品

在離開本公司指定地點後予以投保。如賣家要求本公司協助

以郵寄、快遞或其他通過第三方的運輸方式退回其拍賣品，

一旦本公司將拍賣品交付郵寄、快遞、運輸部門、公司或其

雇員分支機構，則視為本公司已退回該拍賣品，同時應視為

賣家已領取該拍賣品。

第三章 關於競投人與買家

第二十九條 競投人及本公司有關出售拍賣品之責任

(一 ) 本公司對各拍賣品之認知部分依賴於賣家提供之資料，

本公司無法及不會就拍賣品進行全面盡職檢查。競投人知悉

此事，並承擔檢查及檢驗拍賣品原物之責任，以使競投人滿

意其可能感興趣之拍賣品。

( 二 ) 本公司出售之各拍賣品於出售前可供競投人審看。競

投人及 / 或其代理人參與競投，即視為競投人已在競投前全

面檢驗拍賣品，並滿意拍賣品之狀況及其描述之準確性。

( 三 ) 競投人確認眾多拍賣品年代久遠及種類特殊，意味拍

賣品並非完好無缺。所有拍賣品均以拍賣時之狀態出售 ( 無

論競投人是否出席拍賣 )。狀況報告或可於審看拍賣品時提

供。圖錄描述及狀況報告在若干情況下可用作拍賣品某些

瑕疵之參考。然而，競投人應注意拍賣品可能存在其他在圖

錄或狀況報告內並無明確指出之瑕疵。

( 四 ) 提供予競投人有關任何拍賣品之資料，包括任何預測

資料 ( 無論為書面或口述 ) 及包括任何圖錄所載之資料、規

則或其他報告、評論或估值，該等資料並非事實之陳述，而

是本公司所持有之意見之聲明，該等資料可由本公司不時全

權酌情決定修改。

( 五 ) 本公司或賣家概無就任何拍賣品是否受任何版權所限

或買家是否已購買任何拍賣品之版權發出任何聲明或保證。

( 六 ) 受本規則第二十九 ( 一 ) 至二十九 ( 五 ) 條所載事項所

規限及本規則第三十條所載特定豁免所規限，本公司應基於

(1) 賣家向本公司提供的資料；(2) 學術及技術知識（如有）；

及 (3) 相關專家普遍接納之意見，以合理審慎態度發表（且

與本規則中有關本公司作為拍賣代理的條款相符）載於圖錄

描述或狀況報告之明示聲明。

第三十條 對買家之責任豁免及限制

( 一 ) 如本公司視拍賣品為贋品，將落槌價連同買家佣金退

還予買家。

(二)受本規則第二十九條之事項所規限及受規則第三十(一)

及三十 ( 五 ) 條所規限，本公司無須：

(1) 對本公司向競投人以口述或書面提供之資料之任何錯誤

或遺漏負責，無論是由於疏忽或因其他原因引致，惟本規則

第二十九 ( 六 ) 條所載者則除外；

(2) 向競投人作出任何擔保或保證，且賣家委託本公司向買

家作出之明示保證以外之任何暗示保證及規則均被排除（惟

法律規定不可免除之該等責任除外）；

(3) 就本公司有關拍賣或有關出售任何拍賣品之任何事宜之行動

或遺漏（無論是由於疏忽或其他原因引致）向任何競投人負責。

( 三 ) 除非本公司擁有出售之拍賣品，否則無須就賣家違反

本規則而負責。

( 四 ) 在不影響規則第三十 ( 二 ) 條之情況下，競投人向本公

司或賣家提出之任何索賠以該拍賣品之落槌價連同買家佣

金為限。本公司或賣家在任何情況下均無須承擔買家任何相

應而產生的損失。

第三十一條 拍賣品圖錄及其他說明

為便於競投人及賣家參加本公司舉辦的拍賣活動，本公司製

作拍賣品圖錄，以文字及 / 或圖片的形式，對拍賣品之狀況

進行簡要陳述。拍賣品圖錄中的文字、估價，圖片或其它形

式的影像製品和宣傳品，僅供競投人參考，並可於拍賣前修

訂，不表明本公司對拍賣品的真實性、價值、色調、質地有無

缺陷等所作的擔保。

第三十二條 圖錄之不確定性

因印刷或攝影等技術原因造成拍賣品在圖錄及 / 或其它任

何形式的圖示，影像製品和宣傳品中的色調、顏色、層次、形

態等與原物存在誤差者，以原物為準。本公司及其工作人員

或其代理人對任何拍賣品用任何方式（包括證書、圖錄、幻

燈投影、新聞載體等）所作的介紹及評價，均為參考性意見，

不構成對拍賣品的任何擔保。本公司及其工作人員或其代理

人對上述之介紹及評價中的不準確或遺漏之處不承擔責任。

第三十三條 保留價及估價

凡本公司拍賣品未標明或未標明無保留價的，均設有保留價。保

留價一般不高於本公司於拍賣前公佈或刊發的拍賣前最低估價。

如拍賣品未設保留價，除非已有競投，否則拍賣官有權自行決定

起拍價，但不得高於拍賣品的拍賣前最低估價。

在任何情況下，本公司不對拍賣品在本公司舉辦的拍賣會中未

達保留價不成交而承擔任何責任。若拍賣品競投價格低於保留

價，拍賣官有權自行決定以低於保留價的價格出售拍賣品。但

在此種情況下，本公司向賣家支付之款項為按保留價出售拍賣

品時賣家應可收取之數額。估價在拍賣日前較早時間估定並非

確定之售價，不具有法律約束力。任何估價不能作為拍賣品落

槌價之預測，且本公司有權不時修訂已作出之估價。

第三十四條 競投人之審看責任

競投人及 / 或其代理人有責任自行瞭解有關拍賣品的實際狀

況並對自己競投某拍賣品的行為承擔法律責任。本公司鄭重

建議，競投人應在拍賣日前，以鑒定或其它方式親自審看擬

競投拍賣品之原物，自行判斷該拍賣品是否與本公司拍賣品

圖錄以及其它形式的影像製品和宣傳品所描述相符合，而不

應依圖錄及影像製品和宣傳品的描述做出決定。

第三十五條 競投人登記

競投人為個人的應在拍賣日前憑政府發出附有照片的身份

證明文件（如居民身份證或護照）填寫並簽署登記文件並提

供現時住址證明（如公用事業賬單或銀行月結單）；競投人

為公司或者其他組織的，應在拍賣日前憑有效的註冊登記文

件、股東證明文件以及合法的授權委託證明文件填寫並簽署

登記文件，領取競投號牌。本公司可能要求競投人出示用作

付款的銀行資料或其他財政狀況證明。

第三十六條 競投號牌

本公司可根據不同拍賣條件及拍賣方式等任何情況，在拍賣

日前公佈辦理競投號牌的條件和程式包括但不限於制定競

投人辦理競投號牌的資格條件。

本公司鄭重提示，競投號牌是競投人參與現場競價的唯一憑證。

競投人應妥善保管，不得將競投號牌出借他人使用。一旦丟失，

應立即以本公司認可的書面方式辦理掛失手續。

無論是否接受競投人的委託，凡持競投號牌者在拍賣活動中所

實施的競投行為均視為競投號牌登記人本人所為，競投人應當

對其行為承擔法律責任，除非競投號牌登記人本人已以本公司

認可的書面方式在本公司辦理了該競投號牌的掛失手續。

第三十七條 競投保證金

競投人參加本公司拍賣活動，應在領取競投號牌前交納競投

保證金。競投保證金的數額由本公司在拍賣日前公佈，且本

公司有權減免競投保證金。若競投人未能購得拍賣品且對本

公司無任何欠款，則該保證金在拍賣結束後十四個工作日內

全額無息返還競投人；若競投人成為買家，則本公司有權可

用該保證金作為支付拍賣品購買價款的款項。

第三十八條 本公司之選擇權

本公司有權酌情拒絕任何人參加本公司舉辦的拍賣活動或進

入拍賣現場，或在拍賣會現場進行拍照、錄音、攝像等活動。

第三十九條 異常情況緊急處理

在拍賣現場出現異常的情況下，本公司有權做出緊急處理。

如拍賣現場出現任何爭議，本公司有權協調解決。

第四十條 以當事人身份競投

除非某競投人在拍賣日前向本公司出具書面證明並經本公司

書面認可，表明其身份是某競投人的代理人，否則每名競投

人均被視為競投人本人。本公司只會向競投人收取款項。

第四十一條 委託競投

競投人應親自出席拍賣會。如不能親身出席或由代理人出

席，可採用書面形式委託本公司代為競投或電話競投。本公

司有權決定是否接受上述委託。

委託本公司競投之競投人應在規定時間內（不遲於拍賣日前

三個工作日）辦理委託手續，向本公司出具填妥的本公司委

託競投表格，並應根據本規則規定同時交納競投保證金。

委託本公司競投之競投人如需取消委託競投，應不遲於拍賣

日前二十四小時書面通知本公司。

第四十二條 委託競投的競投結果

競投人委託本公司代為競投的競投結果及相關法律責任由

競投人承擔。

競投人如在委託競投表格中表示以電話等即時通訊方式競

投，則應準確填寫即時通訊方式並妥善保管該即時通訊工具，

在本公司受託競投期間，競投人應親自使用該即時通訊工具，

一旦丟失或無法控制該即時通訊工具，應立即以本公司認可

的書面方式變更委託競投表格中填寫的即時通訊方式。

在本公司受託競投期間會盡適當努力聯絡競投人，而該即時

通訊工具所傳達之競投資訊（無論是否競投人本人或競投

人的代理人傳達），均視為競投人本人所為，競投人應當對

其行為承擔法律責任，除非競投人本人已以本公司認可的書

面方式變更了委託競投表格中填寫的即時通訊方式，本公司

有絕對權利對所有電話競投錄音和保存。選擇電話競投即

代表競投人同意其電話被錄音。

但在任何情況下，如未能聯絡，或在使用該即時通訊工具的

競投中有任何錯誤或遺漏，本公司均不負任何責任。

第四十三條 委託競投之免責

鑒於委託競投是本公司為競投人提供的代為傳遞競投資訊

的免費服務，本公司及其工作人員對競投未成功或代理競投

過程中出現的任何錯誤、遺漏、疏忽、過失或無法代為競投

等不承擔任何責任。

第四十四條 委託在先原則

若兩個或兩個以上委託本公司競投之競投人以相同委託價

對同一拍賣品出價且最終拍賣品以該價格落槌成交，則最先

將委託競投表格送達本公司者為該拍賣品的買家。

第四十五條 拍賣官之決定權

拍賣官對下列事項具有絕對決定權：

( 一 ) 拒絕或接受任何競投；

( 二 ) 以其決定之方式進行拍賣；

( 三 ) 將任何拍賣品撤回或分開拍賣或將任何兩件或多件拍

賣品合併拍賣；

( 四 ) 如遇有出錯或爭議時，不論在拍賣之時或拍賣之後，有

權決定成功競投者、是否繼續拍賣、取消拍賣或將有爭議的

拍賣品重新拍賣；

( 五 ) 拍賣官可以在其認為合適的水平及競價階梯下開始及進

行競投，並有權代表賣家以競投或連續競投方式或以回應其

他競投人的競投價而競投的方式，代賣家競投到底價的金額；

( 六 ) 採取其合理認為適當之其他行動。

第四十六條 不設保留價

就不設保留價的拍賣品，除非已有競投，否則拍賣官有權自

行斟酌決定開價。若在此價格下並無競投，拍賣官會自行斟

酌將價格下降繼續拍賣，直至有競投人開始競投，然後再由

該競投價向上繼續拍賣。

第四十七條 影像顯示板及貨幣兌換顯示板

本公司為方便競投人，可能於拍賣中使用影像投射或其他形

式的顯示板，所示內容僅供參考。無論影像投射或其他形式

的顯示板所示之數額、拍賣品編號、拍賣品圖片或參考外匯

金額等資訊均有可能出現誤差，本公司對因此誤差而導致的

任何損失不承擔任何責任。

第四十八條 拍賣成交

最高競投價經拍賣官落槌或者以其他公開表示買定的方式

確認時，該競投人競投成功，即表明該競投人成為拍賣品的

買家，亦表明賣家與買家之間的拍賣合約之訂立。

第四十九條 佣金及費用

競投人競投成功後，即成為該拍賣品的買家。買家應支付本

公司相當於落槌價百分之二十的佣金，同時應支付其他買家

負責的各項費用。且本公司可根據本公司業務規則的規定向

賣家收取佣金及其他賣家負責的各項費用。

第五十條 稅項

買家向本公司支付的所有款項均應是淨額的，不得包括任何

貨物稅、服務稅或者其他增值稅（不論是由香港或其他地區

所徵收）。如有任何適用於買家的稅費，買家應根據現行相

關法律規定自行負擔。

第五十一條 付款時間

拍賣成交後，除非另有約定，否則不論拍賣品之出口、進口或

其他許可證之任何規定，買家應自拍賣成交日（含成交日）起

七日內向本公司付清購買價款並安排提取拍賣品。若涉及包

裝及搬運費用運輸及保險費用、出境費等，買家需一並支付。

第五十二條 支付幣種

所有價款應以港幣支付。如買家以港幣以外的其他貨幣支付，

應按買家與本公司約定的匯價折算或按照本公司選擇之銀

行於買家付款日前一個工作日公佈的港幣與該幣種的匯價折

算。本公司為將買家所支付之該種外幣兌換成港幣所引致之

所有銀行手續費、佣金或其他費用，均由買家承擔。

第五十三條 所有權轉移

拍賣品的所有權將在買家付清購買價款及欠付本公司的所有款

項時，轉移給買家。

第五十四條 風險轉移

競投成功後，拍賣品的風險於下列任何一種情形發生後（以

較早發生日期為準）即由買家自行承擔：

( 一 ) 買家提取所購拍賣品；

( 二 ) 買家向本公司支付有關拍賣品的全部購買價款；

( 三 ) 拍賣成交日（含成交日）起七日屆滿。

第五十五條 提取拍賣品

買家須在拍賣成交日（含成交日）起三十日內前往本公司地址

或本公司指定之其他地點提取所購買的拍賣品。買家須自行負

責於風險轉移至買家後為所購拍賣品購買保險。若買家未能在

拍賣成交日（含成交日）起三十日內提取拍賣品，則逾期後對該

拍賣品的相關保管、搬運、保險等費用均由買家承擔，且買家

應對其所購拍賣品承擔全部責任。逾期後，即使該拍賣品仍由

本公司或其他代理人代為保管，本公司及其工作人員或其代理

人對任何原因所致的該拍賣品的毀損、滅失，不承擔任何責任。

第五十六條 包裝及付運

本公司有權決定是否接受買家要求，提供代為包裝及處理的

服務。如果本公司工作人員應買家要求代為包裝及處理購買

的拍賣品，上述包裝及處理僅應視為本公司對買家提供的服

務，因此發生的任何風險及損失均由買家自負。在任何情況

下，本公司對因任何原因造成的框架或玻璃、囊匣、底墊、支

架、裝裱、插冊、軸頭或類似附屬物的損壞、滅失不負責任。

如買家要求本公司協助以郵寄、快遞或運輸方式領取其所購

買的拍賣品（包裝及郵遞、運輸費用由買受人負擔），一旦本

公司將拍賣品交付郵寄、快遞、運輸部門、公司或其雇員 / 分

支機構，則視為本公司已交付該拍賣品，同時應視為買家已

按正常程序領取該拍賣品，此過程中的風險由買家承擔，除

非買家特別指明並負擔保險費外，在郵寄、快遞、運輸過程

中一般不予投保。對於買家指定或本公司向買家推薦的包裝

公司及郵寄、快遞、運輸部門或公司所造成的一切錯誤、遺漏、

損壞或滅失，本公司不承擔責任。

第五十七條 進出口及許可證

買家須自行負責取得任何有關拍賣品進出口、瀕臨絕種生物

或其他方面之許可證。未獲得任何所需之許可證或延誤取得

該類許可證不可被視為買家取消購買或延遲支付購買價款

之理由。本公司不承擔因不能填妥或呈交所需出口或進口貨

單、清單或文件所產生之任何責任。

如買家要求本公司代其申請出口許可證，本公司則有權就此

拍賣合同下義務時有任何延誤，或導致本公司無法履行委託

拍賣合同下的義務（包括但不限於延後或取消任何拍賣），

本公司概不承擔法律責任，並可終止委託拍賣合同下其出售

拍賣品的義務，或取消或延後任何拍賣。

在不影響上文規定的情況下，倘發生本公司無法控制的情況或

情況導致其不能履行，以致本公司決定不如期舉行拍賣，本公

司可延後或取消任何拍賣，或更改任何拍賣平台或形式（包括

但不限於把現場拍賣改為只進行線上拍賣），而有關拍賣品的

出售須符合本業務規則中適用於該拍賣品的拍賣會規定。

第十條　未上拍拍賣品

賣家與本公司簽署委託拍賣合同且將拍賣品交付本公司後，

若因任何原因致使本公司認為某拍賣品不適合由本公司拍賣

的，則賣家應自本公司發出通知之日起三十日內取回該拍賣

品（包裝及搬運等費用自負），本公司與賣家之間的委託拍

賣合同自賣家領取該拍賣品之日解除。若拍賣人未在上述期

限內取走拍賣品，則本公司與賣家之間的委託拍賣合同自上

述期限屆滿之日即告解除。若賣家在委託拍賣合同解除後七

日內仍未取走拍賣品，本公司有權收取儲存費、保險費及其

他合理支出，本公司亦有權以本公司認為合理的方式處置該

拍賣品，處置所得在扣除本公司因此產生之全部費用後，若

有餘款，由賣家自行取回。

第十一條　拍賣中止

如出現下列情況之一，本公司有權在實際拍賣前的任何時間

中止任何拍賣品的拍賣活動：

一、本公司對拍賣品的歸屬或真實性持有異議；

二、第三方對拍賣品的歸屬或真實性持有異議且能夠提供異

議所依據的相關證據材料，並按照本公司規定交付擔保金，

同時願意對中止拍賣活動所引起的法律後果及全部損失承

擔相應責任；

三、對賣家所作的說明或對本規則第七條所述賣家保證的準

確性持有異議；

四、有證據表明賣家已經違反或將要違反本規則的任何條款；

五、本公司認為應當中止的其他任何原因；

六、如本公司得知賣家寄售之拍品涉及權屬或其他爭議時，

本公司有權暫不予辦理退貨手續，待爭議解決後再予辦理相

關手續。

第十二條　賣家撤回拍賣品

賣家在拍賣日前任何時間，均可向本公司發出書面通知，撤

回其拍賣品。但撤回拍賣品時，若該拍賣品已列入圖錄或其

它宣傳品已開始印刷，則賣家應支付相當於該拍賣品保留價

之百分之二十的款項及其它各項費用。如圖錄或任何其它宣

傳品尚未印刷，也需支付相當於該拍賣品保留價之百分之十

的款項及其它各項費用。因賣家撤回拍賣品而引起的任何爭

議或索賠均由賣家自行承擔，與本公司無關。

第十三條　自動受保

除賣家另有書面指示外，在賣家與本公司訂立委託拍賣合同

並將拍賣品交付本公司後，所有拍賣品將自動受保於本公司

的保險，保險金額以本公司與賣家在委託拍賣合同中確定的

保留價為準（無保留價的，以該拍賣品的約定的保險金額為

準。調整拍賣保留價的，以該拍賣品原保留價為準）。此保險

金額只適用於保險和索賠，並非本公司對該拍賣品價值的保

證或擔保，也不意味著該拍賣品由本公司拍賣，即可售得相

同於該保險金額之款項。

第十四條　保險費

拍賣成交後，除非賣家與本公司另有約定，賣家應支付相當

於落槌價百分之一的保險費。如拍賣品未成交，賣家也應支

付相當於保留價百分之一（1%）的保險費。

第十五條　保險期間

如果拍賣品拍賣成交，保險期限至拍賣成交日起第三十日（含

成交日）終止或買家領取拍賣品之日終止（以二者中較早者

為準）。如果拍賣品拍賣未能成交，則保險期限至本公司發

出領回拍賣品的通知之日起三十日屆滿為止。

第十六條　賣家安排保險

如賣家以書面形式告知本公司不需投保其拍賣品，則風險由

賣家自行承擔。同時，賣家還應隨時承擔以下責任：

一、對其他任何權利人就拍賣品的毀損、滅失向本公司提出

的索賠或訴訟做出賠償；

二、賠償本公司及／或任何他方因任何原因造成拍賣品毀損、

滅失等所遭受的全部損失及所支出的全部費用。

三、將本條所述的賠償規定通知該拍賣品的任何承保人。

第十七條　保險免責

因自然磨損、固有瑕疵、內在或潛在缺陷、物質本身變化，自

燃、自熱、氧化、鏽蝕、滲漏、鼠咬、蟲蛀、大氣（氣候或氣溫）

變化、濕度或溫度轉變或其它漸變原因以及因地震、海嘯、

戰爭、敵對行為、武裝衝突、恐怖活動、政變、罷工、社會騷

亂等不可抗力及核輻射及放射性污染對拍賣品造成的任何

毀損、滅失，以及由於任何原因造成的圖書框架或玻璃、囊

匣、底墊、支架、裝裱、插冊、軸頭或類似附屬物的毀損、滅失，

不在保險理賠範圍之內，上述有關風險須由賣家承擔。

第十八條　保險賠償

凡屬因本公司為拍賣品所購保險承保範圍內的事件或災害

所導致的拍賣品毀損、滅失，應根據香港有關保險的法律和

規定處理。本公司在向保險公司進行理賠並獲得保險賠償

後，將保險賠款扣除本公司費用（佣金除外）的餘款支付給

賣家。

第十九條　競投禁止

賣家不得競投自己委託本公司拍賣的物品也不得委託他人

代為競投。唯本公司有權代賣家以不超過保留價之價格參考

競投。若違反本條規定，賣家應自行承擔相應之法律責任，

並賠償因此給本公司造成的全部損失。

第二十條　佣金及費用

除賣家與本公司另有約定外，賣家授權本公司按落槌價之百

分之十（10%）扣除佣金，同時扣除其它各項費用。儘管本

公司是賣家的代理人，但賣家同意本公司可根據本規則第

四十九條的規定向買家收取佣金及其它各項費用。

第二十一條　未成交手續費

如果某拍賣品的競投價低於保留價而未能成交，則賣家授權

本公司向其收取未拍出手續費及其它各項費用。

第二十二條　出售所得款項淨額支付

如買家已按本規則第四十九條的規定向本公司付清全部購買

價款，則本公司應自拍賣成交日起三十五日後將出售所得款

項淨額以港幣方式支付賣家。

第二十三條　延遲付款

如本規則第五十一條規定的付款期限屆滿，本公司仍未收到

買家的全部購買價款，則本公司將在收到買家支付的全部購

買價款之日起七個工作日內將出售所得款項淨額支付賣家。

第二十四條　賣家稅項

賣家所得的出售所得款項淨額應向政府納稅，如有關法律規

定本公司有代扣代繳義務的，本公司將依照法律規定執行，

賣家應協助辦理所有手續，並承擔相應稅費。

第二十五條　協助收取拖欠款項

賣家在委託本公司拍賣其物品的同時，被視為授權本公司有權

代賣家向買家追索相應拖欠價款。如買家在拍賣成交日（含成

交日）起七日內未向本公司付清全部購買價款，本公司除有權按

照本規則第五十八條之約定向買家追索其應付的佣金及其他各

項費用外，亦有權在本公司認為實際可行的情況下，採取適當

措施（包括但不限於通過法律途徑解決）協助賣家向買家收取

拖欠的款項。上述約定並不排除賣家親自或委託任何第三方向

買家追索相應拖欠款項的權利，亦不賦予本公司在任何情況下

代賣家向買家追索相應拖欠價款的義務。本公司在任何情況下

不應因買家未能支付購買價款而向賣家承擔相應責任。

第二十六條　本公司有權決定

本公司有權接受賣家授權（由賣家支付費用）並視具體情況

決定下列事項：

一、同意購買價款以特殊付款條件支付；

二、搬移、貯存及投保已出售的拍賣品；

三、根據本規則有關條款，解決買家提出的索賠或賣家提出

的索賠；

四、採取其他必要措施收取買家拖欠賣家的款項。

第二十七條　拍賣品未能成交或未被取回

一、如拍賣品未能成交，由本公司與賣家重新商議確定拍賣

品的保留價並代為出售，本公司支付賣家不少於以新的保留

價出售時應支付的出售所得款項淨額。

二、如拍賣品未能經拍賣會或按照上文第 1 款的規定由本公

司代為出售而成交，本公司將通知賣家。在上文第 27.1 條規

限下，未能成交的拍賣品可委託本公司根據原委託拍賣合同

之佣金及費用標準重新上拍，或可由賣家取回。如賣家決定

取回未能成交的拍賣品，本公司可根據委託拍賣合同向賣家

收取適用於該未能成交的拍賣品的佣金及費用。

三、如賣家未有在拍賣會起計三十日內委託本公司重新拍賣

該拍賣品，亦未有取回該拍賣品，本公司對該拍賣品可能負

有的任何委託保管責任均會解除，並有權按其絕對酌情權（i）

將該拍賣品儲存於獨立貯存設施，有關風險及開支（包括儲

存費、保險費及其他合理開支）由賣家承擔；或（ii）安排該

拍賣品在（本公司或其他地方的）公開拍賣會重新上拍，保

留價不低於其上次上拍保留價的百分之五十（50%）。

四、倘按照上文第 3（ii）條重新上拍，本公司有權根據委託

拍賣合同從出售所得款項淨額扣除未拍出的佣金及開支，及

重新上拍的佣金及開支後，才支付剩餘金額予賣家。

五、倘拍賣品寄存於本公司一年以上，而其擁有人未有取回

或委託本公司出售該拍賣品，本公司有權在向擁有人的地址

發出六十日通知後，在（本公司或其他地方的）拍賣會出售該

財產，估價及保留價由本公司酌情決定。

六、任何未拍出的拍賣品重新上拍，或出售任何未有被取回

的拍賣品，均須按照本業務規則中適用於有關拍賣會的規定

進行。出售上述拍賣品所得款項（扣除本公司產生的所有成

本），如賣家沒有在出售後兩年內收取，則會被沒收。

第二十八條　風險承擔

無論是未上拍或未能成交的拍賣品，賣家均應對其超過本規

則規定期限未能取回其拍賣品而在該期限後所發生之一切

風險及費用自行承擔責任。自本公司向賣家發出領回拍賣品

的通知之日（含通知日）起第三十日，或自委託人按本規則約

定領取拍賣品之時（以先到者為準），未上拍或未能成交拍

賣品的一切風險及費用由賣家承擔。如賣家在本規則規定期

限內要求本公司協助其退回拍賣品並經本公司同意，拍賣品

自離開本公司指定地點後的一切風險及費用由賣家承擔。除

非賣家特別指明並預先支付保險費，本公司無義務對拍賣品

在離開本公司指定地點後予以投保。如賣家要求本公司協助

以郵寄、快遞或其他通過第三方的運輸方式退回其拍賣品，

一旦本公司將拍賣品交付郵寄、快遞、運輸部門、公司或其

雇員分支機構，則視為本公司已退回該拍賣品，同時應視為

賣家已領取該拍賣品。

第三章 關於競投人與買家

第二十九條 競投人及本公司有關出售拍賣品之責任

(一 ) 本公司對各拍賣品之認知部分依賴於賣家提供之資料，

本公司無法及不會就拍賣品進行全面盡職檢查。競投人知悉

此事，並承擔檢查及檢驗拍賣品原物之責任，以使競投人滿

意其可能感興趣之拍賣品。

( 二 ) 本公司出售之各拍賣品於出售前可供競投人審看。競

投人及 / 或其代理人參與競投，即視為競投人已在競投前全

面檢驗拍賣品，並滿意拍賣品之狀況及其描述之準確性。

( 三 ) 競投人確認眾多拍賣品年代久遠及種類特殊，意味拍

賣品並非完好無缺。所有拍賣品均以拍賣時之狀態出售 ( 無

論競投人是否出席拍賣 )。狀況報告或可於審看拍賣品時提

供。圖錄描述及狀況報告在若干情況下可用作拍賣品某些

瑕疵之參考。然而，競投人應注意拍賣品可能存在其他在圖

錄或狀況報告內並無明確指出之瑕疵。

( 四 ) 提供予競投人有關任何拍賣品之資料，包括任何預測

資料 ( 無論為書面或口述 ) 及包括任何圖錄所載之資料、規

則或其他報告、評論或估值，該等資料並非事實之陳述，而

是本公司所持有之意見之聲明，該等資料可由本公司不時全

權酌情決定修改。

( 五 ) 本公司或賣家概無就任何拍賣品是否受任何版權所限

或買家是否已購買任何拍賣品之版權發出任何聲明或保證。

( 六 ) 受本規則第二十九 ( 一 ) 至二十九 ( 五 ) 條所載事項所

規限及本規則第三十條所載特定豁免所規限，本公司應基於

(1) 賣家向本公司提供的資料；(2) 學術及技術知識（如有）；

及 (3) 相關專家普遍接納之意見，以合理審慎態度發表（且

與本規則中有關本公司作為拍賣代理的條款相符）載於圖錄

描述或狀況報告之明示聲明。

第三十條 對買家之責任豁免及限制

( 一 ) 如本公司視拍賣品為贋品，將落槌價連同買家佣金退

還予買家。

(二)受本規則第二十九條之事項所規限及受規則第三十(一)

