香港翰海2017年秋拍 我佛慈悲3

THE MERCIFUL BUDDHA

香港翰海 2017 秋季拍賣會 Hanhai Hong Kong 2017 Autumn Auctions

致臻致美－瑰麗珠寶及翡翠 The Beauty of Perfection- Magnificent Jewelry and Jadeite Lot: 001-078

青銅時代Ⅲ The Bronze Age Ⅲ Lot: 101-137

琢玉成德 From Jade To Virtue Lot: 201-241

我佛慈悲Ⅲ The Merciful Buddha Ⅲ Lot: 301-341

ISO9001

0260

IMPORTANT NOTICE TO BUYERS Buyer Registration Clients who wish to bid on lots in auction will be requested by Hanhai (Hong Kong) to complete the Registration Application Form and to deliver to Hanhai (Hong Kong) a deposit for each lot. The amount of the deposit will be HK$100,000 or 10% of the lower figure of any presale estimates for the Lot given by Hanhai, whichever is greater. The exact amount of the Deposit will be announced at least 3 Business Days before the auction date.

Clients are requested to contact Hanhai (Hong Kong) at least 24 hours prior to relevant sale in order for Hanhai (Hong Kong) to process the registration. Hanhai reserves the right to request further information from the applicant or a Bidder, including, without limitation, relevant bank account details, other financial references,

or any other relevant information or documentation.

Hanhai (Hong Kong) has no obligation to accept any registration application.

Hanhai (Hong Kong)’s decision in this regard shall be final.

If there is no successful bid by the Bidder, the Deposit will be refunded to that Bidder within 10 business days after the auction date. No interest on the Deposit will be payable by Hanhai (Hong Kong). In the case of a successful bid by the Bidder, the Deposit will be applied and set off against the Total Amount Payable by the Bidder unless Hanhai agrees otherwise.

Clients may not be allowed to register and bid on a lot if Hanhai (Hong Kong) fails to receive a completed registration application form or required deposits or any other required information or documents.

翰海 翰海

香港

Payment The Purchaser shall pay to Hanhai the Total Amount Payable immediately after the sale and in any event no later than seven (7) Business Days after the auction date. The Deposit paid by the Purchaser for the Lot will be applied to partially settle any amounts due by the Purchaser to Hanhai.

Collecting and Storage Purchased lots will initially be held for collection at the saleroom, after which they will be transferred to warehouse free of charge in 30 days.

If the Purchaser fails to collect the purchased Lot within 30 calendar days after the auction date, Hanhai is entitled to charge the Purchaser storage and insurance charges and other related cost and expenses incurred by Hanhai. For more details please refer to “TERMS AND CONDITIONS OF BUSINESS FOR PURCHASERS”at the back of catalogue.

拍賣

香港 7

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拍 港

100 000

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拍賣

翰海

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香 翰海

10

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10

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香港

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港 拍賣 翰海

香港

翰海

2

香港

0

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香港

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翰海 拍

香

拍賣

0 翰海 翰海

HANHAI HONG KONG 2017 AUTUMN AUCTIONS

Preview

香港翰海2017

拍賣會

時間

Monday, October 2, 2017, 14:00—19:00

2017

10

2

一 14:00—19:00

Tuesday, October 3, 2017, 10:30—19:00

2017

10

3

二 10:30—19:00

Wednesday, October 4, 2017, 10:30—19:00

2017

10

4

三 10:30—19:00

Preview location

預展地點

Grand Ballroom (2nd Floor) Four Seasons Hotel Hong Kong 8 Finance Street, Central, Hong Kong

香港

Auction

拍賣時間

Thursday, October 5, 2017, 14:30

2017

Auction location

拍賣地點

Harbour View Ballroom (4th Floor) Four Seasons Hotel Hong Kong 8 Finance Street, Central, Hong Kong

香港

大禮堂 8

香港

10

5

14:30

海 8

香港

The Beauty of Perfection- Magnificent Jewelry and Jadeite

2017

10

5

14:30

2017

10

5

16:30

2017

10

5

17:30

2017

10

5

18:30

Thursday, October 5, 2017, 14:30 The Bronze Age Thursday, October 5, 2017, 16:30 From Jade To Virtue Thursday, October 5, 2017, 17:30 The Merciful Buddha Thursday, October 5, 2017, 18:30

General Enquiry: +852 3965 3219

＋852 3965 3219

Email: info@hanhaiauction.com

info@hanhaiauction.com

ELEVEN-facEd

301

aVaLOKITESVaRa 18

china court 2 1厘米

18th century 金

估价：HKD 180,000-220,000 USD 24,000-29,000

H. 24.1 cm Brass, partial cold gold paste

GURU

302 漢藏風格

china court, Sino-Tibetan style 18th century

18 15厘米 金 估价：HKD 100,000-120,000 USD 13,000-16,000

H. 15 cm Gilt copper

GUHYaSaMaJa

303 漢藏風格

china court, Sino-Tibetan style 18th century

18 11 1厘米 金

H. 11.1 cm Gilt copper

估价：HKD 150,000-180,000 USD 20,000-24,000

漢 藏風格

SHaBdRUNG

304

NGawaNGNaMGYaL 17

18

Bhutan

1 5厘米

17th to 18th century

金

H. 13.5 cm

估价：HKD 50,000-80,000 USD 7,000-11,000

·

1594

Gilt copper

·

THE cROw facE

305

MaHaKaLa 18

Bhutan

長5 5厘米，寬 1 5厘米

18th century L. 54.5 cm, w. 41.5 cm

估价：HKD 100,000-150,000 USD 13,000-20,000

Mineral pigment on cloth

得

GOAT RIDING

306 風格

DHARMAPALA Yuan Dadu style

2厘米 金 估价：HKD 150,000-180,000 USD 20,000-24,000

|

|

Yuan dynasty H. 32 cm Gilt copper

307 風格 18 22 5厘米 金 估价：HKD 750,000-850,000 USD 98,000-110,000

70 8

1780

14

12 7000

22

THE 6TH PANCHEN LAMA Mongolia, Zanabazar style 18th century H. 22.5 cm Gilt copper

TSONGKHAPA

308

Mongolia 18th century

18

H. 25 cm

25厘米 金 估价：HKD 260,000-300,000 USD 35,000-40,000

|來源| 藏 |PROVENANCE|

Pro ert ro collection

a el ian i lo atic

Ivory, gilt copper

JONANG MASTER

309 風格

TARANATHA

18 Mongolia, Zanabazar style

11厘米

18th century

金 估价：HKD 180,000-200,000 USD 24,000-26,000

1614

H. 11 cm Gilt copper

20

1635

這是多羅那他尊者最重要的識別標志，

VAJRASATTVA

310

Mongolia, Zanabazar 18th century

18

H. 25 cm

25厘米

Gilt copper, with bottom seal intact

金 估价：HKD 8,800,000-10,000,000 USD 1,150,000-1,300,000

1635-1723

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THE DRAGON LADY

311 藏 1

風格

Tibet, China, Nepal style 14th to 15th century

15 1 5厘米 金

估价：HKD 100,000-120,000 USD 13,000-16,000

H. 19.5 cm Gilt copper

JADE SEALS

312

Aba Prefecture, Sichuan Province, China

， 17

17th century

長 5厘米，寬 5厘米， 8厘米 長8 厘米，寬8 1厘米， 8厘米 Main seal: L. 9.5 cm, W. 9.5 cm, H. 8 cm 長8厘米，寬8厘米， 7厘米 Middle seal: L 8.3 cm, W. 8.1 cm, H. 8 cm 玉石 估价：HKD 280,000-350,000 USD 37,000-46,000

Small seal: L. 8 cm, W. 8 cm, H. 7 cm Jade

1658

80

1997 會

VEDA

313

China 17th century

17 12 厘米 金

H. 123 cm (body), H. 20 cm (stand)

2 厘米

Dry lacquer body, white marble stand

白玉石

估价：HKD 400,000-500,000 USD 52,000-65,000

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STONE HEAD OF

314

BUDDHA China 厘米 石

H. 46 cm

估价：HKD 150,000-180,000 USD 20,000-24,000

|來源| 私人收藏 |PROVENANCE|

Private er an collection

Ming dynasty

Stone

315 藏 15 5厘米 ，

金

估价：HKD 1,800,000-2,200,000 USD 240,000-290,000

|來源| 洲私人收藏

|PROVENANCE|

Private E ro ean collection

USHNISHAVIJAYA Tibet, China 15th century H. 30.5 cm Silver body, gilt copper base

316

長15 厘米，寬 厘米，厚 5厘米 金 估价：HKD 60,000-80,000 USD 8,000-11,000

1.

2.

3.

1

2

GOLDEN AMULET China Ming dynasty L. 15.6 cm, W. 6 cm, H. 0.5 cm Gold

3

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4.

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317

1 5厘米 金 估价：HKD 3,200,000-3,800,000 USD 420,000-500,000

|來源| 私人藏

香港

2006

拍

拍 香港

|PROVENANCE|

Private ritis collection

2017

拍

拍

FOUR ARMED MANJUSRI Ming Court Yongle period, Ming dynasty H. 10.5 cm Gilt copper

318

1 5厘米 金 估价：HKD 13,000,000-16,000,000 USD 1,700,000-2,100,000

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MARICI Ming Court Yongle period, Ming dynasty H. 19.5 cm Gilt copper

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319 藏 15 28厘米 金

金

石

估价：HKD 4,600,000-5,500,000 USD 600,000-720,000

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RAKTAYAMARI Tibet, China 15th century H. 28 cm Gilt copper, partial cold gold paste, inlaid with silver, gem insets

Yamari

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SAKYAMUNI

320 風格

Yuan Dadu style Yuan dynasty

1 厘米 金 估价：HKD 150,000-200,000 USD 20,000-26,000

H. 14 cm Gilt copper

SEAL OF A YUAN

321

PRINCE CONSORT Yuan Dadu 長 7厘米，寬

厘米，

5厘米

金

Yuan dynasty L. 4.7 cm, W. 4.6 cm, H. 5 cm

估价：HKD 120,000-150,000

Gilt copper

USD 16,000-20,000

會 ་ནང་ ང་ ་ ་ ” ”

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་ ེན་ ་ ་ནང་ ”

KALACHAKRA

322

Tibet, China

藏

Early 15th century

15 長8

L. 86.4 cm, W. 66 cm

厘米，寬 厘米

Mineral pigment on cloth 估价：HKD 1,800,000-2,500,000 USD 250,000-330,000

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GURU OF TAKLUNG

323

KAGYU SCHOOL

藏 1

1

Tibet, China

71厘米 金

H. 71 cm

估价：HKD 4,200,000-5,500,000 USD 550,000-720,000

|來源| 收藏 |

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|PROVENANCE| Collection o Cai C ennan C inese ai ei |

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ai an

13th to 14th century

Copper alloy, inlaid with copper

SAKYAMUNI

324

Tibet, China

藏

13th century

1 18厘米

H. 18 cm

金

Copper alloy, inlaid with silver and copper

估价：HKD 180,000-200,000 USD 24,000-26,000

13

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|PROVENANCE|

2 C ris s

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325 藏

格

15

1

長

5厘米，寬52厘米 金

估价：HKD 150,000-180,000 USD 20,000-24,000

15

15

會

15

2007 15

一

13 15

15

3

拍

GURU OF DRIKUNG KAGYU Guge, Tibet, China 15th to 16th century L. 64.5 cm, W. 52 cm Mineral pigment on cloth, partial gold painting

香港翰海2015

二

拍

·

· ·

·

·

·

香

港翰海2015

拍

三

17 15

326 格 11

12 28 5厘米 金

估价：HKD 1,500,000-2,000,000 USD 200,000-260,000

8

12

2016

拍

|來源| 洲私人收藏

|PROVENANCE|

Private E ro ean collection

2016

3

拍

拍

SAKYAMUNI India, Pala style 11th to 12th century H. 28.5 cm Copper alloy, inlaid with silver and copper, bottom seal intact

