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
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