Poly Auction Hong Kong | Autumn Auctions 2020 | Rare Pu’er Tea, Chinese Spirit and Whisky by Poly Auction Hong Kong

保利香港拍賣日程

POLY AUCTION (HONG KONG) SALES CALENDAR

歲月留香 — 珍茗佳釀專場

RARE PU'ER TEA, CHINESE SPIRIT AND WHISKY

2020 年 12 月 2 日星期三

WEDNESDAY, 2 DECEMBER 2020

編號：HKF1620 上午 10:30

SALE: HKF1620 10:30AM

國風 ‧ 大明（貳）

IMPERIAL AFFECTION, PART II

2020 年 12 月 2 日星期三

WEDNESDAY, 2 DECEMBER 2020

編號：HKF3320-2 下午 2:00

SALE: HKF3320-2 2:00PM

雲潤星暉：放山居、十面靈璧山居暨

LUSTROUS AURA: SELECTED QING IMPERIAL PORCELAINS FROM THE FONTHILL, TEN-VIEWS

編號：HKF3320-3

SALE: HKF3320-3

海外名家藏盛清瓷器

2020 年 12 月 2 日星期三顺延

LINGBI ROCK RETREAT AND WESTERN COLLECTION WEDNESDAY, 2 DECEMBER 2020 POSTPONE

重要中國古董珍玩

MPORTANT CHINESE CERAMICS AND WORKS OF ART

2020 年 12 月 2 日星期三

WEDNESDAY, 2 DECEMBER 2020

編號：HKF3320-1 顺延

SALE: HKF3320-1 POSTPONE

尚品手袋及潮玩專場

NOBLE HANDBAGS & HYPE COLLECTIBLES

2020 年 12 月 2 日星期三

WEDNESDAY, 2 DECEMBER 2020

編號：HKF2620 下午 4:30

SALE: HKF2620 4:30PM

保利香港、澳門聯合拍賣

POLY AUCTION HONG KONG AND MACAU JOINT AUCTIONS

2020 年 12 月 8 日星期二

TUESDAY, 8 DECEMBER 2020

編號：JA2011PM 下午 3:00

SALE: JA2011PM 3:00PM

預先登記 P R E - R E G I ST R AT I O N

若閣下是首次參與競投，同時未獲得保利香港拍賣有限公司認可的註冊客戶推薦，保證金為港幣 500,000 元。如閣下打算競投高估價拍賣品（在圖錄內及 / 或電子圖錄內標有〇符號之拍賣品），保證金為港幣 1,000,000 元。保利香港拍賣有絕對權力隨時調整高估價拍賣品之保證金及 / 或手續 , 而不需要另行通知◦在閣下競投前 , 本公司亦有絕對權力向閣下要求提供任何有關閣下的財務證明。本公司有絕對權力拒絕任何人之競投登記而不需給予任何解釋◦

If this is the first time you bid with Poly Auction (Hong Kong) Limited, and you are not recommended by a registered client endorsed by us, the deposit will be HK$500,000. If you intend to bid on a “Premium Lot”(i.e., a lot marked with 〇 in the printed catalogue and/or the digital catalogue), the deposit will be HK$1,000,000, please be aware the amount of deposit and/or bidding registration procedure for “Premium Lot” can be changed at any time at Poly Auction(Hong Kong)’s sole discretion without prior notice. In either case, you must deliver to Poly Auction (Hong Kong) Limited such necessary financial references, guarantees, deposits and/or such other security as Poly Auction (Hong Kong) Limited may in its absolute discretion require for before your bid. Poly Auction (Hong Kong) Limited may refuse any bidding registration without any explanation at its’ sole discretion.

保利香港秋季拍賣會預展

Preview

上午 10:00 至下午 8:00

10:00 am – 8:00 pm

11 月 29 日至 12 月 1 日香港君悅酒店

香港灣仔港灣道 1 號

29 November to 1 December Grand Hyatt Hong Kong

1 Harbour Road, Wan Chai, Hong Kong

拍賣

Auctions

香港君悅酒店

Grand Hyatt Hong Kong

12 月 2 日

香港灣仔港灣道 1 號

2 December 1 Harbour Road, Wan Chai, Hong Kong

保利香港、澳門聯合拍賣會預展

Preview

上午 10:00 至下午 7:00

10:00 am – 7:00 pm

11 月 26 日至 12 月 2 日 * 12 月 3 日至 12 月 7 日

上午 10:00 至下午 8:00 保利香港藝術空間

香港金鐘金鐘道 88 號

太古廣場 1 期 7 樓 701-708 室 * 部分拍賣品自 11 月 29 日至 12 月 2 日在香港君悅酒店展覽拍賣

12 月 8 日

26 November to 2 December* 3 December to 7 December 10:00 am – 8:00 pm Poly Gallery Hong Kong Suites 701-708, 7/F, One Pacific Place 88 Queensway, Admiralty, Hong Kong *Some artpieces will be exhibited at Grand Hyatt Hong Kong from 29 November to 2 December Auctions

保利香港藝術空間

8 December

太古廣場 1 期 7 樓 701-708 室

88 Queensway, Admiralty, Hong Kong

香港金鐘金鐘道 88 號

Poly Gallery Hong Kong Suites 701-708, 7/F, One Pacific Place

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電話：+852 2303 9899

Tel: +852 2303 9899

各專場預展及拍賣時間有所不同，請參閱拍賣

Previews and auctions are available on specified days only. Please refer to the auction schedule for details.

時間表以瞭解詳細日程。

RARE PU’ ER TEA, CHINESE SPIRIT AND WHISKY

歲月留香 — 珍茗佳釀專場

拍賣

2020 年 12 月 2 日星期三

上午 10:30（拍品 501-705）拍賣編號： HKF1620 AUCTION

WEDNESDAY, 2 DECMBER 2020 10:30 am (Lots 501-705) Sale Number: HKF1620

專家及服務查詢 SPECIALISTS AND SERVICES ENQUIRIES

POLY AUCTION (HONG KONG) LIMITED MANAGING DIRECTOR 保利香港拍賣執行董事 ALEX CHANG 張益修 achang@polyauction.com.hk SPECIALISTS 專家

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WORLDWIDE 全球 HONG KONG 香港 T: + 852 2303 9899 F: + 852 2303 9888 Email: info@polyauction.com.hk SHANGHAI 上海 Zhang Jin 張瑾 T: + 86 21 5178 0360 F: + 86 21 5178 0361 Email: shanghai@polyauction.com TAIPEI 台北 Jasmine Chang 張筠菲 T: + 886 2 2581 3855 F: + 886 2 2522 2595 Email: taipei@polyauction.com.hk

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珍茗佳釀部專家

RARE WINE, WHISKY AND CHINESE TEA SPECIALISTS

HEAD OF DEPARTMENT 珍茗佳釀部部門主管

BUSINESS REPRESENTATIVE WINE 名酒業務代表

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�� Jiang Yingchun

+852 2303 9825

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+86 10 6408 3508

+852 2303 9861

JWL@POLYAUCTION.COM.HK

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RARE PU’ER TEA, CHINESE SPIRIT AND WHISKY

歲月留香 — 珍茗佳釀專場

CONTENTS 6 專家及服務查詢 Specialists and Services Enquiries 12 拍品 Property for Sale

168 威士忌及干邑索引 Whisky & Cognac Index

170 重要通告及目錄編列方法之說明 Important Notices and Explanation of Cataloguing Practice 173 業務規則 Condition of Business

183 競投登記須知 Important Notice about Bidding Registration 184 財務付款須知 Important Notice about Payment 185 競投登記表格 Bidding Registration Form 187 委託競投表格 Absentee Bid Registration 189 裝運委託 Shipping Instructions

「會喝茶，喝好茶，是一種幸福」—— 魯迅

每一片沉睡的老茶，每一瓶塵封的老酒，時光給它們鍍上歲月的印記。與人一樣，隨著年紀增長，茶酒在時光的雕琢下，轉化出無與倫比的滋味和價值。但值得留意的是，歲月痕跡殘留下來的不一定是美好的回憶和滋味。茶與酒放老僅僅是其味道呈現的其中一個環節，影響味道的因素還有很多，例如原材料的生長環境、製作工藝和保存狀況。若能成功歷經時間的考驗，一杯茶酒則變得沁人心扉；反之在時光中變了質，只會變得一文不值。為了讓大家能尋找心儀的那道時間滋味，這次將透過圖片、文字及影片多元化的形式向大家展示藏品的真實狀態。同時，亦感謝各位前輩及藏家們一路以來的鼎力支持，慷慨地提供資料和分享自身的經驗，並釋出珍藏的精品，實為愛茶酒之人的一大福音。

品味时间的滋味

一、茶叶 TEA

茶港傳香經典不斷這十年間的雲南七子餅茶是一個時代輝煌的見證，讓普洱茶成為全世界華人圈裡必不可少的生活用品。中國改革開放後，為了迎合外貿需求，雲南普洱茶正式走向商品化，例如用嘜號命名法規範產品和標準化生產，勐海茶廠當時生產的7542 及7532配方產品更成為現代茶葉市場追捧的明星。因當時外匯奇缺，普洱茶成為換取外匯的重要物資，每年出產銷往香港的普洱茶達4千噸，並經香港出口以換取寶貴的外匯，從此雲南普洱茶的名聲在華人圈子內逐漸打響。茶葉外貿穩步發展同時，雲南茶葉的統購統銷政策也開始放寬，漸漸改為市場開放模式。國營茶廠也擁有獨立自主權，可接受客戶訂定自家的規格和拼配方法，當中以香港普洱茶市場的「龍頭老大」——香港南天貿易公司所訂製的茶品最為著名，並深受消費者歡迎。經過了三十多年，八十年代的七子餅茶越顯珍貴。由於大部分茶品都於當年已經被喝掉，剩下的也有不少存在保存問題，當今陳年優質七子餅茶的存在，實屬難能可貴。

八

年代 ○

云南七子饼茶

八八青饼传奇之作 7542

「大餅頭」、「蘋果綠」為其明顯的標識，也是以乾倉代表茶的身份進入普洱茶的高端市場，證明了普洱茶在乾倉狀態下有驚喜的表現。只有好的配方，好的保存，才能帶來更好的結果。

八六五三

中茶牌繁體字鐵餅是下關茶廠八十年代最具代表性的產品，作為保存三十多年的老茶，近幾年才陸續在老茶市場上被發掘和探究，茶品內質豐富，是一款值得品味，未來前景看好的茶品。

八五九二

8592是勐海茶廠渥堆發酵而成的早期熟餅，與生茶相比對人體刺激性較小，適合即時飲用。香港南天貿易公司曾訂製一批8592，是當年市場上最暢銷的茶品，出現供不應求的情況。由於市場已消耗了大部分的茶餅，流傳至今的數量更為稀少，經過三十多年的轉化，已經甘香醇厚。

八八青餅: Lot 502,504,505 | 八六五三：Lot 540, 541 | 八五九二: Lot 510, 511

国营茶廠

七五三二

勐海茶廠當時级别最高的產品，選料精細，以芽尖、嫩葉為主，精料精做，香氣優雅，口感細膩，品質非凡。

经典配方标杆

七五四二

勐海茶廠當時最成功的配方，也是產量最大的產品，以肥壯茶菁為里，幼嫩芽葉灑面，拼配得當，協調性最佳，香氣飽滿，口感豐富，令人陶醉。

八五八二

一款用時間證明成功的產品，8582 配方前身為7582，1985年後香港南天貿易公司依照7582配方定製生產，故而嘜號改為8582並一直沿用至今。選料粗壯，拼配特別，內涵物質豐富，儲存多年後，那豐盈飽滿的樟香，征服了眾多茶友，也贏得了重要的市場地位。

七五四二：Lot 503 | 七五三二：Lot 501 | 八五八二: Lot 508, 509

501 一九八○年代厚紙7532青餅普洱茶

THREE PIECES OF PU'ER TEA CAKES,1980S

數量：3片總重量：約1010g 狀態：偏乾倉，原包工序：生茶

HK$ 130,000 - 200,000 US$ 16,700 - 25,600 專家品評香∣淡蘭香及木香湯∣柔和細膩味∣甜甘明顯，淡蘭樟香韻∣回甘明顯茶餅外觀保存整齊，且偏乾倉無雜味，繼續存放有大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

502 一九八九年八八青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES,1989

數量：原筒7片總重量：約2357g 狀態：偏乾倉，原筒，大餅頭工序：生茶

HK$ 280,000 - 400,000 US$ 35,900 - 51,300 專家品評香∣蘭樟香湯∣柔和爽口味∣甜甘明顯，樟香持久韻∣生津回甘茶餅外觀保存整齊，茶餅乾淨無雜味，且偏乾倉，茶香飽滿，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

503 一九八○年代厚紙7542青餅普洱茶

TEN PIECES OF PU'ER TEA CAKES,1980S

數量：原筒7片加3片（10片）總重量：約3405g 狀態：自然偏乾倉，原包工序：生茶

HK$ 360,000 - 420,000 US$ 46,200 - 53,800 專家品評香∣淡蘭香及木香湯∣柔和爽口味∣醇和且樟香持續韻∣生津回甘茶餅外觀保存整齊，且無雜味，繼續存放有大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

504 一九八○年代末至一九九○年代初八八青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES,1980S-1990S

數量：原筒7片總重量：約2270g 狀態：偏乾倉，原筒工序：生茶

HK$ 250,000 - 320,000 US$ 32,100 - 41,000 專家品評香∣淡野樟香湯∣輕柔爽口味∣醇和且樟香明顯韻∣生津回甘茶餅外觀保存整齊，茶餅較乾淨，繼續存放有較大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。 21

505 一九八○年代末至一九九○年代初八八青餅普洱茶（7542配方）散塊 A PACK OF PU'ER TEA CAKES,1980S-1990S

數量：1罐總重量：1000g 狀態：純乾倉工序：生茶

HK$ 38,000 - 100,000 US$ 4,900 - 12,800 專家品評香∣飽滿梅子香湯∣飽滿爽口味∣淡樟香，蘭香明顯且層次豐富韻∣口齒留香，滿嘴生津，茶氣通透強勁散茶塊外觀乾淨無雜味，且純乾倉，茶香濃郁飽滿，繼續存放有極大的轉化空間，宜藏宜飲，是品鑒之佳品，更多有關茶葉的細節及視頻請掃二維碼查閱。

506 一九八○年代中茶牌普洱茶生磚（勐海茶廠） SEVEN PACKS OF PU'ER TEA BRICKS,1980S

數量：7捆（28片）總重量：約7000g 狀態：自然偏乾倉工序：生茶

HK$ 50,000 - 100,000 US$ 6,400 - 12,800 專家品評香∣棗香湯∣柔和順口味∣甘甜且帶木香及棗香韻∣生津回甘茶磚外觀保存整齊，乾淨無雜味，茶性溫和，宜藏宜飲，更多有關茶磚的細節及視頻請掃二維碼查閱。拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

507 一九八○年代下關普洱熟沱茶

FIFTEEN PIECES OF TUO CHA, 1980S

數量：15個總重量：約1500g 狀態：自然偏乾倉工序：熟茶

HK$ 40,000 - 60,000 US$ 5,100 - 7,700 專家品評香∣淡沉香及木香湯∣厚實順滑味∣甘甜，帶沉香及木香韻∣生津回甘沱茶外觀保存非常整齊，乾淨且無雜味，茶性溫和，宜藏宜飲，更多有關沱茶的細節及視頻請掃二維碼查閱。