DORJE PHURBA

327

Tibet, China

藏 12

12th century

長2 厘米

L. 29 cm Aerosiderite

估价：HKD 40,000-60,000 USD 6,000-8,000

Purba Vritra Intra Vaja

會

11

12

棱

|來源| ，

藏

，1 7 年11

|PROVENANCE|

C ristie s an 1 7

n ian

ine

i etan Ne alese

or s o Art Nov

AVALOKITESVARA

328 風格 1

10th to 11th century

11 1 厘米

H. 13 cm

金

Copper alloy

估价：HKD 2,000,000-2,400,000 USD 260,000-320,000

|來源| 洲私人收藏 |

|

|PROVENANCE|

Private E ro ean collection

India, Pala style

MAITREYA

329 藏 11

Tibet, China, Pala style

風格

11th to 12th century

12

H. 14 cm

1 厘米 金

Copper alloy, partial cold gold paste

金

估价：HKD 600,000-800,000 USD 80,000-105,000

海

|來源| 洲私人收藏， 8

2

年

|PROVENANCE|

Private E ro ean collection ac ire in 1 8 s 1

s

VAJRAVARAHI

330 藏 12

風格

12th to 13th century

1 12厘米

H. 12 cm

金

Copper alloy

估价：HKD 300,000-400,000 USD 40,000-52,000

|來源| 洲私人收藏

|PROVENANCE|

Private E ro ean collection

Tibet, China, Pala style

ACHALA

331 藏 11

風格

Tibet, China, Pala style 11th to 12th century

12 1 5厘米

H. 19.5 cm

金

Copper alloy, inlaid with silver and copper

估价：HKD 1,500,000-1,800,000 USD 200,000-240,000

一

|來源| 洲私人收藏

|PROVENANCE|

Private E ro ean collection

PADMAPANI

332 風格

11th century

11 1 厘米

H. 10 cm

金

Copper alloy, inlaid with silver and copper

估价：HKD 150,000-180,000 USD 20,000-24,000

|來源| 洲私人收藏， 8

2

年

|PROVENANCE|

Private E ro ean collection ac ire in 1 8 s 1

s

India, Pala style

PADMAPANI

333 風格

9th to 10th century

1 17厘米

H. 17cm

金

Copper alloy

估价：HKD 300,000-350,000 USD 40,000-46,000

|來源| 洲私人收藏 |PROVENANCE|

Private E ro ean collection

India, Pala style

VAJRAPANI

334 藏

風格

13th century

1 1 8厘米 金 估价：HKD 150,000-180,000 USD 20,000-24,000

|來源| 洲私人收藏，2 5年

|PROVENANCE|

Private E ro ean collection since 2 5

Tibet, China, Pala style

H. 10.8 cm Silver, partial cold gold paste

MANJUSRI

335

Liechavi period, Nepal 7

7th to 8th century

8 1 厘米 金

估价：HKD 260,000-300,000 USD 35,000-40,000

H. 10 cm Gilt copper

PRAJNAPARAMITA

336 特

India, Swat

7

6th to 7th century

厘米

H. 9 cm Bronze, inlaid with silver

估价：HKD 80,000-100,000 USD 11,000-13,000

THE STANDING

337

BUDDHA

風格 1

India, Pala style 2厘米

10th century

石

H. 42 cm

估价：HKD 300,000-400,000

Black stone

USD 40,000-52,000

S

2013

2017

|來源| 收藏 2

藏，

8 年

|PROVENANCE|

talian collection ac ire in 1 8 s

10

拍 拍

拍

一 二

338 藏

格

米

風格

11 8厘米 金

，

估价：HKD 8,000,000-10,000,000 USD 1,050,000-1,300,000

9

·

S

PADMAPANI Guge, Tibet, China, Kashmir style 11th century H. 68 cm Copper alloy, eyes inlaid with silver

·

·

1

會

HEAD OF BUDDHA

339

Gandhara 4th century H. 48 cm

8厘米

Stone

石 估价：HKD 400,000-500,000 USD 52,000-65,000

巴基斯坦 1

5

4

A TIBETAN DAGGER

340

Tibet, China

藏 18

18th to 19th century

1

L. 48 cm

長 8厘米 金

Iron, inlaid with gold, silver and turquoise

石

估价：HKD 50,000-80,000 USD 7,000-11,000

18

19

341

行旅圖石雕榻屏 粟特風格 北周（557-581年） 長78厘米，寬52厘米，厚11厘米 漢白玉石 彩繪貼金 估价：HKD 6,800,000-8,800,000 USD 880,000-1,140,000

Aesculus

|來源| 亞洲私人收藏

|PROVENANCE|

Private Asian collection

A WHITE MARBLE SCREEN DEPICTING SOGDIAN ARISTOCRATS Sogdian style The Northern Zhou Dynasty(AD 557-581) L. 78 cm, W. 52 cm, H. 11 cm White marble, with mineral pigment and gold foil

5 會

6

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BUYER’S GUIDANCE Read this guide to buying at auction. If you have more questions, information could be found in the “Important Notice to Buyers” section and “TERMS AND CONDITIONS OF BUSINESS FOR PURCHASERS” section, or you can call us to inquire.

3. After Auction

2. Bidding

1. Before Auction Browsing our catalogues is the best way to discover what items will be for sale. You can also check our website www.hanhaiauction.com where you can see all lots. Once the sale is on view, visit our viewroom.

There are a few things you may pay attention to before the auction:

Descriptions Cover basic catalogue information: size, date, medium, type, number, attribution and so on.

Estimates Estimated prices are given to all lots and can be based on prices recently paid at auction for comparable property. They take into account rarity, condition, quality, and provenance. If there are any inconsistencies among the currencies used, Hong Kong Dollars (HKD) shall prevail.

Interact With Our Specialists Our specialists at Hanhai (Hong Kong) will be delighted to discuss items in greater details with you.

Condition Reports The reports are available on request.

These supplement the catalogue description and provide guidance on the item’s condition.

View The Lot Personally We would always recommend coming to the auction preview and looking at an item yourself.

There are three ways to bid on lots, offering you convenience and flexibility whether you are able to attend or not.

In The Saleroom To bid in person just register at least 24 hours in advance of the sale.

You can feel the buzz and fun of a bidding in a live auction. Please bring some form of identification when registering.

Telephone Bidding Telephone bidding enables you to talk directly to a Hanhai (Hong Kong)’s staff member in the auction. He or she will relay progress back to you and, on your instruction, bid on your behalf. Please arrange a telephone line at least 24 hours before the sale.

To organize a telephone bid, please fill out “Absentee Bids Form” at the back of catalogue and mail it to our office.

Written Bids This service is great if you cannot attend auction or are not available to participate telephone bidding. A written bid is simply your maximum bid. Please fill out “Absentee Bids Form” at the back of catalogue and mail it to our office at least 24 hours before the sale.

Once you have paid for your purchase, collecting and delivering service can be arranged.

How Much You Will Pay Once you have successfully purchased an item from bidding, you will pay the hammer price plus buyer’s premium on each lot, together with any additional applicable charges. The buyer’s premium is: (1) 23% of the first HK$1,000,000 of the Hammer Price of each Lot; plus (2) 18% of the excess of the Hammer Price above HK$1,000,000 up to and including HK$15,000,000; plus (3)10% of any sum in excess of HK$15,000,000.

For more details please refer to “TERMS AND CONDITIONS OF BUSINESS FOR PURCHASERS” at the back of catalogue, or call (852) 3965 3219 to inquire.

Storage Purchased lots will initially be held for collection at the saleroom, after which they will be transferred to warehouse free of charge in 30 days.

If the purchases are not collected within 30 days, a monthly storage fee will be charged. Please refer to “TERMS AND CONDITIONS OF BUSINESS FOR PURCHASERS” for details.

Delivery Hanhai (Hong Kong) can help you with all your transport requirements whether local deliveries or international freight. Please call (852) 3965 3219 for details.

For more details, please refer to “TERMS AND CONDITIONS OF BUSINESS FOR PURCHASERS” at the back of catalogue.

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21

TERMS AND CONDITIONS OF BUSINESS FOR PURCHASERS Unless otherwise expressly agreed or Hanhai notifies the Bidder or the Purchaser (as the case may be) otherwise, these Terms and Conditions of Business for Purchasers shall form the basis of the agreement between Hanhai and the Bidder, and the Purchaser. They may be amended by notices or terms issued to the Purchaser, published in the Catalogue, or announced, displayed or distributed at the sale of the Lot

by Hanhai or the Auctioneer. The Bidder’s continued participation in an auction and/or use of the Website constitutes his agreement to be bound by these Terms and Conditions as amended from time to time.

In addition to these Terms and Conditions, the relationship between Bidders, Purchasers, Sellers and/or Hanhai regarding the sale, purchase or holding of the Lot is also subject to (i) the consignment agreement between Hanhai and the Seller, (ii) the Terms and Conditions of Business for Sellers, (iii) the Contract of Sale to be entered into by the Seller with the Purchaser, and (iv) any relevant notices or terms as mentioned above.

1. INTERPRETATION (a) In these Terms and Conditions, the following words shall have the meanings given to them below unless the context requires otherwise: “Auctioneer” means the representative of Hanhai conducting the relevant auction sale; "Business Day" means a day in Hong Kong other than a Saturday, Sunday or public holiday, when the banks

are open to the general public for business; “Bidder” means a person who has registered with Hanhai as a bidder in an auction; “Catalogue” means the catalogue relating to the relevant auction sale at which a Lot is to be offered for sale, including any representation of the Catalogue published on the Website; “Deposit” means a deposit payable by a Bidder to Hanhai calculated in accordance with Clause 4(b); “Encumbrance” means any right, interest or equity of any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge, pledge, lien, restriction, assignment, hypothecation or other security interest of any kind or any other type of arrangement (including a title transfer and retention arrangement) having similar effect or any other encumbrance of any kind; “Expenses” means the charges and expenses of Hanhai in respect of the sale of a Lot including legal expenses, charges and expenses for insurance, catalogue and other reproductions and illustrations, advertising, packing or shipping costs, fees for reproductions rights, any customs duties, taxes (including consignment tax which may be payable by Hanhai for the sale of the Lot as an agent of the Seller in Hong Kong), levies, costs of testing, searches or enquiries, charges for preparation of the Lot for sale, storage and removal of the Lot or costs of collection from a defaulting Purchaser or from the Seller;

“Hammer Price” means the price at which a Lot is knocked down by the Auctioneer by the fall of the hammer, or in the case of a private sale, the agreed sale price; “Hanhai” means Hanhai Auction (Hong Kong) Limited, and where appropriate, reference to “Hanhai” will include reference to Hanhai’s officers, employees and agents; “Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China; “Lot” means any item consigned to Hanhai for its saleat auction or by private sale, and reference to any Lot will include reference to individual items comprised in a group of two or more items offered for sale as one Lot unless the context otherwise requires; “Proceeds” means the net amount due to the Seller from the sale of a Lot, being the Hammer Price (to the extent received by Hanhai in cleared funds) less the Seller’s Commission, the Expenses and any other amount due to Hanhai howsoever arising and in whatever capacity; “Purchase Price” means the aggregate of the Hammer Price and the Purchaser’s Premium; “Purchaser” means the Bidder who makes the highest bid or offer accepted by the Auctioneer, and the Bidder’s principal in a case where the Bidder is bidding as agent; “Purchaser’s Premium” means the commission payable by the Purchaser which is calculated on the Hammer Price at the rates stated in the Catalogue and in accordance with Clause 11;

“Reserve” means the minimum price at which a Lot may be sold (whether at auction or by private sale);

(i) words importing the singular only shall include the plural and vice versa;

“Seller” means the person who offers the Lot for sale as owner, or as the executor or personal representative of such owner, or as the agent of such owner. If the person who offers the Lot for sale is the agent of the owner (whether such agency is disclosed to Hanhai or not), the term “Seller” shall include both the agent and the principal who shall be jointly and severally liable as such. Multiple owners, agents or persons in possession shall be jointly and severally liable for all representations, warranties, indemnities, obligations and liabilities as set forth in these Terms and Conditions. For the avoidance of doubt, Hanhai shall not be regarded as the “Seller” under these Terms and Conditions;

(ii) words importing natural persons shall include corporations and unincorporated associations; and

“Seller’s Commission” means the commission payable by the Seller to Hanhai calculated at the rates stated at 10% of the Hammer Price or such other rates as designated by Hanhai at its sole and absolute discretion at the time of the consignment of the Lot as set out in the consignment agreement;

(iii) words importing the masculine gender only shall include the feminine gender and the neuter gender.

