2119 A SET OF EMERALD, COLOR DIAMOND AND DIAMOND JEWELRY Comprising a six strand emerald beads necklace, accented at the side with five flowers, decorated with pear-shape diamonds and circular-cut diamonds of yellow hue; and a ring en suite, all mounted in 18K gold, necklace 56 cm long, ring size 9? 祖母綠，彩色鑽石配鑽石項(xiàng)鏈及戒指套裝 項(xiàng)鏈由祖母綠珠串聯(lián)而成，兩旁18K金打造花朵造型裝飾，鑲嵌梨形鑽石，及黃色 調(diào)圓形切割鑽石；配同款花朵造型戒指，項(xiàng)鏈長(zhǎng)約56cm，戒指9 3/4號(hào) HKD 180,000-250,000 USD 23,100-32,100 2119 (Reduced Size) 187

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2121 2120 2120 2121 A 3.38 CARAT COLOMBIAN EMERALD AND DIAMOND RING, NO A PAIR OF 4.31 AND 4.22 CARAT COLOMBIAN EMERALD AND OIL DIAMOND EAR PENDANTS, NO OIL Set with a rectangular-shaped emerald, weighing 3.38 carats, flanked by two baguette- Each set with an rectangular-shaped emerald weighing 4.31 and 4.22 carats cut diamonds weighing 1.8 carats in total, mounted in 18K gold, ring size 6? respectively, surmounted by circular and square-shaped diamonds, diamonds weighing 3.61 carats in total, mounted in 18K gold, approximately 2.7 cm long SSEF, 2019, report no. 111161, 3.38 carats, Colombia, no indications of clarity SSEF, 2018, report no. 99558, 4.31 carats, Colombia, no indications of clarity modification modification Gübelin, 2021, report no. 21021049, 4.31 carats, Colombia, no indications of clarity 3.38克拉哥倫比亞祖母綠配鑽石戒指，未經(jīng)注油 modification 18K金鑲嵌3.38克拉長(zhǎng)方形祖母綠，兩旁配鑲階梯形鑽石，鑽石共重約1.8克拉， SSEF, 2019, report no. 108941, 4.22 carats, Colombia, no indications of clarity 戒指6 3/4號(hào) modification 附SSEF證書 Gübelin, 2021, report no. 21021048, 4.22 carats, Colombia, no indications of clarity modification HKD 750,000-980,000 USD 96,200-125,600 4.31及4.22克拉哥倫比亞祖母綠配鑽石耳環(huán)，未經(jīng)注油 18K金鑲嵌4.31及4.22克拉長(zhǎng)方形哥倫比亞祖母綠，配鑲方形及圓形鑽石，鑽石共 重約3.61克拉，耳環(huán)長(zhǎng)約2.7cm 附SSEF及Gübelin證書 HKD 2,200,000-2,800,000 USD 282,100-359,000 189

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2122 2122 A PAIR OF 3.05 AND 3.03 CARAT BURMESE ‘PIGEON'S BLOOD’ RUBY AND DIAMOND EARRINGS Each set with an oval-shaped Burmese ruby weighing 3.05 and 3.03 carats respectively, surrounded with pear-shaped diamonds, diamonds weighing approximately 5.5 carats in total, mounted in 18K gold, earrings approximately 2.0 cm long SSEF, 2019, report no.105095, 3.056 and 3.032 carats, Burma(Myanmar), no indications of heating GRS, 2019, report no.2019-039141, 3.05/3.03 carats, Burma(Mogok, Myanmar), no indications of thermal treatment, GRS type 'pigeon's blood' 3.05及3.02克拉緬甸「鴿血紅」紅寶石配鑽石耳環(huán)，未經(jīng)加熱 18K金鑲嵌3.05及3.03克拉橢圓形緬甸紅寶石，圍鑲22顆梨形鑽石，鑽石共重約 5.5克拉，耳環(huán)長(zhǎng)約2.0cm 附SSEF及GRS證書 HKD 920,000-1,200,000 USD 117,900-153,800 191

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2123 2123 A 4.04 CARAT BURMESE ‘PIGEON BLOOD’ RUBY AND DIAMOND RING Set with a cushion-shaped ruby, weighing 4.04 carats, within a pear -shaped and round diamonds surround, diamonds weighing 2.43 carats in total, mounted in 18K gold, ring size 6? SSEF, 2019, report no.107906, 4.047 carats, Burma (Myanmar), pigeon's blood red, no indications of heating 4.04克拉緬甸「鴿血紅」紅寶石配鑽石戒指，未經(jīng)加熱 18K金鑲嵌4.04克拉枕形紅寶石，圍鑲梨形及圓形切割鑽石，鑽石共 重約2.43克拉，戒指6 1/4號(hào) 附SSEF證書 HKD 2,400,000-3,200,000 USD 307,700-410,300 193

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2124 2124 A 30.02 CARAT BURMESE ’ROYAL BLUE' SAPPHIRE AND DIAMOND RING Set with an oval-shaped Burmese sapphire weighing 30.02 carats, flanked by two shield-shaped diamonds, weighing 1.53 and 1.50 carats respectively, mounted in platinum, ring size 5? Gübelin, 2020, report no. 20102005, 30.02 carat, Burma(Myanmar), no indications of hearting, also accompanied with information sheet titled unheated sapphires GRS, 2020, report no.2020-108369, 30.02 carats, Burma(Myanmar), no indications of thermal treatment, GRS type 'royal blue GIA, 2018, 1.50 to 1.53 carats, F-H color, VS1 clarity 30.02克拉緬甸「皇家藍(lán)」藍(lán)寶石配鑽石戒指，未經(jīng)加熱 鉑金鑲嵌30.02克拉橢圓形緬甸藍(lán)寶石，兩旁配鑲盾型切割鑽石，重約1.53及 1.50克拉，戒指5 3/4號(hào) 附Gübelin，GRS及2張GIA證書 HKD 3,500,000-4,800,000 USD 448,700-615,400 195

2125 2126 2125 2126 A SET OF JADEITE AND DIAMOND JEWELRY A JADEITE, DIAMOND AND RUBY BRACELET Comprising a translucent icy jadeite carved as a 'gourd', measuring approximately Set with five ice jadeite cabochons measuring approximately 11.83 x 10.83 x 5.97 21.76 x 10.96 x 7.46mm, surrounded by circular-cut diamonds, to a jadeite cabochon mm, surrounded by circular-cut diamonds, and spaced by flowers set with jadeite surmount of translucent emerald green framed by circular-cut diamonds; and a cabochons and circular-cut rubies, mounted in 18K gold, length approximately 16.5 brooch of Phoenix design, centring on a translucent icy jadeite cabachon, measuring cm approximately 14.2 x 13.12 x 7.16mm, set with six jadeite cabochons of bright green HK Jade & Stone Lab, 2020, report no. SJ 193133, natural Fei Cui-Type A color and good translucency, enhanced by circular-cut diamonds, diamonds of yellow hue and sapphrite, tsavorite, all mounted in 18K gold, pendant 3.5 cm long, brooch 緬甸天然翡翠蛋面配鑽石及紅寶石手鏈 6.8(L) x 2.5(W) cm 18K金鑲嵌五顆天然冰種翡翠蛋面，最大翡翠蛋面約11.83x10.83x5.97mm，圍 Accompanied by certs 鑲圓形切割鑽石，點(diǎn)綴翡翠蛋面及紅寶石鑲嵌花朵，手鏈長(zhǎng)約16.5cm 附香港玉石鑑定中心證書 緬甸天然翡翠蛋面配鑽石「葫蘆」掛墜及「鳳凰」胸針套裝 18K金鑲嵌緬甸天然翡翠“葫蘆”掛墜，蛋面尺寸約21.76x10.96x7.46mm，頂 HKD 60,000-80,000 部配鑲一顆天然翡翠蛋面，圍鑲圓形切割鑽石；18K金鑲嵌緬甸天然翡翠“鳳凰” USD 7,700-10,300 造型胸針，蛋面尺寸約14.2x13.12x 7.16mm，配鑲六顆天然翡翠蛋面，點(diǎn)綴圓形 切割鑽石、黃色調(diào)鑽石及沙弗萊石，掛墜長(zhǎng)約3.5cm，胸針6.8(長(zhǎng))x2.5(寬)cm 附證書 HKD 40,000-60,000 USD 5,100-7,700 196 紅色標(biāo)題拍品無(wú)保留價(jià) Lots with red titles are to be sold without reserve

2128 2127 2127 2128 A PAIR OF COLORLESS JADEITE, PINK SAPPHIRE, TSAVORITE A JADEITE CABOCHON AND DIAMOND RING AND DIAMOND EAR PENDANTS Set with an oval-shaped jadeite cabochon of bright green color and good Two colorless oval jadeite cabochons, cabochons measuring approximately 14.03X translucency, decorated with circular-cut yellow diamonds and diamonds, weighing 12.10 x 4.8 mm, decorated with circular and pear-shaped pink sapphire, tsavorite and approximately 2 carats in total, mounted in 18K gold jadeite approximately 9.17 x 3.72 diamonds, mounted in 18K gold, approximately 6 cm long mm, ring size 6? HK Jade & Stone Lab, 2021, report no. SJ 199639, natural Fei Cui-Type A HK Jade & Stone Lab, 2021, report no. SJ 199631, natural Fei Cui-Type A 緬甸天然翡翠配鑽石、粉色剛玉及沙弗萊石耳環(huán) 緬甸天然翡翠蛋面配鑽石戒指 18K金鑲嵌緬甸天然冰種翡翠蛋面，配鑲圓形及梨形鑽石、粉色剛玉及沙弗萊石， 18K金鑲嵌緬甸天然滿綠翡翠蛋面，配鑲圓形切割鑽石及黃色鑽石，翡翠尺寸約 翡翠蛋面約14.03x12.10x4.8mm，耳環(huán)長(zhǎng)約6cm 9.17x3.72mm，戒指6 1/4號(hào) 附香港玉石鑑定中心證書 附香港玉石鑑定中心證書 HKD 35,000-85,000 HKD 60,000-80,000 USD 4,500-10,900 USD 7,700-10,300 紅色標(biāo)題拍品無(wú)保留價(jià) Lots with red titles are to be sold without reserve 197

2130 2129 2129 2130 A SET JADEITE AND DIAMOND JEWELRY A JADEITE AND DIAMOND RING Comprising a jadeite pendant carved as a Buddha's palm, with a 18K gold chain Centering a bright green square-shaped jadeite plague, decorated with circular-cut necklace, pendant 3 cm long; and a jadeite carving, set with baguette-cut diamonds, diamonds, mounted in 18K gold, jadeite measuring approximately 11.27 x11.22 x 2.73 mounted in 18K gold, pendant 5.5 cm long mm, ring size 8? Accompanied by HK Jade & Stone Lab certificate HK Jade & Stone Lab, 2012, report no. KJ 75530, natural Fei Cui-Type A Please note that the reports are over 5 years old and may require an update 緬甸天然翡翠配鑽石掛墜套裝 緬甸天然翡翠佛手，配18K金項(xiàng)鏈，長(zhǎng)約3cm；另有翡翠雕件掛墜，配鑲階梯形鑽 緬甸天然翡翠配鑽石戒指 石，掛墜長(zhǎng)約5.5cm 18K金鑲嵌緬甸天然方形翡翠牌，配鑲圓形切割鑽石，翡翠尺寸約11.27 附香港玉石鑑定中心證書 x11.22x2.73mm，戒指8 1/2號(hào) 附香港玉石鑑定中心證書 HKD 48,000-68,000 USD 6,200-8,700 HKD 68,000-88,000 USD 8,700-11,300 198 紅色標(biāo)題拍品無(wú)保留價(jià) Lots with red titles are to be sold without reserve