及三十 ( 五 ) 條所規限，本公司無須：

(1) 對本公司向競投人以口述或書面提供之資料之任何錯誤

或遺漏負責，無論是由於疏忽或因其他原因引致，惟本規則

第二十九 ( 六 ) 條所載者則除外；

(2) 向競投人作出任何擔保或保證，且賣家委託本公司向買

家作出之明示保證以外之任何暗示保證及規則均被排除（惟

法律規定不可免除之該等責任除外）；

(3) 就本公司有關拍賣或有關出售任何拍賣品之任何事宜之行動

或遺漏（無論是由於疏忽或其他原因引致）向任何競投人負責。

( 三 ) 除非本公司擁有出售之拍賣品，否則無須就賣家違反

本規則而負責。

( 四 ) 在不影響規則第三十 ( 二 ) 條之情況下，競投人向本公

司或賣家提出之任何索賠以該拍賣品之落槌價連同買家佣

金為限。本公司或賣家在任何情況下均無須承擔買家任何相

應而產生的損失。

第三十一條 拍賣品圖錄及其他說明

為便於競投人及賣家參加本公司舉辦的拍賣活動，本公司製

作拍賣品圖錄，以文字及 / 或圖片的形式，對拍賣品之狀況

進行簡要陳述。拍賣品圖錄中的文字、估價，圖片或其它形

式的影像製品和宣傳品，僅供競投人參考，並可於拍賣前修

訂，不表明本公司對拍賣品的真實性、價值、色調、質地有無

缺陷等所作的擔保。

第三十二條 圖錄之不確定性

因印刷或攝影等技術原因造成拍賣品在圖錄及 / 或其它任

何形式的圖示，影像製品和宣傳品中的色調、顏色、層次、形

態等與原物存在誤差者，以原物為準。本公司及其工作人員

或其代理人對任何拍賣品用任何方式（包括證書、圖錄、幻

燈投影、新聞載體等）所作的介紹及評價，均為參考性意見，

不構成對拍賣品的任何擔保。本公司及其工作人員或其代理

人對上述之介紹及評價中的不準確或遺漏之處不承擔責任。

第三十三條 保留價及估價

凡本公司拍賣品未標明或未標明無保留價的，均設有保留價。保

留價一般不高於本公司於拍賣前公佈或刊發的拍賣前最低估價。

如拍賣品未設保留價，除非已有競投，否則拍賣官有權自行決定

起拍價，但不得高於拍賣品的拍賣前最低估價。

在任何情況下，本公司不對拍賣品在本公司舉辦的拍賣會中未

達保留價不成交而承擔任何責任。若拍賣品競投價格低於保留

價，拍賣官有權自行決定以低於保留價的價格出售拍賣品。但

在此種情況下，本公司向賣家支付之款項為按保留價出售拍賣

品時賣家應可收取之數額。估價在拍賣日前較早時間估定並非

確定之售價，不具有法律約束力。任何估價不能作為拍賣品落

槌價之預測，且本公司有權不時修訂已作出之估價。

第三十四條 競投人之審看責任

競投人及 / 或其代理人有責任自行瞭解有關拍賣品的實際狀

況並對自己競投某拍賣品的行為承擔法律責任。本公司鄭重

建議，競投人應在拍賣日前，以鑒定或其它方式親自審看擬

競投拍賣品之原物，自行判斷該拍賣品是否與本公司拍賣品

圖錄以及其它形式的影像製品和宣傳品所描述相符合，而不

應依圖錄及影像製品和宣傳品的描述做出決定。

第三十五條 競投人登記

競投人為個人的應在拍賣日前憑政府發出附有照片的身份

證明文件（如居民身份證或護照）填寫並簽署登記文件並提

供現時住址證明（如公用事業賬單或銀行月結單）；競投人

為公司或者其他組織的，應在拍賣日前憑有效的註冊登記文

件、股東證明文件以及合法的授權委託證明文件填寫並簽署

登記文件，領取競投號牌。本公司可能要求競投人出示用作

付款的銀行資料或其他財政狀況證明。

第三十六條 競投號牌

本公司可根據不同拍賣條件及拍賣方式等任何情況，在拍賣

日前公佈辦理競投號牌的條件和程式包括但不限於制定競

投人辦理競投號牌的資格條件。

本公司鄭重提示，競投號牌是競投人參與現場競價的唯一憑證。

競投人應妥善保管，不得將競投號牌出借他人使用。一旦丟失，

應立即以本公司認可的書面方式辦理掛失手續。

無論是否接受競投人的委託，凡持競投號牌者在拍賣活動中所

實施的競投行為均視為競投號牌登記人本人所為，競投人應當

對其行為承擔法律責任，除非競投號牌登記人本人已以本公司

認可的書面方式在本公司辦理了該競投號牌的掛失手續。

第三十七條 競投保證金

競投人參加本公司拍賣活動，應在領取競投號牌前交納競投

保證金。競投保證金的數額由本公司在拍賣日前公佈，且本

公司有權減免競投保證金。若競投人未能購得拍賣品且對本

公司無任何欠款，則該保證金在拍賣結束後十四個工作日內

全額無息返還競投人；若競投人成為買家，則本公司有權可

用該保證金作為支付拍賣品購買價款的款項。

第三十八條 本公司之選擇權

本公司有權酌情拒絕任何人參加本公司舉辦的拍賣活動或進

入拍賣現場，或在拍賣會現場進行拍照、錄音、攝像等活動。

第三十九條 異常情況緊急處理

在拍賣現場出現異常的情況下，本公司有權做出緊急處理。

如拍賣現場出現任何爭議，本公司有權協調解決。

第四十條 以當事人身份競投

除非某競投人在拍賣日前向本公司出具書面證明並經本公司

書面認可，表明其身份是某競投人的代理人，否則每名競投

人均被視為競投人本人。本公司只會向競投人收取款項。

第四十一條 委託競投

競投人應親自出席拍賣會。如不能親身出席或由代理人出

席，可採用書面形式委託本公司代為競投或電話競投。本公

司有權決定是否接受上述委託。

委託本公司競投之競投人應在規定時間內（不遲於拍賣日前

三個工作日）辦理委託手續，向本公司出具填妥的本公司委

託競投表格，並應根據本規則規定同時交納競投保證金。

委託本公司競投之競投人如需取消委託競投，應不遲於拍賣

日前二十四小時書面通知本公司。

第四十二條 委託競投的競投結果

競投人委託本公司代為競投的競投結果及相關法律責任由

競投人承擔。

競投人如在委託競投表格中表示以電話等即時通訊方式競

投，則應準確填寫即時通訊方式並妥善保管該即時通訊工具，

在本公司受託競投期間，競投人應親自使用該即時通訊工具，

一旦丟失或無法控制該即時通訊工具，應立即以本公司認可

的書面方式變更委託競投表格中填寫的即時通訊方式。

在本公司受託競投期間會盡適當努力聯絡競投人，而該即時

通訊工具所傳達之競投資訊（無論是否競投人本人或競投

人的代理人傳達），均視為競投人本人所為，競投人應當對

其行為承擔法律責任，除非競投人本人已以本公司認可的書

面方式變更了委託競投表格中填寫的即時通訊方式，本公司

有絕對權利對所有電話競投錄音和保存。選擇電話競投即

代表競投人同意其電話被錄音。

但在任何情況下，如未能聯絡，或在使用該即時通訊工具的

競投中有任何錯誤或遺漏，本公司均不負任何責任。

第四十三條 委託競投之免責

鑒於委託競投是本公司為競投人提供的代為傳遞競投資訊

的免費服務，本公司及其工作人員對競投未成功或代理競投

過程中出現的任何錯誤、遺漏、疏忽、過失或無法代為競投

等不承擔任何責任。

第四十四條 委託在先原則

若兩個或兩個以上委託本公司競投之競投人以相同委託價

對同一拍賣品出價且最終拍賣品以該價格落槌成交，則最先

將委託競投表格送達本公司者為該拍賣品的買家。

第四十五條 拍賣官之決定權

拍賣官對下列事項具有絕對決定權：

( 一 ) 拒絕或接受任何競投；

( 二 ) 以其決定之方式進行拍賣；

( 三 ) 將任何拍賣品撤回或分開拍賣或將任何兩件或多件拍

賣品合併拍賣；

( 四 ) 如遇有出錯或爭議時，不論在拍賣之時或拍賣之後，有

權決定成功競投者、是否繼續拍賣、取消拍賣或將有爭議的

拍賣品重新拍賣；

( 五 ) 拍賣官可以在其認為合適的水平及競價階梯下開始及進

行競投，並有權代表賣家以競投或連續競投方式或以回應其

他競投人的競投價而競投的方式，代賣家競投到底價的金額；

( 六 ) 採取其合理認為適當之其他行動。

第四十六條 不設保留價

就不設保留價的拍賣品，除非已有競投，否則拍賣官有權自

行斟酌決定開價。若在此價格下並無競投，拍賣官會自行斟

酌將價格下降繼續拍賣，直至有競投人開始競投，然後再由

該競投價向上繼續拍賣。

第四十七條 影像顯示板及貨幣兌換顯示板

本公司為方便競投人，可能於拍賣中使用影像投射或其他形

式的顯示板，所示內容僅供參考。無論影像投射或其他形式

的顯示板所示之數額、拍賣品編號、拍賣品圖片或參考外匯

金額等資訊均有可能出現誤差，本公司對因此誤差而導致的

任何損失不承擔任何責任。

第四十八條 拍賣成交

最高競投價經拍賣官落槌或者以其他公開表示買定的方式

確認時，該競投人競投成功，即表明該競投人成為拍賣品的

買家，亦表明賣家與買家之間的拍賣合約之訂立。

第四十九條 佣金及費用

競投人競投成功後，即成為該拍賣品的買家。買家應支付本

公司相當於落槌價百分之二十的佣金，同時應支付其他買家

負責的各項費用。且本公司可根據本公司業務規則的規定向

賣家收取佣金及其他賣家負責的各項費用。

第五十條 稅項

買家向本公司支付的所有款項均應是淨額的，不得包括任何

貨物稅、服務稅或者其他增值稅（不論是由香港或其他地區

所徵收）。如有任何適用於買家的稅費，買家應根據現行相

關法律規定自行負擔。

第五十一條 付款時間

拍賣成交後，除非另有約定，否則不論拍賣品之出口、進口或

其他許可證之任何規定，買家應自拍賣成交日（含成交日）起

七日內向本公司付清購買價款並安排提取拍賣品。若涉及包

裝及搬運費用運輸及保險費用、出境費等，買家需一並支付。

第五十二條 支付幣種

所有價款應以港幣支付。如買家以港幣以外的其他貨幣支付，

應按買家與本公司約定的匯價折算或按照本公司選擇之銀

行於買家付款日前一個工作日公佈的港幣與該幣種的匯價折

算。本公司為將買家所支付之該種外幣兌換成港幣所引致之

所有銀行手續費、佣金或其他費用，均由買家承擔。

第五十三條 所有權轉移

拍賣品的所有權將在買家付清購買價款及欠付本公司的所有款

項時，轉移給買家。

第五十四條 風險轉移

競投成功後，拍賣品的風險於下列任何一種情形發生後（以

較早發生日期為準）即由買家自行承擔：

( 一 ) 買家提取所購拍賣品；

( 二 ) 買家向本公司支付有關拍賣品的全部購買價款；

( 三 ) 拍賣成交日（含成交日）起七日屆滿。

第五十五條 提取拍賣品

買家須在拍賣成交日（含成交日）起三十日內前往本公司地址

或本公司指定之其他地點提取所購買的拍賣品。買家須自行負

責於風險轉移至買家後為所購拍賣品購買保險。若買家未能在

拍賣成交日（含成交日）起三十日內提取拍賣品，則逾期後對該

拍賣品的相關保管、搬運、保險等費用均由買家承擔，且買家

應對其所購拍賣品承擔全部責任。逾期後，即使該拍賣品仍由

本公司或其他代理人代為保管，本公司及其工作人員或其代理

人對任何原因所致的該拍賣品的毀損、滅失，不承擔任何責任。

第五十六條 包裝及付運

本公司有權決定是否接受買家要求，提供代為包裝及處理的

服務。如果本公司工作人員應買家要求代為包裝及處理購買

的拍賣品，上述包裝及處理僅應視為本公司對買家提供的服

務，因此發生的任何風險及損失均由買家自負。在任何情況

下，本公司對因任何原因造成的框架或玻璃、囊匣、底墊、支

架、裝裱、插冊、軸頭或類似附屬物的損壞、滅失不負責任。

如買家要求本公司協助以郵寄、快遞或運輸方式領取其所購

買的拍賣品（包裝及郵遞、運輸費用由買受人負擔），一旦本

公司將拍賣品交付郵寄、快遞、運輸部門、公司或其雇員 / 分

支機構，則視為本公司已交付該拍賣品，同時應視為買家已

按正常程序領取該拍賣品，此過程中的風險由買家承擔，除

非買家特別指明並負擔保險費外，在郵寄、快遞、運輸過程

中一般不予投保。對於買家指定或本公司向買家推薦的包裝

公司及郵寄、快遞、運輸部門或公司所造成的一切錯誤、遺漏、

損壞或滅失，本公司不承擔責任。

第五十七條 進出口及許可證

買家須自行負責取得任何有關拍賣品進出口、瀕臨絕種生物

或其他方面之許可證。未獲得任何所需之許可證或延誤取得

該類許可證不可被視為買家取消購買或延遲支付購買價款

之理由。本公司不承擔因不能填妥或呈交所需出口或進口貨

單、清單或文件所產生之任何責任。

如買家要求本公司代其申請出口許可證，本公司則有權就此

拍賣合同下義務時有任何延誤，或導致本公司無法履行委託

拍賣合同下的義務（包括但不限於延後或取消任何拍賣），

本公司概不承擔法律責任，並可終止委託拍賣合同下其出售

拍賣品的義務，或取消或延後任何拍賣。

在不影響上文規定的情況下，倘發生本公司無法控制的情況或

情況導致其不能履行，以致本公司決定不如期舉行拍賣，本公

司可延後或取消任何拍賣，或更改任何拍賣平台或形式（包括

但不限於把現場拍賣改為只進行線上拍賣），而有關拍賣品的

出售須符合本業務規則中適用於該拍賣品的拍賣會規定。

第十條　未上拍拍賣品

賣家與本公司簽署委託拍賣合同且將拍賣品交付本公司後，

若因任何原因致使本公司認為某拍賣品不適合由本公司拍賣

的，則賣家應自本公司發出通知之日起三十日內取回該拍賣

品（包裝及搬運等費用自負），本公司與賣家之間的委託拍

賣合同自賣家領取該拍賣品之日解除。若拍賣人未在上述期

限內取走拍賣品，則本公司與賣家之間的委託拍賣合同自上

述期限屆滿之日即告解除。若賣家在委託拍賣合同解除後七

日內仍未取走拍賣品，本公司有權收取儲存費、保險費及其

他合理支出，本公司亦有權以本公司認為合理的方式處置該

拍賣品，處置所得在扣除本公司因此產生之全部費用後，若

有餘款，由賣家自行取回。

第十一條　拍賣中止

如出現下列情況之一，本公司有權在實際拍賣前的任何時間

中止任何拍賣品的拍賣活動：

一、本公司對拍賣品的歸屬或真實性持有異議；

二、第三方對拍賣品的歸屬或真實性持有異議且能夠提供異

議所依據的相關證據材料，並按照本公司規定交付擔保金，

同時願意對中止拍賣活動所引起的法律後果及全部損失承

擔相應責任；

三、對賣家所作的說明或對本規則第七條所述賣家保證的準

確性持有異議；

四、有證據表明賣家已經違反或將要違反本規則的任何條款；

五、本公司認為應當中止的其他任何原因；

六、如本公司得知賣家寄售之拍品涉及權屬或其他爭議時，

本公司有權暫不予辦理退貨手續，待爭議解決後再予辦理相

關手續。

第十二條　賣家撤回拍賣品

賣家在拍賣日前任何時間，均可向本公司發出書面通知，撤

回其拍賣品。但撤回拍賣品時，若該拍賣品已列入圖錄或其

它宣傳品已開始印刷，則賣家應支付相當於該拍賣品保留價

之百分之二十的款項及其它各項費用。如圖錄或任何其它宣

傳品尚未印刷，也需支付相當於該拍賣品保留價之百分之十

的款項及其它各項費用。因賣家撤回拍賣品而引起的任何爭

議或索賠均由賣家自行承擔，與本公司無關。

第十三條　自動受保

除賣家另有書面指示外，在賣家與本公司訂立委託拍賣合同

並將拍賣品交付本公司後，所有拍賣品將自動受保於本公司

的保險，保險金額以本公司與賣家在委託拍賣合同中確定的

保留價為準（無保留價的，以該拍賣品的約定的保險金額為

準。調整拍賣保留價的，以該拍賣品原保留價為準）。此保險

金額只適用於保險和索賠，並非本公司對該拍賣品價值的保

證或擔保，也不意味著該拍賣品由本公司拍賣，即可售得相

同於該保險金額之款項。

第十四條　保險費

拍賣成交後，除非賣家與本公司另有約定，賣家應支付相當

於落槌價百分之一的保險費。如拍賣品未成交，賣家也應支

付相當於保留價百分之一（1%）的保險費。

第十五條　保險期間

如果拍賣品拍賣成交，保險期限至拍賣成交日起第三十日（含

成交日）終止或買家領取拍賣品之日終止（以二者中較早者

為準）。如果拍賣品拍賣未能成交，則保險期限至本公司發

出領回拍賣品的通知之日起三十日屆滿為止。

第十六條　賣家安排保險

如賣家以書面形式告知本公司不需投保其拍賣品，則風險由

賣家自行承擔。同時，賣家還應隨時承擔以下責任：

一、對其他任何權利人就拍賣品的毀損、滅失向本公司提出

的索賠或訴訟做出賠償；

二、賠償本公司及／或任何他方因任何原因造成拍賣品毀損、

滅失等所遭受的全部損失及所支出的全部費用。

三、將本條所述的賠償規定通知該拍賣品的任何承保人。

第十七條　保險免責

因自然磨損、固有瑕疵、內在或潛在缺陷、物質本身變化，自

燃、自熱、氧化、鏽蝕、滲漏、鼠咬、蟲蛀、大氣（氣候或氣溫）

變化、濕度或溫度轉變或其它漸變原因以及因地震、海嘯、

戰爭、敵對行為、武裝衝突、恐怖活動、政變、罷工、社會騷

亂等不可抗力及核輻射及放射性污染對拍賣品造成的任何

毀損、滅失，以及由於任何原因造成的圖書框架或玻璃、囊

匣、底墊、支架、裝裱、插冊、軸頭或類似附屬物的毀損、滅失，

不在保險理賠範圍之內，上述有關風險須由賣家承擔。

第十八條　保險賠償

凡屬因本公司為拍賣品所購保險承保範圍內的事件或災害

所導致的拍賣品毀損、滅失，應根據香港有關保險的法律和

規定處理。本公司在向保險公司進行理賠並獲得保險賠償

後，將保險賠款扣除本公司費用（佣金除外）的餘款支付給

賣家。

第十九條　競投禁止

賣家不得競投自己委託本公司拍賣的物品也不得委託他人

代為競投。唯本公司有權代賣家以不超過保留價之價格參考

競投。若違反本條規定，賣家應自行承擔相應之法律責任，

並賠償因此給本公司造成的全部損失。

第二十條　佣金及費用

除賣家與本公司另有約定外，賣家授權本公司按落槌價之百

分之十（10%）扣除佣金，同時扣除其它各項費用。儘管本

公司是賣家的代理人，但賣家同意本公司可根據本規則第

四十九條的規定向買家收取佣金及其它各項費用。

第二十一條　未成交手續費

如果某拍賣品的競投價低於保留價而未能成交，則賣家授權

本公司向其收取未拍出手續費及其它各項費用。

第二十二條　出售所得款項淨額支付

如買家已按本規則第四十九條的規定向本公司付清全部購買

價款，則本公司應自拍賣成交日起三十五日後將出售所得款

項淨額以港幣方式支付賣家。

第二十三條　延遲付款

如本規則第五十一條規定的付款期限屆滿，本公司仍未收到

買家的全部購買價款，則本公司將在收到買家支付的全部購

買價款之日起七個工作日內將出售所得款項淨額支付賣家。

第二十四條　賣家稅項

賣家所得的出售所得款項淨額應向政府納稅，如有關法律規

定本公司有代扣代繳義務的，本公司將依照法律規定執行，

賣家應協助辦理所有手續，並承擔相應稅費。

第二十五條　協助收取拖欠款項

賣家在委託本公司拍賣其物品的同時，被視為授權本公司有權

代賣家向買家追索相應拖欠價款。如買家在拍賣成交日（含成

交日）起七日內未向本公司付清全部購買價款，本公司除有權按

照本規則第五十八條之約定向買家追索其應付的佣金及其他各

項費用外，亦有權在本公司認為實際可行的情況下，採取適當

措施（包括但不限於通過法律途徑解決）協助賣家向買家收取

拖欠的款項。上述約定並不排除賣家親自或委託任何第三方向

買家追索相應拖欠款項的權利，亦不賦予本公司在任何情況下

代賣家向買家追索相應拖欠價款的義務。本公司在任何情況下

不應因買家未能支付購買價款而向賣家承擔相應責任。

第二十六條　本公司有權決定

本公司有權接受賣家授權（由賣家支付費用）並視具體情況

決定下列事項：

一、同意購買價款以特殊付款條件支付；

二、搬移、貯存及投保已出售的拍賣品；

三、根據本規則有關條款，解決買家提出的索賠或賣家提出

的索賠；

四、採取其他必要措施收取買家拖欠賣家的款項。

第二十七條　拍賣品未能成交或未被取回

一、如拍賣品未能成交，由本公司與賣家重新商議確定拍賣

品的保留價並代為出售，本公司支付賣家不少於以新的保留

價出售時應支付的出售所得款項淨額。

二、如拍賣品未能經拍賣會或按照上文第 1 款的規定由本公

司代為出售而成交，本公司將通知賣家。在上文第 27.1 條規

限下，未能成交的拍賣品可委託本公司根據原委託拍賣合同

之佣金及費用標準重新上拍，或可由賣家取回。如賣家決定

取回未能成交的拍賣品，本公司可根據委託拍賣合同向賣家

收取適用於該未能成交的拍賣品的佣金及費用。

三、如賣家未有在拍賣會起計三十日內委託本公司重新拍賣

該拍賣品，亦未有取回該拍賣品，本公司對該拍賣品可能負

有的任何委託保管責任均會解除，並有權按其絕對酌情權（i）

將該拍賣品儲存於獨立貯存設施，有關風險及開支（包括儲

存費、保險費及其他合理開支）由賣家承擔；或（ii）安排該

拍賣品在（本公司或其他地方的）公開拍賣會重新上拍，保

留價不低於其上次上拍保留價的百分之五十（50%）。

四、倘按照上文第 3（ii）條重新上拍，本公司有權根據委託

拍賣合同從出售所得款項淨額扣除未拍出的佣金及開支，及

重新上拍的佣金及開支後，才支付剩餘金額予賣家。

五、倘拍賣品寄存於本公司一年以上，而其擁有人未有取回

或委託本公司出售該拍賣品，本公司有權在向擁有人的地址

發出六十日通知後，在（本公司或其他地方的）拍賣會出售該

財產，估價及保留價由本公司酌情決定。

六、任何未拍出的拍賣品重新上拍，或出售任何未有被取回

的拍賣品，均須按照本業務規則中適用於有關拍賣會的規定

進行。出售上述拍賣品所得款項（扣除本公司產生的所有成

本），如賣家沒有在出售後兩年內收取，則會被沒收。

第二十八條　風險承擔

無論是未上拍或未能成交的拍賣品，賣家均應對其超過本規

則規定期限未能取回其拍賣品而在該期限後所發生之一切

風險及費用自行承擔責任。自本公司向賣家發出領回拍賣品

的通知之日（含通知日）起第三十日，或自委託人按本規則約

定領取拍賣品之時（以先到者為準），未上拍或未能成交拍

賣品的一切風險及費用由賣家承擔。如賣家在本規則規定期

限內要求本公司協助其退回拍賣品並經本公司同意，拍賣品

自離開本公司指定地點後的一切風險及費用由賣家承擔。除

非賣家特別指明並預先支付保險費，本公司無義務對拍賣品

在離開本公司指定地點後予以投保。如賣家要求本公司協助

以郵寄、快遞或其他通過第三方的運輸方式退回其拍賣品，

一旦本公司將拍賣品交付郵寄、快遞、運輸部門、公司或其

雇員分支機構，則視為本公司已退回該拍賣品，同時應視為

賣家已領取該拍賣品。

第三章 關於競投人與買家

第二十九條 競投人及本公司有關出售拍賣品之責任

(一 ) 本公司對各拍賣品之認知部分依賴於賣家提供之資料，

本公司無法及不會就拍賣品進行全面盡職檢查。競投人知悉

此事，並承擔檢查及檢驗拍賣品原物之責任，以使競投人滿

意其可能感興趣之拍賣品。

( 二 ) 本公司出售之各拍賣品於出售前可供競投人審看。競

投人及 / 或其代理人參與競投，即視為競投人已在競投前全

面檢驗拍賣品，並滿意拍賣品之狀況及其描述之準確性。

( 三 ) 競投人確認眾多拍賣品年代久遠及種類特殊，意味拍

賣品並非完好無缺。所有拍賣品均以拍賣時之狀態出售 ( 無

論競投人是否出席拍賣 )。狀況報告或可於審看拍賣品時提

供。圖錄描述及狀況報告在若干情況下可用作拍賣品某些

瑕疵之參考。然而，競投人應注意拍賣品可能存在其他在圖

錄或狀況報告內並無明確指出之瑕疵。

( 四 ) 提供予競投人有關任何拍賣品之資料，包括任何預測

資料 ( 無論為書面或口述 ) 及包括任何圖錄所載之資料、規

則或其他報告、評論或估值，該等資料並非事實之陳述，而

是本公司所持有之意見之聲明，該等資料可由本公司不時全

權酌情決定修改。

( 五 ) 本公司或賣家概無就任何拍賣品是否受任何版權所限

或買家是否已購買任何拍賣品之版權發出任何聲明或保證。

( 六 ) 受本規則第二十九 ( 一 ) 至二十九 ( 五 ) 條所載事項所

規限及本規則第三十條所載特定豁免所規限，本公司應基於

(1) 賣家向本公司提供的資料；(2) 學術及技術知識（如有）；

及 (3) 相關專家普遍接納之意見，以合理審慎態度發表（且

與本規則中有關本公司作為拍賣代理的條款相符）載於圖錄

描述或狀況報告之明示聲明。

第三十條 對買家之責任豁免及限制

( 一 ) 如本公司視拍賣品為贋品，將落槌價連同買家佣金退

還予買家。

(二)受本規則第二十九條之事項所規限及受規則第三十(一)