2. HANHAI AS AGENT Save as otherwise specified by Hanhai in writing, Hanhai acts only as agent for the Seller for the sale of the Lot. The Seller shall be the principal to the Contract of Sale with the Purchaser and be responsible for any breaches of that contract. As such, the Seller shall be responsible for all representations and statements made by Hanhai on the Seller’s behalf. As the Seller’s agent, Hanhai is not under any obligation, either to the Purchaser or to any Seller, under the Contract of Sale which the parties make through Hanhai. These Terms and Conditions set out the entire obligations and liabilities which Hanhai may have to the Bidder and the Purchaser.

3. BIDDER REGISTRATION

“Total Amount Payable” means the aggregate of the Purchase Price, any applicable taxes and any other relevant charges, cost and expenses in respect of the Lot due from the Purchaser;

(a) Unless otherwise agreed by Hanhai, a person who wishes to bid in an auction must register with Hanhai as a Bidder at least twentyfour (24) hours before the auction begins.

“Website” means the website of Hanhai currently under construction; and

(b) To register, the applicant shall complete and sign a registration form and provide his contact details, correspondence address and valid proof of identity as may be

(b) In this Agreement, unless the context otherwise requires,

required by Hanhai. In the case of a company, a copy of its certificate of incorporation or evidence of incorporation and its latest business registration certificate must also be provided. If the applicant is acting as an agent for a principal, he shall also provide an authorisation letter duly signed by the principal and further details and identification documents of the principal. (c) Hanhai reserves the right to request further information from the applicant or a Bidder, including, without limitation, relevant bank account details, other financial references, or any other relevant information or documentation. (d) Hanhai may, at its absolute discretion, refuse to register any person, including but not limited to persons who have not registered with Hanhai in accordance with this Clause or complied with other requirements of Hanhai (if any).

Under no circumstances shall Hanhai be liable for any consequences for refusing to register such person(s).

4. DEPOSIT (a) A Bidder must pay a Deposit for each Lot before bidding at the auction. (b) The Deposit shall be an amount equivalent to (i) 10% of the lower figure of any pre-sale estimates for the Lot given by Hanhai, or (ii) HK$100,000, whichever is greater. The exact amount of the Deposit will be announced at least three (3) Business Days before the auction date. (c) If there is no successful bid by the Bidder, the Deposit will be refunded to that Bidder within ten

(10) Business Days after the auction date. No interest on the Deposit will be payable by Hanhai. In the case of a successful bid by the Bidder, the Deposit will be applied and set off against the Total Amount Payable by the Bidder unless Hanhai agrees otherwise.

5. EXAMINATION OF LOTS (a) Lots are sold on an “as is” basis. (b) Bidders are strongly advised to inspect the Lots which they are interested to purchase before the auction themselves or have such Lots examined on their behalf by an independent professional advisor.

Bidders shall satisfy themselves as to the condition (including defects, damage, faults and imperfections) of the Lots before bidding. Bidders are advised not to bid if they have not carried out their own inspection or have not satisfied themselves as to the condition of the Lots.

6. CATALOGUE AND LOT DESCRIPTIONS (a) Anything stated or represented

by Hanhai or on its behalf in any description of the Lot or in any estimate or evaluation given in the Catalogue, the Website or in other reports or marketing or promotional materials is only an expression of opinion and will depend on a number of factors (including those mentioned in Clause 6(d) below).

Hanhai neither makes nor agrees to make any contractual promise, guarantee, undertaking, obligation, warranty or representation of fact in relation to any such description, estimate or opinion or in relation to the accuracy of anything stated in

or represented by any expression of that description, estimate or opinion.

For the avoidance of doubt, such description, estimate or opinion may be revised from time to time in Hanhai’s absolute discretion. (b) Any references to defects or restoration of a Lot are for guidance only. The lack of a reference to a defect or restoration does not suggest that there are no defects, or that it has not undergone restoration. A reference to a defect does not mean that there are no other defects. (c) Bidders and the Purchaser acknowledge that any pre-sale estimates or evaluation provided

by Hanhai shall not be relied on as an indication of the Hammer Price or value of the Lot or for any other purposes. The Hammer Price may be higher or lower than such pre-sale estimates or evaluation. (d) Attribution of Lots is a matter of opinion and not of fact, and will depend on a number of factors, including information given by the Seller, the investigations, research or examinations which Hanhai decides to conduct in the circumstances, the condition of the Lot, and the status of generally accepted expert opinion at the time of cataloguing. Hanhai is under no obligation to engage, consult with and rely on any external experts, agents or other third parties, and carry out such investigations, research, tests or examinations in relation to the Lot. (e) Photographs contained in the Catalogue, on the Website or in other reports or marketing or promotional materials are only for Bidders’ and

the Purchaser’s reference. There may be differences in colour, appearance or other characteristic between these photographs and the Lots and the photographs should not be relied on as the actual appearance of the Lots. (f) Any marketing or promotional materials may be revised from time to time at the sole and absolute discretion of Hanhai. (g) The copyright in the text and the photographs, illustrations and images of the Lot created by Hanhai (including those contained in the Catalogue or on the Website or in any marketing or promotional material) belongs to Hanhai and Hanhai shall have the right to use them in whatever way it deems appropriate, both before and after the auction. Bidders and the Purchaser will not reproduce or allow anyone else to reproduce such text, photographs or illustrations without Hanhai’s prior written consent. Hanhai and the Seller make no representation or warranty that the Purchaser of the Lot will acquire any copyright in the Lot.

7. REFUSAL OF ADMISSION OR PARTICIPATION The Auctioneer and Hanhai shall have the right to impose conditions for or refuse admission to the auction premises or participation in an auction.

8. WITHDRAWAL OF LOTS FOR SALE (a) Hanhai may at its absolute discretion withdraw a Lot from sale at any time as it deems fit, without any liability or obligation to provide any reason or explanation, including without limitation, in the following

circumstances: (i) the Seller is in breach of any provisions of the Terms and Conditions of Business for Sellers in any respect; (ii) Hanhai is of the opinion that there is doubt as to the authenticity or attribution of the Lot, or the accuracy of any of the Seller's representations or warranties; (iii) the sale of the Lot is subject to the compliance of certain requirements, or the obtaining of certain licences or consents (including without limitation, the licence under the Convention on International Trade in Endangered Species) and such requirements have not been met or such licences or consents have not been obtained; (iv) Hanhai and/or the Seller may be or are restrained by order of the court or other competent authority in respect of the Lot, or may be or are otherwise not legally entitled to sell the Lot; (v) the Lot is not in the state in which it was when Hanhai agreed to sell it; or (vi) the relevant auction is postponed, re-scheduled, re-organized or cancelled for any reason. (b) If a Lot is withdrawn from sale by Hanhai, Hanhai shall not be liable to the Bidders or the Purchaser for any costs, expenses, damages, claims or actions which the Bidders or the Purchaser have incurred or committed to incur in relation to the Lot. (c) Hanhai reserves the right to put up any withdrawn Lot for auction again.

9. BIDDING (a) Auction of a Lot shall be

conducted at the time and location and in such manner as Hanhai shall, in its absolute discretion, determine. (b) By making a bid, a Bidder is deemed to act as principal and is accepting personal liability to pay the Total Amount Payable, unless the Bidder has registered with Hanhai that he acts as agent of his principal, in which case, the principal shall accept personal liability in respect of the Total Amount Payable. (c) Auctioneers accept bids from those presentat the auction and, subject to Hanhai’s absolute discretion, written absentee bids and telephone bids placed in accordance with the requirements below: (i) an absentee bid must be placed in writing by mail. The Bidder shall submit a completed bid order form at least twenty-four (24) hours before the auction. The Bidder shall also comply with any requirements prescribed by Hanhai from time to time and provide all such information, documents and evidence as what Hanhai may in its absolute discretion require.

This service is complimentary and subject to other commitments of the Auctioneer or Hanhai at the time of the sale. The Auctioneer or Hanhai accepts no liability nor responsibility for failing to receive or place a written absentee bid or for any errors or omission in connection therewith.

All written absentee bids will be executed at the lowest level possible subject to the Reserve (if any) and other bids placed for the Lot. (ii) if two or more written absentee bids are received in respect of the same Lot with identical price, the first written absentee bid received

and approved by the Auctioneer or Hanhai shall take preference. (iii) a Bidder who intends to bid by telephone must submit a completed bid order form at least twenty (24) hours before the auction. Hanhai will use reasonable effort to contact the Bidder to enable him to participate in the bidding by telephone. Execution of telephone bids is a complimentary service undertaken subject to other commitments of the Auctioneer or Hanhai at the time of the sale. The Auctioneer or Hanhai accepts no liability nor responsibility for failing to do so or for any errors or omission in connection with it. Hanhai shall not be responsible if the Bidder is unavailable at the time of the auction or if the telephone connection is interrupted for any reason. (iv) for the avoidance of doubt, the Auctioneer would only act upon instructions duly received by him and in case of dispute, the Auctioneer’s decision shall be final and conclusive. (d) Lots may be offered subject to a confidential Reserve. Generally, a Reserve will not exceed the lower figure of any pre-sale estimate for the Lot given by Hanhai but the Reserve shall be determined by Hanhai at its discretion in accordance with the Terms and Conditions of Business for Sellers. (e) If a Reserve is applicable to a Lot, the Auctioneer may place bids for the Lot on behalf of the Seller at a price below the Reserve in such manner as he deems fit. (f) No bid shall be withdrawn by the Bidders or be at any amount less than the previous bid at the time of the sale.

(g) The Auctioneer has absolute discretion at any time to withdraw any Lot, refuse or accept any bid, reoffer a Lot for sale (including after the fall of the hammer), combine or divide any Lots and take such other action and step as he reasonably thinks fit. (h) If a currency converter or an audio-video screen is used in an auction and errors or mistakes occur in the operation of such currency converters or audio-video screens, Hanhai shall have no liability to Bidders who use the currency converters or the audio-video screens.

10. SUCCESSFUL BID AND PASSING OF RISK (a) Subject to the Auctioneer’s discretion and the Reserve, the highest Bidder recognized by the Auctioneer shall be deemed to be the Purchaser. The fall of the Auctioneer’s hammer indicates the acceptance of the highest bid and the conclusion of a Contract of Sale between the Seller and the Purchaser. Any dispute on the finality of bids or the Hammer Price in respect of a Lot shall be raised before the next Lot is put up for auction andthe decision of the Auctioneer shall be final. (b) Immediately after the sale, the Purchaser shall provide Hanhai with his name and permanent address, details of the bank account from which payment will be made if applicable, and such other particulars which Hanhai may request. (c) Risk and responsibility for the Lot (including frames or glass where

relevant) but not its title shall pass to the Purchaser immediately upon the sale. Hanhai and the Auctioneer shall not thereafter be responsible for any loss or damage to the Lot.

11. PURCHASER’S PREMIUM (a) The Purchaser’s Premium shall be charged based on the Hammer Price at the following rates: (i) 23% of the first HK$1,000,000 of the Hammer Price of each Lot; plus (ii) 18% of the excess of the Hammer Price above HK$1,000,000 up to and including HK$15,000,000; plus (iii) 10% of any sum in excess of HK$15,000,000. (b) Hanhai reserves the right to adjust the above rates at any time by publishing such new rates in the Catalogue. Unless otherwise indicated by Hanhai, in the event of any inconsistencies in the rates set out in Clause 11(a) above and the Catalogue in respect of the Lot, the rates in the Catalogue shall prevail.

12. PAYMENT AND PASSING OF TITLE (a) The Purchaser shall pay to Hanhai the Total Amount Payable immediately after the sale and in any event no later than seven (7) Business Days after the auction date.

The Deposit paid by the Purchaser for the Lot will be applied to partially settle any amounts due by the Purchaser to Hanhai. (b) Hanhai does not accept payments made to Hanhai by any third parties.

If the successful bid is placed by a Bidder on behalf of a disclosed principal, that principal (being

the Purchaser) shall be personally responsible for making any payments to Hanhai. (c) All sums due to Hanhai by the Purchaser or owed by Hanhai to the Purchaser under these Terms and Conditions shall be settled in Hong Kong dollars except as otherwise agreed between Hanhai and the Purchaser. The Purchaser shall pay the Total Amount Payable or any sums due to Hanhai under these Terms and Conditions by way of cheque, bank draft, bank transfer or bank remittance at Hanhai’s discretion. (d) Time is of the essence in relation to the payment of any amounts payable by the Purchaser to Hanhai. (e) Irrespective of when risk and possession of the Lot pass, title to the Lot shall only pass to the Purchaser (even if the Purchaser intends to export the Lot or an export licence is or may be required) after the Purchaser has fully paid to and received by Hanhai the Total Amount Payable in cleared funds.