2131 2131 A PAIR OF JADEITE AND DIAMOND EAR PENDANTS Each set with a jadeite of intense green color, accented with circular- cut diamonds, mounted in 18K gold, length approximately 4.6 cm Accompanied by HK Jade & Stone Lab certificate 緬甸天然翡翠配鑽石耳環(huán) 18K金鑲嵌緬甸天然翡翠，配鑲鑽石，耳環(huán)長(zhǎng)約4.6cm 附香港玉石鑑定中心證書 HKD 220,000-320,000 USD 28,200-41,000 199

2132 2132 A PAIR OF JADEITE AND DIAMOND EAR PENDANTS Each set with a green jadeite hoop, decorated with circular cut diamonds, surmounted by triangular-shaped white and yellow diamonds weighing 0.84 carat in total, mounted in 18K gold, jadeite diameter approximately 17.61mm, thickness 3.16mm, earrings measuring approximately 4.1cm Accompanied by HK Jade & Stone Lab certificate 緬甸天然翡翠配鑽石耳環(huán) 18K金鑲嵌緬甸天然滿綠翡翠，圓形切割鑽石點(diǎn)綴，頂部配鑲總重0.84克拉白色及 黃色鑽石，翡翠直徑約17.61mm，厚度約3.16mm，耳環(huán)長(zhǎng)約4.1cm 附香港玉石鑑定中心證書 HKD 460,000-560,000 USD 59,000-71,800 200

2133 2133 A JADEITE 'GOURD', RUBY AND DIAMOND PENDANT NECKLACE The translucent jadeite of emerald green colour, carved as a gourd, side decorated with circular-cut diamonds, surmounted by a ruby cabochon, mounted in 18K gold, gourd 32.6 x 23.40 x 7.80 mm Accompanied by HK Jade & Stone Lab certificate 緬甸天然翡翠配紅寶石及鑽石「葫蘆」掛墜項(xiàng)鏈 18K金鑲嵌緬甸天然翡翠葫蘆造型掛墜，尺寸約32.6x23.40x7.80mm，頂部鑲嵌 一顆紅寶石蛋面，配鑲圓形切割鑽石 附香港玉石鑑定中心證書 HKD 380,000-480,000 USD 48,700-61,500 201

2134 2134 A LAVENDER JADEITE BANGLE The semi-cylindrical lavender jadeite bangle measuring approximately 57.68(inner diameter), and 16.07(thickness) Accompanied by HK Jade & Stone Lab certificate 緬甸天然紫羅蘭翡翠手鐲 緬甸天然紫羅蘭翡翠手鐲，手鐲內(nèi)徑57.68mm，厚度16.07mm 附香港玉石鑑定中心證書 HKD 98,000-180,000 USD 12,600-23,100 202

2135 2135 A PAIR OF LAVENDER JADEITE AND DIAMOND EAR PENDANTS Each set with a lavender jadeite hoop, decorated with circular and pear-shaped diamonds, surmounted by green jadeite cabochon, framed with diamonds weighing 1.73 carats in total, mounted in 18K gold, jadeite diameter approximately 20.54mm, thickness 7.27mm, earrings measuring approximately 5.8cm Accompanied by HK Jade & Stone Lab certificate 緬甸天然紫羅蘭翡翠配鑽石及翡翠耳環(huán) 18K金鑲嵌緬甸天然紫羅蘭翡翠扣，配鑲圓形及梨形切割鑽石，頂部鑲嵌2顆綠色翡 翠蛋面，圍鑲鑽石，總重1.73克拉，翡翠直徑約20.54，厚度約7.27mm，耳環(huán)長(zhǎng) 約5.8cm 附香港玉石鑑定中心證書 HKD 320,000-420,000 USD 41,000-53,800 203

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2136 2136 A PAIR OF JADEITE AND DIAMOND EAR PENDANTS Each set with an oval-shaped jadeite cabochon of intense green color measuring approximately 16.81x13.30 and 16.57x14.28mm, joined to the circular-cut diamonds spacer, to the oval-shaped jadeite cabochon surmount measuring approximately 16.55x13.40 and 16.29x13.11mm, within a circular-cut diamond surround, mounted in 18K gold, earrings 4.7 cm long Accompanied by HK Jade & Stone Lab certificate 緬甸天然翡翠蛋面配鑽石耳環(huán) 18K金鑲嵌兩顆緬甸天然滿綠翡翠蛋面，尺寸分別約爲(wèi)16.81x13.30及 16.57x14.28mm，串聯(lián)兩顆圓形切割鑽石，頂部分別鑲嵌兩顆滿綠翡翠蛋面，尺寸 分別約爲(wèi)16.55x13.40 及16.29x13.11mm，圍鑲鑽石，耳環(huán)長(zhǎng)約4.7cm 附香港玉石鑑定中心證書 HKD 1,800,000-2,200,000 USD 230,800-282,100 205

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2137 2137 A JADEITE AND DIAMOND RING Set with an oval-shaped jadeite cabochon of very fine green color and good translucency, decorated with circular-cut diamonds, diamonds weighing 2.99 carats in total, mounted in 18K gold, jadeite approximately 16.58x13.42mm, ring size 6 Accompanied by HK Jade & Stone Lab certificate 緬甸天然翡翠蛋面配鑽石戒指 18K金鑲嵌緬甸天然滿綠翡翠蛋面，配鑲圓形切割鑽石，翡翠尺寸約 16.58x13.42mm，戒指6號(hào) 附香港玉石鑑定中心證書 HKD 1,200,000-1,500,000 USD 153,800-192,300 207

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2138 2138 A JADEITE ‘FUGUA’ PENDANT The jadeite of bright green color and very good translucency, carved as a Fugua, jadeite Fugua approximately 55.64x27.58x10.66mm Accompanied by HK Jade & Stone Lab certificate 緬甸天然滿綠翡翠「福瓜」掛墜 緬甸天然滿綠翡翠福瓜，寓意吉祥，翡翠尺寸約55.64x27.58x10.66mm 附香港玉石鑑定中心證書 HKD 680,000-1,500,000 USD 87,200-192,300 209

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2139 2139 A JADEITE AND DIAMOND PENDANT NECKLACE The jadeite of intense green color and very good translucency, decorated with circular and baguette-cut diamonds, surmounted by a square-shaped diamond, mounted in 18K gold, strung on a black cord, baguette-cut diamonds clasp, jadeite approximately 38.28x25.22x8.30mm Accompanied by HK Jade & Stone Lab certificate 緬甸天然翡翠配鑽石掛墜項(xiàng)鏈 18K金鑲嵌緬甸天然滿綠翡翠牌，配鑲圓形及階梯型鑽石，頂部鑲嵌一顆方形鑽 石，掛墜尺寸約38.28x25.22x8.30mm 附香港玉石鑑定中心證書 HKD 680,000-880,000 USD 87,700-113,600 211

2140 2141 2140 2141 A JADEITE AND DIAMOND 'GOURD' BANGLE A JADEITE SADDLE RING Set with green jadeite carved as gourd, embellished with oval-shaped colorless jadeite, The translucent jadeite saddle ring of green colour, ring size 7? decorated with circular-cut diamonds weighing 8.98 carats in total, mounted in 18K Accompanied by HK Jade & Stone Lab certificate gold, inner diameter approximately 58.55mm Accompanied by HK Jade & Stone Lab certificate 緬甸天然翡翠馬鞍戒指 緬甸天然翡翠馬鞍戒指，戒指7 1/4號(hào) 緬甸天然翡翠「葫蘆」配鑽石手鐲 附香港玉石鑑定中心證書 18K金鑲嵌緬甸天然翡翠葫蘆，配鑲冰種翡翠蛋面，點(diǎn)綴圓形切割鑽石總重8.98克 拉，手鐲內(nèi)直徑約58.55mm HKD 280,000-380,000 附香港玉石鑑定中心證書 USD 35,900-48,700 HKD 88,000-150,000 USD 11,300-19,200 212

2142 2142 A JADEITE 'GUANYIN' AND DIAMOND PENDANT The green jadeite carved as a Guanyin, decorated with circular- cut diamonds, mounted in 18K gold, jadeite Guanyin measuring approximately 49.69x26.04, pendant 6.1cm Accompanied by HK Jade & Stone Lab certificate 緬甸天然翡翠觀「觀音」配鑽石掛墜 18K金鑲嵌緬甸天然滿綠翡翠觀音，配鑲圓形切割鑽石，觀音尺寸 約49.69x26.04mm，掛墜約6.1cm 附香港玉石鑑定中心證書 HKD 120,000-220,000 USD 15,400-28,200 213

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2143 2143 A PAIR OF JADEITE AND RUBY PENDANT NECKLACE Two jadeite hoop of intense green color and very good translucency, set with a circular-cut ruby sphere surmount, to the length adjustable black silk cord, pendant diameter approximately 20.23 mm, thickness approximately 5.01 mm Accompanied by HK Jade & Stone Lab certificate 緬甸天然翡翠配紅寶石「平安扣」掛墜項(xiàng)鏈一對(duì) 緬甸天然翡翠平安扣掛墜一對(duì)，寓意平安、圓滿，質(zhì)地通潤(rùn)，配鑲圓形切割 紅寶石打造球形，翡翠約20.23x5.01mm 附香港玉石鑑定中心證書 HKD 1,380,000-1,800,000 USD 176,900-230,800 215

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2144 2144 A JADEITE AND DIAMOND NECKLACE/BROOCH Set with an oval-shaped jadeite cabochon of intense green color and good translucency, decorated with circular-cut diamonds, diamonds weighing 5.62 carats in total, mounted in 18K gold, jadeite approximately 24.51x18.39mm, can be worn as a brooch, pendant 4.8 cm long, necklace 40.5 cm long Accompanied by HK Jade & Stone Lab certificate 緬甸天然翡翠蛋面配鑽石項(xiàng)鏈/胸針 18K金鑲嵌緬甸天然滿綠翡翠蛋面，配鑲總重5.62克拉圓形切割鑽石，翡翠尺寸約 24.51x18.39mm，可作爲(wèi)胸針佩戴，吊墜長(zhǎng)約4.8cm，項(xiàng)鏈長(zhǎng)約40.5cm 附香港玉石鑑定中心證書 HKD 1,800,000-2,500,000 USD 230,800-320,500 217

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2145 AN IMPRESSIVE JADEITE BEAD, RUBY AND DIAMOND NECKLACE Composed of forty-seven jadeite beads of evenly intense green colour with high translucency, the largest jadeite bead diameter measuring approximately 11.99 mm, to a ruby cabochon and circular-cut diamonds clasp, ruby weighing 4.69 carats and diamonds weighing 1.31 carats, mounted in 18K gold, length approximately 57 cm HK Jade & Stone Lab, 2021, report no. SJ 201701, natural Fei Cui-Type A 緬甸天然翡翠珠配紅寶石及鑽石項(xiàng)鏈 項(xiàng)鏈由47顆翠綠均勻緬甸天然翡翠珠串連而成，最大翡翠珠直徑約11.99mm， 配鑲18K金鑲嵌圓形切割鑽石及紅寶石蛋面鏈扣，紅寶石重約4.69克拉，鑽石共 重約1.31克拉，珠鏈長(zhǎng)約57cm 附香港玉石鑑定中心證書 Estimate Upon Request 估價(jià)待詢 2145 219

