Poly Auction Hong Kong | July Auctions 2020 | Rare Pu’er Tea and Chinese Spirit

RARE PU’ER TEA AND CHINESE SPIRIT 東方留韻之珍藏陳年茶葉及白酒 HONG KONG 9 JULY 2020

香港 2020 年 7 月 9 日

保利香港 拍賣日程

POLY AUCTION (HONG KONG) SALES CALENDAR

瑰麗典雅：珠寶、鐘錶及手袋尚品專場

MAGNIFICENT JEWELS, WATCHES AND HANDBAGS

2020 年 7 月 8 日 星期三

WEDNESDAY, 8 JUL 2020

編號：HKS2620 下午 1:00

SALE: HKS2620 1:00 PM

東方留韻之珍藏陳年茶葉及白酒

RARE PU’ER TEA AND CHINESE SPIRIT

2020 年 7 月 9 日 星期四

THURSDAY, 9 JUL 2020

編號：HKS1620-2 上午 10:30

SALE: HKS1620-2 10:30 AM

佳釀醇香之珍稀紅酒及威士忌

FINE WINE AND WHISKY

2020 年 7 月 9 日 星期四

THURSDAY, 9 JUL 2020

編號：HKS1620-1 下午 2:00

SALE: HKS1620-1 2:00 PM

現當代藝術專場

MODERN AND CONTEMPORARY ART

2020 年 7 月 12 日 星期日

SUNDAY, 12 JUL 2020

編號：HKS1020-1 下午 3:00

SALE: HKS1020-1 3:00 PM

ARTitude

ARTITUDE

2020 年 7 月 12 日 星期日

SUNDAY, 12 JUL 2020

編號：HKS1020-2 順延

SALE: HKS1020-2 POSTPONE

預 先 登 記 P R E - R E G I ST R AT I O N

若閣下是首次參與競投，同時未獲得保利香港拍賣有限公司認可的註冊客戶推薦，保證金為港幣 500,000 元。如閣下 打算競投高估價拍賣品（在圖錄內及 / 或電子圖錄內標有〇符號之拍賣品），保證金為港幣 1,000,000 元。保利香港 拍賣有絕對權力隨時調整高估價拍賣品之保證金及 / 或手續 , 而不需要另行通知◦在閣下競投前 , 本公司亦有絕對權力 向閣下要求提供任何有關閣下的財務證明。本公司有絕對權力拒絕任何人之競投登記而不需給予任何解釋◦

If this is the first time you bid with Poly Auction (Hong Kong) Limited, and you are not recommended by a registered client endorsed by us, the deposit will be HK$500,000. If you intend to bid on a “Premium Lot”(i.e., a lot marked with 〇 in the printed catalogue and/or the digital catalogue), the deposit will be HK$1,000,000, please be aware the amount of deposit and/or bidding registration procedure for “Premium Lot” can be changed at any time at Poly Auction(Hong Kong)’s sole discretion without prior notice. In either case, you must deliver to Poly Auction (Hong Kong) Limited such necessary financial references, guarantees, deposits and/or such other security as Poly Auction (Hong Kong) Limited may in its absolute discretion require for before your bid. Poly Auction (Hong Kong) Limited may refuse any bidding registration without any explanation at its’ sole discretion.

預展及拍賣地點

保利香港藝術空間 香港金鐘金鐘道 88 號太古廣場 1 期 7 樓 701-708 室 電話：+852 2303 9899 傳真：+852 2303 9888 預展

6 月 23 日至 7 月 8 日 * 上午 10:00 至下午 8:00 拍賣

7 月 8 日至 7 月 12 日 *

* 各專場預展及拍賣時間有所不同，請參閱拍 賣時間表以瞭解詳細日程。 Preview and Auction Venue Poly Gallery Hong Kong Suites 701-708, 7/F, One Pacific Place, 88 Queensway, Admiralty, Hong Kong Tel: +852 2303 9899 Fax: +852 2303 9888 Preview

23 June to 8 July * 10:00 am – 8:00 pm Auction

8 July to 12 July * * Previews and auctions are available on s p e c i f i e d d a y s o n l y. P l e a s e r e f e r t o t h e auction schedule for details.

RARE PU’ER TEA AND CHINESE SPIRIT

東方留韻之珍藏陳年茶葉及白酒

拍賣

2020 年 7 月 9 日 星期四

上午 10:30（拍品 1601-1757） 拍賣編號： HKS1620-2 AUCTION

THURSDAY, 9 JULY 2020

10:30 am (Lots 1601-1757) Sale Number: HKS1620-2

專家及服務查詢 SPECIALISTS AND SERVICES ENQUIRIES

POLY AUCTION (HONG KONG) LIMITED MANAGING DIRECTOR 保利香港拍賣 執行董事 ALEX CHANG 張益修 achang@polyauction.com.hk SPECIALISTS 專家

+ 852 2303 9852 cww@polyauction.com.hk LIAM GUI 桂湘 GEORGE YAU 丘雨楓

WORLDWIDE 全球 HONG KONG 香港 T: + 852 2303 9899 F: + 852 2303 9888 Email: info@polyauction.com.hk SHANGHAI 上海 Zhang Jin 張瑾 T: + 86 21 5178 0360 F: + 86 21 5178 0361 Email: shanghai@polyauction.com TAIPEI 台北 Jasmine Chang 張筠菲 T: + 886 2 2581 3855 F: + 886 2 2522 2595 Email: taipei@polyauction.com.hk

MACAU 澳門 Miu Cheang 鄭妙賢 T: + 853 2875 1013 F: + 853 2875 1014 JAPAN 日本 Haruko Kazami 風見治子 T: + 81 3 6278 8011 F: + 81 3 6278 8012 NEW YORK 紐約 Kenny Wong T: +1 212 273 0822

保利香港官方微信 Poly Auction (Hong Kong) official Wechat 北京保利官方微信 Poly Auction (Beijing) official Wechat

珍茗佳釀部專家

RARE WINE, WHISKY AND CHINESE TEA SPECIALISTS

HEAD OF DEPARTMENT 珍茗佳釀部 部門主管

BUSINESS REPRESENTATIVE WINE 名酒業務代表

LIAM GUI 桂湘

GEORGE YAU 丘雨楓

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珠��尚品

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+852 2303 9825

+852 2303 9869

+86 10 6408 3508

+852 2303 9861

JWL@POLYAUCTION.COM.HK

+852 2303 9862

CHAIRMAN OF POLY AUCTION (HONG KONG) LTD.

����拍賣���司 �行�事

MANAGING DIRECTOR OF POLY AUCTION (HONG KONG) LTD.

��修 Alex Chang

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DIRECTOR AND DEPUTY GENERAL MANAGER OF POLY AUCTION (HONG KONG) LTD.

彭兆君 Peng Zhaojun

����拍賣���司 ���� OPERATIONS DIRECTOR

JEWELS & PRESTIGE COLLECTIONS

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�晶晶 Amanda Zhao ��� Karen Ng ��� Kathy Ip

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MODERN AND CONTEMPORARY ART +852 2303 9880 CMCA@POLYAUCTION.COM.HK

��� Jamie Yu

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RECEPTION

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RARE PU’ ER TEA AND CHINESE SPIRIT

東方留韻之珍藏陳年茶葉及白酒

目 錄

CONTENTS 6 專家及服務查詢 Specialists and Services Enquiries 12 拍品 Property for Sale

110 重要通告及目錄編列方法之說明 Important Notices and Explanation of Cataloguing Practice 113 業務規則 Condition of Business

123 競投登記須知 Important Notice about Bidding Registration 124 財務付款須知 Important Notice about Payment 125 競投登記表格 Bidding Registration Form 127 委託競投表格 Absentee Bid Registration 129 裝運委託 Shipping Instructions

昆明鐵餅普洱茶

紅印青餅普洱茶

紅印鐵餅普洱茶

紅印青餅普洱茶 一(點紅版

)

厚紙８５８２青餅普洱茶

八八青餅普洱茶 ７(５４２

)

敬昌號青餅普洱茶

宋聘號青餅普洱茶 藍(票

無紙紅印青餅普洱茶

)

12

茶·生 活·保 利 香 港 拍卖 Tea and Poly Auction Hong Kong

中 国 是 茶 的 故 乡 ， 英 语 ﹃ 茶 ﹄ 一 词 （ Tea ）也是从福建话﹃茶﹄字的读音而 生。四千七百年以来，茶叶走过漫长的旅程，足迹遍布了整个世界。可以 说，中国创造并向世界传播了茶叶。饮茶在中国更是代代相传，未曾断过， 这不仅是传统文化，更成为我们特有的生活方式，挥之不去。

如今，茶叶已经在世界各地生根发芽，全球不同地方都种植茶树，制造茶 叶，形成了各自丰富多彩的茶文化，英国的下午茶传统、日本的茶道仪式、 斯里兰卡的红茶。同样地，中国茶叶也走向多元化发展。制茶工艺的进步， 使茶叶走出传统的局限，中国云南古树茶茶青制成的红茶、绿茶、白茶，一 样受人追捧及喜爱，呈现了无穷无尽的可能性，茶叶市场发展欣欣向荣。

此外，茶叶作为高端收藏品，特别在投资方面，大放异彩。类似号字级和印 年一片百年福元昌号普洱茶饼拍出三百 字级等明星产品已经身价万倍， 2019 多万港元价格。看似普通的茶饼蕴藏惊人潜力，因为时间给予茶叶足够的转 化空间，加上茶人的智慧，把一片不起眼的叶子变成价值连城的茶品。上乘 品质配合人的智慧，茶叶才有向好转化的价值，成为足以使人着迷的玉液。

但不要忘记，茶叶最后的归属还是与水融合化为茶汤，只有品饮才能体现其 生命的最终价值。保利香港拍卖珍茗佳酿部作为茶文化宣传和接力者，秉持 专业把最真实茶叶的资讯带给大家，一同以茶融入生活，享受品茗中的无穷 滋味与乐趣。

13

1601 二○○○年 紅印鐵餅普洱茶（8668配方） EIGHT PIECES OF PU'ER TEA CAKES, 2000 數量：8片（1筒加1片） 總重量：約3200g 倉儲：乾倉 工序：生茶

HK$ 22,000 - 35,000 US$ 2,820 - 4,480 昆明茶廠產於2000年的紅印鐵餅普洱茶，配方8668， 配茶茶青級數較高、條索肥碩，經過二十年的轉化， 滋味醇厚，微苦舒展潤化強，香氣濃烈帶果香、木 香，陳香雅韻初顯。

1602 一九九七年 水藍印青餅普洱茶（7542配方） SIX PIECES OF PU'ER TEA CAKES, 1990s 數量：6片 總重量：約1984g 倉儲：偏乾倉 工序：生茶

HK$ 80,000 - 150,000 US$ 10,250 - 19,230 勐海茶廠在1997年生產的一批7542茶品，因茶紙 上的八中「茶」字為水藍色而得名，7542被譽為生 茶中高品質的佼佼者，茶菁細嫩，是市場熱門的收 藏明星茶。茶湯深紅、晶瑩剔透，陳香正而濃烈， 滋味醇厚，口感濃稠柔滑，喉韻悠長細膩，滋味回 甘。有強烈的山野氣韻，香型介乎在蘭花香與花蜜 香之間。

14

1603 一九九六年 大益普洱茶磚 TWENTY PIECES OF PU'ER TEA BRICKS, 1996 數量：20片 總重量：5000g 倉儲：乾倉 工序：熟茶

HK$ 40,000 - 80,000 US$ 5,120 - 10,250 大益茶磚是勐海茶廠1996年出品，乾倉儲存，實屬 難得。選用粗壯茶菁製作而成，條索肥壯，經過近 二十多年的陳化，茶湯紅亮清澈呈琥珀色，陳香明 顯，喉韻甘爽醇正。

1604 一九九四年 大益普洱茶磚（首批） TEN PIECES OF PU'ER TEA BRICKS, 1994 數量：10片 總重量：2500g 工序：熟茶

HK$ 32,000 - 50,000 US$ 4,100 - 6,410 首批大益茶磚是勐海茶廠1994年出品，選用粗壯茶 菁製作而成，條索肥壯，經過近二十多年的陳化， 茶湯紅亮清澈呈琥珀色，陳香明顯，喉韻甘爽醇 正。

15

1605 一九九七年 水藍印青餅普洱茶（8582配方） SEVEN PIECES OF PU'ER TEA CAKES, 1997 數量：原筒7片 總重量：約2405g 倉儲：偏乾倉 工序：生茶

HK$ 45,000 - 100,000 US$ 5,760 - 12,820 勐海茶廠在1997年生產的一款8582茶餅，因茶紙上 的八中「茶」字為水藍色而得名，選擇枝葉粗大的 茶葉，使茶的口感更舒適，是市場熱門的收藏明星 茶。茶餅條索分明，茶青肥碩飽滿，葉底油光栗紅 泛青，軟柔而富有彈性，湯色紅而透亮，入口厚實 清爽，口感變化層次豐富，回甘持久，香氣高揚， 茶氣較足。

1606 一九九七年 水藍印青餅普洱茶（8582配方） FOURTEEN PIECES OF PU'ER TEA CAKES, 1997 數量：原筒14片 總重量：約4820g 倉儲：偏乾倉 工序：生茶

HK$ 90,000 - 200,000 US$ 11,530 - 25,640 勐海茶廠在1997年生產的一款8582茶餅，因茶紙上 的八中「茶」字為水藍色而得名，選擇枝葉粗大的 茶葉，使茶的口感更舒適，是市場熱門的收藏明星 茶。茶餅條索分明，茶青肥碩飽滿，葉底油光栗紅 泛青，軟柔而富有彈性，湯色紅而透亮，入口厚實 清爽，口感變化層次豐富，回甘持久，香氣高揚， 茶氣較足。

16

1607 一九九八年 橙印青餅普洱茶（7532配方） FOURTEEN PIECES OF PU'ER TEA CAKES, 1998 數量：原筒14片 總重量：約5040g 工序：生茶

HK$ 65,000 - 100,000 US$ 8,330 - 12,820 1998年橙印青餅，編號為「7532」，是南天貿易 公司向勐海茶廠最後一批訂製的茶品。此批青餅分 兩批，分別為於由1996年開始生產，外包「橙色茶 字」、內票綠色茶字的「橙中綠」及緊接其後，外 包紙及內票均為「橙色茶字」的「橙中橙」。茶餅 茶芽金黃亮麗，茶湯清澈通透、呈橙栗紅色，入口 爽滑、香甜，青澀味已轉化，是品飲收藏的佳茗。

1608 一九九六年 紫大益青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES, 1996 數量：原筒7片 總重量：約2551g 工序：生茶

HK$ 200,000 - 350,000 US$ 25,640 - 44,870 「96紫大益」是勐海茶廠首批印以大益商標的茶 餅，取代「八中」商標的首款七子餅茶，並將常規 茶印成玫瑰紫色外包裝。選用標準的7542用料， 以四級茶菁為主，餅面灑有茶芽。作為大益牌商標 的第一片茶餅，以「外紫內紅」的特徵聞名，加上 醇厚飽滿的口感，備受茶友青睞，是一款中生代的 明星茶品。雖然屬於初出茅廬的普洱茶，但在市場 流通的數量極少，可見其品質之高，深受普洱藏家 喜愛。湯色紅濃透亮，有輕樟香。茶湯入口厚實飽 滿，湯體勁道，茶香氣優雅怡人，口感層次分明、 豐富多變，生津迅速、回甘持久，帶有陳茶梅甜， 清爽吸引，優雅迷人。 17

1609 一九八○年代末至一九九○年代初 八八青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES, 1980s-1990s 數量：原筒7片 總重量：約2343g 倉儲：偏乾倉 工序：生茶

HK$ 380,000 - 600,000 US$ 48,710 - 76,920 八八青餅，由香港茶商陳國義先生所命名及所收的一批茶，泛指1988至1992 年期間勐海茶廠生產、乾倉儲存的7542普洱茶，以中壯葉為主體，配以幼嫩芽 葉，間以少量粗老葉製成，為勐海茶廠的巔峰之作。八八青餅當時出廠不過三 百多件，在市場上流通數量有限，具有一定稀缺性，深受藏家的追捧，是中生 代普洱茶中的精品。經過近三十年陳期，整餅茶墨綠油亮，茶湯細緻婉約，茶 氣充足，經久耐泡，生津回甘快，入口甘甜，散發誘人甜香味，具有獨特的梅 子韻，茶韻變化無窮。

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1610 一九七○年代 昆明鐵餅普洱茶 SEVEN PIECES OF PU'ER TEA CAKES, 1970s 數量：原筒7片 總重量：約2405g 倉儲：純乾倉 工序：生茶

HK$ 880,000 - 1,200,000 US$ 112,820 - 153,840 昆明鐵餅是昆明茶廠利用鐵模壓制的圓餅茶，壓出的餅茶底部無 坑，邊緣平直，被稱為「齊邊」七子餅茶。最早於六十年代生產， 七十年代初開始大量壓制，七子鐵餅配茶風格與「藍印美術字圓 餅」十分相似，茶膠十分豐富，口感表現強勁。

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1611 一九七○年代 廣雲貢青餅普洱茶 TWO PIECES OF PU'ER TEA CAKES, 1970s 數量：2片 總重量：約658g 工序：生熟茶

HK$ 40,000 - 70,000 US$ 5,120 - 8,970

1612 一九七○年代 廣雲貢青餅普洱茶 THREE PIECES OF PU'ER TEA CAKES, 1970s 數量：3片 總重量：約960g 工序：生熟茶

HK$ 60,000 - 100,000 US$ 7,690 - 12,820 五十年代末至七十年代期間，東南亞市場對普洱茶 的需求增加，當時廣東茶業公司除了出口茶葉，也 開始染指茶餅製作，選用雲南、廣東及西貢(南越) 三地之茶青壓製青餅，並採用拼配策略，具有廣式 韻味，故而市場稱之為「廣雲貢餅」。廣雲貢餅和 中茶公司印級茶為同期茶，其內票沿用印級茶的「 方形八中」設計，但票型較細小。雖然製作過程相 近，但由於氣候、原料不同，廣雲貢餅比其它印級 茶更為細膩油潤。茶餅條索金黃緊實，經過五十年 的時間洗禮，陳韻豐盛，湯色油潤，兩頰生津，喉 韻卻異常甜美，久久不散，口感具有奇妙的自然個 性和獨特茶韻。 20

1613 一九七○年代 天信號青餅普洱茶 TEN PIECES OF PU'ER TEA BRICKS, 1970s 數量：10片 總重量：約3476g 工序：生茶

HK$ 150,000 - 300,000 US$ 19,230 - 38,460 最早是自香港「陸羽茶樓」開出，再銷售至台灣市 場，與福祿貢茶和水藍印青餅普洱茶，合稱「鳳山 三傑」。天信號精選海拔較高的鳳山茶菁，經過四 十多年陳期後，形成獨特的口感韻味。陳韻微苦， 回甘悠長，茶氣醇厚，陳化度頗佳，是值得品飲和 收藏的茶品。

1614 一九八○年代 厚紙7542青餅普洱茶 SEVEN PIECES OF PU'ER TEA CAKES, 1980s 數量：7片 總重量：約2150g 工序：生茶

HK$ 250,000 - 350,000 US$ 32,050 - 44,870 7542青餅是勐海茶廠的經典茶品，以中壯茶菁為骨 架，配以幼嫩芽葉，拼配得當，成為普洱茶市場的 指標產品，厚紙的7542是大約從八十年代早期延續 至八十年代末，其後八八青餅至九十年代初小七薄 紙7542，在口感氣韻上都承襲了厚紙7542。此茶 餅作為較早期產品，存世數量稀有，兼品飲及收藏 價值。此青餅茶氣足，茶湯質感強勁厚重，野香誘 人，有花果香，入口濃郁且甘甜味重，茶韻變化無 窮，經久耐泡。

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1615 一九八○年代 薄紙8582青餅普洱茶 SEVEN PIECES OF PU'ER TEA CAKES, 1980s 數量：原筒7片 總重量：約2483g 工序：生茶

HK$ 520,000 - 800,000 US$ 66,660 - 102,560 8582薄紙，是八十年代後期七子餅中最具有代表 性的茶品之一，採用五至八級粗壯新老茶菁拼配緊 壓，為特殊配茶，可稱為中期茶中的精品，品質上 佳，堪稱一絕。餅形圓厚端正，條索肥壯，外觀油 亮潤澤帶紅褐色。經過三十多年的陳化，茶湯偏深 栗色，回味生津，野樟香味十足，水性柔軟順滑。

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1616 一九八○年代 薄紙8582青餅普洱茶 TWENTY-ONE PIECES OF PU'ER TEA CAKES, 1980s 數量：原筒21片 總重量：約7228g 工序：生茶

HK$ 1,560,000 - 2,400,000 US$ 200,000 - 307,690 8582薄紙，是八十年代後期七子餅中最具有代表 性的茶品之一，採用五至八級粗壯新老茶菁拼配緊 壓，為特殊配茶，可稱為中期茶中的精品，品質上 佳，堪稱一絕。餅形圓厚端正，條索肥壯，外觀油 亮潤澤帶紅褐色。經過三十多年的陳化，茶湯偏深 栗色，回味生津，野樟香味十足，水性柔軟順滑。

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1617 一九五○年代 紅印青餅普洱茶 A VINTAGE PU'ER TEA CAKE, 1950s 數量：1片 重量：約333g 倉儲：乾倉 工序：生茶

HK$ 600,000 - 1,000,000 US$ 76,920 - 128,200 紅印青餅普洱茶，是新中國成立的第一批普洱茶品，包裝紙以全紅色設計，象徵 著紅色江山生生不息。此茶採用雲南最好的茶菁製成，因其質量堪稱一絕，深受 茶饕喜愛，故有「現代普洱貢茶」之稱，在茗界中有不可撼動的地位。作為普洱 茶界中印級茶的始祖，陳化品質卓越，市場極為罕見，單餅的價格一直飆升，是 藏家們奢求珍藏的茶品。此茶品口感及茶韻均極為豐富細膩，質量亦屬現代普洱 茶中的上乘之品。茶菁肥碩，條索飽滿，茶湯粟紅，並滲有蘭香或野生樟香味。 經過一甲子年的陳化，茶湯透紅厚釅，入口綿滑，茶氣強勁，厚重感十足。

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1618 一九五○年代 無紙紅印青餅普洱茶 A VINTAGE PU'ER TEA CAKE, 1950s 數量：1片 重量：約294g 倉儲：乾倉 工序：生茶

HK$ 350,000 - 500,000 US$ 44,870 - 64,100 無紙紅印即是沒有包裝紙的紅印，採用易武正山最好的茶菁製成，以品質上 佳聞名，為五十年代勐海茶廠具有代表性的產品。無紙紅印是印級茶中的瑰 寶，市面上越趨稀少，原筒包裝更為罕見，其價格一直攀升，乃收藏投資佳 品。餅型渾圓飽滿，茶葉烏潤有光，條索粗壯飽滿，茶湯厚釅，葉底柔軟鮮 活，茶湯清澈見底無渾濁;茶水醇厚馥鬱，富層次，濃郁芳香而不霸道，令人 舌底鳴泉，回味無窮。陳放至今逾六十載，散發出豐富的茶韻醇而香。

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1619 一九八○年代 7452普洱茶餅 TWO PIECES OF PU'ER TEA CAKES, 1980s 數量：2片 總重量：約630g 工序：熟茶

HK$ 13,000 - 20,000 US$ 1,660 - 2,560 7452普洱熟茶餅是勐海茶廠代表性茶品之一，香港 老茶人均稱之為「熟茶王」。採用壯碩茶菁拼配而 成，條索飽滿，是普洱茶市場的指標產品。至今有 四十年陳期，茶湯深褐油亮，陳熟香氣濃烈，回甘 良好，是值得品味與珍藏的茗品。

1620 一九八○年代 厚紙8582青餅普洱茶 SEVEN PIECES OF PU'ER TEA CAKES, 1980s 數量：7片 總重量：約2434g 工序：生茶

HK$ 280,000 - 500,000 US$ 35,800 - 64,100 8582是八十年代後期七子餅中，最具有代表性的 茶品之一。採用五至八級粗壯新老茶菁拼配緊壓， 為特殊配茶，可稱為中期茶中的精品，品質上佳， 是一款值得收藏的好茶。茶餅茶餅以厚白棉紙作包 裝，條索肥壯，外觀油亮潤澤帶紅褐色，茶湯偏深 栗色，回味生津，茶氣十足，口感醇厚，變化質層 分明。

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1621 一九八○年代末 八八青餅普洱茶 （7542配方） SEVEN PIECES OF PU'ER TEA CAKES, 1980s 數量：7片 總重量：約2270g 工序：生茶

HK$ 400,000 - 600,000 US$ 51,280 - 76,920 八八青餅，由香港茶商陳國義先生所命名及所收的 一批茶，泛指1988至1992年期間勐海茶廠生產、乾 倉儲存的7542普洱茶，以中壯葉為主體，配以幼嫩 芽葉，間以少量粗老葉製成，為勐海茶廠的巔峰之 作。八八青餅當時出廠不過三百多件，在市場上流 通數量有限，具有一定稀缺性，深受藏家的追捧， 是中生代普洱茶中的精品。經過近三十年陳期，整 餅茶墨綠油亮，茶湯細緻婉約，茶氣充足，經久耐 泡，生津回甘快，入口甘甜，散發誘人甜香味，具 有獨特的梅子韻，茶韻變化無窮。

1622 一九八○年代 中茶牌繁體字鐵餅普洱茶 （8653配方） SEVEN PIECES OF PU'ER TEA CAKES, 1980s 數量：7片 總重量：約2335g 工序：生茶

HK$ 155,000 - 250,000 US$ 19,870 - 32,050 中茶牌繁體字鐵餅是下關茶廠八十年代具代表性的 產品，使用鐵模緊壓製作，包裝紙沿用中茶牌設 計，書寫用以「繁體字」款而得名。最早生產於 1986年，嘜號為8653，主要以五級茶青壓製。現時 市面流通的中茶繁體鐵餅數量極少，此等高質茶品 為一眾茶客之佳音。經過二十多年的陳化，茶品有 驚人的表現力。茶湯栗紅通透，葉底新鮮飽滿有彈 性，入口順滑，回甘生津，香氣醇和含蓄，陳香略 帶樟香，讓人回味無窮。

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1623 一九六○年代 寶城號青餅普洱茶 TWO PIECES OF VINTAGE PU'ER TEA CAKES, 1960s 數量：2片 總重量：約689g 工序：生茶

HK$ 100,000 - 180,000 US$ 12,820 - 23,070 寶城號茶莊創立於老六大茶山之一的倚幫，屬於小 眾名品。寶城號選倚幫小葉種老樹茶葉為茶菁，條 索細長緊實。與其他號字級茶莊相比，當時寶城號 的產量較少，能流傳至今更是難能可貴。陳化有六 十年的古董茶，茶湯油亮，呈栗紅色，口感柔綿醇 正，老韻水甜。

1624 一九六○年代 廣雲貢青餅普洱茶 THREE PIECES OF PU'ER TEA CAKES, 1960s 數量：3片 總重量：約1027g 工序：生熟茶

HK$ 75,000 - 100,000 US$ 9,610 - 12,820

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五十年代末至七十年代期間，東南亞市場對普洱茶 的需求增加，當時廣東茶業公司除了出口茶葉，也 開始染指茶餅製作，選用雲南、廣東及西貢(南越) 三地之茶青壓製青餅，並採用拼配策略，具有廣式 韻味，故而市場稱之為「廣雲貢餅」。廣雲貢餅和 中茶公司印級茶為同期茶，其內票沿用印級茶的「 方形八中」設計，但票型較細小。雖然製作過程相 近，但由於氣候、原料不同，廣雲貢餅比其它印級 茶更為細膩油潤。茶餅條索金黃緊實，經過六十年 的時間洗禮，陳韻豐盛，湯色油潤，配方獨特。品 味微酸清甜、水性薄而順，多是兩頰生津，喉韻卻 異常甜美，久久不散，口感具有奇妙的自然個性和 獨特茶韻。

1625 一九八○年代 油光紙普洱茶磚 TEN PIECES OF PU'ER TEA BRICKS, 1980s 數量：10片 總重量：2500g 倉儲：乾倉 工序：熟茶

HK$ 55,000 - 100,000 US$ 7,050 - 12,820 雲南景谷茶廠（國營）始建於1959年，生產的景谷 試驗青磚開啟了磚茶的歷史。這組普洱熟磚為油光 紙包裝，外包裝貼有中茶標誌，色澤黑亮，條索緊 實分明。經過三十多年陳期，茶湯入口甜醇生津， 是值得品飲的茶品。

1626 一九八○年代 八八青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES, 1980s 數量：7片 總重量：約2161g 工序：生茶

