fl awlessness of the Lot.
ARTICLE 32 UNCERTAINTY OF CATALOGUE
Where the tone, color, graduation shape or any other
feature of the Lot shown in the catalogue and/or any other
illustrations, images and public materials diff er from those
of the original Lot due to printing, photography or other
technical reasons, the original Lot shall take precedence. Any
introduction and appraisal of any Lot made by the Company
and its employees or its agents in anyway (including the
certifi cate, catalogue, slideshow and news media) are only
opinions for reference and do not constitute any guarantee
for the Lot. The Company and its employees or its agents
shall undertake no liability for any inaccuracy or omission in
the aforesaid introduction or appraisal.
ARTICLE 33 RESERVE AND ESTIMATE
Unless otherwise indicated, all Lots are off ered subject to a
Reserve. Normally, the Reserve is not higher than the lowest
Estimate announced before the auction or published before
the auction by the Company. If a Reserve has not been set for
a Lot, unless there has already been bidding, the Auctioneer,
in his or her discretion, may determine the starting price, but
this shall not be higher than the lowest Estimate of the Lot
before the auction.
Under no circumstances shall the Company bear any liability
when the bids for a Lot do not reach the Reserve. If the bids
are lower than the Reserve, the Auctioneer, in his or her
discretion, may sell the Lot at a price lower than the Reserve.
However under such circumstances, the amount that the
Company shall pay the Seller shall be the amount that the
Seller would receive as if the Lot was sold at the Reserve.
The Estimate is estimated at an earlier time before the
Auction Date, it is not a confi rmed selling price, and is not
legally binding. Estimates cannot be used as a forecast of
the Hammer Price of the Lot, and the Company has the right
to revise from time to time the Estimate already made.
ARTICLE 34 BIDDERS' INSPECTION
RESPONSIBILITY
The Bidder and/or his/her/its agents shall have the
responsibility to learn about the actual conditions of the Lot
and shall be legally liable for his/her/its bid for a certain
Lot. ? e Company strongly advises the Bidders to personally
inspect the original Lot they intend to bid for before the
Auction Date by authentication or other means. Bidders
shall judge by themselves whether Lot complies with the
descriptions in the Company's catalogue of the Lot and
other images and public materials, rather than relying on the
catalogue, images and public materials to make decisions.
ARTICLE 35 REGISTRATION OF BIDDERS
If the Bidder is a natural person, before the Auction Date, he/
she shall fi ll in and sign the registration documents with an
identity document with photo issued by the government (such
as resident identity card or passport), and provide proof of
the current address (e.g. utility bill or bank statement); if the
Bidder is a company or other organization, before the Auction
Date, it shall fi ll in and sign the registration documents and
collect a paddle with its valid certificate of incorporation
and proof of shareholding and legitimate authorization
document. ? e Company may request the Bidder to present
proof of bank details or other proof of fi nancial conditions for
payment purposes.
ARTICLE 36 PADDLE
The Company can announce before the Auction Date the
conditions and procedures of arranging paddle for the
Bidder according to diff erent auction conditions and auction
methods etc., including but not limited to the qualification
and conditions for the Bidder to arrange a paddle. The
Company solemnly reminds that a paddle is the only proof
for the Bidder to participate in the auction at the venue. ? e
Bidder shall keep it properly and shall not lend it to others to
use it. If it is lost, it shall immediately handle the loss report
formalities in a written form recognized by the Company.
No matter if the person holding a paddle has been appointed
by the Bidder or not, his or her bidding acts at auction are
considered as having been made by the registered person
himself, and the Bidder shall bear the legal responsibilities
for the acts of the former, unless the Bidder himself has
already submitted a written report to the Company regarding
the loss paddle.
ARTICLE 37 AUCTION DEPOSIT
When a Bidder participates in an auction of the Company,
he/she shall fi rst pay the auction deposit before collecting
the paddle. The amount of the auction deposit will be
announced by the Company before the Auction Date, and the
Company has the right to waive the auction deposit. If the
Bidder fails to buy the Lot and he does not owe the Company
any sum, then that auction deposit shall be returned to the
Bidder in full without interest within 14 working days after
the end of the auction. If the Bidder succeeds in buying a Lot,
the auction deposit shall automatically be converted to the
payment of the Purchase Price of the Lot.
ARTICLE 38 DISCRETION OF THE COMPANY
The Company has the right to forbid anyone from
participating in the auction organized by the Company or
entering the auction site, or taking pictures or shooting
videos at the auction site at its discretion.
ARTICLE 39 HANDLING OF ABNORMAL EVENTS
If any abnormal event occurs at the auction site, the
Company has the right to take emergency actions. If any
dispute arises at the auction site, the Company has right to
mediate and settle it.
ARTICLE 40 CONFIRMATION OF BUYER'S IDENTITY
? e Bidder must take good care of his/her/its paddle and be
cautious not to lose it. ? e Bidder shall not lend his/her/its
paddle to others, or the Bidder shall assume all legal liability
for others' act of bidding for the Lot using his/her/its paddle.
ARTICLE 41 ABSENTEE BIDS
Bidders shall attend the auction in person. If a Bidder or its
agent cannot attend in person, it can appoint the Company
in writing for the Company to bid on its behalf. ? e Company
has the discretion to accept or not accept the above
appointment. Any Bidder who has appointed the Company
to bid shall handle the appointment formalities within the
period stipulated (no later than three business days), and
produce a completed Absentee Bid Order to the Company,
and at the same time pay the auction deposit according to
the Conditions of Business.