及三十 ( 五 ) 條所規限，本公司無須：

(1) 對本公司向競投人以口述或書面提供之資料之任何錯誤

或遺漏負責，無論是由於疏忽或因其他原因引致，惟本規則

第二十九 ( 六 ) 條所載者則除外；

(2) 向競投人作出任何擔保或保證，且賣家委託本公司向買

家作出之明示保證以外之任何暗示保證及規則均被排除（惟

法律規定不可免除之該等責任除外）；

(3) 就本公司有關拍賣或有關出售任何拍賣品之任何事宜之行動

或遺漏（無論是由於疏忽或其他原因引致）向任何競投人負責。

( 三 ) 除非本公司擁有出售之拍賣品，否則無須就賣家違反

本規則而負責。

( 四 ) 在不影響規則第三十 ( 二 ) 條之情況下，競投人向本公

司或賣家提出之任何索賠以該拍賣品之落槌價連同買家佣

金為限。本公司或賣家在任何情況下均無須承擔買家任何相

應而產生的損失。

第三十一條 拍賣品圖錄及其他說明

為便於競投人及賣家參加本公司舉辦的拍賣活動，本公司製

作拍賣品圖錄，以文字及 / 或圖片的形式，對拍賣品之狀況

進行簡要陳述。拍賣品圖錄中的文字、估價，圖片或其它形

式的影像製品和宣傳品，僅供競投人參考，並可於拍賣前修

訂，不表明本公司對拍賣品的真實性、價值、色調、質地有無

缺陷等所作的擔保。

第三十二條 圖錄之不確定性

因印刷或攝影等技術原因造成拍賣品在圖錄及 / 或其它任

何形式的圖示，影像製品和宣傳品中的色調、顏色、層次、形

態等與原物存在誤差者，以原物為準。本公司及其工作人員

或其代理人對任何拍賣品用任何方式（包括證書、圖錄、幻

燈投影、新聞載體等）所作的介紹及評價，均為參考性意見，

不構成對拍賣品的任何擔保。本公司及其工作人員或其代理

人對上述之介紹及評價中的不準確或遺漏之處不承擔責任。

第三十三條 保留價及估價

凡本公司拍賣品未標明或未標明無保留價的，均設有保留價。保

留價一般不高於本公司於拍賣前公佈或刊發的拍賣前最低估價。

如拍賣品未設保留價，除非已有競投，否則拍賣官有權自行決定

起拍價，但不得高於拍賣品的拍賣前最低估價。

在任何情況下，本公司不對拍賣品在本公司舉辦的拍賣會中未

達保留價不成交而承擔任何責任。若拍賣品競投價格低於保留

價，拍賣官有權自行決定以低於保留價的價格出售拍賣品。但

在此種情況下，本公司向賣家支付之款項為按保留價出售拍賣

品時賣家應可收取之數額。估價在拍賣日前較早時間估定並非

確定之售價，不具有法律約束力。任何估價不能作為拍賣品落

槌價之預測，且本公司有權不時修訂已作出之估價。

第三十四條 競投人之審看責任

競投人及 / 或其代理人有責任自行瞭解有關拍賣品的實際狀

況並對自己競投某拍賣品的行為承擔法律責任。本公司鄭重

建議，競投人應在拍賣日前，以鑒定或其它方式親自審看擬

競投拍賣品之原物，自行判斷該拍賣品是否與本公司拍賣品

圖錄以及其它形式的影像製品和宣傳品所描述相符合，而不

應依圖錄及影像製品和宣傳品的描述做出決定。

第三十五條 競投人登記

競投人為個人的應在拍賣日前憑政府發出附有照片的身份

證明文件（如居民身份證或護照）填寫並簽署登記文件並提

供現時住址證明（如公用事業賬單或銀行月結單）；競投人

為公司或者其他組織的，應在拍賣日前憑有效的註冊登記文

件、股東證明文件以及合法的授權委託證明文件填寫並簽署

登記文件，領取競投號牌。本公司可能要求競投人出示用作

付款的銀行資料或其他財政狀況證明。

第三十六條 競投號牌

本公司可根據不同拍賣條件及拍賣方式等任何情況，在拍賣

日前公佈辦理競投號牌的條件和程式包括但不限於制定競

投人辦理競投號牌的資格條件。

本公司鄭重提示，競投號牌是競投人參與現場競價的唯一憑證。

競投人應妥善保管，不得將競投號牌出借他人使用。一旦丟失，

應立即以本公司認可的書面方式辦理掛失手續。

無論是否接受競投人的委託，凡持競投號牌者在拍賣活動中所

實施的競投行為均視為競投號牌登記人本人所為，競投人應當

對其行為承擔法律責任，除非競投號牌登記人本人已以本公司

認可的書面方式在本公司辦理了該競投號牌的掛失手續。

第三十七條 競投保證金

競投人參加本公司拍賣活動，應在領取競投號牌前交納競投

保證金。競投保證金的數額由本公司在拍賣日前公佈，且本

公司有權減免競投保證金。若競投人未能購得拍賣品且對本

公司無任何欠款，則該保證金在拍賣結束後十四個工作日內

全額無息返還競投人；若競投人成為買家，則本公司有權可

用該保證金作為支付拍賣品購買價款的款項。

第三十八條 本公司之選擇權

本公司有權酌情拒絕任何人參加本公司舉辦的拍賣活動或進

入拍賣現場，或在拍賣會現場進行拍照、錄音、攝像等活動。

第三十九條 異常情況緊急處理

在拍賣現場出現異常的情況下，本公司有權做出緊急處理。

如拍賣現場出現任何爭議，本公司有權協調解決。

第四十條 以當事人身份競投

除非某競投人在拍賣日前向本公司出具書面證明並經本公司

書面認可，表明其身份是某競投人的代理人，否則每名競投

人均被視為競投人本人。本公司只會向競投人收取款項。

第四十一條 委託競投

競投人應親自出席拍賣會。如不能親身出席或由代理人出

席，可採用書面形式委託本公司代為競投或電話競投。本公

司有權決定是否接受上述委託。

委託本公司競投之競投人應在規定時間內（不遲於拍賣日前

三個工作日）辦理委託手續，向本公司出具填妥的本公司委

託競投表格，並應根據本規則規定同時交納競投保證金。

委託本公司競投之競投人如需取消委託競投，應不遲於拍賣

日前二十四小時書面通知本公司。

第四十二條 委託競投的競投結果

競投人委託本公司代為競投的競投結果及相關法律責任由

競投人承擔。

競投人如在委託競投表格中表示以電話等即時通訊方式競

投，則應準確填寫即時通訊方式並妥善保管該即時通訊工具，

在本公司受託競投期間，競投人應親自使用該即時通訊工具，

一旦丟失或無法控制該即時通訊工具，應立即以本公司認可

的書面方式變更委託競投表格中填寫的即時通訊方式。

在本公司受託競投期間會盡適當努力聯絡競投人，而該即時

通訊工具所傳達之競投資訊（無論是否競投人本人或競投

人的代理人傳達），均視為競投人本人所為，競投人應當對

其行為承擔法律責任，除非競投人本人已以本公司認可的書

面方式變更了委託競投表格中填寫的即時通訊方式，本公司

有絕對權利對所有電話競投錄音和保存。選擇電話競投即

代表競投人同意其電話被錄音。

但在任何情況下，如未能聯絡，或在使用該即時通訊工具的

競投中有任何錯誤或遺漏，本公司均不負任何責任。

第四十三條 委託競投之免責

鑒於委託競投是本公司為競投人提供的代為傳遞競投資訊

的免費服務，本公司及其工作人員對競投未成功或代理競投

過程中出現的任何錯誤、遺漏、疏忽、過失或無法代為競投

等不承擔任何責任。

第四十四條 委託在先原則

若兩個或兩個以上委託本公司競投之競投人以相同委託價

對同一拍賣品出價且最終拍賣品以該價格落槌成交，則最先

將委託競投表格送達本公司者為該拍賣品的買家。

第四十五條 拍賣官之決定權

拍賣官對下列事項具有絕對決定權：

( 一 ) 拒絕或接受任何競投；

( 二 ) 以其決定之方式進行拍賣；

( 三 ) 將任何拍賣品撤回或分開拍賣或將任何兩件或多件拍

賣品合併拍賣；

( 四 ) 如遇有出錯或爭議時，不論在拍賣之時或拍賣之後，有

權決定成功競投者、是否繼續拍賣、取消拍賣或將有爭議的

拍賣品重新拍賣；

( 五 ) 拍賣官可以在其認為合適的水平及競價階梯下開始及進

行競投，並有權代表賣家以競投或連續競投方式或以回應其

他競投人的競投價而競投的方式，代賣家競投到底價的金額；

( 六 ) 採取其合理認為適當之其他行動。

第四十六條 不設保留價

就不設保留價的拍賣品，除非已有競投，否則拍賣官有權自

行斟酌決定開價。若在此價格下並無競投，拍賣官會自行斟

酌將價格下降繼續拍賣，直至有競投人開始競投，然後再由

該競投價向上繼續拍賣。

第四十七條 影像顯示板及貨幣兌換顯示板

本公司為方便競投人，可能於拍賣中使用影像投射或其他形

式的顯示板，所示內容僅供參考。無論影像投射或其他形式

的顯示板所示之數額、拍賣品編號、拍賣品圖片或參考外匯

金額等資訊均有可能出現誤差，本公司對因此誤差而導致的

任何損失不承擔任何責任。

第四十八條 拍賣成交

最高競投價經拍賣官落槌或者以其他公開表示買定的方式

確認時，該競投人競投成功，即表明該競投人成為拍賣品的

買家，亦表明賣家與買家之間的拍賣合約之訂立。

第四十九條 佣金及費用

競投人競投成功後，即成為該拍賣品的買家。買家應支付本

公司相當於落槌價百分之二十的佣金，同時應支付其他買家

負責的各項費用。且本公司可根據本公司業務規則的規定向

賣家收取佣金及其他賣家負責的各項費用。

第五十條 稅項

買家向本公司支付的所有款項均應是淨額的，不得包括任何

貨物稅、服務稅或者其他增值稅（不論是由香港或其他地區

所徵收）。如有任何適用於買家的稅費，買家應根據現行相

關法律規定自行負擔。

第五十一條 付款時間

拍賣成交後，除非另有約定，否則不論拍賣品之出口、進口或

其他許可證之任何規定，買家應自拍賣成交日（含成交日）起

七日內向本公司付清購買價款並安排提取拍賣品。若涉及包

裝及搬運費用運輸及保險費用、出境費等，買家需一並支付。

第五十二條 支付幣種

所有價款應以港幣支付。如買家以港幣以外的其他貨幣支付，

應按買家與本公司約定的匯價折算或按照本公司選擇之銀

行於買家付款日前一個工作日公佈的港幣與該幣種的匯價折

算。本公司為將買家所支付之該種外幣兌換成港幣所引致之

所有銀行手續費、佣金或其他費用，均由買家承擔。

第五十三條 所有權轉移

拍賣品的所有權將在買家付清購買價款及欠付本公司的所有款

項時，轉移給買家。

第五十四條 風險轉移

競投成功後，拍賣品的風險於下列任何一種情形發生後（以

較早發生日期為準）即由買家自行承擔：

( 一 ) 買家提取所購拍賣品；

( 二 ) 買家向本公司支付有關拍賣品的全部購買價款；

( 三 ) 拍賣成交日（含成交日）起七日屆滿。

第五十五條 提取拍賣品

買家須在拍賣成交日（含成交日）起三十日內前往本公司地址

或本公司指定之其他地點提取所購買的拍賣品。買家須自行負

責於風險轉移至買家後為所購拍賣品購買保險。若買家未能在

拍賣成交日（含成交日）起三十日內提取拍賣品，則逾期後對該

拍賣品的相關保管、搬運、保險等費用均由買家承擔，且買家

應對其所購拍賣品承擔全部責任。逾期後，即使該拍賣品仍由

本公司或其他代理人代為保管，本公司及其工作人員或其代理

人對任何原因所致的該拍賣品的毀損、滅失，不承擔任何責任。

第五十六條 包裝及付運

本公司有權決定是否接受買家要求，提供代為包裝及處理的

服務。如果本公司工作人員應買家要求代為包裝及處理購買

的拍賣品，上述包裝及處理僅應視為本公司對買家提供的服

務，因此發生的任何風險及損失均由買家自負。在任何情況

下，本公司對因任何原因造成的框架或玻璃、囊匣、底墊、支

架、裝裱、插冊、軸頭或類似附屬物的損壞、滅失不負責任。

如買家要求本公司協助以郵寄、快遞或運輸方式領取其所購

買的拍賣品（包裝及郵遞、運輸費用由買受人負擔），一旦本

公司將拍賣品交付郵寄、快遞、運輸部門、公司或其雇員 / 分

支機構，則視為本公司已交付該拍賣品，同時應視為買家已

按正常程序領取該拍賣品，此過程中的風險由買家承擔，除

非買家特別指明並負擔保險費外，在郵寄、快遞、運輸過程

中一般不予投保。對於買家指定或本公司向買家推薦的包裝

公司及郵寄、快遞、運輸部門或公司所造成的一切錯誤、遺漏、

損壞或滅失，本公司不承擔責任。

第五十七條 進出口及許可證

買家須自行負責取得任何有關拍賣品進出口、瀕臨絕種生物

或其他方面之許可證。未獲得任何所需之許可證或延誤取得

該類許可證不可被視為買家取消購買或延遲支付購買價款

之理由。本公司不承擔因不能填妥或呈交所需出口或進口貨

單、清單或文件所產生之任何責任。

如買家要求本公司代其申請出口許可證，本公司則有權就此

服務另行收取服務費用。然而，本公司不保證出口許可證將

獲發放。本公司及賣家概無就任何拍賣品是否受進出口限制

或任何禁運作出聲明或保證。

第五十八條 未付款之補救方法

若買家未按照本規則規定或未按照與本公司協議之任何付

款安排足額付款，本公司有權採取以下之一種或多種措施：

( 一 ) 拍賣成交後，若買家未在拍賣成交日（含成交日）起七

日內支付購買價款，於競投登記時支付的競投保證金不予退

還，同時還應按照本規則規定承擔相應責任；買家以同一競

投號牌同時拍得多件拍賣品的，拍賣成交後若買家未按照規

定時間支付任一拍賣品購買價款，則全部競投保證金不予退

還，同時還應按照本規則規定承擔相應責任；

( 二 ) 在拍賣成交日（含成交日）起七日內，如買家未向本公

司付清全部購買價款，本公司有權委託第三方機構代為向買

家催要欠付的全部或部分購買價款；

( 三 ) 在拍賣成交日（含成交日）起七日內，如買家仍未足額

支付購買價款，本公司有權自拍賣成交日後第八日起就買家

未付款部分按照日息萬分之三收取利息，直至買家付清全部

款項之日止，買家與本公司另有協議者除外；

( 四 ) 在本公司或其他地方投保、移走及儲存拍賣品，風險及

費用均由買家承擔；

( 五 ) 對買家提起訴訟或向仲裁機構申請調解，要求賠償本公

司因其違約造成的一切損失，包括但不限於因買家遲付或拒付

購買價款造成的經濟損失、法律費用、違約金以及逾期利息。

( 六 ) 留置同一買家在本公司投得的該件或任何其他拍賣品，以

及因任何原因由本公司佔有該買家的任何其他財產或財產權

利，留置期間發生的一切費用及 / 或風險均由買家承擔。若買

家未能在本公司指定時間內履行其全部相關義務，則本公司有

權在向買家發出行使留置權通知且買家在該通知發出後三十日

內仍未償清所有欠付款項的情況下處分留置物。處分留置物所

得不足抵償買家應付本公司全部款項的，本公司有權另行追索；

( 七 ) 本公司有絕對酌情決定權撤銷或同意委託人撤銷交易，

並拒絕該逾期付款買家提出的付款請求、提貨請求，並保留

追索因撤銷該筆交易致使本公司所蒙受全部損失的權利；

( 八 ) 經徵得委託人同意，本公司可按照本規則規定再行拍賣

或以其他方式出售該拍賣品，並由本公司酌情決定估價及保留

價。原買家除應當支付第一次拍賣中買家及賣家應當支付的佣

金及其各自負責的其他各項費用並承擔再次拍賣或以其他方

式出售該拍賣品所有費用外，若再行拍賣或以其他方式出售該

拍賣品所得的價款低於原拍賣價款，原買家應當補足差額；

( 九 ) 將本公司在任何其他交易中欠付買家之款項抵銷買家

欠付本公司關於拍賣品之任何款項；

( 十 ) 本公司可自行決定將買家支付的任何款項用於清償買

家欠付本公司關於拍賣品或其他交易之任何款項；

( 十一 ) 拒絕買家或其代理人將來作出的競投或在接受其競

投前收取競投保證金；

( 十二 ) 向賣家透露買家之資料，以使賣家可展開法律訴訟，

以收回欠款，或就買家違約申索損害賠償及申索法律費用。

第五十九條 延期提取拍賣品之補救方法

若買家未能在拍賣成交日（含成交日）起七日內提取其購得

的拍賣品，則本公司有權採取以下之一種或多種措施：

( 一 ) 將該拍賣品投保及 / 或儲存在本公司或其他地方，由此發

生的一切費用（包括但不限於自拍賣成交日（含成交日）起的第

三十一日起按競投人登記表格的規定計收儲存費等）及 / 或風

險均由買家承擔。在買家如數支付全部購買價款後，方可提取

拍賣品（包裝及搬運費用、運輸及保險費用、出境費等自行負擔）；

( 二 ) 買家應對其超過本規則規定期限未能提取相關拍賣品

而在該期限屆滿後所發生之一切風險及費用自行承擔責任。

如買家自成交日（含成交日）起的三十日內仍未提取拍賣品的，

則本公司有權在通知買家後，以公開拍賣或其他本公司認為

合適的方式及條件出售該拍賣品，處置所得在扣除本公司因

此產生之全部損失、費用（包裝及搬運費用、運輸及保險費用、

出境費、儲存費、公證費等）後，若有餘款，則由買家自行取回，

該餘款不計利息，拍賣成交日後兩年尚未取回的餘款在扣除

相關開支（包括法律費用）後由本公司存入香港法庭。

第六十條 有限保證

( 一 ) 本公司對買家提供之一般保證：如本公司所出售之拍賣

品其後被發現為膺品，根據本規則之條款，本公司將取消該

交易，並將買家就該拍賣品支付予本公司之落槌價連同買家

佣金，以原交易之貨幣退還予買家。就此而言，根據本公司合

理之意見，膺品指仿製品，欺騙作品出處、製造者、原產地、

日期、產出年數、年期、品種、文化或來源等各方面，而上述

各項之正確描述並無收錄於目錄內容（考慮任何專有詞彙）。

拍賣品之任何損毀或任何類型之復原品及 / 或修改品（包括

重新塗漆或在其上塗漆），不應視為膺品。謹請注意如發生

以下任何一種情況，本保證將不適用：目錄內容乃根據學者

及專家於銷售日期獲普遍接納之意見，或該目錄內容顯示該

等意見存在衝突；或於銷售日期，證明該拍賣品乃膺品之唯

一方法並非當時普遍可用或認可或價格極高或用途不切實

際；或可能已對拍賣品造成損壞或可能（根據本公司合理之

意見）已令拍賣品喪失價值之方法；或如根據拍賣品之描述，

該拍賣品並無喪失任何重大價值。

( 二 ) 除這條另有指明外，本保證所規定之期限為相關拍賣成

交日後五年內，純粹提供給買家之獨享利益，且不可轉移至任

何第三方。為能依據本保證申索，買家必須 : 在收到任何導致

買家質疑拍賣品之真偽或屬性之資料後一個月內書面通知本

公司註明拍賣品編號、拍賣成交日及被認為是膺品之理由。有

關中西名酒及茶葉拍賣品的通知期為一個星期內；將狀況與

銷售予買家當日相同，並能轉移其妥善所有權且自銷售日期後

並無出現任何第三方申索之拍賣品退還予本公司。

( 三 ) 有關東南亞現代及當代藝術、中國油畫以及中國書畫，

雖然目前學術界不容許對此類別作出確實之說明，但本公司

保留酌情權按本保證但以拍賣成交日後一年內為限取消證

實為膺品之東南亞現代及當代藝術、中國油畫以及中國書畫

拍賣品之交易；已付之款項按本條規定：退還予買家，但買

家必須在拍賣成交日起一年內向本公司提供證據（按本條第

（二）、（五）款規定的方式），證實該拍賣品為膺品；

( 四 ) 有關中西名酒、茶葉 , 本公司保留酌情權按本保證但以

拍賣成交日後二十一天內為限取消證實為膺品之中西名酒及

茶葉拍賣品之交易；已付之款項按本條規定：退還予買家，但

買家必須在拍賣成交日起二十一天內向本公司提供證據（按

本條第（二）、（五）款規定的方式），證實該拍賣品為膺品；

( 五 ) 本公司可酌情決定豁免上述任何規定。本公司有權要求買

家索取兩份為本公司及買家雙方接納之獨立及行內認可專家之

報告，費用由買家承擔。本公司無須受買家出示之任何報告所規

限，並保留權利尋求額外之專家意見，費用由本公司自行承擔。

( 六 ) 本有限保證不適用於珠寶、鐘錶或其他食品及飲品等

拍賣類別。

第六十一條 特殊門類

( 一 ) 珠寶類拍賣品的狀況陳述通常會載於圖錄上，然而沒

有說明不代表該拍賣品沒有缺陷、瑕疵或未經美化處理。

1. 有色寶石（如紅寶石、藍寶石、綠寶石及各類彩色寶石）可

能經過美化處理或改良外觀，包括加熱、上油及放射等。這

些通常的方法已經為國際珠寶行業所認可，但是經過處理的

寶石的硬度可能會降低及／或在日後需要特殊保養。

2. 本公司不會為每件寶石拍賣品申請專業機構鑒定報告。如

某件拍賣品已經從國際認可的寶石實驗室取得鑒定報告，本

公司會於拍賣圖錄上詳細載明。因各實驗室使用方法和技術

的差異，對某寶石是否經過處理、處理的程度或處理是否具

有永久性，都可能持不同意見。本公司不會對各實驗室出具

的鑒定報告之準確性承擔責任。

3. 如果競投人要求提供指定實驗室的鑒定報告，請在拍賣

日前至少 14 個工作天提出要求，本公司將會代為申請鑒定

報告，而相應鑒定費用需由競投人承擔。

4. 某件寶石拍賣品的估價乃就當刻已知悉之所有資料而作出，

競投人應於拍賣前自行審看拍賣品或就拍賣品做詳盡了解，

競投人一旦做出競投，即視為其接受該等拍賣品之全部現狀。

5. 本公司提醒競投人注意，源自緬甸的寶石或翡翠，可能會

被某些國家禁止進口。

( 二 ) 鐘錶類拍賣品

1. 本公司已就某鐘錶拍賣品所知的現時狀況陳述於拍賣圖

錄上，僅供競投人參考。因多數鐘錶在此前使用期內都有被

修理、保養等的經過，本公司不保證任何鐘錶的任何零部件

為原裝，可能存在沒有鐘擺、鐘槌或鑰匙出售。

2. 鐘錶一般具有非常精細複雜的機械構造，可能需要一般

的保養服務、更換電池或進一步的修理工作，而這些都由買

家負責。本公司不保證所拍賣的任何鐘錶都是在良好運作狀

態。除非圖錄中有提及，我們不提供證書。

3. 多數鐘錶都有被打開查看機芯的型號及質量，因此帶有

防水功能的錶殼可能不足夠防水，本公司建議買家在使用前

請專業鐘錶師事先檢驗。

第四章 其他

第六十二條 資料採集、錄影

就經營本公司的拍賣業務方面，本公司可能對任何拍賣過程進

行錄音、錄影及記錄，亦需要向競投人搜集個人資料或向第三

方索取有關競投人的資料（例如向銀行索取信用審核）。這些

資料會由本公司處理並且保密，唯有關資料有可能提供給本公

司、本公司的分部、附屬公司、子公司以協助本公司為競投人提

供完善的服務、進行客戶分析，或以便提供符合競投人要求的

服務。為了競投人的權益，本公司亦可能需要向第三方服務供

應商（例如船運公司或存倉公司）提供競投人的部份個人資料。

競投人參與本公司的拍賣，即表示競投人同意上文所述。如競

投人欲獲取或更改個人資料，請與客戶服務部聯絡。

第六十三條 保密責任

本公司有義務為賣家、競投人及買家保守秘密，並根據香港

法律和本規則維護賣家、競投人、買家和本公司的正當權益

不受侵害。 以下情況除外︰

( 一 ) 在合理需要下將資料轉交本公司任何關聯單位或人士，

惟該單位或人士需延續保密義務 ;

( 二 ) 按任何法院、司法機構、政府、銀行、稅務或其他監管

機構要求，或根據任何適用法律，向其或指定人披露信息 ;

( 三 ) 獲相關賣家、競投人、買家同意而披露信息。

第六十四條 鑒定權

如果本公司認為需要，可以對拍賣品進行鑒定。鑒定結論與

委託拍賣合同載明的拍賣品的狀況不符的，本公司有權要求

變更或者解除委託拍賣合同。

第六十五條 版權

賣家授權本公司對其委託本公司拍賣的任何拍賣品製作照片、

圖示、圖錄或其他形式的影像製品和宣傳品，本公司享有上述

照片、圖示、圖錄或其他形式的影像製品和宣傳品的版權。有

權對其依法加以使用。未經本公司事先書面同意，買家及任何

人不得使用。本公司及賣家均並未作出拍賣品是否受版權所

限或買家是否取得拍賣品之任何版權的陳述及保證。

第六十六條 免除責任

本公司作為賣家的代理人，對賣家或買家的任何違約行為不

承擔責任。在賣家或買家出現違約行為的情況下，本公司有

權根據自己的判斷決定向賣家或買家披露另一方的名稱和

地址，使受到損害的一方得以通過法律訴訟獲得損害賠償。

但是，本公司在向賣家或買家披露該等資料之前，將採取合

理步驟通知將被披露資料的一方。

買家及賣家均需承擔交易所涉及包括但不限於經濟、法律、

稅務及結算等的相關責任，並需確認交易不存在洗錢或利

益輸送等不法行為。任何收、付款指示必須清晰，如因賣家

或買家管理不善而出現其帳戶被盜、款項遭挪佔等不可預

見的情況，一概後果與本公司無關。

第六十七條 通知

競投人及買家均應將其固定有效的通訊地址和聯絡方式以

競投登記文件或其他本公司認可的方式告知本公司，若有改

變，應立即書面告知本公司。

本規則中所提及之通知，僅指以信函或傳真形式發出的書面

通知。該等通知在下列時間視為送達：

( 一 ) 如是專人送達的，當送到有關方之地址時；

( 二 ) 如是以郵寄方式發出的，則為郵寄日之後第七天；

( 三 ) 如是以傳真方式發出的，當發送傳真機確認發出時。

第六十八條 可分割性

如本規則之任何條款或部分因任何理由被認定為無效、不合

法或不可執行，本規則其他條款或部分仍然有效，相關各方

應當遵守、執行。

第六十九條 法律及管轄權

本規則及其相關事宜、交易、因依照本規則參加本公司拍賣

活動而引起或與之有關的任何爭議，均受香港法律規管並由

香港法律解釋。本公司、買家及競投人等相關各方均須服從

香港法院之唯一管轄權。任何由香港法院頒佈有關本規則

所引起的爭議之判決亦可於中華人民共和國強制執行。

第七十條 語言文本

本規則以中文為標準文本，英文文本為參考文本。

英文文本如與中文文本有任何不一致之處，以中文文本為準。

第七十一條 規則版權所有

本規則由本公司制訂和修改，相應版權歸本公司所有。未經

本公司事先書面許可，任何人不得以任何方式或手段，利用

本規則獲取商業利益，亦不得對本規則之任何部分進行複

製、傳送或儲存於可檢索系統中。

第七十二條 適用時期

本規則只適用於本次拍賣，本公司可不時更新本規則，競投人

和買家參與另一次拍賣的時候應以當時適用的業務規則為準。

第七十三條 解釋權

本規則的解釋權由本公司行使。

CHAPTER I GENERAL RULES

ARTICLE 1 POLY AUCTION (HONG KONG) LIMITED

AS AGENT

Unless otherwise stated, Poly Auction (Hong Kong) Limited

acts as the Seller's agent. ﬔ e closing agreement for sale of

a Lot shall be a contract between the Seller and the Buyer.

ﬔ ese Conditions of Business and all other terms, conditions

and notices contained in the catalogue, announced by the

Auctioneer or provided at the saleroom shall constitute the

provisions agreed among the Seller, the Buyer and/or Poly

Auction (Hong Kong) Limited as auction agent.

ARTICLE 2 DEFINITIONS AND INTERPRETATION

In these Conditions of Business, the following terms shall

have the meanings set forth below:

(1)\"Company\" means Poly Auction (Hong Kong) Limited;

(2)\"Seller\" means any natural person, legal person or other

organization that consigns a Lot(s) within the scope of these

Conditions of Business to the Company for auction. In these

Conditions of Business, a Seller shall include any of its

agents unless as otherwise specifi ed herein or required in a

particular context;

(3)\"Bidder\" means any person, company, body corporate or

other organization who or which considers, carries out or

attempts to bid in anyway. In these Conditions of Business,

a Bidder shall include any of its agents unless as otherwise

specifi ed herein or required in a particular context;

(4)\"Buyer\" means the Bidder whose bid or off er for a Lot is

recognized by an Auctioneer as the highest bid for that Lot in

an auction held by the Company, including the principal on

behalf of which such Bidder acts;

(5)\"Buyer's Commission\" means any commission that

a Buyer shall pay to the Company calculated at the rate

specifi ed herein of the Hammer Price for the Lot that such

Buyer purchases;

(6)\"Lot\" means any item consigned by a Seller to the Company

for auction and so auctioned in any auction, in particular, any item

numbered in any catalogue with certain description;

(7)\"Auction Date\" means the date on which an auction is

formally held, as announced by the Company in its public

notice. In case of any discrepancy between the actual date

and the announced date of an auction, the actual date shall

prevail;

(8)\"Sale Date\" means, in an auction held by the Company,

the date on which the auctioneer concludes a contract for

sale between a Seller and a Buyer by way of hammer striking

or any other customary manner publicly confi rming the sale;

(9)\"Auctioneer\" means any person designated by the

Company to moderate a particular auction;

(10)\"Hammer Price\" means the price for a Lot at which the

Auctioneer decides to sell the Lot by striking the hammer or

the agreed sale price in the post-auction sale;

(11)\"Proceeds of Sale\" means the net amount due to the Seller,

being the Hammer Price less the Buyer's Commission, all expenses

and other amounts payable to the Company by the Seller;

(12)\"Purchase Price\" means the total amount payable by

the Buyer for his/her/its purchase for each Lot, including

the Hammer Price, the Buyer's Commission, other Buyer's

Expenses and all Buyer's Expenses arising from its failure to

perform its obligations;

(13)\"Buyer's Expenses\" means costs and expenses in

relation to sale of the Lot by the Company, including but

not limited to insurance policies, packing, moving, storage,

custody for the Lot, any expenses of testing, investigation,

queries or authentication related to the Lot at the request of

the Buyer or any additional costs and legal expenses to bring

claims against a defaulting Buyer;

(14)\"Reserve\" means the confi dential minimum selling price for

the Lot that the Seller has confi rmed with the Company;

(15)\"Estimate\" means the estimated selling price of a Lot

written in the catalogue or other descriptive materials,

excluding the Buyer's Commission;

(16)\"Storage Fee\" means the storage fee payable by the Buyer to

the Company according to these Conditions of Business.

In these Conditions of Business, where the context requires,

words denoting the singular shall include the plural and vice versa.

ARTICLE 3 SCOPE OF APPLICATION

All parties participating in any auctions organized by the

Company, including the Seller, the Bidder, the Buyer and all

other related parties (including but not limited to the agents

of the Seller, the Bidder and the Buyer) shall be deemed to

accept in full and bound by these Conditions of Business,

and shall comply with them in such auctions, enjoy the rights

and perform the obligations provided herein.

Any Bidder who bids in an auction organized by the Company,

whether in person or by authorizing an agent to bid on his/

her/its behalf, whether by raising the paddle, by absentee

bids, by phone or by any other means, shall be deemed to

have accepted these Conditions of Business in full.

Any dispute among the parties to auctions organized by

the Company shall be settled in accordance with these

Conditions of Business.

ARTICLE 4 SPECIAL NOTICE

Bidders and Buyers participating in any auctions organized

by the Company shall carefully read and be abided by these

Conditions of Business; Bidders and Buyers shall read the

provisions limiting the Company's liabilities and disclaimers

contained in these Conditions of Business carefully. Bidders

and/or their agents have the responsibilities to review the

original Lot in person, and bear legal liabilities for their acts

of bidding the Lot.