HK$ 180,000 - 350,000 US$ 23,070 - 44,870 八八青餅，由香港茶商陳國義先生所命名及所收的 一批茶，泛指1988至1992年期間勐海茶廠生產、乾 倉儲存的7542普洱茶，以中壯葉為主體，配以幼嫩 芽葉，間以少量粗老葉製成，為勐海茶廠的巔峰之 作。八八青餅當時出廠不過三百多件，在市場上流 通數量有限，具有一定稀缺性，深受藏家的追捧， 是中生代普洱茶中的精品。經過近三十年陳期，整 餅茶墨綠油亮，茶湯細緻婉約，茶氣充足，經久耐 泡，生津回甘快，入口甘甜，散發誘人甜香味，具 有獨特的梅子韻，茶韻變化無窮。

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1627 一九八○年代 厚紙8582青餅普洱茶 SEVEN PIECES OF PU'ER TEA CAKES, 1980s 數量：7片 總重量：約2160g 工序：生茶

HK$ 600,000 - 1,000,000 US$ 76,920 - 128,200 8582的誕生由於雲南茶葉的銷售政策由統購統銷，改為市場開放的模式，為了 滿足市場需求，香港南天貿易公司向雲南勐海茶廠訂製了一批茶餅，運往香港銷 售，首批8582的茶餅因而面世。8582是中期茶的中的精品，採用五至八級粗壯新 老茶菁拼配緊壓，為特殊配茶，品質極佳，一經面市就深受港台茶商和茶客的喜 愛，是一款值得品飲及收藏的好茶。此茶餅條索肥壯，外觀油亮潤澤帶紅褐色， 茶湯偏深栗色，回味生津，茶氣十足，口感醇厚，變化質層分明。

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1628 一九五○年代 紅印鐵餅普洱茶 A VINTAGE PU'ER TEA CAKE, 1950s 數量：1片 重量：約312g 倉儲：乾倉 工序：生茶

HK$ 550,000 - 800,000 US$ 70,510 - 102,560 紅印鐵餅，勐海茶廠五十年代成立初期的產品，包裝紙以全紅色設計，採用 鐵模緊壓製作而得名。原料採用雲南優質茶菁，鐵餅更具有長久保持香氣的 優點，在普洱茶市場上擁有較高的地位。當年生產量極為稀少，故在陳年普 洱中彌足珍貴，備受愛茶之人追捧，價格升幅驚人，極具收藏潛力。此茶 餅葉身烏潤有光，條索粗壯飽滿，生聞已感覺其韻氣醇而樟香味濃烈。沖泡 後，茶湯明亮栗紅，茶水醇厚馥郁，生津極致，喉韻持久，濃郁芳香而不霸 道，回味無窮。其茶氣更在紅印茶品中獨樹一幟，別具風韻。

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1629 一九五○年代 紅印青餅普洱茶（一點紅版） A VINTAGE PU'ER TEA CAKE, 1950s 數量：1片 重量：約339g 倉儲：乾倉 工序：生茶

HK$ 800,000 - 1,200,000 US$ 102,560 - 153,840 1950年代，中國普洱茶產業迎來的新的開始。國有茶廠取代了私人商號，第 一批歷史性重要產品就此誕生——中茶牌青餅普洱茶，顯眼亮麗的紅色大字 印刷的外包裝，這就是大家耳熟能詳的「大紅印」青餅普洱茶。這個時期， 茶餅的製作仍屬於國營茶廠初步試制階段，其產品包括甲級紅印、大字紅 印、一點紅紅印等。每批茶餅在品質和風格上都稍有不同。 1980年代，在歷經三、四十年的時間後，幸運保留下來的紅印青餅普洱茶開 始受到廣大茶友的認可及追捧，因其香氣優雅，滋味醇厚，體感較強，帶來 妙不可言的心神體會。而後，紅印青餅普洱茶一度在茶界被譽為現代普洱茶 的巔峰之作，無人匹敵。普洱茶愛好者一直對其充滿憧憬之情。即使現今有 廠商嘗試復刻出新紅印，與當年產品對比仍有一段距離。 近十年間，普洱茶已經奠定了其在中國茶葉裡不可撼動的地位，紅印青餅普 洱茶成為了這一系列茶的代表作。因其不可複製及稀缺性，紅印青餅普洱茶 價格也一路飆升，2019年更是突破了每片百萬港元的大關。 這次上拍的這片紅印「一點紅」茶餅，外觀品相近乎完美，倉儲也是極其專 業，如此的品相和狀態，可以說是萬里挑一。外包裝紙上的「中國茶業公司 雲南省公司」之「中」字右上綴一紅點，清晰可見。這本來是木製模具刻畫 修整中造成的瑕疵，卻誤打誤撞成為辨別該茶的依據，造成這批茶品成為了 紅印類別中難得一見的罕有珍品。而且時至今日已逾七十年，能流傳至今更 是彌足珍貴。茶葉採用萌芽較重之配法，茶氣霸道，香氣帶有梅香、蘭花香 和較重的藥香，是可遇不可求的傳世珍品。

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1630 一九八○年代 厚紙7542青餅普洱茶 SEVEN PIECES OF PU'ER TEA CAKES, 1980s 數量：7片 總重量：約2260g 工序：生茶

HK$ 220,000 - 300,000 US$ 28,200 - 38,460 7542青餅是勐海茶廠的經典茶品，以中壯茶菁為骨 架，配以幼嫩芽葉，拼配得當，成為普洱茶市場的 指標產品，厚紙7542是大約從八十年代早期延續至 八十年代末，其後八八青餅至九十年代初小七薄紙 7542，在口感氣韻上都承襲了厚紙7542。作為勐海 茶廠的的長青產品，兼品飲及收藏價值，為一眾普 洱茶愛好者趨之若鶩。此青餅茶氣足，茶湯質感強 勁厚重，帶有樟香的陳味自茶葉湧出，野香誘人， 入口濃鬱且甘甜味重，滋味醇和，飲後喉嚨甜潤而 涼快，杯底香氣迷人，茶韻變化無窮。

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1631 一九四○年代 敬昌號青餅普洱茶 THREE PIECES OF ANTIQUE PU'ER TEA CAKES, 1940s 數量：3片 總重量：約1013g 工序：生茶

HK$ 480,000 - 800,000 US$ 61,530 - 102,560 敬昌號於清朝光緒年間成立，是江城最古老的百年普洱茶莊，選用曼灑茶山 大葉種茶菁為原料，憑著其優質選料及優良製造技術，遠銷東南亞，聲名遠 播，在普洱茶市場上佔有一席之地。現存的敬昌號茶品數量非常稀少，是上 佳的收藏級茗品。此藏品餅身均稱豐滿，邊緣圓順，茶葉排列清晰，外觀充 滿渾厚樸拙氣勢，帶野樟香，陳年老韻十足，水性極度細柔，入口即化，為 普洱茶品中最為細滑。

35

百年 宋 聘 号 每一片超過百年歷史的古董級普洱茶餅，背後都承載著深邃的中國歷史文 化。在清末以「茶魁」之名聞於四方的「宋聘號」，是世人公認陳年茶品中 的極品，普洱茶業中的勞斯萊斯。 「宋聘號」茶莊成立於光緒六年(1880年)中國雲南境內，專注於普洱茶的生 產及銷售。民國初年與「乾利貞號」聯姻並合併為「乾利貞宋聘號」，進一 步擴大其普洱茶版圖。茶莊精選易武正山百年古樹春茶製作，選料上乘，秉 持傳統製茶工藝，聲名鵲起，其年產茶量一直位居第一，成為易武鎮最具名 望的大茶莊，地位無可比擬。 隨之，這份傳統的飲茶文化加上其品牌的美譽，宋聘號很快成為了海內外華 人圈裡必不可少的高尚生活用品，也因此把普洱茶的品飲文化向更廣闊的天 地傳播。至今，華人的生活裡依舊有著普洱茶的陪伴，而一個個曾經響亮的 普洱茶莊名號留下來了一片片歷經滄桑但仍舊令人著迷的普洱茶餅。當下， 他們已經堪比黃金，見證著「可以喝的古董」的寶貴生活文化。 味道，或許是其魅力的根本所在。選料精細，製作講究，加上歷經百年的默 默轉化，如今的陳年宋聘號普洱茶已經轉化出無與倫比的經典氣韻，可以兼 得磅礴、幽雅兩端，高妙得難以言喻等等讚歎的美譽，把陳年宋聘號普洱茶 推向了「號級茶王」。 近年來的拍賣會上，宋聘號身價不菲，每次登場奪得滿堂喝彩，其價格也早 已經步入百萬港元隊伍裡。這次上拍的宋聘號•藍票茶餅，品相完整且乾倉 儲存，是難得一見的尚佳茗品。至於是投資收藏還是自飲尋樂，都將是人生 幸福快樂的事。

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1632 一九二○年代 宋聘號青餅普洱茶（藍票） AN ANTIQUE PU'ER TEA CAKE, 'SONG PIN HAO', 1920s 數量：1片 重量：約293g 倉儲：乾倉 工序：生茶

HK$ 1,500,000 - 2,200,000 US$ 192,300 - 282,050

37

1633 一九九三年 福建安溪白毛猴茶 FIVE PACKS OF OOLONG TEA, 1993 數量：5盒 總重量：625g

HK$ 8,000 - 15,000 US$ 1,020 - 1,920 白毛猴茶是歷史名茶，創制于民國初，外形條索粗 壯捲曲，白毫顯現，猶如毛猴靜伏而得名。選用石 竹岩白毛猴茶樹，石竹山海拔700多米，岩下山泉 汨汨，茶樹吸收土壤中豐富的微量元素，種出的茶 葉具有特殊韻味，加上嚴格的製作工藝，其品質別 具一格。

1634 一九九○年 福建安鳳牌鐵觀音茶 FIVE PACKS OF TIE GUAN YIN TEA, 1990 數量：5盒 總重量：1250g

HK$ 8,000 - 15,000 US$ 1,020 - 1,920 茗源茶葉加工公司創始於1982年，位於福建省安溪 縣，高海拔的著名鐵觀音發源地西坪鎮。選用當地 優良茶樹品種為原料，生產的鐵觀音，外形緊結、 勻整潔淨、色澤翠綠、香氣悠長、滋味醇厚。

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1635 一九九二年 福建鐵峰岩牌鐵觀音茶 FIVE PACKS OF TIE GUAN YIN TEA, 1992 數量：5盒 總重量：1250g

HK$ 14,000 - 22,000 US$ 1,790 - 2,820 鐵觀音，作為福建安溪地區所產烏龍茶的一種，一 直以「美如觀音重如鐵香氣馥郁韻悠長」的特點讓 廣大茶人喜愛，存放二十八年的老茶，時間釀造陳 化口感，色如琥珀，晶瑩透亮，茶湯細膩甘滑，回 味無窮。

1636 一九九三年 福建西施牌鐵觀音茶 FIVE CANS OF TIE GUAN YIN TEA, 1993 數量：5罐 總重量：1250g

HK$ 14,000 - 22,000 US$ 1,790 - 2,820 福建是中國烏龍茶的原鄉，鐵觀音是烏龍茶的一 種，經過了二十七年的存放，陳年鐵觀音入口順 滑，滋味飽滿，苦澀味低，是品飲的上乘選擇。

39

1637 一九八○年代 福建天鵬峰烏龍茶 FIVE PACKS OF OOLONG TEA, 1980s 數量：5盒 總重量：625g

HK$ 12,000 - 22,000 US$ 1,530 - 2,820 福建是烏龍茶的主要產區，地處南亞熱帶和中亞熱 帶的結合部，自然條件優越，是屬亞熱帶海洋性 季風區，福建烏龍茶產地大多處在丘陵地或中低山 地，出產的烏龍茶入口濃厚甘潤而不生澀。

1638 一九八○年代 福建海提牌正溪茶 THREE CANS OF TIE GUAN YIN TEA, 1980s 數量：3罐 總重量：1500g

HK$ 15,000 - 25,000 US$ 1,920 - 3,200 福建是中國烏龍茶的原鄉，鐵觀音是烏龍茶的一 種，這原罐的正溪茶是當地有名的鐵觀音，被視為 福建的「老人茶」。海提牌正溪茶選用福建優良茶 樹品種為主原料，以傳統技術精製，品質純正，更 加耐放，歲月的歷煉也成就了正溪茶之濃醇厚實的 滋味，適宜品飲。茶湯褐黃透亮，經過時間的醇化 後，香氣更佳，茶湯甘甜富層次，味釅厚實，馥鬱 悠長。

40

1639 一九七五年 台灣鐵觀音茶 A PACK OF OOLONG TEA, 1975 數量：1箱（20小包） 總重量：3200g

HK$ 9,000 - 20,000 US$ 1,150 - 2,560 台灣烏龍茶種來自福建安溪，至今已有二百多年歷 史，發展出與福建武夷岩茶和鐵觀音兩者大異其 趣的本地烏龍茶。台灣的茶業一開始以外銷為主， 這箱拍品曾於七十年代外銷至美國華人區，自然陳 化四十五年，充滿陳年香氣，滋味醇厚滑爽，香味 高，回甘持久。

1640 一九八○年 台灣烏龍茶 A PACK OF OOLONG TEA, 1980 數量：1箱（20小包） 總重量：3200g

HK$ 9,000 - 20,000 US$ 1,150 - 2,560 台灣烏龍茶種來自福建安溪，至今已有二百多年歷 史，發展出與福建武夷岩茶和鐵觀音兩者大異其趣 的本地烏龍茶。自然陳化四十年，充滿陳年香氣， 滋味濃厚，甘潤不澀。

41

1641 一九七二年 台灣佛手茶 A CAN OF OOLONG TEA, 1972 數量：1罐 重量：1500g 倉儲：乾倉

HK$ 9,000 - 20,000 US$ 1,150 - 2,560 佛手茶是烏龍茶中風味獨特的名品，又名香櫞種、 雪梨。佛手本是一種果實的名字，茶葉以佛手命 名，因其葉片和佛手柑的葉子極為相似，並在沖泡 后散發出如佛手柑所特有的奇香。佛手茶樹品種分 為紅芽佛手與綠芽佛手，兩者以春芽顏色區分，鮮 葉大的如掌，橢圓形，葉肉肥厚。經過四十八年陳 化，茶品有美妙的變化，茶湯花果香濃郁，膠質感 重，回甘悠長。隨著存放的時間增長，苦厚感增 加，與甜度融合，形成一種厚重持久的喉韻。

1642 一九七六年 台灣青烏龍茶 A CAN OF OOLONG TEA, 1976 數量：1罐 重量：1800g 倉儲：乾倉

HK$ 12,000 - 20,000 US$ 1,530 - 2,560 台灣烏龍茶種來自福建安溪，至今已有二百多年歷 史，發展出與福建武夷岩茶和鐵觀音兩者大異其趣 的本地烏龍茶。自然陳化四十年，充滿陳年香氣， 滋味濃厚，甘潤不澀。

42

1643 一九六一年 台灣石門鄉鐵觀音茶 A CAN OF TIE GUAN YIN TEA, 1961 數量：1罐 重量：1800g 倉儲：乾倉

HK$ 12,000 - 20,000 US$ 1,530 - 2,560 石門鄉是台灣重要的茶葉產區之一，起初專門生產 紅茶，後來石門製茶師學習了中度發酵、重度烘 焙的「鐵觀音茶製法」，製作出「石門鐵觀音」。 以鮮嫩的茶葉製成，且揉捻程度適中，經過五十九 年的陳化時間，帶有一種苦盡甘來、澀輕韻重的風 味，是一款值得品飲、收藏的好茶。

1644 一九八九年 福建正山小種紅茶 A CAN OF BLACK TEA, 1989 數量：1罐 重量：500g 倉儲：乾倉

HK$ 12,000 - 20,000 US$ 1,530 - 2,560 正山小種，至今已經有400多年的歷史，來自武夷山 桐木關區域。茶葉是用松針或松柴熏制而成，有著非 常濃烈的香味。因為熏制的原因，茶葉呈灰黑色，但 茶湯為深琥珀色，滋味醇厚，深受茶人喜愛。

43

1645 一九八五年 福建安溪鐵觀音茶 A CAN OF TIE GUAN YIN TEA, 1985 數量：1罐 重量：400g 倉儲：乾倉

HK$ 10,000 - 20,000 US$ 1,280 - 2,560 安溪鐵觀音產於中國福建省安溪縣茶區，為中國 十大名茶之一。安溪茶區海拔800多公尺，雲霧繚 繞，土質多爛石礫壤，氣候溫暖，雨量充沛，是栽 培鐵觀音茶樹的最佳地方。安溪鐵觀音製作嚴謹， 技藝精巧。擁有天時地利人和的條件，安溪鐵觀音 品質優越，甜花香高，甜醇厚鮮爽，具有獨特的品 味，回味香甜濃郁。

1646 一九八五年 福建安溪鐵觀音茶 THREE CANS OF TIE GUAN YIN TEA, 1985 數量：3罐 總重量：1200g 倉儲：乾倉

HK$ 30,000 - 60,000 US$ 3,840 - 7,690 安溪鐵觀音產於中國福建省安溪縣茶區，為中國 十大名茶之一。安溪茶區海拔800多公尺，雲霧繚 繞，土質多爛石礫壤，氣候溫暖，雨量充沛，是栽 培鐵觀音茶樹的最佳地方。安溪鐵觀音製作嚴謹， 技藝精巧。擁有天時地利人和的條件，安溪鐵觀音 品質優越，甜花香高，甜醇厚鮮爽，具有獨特的品 味，回味香甜濃郁。

44

1647 一九九○年代 福建牡丹王白茶 TWO BOXES OF WHITE TEA, 1990s 數量：2盒 總重量：2500g 倉儲：乾倉

HK$ 50,000 - 150,000 US$ 6,410 - 19,230 白牡丹茶產於福建福鼎市，因其綠葉夾銀白色毫心，形似花 朵，沖泡後綠葉托著嫩芽，宛如蓓蕾初放，故得美名白牡丹。 「特級白牡丹」是白牡丹茶中的王者，茶菁細嫩，成品茶毫心 明顯，茸毫色白且多，茶湯入口清淡高雅，甜香飽滿，溫潤淳 和，回甘持久。因白茶製作工藝簡單，自然萎凋乾燥而成，能 最大程度上保留了茶葉的營養價值。在福鼎民間，白茶常常用 來治療咽喉腫痛、感冒發燒、腸胃不適等，具有清熱解毒、消 炎解暑的功效。

45

1648 一九三○年代 五票孫義順六安茶 SIX BASKETS OF LIU'AN TEA, 'SUN YI SHUN', 1930s 數量：1條（6筐） 總重量：約2625g 倉儲：乾倉

HK$ 500,000 - 800,000 US$ 64,100 - 102,560 六安茶屬於黑茶中的貴族茶，產自安徽省西部祁門，不僅 為上乘飲料，且被視為良藥，嶺南中醫診方常用此茶作 引，因而被尊為聖茶。其中「孫義順」是最享負盛名的茶 號，歷史悠久，配茶用料上乘，以頭芽製造，而且條索壯 實勻齊，是彌足珍貴的茗品。此竹籃外形是典型的民初手 工製法，寬且扁，編制手法有序。80多年的乾倉存放及轉 化，是難得臻品，茶質陳而不霉，色澤黑亮，香氣陳醇， 滋味甘醇爽口及耐泡。

46

1649 一九七○年代 廣西梧州六堡茶 LIU'BAO TEA, 1970s 數量：10粒 總重量：約940g

HK$ 11,000 - 20,000 US$ 1,410 - 2,560 六堡茶屬頗負盛名的黑茶，因產於廣西蒼梧縣六 堡鄉而得名，製茶歷史悠久，早在清朝嘉慶年間 (1796-1820)，六堡茶就以其特殊的檳榔香味而列 為中國名茶之一，暢銷於港、澳以及東南亞一帶， 享譽海內外。其特色在於蒸製工藝，把乾燥好的茶 葉，投入木桶中蒸軟，再放置於筐內悶一段時間， 讓茶葉更進一步發酵。因此六堡茶以「紅、濃、 醇、陳」四絕而著稱，廣受茶人所追捧。經過陳年 的醇化，茶性溫和，有健脾養胃的功效，飽食之後 助消化，也可空腹飲之清腸胃。

1650 一九六○年代 廣西梧州六堡茶 LIU'BAO TEA, 1960s 數量：2包 總重量：約1000g

HK$ 48,000 - 80,000 US$ 6,150 - 10,250 六堡茶屬頗負盛名的黑茶，因產於廣西蒼梧縣六 堡鄉而得名，製茶歷史悠久，早在清朝嘉慶年間 (1796-1820)，六堡茶就以其特殊的檳榔香味而列 為中國名茶之一，暢銷於港、澳以及東南亞一帶， 享譽海內外。其特色在於蒸製工藝，把乾燥好的茶 葉，投入木桶中蒸軟，再放置於筐內悶一段時間， 讓茶葉更進一步發酵。因此六堡茶以「紅、濃、 醇、陳」四絕而著稱，廣受茶人所追捧。經過陳年 的醇化，茶性溫和，有健脾養胃的功效，飽食之後 助消化，也可空腹飲之清腸胃。色澤黑潤有光澤， 湯色紅濃，香氣醇陳，滋味甘醇爽口。

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1651 民國 茶器一套 A SET OF TEAWARE, REPUBLICAN PERIOD 木茶盒1個、陶瓷茶壺1個、陶瓷茶海1個及陶瓷茶 杯4個 茶壺：容量160毫升

HK$ 8,000 - 20,000 US$ 1,020 - 2,560

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紅色拍品號為無底價 | ALL LOTS HIGHLIGHTED IN RED ARE TO BE SOLD WITHOUT RESERVE

1652 清 茶器一套 A SET OF TEAWARE, QING DYNASTY 陶茶壺1個、椰殼茶海1個、陶瓷茶杯4個、木茶托1 個及竹藤茶托1個 茶壺：容量70毫升

HK$ 8,000 - 20,000 US$ 1,020 - 2,560

紅色拍品號為無底價 | ALL LOTS HIGHLIGHTED IN RED ARE TO BE SOLD WITHOUT RESERVE

49

1653 明治時期 茶器一套 A SET OF TEAWARE, MEIJI PERIOD 數量：木茶罐1個及錫茶托9個 尺寸不一

HK$ 8,000 - 20,000 US$ 1,020 - 2,560

50

紅色拍品號為無底價 | ALL LOTS HIGHLIGHTED IN RED ARE TO BE SOLD WITHOUT RESERVE

1654 清 茶器一套 A SET OF TEAWARE, QING DYNASTY 數量：青花瓷蓋碗2個、鐵茶托4個、茶杯1個 尺寸不一

HK$ 8,000 - 20,000 US$ 1,020 - 2,560

紅色拍品號為無底價 | ALL LOTS HIGHLIGHTED IN RED ARE TO BE SOLD WITHOUT RESERVE

51

1655 清 茶器一套 A SET OF TEAWARE, QING DYNASTY 數量：石茶罐2個 左：高9.8厘米 右：高9.5厘米

HK$ 8,000 - 20,000 US$ 1,020 - 2,560

52

紅色拍品號為無底價 | ALL LOTS HIGHLIGHTED IN RED ARE TO BE SOLD WITHOUT RESERVE

1656 明治時期 茶器一套 A SET OF TEAWARE, MEIJI PERIOD 數量：陶茶壺1個、竹茶托1個、錫茶罐1個及竹茶 摺1個 茶壺：容量150毫升

HK$ 8,000 - 20,000 US$ 1,020 - 2,560

紅色拍品號為無底價 | ALL LOTS HIGHLIGHTED IN RED ARE TO BE SOLD WITHOUT RESERVE

53

1657 清 茶器一套 A SET OF TEAWARE, QING DYNASTY 數量：陶風爐2個 左：高13厘米 右：高15厘米

HK$ 8,000 - 20,000 US$ 1,020 - 2,560

54

紅色拍品號為無底價 | ALL LOTS HIGHLIGHTED IN RED ARE TO BE SOLD WITHOUT RESERVE

1658 明治時期 茶器一套 A SET OF TEAWARE, MEIJI PERIOD 數量：木茶入3個及陶茶海1個 尺寸不一

HK$ 8,000 - 20,000 US$ 1,020 - 2,560

紅色拍品號為無底價 | ALL LOTS HIGHLIGHTED IN RED ARE TO BE SOLD WITHOUT RESERVE

55

1659 日本龍首盉式純金壺 A GOLD TEAPOT 高15厘米 重1027g 附：木盒

HK$ 550,000 - 1,000,000 US$ 70,510 - 128,200 壺以純金為材料，純手工打造，盡顯名師精湛技藝。造型圓潤 飽滿，壺身設計簡潔，肩、腰分別飾有兩道光素圈紋，與砂面 的壺身形成對比，加強整器的立體感。壺嘴做龍首造型，形態 古樸，憨態喜人，龍寓意財富、智慧、慷慨與吉祥。光滑的 壺蓋配上半月弧摘鈕，與半月提梁互相搭配，予人和諧的視覺 享受。整體典雅瑰麗，散發耀眼的光澤，令人一見傾心。中國 人早已認識到純淨黃金的保健醫療作用，根據中醫學說，金主 肺，用金壺煮水能達到補氣作用。明李時珍《本草綱目》記 載：「食金，鎮精神、堅骨髓、通利五臟邪氣，服之神仙。尤 以金箔入丸散服，破冷氣，除風」。因而，用金壺煮水泡茶， 能對茶性的發揮作出極為巧妙的平衡，對身體也起了一定的保 健作用，純金打造的金壺更是難得一見的佳品。

56

57

1660 清 竹雲齋竹花器 A BAMBOO VASE, QING DYNASTY 高46厘米

HK$ 9,000 - 20,000 US$ 1,150 - 2,560 初代田邊竹雲齋(1877-1937)日本最著名的竹編藝術家之一，十二歲時已 成為初代和田和一齋的弟子，廿二歲自立門戶，師父和一齋賜號「竹雲 齋」，遂號「田邊竹雲齋」。出師後獨創出具有個人特點的竹編工藝， 善於運用竹子的天然特性，將功能性、設計感以及精湛的編織技藝完美 地結合，充分體現了初代竹雲齋極高的編織技巧和藝術修養。 58

1661 明治時期 上田造鐵壺 AN IRON TEAPOT, MEIJI PERIOD 高19厘米 重1842g

HK$ 10,000 - 20,000 US$ 1,280 - 2,560 壺身飽滿敦厚，表面凹凸有致，展現岩石般自然的粗 礦肌理，甚具質感和手感。線條優雅的刀斧式提梁直 立，配鏤空鈕摘，簡約內斂，古樸之中更見韻味。

1662 清 湘妃竹香筒 A BAMBOO INCENSE TUBE, QING DYNASTY 長20厘米

HK$ 2,500 - 6,000 US$ 320 - 760 香筒取材自福建的湘妃竹，朱紅美豔，斑紋影影綽 綽，暈輪自然，如行雲流雲般自由淌動。配上靈芝 造型筒蓋，盡顯自然之美，韻味雋永，可謂香席佳 品。

59

1663 明治時期 寶珠形銀壺 A SILVER TEAPOT, MEIJI PERIOD 高 21厘米 重646g 附：木盒

HK$ 35,000 - 60,000 US$ 4,480 - 7,690 壺純銀鍛造，短頸，鼓腹，器型飽滿，弧線優雅。 壺身通體素面，配與花形摘鈕，細膩雅致。 60

1664 明治時期 三越堂制芋頭形銀壺 A SILVER TEAPOT, MEIJI PERIOD 高17厘米 重462g

HK$ 25,000 - 40,000 US$ 3,200 - 5,120 壺身以銀打造，澤色古雅銀亮，芋頭形壺體，精緻飽 滿，和諧均稱。藤把提梁兼具實用與別具造型，使人 感受到手工製造的親和力，集觀賞與實用為一身。 61

1665 清 尚玩堂仙子刀錫花器 A TIN VASE, QING DYNASTY 高21厘米

HK$ 7,000 - 12,000 US$ 890 - 1,530 62

古籍記載：「茶銚、茶瓶，銀錫為上， 瓷石次之耳。」錫器中以仙子系者聞 名，制器有精錫色漿如水銀，刻工精絕 出眾，運刀如筆，流暢自然。仙子善楷 書、行草、以及小篆，並且書畫雙刊， 並置一器。展現大師的奇絕工藝，高尚 文思，是收藏自用之上品。

1666 明治時期 鷺腳燒急須 A TEAPOT, MEIJI PERIOD 高度9厘米；容量180毫升

HK$ 5,000 - 10,000 US$ 640 - 1,280 在日本茶道具中，鷺腳燒屬於較偏門的技藝，中川 鷺腳在明治末年獨創出此燒製方法，使用較軟的泥 土，較低的燒成溫度，適合以浮雕刻在壺身。因鷺 腳燒的產量較少，實屬難得。