If the Bidder who has appointed the Company to bid needs
to cancel the absentee bid, it shall notify the Company no
later than 24 hours before the Auction Date.
ARTICLE 42 AUCTION RESULTS OF ABSENTEE BID
If a Bidder who has appointed the Company to bid, the
auction results and the related legal responsibilities shall be
borne by the Bidder.
If the Bidder indicates in the Absentee Bid Order that it bids
by instant communication methods such as telephone, it
shall fill in the instant communication method accurately
and keep the instant communication instrument properly,
during the period in which the Company is appointed to bid,
the Bidder shall use that instant communication instrument
itself. Where the instant communication instrument is lost or
it cannot be within control, the Bidder shall immediately use a
written form recognized by the Company to change the instant
communication method filled in the Absentee Bid Order.
During the period the Company is appointed to bid, it shall
make appropriate efforts to contact the Bidder, the bidding
information transmitted by that instant communication
instrument (whether or not it is transmitted by the Bidder
personally or the Bidder's agent) shall be considered as
transmitted by the Bidder itself, and the Bidder shall bear legal
responsibilities for the actions taken by it. Unless the Buyer
itself has changed the instant communication method fi lled in
the Absentee Bid Order by a written method recognized by the
Company. All telephone bids may be recorded and kept at Poly
Auction (Hong Kong)'s sole discretion, by opting for telephone
bids, the Bidder agrees that its phone conversation will be
recorded.
Nevertheless, under no circumstances shall the Company
be responsible for any unsuccessful contact or errors
or omissions in the bidding process using that instant
communication instrument.
ARTICLE 43 DISCLAIMER OF ABSENTEE BID
Since absentee bid is a free service of transmitting
bidding information that the Company provides to the
Bidder, the Company and its employees shall not bear any
responsibilities for unsuccessful bidding or any errors,
omissions, negligence, fault or inability to bid on its behalf
during the bidding process.
ARTICLE 44 FIRST-COME-FIRST-SERVE PRINCIPLE
FOR ABSENTEE BID
If two or more Bidders appointing the Company to bid on their
behalf have bid the same price for the same Lot and eventually
that Lot is sold at that Hammer Price, then the one who fi rst
submitted to the Company shall be the Buyer of that Lot.
ARTICLE 45 DISCRETION OF THE AUCTIONEER
The Auctioneer has the right at his absolute and sole
discretion in the following matters:
1. Refusal or acceptance of any bid;
2. Carrying out the auction in such a manner as he may
decide;
3. Withdrawal of any Lot, dividing it for auction separately,
combining any two or more Lots for auction;
4. If there are errors or disputes, no matter if they occur
during or aft er the auction, he shall have the right to decide
the successful Bidder, whether or not to continue the
auction, to cancel the auction or place the Lot under dispute
for auction again;
5. ? e Auctioneer may open and carry out the bidding at a
level with bidding increments that he considers suitable, and
has the right to bid on behalf of the Seller up to the amount
of the Reserve, either by placing consecutive bids or by
placing bids in response to other Bidders;
6. Adoption of other actions that he considers as appropriate.
ARTICLE 46 NO RESERVE
For those Lots without a Reserve, unless there has already
been bidding, otherwise the Auctioneer, under his own
discretion, may decide the starting price. If there is no
bidding at such a price, the Auctioneer will, at his own
discretion, lower the price and continue the auction until a
Bidder starts to bid, then he will continue the auction at that
price and then continue up from that amount.
ARTICLE 47 IMAGE DISPLAY BOARD AND
CURRENCY CONVERSION BOARD
To facilitate Bidders, the Company may use image projector
or other forms of display boards in the auction. ? e contents
shown are for reference only. It is possible that there are
diff erences in the information such as the amount, reference
number of the Lot, images of the Lot or reference foreign
currency etc. shown in the image projector or other forms
of display boards and the Company shall not bear any
responsibilities for any losses caused by such diff erences.
ARTICLE 48 SUCCESSFUL BID
The fact that the Auctioneer confirms the highest bid of a
Bidder by striking his/her hammer or in any other manner of
publicly confi rming the sale shall indicate the conclusion of a
sales contract for the Lot between the Bidder and the Seller.
ARTICLE 49 COMMISSION AND EXPENSES
After the Bidder has succeeded in bidding, it will become
the Buyer of that Lot. A buyer's premium will be added to
the Hammer Price and is payable by the buyer as part of
the total purchase price. ? e buyer's premium is 20% of the
hammer price of each lot and at the same time other Buyer's
Expenses, and recognizes that the Company can charge the
Seller the commission and other Seller expenses according
to provisions of the Consignment Agreement.
ARTICLE 50 TAXES
All the monies that the Buyer pays to the Company are net
amounts, which shall not include any tax on goods, tax
on services or other value added tax (whether levied by
Hong Kong or other regions). If there is any tax applicable
to the Buyer, the Buyer shall bear it itself according to the
provisions of the relevant laws currently in force.
ARTICLE 51 PAYMENT TIME
After the Lot is successfully sold in an auction, unless
otherwise agreed, regardless of any stipulations of the
export, import or other permits of the Lot, the Buyer shall
fully pay the Purchase Price within 7 days aft er the Sale Date
(including the Sale Date), and collect the Lot. If packing,
moving costs, and insurance expenses, expenses related to
export are involved, the Buyer shall pay them altogether.