13. EXPORT OR IMPORT LICENCE (a) The Purchaser is solely responsible for obtaining any relevant export and import licences for the Lot. (b) The denial of any such licences or delay in obtaining licences for the Lot (whether or not Hanhai is assisting the Purchaser in obtaining such licences) does not entitle the Purchaser to rescind the sale of the Lot or delay payment of the Total Amount Payable for the Lot. (c) The Purchaser may request

Hanhai to apply for an export licence on his behalf. If Hanhai accepts such request, it shall be entitled to charge the Purchaser for such service at a price determined by Hanhai. Under no circumstances shall Hanhai be responsible for any failure to or delay in obtaining such licence.

14. COLLECTION OF PURCHASES (a) Hanhai shall be entitled to retain the Lot purchased until the Purchaser has paid to Hanhai the Total Amount Payable in cleared funds and performed any other outstanding obligations that Hanhai, in its sole discretion, may require from time to time, including but not limited to completing any anti-money laundering or anti-terrorism financing checks to Hanhai’s satisfaction. (b) In the event that the Purchaser fails to complete any anti-money laundering or anti-terrorism financing checks to Hanhai’s satisfaction, Hanhai shall be entitled to cancel the sale and to take any other actions that Hanhai considers are appropriate to the extent permitted under applicable law. (c) The Purchaser shall collect the purchased Lot within thirty (30) calendar days after the auction date unless otherwise agreed by Hanhai, failing which Hanhai may, whether or not payment has been made by the Purchaser, in its sole discretion store the Lot at its own premises or an independent storage facility and insure the Lot at the Purchaser's risk and expense.Hanhai is entitled to charge the Purchaser storage and insurance charges and other related cost and expenses incurred by Hanhai.

(d) If the Purchaser requires any delivery service for the purchased Lot, Hanhai may arrange for the same and charge the Purchaser for delivery cost, insurance cost and other related costs and expenses incurred by Hanhai. (e) Hanhai shall use reasonable care when handling, packing, storing and shipping a Lot, but Hanhai shall have no liability for or arising from the acts, omissions, wilful default or negligence of any third party contractors whom Hanhai retains to provide such services.

15. REMEDIES FOR NONPAYMENT (a) If the Purchaser fails to pay the Total Amount Payable in full in cleared funds pursuant to Clause 12, Hanhai will take such steps to obtain payment of the Total Amount Payable as the Seller may reasonably instruct Hanhai to take. (b) If Hanhai does not receive any such instructions from the Seller, Hanhai may, without further notice to the Purchaser, at its absolute discretion and without prejudice to any other rights Hanhai may have, exercise one or more of the following right and remedies: (i) to charge and retain for its own account interest on the total amount due at such rate as Hanhai shall reasonably decide; (ii) to commence proceedings against the Purchaser for damages for breach of contract, including but not limited to the total amount due, together with any interest, and legal costs and other costs and expenses incurred in enforcing the payment;

(iii) to resell the Lot by auction, by private sale or other means at such time and location, in such manner and on such terms as Hanhai determines from time to time, and the Purchaser shall be liable for payment of any deficiency between the total amount due and the resale price plus any costs and expenses incurred; (iv) to refuse any registration of and participation by or on behalf of the Purchaser at any future auctions, or to obtain a deposit from the Purchaser at such amount as Hanhai deems appropriate before accepting any bids; (v) to set off any amounts which Hanhai, or any of its affiliates, subsidiaries or parent companies, may owe the Purchaser in any other transactions against the total amount due by the Purchaser; (vi) to repossess the Lot, and for this purpose grant an irrevocable licence to Hanhai and the Seller to, upon giving reasonable notice to the Purchaser, enter upon all or any of the Purchaser’s premises to take possession of the Lot; (vii) to retain any other Lots sold to the Purchaser at the same or any other auctions and release them only after payment of the total amount due by the Purchaser; (viii) where the Purchaser owes to Hanhai, or any of its affiliates, subsidiaries or parent companies several amounts, to apply any amount paid to discharge any amount owed in respect of any particular transaction; and (ix) to take such other action

as Hanhai deems necessary or appropriate. (c) Notwithstanding the foregoing in this Clause, the Purchaser shall indemnify Hanhai against all its legal and other costs, losses, damages and expenses incurred by Hanhai in connection with the exercise of its rights and remedies under Clause 15(b) above.

16. SELLER’S REPRESENTATIONS AND WARRANTIES (a) The Seller authorizes Hanhai to give to the Purchaser (as agent on behalf of the Seller, and for the avoidance of doubt, not in Hanhai’s own capacity)the representations and warranties mentioned in Clause 14(a) of the Terms and Conditions of Business for Sellers as replicated in Clause 16(b) below. The provision of this Clause 16(a) is subject to Clause 16(c) below. (b) The Seller hereby warrants, represents and undertakes to Hanhai and the Purchaser that from the time of the consignment of the Lot to the time of the sale and at all other relevant times that: (i) the Seller is the sole and absolute owner of the Lot, or is duly authorised by the owner of the Lot to sell it; (ii) the Seller has good and marketable title to the Lot, and has the right and power to pass such title and possession of the Lot to the Purchaser free from Encumbrance or any claims or potential claims (including without limitation, by governments or governmental agencies);

(iii) the Seller has complied with all requirements, legal or otherwise, relating to any export or import of the Lot, all duties and taxes in respect of the export or import of the Lot have been paid and, so far as the Seller is aware, all third parties have complied with such requirements in the past; (iv) all statements made by the Seller in respect of the Lot have been honestly made and are true, accurate and complete in all respects; (v) the Seller has provided Hanhai accurately in writing with all information in relation to the Lot (including without limitation, its origin, present and past ownership, authorship, attribution, age, suitability, quality, defects, export or import history, any material alterations thereto, the existence of any endangered or protected species and any concerns which have been raised by third parties), and there is no fact, matter or circumstance which has not been disclosed in writing to Hanhai which renders any such information untrue, inaccurate or misleading in any respect or which might reasonably affect the willingness of the Purchaser to proceed with the purchase of the Lot; (vi) the sale will conform in every respect with the terms implied by the Sale of Goods Ordinance (Chapter 26 of the Laws of Hong Kong) and will not be in contravention with any applicable laws and regulations; (vii) the Lot is not a counterfeit or a forgery; (viii) the Seller has paid or will pay all taxes and duties potentially due on

the Proceeds and has notified Hanhai in writing of all such taxes and duties payable by Hanhai on the Seller’s behalf outside Hong Kong (if any); (ix) there are no restrictions (whether copyright or otherwise) affecting the Lot or the rights of Hanhai to photograph, illustrate or otherwise produce other images or texts, or reproduce (in any manner and in any media) photographs, illustrations or other images or texts, of, about or relating to the Lot; (x) the consignment and sale of the Lot by the Seller does not and shall not violate in any respect any applicable law or regulation or any order or decree of any governmental authority, agency or court in any country to which he is subject, and it is not necessary for the Seller to obtain any licences or consents for the consignment and/ or sale of the Lot (or if such licences or consents are necessary, they have been duly obtained by the Seller and are valid and subsisting and there is no reason why any of them should be suspended, cancelled or revoked); and (xi) the Seller will promptly notify Hanhai in writing of all information in relation to the Lot which the Seller may subsequently become aware of, or any matter or thing of which he becomes aware which is a breach of or inconsistent with any of the above warranties. (c) No warranty or representation whatsoever is given by Hanhai or its officers, employees, agents or representatives in respect of any Lot and any express or implied conditions or warranties are hereby withdrawn. (d) Where Hanhai reasonably

considers that there has been or may be a breach of the Seller’s representations, warranties or undertakings or other terms of the Terms and Conditions of Business for Sellers, it may rescind the sale of the Lot if it considers appropriate or necessary at its sole and absolute discretion. (e) If Hanhai rescinds the sale of the Lot in accordance with Clause 16(d), Hanhai shall refund the amount paid in respect of such Lot by the Purchaser without interest provided that: (i) the Lot is returned to Hanhai within fifteen (15) Business Days after receipt of the notice from Hanhai in relation to the rescission of the sale; (ii) the Lot returned is in the same condition in which it was at the time of the auction and the Purchaser shall transfer a good and marketable title of the Lot free from Encumbrances; (iii) the Purchaser shall not claim for any loss or damage, directly or indirectly suffered by him; and (iv) the right to such refund is not assignable or transferable and the refund shall be made only to the Purchaser who shall be the person to whom the invoice of the Lot was originally made out.

17. LIMITATION OF LIABILITY OF HANHAI (a) Hanhai, its officer or employee shall not be responsible for the correctness in any descriptions of, and any statements and representations made in respect of, the Lot.

(b) Subject to this Clause, but otherwise notwithstanding anything to the contrary set out in these Terms and Conditions, Hanhai, its officer or employee shall be under no liability to the Bidders and the Purchaser (whether in contract, tort, breach of statutory duty, restitution or otherwise) for any indirect or consequential loss (both of which terms including, without limitation, pure economic loss, loss of profits, loss of business, depletion of goodwill and reputation, and like loss) howsoever caused or arising, in relation to or connected with the matters covered by these Terms and Conditions. (c) Without prejudice to Clause 17(a), the aggregate liability of Hanhai to the Purchaser (whether in contract, tort, breach of statutory duty, restitution or otherwise) howsoever caused is limited to an amount equal to the Purchase Price for the Lot. The Purchaser may consider protecting himself against loss by obtaining his own insurance. (d) Nothing herein shall exclude or limit Hanhai’s liability to the Bidder or Purchaser in respect of any fraud made by Hanhai or on its behalf, or in respect of death or personal injury caused by its negligence, or any other liability to the extent the same may not be excluded or restricted as a matter of law.

18. FORGERIES (a) In the event that a Purchaser proves to Hanhai’s satisfaction that a Lot purchased by that Purchaser to be a forgery, Hanhai shall use its reasonable endeavours to seek recovery of amounts paid to the

Seller in respect of the Lot purchased and subject to Clause 18(b) below, and reimburse the Purchaser for the Purchase Price paid by the Purchaser provided that the following conditions are satisfied: (i) the Purchaser notifies Hanhai in writing as soon as practicable and in any event, no later than twelve (12) months of the auction date that he / she / it honestly believes that the Lot purchased is a forgery; (ii) the Purchaser is able to provide Hanhai with original conclusive evidence (to the satisfaction of Hanhai) from a recognised expert in the field that the Lot purchased is a forgery; (iii) the Purchaser has remained the owner of the Lot purchased since the sale of that Lot and has not disposed of or departed with any interest in that Lot or created any Encumbrance over that Lot; (iv) the Purchaser authorises Hanhai to take such action or carry out such tests or examination on the Lot purchased to confirm that the Lot purchased is indeed a forgery; (v) the Purchaser is able and undertakes to, upon Hanhai’s request, return the Lot purchased to Hanhai in the same condition which that Lot was in at the time of the sale; (b) The Purchaser acknowledges and agrees that Hanhai is not obliged to reimburse the Purchaser under Clause 18(a) above and would only be in the position to reimburse the Purchaser for such amount recovered from the Seller. Hanhai reserves its right to determine the amount of the reimbursement (if any).In the event

that Hanhai agrees to reimburse the Purchaser for whatever amount, the Purchaser shall not be entitled to instruct Hanhai to make such refund to any third party in whatever capacity. (c) Without prejudice to Clauses 17(b) and 17(c) above, the Purchaser acknowledges and agrees that Hanhai, its officer or employee shall be under no liability to the Purchaser for any direct, indirect or consequential losses, costs and fees arising out of or in connection with the forgery or alleged forgery mentioned above.