1667 明治時期 鷺腳燒急須 A TEAPOT, MEIJI PERIOD 高度9厘米；容量320毫升

HK$ 5,000 - 10,000 US$ 640 - 1,280 在日本茶道具中，鷺腳燒屬於較偏門的技藝，中川 鷺腳在明治末年獨創出此燒製方法，使用較軟的泥 土，較低的燒成溫度，適合以浮雕刻在壺身。因鷺 腳燒的產量較少，實屬難得。

63

64

1668 民國 青銅金工犀牛香爐 A BRONZE INCENSE BURNER WITH GOLD INLAY, REPUBLICAN PERIOD 66 x 25 x 38厘米

HK$ 30,000 - 60,000 US$ 3,840 - 7,690 青銅金工犀牛香爐是效仿中國國家博物館藏，西漢青銅犀尊，兩者犀牛的 形象栩栩如生，正昂首佇立，尖尖的雙角豎直向上，雙眼專注地望著前 方。犀牛的背部有一個形似馬鞍，可以開啟的活蓋，身軀飾有龍雲紋，工 藝精湛，金色與銅胎底色相襯生輝。兩者不同的地方是，銅犀尊是一件的 酒器，此拍品則是一個香爐。使用過程中，煙自犀牛的兩則鼻孔冒出，為 此器注入靈魂，氣勢磅礡，予人一嗚驚人之勢。

65

1669 大亨掇只壺（謝麗萍配蓋） A PURPLE CLAY TEAPOT 高12.5厘米；容量500毫升

HK$ 68,000 - 100,000 US$ 8,710 - 12,820

66

大亨掇只壺，原是清代制壺大師邵大亨為宜興潘家 特製的傳家之寶，被稱為「光器之祖」「壺中之 王」。紫泥壺身渾厚深沉、瑩潤如玉，身桶鼓滿如 充氣入內，造型古樸端莊、穩重，充分體現了邵大 亨精妙絕倫的壺藝技術。壺蓋為國家級助理工藝師 謝麗萍製作，1990年進宜興紫砂工藝廠，接受系 統紫砂培訓，跟隨師父陸君學習紫砂陶藝。1993 年隨曹婉芬老師進一步學習造型設計及製作技巧。 作品基本功扎實、古撲大方，給人以素靜古拙之 感。紫砂壺整體端莊穩重、古雅大方。

1670 一九八○年代初 周桂珍竹節酒壺套組 A SET OF PURPLE CLAY WINEWARE, 1980s 數量：酒壺1個及酒杯2個 酒壺：高13.5厘米；容量400毫升

HK$ 100,000 - 180,000 US$ 12,820 - 23,070

周桂珍，宜興紫砂陶製作技藝非遺傳承人，1958 年進入紫砂工藝廠。早期拜師王寅春和顧景舟先 生，四十餘年的創造生涯，使她在紫砂藝術上取 得了顯著的成績，先後獲得高級工藝美術師、江 蘇省工藝美術大師、中國陶瓷藝術大師、中國工 藝美術大師等稱號。周桂珍的紫砂作品大氣、豁 達、灑脫中也蘊含著女性的秀麗與和美。這組竹 節酒壺套組利用一廠黑星土製成，造型取自然形 態的竹，壺嘴、壺把以及茶杯把手取竹段，生動 自然，挺拔清秀。竹代表剛勁、清新以及生機盎 然。如今竹寓與整套酒器，更顯清雅。 67

古井貢酒

劍南春

瀘州老窖

汾酒

茅台酒

五糧液

董酒

西鳳酒

郎酒

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中国白 酒·保 利 香 港 拍卖

CHINESE SPIRIT AND POLY AUCTION HONG KONG

白酒是中华三千年传统文化的结晶，英文名为﹃ Chinese Spirit ﹄，是飘香世界 的中国名片。白酒曾经是比人类生存还珍贵的物质，三千多年前未解决温饱 情况下，祖先用来之不易的粮食酿酒，无疑是极其奢侈的行为，因而古人对 白酒充满幸福与憧憬之情。至今，白酒已成为国民饮品，那熟悉的味道陪伴 着中华儿女成长。

白酒有别于其他国家的酒类，以粮食为原料，包括高粱、大米、糯米、玉 米、小麦等。成长讲究天气、地理环境、酿酒师的智慧、酿造及储存的时 间，是天、地、人与时间成就的精华，且具有强烈的地方特色，故有酱香型 的贵州茅台酒、浓香型的四川五粮液以及清香型的山西汾酒等等。

至今，中国白酒企业仍然坚守传统，从原材料、工艺、配方等都运用老祖宗 留下来的传统方式。白酒的好，贵在传承，这与中国深厚的饮食文化一样， 以中国的味道传播着博大精深的中华文化。

随着全球一体化进程加快，世界各国酒文化交流越来越紧密。中国崛起促使 白酒成为主流消费产品，市场价值一直创新高。目前已有拍卖纪录里，一瓶

年赖茅酒价格超过千万港元，陈年茅台酒价格以 15-25% 速度增长。白酒 1935 能跻身高端消费品，因对品质的坚持、匠人的智慧、时间转化的空间，陈年 白酒其独特的陈韵，让人不禁着迷。

随着市场对陈年白酒的品饮需求上升，以及投资收藏的趋势，保利香港拍卖 见证着陈年白酒的成长，我们将继续以专业的姿态向世人展现中国陈年白酒 的魅力，一同走向世界，创造辉煌。

69

1701 二○一七年 貴州茅台生肖酒 港區省級政協委員聯誼會專享（原箱） KWEICHOW MOUTAI SPECIAL EDITION 2017 (ORIGINAL BOX) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：6 瓶

HK$ 25,000 - 45,000 US$ 3,200 - 5,770 飛天雞年生肖酒是港區政協委員聯誼會尊享，限量定制，具有特別紀念意義，是 非常珍貴產品。貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空 杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價 值。這一時期出廠的茅台酒生產工藝傳統，無論是收藏還是飲用，都是非常不錯 的選擇。

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1702 二○一七年 貴州茅台酒 港區省級政協委員聯誼會專享（原箱） KWEICHOW MOUTAI SPECIAL EDITION 2017 (ORIGINAL BOX) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：6 瓶

HK$ 38,000 - 60,000 US$ 4,870 - 7,690 香港政協聯誼會尊享茅台，限量定制，紅色貴州茅台酒是每年小批量用陳年 窖藏的基酒勾兌生產，具有陳年茅台品質，是茅台高端系列的象徵，有著較 高的收藏投資價值。瓶身特別採用中國紅，將吉祥與喜慶之色注入茅台酒， 凸顯其尊貴地位。且原箱拍品均有原盒，品相完好，存酒飽滿，實屬不易， 是收藏、品鑒兩相宜的選擇。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

71

*1703 二○一八年 香港國酒茅台之友協會 五○年陳年貴州茅台酒 KWEICHOW MOUTAI HK FRIENDS OF MOUTAI SPECIAL EDITION 2018 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：1 瓶

HK$ 15,000 - 30,000 US$ 1,920 - 3,850 香港國酒茅台之友協會秉承“弘揚國酒、促進文 化、幫助貴州、發展經濟”的理念，促進茅台在香 港的推廣和消費。此拍品為貴州茅台酒廠為該會特 別製造，只供會員享用，選用50年陳年貴州茅台 酒，具有陳香濃郁、醬香突出、幽雅細膩、酒體圓 潤醇厚、回味悠長，空杯留香持久的酒體風格。且 均有原盒，品相完好，存酒飽滿，實屬不易，是茅 台爱好者不可缺少的藏品。

1704 二○一零年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2010 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 45,000 - 80,000 US$ 5,770 - 10,260 2010年茅台總產量為30026噸，當年零售價為1880 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

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1705 二○一零年「飛天牌」貴州茅台酒(原箱） KWEICHOW MOUTAI 2010 (ORIGINAL BOX） 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：12 瓶

HK$ 60,000 - 90,000 US$ 7,690 - 11,540 2010年茅台總產量為30026噸，當年零售價為1880 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

1706 二○一零年「飛天牌」貴州茅台酒(原箱） KWEICHOW MOUTAI 2010 (ORIGINAL BOX） 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：24 瓶（2箱）

HK$ 120,000 - 180,000 US$ 15,380 - 23,080

2010年茅台總產量為30026噸，當年零售價為1880 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

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1707 二○○九年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2009 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 46,000 - 80,000 US$ 5,900 - 10,260 2009年茅台總產量為23000噸，當年零售價為1000 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

1708 二○○八年「飛天牌」貴州茅台酒(原箱） KWEICHOW MOUTAI 2008 (ORIGINAL BOX） 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：12 瓶

HK$ 65,000 - 100,000 US$ 8,330 - 12,820 2008年茅台總產量為20431噸，當年零售價為650 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

74

1709 二○○八年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2008 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 50,000 - 80,000 US$ 6,410 - 10,260 2008年茅台總產量為20431噸，當年零售價為650 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

1710 二○○七年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2007 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 50,000 - 80,000 US$ 6,410 - 10,260 2007年茅台總產量為16865噸，當年零售價為500 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

75

1711 二○○六年「飛天牌」貴州茅台酒(原箱） KWEICHOW MOUTAI 2006 (ORIGINAL BOX) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：12 瓶

HK$ 80,000 - 120,000 US$ 10,260 - 15,380 2006年茅台總產量為13839噸，當年零售價為400 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

1712 二○○六年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2006 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 55,000 - 85,000 US$ 7,050 - 10,900 2006年茅台總產量為13839噸，當年零售價為400 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

76

1713 二○○五年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2005 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 55,000 - 85,000 US$ 7,050 - 10,900 2005年茅台總產量為12500噸，當年零售價為350 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

1714 二○○四年「五星牌」貴州茅台酒(原箱） KWEICHOW MOUTAI 2004 (ORIGINAL BOX) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：12 瓶

HK$ 95,000 - 150,000 US$ 12,180 - 19,230 2004年茅台總產量為11522.05噸，當年零售價為 350元。2000-2010年出廠的貴州茅台酒具有醬香 味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香 持久之特點。且均有原盒，品相完好，存酒飽滿， 實屬不易，極具收藏價值。這一時期出廠的茅台酒 生產工藝傳統，市場價格適中，無論是收藏還是飲 用，都是非常不錯的選擇。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

77

1715 二○○三年「飛天牌」貴州茅台酒(原箱) KWEICHOW MOUTAI 2003 (ORIGINAL BOX) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：12 瓶

HK$ 100,000 - 160,000 US$ 12,820 - 20,510 2003年茅台總產量為9757噸，當年零售價為320 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

1716 二○○三年「飛天牌」貴州茅台酒(原箱) KWEICHOW MOUTAI 2003 (ORIGINAL BOX) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：12 瓶

HK$ 100,000 - 160,000 US$ 12,820 - 20,510 2003年茅台總產量為9757噸，當年零售價為320 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

78

1717 二○○三年「五星牌」貴州茅台酒 KWEICHOW MOUTAI 2003 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 70,000 - 120,000 US$ 8,970 - 15,380 2003年茅台總產量為9757噸，當年零售價為320 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

1718 二○○二年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2002 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 70,000 - 120,000 US$ 8,970 - 15,380 2002年茅台總產量為8640噸，當年零售價為280 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

79

1719 二○○一年 五○年 陳年貴州茅台酒(原箱) KWEICHOW MOUTAI 2001 (ORIGINAL BOX) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：6 瓶

HK$ 200,000 - 300,000 US$ 25,640 - 38,460 2001年適逢巴拿馬萬國博覽會獲獎86週年和茅台 酒廠成立50週年。歷經50多年的發展，茅台酒產量 從建廠初期年產72噸到2001年的7300噸，增長100 多倍，企業總資產從1.2萬元發展到50多億元，增 長40多萬倍。2001年利稅突破10億元，成為白酒 行業唯一的國家一級特大型企業，唯一搏取“金馬 獎”、“金球獎”雙獎的企業。本拍品每盒1瓶，共 2瓶，蘊含重大的紀念意義，其基酒酒齡不低於15 年，按照50年陳年貴州茅台酒標準精心勾兌而成， 未添加任何香氣。具有陳香濃郁、醬香突出、幽雅 細膩、酒體圓潤醇厚、回味悠長，空杯留香持久的 酒體風格。

1720 二○○一年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2001 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 85,000 - 140,000 US$ 10,900 - 17,950 2001年茅台總產量為7317噸，當年零售價為260 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

80

1721 二○○○年「飛天牌」貴州茅台酒(原箱) KWEICHOW MOUTAI 2000 (ORIGINAL BOX) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：12 瓶

HK$ 120,000 - 180,000 US$ 15,380 - 23,080 2000年茅台總產量為5379噸，當年零售價為220 元。2000年出廠的貴州茅台酒具有醬香味突出， 酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特 點。且均有原盒，品相完好，存酒飽滿，實屬不 易，極具收藏價值。這一時期出廠的茅台酒生產工 藝傳統，市場價格適中，無論是收藏還是飲用，都 是非常不錯的選擇。

1722 二○○○年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2000 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 80,000 - 110,000 US$ 10,260 - 14,100 2000年茅台總產量為5379噸，當年零售價為220 元。2000-2010年出廠的貴州茅台酒具有醬香味突 出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久 之特點。且均有原盒，品相完好，存酒飽滿，實屬 不易，極具收藏價值。這一時期出廠的茅台酒生產 工藝傳統，市場價格適中，無論是收藏還是飲用， 都是非常不錯的選擇。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

81

1723 一九九九年「珍品」貴州茅台酒 “TREASURE” KWEICHOW MOUTAI 1999 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：6 瓶

HK$ 65,000 - 100,000 US$ 8,330 - 12,820 1999年“珍品”茅台當年零售價約為560元。此組拍 品為1999年“珍品”貴州茅台酒，酒標正面書“珍 品貴州茅台酒”，被稱為“珍品茅台”，是八十年代 中期開始生產的高檔茅台酒。採用窖藏多年的陳酒勾 兌而成，具有醬香濃郁，酒體醇厚，回味綿甜之特 點。本組拍品均有原盒包裝，保存完好，存世量稀 少。

1724 一九九九年「五星牌」貴州茅台酒 KWEICHOW MOUTAI 1999 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 90,000 - 150,000 US$ 11,540 - 19,230 1999年茅台總產量為5074噸，當年零售價為260 元。1999年出廠的貴州茅台酒具有醬香味突出， 酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特 點。且均有原盒，品相完好，存酒飽滿，實屬不 易，極具收藏價值。

82

1725 一九九八年 「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 1998 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 95,000 - 150,000 US$ 12,180 - 19,230 1998年茅台總產量為5072噸，當年零售價為300 元。1998年出廠的貴州茅台酒具有醬香味突出， 酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特 點。且均有原盒，品相完好，存酒飽滿，實屬不 易，極具收藏價值。

1726 一九九八年「珍品」貴州茅台酒 “TREASURE” KWEICHOW MOUTAI 1998 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：6 瓶

HK$ 70,000 - 110,000 US$ 8,970 - 14,100 1999年“珍品”茅台當年零售價約為560元。此組 拍品為1999年“珍品”貴州茅台酒，酒標正面書“ 珍品貴州茅台酒”，被稱為“珍品茅台”，是八十 年代中期開始生產的高檔茅台酒。採用窖藏多年的 陳酒勾兌而成，具有醬香濃郁，酒體醇厚，回味綿 甜之特點。本組拍品均有原盒包裝，保存完好，存 世量稀少。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

83

1727 一九九七年「珍品」貴州茅台酒 “TREASURE” KWEICHOW MOUTAI 1997 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：6 瓶

HK$ 75,000 - 110,000 US$ 9,620 - 14,100 此組拍品為1997年“珍品”貴州茅台酒，酒標正 面書“珍品貴州茅台酒”，被稱為“珍品茅台”， 是八十年代中期開始生產的高檔茅台酒。採用窖藏 多年的陳酒勾兌而成，具有醬香濃郁，酒體醇厚， 回味綿甜之特點。本組拍品均有原盒包裝，保存完 好，存世量稀少。

1728 一九九七年「五星牌」貴州茅台酒 KWEICHOW MOUTAI 1997 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 110,000 - 180,000 US$ 14,100 - 23,080 此組拍品為1997年“珍品”貴州茅台酒，酒標正 面書“珍品貴州茅台酒”，被稱為“珍品茅台”， 是八十年代中期開始生產的高檔茅台酒。採用窖藏 多年的陳酒勾兌而成，具有醬香濃郁，酒體醇厚， 回味綿甜之特點。本組拍品均有原盒包裝，保存完 好，存世量稀少。

84

1729 一九九六年「五星牌」貴州茅台酒 KWEICHOW MOUTAI 1996 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 110,000 - 180,000 US$ 14,100 - 23,080 1996年茅台總產量為4365噸，當年零售價為280 元。1996年出廠的貴州茅台酒具有醬香味突出， 酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特 點。且均有原盒，品相完好，存酒飽滿，實屬不 易，極具收藏價值。

1730 一九九六年「珍品」貴州茅台酒 “TREASURE” KWEICHOW MOUTAI 1996 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：6 瓶

HK$ 80,000 - 110,000 US$ 10,260 - 14,100 此組拍品為1996年“珍品”貴州茅台酒，酒標正 面書“珍品貴州茅台酒”，被稱為“珍品茅台”， 是八十年代中期開始生產的高檔茅台酒。採用窖藏 多年的陳酒勾兌而成，具有醬香濃郁，酒體醇厚， 回味綿甜之特點。本組拍品均有原盒包裝，保存完 好，存世量稀少。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

85

86

一 九 九 六，划 时 代 的 一 年 1996: A LANDMARK YEAR FOR MOUTAI

告别﹃铁盖﹄的时代，开启茅台酒的新篇章。

每一次茅台酒瓶盖的更替，是为了造就出更好品质的酒品。 1987 年，所有茅台 酒瓶盖正式从塑料螺旋盖改成金属铝盖，一来防漏，二来具有耐腐蚀和持久 稳定的特点，更利于产品标准化和长时间保存。虽然盖是铝制，但最初被误 认为是﹃铁盖﹄，久而久之，也成为约定俗成的称呼。直至 1996 年 月 8 ，茅台 酒酒厂引进了当时世界上最先进的防倒灌瓶盖，才终结了铁盖的历史使命。

铁盖茅台酒作为特定时代的产物，是一代人十年里珍贵的记忆，意义非凡， 并一直得到茅台酒爱好者的青睐。铁盖茅台酒因产量少，品质的稳定度和对 原材料的把控是最有保证。与去年茅台酒酒厂约五万吨的总产量相比，直至

年铁盖茅台酒生产量才突破四千吨，且铁盖茅台酒停产至今也过去二十四 1996 个年头，因而铁盖茅台酒的存世量非常稀缺。对藏家和酒饕来说，铁盖茅台 酒毋庸置疑是高品质茅台酒的名片。

与此同时，茅台酒酒厂一直沿用传统酿造工艺，严格对质量的把控，保证酒

体风味、口感的一致性。曾在茅台酒酒厂工作半个世纪的季克良 —— 贵州茅 台集团名誉董事长，亦表示坚持质量第一是生产茅台酒的第一宗旨，才成就 茅台酒现今在白酒界中首屈一指的地位。

经过长时间窖藏，酒体随之醇化，酒香更为迷人。为了让广大茅台酒爱好者 感受不一样陈年茅台酒的风味，保利香港拍卖准备了一系列横跨铁盖和千禧 时代的陈年茅台酒，带您去找寻那些年的酱香酒味道。

87

《詠白酒》江鄰 千年老窖酬知己 萬里鄉思望月圓 淺唱低吟知味否 九分甘冽一分綿

88

1731 一九九六年至二○一四年 「飛天牌」貴州茅台酒 A SET OF KWEICHOW MOUTAI 1996 - 2014 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：19 瓶(每個年份各一瓶)

HK$ 120,000 - 180,000 US$ 15,380 - 23,100

1996-2014年出廠的「飛天牌」貴州茅台酒，橫跨了18個 年頭，具有劃時代意義。「飛天牌」貴州茅台酒多用於宴 請外賓、外交贈送。這組「飛天牌」貴州茅台酒具有醬香 味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之 特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極 具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場 價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

89

90

1732 一九八七年至一九九六年「五星牌」貴州茅台酒(鐵蓋)一條龍 A SET OF "MOUTAI WITH IRON COVERING" 1987 - 1996 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶(每個年份各一瓶)

HK$ 220,000 - 380,000 US$ 28,200 - 48,700

鐵蓋茅台的十年傳奇，對茅台酒爱好者和老一輩有特別的情結。鐵蓋茅台 的十年，是中國改革開放的十年，也是茅台乘風騰飛的十年。「五星牌」 醬瓶貴州茅台酒多用於國宴或者國家特供1987年—1996年上半年出廠的 貴州茅台酒，瓶蓋為鋁制，被稱為「鐵蓋茅台」。除了與常規瓶蓋的材質 區別外，更重要的是其背後承載的歷史意義和時間滄桑。在品鑑其醇香的 同時，更勾畫出那個獨特年代的歷史縮影。該組拍品保存完好，具有醬香 味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

91

1733 一九九六年「飛天牌」貴州茅台酒(鐵蓋) KWEICHOW MOUTAI 1996 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 200,000 - 280,000 US$ 25,640 - 35,900 1996年茅台總產量為4365噸，當年飛天牌外銷零售 價為280元。1987年—1996年上半年出廠的貴州茅 台酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身 沒有標明度數，又稱“無度茅台”。該組拍品保存 完好，具有醬香味突出，酒體醇厚飽滿，回味陳香 悠長，空杯留香持久之特點。

1734 一九九五年「飛天牌」貴州茅台酒(鐵蓋) KWEICHOW MOUTAI 1995 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 210,000 - 290,000 US$ 26,920 - 37,180 1995年茅台總產量為3978噸，當年零售價為240 元。1987年—1996年上半年出廠的貴州茅台酒，瓶 蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身沒有標明 度數，又稱“無度茅台”。此組拍品保存完好，存 酒飽滿，具有醬香味突出，酒體醇厚飽滿，回味陳 香悠長，空杯留香持久之特點。"

92

1735 一九九四年「飛天牌」貴州茅台酒(鐵蓋) KWEICHOW MOUTAI 1994 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 220,000 - 300,000 US$ 28,200 - 38,460 1994年茅台總產量為3390噸，當年飛天牌零售價 為238元。1987年—1996年上半年出廠的貴州茅台 酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身沒 有標明度數，又稱“無度茅台”。該組拍品保存完 好，具有醬香味突出，酒體醇厚飽滿，回味陳香悠 長，空杯留香持久之特點。

1736 一九九四年「五星牌」貴州茅台酒(鐵蓋) KWEICHOW MOUTAI 1994 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 220,000 - 300,000 US$ 28,200 - 38,460 1994年茅台總產量為3390噸，當年零售價為238 元。1987年—1996年上半年出廠的貴州茅台酒，瓶 蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身沒有標明 度數，又稱“無度茅台”。該組拍品保存完好，具 有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空 杯留香持久之特點。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

93

1737 一九九四年 「珍品」貴州茅台酒（鐵蓋) “TREASURE” KWEICHOW MOUTAI 1994 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：6 瓶

HK$ 130,000 - 200,000 US$ 16,670 - 25,640 此組拍品為1994年“珍品”貴州茅台酒，酒標正 面書“珍品貴州茅台酒”，被稱為“珍品茅台”， 是八十年代中期開始生產的高檔茅台酒。採用窖藏 多年的陳酒勾兌而成，具有醬香濃郁，酒體醇厚， 回味綿甜之特點。本組拍品均有原盒包裝，保存完 好，存世量稀少。

1738 一九九三年 「飛天牌」貴州茅台酒(鐵蓋) KWEICHOW MOUTAI 1993 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 220,000 - 300,000 US$ 28,200 - 38,460 1993年茅台總產量為2281噸，當年飛天牌外銷零售 價為213.8元。1987年—1996年上半年出廠的貴州 茅台酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶 身沒有標明度數，又稱“無度茅台”。該組拍品保 存完好，具有醬香味突出，酒體醇厚飽滿，回味陳 香悠長，空杯留香持久之特點。

94

1739 一九九三年 「珍品」貴州茅台酒(鐵蓋) “TREASURE” KWEICHOW MOUTAI 1993 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：6 瓶

HK$ 140,000 - 200,000 US$ 17,950 - 25,640 此組拍品為1993年“珍品”貴州茅台酒，酒標正 面書“珍品貴州茅台酒”，被稱為“珍品茅台”， 是八十年代中期開始生產的高檔茅台酒。採用窖藏 多年的陳酒勾兌而成，具有醬香濃郁，酒體醇厚， 回味綿甜之特點。本組拍品均有原盒包裝，保存完 好，存世量稀少。

1740 一九九一年 「飛天牌」貴州茅台酒(鐵蓋) KWEICHOW MOUTAI 1991 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 230,000 - 320,000 US$ 29,490 - 41,030 1991年茅台總產量為1959.4噸，當年飛天牌外銷零 售價為180元。1987年—1996年上半年出廠的貴州 茅台酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶 身沒有標明度數，又稱“無度茅台”。該組拍品保 存完好，具有醬香味突出，酒體醇厚飽滿，回味陳 香悠長，空杯留香持久之特點。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

95

1741 一九九一年 五糧液(單圈) WULIANGYE LIQUOR 1991 度數/ABV：52% vol 容量/vol：500ml 數量/quantity：12 瓶

HK$ 70,000 - 100,000 US$ 8,970 - 12,820 五糧液屬濃香型白酒，酒味全面。它以高粱、大 米、糯 米、小麥和玉米五種糧食為原料，以包包曲 為糖化發酵 劑，經陳年老窖發酵，長年陳釀、精心 勾兌而成，以香氣 悠久、口味醇厚、入口甘美、入 喉淨爽、各味諧調、恰到 好處、酒味全面的風格聞 名於世。

1742 一九九○年 「五星牌」貴州茅台酒(鐵蓋) KWEICHOW MOUTAI 1990 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 250,000 - 330,000 US$ 32,050 - 42,310 1990年茅台總產量為1880噸，當年五星牌內銷零售 價為86元。1987年—1996年上半年出廠的貴州茅 台酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身 沒有標明度數，又稱“無度茅台”。該組拍品保存 完好，具有醬香味突出，酒體醇厚飽滿，回味陳香 悠長，空杯留香持久之特點。

96

1743 一九九○年至一九九六年 貴州茅台酒(鐵蓋) A SET OF KWEICHOW MOUTAI 1990 - 1996 度數/ABV：53% vol 容量/vol：200ml 數量/quantity：10 瓶

HK$ 75,000 - 110,000 US$ 9,620 - 14,100 1987年—1996年上半年出廠的貴州茅台酒，瓶蓋為鋁制， 被稱為“鐵蓋茅台”。因瓶身沒有標明度數，又稱“無度 茅台”。該組拍品保存完好，具有醬香味突出，酒體醇厚 飽滿，回味陳香悠長，空杯留香持久之特點。

1744 一九九○年至一九九六年 貴州茅台酒(鐵蓋) A SET OF KWEICHOW MOUTAI 1990 - 1996 度數/ABV：53% vol 容量/vol：200ml 數量/quantity：10 瓶

HK$ 75,000 - 110,000 US$ 9,620 - 14,100 1987年—1996年上半年出廠的貴州茅台酒，瓶蓋為鋁制， 被稱為“鐵蓋茅台”。因瓶身沒有標明度數，又稱“無度 茅台”。該組拍品保存完好，具有醬香味突出，酒體醇厚 飽滿，回味陳香悠長，空杯留香持久之特點。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

97

1745 一九八九年「五星牌」貴州茅台酒(鐵蓋) KWEICHOW MOUTAI 1989 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 270,000 - 360,000 US$ 34,620 - 46,150 1989年茅台總產量為1728.8噸，當年五星牌零售價 為109元。1987年—1996年上半年出廠的貴州茅台 酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身沒 有標明度數，又稱“無度茅台”。該組拍品保存完 好，具有醬香味突出，酒體醇厚飽滿，回味陳香悠 長，空杯留香持久之特點。

1746 一九八八年「五星牌」貴州茅台酒(鐵蓋) KWEICHOW MOUTAI 1988 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：6 瓶

HK$ 160,000 - 250,000 US$ 20,510 - 32,050 1988年茅台總產量為1300噸，當年五星牌出廠價 為145元。1987年—1996年上半年出廠的貴州茅台 酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身沒 有標明度數，又稱“無度茅台”。該組拍品保存完 好，具有醬香味突出，酒體醇厚飽滿，回味陳香悠 長，空杯留香持久之特點。

98

1747 一九八七年 「五星牌」貴州茅台酒(鐵蓋) KWEICHOW MOUTAI 1987 (WITH IRON COVERING) 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶

HK$ 280,000 - 380,000 US$ 35,900 - 48,720 1987年茅台總產量為1331.2噸，當年五星牌零售價 約為58.30元。1987年—1996年上半年出廠的貴州 茅台酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶 身沒有標明度數，又稱“無度茅台”。該組拍品保 存完好，具有醬香味突出，酒體醇厚飽滿，回味陳 香悠長，空杯留香持久之特點。

1748 一九八○年代 汾酒(鐵蓋) FENJIU 1980S 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：30 瓶

HK$ 68,000 - 100,000 US$ 8,720 - 12,820 汾酒屬清香型白酒，酒味綿甜。原料高粱籽實飽 滿， 無雜質，以大麥、豌豆為曲釀製而成，酒液清 亮，具 有獨特的品質風味。以入口綿、落口甜、飲 後余香、 回味悠長而著稱，有色、香、味三絕的美 譽，是清香 型白酒的典型代表。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

99

100

1749 一九八七年至一九九六年「飛天牌」貴州茅台酒(鐵蓋)一條龍 A SET OF "MOUTAI WITH IRON COVERING" 1987 - 1996 度數/ABV：53% vol 容量/vol：500ml 數量/quantity：10 瓶(每個年份各一瓶)

HK$ 220,000 - 380,000 US$ 28,200 - 48,700

鐵蓋茅台的十年傳奇，對茅台酒爱好者和老一輩有特別的情結。鐵蓋茅台 的十年，是中國改革開放的十年，也是茅台乘風騰飛的十年。「飛天牌」 貴州茅台酒多用於宴請外賓、外交贈送。1987年—1996年上半年出廠的 貴州茅台酒，瓶蓋為鋁制，被稱為「鐵蓋茅台」。除了與常規瓶蓋的材質 區別外，更重要的是其背後承載的歷史意義和時間滄桑。在品鑑其醇香的 同時，更勾畫出那個獨特年代的歷史縮影。該組拍品保存完好，具有醬香 味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

101

1750 一九八六年 「五星牌」貴州茅台酒(地方國營) KWEICHOW MOUTAI 1986 (LOCAL STATE-RUN) 度數/ABV：53% vol 容量/vol：540ml 數量/quantity：10 瓶

HK$ 300,000 - 450,000 US$ 38,460 - 57,690 1986年茅台總產量為1266.6噸，當年零售價約為 18.50元。1983-1986年出廠的“五星牌”內銷貴 州茅台酒，因正面酒標右下角書有“地方國營茅台 酒廠出品”的字樣，被稱為“地方國營”。“地方 國營”茅台酒與1987年及以後生產的茅台酒在包裝 上有顯著區別，“地方國營”酒的容量為540ml， 以後的均為500ml，這也成為茅台酒斷代的重要標 準。此組拍品的品相完好，存酒飽滿，酒體口感醇 和細膩，陳香熟香，濃郁綿長，是陳年茅台酒中的 典範。

1751 一九八五年 「五星牌」貴州茅台酒(地方國營) KWEICHOW MOUTAI 1985 (LOCAL STATE-RUN) 度數/ABV：53% vol 容量/vol：540ml 數量/quantity：6 瓶

HK$ 190,000 - 300,000 US$ 24,360 - 38,460 1985年茅台總產量為1256.9噸，當年零售價約為 18.50元。1983-1986年出廠的 "五星牌”內銷貴州 茅台酒，因正面酒標右下角書有“地方國營茅台酒 廠出品”的字樣，被稱為“地方國營”。“地方國 營”茅台酒與1987年及以後生產的茅台酒在包裝 上有顯著區別，“地方國營”酒的容量為540ml， 以後的均為500ml，這也成為茅台酒斷代的重要標 準。此組拍品的品相完好，存酒飽滿，酒體口感醇 和細膩，陳香熟香，濃郁綿長，是陳年茅台酒中的 典範。

102

1752 一九八四年 「五星牌」貴州茅台酒(地方國營) KWEICHOW MOUTAI 1984 (LOCAL STATE-RUN) 度數/ABV：53% vol 容量/vol：540ml 數量/quantity：6 瓶

HK$ 190,000 - 300,000 US$ 24,360 - 38,460 1984年茅台總產量為1319.5噸，當年零售價約為 18.50元。1983-1986年出廠的“五星牌”內銷貴 州茅台酒，因正面酒標右下角書有“地方國營茅台 酒廠出品”的字樣，被稱為“地方國營”。“地方 國營”茅台酒與1987年及以後生產的茅台酒在包裝 上有顯著區別，“地方國營”酒的容量為540ml， 以後的均為500ml，這也成為茅台酒斷代的重要標 準。此組拍品的品相完好，存酒飽滿，酒體口感醇 和細膩，陳香熟香，濃郁綿長，是陳年茅台酒中的 典範。

1753 一九八三至一九八六年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 1983-1986 度數/ABV：53% vol 容量/vol：540ml 數量/quantity：6 瓶

HK$ 190,000 - 250,000 US$ 24,360 - 32,050 因容量由之前的500毫升變為540毫升，因此得名“大 飛天”。“飛天”又稱“飛仙”，是出口專用商標， 自50年代末沿用至今，在其出廠之後，凡需要茅台酒 的外交場合，無不出現其踪影，“飛天”商標茅台酒 成為一座新中國輿系國際政治、經濟、文化滿通輿交 流的重要橋樑，隨著飛天牌茅台酒的外銷，將中國的 文化轉播世界。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

103

1754 一九八三至一九八六年 地方國營貴州茅台酒(全棉紙) KWEICHOW MOUTAI 1983-1986 (LOCAL STATE-RUN) 度數/ABV：53% vol 容量/vol：540ml 數量/quantity：6 瓶

HK$ 200,000 - 280,000 US$ 25,640 - 35,900 上世紀50年代起，茅台酒廠採用白棉紙對茅台酒進行包裝，潔 白纖薄，柔韌輕軟，手感細膩，有如紗質，適合包裹物品。白 棉紙經過30多年的保存，會呈現出歲月風蝕的自然色斑，呈褐 黃色，體現出歲月的滄桑，代表了原裝出廠的意義。本組1983 －1986年全棉紙茅台共12瓶，整體品相完美，存世量稀缺，具 有明顯的陳香濃郁、醬香突出、優雅細膩、綿柔醇厚、回味悠 長、空杯留香持久等特點。

104

1755 一九八三至一九八四年「五星牌」黃醬貴州茅台酒 KWEICHOW MOUTAI 1983-1984 度數/ABV：53% vol 容量/vol：540ml 數量/quantity：2 瓶

HK$ 250,000 - 320,000 US$ 32,050 - 41,030 此酒是人民大會堂和釣魚台國賓館特需茅台酒，瓶體為黃釉 瓷瓶，釉色細膩，俗稱“五星黃醬”，是80年代陳年茅台酒 中的極品，極具收藏價值。該組拍品保存完好，存酒飽滿， 具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香 持久之特點。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

105

1756 一九八三至一九八四年「飛天牌」黃醬茅台酒 KWEICHOW MOUTAI 1983-1984 度數/ABV：53% vol 容量/vol：540ml 數量/quantity：2 瓶

HK$ 300,000 - 500,000 US$ 38,460 - 64,100 醬色瓶裝的茅台酒一直是為人民大會堂、釣魚台國賓館等地專 供。上世紀80年代的“醬茅”，淺一些的被稱為“黃醬”，年 代較早存量更少。而“飛天牌”的“黃醬”所招待的貴賓級別 更高，通常只有國家元首才能獲得招待和饋贈。

106

1757 一九七○年代初 「葵花牌」貴州茅台酒 (飄帶葵花) KWEICHOW MOUTAI 1970S 度數/ABV：53% vol 容量/vol：540ml 數量/quantity：2 瓶

HK$ 330,000 - 450,000 US$ 42,310 - 57,690 “葵花牌”商標正式使用到1974年，其包裝和飛天茅台基本 一樣，都是乳白玻璃瓶，紅色螺旋式瓶蓋，外包紅色膠帽和飄 帶，不同之處在於飛天圖案換成了葵花圖案，稱之為“飄帶葵 花”。本品具有陳香濃郁、醬香突出、優雅細膩、綿柔醇厚、 回味悠長、空杯留香持久等特點。作為七十年代的特殊產物， 經歷了超過四十年的歷史，品相完美，能保存下來比較罕見， 彌足珍貴。

除了*號表示，所有白酒均需在內地提貨 | All Chinese Spirit shoud be collected in Mainland China, except * item

107

領取、付運及倉儲

COLLECTION, DELIVERY & STORAGE 本目錄中之所有拍品均存放於專業酒藏空間，買家完成付款並收到本公司之取貨通知後，可提前7天預約至 相應地點（白酒取貨地為保利香港北京／上海代表處）提取拍品。有關提貨事宜請聯絡： 倉務及物流 吴光俊

電話：+852 2303 9871/ +852 9617 5737 電郵：fng@polyauction.com.hk

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

儲存及保險費用，並向買家開出發票，須於支付所有收費後，拍品方可接受領取及付運。公司不會負責拍品的 付運，若買方欲運輸拍品至取貨地以外的地區，須負責所有因運輸而實際產生的關稅及運輸費。公司建議把 拍品重新包裝在泡沫塑料盒以作運輸至香港以外地方。除非客戶提出重新包裝的要求，否則所有拍品將以原 包裝儲存與發放，而任何重新包裝要求的最低收費為港幣200元。無論拍品是否重新被包裝，公司不會承擔在 運輸中拍品的損毀責任。

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

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

notice, once you have paid and received Poly Auction Hong kong’s release order. (Chinese liquor can be collected at the Poly Auction Beijing /Shanghai office).

For more information please contact: Warehosue & Logistic Fernando Ng

Tel: +852 2303 9871 / +852 9617 5737 Emai: fng@polyauction.com.hk

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

If lots are not collected by then, Polhy Auction Hong Kong will charge for storage and insurance based on terms and conditions provided with an invoice. Please note that all fees must be paid before lots can be released. If buyers wish to collect lots outside of the noted storage location, buyers are responsible for all taxes and fees derived from the shipment.

Re-packing Service: We recommend the lots be re-packed into Styrofoam cartons for international shipment. Without client’s request, all lots will be released in the same packing that they were stored in and any re-packing service will be charged with a minimum of HK$200. Please note, all responsibility and costs of shipment / logistics of the lots will be responsible by the buyer

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

應付的款項後，本公司可即向閣下或按閣下的書面指示發放拍賣品。領取拍賣品時，必須出示從本公司的出 納員的辦公室取得已加蓋印章的發票，方獲發行。

閣下須自費領取拍賣品，倘未有指定任何日期，則為拍賣會後第七日下午四時三十分或之前。 拍賣品可能遷移至其他地點儲存，屆時閣下必須向本公司查詢可在何時何地領取拍賣品。 若閣下未有於指定的日期領取拍賣品，則閣下授權本公司作為閣下代理，儲存承辦商協定（可應要求提供副 本）的標準條款及條件儲存拍賣品。倘拍賣品儲存於本公司物業，則須由第30日起，按本公司目前的每日收費

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

於直至閣下已全數支付買價及任何開支為止，拍賣品將由本公司作為賣家的代理持有，或由儲存承辦商作為 賣家及本公司的代理按照儲存合約的條款持有。

閣下承諾遵守任何儲存合約的條款，尤其是支付根據任何儲存合約應付的收費（及所有搬運拍賣品入倉的費 用）。閣下確認並同意，於直至閣下已支付買價、任何開支及所有儲存合約下的收費為止，閣下不得從儲存承 辦商的物業領取拍賣品。

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

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

us, in cleared funds, everything due to the Seller and to us ,we will release the Lot to you or as you may direct us in writing. The Lot will only be released on production of a stamped, paid invoice, obtained from our cashier’s office.

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

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

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

You will be wholly responsible for packing, handling, transport and all costs of the Lot collection and adhere to all the import or export regulations in connection with the lot.

IMPORTANT NOTICES

( “ � “ �)

 Â?Â? Â?Â? ­ ­€‚ƒ„…†‡ˆÂ?‰Š…†‹ ŒŽ‘’ €‚•…–—˜™š› œžÂ&#x; ¥¢Â?Â?Â? ‡Â?£¤ ÂĽÂŚ †§¨‹ŒŠ ÂŞ , ÂŤÂŹÂŽ ÂŻÂŒ †Â&#x; The auctions held by Poly Auction (Hong Kong) Limited (“Poly Auction (Hong Kong)â€?or“our companyâ€?) are conducted according to the Conditions of Business, Important Notices, Important Notices about Bidding Registration and Important Notice about Payment, and anyone participating in the auction should read the terms carefully. ese Conditions and rules may be revised by announcement or verbal notiďŹ cation without prior notice. °¹²³›´ ¾œ¡² ¸š€‚Â?ºŸ ½Â&#x;ž ¿Àà ÂÂ? ĂƒĂ„Ă…Ă†Ă‡ ĂˆĂ‰Â´ Â&#x;ʍŽ´ Â?Â…Ă‹Â˜ Ă‚ÂźÂ˝ÂŽÂšÂ…ĂŒĂ‡ Ă? ĂŽÂ?Ă?Ă?Â&#x; The following pages are designed to give you useful information on how to bid at auction. Poly Auction (Hong Kong)'s sta as listed at the front of this catalogue will be happy to assist you. However, it is important that you read the following information carefully and note that Poly Auction (Hong Kong) acts for the seller.

ĺą•ĺ“ äš‹ĺ‡şč™• ²ÑÒÓÔ ÂŽĂ•Ă–Ă—Ă˜Ă™Â?Ÿ½Ú Ă›ĂœĂ?Ăž Ă&#x; Â•Ă ĂĄĂ˘ĂŁĂˆĂ‰Ă¤ĂĽÂĄĂ–Ă—ÂŽ ¸² Ìçè ¾Ÿ½Â&#x;ÊꞏÍÏíŽ ĂŽ šÎï Ă°Â?ùà ¸òóôŽœþÜ ĂŽ áÅùà ø þÖ×ÚĂ?úÝ ߚÎïðÂ?ùà Ë¢Â&#x;

PROVENANCE In certain circumstances, Poly Auction (Hong Kong) may print in the catalogue the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller's request for conďŹ dentiality or because the identity of prior owners is unknown given the age of the work of art.

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BUYER’S PREMIUM A buyer’s premium will be added to the Hammer Price and is payable by the buyer as part of the total purchase price. e buyer’s premium is 18% of the hammer price of each lot up.

ć&#x2039;?賣ĺ&#x201C; äš&#x2039;ç&#x2039;&#x20AC;ćł Â&#x20AC;Â&#x201A;Â&#x2022;ܞ ÂżÂ?@Ă&#x2013; ?> Ă&#x2014;Â&#x17D;Â&#x161;=<; Â&#x20AC;Â&#x201A;Â&#x152; :/.- ( ,+ĂŠÂŹ ž*).- )Â&#x;Âś (Â&#x2039;'&%$ Ă&#x2014;Ÿ½Â&#x17D;#"Â?Â?Â&#x2022;Ă&#x201E;!0Â&#x;Âś 123 Ă&#x2014;Â?4Ă&#x201D;Â&#x17D;ÂŹĂ?5ÂĄ Ă&#x2014;6 78 9AÂ&#x;

CONDITIONS OF THE PROPERTIES Bidder must review the Lot(s) in the preview before the auction, and bear all responsibilities(including but not

limit to legal liability and/or responsibility) of his/her bidding acts. For more information on the Properties, please consult our business staďŹ&#x20AC;. If the conditions of a Property are not described in the catalogue, this does not mean that the Property has no weakness or defects.

ĺ?&#x2014;é&#x2122;?ĺ&#x2C6;śç&#x2030;Šć&#x2013;&#x2122;  â&#x2013;˛CDÂ? Ă&#x2014;žEF GHIJĂĽ K L Fï½Â&#x17D;ÂŤ ¾ï½¤ãLMÂ&#x2039;Ă&#x2DC;ÂĽÂ? FÂ&#x; Âľ Ÿ½ Ă&#x17D;NÂ&#x20AC;Â&#x201A;Â&#x2022;OÂ&#x2DC;Â&#x17D;ÂŤP ¥CDÂ&#x161;Q RÂĄ Ă&#x2014;Â&#x161;PÂ&#x2039;Ă&#x2DC;ÂĽÂ? FÂ&#x;Ă­SĂŻ ĂŻT½ ( ÂśU V­WX­YZ­ab­cd­efgÂ&#x2021;hijkl¢ ) mn K SĂŻ ĂŻT½Â?ĂŻĂ&#x2014;Â&#x17D;ÂŹopÚà Ă? Ă&#x17E;Â&#x17D; ¤ãÂ&#x2026;qrs¤R RtĂ&#x17D;¤Ă&#x2DC;ÂĽu vwÂ&#x17D; âí vwxĂžÂ&#x2039;ÂĽH¤ãÂ&#x2026;qrpys¤R R tÂ&#x;Â?#Ă&#x152;Ă&#x2021;Â&#x17D;ĂŁz Ă&#x2DC;ÂĽs¤R RtÂ&#x161;ÂŹĂŁ ¤²¯'xĂžz Â&#x2039;ÂĽs¤R RtÂ&#x17D; Â? Ă&#x160;Â&#x; ÂśÂ&#x17D;Ă&#x2026; HÂŹ 100 ĂšÂ?YZÂ&#x2039;ÂĽu x Q*Â&#x; Â&#x20AC;Â&#x201A;Â&#x2022;Ăś" Âľ O Âľ ĂŻSĂŻÂ&#x2039;ÂĽÂ?Â? ÂŁ Â&#x2018; Â&#x20AC;Â&#x201A;Â&#x;ýÞÂ&#x2026; .z -¡Ă&#x2DC;ÂĽ Â&#x2039;ÂĽs ¤R RtÂ&#x17D; Â&#x2021;-¡py Ž°[Â&#x;

RESTRICTED MATERIALS Properties with â&#x2013;˛ symbol have been identiďŹ ed be made of or containing restricted materials at the time of the compiling of the catalogue, and the materials concerned may be subject to import and export restraints. Properties without this symbol it is not guaranteed that Properties are not subject to import and export restraints. For items made of botanic or animal materials (coral, crocodile, ivory, whale bone, tortoise, rhinoceros horn and Brazilian Rosewood, etc.) or containing botanic oranimal materials, regardless of their year or value, may require application for permits or certiďŹ cates before exporting outside Hong Kong, and other application for permits or certiďŹ cates may be required when importing into countries outside Hong Kong. Please pay attention that the ability to obtain export permits or certiďŹ cates does not ensure that import permits or certificates can be obtained in another country, and vice versa. For example, importing ivory of less than 100 years is illegal in the USA. Bidders should enquire about the import regulations on products made of or containing wild animals and plants materials of the governments concerned before participating in an auction. Buyers must be responsible for obtaining any export or import permits/ or certiďŹ cates and any other documents required.

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ELECTRICAL APPLIANCES AND MECHANICAL MERCHANDISES All electrical appliances and mechanical merchandises are sold on anâ&#x20AC;&#x153;as isâ&#x20AC;?basis, and should not be assumed that they operate. Before putting into any use, electrical appliances must be inspected and approved by qualiďŹ ed electric technicians.

ç? 寜 ă&#x20AC; é?&#x2DC;é&#x152;śĺ?&#x160;ć&#x2030;&#x2039;č˘&#x2039;ĺ°&#x161;ĺ&#x201C; ÂľĂ&#x;Â&#x2026;Â&#x2020;Â&#x2021; Ă&#x2014; 4Ă&#x201D;Â&#x2C6;Â&#x2030; Â&#x160;¸Â&#x2039;ž šÂ&#x17D;Ă&#x160; ÂŤ6 23ÂŹĂ?Ă?ÂĄ Ă&#x2014;6 78­9A 1Â? Â&#x152; Ă&#x2122;ĂŹÂ&#x; Â&#x17D;Â&#x2021;Â&#x2018; Â&#x152;Ă&#x2122;ĂŹÂ&#x17D;ÂśÂ&#x2019;Â&#x2019;­Â&#x201C; Â&#x201D;Â&#x2022;¢Â&#x17D; IòxÂ&#x2013;Â&#x2020;Â&#x2021;Â&#x2014;Â&#x2DC;Â&#x2122;Â&#x161;Â&#x203A;LÂ&#x; ϴ[ Ă&#x2014;I"xÂ&#x2013; Â&#x153;Â&#x2021;Â&#x2018;Â&#x152;Â&#x201A; z Â&#x201A;RÂ&#x17E; Â&#x17D; Â&#x2020; Â&#x;ÂşÂ&#x2021;Â&#x2020;Â&#x2021;4

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Â&#x2021;pÂľ Â&#x2022;Ă&#x201E; pĂ?ĂŹÂ&#x2022;=-¡ Ă&#x2014;Âť-¡ Ă&#x17D;¨ ( ,+Rt­ ­ðùÂ&#x201A;à ­òóÂ&#x2039;ô¢ ) þÜÂ&#x2021;áĂ?Â&#x17D; Â&#x2018;Ă&#x2026;¢Ă&#x2021;§Â&#x17D;¨n= Ă&#x2014; -¡/ Â&#x; Â&#x2021;pÂľ Â&#x2022;Ă&#x201E; pĂ?ĂŹÂ&#x2022;=šÂ&#x2030;Â? þÜÂ&#x2021;áĂ? ÂŹĂŻ øÚÂ?Ă&#x2122;ÂŹ:/.-Â&#x; ú²¯° 4Ă&#x201D;Â&#x17E; Â&#x2021;áĂ?Â&#x17D;Ă&#x; Ă&#x17D;Nýލ Â&#x17D; °Â&#x2018;Ă&#x2026;Â&#x17D;Â&#x161;ÂŹĂŁĂ?Ý´ Ă ĂąÂ&#x20AC;Â&#x201A; Ă&#x2014; "Ă?Þß áĂ?Â?Ă&#x2021;§Â&#x;Â&#x20AC;Â&#x201A;Â&#x2022;ܞ Âż<Â&#x152;?O Ă&#x2014;Â&#x17D;Â&#x; = Ă&#x2014; 4Ă&#x201D; -¡ý ¨nŠª Š= ÂĄ Ă&#x2014;Â?Â&#x20AC;Â&#x201A; ÂŹÂŽÂ&#x2030;Â&#x160; ĂŹĂ­Â&#x; Ă&#x2DC; Ă&#x2014; 4Ă&#x201D;¤LÞÿþ~ÂśH}­|Âż Ă&#x2C6;Ă&#x2030;­Š Ă&#x152;­{ŠÂ&#x2021;[Ă&#x2C6;¢à \ÂŤ ]^_Â&#x152;Â&#x;ÂżĂ&#x20AC;áĂ?Ă&#x;` Ă&#x2014; Ă?Ă´4Ă&#x201D;­Ă&#x2014;@­m Âľ?­ >Ă?Ă&#x17E;­ =ĂšĂ?Â&#x2021;< ;:ÂŤÂŁÂ&#x17D;{[ Ă&#x2014; H ÂşÂ&#x2013;4Ă&#x201D;Ă&#x2DC; Â&#x17D; Ăž=ž Ă&#x2014; 4 Ă&#x201D;ÂŹ -¡/3 RÂ&#x; ýÞ:Â&#x153;Â&#x2021;ĂŤĂ&#x2021;Â&#x17D;-¡Ă&#x2DC; Ă?.Ă&#x;ýÞ -ÂŁÂ&#x17D;ÂŤĂ&#x2039;; ýÞ6 , Ăž -¡Â&#x2C6;Â&#x2030; py+*)ÂŹoÂĽÂŚ t (§¨'Â&#x; ÂżĂ&#x20AC;Ă&#x2014; áĂ? áĂ? 1&Ă&#x2014; Ϙâ&#x20AC;&#x201D;ÂżĂ&#x20AC;4Ă&#x201D;Âś.òÂ&#x17D;6 3$#Âť Â&#x201D;"!0Â&#x17D; 1m H 2Â&#x160;Â&#x; áĂ? 1.5&Ă&#x2014; 34â&#x20AC;&#x201D;ÂżĂ&#x20AC; 356Â&#x201D;"!0Â&#x17D;w7 6Â&#x2014;ÂŚ89A!Â&#x17D;ĂŠ6 3$#Âť!0Â&#x17D; 1m H 2Â&#x160;Â&#x; áĂ? 2&Ă&#x2014; QÂ&#x160;Ă&#x2021;â&#x20AC;&#x201D;ÂżĂ&#x20AC; 56#Âť!0Â&#x17D;w7 56A!Â&#x17D; 1m H 2Â&#x160;Â&#x; áĂ? 2.5&Ă&#x2014; Ă&#x2020;Ă&#x2021;â&#x20AC;&#x201D;ÂżĂ&#x20AC; 3$#Âť!0Â&#x17D;w7 3 $BC AÂĽÂ&#x17D; 1m H 2Â&#x160;Â&#x; áĂ? 3&Ă&#x2014; D¤â&#x20AC;&#x201D;ÂżĂ&#x20AC; QÂ&#x160;3$ #Âť!0Â&#x17D;Â&#x161; 3$[Ă&#x2C6; 9AÂ&#x17D; ÂŽ{ŠÂ&#x; Ă&#x2039;Â&#x2014; Ă&#x2014;Ă&#x2014; 4Ă&#x201D;#Â&#x2018;Ă&#x2026;Ă&#x2014; Â&#x17E; ĂŽEDĂ&#x2014;Ă&#x2014; áĂ? áĂ? 1&ϘÂ&#x;>FGÂŹĂ&#x160;#ÂťĂ&#x2039;Â&#x;6 -¡[Ă&#x2C6;0YÂ&#x; áĂ? 1.5&HòÂ&#x;IJ1§3$#Âť!0Â&#x17D;ĂŠĂľKLM NÂ&#x17D;¤§56Â&#x201D;"!0Â&#x; áĂ? 2&Ă&#x2122;žĂ&#x161;O4ĂŞÂ&#x;²1LĂ&#x2039;PQ Â&#x2022;J Ă&#x;. ò Â&#x;¤ã¸ 56 4Ă&#x201D;Ă&#x152;Ă&#x2021;Â&#x;RÂ&#x17D;ĂŠSĂ´ÂŤTE 4Ă&#x201D;UVĂ? Â&#x; áĂ? 3&4Ă&#x201D;WĂ&#x2020;Â&#x;>F]X#ÂťĂ?(UY6 -¡[Ă&#x2C6;Â&#x; ¤ã¸ Xs 4Ă&#x201D;Ă&#x152;Ă&#x2021;Â&#x;RÂ&#x17D;ĂŠSĂ´ÂŤTE 4Ă&#x201D;WĂ&#x2020;Â&#x; áĂ? 4&4Ă&#x201D;QÂ&#x160;Ă&#x2020;Ă&#x2021;Â&#x;¤ã¸ 56 [Ă&#x2C6;Â&#x;4Ă&#x201D; QÂ&#x160;Ă&#x2020;Ă&#x2021;ĂŠZg¤ã ab56 Ac!0Â&#x17D;dĂ&#x20AC;¤ã ¸Ă&#x2DC;b56e!Â&#x17D;ÂŤ} Ă&#x2013;[ ¤ã¸Ă&#x2DC;bfB!Â&#x;

áĂ? 5&4Ă&#x201D;Ă&#x2020;Ă&#x2021;Â&#x; #Âť!0Â&#x;4Ă&#x201D;Â&#x17E; ¸$54 Ă&#x201D;Ă&#x152;Ă&#x2021;Â&#x;RÂ&#x; áĂ? 6&4Ă&#x201D;D¤Â&#x; $g[Ă&#x2C6;Â&#x192; / Ă&#x2C6;Ă&#x2030;Â&#x;#¿¤ã ÂŽ |{Š hòÂ&#x; 4Ă&#x201D;Â&#x17E; ¸$54Ă&#x201D;Ă&#x152;Ă&#x2021;Â&#x;RÂ&#x;

JEWELRY, WATCHES AND HANDBAGS Description of the conditions of Jewelry Lot(s) usually contained in the catalog, however, absence of a description does not imply that the Lot(s) is free from defects or imperfection or beautification process.

Beautification processes of colored gemstones such as heat enhancement, oiling or irradiation etc, have been generally accepted by the international jewelry markets.

If Poly Auction (Hong Kong) has obtained gemological reports from internationally recognized gemological laboratories for the Lot(s), all known important facts and conditions of the Lot(s) have contained in the catalog, our company assumes no responsibility for accuracy of the reports. It may not be feasible for Poly Auction (Hong Kong) to obtain laboratory report for all Lot(s), the estimates are based on all known information at the moment. Bidders must inspect conditions of the Lot(s) by themselves before the auction, any dissent about conditions of the Lot(s) after the bid shall not justify rescission or cancellation of a sale or any delay payment.