508 一九八○年代厚紙8582青餅普洱茶

TWO PIECES OF PU'ER TEA CAKES,1980S

數量：2片總重量：約684g 狀態：自然倉工序：生茶

HK$ 200,000 - 350,000 US$ 25,600 - 44,900 茶餅外觀保存整齊，茶餅乾淨，繼續存放有較大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

509 一九八○年代厚紙8582青餅普洱茶

SEVEN PIECES OF PU’ER TEA CAKES, 1980S

數量：1筒7片總重量：約2450g 狀態：自然偏乾倉工序：生茶

HK$ 680,000 - 1,000,000 US$ 87,200 - 128,200 茶餅外觀保存整齊，茶餅乾淨，繼續存放有較大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

510 一九八○年代八八熟普洱茶餅（8592配方） SEVEN PIECES OF PU’ER TEA CAKES, 1980S

數量：7片總重量：約2337g 狀態：乾倉，原包工序：熟茶

HK$ 85,000 - 120,000 US$ 10,900 - 15,400 專家品評香∣木香湯∣綿柔順滑味∣甘甜醇厚，带沉香偏木香韻∣生津回甘持久茶餅外觀保存非常整齊，茶餅極乾淨無雜味，乾倉，滋味飽滿，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

511 一九八○年代厚紙8592普洱茶餅

SEVEN PIECES OF PU’ER TEA CAKES, 1980S

數量：7片總重量：約2316g 狀態：乾倉，原包工序：熟茶

HK$ 110,000 - 180,000 US$ 14,100 - 23,100 專家品評香∣沉香明顯湯∣綿柔順滑味∣甘甜且沉香突出韻∣生津回甘持久茶餅外觀保存非常整齊，茶餅極乾淨無雜味，且乾倉，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

改良創新驚喜紛呈在這段飄搖動盪的歲月，雲南普洱茶處於過渡階段，從印級茶到七子餅茶，開始未來配方茶的重要里程碑。上世紀六、七十年代，中國進行著許多改革，茶行業也不例外，如「中茶牌圓茶」改名為「雲南七子餅茶」，標示著印級茶時代的結束，進而踏入統一出口規範的體系。黃印七子餅圓茶的誕生開啟了現代拼配普洱茶工藝，甚至在七十年代中期茶廠研製出現代熟茶工藝，兩者並一直沿用至今。這段時期的茶品並非傳統的七子餅茶，由於仍處於試驗階段，每一批次都存在差異變化。即使是同期產品，每批茶餅都有可能是獨一無二，帶有特殊的滋味，讓每一口品飲都充滿了驚喜。在這段特殊的時期裡，茶品的生產數量更稀少，能留存下來的皆是歲月遺產，保存狀況佳的茶餅更是可遇不可求。此階段產品陳化至今已五十多年，已邁入最適合品飲的時期，希望茶饕們把握機會，相信會為您的品茗之路帶來驚喜。

六

七 ○—

年代 ○

七子饼茶的萌芽期

512 一九七○年代廣雲貢普洱茶餅

SEVEN PIECES OF PU'ER TEA CAKES,1970S

數量：原筒7片總重量：約2233g 狀態：偏乾倉，原筒工序：生熟茶

HK$ 60,000 - 120,000 US$ 7,700 - 15,400 專家品評香∣荷香湯∣平和順滑味∣甘甜且荷香突出韻∣生津回甘茶餅外觀保存非常整齊，茶餅乾淨無雜味，且偏乾倉，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

513 一九六○年代八中黃印青餅普洱茶 A VINTAGE PU’ER TEA CAKE, 1960S

數量：1片總重量：約332g 狀態：自然偏乾倉工序：生茶

HK$ 110,000 - 160,000 US$ 14,100 - 20,500 專家品評香∣淡木香湯∣飽滿順滑味∣微甜樟香明顯韻∣甘潤生津八中黃印乃早期印級茶過渡七子餅茶交替期的產物，是勐海茶廠當時的王者產品，配茶茶菁級數優良，以中壯茶葉加以摻進嫩芽，被稱之為「現代拼配普洱茶工藝的始祖」，具有承上啟下的歷史意義。茶餅外觀保存整齊，茶餅乾淨無雜味，且自然偏乾倉，是最佳品飲的時期，更多有關茶餅的細節及視頻請掃二維碼查閱。 28

514 一九七○年代綠字黃印青餅普洱茶（加重萌芽） A VINTAGE PU’ER TEA CAKE, 1970S

數量：1片總重量：約318g 狀態：自然偏乾倉，原包工序：生茶

HK$ 140,000 - 200,000 US$ 17,900 - 25,600 專家品評香∣淡野樟香湯∣飽滿味∣微甜且層次豐富，帶野樟香韻∣甘潤生津黃印七子餅是雲南七子餅的一個里程碑，茶菁經過配方拼堆而成，茶質優良，以中壯茶葉為主摻入嫩芽，所以也被稱為「現代拼配普洱茶工藝的始祖」。此茶品「綠字黃印」屬「加重萌芽」配方，見金黃芽頭，選料精細。茶餅外觀保存整齊，茶餅乾淨無雜味，且自然偏乾倉，是最佳品飲的時期，更多有關茶餅的細節及視頻請掃二維碼查閱。

515 一九七○年代小黃印青餅普洱茶

A VINTAGE PU’ER TEA CAKE, 1970S

數量：1片總重量：約342g 狀態：乾倉，原包工序：生茶

HK$ 180,000 - 250,000 US$ 23,100 - 32,100 專家品評香∣野樟香湯∣飽滿爽口味∣甘甜帶野樟香，木香，層次豐富韻∣甘潤生津小黃印之名源於其餅模比傳統的印級茶小，加上外包紙上面的「八中茶商標」綠色茶字，因積年累月油墨氧化，綠字漸漸變成了黃字，因此以「小黃印」相稱。條索中級偏粗，茶面茶芽已醇化為深金黃色。茶餅外觀保存整齊，茶餅乾淨無雜味，且乾倉，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。 29

516 一九六○年代中茶牌普洱生磚（勐海茶廠） TWO PACKS OF PU'ER TEA BRICKS,1960S

數量：2捆（10片）總重量：約2500g 狀態：乾倉工序：生茶

HK$ 120,000 - 180,000 US$ 15,400 - 23,100 專家品評香∣木香及樟香湯∣飽滿爽口味∣甘甜微酸，樟香偏藥香韻∣回甘生津，茶氣十足作為文革邊銷磚，主要銷往西藏，作為藏區人民的生活必需品，選用的是雲南大葉種粗老葉為原料。茶磚外觀保存整齊，乾淨無雜味，且乾倉儲存，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

517 一九六○年代中茶牌普洱生磚（下關茶廠） THREE PACKS OF PU'ER TEA BRICKS,1960S

數量：3捆（15片）總重量：約3750g 狀態：乾倉工序：生茶

HK$ 180,000 - 250,000 US$ 23,100 - 32,100 專家品評香∣木香及樟香湯∣飽滿爽口味∣甘甜微酸，樟香偏藥香韻∣回甘生津，茶氣十足作為文革邊銷磚，主要銷往西藏，作為藏區人民的生活必需品，選用的是雲南大葉種粗老葉為原料。茶磚外觀保存整齊，乾淨無雜味，且乾倉儲存，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。 30

518 一九七○年代天信號青餅普洱茶

FIVE PIECES OF PU’ER TEA CAKES, 1970S

數量：5 片總重量：約1676g 狀態：自然倉工序：生茶

HK$ 90,000 - 120,000 US$ 11,500 - 15,400 專家品評香∣栗香湯∣醇和順滑味∣甘甜帶微苦最早是自香港「陸羽茶樓」開出，再銷售至台灣市場，天信號精選海拔較高的鳳山茶菁，其茶韻與一般雲南茶的風味略有不同，苦性較重，但經過四十多年陳期後，形成獨特的口感韻味。茶餅外觀保存非常整齊，茶餅乾淨無雜味，繼續存放有較大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

519 一九六○年代宋聘號青餅普洱茶（白報紙）

FOUR PIECES OF PU’ER TEA CAKES, ‘SONG PIN HAO’, 1960S

數量：4片總重量：約1550g 狀態：純乾倉，原包工序：生茶

HK$ 440,000 - 600,000 US$ 56,400 - 76,900 專家品評香∣木香，淡藥香湯∣醇和爽口味∣甘甜且木香、藥香明顯，層次豐富韻∣回甘生津，茶氣顯宋聘號茶莊成立於光緒六年(1880年)，主生產極品普洱茶，其年產茶量在易武鎮為第一，地位無可比擬。五十年代末，宋聘號的後人搬遷到泰國及香港，延續號級茶的品質。本拍品為香港公司訂製的一批茶品，茶餅外觀保存整齊，茶餅乾淨無雜味，且純乾倉，茶香飽滿帶有木香及藥香，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。 31

新中國的名片幽香一甲子紅，一種別具歷史意義的色彩，書寫了印級茶的輝煌歷史。印級普洱茶作為新中國成立的第一批普洱茶品，具有特殊的歷史意義，意味私人商號產品的結束，迎來計劃經濟大旗下的統一生產。在這特殊歷史背景下誕生的印級茶，國營茶廠抱著認真謹慎的態度去製作每一件茶品。現在我們聽到「紅印」、「藍印」、「綠印」每一個名聲響亮的名字，正是代表新中國一張張飄香的名片。印級茶最引人矚目的是茶餅的外包正面及內飛印著「八中茶」的中茶公司商標，意味雲南普洱茶生產正式走進統購統銷的模式。商標設計為「外八中紅字，內綠茶字」，承載「中國茶葉銷往四面八方」的宏願。印級茶能成為推崇備至的元老級茶品，享有極高的聲譽，因其超高水準的品質滋味是那無法複製，不論是原材料的生態環境或保存狀態都已經不可逆轉。印級茶的生產標準接近號級茶，但有趣的是，當年出廠后由於茶的滋味過於濃烈刺激，導致銷量不好，後來出口至香港一直封存在倉庫裡，直至八十年代中後期才正式進入市場流通。因而感謝這段歷史淵源，印級茶的消耗量少，我們才有幸見識這些高品質的印級茶，歷經一甲子的洗禮，正值最適合品飲的時間，那回味無窮的好滋味，是最值得大家探索和發現。

五

年代 ○

印级普洱茶

520 一九五○年代無紙紅印青餅普洱茶

A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片總重量：約312g 狀態：偏乾倉工序：生茶

HK$ 250,000 - 400,000 US$ 32,100 - 51,300 專家品評香∣野樟香湯∣柔和順口味∣甘甜帶明顯樟香韻∣回甘生津豐富，茶氣較強無紙紅印為勐海茶廠五十年代的產品，與其他印級茶不同之處是唯一沒加包裝紙直接進入流通市場的茶品。茶餅外觀保存整齊，茶餅乾淨無雜味，且偏乾倉，茶香飽滿帶樟香，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

521 一九五○年代無紙紅印青餅普洱茶

A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片總重量：約319g 狀態：乾倉工序：生茶

HK$ 350,000 - 450,000 US$ 44,900 - 57,700 專家品評香∣野樟香湯∣飽滿爽口味∣甘甜帶明顯樟香韻∣回甘生津豐富，茶氣較強無紙紅印為勐海茶廠五十年代的產品，與其他印級茶不同之處是唯一沒加包裝紙直接進入流通市場的茶品。茶餅外觀保存整齊，茶餅乾淨無雜味，且乾倉，茶香飽滿帶樟香，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

522 一九五○年代早期無紙紅印青餅普洱茶 A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片總重量：約339g 狀態：乾倉工序：生茶

HK$ 400,000 - 480,000 US$ 51,300 - 61,500 專家品評香∣野樟香湯∣飽滿爽口味∣甘甜帶明顯樟香韻∣回甘生津豐富，茶氣較強此拍品為勐海茶廠五十年代早期無紙紅印中的產品，與其他印級茶不同之處是唯一沒加包裝紙直接進入流通市場的茶品。茶餅外觀保存整齊，茶餅乾淨無雜味，且乾倉，茶香飽滿帶樟香，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。 35

523 一九五○年代藍印甲級青餅普洱茶

A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片總重量：約330g 狀態：乾倉，原包工序：生茶

HK$ 450,000 - 600,000 US$ 57,700 - 76,900 專家品評香∣木香及野樟香藍印甲級圓茶是早期勐海茶廠的產品，表面見「綠字八中一茶」商標設計，藍色墨水因年代久遠褪色，重現下方「甲級」兩字。市場對此茶評價為明顯樟香，茶氣強勁。茶餅外觀保存整齊，茶餅乾淨無雜味，且乾倉，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

524 一九五○年代藍印乙級青餅普洱茶

A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片總重量：約344g 狀態：乾倉，原包工序：生茶

HK$ 450,000 - 600,000 US$ 57,700 - 76,900 專家品評香∣木香及野樟香藍印乙級圓茶是早期勐海茶廠的產品，表面見「綠字八中一茶」商標設計，藍色墨水因年代久遠褪色，重現下方「乙級」兩字。此茶是甲級藍印的姊妹產品，市場對茶品評價為明顯樟香，回甘悠長。茶餅外觀保存整齊，茶餅乾淨無雜味，且乾倉，茶香飽滿帶野樟香，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

525 一九五○年代紅印鐵餅普洱茶

A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片總重量：約332g 狀態：乾倉，原包工序：生茶

HK$ 680,000 - 880,000 US$ 87,200 - 112,800 專家品評香∣野樟香紅印鐵餅，勐海茶廠五十年代成立初期的產品，包裝紙以全紅色設計，採用鐵模緊壓製作而得名。茶餅外觀保存整齊，茶餅乾淨無雜味，且乾倉，生聞已感覺其韻氣醇而樟香味飽滿，其茶氣更在紅印茶品中獨樹一幟，別具風韻。茶餅繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

526 一九五○年代大字綠印青餅普洱茶

A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片總重量：約320g 狀態：乾倉，原包工序：生茶

HK$ 380,000 - 550,000 US$ 48,700 - 70,500 專家品評香∣木香及樟香大字綠印圓茶是勐海茶廠早期的產品，在普洱茶歷史上具有從「印級」到「七子餅」承先啟後的意義，由於品質上乘，被世人評為與紅印並駕齊驅的印級皇者。市場對此茶評價為明顯青樟香，甘醇帶甜，回甘生津極致。茶餅外觀保存非常整齊，茶餅乾淨無雜味，且乾倉，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

527 一九五○年代藍印鐵餅普洱茶

A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片總重量：約314g 狀態：偏乾倉，無紙工序：生茶

HK$ 220,000 - 400,000 US$ 28,200 - 51,300 專家品評香∣木香及野樟香藍印鐵餅是五十年代國營茶廠的經典代表茶品，利用鐵模直接把茶菁放入壓制脫模而成，其口感堅實，故有茶中「鐵漢之名」。市場對此茶評價為明顯青樟香，甘醇帶甜，回甘生津極致。雖缺乏外包裝紙，茶餅乾淨無雜味，且偏乾倉，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