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IMPORTANT NOTICES Property are not described in the catalogue, this does not mean that the Property has no weakness or defects. The auctions held by Poly Auction (Hong Kong) Limited (“Poly Auction (Hong Kong)”or“our company”) are conducted according to the Conditions of Business, Important Notices, Important Notices about Bidding Registration, Important Notice about Payment and Important Notice about Storage Collection Shipping and Export, and anyone participating in the auction should read the terms carefully. These Conditions and rules may be revised by announcement or verbal noti?cation without prior notice. The following pages are designed to give you useful RESTRICTED MATERIALS 1 information on how to bid at auctions. Poly Auction (Hong Properties with a symbol have been identified 1.5 Kong)’s sta? as listed at the front of this catalogue will to be made of or containing restricted materials at be happy to assist you. However, it is important that you the time of the compiling of the catalogue, and the 2 read the following information carefully and note that materials concerned may be subject to import and 2.5 Poly Auction (Hong Kong) acts for the seller. export restraints. Properties without this symbol it is not 3 guaranteed that Properties are not subject to import PROVENANCE and export restraints. For items made of botanic or In certain circumstances, Poly Auction (Hong Kong) may animal materials (coral, crocodile, ivory, whalebone, print in the catalogue the history of ownership of a work tortoise, rhinoceros horn and Brazilian Rosewood, etc.) of art if such information contributes to scholarship or or containing botanic or animal materials, regardless is otherwise well known and assists in distinguishing of their year or value, may require an application for the work of art. However, the identity of the seller or permits or certificates before exporting outside Hong previous owners may not be disclosed for a variety of Kong, and other application for permits or certificates reasons. For example, such information may be excluded may be required when importing into countries outside to accommodate a seller’s request for con?dentiality or Hong Kong. Please pay attention that the ability to obtain because the identity of prior owners is unknown given export permits or certificates does not ensure that the age of the work of art. import permits or certi?cates can be obtained in another country and vice versa. For example, importing ivory for fewer 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 certificates and any other documents required. 20% ELECTRICAL APPLIANCES AND MECHANICAL 1 MERCHANDISES 1.5 BUYER S PREMIUM All electrical appliances and mechanical merchandise 2 A buyer’s premium will be added to the Hammer Price are sold on an “as is” basis, and should not be assumed and is payable by the buyer as part of the total purchase that they operate. Before putting into any use, electrical 3 price. ?e buyer’s premium is 20% of the hammer price appliances must be inspected and approved by quali?ed of each Lot up. electric technicians. 4 CONDITIONS OF THE PROPERTIES 5 Bidder must review the Lot(s) in the preview before the auction, and bear all responsibilities (including but not JEWELRY, WATCHES AND HANDBAGS limited to legal liability and/or responsibility) of their Description of the conditions of Jewelry Lot(s) usually bidding acts. For more information on the Properties, contained in the catalogue, however, absence of a please consult our business sta?. If the conditions of a description does not imply that the Lot(s) is free from

defects or imperfection or beautification process. not relied upon any representation or other information a valid reason to withdraw or cancel the bid and Beautification processes of coloured gemstones, such (whether oral or written) by Poly Auction (Hong Kong) or delay payment for the auctioned item. Buyers should as heat enhancement, oiling or irradiation, etc, have by the seller. cautiously inspect the auctioned item during collection. been generally accepted by the international jewellery Condition Grades of Watches Upon acknowledging receipt of the auctioned item by markets. If Poly Auction (Hong Kong) has obtained Grading 1: As new. ?e timepiece appears with neither the buyer (or his agent), the buyer confirms that he or gemological reports from internationally recognized signs of use nor ownership over time. ?e movement is she has accepted the state and quality including but gemological laboratories for the Lot(s), all known in working order when cataloguing. not limited to any defect or ?aw on, e.g. the packaging, important facts and conditions of the Lot(s) have Grading 1.5: In excellent condition. The timepiece labels, level of wear and tear, cork, etc., of the auctioned contained in the catalogue, our Company assumes no appears with extremely slight signs of ownership over items without any objection. responsibility for the accuracy of the reports. It may time. It may exhibit very slight hairline scratches on the not be feasible for Poly Auction (Hong Kong) to obtain case but no obvious signs of use. The movement is in LANGUAGE laboratory reports for all Lot(s), the estimates are based working order when cataloguing. The Chinese version of the Conditions of Business, on all known information at the moment. Bidders must Grading 2: In very good condition. ?e timepiece appears Important Notice, Explanation of Cataloguing Practice, inspect conditions of the Lot(s) by themselves before with slight signs of use over time. It may exhibit slight Important Notice about Bidding Registration, Important the auction. Any dissent about conditions of the Lot(s) scratches on the case. ?e movement is in working order Notice about Payment, Important Notice about after the bid shall not justify rescission or cancellation when cataloguing. Storage Collection Shipping and Export and all other of a sale or any delayed payment. If bidders request a Grading 2.5: In good condition. The timepiece appears documents such as the terms, conditions, notices, forms designated laboratory report for any Lot(s), such request with obvious signs of use and scratches on the case. ?e etc. contained in this catalogue, announced by the should be raised out 14 workings days before the auction movement is in working order when cataloguing. auctioneer or provided at the saleroom as well as the and at their own cost. Bidders should also be aware Grading 3: In fair condition. The timepiece appears descriptions of the Properties in this catalogue of our that Lot(s) containing jadeite or gemstones originating with very obvious signs of use and scratches/defects. Company shall be binding and the English version is for from Burma may not be allowed to be imported into the Maintenance may be required. reference only. U.S.. This will not constitute a ground for rescission or For more details, please refer to the Condition Report for cancellation of a sale or any delayed payment. each Lot. COPYRIGHT Lot(s) of clocks and watches in the catalogue will ?e copyright of this catalogue belongs to our Company. be sold at current status (i.e. as is). Bidders should Condition Grades of Handbags Without the written permission of our Company, no parts personally inspect the conditions of the Lot(s) before Grading 1: As new. Appears never to have been used. It of this catalogue shall be reproduced in any way or used the auction. Descriptions of the Lot(s) in the catalogue exhibits no signs of wear. in any other way. are for reference only. The absence of a description Grading 1.5: In mint condition; virtually new and unused does not imply that the Lot(s) is in good condition, free with very minor signs of ownership over time. RIGHT OF INTERPRETATION from defects or restorations. Descriptions only reflect Grading 2: In pristine condition. To the untrained eye, it ?e right of interpretation in respect of the Conditions of subjective opinions of experts of Poly Auction (Hong may appear brand new. ?ere may be a slight condition Business, Important Notice, Explanation of Cataloguing Kong), it is not a statement of facts, nor a complete note, but overall the piece is in excellent condition. Practice, Important Notice about Bidding Registration, record of all repairs, component replacements or Grading 3: In excellent condition. ?is is a piece that has Important Notice about Payment, Important Notice restorations. Poly Auction (Hong Kong) makes no seldom been used and shows little to no wear. ?ere may about Storage Collection Shipping and Export and all guarantee on operation, water-resistance, authenticity be small condition issues to note overall the piece is in other documents such as the terms, conditions, notices, and originality of individual parts (including watchstrap) excellent condition. forms, etc. contained in this catalogue, announced by of the Lot(s). In addition, bidders should be aware of the Grading 4: In very good condition. ?is piece may show the auctioneer or provided at the salesroom, shall be import restrictions of the U.S. concerning luxury watches. signs of light wear. It is in very good condition but the exercised by our Company. Where the tone, colour, graduation shape or any corners may show signs of light scu?ng, the base may other feature of the Lot shown in the catalogue and/ show light scratches, and the hardware may exhibit light or any other illustrations, images and public materials marks. differ from those of the original Lot due to printing, Grading 5: In good condition. ?is piece shows signi?cant photography or other technical reasons, the original Lot wear. ?ere are condition issues that will be noted in the shall take precedence. Any introduction and appraisal of condition report. any Lot made by the Company and its employees or its Grading 6: In fair condition. ?is piece shows signi?cant agents in any way (including the certificate, catalogue, wear and/or damage. It may require repair or slideshow and news media) are only opinions for refurbishment in order to be used. Condition issues will reference and do not constitute any guarantee for the be noted in the condition report. Lot. The Company and its employees or agents shall undertake no liability for any inaccuracy or omission in () the aforesaid introduction or appraisal. Condition reports and grades are provided free of charge ALCOHOL AND TEA as a convenience to our buyers and are for guidance The descriptions about the auction of alcohol and only. They are not an alternative for examining a lot in tea are being stated in the catalogue. Our Company person or taking your own professional advice from reminds bidders to learn more about the auctioned Specialists. Bidders must inspect the conditions of the products before bidding. Bidder’s participation in Lot (s) by themselves before the auction. Any dissent bidding at auction is deemed as the bidder’s approval about conditions of the Lot (s) after the bid shall not and acceptance of the package, quality and status of justify rescission or cancellation of a sale or any delay in the auctioned items. Any different opinion formed by payment. ?e condition of lots sold in our auctions can the bidders after successful bidding, will not constitute vary widely due to factors such as age, previous damage, restoration, repair and wear tear. ?e grading of watches is based on the general condition, quality, technical and historical interest, age and rarity of each timepiece. 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. ?e buyers acknowledge and agree that any sale is entirely the buyers’ decision, and the buyers have

EXPLANATION OF CATALOGUING PRACTICE mind that estimates are prepared well in advance of the sale opinion is a work executed in the artist s style but of a later and are not definitive. They are subject to revision. date. 7. After ... in Poly Auction (Hong Kong) s qualified POLY AUCTION (HONG KONG) INTEREST IN opinion a copy (of any date) of a work of the artist. PROPERTY CONSIGNED FOR AUCTION 8. Signed ... / Dated ... / Inscribed ... in Poly From time to time, Poly Auction (Hong Kong) may offer a lot Auction (Hong Kong) s qualified opinion the work has been which it owns in whole or in part. Such property is identified signed/dated/inscribed by the artist. in the catalogue with the symbol next to the lot number. 9. With signature ... / With inscription... / in Poly On occasion, Poly Auction (Hong Kong) has a direct financial Auction (Hong Kong) s qualified opinion the signature/ interest in lots consigned for sale which may include inscription appears to be by a hand other than that of the guaranteeing a minimum price or making an advance to artist. the consignor that is secured solely by consigned property. 10. With date ... in Poly Auction (Hong Kong) s Such property is identified in the catalogue by the symbol qualified opinion, the date on the item was not executed on that date. next to the lot number. This symbol will be used both in This term and its definition in this Explanation of Cataloguing cases where Poly Auction (Hong Kong) holds the financial Practice are a qualified statement as to authorship. While the interest on its own, and in cases where Poly Auction (Hong use of this term is based upon careful study and represents Kong) has financed all or a part of such interest through a the opinion of specialists, Poly Auction (Hong Kong) and third party. Such third parties generally benefit financially if the consignor assume no risk, liability and responsibility for a guaranteed lot is sold successfully and may incur a loss the authenticity of authorship of any lot in this catalogue if the sale is not successful. The financing offered by a third described by this term, and the Limited Warranty shall not be party may be in the form of an irrevocable bid provided by available with respect to lots described using this term. that third party. Where Poly Auction (Hong Kong) has an ownership or financial 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. ALL MEASUREMENTS ARE APPROXIMATES AND EXPLANATION OF CATALOGUING PRACTICE CONDITION REPORTS FOR PICTURES, DRAWINGS, PRINTS AND Poly Auction (Hong Kong) catalogues include references to MINIATURES condition only in descriptions of multiple works (such as Terms used in this catalogue have the meanings ascribed to prints, books, alcohol and tea). For all other properties, no them below. Please note that all statements in this catalogue statement of the condition is made, and only alterations as to authorship are made subject to the provisions of the or replacement components are listed. Please contact the Conditions of Business and Limited Warranty. Specialist Department for a condition report on a particular Buyers are advised to inspect the property themselves. lot. Condition reports are provided as a service to interested Written condition reports are usually available on request. clients. Prospective buyers should note that descriptions of 1. Name(s) or Recognized Designation of an Artist without property are not warranties and that each lot is sold on an any Qualification in Poly Auction (Hong Kong) s opinion a work by the artist. as is basis. 2. Attributed to ... in Poly Auction (Hong Kong) s qualified opinion is probably a work by the artist in whole or 7.8 =1 in part. 3. Studio of ... / Workshop of ... in Poly Auction (Hong CATALOGUE EXCHANGE RATE Kong) s qualified opinion a work executed in the studio or HK$7.8 = US$1 workshop of the artist, possibly under his supervision. The rate of exchange was established at the latest practical 4. Circle of ... in Poly Auction (Hong Kong) s qualified date prior to the printing of the catalogue and may therefore opinion a work of the period of the artist and showing his have changed by the time of the sale. Bidders should bear in influence. 5. Follower of ... in Poly Auction (Hong Kong) s qualified opinion is a work executed in the artist s style but not necessarily by a pupil. 6. Manner of ... in Poly Auction (Hong Kong) s qualified