If bidders request designated laboratory report for any Lot(s), such request should be raised out 14 workings days before the auction and at own cost. Bidders should also aware that Lot(s) containing jadeite or gemstones originating from Burma may not allowed to be imported into the U.S., this will not constitute a ground for rescission or cancellation of a sale or any delay payment.

Lot(s) of clocks and watches in the catalog will be sold at current status (i.e. as is), bidders should personally inspect conditions of the Lot(s) before the auction. Descriptions of the Lot(s) in catalog are for reference only, absence of a description does not imply that the Lot(s) is in good condition, free from defects or restorations. Descriptions only reflect subjective opinions of experts of Poly Auction (Hong Kong), it is not a statement of facts, nor a complete record of all repairs, component replacements or restorations. Poly Auction (Hong Kong) makes no guarantee on operation, water-resistance, authenticity and originality of individual parts (including watchstrap) of the Lot(s). In addition, bidders should aware the import restrictions of the U.S. concerning luxury watches.

Where the tone, color, graduation shape or any other feature of the Lot shown in the catalogue and/or any other illustrations, images and public materials differ from those of the original Lot due to printing, photography or other technical reasons, the original Lot shall take precedence. Any introduction and appraisal of any Lot made by the Company and its employees or its agents in any way (including the certificate, catalogue, slideshow and news media) are only opinions for reference and do not constitute any guarantee for the Lot. The Company and its employees or its agents shall undertake no liability for any inaccuracy or omission in the aforesaid introduction or appraisal.

Condition reports and grade are provided free of charge as a convenience to our buyers and are for guidance only. They are not an alternative for examining a lot in person or taking your own professional advice from Specialists. Bidders must inspect conditions of the lot(s) by themselves before the auction. Any dissent about conditions of the lot(s) after the bid shall not justify rescission or cancellation of a sale or any delay in payment. The condition of lots sold in our auctions can vary widely due to factors such as age, previous damage,

restoration, repair and wear tear. The grading of watches is based on the general condition, quality, technical and historical interest, age and rarity of each timepiece. Lots are sold â&#x20AC;&#x153;as is,â&#x20AC;? in the condition they are in at the time of the sale, without any representation or warranty as to condition by Poly Auction (Hong Kong) or by the seller. The buyers acknowledge and agree that any sale is entirely the buyersâ&#x20AC;&#x2122; decision, and the buyers have not relied upon any representation or other information (whether oral or written) by Poly Auction (Hong Kong) or by the seller.

Condition Grades of Watches Grading 1: As new. The timepiece appears with neither signs of use nor ownership over time. The movement is in working order when cataloguing.

Grading 1.5: In excellent condition. The timepiece appears with extremely slight signs of ownership over time. It may exhibit very slight hairline scratches on the case but no obvious signs of use. The movement is in working order when cataloguing.

Grading 2: In very good condition. The timepiece appears with slight signs of use over time. It may exhibit slight scratches on the case. The movement is in working order when cataloguing.

Grading 2.5: In good condition. The timepiece appears with obvious signs of use and scratches on the case. The movement is in working order when cataloguing.

Grading 3: In fair condition. The timepiece appears with very obvious signs of use and scratches/defects.

Maintenance may be required.

For more details, please refer to the Condition Report for each lot.

Condition Grades of Handbags Grading 1: As new. Appears never to have been used. It exhibits no signs of wear.

Grading 1.5: In mint condition; virtually new and unused with very minor signs of ownership over time.

Grading 2: In pristine condition. To the untrained eye, it may appear brand new. There may be a slight condition note, but overall the piece is in excellent condition.

Grading 3: In excellent condition. This is a piece that has seldom been used and shows little to no wear. There may be small condition issues to note overall the piece is in excellent condition.

Grading 4: In very good condition. This piece may show signs of light wear. It is in very good condition but the corners may show signs of light scuffing, the base may show light scratches, and the hardware may exhibit light marks.

Grading 5: In good condition. This piece shows significant wear. There are condition issues that will be noted in the condition report.

Grading 6: In fair condition. This piece shows significant w e a r a n d / o r d a m a g e . I t m ay re q u i re re p a i r o r refurbishment in order to be used. Condition issues will be noted in the condition report.

é&#x2026;&#x2019;éĄ&#x17E;ĺ?&#x160;č&#x152;śč&#x2018;&#x2030; ÂľĂ&#x;Â&#x2026;jkÂ&#x2021;lm Ă&#x2014; Â&#x2C6;Â&#x2030;IĂ&#x201A;ž šÂ&#x17D;

ÂŻnÂ&#x20AC;Â&#x201A;Â&#x2022;ܲÂ&#x20AC;Â&#x201A;ÂżĂ&#x2039;Â&#x2014;o$ Ă&#x2014;Â&#x;Â&#x20AC;Â&#x201A;Â&#x2022;²b Â&#x2DC;Â&#x2018; Â&#x20AC;Â&#x201A; p Â&#x20AC;Â&#x201A;Â&#x2022;Â&#x153;¤Â&#x161;Â&#x203A;L Â&#x20AC;Â&#x201A; Ă&#x2014;Â?, ­Ă&#x2014;@­4ê¢Â&#x17D;Â&#x20AC;Â&#x201A;Â&#x2022;Â&#x20AC;Â&#x201A;nq = Ă&#x2014;ÂŚÂŹĂŤ Ă&#x2021;§Â&#x17D;ÂŹ ¨nŠª Š=ÂĄ Ă&#x2014;Â?Â&#x20AC;Â&#x201A; ÂŹÂŽÂ&#x2030; Â&#x160; ĂŹĂ­Â&#x;ýÞ¯ H#?rÂ&#x201A; Â&#x;ýÞ ( pĂ?ĂŹÂ&#x2022; ) sM Â&#x17D; Ă?5IÂ&#x203A;L Ă&#x2014;Â?4Ă&#x201D;Â&#x2021;@tÂ&#x17D;,+ĂŠÂŹ ž Ă&#x2014;, u­vw­xĂ&#x2C6;t­jyš¢Í² 78 9AÂ&#x17D;âPz Â&#x;

ALCOHOL AND TEA The descriptions about the auction of alcohol and tea are being stated in the catalogue. Our company reminds bidders to learn more about the auctioned products before bidding. Bidder's participation in bidding at auction is deemed as the bidder's approval and acceptance of the package, quality and status of the auctioned items. Any different opinion formed by the bidders after successful bidding, will not constitute a valid reason to withdraw or cancel the bid and delay payment for the auctioned item. Buyers should cautiously inspect the auctioned item during collection.

Upon acknowledging receipt of the auctioned item by the buyer (or his agent), the buyer confirms that he or she has accepted the state and quality including but not limited to any defect or flaw on, e.g. the packaging, labels, level of wear and tear, cork, etc., of the auctioned items without any objection.

čŞ&#x17E;č¨&#x20AC;ć&#x2013;&#x2021;ć&#x153;Ź

Â?Â?Â? ­ ­ EĂ&#x201A;Ă&#x17D;*Â?23­ Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;Â&#x2026;Â&#x2020;­Â&#x2C6;Â?Â&#x2030;Â&#x160; Â&#x2020;Â&#x2021;Â&#x2039;ž ­í ž ¸Â&#x2DC; §¨¯°Â? py Â&#x160;­ [­ Â&#x2020;­Ă?Â?¢°[ Â&#x2021; Ă&#x2014;Â?Ă&#x192;Â&#x2030;Â&#x17D; °° ĂŻÂ&#x17D; °° Ă&#x201E;°Â&#x2018;Ă&#x2026;Â&#x;

LANGUAGE The Chinese version of the Conditions of Business, Important Notice, Explanation of Cataloguing Practice, Important Notice about Bidding Registration, Important Notice about Payment, and all other documents such as the terms, conditions, notices, forms etc. contained in this catalogue, announced by the auctioneer or provided at the saleroom as well as the descriptions of the Properties in this catalogue of our company shall be binding and the English version is for reference only.

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COPYRIGHT ďŹ&#x201D;e copyright of this catalogue belongs to our company.

Without the written permission of our company, no parts of this catalogue shall be reproduced in any ways or used in any other ways.

解é&#x2021;&#x2039;ćŹ&#x160;

Â?Â?Â? ­ ­ EĂ&#x201A;Ă&#x17D;*Â?23­ Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;Â&#x2026;Â&#x2020;­Â&#x2C6;Â?Â&#x2030;Â&#x160;Â&#x2026;Â&#x2020;Â&#x2021;Â&#x2039;ž ­í ž ¸Â&#x2DC; §¨¯°Â? py Â&#x160;­ [­ Â&#x2020;­Ă?Â?¢°[ $ Ă­ Â&#x152;#Â&#x; RIGHT OF INTERPRETATION ďŹ&#x201D;e right of interpretation in respect of the Conditions of Business, Important Notice, Explanation of Cataloguing Practice, Important Notice about Bidding Registration, Impor tant Notice about Payment, and all other documents such as the terms, conditions, notices, forms etc. contained in this catalogue, announced by the auctioneer or provided at the sales room, shall be exercised by our company.

EĂ&#x201A;Ă&#x17D;*Â?23 EXPLANATION OF CATALOGUING PRACTICE

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POLY AUCTION (HONG KONG) INTEREST, IN PROPERTY CONSIGNED FOR AUCTION From time to time, Poly Auction (Hong Kong) may oďŹ&#x20AC;er a lot which it owns in whole or in part. Such property is identiďŹ ed in the catalogue with the symbol Î&#x201D; next to the lot number.

On occasion, Poly Auction (Hong Kong) has a direct ďŹ nancial interest in lots consigned for sale which may include guaranteeing a minimum price or making an advance to the consignor that is secured solely by consigned property.

Such property is identified in the catalogue by the symbol â&#x2013;Ą next to the lot number. ďŹ&#x201D;is symbol will be used both in cases where Poly Auction (Hong Kong) holds the financial interest on its own, and in cases where Poly Auction (Hong Kong) hasfinanced all or a part of such interest through a third party. Such third parties generally beneďŹ t ďŹ nancially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. ďŹ&#x201D;e ďŹ nancing oďŹ&#x20AC;ered by a third party may be in the form of an irrevocable bid provided by that third party. Where Poly Auction (Hong Kong) has an ownership or ďŹ nancial interest in every lot in the catalogue, Poly Auction (Hong Kong) will not designate each lot with a symbol, but will state its interest at the front of the catalogue.

ć&#x2030;&#x20AC;ć&#x153;&#x2030;é&#x2021;?庌ç&#x161;&#x2020;ç&#x201A;şç´&#x201E;ć&#x2022;¸ĺ?&#x160;ç&#x2039;&#x20AC;ćł ĺ ąĺ&#x2018;&#x160;

Ă&#x2DC; Ă&#x2014; 4Ă&#x201D;¤LÞÿþ~ÂśH}­|Âż Ă&#x2C6;Ă&#x2030;­ŠĂ&#x152;­{ŠÂ&#x2021;[Ă&#x2C6;¢à \ÂŤ ]^_Â&#x152;Â&#x;ú²¯ ° 4Ă&#x201D;Â&#x17E; Â&#x2021;áĂ?Â&#x17D; Ă&#x17D;NýÞÂ&#x161;Ă&#x201E; Âą ÂťÂ&#x;4Ă&#x201D; Â&#x17E; Â&#x2021;áĂ? o Ă&#x2DC;Âş *ĂŠ5Â? Ă&#x2014; 7 ­ŠĂ&#x152; çĂ?Ă&#x201C;Ă&#x201D;Â&#x;ĂŁ ÂŹĂŁzĂ?í´ Ă ĂąÂ&#x20AC; Â&#x201A; Ă&#x2014; ´ <Â&#x152;ÂŁ Ă&#x2014;ßá Ă?Â?Ă&#x2021;§Â&#x; Ă&#x2014; H â&#x20AC;&#x153;b4â&#x20AC;?Ă&#x2DC; â =ž Ă&#x2014; 4 Ă&#x201D;ÂŹ -¡/3 RÂ&#x; Ă&#x2039;Â&#x2014; Ă&#x2014;Ă&#x2014; 4Ă&#x201D;#Â&#x2018;Ă&#x2026;Ă&#x2014; Â&#x17E;

ALL MEASUREMENTS ARE APPROXIMATES AND CONDITION REPORTS ďŹ&#x201D;e condition of lots sold in our auctions can vary widely due to factors such as age, previous damage, restoration, repair and wear tear. Condition reports and grades are provided free of charge as convenience to our buyers and are for guidance only. ďŹ&#x201D;ey oďŹ&#x20AC;er our honest opinion but they may not refer to all faults, restoration, alteration or adaptation. ďŹ&#x201D;ey are not an alternative to examinming a lot in person or taking your own professional advice. Lots are sold "as is," in the condition they are in at the time of the sale, without any representation or warranty as to condition by Poly Auction (Hong Kong) or by the seller.

For more details, please refer to the Condition Report for each lot.

ć&#x153;Źç&#x203A;Žé&#x152;&#x201E;ć&#x17D;Ąç&#x201D;¨äš&#x2039;貨嚣ĺ&#x2026;&#x152;ć?&#x203A;ç&#x17D;&#x2021;

7.8 Â? =1 Â?

v5 Â?Â?Ă&#x201C;Â?Ă&#x;` Â&#x2030;èH Â?Ă&#x201C;Â? ÂŁÂ&#x17D;¤ã G Â?Ă&#x201C;Â? Ă­ĂĽÂ&#x;Â&#x20AC;Â&#x201A;ĂŽ#Ă&#x152;Ă&#x2021;Â&#x17D; Ă&#x2014; ¤Ă? Ă&#x;Þ­¿Â&#x20AC;ÂŁÂ&#x17D;Â&#x161;Q'nÂŹ_Â&#x17D; H¤ã ¸ Ă&#x2DC;çĂ?Â&#x;

CATALOGUE EXCHANGE RATE HK$7.8 = US$1 ďŹ&#x201D;e rate of exchange was established at the latest practical date prior to the printing of the catalogue and may therefore have changed by the time of the sale. Bidders should bear in mind that estimates are prepared well in advance of the sale and are not deďŹ nitive. ďŹ&#x201D;ey are subject to revision.

ç&#x203A;Žé&#x152;&#x201E;硨ĺ&#x2C6;&#x2014;ć&#x2013;šćł&#x2022;äš&#x2039;說ć&#x2DC;&#x17D; ć&#x153;&#x2030;é&#x2014;&#x153;ç&#x203A;¸ç&#x2030;&#x2021; ă&#x20AC; ĺ&#x153;&#x2013;ç&#x2022;Ť ă&#x20AC; ĺ?°ĺ&#x2C6;ˇĺ&#x201C; ĺ?&#x160;垎ĺ&#x17E;&#x2039;ć&#x203A;¸ç&#x2022;Ťäš&#x2039;čŚ?ĺŽ&#x161;

Ă&#x201A;Â&#x201A;Â&#x192;ž Â&#x201E; Ă&#x2021;Â&#x2026;Â&#x;#Ă&#x152;Ă&#x2021; Âľ Îùà /3 |Â&#x2020; Â?Â?Â?Â? Â&#x2021; Â&#x160;ÂŤ Ă&#x2DC;Â&#x;ýÞÜà <Â&#x20AC;pĂ&#x201A; Ă&#x2014; 4Ă&#x201D;Â&#x17D; ¤" ᯰt(4Ă&#x201D;Â&#x17E; Â&#x; ĂŚ 3?Ă&#x153;Ăž Â?Â&#x2021;Â&#x2C6; Â&#x153;¤Â&#x2C6; Â? Ă&#x2014;Â&#x17D; P [Â&#x2030;Â&#x153; Ă&#x; ž¥?Ă&#x153;ĂžÂ? Ă&#x2014;Â&#x; Â&#x160;Â&#x2039;Â&#x153; Ă&#x; _ Â? Ă&#x2014;Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;.Ă&#x20AC; Ă&#x20AC; Ă Ă&#x;?Ă&#x153;ĂžÂ?Â&#x17D; Â&#x; Â&#x160;Â&#x2039;_ Â?Â&#x17D; Â&#x2018;Â&#x152;Â&#x2021;Â&#x2039;_ Â?Âľ Â&#x2018;Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;²Ă&#x2018;?Ă&#x153; ĂžÂ?Â&#x17D; Â&#x2018; Âľ Â&#x2018;Ă?nÂ&#x17D;¤ã²yÂ&#x2019;Â&#x201C; Ă?nÂ&#x; Â&#x160;Â&#x2039;_ HLÂ&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014; žĂ&#x2018;? Ă&#x153;Ăž'´HLÂ?Â&#x17D; Â&#x17D;Â&#x161;â Ă&#x2DC;ÂĄ?Ă&#x153;ĂžÂ?Â&#x17D; Â&#x201D; Â?Â&#x; Â&#x160;Â&#x2039;Â&#x2022;Â&#x2013; _ Â&#x201D;Â?Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;Â&#x201E; Ă&#x2018;? Ă&#x153;ĂžÂ?Â&#x201D;Â?Â&#x17D;ĂŠ1Â?Ă&#x;ÂĄ?Ă&#x153;ĂžÂ&#x2014; Â? Ă&#x2014;Â&#x; Â&#x160;Â&#x2039;Â&#x201E; _ Â&#x17D; ĂŽ*Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;Â&#x201E; Ă&#x2018;? Ă&#x153;ĂžÂ?Â&#x201D;Â?Â&#x17D;ʞ] HLĂ?nÂ&#x; Â&#x160;Â&#x2039;_ mĂ&#x2014;Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;Ă&#x;Ă&#x2018;?Ă&#x153; Ăž Ă&#x2014;Â? mĂ&#x2014; ( -¡ L )Â&#x; Â&#x160;Â&#x2039;sÂ&#x2C6; _Â&#x152;­Â&#x2039; L _Â&#x152;­Â&#x2039;Â&#x2DC;Â&#x2122; _Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;Ă­Ă&#x2018;?Ă&#x153; ĂžsÂ&#x2C6;âÂ&#x2122;š LâÂ&#x2DC;Â&#x201A;Â&#x; Â&#x160;Â&#x2039; _ sÂ&#x2C6;Â&#x152;­Â&#x2039; _ Â?Â&#x2DC;Â&#x201A;Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;§Â&#x153; Ă&#x2018;sÂ&#x2C6;âÂ&#x2DC;Â&#x201A;܏ Ă&#x;Ă&#x2018;?Ă&#x153;Ăž Â&#x; Â&#x160;Â&#x2039; _  LÂ&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;§Â&#x153; Â&#x17D;Â&#x161;Qž¥ LĂ? nÂ&#x; Â&#x160; ž EĂ&#x201A;Ă&#x17D;*Â?23 žÂ&#x201A;Â&#x192;Â&#x2021;pÂŁÂ&#x2026; = ĂŽĂą Ă ÂŤTÂ? Â? 23Â&#x;Â&#x161;Ă&#x160; Â&#x201A;Â&#x192;Â?#ÂťÂ&#x17D;Ă?êž?r Â&#x203A;Â&#x153;Â&#x2021;Ă?Ă?Ă?ĂžÂ?Ă&#x2021;§Â&#x17D; Â&#x2021; Â&#x2022;ž ĂŚ#žÂ&#x201A;Â&#x192;Â&#x2021;p Ă&#x192;Â&#x2030;Â? Ă&#x2014;Â&#x2021;p Îùà Â?Ă&#x2DC; Â&#x2021;¤Â&#x17E;¢Â&#x17D;Â&#x161;ÂŹ:/Â&#x2021;Â&#x203A;L-¡Â&#x201D;Â&#x;­Â&#x2026;Â? .-Â&#x17D;ÂŤ Â&#x160;Â&#x17D; ¥ž žÂ&#x201A;Â&#x192; Ă&#x192;Â&#x2030; Ă&#x2014;Â&#x;

EXPLANATION OF CATALOGUING PRACTICE For Pictures, Drawings, Prints and Miniatures Terms used in this catalogue have the meanings ascribed to them below. Please note that all statements in this catalogue as to authorship are made subject to the provisions of the Conditions of Business and Limited Warranty.

Buyers are advised to inspect the property themselves.

Written condition reports are usually available on request. * Name(s) or Recognised Designation of an Artist without any QualiďŹ cation In Poly Auction (Hong Kong)'s opinion a work by the artist. * â&#x20AC;&#x153;Attributed to ...â&#x20AC;?

In Poly Auction (Hong Kong)'s qualiďŹ ed opinion probably a work by the artist in whole or in part. * â&#x20AC;&#x153;Studio of ...â&#x20AC;?/ â&#x20AC;&#x153;Workshop of ...â&#x20AC;?

In Poly Auction (Hong Kong)'s qualified opinion a work executed in the studio or workshop of the artist, possibly under his supervision. * â&#x20AC;&#x153;Circle of ...â&#x20AC;?

In Poly Auction (Hong Kong)'s qualiďŹ ed opinion a work of the period of the artist and showing his inďŹ&#x201A;uence. * â&#x20AC;&#x153;Follower of ...â&#x20AC;?

In Poly Auction (Hong Kong)'s qualified opinion a work executed in the artist's style but not necessarily by a pupil. * â&#x20AC;&#x153;Manner of ...â&#x20AC;?

In Poly Auction (Hong Kong)'s qualified opinion a work executed in the artist's style but of a later date. * â&#x20AC;&#x153;After ...â&#x20AC;?

In Poly Auction (Hong Kong) 's qualiďŹ ed opinion a copy (of any date) of a work of theartist. * â&#x20AC;&#x153;Signed ...â&#x20AC;?/â&#x20AC;&#x153;Dated ...â&#x20AC;?/â&#x20AC;&#x153;Inscribed ...â&#x20AC;?

In Poly Auction (Hong Kong) 's qualiďŹ ed opinion the work has been signed/dated/inscribed by the artist. * â&#x20AC;&#x153;With signature ...â&#x20AC;?/ â&#x20AC;&#x153;With inscription...â&#x20AC;?/ In Poly Auction (Hong Kong) 's qualified opinion the signature/inscription appears to be by a hand other than that of the artist. * â&#x20AC;&#x153;With date ...â&#x20AC;?

In Poly Auction (Hong Kong)'s qualiďŹ ed opinion the date on the item was not executed on that date. * ďŹ&#x201D;is term and its deďŹ nition in this Explanation of Cataloguing Practice are a qualified statement as to authorship.

While the use of this term is based upon careful study and represents the opinion of specialists, Poly Auction (Hong Kong) and the consignor assume no risk, liability and responsibility for the authenticity of authorship of any lot in this catalogue described by this term, and the Limited Warranty shall not be available with respect to lots described using this term.

第一章 總則 第一條

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第二條 定義及釋義

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¶

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第三條 適用範圍

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第四條 特別提示

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第二章 關於賣家 第五條 委託程序

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第六條 賣家之代理人

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第七條 賣家之保證

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第八條 保留價

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第九條 本公司的決定權

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第十條 未上拍拍賣品

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第十一條 拍賣中止

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第十二條 賣家撤回拍賣品

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第十三條 自動受保

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第十四條 保險費

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第十五條 保險期間

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第十六條 賣家安排保險

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第十七條 保險免責

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第十八條 保險賠償

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第十九條 競投禁止

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第二十條 佣金及費用

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第二十一條 未成交手續費

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第二十二條 出售所得款項淨額支付

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第二十三條 延遲付款

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第二十四條 賣家稅項

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第二十五條 協助收取拖欠款項

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第二十六條 本公司有權決定

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第二十七條 拍賣品未能成交

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第二十八條 風險承擔

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第四十九條 佣金及費用

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第六十一條 特殊門類

第六十六條 免除責任

第六十四條 鑒定權

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第四章 其他

第七十條 語言文本

第六十二條 資料採集 、錄影

第六十七條 通知

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第七十二條 適用時期

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CONDITION OF BUSINESS

Unless otherwise stated, Poly Auction (Hong Kong) Limited acts as the Seller's agent. ﬔe closing agreement for sale of a Lot shall be a contract between the Seller and the Buyer. ﬔese Conditions of Business and all other terms, conditions and notices contained in the catalogue, announced by the Auctioneer or provided at the saleroom shall constitute the provisions agreed among the Seller, the Buyer and/or Poly Auction (Hong Kong) Limited as auction agent.

queries or authentication related to the Lot at the request of the Buyer or any additional costs and legal expenses to bring claims against a defaulting Buyer; (14)“Reserve” means the confidential minimum selling price for the Lot that the Seller has confirmed with the Company; (15)“Estimate” means the estimated selling price of a Lot written in the catalogue or other descriptive materials, excluding the Buyer's Commission; (16)“Storage Fee” means the storage fee payable by the Buyer to the Company according to these Conditions of Business.

In these Conditions of Business, where the context requires, words denoting the singular shall include the plural and vice versa.

ARTICLE 2 DEFINITIONS AND INTERPRETATION

ARTICLE 3 SCOPE OF APPLICATION

In these Conditions of Business, the following terms shall have the meanings set forth below: (1)“Company” means Poly Auction (Hong Kong) Limited; (2)“Seller” means any natural person, legal person or other organization that consigns a Lot(s) within the scope of these Conditions of Business to the Company for auction. In these Conditions of Business, a Seller shall include any of its agents unless as otherwise specified herein or required in a particular context; (3)“Bidder” means any person, company, body corporate or other organization who or which considers, carries out or attempts to bid in anyway. In these Conditions of Business, a Bidder shall include any of its agents unless as otherwise specified herein or required in a particular context; (4)“Buyer” means the Bidder whose bid or offer for a Lot is recognized by an Auctioneer as the highest bid for that Lot in an auction held by the Company, including the principal on behalf of which such Bidder acts; (5)“Buyer's Commission” means any commission that a Buyer shall pay to the Company calculated at the rate specified herein of the Hammer Price for the Lot that such Buyer purchases; (6)“Lot” means any item consigned by a Seller to the Company for auction and so auctioned in any auction, in particular, any item numbered in any catalogue with certain description; (7)“Auction Date” means the date on which an auction is formally held, as announced by the Company in its public notice. In case of any discrepancy between the actual date and the announced date of an auction, the actual date shall prevail; (8)“Sale Date” means, in an auction held by the Company, the date on which the auctioneer concludes a contract for sale between a Seller and a Buyer by way of hammer striking or any other customary manner publicly confirming the sale; (9)“Auctioneer” means any person designated by the Company to moderate a particular auction; (10)“Hammer Price” means the price for a Lot at which the Auctioneer decides to sell the Lot by striking the hammer or the agreed sale price in the post-auction sale; (11)“Proceeds of Sale” means the net amount due to the Seller, being the Hammer Price less the Buyer's Commission, all expenses and other amounts payable to the Company by the Seller; (12)“Purchase Price” means the total amount payable by the Buyer for his/her/its purchase for each Lot, including the Hammer Price, the Buyer's Commission, other Buyer's Expenses and all Buyer's Expenses arising from its failure to perform its obligations; (13)“Buyer's Expenses” means costs and expenses in relation to sale of the Lot by the Company, including but not limited to insurance policies, packing, moving, storage, custody for the Lot, any expenses of testing, investigation,

All parties participating in any auctions organized by the Company, including the Seller, the Bidder, the Buyer and all other related parties (including but not limited to the agents of the Seller, the Bidder and the Buyer) shall be deemed to accept in full and bound by these Conditions of Business, and shall comply with them in such auctions, enjoy the rights and perform the obligations provided herein.

Any Bidder who bids in an auction organized by the Company, whether in person or by authorizing an agent to bid on his/ her/its behalf, whether by raising the paddle, by absentee bids, by phone or by any other means, shall be deemed to have accepted these Conditions of Business in full.

Any dispute among the parties to auctions organized by the Company shall be settled in accordance with these Conditions of Business.

CHAPTER I GENERAL RULES ARTICLE 1 POLY AUCTION (HONG KONG) LIMITED AS AGENT

ARTICLE 4 SPECIAL NOTICE Bidders and Buyers participating in any auctions organized by the Company shall carefully read and be abided by these Conditions of Business; Bidders and Buyers shall read the provisions limiting the Company's liabilities and disclaimers contained in these Conditions of Business carefully. Bidders and/or their agents have the responsibilities to review the original Lot in person, and bear legal liabilities for their acts of bidding the Lot. Upon the Auctioneer confirms the Bidder's bid by striking his/her hammer or in any other manner publicly indicating confirmation of the purchase in any auctions organized by the Company, the contract for sale regarding the Lot shall immediately enter into force and the Bidder shall become the Buyer of the Lot. ﬔe Company, the Seller and the Buyer shall acknowledge the sale of the Lot and its closing, enjoy the rights and assume the obligations provided by applicable laws and/or these Conditions of Business. Any party that fails to perform obligations shall bear its/his/her corresponding legal liabilities. ﬔe Company may amend these Conditions of Business for a particular auction by posting announcements at the auction site or making an announcement at such auction through an Auctioneer.