528 一九五○年代藍印鐵餅普洱茶

A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片總重量：約326g 狀態：乾倉，原包工序：生茶

HK$ 380,000 - 500,000 US$ 48,700 - 64,100 專家品評香∣木香及野樟香藍印鐵餅是五十年代國營茶廠的經典代表茶品，利用鐵模直接把茶菁放入壓制脫模而成，其口感堅實，故有茶中「鐵漢之名」。茶餅外觀保存非常整齊，茶餅乾淨無雜味，且偏乾倉，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

岁月沁香香港重要藏家旧藏 —

IMPORTANT HONG KONG PRIVATE COLLECTION 自清末起，香港已是中國茶葉進出口的重要口岸及集散地，加上自由港政策以及便捷地理位置，吸引世界華商匯聚此地，擴大茶葉貿易事業，更引進品茶文化。作為中西文化交融的城市，茶與生活結合並升華至精神層面，香港在收藏及品飲老茶的文化中一直走在時代前端。今次十分榮幸獲得香港重要藏家的鼎力支持，願意分享多年的珍藏普洱茶、白茶及陳皮，來源可靠真實。藏家一生專注研究和收藏各類藝術雅玩，崇尚愜意悠然的生活，故收藏不少品質優秀的茶葉及養生滋補品，希望藉此機會呈現，帶領大家一同見證著「歲月沁香」的高級生活文化藝術。

蓝印铁饼，最佳之品饮体验？

529 一九五○年代藍印鐵餅普洱茶

SEVEN PIECES OF VINTAGE PU'ER TEA CAKES, 1950S

數量：原筒7片總重量：約2254g 狀態：乾倉，原筒，原包工序：生茶

HK$ 2,480,000 - 3,500,000 US$ 317,900 - 448,700 專家品評香∣木香及野樟香藍印鐵餅是五十年代國營茶廠的經典代表茶品，利用鐵模直接把茶菁放入壓制脫模而成，其口感堅實，故有茶中「鐵漢之名」。茶餅外觀保存非常整齊，茶餅乾淨無雜味，且偏乾倉，茶香飽滿帶青樟香，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

經典傳承之路百花齊放時代從印級茶到七子餅茶，四十年間的經典作品精彩不斷。在百花齊放的九十年代，繼續承上啟下，普洱茶種類更多元化，生茶、熟茶、不同茶區茶青拼配的、單一產區純料製作的，都一一出現在市場裡。除了國營茶廠的常規性茶品，還開放私人訂製茶品。同時，國營茶廠逐漸獲得自主權，如勐海茶廠創立的大益品牌，時至今日成為茶界中的明星企業，打破舊年代普洱茶的傳統市場格局。此外，易武茶的滋味、口感在古籍茶經中就已美名盛傳，並曾列入貢茶行列。九十年中期，茶界前輩們帶領一股「復興」易武的風潮，紛紛前往易武尋找重現號級茶昔日風光的方法，在此特別感謝港台茶人呂禮臻、白水清、王曼源等前輩們付出的努力，一同致敬過去易武茶的光榮時代。不論是新手藏家、飲家或投資者，在這多元化的時代必定能尋找一款自己心儀的茶品。保利香港將繼續努力發掘潛力高的優質茶品，應與當代茶人們一同把精品普洱茶發揚光大。

九

年代 ○

中期明星茶品

九七年水蓝印

勐海茶廠在19 9 7年生產的一批 7542茶品，因茶紙上的八中「茶」字為水藍色而得名，被業界稱為八八青餅的「接班茶」，茶香怡人，滋味飽滿豐富。

九六年紫大益

「96紫大益」是勐海茶廠首批印有大益商標的茶餅，並將常規茶印成玫瑰紫色外包裝。選用標準的 7542用料，以四級茶菁為主，餅面灑有茶芽。作為大益牌商標的第一片茶餅，以「外紫內紅」的特徵聞名，加上醇厚飽滿的口感，備受茶友青睞，是一款中生代的明星茶品。

九九年绿大树（黑票）

綠大樹屬於廣州茶商委任國營勐海茶廠，精工壓制而成的定製茶，選用純正易武正山原料，其品質視為易武現代普洱茶品中最高級，備受茶友喜愛。

九七年水藍印: Lot 530, 531, 532, 533 | 九六年紫大益：Lot 542 | 九九年綠大樹（黑票）: Lot 546

勐海大益 — 明日之星

九三年小票青饼

此批青餅內附一張生產日期為「93 年10月」的小票，故市場上稱之為「93小票」。茶品採用7542配方，以中壯茶菁為骨架，配以幼嫩芽葉，拼配得當，滋味平衡。

九四年业字青饼

1994年勐海茶廠出品的7542配方普洱茶，特色有薄紙外包裝、大七、繁體細字內飛還有包裝上的茶「葉」分公司改為茶「業」分公司。茶葉條索粗幼有序，芽葉幼嫩，緊度適中，茶面色澤烏潤，葉底柔軟肥厚。

九六年八五八二

屬於早期水藍印，因茶紙上的八中「茶」字為水藍色而得名，採用 8582配方製作，選用採用三至八級粗壯新老茶菁，茶青肥碩飽滿，口感醇厚，茶氣強勁。

九三年小票青饼: Lot 536, 537 | 九四年業字青餅：Lot 534, 535 | 九六年八五八二: Lot 539

530 一九九七年水藍印青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES,1997

數量：原筒7片總重量：約2272g 狀態：偏乾倉，原筒工序：生茶

HK$ 88,000 - 160,000 US$ 11,300 - 20,500 專家品評香∣淡蘭香及木香湯∣輕柔細膩味∣蜜甜明顯且帶蘭香及木香韻∣生津回甘茶餅外觀保存非常完整，茶餅乾淨無雜味，且偏乾倉，性價比高，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

531 一九九七年水藍印青餅普洱茶（7542配方） EIGHT PIECES OF PU'ER TEA CAKES,1997

數量：8片總重量：約2644g 狀態：乾倉，原包工序：生茶

HK$ 150,000 - 250,000 US$ 19,200 - 32,100 專家品評香∣蘭香湯∣飽和爽口味∣微甜帶蘭花香韻∣回甘喉韻極佳茶餅外紙狀態較不完整，茶餅乾淨無雜味，且乾倉，茶香飽滿，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

532 一九九七年水藍印青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES,1997

數量：7片總重量：約2369g 狀態：乾倉，原包工序：生茶

HK$ 180,000 - 280,000 US$ 23,100 - 35,900 專家品評香∣蘭香湯∣飽和爽口味∣甘潤帶蘭花香韻∣回甘喉韻極佳茶餅外觀保存較整齊，茶餅乾淨無雜味，且乾倉，茶香飽滿，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

533 一九九七年水藍印青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES,1997

數量：7片總重量：約2382g 狀態：乾倉，原包工序：生茶

534 一九九四年業字青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES,1994

數量：原筒7片總重量：約2353g 狀態：乾倉，原筒，原包工序：生茶

HK$ 125,000 - 180,000 US$ 16,000 - 23,100 專家品評香∣淡蘭香湯∣醇和爽口味∣滋味平衡韻∣生津回甘茶餅外觀保存整齊，茶餅乾淨無雜味，且乾倉，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

535 一九九四年業字青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES,1994

數量：7片總重量：約2332g 狀態：自然倉工序：生茶

HK$ 80,000 - 150,000 US$ 10,300 - 19,200 專家品評香∣栗香湯∣輕柔順滑味∣甜潤明顯韻∣回甘茶餅外觀保存整齊，茶餅乾淨，適合現飲，性價比之選，更多有關茶餅的細節及視頻請掃二維碼查閱。

536 一九九三年小票青餅普洱茶（7542配方） SIX PIECES OF PU'ER TEA CAKES,1993

數量：6片總重量：約1911g 狀態：偏乾倉，原包工序：生茶

HK$ 55,000 - 100,000 US$ 7,100 - 12,800 專家品評香∣淡野樟香湯∣平和爽口味∣樟香內斂，滋味平衡韻∣回甘生津茶餅外觀保存非常整齊，茶餅乾淨無雜味，且偏乾倉，繼續存放有大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

537 一九九三年小票青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES,1993

數量：原筒7片總重量：約2247g 狀態：偏乾倉，原筒，原包工序：生茶

HK$ 70,000 - 120,000 US$ 9,000 - 15,400 專家品評香∣淡野樟香湯∣平和爽口味∣樟香內斂，滋味平衡韻∣回甘生津茶餅外觀保存非常整齊，茶餅乾淨無雜味，且偏乾倉，繼續存放有大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

538 一九九五年 8582青餅普洱茶

SEVEN PIECES OF PU'ER TEA CAKES,1995

數量：原筒7片總重量：約2584g 狀態：偏乾倉，原筒，原包工序：生茶

HK$ 188,000 - 250,000 US$ 24,100 - 32,100 專家品評香∣淡木香湯∣飽滿爽口味∣淡樟香，層次豐富韻∣生津回甘，茶氣強茶餅外觀保存非常整齊，茶餅乾淨無雜味，且乾倉，茶香飽滿，繼續存放有大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

539 一九九六年水藍印青餅普洱茶（8582配方） SEVEN PIECES OF PU'ER TEA CAKES,1996

數量：原筒7片總重量：約2739g 狀態：乾倉，原筒，原包工序：生茶

HK$ 200,000 - 320,000 US$ 25,600 - 41,000 專家品評香∣蘭樟香湯∣飽滿爽口味∣蘭樟香較明顯，層次豐富韻∣生津回甘，茶氣強茶餅外觀保存非常整齊，茶餅乾淨無雜味，且乾倉，茶香飽滿，繼續存放有大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

540 一九九○年代中茶牌繁體字鐵餅普洱茶（8653配方） FOURTEEN PIECES OF PU'ER TEA CAKES, 1990S

數量：14片總重量：約4980g 狀態：乾倉，原包工序：生茶

HK$ 120,000 - 240,000 US$ 15,400 - 30,800 專家品評香∣淡樟香湯∣厚實爽口味∣樟香內斂，層次豐富韻∣回甘喉感帶涼意，茶氣明顯茶餅外觀保存整齊，茶餅乾淨無雜味，且乾倉，茶香飽滿，繼續存放有大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

541 一九九○年代中茶牌繁體字鐵餅普洱茶（8653配方） SEVEN PIECES OF PU'ER TEA CAKES, 1990S

數量：7片總重量：約2456g 狀態：乾倉工序：生茶

HK$ 60,000 - 120,000 US$ 7,700 - 15,400 專家品評香∣淡樟香湯∣厚實爽口味∣樟香內斂，層次豐富韻∣回甘喉感帶涼意，茶氣明顯茶餅外觀保存整齊，茶餅乾淨無雜味，且乾倉，茶香飽滿，繼續存放有大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

542 一九九六年紫大益青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES, 1996

數量：原筒7片總重量：約2375g 狀態：原筒，原包工序：生茶

HK$ 240,000 - 320,000 US$ 30,800 - 41,000 專家品評香∣淡棗香，樟香湯∣柔和順口味∣滋味平衡韻∣回甘茶餅外觀保存較整齊，茶餅乾淨無雜味，繼續存放有大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

543 一九九六年大益牌普洱熟磚

TWENTY PIECES OF PU’ER TEA BRICKS, 1996

數量：20片總重量：約5000g 狀態：乾倉工序：熟茶

HK$ 52,000 - 80,000 US$ 6,700 - 10,300 專家品評香∣陳香湯∣柔和順滑味∣滋味平衡，甘甜韻∣生津回甘選用粗壯茶菁製作而成，條索肥壯，茶磚外觀保存整齊，乾淨無雜味，乾倉儲存，茶性溫和，適合現飲，屬性價比高之茶品，更多有關茶磚的細節及視頻請掃二維碼查閱。

544 一九九六年大益牌普洱熟磚

TWELVE PACKS OF PU'ER TEA BRICKS,1996

數量：12捆（48片）總重量：約12000g 狀態：自然偏乾倉工序：熟茶

HK$ 85,000 - 150,000 US$ 10,900 - 19,200 專家品評香∣棗香湯∣柔和順滑味∣甘甜帶棗香、淡木香韻∣回甘選用粗壯茶菁製作而成，條索肥壯，茶磚外觀保存整齊，乾淨無雜味，偏乾倉儲存，茶性溫和，適合現飲，屬性價比高之茶品，更多有關茶磚的細節及視頻請掃二維碼查閱。

545 一九九○年代普洱生磚

A BOX OF PU'ER TEA BRICKS, 1990S

數量：1箱（80片）總重量：約17600g 狀態：純乾倉工序：生茶

HK$ 33,000 - 80,000 US$ 4,200 - 10,300 專家品評香∣藥香略帶梅子香湯∣爽口飽滿味∣甘甜，梅子香，藥香明顯韻∣生津回甘，茶氣足此批茶磚為黃片壓制，茶磚外觀保存整齊，乾淨無雜味，純乾倉儲存，茶性溫和，宜藏宜飲，屬性價比高之茶品，更多有關茶磚的細節及視頻請掃二維碼查閱。

546 一九九九年綠大樹青餅普洱茶（黑票）（勐海茶廠） SEVEN PIECES OF PU'ER TEA CAKES, 1999

數量：原筒7片總重量：約2549g 狀態：純乾倉，原筒，原包工序：生茶

HK$ 380,000 - 500,000 US$ 48,700 - 64,100 專家品評香∣蜜香，蘭香湯∣飽滿柔和味∣甜潤明顯，蜜香豐富韻∣生津回甘，茶氣足黑票綠大樹是同系產品中最受市場追捧的一款茶品，茶餅外觀保存非常整齊，茶餅乾淨無雜味，且純乾倉，茶香飽滿略帶木香，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。 55

547 一九九九年大渡崗青餅普洱茶

SEVEN PIECES OF PU'ER TEA CAKES, 1999

數量：7片總重量：約2382g 狀態：純乾倉工序：生茶

HK$ 15,000 - 50,000 US$ 1,900 - 6,400 專家品評香∣蘭香湯∣飽滿爽口味∣甘甜帶蜜香韻∣生津回甘，茶氣明顯大渡崗青餅為深圳富華公司（即中茶雲南公司深圳分公司）於1999年向大渡崗茶廠特別定制的一批野生普洱茶，以易武老茶樹為原料，茶乾緊結度適中，乾淨油亮。茶餅外觀保存較整齊，茶餅乾淨無雜味，且純乾倉，茶香飽滿，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

548 一九九○年代真淳雅號青餅普洱茶

SEVEN PIECES OF PU’ER TEA CAKES, 'ZHEN CHUN YA HAO’, 1990S

數量：原筒7片總重量：約2250g 狀態：純乾倉，原筒工序：生茶

HK$ 80,000 - 150,000 US$ 10,300 - 19,200 專家品評香∣蘭香，蜜香湯∣爽口飽滿味∣甘甜帶梅子韻，蜜香韻∣生津回甘，茶氣明顯「真淳雅號」被視為普洱逸品之一，由台灣茶界泰斗、世界茶聯合會會長呂禮臻委託易武鄉鄉長張毅老師傅，細選易武百年老樹，原料質量卓越，並委託「宋聘號」存世老師傅張官壽指導，以傳統手工古法制作。茶餅外觀保存整齊，茶餅乾淨無雜味，純乾倉，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。 56