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CONDITION OF BUSINESS CHAPTER I GENERAL RULES Lot written in the catalogue or other descriptive materials, such Agent is a legal person or any other organization; and excluding the Buyer's Commission; 4.A power of attorney duly executed. ?e Company has the right ARTICLE 1 POLY AUCTION (HONG KONG) LIMITED (16) Storage Fee means the storage fee payable by the to examine the aforesaid documents in a lawful manner. AS AGENT Buyer to the Company according to these Conditions of Business. Unless otherwise stated, Poly Auction (Hong Kong) Limited In these Conditions of Business, where the context requires, ARTICLE 7 THE SELLER S WARRANTIES acts as the Seller's agent. ?e closing agreement for sale of words denoting the singular shall include the plural and vice versa. ?e Seller hereby makes irrevocable warranties to the Com- a Lot shall be a contract between the Seller and the Buyer. pany and the Buyer with respect to the Lot it consigns to the ?ese Conditions of Business and all other terms, conditions ARTICLE 3 SCOPE OF APPLICATION Company for auction as follows: and notices contained in the catalogue, announced by the All parties participating in any auctions organized by the 1.?e Seller has absolute ownership or legal right to dispose of Auctioneer or provided at the saleroom shall constitute the Company, including the Seller, the Bidder, the Buyer and all the Lot. ?e auction of the Lot will not prejudice any legal inter- provisions agreed among the Seller, the Buyer and/or Poly other related parties (including but not limited to the agents est (including copyright interest) of any third party, and will not Auction (Hong Kong) Limited as auction agent. of the Seller, the Bidder and the Buyer) shall be deemed to violate the provisions of relevant laws and regulations; accept in full and bound by these Conditions of Business, 2.?e Seller has, to the best of its knowledge, made full, com- ARTICLE 2 DEFINITIONS AND INTERPRETATION and shall comply with them in such auctions, enjoy the rights plete and accurate disclosure and description to the Com- In these Conditions of Business, the following terms shall and perform the obligations provided herein. pany with respect to the origin and any ?aw of the Lot and have the meanings set forth below: Any Bidder who bids in an auction organized by the Company, noti?ed the Company in writing, without any concealment or (1) Company means Poly Auction (Hong Kong) Limited; whether in person or by authorizing an agent to bid on his/ fabrication. If the Lot is liquor or tea, the Seller should truly (2) Seller means any natural person, legal person or her/its behalf, whether by raising the paddle, by absentee disclose the defects or ?aws about, including but not limit to other organization that consigns a Lot(s) within the scope of bids, by phone or by any other means, shall be deemed to the packaging, labels, level of wear and tear, corks, etc.; these Conditions of Business to the Company for auction. In have accepted these Conditions of Business in full. 3.?e Seller is not subject to trade sanctions, embargoes or these Conditions of Business, a Seller shall include any of its Any dispute among the parties to auctions organized by any other restriction on trade in the jurisdiction in which it agents unless as otherwise speci?ed herein or required in a the Company shall be settled in accordance with these does business as well as under the laws of Hong Kong, the particular context; Conditions of Business. laws of the European Union, the laws of England and Wales (3) Bidder means any person, company, body corporate or the laws and regulations of the United States, and is not or other organization who or which considers, carries out or ARTICLE 4 SPECIAL NOTICE owned (nor partly owned) or controlled by such sanctioned attempts to bid in anyway. In these Conditions of Business, Bidders and Buyers participating in any auctions organized person(s) (collectively, Sanctioned Person(s) ); a Bidder shall include any of its agents unless as otherwise by the Company shall carefully read and be abided by these 4.?e Lot is not connected with nor has any link to nor is de- speci?ed herein or required in a particular context; Conditions of Business; Bidders and Buyers shall read the rived from any criminal activity, including without limitation (4) Buyer means the Bidder whose bid or o?er for a Lot provisions limiting the Company's liabilities and disclaimers tax evasion, money laundering, terrorist activities or other is recognized by an Auctioneer as the highest bid for that Lot contained in these Conditions of Business carefully. Bidders criminal activity, and the Seller is neither under investiga- in an auction held by the Company, including the principal on and/or their agents have the responsibilities to review the tion, nor has it been charged with or convicted of without behalf of which such Bidder acts; original Lot in person, and bear legal liabilities for their acts limitation, tax evasion, money laundering, terrorist activities (5) Buyer's Commission means any commission that of bidding the Lot. or other criminal activity; a Buyer shall pay to the Company calculated at the rate Upon the Auctioneer confirms the Bidder's bid by striking 5.If the Lot being consigned shall be imported into Hong Kong, speci?ed herein of the Hammer Price for the Lot that such his/her hammer or in any other manner publicly indicating the Seller shall guarantee the compliance with the laws of its Buyer purchases; confirmation of the purchase in any auctions organized by origin, and ensure the completion of the export and import pro- (6) Lot means any item consigned by a Seller to the Company the Company, the contract for sale regarding the Lot shall cedures and notify the Company in writing; and for auction and so auctioned in any auction, in particular, any item immediately enter into force and the Bidder shall become the 6.?e Seller must ensure that the auctioned items do not con- numbered in any catalogue with certain description; Buyer of the Lot. ?e Company, the Seller and the Buyer shall travene any laws of Hong Kong (including the Public Health and (7) Auction Date means the date on which an auction acknowledge the sale of the Lot and its closing, enjoy the rights Municipal Services Ordinance, the Food Safety Ordinance and is formally held, as announced by the Company in its public and assume the obligations provided by applicable laws and/ the Protection of Endangered Species of Animals and Plants notice. In case of any discrepancy between the actual date or these Conditions of Business. Any party that fails to perform Ordinance the Endangered Species of Wild Animals and Plants), and the announced date of an auction, the actual date shall obligations shall bear its/his/her corresponding legal liabilities. ensure and disclose to our Company that it has any license prevail; The Company may amend these Conditions of Business for a or quali?cation registration to possess, disposal or sale of the (8) Sale Date means, in an auction held by the Company, particular auction by posting announcements at the auction site or auctioned item required by the laws of Hong Kong. ?e Seller the date on which the auctioneer concludes a contract for making an announcement at such auction through an Auctioneer. should ensure that if they require our Company to make an sale between a Seller and a Buyer by way of hammer striking additional license or permit to the relevant departments for the or any other customary manner publicly con?rming the sale; CHAPTER II THE SELLER auction, display, disposal or possession of the auctioned items, (9) Auctioneer means any person designated by the they should notify us in the written notice not less than two Company to moderate a particular auction; ARTICLE 5 CONSIGNMENT PROCEDURE months prior to the auction. (10) Hammer Price means the price for a Lot at which When arranging for the consignment of the Seller s Lot to 7.?e Seller shall guarantee that the Lot is authentic. In so the Auctioneer decides to sell the Lot by striking the hammer the Company for auction: doing, the Seller guarantees: or the agreed sale price in the post-auction sale; 1.The Seller must present a valid identity document with a)?e Lot is not a counterfeit or forgery of: (11) Proceeds of Sale means the net amount due to the Seller, photo issued by the government (e.g. resident identity card i.?e work of any artist, author or manufacturer, if the Lot is being the Hammer Price less the Buyer's Commission, all expenses or passport) if the Seller is a natural person and sign a con- described by the Seller as to the work of that artist, author or and other amounts payable to the Company by the Seller; signment auction contract with the Company; manufacturer; (12) Purchase Price means the total amount payable 2.A valid certi?cate of incorporation, proof of shareholding, ii.A work created or produced within a particular time frame by the Buyer for his/her/its purchase for each Lot, including or a legal authorization document shall be required if the or culture, if the Lot is described by the Seller as a work cre- the Hammer Price, the Buyer's Commission, other Buyer's Seller is a legal entity or any other organization, which shall ated or produced during that time frame or culture; Expenses and all Buyer's Expenses arising from its failure to sign a consignment auction contract with the Company. iii.A work of a particular origin or source, if the Lot is de- perform its obligations; 3.When the Seller signs a consignment auction contract scribed by the Seller as a work of that origin or source; or (13) Buyer's Expenses means costs and expenses in with the Company, the Company shall be automatically au- iv.A work created or crafted or re?ned or restored through a relation to sale of the Lot by the Company, including but thorized to make pictures, illustrations, catalogues, or other particular process or manner, if the Lot is described by the not limited to insurance policies, packing, moving, storage, video images of the Lot. Seller as a work created through that process or manner. custody for the Lot, any expenses of testing, investigation, b)In the case of jewellery and timepieces, in addition to 7(a) queries or authentication related to the Lot at the request of ARTICLE 6 THE SELLER S AGENT above, the Lot is crafted in the manner as described by the the Buyer or any additional costs and legal expenses to bring 1.When arranging for the consignment of the Lot to the Seller, out of the particular materials as described by the claims against a defaulting Buyer; Company for auction, the Seller s Agent shall submit to the Seller, and had underwent no restoration processes other (14) Reserve means the con?dential minimum selling price Company the relevant authorization certi?cates including: than those stated by the Seller; and for the Lot that the Seller has con?rmed with the Company; 2.A valid identity document if such Agent is a natural person; c)In the case of gemstones, in addition to 5(a) above, the Lot (15) Estimate means the estimated selling price of a 3.A valid certi?cate of incorporation and proof of shareholding if had undergone no beauti?cation processes other than those

