Page 123 - CHINA 5000 YEARS my 26 27 2021 HK

the case of wine, as apportioned pro-rata by any catalogue, condition or other report, admission to the live auction. Bidders who (c) The Buyer is obliged to arrange collection deposit to be applied at Sotheby’s discretion in

reference to the number of separately identified commentary or valuation, is not a representation wish to bid in person must complete a Paddle of purchased lots no later than thirty (30) the event of subsequent non-payment or late
CONDITIONS OF BUSINESS FOR items in that lot), or in the case of a post-auction of fact but rather is a statement of opinion Registration Form and supply such information calendar days after the date of the live auction. payment;
BUYERS sale, the agreed sale price; genuinely held by Sotheby’s. Any estimate may and references as required by Sotheby's. Purchased lots are at the Buyer's risk (and
The nature of the relationship between "Overhead Premium" is the allocation of not be relied on as a prediction of the selling Bidders act as principal unless they have therefore their sole responsibility for insurance) (f) charge interest at a rate not exceeding 2%
per month from the Due Date to the date the
Sotheby’s, Sellers and Bidders and the terms Sotheby’s overhead costs relating to Sotheby’s price or value of the lot and may be revised from Sotheby's prior written consent to bid as agent from the earliest of i) collection or ii) the thirty- Purchase Price and relevant Buyer's Expenses

on which Sotheby’s (as auctioneer) and Sellers facilities, property handling and other time to time in Sotheby's absolute discretion. for another party. Bidders are personally liable first calendar day after the auction. Until risk are received in cleared funds;
contract with Bidders are set out below. administrative expenses that is payable by the (e) No representations or warranties are made for their bid and are jointly and severally liable passes, Sotheby’s will compensate the Buyer for
Bidders’ attention is specifically drawn to Buyer on the Hammer Price at the rates set by Sotheby's or the Seller as to whether any with their principal if bidding as agent. any loss or damage to the lot up to a maximum (g) exercise a lien over any of the Buyer’s
property which is in the possession of a
of the Purchase Price paid. Buyers should note

Conditions 3 and 4 below, which require them out in the guide to Buying at Auction in the sale lot is subject to copyright or whether the Buyer (b) Where available, telephone bids are offered that Sotheby's assumption of liability for loss Sotheby’s Company. Sotheby's shall inform the
to investigate lots prior to bidding and which catalogue; acquires copyright in any lot. as an additional service for no extra charge, at or damage is subject to the exclusions set out Buyer of the exercise of any such lien and within

contain specific limitations and exclusions of "Purchase Price" is the Hammer Price, (f) Subject to the matters referred to at 3(a) the Bidder's risk and shall be undertaken with in Condition 6 of the Conditions of Business for 14 days of such notice may arrange the sale of
the legal liability of Sotheby’s and Sellers. The Overhead Premium and applicable Buyer's to 3(e) above and to the specific exclusions reasonable care subject to Sotheby's other Sellers. such property and apply the proceeds to the

limitations and exclusions relating to Sotheby’s Premium contained at Condition 4 below, Sotheby’s shall commitments at the time of the live auction; amount owed to Sotheby’s, and/or any shortfall
are consistent with its role as auctioneer of exercise such reasonable care when making Sotheby’s therefore cannot accept liability 8. REMEDIES FOR NON-PAYMENT in the Purchase Price and Buyer's Expenses in
large quantities of goods of a wide variety and "Reserve" is the (confidential) minimum express statements in catalogue descriptions for failure to place such bids save where such Without prejudice to any rights the Seller may the event of a resale under Condition 8(h) below
Bidders should pay particular attention to these Hammer Price at which the Seller has agreed to or condition reports as is consistent with its failure is unreasonable. Telephone bids may be have, if the Buyer without prior agreement fails (on a pro-rata basis where more than one lot
Conditions. sell a lot; recorded.
role as auctioneer of lots in the sale to which to make payment in full for the lot within five is purchased by the Buyer at the auction and

1. INTRODUCTION "Seller" is the person offering a lot for sale these Conditions relate, and in the light of (i) (c) Online bids are made subject to the days of the live auction, or in accordance with is then resold), and/or any claim by Sotheby's
(including their agent (other than Sotheby's), the information provided to it by the Seller; (ii) Additional Terms and Conditions for Online any payment schedule agreed with Sotheby’s, against the Buyer for damages for the Buyer's
(a) Sotheby’s and Sellers’ contractual executors or personal representatives); scholarship and technical knowledge; and (iii) Bidding (published below) and available on Sotheby's may in its sole discretion (having breach of contract (including but not limited to
relationship with prospective Buyers is governed the generally accepted opinions of relevant www.sothebys.com or via the Sotheby's App informed the Seller) exercise one or more of the the Buyer's Premium and Overhead Premium in
by: "Sotheby's" means Sotheby's Hong Kong experts, in each case at the time any such which apply which apply in relation to bids following remedies: the event of a termination of the sale contract);
Ltd., which has its registered office at Level 54,