549 二○○○年鳳牌甲級普洱生沱茶 EIGHT PACKS OF TUO CHA, 2000

數量：8條，每條5沱總重量：約4000g 狀態：純乾倉工序：生茶

HK$ 8,000 - 20,000 US$ 1,000 - 2,600 專家品評香∣梅子香帶淡煙香湯∣飽滿爽口，層次豐富味∣蜜甜明顯且帶煙香韻∣口齒留香，生津回甘，茶氣足鳳牌沱茶是鳳慶茶廠的標誌性產品，干茶的條索完整勻稱、揉捻適當，依稀可見白毫，散發着沉穩的香氣。經過二十年的存放，沱茶外觀保存非常整齊，乾淨茶香飽滿，且純乾倉，繼續存放有極大的轉化空間，宜藏宜飲，更多有關沱茶的細節及視頻請掃二維碼查閱。

550 二○○○年鳳牌甲級普洱生沱茶 A BOX OF TUO CHA, 2000

數量：1箱(35條，每條5沱）總重量：約17500g 狀態：純乾倉工序：生茶

HK$ 35,000 - 100,000 US$ 4,500 - 12,800 專家品評香∣梅子香帶淡煙香湯∣飽滿爽口，層次豐富味∣蜜甜明顯且帶煙香韻∣口齒留香，生津回甘，茶氣足鳳牌沱茶是鳳慶茶廠的標誌性產品，干茶的條索完整勻稱、揉捻適當，依稀可見白毫，散發着沉穩的香氣。經過二十年的存放，沱茶外觀保存非常整齊，乾淨茶香飽滿，且純乾倉，繼續存放有極大的轉化空間，宜藏宜飲，更多有關沱茶的細節及視頻請掃二維碼查閱。 57

傳世匠心追憶世代的滋味唇齒間迴盪的百年滋味，必定成為傳奇。在普洱茶世界中，號級茶歷來是神話般的存在，經歷了百年歲月的洗禮至今，存世數量非常有限，也無此珍貴。號級茶時代的普洱茶是由私人茶莊出品，每家私人商號不管是對原料、拼配方式，還是製茶工藝，都擁有自己的秘方和手工技術，因而造成百家爭鳴的局面。不同私人茶莊的出品都是獨一無二，彰顯古人的智慧，因而對於追求個性化茶品的茶老饕們來說，號級茶絕對是必納之珍品。老字號的那份傳統、那份講究、那份味道，是難以突破與被複製的。現今還能看到古董普洱茶的身影，甚至了解它的前世今生，解開它的神秘面紗，要特別感謝藏家們的支持，以及向茶人們致敬。感謝白水清、鄧時海、何作如、呂禮臻、陳國義、王龍華、王曼源、葉榮枝等前輩們對普洱茶業作出的貢獻，讓沿襲千載的精益求精精神繼續傳承下去，在此獻上最誠摯的感謝。

百年

号级普洱茶

551 一九五○年代福祿貢青餅普洱茶

A VINTAGE PU’ER TEA CAKE, 'FU LU GONG', 1950S

數量：1片總重量：約362g 狀態：乾倉工序：生茶

HK$ 250,000 - 400,000 US$ 32,100 - 51,300 專家品評香∣野樟香福祿貢圓茶富有傳奇性的歷史，1955年從泰國曼谷運到香港，故被誤認成泰國普洱茶，銷路不佳。直至九十年代，有一香港藏家透過內票辨清其身份，應為正統的雲南普洱茶，採用鳳山出口茶菁製成，品質上乘，屬雲南名茶山的稀有珍品。鳳山茶山位於海拔1400米以上，其茶韻與一般雲南茶的風味略有不同，茶葉特別碩厚細嫩，苦性較重。這次上拍的福祿貢茶餅品相完好，更保留竹箬上以紫色油墨印上「福祿貢茶鴻利公司督制」的字眼，字體正楷工整，實屬難得。茶餅乾淨無雜味，且乾倉，是值得收藏和品飲的茶品，更多有關茶餅的細節及視頻請掃二維碼查閱。

552 一九三○年代江城號青餅普洱茶

AN ANTIQUE PU’ER TEA CAKE, ‘JIANG CHENG HAO’, 1930S

數量：1 片總重量：約332g 狀態：乾倉工序：生茶

HK$ 680,000 - 880,000 US$ 87,200 - 112,800 專家品評香∣野樟香江城，雲南的一個小縣城，位於雲南省思茅地區東南部，歷來都是古六大茶山之一曼灑茶山的茶葉運銷必經之地。歷史上，江城縣普洱茶品在質量和技術上都與西雙版納普洱茶一樣，保持著較高地位，只是留存下來的江城普洱茶品已經甚為稀少。這次上拍的江城號青餅普洱茶為市面上非常珍貴之上選陳年老茶，也被喻為古董茶中的明星，具有典型大葉種普洱茶的外觀特色，其餅條索扁長，色澤栗黃。茶餅保存乾淨無雜味，繼續存放有較大的轉化空間，宜藏宜飲，更多有關茶餅的細節及視頻請掃二維碼查閱。

号字级王者

553 一九二○年代宋聘號青餅普洱茶（藍票）

AN ANTIQUE PU’ER TEA CAKE, ‘SONG PIN HAO’, 1920S

蓝票宋聘 —

數量：1片總重量：約291g 狀態：乾倉工序：生茶

HK$ 1,280,000 - 2,000,000 US$ 164,100 - 256,400 專家品評香∣野樟香

每一片超過百年歷史的古董級普洱茶餅，背後都承載著深邃的中國歷史文化。在清末以「茶魁」之名聞於四方的「宋聘號」，是世人公認陳年茶品中的極品，普洱茶業中的勞斯萊斯。「宋聘號」茶莊成立於光緒六年(1880年)中國雲南境內，專注於普洱茶的生產及銷售。民國初年與「乾利貞號」聯姻並合併為「乾利貞宋聘號」，進一步擴大其普洱茶版圖。茶莊精選易武正山百年古樹春茶製作，選料上乘，秉持傳統製茶工藝，聲名鵲起，其年產茶量一直位居第一，成為易武鎮最具名望的大茶莊，地位無可比擬。隨之，這份傳統的飲茶文化加上其品牌的美譽，宋聘號很快成為了海內外華人圈裡必不可少的高尚生活用品，也因此把普洱茶的品飲文化向更廣闊的天地傳播。至今，華人的生活裡依舊有著普洱茶的陪伴，而一個個曾經響亮的普洱茶莊名號留下來了一片片歷經滄桑但仍舊令人著迷的普洱茶餅。當下，他們已經堪比黃金，見證著「可以喝的古董」的寶貴生活文化。滋味，或許是其魅力的根本所在。選料精細，製作講究，加上歷經百年的默默轉化，如今的陳年宋聘號普洱茶已經轉化出無與倫比的經典氣韻，可以兼得磅礴、幽雅兩端，高妙得難以言喻等等讚歎的美譽，把陳年宋聘號普洱茶推向了「號級茶王」。近年來的拍賣會上，宋聘號身價不菲，每次登場奪得滿堂喝彩，其價格也早已經步入百萬港元隊伍裡。這次上拍的宋聘號·藍票茶餅，品相完整且乾倉儲存，是難得一見的上佳茗品。至於是投資收藏還是自飲尋樂，都將是人生幸福快樂的事。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

百年滋味，岂能错过？ Lot554为空號 63

砖中之王可以兴 — 555 一九三○年代可以興普洱生磚

AN ANTIQUE PU’ER TEA BRICK, 'KE YI XING', 1930S

數量：1片總重量：約366g 狀態：偏乾倉工序：生茶

HK$ 850,000 - 1,200,000 US$ 109,000 - 153,800 專家品評香∣野樟香可以興茶廠由周文於1926年創立，為早期勐海地區最有名的茶莊之一。可以興茶廠為運輸儲存方便，製作出俗稱十兩磚的「可以興磚」，號稱「磚中之王」。以細黑條索、上好的勐海普洱茶菁制造，在三十至四十年代風靡茶葉市場，獲得一致好評。可以興磚更是百年茶中唯一存留下來的生茶磚，在普洱磚茶歷史中具有無可比擬的地位。但經過百年的存放和消耗，留存至今的可以興磚不到幾十片。這次上拍的可以興磚，品相完整，且偏乾倉，宜藏宜飲，是難得一見號級普洱茶中的精品，更多有關沱茶的細節及視頻請掃二維碼查閱。

真实古董茶品饮之美 —

普洱茶品類眾多，經過存放一段時間后，茶葉的狀態和品相各異，令人眼花繚亂。特別是明星產品，由於價值高昂、利潤可觀，市場上紛紛湧現仿冒茶品，導致茶友們在選購和鑒別茶葉時困難重重。中國茶文化體現了民族傳統豐富的內涵和東方智慧，越來越多人對傳統文化給予肯定和關注。因而，近年對普洱茶的市場需求持續上升，卻有不少藏家對真偽、品質、狀況都難以掌握。茶葉最後的歸屬是與水融合化為茶湯，並喝進肚子裡，品質的優劣才是決定價值的關鍵。有見及此，為了讓更多茶客見識真正的古董級普洱茶，我們走訪了各大藏家和業內人士，把最真實的佳品提供給大家。同時，十分感謝他們願意釋出世代珍藏的茶品，為大家呈現茶葉最真實的一面，希望以「以散代整」的形式讓茶友們能接觸及品飲來自不易的百年老茶，一同與有緣人分享。

百年號級普洱茶，將為您揭示越陳越香之謎。

556 一九二○年代宋聘號（藍票）青餅普洱茶·散塊

A PACK OF ANTIQUE PU'ER TEA, 'SONG PIN HAO', 1920S

數量：1罐總重量：30g 狀態：乾倉工序：生茶

HK$ 100,000 - 200,000 US$ 12,800 - 25,600 專家品評香∣野樟香「宋聘號」是世人公認陳年茶品中的極品，成立於光緒六年(1880年)中國雲南境內，民國初年與「乾利貞號」聯姻並合併為「乾利貞宋聘號」，進一步擴大其普洱茶版圖。茶莊精選易武正山百年古樹春茶製作，選料上乘，秉持傳統製茶工藝，聲名鵲起，其年產茶量一直位居第一，成為易武鎮最具名望的大茶莊，地位無可比擬。選料精細，製作講究，加上歷經百年的默默轉化，如今的陳年宋聘號普洱茶已經轉化出無與倫比的經典氣韻，可以兼得磅礴、幽雅兩端，高妙得難以言喻等等讚歎的美譽，把陳年宋聘號普洱茶推向了「號級茶王」。這次上拍的宋聘號·藍票散塊屬性價比高之茶品，與一眾愛茶之人分享百年的滋味。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

557 一九三○年代同昌號·黃文興青餅普洱茶·散塊

A PACK OF ANTIQUE PU'ER TEA, 'TONG CHANG HAO', 1930S

數量：1罐總重量：30g 狀態：乾倉工序：生茶

HK$ 30,000 - 50,000 US$ 3,800 - 6,400 專家品評香∣沉香及藥香湯∣柔和細膩味∣飽滿甜香，藥香明顯韻∣喉韻甘甜，茶氣足創始於同治七年（1869年）的同昌號，為易武赫赫有名的茶號。同昌號選用小葉種喬木茶的細嫩茗芽，精工揉造，品質上乘，一直收到市場追捧，到了1929年普洱茶年產量達四百多擔，成為當時規模較大的易武茶廠。這次上拍的同昌號·黃文興散塊實屬難能可貴，屬性價比高之茶品，與一眾愛茶之人分享百年的滋味。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

558 一九四○年代龍馬同慶號青餅普洱茶·散塊

A PACK OF ANTIQUE PU'ER TEA, 'LONGMA TONG QING HAO', 1940S

數量：1罐總重量：30g 狀態：乾倉工序：生茶

HK$ 36,000 - 60,000 US$ 4,600 - 7,700 專家品評香∣樟香及木香同慶號創始清雍正十三年( 1736年)，恰逢乾隆登基，同慶即新帝改元，普天同慶之意。同慶號在普洱茶史上有不可取代的地位，因其是最早推行普洱茶「六選六棄之精細作法」的茶莊，講究「選春茶，選嫩尖，選產地，選淨度，選滋味，選香氣；棄粗老，棄味劣，棄不潔，棄雜物，棄異味，棄質變」，是普洱茶歷史上最早提出的生產工藝標準。1920年以前，茶莊所使用的內票和內飛均印有「龍馬」圖案，故市場稱之為「龍馬同慶號」。這次上拍的龍馬同慶號散塊屬性價比高之茶品，與一眾愛茶之人分享百年的滋味。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

559 一九一○年代普慶號青餅普洱茶·散塊

A PACK OF ANTIQUE PU'ER TEA, 'PU QING HAO', 1910S

數量：1罐總重量：30g 狀態：乾倉工序：生茶

HK$ 30,000 - 50,000 US$ 3,800 - 6,400 專家品評香∣木香及棗香普慶號也稱為「普天同慶號」，據說是為了紀念1911年辛亥革命勝利，滿清政府被推翻，這一特殊的歷史事件，因而普慶號普洱圓茶應運而生。普慶號茶餅，不像其他傳統號級茶一樣，在餅面埋貼有內飛，僅在每一筒包裝內壓有一張商號內票。普慶號選用勐臘古六大茶山的茶菁為料，茶梗條較多。外觀保存非常乾淨，茶香飽滿，是最佳品飲的時刻。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

560 二○○○年浙江富陽龍井茶

FORTY-THREE PACKS OF GREEN TEA, 2000

數量：8條加3盒，每條5盒總重量：2150g 狀態：純乾倉

HK$ 5,000 - 10,000 US$ 600 - 1,300 龍井茶屬中國名茶，以滋味鮮爽甘醇冠絕天下。此茶品出自浙江省富陽市茶葉公司，經過二十年的純乾倉保存，茶葉包裝品相非常完整，適合現飲，更多有關茶葉的細節及視頻請掃二維碼查閱。

561 一九九七年廣東高級嶺頭單叢

EIGHT PACKS OF OOLONG TEA, 1997

數量：8盒總重量：1000g 狀態：純乾倉

HK$ 5,000 - 10,000 US$ 600 - 1,300 嶺頭單叢產自中國坪溪嶺頭山，1986年被評為全國名茶。茶葉包裝品相非常完整，純乾倉儲存，適合現飲，並具有去膩提神之作用。更多有關茶葉的細節及視頻請掃二維碼查閱。

562 一九八○年代福建安溪西坪白毛猴茶 FOUR PACKS OF OOLONG TEA, 1980S

數量：4盒總重量：500g 狀態：純乾倉

HK$ 3,500 - 6,000 US$ 400 - 800 白毛猴茶是歷史名茶，創制于民國初，外形條索粗壯捲曲，白毫顯現，猶如毛猴靜伏而得名。茶葉包裝品相非常完整，純乾倉儲存，適合現飲，更多有關茶葉的細節及視頻請掃二維碼查閱。

563 一九九○年代福建茉莉花茶

THIRTY PACKS OF JASMINE TEA, 1990S

數量：10條，每條3小盒總重量：2000g 狀態：純乾倉

HK$ 4,000 - 8,000 US$ 500 - 1,000 福建的茉莉花茶歷史悠久，早於明末清初便有製作此茶的記載。茉莉花茶在花茶類別中以具有「春天的氣息」而聞名，製作過程是把茶葉和茉莉鮮花進行拼和及窨製，茶香與茉莉花香交互融合，散發出迷人的幽香。此拍品為當年出口的茉莉花茶，品質上乘，保存至今三十年，品相非常整齊，純乾倉儲存，適合現飲，更多有關茶葉的細節及視頻請掃二維碼查閱。