ARTICLE 52 PAYMENT CURRENCY
All monies shall be paid in Hong Kong dollars. If the Buyer
pays in another currency other than Hong Kong dollars, it
shall convert it at the exchange rate agreed between the
Buyer and the Company or at the exchange rate of Hong
Kong dollars and that currency type on the previous working
day announced by such bank as selected by the Company.
All bank handling fees, commission and charges incurred by
the Company for converting the foreign currency paid by the
Buyer into Hong Kong dollars shall be borne by the Buyer.
ARTICLE 53 TRANSFER OF OWNERSHIP
? e ownership shall be passed onto the Buyer only when the
Buyer has fully paid the Purchase Price and all monies that
the Buyer owes the Company.
ARTICLE 54 TRANSFER OF RISKS
Aft er the bidding has succeeded, the risks oft he Lot shall be
borne by the Buyer itself aft er the occurrence of one of the
following events (whichever earlier):
1. ? e Buyer has collected the Lot; or
2. ? e Buyer has fully paid the Purchase Price for the Lot to
the Company; or
3. ? e expiry of seven days aft er the Sale Date (including the
Sale Date).
ARTICLE 55 COLLECTION OF THE LOT
Risk and responsibility for the lot passes to the Buyer at the
expiration of thirty calendar days from the Sale Date (including
the Sale Date). or on collection by the Buyer, if earlier. After
thirty calendar days, all expenses incurred, including but not
limited to storage, moving, insurance will be for the account of
the Buyer. Although the Company shall use reasonable eff orts
to take care of purchased Lot and suggest handlers, packers or
carriers, the company is not responsibleto any person to whom
we have made are commendation for the acts or omissions of
the third party concerned.
ARTICLE 56 PACKING, HANDLING AND MOVING
If the employees of the Company pack and handle the Lot
bought on behalf of the Buyer according to the latter's
requirements, this is considered as a service provided by the
Company to the Buyer and the Company has the discretion
to decide whether to provide this service, if any losses
arise therefrom, the Buyer shall bear them itself. Under no
circumstances shall the Company be responsible for any
damage of the glass or picture frame, box, backing sheet,
frame case, mounting, inserts, rolling rod or similar auxiliary
objects caused by any reasons.
Where the Buyer requests the Company to assist it in
collecting the purchased Lot (the packaging, mailing and
transportation expenses shall be paid by the Buyer) by
means of post, express delivery or transportation, the
Company shall be deemed to have delivered the Lot and the
Buyer shall be deemed to have collected such Lot according
to the normal procedure upon the Company's delivery of the
Lot to the post, express delivery and transportation entities,
companies or their employees/branch offices. The risks
arising from this process shall be borne by the Buyer. Unless
Buyer gives a clear indication and pays insurance premium,
no insurance is provided in the process of mailing, express
delivery or transportation generally.
The Company shall undertake no liability for any error,
omission, damage or destruction caused by the packaging
company and post, express delivery and transportation
entities or companies designated by the Buyer or
recommended by the Company to the Buyer.
ARTICLE 57 IMPORT, EXPORT LICENSES AND
PERMIT
? e Buyer shall be responsible for obtaining any import and
export licenses, permit for endangered animals or other
aspects related to the Lot. Failure or delay in obtaining
any permits required shall not be deemed as a reason for
cancelling the purchase or delaying in paying the Purchase
Price. The Company shall not bear any responsibilities for
the failure to properly fi ll in or submit the required import or
export documents.
If the Buyer requests the Company to apply for the import
and export licenses on its behalf, the Company has the
right to charge service fees for this service. However, the
Company does not warrant that the import or export license
will be issued. The Company and the Seller has not made
declaration or warranty in respect of whether or not any Lot
is subject to import and export restrictions or any embargo.
ARTICLE 58 REMEDIES FOR NON-PAYMENT
If the Buyer fails to make full payment according to the
provisions of the Conditions of Business or any payment
arrangements agreed with the Company, the Company has
the right to adopt one or more of the following measures:
1. Aft er the Lot is sold, if the Buyer fails to pay the Purchase
Price within 7 days from the Sale Date (including the Sale
Date), the auction deposit paid at the time of bidding
registration shall not be refunded, and it shall at the same
time bear the relevant responsibilities according the
provisions of the Conditions of Business; if the Buyer has
bought a few Lots with the same paddle, aft er the Lots are
sold, if the Buyer has not paid the Purchase Price of any of
the Lots within the time stipulated, then the entire auction
deposit shall not be refunded, and it shall at the same time
bear the relevant responsibilities according the provisions of
the Conditions of Business;
2. If the Buyer fails to pay the Purchase Prices in full to
the Company within 7 days from the Sale Date (including
the Sale Date), the Company has the right to appoint a
third party organization to collect the entire or part of the
Purchase Prices that the Buyer owes;
3. If the Buyer fails to pay the Purchase Price in full within
7 days from the Sale Date (including the Sale Date), the
Company has the right to charge interest at 0.03% per day
on the unpaid portion starting from the 8th day after the
Sale Date until the day on which the Buyer has fully paid the
monies, with the exception that the Buyer has otherwise
agreed with the Company;
4. The Buyer shall bear the risks and expenses of taking
out an insurance policy, moving and storing the Lot in the
Company or other places;
5. To sue the Buyer or apply to Arbitration Agency for
mediation, demand for compensation for all the losses due
to the breach of contract by the Buyer including but not
limited to economic loss, legal expenses, default penalty and
pass due interest caused by the delay in payment or refusal
to make payments by the Buyer;
6. To retain that or any other Lot that the same Buyer has