CHAPTER II THE SELLER ARTICLE 5 CONSIGNMENT PROCEDURE When arranging for the consignment of the Seller's Lot to the Company for auction: (1) The Seller must present a valid identity document with photo issued by the government (e.g. resident identity card or passport) if the Seller is a natural person and sign a consignment auction contract with the Company; (2) A valid certificate of incorporation, proof of shareholding, or a legal authorization document shall be required if the Seller is a legal entity or any other organization, which shall

sign a consignment auction contract with the Company.

(3) When the Seller signs a consignment auction contract with the Company, the Company shall be automatically authorized to make pictures, illustrations, catalogues, or other video images of the Lot.

ARTICLE 6 THE SELLER'S AGENT When arranging for the consignment of the Lot to the Company for auction, the Seller's agent shall submit to the Company the relevant authorization certificates including: (1) A valid identity document if such agent is a natural person; (2) A valid certificate of incorporation and proof of share holding if such agent is a legal person or any other organization; and (3) A power of attorney duly executed. The Company has the right to examine the aforesaid documents in a lawful manner.

ARTICLE 7 THE SELLER'S WARRANTIES The Seller hereby makes irrevocable warranties to the Company and the Buyer with respect to the Lot it consigns to the Company for auction as follows: (1) The Seller has absolute ownership or legal right to dispose of the Lot. ﬔe auction of the Lot will not prejudice any legal interest (including copyright interest) of any third party, and will not violate the provisions of relevant laws and regulations; (2) The Seller has, to the best of its knowledge, made full, complete and accurate disclosure and description to the Company with respect to the origin and any flaw of the Lot and notified the Company in writing, without any concealment or fabrication; If the Lot is liquors or teas, the Assignee should truly disclose the defects or flaws about, including but not limit to the packaging, labels, level of wear and tear, corks, etc.

(3) If the Lot being consigned shall be imported into Hong Kong, the Seller shall guarantee the compliance with the laws of its origin, and ensure the completion of the export and import procedures and notify the Company in writing; and (4) The Assignee must ensure that the auctioned items do not contravene any laws of Hong Kong (including the Public Health and Municipal Services Ordinance, the Food Safety Ordinance and the Protection of Endangered Species of Animals and Plants Ordinance the Endangered Species of Wild Animals and Plants), ensure and disclose to our Company that it has any license or qualification registration to possess, disposal or sale of the auctioned item required by the laws of Hong Kong. ﬔe Assignee should ensure that if they require our Company to make an additional license or permit to the relevant departments for the auction, display, disposal or possession of the auctioned items, they should notify us in written notice not less than two months prior to the auction.

(5) ﬔe Seller shall guarantee that the Lot is authentic. In so doing, the Seller guarantees: (a) ﬔe Lot is not a counterfeit or forgery of: i. ﬔe work of any artist, author or manufacturer, if the Lot is described by the Seller as the work of that artist, author or manufacturer; ii. A work created or produced within a particular time frame or culture, if the Lot is described by the Seller as a work created or produced during that time frame or culture; iii. A work of a particular origin or source, if the Lot is described by the Seller as a work of that origin or source; or iv. A work created or crafted or refined or restored through a

particular process or manner, if the Lot is described by the Seller as a work created through that process or manner. (b) In the case of jewellery and timepieces, in addition to 5(a) above, the Lot is crafted in the manner as described by the Seller, out of the particular materials as described by the Seller, and had underwent no restoration processes other than those stated by the Seller; and (c) In the case of gemstones, in addition to 5(a) above, the Lot had undergone no beautification processes other than those specified by the Seller.

If the Seller violates any of the above warranties, the Seller shall fully indemnify all losses, costs and expenses suffered by the Company and/or the Buyer.

and all losses caused by the suspension of auction; (3) ﬔe Company has an objection to the explanation of the Seller or the accuracy of the Seller's warranty mentioned in Article 7 hereof; (4) Any evidence proves the Seller has violated or will violate any provisions of these Conditions of Business; (5) For any other reason, the Company believes that the auction of such Lot shall be suspended; or (6) Whichever situation causes such suspension, if the Company is aware of any ownership or other dispute in relation to the Lot being consigned for auction, the Company shall have the right to refuse to return such Lot until the dispute is settled.

wear, inherent flaws, internal or potential defects, change of substance itself, self-combustion, self-heating, oxidation, corrosion, leakage, rat-bite, worm-bite, change in the atmosphere (climate or air temperature), change in humidity or temperature, or other gradual changes or caused by force majeure such as earthquake, tsunami, war, hostile action, armed conflict, terrorism, coup, strike and social riot, or nuclear radiation or radioactive pollution as well as the damage or destruction of book frames, glass, drawers, bottom pads, trestles, mountings, insert pages, scroll heads or other similar accessories caused by any reason are not within the scope of insurance coverage. ﬔe aforesaid risks should be borne by the Seller.

ARTICLE 8 RESERVE

ARTICLE 12 THE SELLER'S WITHDRAWAL OF LOT

ARTICLE 18 INSURANCE INDEMNITY

Unless otherwise agreed upon by the Company and the Seller, all Lots are offered subject to a Reserve. ﬔe Reserve shall be determined by the Seller and the Company in writing through consultation, and no modification of the Reserve shall be made without the prior consent of the other party after it is determined by both parties. Following the bidding failure of the Lot authorized by the Seller, the Auctioneer shall have the right to sell such Lot at the Reserve after such auction and the Seller must pay the Commission to the Auctioneer. In no circumstance shall the Company bear any liability for failure to sell the Lot at the Reserve at the auction held by the Company.

The Seller may withdraw the Lot at any time prior to the Auction Date by issuing a written notice to the Company.

In the case that the Lot has been listed in the catalogue or other public materials and they have begun to be printed at the time of the withdrawal of the Lot, the Seller shall pay an amount equal to 20% of the Reserve of the Lot and all other expenses. In the case that the catalogue or other public materials have not been printed, the Seller shall pay an amount equal to 10% of the Reserve of the Lot and all other expenses. Any dispute or claim arising out of the Seller's withdrawal of the Lot shall be borne by the Seller and has nothing to do with the Company.

Any damage or destruction of the Lot caused by incidents or disasters covered by the insurance purchased by the Company for the Lot shall be handled in accordance with the laws of Hong Kong on insurance. The Company shall pay insurance indemnities after deducting the Company's expenses (other than the Commission) to the Seller after the Company obtains such indemnities from the insurance company.

ARTICLE 9 THE COMPANY'S DISCRETION

ARTICLE 13 AUTOMATIC INSURANCE

The Company may decide the following matters at its absolute discretion: (1) Explanation and/or appraisal of any aspect of any Lot through the catalogue of the Lot and/or news media and/or other carriers; (2) Whether to consult any expert or not; (3) ﬔe illustration of the Lot in the catalogue, the exhibition of the Lot and other forms of publicizing the Lot, the arrangement in the promotional activities as well as the standards of payable expenses; (4) Suitability of a Lot for auction by the Company; (5) Other matters such as the date of auction, the place of auction, the conditions of auction and the manner of auction.

Unless otherwise instructed by the Seller in writing, all Lots will be automatically covered under the insurance policies purchased by the Company after the Seller enters into the consignment auction contract with the Company and delivers the Lots to the Company. ﬔe insured amount shall be based on the Reserve agreed by the Seller and the Company in the consignment auction contract (if there is no Reserve, it shall be the agreed insured amount of the Lot; if the Reserve is adjusted, it shall be the original Reserve of the Lot). ﬔe insured amount is only applicable to insurance and claim for compensation, is not the Company's warranty or guarantee for the value of the Lot, and does not mean that the Lot can be sold for an amount equal to the insured amount through any auction by the Company.

ARTICLE 10 LOT NOT AUCTIONED

ARTICLE 14 INSURANCE PREMIUM

After the Seller has signed the consignment auction contract with and delivered the Lot to the Company, if for any reason the Company believes that the Lot is not suitable for auction by the Company, the Seller shall collect the Lot within thirty days from the issuance date of the Company's notice (fees for packaging and transportation shall be at the Seller's own expense). The consignment auction contract between the Seller and the Company will terminate on the date when the Seller collects the Lot. If during the above-mentioned period the Seller fails to collect the Lot, the consignment auction contract will automatically terminate upon the expiration of such period. If within seven days after the termination of the consignment auction contract the Seller does not collect the Lot, the Company shall have the right to charge the Storage Fee, insurance fees and other reasonable expenses, and to dispose of the Lot in a way the Company deems proper. ﬔe Seller is responsible for the collection of, if any, the amount obtained from the disposal after deducting all the fees and expenses incurred by the Company.

If the Lot is sold, the insurance premium payable by the Seller shall be 1% of the Hammer Price unless otherwise agreed by the Seller and the Company. If the Lot is not sold, the Seller shall as well pay the insurance premium at 1% of the Reserve.

ARTICLE 11 SUSPENSION OF AUCTION The Company has the right to suspend the auction of any Lot at any time before the actual auction in any one of the following situations: (1) The Company has an objection to the ownership or authenticity of the Lot; (2) Any third party has an objection to the ownership or authenticity of the Lot and can provide relevant evidence materials as to the basis of such objection, pays a security pursuant to the Company's requirements and is willing to take the corresponding liabilities for the legal consequences

ARTICLE 15 INSURANCE PERIOD If the Lot is sold in the auction, the insurance period shall terminate at the earlier of the seventh day after the Sale Date (including the Sale Date) and the date when the Buyer collects the Lot. If the Lot is not sold in the auction, the insurance period shall terminate upon the expiry of thirty days after the Company issues the notice on the collection of the Lot.

ARTICLE 16 INSURANCE BY THE SELLER In the event that the Seller notifies the Company in writing not to insure the Lot, it shall undertake all the risks and the following liabilities at any time (unless otherwise ruled by an arbitration institution): (1) To compensate for any claim or action brought by any other parties against the Company with respect to the damage or destruction of the Lot; (2) To compensate the Company and/or any other parties for all losses suffered and all expenses incurred because of the damage or destruction of the Lot caused by any reason; and (3) To notify the compensation related provisions herein to any insurer of the Lot.

ARTICLE 17 INSURANCE DISCLAIMER The damage or destruction of the Lot caused by natural

ARTICLE 19 BIDDING PROHIBITION ﬔe Seller shall not bid for the Lot consigned to the Company by himself/herself/itself for auction, or authorize any other person to bid on his/her/its behalf. Only the Company has the right to bid on behalf of the Seller at a price not more than the Reserve. The Seller shall bear all legal liabilities and compensate for all losses caused to the Company if the Seller violates this Article.

ARTICLE 20 COMMISSION AND EXPENSES Unless otherwise agreed upon by the Seller and the Company, the Seller shall authorize the Company to deduct 10% of the Hammer Price as Commission and at the same time deduct other expenses. Despite the fact that the Company is the Seller's agent, the Seller agrees that the Company may collect the Commission and other expenses from the Buyer in accordance with the provisions in Article 49 hereof.

ARTICLE 21 SERVICE FEE FOR UNSOLD LOT In case the Lot is not sold because the bidding price is lower than the Reserve, the Seller shall authorize the Company to charge the Seller a service fee for unsuccessful auction and other expenses.

ARTICLE 22 PAYMENT OF PROCEEDS OF SALE Where the Buyer effects full payment of the Purchase Price to the Company in accordance with the provisions in Article 49 hereof, the Company shall pay the Proceeds of Sale to the Seller thirty-five days after the Sale Date in Hong Kong dollars.

ARTICLE 23 DEFERRED PAYMENT Where the Company does not receive the full payment of the Purchase Price from the Buyer upon the expiry of the payment period under Article 51 hereof, the Company will pay the Proceeds of Sale to the Seller within seven working days after receipt of full payment of the Purchase Price from the Buyer.

ARTICLE 24 SELLER TAXES ﬔe Seller shall pay taxes to the government for the Proceeds of Sale obtained. If the Company has the obligation to withhold and pay taxes according to the provisions of the relevant laws, the Company will follow the provisions of the laws. The Seller shall assist in handling all the formalities and bear the corresponding taxes and expenses.

ARTICLE 25 ASSISTANCE IN THE COLLECTION OF OUTSTANDING PAYMENT ﬔe Seller shall, at the time of its consignment of the Lot to the Company for auction, be deemed to have authorized the Company to demand the corresponding outstanding payment from the Buyer on behalf of the Seller. Where the Buyer

fails to fully pay the Purchase Price within seven days after the Sale Date (including the Sale Date), the Company shall have the right to demand the Commission and other Buyer's Expenses according to the provisions of Article 58 hereof.

In addition, the Company shall as well have the right to take appropriate actions (including but not limited to resorting to legal proceedings) to assist the Seller in collecting such outstanding payment from the Buyer where it is deemed by the Company to be practicable. ﬔe above provision does not exclude the Seller's right to demand in person or authorize any third party to demand the outstanding payment from the Buyer and does not obligate the Company to demand the corresponding outstanding payment from the Buyer on behalf of the Seller under any circumstance. ﬔis Company shall not bear the corresponding liability for the Seller because of the Buyer's failure to pay the Purchase Price under any circumstance.

ARTICLE 26 THE COMPANY'S DISCRETION The Company shall have the right to accept the Seller's authorization (at the Seller's expenses) and may determine the following matters as the case may be: (1) To agree on special conditions of the payment of the Purchase Price; (2) To remove, store and insure the sold Lot; (3) To settle claims brought by the Buyer or the Seller in accordance with the relevant articles hereof; and (4) To take other necessary measures to collect the outstanding payment owed by the Buyer to the Seller.

ARTICLE 27 UNSOLD LOT In the event that the Lot is not sold, the Company may choose any one of the following actions: (1) Private sale after the auction The Company may re-negotiate with the Seller on the revised Reserve and sell the Lot in private sale, and pay the Seller the Proceeds of Sales adjusted based on the revised Reserve.

(2) Re-auction ﬔe Company may re-auction the Lot. ﬔe Commission and expenses scale set out in the previous consignment auction contract remains applicable.

(3) Collection of the Lot ﬔe Seller shall take back the Lot within 30 days upon receipt of the Company's notice on collection (fees for packaging and transportation shall be paid by the Seller) and pay the Company the service fee for unsuccessful auction and other expenses. ﬔe Company shall, upon expiration of such time limit, be entitled to charge the Storage Fee, insurance fees and other reasonable expenses, and to sell the Lot through public auction or other means of sale according to the conditions the Company deems appropriate. The Company shall also be entitled to deduct the service fee for unsuccessful auction and other expenses payable by the Seller in the first auction as well as all expenses for re-sale of the Lot by auction from the Proceeds of Sale before paying the remaining amount to the Seller.

ARTICLE 28 RISK ASSUMPTION ﬔe Seller shall assume liability for all risks and expenses that occur after the time limit prescribed herein if the Seller fails to take back the Lot not auctioned or the unsold Lot within such the time limit. ﬔe Seller shall assume liability for all risks and expenses of the Lot not auctioned or the unsold Lot at the earlier of the thirtieth day after the Company issues a notice on collection of the Lot to the Seller (including the notice date) and the time when the Seller collects the Lot in accordance with these Conditions of Business. Where the Seller requests Company to assist it in the return of the Lot within the time limit provided herein and the Company so agrees, the Seller shall assume liability for all risks and expenses that occur after the Lot leaves the place designated by the Company. Unless the Seller specifically gives an indication and pays insurance premium in advance, the Company has no obligation to insure the Lot for any period after its departure from the place designated by the Company. Where the Seller requests

the Company to assist it in returning the Lot by means of post, express delivery or other third-party transportation, the Company shall be deemed to have returned the Lot and the Seller shall be deemed to have collected the Lot upon the Company's delivery of the Lot to the post, express delivery and transportation entities, companies or their employees/branch offices.

be responsible for any breach of the Conditions of Business by the Seller.

4. Without affecting Article 30 (2) of these rules, any claim for compensation that the Bidder makes to the Company or the Seller shall be limited to the Hammer Price and the Buyer's Commission of the Lot. Under no circumstances shall the Company and the Seller bear any consequential losses incurred by the Buyer.

CHAPTER III THE BIDDER AND THE BUYER ARTICLE 29 RESPONSIBILITIES OF THE BIDDER AND THE COMPANY IN RESPECT OF THE LOT 1. ﬔe Company's perception of all Lots partly relies on the information provided by the Seller, the Company is unable and will not carry out comprehensive inspection of all Lots.

Bidders are aware of this and bear the responsibilities of inspecting and testing the original Lots so that Bidders will be satisfied with those Lots in which they may be interested.

2. All Lots for sale by the Company are available for viewing

by Bidders. By bidding, Bidders and/or their agents are deemed to have carried out thorough examination of the Lots, and are deemed to be satisfied with the conditions of the Lots and the accuracy of their description.

3. Bidders acknowledge that various Lots are dated long time ago and of special categories, implying that the Lots are not perfect and not free from defects. All Lots are sold on an“as is” basis at the time of the auction (whether or not Bidders attend the auction). Condition reports may be provided when during the viewing period. Under certain circumstances, catalogue descriptions and condition reports may be used for reference about certain defects of the Lots. Nevertheless, Bidders should pay attention that the Lots may have other defects not clearly stated in the catalogue descriptions and condition reports.

4. Regarding the information about the Lot provided to Bidders, including any forecast information (written or verbal), catalogues and other reports, commentaries or estimated values, such information are not statement of facts, but rather are statements of the opinion that the Company holds. Such information can be altered at the sole discretion of the Company from time to time.

5. ﬔe Company or the Seller has not made any declaration or warranty as to whether any Lot is subject to any copyright or whether the Buyer has bought the copyright of any Lot. 6. In accordance with the matters contained in Article 29 (1) to 29 (5) of the Conditions of Business and the special exemption contained in Article 30 of the Conditions of Business, the descriptions in the catalogue and in the condition reports are written in a reasonably prudent manner (and such should be in line with those terms of the Conditions of Business regarding the Company serving as Auction Agent) based on (1) the information provided by the Seller to the Company; (2) academic and technical knowledge (if any); and (3) generally accepted opinions of the relevant experts.

ARTICLE 30 THE COMPANY'S EXEMPTION AND RESTRICTION OF RESPONSIBILITIES TO THE BUYER 1. If the Company considers the Lot as forgery, it shall return the Hammer Price and Buyer's Commission to the Buyer.

2. Subject to the matters contained in Article 29 of the Conditions of Business and the rules in Article 30 (1) and 30 (5) of the Conditions of Business, the Company shall not: (1) be responsible for any errors or omissions in the information provided by the Company to the Bidder verbally or in writing, no matter whether this is caused by negligence or other reasons, with the exception of provision contained in Article 29 (6) of the Conditions of Business; (2) make any guarantee or warranty to the Bidder, excluding any implied warranty and rules other than the expressed warranty that the Seller has entrusted the Company to make to the Buyer (with the exception of those responsibilities that cannot be discharged according to the stipulations of laws); (3) be accountable to any Bidder for any actions or omissions of the Company regarding the auction or the sale of any Lot (no matter whether this is caused by negligence or other reasons).

3. Unless the Company owns the Lot to be sold, it shall not

ARTICLE 31 CATALOGUE AND OTHER EXPLANATION OF THE LOT ﬔe Company shall prepare a catalogue of the Lot to briefly introduce the conditions of the Lot with words and/or pictures to facilitate the Bidder and Seller to participate in the auction held by the Company. ﬔe words and Estimate in the catalogue of the Lot, pictures, other images as well as public materials are only references for the Bidder and may be revised before auction. The Company provides no guarantee for the authenticity, value, tone, quality or flawlessness of the Lot.

ARTICLE 32 UNCERTAINTY OF CATALOGUE Where the tone, color, graduation shape or any other feature of the Lot shown in the catalogue and/or any other illustrations, images and public materials differ from those of the original Lot due to printing, photography or other technical reasons, the original Lot shall take precedence. Any introduction and appraisal of any Lot made by the Company and its employees or its agents in anyway (including the certificate, catalogue, slideshow and news media) are only opinions for reference and do not constitute any guarantee for the Lot. The Company and its employees or its agents shall undertake no liability for any inaccuracy or omission in the aforesaid introduction or appraisal.

ARTICLE 33 RESERVE AND ESTIMATE Unless otherwise indicated, all Lots are offered subject to a Reserve. Normally, the Reserve is not higher than the lowest Estimate announced before the auction or published before the auction by the Company. If a Reserve has not been set for a Lot, unless there has already been bidding, the Auctioneer, in his or her discretion, may determine the starting price, but this shall not be higher than the lowest Estimate of the Lot before the auction.

Under no circumstances shall the Company bear any liability when the bids for a Lot do not reach the Reserve. If the bids are lower than the Reserve, the Auctioneer, in his or her discretion, may sell the Lot at a price lower than the Reserve.

However under such circumstances, the amount that the Company shall pay the Seller shall be the amount that the Seller would receive as if the Lot was sold at the Reserve.

The Estimate is estimated at an earlier time before the Auction Date, it is not a confirmed selling price, and is not legally binding. Estimates cannot be used as a forecast of the Hammer Price of the Lot, and the Company has the right to revise from time to time the Estimate already made.

ARTICLE 34 BIDDERS' INSPECTION RESPONSIBILITY The Bidder and/or his/her/its agents shall have the responsibility to learn about the actual conditions of the Lot and shall be legally liable for his/her/its bid for a certain Lot. ﬔe Company strongly advises the Bidders to personally inspect the original Lot they intend to bid for before the Auction Date by authentication or other means. Bidders shall judge by themselves whether Lot complies with the descriptions in the Company's catalogue of the Lot and other images and public materials, rather than relying on the catalogue, images and public materials to make decisions.

ARTICLE 35 REGISTRATION OF BIDDERS If the Bidder is a natural person, before the Auction Date, he/ she shall fill in and sign the registration documents with an identity document with photo issued by the government (such as resident identity card or passport), and provide proof of the current address (e.g. utility bill or bank statement); if the

Bidder is a company or other organization, before the Auction Date, it shall fill in and sign the registration documents and collect a paddle with its valid certificate of incorporation and proof of shareholding and legitimate authorization document. ﬔe Company may request the Bidder to present proof of bank details or other proof of financial conditions for payment purposes.

ARTICLE 36 PADDLE The Company can announce before the Auction Date the conditions and procedures of arranging paddle for the Bidder according to different auction conditions and auction methods etc., including but not limited to the qualification and conditions for the Bidder to arrange a paddle. The Company solemnly reminds that a paddle is the only proof for the Bidder to participate in the auction at the venue. ﬔe Bidder shall keep it properly and shall not lend it to others to use it. If it is lost, it shall immediately handle the loss report formalities in a written form recognized by the Company.

No matter if the person holding a paddle has been appointed by the Bidder or not, his or her bidding acts at auction are considered as having been made by the registered person himself, and the Bidder shall bear the legal responsibilities for the acts of the former, unless the Bidder himself has already submitted a written report to the Company regarding the loss paddle.

ARTICLE 37 AUCTION DEPOSIT When a Bidder participates in an auction of the Company, he/she shall first pay the auction deposit before collecting the paddle. The amount of the auction deposit will be announced by the Company before the Auction Date, and the Company has the right to waive the auction deposit. If the Bidder fails to buy the Lot and he does not owe the Company any sum, then that auction deposit shall be returned to the Bidder in full without interest within 14 working days after the end of the auction. If the Bidder succeeds in buying a Lot, the auction deposit shall automatically be converted to the payment of the Purchase Price of the Lot.

ARTICLE 38 DISCRETION OF THE COMPANY The Company has the right to forbid anyone from participating in the auction organized by the Company or entering the auction site, or taking pictures or shooting videos at the auction site at its discretion.

ARTICLE 39 HANDLING OF ABNORMAL EVENTS If any abnormal event occurs at the auction site, the Company has the right to take emergency actions. If any dispute arises at the auction site, the Company has right to mediate and settle it.

ARTICLE 40 CONFIRMATION OF BUYER'S IDENTITY ﬔe Bidder must take good care of his/her/its paddle and be cautious not to lose it. ﬔe Bidder shall not lend his/her/its paddle to others, or the Bidder shall assume all legal liability for others' act of bidding for the Lot using his/her/its paddle.

ARTICLE 41 ABSENTEE BIDS Bidders shall attend the auction in person. If a Bidder or its agent cannot attend in person, it can appoint the Company in writing for the Company to bid on its behalf. ﬔe Company has the discretion to accept or not accept the above appointment. Any Bidder who has appointed the Company to bid shall handle the appointment formalities within the period stipulated (no later than three business days), and produce a completed Absentee Bid Order to the Company, and at the same time pay the auction deposit according to the Conditions of Business.

If the Bidder who has appointed the Company to bid needs to cancel the absentee bid, it shall notify the Company no later than 24 hours before the Auction Date.

ARTICLE 42 AUCTION RESULTS OF ABSENTEE BID If a Bidder who has appointed the Company to bid, the auction results and the related legal responsibilities shall be

borne by the Bidder.

If the Bidder indicates in the Absentee Bid Order that it bids by instant communication methods such as telephone, it shall fill in the instant communication method accurately and keep the instant communication instrument properly, during the period in which the Company is appointed to bid, the Bidder shall use that instant communication instrument itself. Where the instant communication instrument is lost or it cannot be within control, the Bidder shall immediately use a written form recognized by the Company to change the instant communication method filled in the Absentee Bid Order.

During the period the Company is appointed to bid, it shall make appropriate efforts to contact the Bidder, the bidding information transmitted by that instant communication instrument (whether or not it is transmitted by the Bidder personally or the Bidder's agent) shall be considered as transmitted by the Bidder itself, and the Bidder shall bear legal responsibilities for the actions taken by it. Unless the Buyer itself has changed the instant communication method filled in the Absentee Bid Order by a written method recognized by the Company. All telephone bids may be recorded and kept at Poly Auction (Hong Kong)’s sole discretion, by opting for telephone bids, the Bidder agrees that its phone conversation will be recorded.

Nevertheless, under no circumstances shall the Company be responsible for any unsuccessful contact or errors or omissions in the bidding process using that instant communication instrument.

ARTICLE 43 DISCLAIMER OF ABSENTEE BID Since absentee bid is a free service of transmitting bidding information that the Company provides to the Bidder, the Company and its employees shall not bear any responsibilities for unsuccessful bidding or any errors, omissions, negligence, fault or inability to bid on its behalf during the bidding process.

ARTICLE 44 FIRST-COME-FIRST-SERVE PRINCIPLE FOR ABSENTEE BID If two or more Bidders appointing the Company to bid on their behalf have bid the same price for the same Lot and eventually that Lot is sold at that Hammer Price, then the one who first submitted to the Company shall be the Buyer of that Lot.

ARTICLE 45 DISCRETION OF THE AUCTIONEER The Auctioneer has the right at his absolute and sole discretion in the following matters: 1. Refusal or acceptance of any bid; 2. Carrying out the auction in such a manner as he may decide; 3. Withdrawal of any Lot, dividing it for auction separately, combining any two or more Lots for auction; 4. If there are errors or disputes, no matter if they occur during or after the auction, he shall have the right to decide the successful Bidder, whether or not to continue the auction, to cancel the auction or place the Lot under dispute for auction again; 5. ﬔe Auctioneer may open and carry out the bidding at a level with bidding increments that he considers suitable, and has the right to bid on behalf of the Seller up to the amount of the Reserve, either by placing consecutive bids or by placing bids in response to other Bidders; 6. Adoption of other actions that he considers as appropriate.

ARTICLE 46 NO RESERVE For those Lots without a Reserve, unless there has already been bidding, otherwise the Auctioneer, under his own discretion, may decide the starting price. If there is no bidding at such a price, the Auctioneer will, at his own discretion, lower the price and continue the auction until a Bidder starts to bid, then he will continue the auction at that price and then continue up from that amount.

ARTICLE 47 IMAGE DISPLAY BOARD AND CURRENCY CONVERSION BOARD To facilitate Bidders, the Company may use image projector

or other forms of display boards in the auction. ﬔe contents shown are for reference only. It is possible that there are differences in the information such as the amount, reference number of the Lot, images of the Lot or reference foreign currency etc. shown in the image projector or other forms of display boards and the Company shall not bear any responsibilities for any losses caused by such differences.

ARTICLE 48 SUCCESSFUL BID The fact that the Auctioneer confirms the highest bid of a Bidder by striking his/her hammer or in any other manner of publicly confirming the sale shall indicate the conclusion of a sales contract for the Lot between the Bidder and the Seller.

ARTICLE 49 COMMISSION AND EXPENSES After the Bidder has succeeded in bidding, it will become the Buyer of that Lot. A buyer’s premium will be added to the Hammer Price and is payable by the buyer as part of the total purchase price. The buyer’s premium is 18% of the hammer price of each lot and at the same time other Buyer’s Expenses, and recognizes that the Company can charge the Seller the commission and other Seller expenses according to provisions of the Consignment Agreement.