564 一九九○年福建天山牌銀毫茉莉花茶

ELEVEN PACKS OF JASMINE TEA, 1990

數量：2條加1盒，每條5盒總重量：550g 狀態：純乾倉

HK$ 5,500 - 12,000 US$ 700 - 1,500 這次上拍的1990年天山牌銀毫茉莉花茶保存品相非常良好，品質更獲得讚譽，於1989年榮獲國家質量金質獎。其原料取自歷來貴為貢品的「天山綠茶」。銀毫即茶樹上帶銀白色茸毛的初生芽葉，屬茶芽中的極品，配上茉莉鮮花，實屬花茶中之珍品。沖泡後，香氣和茶湯完全融為一體，品質絕佳，具有安神養心的功效，是最適合現飲之選，更多有關茶葉的細節及視頻請掃二維碼查閱。

565 一九八○年代初康磚茶

FOUR PIECES OF TEA BRICKS, 1980S

數量：4片總重量：約1936g 狀態：純乾倉

HK$ 22,000 - 40,000 US$ 2,800 - 5,100 專家品評香∣飽滿的藥香湯∣厚實醇和味∣藥香明顯韻∣茶氣強勁康磚創制於1074年前後，主要使用四川雅安、樂山一帶的原料，後擴大到宜賓、重慶等地，並主銷西藏、青海及四川甘孜等藏族地區。此拍品為雅安茶廠八十年代出品的茶磚，外觀保存尚算完整，純乾倉儲存，非常乾淨無雜味，茶性溫和，又具備消脂降血壓的保健功效，適合現飲，更多有關茶葉的細節及視頻請掃二維碼查閱。

566 二○○七年悟岩澗·野生奇種 A CAN OF OOLONG TEA, 2007

數量：1罐總重量：500g 狀態：純乾倉

HK$ 12,000 - 20,000 US$ 1,500 - 2,600 悟岩澗是武夷山正岩茶核心產區，其得天獨厚的生態環境有利茶樹成長，澗水淙淙，幽蘭芬香，造就了武夷奇種獨特而優良的品質。此茶品選用武夷山原生、古老的高山茶樹茶菁為原料，產量稀少，是市場難得一見的茗品。茶葉純乾倉儲存無雜味，在品飲上具有明顯的岩韻，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶葉的細節及視頻請掃二維碼查閱。

567 二○○七年百花岩·綠芙蓉

A CAN OF OOLONG TEA, 2007

數量：1罐總重量：500g 狀態：純乾倉

HK$ 12,000 - 20,000 US$ 1,500 - 2,600 百花岩為武夷岩茶的主要產茶區，在峽谷間雲霧易聚難散，所以空氣濕度大，為茶樹提供特別的生長條件，生產的岩茶品質高，為炙手可熱的茶品。茶葉純乾倉儲存無雜味，在品飲上岩韻特顯，繼續存放有極大的轉化空間，宜藏宜飲，更多有關茶葉的細節及視頻請掃二維碼查閱。

568 一九七○年代安徽六安茶

SIX BASKETS OF LIU’AN TEA, 1970S

數量：6筐總重量：約3143g 狀態：純乾倉

HK$ 58,000 - 100,000 US$ 7,400 - 12,800 專家品評香∣荷香明顯湯∣細膩爽口味∣甘醇帶藥香韻∣生津回甘，喉感涼爽六安茶屬於黑茶中的貴族茶，自古被視為良藥，嶺南中醫診方常用此茶作引，因而被尊為聖茶。此笠六安茶特別之處是茶面埋有小八中茶內飛，配茶幼嫩不粗糙，經過五十多年純乾倉存放，茶葉非常整齊乾淨，具有老茶的風韻，宜藏宜飲，更多有關茶葉的細節及視頻請掃二維碼查閱。

569 一九六○年代廣西梧州六堡茶 LIU’BAO TEA, 1960S

數量：1罐總重量：2000g 狀態：偏乾倉

HK$ 28,000 - 55,000 US$ 3,600 - 7,100 專家品評香∣木香，棗香湯∣飽滿爽口味∣甘醇偏甜，棗香明顯韻∣生津回甘六堡茶屬中國名茶，因產於廣西蒼梧縣六堡鄉而得名，暢銷於港、澳以及東南亞一帶，其特色在於蒸製工藝，把乾燥好的茶葉，投入木桶中蒸軟，再放置於筐內悶一段時間，讓茶葉更進一步發酵。茶葉乾淨無雜味，且乾倉，經過六十年的洗禮，保健作用強大，是日常品飲的上乘之選，更多有關茶葉的細節及視頻請掃二維碼查閱。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

细味老白茶

傳統白茶素來有清雅、低調之名，近年隨著人們對健康養生的關注越來越高，擁有特殊香氣、滋味及豐富功效的老白茶在茶葉市場上備受追捧，民間更有「一年茶，三年藥，七年寶」的說法。傳統白茶起源於福建福鼎市，至今仍是最高品質的產區。福鼎市有悠久的植茶歷史，在清康熙年間就有設置貿易口岸，出口白茶。當地得天獨厚的自然環境亦孕育出特有品種——福鼎大白茶，茶芽葉上披滿白茸毛，持嫩性強，製成茶品後具備毫香清爽味甜醇的特色，是用其它品種製作的白茶所難以媲美。福鼎白茶一直傳承傳統製茶工藝，不炒不揉，以日光萎凋为主，是最接近天然的茶类。明朝田藝蘅《煮泉小品》贊道：「芽茶以火作者為次，生曬者為上，亦更近自然，且斷煙火氣耳。生曬茶淪之甌中，則旗槍舒暢，清翠鮮明，尤為可愛。」生曬對白茶來說，是提升其品質效果的關鍵，過程中陽光與風的參與、微生物與氣候的融合、加上人的經驗與智慧，保留茶葉原始滋味，造就了白茶「淡泊清雅、極利身心」的特點和保健性，具有清熱潤肺、炎解毒、降壓減脂等功效。陳年十年以上的老白茶數量稀少，因白茶的消耗量每年越增，加上許多陳年老白茶是沒有原包裝，大多以散茶的形式呈現，因此茶客在選購和鑒別白茶時會面對種種困難。過去兩年，我們積極發掘有關老白茶的資源，尋找有收藏記錄的傳統白茶，與一眾茶客分享充滿自然氣息的茗品。同時，希望傳統白茶文化繼續發揚光大，更多人了解老白茶的價值。

570 二○○八年福鼎白茶 —— 二級牡丹（原箱） A BOX OF WHITE TEA, 2008

數量：1箱總重量：約14000g 狀態：純乾倉

HK$ 20,000 - 50,000 US$ 2,600 - 6,400 專家品評香∣淡毫香及蜜香湯∣清爽細緻味∣滋味平衡韻∣生津回甘二級牡丹屬一芽二葉或三葉，芽心稍瘦弱短小，偶有黃片或深綠片，乾倉保存，茶葉乾淨無異味，宜藏宜飲，更多有關白茶的細節及視頻請掃二維碼查閱。

571 二○○○年福鼎白茶 —— 一級牡丹 WHITE TEA, 2000

數量：1罐總重量：1000g 狀態：純乾倉

HK$ 5,000 - 10,000 US$ 640 - 1,280 專家品評香∣毫香湯∣柔和細膩味∣滋味平衡韻∣生津回甘一級牡丹屬一芽一葉，葉片白毫薄少，乾倉保存，茶葉乾淨無異味，宜藏宜飲，更多有關白茶的細節及視頻請掃二維碼查閱。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

572 二○○○年福鼎白茶 —— 一級牡丹 WHITE TEA, 2000

數量：1罐總重量：3000g 狀態：純乾倉

HK$ 15,000 - 30,000 US$ 1,920 - 3,840 專家品評香∣毫香湯∣柔和細膩味∣清甜平和韻∣生津回甘一級牡丹屬一芽一葉，葉片白毫薄少，乾倉保存，茶葉乾淨無異味，宜藏宜飲，更多有關白茶的細節及視頻請掃二維碼查閱。

573 一九九○年代初福鼎白茶 —— 牡丹王 WHITE TEA, 1990S

數量：1罐總重量：1000g 狀態：純乾倉

HK$ 18,000 - 30,000 US$ 2,300 - 3,800 專家品評香∣毫香明顯帶蜜香湯∣柔和細膩味∣微甜且層次豐富韻∣口齒留香，生津回甘牡丹王是白茶中的貴族，需在清明前後採摘，高貴稀有。乾倉保存，茶葉乾淨無異味，宜藏宜飲，更多有關白茶的細節及視頻請掃二維碼查閱。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

574 一九九○年代初福鼎白茶 —— 牡丹王 WHITE TEA, 1990S

數量：1罐總重量：2500g 狀態：純乾倉

HK$ 45,000 - 75,000 US$ 5,800 - 9,620 專家品評香∣毫香明顯帶蜜香湯∣柔和細膩味∣微甜且層次豐富韻∣口齒留香，生津回甘牡丹王是白茶中的貴族，需在清明前後採摘，高貴稀有。乾倉保存，茶葉乾淨無異味，宜藏宜飲，更多有關白茶的細節及視頻請掃二維碼查閱。

575 一九九○年代初福鼎白茶 —— 壽眉 WHITE TEA, 1990S

數量：1罐總重量：2000g 狀態：純乾倉

HK$ 12,000 - 30,000 US$ 1,500 - 3,800 專家品評香∣蜜香，淡梅子香湯∣柔和細膩味∣甘甜帶蜜香韻∣口齒留香，生津回甘壽眉屬一芽三、四葉，葉多芽少，因其外形似壽星的眉毛，故名壽眉，純乾倉保存，茶葉乾淨無異味，宜藏宜飲，更多有關白茶的細節及視頻請掃二維碼查閱。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

576 一九九○年代初福鼎白茶 —— 壽眉 WHITE TEA, 1990S

數量：2罐總重量：5000g 狀態：純乾倉

HK$ 30,000 - 50,000 US$ 3,800 - 6,400 專家品評香∣蜜香，淡梅子香湯∣柔和細膩味∣甘甜帶蜜香韻∣口齒留香，生津回甘壽眉屬一芽三、四葉，葉多芽少，因其外形似壽星的眉毛，故名壽眉，純乾倉保存，茶葉乾淨無異味，宜藏宜飲，更多有關白茶的細節及視頻請掃二維碼查閱。

577 一九八○年代福鼎白茶 —— 一級牡丹 WHITE TEA, 1980S

數量：1罐總重量：950g 狀態：純乾倉

HK$ 26,000 - 60,000 US$ 3,300 - 7,700 專家品評香∣木香沈穩內斂湯∣輕柔細膩味∣清甜且沉香明顯韻∣口齒留香，回甘生津豐富一級牡丹屬一芽一葉，葉片白毫薄少，乾倉保存，茶葉乾淨無異味，已有老茶風範，宜藏宜飲，更多有關白茶的細節及視頻請掃二維碼查閱。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

二、陈皮 DRIED TANGERINE PEEL

香港重要藏家旧藏 —

578 一九九○年代新會陳皮

DRIED TANGERINE PEEL,1990S

數量：1罐總重量：1200g 狀態：果皮完整乾淨

HK$ 20,000 - 40,000 US$ 2,600 - 5,100 乾倉保存，沒有雜味，經過約30年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，更多有關陳皮的細節及視頻請掃二維碼查閱。

579 一九九○年代新會陳皮

DRIED TANGERINE PEEL,1990S

數量：1罐總重量：1200g 狀態：果皮完整乾淨

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

580 一九九○年代新會陳皮

DRIED TANGERINE PEEL,1990S

數量：1罐總重量：1200g 狀態：果皮完整乾淨

581 一九九○年代新會陳皮

DRIED TANGERINE PEEL,1990S

數量：2罐總重量：2400g 狀態：果皮完整乾淨

HK$ 40,000 - 80,000 US$ 5,100 - 10,400 乾倉保存，沒有雜味，經過約30年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，更多有關陳皮的細節及視頻請掃二維碼查閱。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

582 一九八○年代新會陳皮

DRIED TANGERINE PEEL,1980S

數量：1罐總重量：600g 狀態：果皮完整乾淨

HK$ 20,000 - 40,000 US$ 2,600 - 5,100 乾倉保存，沒有雜味，經過約40年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，更多有關陳皮的細節及視頻請掃二維碼查閱。

583 一九八○年代新會陳皮

DRIED TANGERINE PEEL,1980S

數量：2罐總重量：1200g 狀態：果皮完整乾淨

HK$ 40,000 - 80,000 US$ 5,100 - 10,400 乾倉保存，沒有雜味，經過約40年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，更多有關陳皮的細節及視頻請掃二維碼查閱。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

584 一九七○年代新會陳皮

DRIED TANGERINE PEEL, 1970S

數量：1罐總重量：600g 狀態：果皮完整乾淨

HK$ 32,000 - 50,000 US$ 4,100 - 6,400 乾倉保存，沒有雜味，經過約50年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，更多有關陳皮的細節及視頻請掃二維碼查閱。

585 一九七○年代新會陳皮

DRIED TANGERINE PEEL, 1970S

數量：1罐總重量：600g 狀態：果皮完整乾淨

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解腻化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。人隨著年紀增長，新陳代謝減慢，體內的氣血、經脈會出現堵塞情況。這時以陳皮入藥，則有助平衡五臟六腑、疏通經絡。中國最著名的陳皮產自廣東新會，因其優越的生態環境孕育出獨特的品種——茶枝柑（即大紅柑），新鮮狀態的柑皮味道極其苦澀，一般人難以接受，同時刺激腸胃。古人雖沒有科學理論實證，但昔日民間的生活智慧卻理解到平凡的果皮是越放久，性質變得溫和，香氣越醇厚濃郁，更加引人入勝，同時苦澀轉化成甜甘，作為藥物更有奇效，因而「陳」對果皮起了非常重要的作用。甚至當今科學也證明了品質好的（茶枝柑）果皮，儲存了豐富揮發性的物質，在年復一年中不斷分解及互相轉化，香氣才能四溢。只有故舊的高品質陳皮，它的香氣才值得期待和等候。「一両陳皮一両金，百年陳皮勝黃金」，把陳皮媲美黃金，皆因物以罕為貴，保存良好的二十至四十年陳皮會非常聚香，超過四十年以上的陳皮已經陳化變得醇和甘甜，百年陳皮更是人間瑰寶，極其難遇。由於一般人對陳皮的年紀和原產地是難以分辨，這次有幸榮獲香港的私人藏家提供一系列的陳皮藏品，背後承載幾十年的心血，這些陳皮的來源和保存也提供了最佳的參照。當今疫情未了之際，希望透過這系列的新會陳皮，繼續綻放「故香」，幫助大家一同抗疫及享受滋味豐滿的健康快樂人生。

东方智慧，长寿秘方

陈 — 皮

586 一九六○年代新會陳皮

DRIED TANGERINE PEEL, 1960S

數量：1罐總重量：300g 狀態：果皮完整乾淨

HK$ 24,000 - 50,000 US$ 3,100 - 6,400 乾倉保存，沒有雜味，經過約60年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，更多有關陳皮的細節及視頻請掃二維碼查閱。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