bought via the Company, and any other properties or rights
to property of the Buyer that the Company holds for any
reasons, all the expenses and/or risks incurred during the
retention period shall be borne by the Buyer. If the Buyer fails
to perform all its duties concerned within the period specifi ed
by the Company, the Company has the right to issue a lien
notice tothe Buyer and dispose of the items under lien if the
Buyer has not yet fully paid all outstanding amounts within
30 days aft er the issue of that notice. if the items under lien
are insuffi cient to off set all the monies payable by the Buyer
to the Company, the Company has the right to claim them;
7. The Company has sole discretion to cancel the sale or
agree that the Consignor can cancel the deal, and reserve
the right to claim all the losses suff ered by the Company due
to the cancellation of that deal;
8. ? e Company can place the Lot for auction again or sell it
by other means according to the provisions of the Conditions
of Business with the consent of the Seller, and the Company
reserves the right to decide the Estimate and Reserve. ? e
original Buyer shall pay the commission and other Buyer's
Expenses and the Seller in the first auction, and it shall
bear all the costs of the second auction or the sale of the
Lotby other means. If the price obtained from the second
auction or the sale of the Lot by other means is lower than
the original auction sum, the original Buyer shall pay the
shortfall;
9. To offset any monies related to the Lot that the Buyer
owes the Company by any sums that the Company owes the
Buyer in any other transactions;
10. ? e Company can decide to use any monies paid by the
Buyer to repay any sums that the Buyer owes the Company
in any other transactions;
11. To reject any bids made by the Buyer or its agent
at future auctions, or to obtain auction deposit before
accepting any bids;
12. To disclose the information of the Buyer to the Seller, so
that the Seller can start a law suit to recover the outstanding
amount, or claim damages and claim legal fees for breach of
contract by the Buyer.
ARTICLE 59 REMEDIES FOR DELAY IN COLLECTING
THE LOT
If the Buyer fails to collect the purchased Lot 7 days aft er the
Sale Date (including the Sale Date), the Company has the
right to adopt one or more of the measures below:
1. All costs (including but not limited to the storage fee
calculated and charged according to the provisions of the
Bidder Registration Order starting from the 31st day from
the Sale Date (including the Sale Date) and/or risks for the
taking out of an insurance policy and/or storing the Lot in the
Company or other places shall be borne by the Buyer. Only
aft er the Buyer has paid the full amount of the Purchase Price,
it can collect the Lot (packing and moving costs, insurance
expenses, expenses related to export shall be at the Buyer's
expense);
2. ? e Buyer shall bear all the risks and expenses incurred
aft er the deadline as stated in the Conditions of Business if it
cannot collect the Lot concerned within that deadline. If the
Buyer has not yet collected the Lot within 30 days from the
Sale Date (including the Sale Date), aft er notifying the Buyer,
the Company has the right to sell that Lot in a public auction
or by a method and with methods and conditions that it
considers suitable. Any proceeds aft er the deduction of all
the losses, expenses (packing & moving costs, insurance
costs, expenses related to export, Storage Fee, and notarial
expenses etc.) incurred by the Company from the disposal
shall be taken back by the Buyer; such balance is noninterest-bearing. If the Buyer fails to take the proceeds back
two years aft er the Sale Date, the balance shall be deposited
to a Hong Kong court by the Company after deducting the
relevant expenses (including legal fees).
ARTICLE 60 LIMITED WARRANTY
1.The Company provides general warranty to the Buyer: If the
Lot sold by the Company is later found to be a counterfeit, the
Company will cancel that deal according to the terms of the
Conditions of Business, and will return to the Buyer in the currency
of the original deal the Hammer Price together with the Buyer's
Commission that the Buyer has paid to the Company for the Lot.
In this regard, based on the reasonable opinion of the Company,
counterfeits refer to frauds in various aspects such as the source,
producer, place of origin, date, production year, duration, type,
culture or sources etc. of the article, and the correct description
of the above points have not been recorded in the contents of the
catalogue (any special terminologies are taken into consideration).
Any damage and/or any type of restored item and/or repaired
items (including repainting or painting on top of it) of the Lot shall
not be considered as counterfeit. Please pay attention that if
any of the following situations happens, this warranty shall not
apply; The contents of the catalogue are based on generally
accepted opinion of academics and specialists on the selling date,
or contradictions in opinions are shown in the contents of the
catalogue; or On the selling date, the only method of proving the
Lot is a counterfeit is not a method which can be used in general;
which is recognized; which is extremely high price; the usage of
such method is impractical; or this method may have caused
damage to the Lot or may (according to the reasonable opinion of
the Company) have already caused the Lot to lose value; or If the
Lot has not lost any material value from the description of the Lot.
2.Unless otherwise provided in this article, the time limit of this
warranty is 5 years from the Sale Date concerned. ? is limited
warranty is exclusively enjoyed by the Buyer, and shall not be
transferred to any third party. In order to make claims based on
this warranty, the Buyer shall:-(1) notify the Company in writing
within one month after the receipt of any information which
leads the Buyer to doubt the authenticity or attributes of the Lot,
specifying the reference number of the Lot, the Sale Date and
reasons for which it is considered as counterfeit. For the Lots
of alcohol and tea, notifi cation should be sent to the Company
within one week; (2) return the Lot to the Company in the
same conditions as it was on the date of sale, and the proper
fl awlessness of the Lot.
