Page 156 - Sotheby's Fine Chinese Paintings July 9, 2020 Hong Kong.

CONDITIONS OF BUSINESS FOR “Sotheby's”) and Sotheby’s Diamonds SA and writing, whether negligent or otherwise, except auction shall incorporate these Conditions as if absolute discretion, to reject any instruction or (ii) the funds used for purchase and settlement symbols or notices published in respect of the

BUYERS its subsidiaries (in each case ‘subsidiary’ having as set out in Condition 3(f) above; sold in the live auction. request that the whole or a part of such partial of the lot(s) are not connected with, nor have lot reflect Sotheby’s reasonable opinion at the

the meaning of Section 2 of the Companies (ii) gives any guarantee or warranty to Bidders payment be applied towards the Purchase Price any link to any criminal activity, including without time of cataloguing and offer Bidders general
The nature of the relationship between Ordinance Cap.622). and any implied warranties and conditions are 7. PAYMENT AND COLLECTION of, and/or the shortfall and/or Sotheby's claim limitation tax evasion, money laundering, guidance only. Without prejudice to Conditions
Sotheby’s, Sellers and Bidders and excluded (save in so far as such obligations (a) Unless otherwise agreed, payment for damages in respect of, any particular lot(s) terrorist activities or other criminal activity and 3 and 4 above, Sotheby's and the Seller make
the terms on which Sotheby’s (as 3. DUTIES OF BIDDERS AND OF cannot be excluded by law) other than the of the Purchase Price for a lot and any purchased by the Buyer; that the arrangements between the Agent and no representations or warranties as to whether
auctioneer) and Sellers contract with SOTHEBY’S IN RESPECT OF ITEMS FOR express warranties given by the Seller to the Buyer's Expenses are due in Hong Kong the Principal(s) of the lot(s) or otherwise do not, any lot is or is not subject to export or import
Bidders are set out below. SALE Buyer in Condition 2 of the Sellers' Conditions dollars immediately on conclusion of the live (e) reject future bids from the Buyer or render in whole or in part facilitate tax crimes; restrictions or any embargoes. The denial of any
(a) Sotheby’s knowledge in relation to each lot of Business; auction (the "Due Date") notwithstanding such bids subject to payment of a deposit; such (iii) the lot(s) purchased by the Agent or permit or licence shall not justify cancellation
Bidders’ attention is specifically drawn to is partially dependent on information provided (iii) accepts responsibility to any Bidders in any requirements for export, import or other deposit to be applied at Sotheby’s discretion in the Principal(s) is not being purchased for or rescission of the sale contract or any delay

Conditions 3 and 4 below, which require to it by the Seller, and Sotheby’s is not able respect of acts or omissions (whether negligent permits for such lot. the event of subsequent non-payment or late the purposes of, or being used in any way in payment. We shall not be responsible for any
them to investigate lots prior to bidding to and does not carry out exhaustive due or otherwise) by Sotheby’s in connection with payment; connected with, or to facilitate breaches of any liability arising from any failure to complete or
and which contain specific limitations diligence on each lot. Bidders acknowledge the conduct of auctions or for any matter (b) Title in a purchased lot will not pass until applicable tax, anti-money laundering or anti- submit the required export or import manifest,

and exclusions of the legal liability of this fact and accept responsibility for carrying relating to the sale of any lot.. Sotheby's has received the Purchase Price (f) charge interest at a rate not exceeding 2% terrorism laws or regulations; list or documentation.
Sotheby’s and Sellers. The limitations out inspections and investigations to satisfy and Buyer's Expenses for that lot in cleared per month from the Due Date to the date the (iv) the Agent has conducted appropriate

and exclusions relating to Sotheby’s are themselves as to the lots in which they may be (c) Unless Sotheby’s owns a lot offered for funds. Sotheby's is not obliged to release a lot Purchase Price and relevant Buyer's Expenses customer due diligence on the Principal(s) of 12. GENERAL
consistent with its role as auctioneer interested. sale, it is not responsible for any breach of these to the Buyer until title in the lot has passed and are received in cleared funds; the lot(s) in accordance with all applicable anti- (a) All images and other materials produced for

of large quantities of goods of a wide conditions by the Seller. appropriate identification has been provided, money laundering and sanctions laws and the auction are the copyright of Sotheby's, for