587 一九六○年代新會陳皮

DRIED TANGERINE PEEL, 1960S

數量：1罐總重量：600g 狀態：果皮完整乾淨

HK$ 48,000 - 100,000 US$ 6,200 - 12,800 乾倉保存，沒有雜味，經過約60年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，更多有關陳皮的細節及視頻請掃二維碼查閱。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

588 一九五○年代新會陳皮

DRIED TANGERINE PEEL, 1950S

數量：1罐總重量：300g 狀態：果皮完整乾淨

HK$ 33,000 - 60,000 US$ 4,200 - 7,700 乾倉保存，沒有雜味，經過約70年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，更多有關陳皮的細節及視頻請掃二維碼查閱。

589 一九五○年代新會陳皮

DRIED TANGERINE PEEL, 1950S

數量：1罐總重量：300g 狀態：果皮完整乾淨

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

590 一九五○年代新會陳皮

DRIED TANGERINE PEEL, 1950S

數量：2罐總重量：1800g 狀態：果皮完整乾淨

HK$ 200,000 - 350,000 US$ 25,600 - 44,900 乾倉保存，沒有雜味，經過約70年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，更多有關陳皮的細節及視頻請掃二維碼查閱。

拍品號附印章為香港重要藏家舊藏 | LOT WITH STAMP IS FROM IMPORTANT HONG KONG PRIVATE COLLECTION

三、中国白酒 CHINESE SPIRIT

591 二○一七年貴州茅台酒港區省級政協委員聯誼會專享（原箱） KWEICHOW MOUTAI SPECIAL EDITION 2017 (ORIGINAL BOX)

度數/ABV：53% 容量/vol：500ml 數量/quantity：6瓶/bottles

HK$ 50,000 - 80,000 US$ 6,400 - 10,300 香港政協聯誼會尊享茅台，限量定制，紅色貴州茅台酒是每年小批量用陳年窖藏的基酒勾兌生產，具有陳年茅台品質，是茅台高端系列的象徵，有著較高的收藏投資價值。瓶身特別採用中國紅，將吉祥與喜慶之色注入茅台酒，凸顯其尊貴地位。且原箱拍品均有原盒，品相完好，存酒飽滿，實屬不易，是收藏、品鑒兩相宜的選擇。

592 二〇一二年「飛天牌」貴州茅台酒(原箱）

KWEICHOW MOUTAI 2012 (ORIGINAL BOX)

度數/ABV：53% 容量/vol：500ml 數量/quantity：24瓶/bottles（2箱）

HK$ 150,000 - 250,000 US$ 19,200 - 32,100 2012年茅台總產量為33000噸，當年零售價為1980元。貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

593 二〇一一年「飛天牌」貴州茅台酒(原箱）

KWEICHOW MOUTAI 2011 (ORIGINAL BOX)

度數/ABV：53% 容量/vol：500ml 數量/quantity：12瓶/bottles

HK$ 80,000 - 150,000 US$ 10,300 - 19,200 2011年茅台總產量為30026噸，當年零售價為1880元。貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

594 二〇一〇年「飛天牌」貴州茅台酒(原箱）

KWEICHOW MOUTAI 2010 (ORIGINAL BOX)

度數/ABV：53% 容量/vol：500ml 數量/quantity：24瓶/bottles（2箱）

HK$ 170,000 - 250,000 US$ 21,800 - 32,100 2010年茅台總產量為30026噸，當年零售價為1880元。 2000-2010年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

595 二〇〇九年「飛天牌」貴州茅台酒(原箱）

KWEICHOW MOUTAI 2009 (ORIGINAL BOX)

度數/ABV：53% 容量/vol：500ml 數量/quantity：24瓶/bottles（2箱）

HK$ 180,000 - 280,000 US$ 23,100 - 35,900 2009年茅台總產量為23000噸，當年零售價為1000元。 2000-2010年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

596 二〇〇八年「飛天牌」貴州茅台酒(原箱）

KWEICHOW MOUTAI 2008 (ORIGINAL BOX)

度數/ABV：53% 容量/vol：500ml 數量/quantity：12瓶/bottles

HK$ 95,000 - 150,000 US$ 12,200 - 19,200 2008年茅台總產量為20431噸，當年零售價為650元。 2000-2009年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

597 二〇〇八年「飛天牌」貴州茅台酒(原箱）

KWEICHOW MOUTAI 2008 (ORIGINAL BOX)

度數/ABV：53% 容量/vol：500ml 數量/quantity：24瓶/bottles（2箱）

HK$ 190,000 - 300,000 US$ 24,400 - 38,500 2008年茅台總產量為20431噸，當年零售價為650元。 2000-2009年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

598 二〇〇六年「飛天牌」貴州茅台酒(原箱）

KWEICHOW MOUTAI 2006 (ORIGINAL BOX)

度數/ABV：53% 容量/vol：500ml 數量/quantity：12瓶/bottles

HK$ 100,000 - 200,000 US$ 12,800 - 25,600 2006年茅台總產量為13839噸，當年零售價為400元。 2000-2009年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

599 二〇〇五年「飛天牌」貴州茅台酒(原箱）

KWEICHOW MOUTAI 2005 (ORIGINAL BOX)

度數/ABV：53% 容量/vol：500ml 數量/quantity：12瓶/bottles

HK$ 110,000 - 200,000 US$ 14,100 - 25,600 2005年茅台總產量為12500噸，當年零售價為500元。 2000-2009年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

600 二〇〇四年「五星牌」貴州茅台酒 KWEICHOW MOUTAI 2004

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

HK$ 70,000 - 120,000 US$ 9,000 - 15,400 2004年茅台總產量為11522.05噸，當年零售價為350元。 2000-2009年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

100

601 二〇〇二年「飛天牌」貴州茅台酒(原箱）

KWEICHOW MOUTAI 2002 (ORIGINAL BOX)

度數/ABV：53% 容量/vol：500ml 數量/quantity：24瓶/bottles（2箱）

HK$ 270,000 - 400,000 US$ 34,600 - 51,300 2002年茅台總產量為8640噸，當年零售價為280元。 2000-2009年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

602 二〇〇二年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2002

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

HK$ 80,000 - 140,000 US$ 10,300 - 17,900 2002年茅台總產量為8640噸，當年零售價為280元。 2000-2009年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

101

603 二〇〇一年「五星牌」貴州茅台酒 KWEICHOW MOUTAI 2001

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

HK$ 95,000 - 150,000 US$ 12,200 - 19,200 2001年茅台總產量為7317噸，當年零售價為260元。 2000-2009年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

604 二〇〇一年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2001

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

HK$ 100,000 - 150,000 US$ 12,800 - 19,200 2001年茅台總產量為7317噸，當年零售價為260元。 2000-2009年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

102

605 二〇〇〇年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2000

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

HK$ 110,000 - 180,000 US$ 14,100 - 23,100 2000年茅台總產量為5379噸，當年零售價為220元。 2000-2009年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

606 二〇〇〇年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 2000

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

103

607 二〇〇〇年「珍品」貴州茅台酒

“TREASURE” KWEICHOW MOUTAI 2000

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

HK$ 130,000 - 200,000 US$ 16,700 - 25,600 此組拍品為2000年“珍品”貴州茅台酒，酒標正面書 “珍品貴州茅台酒”，被稱為“珍品茅台”，是八十年代中期開始生產的高檔茅台酒。採用窖藏多年的陳酒勾兌而成，具有醬香濃郁，酒體醇厚，回味綿甜之特點。本組拍品均有原盒包裝，保存完好，存世量稀少。

608 二○○○年「飛天牌」貴州茅台酒(原箱)

KWEICHOW MOUTAI 2000 (ORIGINAL BOX)

度數/ABV：53% 容量/vol：500ml 數量/quantity：12瓶/bottles

HK$ 200,000 - 400,000 US$ 25,600 - 51,300 2000年茅台總產量為5379噸，當年零售價為220元。2000 年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠的茅台酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

104

609 一九九八年「五星牌」貴州茅台酒 KWEICHOW MOUTAI 1998

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

HK$ 130,000 - 200,000 US$ 16,700 - 25,600 1998年茅台總產量為5072噸，當年零售價為300元。1998 年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。

610 一九九八年「五星牌」貴州茅台酒 KWEICHOW MOUTAI 1998

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

105

611 一九九七年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 1997

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

HK$ 140,000 - 220,000 US$ 17,900 - 28,200 1997年茅台總產量為4468噸，當年零售價為320元。1997 年出廠的貴州茅台酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。

612 一九九七年「五星牌」貴州茅台酒 KWEICHOW MOUTAI 1997

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

106

613 一九九七年「珍品」貴州茅台酒

“TREASURE” KWEICHOW MOUTAI 1997

度數/ABV：53% 容量/vol：500ml 數量/quantity：6瓶/bottles

HK$ 110,000 - 180,000 US$ 14,100 - 23,100 此組拍品為1997年“珍品”貴州茅台酒，酒標正面書 “珍品貴州茅台酒”，被稱為“珍品茅台”，是八十年代中期開始生產的高檔茅台酒。採用窖藏多年的陳酒勾兌而成，具有醬香濃郁，酒體醇厚，回味綿甜之特點。本組拍品均有原盒包裝，保存完好，存世量稀少。

614 一九九六年「珍品」貴州茅台酒

“TREASURE” KWEICHOW MOUTAI 1996

度數/ABV：53% 容量/vol：500ml 數量/quantity：6瓶/bottles

HK$ 120,000 - 200,000 US$ 15,400 - 25,600 此組拍品為1996年“珍品”貴州茅台酒，酒標正面書 “珍品貴州茅台酒”，被稱為“珍品茅台”，是八十年代中期開始生產的高檔茅台酒。採用窖藏多年的陳酒勾兌而成，具有醬香濃郁，酒體醇厚，回味綿甜之特點。本組拍品均有原盒包裝，保存完好，存世量稀少。

107

615 一九九六年「飛天牌」貴州茅台酒(鐵蓋)

K W E I C H O W M O U TA I 1 9 9 6 ( W I T H I R O N COVERING)

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

HK$ 240,000 - 300,000 US$ 30,800 - 38,500 1996年茅台總產量為4365噸，當年飛天牌外銷零售價為 280元。1987年—1996年上半年出廠的貴州茅台酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身沒有標明度數，又稱“無度茅台”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。"

616 一九九四年「五星牌」貴州茅台酒(鐵蓋)

K W E I C H O W M O U TA I 1 9 9 4 ( W I T H I R O N COVERING)

度數/ABV：53% 容量/vol：500ml 數量/quantity：12瓶/bottles

HK$ 260,000 - 320,000 US$ 33,300 - 41,000 1994年茅台總產量為3390噸，當年零售價為238元。1987 年—1996年上半年出廠的貴州茅台酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身沒有標明度數，又稱“無度茅台”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。

108

617 一九九二年「飛天牌」貴州茅台酒(鐵蓋)

K W E I C H O W M O U TA I 1 9 9 2 ( W I T H I R O N COVERING)

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

HK$ 280,000 - 350,000 US$ 35,900 - 44,900 1992年茅台總產量為2089.3噸，當年飛天牌外銷零售價為 200元。 1987年—1996年上半年出廠的貴州茅台酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身沒有標明度數，又稱“無度茅台”。此組拍品保存完好，存酒飽滿，具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。

618 一九九一年「五星牌」貴州茅台酒(鐵蓋)

K W E I C H O W M O U TA I 1 9 9 1 ( W I T H I R O N COVERING)

度數/ABV：53% 容量/vol：500ml 數量/quantity：10瓶/bottles

HK$ 280,000 - 350,000 US$ 35,900 - 44,900 1991年茅台總產量為1959.4噸，當年五星牌內銷零售價為 180元。1987年—1996年上半年出廠的貴州茅台酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身沒有標明度數，又稱“無度茅台”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。

109

619 一九八八年「五星牌」貴州茅台酒(鐵蓋)

K W E I C H O W M O U TA I 1 9 8 8 ( W I T H I R O N COVERING)

度數/ABV：53% 容量/vol：500ml 數量/quantity：6瓶/bottles

HK$ 220,000 - 300,000 US$ 28,200 - 38,500 1988年茅台總產量為1300噸，當年五星牌出廠價為145 元。1987年—1996年上半年出廠的貴州茅台酒，瓶蓋為鋁制，被稱為“鐵蓋茅台”。因瓶身沒有標明度數，又稱 “無度茅台”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。

620 一九八五年「五星牌」貴州茅台酒（地方國營） KWEICHOW MOUTAI 1985 (LOCAL STATE-RUN)

度數/ABV：53% 容量/vol：540ml 數量/quantity：5瓶/bottles

HK$ 220,000 - 300,000 US$ 28,200 - 38,500 1985年茅台總產量為1256.9噸，當年零售價約為18.50元。 1983-1986年出廠的“五星牌”內銷貴州茅台酒，因正面酒標右下角書有“地方國營茅台酒廠出品”的字樣，被稱為“地方國營”。“地方國營”茅台酒與1987年及以後生產的茅台酒在包裝上有顯著區別，“地方國營”酒的容量為540ml，以後的均為500ml，這也成為茅台酒斷代的重要標準。此組拍品的品相完好，存酒飽滿，酒體口感醇和細膩，陳香熟香，濃郁綿長，是陳年茅台酒中的典範。

110

621 一九八四年「五星牌」貴州茅台酒（地方國營） KWEICHOW MOUTAI 1984 (LOCAL STATE-RUN)

度數/ABV：53% 容量/vol：540ml 數量/quantity：5瓶/bottles

HK$ 230,000 - 300,000 US$ 29,500 - 38,500 1984年茅台總產量為1319.5噸，當年零售價約為18.50元。 1983-1986年出廠的“五星牌”內銷貴州茅台酒，因正面酒標右下角書有“地方國營茅台酒廠出品”的字樣，被稱為“地方國營”。“地方國營”茅台酒與1987年及以後生產的茅台酒在包裝上有顯著區別，“地方國營”酒的容量為540ml，以後的均為500ml，這也成為茅台酒斷代的重要標準。此組拍品的品相完好，存酒飽滿，酒體口感醇和細膩，陳香熟香，濃郁綿長，是陳年茅台酒中的典範。

622 一九八三至一九八六年地方國營貴州茅台酒 (全棉紙)

KWEICHOW MOUTAI 1983-1986 (LOCAL STATERUN)

度數/ABV：53% 容量/vol：540ml 數量/quantity：6瓶/bottles

HK$ 290,000 - 400,000 US$ 37,200 - 51,300 上世紀50年代起，茅台酒廠採用白棉紙對茅台酒進行包裝，潔白纖薄，柔韌輕軟，手感細膩，有如紗質，適合包裹物品。白棉紙經過30多年的保存，會呈現出歲月風蝕的自然色斑，呈褐黃色，體現出歲月的滄桑，代表了原裝出廠的意義。本組83－86年全棉紙茅台共6瓶，整體品相完美，存世量稀缺，具有明顯的陳香濃郁、醬香突出、優雅細膩、綿柔醇厚、回味悠長、空杯留香持久等特點。