ARTICLE 32 UNCERTAINTY OF CATALOGUE
Where the tone, color, graduation shape or any other
feature of the Lot shown in the catalogue and/or any other
illustrations, images and public materials diff er from those
of the original Lot due to printing, photography or other
technical reasons, the original Lot shall take precedence. Any
introduction and appraisal of any Lot made by the Company
and its employees or its agents in anyway (including the
certifi cate, catalogue, slideshow and news media) are only
opinions for reference and do not constitute any guarantee
for the Lot. The Company and its employees or its agents
shall undertake no liability for any inaccuracy or omission in
the aforesaid introduction or appraisal.
ARTICLE 33 RESERVE AND ESTIMATE
Unless otherwise indicated, all Lots are off ered subject to a
Reserve. Normally, the Reserve is not higher than the lowest
Estimate announced before the auction or published before
the auction by the Company. If a Reserve has not been set for
a Lot, unless there has already been bidding, the Auctioneer,
in his or her discretion, may determine the starting price, but
this shall not be higher than the lowest Estimate of the Lot
before the auction.
Under no circumstances shall the Company bear any liability
when the bids for a Lot do not reach the Reserve. If the bids
are lower than the Reserve, the Auctioneer, in his or her
discretion, may sell the Lot at a price lower than the Reserve.
However under such circumstances, the amount that the
Company shall pay the Seller shall be the amount that the
Seller would receive as if the Lot was sold at the Reserve.
The Estimate is estimated at an earlier time before the
Auction Date, it is not a confi rmed selling price, and is not
legally binding. Estimates cannot be used as a forecast of
the Hammer Price of the Lot, and the Company has the right
to revise from time to time the Estimate already made.
ARTICLE 34 BIDDERS' INSPECTION
RESPONSIBILITY
The Bidder and/or his/her/its agents shall have the
responsibility to learn about the actual conditions of the Lot
and shall be legally liable for his/her/its bid for a certain
Lot. ? e Company strongly advises the Bidders to personally
inspect the original Lot they intend to bid for before the
Auction Date by authentication or other means. Bidders
shall judge by themselves whether Lot complies with the
descriptions in the Company's catalogue of the Lot and
other images and public materials, rather than relying on the
catalogue, images and public materials to make decisions.
ARTICLE 35 REGISTRATION OF BIDDERS
If the Bidder is a natural person, before the Auction Date, he/
she shall fi ll in and sign the registration documents with an
identity document with photo issued by the government (such
as resident identity card or passport), and provide proof of
the current address (e.g. utility bill or bank statement); if the
Bidder is a company or other organization, before the Auction
Date, it shall fi ll in and sign the registration documents and
collect a paddle with its valid certificate of incorporation
and proof of shareholding and legitimate authorization
document. ? e Company may request the Bidder to present
proof of bank details or other proof of fi nancial conditions for
payment purposes.
ARTICLE 36 PADDLE
The Company can announce before the Auction Date the
conditions and procedures of arranging paddle for the
Bidder according to diff erent auction conditions and auction
methods etc., including but not limited to the qualification
and conditions for the Bidder to arrange a paddle. The
Company solemnly reminds that a paddle is the only proof
for the Bidder to participate in the auction at the venue. ? e
Bidder shall keep it properly and shall not lend it to others to
use it. If it is lost, it shall immediately handle the loss report
formalities in a written form recognized by the Company.
No matter if the person holding a paddle has been appointed
by the Bidder or not, his or her bidding acts at auction are
considered as having been made by the registered person
himself, and the Bidder shall bear the legal responsibilities
for the acts of the former, unless the Bidder himself has
already submitted a written report to the Company regarding
the loss paddle.
ARTICLE 37 AUCTION DEPOSIT
When a Bidder participates in an auction of the Company,
he/she shall fi rst pay the auction deposit before collecting
the paddle. The amount of the auction deposit will be
announced by the Company before the Auction Date, and the
Company has the right to waive the auction deposit. If the
Bidder fails to buy the Lot and he does not owe the Company
any sum, then that auction deposit shall be returned to the
Bidder in full without interest within 14 working days after
the end of the auction. If the Bidder succeeds in buying a Lot,
the auction deposit shall automatically be converted to the
payment of the Purchase Price of the Lot.
ARTICLE 38 DISCRETION OF THE COMPANY
The Company has the right to forbid anyone from
participating in the auction organized by the Company or
entering the auction site, or taking pictures or shooting
videos at the auction site at its discretion.
ARTICLE 39 HANDLING OF ABNORMAL EVENTS
If any abnormal event occurs at the auction site, the
Company has the right to take emergency actions. If any
dispute arises at the auction site, the Company has right to
mediate and settle it.
ARTICLE 40 CONFIRMATION OF BUYER'S IDENTITY
? e Bidder must take good care of his/her/its paddle and be
cautious not to lose it. ? e Bidder shall not lend his/her/its
paddle to others, or the Bidder shall assume all legal liability
for others' act of bidding for the Lot using his/her/its paddle.
ARTICLE 41 ABSENTEE BIDS
Bidders shall attend the auction in person. If a Bidder or its
agent cannot attend in person, it can appoint the Company
in writing for the Company to bid on its behalf. ? e Company
has the discretion to accept or not accept the above
appointment. Any Bidder who has appointed the Company
to bid shall handle the appointment formalities within the
period stipulated (no later than three business days), and
produce a completed Absentee Bid Order to the Company,
and at the same time pay the auction deposit according to
the Conditions of Business.