(i) these Conditions of Business; express statement is made. submitted via an Online Platform, in addition to
Hopewell Centre, 183 Queen’s Road East, Hong these Conditions of Business. (a) store the lot at its premises or elsewhere at (h) resell the lot by auction or private sale, with
(ii) the Conditions of Business for Sellers Kong; 4. EXCLUSIONS AND LIMITATIONS OF the Buyer’s sole risk and expense; estimates and reserves at Sotheby's discretion.
displayed in the saleroom and which are "Sotheby's Company" means Sotheby's in LIABILITY TO BUYERS 6. CONDUCT OF THE AUCTION (b) terminate the contract of the sale of the lot, In the event such resale is for less than the
available upon request from Sotheby's Hong the USA and any of its subsidiaries (including (a) Sotheby’s shall refund the Purchase Price (a) Unless otherwise specified, all lots are retaining the right to damages for the Buyer’s Purchase Price and Buyer's Expenses for that
Kong salerooms or by telephoning (852) 2524 “Sotheby's”) and Sotheby’s Diamonds SA and to the Buyer in circumstances where it deems offered subject to a Reserve, which shall be no breach of contract; lot, the Buyer will remain liable for the shortfall

8121; its subsidiaries (in each case ‘subsidiary’ having that the lot is a Counterfeit and each of the higher than the low presale estimate at the start together with all costs incurred in such resale;

(iii) Sotheby’s Authenticity Guarantee as printed the meaning of Section 2 of the Companies conditions of the Authenticity Guarantee has of the live auction. (c) set off any amounts owed to the Buyer by a (i) commence legal proceedings to recover the
Sotheby’s Company against any amounts owed

in the sale catalogue; Ordinance Cap.622). been satisfied. (b) The auctioneer has absolute discretion at to Sotheby's by the Buyer in respect of the lot Purchase Price and Buyer's Expenses for that
(iv) any additional notices and terms published 3. DUTIES OF BIDDERS AND OF (b) In the light of the matters in Condition 3 any time to refuse or accept any bid, withdraw and/or any shortfall in the Purchase Price and lot, or to claim damages for the Buyer’s breach
of contract, together with interest and the costs

by Sotheby’s, including the guide to Buying At SOTHEBY’S IN RESPECT OF ITEMS FOR above and subject to Conditions 4(a) and 4(e), any lot, re-offer a lot for sale (including after the Buyer's Expenses in the event of a resale under of such proceedings on a full indemnity basis; or
Auction; and SALE neither any Sotheby's Company nor the Seller: fall of the hammer), and take such other action Condition 8(h) below (on a pro-rata basis where
as he reasonably thinks fit. more than one lot is purchased by the Buyer at (j) release the name and address of the Buyer

(v) in respect of online bidding via an Online (a) Sotheby’s knowledge in relation to each lot (i) is liable for any errors or omissions in the auction and is then resold), and/or any claim to the Seller to enable the Seller to commence
Platform, the Additional Terms and Conditions is partially dependent on information provided information provided to Bidders by Sotheby’s (or (c) During the live auction, the auctioneer will by Sotheby's against the Buyer for damages for legal proceedings to recover the amounts due
for Online Bidding published below and available to it by the Seller, and Sotheby’s is not able to any Sotheby's Company), whether orally or in commence and advance the bidding at levels the Buyer's breach of contract (including but not or claim damages for the Buyer’s breach of
on www.sothebys.com and on the Sotheby's and does not carry out exhaustive due diligence writing, whether negligent or otherwise, except and in increments he considers appropriate limited to the Buyer's Premium and Overhead contract and legal costs. Sotheby's will take
App, in each case as amended by any saleroom on each lot. Bidders acknowledge this fact and as set out in Condition 3(f) above; and is entitled to place a bid or series of bids on Premium in the event of a termination of the reasonable steps to notify the Buyer prior to
notice or auctioneer's announcement at the live accept responsibility for carrying out inspections (ii) gives any guarantee or warranty to Bidders behalf of the Seller up to the Reserve on the lot, sale contract); releasing such details to the Seller.
auction. and investigations to satisfy themselves as to and any implied warranties and conditions are without indicating he is doing so and whether or
the lots in which they may be interested. not other bids are placed. (d) apply as Sotheby’s sees fit any payments, 9. BIDDER’S AND/OR BUYER’S

(b) As auctioneer, Sotheby’s acts as agent excluded (save in so far as such obligations including deposits, made by or on behalf of the WARRANTIES
for the Seller. A sale contract is made directly (b) Each lot offered for sale at Sotheby’s is cannot be excluded by law) other than the (d) Subject to Condition 6(b), the contract Buyer in respect of this transaction or otherwise,
between the Seller and the Buyer. However, available for inspection by Bidders prior to the express warranties given by the Seller to the between the Buyer and the Seller is concluded towards (i) any costs, Buyer’s Expenses or debts (a) The Bidder and/or Buyer warrants that:
Sotheby’s may own a lot (and in such sale. Sotheby’s accepts bids on lots solely on Buyer in Condition 2 of the Sellers' Conditions of on the striking of the auctioneer's hammer, owed by the Buyer to any Sotheby’s Company (i) the Bidder and/or Buyer is not subject
circumstances acts in a principal capacity as the basis that Bidders (and independent experts Business; whereupon the Buyer becomes liable to pay the , and/or (ii) any shortfall in the Purchase Price to trade sanctions, embargoes or any other