19. DATA PROTECTION (a) Hanhai may collect personal data in relation to the Bidder or the Purchaser directly when the Bidder or the Purchaser complete certain forms and registrations, or indirectly from third parties (for example, credit information). (b) Hanhai will use the personal data for the following purposes: (i) for carrying out the purposes for which such information was provided (including but not limited to verifying the identity of the Bidder and the Purchaser, notifying the Bidder and the Purchaser about changes to Hanhai’s services or the auction in which the Lot will be sold); (ii) for Hanhai’s management and operation of its business; (iii) for providing the Bidder and the Purchaser with information about Hanhai’s products or services which may be offered from time to time; and (iv) for detecting, investigating and

preventing activities that may violate Hanhai’s policies or be illegal. (c) If the Bidder or the Purchaser does not want Hanhai to use his personal data for the purposes mentioned in Clause 19(b)(iii) above, he may write to Hanhai in accordance with Clause 19(e), indicating his decision and/or return a copy of these Terms and Conditions to Hanhai with the box below ticked: The Bidder / Purchaser does not wish to receive future information about Hanhai’s products or services nor his personal data be used by Hanhai for marketing purposes. (d) Hanhai shall not share any personal data with any third parties except as follows: (i) Hanhai may disclose such data in cases where it is required by law; (ii) Hanhai may disclose such data when it believes in good faith that disclosure is necessary to protect the Bidder’s or the Purchaser’s safety or the safety of others or investigate fraud; (iii) Hanhai may disclose such data to other companies within the Hanhai group for the purposes as mentioned in Clause 19(b); (iv) Hanhai may transfer, sell or assign such data to any third parties as a result of a sale, merger, acquisition, consolidation, change of control, transfer of assets, reorganization of its business, liquidation, or sale or dissolution of assets; (v) Hanhai may transfer such data to its agencies, service providers or suppliers (for example, shippers, insurers and external experts)

engaged to fulfil the services which the Bidder or the Purchaser has requested or to provide Hanhai with information technology support or process data on its behalf; (vi) Hanhai may share such data to its employees on a need-to-know basis; (vii) Hanhai may disclose such data to the Seller if it is so required in relation to the sale of the Lot. While some countries do not offer equivalent legal protection of personal data to that offered within Hong Kong, Hanhai will require that any such third parties respect the privacy and confidentiality of the Bidder’s or the Purchaser’s information and provide the same level of protection for his information as provided within Hong Kong, whether or not they are located in a country that offers equivalent legal protection of personal information. (e) The Bidder and the Purchaser have a right to request access to, and to request correction of, their personal data. If the Bidder or the Purchaser wishes to do so, please contact the following personnel whose contact details are as follows: Address: Hanhai Auction (Hong Kong) Ltd., 66/F, Regus Centre, The Centre, 99 Queen’s Road, Central, Hong Kong Email: bids@hanhaiauction.com Telephone: (852) 3965 3219 Contact: Ms. Angela Liu (f) All personal data collected by Hanhai is subject to its Privacy Policy.

For further information as to how such personal data will be treated, please consult the Privacy Policy of Hanhai which may be accessed at the

Website. By agreeing to these Terms and Conditions, the Bidder and the Purchaser agree to the collection, use and disclosure of their personal data on the terms herein and in the Privacy Policy.

20. MISCELLANEOUS (a) These Terms and Conditions are not assignable by the Bidder or the Purchaser without Hanhai's prior written consent, but are binding on the Bidder’s or the Purchaser's successors, assigns and representatives. Nothing herein confers (or purports to confer) on any person who is not a party to these Terms and Conditions any benefit conferred thereby, or the right to enforce any term thereof. (b) No delay by Hanhai to exercise or enforce any right under these terms shall operate as a waiver of such right, nor will any single, partial or defective exercise of any right by Hanhai preclude any other or further exercise of it or the exercise of any other right.

Terms and Conditions be held unenforceable for any reason, the remaining provisions shall remain in full force and effect. (e) The documents listed in the introduction to these Terms and Conditions set out the entire agreement and understanding between the parties with respect to the subject matter hereof. It is agreed that, save in respect of liability for fraudulent misrepresentation, no party has entered into any contract in reliance on any representation, warranty or undertaking which is not expressly referred to in such documents. (f) Hanhai shall not be liable for any delay or failure to fulfil our respective obligations under these terms as a result of causes beyond its reasonable control or if performance of its obligations would by reason of such circumstances give rise to a significantly increased financial cost to it. Such causes include (but are not limited to) fire, earthquakes, tsunamis, typhoons, other extreme weather conditions, floods, acts of governmental or supranational authorities, war, riots, strikes, lockouts, terrorist acts, industrial disputes and acts of god.

(c) Any notice or other communication to Hanhai must be in writing and may be delivered by hand or sent by registered post or air mail or fax transmission to the address or fax number of the department in charge of the sale. It is the responsibility of the sender of the notice or communication to ensure that it is received in a legible form within any applicable time period. Notices to the Bidder or Purchaser shall be addressed to the last address formally notified by the Bidder or Purchaser to Hanhai.

21. GOVERNING LAW

(d) Should any provision of these

(a) These Terms and Conditions

(g) The Terms and Conditions of Business for Sellers, the Contract of Sale and other relevant notices and terms will be printed in the Catalogue, available upon request from Hanha,i or announced, displayed or distributed at the sale of the Lot by Hanhai or the Auctioneer.

and any other agreement between Hanhai, the Purchaser and the Bidder, and all related matters, transactions or disputes, shall be governedby and construed in accordance with Hong Kong law. (b) For the benefit of Hanhai, the Bidder and Purchaser agree that if a dispute arises in connection with any aspects of the matters or transactions to which these Terms and Conditions relate or apply, the Bidder and Purchaser shall submit irrevocably to the exclusive jurisdiction of, and that they will only commence proceedings against Hanhai in, the courts of HongKong.

The Bidder and Purchaser agree that Hanhai shall reserve the right to bring proceedings in any court other than the courts of Hong Kong.

22. LANGUAGE These Terms and Conditions are published in both Chinese and English. If there is any dispute in its interpretation, the English version will prevail.

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TERMS AND CONDITIONS OF BUSINESS FOR SELLERS Unless otherwise expressly agreed or Hanhai notifies the Seller otherwise, these Terms and Conditions of Business for Sellers shall form the basis of the agreement between Hanhai and the Seller. In addition to these Terms and Conditions, the relationship between Sellers, Purchasers and/or Hanhai regarding the sale, purchase or holding of the Lot are also subject to (i) the consignment agreement between Hanhai and the Seller, (ii) the Terms and Conditions of Business for Purchasers, (iii) the Contract of Sale to be entered into by the Seller with the Purchaser, and (iv) any notices or terms contained in the Catalogue or announced, displayed or distributed at the sale of the Lot by Hanhai or the Auctioneer.

“Encumbrance” means any right, interest or equity of any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge, pledge, lien, restriction, assignment, hypothecation or other security interest of any kind or any other type of arrangement (including a title transfer and retention arrangement) having similar effect or any other encumbrance of any kind;

“Auctioneer” means the representative of Hanhai conducting the relevant auction sale;

“Expenses” means the charges and expenses of Hanhai in respect of the sale of a Lot including legal expenses, charges and expenses for insurance, catalogue and other reproductions and illustrations, advertising, packing or shipping costs, fees for reproductions rights, any customs duties, taxes (including consignment tax which may be payable by Hanhai for the sale of the Lot as an agent of the Seller in Hong Kong), levies, costs of testing, searches or enquiries, charges for preparation of the Lot for sale, storage and removal of the Lot or costs of collection from a defaulting Purchaser or from the Seller;

"Business Day" means a day in Hong Kong other than a Saturday, Sunday or public holiday, when the banks are open to the general public for business;

“Hammer Price” means the price at which a Lot is knocked down by the Auctioneer by the fall of the hammer, or in the case of a private sale, the agreed sale price;

“Catalogue” means the catalogue relating to the relevant auction sale at which a Lot is to be offered for sale, including any representation of the Catalogue published on the Website;

“Hanhai” means Hanhai Auction (Hong Kong) Limited, and where appropriate, reference to “Hanhai” will include reference to Hanhai’s officers, employees and agents;

1.INTERPRETATION (a)In these Terms and Conditions, the following words shall have the meanings given to them below unless the context requires otherwise:

“Hong Kong” means the Hong Kong Special Administrative Region of the

People’s Republic of China; “Lot” means any item consigned to Hanhai for its sale at auction or by private sale, and reference to any Lot will include reference to individual items comprised in a group of two or more items offered for sale as one Lot unless the context otherwise requires; “Proceeds” means the net amount due to the Seller from the sale of a Lot, being the Hammer Price (to the extent received by Hanhai in cleared funds) less the Seller’s Commission, the Expenses and any other amount due to Hanhai howsoever arising and in whatever capacity; “Purchase Price” means the aggregate of the Hammer Price and the Purchaser’s Premium; “Purchaser” means the person who makes the highest bid or offer accepted by the Auctioneer, and such person’s principal when such person is bidding as agent; “Purchaser’s Premium” means the commission payable by the Purchaser which is calculated on the Hammer Price at the rates stated in the Catalogue; “Reserve” means the minimum price at which a Lot may be sold (whether at auction or by private sale); “Seller” means the person who offers the Lot for sale as owner, or as the executor or personal representative of such owner, or as the agent of such owner. If the person who offers the Lot for sale is the agent of the owner (whether

such agency is disclosed to Hanhai or not), the term “Seller” shall include both the agent and the principal who shall be jointly and severally liable as such. Multiple owners, agents or persons in possession shall be jointly and severally liable for all representations, warranties, indemnities, obligations and liabilities as set forth in these Terms and Conditions; “Seller’s Commission” means the commission payable by the Seller to Hanhai calculated at the rates stated at 10% of the Hammer Price or such other rates as designated by Hanhai at its sole and absolute discretion at the time of the consignment of the Lot as set out in the consignment agreement; “Website” means the website of Hanhai currently under construction; and “Withdrawal Fee” has the meaning ascribed thereto in Clause 5(c). (b)In this Agreement, unless the context otherwise requires, (i)words importing the singular only shall include the plural and vice versa; (ii)words importing natural persons shall include corporations and unincorporated associations; and (iii)words importing the masculine gender only shall include the feminine gender and the neuter gender.

2.APPOINTMENT OF HANHAI AS AGENT (a)Hanhai shall act as agent for

the Seller for the sale of the Lot. The Seller shall be the principal to the Contract of Sale with the Purchaser and be responsible for any breaches of that contract. As such, the Seller shall be responsible for all representations and statements made by Hanhai on the Seller’s behalf. As the Seller’s agent, Hanhai is not under any obligation, either to the Seller or to any Purchaser, under the Contract of Sale which the parties make through Hanhai, and these Terms and Conditions set out the entire obligations and liabilities which Hanhai may have to the Seller. (b)By appointing Hanhai as agent for the sale of the Lot, the Seller agrees that: (i)Hanhai may sell the Lot on the Seller’s behalf on the terms of these Terms and Conditions and the Contract of Sale to be entered into between the Seller and the Purchaser and in accordance with other prevailing notices, practices or policies adopted by Hanhai from time to time; and (ii)the purchase of the Lot by the Purchaser through Hanhai may be subject to the Terms and Conditions of Business for Purchasers and the Seller expressly acknowledges the undertakings which may be given by Hanhai therein on behalf of the Seller as agent in favour of the Purchaser and agrees to indemnify Hanhai and its officers and employees against any claims, proceedings, liabilities, costs and expenses arising from such undertakings pursuant to Clause 15 below.

The Terms and Conditions of Business for Purchasers, the Contract of Sale and other relevant notices and terms will be printed in the Catalogue or will be available upon request from Hanhai or will be announced, displayed or distributed at the sale of the Lot by Hanhai or the Auctioneer.

3.EXAMINATION BEFORE SALE (a)The Seller shall have full responsibility for all the descriptions of, and all statements and representations made in respect of, the Lot. The Seller acknowledges that it is of utmost importance that all information given to Hanhai in relation to the Lot is true, complete and accurate in all respects. For the avoidance of doubt, Hanhai may, but is not required to, do any independent due diligence in respect of the Lot. (b)Hanhai shall be entitled, but is under no obligation to, engage, consult with and rely on any external experts, agents or other third parties, and carry out such investigations, research, tests or examinations in relation to the Lot as it may deem appropriate at the cost of the Seller.

The Seller authorizes Hanhai to allow such party to have possession of the Lot and agrees that Hanhai shall have no liability for or arising from the acts, omissions, wilful default or negligence of such third parties. (c)If the Seller would like Hanhai or any external experts to carry out any investigations, research, tests or examinations in relation to the

Lot, Hanhai may, but is not obliged to, try to arrange this. In such case, the Seller will be required to pay additional Expenses or a separate fee for this arrangement.