Upon the Auctioneer confirms the Bidder's bid by striking

his/her hammer or in any other manner publicly indicating

confirmation of the purchase in any auctions organized by

the Company, the contract for sale regarding the Lot shall

immediately enter into force and the Bidder shall become the

Buyer of the Lot. ﬔ e Company, the Seller and the Buyer shall

acknowledge the sale of the Lot and its closing, enjoy the rights

and assume the obligations provided by applicable laws and/

or these Conditions of Business. Any party that fails to perform

obligations shall bear its/his/her corresponding legal liabilities.

The Company may amend these Conditions of Business for a

particular auction by posting announcements at the auction site or

making an announcement at such auction through an Auctioneer.

CHAPTER II THE SELLER

ARTICLE 5 CONSIGNMENT PROCEDURE

When arranging for the consignment of the Seller's Lot to the

Company for auction:

1.The Seller must present a valid identity document with

photo issued by the government (e.g. resident identity card

or passport) if the Seller is a natural person and sign a consignment auction contract with the Company;

2.A valid certifi cate of incorporation, proof of shareholding,

or a legal authorization document shall be required if the

Seller is a legal entity or any other organization, which shall

sign a consignment auction contract with the Company.

3.When the Seller signs a consignment auction contract

with the Company, the Company shall be automatically authorized to make pictures, illustrations, catalogues, or other

video images of the Lot.

ARTICLE 6 THE SELLER'S AGENT

1.When arranging for the consignment of the Lot to the

Company for auction, the Seller's Agent shall submit to the

Company the relevant authorization certifi cates including:

2.A valid identity document if such Agent is a natural person;

3.A valid certifi cate of incorporation and proof of shareholding if

such Agent is a legal person or any other organization; and

4.A power of attorney duly executed. ﬔ e Company has the right

to examine the aforesaid documents in a lawful manner.

ARTICLE 7 THE SELLER'S WARRANTIES

ﬔ e Seller hereby makes irrevocable warranties to the Company and the Buyer with respect to the Lot it consigns to the

Company for auction as follows:

1.ﬔ e Seller has absolute ownership or legal right to dispose of

the Lot. ﬔ e auction of the Lot will not prejudice any legal interest (including copyright interest) of any third party, and will not

violate the provisions of relevant laws and regulations;

2.ﬔ e Seller has, to the best of its knowledge, made full, complete and accurate disclosure and description to the Company with respect to the origin and any fl aw of the Lot and

notifi ed the Company in writing, without any concealment or

fabrication. If the Lot is liquor or tea, the Seller should truly

disclose the defects or fl aws about, including but not limit to

the packaging, labels, level of wear and tear, corks, etc.;

3.ﬔ e Seller is not subject to trade sanctions, embargoes or

any other restriction on trade in the jurisdiction in which it

does business as well as under the laws of Hong Kong, the

laws of the European Union, the laws of England and Wales

or the laws and regulations of the United States, and is not

owned (nor partly owned) or controlled by such sanctioned

person(s) (collectively, \"Sanctioned Person(s)\");

4.ﬔ e Lot is not connected with nor has any link to nor is derived from any criminal activity, including without limitation

tax evasion, money laundering, terrorist activities or other

criminal activity, and the Seller is neither under investigation, nor has it been charged with or convicted of without

limitation, tax evasion, money laundering, terrorist activities

or other criminal activity;

5.If the Lot being consigned shall be imported into Hong Kong,

the Seller shall guarantee the compliance with the laws of its

origin, and ensure the completion of the export and import procedures and notify the Company in writing; and

6.ﬔ e Seller must ensure that the auctioned items do not contravene any laws of Hong Kong (including the Public Health and

Municipal Services Ordinance, the Food Safety Ordinance and

the Protection of Endangered Species of Animals and Plants

Ordinance the Endangered Species of Wild Animals and Plants),

ensure and disclose to our Company that it has any license

or qualifi cation registration to possess, disposal or sale of the

auctioned item required by the laws of Hong Kong. ﬔ e Seller

should ensure that if they require our Company to make an

additional license or permit to the relevant departments for the

auction, display, disposal or possession of the auctioned items,

they should notify us in the written notice not less than two

months prior to the auction.

7.ﬔ e Seller shall guarantee that the Lot is authentic. In so

doing, the Seller guarantees:

a)ﬔ e Lot is not a counterfeit or forgery of:

i.ﬔ e work of any artist, author or manufacturer, if the Lot is

described by the Seller as to the work of that artist, author or

manufacturer;

ii.A work created or produced within a particular time frame

or culture, if the Lot is described by the Seller as a work created or produced during that time frame or culture;

iii.A work of a particular origin or source, if the Lot is described by the Seller as a work of that origin or source; or

iv.A work created or craft ed or refi ned or restored through a

particular process or manner, if the Lot is described by the

Seller as a work created through that process or manner.

b)In the case of jewellery and timepieces, in addition to 7(a)

above, the Lot is craft ed in the manner as described by the

Seller, out of the particular materials as described by the

Seller, and had underwent no restoration processes other

than those stated by the Seller; and

c)In the case of gemstones, in addition to 7(a) above, the Lot

had undergone no beautifi cation processes other than those

CONDITION OF BUSINESS 服務另行收取服務費用。然而，本公司不保證出口許可證將

獲發放。本公司及賣家概無就任何拍賣品是否受進出口限制

或任何禁運作出聲明或保證。

第五十八條 未付款之補救方法

若買家未按照本規則規定或未按照與本公司協議之任何付

款安排足額付款，本公司有權採取以下之一種或多種措施：

( 一 ) 拍賣成交後，若買家未在拍賣成交日（含成交日）起七

日內支付購買價款，於競投登記時支付的競投保證金不予退

還，同時還應按照本規則規定承擔相應責任；買家以同一競

投號牌同時拍得多件拍賣品的，拍賣成交後若買家未按照規

定時間支付任一拍賣品購買價款，則全部競投保證金不予退

還，同時還應按照本規則規定承擔相應責任；

( 二 ) 在拍賣成交日（含成交日）起七日內，如買家未向本公

司付清全部購買價款，本公司有權委託第三方機構代為向買

家催要欠付的全部或部分購買價款；

( 三 ) 在拍賣成交日（含成交日）起七日內，如買家仍未足額

支付購買價款，本公司有權自拍賣成交日後第八日起就買家

未付款部分按照日息萬分之三收取利息，直至買家付清全部

款項之日止，買家與本公司另有協議者除外；

( 四 ) 在本公司或其他地方投保、移走及儲存拍賣品，風險及

費用均由買家承擔；

( 五 ) 對買家提起訴訟或向仲裁機構申請調解，要求賠償本公

司因其違約造成的一切損失，包括但不限於因買家遲付或拒付

購買價款造成的經濟損失、法律費用、違約金以及逾期利息。

( 六 ) 留置同一買家在本公司投得的該件或任何其他拍賣品，以

及因任何原因由本公司佔有該買家的任何其他財產或財產權

利，留置期間發生的一切費用及 / 或風險均由買家承擔。若買

家未能在本公司指定時間內履行其全部相關義務，則本公司有

權在向買家發出行使留置權通知且買家在該通知發出後三十日

內仍未償清所有欠付款項的情況下處分留置物。處分留置物所

得不足抵償買家應付本公司全部款項的，本公司有權另行追索；

( 七 ) 本公司有絕對酌情決定權撤銷或同意委託人撤銷交易，

並拒絕該逾期付款買家提出的付款請求、提貨請求，並保留

追索因撤銷該筆交易致使本公司所蒙受全部損失的權利；

( 八 ) 經徵得委託人同意，本公司可按照本規則規定再行拍賣

或以其他方式出售該拍賣品，並由本公司酌情決定估價及保留

價。原買家除應當支付第一次拍賣中買家及賣家應當支付的佣

金及其各自負責的其他各項費用並承擔再次拍賣或以其他方

式出售該拍賣品所有費用外，若再行拍賣或以其他方式出售該

拍賣品所得的價款低於原拍賣價款，原買家應當補足差額；

( 九 ) 將本公司在任何其他交易中欠付買家之款項抵銷買家

欠付本公司關於拍賣品之任何款項；

( 十 ) 本公司可自行決定將買家支付的任何款項用於清償買

家欠付本公司關於拍賣品或其他交易之任何款項；

( 十一 ) 拒絕買家或其代理人將來作出的競投或在接受其競

投前收取競投保證金；

( 十二 ) 向賣家透露買家之資料，以使賣家可展開法律訴訟，

以收回欠款，或就買家違約申索損害賠償及申索法律費用。

第五十九條 延期提取拍賣品之補救方法

若買家未能在拍賣成交日（含成交日）起七日內提取其購得

的拍賣品，則本公司有權採取以下之一種或多種措施：

( 一 ) 將該拍賣品投保及 / 或儲存在本公司或其他地方，由此發

生的一切費用（包括但不限於自拍賣成交日（含成交日）起的第

三十一日起按競投人登記表格的規定計收儲存費等）及 / 或風

險均由買家承擔。在買家如數支付全部購買價款後，方可提取

拍賣品（包裝及搬運費用、運輸及保險費用、出境費等自行負擔）；

( 二 ) 買家應對其超過本規則規定期限未能提取相關拍賣品

而在該期限屆滿後所發生之一切風險及費用自行承擔責任。

如買家自成交日（含成交日）起的三十日內仍未提取拍賣品的，

則本公司有權在通知買家後，以公開拍賣或其他本公司認為

合適的方式及條件出售該拍賣品，處置所得在扣除本公司因

此產生之全部損失、費用（包裝及搬運費用、運輸及保險費用、

出境費、儲存費、公證費等）後，若有餘款，則由買家自行取回，

該餘款不計利息，拍賣成交日後兩年尚未取回的餘款在扣除

相關開支（包括法律費用）後由本公司存入香港法庭。

第六十條 有限保證

( 一 ) 本公司對買家提供之一般保證：如本公司所出售之拍賣

品其後被發現為膺品，根據本規則之條款，本公司將取消該

交易，並將買家就該拍賣品支付予本公司之落槌價連同買家

佣金，以原交易之貨幣退還予買家。就此而言，根據本公司合

理之意見，膺品指仿製品，欺騙作品出處、製造者、原產地、

日期、產出年數、年期、品種、文化或來源等各方面，而上述

各項之正確描述並無收錄於目錄內容（考慮任何專有詞彙）。

拍賣品之任何損毀或任何類型之復原品及 / 或修改品（包括

重新塗漆或在其上塗漆），不應視為膺品。謹請注意如發生

以下任何一種情況，本保證將不適用：目錄內容乃根據學者

及專家於銷售日期獲普遍接納之意見，或該目錄內容顯示該

等意見存在衝突；或於銷售日期，證明該拍賣品乃膺品之唯

一方法並非當時普遍可用或認可或價格極高或用途不切實

際；或可能已對拍賣品造成損壞或可能（根據本公司合理之

意見）已令拍賣品喪失價值之方法；或如根據拍賣品之描述，

該拍賣品並無喪失任何重大價值。

( 二 ) 除這條另有指明外，本保證所規定之期限為相關拍賣成

交日後五年內，純粹提供給買家之獨享利益，且不可轉移至任

何第三方。為能依據本保證申索，買家必須 : 在收到任何導致

買家質疑拍賣品之真偽或屬性之資料後一個月內書面通知本

公司註明拍賣品編號、拍賣成交日及被認為是膺品之理由。有

關中西名酒及茶葉拍賣品的通知期為一個星期內；將狀況與

銷售予買家當日相同，並能轉移其妥善所有權且自銷售日期後

並無出現任何第三方申索之拍賣品退還予本公司。

( 三 ) 有關東南亞現代及當代藝術、中國油畫以及中國書畫，

雖然目前學術界不容許對此類別作出確實之說明，但本公司

保留酌情權按本保證但以拍賣成交日後一年內為限取消證

實為膺品之東南亞現代及當代藝術、中國油畫以及中國書畫

拍賣品之交易；已付之款項按本條規定：退還予買家，但買

家必須在拍賣成交日起一年內向本公司提供證據（按本條第

（二）、（五）款規定的方式），證實該拍賣品為膺品；

( 四 ) 有關中西名酒、茶葉 , 本公司保留酌情權按本保證但以

拍賣成交日後二十一天內為限取消證實為膺品之中西名酒及

茶葉拍賣品之交易；已付之款項按本條規定：退還予買家，但

買家必須在拍賣成交日起二十一天內向本公司提供證據（按

本條第（二）、（五）款規定的方式），證實該拍賣品為膺品；

( 五 ) 本公司可酌情決定豁免上述任何規定。本公司有權要求買

家索取兩份為本公司及買家雙方接納之獨立及行內認可專家之

報告，費用由買家承擔。本公司無須受買家出示之任何報告所規

限，並保留權利尋求額外之專家意見，費用由本公司自行承擔。

( 六 ) 本有限保證不適用於珠寶、鐘錶或其他食品及飲品等

拍賣類別。

第六十一條 特殊門類

( 一 ) 珠寶類拍賣品的狀況陳述通常會載於圖錄上，然而沒

有說明不代表該拍賣品沒有缺陷、瑕疵或未經美化處理。

1. 有色寶石（如紅寶石、藍寶石、綠寶石及各類彩色寶石）可

能經過美化處理或改良外觀，包括加熱、上油及放射等。這

些通常的方法已經為國際珠寶行業所認可，但是經過處理的

寶石的硬度可能會降低及／或在日後需要特殊保養。

2. 本公司不會為每件寶石拍賣品申請專業機構鑒定報告。如

某件拍賣品已經從國際認可的寶石實驗室取得鑒定報告，本

公司會於拍賣圖錄上詳細載明。因各實驗室使用方法和技術

的差異，對某寶石是否經過處理、處理的程度或處理是否具

有永久性，都可能持不同意見。本公司不會對各實驗室出具

的鑒定報告之準確性承擔責任。

3. 如果競投人要求提供指定實驗室的鑒定報告，請在拍賣

日前至少 14 個工作天提出要求，本公司將會代為申請鑒定

報告，而相應鑒定費用需由競投人承擔。

4. 某件寶石拍賣品的估價乃就當刻已知悉之所有資料而作出，

競投人應於拍賣前自行審看拍賣品或就拍賣品做詳盡了解，

競投人一旦做出競投，即視為其接受該等拍賣品之全部現狀。

5. 本公司提醒競投人注意，源自緬甸的寶石或翡翠，可能會

被某些國家禁止進口。

( 二 ) 鐘錶類拍賣品

1. 本公司已就某鐘錶拍賣品所知的現時狀況陳述於拍賣圖

錄上，僅供競投人參考。因多數鐘錶在此前使用期內都有被

修理、保養等的經過，本公司不保證任何鐘錶的任何零部件

為原裝，可能存在沒有鐘擺、鐘槌或鑰匙出售。

2. 鐘錶一般具有非常精細複雜的機械構造，可能需要一般

的保養服務、更換電池或進一步的修理工作，而這些都由買

家負責。本公司不保證所拍賣的任何鐘錶都是在良好運作狀

態。除非圖錄中有提及，我們不提供證書。

3. 多數鐘錶都有被打開查看機芯的型號及質量，因此帶有

防水功能的錶殼可能不足夠防水，本公司建議買家在使用前

請專業鐘錶師事先檢驗。

第四章 其他

第六十二條 資料採集、錄影

就經營本公司的拍賣業務方面，本公司可能對任何拍賣過程進

行錄音、錄影及記錄，亦需要向競投人搜集個人資料或向第三

方索取有關競投人的資料（例如向銀行索取信用審核）。這些

資料會由本公司處理並且保密，唯有關資料有可能提供給本公

司、本公司的分部、附屬公司、子公司以協助本公司為競投人提

供完善的服務、進行客戶分析，或以便提供符合競投人要求的

服務。為了競投人的權益，本公司亦可能需要向第三方服務供

應商（例如船運公司或存倉公司）提供競投人的部份個人資料。

競投人參與本公司的拍賣，即表示競投人同意上文所述。如競

投人欲獲取或更改個人資料，請與客戶服務部聯絡。

第六十三條 保密責任

本公司有義務為賣家、競投人及買家保守秘密，並根據香港

法律和本規則維護賣家、競投人、買家和本公司的正當權益

不受侵害。 以下情況除外︰

( 一 ) 在合理需要下將資料轉交本公司任何關聯單位或人士，

惟該單位或人士需延續保密義務 ;

( 二 ) 按任何法院、司法機構、政府、銀行、稅務或其他監管

機構要求，或根據任何適用法律，向其或指定人披露信息 ;

( 三 ) 獲相關賣家、競投人、買家同意而披露信息。

第六十四條 鑒定權

如果本公司認為需要，可以對拍賣品進行鑒定。鑒定結論與

委託拍賣合同載明的拍賣品的狀況不符的，本公司有權要求

變更或者解除委託拍賣合同。

第六十五條 版權

賣家授權本公司對其委託本公司拍賣的任何拍賣品製作照片、

圖示、圖錄或其他形式的影像製品和宣傳品，本公司享有上述

照片、圖示、圖錄或其他形式的影像製品和宣傳品的版權。有

權對其依法加以使用。未經本公司事先書面同意，買家及任何

人不得使用。本公司及賣家均並未作出拍賣品是否受版權所

限或買家是否取得拍賣品之任何版權的陳述及保證。

第六十六條 免除責任

本公司作為賣家的代理人，對賣家或買家的任何違約行為不

承擔責任。在賣家或買家出現違約行為的情況下，本公司有

權根據自己的判斷決定向賣家或買家披露另一方的名稱和

地址，使受到損害的一方得以通過法律訴訟獲得損害賠償。

但是，本公司在向賣家或買家披露該等資料之前，將採取合

理步驟通知將被披露資料的一方。

買家及賣家均需承擔交易所涉及包括但不限於經濟、法律、

稅務及結算等的相關責任，並需確認交易不存在洗錢或利

益輸送等不法行為。任何收、付款指示必須清晰，如因賣家

或買家管理不善而出現其帳戶被盜、款項遭挪佔等不可預

見的情況，一概後果與本公司無關。

第六十七條 通知

競投人及買家均應將其固定有效的通訊地址和聯絡方式以

競投登記文件或其他本公司認可的方式告知本公司，若有改

變，應立即書面告知本公司。

本規則中所提及之通知，僅指以信函或傳真形式發出的書面

通知。該等通知在下列時間視為送達：

( 一 ) 如是專人送達的，當送到有關方之地址時；

( 二 ) 如是以郵寄方式發出的，則為郵寄日之後第七天；

( 三 ) 如是以傳真方式發出的，當發送傳真機確認發出時。

第六十八條 可分割性

如本規則之任何條款或部分因任何理由被認定為無效、不合

法或不可執行，本規則其他條款或部分仍然有效，相關各方

應當遵守、執行。

第六十九條 法律及管轄權

本規則及其相關事宜、交易、因依照本規則參加本公司拍賣

活動而引起或與之有關的任何爭議，均受香港法律規管並由

香港法律解釋。本公司、買家及競投人等相關各方均須服從

香港法院之唯一管轄權。任何由香港法院頒佈有關本規則

所引起的爭議之判決亦可於中華人民共和國強制執行。

第七十條 語言文本

本規則以中文為標準文本，英文文本為參考文本。

英文文本如與中文文本有任何不一致之處，以中文文本為準。

第七十一條 規則版權所有

本規則由本公司制訂和修改，相應版權歸本公司所有。未經

本公司事先書面許可，任何人不得以任何方式或手段，利用

本規則獲取商業利益，亦不得對本規則之任何部分進行複

製、傳送或儲存於可檢索系統中。

第七十二條 適用時期

本規則只適用於本次拍賣，本公司可不時更新本規則，競投人

和買家參與另一次拍賣的時候應以當時適用的業務規則為準。

第七十三條 解釋權

本規則的解釋權由本公司行使。

CHAPTER I GENERAL RULES

ARTICLE 1 POLY AUCTION (HONG KONG) LIMITED

AS AGENT

Unless otherwise stated, Poly Auction (Hong Kong) Limited

acts as the Seller's agent. ﬔ e closing agreement for sale of

a Lot shall be a contract between the Seller and the Buyer.

ﬔ ese Conditions of Business and all other terms, conditions

and notices contained in the catalogue, announced by the

Auctioneer or provided at the saleroom shall constitute the

provisions agreed among the Seller, the Buyer and/or Poly

Auction (Hong Kong) Limited as auction agent.

ARTICLE 2 DEFINITIONS AND INTERPRETATION

In these Conditions of Business, the following terms shall

have the meanings set forth below:

(1)\"Company\" means Poly Auction (Hong Kong) Limited;

(2)\"Seller\" means any natural person, legal person or other

organization that consigns a Lot(s) within the scope of these

Conditions of Business to the Company for auction. In these

Conditions of Business, a Seller shall include any of its

agents unless as otherwise specifi ed herein or required in a

particular context;

(3)\"Bidder\" means any person, company, body corporate or

other organization who or which considers, carries out or

attempts to bid in anyway. In these Conditions of Business,

a Bidder shall include any of its agents unless as otherwise

specifi ed herein or required in a particular context;

(4)\"Buyer\" means the Bidder whose bid or off er for a Lot is

recognized by an Auctioneer as the highest bid for that Lot in

an auction held by the Company, including the principal on

behalf of which such Bidder acts;

(5)\"Buyer's Commission\" means any commission that

a Buyer shall pay to the Company calculated at the rate

specifi ed herein of the Hammer Price for the Lot that such

Buyer purchases;

(6)\"Lot\" means any item consigned by a Seller to the Company

for auction and so auctioned in any auction, in particular, any item

numbered in any catalogue with certain description;

(7)\"Auction Date\" means the date on which an auction is

formally held, as announced by the Company in its public

notice. In case of any discrepancy between the actual date

and the announced date of an auction, the actual date shall

prevail;

(8)\"Sale Date\" means, in an auction held by the Company,

the date on which the auctioneer concludes a contract for

sale between a Seller and a Buyer by way of hammer striking

or any other customary manner publicly confi rming the sale;

(9)\"Auctioneer\" means any person designated by the

Company to moderate a particular auction;

(10)\"Hammer Price\" means the price for a Lot at which the

Auctioneer decides to sell the Lot by striking the hammer or

the agreed sale price in the post-auction sale;

(11)\"Proceeds of Sale\" means the net amount due to the Seller,

being the Hammer Price less the Buyer's Commission, all expenses

and other amounts payable to the Company by the Seller;

(12)\"Purchase Price\" means the total amount payable by

the Buyer for his/her/its purchase for each Lot, including

the Hammer Price, the Buyer's Commission, other Buyer's

Expenses and all Buyer's Expenses arising from its failure to

perform its obligations;

(13)\"Buyer's Expenses\" means costs and expenses in

relation to sale of the Lot by the Company, including but

not limited to insurance policies, packing, moving, storage,

custody for the Lot, any expenses of testing, investigation,

queries or authentication related to the Lot at the request of

the Buyer or any additional costs and legal expenses to bring

claims against a defaulting Buyer;

(14)\"Reserve\" means the confi dential minimum selling price for

the Lot that the Seller has confi rmed with the Company;

(15)\"Estimate\" means the estimated selling price of a Lot

written in the catalogue or other descriptive materials,

excluding the Buyer's Commission;

(16)\"Storage Fee\" means the storage fee payable by the Buyer to

the Company according to these Conditions of Business.

In these Conditions of Business, where the context requires,

words denoting the singular shall include the plural and vice versa.

ARTICLE 3 SCOPE OF APPLICATION

All parties participating in any auctions organized by the

Company, including the Seller, the Bidder, the Buyer and all

other related parties (including but not limited to the agents

of the Seller, the Bidder and the Buyer) shall be deemed to

accept in full and bound by these Conditions of Business,

and shall comply with them in such auctions, enjoy the rights

and perform the obligations provided herein.

Any Bidder who bids in an auction organized by the Company,

whether in person or by authorizing an agent to bid on his/

her/its behalf, whether by raising the paddle, by absentee

bids, by phone or by any other means, shall be deemed to

have accepted these Conditions of Business in full.

Any dispute among the parties to auctions organized by

the Company shall be settled in accordance with these

Conditions of Business.

ARTICLE 4 SPECIAL NOTICE

Bidders and Buyers participating in any auctions organized

by the Company shall carefully read and be abided by these

Conditions of Business; Bidders and Buyers shall read the

provisions limiting the Company's liabilities and disclaimers

contained in these Conditions of Business carefully. Bidders

and/or their agents have the responsibilities to review the

original Lot in person, and bear legal liabilities for their acts

of bidding the Lot.

Upon the Auctioneer confirms the Bidder's bid by striking

his/her hammer or in any other manner publicly indicating

confirmation of the purchase in any auctions organized by

the Company, the contract for sale regarding the Lot shall

immediately enter into force and the Bidder shall become the

Buyer of the Lot. ﬔ e Company, the Seller and the Buyer shall

acknowledge the sale of the Lot and its closing, enjoy the rights

and assume the obligations provided by applicable laws and/

or these Conditions of Business. Any party that fails to perform

obligations shall bear its/his/her corresponding legal liabilities.

The Company may amend these Conditions of Business for a

particular auction by posting announcements at the auction site or

making an announcement at such auction through an Auctioneer.

CHAPTER II THE SELLER

ARTICLE 5 CONSIGNMENT PROCEDURE

When arranging for the consignment of the Seller's Lot to the

Company for auction:

1.The Seller must present a valid identity document with

photo issued by the government (e.g. resident identity card

or passport) if the Seller is a natural person and sign a consignment auction contract with the Company;

2.A valid certifi cate of incorporation, proof of shareholding,

or a legal authorization document shall be required if the

Seller is a legal entity or any other organization, which shall

sign a consignment auction contract with the Company.

3.When the Seller signs a consignment auction contract

with the Company, the Company shall be automatically authorized to make pictures, illustrations, catalogues, or other

video images of the Lot.

ARTICLE 6 THE SELLER'S AGENT

1.When arranging for the consignment of the Lot to the

Company for auction, the Seller's Agent shall submit to the

Company the relevant authorization certifi cates including:

2.A valid identity document if such Agent is a natural person;

3.A valid certifi cate of incorporation and proof of shareholding if

such Agent is a legal person or any other organization; and

4.A power of attorney duly executed. ﬔ e Company has the right

to examine the aforesaid documents in a lawful manner.

ARTICLE 7 THE SELLER'S WARRANTIES

ﬔ e Seller hereby makes irrevocable warranties to the Company and the Buyer with respect to the Lot it consigns to the

Company for auction as follows:

1.ﬔ e Seller has absolute ownership or legal right to dispose of

the Lot. ﬔ e auction of the Lot will not prejudice any legal interest (including copyright interest) of any third party, and will not

violate the provisions of relevant laws and regulations;

2.ﬔ e Seller has, to the best of its knowledge, made full, complete and accurate disclosure and description to the Company with respect to the origin and any fl aw of the Lot and

notifi ed the Company in writing, without any concealment or

fabrication. If the Lot is liquor or tea, the Seller should truly

disclose the defects or fl aws about, including but not limit to

the packaging, labels, level of wear and tear, corks, etc.;

3.ﬔ e Seller is not subject to trade sanctions, embargoes or

any other restriction on trade in the jurisdiction in which it

does business as well as under the laws of Hong Kong, the

laws of the European Union, the laws of England and Wales

or the laws and regulations of the United States, and is not

owned (nor partly owned) or controlled by such sanctioned

person(s) (collectively, \"Sanctioned Person(s)\");

4.ﬔ e Lot is not connected with nor has any link to nor is derived from any criminal activity, including without limitation

tax evasion, money laundering, terrorist activities or other

criminal activity, and the Seller is neither under investigation, nor has it been charged with or convicted of without

limitation, tax evasion, money laundering, terrorist activities

or other criminal activity;

5.If the Lot being consigned shall be imported into Hong Kong,

the Seller shall guarantee the compliance with the laws of its

origin, and ensure the completion of the export and import procedures and notify the Company in writing; and

6.ﬔ e Seller must ensure that the auctioned items do not contravene any laws of Hong Kong (including the Public Health and

Municipal Services Ordinance, the Food Safety Ordinance and

the Protection of Endangered Species of Animals and Plants

Ordinance the Endangered Species of Wild Animals and Plants),

ensure and disclose to our Company that it has any license

or qualifi cation registration to possess, disposal or sale of the

auctioned item required by the laws of Hong Kong. ﬔ e Seller

should ensure that if they require our Company to make an

additional license or permit to the relevant departments for the

auction, display, disposal or possession of the auctioned items,

they should notify us in the written notice not less than two

months prior to the auction.