variety and Bidders should pay particular (b) Each lot offered for sale at Sotheby’s is and any earlier release does not affect the (g) exercise a lien over any of the Buyer’s regulations and the Agent does not know and use at Sotheby's discretion.
attention to these Conditions. available for inspection by Bidders prior to the (d) Without prejudice to Condition 4(b), any passing of title or the Buyer's unconditional property which is in the possession of a has no reason to suspect that the funds used
sale. Sotheby’s accepts bids on lots solely on claim against Sotheby’s or the Seller by a Bidder obligation to pay the Purchase Price and Buyer's Sotheby’s Company. Sotheby's shall inform the for settlement are derived from or connected (b) Notices to Sotheby's should be in writing
1. INTRODUCTION the basis that Bidders (and independent experts is limited to the Purchase Price with regard to Expenses. Buyer of the exercise of any such lien and within with proceeds of any criminal activity including and addressed to the department in charge
(a) Sotheby’s and Sellers’ contractual on their behalf, to the extent appropriate given that lot. Neither Sotheby’s nor the Seller shall 14 days of such notice may arrange the sale of without limitation tax evasion, or that the of the sale, quoting the reference number of
relationship with prospective Buyers is the nature and value of the lot and the Bidder's under any circumstances be liable for any (c) The Buyer is obliged to arrange collection such property and apply the proceeds to the ultimate buyer(s) is under investigation, or the sale. Notices to Sotheby's clients shall be

governed by: own expertise) have fully inspected the lot prior consequential losses. of purchased lots no later than thirty (30) amount owed to Sotheby’s, and/or any shortfall has been charged with or convicted of money addressed to the last address formally notified

(i) these Conditions of Business; to bidding and have satisfied themselves as to calendar days after the date of the live auction. in the Purchase Price and Buyer's Expenses in laundering, terrorist activities or other criminal by them to Sotheby's.
(ii) the Conditions of Business for Sellers both the condition of the lot and the accuracy of (e) None of this Condition 4 shall exclude Purchased lots are at the Buyer's risk (and the event of a resale under Condition 8(h) below activity; and
displayed in the saleroom and which are its description. or limit Sotheby’s liability in respect of any therefore their sole responsibility for insurance) (on a pro-rata basis where more than one lot (v) the Agent consents to Sotheby’s relying on (c) Should any provision of these Conditions of
available upon request from Sotheby's Hong fraudulent misrepresentation made by from the earliest of i) collection or ii) the thirty- is purchased by the Buyer at the auction and the Agent’s customer due diligence, and the Business be held unenforceable for any reason,

Kong salerooms or by telephoning (852) 2524 (c) Bidders acknowledge that many lots are Sotheby’s or the Seller, or in respect of death or first calendar day after the auction. Until risk is then resold), and/or any claim by Sotheby's Agent will retain for a period of not less than 5 the remaining provisions shall remain in full

8121; of an age and type which means that they are personal injury caused by the negligent acts or passes, Sotheby’s will compensate the Buyer for against the Buyer for damages for the Buyer's years the documentation evidencing the Agent’s force and effect.