If the Bidder who has appointed the Company to bid needs
to cancel the absentee bid, it shall notify the Company no
later than 24 hours before the Auction Date.
ARTICLE 42 AUCTION RESULTS OF ABSENTEE BID
If a Bidder who has appointed the Company to bid, the
auction results and the related legal responsibilities shall be
borne by the Bidder.
If the Bidder indicates in the Absentee Bid Order that it bids
by instant communication methods such as telephone, it
shall fill in the instant communication method accurately
and keep the instant communication instrument properly,
during the period in which the Company is appointed to bid,
the Bidder shall use that instant communication instrument
itself. Where the instant communication instrument is lost or
it cannot be within control, the Bidder shall immediately use a
written form recognized by the Company to change the instant
communication method filled in the Absentee Bid Order.
During the period the Company is appointed to bid, it shall
make appropriate efforts to contact the Bidder, the bidding
information transmitted by that instant communication
instrument (whether or not it is transmitted by the Bidder
personally or the Bidder's agent) shall be considered as
transmitted by the Bidder itself, and the Bidder shall bear legal
responsibilities for the actions taken by it. Unless the Buyer
itself has changed the instant communication method fi lled in
the Absentee Bid Order by a written method recognized by the
Company. All telephone bids may be recorded and kept at Poly
Auction (Hong Kong)'s sole discretion, by opting for telephone
bids, the Bidder agrees that its phone conversation will be
recorded.
Nevertheless, under no circumstances shall the Company
be responsible for any unsuccessful contact or errors
or omissions in the bidding process using that instant
communication instrument.
ARTICLE 43 DISCLAIMER OF ABSENTEE BID
Since absentee bid is a free service of transmitting
bidding information that the Company provides to the
Bidder, the Company and its employees shall not bear any
responsibilities for unsuccessful bidding or any errors,
omissions, negligence, fault or inability to bid on its behalf
during the bidding process.
ARTICLE 44 FIRST-COME-FIRST-SERVE PRINCIPLE
FOR ABSENTEE BID
If two or more Bidders appointing the Company to bid on their
behalf have bid the same price for the same Lot and eventually
that Lot is sold at that Hammer Price, then the one who fi rst
submitted to the Company shall be the Buyer of that Lot.
ARTICLE 45 DISCRETION OF THE AUCTIONEER
The Auctioneer has the right at his absolute and sole
discretion in the following matters:
1. Refusal or acceptance of any bid;
2. Carrying out the auction in such a manner as he may
decide;
3. Withdrawal of any Lot, dividing it for auction separately,
combining any two or more Lots for auction;
4. If there are errors or disputes, no matter if they occur
during or aft er the auction, he shall have the right to decide
the successful Bidder, whether or not to continue the
auction, to cancel the auction or place the Lot under dispute
for auction again;
5. ? e Auctioneer may open and carry out the bidding at a
level with bidding increments that he considers suitable, and
has the right to bid on behalf of the Seller up to the amount
of the Reserve, either by placing consecutive bids or by
placing bids in response to other Bidders;
6. Adoption of other actions that he considers as appropriate.
ARTICLE 46 NO RESERVE
For those Lots without a Reserve, unless there has already
been bidding, otherwise the Auctioneer, under his own
discretion, may decide the starting price. If there is no
bidding at such a price, the Auctioneer will, at his own
discretion, lower the price and continue the auction until a
Bidder starts to bid, then he will continue the auction at that
price and then continue up from that amount.
ARTICLE 47 IMAGE DISPLAY BOARD AND
CURRENCY CONVERSION BOARD
To facilitate Bidders, the Company may use image projector
or other forms of display boards in the auction. ? e contents
shown are for reference only. It is possible that there are
diff erences in the information such as the amount, reference
number of the Lot, images of the Lot or reference foreign
currency etc. shown in the image projector or other forms
of display boards and the Company shall not bear any
responsibilities for any losses caused by such diff erences.
ARTICLE 48 SUCCESSFUL BID
The fact that the Auctioneer confirms the highest bid of a
Bidder by striking his/her hammer or in any other manner of
publicly confi rming the sale shall indicate the conclusion of a
sales contract for the Lot between the Bidder and the Seller.
ARTICLE 49 COMMISSION AND EXPENSES
After the Bidder has succeeded in bidding, it will become
the Buyer of that Lot. A buyer's premium will be added to
the Hammer Price and is payable by the buyer as part of
the total purchase price. ? e buyer's premium is 20% of the
hammer price of each lot and at the same time other Buyer's
Expenses, and recognizes that the Company can charge the
Seller the commission and other Seller expenses according
to provisions of the Consignment Agreement.
ARTICLE 50 TAXES
All the monies that the Buyer pays to the Company are net
amounts, which shall not include any tax on goods, tax
on services or other value added tax (whether levied by
Hong Kong or other regions). If there is any tax applicable
to the Buyer, the Buyer shall bear it itself according to the
provisions of the relevant laws currently in force.
ARTICLE 51 PAYMENT TIME
After the Lot is successfully sold in an auction, unless
otherwise agreed, regardless of any stipulations of the
export, import or other permits of the Lot, the Buyer shall
fully pay the Purchase Price within 7 days aft er the Sale Date
(including the Sale Date), and collect the Lot. If packing,
moving costs, and insurance expenses, expenses related to
export are involved, the Buyer shall pay them altogether.