speci?ed by the Seller. 3.?e illustration of the Lot in the catalogue, the exhibition of in relation to the Lot being consigned for auction, the Com- 8.The Seller hereby undertakes that none of the Proceeds the Lot and other forms of publicizing the Lot, the arrange- pany shall have the right to refuse to return such Lot until the of Sale will be transferred to or used for the bene?t of any ment in the promotional activities as well as the standards of dispute is settled. Sanctioned Person(s), nor will any party involved in the trans- payable expenses; action including ?nancial institutions, freight forwarders or 4.Suitability of a Lot for auction by the Company; ARTICLE 12 THE SELLER S WITHDRAWAL OF LOT other forwarding agents or any other party be a Sanctioned 5.Other matters such as the date of auction, the place of auc- The Seller may withdraw the Lot at any time prior to the Person(s) nor owned (or partly owned) or controlled by a tion, the conditions of auction and the manner of auction. Auction Date by issuing a written notice to the Company. Sanctioned Person(s), unless such activity is authorized in ?e Company shall not be liable for any delay in meeting nor In the case that the Lot has been listed in the catalogue or writing by the government authority having jurisdiction over failure to meet its obligations under the consignment auction other public materials and they have begun to be printed at the transaction or in applicable law or regulation. contract (including without limitation the postponement or the time of the withdrawal of the Lot, the Seller shall pay an 9.Where the Seller is acting as Agent (for the purposes of this cancellation of any auction) and may terminate its obliga- amount equal to 20% of the Reserve of the Lot and all other Article, the Agent ) for another party (the Principal ) tions under the consignment auction contract to offer the expenses. In the case that the catalogue or other public the Agent warrants in its own capacity (in addition to the Lot for sale, or cancel or postpone any auction, as a result materials have not been printed, the Seller shall pay an warranties set out above that: (i) the arrangements between of circumstances beyond its reasonable control or which amount equal to 10% of the Reserve of the Lot and all other the Agent and the Principal in relation to the Lot or otherwise make such performance impracticable, including without expenses. Any dispute or claim arising out of the Seller s do not, in whole or in part, facilitate tax crimes; (ii) the Agent limitation any ?re, ?ood, natural disaster, or other act of God; withdrawal of the Lot shall be borne by the Seller and has has conducted appropriate customer due diligence on the any riot, strike, or other civil or labour unrest; transportation nothing to do with the Company. Principal in accordance with all applicable anti-money laun- or other infrastructural incapacitation, or inability to secure dering, anti-terrorism and sanctions laws and regulations su?cient labour, power, essential commodities, or necessary ARTICLE 13 AUTOMATIC INSURANCE and does not know, and has no reason to suspect, that the equipment; any act of war, armed con?ict, or terrorist attack; Unless otherwise instructed by the Seller in writing, all Lots Lot consigned by the Agent is connected with or has any link any governmental action or regulation enacted or effected will be automatically covered under the insurance policies to the proceeds of any criminal activity, including without following the execution of the consignment auction contract purchased by the Company after the Seller enters into the limitation tax evasion, money laundering, terrorist activities and which is prohibitive or restrictive of the auction(s), the consignment auction contract with the Company and deliv- or other criminal activity or that the Principal is under investi- sale of the Lot, or any other performance contemplated by ers the Lots to the Company. The insured amount shall be gation, or has been charged with or convicted of without lim- the consignment auction contract; any outbreak of disease, based on the Reserve agreed by the Seller and the Company itation tax evasion, money laundering, terrorist activities or public health emergency, quarantine, epidemic, pandemic, in the consignment auction contract (if there is no Reserve, it other criminal activity; and (iii) the Agent will disclose to the nuclear or chemical contamination, or other condition that shall be the agreed insured amount of the Lot; if the Reserve Company the identity of the Agent s Principal and the Agent threatens the life, health, or safety of the Company s per- is adjusted, it shall be the original Reserve of the Lot). ?e consents to the Company relying on the Agent s due dili- sonnel, vendors, or clients as determined by the Company in insured amount is only applicable to insurance and claim for gence and the Agent will retain for a period of not less than 5 its reasonable discretion. compensation, is not the Company s warranty or guarantee years the documentation evidencing the due diligence. ?e Without prejudice to the above, in the event that the Compa- for the value of the Lot, and does not mean that the Lot can Agent will make such documentation promptly available for ny determines not to conduct an auction on the scheduled be sold for an amount equal to the insured amount through immediate inspection by an independent third-party upon date as a result of circumstances beyond its control or which any auction by the Company. the Company s written request to do so. make such performance impracticable, the Company may 10.?e Company reserves the right to seek identi?cation of postpone or cancel any auction, or change the platform for ARTICLE 14 INSURANCE PREMIUM the source of funds received, and to make enquiries about any or format of any auction (including but not limited to from a If the Lot is sold, the insurance premium payable by the Seller person transacting with the Company. If the Company has not live auction to an online auction only), and the sale of the Lot shall be 1% of the Hammer Price unless otherwise agreed by completed its enquiries in respect of anti-money laundering, an- shall be subject to these Conditions of Business applicable the Seller and the Company. If the Lot is not sold, the Seller ti-terrorist ?nancing or other checks as it considers appropriate to the auction in which the Lot will be placed. shall as well pay the insurance premium at 1% of the Reserve. concerning the Seller or where the Seller is acting as Agent, the Agent and its Principal, or the Buyer to the Company s satis- ARTICLE 10 LOT NOT AUCTIONED ARTICLE 15 INSURANCE PERIOD faction at its discretion, the Company shall be entitled either not After the Seller has signed the consignment auction contract If the Lot is sold in the auction, the insurance period shall to complete or to cancel the sale of any lot, as appropriate, and with and delivered the Lot to the Company, if for any reason terminate at the earlier of the seventh day after the Sale Date to take any further action required or permitted under applica- the Company believes that the Lot is not suitable for auction (including the Sale Date) and the date when the Buyer collects ble law without any liability to the Seller. by the Company, the Seller shall collect the Lot within thirty the Lot. If the Lot is not sold in the auction, the insurance period 11.If the Seller violates any of the above warranties and days from the issuance date of the Company s notice (fees shall terminate upon the expiry of thirty days after the Company undertakings, the Seller shall fully indemnify all losses, costs for packaging and transportation shall be at the Seller s issues the notice on the collection of the Lot. and expenses su?ered by the Company and/or the Buyer. own expense). The consignment auction contract between the Seller and the Company will terminate on the date when ARTICLE 16 INSURANCE BY THE SELLER ARTICLE 8 RESERVE the Seller collects the Lot. If during the above-mentioned pe- In the event that the Seller noti?es the Company in writing 1.Unless otherwise agreed upon by the Company and the riod the Seller fails to collect the Lot, the consignment auc- not to insure the Lot, it shall undertake all the risks and the Seller, all Lots are o?ered subject to a Reserve. ?e Reserve tion contract will automatically terminate upon the expiration following liabilities at any time (unless otherwise ruled by an shall be determined by the Seller and the Company in writing of such period. If within seven days after the termination of arbitration institution): through consultation, and no modification of the Reserve the consignment auction contract the Seller does not col- 1.To compensate for any claim or action brought by any other shall be made without the prior consent of the other party lect the Lot, the Company shall have the right to charge the parties against the Company with respect to the damage or after it is determined by both parties. Storage Fee, insurance fees and other reasonable expenses, destruction of the Lot; 2.Unless otherwise agreed in writing, the Reserve for each and to dispose of the Lot in a way the Company deems prop- 2.To compensate the Company and/or any other parties for Lot will be equal to seventy ?ve per cent (75%) of the low pre- er. ?e Seller is responsible for the collection of, if any, the all losses su?ered and all expenses incurred because of the sale estimate noti?ed to the Seller. amount obtained from the disposal after deducting all the damage or destruction of the Lot caused by any reason; and 3.No Reserve may exceed the Lot s ?nal low pre-sale esti- fees and expenses incurred by the Company. 3.To notify the compensation related provisions herein to any mate announced or published by the Company. In the event insurer of the Lot. of a Reserve agreed in a currency other than Hong Kong ARTICLE 11 SUSPENSION OF AUCTION dollars without written agreement on the exchange rate, the ?e Company has the right to suspend the auction of any Lot ARTICLE 17 INSURANCE DISCLAIMER Reserve shall be an amount equal to the Hong Kong dollar at any time before the actual auction in any one of the follow- ?e damage or destruction of the Lot caused by natural wear, equivalent based on the average telegraphic transfer ex- ing situations: inherent flaws, internal or potential defects, change of sub- change rate o?ered by HSBC on the thirtieth calendar days 1.?e Company has an objection to the ownership or authen- stance itself, self-combustion, self-heating, oxidation, corrosion, preceding the auction. ticity of the Lot; leakage, rat-bite, worm-bite, change in the atmosphere (climate 4.Following the bidding failure of the Lot authorized by the 2.Any third party has an objection to the ownership or or air temperature), change in humidity or temperature, or other Seller, the Auctioneer shall have the right to sell such Lot at authenticity of the Lot and can provide relevant evidence gradual changes or caused by force majeure such as earth- the Reserve after such auction and the Seller must pay the materials as to the basis of such objection, pays a security quake, tsunami, war, hostile action, armed con?ict, terrorism, Commission to the Auctioneer. In no circumstance shall the pursuant to the Company s requirements and is willing to coup, strike and social riot, or nuclear radiation or radioactive Company bear any liability for failure to sell the Lot at the take the corresponding liabilities for the legal consequences pollution as well as the damage or destruction of book frames, Reserve at the auction held by the Company. and all losses caused by the suspension of auction; glass, drawers, bottom pads, trestles, mountings, insert pages, 3.The Company has an objection to the explanation of the scroll heads or other similar accessories caused by any reason ARTICLE 9 THE COMPANY S DISCRETION Seller or the accuracy of the Seller s warranty mentioned in is not within the scope of insurance coverage. The aforesaid ?e Company may decide the following matters at its abso- Article 7 hereof; risks should be borne by the Seller. lute discretion: 4.Any evidence proves the Seller has violated or will violate 1.Explanation and/or appraisal of any aspect of any Lot any provisions of these Conditions of Business; ARTICLE 18 INSURANCE INDEMNITY through the catalogue of the Lot and/or news media and/or 5.For any other reason, the Company believes that the auc- Any damage or destruction of the Lot caused by incidents or other carriers; tion of such Lot shall be suspended; or disasters covered by the insurance purchased by the Compa- 2.Whether to consult any expert or not; 6.If the Company is aware of any ownership or other dispute ny for the Lot shall be handled in accordance with the laws of