(iii) Sotheby’s Authenticity Guarantee as not in perfect condition. All lots are offered omissions of Sotheby’s or the Seller. any loss or damage to the lot up to a maximum breach of contract (including but not limited customer due diligence. The Agent will make
printed in the sale catalogue; for sale in the condition they are in at the time of the Purchase Price paid. Buyers should note to the Buyer's Premium in the event of a such documentation promptly available for (d) These Conditions of Business are not
(iv) any additional notices and terms published of the auction (whether or not Bidders are in 5. BIDDING AT AUCTION that Sotheby's assumption of liability for loss termination of the sale contract); immediate inspection by an independent third- assignable by any Buyer without Sotheby's
by Sotheby’s, including the guide to Buying At attendance at the auction). Condition reports (a) Sotheby's has absolute discretion to refuse or damage is subject to the exclusions set out party auditor upon Sotheby’s written request to prior written consent, but are binding on Buyers'
Auction; and may be available to assist when inspecting lots. admission to the live auction. Bidders who in Condition 6 of the Conditions of Business for (h) resell the lot by auction or private sale, with do so. successors, assigns and representatives. No
(v) in respect of online bidding via an Online Catalogue descriptions and condition reports wish to bid in person must complete a Paddle Sellers. estimates and reserves at Sotheby's discretion. act, omission or delay by Sotheby's shall be
Platform, the Additional Terms and Conditions may on occasions make reference to particular Registration Form and supply such information In the event such resale is for less than the (c) The Bidder and/or Buyer hereby undertakes deemed a waiver or release of any of its rights.
for Online Bidding published below and available imperfections of a lot, but Bidders should note and references as required by Sotheby's. 8. REMEDIES FOR NON-PAYMENT Purchase Price and Buyer's Expenses for that and warrants that none of the funds used for
on www.sothebys.com and on the Sotheby's that lots may have other faults not expressly Bidders act as principal unless they have Without prejudice to any rights the Seller may lot, the Buyer will remain liable for the shortfall purchase and settlement will be funded by any (e) The materials listed in Condition 1(a) above
App, in each case as amended by any saleroom referred to in the catalogue or condition report. Sotheby's prior written consent to bid as agent have, if the Buyer without prior agreement fails together with all costs incurred in such resale; Sanctioned Person(s), nor will any party involved set out the entire agreement and understanding

notice or auctioneer's announcement at the live Illustrations are for identification purposes only for another party. Bidders are personally liable to make payment in full for the lot within five in the transaction including financial institutions, between the parties with respect to the subject
auction. and will not convey full information as to the for their bid and are jointly and severally liable days of the live auction, or in accordance with (i) commence legal proceedings to recover the freight forwarders or other forwarding agents matter hereof. It is agreed that, save in respect
actual condition of lots. with their principal if bidding as agent. any payment schedule agreed with Sotheby’s, Purchase Price and Buyer's Expenses for that or any other party be a Sanctioned Person(s) of liability for fraudulent misrepresentation, no
(b) As auctioneer, Sotheby’s acts as agent Sotheby's may in its sole discretion (having lot, or to claim damages for the Buyer’s breach nor owned (or partly owned) or controlled by party has entered into any contract pursuant to

for the Seller. A sale contract is made directly (d) Information provided to Bidders in (b) Where available, telephone bids are offered informed the Seller) exercise one or more of the of contract, together with interest and the costs a Sanctioned Person(s), unless such activity these terms in reliance on any representation,
between the Seller and the Buyer. However, respect of any lot, including any estimate, as an additional service for no extra charge, at following remedies: of such proceedings on a full indemnity basis; or is authorized in writing by the government warranty or undertaking which is not expressly
Sotheby’s may own a lot (and in such whether written or oral and including the Bidder's risk and shall be undertaken with authority having jurisdiction over the transaction referred to in such materials.
circumstances acts in a principal capacity as information in any catalogue, condition or reasonable care subject to Sotheby's other (a) store the lot at its premises or elsewhere at (j) release the name and address of the Buyer or in applicable law or regulation.
Seller) and/or may have a legal, beneficial or other report, commentary or valuation, is not a commitments at the time of the live auction; the Buyer’s sole risk and expense; to the Seller to enable the Seller to commence 13. DATA PROTECTION

financial interest in a lot as a secured creditor or representation of fact but rather is a statement Sotheby’s therefore cannot accept liability legal proceedings to recover the amounts due (d) Sotheby’s reserves the right to seek Sotheby’s will hold and process the Buyer’s

otherwise. of opinion genuinely held by Sotheby’s. Any for failure to place such bids save where such (b) terminate the contract of the sale of the lot, or claim damages for the Buyer’s breach of identification of the source of funds received, personal information and may share it with
estimate may not be relied on as a prediction of failure is unreasonable. Telephone bids may be retaining the right to damages for the Buyer’s contract and legal costs. Sotheby's will take and to make enquiries about any person another Sotheby’s Group Company for use as
2. COMMON TERMS the selling price or value of the lot and may be recorded. breach of contract; reasonable steps to notify the Buyer prior to transacting with Sotheby’s. If Sotheby’s has described in, and in line with, Sotheby’s Privacy
In these Conditions of Business: revised from time to time in Sotheby's absolute releasing such details to the Seller. not completed its enquiries in respect of anti- Policy published on Sotheby’s website at www.