ARTICLE 50 TAXES All the monies that the Buyer pays to the Company are net amounts, which shall not include any tax on goods, tax on services or other value added tax (whether levied by Hong Kong or other regions). If there is any tax applicable to the Buyer, the Buyer shall bear it itself according to the provisions of the relevant laws currently in force.

ARTICLE 51 PAYMENT TIME After the Lot is successfully sold in an auction, unless otherwise agreed, regardless of any stipulations of the export, import or other permits of the Lot, the Buyer shall fully pay the Purchase Price within 7 days after the Sale Date (including the Sale Date), and collect the Lot. If packing, moving costs, and insurance expenses, expenses related to export are involved, the Buyer shall pay them altogether.

ARTICLE 52 PAYMENT CURRENCY All monies shall be paid in Hong Kong dollars. If the Buyer pays in another currency other than Hong Kong dollars, it shall convert it at the exchange rate agreed between the Buyer and the Company or at the exchange rate of Hong Kong dollars and that currency type on the previous working day announced by such bank as selected by the Company.

All bank handling fees, commission and charges incurred by the Company for converting the foreign currency paid by the Buyer into Hong Kong dollars shall be borne by the Buyer.

ARTICLE 53 TRANSFER OF OWNERSHIP Even if the Company has delivered the Lot to the Buyer, the Buyer has not yet obtained the ownership of the Lot. This shall pass onto the Buyer only when the Buyer has fully paid the Purchase Price and all monies that the Buyer owes the Company.

ARTICLE 54 TRANSFER OF RISKS After the bidding has succeeded, the risks ofthe Lot shall be borne by the Buyer itself after the occurrence of one of the following events (whichever earlier): 1. ﬔe Buyer has collected the Lot; or 2. ﬔe Buyer has fully paid the Purchase Price for the Lot to the Company; or 3. ﬔe expiry of seven days after the Sale Date (including the Sale Date).

ARTICLE 55 COLLECTION OF THE LOT Risk and responsibility for the lot passes to the Buyer at the expiration of thirty calendar days from the Sale Date (including the Sale Date). or on collection by the Buyer, if earlier. After thirty calendar days, all expenses incurred, including but not limited to storage, moving, insurance will be for the account of the Buyer. Although the Company

shall use reasonable efforts to take care of purchased Lot and suggest handlers, packers or carriers, the company is not responsibleto any person to whom we have made are commendation for the acts or omissions of the third party concerned.

ARTICLE 56 PACKING, HANDLING AND MOVING If the employees of the Company pack and handle the Lot bought on behalf of the Buyer according to the latter's requirements, this is considered as a service provided by the Company to the Buyer and the Company has the discretion to decide whether to provide this service, if any losses arise therefrom, the Buyer shall bear them itself. Under no circumstances shall the Company be responsible for any damage of the glass or picture frame, box, backing sheet, frame case, mounting, inserts, rolling rod or similar auxiliary objects caused by any reasons.

Where the Buyer requests the Company to assist it in collecting the purchased Lot (the packaging, mailing and transportation expenses shall be paid by the Buyer) by means of post, express delivery or transportation, the Company shall be deemed to have delivered the Lot and the Buyer shall be deemed to have collected such Lot according to the normal procedure upon the Company's delivery of the Lot to the post, express delivery and transportation entities, companies or their employees/branch offices. The risks arising from this process shall be borne by the Buyer. Unless Buyer gives a clear indication and pays insurance premium, no insurance is provided in the process of mailing, express delivery or transportation generally.

The Company shall undertake no liability for any error, omission, damage or destruction caused by the packaging company and post, express delivery and transportation entities or companies designated by the Buyer or recommended by the Company to the Buyer.

ARTICLE 57 IMPORT, EXPORT LICENSES AND PERMIT ﬔe Buyer shall be responsible for obtaining any import and export licenses, permit for endangered animals or other aspects related to the Lot. Failure or delay in obtaining any permits required shall not be deemed as a reason for cancelling the purchase or delaying in paying the Purchase Price. The Company shall not bear any responsibilities for the failure to properly fill in or submit the required import or export documents.

If the Buyer requests the Company to apply for the import and export licenses on its behalf, the Company has the right to charge service fees for this service. However, the Company does not warrant that the import or export license will be issued. The Company and the Seller has not made declaration or warranty in respect of whether or not any Lot is subject to import and export restrictions or any embargo.

ARTICLE 58 REMEDIES FOR NON-PAYMENT If the Buyer fails to make full payment according to the provisions of the Conditions of Business or any payment arrangements agreed with the Company, the Company has the right to adopt one or more of the following measures: 1. After the Lot is sold, if the Buyer fails to pay the Purchase Price within 7 days from the Sale Date (including the Sale Date), the auction deposit paid at the time of bidding registration shall not be refunded, and it shall at the same time bear the relevant responsibilities according the provisions of the Conditions of Business; if the Buyer has bought a few Lots with the same paddle, after the Lots are sold, if the Buyer has not paid the Purchase Price of any of the Lots within the time stipulated, then the entire auction deposit shall not be refunded, and it shall at the same time bear the relevant responsibilities according the provisions of the Conditions of Business; 2. If the Buyer fails to pay the Purchase Prices in full to the Company within 7 days from the Sale Date (including the Sale Date), the Company has the right to appoint a third party organization to collect the entire or part of the Purchase Prices that the Buyer owes;

3. If the Buyer fails to pay the Purchase Price in full within 7 days from the Sale Date (including the Sale Date), the Company has the right to charge interest at 0.03% per day on the unpaid portion starting from the 8th day after the Sale Date until the day on which the Buyer has fully paid the monies, with the exception that the Buyer has otherwise agreed with the Company; 4. The Buyer shall bear the risks and expenses of taking out an insurance policy, moving and storing the Lot in the Company or other places; 5. To sue the Buyer or apply to Arbitration Agency for mediation, demand for compensation for all the losses due to the breach of contract by the Buyer including but not limited to economic loss, legal expenses, default penalty and pass due interest caused by the delay in payment or refusal to make payments by the Buyer; 6. To retain that or any other Lot that the same Buyer has bought via the Company, and any other properties or rights to property of the Buyer that the Company holds for any reasons, all the expenses and/or risks incurred during the retention period shall be borne by the Buyer. If the Buyer fails to perform all its duties concerned within the period specified by the Company, the Company has the right to issue a lien notice tothe Buyer and dispose of the items under lien if the Buyer has not yet fully paid all outstanding amounts within 30 days after the issue of that notice. if the items under lien are insufficient to offset all the monies payable by the Buyer to the Company, the Company has the right to claim them; 7. The Company has sole discretion to cancel the sale or agree that the Consignor can cancel the deal, and reserve the right to claim all the losses suffered by the Company due to the cancellation of that deal; 8. ﬔe Company can place the Lot for auction again or sell it by other means according to the provisions of the Conditions of Business with the consent of the Seller, and the Company reserves the right to decide the Estimate and Reserve. ﬔe original Buyer shall pay the commission and other Buyer's Expenses and the Seller in the first auction, and it shall bear all the costs of the second auction or the sale of the Lotby other means. If the price obtained from the second auction or the sale of the Lot by other means is lower than the original auction sum, the original Buyer shall pay the shortfall; 9. To offset any monies related to the Lot that the Buyer owes the Company by any sums that the Company owes the Buyer in any other transactions; 10. ﬔe Company can decide to use any monies paid by the Buyer to repay any sums that the Buyer owes the Company in any other transactions; 11. To reject any bids made by the Buyer or its agent at future auctions, or to obtain auction deposit before accepting any bids; 12. To disclose the information of the Buyer to the Seller, so that the Seller can start a law suit to recover the outstanding amount, or claim damages and claim legal fees for breach of contract by the Buyer.

ARTICLE 59 REMEDIES FOR DELAY IN COLLECTING THE LOT If the Buyer fails to collect the purchased Lot 7 days after the Sale Date (including the Sale Date), the Company has the right to adopt one or more of the measures below: 1. All costs (including but not limited to the storage fee calculated and charged according to the provisions of the Bidder Registration Order starting from the 31st day from the Sale Date (including the Sale Date) and/or risks for the taking out of an insurance policy and/or storing the Lot in the Company or other places shall be borne by the Buyer. Only after the Buyer has paid the full amount of the Purchase Price, it can collect the Lot (packing and moving costs, insurance expenses, expenses related to export shall be at the Buyer's expense); 2. ﬔe Buyer shall bear all the risks and expenses incurred after the deadline as stated in the Conditions of Business if it cannot collect the Lot concerned within that deadline. If the Buyer has not yet collected the Lot within 30 days from the

Sale Date (including the Sale Date), after notifying the Buyer, the Company has the right to sell that Lot in a public auction or by a method and with methods and conditions that it considers suitable. Any proceeds after the deduction of all the losses, expenses (packing & moving costs, insurance costs, expenses related to export, Storage Fee, and notarial expenses etc.) incurred by the Company from the disposal shall be taken back by the Buyer; such balance is noninterest-bearing. If the Buyer fails to take the proceeds back two years after the Sale Date, the balance shall be deposited to a Hong Kong court by the Company after deducting the relevant expenses (including legal fees).

ARTICLE 60 LIMITED WARRANTY 1. ﬔe Company provides general warranty to the Buyer: If the Lot sold by the Company is later found to be a counterfeit, the Company will cancel that deal according to the terms of the Conditions of Business, and will return to the Buyer in the currency of the original deal the Hammer Price together with the Buyer's Commission that the Buyer has paid to the Company for the Lot. In this regard, based on the reasonable opinion of the Company, counterfeits refer to frauds in various aspects such as the source, place of origin, date, production year, duration, culture or sources etc. of the article, and the correct description of the above points have not been recorded in the contents of the catalogue (any special terminologies are taken into consideration). Any damage and/or any type of restored item and/or repaired items (including repaintingor painting on top of it) of the Lot shall not be considered as counterfeit.

Please pay attention that if any of the following situations happens, this warranty shall not apply; The contents of the catalogue are based on generally accepted opinion of academics and specialists on the selling date, or contradictions in opinions are shown in the contents of the catalogue; or On the selling date, the only method of proving the Lot is a counterfeit is not a method which can be used in general; which is recognized; which is extremely high price; the usage of such method is impractical; or this method may have caused damage to the Lot or may (according to the reasonable opinion of the Company) have already caused the Lot to lose value; or If the Lot has not lost any material value from the description of the Lot. 2. ﬔe deadline in this warranty is 5 years fromthe Auction Date concerned, these benefits are exclusively enjoyed by the Buyer, and shall not be transferred to any third party.

In order to make claims based on this warranty, the Buyer shall:-(1) notify the Company in writing within one month after the receipt of any information which leads the Buyer to doubt the authenticity or attributes of the Lot, specifying the reference number of the Lot, date on which the Lot is purchased and reasons for which it is considered as counterfeit; (2) return the Lot to the Company in the same conditions as it was on the date of sale, and the proper ownership of it is transferrable, plus there are no claims from any third party after the Sale Date.

3. Regarding Southeastern Asian modern and contemporary art, Chinese painting and Chinese calligraphy and Chinese ink painting, although at present the academic sector does not permit the making of definitive statements, the Company reserves the discretion to cancel those deals of Lots which are proved to be counterfeit southeastern Asian modern and contemporary arts, Chinese painting and Chinese calligraphy and Chinese ink paintings within one year after the Auction Date based on this warranty. Paid sums shall be returned to the Buyer according to this term, however the Buyer shall provide evidences (based on the methods provided forin clause 2 and 4 of this article) to prove that the Lot is counterfeit within one year from the Auction Date; 4. ﬔe Company can, at its discretion, decide to waive any of the above provisions. ﬔe Company has the right to demand from the Buyer two independent specialist reports which are recognized by the specialist sector concerned and which are accepted by the Company and the Buyer at the expense of

the Buyer. ﬔe Company shall not be subject to any report presented by the Buyer, and retains the right to seek additional expert opinion at the expense of the Company.

5. This limited warranty does not apply to auction categories, such as, jewellery, watches, designer handbags, alcohol, tea and other food and beverage items, etc.

ARTICLE 61 SPECIAL CATEGORIES 1. Statements about the status of jewellery items in the auctions are usually set out in the catalogue. However, it does not imply that the auctioned item has no defects, flaws or has not enhanced beautification after processing.

(1) Coloured gems (such as rubies, sapphires, emeralds and various coloured gems) may enhance beautification after processing or improved in appearance, including heat-treated, oiling and radiation. ﬔese common practises have been approved by the international jewellery industries. However, the hardness of the treated stones may be reduced and / or need special maintenance in the future.

(2) Our Company will not apply appraisal report from professional organisations for each piece of jewellery item in the auction. If an auctioned item has obtained the appraisal report from an internationally recognised gem laboratory, the Company will specify it in the auction catalogue. Due to the difference in methods and techniques used in different laboratories, there may be different views as to whether a gemstone has been treated, degree of treat or permanently treated. Our Company will not be responsible for the accuracy of the appraisal report issued by each laboratory.

(3) If you would like to request an appraisal report by a specific laboratory, please submit the request at least 14 working days before the auction date, the Company will apply for appraisal report on behalf of you, and the corresponding appraisal costs will borne by you.

(4) ﬔe valuation of an item of jewellery item in the auction is made based on all information being known at the time the item being auctioned, bidders should review the auctioned item or make a detailed understanding of the auctioned item before the auction. Once you have placed a bid, it is deemed that you have accepted all the current status of the auctioned items.

(5) Our Company reminds bidders that precious stones or emerald originating from Myanmar may be banned in certain countries.

2. Watches and Timepieces Auctioned items (1) Our Company has stated that the current status of a watch and timepieces auctioned items being known on the auction catalogue, and is for bidder's reference only.

Due to the fact that most timepieces have been repaired and maintained during the previous period being used, we do not guarantee that any parts and components of any watch are original, and it is possible that no pendulum, clock hammers or keys are for available for sale.

(2) Watches and timepieces generally have a very sophisticated mechanical manufacture that may require general warranty service, battery replacement or further repair works, and these will be all at the buyer's disposal.

Our Company does not guarantee that any auction of watches is in good working condition. Unless mentioned in the catalogue, otherwise we do not provide a certificate.

(3) Most watches have been opened to check the movement of the models and their quality, so with a waterproof case may not contain waterproof function, our Company recommends that you to ask a professional watch maker to check before use.

CHAPTER IV MISCELLANEOUS ARTICLE 62 OBTAINING INFORMATION, VIDEO-TAKING In connection with the operation of the auction business of the Company, the Company may make audio recording, video recording of any auction process, and need to

collect personal information from the Bidder or ask for the information of the Bidder from third parties (such as asking for credit review from banks). Such information will be handled and kept confidential by the Company.

However the information concerned may be provided to the Company, its divisions, affiliates and subsidiaries in order to assist the Company to provide comprehensive services to Bidders, carry out client analysis, or in order to provide services that meet the requirements of the Bidder. For the sake of the interest of the Bidder, the Company may also provide some personal information of the Bidder to third party service providers (such as cargo liners or storage houses). By participating in the auction of the Company, the Bidder agrees to all previously stated disclosure. If the Bidder would like to obtain or amend his personal information, please contact the customer service department.

ARTICLE 67 NOTICE

ARTICLE 63 CONFIDENTIALITY

ARTICLE 68 SEVERABILITY

The Company shall be obligated to keep confidentiality for the Seller, the Bidder and the Buyer and protect the legitimate rights of the Seller, the Bidder, the Buyer as well as the Company according to these Conditions of Business and the laws of Hong Kong. With below exceptions: 1.To any related parties as the Company considers appropriate with the obligations to maintain the confidentiality of the information extended; 2.To whom information is requested to be disclosed by any court, jurisdiction, governmental, banking, taxation or other regulatory authority, or by any applicable law or regulation; 3.Being agreed by relevant seller, bidder or buyer.

If any terms or parts of the Conditions are confirmed as void, illegal or cannot be executed, other terms or parts of the Conditions are still valid, the parties concerned shall abid by and execute them.

ARTICLE 64 AUTHENTICATION RIGHT The Company may authenticate the Lot if necessary. In case of any discrepancy between the authentication conclusion and the conditions of the Lot in the consignment auction contract, the Company shall have the right to request modification or rescission of the consignment auction contract.

ARTICLE 65 COPYRIGHT The Seller authorizes the Company to produce photos, illustrations, catalogue, video products and advertising materials in other forms of the Lot that it has appointed the Company to place for auction, the Company is entitled to the above photos, illustrations, catalogue, video products and advertising materials in other forms of the Lot, and has the right to use them. Without prior written consent of the Company, the Buyer and anyone shall not use them. ﬔe Company and the Seller have not made any statement and warranty as to whether the Lot is restricted by copyright or if the Buyer has obtained any copyright of the Lot.

ﬔe Bidder and the Buyer shall inform the Company their permanent and effective correspondent address and contact methods in the bidding registration documents or by other methods recognized by the Company. If there are changes, they shall inform the Company in writing immediately.

The notices mentioned in the Conditions of Business only refer to written notices sent by letter or fax formats.

A notice shall be deemed as served at the following moment: 1. If it is served by hand, when it reaches the address of the party concerned; 2. If it is sent by post, then it is the seventh day after it is posted; 3. If it is sent by fax, then it is the moment the outgoing fax transmission is confirmed by the fax machine.

ARTICLE 69 LAWS AND JURISDICTION The Conditions of Business and the related matters, transactions, any disputes caused by or in connection with the participation in the auction activities of the Company pursuant to the Conditions of Business shall be subject to Hong Kong laws and shall be interpreted by Hong Kong laws. The Company and the Buyer and the Bidder shall submit to the exclusive jurisdiction of Hong Kong courts.

Adjudication(s) promulgated by Hong Kong courts on any disputes arising from the Conditions of Business and related matters can be enforced in People's Republic of China.

ARTICLE 70 LANGUAGE The Chinese version of the Conditions of Business shall be the standard texts; the English version is for reference only.

Should there be any discrepancy between the English version and Chinese version, the Chinese version shall prevail.

ARTICLE 71 OWNERSHIP OF THE COPYRIGHT OF THE CONDITIONS The Conditions of Business is prepared and revised by the Company, the copyright concerned belongs to the Company. Without the prior written approval of the Company, no one shall use any methods or means to use the Conditions of Business to obtain business benefits, and shall not make duplication, of any parts of the Conditions of Business.

ARTICLE 66 EXEMPTION FROM LIABILITY

ARTICLE 72 APPLICABLE PERIOD

Being an agent of the Seller, the Company shall assume no liability for any breach of contract by the Seller or the Buyer. In case of the breach of contract by the Seller or the Buyer, the Company shall have the right to decide to disclose the other party's name and address to the Seller or the Buyer at its own discretion so that the damaged party may receive compensation for damages through legal proceedings. However, prior to the Company's disclosure of such materials to the Seller or the Buyer, the Company shall take the reasonable steps to notify the party whose materials are to be disclosed.

Buyers and sellers have to bear liabilities arisen from transactions including but not limited to, economic, legal, tax and settlement and other related responsibilities, and have to ensure transactions not relate to money laundering or other illegal benefit transfers. Any receive or payment instruction must be clear and direct, the Company shall assume no liability for losses arisen from account stolen, misappropriation of funds and other unforeseen circumstances resulting from mismanagement of sellers or buyers.

The Conditions of Business is only applicable for this auction. The Company may update the Conditions of Business from time to time, when the Bidder and the Buyer participate in another auction, the then applicable Conditions of Business shall prevail.

ARTICLE 73 RIGHT OF INTERPRETATION ﬔe right of interpretation of these Rules shall belong to the Company.

Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;Â&#x2026;Â&#x2020; IMPORTANT NOTICE ABOUT BIDDING REGISTRATION

â&#x20AC;&#x201D;­´ Â&#x2018; Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;HÂ&#x2026;ÂŁÂ&#x2122;Â&#x20AC;Â&#x201A;Ă&#x201C;Â&#x192;Â&#x201E;Ă?Â?Â&#x161;¯° ¾ùà R3°[Â&#x17D; Âś R}Â&#x17D; ĂŹÂ&#x192;Â&#x201E;ÎòÂ&#x; I. When you register to bid in an auction, you must fill in the Bidding Registration Form, with all relevant documents as follow, and pay a deposit in order to complete the registration. Ă?­Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;HÂ&#x2026;¯°Â?°[ : 1. ´Â&#x2022;& Ă&#x2013;Ă&#x2DC; Â&#x2020;Ă? ùà R3°[ ( ÂśĂ&#x17E;Ă&#x;ùà RÂ&#x2021; / Ă Â&#x2020; )Â&#x17D;Â&#x2021;bH¤¼R3 ( œùà R3°[1 $ 5 )Â&#x17D;Âś ÂťÂ&#x;Â?ΫÂ&#x2021; / §Â&#x152;­¨´Â&#x; 2. }|& }Â?Â&#x192;Â&#x201E;RÂ&#x2021;ãäR3°[Â&#x; 3. Ă?ĂŹÂ&#x2022;&Ă?ĂŹÂ&#x2022; Â&#x2020;Ă? ùà R3°[ , Ă?ĂŹÂ&#x2022; Ă? Ă?Â?Â&#x20AC;Â&#x201A;Â&#x2022;² / Â?R3°[ , Â&#x2021;ÂĄÂ&#x2022;² / sĂ&#x2013; ĂĽ t2 Â&#x;%#Ă&#x152;Ă&#x2021; , ÂŹÂ&#x203A;LĂŹĂŚĂ&#x17D;Â&#x2030; Â&#x160; - žÂ?ÂŁ ¥žĂ?ĂŹÂ&#x2022;Â&#x;ϫ Ă?Ă?yÂ&#x2022;Â&#x2018; Â&#x20AC;Â&#x201A;Â&#x17D; Ă&#x201E;Â&#x203A;L Â&#x2022;Â?Â&#x2030;Â&#x160;Â&#x; 4. ò}| Â&#x2021;1²$# xÂ&#x2013; nqÂ&#x20AC;Â&#x201A; Ă&#x2014; }|Â&#x17D; ĂŠ= "´ ᯰ§Â&#x152;Ă&#x2013;Ă&#x2DC; Â?Â&#x17E;ÂťR3Â&#x;Â&#x; "Â&#x2026;Â&#x2018; Â&#x20AC;Â&#x201A; ò}|ž ¸¿uX 3 ´¾ œ¿ ĂŹÂ&#x192;Â&#x201E;Â&#x17D; N ! H}Ă&#x2122;ĂŹÂ&#x192;Â&#x201E;Ÿ½Â&#x; II. Documents that must be provided when completing the bidding paddle registration: (1) Individuals: photo identity i.e. national identity card and/ or passport; proof of current address (if the current address is not shown on the identity document), i.e. utility bill or bank statement.

(2) Corporate clients: a certificate of incorporation and oďŹ&#x192;cial documents listing directors and shareholders.

(3) Agents and/or Acting Personnel: photo identity of the agent and/or acting personnel, copy of identity document of the person/company that the agent and/or acting personnel acts on, original copy of signed and/or chopped authorization letter from the particular person/ company.

Please note that Poly Auction (Hong Kong) Limited does not accept any payment from any third party and this also applies to agent. If you participate in the bidding on behalf of others, Poly Auction (Hong Kong) only accepts the payment of the principal.

(4) New clients and those clients who have not bidden successfully from Beijing Poly Intemational Auction Co., Ltd., must provide credit proof issued by banks, and must complete the registration at least three business days before the auction so that there will be enough time to process the registration. Ì­Ă&#x2022;´ Ă&#x;"Â&#x2026;Â&#x2018; Â&#x20AC;Â&#x201A;Â&#x17D;ĂŤH1 Â&#x153;¤ â}|-Ă?Â&#x17D; R} Â? 500,000 Â?Â&#x; ϫ Ăź`Â&#x20AC;Â&#x201A;Ă&#x153;¤Ă? Ă&#x2014; ( ² ĂŚÂ&#x2021; / ~ ĂŚv 0CDÂ? Ă&#x2014; )Â&#x17D; R} Â? 1,000,000 Â?Â&#x; ĂŠ= Â&#x2013;HçĂ?Ă&#x153;¤Ă? Ă&#x2014;Â? R} Â&#x2021; / Îò , ÂŤÂŹÂŽ ÂŻÂ&#x152; Â&#x2020;Â&#x;²´ Â&#x20AC;Â&#x201A;Âż ,

ĂŠ= "´ ᯰ-¡ ¾´ Â&#x2C6;Â?R3Â&#x;

ĂŠ= °Ê-¡Â&#x2022;Â?Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;ÂŤÂŹÂŽÂłÂ&#x203A;-¡ $ Â&#x; III. If this is the first time you bid with Poly Auction (Hong Kong) Limited, and you are not recommended by a registered client endorsed by us, the deposit will be HK$500,000. If you intend to bid on a â&#x20AC;&#x153;Premium Lotâ&#x20AC;?(i.e., a lot marked with 0 in the printed catalogue and/or the digital catalogue), the deposit will be HK$1,000,000, please be aware the amount of deposit and/or bidding registration procedure for â&#x20AC;&#x153;Premium Lotâ&#x20AC;? can be changed at any time at Poly Auction(Hong Kong)â&#x20AC;&#x2122;s sole discretion without prior notice.

In either case, you must deliver to Poly Auction (Hong Kong) Limited such necessary financial references, guarantees, deposits and/or such other security as Poly Auction (Hong Kong) Limited may in its absolute discretion require for before your bid. Poly Auction (Hong Kong) Limited may refuse any bidding registration without any explanation at itsâ&#x20AC;&#x2122; sole discretion.

ó­ R}Â?Â&#x2026; Ă&#x2021; Â&#x153;¤ Â?Â&#x17E;Âť1 / §¸1 Â?Â&#x2030;Â&#x160; ( ´ Â?Â&#x2026;Ă <#þÂ&#x2C6; Â&#x17E;Âť1 / §¸1 )Â&#x;ϫ 1ĂŁÂ&#x201A; -¡ Ă&#x2014; , Ă&#x2026;Ăş+² ¨Ă? 'ó´¾  ÌIª´ IÂ&#x2030; R} ( ÂŹ,K * )Â&#x;ϫ n ýÞÂ&#x17D; Ă&#x2026;ÂĄ R} ĂżÂ&#x2030; Ă&#x2014;Ă Ă˝Ă?Â&#x160; Â&#x160; RÂ&#x;-¡GÂ&#x2021;IÂ&#x160; Â?Ă&#x201C;¤¸Ă&#x2C6;` ²Â&#x17D;Ă&#x2026;í´ :/Â&#x; IV. All deposits must be paid in HK dollars by telegraphic transfer, credit card acceptable to Poly Auction (Hong Kong) Limited and/or Union Pay Card under your name. If you are not successful in any bid,the deposit (without interest) will be returned to you by any method as determined by Poly Auction (Hong Kong ) Limited within 14 days after the end of the auction. If you successfully bid for any lot(s), Poly Auction (Hong Kong) Limited may use the deposit to offset any amount of purchase price of the lot(s) that bought by you.

Any losses or expenses from foreign currency conversion involved in the refund will be borne by you. ÿ­ áÂ&#x20AC;Â&#x201A;Â&#x2022;¯°Â&#x2C6;Â?4Ă&#x201D;R3­/ ­Í Â&#x160;R3Â&#x17D; ¤ áÂ&#x20AC;Â&#x201A;Â&#x2022; p Ă&#x2021;Â&#x20AC;Â&#x201A; Ă&#x2014;ÂŻ °py Â&#x; Ă&#x2039;çOÂ&#x20AC;Â&#x201A;Â&#x2022;Âź}F¡ Â&#x; V. Poly Auction (Hong Kong) Limited has the right to demand the Bidder to provide any proof of financial conditions, guarantee, proof of bank deposit and/or any other necessary documents that our company can demand, at its absolute discretion, and/or asking the Bidder to provide any other collateral for the Lot(s) that the latter intends to bid. Our company reserves the right to investigate the sources of funds of the Bidder. [­ ĂŠ= °Ê-¡Â&#x2022;Â?Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;ÂŤÂŹÂŽÂłÂ&#x203A; -¡$ Â&#x; VI. Please be aware that Poly Auction (Hong Kong) Limited can refuse any bidding registration without any explanation at itsâ&#x20AC;&#x2122; sole discreation.