7.ﬔ e Seller shall guarantee that the Lot is authentic. In so

doing, the Seller guarantees:

a)ﬔ e Lot is not a counterfeit or forgery of:

i.ﬔ e work of any artist, author or manufacturer, if the Lot is

described by the Seller as to the work of that artist, author or

manufacturer;

ii.A work created or produced within a particular time frame

or culture, if the Lot is described by the Seller as a work created or produced during that time frame or culture;

iii.A work of a particular origin or source, if the Lot is described by the Seller as a work of that origin or source; or

iv.A work created or craft ed or refi ned or restored through a

particular process or manner, if the Lot is described by the

Seller as a work created through that process or manner.

b)In the case of jewellery and timepieces, in addition to 7(a)

above, the Lot is craft ed in the manner as described by the

Seller, out of the particular materials as described by the

Seller, and had underwent no restoration processes other

than those stated by the Seller; and

c)In the case of gemstones, in addition to 7(a) above, the Lot

had undergone no beautifi cation processes other than those

CONDITION OF BUSINESS

服務另行收取服務費用。然而，本公司不保證出口許可證將

獲發放。本公司及賣家概無就任何拍賣品是否受進出口限制

或任何禁運作出聲明或保證。

第五十八條 未付款之補救方法

若買家未按照本規則規定或未按照與本公司協議之任何付

款安排足額付款，本公司有權採取以下之一種或多種措施：

( 一 ) 拍賣成交後，若買家未在拍賣成交日（含成交日）起七

日內支付購買價款，於競投登記時支付的競投保證金不予退

還，同時還應按照本規則規定承擔相應責任；買家以同一競

投號牌同時拍得多件拍賣品的，拍賣成交後若買家未按照規

定時間支付任一拍賣品購買價款，則全部競投保證金不予退

還，同時還應按照本規則規定承擔相應責任；

( 二 ) 在拍賣成交日（含成交日）起七日內，如買家未向本公

司付清全部購買價款，本公司有權委託第三方機構代為向買

家催要欠付的全部或部分購買價款；

( 三 ) 在拍賣成交日（含成交日）起七日內，如買家仍未足額

支付購買價款，本公司有權自拍賣成交日後第八日起就買家

未付款部分按照日息萬分之三收取利息，直至買家付清全部

款項之日止，買家與本公司另有協議者除外；

( 四 ) 在本公司或其他地方投保、移走及儲存拍賣品，風險及

費用均由買家承擔；

( 五 ) 對買家提起訴訟或向仲裁機構申請調解，要求賠償本公

司因其違約造成的一切損失，包括但不限於因買家遲付或拒付

購買價款造成的經濟損失、法律費用、違約金以及逾期利息。

( 六 ) 留置同一買家在本公司投得的該件或任何其他拍賣品，以

及因任何原因由本公司佔有該買家的任何其他財產或財產權

利，留置期間發生的一切費用及 / 或風險均由買家承擔。若買

家未能在本公司指定時間內履行其全部相關義務，則本公司有

權在向買家發出行使留置權通知且買家在該通知發出後三十日

內仍未償清所有欠付款項的情況下處分留置物。處分留置物所

得不足抵償買家應付本公司全部款項的，本公司有權另行追索；

( 七 ) 本公司有絕對酌情決定權撤銷或同意委託人撤銷交易，

並拒絕該逾期付款買家提出的付款請求、提貨請求，並保留

追索因撤銷該筆交易致使本公司所蒙受全部損失的權利；

( 八 ) 經徵得委託人同意，本公司可按照本規則規定再行拍賣

或以其他方式出售該拍賣品，並由本公司酌情決定估價及保留

價。原買家除應當支付第一次拍賣中買家及賣家應當支付的佣

金及其各自負責的其他各項費用並承擔再次拍賣或以其他方

式出售該拍賣品所有費用外，若再行拍賣或以其他方式出售該

拍賣品所得的價款低於原拍賣價款，原買家應當補足差額；

( 九 ) 將本公司在任何其他交易中欠付買家之款項抵銷買家

欠付本公司關於拍賣品之任何款項；

( 十 ) 本公司可自行決定將買家支付的任何款項用於清償買

家欠付本公司關於拍賣品或其他交易之任何款項；

( 十一 ) 拒絕買家或其代理人將來作出的競投或在接受其競

投前收取競投保證金；

( 十二 ) 向賣家透露買家之資料，以使賣家可展開法律訴訟，

以收回欠款，或就買家違約申索損害賠償及申索法律費用。

第五十九條 延期提取拍賣品之補救方法

若買家未能在拍賣成交日（含成交日）起七日內提取其購得

的拍賣品，則本公司有權採取以下之一種或多種措施：

( 一 ) 將該拍賣品投保及 / 或儲存在本公司或其他地方，由此發

生的一切費用（包括但不限於自拍賣成交日（含成交日）起的第

三十一日起按競投人登記表格的規定計收儲存費等）及 / 或風

險均由買家承擔。在買家如數支付全部購買價款後，方可提取

拍賣品（包裝及搬運費用、運輸及保險費用、出境費等自行負擔）；

( 二 ) 買家應對其超過本規則規定期限未能提取相關拍賣品

而在該期限屆滿後所發生之一切風險及費用自行承擔責任。

如買家自成交日（含成交日）起的三十日內仍未提取拍賣品的，

則本公司有權在通知買家後，以公開拍賣或其他本公司認為

合適的方式及條件出售該拍賣品，處置所得在扣除本公司因

此產生之全部損失、費用（包裝及搬運費用、運輸及保險費用、

出境費、儲存費、公證費等）後，若有餘款，則由買家自行取回，

該餘款不計利息，拍賣成交日後兩年尚未取回的餘款在扣除

相關開支（包括法律費用）後由本公司存入香港法庭。

第六十條 有限保證

( 一 ) 本公司對買家提供之一般保證：如本公司所出售之拍賣

品其後被發現為膺品，根據本規則之條款，本公司將取消該

交易，並將買家就該拍賣品支付予本公司之落槌價連同買家

佣金，以原交易之貨幣退還予買家。就此而言，根據本公司合

理之意見，膺品指仿製品，欺騙作品出處、製造者、原產地、

日期、產出年數、年期、品種、文化或來源等各方面，而上述

各項之正確描述並無收錄於目錄內容（考慮任何專有詞彙）。

拍賣品之任何損毀或任何類型之復原品及 / 或修改品（包括

重新塗漆或在其上塗漆），不應視為膺品。謹請注意如發生

以下任何一種情況，本保證將不適用：目錄內容乃根據學者

及專家於銷售日期獲普遍接納之意見，或該目錄內容顯示該

等意見存在衝突；或於銷售日期，證明該拍賣品乃膺品之唯

一方法並非當時普遍可用或認可或價格極高或用途不切實

際；或可能已對拍賣品造成損壞或可能（根據本公司合理之

意見）已令拍賣品喪失價值之方法；或如根據拍賣品之描述，

該拍賣品並無喪失任何重大價值。

( 二 ) 除這條另有指明外，本保證所規定之期限為相關拍賣成

交日後五年內，純粹提供給買家之獨享利益，且不可轉移至任

何第三方。為能依據本保證申索，買家必須 : 在收到任何導致

買家質疑拍賣品之真偽或屬性之資料後一個月內書面通知本

公司註明拍賣品編號、拍賣成交日及被認為是膺品之理由。有

關中西名酒及茶葉拍賣品的通知期為一個星期內；將狀況與

銷售予買家當日相同，並能轉移其妥善所有權且自銷售日期後

並無出現任何第三方申索之拍賣品退還予本公司。

( 三 ) 有關東南亞現代及當代藝術、中國油畫以及中國書畫，

雖然目前學術界不容許對此類別作出確實之說明，但本公司

保留酌情權按本保證但以拍賣成交日後一年內為限取消證

實為膺品之東南亞現代及當代藝術、中國油畫以及中國書畫

拍賣品之交易；已付之款項按本條規定：退還予買家，但買

家必須在拍賣成交日起一年內向本公司提供證據（按本條第

（二）、（五）款規定的方式），證實該拍賣品為膺品；

( 四 ) 有關中西名酒、茶葉 , 本公司保留酌情權按本保證但以

拍賣成交日後二十一天內為限取消證實為膺品之中西名酒及

茶葉拍賣品之交易；已付之款項按本條規定：退還予買家，但

買家必須在拍賣成交日起二十一天內向本公司提供證據（按

本條第（二）、（五）款規定的方式），證實該拍賣品為膺品；

( 五 ) 本公司可酌情決定豁免上述任何規定。本公司有權要求買

家索取兩份為本公司及買家雙方接納之獨立及行內認可專家之

報告，費用由買家承擔。本公司無須受買家出示之任何報告所規

限，並保留權利尋求額外之專家意見，費用由本公司自行承擔。

( 六 ) 本有限保證不適用於珠寶、鐘錶或其他食品及飲品等

拍賣類別。

第六十一條 特殊門類

( 一 ) 珠寶類拍賣品的狀況陳述通常會載於圖錄上，然而沒

有說明不代表該拍賣品沒有缺陷、瑕疵或未經美化處理。

1. 有色寶石（如紅寶石、藍寶石、綠寶石及各類彩色寶石）可

能經過美化處理或改良外觀，包括加熱、上油及放射等。這

些通常的方法已經為國際珠寶行業所認可，但是經過處理的

寶石的硬度可能會降低及／或在日後需要特殊保養。

2. 本公司不會為每件寶石拍賣品申請專業機構鑒定報告。如

某件拍賣品已經從國際認可的寶石實驗室取得鑒定報告，本

公司會於拍賣圖錄上詳細載明。因各實驗室使用方法和技術

的差異，對某寶石是否經過處理、處理的程度或處理是否具

有永久性，都可能持不同意見。本公司不會對各實驗室出具

的鑒定報告之準確性承擔責任。

3. 如果競投人要求提供指定實驗室的鑒定報告，請在拍賣

日前至少 14 個工作天提出要求，本公司將會代為申請鑒定

報告，而相應鑒定費用需由競投人承擔。

4. 某件寶石拍賣品的估價乃就當刻已知悉之所有資料而作出，

競投人應於拍賣前自行審看拍賣品或就拍賣品做詳盡了解，

競投人一旦做出競投，即視為其接受該等拍賣品之全部現狀。

5. 本公司提醒競投人注意，源自緬甸的寶石或翡翠，可能會

被某些國家禁止進口。

( 二 ) 鐘錶類拍賣品

1. 本公司已就某鐘錶拍賣品所知的現時狀況陳述於拍賣圖

錄上，僅供競投人參考。因多數鐘錶在此前使用期內都有被

修理、保養等的經過，本公司不保證任何鐘錶的任何零部件

為原裝，可能存在沒有鐘擺、鐘槌或鑰匙出售。

2. 鐘錶一般具有非常精細複雜的機械構造，可能需要一般

的保養服務、更換電池或進一步的修理工作，而這些都由買

家負責。本公司不保證所拍賣的任何鐘錶都是在良好運作狀

態。除非圖錄中有提及，我們不提供證書。

3. 多數鐘錶都有被打開查看機芯的型號及質量，因此帶有

防水功能的錶殼可能不足夠防水，本公司建議買家在使用前

請專業鐘錶師事先檢驗。

第四章 其他

第六十二條 資料採集、錄影

就經營本公司的拍賣業務方面，本公司可能對任何拍賣過程進

行錄音、錄影及記錄，亦需要向競投人搜集個人資料或向第三

方索取有關競投人的資料（例如向銀行索取信用審核）。這些

資料會由本公司處理並且保密，唯有關資料有可能提供給本公

司、本公司的分部、附屬公司、子公司以協助本公司為競投人提

供完善的服務、進行客戶分析，或以便提供符合競投人要求的

服務。為了競投人的權益，本公司亦可能需要向第三方服務供

應商（例如船運公司或存倉公司）提供競投人的部份個人資料。

競投人參與本公司的拍賣，即表示競投人同意上文所述。如競

投人欲獲取或更改個人資料，請與客戶服務部聯絡。

第六十三條 保密責任

本公司有義務為賣家、競投人及買家保守秘密，並根據香港

法律和本規則維護賣家、競投人、買家和本公司的正當權益

不受侵害。 以下情況除外︰

( 一 ) 在合理需要下將資料轉交本公司任何關聯單位或人士，

惟該單位或人士需延續保密義務 ;

( 二 ) 按任何法院、司法機構、政府、銀行、稅務或其他監管

機構要求，或根據任何適用法律，向其或指定人披露信息 ;

( 三 ) 獲相關賣家、競投人、買家同意而披露信息。

第六十四條 鑒定權

如果本公司認為需要，可以對拍賣品進行鑒定。鑒定結論與

委託拍賣合同載明的拍賣品的狀況不符的，本公司有權要求

變更或者解除委託拍賣合同。

第六十五條 版權

賣家授權本公司對其委託本公司拍賣的任何拍賣品製作照片、

圖示、圖錄或其他形式的影像製品和宣傳品，本公司享有上述

照片、圖示、圖錄或其他形式的影像製品和宣傳品的版權。有

權對其依法加以使用。未經本公司事先書面同意，買家及任何

人不得使用。本公司及賣家均並未作出拍賣品是否受版權所

限或買家是否取得拍賣品之任何版權的陳述及保證。

第六十六條 免除責任

本公司作為賣家的代理人，對賣家或買家的任何違約行為不

承擔責任。在賣家或買家出現違約行為的情況下，本公司有

權根據自己的判斷決定向賣家或買家披露另一方的名稱和

地址，使受到損害的一方得以通過法律訴訟獲得損害賠償。

但是，本公司在向賣家或買家披露該等資料之前，將採取合

理步驟通知將被披露資料的一方。

買家及賣家均需承擔交易所涉及包括但不限於經濟、法律、

稅務及結算等的相關責任，並需確認交易不存在洗錢或利

益輸送等不法行為。任何收、付款指示必須清晰，如因賣家

或買家管理不善而出現其帳戶被盜、款項遭挪佔等不可預

見的情況，一概後果與本公司無關。

第六十七條 通知

競投人及買家均應將其固定有效的通訊地址和聯絡方式以

競投登記文件或其他本公司認可的方式告知本公司，若有改

變，應立即書面告知本公司。

本規則中所提及之通知，僅指以信函或傳真形式發出的書面

通知。該等通知在下列時間視為送達：

( 一 ) 如是專人送達的，當送到有關方之地址時；

( 二 ) 如是以郵寄方式發出的，則為郵寄日之後第七天；

( 三 ) 如是以傳真方式發出的，當發送傳真機確認發出時。

第六十八條 可分割性

如本規則之任何條款或部分因任何理由被認定為無效、不合

法或不可執行，本規則其他條款或部分仍然有效，相關各方

應當遵守、執行。

第六十九條 法律及管轄權

本規則及其相關事宜、交易、因依照本規則參加本公司拍賣

活動而引起或與之有關的任何爭議，均受香港法律規管並由

香港法律解釋。本公司、買家及競投人等相關各方均須服從

香港法院之唯一管轄權。任何由香港法院頒佈有關本規則

所引起的爭議之判決亦可於中華人民共和國強制執行。

第七十條 語言文本

本規則以中文為標準文本，英文文本為參考文本。

英文文本如與中文文本有任何不一致之處，以中文文本為準。

第七十一條 規則版權所有

本規則由本公司制訂和修改，相應版權歸本公司所有。未經

本公司事先書面許可，任何人不得以任何方式或手段，利用

本規則獲取商業利益，亦不得對本規則之任何部分進行複

製、傳送或儲存於可檢索系統中。

第七十二條 適用時期

本規則只適用於本次拍賣，本公司可不時更新本規則，競投人

和買家參與另一次拍賣的時候應以當時適用的業務規則為準。

第七十三條 解釋權

本規則的解釋權由本公司行使。

CHAPTER I GENERAL RULES

ARTICLE 1 POLY AUCTION (HONG KONG) LIMITED

AS AGENT

Unless otherwise stated, Poly Auction (Hong Kong) Limited

acts as the Seller's agent. ﬔ e closing agreement for sale of

a Lot shall be a contract between the Seller and the Buyer.

ﬔ ese Conditions of Business and all other terms, conditions

and notices contained in the catalogue, announced by the

Auctioneer or provided at the saleroom shall constitute the

provisions agreed among the Seller, the Buyer and/or Poly

Auction (Hong Kong) Limited as auction agent.

ARTICLE 2 DEFINITIONS AND INTERPRETATION

In these Conditions of Business, the following terms shall

have the meanings set forth below:

(1)\"Company\" means Poly Auction (Hong Kong) Limited;

(2)\"Seller\" means any natural person, legal person or other

organization that consigns a Lot(s) within the scope of these

Conditions of Business to the Company for auction. In these

Conditions of Business, a Seller shall include any of its

agents unless as otherwise specifi ed herein or required in a

particular context;

(3)\"Bidder\" means any person, company, body corporate or

other organization who or which considers, carries out or

attempts to bid in anyway. In these Conditions of Business,

a Bidder shall include any of its agents unless as otherwise

specifi ed herein or required in a particular context;

(4)\"Buyer\" means the Bidder whose bid or off er for a Lot is

recognized by an Auctioneer as the highest bid for that Lot in

an auction held by the Company, including the principal on

behalf of which such Bidder acts;

(5)\"Buyer's Commission\" means any commission that

a Buyer shall pay to the Company calculated at the rate

specifi ed herein of the Hammer Price for the Lot that such

Buyer purchases;

(6)\"Lot\" means any item consigned by a Seller to the Company

for auction and so auctioned in any auction, in particular, any item

numbered in any catalogue with certain description;

(7)\"Auction Date\" means the date on which an auction is

formally held, as announced by the Company in its public

notice. In case of any discrepancy between the actual date

and the announced date of an auction, the actual date shall

prevail;

(8)\"Sale Date\" means, in an auction held by the Company,

the date on which the auctioneer concludes a contract for

sale between a Seller and a Buyer by way of hammer striking

or any other customary manner publicly confi rming the sale;

(9)\"Auctioneer\" means any person designated by the

Company to moderate a particular auction;

(10)\"Hammer Price\" means the price for a Lot at which the

Auctioneer decides to sell the Lot by striking the hammer or

the agreed sale price in the post-auction sale;

(11)\"Proceeds of Sale\" means the net amount due to the Seller,

being the Hammer Price less the Buyer's Commission, all expenses

and other amounts payable to the Company by the Seller;

(12)\"Purchase Price\" means the total amount payable by

the Buyer for his/her/its purchase for each Lot, including

the Hammer Price, the Buyer's Commission, other Buyer's

Expenses and all Buyer's Expenses arising from its failure to

perform its obligations;

(13)\"Buyer's Expenses\" means costs and expenses in

relation to sale of the Lot by the Company, including but

not limited to insurance policies, packing, moving, storage,

custody for the Lot, any expenses of testing, investigation,

queries or authentication related to the Lot at the request of

the Buyer or any additional costs and legal expenses to bring

claims against a defaulting Buyer;

(14)\"Reserve\" means the confi dential minimum selling price for

the Lot that the Seller has confi rmed with the Company;

(15)\"Estimate\" means the estimated selling price of a Lot

written in the catalogue or other descriptive materials,

excluding the Buyer's Commission;

(16)\"Storage Fee\" means the storage fee payable by the Buyer to

the Company according to these Conditions of Business.

In these Conditions of Business, where the context requires,

words denoting the singular shall include the plural and vice versa.

ARTICLE 3 SCOPE OF APPLICATION

All parties participating in any auctions organized by the

Company, including the Seller, the Bidder, the Buyer and all

other related parties (including but not limited to the agents

of the Seller, the Bidder and the Buyer) shall be deemed to

accept in full and bound by these Conditions of Business,

and shall comply with them in such auctions, enjoy the rights

and perform the obligations provided herein.

Any Bidder who bids in an auction organized by the Company,

whether in person or by authorizing an agent to bid on his/

her/its behalf, whether by raising the paddle, by absentee

bids, by phone or by any other means, shall be deemed to

have accepted these Conditions of Business in full.

Any dispute among the parties to auctions organized by

the Company shall be settled in accordance with these

Conditions of Business.

ARTICLE 4 SPECIAL NOTICE

Bidders and Buyers participating in any auctions organized

by the Company shall carefully read and be abided by these

Conditions of Business; Bidders and Buyers shall read the

provisions limiting the Company's liabilities and disclaimers

contained in these Conditions of Business carefully. Bidders

and/or their agents have the responsibilities to review the

original Lot in person, and bear legal liabilities for their acts

of bidding the Lot.

Upon the Auctioneer confirms the Bidder's bid by striking

his/her hammer or in any other manner publicly indicating

confirmation of the purchase in any auctions organized by

the Company, the contract for sale regarding the Lot shall

immediately enter into force and the Bidder shall become the

Buyer of the Lot. ﬔ e Company, the Seller and the Buyer shall

acknowledge the sale of the Lot and its closing, enjoy the rights

and assume the obligations provided by applicable laws and/

or these Conditions of Business. Any party that fails to perform

obligations shall bear its/his/her corresponding legal liabilities.

The Company may amend these Conditions of Business for a

particular auction by posting announcements at the auction site or

making an announcement at such auction through an Auctioneer.

CHAPTER II THE SELLER

ARTICLE 5 CONSIGNMENT PROCEDURE

When arranging for the consignment of the Seller's Lot to the

Company for auction:

1.The Seller must present a valid identity document with

photo issued by the government (e.g. resident identity card

or passport) if the Seller is a natural person and sign a consignment auction contract with the Company;

2.A valid certifi cate of incorporation, proof of shareholding,

or a legal authorization document shall be required if the

Seller is a legal entity or any other organization, which shall

sign a consignment auction contract with the Company.

3.When the Seller signs a consignment auction contract

with the Company, the Company shall be automatically authorized to make pictures, illustrations, catalogues, or other

video images of the Lot.

ARTICLE 6 THE SELLER'S AGENT

1.When arranging for the consignment of the Lot to the

Company for auction, the Seller's Agent shall submit to the

Company the relevant authorization certifi cates including:

2.A valid identity document if such Agent is a natural person;

3.A valid certifi cate of incorporation and proof of shareholding if

such Agent is a legal person or any other organization; and

4.A power of attorney duly executed. ﬔ e Company has the right

to examine the aforesaid documents in a lawful manner.

ARTICLE 7 THE SELLER'S WARRANTIES

ﬔ e Seller hereby makes irrevocable warranties to the Company and the Buyer with respect to the Lot it consigns to the

Company for auction as follows:

1.ﬔ e Seller has absolute ownership or legal right to dispose of

the Lot. ﬔ e auction of the Lot will not prejudice any legal interest (including copyright interest) of any third party, and will not

violate the provisions of relevant laws and regulations;

2.ﬔ e Seller has, to the best of its knowledge, made full, complete and accurate disclosure and description to the Company with respect to the origin and any fl aw of the Lot and

notifi ed the Company in writing, without any concealment or

fabrication. If the Lot is liquor or tea, the Seller should truly

disclose the defects or fl aws about, including but not limit to

the packaging, labels, level of wear and tear, corks, etc.;

3.ﬔ e Seller is not subject to trade sanctions, embargoes or

any other restriction on trade in the jurisdiction in which it

does business as well as under the laws of Hong Kong, the

laws of the European Union, the laws of England and Wales

or the laws and regulations of the United States, and is not

owned (nor partly owned) or controlled by such sanctioned

person(s) (collectively, \"Sanctioned Person(s)\");

4.ﬔ e Lot is not connected with nor has any link to nor is derived from any criminal activity, including without limitation

tax evasion, money laundering, terrorist activities or other

criminal activity, and the Seller is neither under investigation, nor has it been charged with or convicted of without

limitation, tax evasion, money laundering, terrorist activities

or other criminal activity;

5.If the Lot being consigned shall be imported into Hong Kong,

the Seller shall guarantee the compliance with the laws of its

origin, and ensure the completion of the export and import procedures and notify the Company in writing; and

6.ﬔ e Seller must ensure that the auctioned items do not contravene any laws of Hong Kong (including the Public Health and

Municipal Services Ordinance, the Food Safety Ordinance and

the Protection of Endangered Species of Animals and Plants

Ordinance the Endangered Species of Wild Animals and Plants),

ensure and disclose to our Company that it has any license

or qualifi cation registration to possess, disposal or sale of the

auctioned item required by the laws of Hong Kong. ﬔ e Seller

should ensure that if they require our Company to make an

additional license or permit to the relevant departments for the

auction, display, disposal or possession of the auctioned items,

they should notify us in the written notice not less than two

months prior to the auction.

7.ﬔ e Seller shall guarantee that the Lot is authentic. In so

doing, the Seller guarantees:

a)ﬔ e Lot is not a counterfeit or forgery of:

i.ﬔ e work of any artist, author or manufacturer, if the Lot is

described by the Seller as to the work of that artist, author or

manufacturer;

ii.A work created or produced within a particular time frame

or culture, if the Lot is described by the Seller as a work created or produced during that time frame or culture;

iii.A work of a particular origin or source, if the Lot is described by the Seller as a work of that origin or source; or

iv.A work created or craft ed or refi ned or restored through a

particular process or manner, if the Lot is described by the

Seller as a work created through that process or manner.

b)In the case of jewellery and timepieces, in addition to 7(a)