discretion. (c) Online bids are made subject to the (c) set off any amounts owed to the Buyer by a money laundering, anti-terrorist financing sothebys.com or available on request by email
"Bidder" is any person considering, making or Additional Terms and Conditions for Online Sotheby’s Company against any amounts owed 9. BIDDER’S AND/OR BUYER’S or other checks as it considers appropriate to enquiries@sothebys.com.
attempting to make a bid, by whatever means, (e) No representations or warranties are made Bidding (published below) and available on to Sotheby's by the Buyer in respect of the lot WARRANTIES concerning the Bidder and/or Buyer or the
and includes Buyers; by Sotheby's or the Seller as to whether any www.sothebys.com or via the Sotheby's App and/or any shortfall in the Purchase Price and (a) The Bidder and/or Buyer warrants that: Seller to Sotheby’s satisfaction at its discretion, 14. LAW AND JURISDICTION
"Buyer" is the person who makes the highest lot is subject to copyright or whether the Buyer which apply which apply in relation to bids Buyer's Expenses in the event of a resale under (i) the Bidder and/or Buyer is not subject Sotheby’s shall be entitled either not to Governing Law These Conditions of Business
bid or offer accepted by the auctioneer, and acquires copyright in any lot. submitted via an Online Platform, in addition to Condition 8(h) below (on a pro-rata basis where to trade sanctions, embargoes or any other complete or to cancel the sale of any lot, as and all aspects of all matters, transactions or

includes such person's principal when bidding these Conditions of Business. more than one lot is purchased by the Buyer at restriction on trade in the jurisdiction in which appropriate, and to take any further action disputes to which they relate or apply (including
as agent; (f) Subject to the matters referred to at 3(a) the auction and is then resold), and/or any claim it does business as well as under the laws of required or permitted under applicable law any online bids in the sale to which these

"Buyer's Expenses" are any costs or expenses to 3(e) above and to the specific exclusions 6. CONDUCT OF THE AUCTION by Sotheby's against the Buyer for damages for Hong Kong, the European Union, the laws of without any liability to the Bidder and/or Buyer. Conditions apply) shall be governed by and
due to Sotheby's from the Buyer; contained at Condition 4 below, Sotheby’s shall (a) Unless otherwise specified, all lots are the Buyer's breach of contract (including but England and Wales, or the laws and regulations interpreted in accordance with Hong Kong law.

"Buyer's Premium" is the commission payable exercise such reasonable care when making offered subject to a Reserve, which shall be no not limited to the Buyer's Premium in the event of the United States, and is not owned (nor 10. FAILURE TO COLLECT PURCHASES

by the Buyer on the Hammer Price at the rates express statements in catalogue descriptions higher than the low presale estimate at the start of a termination of the sale contract); partly owned) or controlled by such sanctioned (a) If the Buyer pays the Purchase Price Jurisdiction For the benefit of Sotheby’s, all
set out in the guide to Buying At Auction; or condition reports as is consistent with its of the live auction. person(s) (collectively, “Sanctioned Person(s)”); and Buyer's Expenses but fails to collect a Bidders and Sellers agree that the Hong Kong

"Counterfeit" is as defined in Sotheby's role as auctioneer of lots in the sale to which (d) apply as Sotheby’s sees fit any payments, and purchased lot within thirty calendar days of the Courts are to have exclusive jurisdiction to
Authenticity Guarantee; these Conditions relate, and in the light of (i) (b) The auctioneer has absolute discretion at including deposits, made by or on behalf of (ii) the funds used for purchase and settlement live auction, the lot will be stored at the Buyer's settle all disputes arising in connection with all
"Hammer Price" is the highest bid accepted the information provided to it by the Seller; (ii) any time to refuse or accept any bid, withdraw the Buyer in respect of this transaction or of the lot(s) are not connected with nor have expense (and risk) at Sotheby's or with a third aspects of all matters or transactions to which

by the auctioneer by the fall of the hammer, (in scholarship and technical knowledge; and (iii) any lot, re-offer a lot for sale (including after the otherwise, towards (i) any costs, Buyer’s any link to nor are derived from any criminal party. these Conditions of Business relate or apply.
the case of wine, as apportioned pro-rata by the generally accepted opinions of relevant fall of the hammer), and take such other action Expenses or debts owed by the Buyer to any activity, including without limitation tax evasion, All parties agree that Sotheby’s shall retain the

