public materials differ 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. ? e 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 offered 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
fill 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 certifi cate of incorporation and proof of
shareholding and legitimate authorization document. The Company
may request the Bidder to present proof of bank details or other proof of
fi nancial conditions for payment purposes.
ARTICLE 36 PADDLE
? e Company can announce before the Auction Date the conditions and
procedures of arranging paddle for the Bidder according to different
auction conditions and auction methods etc., including but not limited
to the qualifi cation 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. ? e 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 aft er 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 eff orts 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
? e 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. The 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. The 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
Aft er 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. The 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
Aft er 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
After the bidding has succeeded, the risks ofthe 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. The 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
efforts 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
The 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 aft er 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 after the issue of that
notice. if the items under lien are insufficient to offset all the monies
payable by the Buyer to the Company, the Company has the right to
claim them;
7. ? e 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. The 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. The Buyer shall bear all the risks and expenses incurred after 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),
after 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 after 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 non-interest-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 aft er deducting the relevant expenses
(including legal fees).
ARTICLE 60 LIMITED WARRANTY
1.? e 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 aft er the receipt of any information
which leads the Buyer to doubt the authenticity or attributes of the Lot,