111

623 一九八三至一九八六年「飛天牌」貴州茅台酒 KWEICHOW MOUTAI 1983-1986

度數/ABV：53% 容量/vol：540ml 數量/quantity：6瓶/bottles

HK$ 240,000 - 320,000 US$ 30,800 - 41,000 因容量由之前的500毫升變為540毫升，因此得名“大飛天”。“飛天”又稱“飛仙”，是出口專用商標，自50年代末沿用至今，在其出廠之後，凡需要茅台酒的外交場合，無不出現其踪影，“飛天”商標茅台酒成為一座新中國輿系國際政治、經濟、文化滿通輿交流的重要橋樑，隨著飛天牌茅台酒的外銷，將中國的文化轉播世界。

624 一九八三至一九八四年「五星牌」黃醬貴州茅台酒 KWEICHOW MOUTAI 1983-1984

度數/ABV：53% 容量/vol：540ml 數量/quantity：2瓶/bottles

HK$ 380,000 - 500,000 US$ 48,700 - 64,100 此酒是人民大會堂和釣魚臺國賓館特需茅台酒，瓶體為黃釉瓷瓶，釉色細膩，俗稱“五星黃醬”，是80年代陳年茅台酒中的極品，極具收藏價值。該組拍品保存完好，存酒飽滿，具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。

112

625 一九七〇年代初「葵花牌」貴州茅台酒 (飄帶葵花) KWEICHOW MOUTAI 1970S

度數/ABV：53% 容量/vol：540ml 數量/quantity：6瓶/bottles

HK$ 1,550,000 - 2,000,000 US$ 198,700 - 256,400 “葵花牌”商標正式使用到1974年，其包裝和飛天茅台基本一樣，都是乳白玻璃瓶，紅色螺旋式瓶蓋，外包紅色膠帽和飄帶，不同之處在於飛天圖案換成了葵花圖案，稱之為“飄帶葵花”。本品具有陳香濃郁、醬香突出、優雅細膩、綿柔醇厚、回味悠長、空杯留香持久等特點。作為七十年代的特殊產物，經歷了超過四十年的歷史，品相完美，能保存下來比較罕見，彌足珍貴。 113

114

四、威士忌 WHISKY

115

LOT 626 Springbank 8

雲頂8年 ABV43% 750ml 2 Btls/瓶

HK$ 5,000 - 8,000 US$ 600 - 1,000 * 無盒 /No Box

LOT 627 Glenlivet 45 - Alexander Murray Single Malt Distilled1968

格蘭利威45年單一麥芽 1968 年入桶 ABV40% 750ml 1 Btl/瓶

HK$ 8,000 - 10,000 US$ 1,000 - 1,300 * 無盒 /No Box

116

LOT 628 Lagavulin 30 - 1976 Single Malt 1 of 2340 btls Bottled 2006

樂加維林30年 - 1976 單一麥芽全球限量 2340 瓶 2006 年裝瓶 ABV52.6% 700ml 1 Btl/瓶

HK$ 25,000 - 32,000 US$ 3,200 - 4,100 * 無盒 /No Box

LOT 629 Glenglassaugh 51 - 1963 Single Malt Bourbon Barrel 1 of 191 btls Distilled1963

格蘭格拉索51年 - 1963 #3301 單一麥芽波本桶全球限量 191 瓶 1963 年入桶 ABV41.7% 700ml 1 Btl/瓶

HK$ 55,000 - 63,000 US$ 7,100 - 8,100

117

LOT 630 The Macallan 18 - 1974 Single Malt Sherry Cask Distilled1974 Bottled 1992

麥卡倫18年 - 1974 單一麥芽雪莉桶 1974 年入桶 1992 年裝瓶 ABV43% 700ml 1 Btl/瓶

HK$ 19,000 - 25,000 US$ 2,400 - 3,200 * 無盒 /No Box

LOT 631 The Macallan 18 - 1994 Single Malt Sherry Wood Distilled1994 Bottled 2012

麥卡倫18年 - 1994 單一麥芽雪莉桶 1994 年入桶 2012 年裝瓶 ABV43% 700ml 12 Btls/瓶

HK$ 55,000 - 75,000 US$ 7,100 - 9,600

118

LOT 632 A set of Macallan 18 - 1989 to 1994 Single Malt Sherry Cask Distilled1989-1994 Bottled 2007-2012

一組麥卡倫18年 - 1989至1994 單一麥芽雪莉桶 1989-1994 年入桶 2007-2012 年裝瓶 ABV43% 700ml 6 Btls/瓶

HK$ 32,000 - 45,000 US$ 4,100 - 5,800

119

LOT 633 The Macallan 18 - 1967 Single Malt Sherry Wood Distilled1967 Bottled 1986

麥卡倫18年 - 1967 單一麥芽雪莉桶 1967 年入桶 1986 年裝瓶 ABV43% 750ml 1 Btl/瓶

HK$ 32,000 - 38,000 US$ 4,100 - 4,900

LOT 634 Macallan 35 - 1972 Speymalt Single Malt Distilled1972 Bottled 2007

麥卡倫35年 - 1972 單一麥芽 1972 年入桶 2007 年裝瓶 ABV43% 700ml 1 Btl/瓶

HK$ 15,000 - 23,000 US$ 1,900 - 2,900

120

LOT 635 Macallan 31 - 1973 Speymalt Single Malt Distilled1973 Bottled 2004

麥卡倫31年 - 1973 單一麥芽 1973 年入桶 2004 年裝瓶 ABV43% 700ml 1 Btl/瓶

HK$ 14,000 - 22,000 US$ 1,800 - 2,800

LOT 636 The Macallan 38 - 1967 Speymalt Single Malt Sherry Wood Distilled1967 Bottled 2005

麥卡倫38年 - 1967 單一麥芽雪莉桶 1967 年入桶 2005 年裝瓶 ABV40% 700ml 1 Btl/瓶

HK$ 18,000 - 28,000 US$ 2,300 - 3,600

121

LOT 637 The Macallan - The Archival Series Folio 4 Single Malt Sherry Cask 1 of 2000 btls

麥卡倫 - 檔案系列 #4 單一麥芽雪莉桶全球限量 2000 瓶 ABV43% 700ml 1 Btl/瓶

HK$ 12,000 - 18,000 US$ 1,500 - 2,300

LOT 638 The Macallan 30 Blue Label Single Malt Sherry Wood

麥卡倫30年藍標單一麥芽雪莉桶 ABV43% 700ml 1 Btl/瓶

HK$ 50,000 - 70,000 US$ 6,400 - 9,000 * 無盒 /No Box

122

LOT 639 Port Ellen 32 - 15th Release Single Malt 1 of 2964 btls Distilled1983 Bottled 2015

波特艾倫32年 - 第十五版單一麥芽全球限量 2964 瓶 1983 年入桶 2015 年裝瓶 ABV53.9% 750ml 1 Btl/瓶

HK$ 17,500 - 22,000 US$ 2,200 - 2,800

LOT 640 Port Ellen 39 - 1978 Single Malt 1 of 1500 btls Distilled1978 Bottled 2018

波特艾倫39年 - 1978 單一麥芽全球限量 1500 瓶 1978 年入桶 2018 年裝瓶 ABV50.9% 700ml 1 Btl/瓶

HK$ 45,000 - 55,000 US$ 5,800 - 7,100

123

LOT 641 Yamazaki 2015 Limited Edition Single Malt

山崎2015年限量版單一麥芽 ABV43% 700ml 3 Btls/瓶

HK$ 12,000 - 18,000 US$ 1,500 - 2,300

LOT 642 A set of Karuizawa Flower & Bird Series Single Malt 1 of 498 btls Distilled2000 Bottled 2018

1組輕井澤花鳥繪系列單一麥芽全球限量 498 瓶 2000 年入桶 2018 年裝瓶 ABV62.9/62.2/61.6% 700ml 3 Btls/瓶

HK$ 45,000 - 55,000 US$ 5,800 - 7,100 日本江戶時期的浮世繪大師葛飾北齋，除了擅長風景畫，他畫花鳥的造詣也堪稱一絕，其濃豔中帶著秀麗的用色，也深深印象了如梵高等歐洲畫家。輕井澤「花鳥繪系列」特別挑選四桶 2000 年蒸餾的輕井澤威士忌，以單桶裝瓶成四款限量酒款，並個別採用了葛飾北齋筆下的《花鳥圖》作為酒標。桶號 #7550 的輕井澤採用葛飾北齋的《燕與紫陽花》作為酒標，初夏時節的紫陽花（又稱繡球花）在日本有著「團結」、「平和」的花語，加上帶有吉祥意思的燕子。桶號 #507 的酒標，採用葛飾北齋的《文鳥與辛夷花》。原畫上引用了明朝陳淳的五言絕句：「東風日夜發，桃李不禁吹；檢點濃華事，辛夷落較遲」。送給懂畫懂酒的知音人，如辛夷花（又稱木筆）濃豔而不妖，堅韌而長久。桶號 #7377 的輕井澤採用葛飾北齋著名的《鷽與垂櫻》為主題，畫上俳句寫著「鳥ひとつ濡れて出けり朝さくら」描述江戶時期常見的鷽鳥（又稱報春鳥）在初春清晨櫻花樹上被露水沾濕了羽翼。 124

LOT 643 The Nikka 40 Blended Whisky 1 of 1000 btls

日果40年調和威士忌全球限量 1000 瓶 ABV43% 700ml 1 Btl/瓶

HK$ 40,000 - 55,000 US$ 5,100 - 7,100

LOT 644 Chichibu - Ichiro’s Malt and Grain #7255 Blended Whisky 1 of 310 btls

秩父 - 伊知郎 #7255 穀物調和威士忌全球限量 310 瓶 ABV58.8% 700ml 1 Btl/瓶

HK$ 8,000 - 12,000 US$ 1,000 - 1,500 * 無盒 /No Box

125

LOT 645 Chichibu - The Peated 2012 Single Malt 1 of 5000 btls Distilled2009 Bottled 2012

秩父 - 泥煤桶2012年單一麥芽全球限量 5000 瓶 2009 年入桶 2012 年裝瓶 ABV50.5% 700ml 1 Btl/瓶

HK$ 4,500 - 6,000 US$ 600 - 800

LOT 646 Chichibu - Travel Exclusive 2018 Single Malt 1 of 610 btls Bottled 2018

秩父 - 旅遊限定版2018年單一麥芽全球限量 610 瓶 2018 年裝瓶 ABV60.6% 700ml 1 Btl/瓶

HK$ 6,500 - 12,000 US$ 800 - 1,500

126

LOT 647 1 set of Chichibu Thousand Crane #1691 #1372 Single Malt 1 of 238/242 btls Distilled2011 /2012 Bottled 2018

1組秩父千鳥系列 #1691 #1372 單一麥芽全球限量 238/242 瓶 2011 /2012 年入桶 2018 年裝瓶 ABV60.6 /63.7% 700ml 2 Btls/瓶

HK$ 16,000 - 30,000 US$ 2,100 - 3,800

LOT 648 Karuizawa 1990 - Geisha #7402 Single Malt Sherry Cask 1 of 486 btls Distilled1990 Bottled 2016

輕井澤1990年 - 藝伎#7402 單一麥芽雪莉桶全球限量 486 瓶 1990 年入桶 2016 年裝瓶 ABV60.6% 700ml 1 Btl/瓶

HK$ 18,000 - 25,000 US$ 2,300 - 3,200

127

LOT 649 Karuizawa Thousand Arrow Set Single Malt 1 of 257 btls Bottled 2015

輕井澤萬箭全套單一麥芽全球限量 257 瓶 2015 年裝瓶 ABV56.5/59.8/55.2% 700ml 3 Btls/瓶

HK$ 215,000 - 250,000 US$ 27,600 - 32,100 「萬箭齊發」的錦盒組每套三瓶，分別以 1980、 1981、1982 年蒸餾的三桶輕井澤原桶裝瓶，全球限量 257 套。歌川國芳的浮世繪《楠家勇士》作為酒標，刻畫了日本南北朝四條畷合戰中的三位悲劇英雄：武將楠正行、以及其家臣和田正朝、和田賢秀，他們懷著赴死的覺悟向侵略者英勇抗戰，面對傾瀉箭雨也無所畏懼。

128

LOT 650 Hanyu 10 - Final Vintage Single Malt 1 of 477 btls Distilled2000

羽生10年 - 最後的佳釀單一麥芽全球限量 477 瓶 2000 年入桶 ABV48 /60.8% 700ml 2 Btls/瓶

HK$ 26,000 - 32,000 US$ 3,300 - 4,100 * 無盒 /No Box

LOT 651 Nikka - Goryeo Celadon Porcelain

日果高麗青磁 - 雲鶴草華文樣 ABV43% 600ml 1 Btl/瓶

HK$ 7,000 - 9,000 US$ 900 - 1,200

129

LOT 652 Bowmore 25 Ceramic Single Malt

波摩25年瓷瓶單一麥芽 ABV43% 700ml 1 Btl/瓶

HK$ 10,000 - 15,000 US$ 1,300 - 1,900

LOT 653 Bowmore 15 – Glasgow Garden Festival 88’

波摩15年 – 1988年格拉斯哥花園節 ABV40% 750ml 1 Btl/瓶

HK$ 5,000 - 9,000 US$ 600 - 1,200 * 無盒 /No Box

130

LOT 654 Aberlour 22 - 1976 Single Malt 1 of 3000 btls Distilled1976

雅伯樂22年 - 1976 單一麥芽全球限量 3000 瓶 1976 年入桶 ABV43% 700ml 1 Btl/瓶

HK$ 3,500 - 5,000 US$ 400 - 600 * 無盒 /No Box

LOT 655 The Macallan 18 - 1992 Single Malt Distilled1992 Bottled 2000

麥卡倫18年 - 1992 單一麥芽 1992 年入桶 2000 年裝瓶 ABV43% 700ml 1 Btl/瓶

HK$ 4,500 - 6,000 US$ 600 - 800

131

LOT 656 A set of The Macallan Replica 1841, 1851,1861,1876,1876 Single Malt

一組麥卡倫復刻版威士忌1841, 1851,1861,1876,1876 單一麥芽 ABV40.6-45% 700ml 5 Btls/瓶

HK$ 38,000 - 48,000 US$ 4,900 - 6,200

LOT 657 The Macallan Elegancia 1990 & 1991 Single Malt Sherry Wood Distilled1990 /1991 Bottled 2002 /2003

麥卡倫雅緻 1990 & 1991 單一麥芽雪莉桶 1990 /1991 年入桶 2002 /2003 年裝瓶 ABV40% 1000ml 2 Btls/瓶

HK$ 13,000 - 18,000 US$ 1,700 - 2,300

132

LOT 658 1 set of Highland Park Hong Kong Edition Single Malt Sherry butt 1 of 615/648/523 btls Distilled2003/2006/2002 Bottled 2019/2019/2018

1組高原騎士香港專屬版單一麥芽雪莉桶全球限量 615/648/523 瓶 2003/2006/2002 年入桶 2019/2019/2018 年裝瓶 ABV60.4/65.5/58.3% 700ml 3 Btl/瓶

HK$ 6,300 - 8,000 US$ 800 - 1,000

LOT 659 Highland Park 40 Single Malt

高原騎士40年單一麥芽 ABV47.5% 700ml 1 Btl/瓶

HK$ 22,000 - 30,000 US$ 2,800 - 3,800

133

LOT 660 Karuizawa 1981 - #6056 Single Malt Sherry Cask Distilled1981 Bottled 2013