ARTICLE 52 PAYMENT CURRENCY
All monies shall be paid in Hong Kong dollars. If the Buyer
pays in another currency other than Hong Kong dollars, it
shall convert it at the exchange rate agreed between the
Buyer and the Company or at the exchange rate of Hong
Kong dollars and that currency type on the previous working
day announced by such bank as selected by the Company.
All bank handling fees, commission and charges incurred by
the Company for converting the foreign currency paid by the
Buyer into Hong Kong dollars shall be borne by the Buyer.
ARTICLE 53 TRANSFER OF OWNERSHIP
? e ownership shall be passed onto the Buyer only when the
Buyer has fully paid the Purchase Price and all monies that
the Buyer owes the Company.
ARTICLE 54 TRANSFER OF RISKS
Aft er the bidding has succeeded, the risks oft he Lot shall be
borne by the Buyer itself aft er the occurrence of one of the
following events (whichever earlier):
1. ? e Buyer has collected the Lot; or
2. ? e Buyer has fully paid the Purchase Price for the Lot to
the Company; or
3. ? e expiry of seven days aft er the Sale Date (including the
Sale Date).
ARTICLE 55 COLLECTION OF THE LOT
Risk and responsibility for the lot passes to the Buyer at the
expiration of thirty calendar days from the Sale Date (including
the Sale Date). or on collection by the Buyer, if earlier. After
thirty calendar days, all expenses incurred, including but not
limited to storage, moving, insurance will be for the account of
the Buyer. Although the Company shall use reasonable eff orts
to take care of purchased Lot and suggest handlers, packers or
carriers, the company is not responsibleto any person to whom
we have made are commendation for the acts or omissions of
the third party concerned.
ARTICLE 56 PACKING, HANDLING AND MOVING
If the employees of the Company pack and handle the Lot
bought on behalf of the Buyer according to the latter's
requirements, this is considered as a service provided by the
Company to the Buyer and the Company has the discretion
to decide whether to provide this service, if any losses
arise therefrom, the Buyer shall bear them itself. Under no
circumstances shall the Company be responsible for any
damage of the glass or picture frame, box, backing sheet,
frame case, mounting, inserts, rolling rod or similar auxiliary
objects caused by any reasons.
Where the Buyer requests the Company to assist it in
collecting the purchased Lot (the packaging, mailing and
transportation expenses shall be paid by the Buyer) by
means of post, express delivery or transportation, the
Company shall be deemed to have delivered the Lot and the
Buyer shall be deemed to have collected such Lot according
to the normal procedure upon the Company's delivery of the
Lot to the post, express delivery and transportation entities,
companies or their employees/branch offices. The risks
arising from this process shall be borne by the Buyer. Unless
Buyer gives a clear indication and pays insurance premium,
no insurance is provided in the process of mailing, express
delivery or transportation generally.
The Company shall undertake no liability for any error,
omission, damage or destruction caused by the packaging
company and post, express delivery and transportation
entities or companies designated by the Buyer or
recommended by the Company to the Buyer.
ARTICLE 57 IMPORT, EXPORT LICENSES AND
PERMIT
? e Buyer shall be responsible for obtaining any import and
export licenses, permit for endangered animals or other
aspects related to the Lot. Failure or delay in obtaining
any permits required shall not be deemed as a reason for
cancelling the purchase or delaying in paying the Purchase
Price. The Company shall not bear any responsibilities for
the failure to properly fi ll in or submit the required import or
export documents.
If the Buyer requests the Company to apply for the import
and export licenses on its behalf, the Company has the
right to charge service fees for this service. However, the
Company does not warrant that the import or export license
will be issued. The Company and the Seller has not made
declaration or warranty in respect of whether or not any Lot
is subject to import and export restrictions or any embargo.
ARTICLE 58 REMEDIES FOR NON-PAYMENT
If the Buyer fails to make full payment according to the
provisions of the Conditions of Business or any payment
arrangements agreed with the Company, the Company has
the right to adopt one or more of the following measures:
1. Aft er the Lot is sold, if the Buyer fails to pay the Purchase
Price within 7 days from the Sale Date (including the Sale
Date), the auction deposit paid at the time of bidding
registration shall not be refunded, and it shall at the same
time bear the relevant responsibilities according the
provisions of the Conditions of Business; if the Buyer has
bought a few Lots with the same paddle, aft er the Lots are
sold, if the Buyer has not paid the Purchase Price of any of
the Lots within the time stipulated, then the entire auction
deposit shall not be refunded, and it shall at the same time
bear the relevant responsibilities according the provisions of
the Conditions of Business;
2. If the Buyer fails to pay the Purchase Prices in full to
the Company within 7 days from the Sale Date (including
the Sale Date), the Company has the right to appoint a
third party organization to collect the entire or part of the
Purchase Prices that the Buyer owes;
3. If the Buyer fails to pay the Purchase Price in full within
7 days from the Sale Date (including the Sale Date), the
Company has the right to charge interest at 0.03% per day
on the unpaid portion starting from the 8th day after the
Sale Date until the day on which the Buyer has fully paid the
monies, with the exception that the Buyer has otherwise
agreed with the Company;
4. The Buyer shall bear the risks and expenses of taking
out an insurance policy, moving and storing the Lot in the
Company or other places;
5. To sue the Buyer or apply to Arbitration Agency for
mediation, demand for compensation for all the losses due
to the breach of contract by the Buyer including but not
limited to economic loss, legal expenses, default penalty and
pass due interest caused by the delay in payment or refusal
to make payments by the Buyer;
6. To retain that or any other Lot that the same Buyer has