above, the Lot is craft ed in the manner as described by the

Seller, out of the particular materials as described by the

Seller, and had underwent no restoration processes other

than those stated by the Seller; and

c)In the case of gemstones, in addition to 7(a) above, the Lot

had undergone no beautifi cation processes other than those

CONDITION OF BUSINESS 服務另行收取服務費用。然而，本公司不保證出口許可證將

獲發放。本公司及賣家概無就任何拍賣品是否受進出口限制

或任何禁運作出聲明或保證。

第五十八條 未付款之補救方法

若買家未按照本規則規定或未按照與本公司協議之任何付

款安排足額付款，本公司有權採取以下之一種或多種措施：

( 一 ) 拍賣成交後，若買家未在拍賣成交日（含成交日）起七

日內支付購買價款，於競投登記時支付的競投保證金不予退

還，同時還應按照本規則規定承擔相應責任；買家以同一競

投號牌同時拍得多件拍賣品的，拍賣成交後若買家未按照規

定時間支付任一拍賣品購買價款，則全部競投保證金不予退

還，同時還應按照本規則規定承擔相應責任；

( 二 ) 在拍賣成交日（含成交日）起七日內，如買家未向本公

司付清全部購買價款，本公司有權委託第三方機構代為向買

家催要欠付的全部或部分購買價款；

( 三 ) 在拍賣成交日（含成交日）起七日內，如買家仍未足額

支付購買價款，本公司有權自拍賣成交日後第八日起就買家

未付款部分按照日息萬分之三收取利息，直至買家付清全部

款項之日止，買家與本公司另有協議者除外；

( 四 ) 在本公司或其他地方投保、移走及儲存拍賣品，風險及

費用均由買家承擔；

( 五 ) 對買家提起訴訟或向仲裁機構申請調解，要求賠償本公

司因其違約造成的一切損失，包括但不限於因買家遲付或拒付

購買價款造成的經濟損失、法律費用、違約金以及逾期利息。

( 六 ) 留置同一買家在本公司投得的該件或任何其他拍賣品，以

及因任何原因由本公司佔有該買家的任何其他財產或財產權

利，留置期間發生的一切費用及 / 或風險均由買家承擔。若買

家未能在本公司指定時間內履行其全部相關義務，則本公司有

權在向買家發出行使留置權通知且買家在該通知發出後三十日

內仍未償清所有欠付款項的情況下處分留置物。處分留置物所

得不足抵償買家應付本公司全部款項的，本公司有權另行追索；

( 七 ) 本公司有絕對酌情決定權撤銷或同意委託人撤銷交易，

並拒絕該逾期付款買家提出的付款請求、提貨請求，並保留

追索因撤銷該筆交易致使本公司所蒙受全部損失的權利；

( 八 ) 經徵得委託人同意，本公司可按照本規則規定再行拍賣

或以其他方式出售該拍賣品，並由本公司酌情決定估價及保留

價。原買家除應當支付第一次拍賣中買家及賣家應當支付的佣

金及其各自負責的其他各項費用並承擔再次拍賣或以其他方

式出售該拍賣品所有費用外，若再行拍賣或以其他方式出售該

拍賣品所得的價款低於原拍賣價款，原買家應當補足差額；

( 九 ) 將本公司在任何其他交易中欠付買家之款項抵銷買家

欠付本公司關於拍賣品之任何款項；

( 十 ) 本公司可自行決定將買家支付的任何款項用於清償買

家欠付本公司關於拍賣品或其他交易之任何款項；

( 十一 ) 拒絕買家或其代理人將來作出的競投或在接受其競

投前收取競投保證金；

( 十二 ) 向賣家透露買家之資料，以使賣家可展開法律訴訟，

以收回欠款，或就買家違約申索損害賠償及申索法律費用。

第五十九條 延期提取拍賣品之補救方法

若買家未能在拍賣成交日（含成交日）起七日內提取其購得

的拍賣品，則本公司有權採取以下之一種或多種措施：

( 一 ) 將該拍賣品投保及 / 或儲存在本公司或其他地方，由此發

生的一切費用（包括但不限於自拍賣成交日（含成交日）起的第

三十一日起按競投人登記表格的規定計收儲存費等）及 / 或風

險均由買家承擔。在買家如數支付全部購買價款後，方可提取

拍賣品（包裝及搬運費用、運輸及保險費用、出境費等自行負擔）；

( 二 ) 買家應對其超過本規則規定期限未能提取相關拍賣品

而在該期限屆滿後所發生之一切風險及費用自行承擔責任。

如買家自成交日（含成交日）起的三十日內仍未提取拍賣品的，

則本公司有權在通知買家後，以公開拍賣或其他本公司認為

合適的方式及條件出售該拍賣品，處置所得在扣除本公司因

此產生之全部損失、費用（包裝及搬運費用、運輸及保險費用、

出境費、儲存費、公證費等）後，若有餘款，則由買家自行取回，

該餘款不計利息，拍賣成交日後兩年尚未取回的餘款在扣除

相關開支（包括法律費用）後由本公司存入香港法庭。

第六十條 有限保證

( 一 ) 本公司對買家提供之一般保證：如本公司所出售之拍賣

品其後被發現為膺品，根據本規則之條款，本公司將取消該

交易，並將買家就該拍賣品支付予本公司之落槌價連同買家

佣金，以原交易之貨幣退還予買家。就此而言，根據本公司合

理之意見，膺品指仿製品，欺騙作品出處、製造者、原產地、

日期、產出年數、年期、品種、文化或來源等各方面，而上述

各項之正確描述並無收錄於目錄內容（考慮任何專有詞彙）。

拍賣品之任何損毀或任何類型之復原品及 / 或修改品（包括

重新塗漆或在其上塗漆），不應視為膺品。謹請注意如發生

以下任何一種情況，本保證將不適用：目錄內容乃根據學者

及專家於銷售日期獲普遍接納之意見，或該目錄內容顯示該

等意見存在衝突；或於銷售日期，證明該拍賣品乃膺品之唯

一方法並非當時普遍可用或認可或價格極高或用途不切實

際；或可能已對拍賣品造成損壞或可能（根據本公司合理之

意見）已令拍賣品喪失價值之方法；或如根據拍賣品之描述，

該拍賣品並無喪失任何重大價值。

( 二 ) 除這條另有指明外，本保證所規定之期限為相關拍賣成

交日後五年內，純粹提供給買家之獨享利益，且不可轉移至任

何第三方。為能依據本保證申索，買家必須 : 在收到任何導致

買家質疑拍賣品之真偽或屬性之資料後一個月內書面通知本

公司註明拍賣品編號、拍賣成交日及被認為是膺品之理由。有

關中西名酒及茶葉拍賣品的通知期為一個星期內；將狀況與

銷售予買家當日相同，並能轉移其妥善所有權且自銷售日期後

並無出現任何第三方申索之拍賣品退還予本公司。

( 三 ) 有關東南亞現代及當代藝術、中國油畫以及中國書畫，

雖然目前學術界不容許對此類別作出確實之說明，但本公司

保留酌情權按本保證但以拍賣成交日後一年內為限取消證

實為膺品之東南亞現代及當代藝術、中國油畫以及中國書畫

拍賣品之交易；已付之款項按本條規定：退還予買家，但買

家必須在拍賣成交日起一年內向本公司提供證據（按本條第

（二）、（五）款規定的方式），證實該拍賣品為膺品；

( 四 ) 有關中西名酒、茶葉 , 本公司保留酌情權按本保證但以

拍賣成交日後二十一天內為限取消證實為膺品之中西名酒及

茶葉拍賣品之交易；已付之款項按本條規定：退還予買家，但

買家必須在拍賣成交日起二十一天內向本公司提供證據（按

本條第（二）、（五）款規定的方式），證實該拍賣品為膺品；

( 五 ) 本公司可酌情決定豁免上述任何規定。本公司有權要求買

家索取兩份為本公司及買家雙方接納之獨立及行內認可專家之

報告，費用由買家承擔。本公司無須受買家出示之任何報告所規

限，並保留權利尋求額外之專家意見，費用由本公司自行承擔。

( 六 ) 本有限保證不適用於珠寶、鐘錶或其他食品及飲品等

拍賣類別。

第六十一條 特殊門類

( 一 ) 珠寶類拍賣品的狀況陳述通常會載於圖錄上，然而沒

有說明不代表該拍賣品沒有缺陷、瑕疵或未經美化處理。

1. 有色寶石（如紅寶石、藍寶石、綠寶石及各類彩色寶石）可

能經過美化處理或改良外觀，包括加熱、上油及放射等。這

些通常的方法已經為國際珠寶行業所認可，但是經過處理的

寶石的硬度可能會降低及／或在日後需要特殊保養。

2. 本公司不會為每件寶石拍賣品申請專業機構鑒定報告。如

某件拍賣品已經從國際認可的寶石實驗室取得鑒定報告，本

公司會於拍賣圖錄上詳細載明。因各實驗室使用方法和技術

的差異，對某寶石是否經過處理、處理的程度或處理是否具

有永久性，都可能持不同意見。本公司不會對各實驗室出具

的鑒定報告之準確性承擔責任。

3. 如果競投人要求提供指定實驗室的鑒定報告，請在拍賣

日前至少 14 個工作天提出要求，本公司將會代為申請鑒定

報告，而相應鑒定費用需由競投人承擔。

4. 某件寶石拍賣品的估價乃就當刻已知悉之所有資料而作出，

競投人應於拍賣前自行審看拍賣品或就拍賣品做詳盡了解，

競投人一旦做出競投，即視為其接受該等拍賣品之全部現狀。

5. 本公司提醒競投人注意，源自緬甸的寶石或翡翠，可能會

被某些國家禁止進口。

( 二 ) 鐘錶類拍賣品

1. 本公司已就某鐘錶拍賣品所知的現時狀況陳述於拍賣圖

錄上，僅供競投人參考。因多數鐘錶在此前使用期內都有被

修理、保養等的經過，本公司不保證任何鐘錶的任何零部件

為原裝，可能存在沒有鐘擺、鐘槌或鑰匙出售。

2. 鐘錶一般具有非常精細複雜的機械構造，可能需要一般

的保養服務、更換電池或進一步的修理工作，而這些都由買

家負責。本公司不保證所拍賣的任何鐘錶都是在良好運作狀

態。除非圖錄中有提及，我們不提供證書。

3. 多數鐘錶都有被打開查看機芯的型號及質量，因此帶有

防水功能的錶殼可能不足夠防水，本公司建議買家在使用前

請專業鐘錶師事先檢驗。

第四章 其他

第六十二條 資料採集、錄影

就經營本公司的拍賣業務方面，本公司可能對任何拍賣過程進

行錄音、錄影及記錄，亦需要向競投人搜集個人資料或向第三

方索取有關競投人的資料（例如向銀行索取信用審核）。這些

資料會由本公司處理並且保密，唯有關資料有可能提供給本公

司、本公司的分部、附屬公司、子公司以協助本公司為競投人提

供完善的服務、進行客戶分析，或以便提供符合競投人要求的

服務。為了競投人的權益，本公司亦可能需要向第三方服務供

應商（例如船運公司或存倉公司）提供競投人的部份個人資料。

競投人參與本公司的拍賣，即表示競投人同意上文所述。如競

投人欲獲取或更改個人資料，請與客戶服務部聯絡。

第六十三條 保密責任

本公司有義務為賣家、競投人及買家保守秘密，並根據香港

法律和本規則維護賣家、競投人、買家和本公司的正當權益

不受侵害。 以下情況除外︰

( 一 ) 在合理需要下將資料轉交本公司任何關聯單位或人士，

惟該單位或人士需延續保密義務 ;

( 二 ) 按任何法院、司法機構、政府、銀行、稅務或其他監管

機構要求，或根據任何適用法律，向其或指定人披露信息 ;

( 三 ) 獲相關賣家、競投人、買家同意而披露信息。

第六十四條 鑒定權

如果本公司認為需要，可以對拍賣品進行鑒定。鑒定結論與

委託拍賣合同載明的拍賣品的狀況不符的，本公司有權要求

變更或者解除委託拍賣合同。

第六十五條 版權

賣家授權本公司對其委託本公司拍賣的任何拍賣品製作照片、

圖示、圖錄或其他形式的影像製品和宣傳品，本公司享有上述

照片、圖示、圖錄或其他形式的影像製品和宣傳品的版權。有

權對其依法加以使用。未經本公司事先書面同意，買家及任何

人不得使用。本公司及賣家均並未作出拍賣品是否受版權所

限或買家是否取得拍賣品之任何版權的陳述及保證。

第六十六條 免除責任

本公司作為賣家的代理人，對賣家或買家的任何違約行為不

承擔責任。在賣家或買家出現違約行為的情況下，本公司有

權根據自己的判斷決定向賣家或買家披露另一方的名稱和

地址，使受到損害的一方得以通過法律訴訟獲得損害賠償。

但是，本公司在向賣家或買家披露該等資料之前，將採取合

理步驟通知將被披露資料的一方。

買家及賣家均需承擔交易所涉及包括但不限於經濟、法律、

稅務及結算等的相關責任，並需確認交易不存在洗錢或利

益輸送等不法行為。任何收、付款指示必須清晰，如因賣家

或買家管理不善而出現其帳戶被盜、款項遭挪佔等不可預

見的情況，一概後果與本公司無關。

第六十七條 通知

競投人及買家均應將其固定有效的通訊地址和聯絡方式以

競投登記文件或其他本公司認可的方式告知本公司，若有改

變，應立即書面告知本公司。

本規則中所提及之通知，僅指以信函或傳真形式發出的書面

通知。該等通知在下列時間視為送達：

( 一 ) 如是專人送達的，當送到有關方之地址時；

( 二 ) 如是以郵寄方式發出的，則為郵寄日之後第七天；

( 三 ) 如是以傳真方式發出的，當發送傳真機確認發出時。

第六十八條 可分割性

如本規則之任何條款或部分因任何理由被認定為無效、不合

法或不可執行，本規則其他條款或部分仍然有效，相關各方

應當遵守、執行。

第六十九條 法律及管轄權

本規則及其相關事宜、交易、因依照本規則參加本公司拍賣

活動而引起或與之有關的任何爭議，均受香港法律規管並由

香港法律解釋。本公司、買家及競投人等相關各方均須服從

香港法院之唯一管轄權。任何由香港法院頒佈有關本規則

所引起的爭議之判決亦可於中華人民共和國強制執行。

第七十條 語言文本

本規則以中文為標準文本，英文文本為參考文本。

英文文本如與中文文本有任何不一致之處，以中文文本為準。

第七十一條 規則版權所有

本規則由本公司制訂和修改，相應版權歸本公司所有。未經

本公司事先書面許可，任何人不得以任何方式或手段，利用

本規則獲取商業利益，亦不得對本規則之任何部分進行複

製、傳送或儲存於可檢索系統中。

第七十二條 適用時期

本規則只適用於本次拍賣，本公司可不時更新本規則，競投人

和買家參與另一次拍賣的時候應以當時適用的業務規則為準。

第七十三條 解釋權

本規則的解釋權由本公司行使。

CHAPTER I GENERAL RULES

ARTICLE 1 POLY AUCTION (HONG KONG) LIMITED

AS AGENT

Unless otherwise stated, Poly Auction (Hong Kong) Limited

acts as the Seller's agent. ﬔ e closing agreement for sale of

a Lot shall be a contract between the Seller and the Buyer.

ﬔ ese Conditions of Business and all other terms, conditions

and notices contained in the catalogue, announced by the

Auctioneer or provided at the saleroom shall constitute the

provisions agreed among the Seller, the Buyer and/or Poly

Auction (Hong Kong) Limited as auction agent.

ARTICLE 2 DEFINITIONS AND INTERPRETATION

In these Conditions of Business, the following terms shall

have the meanings set forth below:

(1)\"Company\" means Poly Auction (Hong Kong) Limited;

(2)\"Seller\" means any natural person, legal person or other

organization that consigns a Lot(s) within the scope of these

Conditions of Business to the Company for auction. In these

Conditions of Business, a Seller shall include any of its

agents unless as otherwise specifi ed herein or required in a

particular context;

(3)\"Bidder\" means any person, company, body corporate or

other organization who or which considers, carries out or

attempts to bid in anyway. In these Conditions of Business,

a Bidder shall include any of its agents unless as otherwise

specifi ed herein or required in a particular context;

(4)\"Buyer\" means the Bidder whose bid or off er for a Lot is

recognized by an Auctioneer as the highest bid for that Lot in

an auction held by the Company, including the principal on

behalf of which such Bidder acts;

(5)\"Buyer's Commission\" means any commission that

a Buyer shall pay to the Company calculated at the rate

specifi ed herein of the Hammer Price for the Lot that such

Buyer purchases;

(6)\"Lot\" means any item consigned by a Seller to the Company

for auction and so auctioned in any auction, in particular, any item

numbered in any catalogue with certain description;

(7)\"Auction Date\" means the date on which an auction is

formally held, as announced by the Company in its public

notice. In case of any discrepancy between the actual date

and the announced date of an auction, the actual date shall

prevail;

(8)\"Sale Date\" means, in an auction held by the Company,

the date on which the auctioneer concludes a contract for

sale between a Seller and a Buyer by way of hammer striking

or any other customary manner publicly confi rming the sale;

(9)\"Auctioneer\" means any person designated by the

Company to moderate a particular auction;

(10)\"Hammer Price\" means the price for a Lot at which the

Auctioneer decides to sell the Lot by striking the hammer or

the agreed sale price in the post-auction sale;

(11)\"Proceeds of Sale\" means the net amount due to the Seller,

being the Hammer Price less the Buyer's Commission, all expenses

and other amounts payable to the Company by the Seller;

(12)\"Purchase Price\" means the total amount payable by

the Buyer for his/her/its purchase for each Lot, including

the Hammer Price, the Buyer's Commission, other Buyer's

Expenses and all Buyer's Expenses arising from its failure to

perform its obligations;

(13)\"Buyer's Expenses\" means costs and expenses in

relation to sale of the Lot by the Company, including but

not limited to insurance policies, packing, moving, storage,

custody for the Lot, any expenses of testing, investigation,

queries or authentication related to the Lot at the request of

the Buyer or any additional costs and legal expenses to bring

claims against a defaulting Buyer;

(14)\"Reserve\" means the confi dential minimum selling price for

the Lot that the Seller has confi rmed with the Company;

(15)\"Estimate\" means the estimated selling price of a Lot

written in the catalogue or other descriptive materials,

excluding the Buyer's Commission;

(16)\"Storage Fee\" means the storage fee payable by the Buyer to

the Company according to these Conditions of Business.

In these Conditions of Business, where the context requires,

words denoting the singular shall include the plural and vice versa.

ARTICLE 3 SCOPE OF APPLICATION

All parties participating in any auctions organized by the

Company, including the Seller, the Bidder, the Buyer and all

other related parties (including but not limited to the agents

of the Seller, the Bidder and the Buyer) shall be deemed to

accept in full and bound by these Conditions of Business,

and shall comply with them in such auctions, enjoy the rights

and perform the obligations provided herein.

Any Bidder who bids in an auction organized by the Company,

whether in person or by authorizing an agent to bid on his/

her/its behalf, whether by raising the paddle, by absentee

bids, by phone or by any other means, shall be deemed to

have accepted these Conditions of Business in full.

Any dispute among the parties to auctions organized by

the Company shall be settled in accordance with these

Conditions of Business.

ARTICLE 4 SPECIAL NOTICE

Bidders and Buyers participating in any auctions organized

by the Company shall carefully read and be abided by these

Conditions of Business; Bidders and Buyers shall read the

provisions limiting the Company's liabilities and disclaimers

contained in these Conditions of Business carefully. Bidders

and/or their agents have the responsibilities to review the

original Lot in person, and bear legal liabilities for their acts

of bidding the Lot.

Upon the Auctioneer confirms the Bidder's bid by striking

his/her hammer or in any other manner publicly indicating

confirmation of the purchase in any auctions organized by

the Company, the contract for sale regarding the Lot shall

immediately enter into force and the Bidder shall become the

Buyer of the Lot. ﬔ e Company, the Seller and the Buyer shall

acknowledge the sale of the Lot and its closing, enjoy the rights

and assume the obligations provided by applicable laws and/

or these Conditions of Business. Any party that fails to perform

obligations shall bear its/his/her corresponding legal liabilities.

The Company may amend these Conditions of Business for a

particular auction by posting announcements at the auction site or

making an announcement at such auction through an Auctioneer.

CHAPTER II THE SELLER

ARTICLE 5 CONSIGNMENT PROCEDURE

When arranging for the consignment of the Seller's Lot to the

Company for auction:

1.The Seller must present a valid identity document with

photo issued by the government (e.g. resident identity card

or passport) if the Seller is a natural person and sign a consignment auction contract with the Company;

2.A valid certifi cate of incorporation, proof of shareholding,

or a legal authorization document shall be required if the

Seller is a legal entity or any other organization, which shall

sign a consignment auction contract with the Company.

3.When the Seller signs a consignment auction contract

with the Company, the Company shall be automatically authorized to make pictures, illustrations, catalogues, or other

video images of the Lot.

ARTICLE 6 THE SELLER'S AGENT

1.When arranging for the consignment of the Lot to the

Company for auction, the Seller's Agent shall submit to the

Company the relevant authorization certifi cates including:

2.A valid identity document if such Agent is a natural person;

3.A valid certifi cate of incorporation and proof of shareholding if

such Agent is a legal person or any other organization; and

4.A power of attorney duly executed. ﬔ e Company has the right

to examine the aforesaid documents in a lawful manner.

ARTICLE 7 THE SELLER'S WARRANTIES

ﬔ e Seller hereby makes irrevocable warranties to the Company and the Buyer with respect to the Lot it consigns to the

Company for auction as follows:

1.ﬔ e Seller has absolute ownership or legal right to dispose of

the Lot. ﬔ e auction of the Lot will not prejudice any legal interest (including copyright interest) of any third party, and will not

violate the provisions of relevant laws and regulations;

2.ﬔ e Seller has, to the best of its knowledge, made full, complete and accurate disclosure and description to the Company with respect to the origin and any fl aw of the Lot and

notifi ed the Company in writing, without any concealment or

fabrication. If the Lot is liquor or tea, the Seller should truly

disclose the defects or fl aws about, including but not limit to

the packaging, labels, level of wear and tear, corks, etc.;

3.ﬔ e Seller is not subject to trade sanctions, embargoes or

any other restriction on trade in the jurisdiction in which it

does business as well as under the laws of Hong Kong, the

laws of the European Union, the laws of England and Wales

or the laws and regulations of the United States, and is not

owned (nor partly owned) or controlled by such sanctioned

person(s) (collectively, \"Sanctioned Person(s)\");

4.ﬔ e Lot is not connected with nor has any link to nor is derived from any criminal activity, including without limitation

tax evasion, money laundering, terrorist activities or other

criminal activity, and the Seller is neither under investigation, nor has it been charged with or convicted of without

limitation, tax evasion, money laundering, terrorist activities

or other criminal activity;

5.If the Lot being consigned shall be imported into Hong Kong,

the Seller shall guarantee the compliance with the laws of its

origin, and ensure the completion of the export and import procedures and notify the Company in writing; and

6.ﬔ e Seller must ensure that the auctioned items do not contravene any laws of Hong Kong (including the Public Health and

Municipal Services Ordinance, the Food Safety Ordinance and

the Protection of Endangered Species of Animals and Plants

Ordinance the Endangered Species of Wild Animals and Plants),

ensure and disclose to our Company that it has any license

or qualifi cation registration to possess, disposal or sale of the

auctioned item required by the laws of Hong Kong. ﬔ e Seller

should ensure that if they require our Company to make an

additional license or permit to the relevant departments for the

auction, display, disposal or possession of the auctioned items,

they should notify us in the written notice not less than two

months prior to the auction.

7.ﬔ e Seller shall guarantee that the Lot is authentic. In so

doing, the Seller guarantees:

a)ﬔ e Lot is not a counterfeit or forgery of:

i.ﬔ e work of any artist, author or manufacturer, if the Lot is

described by the Seller as to the work of that artist, author or

manufacturer;

ii.A work created or produced within a particular time frame

or culture, if the Lot is described by the Seller as a work created or produced during that time frame or culture;

iii.A work of a particular origin or source, if the Lot is described by the Seller as a work of that origin or source; or

iv.A work created or craft ed or refi ned or restored through a

particular process or manner, if the Lot is described by the

Seller as a work created through that process or manner.

b)In the case of jewellery and timepieces, in addition to 7(a)

above, the Lot is craft ed in the manner as described by the

Seller, out of the particular materials as described by the

Seller, and had underwent no restoration processes other

than those stated by the Seller; and

c)In the case of gemstones, in addition to 7(a) above, the Lot

had undergone no beautifi cation processes other than those

CONDITION OF BUSINESS

specifi ed by the Seller.

8.The Seller hereby undertakes that none of the Proceeds

of Sale will be transferred to or used for the benefi t of any

Sanctioned Person(s), nor will any party involved in the transaction including fi nancial institutions, freight forwarders or

other forwarding agents or any other party be a Sanctioned

Person(s) nor owned (or partly owned) or controlled by a

Sanctioned Person(s), unless such activity is authorized in

writing by the government authority having jurisdiction over

the transaction or in applicable law or regulation.

9.Where the Seller is acting as Agent (for the purposes of

this Article, the \"Agent\") for another party (the \"Principal\")

the Agent warrants in its own capacity (in addition to the

warranties set out above that: (i) the arrangements between

the Agent and the Principal in relation to the Lot or otherwise

do not, in whole or in part, facilitate tax crimes; (ii) the Agent

has conducted appropriate customer due diligence on the

Principal in accordance with all applicable anti-money laundering, anti-terrorism and sanctions laws and regulations

and does not know, and has no reason to suspect, that the

Lot consigned by the Agent is connected with or has any link

to the proceeds of any criminal activity, including without

limitation tax evasion, money laundering, terrorist activities

or other criminal activity or that the Principal is under investigation, or has been charged with or convicted of without limitation tax evasion, money laundering, terrorist activities or

other criminal activity; and (iii) the Agent will disclose to the

Company the identity of the Agent's Principal and the Agent

consents to the Company relying on the Agent's due diligence and the Agent will retain for a period of not less than 5

years the documentation evidencing the due diligence. ﬔ e

Agent will make such documentation promptly available for

immediate inspection by an independent third-party upon

the Company's written request to do so.

10.ﬔ e Company reserves the right to seek identifi cation of

the source of funds received, and to make enquiries about any

person transacting with the Company. If the Company has not

completed its enquiries in respect of anti-money laundering, anti-terrorist fi nancing or other checks as it considers appropriate

concerning the Seller or where the Seller is acting as Agent, the

Agent and its Principal, or the Buyer to the Company's satisfaction at its discretion, the Company shall be entitled either not to

complete or to cancel the sale of any lot, as appropriate, and to

take any further action required or permitted under applicable

law without any liability to the Seller.

11.If the Seller violates any of the above warranties and

undertakings, the Seller shall fully indemnify all losses, costs

and expenses suff ered by the Company and/or the Buyer.

ARTICLE 8 RESERVE

1.Unless otherwise agreed upon by the Company and the

Seller, all Lots are off ered subject to a Reserve. ﬔ e Reserve

shall be determined by the Seller and the Company in writing

through consultation, and no modification of the Reserve

shall be made without the prior consent of the other party

aft er it is determined by both parties.

2.Unless otherwise agreed in writing, the Reserve for each

Lot will be equal to seventy fi ve per cent (75%) of the low presale estimate notifi ed to the Seller.

3.No Reserve may exceed the Lot's final low pre-sale estimate announced or published by the Company. In the event

of a Reserve agreed in a currency other than Hong Kong

dollars without written agreement on the exchange rate, the

Reserve shall be an amount equal to the Hong Kong dollar

equivalent based on the average telegraphic transfer exchange rate off ered by HSBC on the thirtieth calendar days

preceding the auction.

4.Following the bidding failure of the Lot authorized by the

Seller, the Auctioneer shall have the right to sell such Lot at

the Reserve aft er such auction and the Seller must pay the

Commission to the Auctioneer. In no circumstance shall the

Company bear any liability for failure to sell the Lot at the

Reserve at the auction held by the Company.

ARTICLE 9 THE COMPANY'S DISCRETION

ﬔ e Company may decide the following matters at its absolute discretion:

1.Explanation and/or appraisal of any aspect of any Lot

through the catalogue of the Lot and/or news media and/or

other carriers;

2.Whether to consult any expert or not;

3.ﬔ e illustration of the Lot in the catalogue, the exhibition of

the Lot and other forms of publicizing the Lot, the arrangement in the promotional activities as well as the standards of

payable expenses;

4.Suitability of a Lot for auction by the Company;

5.Other matters such as the date of auction, the place of auction, the conditions of auction and the manner of auction.

ﬔ e Company shall not be liable for any delay in meeting nor

failure to meet its obligations under the consignment auction

contract (including without limitation the postponement or

cancellation of any auction) and may terminate its obligations under the consignment auction contract to offer the

Lot for sale, or cancel or postpone any auction, as a result

of circumstances beyond its reasonable control or which

make such performance impracticable, including without

limitation any fi re, fl ood, natural disaster, or other act of God;

any riot, strike, or other civil or labour unrest; transportation

or other infrastructural incapacitation, or inability to secure

suffi cient labour, power, essential commodities, or necessary

equipment; any act of war, armed confl ict, or terrorist attack;

any governmental action or regulation enacted or effected

following the execution of the consignment auction contract

and which is prohibitive or restrictive of the auction(s), the

sale of the Lot, or any other performance contemplated by

the consignment auction contract; any outbreak of disease,

public health emergency, quarantine, epidemic, pandemic,

nuclear or chemical contamination, or other condition that

threatens the life, health, or safety of the Company's personnel, vendors, or clients as determined by the Company in its

reasonable discretion.

Without prejudice to the above, in the event that the Company determines not to conduct an auction on the scheduled

date as a result of circumstances beyond its control or which

make such performance impracticable, the Company may

postpone or cancel any auction, or change the platform for

or format of any auction (including but not limited to from a

live auction to an online auction only), and the sale of the Lot

shall be subject to these Conditions of Business applicable

to the auction in which the Lot will be placed.

ARTICLE 10 LOT NOT AUCTIONED

Aft er the Seller has signed the consignment auction contract

with and delivered the Lot to the Company, if for any reason

the Company believes that the Lot is not suitable for auction

by the Company, the Seller shall collect the Lot within thirty

days from the issuance date of the Company's notice (fees

for packaging and transportation shall be at the Seller's own

expense). The consignment auction contract between the

Seller and the Company will terminate on the date when the

Seller collects the Lot. If during the above-mentioned period

the Seller fails to collect the Lot, the consignment auction

contract will automatically terminate upon the expiration of

such period. If within seven days aft er the termination of the

consignment auction contract the Seller does not collect the

Lot, the Company shall have the right to charge the Storage

Fee, insurance fees and other reasonable expenses, and to

dispose of the Lot in a way the Company deems proper. ﬔ e

Seller is responsible for the collection of, if any, the amount

obtained from the disposal aft er deducting all the fees and

expenses incurred by the Company.

ARTICLE 11 SUSPENSION OF AUCTION

ﬔ e Company has the right to suspend the auction of any Lot

at any time before the actual auction in any one of the following situations:

1.ﬔ e Company has an objection to the ownership or authenticity of the Lot;

2.Any third party has an objection to the ownership or

authenticity of the Lot and can provide relevant evidence

materials as to the basis of such objection, pays a security

pursuant to the Company's requirements and is willing to

take the corresponding liabilities for the legal consequences

and all losses caused by the suspension of auction;

3.The Company has an objection to the explanation of the

Seller or the accuracy of the Seller's warranty mentioned in

Article 7 hereof;

4.Any evidence proves the Seller has violated or will violate

any provisions of these Conditions of Business;

5.For any other reason, the Company believes that the auction of such Lot shall be suspended; or

6.If the Company is aware of any ownership or other dispute

in relation to the Lot being consigned for auction, the Company shall have the right to refuse to return such Lot until the

dispute is settled.

ARTICLE 12 THE SELLER'S WITHDRAWAL OF LOT

The Seller may withdraw the Lot at any time prior to the

Auction Date by issuing a written notice to the Company.

In the case that the Lot has been listed in the catalogue or

other public materials and they have begun to be printed at

the time of the withdrawal of the Lot, the Seller shall pay an

amount equal to 20% of the Reserve of the Lot and all other

expenses. In the case that the catalogue or other public materials have not been printed, the Seller shall pay an amount

equal to 10% of the Reserve of the Lot and all other expenses. Any dispute or claim arising out of the Seller's withdrawal

of the Lot shall be borne by the Seller and has nothing to do

with the Company.

ARTICLE 13 AUTOMATIC INSURANCE

Unless otherwise instructed by the Seller in writing, all Lots

will be automatically covered under the insurance policies

purchased by the Company aft er the Seller enters into the

consignment auction contract with the Company and delivers the Lots to the Company. The insured amount shall be

based on the Reserve agreed by the Seller and the Company

in the consignment auction contract (if there is no Reserve, it

shall be the agreed insured amount of the Lot; if the Reserve

is adjusted, it shall be the original Reserve of the Lot). ﬔ e

insured amount is only applicable to insurance and claim for

compensation, is not the Company's warranty or guarantee

for the value of the Lot, and does not mean that the Lot can

be sold for an amount equal to the insured amount through

any auction by the Company.

ARTICLE 14 INSURANCE PREMIUM

If the Lot is sold, the insurance premium payable by the Seller

shall be 1% of the Hammer Price unless otherwise agreed by

the Seller and the Company. If the Lot is not sold, the Seller

shall as well pay the insurance premium at 1% of the Reserve.

ARTICLE 15 INSURANCE PERIOD

If the Lot is sold in the auction, the insurance period shall

terminate at the earlier of the seventh day aft er the Sale Date

(including the Sale Date) and the date when the Buyer collects

the Lot. If the Lot is not sold in the auction, the insurance period

shall terminate upon the expiry of thirty days aft er the Company

issues the notice on the collection of the Lot.

ARTICLE 16 INSURANCE BY THE SELLER

In the event that the Seller notifi es the Company in writing

not to insure the Lot, it shall undertake all the risks and the

following liabilities at any time (unless otherwise ruled by an

arbitration institution):

1.To compensate for any claim or action brought by any other

parties against the Company with respect to the damage or

destruction of the Lot;

2.To compensate the Company and/or any other parties for

all losses suff ered and all expenses incurred because of the

damage or destruction of the Lot caused by any reason; and

3.To notify the compensation related provisions herein to any

insurer of the Lot.

ARTICLE 17 INSURANCE DISCLAIMER

ﬔ e damage or destruction of the Lot caused by natural wear,

inherent flaws, internal or potential defects, change of substance itself, self-combustion, self-heating, oxidation, corrosion,

leakage, rat-bite, worm-bite, change in the atmosphere (climate

or air temperature), change in humidity or temperature, or other

gradual changes or caused by force majeure such as earthquake, tsunami, war, hostile action, armed confl ict, terrorism,

coup, strike and social riot, or nuclear radiation or radioactive

pollution as well as the damage or destruction of book frames,

glass, drawers, bottom pads, trestles, mountings, insert pages,

scroll heads or other similar accessories caused by any reason

is not within the scope of insurance coverage. The aforesaid

risks should be borne by the Seller.

