Asian Art Collections Initial Auction

The buyer who participates in the auction shall register with our company before the auction. The buyer shall provide true relevant information and authorize our company to obtain the financial and credit information of the buyer from the bank and obtain the bidding number to enter the auction. During the auction, the bidder shall not withdraw, and our company shall determine that the highest bidder has the right to purchase. Our company has the sole right to refuse any person to enter the auction site or participate in the auction (which is related to the credit of the bidder), and may refuse to accept any bidding. The buyer shall go to the venue to carefully examine the original auction items, select the items to participate in the auction, and bear legal responsibility for their bidding. Our company does not guarantee the authenticity of any auction items or auction documents. Many auction items are not in perfect condition due to their age or nature. Our company may provide a condition report of the auction items. Failure to state the condition of the auction items in the catalogue or condition report does not mean that the auction items are free from defects. Our company shall, in accordance with the provisions of the consignment contract signed by the company and the consignor, take photos, publish catalogues, introduce and display any articles entrusted by the consignor. The introduction of the author, origin, age, size, texture, mounting, attribution, authenticity, source, preservation, valuation and other aspects of any auction item compiled and printed by our company before the auction is only for the reference of the buyer, and our company does not make any guarantee. The description of the auction items in the catalogue is for guidance only. The colours and shades of the auction items may appear different in print or on the screen from the physical condition and shall not be used as the basis of any auction items. Intellectual property rights (including but not limited to copyright, patent, etc.) of all images, illustrations and written materials related to the auction items shall be the property and ownership of our company at all times and shall not be used by anyone without the consent of our company. Anyone who wants to participate in the auction on-site, absent bidding, telephone bidding and online bidding shall complete the registration form one day before the auction and pay 20% of the maximum expecting bidding amount to participate in the auction (if you pay the check, please complete the procedures three days before). If the auction is successful, the deposit shall be used as the purchase fund. If unsuccessful, the deposit will be refunded in full without interest within seven business days after the auction closes; In case of default or overdue, the deposit will be deemed as liquidated damages and will not be refunded. The buyer shall be fully responsible for the purchased auction items upon full payment. Even if the auction items are still kept by our company, the buyer shall be liable for any damage in the process of preservation. If a buyer fails to pay off the amount within the time limit after successfully bidding for an auction item, the buyer shall be deemed to be in breach of contract, and the deposit shall not be refunded and the buyer shall bear relevant responsibilities. This restriction is not applicable to those agreed by the buyer and the seller through negotiation by our company. If the buyer fails to pay within 10 days from the closing date of the auction (including the closing date), our company will charge 2% of the total amount of payment per month as a late fee, or our company has the right to cancel the transaction and the buyer has no ownership of the goods until the full payment is made. With the consent of the seller, the company may auction the item again or sell it in other ways. If the resale price is lower than the original auction price, our company may claim the difference from the original buyer. In any future auction, our company may refuse to allow the buyer to bid again or to have another person bid on his behalf, or our company may charge the buyer a substantial deposit before accepting any bid. The buyer shall pay the storage fee of CA$15 per item per week from 30 days after the auction if the buyer has paid off the auction item successfully and does not collect it for a long time.