Â&#x2C6;Â?Â&#x2030;Â&#x160;Â&#x2026;Â&#x2020; IMPORTANT NOTICE ABOUT PAYMENT

'­ n¤ Â&#x17D;ýÞÜÿÂ&#x2030;\]Ă? Â&#x2021; Ăś~}Â&#x; n¤ ( Kn¤ ) *# ÌÂ&#x17D;ýÞÜ" Â&#x2030; Ă Ă˝ Ă?Â&#x160;Â&#x161;ÂŻz Ă&#x2014; , #ýÞ23Ă&#x2026; Ă&#x2014;Ă&#x2DC;ÂĽ , Â&#x161;ÂŽ ¤ãŽ Ă&#x2DC;ÂĽ s¤R , ž' Â&#x160; ÂĄÂťÂ&#x; I. In addition to the Hammer Price, the Buyer agrees to pay the applicable commission in respect of such Hammer Price. Payment must be made within 7 calendar days (including the day of Sale) from the day of sale. ďŹ&#x201D;is applies even if the Buyer wishes to export the lot and export license is (or may be) required. Ă?­< n¤ ( Kn¤ ) ĂŹ ĂŚ'' *Â&#x17D;ýÞÂ&#x2026; Â&#x2026; ¸1 rz Ă&#x2014;ĂżÂ&#x2030;Ă&#x201E;ͲÂ&#x17D;{[{­ Â?Â?LÂ?Â&#x;Ă&#x201E;ĂŤÂŹ '´­ÎÂ&#x17D; Â&#x2026; Â&#x2030;Ă?­Ă&#x201E;ͲÂ&#x;Ă&#x201E;Ͳ,+p yÂźw²Â&#x17D;Âś Â&#x;­, Â&#x192; Ă&#x192;²Â&#x17D; pyÂźw²Ă&#x2026;¸¯Â&#x152;MzÂ&#x; II. Where Lot(s) is(are) not collected within 30 calendar days (including the day of sale) from the day of sale, the Buyer must pay the monthly storage fee of HK$800 per lot starting from the 31st day. For storage less than one month, one whole monthâ&#x20AC;&#x2122;s storage fee will be charged. All other additional expenses such as insurance, packing and/or transportation costs will be charged separately. Ì­ Â&#x203A;L UĂżÂ&#x2030;Â&#x160;Ă&#x17D;¨& é&#x203A;ťĺ&#x152;Ż Â&#x2030;Â&#x160;Ă&#x17D;¨ Ă&#x2021; Ă&#x2021; Ă&#x17D;¨ Â&#x203A;rK

§Â&#x152;ÂŚ|Â&#x;#Ă&#x2026;Ă&#x2021;Â&#x160;Âą5Â&#x2022; ĂŤĂľ Â&#x2021;Â&#x2C6;Â&#x2021;Â&#x20AC;Â&#x201A;Ă&#x201C;D Ă&#x2013;4D5' *¤Â&#x203A;§Â&#x152;Â&#x; |Â&#x152;& šuĂ&#x2021;6§Â&#x152; |Â&#x2C6;& D5&004-848-360475-838 MÂ&#x160;§Â&#x152;Ă?D : HSBCHKHHHKH §Â&#x152;Ă?5 : 004 |Â&#x152;&¤ §Â&#x152;ĂŁĂ Â&#x152; |Â&#x2C6;& D5&027-536-9-311-5318 MÂ&#x160;§Â&#x152;Ă?D : COMMHKHH §Â&#x152;Ă?5 : 027 俥ç&#x201D;¨ĺ?Ą / é&#x160;&#x20AC;č Żĺ?Ą ýޜ Â&#x153;¤Â?Â&#x17E;Âť1 Â&#x2021; / §¸1Ă&#x17D;¨ÿÂ&#x2030;Ă Ă˝Ă?Â&#x160;Â&#x17D; Ž:/ GžÂ&#x2030;Â&#x160;}ŸÞž 2.5% Â?Â&#x152; ²Â&#x; Â&#x203A;LÂ&#x17E;Âť1Â&#x2030;Â&#x160; Â?š Â? 1,000,000 Â? ( {'Â&#x2DC; )Â&#x;œýÞ ÂŚ1Â&#x2022;²Â&#x2DC;Ă&#x17D;¨ Â&#x17E;Âť1ĂżÂ&#x2030; Â&#x160;Â&#x17D;}|Â?Â&#x2026;ÂŁÂ&#x2122;â&#x20AC;? Â&#x17E;Âť1Â&#x2030;Â&#x160;ĂĽ tâ&#x20AC;? Â&#x17D; Â&#x161; ĂŚĂ&#x2DC; (852 23039888 ) / Â&#x2026; (cs@polyauction. com.hk ) Â&#x2026;FĂ&#x17D;¨½ª Â&#x2030;ÂĽÂ&#x17D; Â&#x2026;L Âľ Â&#x160;ÂŁĂ?Â&#x; ć&#x201D;ŻçĽ¨

Â&#x203A;L´Â&#x2022;Ăż4 Ăż4Â&#x17D;ĂŠ #Ă&#x2039;Ă&#x2021;ýÞÂ&#x2026;žÿ4:Â? Ă&#x17D;¤¯z Ă&#x2014;Â&#x; ÂŹ Â&#x203A; L 7 Â&#x152; Ăż 4 Â&#x2030;

Â&#x160;Â&#x; ç?žé&#x2021;&#x2018; / é&#x160;&#x20AC;čĄ&#x152;ć&#x153;ŹçĽ¨ Âś b} §Â&#x152; 4 Â&#x2030;Â&#x160;RÂ&#x17D; ¤ P ÂŻz Ă&#x2014;Â&#x;Â&#x2122; 8ÂŹÂ&#x203A;L 'Ă&#x201D; ĂžÂ&#x2026;Â&#x2030;Â&#x160;§¨b}ĂżÂ&#x2030; Ă&#x2039; Â? 80,000 Â? Í¢Ă?Ă&#x17E;wÂ?Â? Â&#x160;RÂ&#x17D; "ĂżÂ&#x2030;b} ýÞ ò}|Mz Ă&#x2122;ùà R3°[­ +¤¼R3Â&#x2021;b}F¡R3Â&#x; III. Our company accepts the following types of payment: TELEGRAPHIC TRANSFER Payment should preferably be made by telegraphic transfer directly to our companyâ&#x20AC;&#x2122;s account. Please include your name and paddle number or invoice number with your instructions to the bank.

Bank: The Hongkong and Shanghai Banking Corporation Limited Account Name: Poly Auction (Hong Kong) Ltd. Account No: 004-848-360475-838 SWIFT: HSBCHKHHHKH Bank Code: 004 Bank: Bank of Communications Co., Ltd. Hong Kong Branch Account Name: Poly Auction (Hong Kong) Ltd. Account No: 027-536-9-311-5318 SWIFT: COMMHKHH Bank Code: 027 CREDIT CARD/UNIONPAY CARD Our company accepts payments by credit cards and/ or Union Pay which is acceptable to Poly Auction (Hong Ko n g ) u p t o H K $ 1 , 0 0 0 , 0 0 0 p e r auction sale. The Buyer have to bear the administrative charge which is not more than 2.5% of the paid amount.

If buyer pay by credit card but not in person, client have to ďŹ ll in the â&#x20AC;&#x153;Credit Card Authoirsation Formâ&#x20AC;? and send back by fax (852 23039888)/ email (cs@polyauction.com.hk) or mail to our oďŹ&#x192;ce address (subject to conditions).

CHEQUE Our company accepts personal and company cheques, but please be reminded that the purchases will not be released until such cheques have been cleared. Travelerâ&#x20AC;&#x2122;s cheques are not accepted.

CASH / CASHIER ORDER If payment is made by cash or cashier order, the purchases will be released immediately. However, our company does not accept sums exceeding HK$80,000 (or its equivalent in other currencies) in cash in a single or multiple payments. Our company requests any new clients or purchasers preferring to make a cash payment to provide proof of identity and proof of the permanent address. We reserve the right to seek identiďŹ cation of the source of funds received.

ó­ Ă?Â&#x160;Ăś Â?ĂżÂ&#x2030;Â&#x;œýÞ Â? w py Â?ĂżÂ&#x2030;Â&#x17D;Ăś|Ă˝ Ăž ÂŁÂŁ Ă&#x2021;Ă?Ă&#x160;` |Â&#x2020;

ºÂ?§Â&#x152;žýÞÂ&#x2030;Â&#x160; ¿'´ Âľ  Â? ÂĄ Â? Ă&#x2021;Ă?Ă&#x160; `Â&#x17D;Â&#x161; Ă&#x2013;Ă&#x2DC;Â?´ š Ă&#x201A; Â?Ă&#x2021;Â? ĂŻÂ&#x;ýÞ<Â&#x152;:/ ĂżÂ&#x2030;Â? ÂĄĂżwÂ?Â?Ă&#x201C;n Â? ĂźÂ? § Â&#x152;Îò²­~}Â&#x2021; / py²Â&#x; IV. If the payment made in a currency other than Hong Kong Dollars, we shall charge the Buyer for any currency costs incurred. This will include bank charges, commissions for converting the currency. The exchange rate of Hong Kong Dollars and that currency will be the rate quoted by such bank as selected by the company, in Hong Kong on the date of payment. ÿ­ Ă&#x2026;"Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;Ă?Â?š Â&#x2021; Â&#x2C6;Â&#x2021;Â&#x2030;ÂĽĂ&#x2013;Ă&#x2DC; Ă&#x2DC; Ă&#x2014; ΫÂ&#x17D;â Â&#x192;Â&#x201E; Â&#x2021;Â&#x2C6;Â&#x2021;Â&#x2030;ÂĽÂŹ Ă&#x2019;ÂŞÂ&#x; V. Our company will issue an invoice of sold lot (s) based on the name and address which is (are) on the Bidding Registration Form and the registered name and address should not be changed and/ or amended. [­ ÂŹÂ&#x203A;L¢ýÞw -¡Ï ĂŚ Ă&#x17D; Â&#x2030; Â&#x160;Â&#x; ž R Â? ÂŁ ÂĄ Âť ž Ă? ĂŹ Â&#x2022;Â&#x;ÂśĂ?ĂŹÂ&#x2022;Ă?Ă?yÂ&#x2022;Â&#x2018; Â&#x20AC;Â&#x201A;Â&#x17D;Ă&#x201E; Â&#x203A;L Â&#x2022; Â&#x2030;Â&#x160;Â&#x;¢Â&#x203A;LýÞÂ&#x2030;Â&#x160; wÂ&#x17D; Ă&#x2039;°MpyF¡Â&#x2030;Â&#x160; Â&#x; VI. Our company does not accept payment from any third party other than the Buyer. This applies to agent as well. If the agent participates in the auction on behalf of any others, we only accept payment from the principal.

Except payment from the Buyer directly, our company reserves the right to reject payments from other sources.

保 利 香 港 拍 賣 有 限 公 司 (“ 保 利 香 港 拍 賣 ”)

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POLY AUCTION (HONG KONG) LIMITED (“POLY AUCTION (HONG KONG)”)

BIDDING REGISTRATION FORM Paddle No. Client No. Personal Account

Company Account

Name

Company Name

ID / Passport No.

Business Registration No.

Authorized Person : ___________________________________

ID/Passport No. : ______________________ Telephone: _________________________

Address City

Country

Postal Code

Telephone

Fax

Email

Auction Category:

□ Modern and Contemporary Art □ Fine Modern Chinese Paintings and Calligraphy □ Classical Chinese Paintings and Calligraphy □ Chinese Contemporary Ink Paintings

Have you registered to bid at Poly International Auction Co. Ltd. before?

□ Chinese Ceramics and Works of Art □ Jewels □ Watches □ Bag & Hype □ Yes

□ Tea □ Chinese Spirit □ Whisky & Cognac □ Other

□ No

Please attach a copy of your ID Card/Passport and proof of current address (e.g. utility bill and bank statement) for identification purpose.

I hereby confirm my intention and application to bid in the above auction. I agree to deliver to Poly Auction (Hong Kong) such necessary financial references, guarantees, deposits and/or such other security as Poly Auction (Hong Kong) may in its absolute discretion for my bid. I agree that Poly Auction (Hong Kong) has no obligation to accept this registration application and that Poly Auction (Hong Kong)’s decision in this regard shall be final. I shall not assume Poly Auction (Hong Kong)’s acceptance of my registration application unless I have received a written confirmation from Poly Auction (Hong Kong) to that effect or a bidding paddle.

Please note that the auctioneer may open the bidding on any lot by placing a bid on behalf of the seller. ﬔe auctioneer may further bid on behalf of the seller up to the amount of the reserve, by placing responsive or consecutive bids for a lot.

In connection with the management and operation of our business and the marketing and supply of Poly Auction (Hong Kong) services, or as required by law, we may ask clients to provide personal information about themselves and/or obtain information about clients from any third parties (e.g. credit information). Poly Auction (Hong Kong) will not use and/or process my personal information for any other purpose without the client’s express consent. In order to fulfill the services that clients have requested, Poly Auction (Hong Kong) may disclose certain information to third parties (e.g. shippers). Some countries do not offer equivalent legal protection of personal information to that offered within Hong Kong. It is Poly Auction (Hong Kong)’s policy to require that any such third parties respect the privacy and confidentiality of my information and provide the same level of protection for my information as provided within Hong Kong, whether or not they are located in a country that offers equivalent legal protection of personal information. By signing this Registration Form I agree to such disclosure.

By signing below, I agree to be bound by the Conditions of Business and all the important notices as printed in the catalogue. If Poly Auction (Hong Kong) so requests, I agree to provide proof of identity and permanent address. ﬔe contract between the Buyer and Seller shall be concluded upon the striking of hammer by the Auctioneer. If the Lot is sold, I agree to pay in Hong Kong dollars the Hammer Price, a commission and related charges of buyer within 7 calendar days (including the day of sale).

□ I would like to receive the news for coming auction or events by email or message from Poly Hong Kong or Poly's group □ I do not wish to receive the settlement advice by email

SIGNATURE

DATE

If you plan to attend the sale and bid on a lot, please fill out this form and fax it to (852) 2303 9888 or mail to the following address in either case to reach POLY AUCTION (HONG KONG) no later than 3 working days prior to the day of sale:

FOR OFFICE USE ONLY

□ Wire Transfer Handled by

□ Cashier Order

□ Cheque

□ Credit Cards (VISA, MASTER, CUP, A E)

Approved by

□ Others Date / Time

Suite 701-708, 7/F, One Pacific Place, 88 Queensway, Admiralty, Hong Kong }¿}¿B 88 DCD, 1 L 7 E 701-708 T: +852 2303 9899 F: +852 2303 9888 E:cs@polyauction.com.hk W: www.polyauction.com.hk

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POLY AUCTION (HONG KONG) LIMITED (“POLY AUCTION (HONG KONG)”)

ABSENTEE BID REGISTRATION

Paddle No.:

Mail or Fax to: Poly Auction (Hong Kong) Limited Address: 701-708, 7/F, One Pacific Place 88 Queensway, Admiralty Hong Kong Phone: (852) 2303 9899 Fax: (852) 2303 9888

Personal Account

Company Account

Name

Company Name

Bank: ﬔe Hongkong and Shanghai Banking Corporation Limited Account Name: Poly Auction (Hong Kong) Ltd. Account No: 004-848-360475-838 SWIFT: HSBCHKHHHKH Bank Code: 004

Address

Client No.

Bank: Bank of Communications Co., Ltd. Hong Kong Branch Account Name: Poly Auction (Hong Kong) Ltd. Account No: 027-536-9-311-5318 SWIFT: COMMHKHH Bank Code: 027

This Absentee bid registration must be sent to the customer service department at least three business days before the Auction Day. Poly Auction (Hong Kong) will confirm receipt of your Absentee Bid Registration by fax or recorded phone message etc. If you have not received definite reply within one working day, please send in the form again.

□ WRITTEN BIDS Bidding will be conducted at the lowest possible price. If appropriate, your absentee bids will be roughly adjusted to the bidding increment of the Auctioneer as close as possible.

“Buy” or unlimited bids will not be accepted and we do not accept “plus one” bids. Please place bids in the same order as in the catalogue.

If Poly Auction (Hong Kong) receives two or more absentee bids at the same bidding price, and during the Auction, such bidding prices are the highest bids for that Lot, then that Lot will belong to the Bidder whose absentee bid reaches Poly Auction (Hong Kong) first. ﬔe Auctioneer can execute absentee bids directly on the Auction stage.

□ TELEPHONE BIDS Please indicate clearly the instant communication methods and instruments that you can be contacted during the auction period, we will phone you before the bidding of the Lot that you intend to bid for, the bidding information transmit by that instant communication instruments (whether or not it is transmitted by you personally) shall be considered as transmitted by you, and you shall bear all liability and responsibility (including but not limit legal liability and responsibility) for the actions taken by it.

All telephone bids may be recorded and kept at Poly Auction (Hong Kong)’s sole discretion, by opting for telephone bids, the Bidder agrees that its phone conversation will be recorded.

Sale No.

Lot No.

_________________________________

Business Registration No.

ID / Passport No.

City

Country

Postal Code

Tel #1

Tel #2

Fax

Email

Preferred language

☐Authorization for Absentee Bid Registration: Name of Agent ID / Passport No.

Tel:

IMPORTANT REMINDER: • Poly Auction (Hong Kong) does not accept any payment from any third parties (agent inclusive), nor cash in excess of HK$80,000 (or its equivalent in other currencies), and that the invoice details cannot be changed and/or amended after the end of the Auction.

• Please provide certified true copies of the following documents: o Individuals: photo identity i.e. national identity card and/or passport, proof of current address (if the current address is not shown on the identity document), i.e. utility bill or bank statement. o Corporate clients: a certificate of incorporation and official documents listing directors and shareholders. o Agents and/or Acting Personnel: photo identity of the agent and/or acting personnel, identity document of the person/company that the agent and/or acting personnel acts on, original copy of signed and/or chopped authorization letter from the particular person/ company. Please note that Poly Auction (Hong Kong) Limited does not accept any payment from any third party and this also applies to agent. If you participate in the bidding on behalf of others, Poly Auction (Hong Kong) only accepts the payment of the principal.

• Poly Auction (Hong Kong) only accepts Absentee Bid Registration Form in this written format.

I hereby apply for and appoint Poly Auction (Hong Kong) to conduct bidding for the Property(ies) listed in this Absentee bid registration, and agree to the following terms: 1. I undertake that I have carefully read and accept the Conditions of Business, Important Notices, Important Notices about Bidding Registration and Important Notices about Payment of Poly Auction (Hong Kong) published in the catalogue, and agree to be bound by all the terms of the above mentioned provisions.

2. ﬔe disclaimer of absentee bid of the Conditions of Business of Poly Auction (Hong Kong) is indisputable, I shall not seek to establish the relevant responsibilities of Poly Auction (Hong Kong) and its staff for unsuccessful bidding or their inability to bid on my behalf regardless such is caused by negligence or other reasons.

3. I shall present this Absentee Bid Registration to Poly Auction (Hong Kong) at least three business days before the Auction Day, and complete the bidding registration according to the conditions and procedures announced by Poly Auction (Hong Kong). If Poly Auction (Hong Kong) has not received the amount corresponding to the Auction deposit that I have paid or Poly Auction (Hong Kong) has not verified and confirmed it within the period stipulated, this form shall be void.

4. ﬔe contract between the Buyer and Seller shall be concluded upon the striking of hammer by the Auctioneer. If the Lot is sold, I agree to pay in Hong Kong dollars the Hammer Price, a commission equivalent to 18% of the hammer price of each lot and any Buyer's expenses within 7 calendar days (including the day of sale).

Highest Bid (excluding commission) for written bid / Emergency bid (excluding commission) for phone bid #

Lot Description

HKD HKD HKD HKD HKD #important Note: If Poly HK staff is unable to contact you during the auction, the bid will be placed in accoedance with you listed emergency bid price

□ I would like to receive the news for coming auction or events by email or message from Poly Hong Kong or Poly’s group □ I do not wish to receive the settlement advice by email Signature: FOR OFFICE USE ONLY Deposit payment: □ Wire Transfer Handled by

Date:

□ Cashier Order

□ Cheque Approved by

□ Credit Cards (VISA, MASTER, CUP, AE)

ID/PP: Date / Time

□ Provided

□ ERP

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SHIPPING INSTRUCTIONS SHIPPING INFORMATION Please complete this Form and we shall arrange for the dispatch of all your purchases through one of our nominated shipping agents, at your expense. Poly Auction (Hong Kong) is not responsible for any damage and/or loss of the purchases and/or the packing (i.e frames, glasses) from any packing and/or transportation. It should be the buyerâ&#x20AC;&#x2122;s responsibility to obtain any necessary licenses and/or permits, and all the duties, and/or taxes which may occur. For advice on shipping your purchases please call Poly Auction (Hong Kong)'s Warehouse and Logistics Department on (852) 2303 9899.

Please complete this section and delete where applicable

SALE DETAIL Sale #

Lot #

Methods of Dispatch

Registered post/Air fright/Commercial Courier

Invoice#

Delivery Address

(Please cross out as appropriate)

CHARGES

Telephone

Fax

I do/do not require a quotation before the shipment is processed.

INSURANCE IN TRANSIT Please arrange/do not arrange transit insurance. All purchases will be insured at the aggregate price unless otherwise speciďŹ ed.

Please note that Poly Auction (Hong Kong) is not responsible for any insurance charge which may occur from transit.

Invoice Address if different from above

Telephone

Fax

POSTAL CONSIGNMENTS ONLY Please do not remove frames.

(Glass will be discarded).

Please remove frames and glass.

NB: items valued in excess of HK$10,000 or weighing more than 2kg cannot be sent by Post.

Special instructions:

Signature

Y/N

Date

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Ă&#x2022;&(81) 3 6278 8011 ĂŚĂ&#x2DC;&(81) 3 6278 8012 x(USA) ÂŁĂ?Ă?Ă&#x2122; (New York) Bar Building, 36 West 44th Street, New York ¸pÂ&#x2022;&Kenny Wong

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Â&#x2026;&nyc@polyauction.com

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中国拍卖行业概念股——保利文化 (3636·HK)

總 經 理：王

蔚

党支部副书记：江 林

副總經理：陳零初

副總經理：祖世龍

財務總監：郭建巍

副總經理：董

振

各子公司及聯絡人等

主要業務聯系方式：

保利香港拍賣有限公司

中國古董珍玩部

联系电话：(86-10) 64083366

地址：金钟道88号太古广场一座7楼

总经理：李移舟

高级业务经理：胡志明 乔亚宁 陈媛媛

电话：852-23039899

E-mail: gd@polyauction.com

业务经理：刘晓洋 王 浩

科技古董部及资产拍卖部

银行业务查询：

传真：852-23039888

征集微信号：polygudong

王 辉 帅恩泽

高级业务经理：蓝 晨

佟 璐：(86-10) 64083065

瓷器、佛像、工艺品、明清紫砂

联系电话： (86-10) 64083371

E-mail: zc@polyauction.com

陶 蕊：(86-10) 64083080

高级业务经理：李嘉伟 翟昊天 麻 正

业务助理：许 登

联系电话：(86-10) 64083046

朱雅楠：(86-10) 64083153

地址：澳门宋玉生广场336号

邹德馨 赵胤轩

联系电话：(86-10) 64083363/3380

诚丰商业中心16楼G座

业务经理：徐 雯

珠寶鐘表尚品部·保利珠寶沙龍

电话：+853 2875 1013

客戶服務部

业务助理：杨圆通

中國古代書畫部

代总经理：唐利伟

主任：安 蓓 ( 兼 )

联系电话：(86-10) 64083090

代总经理：范长江

E-mail:zb@polyauction.com

E-mail: vipservice@polyauction.com

E-mail: gdsh@polyauction.com

业务助理：冯成龙 张 周

项目经理：吴 婷 王俊淳

Email: sale@polyauction.com.hk

保利澳門拍賣有限公司

传真：+853 2875 1014

保利(山東)國際拍賣有限公司

E-mail: sh@polyauction.com

业务经理：王春华 联系电话：(86-10) 64083014

张 璐：(86-10) 64083010 税票查询： 盖乐乐：(86-10) 64083112

胡志明 姜 珂

玉器、漆器、珐琅器、织绣

联系电话：(86-10) 64083316

于杨芳鑫

孟 超 张 政

地址：山东省潍坊市奎文区胜利东街

高级业务经理：付滢蓉 李 莹

高级业务经理：王 健

联系电话：(86-10) 64083392

项目助理：史 纪 周 建 陈 威

5051号阳光100城市广场

业务经理：许 昂

业务经理：任 星 孟兆波 赵绍华

联系电话：(86-10) 64083090

孟雪松 李修燕

研究院

联系电话：(86-10) 64083314/3315

主任：霍文才

8号楼7楼 电话：0536-8392111 传真：0536-8392009

古琴、家具、当代文房

联系电话：(86-10) 64083034

E-mail: yjy@polyauction.com

保利(廈門)國際拍賣有限公司

高级业务经理：郑 阳

中國當代水墨部

高级业务经理：章之浩 徐向龙

陈 珊

业务助理：孟雅琪

紫砂及現代工藝品部

业务经理：唐花玲 郭 玉

E-mail: zhy@polyauction.com

总经理：安 蓓

柴诗轶 董宇鑫

联系电话：(86-10) 64083090

E-mail: ddsh@polyauction.com

联系电话：(86-10) 64083050

地址：厦门市白鹭洲东路86-3号 电话：0592-5069988 传真：0592-5320009

高级业务经理：王建伟 肖明芳 陈 京

保利義烏藝術發展有限公司

国石、现当代艺术陶瓷

陈零初 李 屾 黄 慧

业务联系人：廖海岚

地址：浙江省义乌市宾王路158号文创 园二区D座保利艺术+二层

联系电话：(86-10) 64083029

电话：0579-83556111 传真：0579-83556111

铜镜 业务经理：张毅博

保利拍卖上海地區聯絡人 张 瑾 曹欢欢 地址：延安中路1111号延安饭店391室

E-mail: tj@polyauction.com 联系电话：(86-10) 64083034

联系电话：(86-10) 64083321/3322

传真：86-21- 51780361 E-mail: shanghai@polyauction.com

主任：祖世龙 ( 兼 ) 计算机及证书：刘 琨

总经理：孟 楠

摄影：霍 健

E-mail: gj@polyauction.com

中国书画：徐 路

业务经理：陈智萌

四季书画：盛 辉

业务助理：陈玉红

古董珍玩：牛吉刚

联系电话：(86-10) 64083311

四季古董：范 畴

保利拍賣臺灣地區聯絡人

中國書畫季拍部

现当代中国艺术：玄光绪

总经理：罗汉松

古籍文献：郭 蒙

E-mail: sj@polyauction.com

珠宝钟錶：秦 伟

联系电话：(86-10) 64083300

邮品钱币铜镜：铁 雷

古董珍玩季拍部

高级业务经理：王高伟 艾 珉

联系电话：(86-10) 64083208

总经理：李 屾

业务经理：胡天璧 李夺伦 于振兰

E-mail: gd@polyauction.com

联系电话：(86-10) 64083379

高级业务经理：宫 诤 联系电话：(86-10) 64083013

黄宏任 杨濠骏 汪友文 地址：台北市中山区中山北路二段 39巷6号5楼(晶华酒店旁) 电话：886-225224080 传真：886-225222595 E-mail: taiwan@polyauction.com

业务经理：文明远 王井森 李承隆 业务助理：范博涵

保利拍賣日本聯絡人

联系电话：(86-10) 64083098

风见治子 地址：东京都中央区银座2丁目12-4

財務部

主任：郭一霖 郵品錢幣部

E-mail: cwkf@polyauction.com

总经理：桑贯宇

拍品结算：

E-mail: yp@polyauction.com

王佳莹：(86-10) 64083161

-60 Duplex银座2/12 1040061

現當代藝術部

高级业务经理：王 超 李海勇

董立仁：(86-10) 64083113

电话：81-3-6278-8011

总经理：常天鹄

业务经理：马斯奇

陈 剑：(86-10) 64083133

E-mail: ddyh@polyauction.com

业务助理：郗海娜 王 威

田丽丽：(86-10) 64083124

高级业务经理：田 恒 周彬芮

联系电话：(86-10) 64083036

禹艾利：(86-10) 64083081

保利拍賣北美聯絡人

联系电话：(86-10) 64083337

E-mail: yp@polyauction.com

李 斌：(86-10) 64083017

黄 健 黄 正

联系电话：(86-10) 64083338

传真：81-3-6278-8012 Email: polyauction2005@gmail.com

地址：Bar Building, 36 West 44th Street, New York

代 昕：(86-10) 64083166 名酒及養生茗品部

赵英琪：(86-10) 64083155 财务部传真：(86-10) 64083150 发票开具：

电话：1-212-273-0822

中國近現代書畫部

业务主管：陈零初 ( 兼 )

E-mail: nyc@polyauction.com

总经理：殷华杰

E-mail: zc@polyauction.com

E-mail: market@polyauction.com 项目经理：赵 京 高树丰 项目助理：汪毅青 张婧雅 杨宝敬 刘 允 联系电话：(86-10) 64083373

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