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
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