reference to the number of separately identified experts, in each case at the time any such as he reasonably thinks fit. Sotheby’s Company, and/or (ii) any shortfall money laundering, terrorist activities or other (b) If a purchased lot is paid for but not right to bring proceedings in any court other

items in that lot), or in the case of a post-auction express statement is made. in the Purchase Price and Buyer's Expenses criminal activity, and the Bidder/Buyer is neither collected within six months of the live auction, than the Hong Kong Courts.
sale, the agreed sale price; (c) During the live auction, the auctioneer will in the event of a resale under Condition 8(h) under investigation, nor has been charged with the Buyer authorises Sotheby's, having given
"Purchase Price" is the Hammer Price and 4. EXCLUSIONS AND LIMITATIONS OF commence and advance the bidding at levels below (on a pro-rata basis where more than or convicted of without limitation, tax evasion, notice to the Buyer, to arrange a resale of the Service of Process All Bidders and Sellers
applicable Buyer's Premium; LIABILITY TO BUYERS and in increments he considers appropriate one lot is purchased by the Buyer at the auction money laundering, terrorist activities or other item by auction or private sale, with estimates irrevocably consent to service of process
"Reserve" is the (confidential) minimum (a) Sotheby’s shall refund the Purchase Price and is entitled to place a bid or series of bids on and is then resold), and/or (iii) any claim by criminal activity. and reserves at Sotheby's discretion. The or any other documents in connection
Hammer Price at which the Seller has agreed to to the Buyer in circumstances where it deems behalf of the Seller up to the Reserve on the lot, Sotheby's against the Buyer for damages for proceeds of such sale, less all costs incurred with proceedings in any court by facsimile
sell a lot; that the lot is a Counterfeit and each of the without indicating he is doing so and whether or the Buyer's breach of contract (including but (b) Where the Bidder is bidding on behalf of by Sotheby's, will be forfeited unless collected transmission, personal service, delivery by mail

"Seller" is the person offering a lot for sale conditions of the Authenticity Guarantee has not other bids are placed. not limited to the Buyer's Premium in the event another person or acting as agent (in either by the Buyer within two years of the original or in any other manner permitted by Hong

(including their agent (other than Sotheby's), been satisfied. of a termination of the sale contract). For the case, for the purposes of this Condition 9(b), the auction. Kong law, the law of the place of service or the
executors or personal representatives); (d) Subject to Condition 6(b), the contract avoidance of doubt, if more than one lot is “Agent”) for another party (the “Principal(s)”), law of the jurisdiction where proceedings are
"Sotheby's" means Sotheby's Hong Kong (b) In the light of the matters in Condition 3 between the Buyer and the Seller is concluded purchased by the Buyer at the auction and the the Agent warrants in its own capacity (in 11. EXPORT AND PERMITS instituted, at the last address of the Buyer or

Ltd., which has its registered office at Level 54, above and subject to Conditions 4(a) and 4(e), on the striking of the auctioneer's hammer, Buyer makes a partial payment but fails to pay addition to the warranties set out in Condition It is the Buyer's sole responsibility to identify Seller known to Sotheby’s or any other usual

Hopewell Centre, 183 Queen’s Road East, Hong neither any Sotheby's Company nor the Seller: whereupon the Buyer becomes liable to pay the in full the Purchase Price of all lots purchased 9(a)) that: and obtain any necessary export, import, address.

Kong; (i) is liable for any errors or omissions in Purchase Price. by him within five days of the auction or in (i) the Principal(s) is not a Sanctioned Person(s) firearm, endangered species or other permit
"Sotheby's Company" means Sotheby's in information provided to Bidders by Sotheby’s (or accordance with any payment schedule agreed nor owned (or partly owned) or controlled by for the lot and to complete any required export
the USA and any of its subsidiaries (including any Sotheby's Company), whether orally or in (e) Any post-auction sale of lots offered at with Sotheby's, Sotheby's is entitled, at its Sanctioned Person(s); or import manifest, list or documentation. Any
152 SOTHEBY’S 153