Seller) and/or may have a legal, beneficial or on their behalf, to the extent appropriate given (iii) accepts responsibility to any Bidders in Purchase Price. and Buyer's Expenses in the event of a resale restriction on trade in the jurisdiction in which
financial interest in a lot as a secured creditor or the nature and value of the lot and the Bidder's respect of acts or omissions (whether negligent (e) Any post-auction sale of lots offered at under Condition 8(h) below (on a pro-rata it does business as well as under the laws of

otherwise. own expertise) have fully inspected the lot prior or otherwise) by Sotheby’s in connection with auction shall incorporate these Conditions as if basis where more than one lot is purchased by Hong Kong, the European Union, the laws of

to bidding and have satisfied themselves as to
2. COMMON TERMS the conduct of auctions or for any matter sold in the live auction. the Buyer at the auction and is then resold), England and Wales, or the laws and regulations
both the condition of the lot and the accuracy of relating to the sale of any lot.. and/or (iii) any claim by Sotheby's against
In these Conditions of Business: its description. 7. PAYMENT AND COLLECTION the Buyer for damages for the Buyer's breach of the United States, and is not owned (nor
partly owned) or controlled by such sanctioned
(c) Unless Sotheby’s owns a lot offered for sale,

"Bidder" is any person considering, making or (c) Bidders acknowledge that many lots are it is not responsible for any breach of these (a) Unless otherwise agreed, payment of of contract (including but not limited to the person(s) (collectively, “Sanctioned Person(s)”);
attempting to make a bid, by whatever means, of an age and type which means that they are conditions by the Seller. the Purchase Price for a lot and any Buyer's Buyer's Premium and Overhead Premium in the and

and includes Buyers; not in perfect condition. All lots are offered Expenses are due in Hong Kong dollars event of a termination of the sale contract). For (ii) the funds used for purchase and settlement
for sale in the condition they are in at the time (d) Without prejudice to Condition 4(b), any immediately on conclusion of the live auction the avoidance of doubt, if more than one lot is
"Buyer" is the person who makes the highest of the auction (whether or not Bidders are in claim against Sotheby’s or the Seller by a Bidder (the "Due Date") notwithstanding any purchased by the Buyer at the auction and the of the lot(s) are not connected with nor have

bid or offer accepted by the auctioneer, and attendance at the auction). Condition reports is limited to the Purchase Price with regard to requirements for export, import or other permits Buyer makes a partial payment but fails to pay any link to nor are derived from any criminal
includes such person's principal when bidding may be available to assist when inspecting lots. that lot. Neither Sotheby’s nor the Seller shall for such lot. in full the Purchase Price of all lots purchased activity, including without limitation tax evasion,
as agent; Catalogue descriptions and condition reports under any circumstances be liable for any by him within five days of the auction or in money laundering, terrorist activities or other

"Buyer's Expenses" are any costs or expenses may on occasions make reference to particular consequential losses. (b) Title in a purchased lot will not pass until accordance with any payment schedule agreed criminal activity, and the Bidder/Buyer is neither
under investigation, nor has been charged with
Sotheby's has received the Purchase Price
due to Sotheby's from the Buyer; imperfections of a lot, but Bidders should note (e) None of this Condition 4 shall exclude or limit and Buyer's Expenses for that lot in cleared with Sotheby's, Sotheby's is entitled, at its or convicted of without limitation, tax evasion,
that lots may have other faults not expressly absolute discretion, to reject any instruction or
"Buyer's Premium" is the commission payable referred to in the catalogue or condition report. Sotheby’s liability in respect of any fraudulent funds. Sotheby's is not obliged to release a lot request that the whole or a part of such partial money laundering, terrorist activities or other
by the Buyer on the Hammer Price at the rates Illustrations are for identification purposes only misrepresentation made by Sotheby’s or the to the Buyer until title in the lot has passed and payment be applied towards the Purchase Price criminal activity.

set out in the guide to Buying At Auction; and will not convey full information as to the Seller, or in respect of death or personal injury appropriate identification has been provided, of, and/or the shortfall and/or Sotheby's claim (b) Where the Bidder is bidding on behalf of
"Counterfeit" is as defined in Sotheby's actual condition of lots. caused by the negligent acts or omissions of and any earlier release does not affect the for damages in respect of, any particular lot(s) another person or acting as agent (in either
Sotheby’s or the Seller.
passing of title or the Buyer's unconditional
Authenticity Guarantee; (d) Information provided to Bidders in respect 5. BIDDING AT AUCTION obligation to pay the Purchase Price and Buyer's purchased by the Buyer; case, for the purposes of this Condition 9(b), the
“Agent”) for another party (the “Principal(s)”),
"Hammer Price" is the highest bid accepted of any lot, including any estimate, whether Expenses. (e) reject future bids from the Buyer or render the Agent warrants in its own capacity (in
by the auctioneer by the fall of the hammer, (in written or oral and including information in (a) Sotheby's has absolute discretion to refuse such bids subject to payment of a deposit; such
212 SOTHEBY’S 213