4.CATALOGUE AND MARKETING (a)The Seller agrees that Hanhai shall have the sole and absolute discretion as to: (i)the way in which the Lot may be included in the sale; (ii)the way in which any Lots may be combined or divided for sale; (iii)the way in which any Lot is described and presented in the Catalogue or other reports or other marketing or promotional materials; and (iv)the marketing, promotion, date, place and conduct of the sale.

number of factors (including those mentioned in Clause 4(b) above).

Hanhai neither makes nor agrees to make any contractual promise, guarantee, undertaking, obligation, warranty or representation of fact in relation to any such description, estimate or opinion or in relation to the accuracy of anything stated in or represented by any expression of that description, estimate or opinion.

For the avoidance of doubt, such description, estimate or opinion may be revised from time to time in Hanhai’s absolute discretion. (d)In particular, the Seller acknowledges that any estimate or evaluation provided by Hanhai shall not be relied on as a prediction of the selling price or value of the Lot or for any other purpose, and the Lot can be sold at Hammer Price which may be below or above such estimate subject to Clause 6(a) below.

(b)Attribution of Lots is a matter of opinion and not of fact, and will depend on a number of factors, including information given by the Seller, the investigations, research or examinations which Hanhai decides to conduct in the circumstances, the condition of the Lot, and the status of generally accepted expert opinion at the time of cataloguing.

(e)The Seller agrees that Hanhai shall have the absolute right (on a non-exclusive basis) to photograph, illustrate or otherwise produce other images or texts, or reproduce (in any manner and in any media) photographs, illustrations or other images or texts, of, about or relating to the Lot.

(c)Anything stated or represented

by Hanhai or on its behalf in any description of the Lot or in any estimate or evaluation given in the Catalogue, the Website or in other reports or marketing or promotional materials is only an expression of opinion and will depend on a

(f)The copyright in the text and the photographs, illustrations and images of the Lot created by Hanhai (including those contained in the Catalogue or on the Website or in any marketing or promotional material) belongs to Hanhai and Hanhai shall have the right to use them in whatever way it deems appropriate,

both before and after the auction.

The Seller will not reproduce or allow anyone else to reproduce such text, photographs or illustrations without Hanhai’s prior written consent. (g)The Seller undertakes not to produce or issue or cause to be produced or issued any marketing or promotional material nor make nor cause any public announcements to be made relating to the Lot prior to the relevant auction sale. (h)Any marketing or promotional materials may be revised from time to time at the sole and absolute discretion of Hanhai. (i)The Seller must notify Hanhai immediately if he considers any statement at the auction, in the Catalogue, in any report, in any marketing materials or other promotional items, or otherwise, is not entirely true, complete and accurate.

5.WITHDRAWAL OF LOTS FOR SALE (a)Unless otherwise agreed with Hanhai in writing specifically, the Seller’s instructions to Hanhai to sell the Lot is irrevocable and the Seller is not entitled to withdraw any item from the sale after its written agreement with Hanhai to sell such item. The Seller hereby irrevocably appoints Hanhai and any of its officers for the time being, with full power of substitution and delegation, to be his attorney and in his name, on his behalf and as his act and deed or otherwise to do all such assurances, acts or things as

he ought to do under the covenants and provisions contained hereunder and generally in his name and on its behalf to execute, seal and deliver and otherwise perfect or do any deed, assignment, transfer, assurance, agreement, instrument or act, which may in the opinion of Hanhai be required or considered proper, necessary or desirable for any of the purposes hereunder.

In the event that Hanhai agrees to the withdrawal of the Lot for sale proposed by the Seller, the Seller shall pay Hanhai an amount equivalent to the aggregate of the Expenses and the Withdrawal Fee. (b)For the avoidance of doubt, any right conferred upon Hanhai hereby shall be in addition to and without prejudice to all other rights and remedies available to it. (c)Hanhai may at its absolute discretion withdraw a Lot from sale as it deems fit, without any liability or obligation to provide any reason or explanation, including without limitation, in the following circumstances: (i)the Seller is in breach of any provisions of these Terms and Conditions in any respect; (ii)Hanhai is of the opinion that there is doubt as to the authenticity or attribution of the Lot, or the accuracy of any of the Seller's representations or warranties; (iii)the sale of the Lot is subject to the compliance of certain requirements, or the obtaining of certain licences or consents (including without

limitation, the licence under the Convention on International Trade in Endangered Species) and such requirements have not been met or such licences or consents have not been obtained; (iv)Hanhai and/or the Seller may be or are restrained by order of the court or other competent authority in respect of the Lot, or may be or are otherwise not legally entitled to sell the Lot; or (v)the Lot is not in the state in which it was when Hanhai agreed to sell it; or (vi)the relevant auction is postponed, re-scheduled, re-organized or cancelled for any reason.

If Hanhai withdraws a Lot from sale under Clause 5(c)(i) to (v), or under Clause 5(c)(vi) if the relevant postponement, rescheduling, reorganization or cancellation of the auction is caused or attributed to the Seller, or under other circumstances which is caused or attributed to the Seller, the Seller shall pay Hanhai an amount equivalent to the aggregate of (i) the Expenses and (ii) a withdrawal fee equal to the sum of the Seller's Commission and the Purchaser's Premium, each at the rates prevailing upon consignment of the Lot and in each case calculated as if the withdrawn Lot had been sold at the mean of the then current presale estimates made by Hanhai (the “Withdrawal Fee�).

If Hanhai withdraws a Lot from sale for any reason other than those specified in the above paragraph (i.e.

including under Clause 5(c)(vi) above where the relevant postponement, rescheduling, reorganization or cancellation of the auction is not caused or attributed to the Seller), the Seller shall only be liable for the Expenses to the extent that they have been incurred or committed to be incurred and he shall not be charged the Withdrawal Fee. (d)Notwithstanding the foregoing in this Clause, if a Lot is withdrawn for sale for any reason, the Seller must remove the Lot at his own expenses promptly (and in any event, within three (3) Business Days) after Hanhai’s notice of withdrawal of the Lot for sale. Notwithstanding the above, Hanhai is entitled to retain the Lot until all amount due by the Seller to Hanhai have been paid in full. (e)If Hanhai is aware of a lien or an actual or potential claim in respect of a Lot, it shall not release the Lot to the Seller until it is satisfied, in its absolute discretion, that the issue has been resolved in favour of the Seller.

6.RESERVES (a)The Lot will be sold without Reserve unless a Reserve has been specifically agreed with Hanhai or Hanhai has accepted a Reserve notified by the Seller to Hanhai at least three (3) Business Days prior to the sale or if Clause 6(b) applies. (b)Hanhai shall be entitled to refuse to accept as the Reserve any figure exceeding the lower figure of any pre-sale estimate for the Lot which

has been given by Hanhai. If Hanhai refuses any figure proposed by the Seller as the Reserve, Hanhai will notify the Seller and the Lot will be offered for sale without Reserve unless: (i)the Seller agrees that the Lot shall be offered for sale at a Reserve set

by Hanhai; or (ii)the Seller agrees that the Lot shall be offered for sale at the Reserve proposed by the Seller on the basis that, if the Lot does not sell at the sale for an amount equal to or greater than that Reserve, the Seller shall pay Hanhai the Expenses owing and the Seller’s Commission which would be payable to Hanhai as if the Lot had been sold at the Reserve proposed by the Seller on the Lot. (c)In the event of exchange rate fluctuations affecting a Reserve agreed in a currency other than Hong Kong dollars and Hanhai is unable to agree a revised Reserve with the Seller, the Reserve shall be an amount equal to the Hong Kong dollar equivalent based on the closing spot exchange rate on the Business Day immediately preceding the auction as quoted by Hongkong and Shanghai Banking Corporation Limited. (d)Hanhai shall in no event be liable if bids are not received at the level of the Reserve, but it shall be entitled in its discretion to sell the Lot below the Reserve as long as it pays the Seller the Proceeds which the Seller would have received if the Lot had been sold at the Reserve.

(e)Unless the prior written consent of Hanhai is obtained, an agreed Reserve or the agreement that the Lot is to be sold without Reserve cannot be amended.

7.DELIVERY AND STORAGE (a)Unless otherwise agreed between the parties, the Seller will deliver the Lot at his expense into Hanhai’s custody in Hong Kong at the place and time as required by Hanhai. (b)The Seller must notify Hanhai in writing at the time of delivery of the Lot of any special requirements and precautions reasonably required by the Seller for its storage. Additional costs and expenses may be required to be paid by the Seller as a consequence of his requirements.

If the Seller’s requirements are unreasonable, Hanhai may refuse to accept the Lot, and the Seller will remain liable to pay Hanhai the Expenses. (c)The Seller acknowledges that third party contractors may need to be engaged in connection with the storage of the Lot, and the Seller agrees that Hanhai, acting as the Seller’s agent and on his behalf, may enter into any storage contract with such third party contractors for the storage of the Lot on such terms and condition as Hanhai deems fit.

The Seller agrees that Hanhai shall have no liability for or arising from the acts, omissions, wilful default or negligence of such third party contractors.

8.AUCTION AND PRIVATE SALE (a)The Seller may not bid or instruct or allow any other person to bid on his behalf for his own Lot. If this prohibition is breached, Hanhai may treat the Seller as bound as Seller and as Purchaser and remain liable to pay the Purchaser’s Premium in addition to the Seller’s Commission and the Expenses, but without the benefit of any warranties or the Reserve, and/or the ability to pursue other remedies. (b)The Auctioneer has absolute discretion at any time to withdraw any Lot, refuse or accept any bid, reoffer a Lot for sale (including after the fall of the hammer), and take such other action and step as he reasonably thinks fit. (c)The Seller hereby authorizes Hanhai and the Auctioneer to refuse a bid(s) from any bidder, including from the highest bidder, and whether or not there is a Reserve, if such refusal is reasonable for the protection of the interests of Hanhai and/or the Seller in the circumstances. (d)If a Lot cannot be sold at the auction, Hanhai shall be entitled to sell the Lot upon such terms and conditions as Hanhai may reasonably consider appropriate for a period of thirty (30) days following the auction. Any private sale shall only be concluded for a price that will result in a payment to the Seller of not less than the Proceeds for such Lot had it been sold at the Reserve

(if a Reserve has been agreed with or accepted by Hanhai). Any reference in these Terms and Conditions to the date of the auction shall be treated as being a reference to the date of the private sale. (e)Where Hanhai believes that the Lot could be sold if the Reserve were reduced, Hanhai may write to the Seller to propose a new Reserve.

If the Seller does not object to the proposed new Reserve within ten (10) days of the date of its letter, the Seller’s consent is deemed given and the Reserve will be reduced accordingly. If the Seller objects to the new Reserve within the above time period, the Reserve will remain unchanged and Hanhai will continue to have the authority to sell the Lot in accordance with these Terms and Conditions.

9.INSURANCE (a)Subject to the provisions of this Clause and Clause 16, Hanhai will only accept risk for loss or damage to any Lot from the time that the Lot is accepted by Hanhai and for period that is in its exclusive custody. (b)Hanhai will cease to accept risk for loss or damage to any Lot when: (i)risk passes to the Purchaser following the sale of the Lot; or (ii)if a Lot is unsold by auction or private sale, the expiry of the notice given by Hanhai under Clause 13(a) or when the Lot is released to the Seller (whichever is the earlier); (iii)six (6) months from delivery to Hanhai for the Lot which is still at

Hanhai but not consigned for sale. (c)The Seller agrees to pay to Hanhai a fee for accepting the above risk, which shall form part of the Expenses, at Hanhai’s prevailing rate at the date of consignment, being the stated percentage of: (i)if the Lot is sold, the Hammer Price; or (ii)if the Lot is not sold, the mean of Hanhai’s pre-sale estimates, or the Reserve, whichever is higher. (d)The liability of Hanhai to the Seller under Clause 9(a) shall be limited to the amount set out in Clause 9(c)(i) to (ii) (as may be applicable), less the Seller’s Commission (or the Seller’s Commission which would have been payable if the Lot had been sold at such price) and the Expenses. (e)The Seller must agree with Hanhai in writing if he does not wish to pay the fee referred to in Clause 9(c) and elected to exempt Hanhai from liability for loss or damage to the Lot as set out in this Clause 9, and the Seller: (i)shall maintain insurance cover for the Lot during such period, and provide Hanhai with a copy of the certificate of insurance for the Lot during such period and a waiver of subrogation by the Seller's insurer of all rights and claims which the Seller may have against Hanhai, each in a form to the satisfaction of Hanhai; (ii)agrees to indemnify Hanhai against any claim for loss or damage in respect of the Lot howsoever arising, however such claim may arise

and for all related costs or expenses, and notify the Seller’s insurer of the terms of such indemnity; and (iii)waives all rights and claims which the Seller may have against Hanhai in connection with such loss or damage, except in circumstances where the loss or damage was caused by Hanhai's wilful misconduct or fraud. (f)If the Seller fails to comply with Clause 9(e) above to the satisfaction of Hanhai, Hanhai shall be entitled, but is not obliged, to insure the Lot and charge the Seller the relevant fee referred to in Clause 9(c).