Hong Kong on insurance. ?e Company shall pay insurance 2.To remove, store and insure the sold Lot; and will not carry out comprehensive inspection of all Lots. indemnities after deducting the Company s expenses (other 3.To settle claims brought by the Buyer or the Seller in accor- Bidders are aware of this and bear the responsibilities of than the Commission) to the Seller after the Company ob- dance with the relevant articles hereof; and inspecting and testing the original Lots so that Bidders will tains such indemnities from the insurance company. 4.To take other necessary measures to collect the outstand- be satis?ed with those Lots in which they may be interested. ing payment owed by the Buyer to the Seller. 2. All Lots for sale by the Company are available for viewing ARTICLE 19 BIDDING PROHIBITION by Bidders. By bidding, Bidders and/or their agents are ?e Seller shall not bid for the Lot consigned to the Company ARTICLE 27 UNSOLD OR UNCOLLECTED LOT deemed to have carried out thorough examination of the by himself/herself/itself for auction, or authorize any other 1.In the event that the Lot is not sold, the Company may Lots, and are deemed to be satis?ed with the conditions of person to bid on his/her/its behalf. Only the Company has re-negotiate with the Seller on the revised Reserve and sell the Lots and the accuracy of their description. the right to bid on behalf of the Seller at a price not more the Lot in private sale, and pay the Seller the Proceeds of 3. Bidders acknowledge that various Lots are dated long time than the Reserve. ?e Seller shall bear all legal liabilities and Sales adjusted based on the revised Reserve. ago and of special categories, implying that the Lots are not compensate for all losses caused to the Company if the Sell- 2.?e Company will send the Seller a notice if any Lot fails to perfect and not free from defects. All Lots are sold on an as er violates this Article. sell at auction or privately pursuant to 1 above. Subject to is basis at the time of the auction (whether or not Bidders 27.1 above, unsold Lots may either be consigned to the Com- attend the auction). Condition reports may be provided when ARTICLE 20 COMMISSION AND EXPENSES pany for re-sale according to the Commission and expenses during the viewing period. Under certain circumstances, Unless otherwise agreed upon by the Seller and the Compa- scale set out in the previous consignment auction contract catalogue descriptions and condition reports may be used ny, the Seller shall authorize the Company to deduct 10% or, alternatively, collected by the Seller. If the Seller decides for reference about certain defects of the Lots. Nevertheless, of the Hammer Price as Commission and at the same time to collect an unsold Lot, the Company may charge the Seller Bidders should pay attention that the Lots may have other deduct other expenses. Despite the fact that the Company is the commission and expenses applicable to unsold Lots in defects not clearly stated in the catalogue descriptions and the Seller s Agent, the Seller agrees that the Company may accordance with the consignment auction contract. condition reports. collect the Commission and other expenses from the Buyer 3.If the Seller fails either to reconsign or collect the Lot with- 4. Regarding the information about the Lot provided to in accordance with the provisions in Article 49 hereof. in thirty (30) days of the auction, the Company is released Bidders, including any forecast information (written or from any duty of bailment it may have for such Lot and shall, verbal), catalogues and other reports, commentaries or ARTICLE 21 SERVICE FEE FOR UNSOLD LOT in its sole discretion, be entitled to (i) store the Lot at an in- estimated values, such information are not statement of In case the Lot is not sold because the bidding price is lower dependent storage facility at the Seller s risk and expense facts, but rather are statements of the opinion that the than the Reserve, the Seller shall authorize the Company to including the Storage Fee, insurance fees and other reason- Company holds. Such information can be altered at the sole charge the Seller a service fee for unsuccessful auction and able expenses; or (ii) re-o?er the Lot for sale at public auction discretion of the Company from time to time. other expenses. (at the Company or elsewhere) with a reserve no less than 5. ?e Company or the Seller has not made any declaration ?fty per cent (50%) of the Reserve at which it was previously or warranty as to whether any Lot is subject to any copyright ARTICLE 22 PAYMENT OF PROCEEDS OF SALE o?ered. or whether the Buyer has bought the copyright of any Lot. Where the Buyer e?ects full payment of the Purchase Price 4.In the event of re-sale pursuant to 3(ii) above, the Company 6. In accordance with the matters contained in Article 29 (1) to to the Company in accordance with the provisions in Article shall be entitled to deduct the commissions and expenses 29 (5) of the Conditions of Business and the special exemption 49 hereof, the Company shall pay the Proceeds of Sale to for the unsuccessful auction in accordance with the con- contained in Article 30 of the Conditions of Business, the the Seller thirty-?ve days after the Sale Date in Hong Kong signment auction contract as well as the commissions and descriptions in the catalogue and in the condition reports are dollars. expenses for the re-sale from the Proceeds of Sale before written in a reasonably prudent manner (and such should paying the remaining amount to the Seller. be in line with those terms of the Conditions of Business ARTICLE 23 DEFERRED PAYMENT 5.In the event a Lot has been deposited with the Company regarding the Company serving as Auction Agent) based on Where the Company does not receive the full payment of the for more than one year and the owner has neither collected (1) the information provided by the Seller to the Company; (2) Purchase Price from the Buyer upon the expiry of the payment it nor consigned it for sale, the Company shall be entitled to academic and technical knowledge (if any); and (3) generally period under Article 51 hereof, the Company will pay the Pro- sell such property at auction (at the Company or elsewhere) accepted opinions of the relevant experts. ceeds of Sale to the Seller within seven working days after after sixty (60) days notice of such sale to the owner s receipt of full payment of the Purchase Price from the Buyer. address, with estimates and reserves at the Company s ARTICLE 30 THE COMPANY'S EXEMPTION AND discretion. RESTRICTION OF RESPONSIBILITIES TO THE BUYER ARTICLE 24 SELLER TAXES 6.Any re-sale of unsold Lots or sale of uncollected Lots shall 1. If the Company considers the Lot as forgery, it shall return ?e Seller shall pay taxes to the government for the Proceeds be conducted under these Conditions of Business applicable the Hammer Price and Buyer's Commission to the Buyer. of Sale obtained. If the Company has an obligation to with- to the relevant auction. The proceeds of such sale less all 2. Subject to the matters contained in Article 29 of the hold and pay taxes according to the provisions of the rele- costs incurred by the Company will be forfeited unless col- Conditions of Business and the rules in Article 30 (1) and 30 vant laws, the Company will follow the provisions of the laws. lected by the Seller within two years of the sale. (5) of the Conditions of Business, the Company shall not: ?e Seller shall assist in handling all the formalities and bear (1) be responsible for any errors or omissions in the the corresponding taxes and expenses. ARTICLE 28 RISK ASSUMPTION information provided by the Company to the Bidder verbally The Seller shall assume liability for all risks and expenses or in writing, no matter whether this is caused by negligence ARTICLE 25 ASSISTANCE IN THE COLLECTION OF that occur after the time limit prescribed herein if the Seller or other reasons, with the exception of provision contained OUTSTANDING PAYMENT fails to take back the Lot not auctioned or the unsold Lot in Article 29 (6) of the Conditions of Business; ?e Seller shall, at the time of its consignment of the Lot to within such the time limit. The Seller shall assume liability (2) make any guarantee or warranty to the Bidder, excluding the Company for auction, be deemed to have authorized for all risks and expenses of the Lot not auctioned or the un- any implied warranty and rules other than the expressed the Company to demand the corresponding outstanding sold Lot at the earlier of the thirtieth day after the Company warranty that the Seller has entrusted the Company to make payment from the Buyer on behalf of the Seller. Where the issues notice on collection of the Lot to the Seller (including to the Buyer (with the exception of those responsibilities that Buyer fails to fully pay the Purchase Price within seven days the notice date) and the time when the Seller collects the cannot be discharged according to the stipulations of laws); after the Sale Date (including the Sale Date), the Company Lot in accordance with these Conditions of Business. Where (3) be accountable to any Bidder for any actions or omissions shall have the right to demand the Commission and other the Seller requests Company to assist it in the return of the of the Company regarding the auction or the sale of any Lot (no Buyer s Expenses according to the provisions of Article Lot within the time limit provided herein and the Company matter whether this is caused by negligence or other reasons). 58 hereof. In addition, the Company shall as well have the so agrees, the Seller shall assume liability for all risks and 3. Unless the Company owns the Lot to be sold, it shall not right to take appropriate actions (including but not limited expenses that occur after the Lot leaves the place desig- be responsible for any breach of the Conditions of Business to resorting to legal proceedings) to assist the Seller in col- nated by the Company. Unless the Seller specifically gives by the Seller. lecting such outstanding payment from the Buyer where it is an indication and pays insurance premium in advance, the 4. Without a?ecting Article 30 (2) of these rules, any claim deemed by the Company to be practicable. ?e above provi- Company has no obligation to ensure the Lot for any period for compensation that the Bidder makes to the Company sion does not exclude the Seller s right to demand in per- after it departs from the place designated by the Company. or the Seller shall be limited to the Hammer Price and the son or authorize any third party to demand the outstanding Where the Seller requests the Company to assist it in re- Buyer's Commission of the Lot. Under no circumstances payment from the Buyer and does not obligate the Company turning the Lot by means of post, express delivery or other shall the Company and the Seller bear any consequential to demand the corresponding outstanding payment from the third-party transportation, the Company shall be deemed losses incurred by the Buyer. Buyer on behalf of the Seller under any circumstance. ?is to have returned the Lot, and the Seller shall be deemed to Company shall not bear the corresponding liability for the have collected the Lot upon the Company s delivery of the ARTICLE 31 CATALOGUE AND OTHER EXPLANATION Seller because of the Buyer s failure to pay the Purchase Lot to the post, express delivery and transportation entities, OF THE LOT Price under any circumstance. companies or their employees/branch o?ces. ?e Company shall prepare a catalogue of the Lot to brie?y introduce the conditions of the Lot with words and/or ARTICLE 26 THE COMPANY S DISCRETION CHAPTER III THE BIDDER AND THE BUYER pictures to facilitate the Bidder and Seller to participate in The Company shall have the right to accept the Seller s the auction held by the Company. ?e words and Estimate authorization (at the Seller s expenses) and may determine ARTICLE 29 RESPONSIBILITIES OF THE BIDDER in the catalogue of the Lot, pictures, other images as well the following matters as the case may be: AND THE COMPANY IN RESPECT OF THE LOT as public materials are only references for the Bidder and 1.To agree on special conditions of the payment of the Pur- 1. ?e Company's perception of all Lots partly relies on the may be revised before auction. The Company provides chase Price; information provided by the Seller, the Company is unable no guarantee for the authenticity, value, tone, quality or

?awlessness of the Lot. already submitted a written report to the Company regarding ARTICLE 43 DISCLAIMER OF ABSENTEE BID the loss paddle. Since absentee bid is a free service of transmitting ARTICLE 32 UNCERTAINTY OF CATALOGUE bidding information that the Company provides to the Where the tone, color, graduation shape or any other ARTICLE 37 AUCTION DEPOSIT Bidder, the Company and its employees shall not bear any feature of the Lot shown in the catalogue and/or any other When a Bidder participates in an auction of the Company, responsibilities for unsuccessful bidding or any errors, illustrations, images and public materials di?er from those he/she shall ?rst pay the auction deposit before collecting omissions, negligence, fault or inability to bid on its behalf of the original Lot due to printing, photography or other the paddle. The amount of the auction deposit will be during the bidding process. technical reasons, the original Lot shall take precedence. Any announced by the Company before the Auction Date, and the introduction and appraisal of any Lot made by the Company Company has the right to waive the auction deposit. If the ARTICLE 44 FIRST-COME-FIRST-SERVE PRINCIPLE and its employees or its agents in anyway (including the Bidder fails to buy the Lot and he does not owe the Company FOR ABSENTEE BID certi?cate, catalogue, slideshow and news media) are only any sum, then that auction deposit shall be returned to the If two or more Bidders appointing the Company to bid on their opinions for reference and do not constitute any guarantee Bidder in full without interest within 14 working days after behalf have bid the same price for the same Lot and eventually for the Lot. The Company and its employees or its agents the end of the auction. If the Bidder succeeds in buying a Lot, that Lot is sold at that Hammer Price, then the one who ?rst shall undertake no liability for any inaccuracy or omission in the auction deposit shall automatically be converted to the submitted to the Company shall be the Buyer of that Lot. the aforesaid introduction or appraisal. payment of the Purchase Price of the Lot. ARTICLE 45 DISCRETION OF THE AUCTIONEER ARTICLE 33 RESERVE AND ESTIMATE ARTICLE 38 DISCRETION OF THE COMPANY The Auctioneer has the right at his absolute and sole Unless otherwise indicated, all Lots are o?ered subject to a The Company has the right to forbid anyone from discretion in the following matters: Reserve. Normally, the Reserve is not higher than the lowest participating in the auction organized by the Company or 1. Refusal or acceptance of any bid; Estimate announced before the auction or published before entering the auction site, or taking pictures or shooting 2. Carrying out the auction in such a manner as he may the auction by the Company. If a Reserve has not been set for videos at the auction site at its discretion. decide; a Lot, unless there has already been bidding, the Auctioneer, 3. Withdrawal of any Lot, dividing it for auction separately, in his or her discretion, may determine the starting price, but ARTICLE 39 HANDLING OF ABNORMAL EVENTS combining any two or more Lots for auction; this shall not be higher than the lowest Estimate of the Lot If any abnormal event occurs at the auction site, the 4. If there are errors or disputes, no matter if they occur before the auction. Company has the right to take emergency actions. If any during or after the auction, he shall have the right to decide Under no circumstances shall the Company bear any liability dispute arises at the auction site, the Company has right to the successful Bidder, whether or not to continue the when the bids for a Lot do not reach the Reserve. If the bids mediate and settle it. auction, to cancel the auction or place the Lot under dispute are lower than the Reserve, the Auctioneer, in his or her for auction again; discretion, may sell the Lot at a price lower than the Reserve. ARTICLE 40 CONFIRMATION OF BUYER'S IDENTITY 5. ?e Auctioneer may open and carry out the bidding at a However under such circumstances, the amount that the ?e Bidder must take good care of his/her/its paddle and be level with bidding increments that he considers suitable, and Company shall pay the Seller shall be the amount that the cautious not to lose it. ?e Bidder shall not lend his/her/its has the right to bid on behalf of the Seller up to the amount Seller would receive as if the Lot was sold at the Reserve. paddle to others, or the Bidder shall assume all legal liability of the Reserve, either by placing consecutive bids or by The Estimate is estimated at an earlier time before the for others' act of bidding for the Lot using his/her/its paddle. placing bids in response to other Bidders; Auction Date, it is not a con?rmed selling price, and is not 6. Adoption of other actions that he considers as appropriate. legally binding. Estimates cannot be used as a forecast of ARTICLE 41 ABSENTEE BIDS the Hammer Price of the Lot, and the Company has the right Bidders shall attend the auction in person. If a Bidder or its ARTICLE 46 NO RESERVE to revise from time to time the Estimate already made. agent cannot attend in person, it can appoint the Company For those Lots without a Reserve, unless there has already in writing for the Company to bid on its behalf. ?e Company been bidding, otherwise the Auctioneer, under his own ARTICLE 34 BIDDERS' INSPECTION has the discretion to accept or not accept the above discretion, may decide the starting price. If there is no RESPONSIBILITY appointment. Any Bidder who has appointed the Company bidding at such a price, the Auctioneer will, at his own The Bidder and/or his/her/its agents shall have the to bid shall handle the appointment formalities within the discretion, lower the price and continue the auction until a responsibility to learn about the actual conditions of the Lot period stipulated (no later than three business days), and Bidder starts to bid, then he will continue the auction at that and shall be legally liable for his/her/its bid for a certain produce a completed Absentee Bid Order to the Company, price and then continue up from that amount. Lot. ?e Company strongly advises the Bidders to personally and at the same time pay the auction deposit according to inspect the original Lot they intend to bid for before the the Conditions of Business. ARTICLE 47 IMAGE DISPLAY BOARD AND Auction Date by authentication or other means. Bidders If the Bidder who has appointed the Company to bid needs CURRENCY CONVERSION BOARD shall judge by themselves whether Lot complies with the to cancel the absentee bid, it shall notify the Company no To facilitate Bidders, the Company may use image projector descriptions in the Company's catalogue of the Lot and later than 24 hours before the Auction Date. or other forms of display boards in the auction. ?e contents other images and public materials, rather than relying on the shown are for reference only. It is possible that there are catalogue, images and public materials to make decisions. ARTICLE 42 AUCTION RESULTS OF ABSENTEE BID di?erences in the information such as the amount, reference If a Bidder who has appointed the Company to bid, the number of the Lot, images of the Lot or reference foreign ARTICLE 35 REGISTRATION OF BIDDERS auction results and the related legal responsibilities shall be currency etc. shown in the image projector or other forms If the Bidder is a natural person, before the Auction Date, he/ borne by the Bidder. of display boards and the Company shall not bear any she shall ?ll in and sign the registration documents with an If the Bidder indicates in the Absentee Bid Order that it bids responsibilities for any losses caused by such di?erences. identity document with photo issued by the government (such by instant communication methods such as telephone, it as resident identity card or passport), and provide proof of shall fill in the instant communication method accurately ARTICLE 48 SUCCESSFUL BID the current address (e.g. utility bill or bank statement); if the and keep the instant communication instrument properly, The fact that the Auctioneer confirms the highest bid of a Bidder is a company or other organization, before the Auction during the period in which the Company is appointed to bid, Bidder by striking his/her hammer or in any other manner of Date, it shall ?ll in and sign the registration documents and the Bidder shall use that instant communication instrument publicly con?rming the sale shall indicate the conclusion of a collect a paddle with its valid certificate of incorporation itself. Where the instant communication instrument is lost or sales contract for the Lot between the Bidder and the Seller. and proof of shareholding and legitimate authorization it cannot be within control, the Bidder shall immediately use a document. ?e Company may request the Bidder to present written form recognized by the Company to change the instant ARTICLE 49 COMMISSION AND EXPENSES proof of bank details or other proof of ?nancial conditions for communication method filled in the Absentee Bid Order. After the Bidder has succeeded in bidding, it will become payment purposes. During the period the Company is appointed to bid, it shall the Buyer of that Lot. A buyer s premium will be added to make appropriate efforts to contact the Bidder, the bidding the Hammer Price and is payable by the buyer as part of ARTICLE 36 PADDLE information transmitted by that instant communication the total purchase price. The buyer s premium is 20% of The Company can announce before the Auction Date the instrument (whether or not it is transmitted by the Bidder the hammer price of each lot and at the same time other conditions and procedures of arranging paddle for the personally or the Bidder's agent) shall be considered as Buyer s Expenses, and recognizes that the Company can Bidder according to di?erent auction conditions and auction transmitted by the Bidder itself, and the Bidder shall bear legal charge the Seller the commission and other Seller expenses methods etc., including but not limited to the qualification responsibilities for the actions taken by it. Unless the Buyer according to provisions of the Consignment Agreement. and conditions for the Bidder to arrange a paddle. The itself has changed the instant communication method ?lled Company solemnly reminds that a paddle is the only proof in the Absentee Bid Order by a written method recognized by ARTICLE 50 TAXES for the Bidder to participate in the auction at the venue. ?e the Company. All telephone bids may be recorded and kept All the monies that the Buyer pays to the Company are net Bidder shall keep it properly and shall not lend it to others to at Poly Auction (Hong Kong) s sole discretion, by opting for amounts, which shall not include any tax on goods, tax use it. If it is lost, it shall immediately handle the loss report telephone bids, the Bidder agrees that its phone conversation on services or other value added tax (whether levied by formalities in a written form recognized by the Company. will be recorded. Hong Kong or other regions). If there is any tax applicable No matter if the person holding a paddle has been appointed Nevertheless, under no circumstances shall the Company to the Buyer, the Buyer shall bear it itself according to the by the Bidder or not, his or her bidding acts at auction are be responsible for any unsuccessful contact or errors provisions of the relevant laws currently in force. considered as having been made by the registered person or omissions in the bidding process using that instant himself, and the Bidder shall bear the legal responsibilities communication instrument. ARTICLE 51 PAYMENT TIME for the acts of the former, unless the Bidder himself has After the Lot is successfully sold in an auction, unless