ARTICLE 18 INSURANCE INDEMNITY

Any damage or destruction of the Lot caused by incidents or

disasters covered by the insurance purchased by the Company for the Lot shall be handled in accordance with the laws of

Hong Kong on insurance. ﬔ e Company shall pay insurance

indemnities aft er deducting the Company's expenses (other

than the Commission) to the Seller after the Company obtains such indemnities from the insurance company.

ARTICLE 19 BIDDING PROHIBITION

ﬔ e Seller shall not bid for the Lot consigned to the Company

by himself/herself/itself for auction, or authorize any other

person to bid on his/her/its behalf. Only the Company has

the right to bid on behalf of the Seller at a price not more

than the Reserve. ﬔ e Seller shall bear all legal liabilities and

compensate for all losses caused to the Company if the Seller violates this Article.

ARTICLE 20 COMMISSION AND EXPENSES

Unless otherwise agreed upon by the Seller and the Company, the Seller shall authorize the Company to deduct 10%

of the Hammer Price as Commission and at the same time

deduct other expenses. Despite the fact that the Company is

the Seller's Agent, the Seller agrees that the Company may

collect the Commission and other expenses from the Buyer

in accordance with the provisions in Article 49 hereof.

ARTICLE 21 SERVICE FEE FOR UNSOLD LOT

In case the Lot is not sold because the bidding price is lower

than the Reserve, the Seller shall authorize the Company to

charge the Seller a service fee for unsuccessful auction and

other expenses.

ARTICLE 22 PAYMENT OF PROCEEDS OF SALE

Where the Buyer eff ects full payment of the Purchase Price

to the Company in accordance with the provisions in Article

49 hereof, the Company shall pay the Proceeds of Sale to

the Seller thirty-fi ve days aft er the Sale Date in Hong Kong

dollars.

ARTICLE 23 DEFERRED PAYMENT

Where the Company does not receive the full payment of the

Purchase Price from the Buyer upon the expiry of the payment

period under Article 51 hereof, the Company will pay the Proceeds of Sale to the Seller within seven working days after

receipt of full payment of the Purchase Price from the Buyer.

ARTICLE 24 SELLER TAXES

ﬔ e Seller shall pay taxes to the government for the Proceeds

of Sale obtained. If the Company has an obligation to withhold and pay taxes according to the provisions of the relevant laws, the Company will follow the provisions of the laws.

ﬔ e Seller shall assist in handling all the formalities and bear

the corresponding taxes and expenses.

ARTICLE 25 ASSISTANCE IN THE COLLECTION OF

OUTSTANDING PAYMENT

ﬔ e Seller shall, at the time of its consignment of the Lot to

the Company for auction, be deemed to have authorized the

Company to demand the corresponding outstanding payment from the Buyer on behalf of the Seller. Where the Buyer

fails to fully pay the Purchase Price within seven days aft er

the Sale Date (including the Sale Date), the Company shall

have the right to demand the Commission and other Buyer's

Expenses according to the provisions of Article 58 hereof.

In addition, the Company shall as well have the right to take

appropriate actions (including but not limited to resorting

to legal proceedings) to assist the Seller in collecting such

outstanding payment from the Buyer where it is deemed by

the Company to be practicable. ﬔ e above provision does not

exclude the Seller's right to demand in person or authorize

any third party to demand the outstanding payment from

the Buyer and does not obligate the Company to demand

the corresponding outstanding payment from the Buyer on

behalf of the Seller under any circumstance. ﬔ is Company

shall not bear the corresponding liability for the Seller because of the Buyer's failure to pay the Purchase Price under

any circumstance.

ARTICLE 26 THE COMPANY'S DISCRETION

ﬔ e Company shall have the right to accept the Seller's authorization (at the Seller's expenses) and may determine the

following matters as the case may be:

1.To agree on special conditions of the payment of the Purchase Price;

2.To remove, store and insure the sold Lot;

3.To settle claims brought by the Buyer or the Seller in accordance with the relevant articles hereof; and

4.To take other necessary measures to collect the outstanding payment owed by the Buyer to the Seller.

ARTICLE 27 UNSOLD OR UNCOLLECTED LOT

1.In the event that the Lot is not sold, the Company may

re-negotiate with the Seller on the revised Reserve and sell

the Lot in private sale, and pay the Seller the Proceeds of

Sales adjusted based on the revised Reserve.

2.ﬔ e Company will send the Seller a notice if any Lot fails to

sell at auction or privately pursuant to 1 above. Subject to

27.1 above, unsold Lots may either be consigned to the Company for re-sale according to the Commission and expenses

scale set out in the previous consignment auction contract

or, alternatively, collected by the Seller. If the Seller decides

to collect an unsold Lot, the Company may charge the Seller

the commission and expenses applicable to unsold Lots in

accordance with the consignment auction contract.

3.If the Seller fails either to reconsign or collect the Lot within thirty (30) days of the auction, the Company is released

from any duty of bailment it may have for such Lot and shall,

in its sole discretion, be entitled to (i) store the Lot at an

independent storage facility at the Seller's risk and expense

including the Storage Fee, insurance fees and other reasonable expenses; or (ii) re-off er the Lot for sale at public auction

(at the Company or elsewhere) with a reserve no less than

fi ft y per cent (50%) of the Reserve at which it was previously

off ered.

4.In the event of re-sale pursuant to 3(ii) above, the Company

shall be entitled to deduct the commissions and expenses

for the unsuccessful auction in accordance with the consignment auction contract as well as the commissions and

expenses for the re-sale from the Proceeds of Sale before

paying the remaining amount to the Seller.

5.In the event a Lot has been deposited with the Company

for more than one year and the owner has neither collected

it nor consigned it for sale, the Company shall be entitled to

sell such property at auction (at the Company or elsewhere)

after sixty (60) days notice of such sale to the owner's address, with estimates and reserves at the Company's discretion.

6.Any re-sale of unsold Lots or sale of uncollected Lots shall

be conducted under these Conditions of Business applicable

to the relevant auction. The proceeds of such sale less all

costs incurred by the Company will be forfeited unless collected by the Seller within two years of the sale.

ARTICLE 28 RISK ASSUMPTION

The Seller shall assume liability for all risks and expenses

that occur aft er the time limit prescribed herein if the Seller

fails to take back the Lot not auctioned or the unsold Lot

within such the time limit. The Seller shall assume liability

for all risks and expenses of the Lot not auctioned or the unsold Lot at the earlier of the thirtieth day aft er the Company

issues notice on collection of the Lot to the Seller (including

the notice date) and the time when the Seller collects the

Lot in accordance with these Conditions of Business. Where

the Seller requests Company to assist it in the return of the

Lot within the time limit provided herein and the Company

so agrees, the Seller shall assume liability for all risks and

expenses that occur after the Lot leaves the place designated by the Company. Unless the Seller specifically gives

an indication and pays insurance premium in advance, the

Company has no obligation to ensure the Lot for any period

aft er it departs from the place designated by the Company.

Where the Seller requests the Company to assist it in returning the Lot by means of post, express delivery or other

third-party transportation, the Company shall be deemed

to have returned the Lot, and the Seller shall be deemed to

have collected the Lot upon the Company's delivery of the

Lot to the post, express delivery and transportation entities,

companies or their employees/branch offi ces.

CHAPTER III THE BIDDER AND THE BUYER

ARTICLE 29 RESPONSIBILITIES OF THE BIDDER

AND THE COMPANY IN RESPECT OF THE LOT

1. ﬔ e Company's perception of all Lots partly relies on the

information provided by the Seller, the Company is unable

and will not carry out comprehensive inspection of all Lots.

Bidders are aware of this and bear the responsibilities of

inspecting and testing the original Lots so that Bidders will

be satisfi ed with those Lots in which they may be interested.

2. All Lots for sale by the Company are available for viewing

by Bidders. By bidding, Bidders and/or their agents are

deemed to have carried out thorough examination of the

Lots, and are deemed to be satisfi ed with the conditions of

the Lots and the accuracy of their description.

3. Bidders acknowledge that various Lots are dated long time

ago and of special categories, implying that the Lots are not

perfect and not free from defects. All Lots are sold on an\"as

is\" basis at the time of the auction (whether or not Bidders

attend the auction). Condition reports may be provided when

during the viewing period. Under certain circumstances,

catalogue descriptions and condition reports may be used

for reference about certain defects of the Lots. Nevertheless,

Bidders should pay attention that the Lots may have other

defects not clearly stated in the catalogue descriptions and

condition reports.

4. Regarding the information about the Lot provided to

Bidders, including any forecast information (written or

verbal), catalogues and other reports, commentaries or

estimated values, such information are not statement of

facts, but rather are statements of the opinion that the

Company holds. Such information can be altered at the sole

discretion of the Company from time to time.

5. ﬔ e Company or the Seller has not made any declaration

or warranty as to whether any Lot is subject to any copyright

or whether the Buyer has bought the copyright of any Lot.

6. In accordance with the matters contained in Article 29 (1) to

29 (5) of the Conditions of Business and the special exemption

contained in Article 30 of the Conditions of Business, the

descriptions in the catalogue and in the condition reports are

written in a reasonably prudent manner (and such should

be in line with those terms of the Conditions of Business

regarding the Company serving as Auction Agent) based on

(1) the information provided by the Seller to the Company; (2)

academic and technical knowledge (if any); and (3) generally

accepted opinions of the relevant experts.

ARTICLE 30 THE COMPANY'S EXEMPTION AND

RESTRICTION OF RESPONSIBILITIES TO THE BUYER

1. If the Company considers the Lot as forgery, it shall return

the Hammer Price and Buyer's Commission to the Buyer.

2. Subject to the matters contained in Article 29 of the

Conditions of Business and the rules in Article 30 (1) and 30

(5) of the Conditions of Business, the Company shall not:

(1) be responsible for any errors or omissions in the

information provided by the Company to the Bidder verbally

or in writing, no matter whether this is caused by negligence

or other reasons, with the exception of provision contained

in Article 29 (6) of the Conditions of Business;

(2) make any guarantee or warranty to the Bidder, excluding

any implied warranty and rules other than the expressed

warranty that the Seller has entrusted the Company to make

to the Buyer (with the exception of those responsibilities that

cannot be discharged according to the stipulations of laws);

(3) be accountable to any Bidder for any actions or omissions

of the Company regarding the auction or the sale of any Lot (no

matter whether this is caused by negligence or other reasons).

3. Unless the Company owns the Lot to be sold, it shall not

be responsible for any breach of the Conditions of Business

by the Seller.

4. Without aff ecting Article 30 (2) of these rules, any claim

for compensation that the Bidder makes to the Company

or the Seller shall be limited to the Hammer Price and the

Buyer's Commission of the Lot. Under no circumstances

shall the Company and the Seller bear any consequential

losses incurred by the Buyer.

ARTICLE 31 CATALOGUE AND OTHER EXPLANATION

OF THE LOT

ﬔ e Company shall prepare a catalogue of the Lot to briefl y

introduce the conditions of the Lot with words and/or

pictures to facilitate the Bidder and Seller to participate in

the auction held by the Company. ﬔ e words and Estimate

in the catalogue of the Lot, pictures, other images as well

as public materials are only references for the Bidder and

may be revised before auction. The Company provides

no guarantee for the authenticity, value, tone, quality or

specifi ed by the Seller.

8.The Seller hereby undertakes that none of the Proceeds

of Sale will be transferred to or used for the benefi t of any

Sanctioned Person(s), nor will any party involved in the transaction including fi nancial institutions, freight forwarders or

other forwarding agents or any other party be a Sanctioned

Person(s) nor owned (or partly owned) or controlled by a

Sanctioned Person(s), unless such activity is authorized in

writing by the government authority having jurisdiction over

the transaction or in applicable law or regulation.

9.Where the Seller is acting as Agent (for the purposes of

this Article, the \"Agent\") for another party (the \"Principal\")

the Agent warrants in its own capacity (in addition to the

warranties set out above that: (i) the arrangements between

the Agent and the Principal in relation to the Lot or otherwise

do not, in whole or in part, facilitate tax crimes; (ii) the Agent

has conducted appropriate customer due diligence on the

Principal in accordance with all applicable anti-money laundering, anti-terrorism and sanctions laws and regulations

and does not know, and has no reason to suspect, that the

Lot consigned by the Agent is connected with or has any link

to the proceeds of any criminal activity, including without

limitation tax evasion, money laundering, terrorist activities

or other criminal activity or that the Principal is under investigation, or has been charged with or convicted of without limitation tax evasion, money laundering, terrorist activities or

other criminal activity; and (iii) the Agent will disclose to the

Company the identity of the Agent's Principal and the Agent

consents to the Company relying on the Agent's due diligence and the Agent will retain for a period of not less than 5

years the documentation evidencing the due diligence. ﬔ e

Agent will make such documentation promptly available for

immediate inspection by an independent third-party upon

the Company's written request to do so.

10.ﬔ e Company reserves the right to seek identifi cation of

the source of funds received, and to make enquiries about any

person transacting with the Company. If the Company has not

completed its enquiries in respect of anti-money laundering, anti-terrorist fi nancing or other checks as it considers appropriate

concerning the Seller or where the Seller is acting as Agent, the

Agent and its Principal, or the Buyer to the Company's satisfaction at its discretion, the Company shall be entitled either not to

complete or to cancel the sale of any lot, as appropriate, and to

take any further action required or permitted under applicable

law without any liability to the Seller.

11.If the Seller violates any of the above warranties and

undertakings, the Seller shall fully indemnify all losses, costs

and expenses suff ered by the Company and/or the Buyer.

ARTICLE 8 RESERVE

1.Unless otherwise agreed upon by the Company and the

Seller, all Lots are off ered subject to a Reserve. ﬔ e Reserve

shall be determined by the Seller and the Company in writing

through consultation, and no modification of the Reserve

shall be made without the prior consent of the other party

aft er it is determined by both parties.

2.Unless otherwise agreed in writing, the Reserve for each

Lot will be equal to seventy fi ve per cent (75%) of the low presale estimate notifi ed to the Seller.

3.No Reserve may exceed the Lot's final low pre-sale estimate announced or published by the Company. In the event

of a Reserve agreed in a currency other than Hong Kong

dollars without written agreement on the exchange rate, the

Reserve shall be an amount equal to the Hong Kong dollar

equivalent based on the average telegraphic transfer exchange rate off ered by HSBC on the thirtieth calendar days

preceding the auction.

4.Following the bidding failure of the Lot authorized by the

Seller, the Auctioneer shall have the right to sell such Lot at

the Reserve aft er such auction and the Seller must pay the

Commission to the Auctioneer. In no circumstance shall the

Company bear any liability for failure to sell the Lot at the

Reserve at the auction held by the Company.

ARTICLE 9 THE COMPANY'S DISCRETION

ﬔ e Company may decide the following matters at its absolute discretion:

1.Explanation and/or appraisal of any aspect of any Lot

through the catalogue of the Lot and/or news media and/or

other carriers;

2.Whether to consult any expert or not;

3.ﬔ e illustration of the Lot in the catalogue, the exhibition of

the Lot and other forms of publicizing the Lot, the arrangement in the promotional activities as well as the standards of

payable expenses;

4.Suitability of a Lot for auction by the Company;

5.Other matters such as the date of auction, the place of auction, the conditions of auction and the manner of auction.

ﬔ e Company shall not be liable for any delay in meeting nor

failure to meet its obligations under the consignment auction

contract (including without limitation the postponement or

cancellation of any auction) and may terminate its obligations under the consignment auction contract to offer the

Lot for sale, or cancel or postpone any auction, as a result

of circumstances beyond its reasonable control or which

make such performance impracticable, including without

limitation any fi re, fl ood, natural disaster, or other act of God;

any riot, strike, or other civil or labour unrest; transportation

or other infrastructural incapacitation, or inability to secure

suffi cient labour, power, essential commodities, or necessary

equipment; any act of war, armed confl ict, or terrorist attack;

any governmental action or regulation enacted or effected

following the execution of the consignment auction contract

and which is prohibitive or restrictive of the auction(s), the

sale of the Lot, or any other performance contemplated by

the consignment auction contract; any outbreak of disease,

public health emergency, quarantine, epidemic, pandemic,

nuclear or chemical contamination, or other condition that

threatens the life, health, or safety of the Company's personnel, vendors, or clients as determined by the Company in its

reasonable discretion.

Without prejudice to the above, in the event that the Company determines not to conduct an auction on the scheduled

date as a result of circumstances beyond its control or which

make such performance impracticable, the Company may

postpone or cancel any auction, or change the platform for

or format of any auction (including but not limited to from a

live auction to an online auction only), and the sale of the Lot

shall be subject to these Conditions of Business applicable

to the auction in which the Lot will be placed.

ARTICLE 10 LOT NOT AUCTIONED

Aft er the Seller has signed the consignment auction contract

with and delivered the Lot to the Company, if for any reason

the Company believes that the Lot is not suitable for auction

by the Company, the Seller shall collect the Lot within thirty

days from the issuance date of the Company's notice (fees

for packaging and transportation shall be at the Seller's own

expense). The consignment auction contract between the

Seller and the Company will terminate on the date when the

Seller collects the Lot. If during the above-mentioned period

the Seller fails to collect the Lot, the consignment auction

contract will automatically terminate upon the expiration of

such period. If within seven days aft er the termination of the

consignment auction contract the Seller does not collect the

Lot, the Company shall have the right to charge the Storage

Fee, insurance fees and other reasonable expenses, and to

dispose of the Lot in a way the Company deems proper. ﬔ e

Seller is responsible for the collection of, if any, the amount

obtained from the disposal aft er deducting all the fees and

expenses incurred by the Company.

ARTICLE 11 SUSPENSION OF AUCTION

ﬔ e Company has the right to suspend the auction of any Lot

at any time before the actual auction in any one of the following situations:

1.ﬔ e Company has an objection to the ownership or authenticity of the Lot;

2.Any third party has an objection to the ownership or

authenticity of the Lot and can provide relevant evidence

materials as to the basis of such objection, pays a security

pursuant to the Company's requirements and is willing to

take the corresponding liabilities for the legal consequences

and all losses caused by the suspension of auction;

3.The Company has an objection to the explanation of the

Seller or the accuracy of the Seller's warranty mentioned in

Article 7 hereof;

4.Any evidence proves the Seller has violated or will violate

any provisions of these Conditions of Business;

5.For any other reason, the Company believes that the auction of such Lot shall be suspended; or

6.If the Company is aware of any ownership or other dispute

in relation to the Lot being consigned for auction, the Company shall have the right to refuse to return such Lot until the

dispute is settled.

ARTICLE 12 THE SELLER'S WITHDRAWAL OF LOT

The Seller may withdraw the Lot at any time prior to the

Auction Date by issuing a written notice to the Company.

In the case that the Lot has been listed in the catalogue or

other public materials and they have begun to be printed at

the time of the withdrawal of the Lot, the Seller shall pay an

amount equal to 20% of the Reserve of the Lot and all other

expenses. In the case that the catalogue or other public materials have not been printed, the Seller shall pay an amount

equal to 10% of the Reserve of the Lot and all other expenses. Any dispute or claim arising out of the Seller's withdrawal

of the Lot shall be borne by the Seller and has nothing to do

with the Company.

ARTICLE 13 AUTOMATIC INSURANCE

Unless otherwise instructed by the Seller in writing, all Lots

will be automatically covered under the insurance policies

purchased by the Company aft er the Seller enters into the

consignment auction contract with the Company and delivers the Lots to the Company. The insured amount shall be

based on the Reserve agreed by the Seller and the Company

in the consignment auction contract (if there is no Reserve, it

shall be the agreed insured amount of the Lot; if the Reserve

is adjusted, it shall be the original Reserve of the Lot). ﬔ e

insured amount is only applicable to insurance and claim for

compensation, is not the Company's warranty or guarantee

for the value of the Lot, and does not mean that the Lot can

be sold for an amount equal to the insured amount through

any auction by the Company.

ARTICLE 14 INSURANCE PREMIUM

If the Lot is sold, the insurance premium payable by the Seller

shall be 1% of the Hammer Price unless otherwise agreed by

the Seller and the Company. If the Lot is not sold, the Seller

shall as well pay the insurance premium at 1% of the Reserve.

ARTICLE 15 INSURANCE PERIOD

If the Lot is sold in the auction, the insurance period shall

terminate at the earlier of the seventh day aft er the Sale Date

(including the Sale Date) and the date when the Buyer collects

the Lot. If the Lot is not sold in the auction, the insurance period

shall terminate upon the expiry of thirty days aft er the Company

issues the notice on the collection of the Lot.

ARTICLE 16 INSURANCE BY THE SELLER

In the event that the Seller notifi es the Company in writing

not to insure the Lot, it shall undertake all the risks and the

following liabilities at any time (unless otherwise ruled by an

arbitration institution):

1.To compensate for any claim or action brought by any other

parties against the Company with respect to the damage or

destruction of the Lot;

2.To compensate the Company and/or any other parties for

all losses suff ered and all expenses incurred because of the

damage or destruction of the Lot caused by any reason; and

3.To notify the compensation related provisions herein to any

insurer of the Lot.

ARTICLE 17 INSURANCE DISCLAIMER

ﬔ e damage or destruction of the Lot caused by natural wear,

inherent flaws, internal or potential defects, change of substance itself, self-combustion, self-heating, oxidation, corrosion,

leakage, rat-bite, worm-bite, change in the atmosphere (climate

or air temperature), change in humidity or temperature, or other

gradual changes or caused by force majeure such as earthquake, tsunami, war, hostile action, armed confl ict, terrorism,

coup, strike and social riot, or nuclear radiation or radioactive

pollution as well as the damage or destruction of book frames,

glass, drawers, bottom pads, trestles, mountings, insert pages,

scroll heads or other similar accessories caused by any reason

is not within the scope of insurance coverage. The aforesaid

risks should be borne by the Seller.

ARTICLE 18 INSURANCE INDEMNITY

Any damage or destruction of the Lot caused by incidents or

disasters covered by the insurance purchased by the Company for the Lot shall be handled in accordance with the laws of

Hong Kong on insurance. ﬔ e Company shall pay insurance

indemnities aft er deducting the Company's expenses (other

than the Commission) to the Seller after the Company obtains such indemnities from the insurance company.

ARTICLE 19 BIDDING PROHIBITION

ﬔ e Seller shall not bid for the Lot consigned to the Company

by himself/herself/itself for auction, or authorize any other

person to bid on his/her/its behalf. Only the Company has

the right to bid on behalf of the Seller at a price not more

than the Reserve. ﬔ e Seller shall bear all legal liabilities and

compensate for all losses caused to the Company if the Seller violates this Article.

ARTICLE 20 COMMISSION AND EXPENSES

Unless otherwise agreed upon by the Seller and the Company, the Seller shall authorize the Company to deduct 10%

of the Hammer Price as Commission and at the same time

deduct other expenses. Despite the fact that the Company is

the Seller's Agent, the Seller agrees that the Company may

collect the Commission and other expenses from the Buyer

in accordance with the provisions in Article 49 hereof.

ARTICLE 21 SERVICE FEE FOR UNSOLD LOT

In case the Lot is not sold because the bidding price is lower

than the Reserve, the Seller shall authorize the Company to

charge the Seller a service fee for unsuccessful auction and

other expenses.

ARTICLE 22 PAYMENT OF PROCEEDS OF SALE

Where the Buyer eff ects full payment of the Purchase Price

to the Company in accordance with the provisions in Article

49 hereof, the Company shall pay the Proceeds of Sale to

the Seller thirty-fi ve days aft er the Sale Date in Hong Kong

dollars.

ARTICLE 23 DEFERRED PAYMENT

Where the Company does not receive the full payment of the

Purchase Price from the Buyer upon the expiry of the payment

period under Article 51 hereof, the Company will pay the Proceeds of Sale to the Seller within seven working days after

receipt of full payment of the Purchase Price from the Buyer.

ARTICLE 24 SELLER TAXES

ﬔ e Seller shall pay taxes to the government for the Proceeds

of Sale obtained. If the Company has an obligation to withhold and pay taxes according to the provisions of the relevant laws, the Company will follow the provisions of the laws.

ﬔ e Seller shall assist in handling all the formalities and bear

the corresponding taxes and expenses.

ARTICLE 25 ASSISTANCE IN THE COLLECTION OF

OUTSTANDING PAYMENT

ﬔ e Seller shall, at the time of its consignment of the Lot to

the Company for auction, be deemed to have authorized the

Company to demand the corresponding outstanding payment from the Buyer on behalf of the Seller. Where the Buyer

fails to fully pay the Purchase Price within seven days aft er

the Sale Date (including the Sale Date), the Company shall

have the right to demand the Commission and other Buyer's

Expenses according to the provisions of Article 58 hereof.

In addition, the Company shall as well have the right to take

appropriate actions (including but not limited to resorting

to legal proceedings) to assist the Seller in collecting such

outstanding payment from the Buyer where it is deemed by

the Company to be practicable. ﬔ e above provision does not

exclude the Seller's right to demand in person or authorize

any third party to demand the outstanding payment from

the Buyer and does not obligate the Company to demand

the corresponding outstanding payment from the Buyer on

behalf of the Seller under any circumstance. ﬔ is Company

shall not bear the corresponding liability for the Seller because of the Buyer's failure to pay the Purchase Price under

any circumstance.

ARTICLE 26 THE COMPANY'S DISCRETION

ﬔ e Company shall have the right to accept the Seller's authorization (at the Seller's expenses) and may determine the

following matters as the case may be:

1.To agree on special conditions of the payment of the Purchase Price;

2.To remove, store and insure the sold Lot;

3.To settle claims brought by the Buyer or the Seller in accordance with the relevant articles hereof; and

4.To take other necessary measures to collect the outstanding payment owed by the Buyer to the Seller.

ARTICLE 27 UNSOLD OR UNCOLLECTED LOT

1.In the event that the Lot is not sold, the Company may

re-negotiate with the Seller on the revised Reserve and sell

the Lot in private sale, and pay the Seller the Proceeds of

Sales adjusted based on the revised Reserve.

2.ﬔ e Company will send the Seller a notice if any Lot fails to

sell at auction or privately pursuant to 1 above. Subject to

27.1 above, unsold Lots may either be consigned to the Company for re-sale according to the Commission and expenses

scale set out in the previous consignment auction contract

or, alternatively, collected by the Seller. If the Seller decides

to collect an unsold Lot, the Company may charge the Seller

the commission and expenses applicable to unsold Lots in

accordance with the consignment auction contract.

3.If the Seller fails either to reconsign or collect the Lot within thirty (30) days of the auction, the Company is released

from any duty of bailment it may have for such Lot and shall,

in its sole discretion, be entitled to (i) store the Lot at an

independent storage facility at the Seller's risk and expense

including the Storage Fee, insurance fees and other reasonable expenses; or (ii) re-off er the Lot for sale at public auction

(at the Company or elsewhere) with a reserve no less than

fi ft y per cent (50%) of the Reserve at which it was previously

off ered.

4.In the event of re-sale pursuant to 3(ii) above, the Company

shall be entitled to deduct the commissions and expenses

for the unsuccessful auction in accordance with the consignment auction contract as well as the commissions and

expenses for the re-sale from the Proceeds of Sale before

paying the remaining amount to the Seller.

5.In the event a Lot has been deposited with the Company

for more than one year and the owner has neither collected

it nor consigned it for sale, the Company shall be entitled to

sell such property at auction (at the Company or elsewhere)

after sixty (60) days notice of such sale to the owner's address, with estimates and reserves at the Company's discretion.

6.Any re-sale of unsold Lots or sale of uncollected Lots shall

be conducted under these Conditions of Business applicable

to the relevant auction. The proceeds of such sale less all

costs incurred by the Company will be forfeited unless collected by the Seller within two years of the sale.

ARTICLE 28 RISK ASSUMPTION

The Seller shall assume liability for all risks and expenses

that occur aft er the time limit prescribed herein if the Seller

fails to take back the Lot not auctioned or the unsold Lot

within such the time limit. The Seller shall assume liability

for all risks and expenses of the Lot not auctioned or the unsold Lot at the earlier of the thirtieth day aft er the Company

issues notice on collection of the Lot to the Seller (including

the notice date) and the time when the Seller collects the

Lot in accordance with these Conditions of Business. Where

the Seller requests Company to assist it in the return of the

Lot within the time limit provided herein and the Company

so agrees, the Seller shall assume liability for all risks and

expenses that occur after the Lot leaves the place designated by the Company. Unless the Seller specifically gives

an indication and pays insurance premium in advance, the

Company has no obligation to ensure the Lot for any period

aft er it departs from the place designated by the Company.

Where the Seller requests the Company to assist it in returning the Lot by means of post, express delivery or other

third-party transportation, the Company shall be deemed

to have returned the Lot, and the Seller shall be deemed to

have collected the Lot upon the Company's delivery of the

Lot to the post, express delivery and transportation entities,

companies or their employees/branch offi ces.

CHAPTER III THE BIDDER AND THE BUYER

ARTICLE 29 RESPONSIBILITIES OF THE BIDDER

AND THE COMPANY IN RESPECT OF THE LOT

1. ﬔ e Company's perception of all Lots partly relies on the

information provided by the Seller, the Company is unable

and will not carry out comprehensive inspection of all Lots.

Bidders are aware of this and bear the responsibilities of

inspecting and testing the original Lots so that Bidders will

be satisfi ed with those Lots in which they may be interested.

2. All Lots for sale by the Company are available for viewing

by Bidders. By bidding, Bidders and/or their agents are

deemed to have carried out thorough examination of the

Lots, and are deemed to be satisfi ed with the conditions of

the Lots and the accuracy of their description.

3. Bidders acknowledge that various Lots are dated long time

ago and of special categories, implying that the Lots are not

perfect and not free from defects. All Lots are sold on an\"as

is\" basis at the time of the auction (whether or not Bidders

attend the auction). Condition reports may be provided when

during the viewing period. Under certain circumstances,

catalogue descriptions and condition reports may be used

for reference about certain defects of the Lots. Nevertheless,

Bidders should pay attention that the Lots may have other

defects not clearly stated in the catalogue descriptions and

condition reports.