10.PAYMENTS BY SELLER (a)After the sale (whether at auction or by private sale), the Seller will be liable to pay Hanhai the Seller’s Commission and Expenses, each of which shall be deducted by Hanhai from monies received from the Purchaser or (if the Purchaser fails or refuses to pay the Purchase Price for the Lot) be paid by the Seller to Hanhai. The Seller authorises Hanhai to charge the Purchaser and retain the Purchaser's Premium. (b)Please refer to Clause 5 (where a Lot is withdrawn for sale), Clause 6(b)(ii) (where the Seller places excessive Reserve on the Lot), Clause 7(b) (where Hanhai refuses to accept a Lot upon its delivery) and Clause 13 (where a Lot is not sold at auction or at any private sale) in respect of the sums payable by the Seller to Hanhai in some other circumstances. (c)The determination by Hanhai as to the sums due from the Seller under

these Terms and Conditions shall be conclusive and is final and binding on the parties in the absence of manifest error. (d)Any sum due from the Seller but unpaid on the due date will bear interest (after as well as before judgement or order) at the annual rate of 5% per annum above the base lending rate of Hongkong and Shanghai Banking Corporation Limited from time to time to be calculated on a daily basis from the date the sum became due until payment. (e)Time will be of the essence in relation to the payment of any sums payable by the Seller to Hanhai. (f)All payments by the Seller to Hanhai must be made free and clear of, and without any deduction or withholding for or on account of, any tax unless the Seller is legally obliged to make such a deduction or withholding. If that is the case and provided legally permissible, the sum payable (in respect of which such deduction or withholding tax is required to be made) shall be increased to the extent necessary to ensure that Hanhai receives a sum net of any deduction or withholding tax equal to the sum payable to Hanhai and as if no such deduction or withholding has been made or required to be made. (g)In accordance with market practice, Hanhai reserves the right to pay out of its commissions a fee to any third party introducing clients or property to it.

11.PROCEEDS OF THE SALE (a)All sums received by Hanhai on account of the Purchase Price for the Lot will be paid by Hanhai into its trust account and will be held

by Hanhai upon trust for the Seller pending the application of such sums to settle the Seller’s Commission, the Purchaser’s Premium, the Expenses and any sums owed to Hanhai or to which Hanhai is entitled in Hanhai’s favour and the release of the Proceeds to the Seller in accordance with this Clause. For the avoidance of doubt, the interest earned on the trust account shall belong to Hanhai absolutely, and Hanhai may pay out of the trust account the interest accrued thereon from time to time as it considers appropriate. (b)Hanhai shall (unless it reasonably believes that there may be grounds on which the sale may be rescinded for any reason) send to the Seller the Proceeds actually received in cleared funds from the Purchaser, after setting off any amounts owed by the Seller to Hanhai (including without limitation, the Seller’s Commission, the Expenses and any sums due to Hanhai in respect of any other goods bought or sold through Hanhai by the Seller) and withholding any taxes that are applicable in respect of the sale, within thirty (30) days after the sale (whether at auction or by private sale) or within seven (7) Business Days after the date of receipt of the Purchase Price in full in cleared funds

by Hanhai (whichever is the later). (c)Hanhai may at its discretion pay the Proceeds to the Seller before

receipt of the Purchase Price, and in such event, title in the Lot will pass to Hanhai and the Seller’s right to payment of the Purchase Price will be passed to Hanhai together with any right of action which the Seller may have against the Purchaser for non-payment. (d)Notwithstanding any contrary provisions herein: (i)Hanhai may retain the Proceeds until the Seller has delivered to Hanhai any relevant documentation reasonably required to evident the Seller’s right to transfer title to the Lot to the Purchaser and all documentation referred to in the Catalogue regarding the Lot; and (ii)if before the payment of the Proceeds to the Seller, Hanhai is aware of a lien or an actual or potential claim in respect of the Lot, Hanhai may withhold payment of the Proceeds until it is satisfied, in its absolute discretion, that the issue has been resolved in favour of the Seller.

12.DEFAULT OF THE PURCHASER IN PAYMENT (a)If the Purchaser fails or refuses to pay the Purchase Price for the Lot to Hanhai in accordance with his obligations to do so, Hanhai will notify the Seller of this as soon as practicable. (b)As the Seller shall be the principal to the Contract of Sale with the Purchaser of the Lot, Hanhai is not under any obligation to check the credit worthiness of the Purchaser or

the ability of the Purchaser to pay for the Lot or to enforce payment by the Purchaser. (c)Following a notice of non-payment of the Purchase Price, Hanhai will, at the Seller’s expense, take such steps to obtain payment of the Purchase Price as the Seller may reasonably instruct Hanhai to take by notice in writing within seven (7) days of Hanhai’s notice to the Seller.

If Hanhai does not receive any such instructions from the Seller, Hanhai shall have absolute discretion as to whether, or the steps which it will take, to enforce payment by the Purchaser (including commencing proceedings in the Seller’s name) and/or appoint a solicitor and/or other agent to take any such steps and the Seller hereby appoints Hanhai as agent and agrees to give all such assistance to Hanhai as may be required in this connection. (d)If Hanhai charges the Purchaser interest for late payment, it may retain such interest for its own account. (e)Any monies recovered from the Purchaser in relation to the Purchase Price will be applied to the payment of all amounts payable to Hanhai in relation to the Lot (including without limitation, all legal or other costs incurred by Hanhai in recovering any payment from the Purchaser, other Expenses, the Purchaser’s Premium and the Seller’s Commission) and the balance remaining will be paid to the Seller. In the event that no monies can be recovered from the Purchaser, or the monies recovered

are insufficient to pay these amounts, such shortfall (save for the Purchaser’s Premium) will be made good by the Seller on demand. (f)If the Purchaser fails to pay the Purchase Price but Hanhai agrees to remit to the Seller an amount equal to the Proceeds, ownership of the relevant Lot shall pass to Hanhai, which shall have the benefit of all of the Seller's representations, warranties and indemnities set out in these Terms and Conditions and the Contract of Sale between the Seller and the Purchaser.

13.UNSOLD OR UNCOLLECTED LOTS (a)If the Lot is not sold at auction or at any private sale pursuant to Clause 8 above, Hanhai will notify the Seller in writing. Unsold Lots may either be consigned to Hanhai for re-sale or, alternatively, collected by the Seller.

Even though a Lot has not been sold, the Seller is still liable to pay the relevant Expenses. (b)If the Seller decides to collect the Lot, he must make relevant arrangements to remove the Lot promptly at his own costs and expenses and he must pay Hanhai all sums due to Hanhai before collecting the Lot. (c)If the Seller fails either to consign the Lot for re-sale or collect the Lot within fourteen (14) days after the notice given by Hanhai under Clause 13(a), Hanhai is released from any duty of bailment and any other duties and liabilities which it may have for such Lot and shall, in its sole

discretion, be entitled to store the Lot at an independent storage facility at the Seller's risk and expense. In addition, Hanhai shall be entitled to sell the Lot on the Seller’s behalf at auction or by private sale with or without Reserve if the Seller fails to consign the Lot for re-sale or collect the Lot after three (3) months as from the date of the notice given by Hanhai under Clause 13(a). (d)In the event of re-sale pursuant to Clause 13(c) above, Hanhai shall be entitled to deduct from the Hammer Price the relevant Expenses in respect of the initial sale together with the Seller's Commission on the re-sale plus relevant Expenses, and Hanhai reserves the right to charge the Seller such legal and administrative costs which are incurred by Hanhai.

The balance remaining after setting off the above sums will be paid to the Seller.

14.SELLER’S REPRESENTATIONS AND WARRANTIES (a)The Seller hereby warrants, represents and undertakes to Hanhai and the Purchaser that from the time of the consignment of the Lot to the time of the sale and at all other relevant times that: (i)the Seller is the sole and absolute owner of the Lot, or is duly authorised by the owner of the Lot to sell it; (ii)the Seller has good and marketable title to the Lot, and has the right and power to pass such title and possession of the Lot to the

Purchaser free from Encumbrance or any claims or potential claims (including without limitation, by governments or governmental agencies); (iii)the Seller has complied with all requirements, legal or otherwise, relating to any export or import of the Lot, all duties and taxes in respect of the export or import of the Lot have been paid and, so far as the Seller is aware, all third parties have complied with such requirements in the past; (iv)all statements made by the Seller in respect of the Lot have been honestly made and are true, accurate and complete in all respects; (v)the Seller has provided Hanhai accurately in writing with all information in relation to the Lot (including without limitation, its origin, present and past ownership, authorship, attribution, age, suitability, quality, defects, export or import history, any material alterations thereto, the existence of any endangered or protected species and any concerns which have been raised by third parties), and there is no fact, matter or circumstance which has not been disclosed in writing to Hanhai which renders any such information untrue, inaccurate or misleading in any respect or which might reasonably affect the willingness of the Purchaser to proceed with the purchase of the Lot; (vi)the sale will conform in every respect with the terms implied by the

Sale of Goods Ordinance (Chapter 26 of the Laws of Hong Kong) and will not be in contravention with any applicable laws and regulations; (vii)the Lot is not a counterfeit or a forgery; (viii)the Seller has paid or will pay all taxes and duties potentially due on the Proceeds and has notified Hanhai in writing of all such taxes and duties payable by Hanhai on the Seller’s behalf outside Hong Kong (if any); (ix)there are no restrictions (whether copyright or otherwise) affecting the Lot or the rights of Hanhai to photograph, illustrate or otherwise produce other images or texts, or reproduce (in any manner and in any media) photographs, illustrations or other images or texts, of, about or relating to the Lot; (x)the consignment and sale of the Lot by the Seller does not and shall not violate in any respect any applicable law or regulation or any order or decree of any governmental authority, agency or court in any country to which he is subject, and it is not necessary for the Seller to obtain any licences or consents for the consignment and/or sale of the Lot (or if such licences or consents are necessary, they have been duly obtained by the Seller and are valid and subsisting and there is no reason why any of them should be suspended, cancelled or revoked); and (xi)the Seller will promptly notify Hanhai in writing of all information

in relation to the Lot which the Seller may subsequently become aware of, or any matter or thing of which he becomes aware which is a breach of or inconsistent with any of the above warranties. (b)The Seller authorizes Hanhai to give to the Purchaser the representations and warranties as mentioned in Clause 14(a) above. (c)Where Hanhai reasonably considers that there has been or may be a breach of the Seller’s representations, warranties or undertakings or other terms of these Terms and Conditions, it may rescind the sale of the Lot if it considers appropriate or necessary at its sole and absolute discretion.

Within ten (10) days of receipt of the notice from Hanhai in relation to the rescission of the sale, the Seller will return to Hanhai all Proceeds previously paid to the Seller in connection with the Lot, and shall reimburse Hanhai for any Expenses incurred in connection with the rescinded sale. Hanhai reserves the right to claim the Seller for any loss of the Purchaser’s Premium in the event of a rescinded sale. Following receipt of such funds, Hanhai shall make the Lot available for collection by the Seller, if Hanhai is able to do so, considering matters which may be beyond the control of Hanhai (including the acts of third parties).

For the avoidance of doubt, any right conferred upon Hanhai hereby shall be in addition to and without prejudice to all other rights and remedies available to it.

15.INDEMNITIES The Seller agrees to indemnify Hanhai and its officers and employees against any claims, proceedings, liabilities, costs and expenses arising directly or indirectly as a result of or in connection with: (a)any actual or alleged breach of any of the Seller’s representations, warranties or undertakings, or other terms of these Terms and Conditions; (b)the preservation, enforcement or exercise or intended or attempted preservation, enforcement or exercise of any right conferred under these Terms and Conditions or the law; (c)any injury, loss or damage caused to any person by the Seller; and (d)the provision of the services by Hanhai contemplated hereunder (including any liability which may be incurred by Hanhai to the Purchaser) unless such loss, damage and liability is directly caused by Hanhai’s gross negligence, willful misconduct or breach of these Terms and Conditions.