otherwise agreed, regardless of any stipulations of the aspects related to the Lot. Failure or delay in obtaining Buyer in any other transactions; export, import or other permits of the Lot, the Buyer shall any permits required shall not be deemed as a reason for 10. ?e Company can decide to use any monies paid by the fully pay the Purchase Price within 7 days after the Sale Date cancelling the purchase or delaying in paying the Purchase Buyer to repay any sums that the Buyer owes the Company (including the Sale Date), and collect the Lot. If packing, Price. The Company shall not bear any responsibilities for in any other transactions; moving costs, and insurance expenses, expenses related to the failure to properly ?ll in or submit the required import or 11. To reject any bids made by the Buyer or its agent export are involved, the Buyer shall pay them altogether. export documents. at future auctions, or to obtain auction deposit before If the Buyer requests the Company to apply for the import accepting any bids; ARTICLE 52 PAYMENT CURRENCY and export licenses on its behalf, the Company has the 12. To disclose the information of the Buyer to the Seller, so All monies shall be paid in Hong Kong dollars. If the Buyer right to charge service fees for this service. However, the that the Seller can start a law suit to recover the outstanding pays in another currency other than Hong Kong dollars, it Company does not warrant that the import or export license amount, or claim damages and claim legal fees for breach of shall convert it at the exchange rate agreed between the will be issued. The Company and the Seller has not made contract by the Buyer. Buyer and the Company or at the exchange rate of Hong declaration or warranty in respect of whether or not any Lot Kong dollars and that currency type on the previous working is subject to import and export restrictions or any embargo. ARTICLE 59 REMEDIES FOR DELAY IN COLLECTING day announced by such bank as selected by the Company. THE LOT All bank handling fees, commission and charges incurred by ARTICLE 58 REMEDIES FOR NON-PAYMENT If the Buyer fails to collect the purchased Lot 7 days after the the Company for converting the foreign currency paid by the If the Buyer fails to make full payment according to the Sale Date (including the Sale Date), the Company has the Buyer into Hong Kong dollars shall be borne by the Buyer. provisions of the Conditions of Business or any payment right to adopt one or more of the measures below: arrangements agreed with the Company, the Company has 1. All costs (including but not limited to the storage fee ARTICLE 53 TRANSFER OF OWNERSHIP the right to adopt one or more of the following measures: calculated and charged according to the provisions of the Even if the Company has delivered the Lot to the Buyer, the 1. After the Lot is sold, if the Buyer fails to pay the Purchase Bidder Registration Order starting from the 31st day from Buyer has not yet obtained the ownership of the Lot. This Price within 7 days from the Sale Date (including the Sale the Sale Date (including the Sale Date) and/or risks for the shall pass onto the Buyer only when the Buyer has fully paid Date), the auction deposit paid at the time of bidding taking out of an insurance policy and/or storing the Lot in the the Purchase Price and all monies that the Buyer owes the registration shall not be refunded, and it shall at the same Company or other places shall be borne by the Buyer. Only Company. time bear the relevant responsibilities according the after the Buyer has paid the full amount of the Purchase Price, provisions of the Conditions of Business; if the Buyer has it can collect the Lot (packing and moving costs, insurance ARTICLE 54 TRANSFER OF RISKS bought a few Lots with the same paddle, after the Lots are expenses, expenses related to export shall be at the Buyer's After the bidding has succeeded, the risks ofthe Lot shall be sold, if the Buyer has not paid the Purchase Price of any of expense); borne by the Buyer itself after the occurrence of one of the the Lots within the time stipulated, then the entire auction 2. ?e Buyer shall bear all the risks and expenses incurred following events (whichever earlier): deposit shall not be refunded, and it shall at the same time after the deadline as stated in the Conditions of Business if it 1. ?e Buyer has collected the Lot; or bear the relevant responsibilities according the provisions of cannot collect the Lot concerned within that deadline. If the 2. ?e Buyer has fully paid the Purchase Price for the Lot to the Conditions of Business; Buyer has not yet collected the Lot within 30 days from the the Company; or 2. If the Buyer fails to pay the Purchase Prices in full to Sale Date (including the Sale Date), after notifying the Buyer, 3. ?e expiry of seven days after the Sale Date (including the the Company within 7 days from the Sale Date (including the Company has the right to sell that Lot in a public auction Sale Date). the Sale Date), the Company has the right to appoint a or by a method and with methods and conditions that it third party organization to collect the entire or part of the considers suitable. Any proceeds after the deduction of all ARTICLE 55 COLLECTION OF THE LOT Purchase Prices that the Buyer owes; the losses, expenses (packing & moving costs, insurance Risk and responsibility for the lot passes to the Buyer at the 3. If the Buyer fails to pay the Purchase Price in full within costs, expenses related to export, Storage Fee, and notarial expiration of thirty calendar days from the Sale Date (including 7 days from the Sale Date (including the Sale Date), the expenses etc.) incurred by the Company from the disposal the Sale Date). or on collection by the Buyer, if earlier. After Company has the right to charge interest at 0.03% per day shall be taken back by the Buyer; such balance is non- thirty calendar days, all expenses incurred, including but not on the unpaid portion starting from the 8th day after the interest-bearing. If the Buyer fails to take the proceeds back limited to storage, moving, insurance will be for the account of Sale Date until the day on which the Buyer has fully paid the two years after the Sale Date, the balance shall be deposited the Buyer. Although the Company shall use reasonable e?orts monies, with the exception that the Buyer has otherwise to a Hong Kong court by the Company after deducting the to take care of purchased Lot and suggest handlers, packers or agreed with the Company; relevant expenses (including legal fees). carriers, the company is not responsibleto any person to whom 4. The Buyer shall bear the risks and expenses of taking we have made are commendation for the acts or omissions of out an insurance policy, moving and storing the Lot in the ARTICLE 60 LIMITED WARRANTY the third party concerned. Company or other places; 1. ?e Company provides general warranty to the Buyer: 5. To sue the Buyer or apply to Arbitration Agency for If the Lot sold by the Company is later found to be a ARTICLE 56 PACKING, HANDLING AND MOVING mediation, demand for compensation for all the losses due counterfeit, the Company will cancel that deal according to If the employees of the Company pack and handle the Lot to the breach of contract by the Buyer including but not the terms of the Conditions of Business, and will return to bought on behalf of the Buyer according to the latter's limited to economic loss, legal expenses, default penalty and the Buyer in the currency of the original deal the Hammer requirements, this is considered as a service provided by the pass due interest caused by the delay in payment or refusal Price together with the Buyer's Commission that the Buyer Company to the Buyer and the Company has the discretion to make payments by the Buyer; has paid to the Company for the Lot. In this regard, based on to decide whether to provide this service, if any losses 6. To retain that or any other Lot that the same Buyer has the reasonable opinion of the Company, counterfeits refer to arise therefrom, the Buyer shall bear them itself. Under no bought via the Company, and any other properties or rights frauds in various aspects such as the source, place of origin, circumstances shall the Company be responsible for any to property of the Buyer that the Company holds for any date, production year, duration, culture or sources etc. of damage of the glass or picture frame, box, backing sheet, reasons, all the expenses and/or risks incurred during the the article, and the correct description of the above points frame case, mounting, inserts, rolling rod or similar auxiliary retention period shall be borne by the Buyer. If the Buyer fails have not been recorded in the contents of the catalogue objects caused by any reasons. to perform all its duties concerned within the period speci?ed (any special terminologies are taken into consideration). Any Where the Buyer requests the Company to assist it in by the Company, the Company has the right to issue a lien damage and/or any type of restored item and/or repaired collecting the purchased Lot (the packaging, mailing and notice tothe Buyer and dispose of the items under lien if the items (including repaintingor painting on top of it) of the Lot transportation expenses shall be paid by the Buyer) by Buyer has not yet fully paid all outstanding amounts within shall not be considered as counterfeit. means of post, express delivery or transportation, the 30 days after the issue of that notice. if the items under lien Please pay attention that if any of the following situations Company shall be deemed to have delivered the Lot and the are insu?cient to o?set all the monies payable by the Buyer happens, this warranty shall not apply; The contents of Buyer shall be deemed to have collected such Lot according to the Company, the Company has the right to claim them; the catalogue are based on generally accepted opinion to the normal procedure upon the Company's delivery of the 7. The Company has sole discretion to cancel the sale or of academics and specialists on the selling date, or Lot to the post, express delivery and transportation entities, agree that the Consignor can cancel the deal, and reserve contradictions in opinions are shown in the contents of the companies or their employees/branch offices. The risks the right to claim all the losses su?ered by the Company due catalogue; or arising from this process shall be borne by the Buyer. Unless to the cancellation of that deal; On the selling date, the only method of proving the Lot is a Buyer gives a clear indication and pays insurance premium, 8. ?e Company can place the Lot for auction again or sell it counterfeit is not a method which can be used in general; no insurance is provided in the process of mailing, express by other means according to the provisions of the Conditions which is recognized; which is extremely high price; the delivery or transportation generally. of Business with the consent of the Seller, and the Company usage of such method is impractical; or this method may The Company shall undertake no liability for any error, reserves the right to decide the Estimate and Reserve. ?e have caused damage to the Lot or may (according to the omission, damage or destruction caused by the packaging original Buyer shall pay the commission and other Buyer's reasonable opinion of the Company) have already caused company and post, express delivery and transportation Expenses and the Seller in the first auction, and it shall the Lot to lose value; or entities or companies designated by the Buyer or bear all the costs of the second auction or the sale of the If the Lot has not lost any material value from the description recommended by the Company to the Buyer. Lotby other means. If the price obtained from the second of the Lot. auction or the sale of the Lot by other means is lower than 2. ?e deadline in this warranty is 5 years fromthe Auction ARTICLE 57 IMPORT, EXPORT LICENSES AND the original auction sum, the original Buyer shall pay the Date concerned, these benefits are exclusively enjoyed by PERMIT shortfall; the Buyer, and shall not be transferred to any third party. ?e Buyer shall be responsible for obtaining any import and 9. To offset any monies related to the Lot that the Buyer In order to make claims based on this warranty, the Buyer export licenses, permit for endangered animals or other owes the Company by any sums that the Company owes the shall:-(1) notify the Company in writing within one month