bought via the Company, and any other properties or rights
to property of the Buyer that the Company holds for any
reasons, all the expenses and/or risks incurred during the
retention period shall be borne by the Buyer. If the Buyer fails
to perform all its duties concerned within the period specifi ed
by the Company, the Company has the right to issue a lien
notice tothe Buyer and dispose of the items under lien if the
Buyer has not yet fully paid all outstanding amounts within
30 days aft er the issue of that notice. if the items under lien
are insuffi cient to off set all the monies payable by the Buyer
to the Company, the Company has the right to claim them;
7. The Company has sole discretion to cancel the sale or
agree that the Consignor can cancel the deal, and reserve
the right to claim all the losses suff ered by the Company due
to the cancellation of that deal;
8. ? e Company can place the Lot for auction again or sell it
by other means according to the provisions of the Conditions
of Business with the consent of the Seller, and the Company
reserves the right to decide the Estimate and Reserve. ? e
original Buyer shall pay the commission and other Buyer's
Expenses and the Seller in the first auction, and it shall
bear all the costs of the second auction or the sale of the
Lotby other means. If the price obtained from the second
auction or the sale of the Lot by other means is lower than
the original auction sum, the original Buyer shall pay the
shortfall;
9. To offset any monies related to the Lot that the Buyer
owes the Company by any sums that the Company owes the
Buyer in any other transactions;
10. ? e Company can decide to use any monies paid by the
Buyer to repay any sums that the Buyer owes the Company
in any other transactions;
11. To reject any bids made by the Buyer or its agent
at future auctions, or to obtain auction deposit before
accepting any bids;
12. To disclose the information of the Buyer to the Seller, so
that the Seller can start a law suit to recover the outstanding
amount, or claim damages and claim legal fees for breach of
contract by the Buyer.
ARTICLE 59 REMEDIES FOR DELAY IN COLLECTING
THE LOT
If the Buyer fails to collect the purchased Lot 7 days aft er the
Sale Date (including the Sale Date), the Company has the
right to adopt one or more of the measures below:
1. All costs (including but not limited to the storage fee
calculated and charged according to the provisions of the
Bidder Registration Order starting from the 31st day from
the Sale Date (including the Sale Date) and/or risks for the
taking out of an insurance policy and/or storing the Lot in the
Company or other places shall be borne by the Buyer. Only
aft er the Buyer has paid the full amount of the Purchase Price,
it can collect the Lot (packing and moving costs, insurance
expenses, expenses related to export shall be at the Buyer's
expense);
2. ? e Buyer shall bear all the risks and expenses incurred
aft er the deadline as stated in the Conditions of Business if it
cannot collect the Lot concerned within that deadline. If the
Buyer has not yet collected the Lot within 30 days from the
Sale Date (including the Sale Date), aft er notifying the Buyer,
the Company has the right to sell that Lot in a public auction
or by a method and with methods and conditions that it
considers suitable. Any proceeds aft er the deduction of all
the losses, expenses (packing & moving costs, insurance
costs, expenses related to export, Storage Fee, and notarial
expenses etc.) incurred by the Company from the disposal
shall be taken back by the Buyer; such balance is noninterest-bearing. If the Buyer fails to take the proceeds back
two years aft er the Sale Date, the balance shall be deposited
to a Hong Kong court by the Company after deducting the
relevant expenses (including legal fees).
ARTICLE 60 LIMITED WARRANTY
1.The Company provides general warranty to the Buyer: If the
Lot sold by the Company is later found to be a counterfeit, the
Company will cancel that deal according to the terms of the
Conditions of Business, and will return to the Buyer in the currency
of the original deal the Hammer Price together with the Buyer's
Commission that the Buyer has paid to the Company for the Lot.
In this regard, based on the reasonable opinion of the Company,
counterfeits refer to frauds in various aspects such as the source,
producer, place of origin, date, production year, duration, type,
culture or sources etc. of the article, and the correct description
of the above points have not been recorded in the contents of the
catalogue (any special terminologies are taken into consideration).
Any damage and/or any type of restored item and/or repaired
items (including repainting or painting on top of it) of the Lot shall
not be considered as counterfeit. Please pay attention that if
any of the following situations happens, this warranty shall not
apply; The contents of the catalogue are based on generally
accepted opinion of academics and specialists on the selling date,
or contradictions in opinions are shown in the contents of the
catalogue; or On the selling date, the only method of proving the
Lot is a counterfeit is not a method which can be used in general;
which is recognized; which is extremely high price; the usage of
such method is impractical; or this method may have caused
damage to the Lot or may (according to the reasonable opinion of
the Company) have already caused the Lot to lose value; or If the
Lot has not lost any material value from the description of the Lot.
2.Unless otherwise provided in this article, the time limit of this
warranty is 5 years from the Sale Date concerned. ? is limited
warranty is exclusively enjoyed by the Buyer, and shall not be
transferred to any third party. In order to make claims based on
this warranty, the Buyer shall:-(1) notify the Company in writing
within one month after the receipt of any information which
leads the Buyer to doubt the authenticity or attributes of the Lot,
specifying the reference number of the Lot, the Sale Date and
reasons for which it is considered as counterfeit. For the Lots
of alcohol and tea, notifi cation should be sent to the Company
within one week; (2) return the Lot to the Company in the
same conditions as it was on the date of sale, and the proper