16.LIMITATION OF LIABILITY OF HANHAI (a)The Seller shall have full responsibility for all the descriptions of, and all statements and representations made in respect of, the Lot, and Hanhai is entitled to rely entirely upon the information given by the Seller or on his behalf. As such, Hanhai, its officer or employee shall not be liable:

(i)for any errors or omissions in any information (whether oral or written) provided by Hanhai to the Seller; or (ii)for any acts or omissions by Hanhai, in connection with the preparation for or conduct of the auction or for any matter relating to the sale of the Lot (including for any failure to achieve a sale or a sale at a higher price than was achieved), whether negligent or otherwise, except in case of fraud or wilful misconduct by Hanhai or on its behalf.

Not with standing anything contained herein, Hanhai will not be liable to the extent that any breach of obligation by the Seller has caused or contributed to any loss or damage (including without limitation to those caused by or arising from (i) errors, inaccuracies, defects or omissions in information or documents provided by the Seller or on his behalf, (ii) delays in the provision of, or failure to provide, such information or documents by the Seller or on his behalf, or (iii) in any other case, Hanhai’s reliance on any information or document, provided by the Seller or on his behalf). (b)Hanhai, its officer or employee shall not be liable for any loss of profits or any indirect or consequential loss or damage suffered or incurred in relation to or in connection with the matters contemplated under these Terms and Conditions. (c)In any event, Hanhai will not be liable for any loss or damage caused

to frames or to glass covering prints, paintings or other work, for loss or damage to the Lot occurring in the course of any process undertaken by independent contractors employed with the Seller's consent (including for examination, restoration, framing or cleaning), or for loss or damage to the Lot which is caused directly or indirectly or results from (i) changes in humidity or temperature; (ii) normal wear and tear, gradual deterioration or inherent vice or defect (including woodworm); (iii) errors in processing; (iv) war, nuclear fission or radioactive contamination, chemical, bio-chemical or electromagnetic weapons, or any act of terrorism (as defined and applied

by Hanhai's insurers) or (v) the negligence, default or misconduct of the Seller. In addition: (i)in cases where the Lot is partially damaged, Hanhai’s liability will be limited to reasonable restoration costs and the diminution in the value of the Lot (taken in its condition as restored), if any, caused by such damage; (ii)where a claim is made for total loss of the Lot and Hanhai pays to the Seller in respect of that loss, if the Lot is subsequently recovered, the Seller agrees that Hanhai shall take full legal title to the Lot unless and until such time as the Seller returns the relevant sum to Hanhai. Where a claim is made for physical damage to the Lot and Hanhai pays to the Seller on the basis that the Lot was totally damaged, the Seller likewise agrees

that Hanhai shall take full legal title to the Lot. (d)Without prejudice to Clause 16(a) to (c) above, the aggregate liability of Hanhai to the Seller (whether in contract, tort, breach of statutory duty, restitution or otherwise) is limited to an amount equal to the Proceeds with regard to the relevant Lot, or if the Lot is not sold, an amount equal to the mean of the then current pre-sale estimates made

by Hanhai less the Expenses and the Seller’s Commission which would be payable to Hanhai if the Lot were sold at that price. The Seller may consider protecting himself against loss by obtaining his own insurance. (e)For the avoidance of doubt, Hanhai's liability to compensate the Seller in respect of any loss or damage to the Lot when Hanhai has accepted such risk pursuant to Clause 9 shall in any event be limited to the amount set out in Clause 9(c). (f)Nothing herein shall exclude or limit Hanhai’s liability to the Seller in respect of any fraud made by Hanhai or on its behalf, or in respect of death or personal injury caused by its negligence, or any other liability to the extent the same may not be excluded or restricted as a matter of law.

17.DATA PROTECTION (a)Hanhai may collect personal data in relation to the Seller directly when the Seller complete certain forms and registrations, or indirectly from third parties (for example, credit

information). (b)Hanhai will use the personal data for the following purposes: (i)for carrying out the purposes for which such information was provided (including but not limited to providing the Seller with the auction services and communicating with the Seller); (ii)for Hanhai’s management and operation of its business; (iii)for providing the Seller with information about Hanhai’s products or services which may be offered from time to time; and (iv)for detecting, investigating and preventing activities that may violate Hanhai’s policies or be illegal. (c)If the Seller does not want Hanhai to use his personal data for the purposes mentioned in Clause 17(b) (iii) above, he may write to Hanhai in accordance with Clause 17(e), indicating his decision and/or return a copy of these Terms and Conditions to Hanhai with the box below ticked:

The Seller does not wish to 口receive future information about Hanhai’s products or services nor his personal data be used by Hanhai for marketing purposes. (d)Hanhai shall not share any personal data with any third parties except as follows: (i)Hanhai may disclose such data in cases where it is required by law; (ii)Hanhai may disclose such data when it believes in good faith that

disclosure is necessary to protect the Seller’s safety or the safety of others or investigate fraud; (iii)Hanhai may disclose such data to other companies within the Hanhai group for the purposes as mentioned in Clause 17(b); (iv)Hanhai may transfer, sell or assign such data to any third parties as a result of a sale, merger, acquisition, consolidation, change of control, transfer of assets, reorganisation of its business, liquidation, or sale or dissolution of assets; (v)Hanhai may transfer such data to its agencies, service providers or suppliers (for example, shippers, insurers and external experts) engaged to fulfil the services which the Seller has requested or to provide Hanhai with information technology support or process data on its behalf; (vi)Hanhai may share such data to its employees on a need-to-know basis; (vii)Hanhai may disclose such data to the Purchaser or any bidder(s) if it is so required in relation to the sale of the Lot. While some countries do not offer equivalent legal protection of personal data to that offered within Hong Kong, Hanhai will require that any such third parties respect the privacy and confidentiality of the Seller’s information and provide the same level of protection for the Seller's information as provided within Hong Kong, whether or not they are located in a country that offers equivalent legal protection of personal information.

(e)The Seller has a right to request access to, and to request correction of, his personal data. If the Seller wishes to do so, please contact the following personnel whose contact details are as follows:Address: Hanhai Auction (Hong Kong) Ltd., 66/F, Regus Centre, The Centre, 99 Queen’s Road, Central, Hong Kong Email:

info@hanhaiauction.com

Telephone:

(852) 3965 3219

Contact:

Ms. Angela Liu

(f)All personal data collected by Hanhai is subject to its Privacy Policy.

For further information as to how such personal data will be treated, please consult the Privacy Policy of Hanhai which may be accessed at the Website. By agreeing to these Terms and Conditions, the Seller agree to the collection, use and disclosure of his personal data on the terms herein and in the Privacy Policy.

18.MISCELLANEOUS (a)These Terms and Conditions are not assignable by the Seller without Hanhai's prior written consent, but are binding on the Seller's successors, assigns and representatives. Nothing herein confers (or purports to confer) on any person who is not a party to these Terms and Conditions any benefit conferred thereby, or the right to enforce any term thereof. (b)No delay by Hanhai to exercise or enforce any right under these terms shall operate as a waiver of such right, nor will any single, partial

or defective exercise of any right by Hanhai preclude any other or further exercise of it or the exercise of any other right. (c)Any notice or other communication to Hanhai must be in writing and may be delivered by hand or sent by registered post or air mail or fax transmission to the address or fax number of the department in charge of the sale. It is the responsibility of the sender of the notice or communication to ensure that it is received in a legible form within any applicable time period. (d)Should any provision of these Terms and Conditions be held unenforceable for any reason, the remaining provisions shall remain in full force and effect. (e)The documents listed in the introduction to these Terms and Conditions set out the entire agreement and understanding between the parties with respect to the subject matter hereof. It is agreed that, save in respect of liability for fraudulent misrepresentation, no party has entered into any contract in reliance on any representation, warranty or undertaking which is not expressly referred to in such documents. (f)Hanhai shall not be liable for any delay or failure to fulfil our respective obligations under these terms as a result of causes beyond its reasonable control or if performance of its obligations would by reason of such circumstances give rise to a

significantly increased financial cost to it. Such causes include (but are not limited to) fire, earthquakes, tsunamis, typhoons, other extreme weather conditions, floods, acts of governmental or supranational authorities, war, riots, strikes, lockouts, terrorist acts, industrial disputes and acts of god.

19.GOVERNING LAW (a)These Terms and Conditions and any other agreement between Hanhai and the Seller, and all related matters, transactions or disputes, shall be governed by and construed in accordance with Hong Kong law. (b)For the benefit of Hanhai, the Seller agrees that if a dispute arises in connection with any aspects of the matters or transactions to which these Terms and Conditions relate or apply, the Seller shall submit irrevocably to the exclusive jurisdiction of, and that he will only commence proceedings against Hanhai in, the courts of Hong Kong.

The Seller agrees that Hanhai shall reserve the right to bring proceedings in any court other than the courts of Hong Kong.

20.LANGUAGE These Terms and Conditions are published in both Chinese and English. If there is any dispute in its interpretation, the English version will prevail.

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拍 Absentee Bids Form First Name

Last Name

Address Tel.

Mobile No.

Email Please write clearly and place your bids as early as possible, as in the event of identical bids, the earliest bid received will take precedence.

Bids should be submitted in Hong Kong dollar at least 24 hours before the auction. 拍 拍 拍 拍 港 拍賣 2 拍 Please select(you can only choose one option) 拍

Written Bids

拍

Tel. Bids

Lot Number

Lot Name

拍賣

拍賣

Maximum Hong Kong Dollar (Excluding Premium) or Tick for Phone Bid 拍

港 拍

HK$ HK$ HK$ HK$ HK$ HK$ Telephone Number During the Sale (Tel. Bids Only) 拍賣

拍

Please mail to: Hanhai Auction (Hong Kong) Ltd., 66/F, Regus Centre, The Centre, 99 Queen’s Road, Central, Hong Kong 香港

(Regus)

Telephone: (852) 3965 3219

6620A 翰海

香港

拍賣

Email: bids@hanhaiauction.com

I have read the “Important Notice to Buyers”, “Buyer’s Guidance” and “TERMS AND CONDITIONS OF BUSINESS FOR PURCHASERS” printed in the catalogue and agree to be bound by them.

Signature

Date

Arranging Payment Payment is due in HK dollars immediately after the sale and may be made the following methods: cheque, bank draft, bank transfer or bank remittance at Hanhai’s discretion. 拍賣 港

Registration Application Form Section A Have you made a purchase at Hanhai(Hong Kong)?

香港翰海

拍

拍賣

NO

YES E isting Account Number

New Account Number

We encourage new clients to register at least 4 hours in advance of a sale to allow su cient time to process the registration. 拍賣 Section B Bidder’ Details 拍 Please note that Hanhai(Hong Kong) does not accept payment from third parties, including agents, and that invoice details cannot be changed after the sale. 翰海 香港 拍賣會 Complete the details of the registered bidder: 拍 Please select relevant box Personal Account Mr/Ms Family Name Photo ID/Passport No.

拍

拍

Company Account

Given Name

Company Name Business Registration No.

Tel. Fax E-mail Address Section C Identity Documents and Financial References

Tel. Fax E-mail Address

Please provide copies of following documents. Individuals: government issued photo identi cation (such as national identity card or passport) and , if not shown on the ID document, proof of current address. Corporate clients: a certi cate of incorporation, proof of company address, photo ID copy of authori ed bidder, letter of authori ation duly signed by the director or the legal representative and, if applicable, chopped with company stamp and o cial document listing directors and shareholders. Agents: an authori ation letter duly signed by the principal and further details and identi cation documents of the principal. Other documents and nancial references may be required by Hanhai(Hong Kong) separately. 拍 拍 拍

拍

拍

翰海

香港

Section D Declarations I have read the “Important Notice to Buyers”, “Buyer’s Guidance” and “TERMS AND CONDITIONS OF BUSINESS FOR PURCHASERS” printed in the catalogue and agree to be bound by them.

Name

Signature

Date

Please mail to:

Hanhai Auction (Hong Kong) Ltd., 66/F, Regus Centre, The Centre, 99 Queen’s Road, Central, Hong Kong 香港 Telephone: (852) 3965 3219

(Regus)

6620A 翰海

香港

拍賣

Email: bids@hanhaiauction.com