after the receipt of any information which leads the Buyer clock hammers or keys are for available for sale. party may receive compensation for damages through legal to doubt the authenticity or attributes of the Lot, specifying (2) Watches and timepieces generally have a very proceedings. However, prior to the Company's disclosure the reference number of the Lot, date on which the Lot sophisticated mechanical manufacture that may require of such materials to the Seller or the Buyer, the Company is purchased and reasons for which it is considered as general warranty service, battery replacement or further shall take the reasonable steps to notify the party whose counterfeit; (2) return the Lot to the Company in the same repair works, and these will be all at the buyer's disposal. materials are to be disclosed. conditions as it was on the date of sale, and the proper Our Company does not guarantee that any auction of Buyers and sellers have to bear liabilities arisen from ownership of it is transferrable, plus there are no claims watches is in good working condition. Unless mentioned in transactions including but not limited to, economic, legal, tax from any third party after the Sale Date. the catalogue, otherwise we do not provide a certi?cate. and settlement and other related responsibilities, and have to 3. Regarding Southeastern Asian modern and contemporary (3) Most watches have been opened to check the ensure transactions not relate to money laundering or other art, Chinese painting and Chinese calligraphy and Chinese movement of the models and their quality, so with a illegal bene?t transfers. Any receive or payment instruction must ink painting, although at present the academic sector does waterproof case may not contain waterproof function, be clear and direct, the Company shall assume no liability for not permit the making of de?nitive statements, the Company our Company recommends that you to ask a professional losses arisen from account stolen, misappropriation of funds and reserves the discretion to cancel those deals of Lots which watch maker to check before use. other unforeseen circumstances resulting from mismanagement are proved to be counterfeit southeastern Asian modern and of sellers or buyers. contemporary arts, Chinese painting and Chinese calligraphy CHAPTER IV MISCELLANEOUS and Chinese ink paintings within one year after the Auction ARTICLE 67 NOTICE Date based on this warranty. Paid sums shall be returned ARTICLE 62 OBTAINING INFORMATION, ?e Bidder and the Buyer shall inform the Company their to the Buyer according to this term, however the Buyer VIDEO-TAKING permanent and effective correspondent address and shall provide evidences (based on the methods provided In connection with the operation of the auction business contact methods in the bidding registration documents forin clause 2 and 4 of this article) to prove that the Lot is of the Company, the Company may make audio recording, or by other methods recognized by the Company. If there counterfeit within one year from the Auction Date; video recording of any auction process, and need to are changes, they shall inform the Company in writing 4. The Company can, at its discretion, decide to waive collect personal information from the Bidder or ask for the immediately. any of the above provisions. The Company has the right information of the Bidder from third parties (such as asking The notices mentioned in the Conditions of Business to demand from the Buyer two independent specialist for credit review from banks). Such information will be only refer to written notices sent by letter or fax formats. reports which are recognized by the specialist sector handled and kept con?dential by the Company. However the A notice shall be deemed as served at the following concerned and which are accepted by the Company and information concerned may be provided to the Company, moment: the Buyer at the expense of the Buyer. ?e Company shall its divisions, a?liates and subsidiaries in order to assist the 1. If it is served by hand, when it reaches the address of not be subject to any report presented by the Buyer, and Company to provide comprehensive services to Bidders, the party concerned; retains the right to seek additional expert opinion at the carry out client analysis, or in order to provide services 2. If it is sent by post, then it is the seventh day after it is expense of the Company. that meet the requirements of the Bidder. For the sake of posted; 5. ?is limited warranty does not apply to auction categories, the interest of the Bidder, the Company may also provide 3. If it is sent by fax, then it is the moment the outgoing fax such as, jewellery, watches, designer handbags, alcohol, tea some personal information of the Bidder to third party transmission is con?rmed by the fax machine. and other food and beverage items, etc. service providers (such as cargo liners or storage houses). By participating in the auction of the Company, the Bidder ARTICLE 68 SEVERABILITY ARTICLE 61 SPECIAL CATEGORIES agrees to all previously stated disclosure. If the Bidder would If any terms or parts of the Conditions are con?rmed as 1. Statements about the status of jewellery items in the like to obtain or amend his personal information, please void, illegal or cannot be executed, other terms or parts of auctions are usually set out in the catalogue. However, it contact the customer service department. the Conditions are still valid, the parties concerned shall does not imply that the auctioned item has no defects, abid by and execute them. ?aws or has not enhanced beauti?cation after processing. ARTICLE 63 CONFIDENTIALITY (1) Coloured gems (such as rubies, sapphires, emeralds The Company shall be obligated to keep confidentiality ARTICLE 69 LAWS AND JURISDICTION and various coloured gems) may enhance beauti?cation for the Seller, the Bidder and the Buyer and protect the The Conditions of Business and the related matters, after processing or improved in appearance, including legitimate rights of the Seller, the Bidder, the Buyer as well transactions, any disputes caused by or in connection with heat-treated, oiling and radiation. ?ese common practises as the Company according to these Conditions of Business the participation in the auction activities of the Company have been approved by the international jewellery and the laws of Hong Kong. With below exceptions: pursuant to the Conditions of Business shall be subject to industries. However, the hardness of the treated stones 1.To any related parties as the Company considers Hong Kong laws and shall be interpreted by Hong Kong laws. may be reduced and / or need special maintenance in the appropriate with the obligations to maintain the ?e Company and the Buyer and the Bidder shall submit to future. con?dentiality of the information extended; the exclusive jurisdiction of Hong Kong courts. Adjudication(s) (2) Our Company will not apply appraisal report from 2.To whom information is requested to be disclosed by promulgated by Hong Kong courts on any disputes arising professional organisations for each piece of jewellery any court, jurisdiction, governmental, banking, taxation from the Conditions of Business and related matters can be item in the auction. If an auctioned item has obtained or other regulatory authority, or by any applicable law or enforced in People's Republic of China. the appraisal report from an internationally recognised regulation; gem laboratory, the Company will specify it in the 3.Being agreed by relevant seller, bidder or buyer. ARTICLE 70 LANGUAGE auction catalogue. Due to the difference in methods ?e Chinese version of the Conditions of Business shall be the and techniques used in di?erent laboratories, there may ARTICLE 64 AUTHENTICATION RIGHT standard texts; the English version is for reference only. be different views as to whether a gemstone has been The Company may authenticate the Lot if necessary. In Should there be any discrepancy between the English version treated, degree of treat or permanently treated. Our case of any discrepancy between the authentication and Chinese version, the Chinese version shall prevail. Company will not be responsible for the accuracy of the conclusion and the conditions of the Lot in the appraisal report issued by each laboratory. consignment auction contract, the Company shall have ARTICLE 71 OWNERSHIP OF THE COPYRIGHT OF (3) If you would like to request an appraisal report by a the right to request modification or rescission of the THE CONDITIONS specific laboratory, please submit the request at least consignment auction contract. The Conditions of Business is prepared and revised 14 working days before the auction date, the Company by the Company, the copyright concerned belongs to will apply for appraisal report on behalf of you, and the ARTICLE 65 COPYRIGHT the Company. Without the prior written approval of the corresponding appraisal costs will borne by you. The Seller authorizes the Company to produce photos, Company, no one shall use any methods or means to use (4) ?e valuation of an item of jewellery item in the auction illustrations, catalogue, video products and advertising the Conditions of Business to obtain business benefits, is made based on all information being known at the materials in other forms of the Lot that it has appointed the and shall not make duplication, of any parts of the time the item being auctioned, bidders should review the Company to place for auction, the Company is entitled to Conditions of Business. auctioned item or make a detailed understanding of the the above photos, illustrations, catalogue, video products auctioned item before the auction. Once you have placed and advertising materials in other forms of the Lot, and has ARTICLE 72 APPLICABLE PERIOD a bid, it is deemed that you have accepted all the current the right to use them. Without prior written consent of the The Conditions of Business is only applicable for this status of the auctioned items. Company, the Buyer and anyone shall not use them. The auction. The Company may update the Conditions of (5) Our Company reminds bidders that precious stones Company and the Seller have not made any statement and Business from time to time, when the Bidder and the or emerald originating from Myanmar may be banned in warranty as to whether the Lot is restricted by copyright or if Buyer participate in another auction, the then applicable certain countries. the Buyer has obtained any copyright of the Lot. Conditions of Business shall prevail. 2. Watches and Timepieces Auctioned items (1) Our Company has stated that the current status of a ARTICLE 66 EXEMPTION FROM LIABILITY ARTICLE 73 RIGHT OF INTERPRETATION watch and timepieces auctioned items being known on Being an agent of the Seller, the Company shall assume ?e right of interpretation of these Rules shall belong to the auction catalogue, and is for bidder's reference only. no liability for any breach of contract by the Seller or the the Company. Due to the fact that most timepieces have been repaired Buyer. In case of the breach of contract by the Seller or and maintained during the previous period being used, we the Buyer, the Company shall have the right to decide to do not guarantee that any parts and components of any disclose the other party's name and address to the Seller watch are original, and it is possible that no pendulum, or the Buyer at its own discretion so that the damaged