4. Regarding the information about the Lot provided to

Bidders, including any forecast information (written or

verbal), catalogues and other reports, commentaries or

estimated values, such information are not statement of

facts, but rather are statements of the opinion that the

Company holds. Such information can be altered at the sole

discretion of the Company from time to time.

5. ﬔ e Company or the Seller has not made any declaration

or warranty as to whether any Lot is subject to any copyright

or whether the Buyer has bought the copyright of any Lot.

6. In accordance with the matters contained in Article 29 (1) to

29 (5) of the Conditions of Business and the special exemption

contained in Article 30 of the Conditions of Business, the

descriptions in the catalogue and in the condition reports are

written in a reasonably prudent manner (and such should

be in line with those terms of the Conditions of Business

regarding the Company serving as Auction Agent) based on

(1) the information provided by the Seller to the Company; (2)

academic and technical knowledge (if any); and (3) generally

accepted opinions of the relevant experts.

ARTICLE 30 THE COMPANY'S EXEMPTION AND

RESTRICTION OF RESPONSIBILITIES TO THE BUYER

1. If the Company considers the Lot as forgery, it shall return

the Hammer Price and Buyer's Commission to the Buyer.

2. Subject to the matters contained in Article 29 of the

Conditions of Business and the rules in Article 30 (1) and 30

(5) of the Conditions of Business, the Company shall not:

(1) be responsible for any errors or omissions in the

information provided by the Company to the Bidder verbally

or in writing, no matter whether this is caused by negligence

or other reasons, with the exception of provision contained

in Article 29 (6) of the Conditions of Business;

(2) make any guarantee or warranty to the Bidder, excluding

any implied warranty and rules other than the expressed

warranty that the Seller has entrusted the Company to make

to the Buyer (with the exception of those responsibilities that

cannot be discharged according to the stipulations of laws);

(3) be accountable to any Bidder for any actions or omissions

of the Company regarding the auction or the sale of any Lot (no

matter whether this is caused by negligence or other reasons).

3. Unless the Company owns the Lot to be sold, it shall not

be responsible for any breach of the Conditions of Business

by the Seller.

4. Without aff ecting Article 30 (2) of these rules, any claim

for compensation that the Bidder makes to the Company

or the Seller shall be limited to the Hammer Price and the

Buyer's Commission of the Lot. Under no circumstances

shall the Company and the Seller bear any consequential

losses incurred by the Buyer.

ARTICLE 31 CATALOGUE AND OTHER EXPLANATION

OF THE LOT

ﬔ e Company shall prepare a catalogue of the Lot to briefl y

introduce the conditions of the Lot with words and/or

pictures to facilitate the Bidder and Seller to participate in

the auction held by the Company. ﬔ e words and Estimate

in the catalogue of the Lot, pictures, other images as well

as public materials are only references for the Bidder and

may be revised before auction. The Company provides

no guarantee for the authenticity, value, tone, quality or

specifi ed by the Seller.

8.The Seller hereby undertakes that none of the Proceeds

of Sale will be transferred to or used for the benefi t of any

Sanctioned Person(s), nor will any party involved in the transaction including fi nancial institutions, freight forwarders or

other forwarding agents or any other party be a Sanctioned

Person(s) nor owned (or partly owned) or controlled by a

Sanctioned Person(s), unless such activity is authorized in

writing by the government authority having jurisdiction over

the transaction or in applicable law or regulation.

9.Where the Seller is acting as Agent (for the purposes of

this Article, the \"Agent\") for another party (the \"Principal\")

the Agent warrants in its own capacity (in addition to the

warranties set out above that: (i) the arrangements between

the Agent and the Principal in relation to the Lot or otherwise

do not, in whole or in part, facilitate tax crimes; (ii) the Agent

has conducted appropriate customer due diligence on the

Principal in accordance with all applicable anti-money laundering, anti-terrorism and sanctions laws and regulations

and does not know, and has no reason to suspect, that the

Lot consigned by the Agent is connected with or has any link

to the proceeds of any criminal activity, including without

limitation tax evasion, money laundering, terrorist activities

or other criminal activity or that the Principal is under investigation, or has been charged with or convicted of without limitation tax evasion, money laundering, terrorist activities or

other criminal activity; and (iii) the Agent will disclose to the

Company the identity of the Agent's Principal and the Agent

consents to the Company relying on the Agent's due diligence and the Agent will retain for a period of not less than 5

years the documentation evidencing the due diligence. ﬔ e

Agent will make such documentation promptly available for

immediate inspection by an independent third-party upon

the Company's written request to do so.

10.ﬔ e Company reserves the right to seek identifi cation of

the source of funds received, and to make enquiries about any

person transacting with the Company. If the Company has not

completed its enquiries in respect of anti-money laundering, anti-terrorist fi nancing or other checks as it considers appropriate

concerning the Seller or where the Seller is acting as Agent, the

Agent and its Principal, or the Buyer to the Company's satisfaction at its discretion, the Company shall be entitled either not to

complete or to cancel the sale of any lot, as appropriate, and to

take any further action required or permitted under applicable

law without any liability to the Seller.

11.If the Seller violates any of the above warranties and

undertakings, the Seller shall fully indemnify all losses, costs

and expenses suff ered by the Company and/or the Buyer.

ARTICLE 8 RESERVE

1.Unless otherwise agreed upon by the Company and the

Seller, all Lots are off ered subject to a Reserve. ﬔ e Reserve

shall be determined by the Seller and the Company in writing

through consultation, and no modification of the Reserve

shall be made without the prior consent of the other party

aft er it is determined by both parties.

2.Unless otherwise agreed in writing, the Reserve for each

Lot will be equal to seventy fi ve per cent (75%) of the low presale estimate notifi ed to the Seller.

3.No Reserve may exceed the Lot's final low pre-sale estimate announced or published by the Company. In the event

of a Reserve agreed in a currency other than Hong Kong

dollars without written agreement on the exchange rate, the

Reserve shall be an amount equal to the Hong Kong dollar

equivalent based on the average telegraphic transfer exchange rate off ered by HSBC on the thirtieth calendar days

preceding the auction.

4.Following the bidding failure of the Lot authorized by the

Seller, the Auctioneer shall have the right to sell such Lot at

the Reserve aft er such auction and the Seller must pay the

Commission to the Auctioneer. In no circumstance shall the

Company bear any liability for failure to sell the Lot at the

Reserve at the auction held by the Company.

ARTICLE 9 THE COMPANY'S DISCRETION

ﬔ e Company may decide the following matters at its absolute discretion:

1.Explanation and/or appraisal of any aspect of any Lot

through the catalogue of the Lot and/or news media and/or

other carriers;

2.Whether to consult any expert or not;

3.ﬔ e illustration of the Lot in the catalogue, the exhibition of

the Lot and other forms of publicizing the Lot, the arrangement in the promotional activities as well as the standards of

payable expenses;

4.Suitability of a Lot for auction by the Company;

5.Other matters such as the date of auction, the place of auction, the conditions of auction and the manner of auction.

ﬔ e Company shall not be liable for any delay in meeting nor

failure to meet its obligations under the consignment auction

contract (including without limitation the postponement or

cancellation of any auction) and may terminate its obligations under the consignment auction contract to offer the

Lot for sale, or cancel or postpone any auction, as a result

of circumstances beyond its reasonable control or which

make such performance impracticable, including without

limitation any fi re, fl ood, natural disaster, or other act of God;

any riot, strike, or other civil or labour unrest; transportation

or other infrastructural incapacitation, or inability to secure

suffi cient labour, power, essential commodities, or necessary

equipment; any act of war, armed confl ict, or terrorist attack;

any governmental action or regulation enacted or effected

following the execution of the consignment auction contract

and which is prohibitive or restrictive of the auction(s), the

sale of the Lot, or any other performance contemplated by

the consignment auction contract; any outbreak of disease,

public health emergency, quarantine, epidemic, pandemic,

nuclear or chemical contamination, or other condition that

threatens the life, health, or safety of the Company's personnel, vendors, or clients as determined by the Company in its

reasonable discretion.

Without prejudice to the above, in the event that the Company determines not to conduct an auction on the scheduled

date as a result of circumstances beyond its control or which

make such performance impracticable, the Company may

postpone or cancel any auction, or change the platform for

or format of any auction (including but not limited to from a

live auction to an online auction only), and the sale of the Lot

shall be subject to these Conditions of Business applicable

to the auction in which the Lot will be placed.

ARTICLE 10 LOT NOT AUCTIONED

Aft er the Seller has signed the consignment auction contract

with and delivered the Lot to the Company, if for any reason

the Company believes that the Lot is not suitable for auction

by the Company, the Seller shall collect the Lot within thirty

days from the issuance date of the Company's notice (fees

for packaging and transportation shall be at the Seller's own

expense). The consignment auction contract between the

Seller and the Company will terminate on the date when the

Seller collects the Lot. If during the above-mentioned period

the Seller fails to collect the Lot, the consignment auction

contract will automatically terminate upon the expiration of

such period. If within seven days aft er the termination of the

consignment auction contract the Seller does not collect the

Lot, the Company shall have the right to charge the Storage

Fee, insurance fees and other reasonable expenses, and to

dispose of the Lot in a way the Company deems proper. ﬔ e

Seller is responsible for the collection of, if any, the amount

obtained from the disposal aft er deducting all the fees and

expenses incurred by the Company.

ARTICLE 11 SUSPENSION OF AUCTION

ﬔ e Company has the right to suspend the auction of any Lot

at any time before the actual auction in any one of the following situations:

1.ﬔ e Company has an objection to the ownership or authenticity of the Lot;

2.Any third party has an objection to the ownership or

authenticity of the Lot and can provide relevant evidence

materials as to the basis of such objection, pays a security

pursuant to the Company's requirements and is willing to

take the corresponding liabilities for the legal consequences

and all losses caused by the suspension of auction;

3.The Company has an objection to the explanation of the

Seller or the accuracy of the Seller's warranty mentioned in

Article 7 hereof;

4.Any evidence proves the Seller has violated or will violate

any provisions of these Conditions of Business;

5.For any other reason, the Company believes that the auction of such Lot shall be suspended; or

6.If the Company is aware of any ownership or other dispute

in relation to the Lot being consigned for auction, the Company shall have the right to refuse to return such Lot until the

dispute is settled.

ARTICLE 12 THE SELLER'S WITHDRAWAL OF LOT

The Seller may withdraw the Lot at any time prior to the

Auction Date by issuing a written notice to the Company.

In the case that the Lot has been listed in the catalogue or

other public materials and they have begun to be printed at

the time of the withdrawal of the Lot, the Seller shall pay an

amount equal to 20% of the Reserve of the Lot and all other

expenses. In the case that the catalogue or other public materials have not been printed, the Seller shall pay an amount

equal to 10% of the Reserve of the Lot and all other expenses. Any dispute or claim arising out of the Seller's withdrawal

of the Lot shall be borne by the Seller and has nothing to do

with the Company.

ARTICLE 13 AUTOMATIC INSURANCE

Unless otherwise instructed by the Seller in writing, all Lots

will be automatically covered under the insurance policies

purchased by the Company aft er the Seller enters into the

consignment auction contract with the Company and delivers the Lots to the Company. The insured amount shall be

based on the Reserve agreed by the Seller and the Company

in the consignment auction contract (if there is no Reserve, it

shall be the agreed insured amount of the Lot; if the Reserve

is adjusted, it shall be the original Reserve of the Lot). ﬔ e

insured amount is only applicable to insurance and claim for

compensation, is not the Company's warranty or guarantee

for the value of the Lot, and does not mean that the Lot can

be sold for an amount equal to the insured amount through

any auction by the Company.

ARTICLE 14 INSURANCE PREMIUM

If the Lot is sold, the insurance premium payable by the Seller

shall be 1% of the Hammer Price unless otherwise agreed by

the Seller and the Company. If the Lot is not sold, the Seller

shall as well pay the insurance premium at 1% of the Reserve.

ARTICLE 15 INSURANCE PERIOD

If the Lot is sold in the auction, the insurance period shall

terminate at the earlier of the seventh day aft er the Sale Date

(including the Sale Date) and the date when the Buyer collects

the Lot. If the Lot is not sold in the auction, the insurance period

shall terminate upon the expiry of thirty days aft er the Company

issues the notice on the collection of the Lot.

ARTICLE 16 INSURANCE BY THE SELLER

In the event that the Seller notifi es the Company in writing

not to insure the Lot, it shall undertake all the risks and the

following liabilities at any time (unless otherwise ruled by an

arbitration institution):

1.To compensate for any claim or action brought by any other

parties against the Company with respect to the damage or

destruction of the Lot;

2.To compensate the Company and/or any other parties for

all losses suff ered and all expenses incurred because of the

damage or destruction of the Lot caused by any reason; and

3.To notify the compensation related provisions herein to any

insurer of the Lot.

ARTICLE 17 INSURANCE DISCLAIMER

ﬔ e damage or destruction of the Lot caused by natural wear,

inherent flaws, internal or potential defects, change of substance itself, self-combustion, self-heating, oxidation, corrosion,

leakage, rat-bite, worm-bite, change in the atmosphere (climate

or air temperature), change in humidity or temperature, or other

gradual changes or caused by force majeure such as earthquake, tsunami, war, hostile action, armed confl ict, terrorism,

coup, strike and social riot, or nuclear radiation or radioactive

pollution as well as the damage or destruction of book frames,

glass, drawers, bottom pads, trestles, mountings, insert pages,

scroll heads or other similar accessories caused by any reason

is not within the scope of insurance coverage. The aforesaid

risks should be borne by the Seller.

ARTICLE 18 INSURANCE INDEMNITY

Any damage or destruction of the Lot caused by incidents or

disasters covered by the insurance purchased by the Company for the Lot shall be handled in accordance with the laws of

Hong Kong on insurance. ﬔ e Company shall pay insurance

indemnities aft er deducting the Company's expenses (other

than the Commission) to the Seller after the Company obtains such indemnities from the insurance company.

ARTICLE 19 BIDDING PROHIBITION

ﬔ e Seller shall not bid for the Lot consigned to the Company

by himself/herself/itself for auction, or authorize any other

person to bid on his/her/its behalf. Only the Company has

the right to bid on behalf of the Seller at a price not more

than the Reserve. ﬔ e Seller shall bear all legal liabilities and

compensate for all losses caused to the Company if the Seller violates this Article.

ARTICLE 20 COMMISSION AND EXPENSES

Unless otherwise agreed upon by the Seller and the Company, the Seller shall authorize the Company to deduct 10%

of the Hammer Price as Commission and at the same time

deduct other expenses. Despite the fact that the Company is

the Seller's Agent, the Seller agrees that the Company may

collect the Commission and other expenses from the Buyer

in accordance with the provisions in Article 49 hereof.

ARTICLE 21 SERVICE FEE FOR UNSOLD LOT

In case the Lot is not sold because the bidding price is lower

than the Reserve, the Seller shall authorize the Company to

charge the Seller a service fee for unsuccessful auction and

other expenses.

ARTICLE 22 PAYMENT OF PROCEEDS OF SALE

Where the Buyer eff ects full payment of the Purchase Price

to the Company in accordance with the provisions in Article

49 hereof, the Company shall pay the Proceeds of Sale to

the Seller thirty-fi ve days aft er the Sale Date in Hong Kong

dollars.

ARTICLE 23 DEFERRED PAYMENT

Where the Company does not receive the full payment of the

Purchase Price from the Buyer upon the expiry of the payment

period under Article 51 hereof, the Company will pay the Proceeds of Sale to the Seller within seven working days after

receipt of full payment of the Purchase Price from the Buyer.

ARTICLE 24 SELLER TAXES

ﬔ e Seller shall pay taxes to the government for the Proceeds

of Sale obtained. If the Company has an obligation to withhold and pay taxes according to the provisions of the relevant laws, the Company will follow the provisions of the laws.

ﬔ e Seller shall assist in handling all the formalities and bear

the corresponding taxes and expenses.

ARTICLE 25 ASSISTANCE IN THE COLLECTION OF

OUTSTANDING PAYMENT

ﬔ e Seller shall, at the time of its consignment of the Lot to

the Company for auction, be deemed to have authorized the

Company to demand the corresponding outstanding payment from the Buyer on behalf of the Seller. Where the Buyer

fails to fully pay the Purchase Price within seven days aft er

the Sale Date (including the Sale Date), the Company shall

have the right to demand the Commission and other Buyer's

Expenses according to the provisions of Article 58 hereof.

In addition, the Company shall as well have the right to take

appropriate actions (including but not limited to resorting

to legal proceedings) to assist the Seller in collecting such

outstanding payment from the Buyer where it is deemed by

the Company to be practicable. ﬔ e above provision does not

exclude the Seller's right to demand in person or authorize

any third party to demand the outstanding payment from

the Buyer and does not obligate the Company to demand

the corresponding outstanding payment from the Buyer on

behalf of the Seller under any circumstance. ﬔ is Company

shall not bear the corresponding liability for the Seller because of the Buyer's failure to pay the Purchase Price under

any circumstance.

ARTICLE 26 THE COMPANY'S DISCRETION

ﬔ e Company shall have the right to accept the Seller's authorization (at the Seller's expenses) and may determine the

following matters as the case may be:

1.To agree on special conditions of the payment of the Purchase Price;

2.To remove, store and insure the sold Lot;

3.To settle claims brought by the Buyer or the Seller in accordance with the relevant articles hereof; and

4.To take other necessary measures to collect the outstanding payment owed by the Buyer to the Seller.

ARTICLE 27 UNSOLD OR UNCOLLECTED LOT

1.In the event that the Lot is not sold, the Company may

re-negotiate with the Seller on the revised Reserve and sell

the Lot in private sale, and pay the Seller the Proceeds of

Sales adjusted based on the revised Reserve.

2.ﬔ e Company will send the Seller a notice if any Lot fails to

sell at auction or privately pursuant to 1 above. Subject to

27.1 above, unsold Lots may either be consigned to the Company for re-sale according to the Commission and expenses

scale set out in the previous consignment auction contract

or, alternatively, collected by the Seller. If the Seller decides

to collect an unsold Lot, the Company may charge the Seller

the commission and expenses applicable to unsold Lots in

accordance with the consignment auction contract.

3.If the Seller fails either to reconsign or collect the Lot within thirty (30) days of the auction, the Company is released

from any duty of bailment it may have for such Lot and shall,

in its sole discretion, be entitled to (i) store the Lot at an

independent storage facility at the Seller's risk and expense

including the Storage Fee, insurance fees and other reasonable expenses; or (ii) re-off er the Lot for sale at public auction

(at the Company or elsewhere) with a reserve no less than

fi ft y per cent (50%) of the Reserve at which it was previously

off ered.

4.In the event of re-sale pursuant to 3(ii) above, the Company

shall be entitled to deduct the commissions and expenses

for the unsuccessful auction in accordance with the consignment auction contract as well as the commissions and

expenses for the re-sale from the Proceeds of Sale before

paying the remaining amount to the Seller.

5.In the event a Lot has been deposited with the Company

for more than one year and the owner has neither collected

it nor consigned it for sale, the Company shall be entitled to

sell such property at auction (at the Company or elsewhere)

after sixty (60) days notice of such sale to the owner's address, with estimates and reserves at the Company's discretion.

6.Any re-sale of unsold Lots or sale of uncollected Lots shall

be conducted under these Conditions of Business applicable

to the relevant auction. The proceeds of such sale less all

costs incurred by the Company will be forfeited unless collected by the Seller within two years of the sale.

ARTICLE 28 RISK ASSUMPTION

The Seller shall assume liability for all risks and expenses

that occur aft er the time limit prescribed herein if the Seller

fails to take back the Lot not auctioned or the unsold Lot

within such the time limit. The Seller shall assume liability

for all risks and expenses of the Lot not auctioned or the unsold Lot at the earlier of the thirtieth day aft er the Company

issues notice on collection of the Lot to the Seller (including

the notice date) and the time when the Seller collects the

Lot in accordance with these Conditions of Business. Where

the Seller requests Company to assist it in the return of the

Lot within the time limit provided herein and the Company

so agrees, the Seller shall assume liability for all risks and

expenses that occur after the Lot leaves the place designated by the Company. Unless the Seller specifically gives

an indication and pays insurance premium in advance, the

Company has no obligation to ensure the Lot for any period

aft er it departs from the place designated by the Company.

Where the Seller requests the Company to assist it in returning the Lot by means of post, express delivery or other

third-party transportation, the Company shall be deemed

to have returned the Lot, and the Seller shall be deemed to

have collected the Lot upon the Company's delivery of the

Lot to the post, express delivery and transportation entities,

companies or their employees/branch offi ces.

CHAPTER III THE BIDDER AND THE BUYER

ARTICLE 29 RESPONSIBILITIES OF THE BIDDER

AND THE COMPANY IN RESPECT OF THE LOT

1. ﬔ e Company's perception of all Lots partly relies on the

information provided by the Seller, the Company is unable

and will not carry out comprehensive inspection of all Lots.

Bidders are aware of this and bear the responsibilities of

inspecting and testing the original Lots so that Bidders will

be satisfi ed with those Lots in which they may be interested.

2. All Lots for sale by the Company are available for viewing

by Bidders. By bidding, Bidders and/or their agents are

deemed to have carried out thorough examination of the

Lots, and are deemed to be satisfi ed with the conditions of

the Lots and the accuracy of their description.

3. Bidders acknowledge that various Lots are dated long time

ago and of special categories, implying that the Lots are not

perfect and not free from defects. All Lots are sold on an\"as

is\" basis at the time of the auction (whether or not Bidders

attend the auction). Condition reports may be provided when

during the viewing period. Under certain circumstances,

catalogue descriptions and condition reports may be used

for reference about certain defects of the Lots. Nevertheless,

Bidders should pay attention that the Lots may have other

defects not clearly stated in the catalogue descriptions and

condition reports.

4. Regarding the information about the Lot provided to

Bidders, including any forecast information (written or

verbal), catalogues and other reports, commentaries or

estimated values, such information are not statement of

facts, but rather are statements of the opinion that the

Company holds. Such information can be altered at the sole

discretion of the Company from time to time.

5. ﬔ e Company or the Seller has not made any declaration

or warranty as to whether any Lot is subject to any copyright

or whether the Buyer has bought the copyright of any Lot.

6. In accordance with the matters contained in Article 29 (1) to

29 (5) of the Conditions of Business and the special exemption

contained in Article 30 of the Conditions of Business, the

descriptions in the catalogue and in the condition reports are

written in a reasonably prudent manner (and such should

be in line with those terms of the Conditions of Business

regarding the Company serving as Auction Agent) based on

(1) the information provided by the Seller to the Company; (2)

academic and technical knowledge (if any); and (3) generally

accepted opinions of the relevant experts.

ARTICLE 30 THE COMPANY'S EXEMPTION AND

RESTRICTION OF RESPONSIBILITIES TO THE BUYER

1. If the Company considers the Lot as forgery, it shall return

the Hammer Price and Buyer's Commission to the Buyer.

2. Subject to the matters contained in Article 29 of the

Conditions of Business and the rules in Article 30 (1) and 30

(5) of the Conditions of Business, the Company shall not:

(1) be responsible for any errors or omissions in the

information provided by the Company to the Bidder verbally

or in writing, no matter whether this is caused by negligence

or other reasons, with the exception of provision contained

in Article 29 (6) of the Conditions of Business;

(2) make any guarantee or warranty to the Bidder, excluding

any implied warranty and rules other than the expressed

warranty that the Seller has entrusted the Company to make

to the Buyer (with the exception of those responsibilities that

cannot be discharged according to the stipulations of laws);

(3) be accountable to any Bidder for any actions or omissions

of the Company regarding the auction or the sale of any Lot (no

matter whether this is caused by negligence or other reasons).

3. Unless the Company owns the Lot to be sold, it shall not

be responsible for any breach of the Conditions of Business

by the Seller.

4. Without aff ecting Article 30 (2) of these rules, any claim

for compensation that the Bidder makes to the Company

or the Seller shall be limited to the Hammer Price and the

Buyer's Commission of the Lot. Under no circumstances

shall the Company and the Seller bear any consequential

losses incurred by the Buyer.

ARTICLE 31 CATALOGUE AND OTHER EXPLANATION

OF THE LOT

ﬔ e Company shall prepare a catalogue of the Lot to briefl y

introduce the conditions of the Lot with words and/or

pictures to facilitate the Bidder and Seller to participate in

the auction held by the Company. ﬔ e words and Estimate

in the catalogue of the Lot, pictures, other images as well

as public materials are only references for the Bidder and

may be revised before auction. The Company provides

no guarantee for the authenticity, value, tone, quality or

specifi ed by the Seller.

8.The Seller hereby undertakes that none of the Proceeds

of Sale will be transferred to or used for the benefi t of any

Sanctioned Person(s), nor will any party involved in the transaction including fi nancial institutions, freight forwarders or

other forwarding agents or any other party be a Sanctioned

Person(s) nor owned (or partly owned) or controlled by a

Sanctioned Person(s), unless such activity is authorized in

writing by the government authority having jurisdiction over

the transaction or in applicable law or regulation.

9.Where the Seller is acting as Agent (for the purposes of

this Article, the \"Agent\") for another party (the \"Principal\")

the Agent warrants in its own capacity (in addition to the

warranties set out above that: (i) the arrangements between

the Agent and the Principal in relation to the Lot or otherwise

do not, in whole or in part, facilitate tax crimes; (ii) the Agent

has conducted appropriate customer due diligence on the

Principal in accordance with all applicable anti-money laundering, anti-terrorism and sanctions laws and regulations

and does not know, and has no reason to suspect, that the

Lot consigned by the Agent is connected with or has any link

to the proceeds of any criminal activity, including without

limitation tax evasion, money laundering, terrorist activities

or other criminal activity or that the Principal is under investigation, or has been charged with or convicted of without limitation tax evasion, money laundering, terrorist activities or

other criminal activity; and (iii) the Agent will disclose to the

Company the identity of the Agent's Principal and the Agent

consents to the Company relying on the Agent's due diligence and the Agent will retain for a period of not less than 5

years the documentation evidencing the due diligence. ﬔ e

Agent will make such documentation promptly available for

immediate inspection by an independent third-party upon

the Company's written request to do so.

10.ﬔ e Company reserves the right to seek identifi cation of

the source of funds received, and to make enquiries about any

person transacting with the Company. If the Company has not

completed its enquiries in respect of anti-money laundering, anti-terrorist fi nancing or other checks as it considers appropriate

concerning the Seller or where the Seller is acting as Agent, the

Agent and its Principal, or the Buyer to the Company's satisfaction at its discretion, the Company shall be entitled either not to

complete or to cancel the sale of any lot, as appropriate, and to

take any further action required or permitted under applicable

law without any liability to the Seller.

11.If the Seller violates any of the above warranties and

undertakings, the Seller shall fully indemnify all losses, costs

and expenses suff ered by the Company and/or the Buyer.

ARTICLE 8 RESERVE

1.Unless otherwise agreed upon by the Company and the

Seller, all Lots are off ered subject to a Reserve. ﬔ e Reserve

shall be determined by the Seller and the Company in writing

through consultation, and no modification of the Reserve

shall be made without the prior consent of the other party

aft er it is determined by both parties.

2.Unless otherwise agreed in writing, the Reserve for each

Lot will be equal to seventy fi ve per cent (75%) of the low presale estimate notifi ed to the Seller.

3.No Reserve may exceed the Lot's final low pre-sale estimate announced or published by the Company. In the event

of a Reserve agreed in a currency other than Hong Kong

dollars without written agreement on the exchange rate, the

Reserve shall be an amount equal to the Hong Kong dollar

equivalent based on the average telegraphic transfer exchange rate off ered by HSBC on the thirtieth calendar days

preceding the auction.

4.Following the bidding failure of the Lot authorized by the

Seller, the Auctioneer shall have the right to sell such Lot at

the Reserve aft er such auction and the Seller must pay the

Commission to the Auctioneer. In no circumstance shall the

Company bear any liability for failure to sell the Lot at the

Reserve at the auction held by the Company.

ARTICLE 9 THE COMPANY'S DISCRETION

ﬔ e Company may decide the following matters at its absolute discretion:

1.Explanation and/or appraisal of any aspect of any Lot

through the catalogue of the Lot and/or news media and/or

other carriers;

2.Whether to consult any expert or not;

3.ﬔ e illustration of the Lot in the catalogue, the exhibition of

the Lot and other forms of publicizing the Lot, the arrangement in the promotional activities as well as the standards of

payable expenses;

4.Suitability of a Lot for auction by the Company;

5.Other matters such as the date of auction, the place of auction, the conditions of auction and the manner of auction.

ﬔ e Company shall not be liable for any delay in meeting nor

failure to meet its obligations under the consignment auction

contract (including without limitation the postponement or

cancellation of any auction) and may terminate its obligations under the consignment auction contract to offer the

Lot for sale, or cancel or postpone any auction, as a result

of circumstances beyond its reasonable control or which

make such performance impracticable, including without

limitation any fi re, fl ood, natural disaster, or other act of God;

any riot, strike, or other civil or labour unrest; transportation

or other infrastructural incapacitation, or inability to secure

suffi cient labour, power, essential commodities, or necessary

equipment; any act of war, armed confl ict, or terrorist attack;

any governmental action or regulation enacted or effected

following the execution of the consignment auction contract

and which is prohibitive or restrictive of the auction(s), the

sale of the Lot, or any other performance contemplated by

the consignment auction contract; any outbreak of disease,

public health emergency, quarantine, epidemic, pandemic,

nuclear or chemical contamination, or other condition that