輕井澤1981年 - #6056 單一麥芽雪莉桶 1981 年入桶 2013 年裝瓶 ABV60.3% 700ml 1 Btl/瓶

HK$ 35,000 - 45,000 US$ 4,500 - 5,800

LOT 661 Karuizawa 30 - Kinlonz #3619 Single Malt Sherry Cask 1 of 282 btls

輕井澤 30年 - 乾隆 #3619 單一麥芽雪莉桶全球限量 282 瓶 ABV60.6% 700ml 1 Btl/瓶

HK$ 50,000 - 60,000 US$ 6,400 - 7,700

134

LOT 662 Karuizawa 1984 - #2961 Single Malt Sherry Cask 1 of 350 btls

輕井澤 1984 - #2961 單一麥芽雪莉桶全球限量 350 瓶 ABV57.7% 700ml 1 Btl/瓶

HK$ 30,000 - 42,000 US$ 3,800 - 5,400

LOT 663 Karuizawa Five Decades Single Malt Sherry Cask 1 of 200 btls

輕井澤1960-2000 單一麥芽雪莉桶全球限量 200 瓶 ABV61.4% 700ml 1 Btl/瓶

HK$ 75,000 - 85,000 US$ 9,600 - 10,900

135

LOT 664 Yoichi & Miyagikyo Apple Brandy Wood Finish 2020 Single Malt

余市 & 宮城峽2020年蘋果白蘭地風味桶單一麥芽 ABV47% 700ml 2 Btls/瓶

HK$ 4,500 - 6,000 US$ 600 - 800

LOT 665 Chichibu - The Peated 2016 Single Malt 1 of 6350 btls Distilled 2012 Bottled 2016

秩父 - 泥煤桶2016年單一麥芽全球限量 6350 瓶 2012 年入桶 2016 年裝瓶 ABV54.5% 700ml 1 Btl/瓶

HK$ 3,800 - 5,000 US$ 500 - 600

136

LOT 666 Chichibu - The Peated 2018 Single Malt 1 of 11550 btls Bottled 2018

秩父 - 泥煤桶2018年單一麥芽全球限量 11550 瓶 2018 年裝瓶 ABV55.5% 700ml 6 Btls/瓶

HK$ 18,000 - 25,000 US$ 2,300 - 3,200

LOT 667 Chichibu - IPA Cask Finish Single Malt 1 of 6700 btls Distilled 2009 Bottled 2017

秩父 - IPA啤酒桶單一麥芽全球限量 6700 瓶 2009 年入桶 2017 年裝瓶 ABV57.5% 700ml 1 Btl/瓶

HK$ 2,800 - 5,000 US$ 400 - 600

137

传奇

日本山崎

THE LEGEND OF JAPANESE WHISKY: YAMAZAKI 鳥井信治郎於 1923 年成立三得利山崎蒸餾酒廠，作為日本威士忌的故鄉，生產了大量足以代表日本的威士忌。酒廠的首支單一麥芽威士忌則推出於 1984 年。山崎的一大特點是使用多種不同形狀的蒸餾器，此外還會使用包括水楢桶（Mizunara）在內的 5 種橡木桶，以製作出更多元風格的原酒，令不同年份酒款間擁有鮮明的風格。而該酒廠的高年份威士忌更是無數威士忌愛好者心目中的極品酒款。山崎威士忌的魅力與其特有的水楢桶有莫大關係。水楢是日本橡木的一種，結實厚硬，耐磨耐腐，可是生展速度慢，產量少，且含水量高、孔隙大，容易滲漏酒液。短期熟成的話，木材香氣又過於強烈，所以當時大家並不看好。後來日本威士忌獲得長足發展，專家發現水楢適用于陳年熟成，大約 20 年後會呈現獨特風味，令大家腦中自然浮現出「森林、泥土、神社、膜拜」的畫面，這種禪意令水楢威士忌成為別樹一格的酒液。山崎威士忌的年份酒除了常規的 10 年（已停產）、12 年、18 年和 25 年之外，更推出了高年份的威士忌，當中包括 2005 年限量 50 瓶的山崎 50 年第一版、2006 年限量 200 瓶的山崎 35 年、2007 年限量 50 瓶的山崎 50 年第二版以及 2011 年限量 150 瓶的山崎第三版。極之限量推出加上本來已經極高的身價，成為最珍罕之日本威士忌之一，一定是每個日本威士忌迷的夢幻逸品。

138

LOT 668 Yamazaki 35 Single Malt 1 of 200 btls Bottled 2006

山崎35年單一麥芽全球限量 200 瓶 2006 年裝瓶 ABV43% 700ml 1 Btl/瓶

HK$ 500,000 - 600,000 US$ 64,100 - 76,900 山崎 35 年，由三得利第三代首席調酒師鳥井信吾操刀，精選蒸餾於 1966 至 1970 年的山崎原酒，進行完美比例的調和後，再置入特製的 90 升西班牙橡木雪麗桶中進行陳年，凝聚山崎酒廠的頂級工藝，於 2006 年誕生，存世量僅 200 瓶，稀少程度更甚於山崎 50 年。神秘獨特的伽羅沉香氣息，暗示著原酒中含有珍貴的高年份水楢桶原酒，搭配烈酒原始的柔美麥芽芬芳、長時間雪麗桶陳帶來的醇厚熟果香氣，渾然天成，風情萬種。酒標採用頂級越前和紙，在兩層和紙中夾入金箔，以白橡木制外盒裝盛。 139

LOT 669 Yamazaki 50 Edition 3 Single Malt Mizunara Oak 1 of 150 btls Bottled 2011

山崎50年第三版單一麥芽水楢桶全球限量 150 瓶 2011 年裝瓶 ABV57% 700ml 1 Btl/瓶

HK$ 1,200,000 - 1,600,000 US$ 153,800 - 205,100 山崎 50 年第三版，2011 年裝瓶的最後一版的 50 年山崎威士忌，限量 150 瓶。在獨有的水猶橡木桶中進行半個多世紀的熟成之後，透出醇厚，濃鬱，悠長，優雅的經典味道。得益於其長期的成熟，它充分展現了東方風味的細膩感，同時具有強勁而絲滑順口的口感。令人難以置信的濃鬱風味卻又帶有一絲煙熏味。這是一款優雅動人的單一麥芽威士忌。

140

141

LOT 670 Yamazaki 12 - Saxophone

山崎12年 - 色士風 ABV43% 600ml 1 Btl/瓶

HK$ 4,000 - 7,000 US$ 500 - 900

LOT 671 Suntory No.0001 Ceramic

三得利酒桶型瓷瓶 ABV43% 1800ml 1 Btl/瓶

HK$ 6,000 - 8,000 US$ 800 - 1,000

142

LOT 672 Suntory 15 - Harp Ceramic

三得利15年 - 豎琴瓷瓶 ABV43% 500ml 1 Btl/瓶

HK$ 3,000 - 6,000 US$ 400 - 800 * 無盒 /No Box

LOT 673 Suntory 16 Twist Blended Whisky

三得利16年調和威士忌 ABV43% 500ml 3 Btls/瓶

HK$ 6,600 - 8,000 US$ 800 - 1,000 * 兩瓶無盒 /Two bottles no Box

143

LOT 674 Yamazaki 11 - SMWS119.14 Single Malt 1 of 526 btls

山崎11年 - SMWS119.14 單一麥芽全球限量 526 瓶 ABV61.3% 700ml 1 Btl/瓶

HK$ 14,500 - 20,000 US$ 1,900 - 2,600 * 無盒 /No Box

LOT 675 Yoichi 26 - SMWS116.20 Single Malt 1 of 452 btls Distilled1987

余市26年 - SMWS116.20 單一麥芽全球限量 452 瓶 1987 年入桶 ABV61.6% 700ml 1 Btl/瓶

HK$ 14,500 - 20,000 US$ 1,900 - 2,600 * 無盒 /No Box

144

LOT 676 Hanyu 13 - SMWS131.2 Single Malt Ex Sherry 1 of 646 btls

羽生13年 - SMWS131.2 單一麥芽雪莉桶全球限量 646 瓶 ABV55.1% 700ml 1 Btl/瓶

HK$ 12,000 - 18,000 US$ 1,500 - 2,300 * 無盒 /No Box

LOT 677 Chichibu - Ken’s Choice Copper #1648 Single Malt 1 of 238 btls Distilled2006 Bottled 2017

秩父2006年 #1648 單一麥芽全球限量 238 瓶 2006 年入桶 2017 年裝瓶 ABV54.1% 700ml 1 Btl/瓶

HK$ 9,500 - 13,000 US$ 1,200 - 1,700

145

LOT 678 Hibiki 17 Blended Whisky

響17年（金花版）調和威士忌 ABV43% 700ml 2 Btls/瓶

HK$ 11,000 - 15,000 US$ 1,400 - 1,900

LOT 679 Hibiki 35 Sakaida Kakiemon XIV Decanter Blended Whisky 1 of 150 btls

響 35年 - 14代酒井田柿右衛門調和威士忌全球限量 150 瓶 ABV43% 700ml 1 Btl/瓶

HK$ 170,000 - 220,000 US$ 21,800 - 28,200

146

LOT 680 Karuizawa 35 - Geisha #4376 Single Malt Sherry Cask 1 of 212 btls

輕井澤35年 - 藝伎#4376 單一麥芽雪莉桶全球限量 212 瓶 ABV60.1% 700ml 1 Btl/瓶

HK$ 78,000 - 86,000 US$ 10,000 - 11,000

LOT 681 Karuizawa 1991 - Geisha #259 Single Malt Sherry Cask 1 of 85 btls Distilled1991 Bottled 2016

輕井澤1991年 - 藝伎#259 單一麥芽雪莉桶全球限量 85 瓶 1991 年入桶 2016 年裝瓶 ABV56.8% 700ml 1 Btl/瓶

HK$ 36,000 - 45,000 US$ 4,600 - 5,800

147

LOT 682 Karuizawa 45 - Aqua of Life #2725 Single Malt Sherry Cask 1 of 310 btls Bottled 2012

輕井澤45年 - 命之水 #2725 單一麥芽雪莉桶全球限量 310 瓶 2012 年裝瓶 ABV59.6% 700ml 1 Btl/瓶

HK$ 170,000 - 220,000 US$ 21,800 - 28,200

LOT 683 Chichibu - Milwaukee’s Club Shin’s Selection Single Malt 1 of 235 btls

秩父 - Milwaukee酒吧25週年紀念版單一麥芽全球限量 235 瓶 ABV53.9% 700ml 1 Btl/瓶

HK$ 6,000 - 13,000 US$ 800 - 1,700

148

LOT 684 Glenmorangie 26 - Truffle Oak Reserve Single Malt 1 of 1000 btls Distilled1993 Bottled 2019

格蘭傑26年 - 松露橡木珍藏單一麥芽全球限量 1000 瓶 1993 年入桶 2019 年裝瓶 ABV55.7% 700ml 1 Btl/瓶

HK$ 23,000 - 28,000 US$ 2,900 - 3,600 這款 26 年單一麥芽威士忌是由首席調酒師 Dr. Bill Lumsden（梁思敦博士）手工挑選；陳年於格蘭傑酒廠最後的松露橡木桶，成為格蘭傑最特別而珍貴的威士忌。從波本桶中陳年 10 年，再放入德國黑森林松露桶中陳年 16 年，酒液帶有豐富的堅果香氣。僅存 1000 瓶，未來將不再釀造或發布。每瓶皆有獨立編號，由梁思敦博士簽名。

LOT 685 Bowmore 1984 Samaroli Single Malt Sherry Fino Puncheon 1 of 798 btls Distilled1984 Bottled 2000

波摩1984年單一麥芽雪莉桶全球限量 798 瓶 1984 年入桶 2000 年裝瓶 ABV45% 700ml 1 Btl/瓶

HK$ 15,000 - 23,000 US$ 1,900 - 2,900 * 無盒 /No Box

149

LOT 686 The Macallan 18 - 1972 Single Malt Sherry Cask Distilled1972 Bottled 1990

麥卡倫18年 - 1972 單一麥芽雪莉桶 1972 年入桶 1990 年裝瓶 ABV43% 750ml 1 Btl/瓶

HK$ 18,000 - 25,000 US$ 2,300 - 3,200 * 無盒 /No Box

LOT 687 The Macallan Boutique Collection 2016 Single Malt Sherry Cask

麥卡倫精品系列2016年單一麥芽雪莉桶 ABV47% 700ml 3 Btls/瓶

HK$ 10,500 - 13,000 US$ 1,300 - 1,700

150

LOT 688 The Macallan 25 - Anniversary Malt Single Malt Sherry Cask

麥卡倫25年 - 週年紀念版單一麥芽雪莉桶 ABV43% 700ml 1 Btl/瓶

HK$ 25,000 - 30,000 US$ 3,200 - 3,800

LOT 689 The Macallan 18 - 1984 Single Malt Sherry Wood Distilled1984 Bottled 2002

麥卡倫18年 - 1984 單一麥芽雪莉桶 1984 年入桶 2002 年裝瓶 ABV43% 700ml 1 Btl/瓶

HK$ 14,000 - 18,000 US$ 1,800 - 2,300

151

LOT 690 The Macallan 18 - 1985 Single Malt Sherry Wood Distilled1985 Bottled 2003

麥卡倫18年 - 1985 單一麥芽雪莉桶 1985 年入桶 2003 年裝瓶 ABV43% 750ml 1 Btl/瓶

HK$ 13,000 - 17,000 US$ 1,700 - 2,200

LOT 691 The Macallan 18 - 1986 Single Malt Sherry Wood Distilled1986 Bottled 2004

麥卡倫18年 - 1986 單一麥芽雪莉桶 1986 年入桶 2004 年裝瓶 ABV43% 750ml 1 Btl/瓶

HK$ 11,000 - 16,000 US$ 1,400 - 2,100 * 無盒 /No Box

152

LOT 692 Macallan Glenlivet 33 Single Malt Sherry Cask

麥卡倫格蘭利威33年單一麥芽雪莉桶 ABV43% 750ml 1 Btl/瓶

HK$ 20,000 - 30,000 US$ 2,600 - 3,800 * 無盒 /No Box

LOT 693 The Macallan 1959 Single Malt Sherry Cask Distilled1959

麥卡倫1959年單一麥芽雪莉桶 1959 年入桶 ABV40% 750ml 1 Btl/瓶

HK$ 35,000 - 45,000 US$ 4,500 - 5,800 * 無盒 /No Box

153

LOT 694 A set of Macallan 18 - 1986 to 2017 Single Malt Sherry Cask Distilled 1986-1999 Bottled 2004-2017

一組麥卡倫18年 - 1986至2017 單一麥芽雪莉桶 1986-1999 年入桶 2004-2017 年裝瓶 ABV43% 700ml 14 Btls/瓶

HK$ 85,000 - 111,000 US$ 10,900 - 14,200

154

LOT 695 Macphail’s 45 Single Malt Sherry Cask

麥克菲爾45年單一麥芽雪莉桶 ABV40% 700ml 1 Btl/瓶

HK$ 12,000 - 16,000 US$ 1,500 - 2,100

LOT 696 Chieftain’s 40 Single Malt Sherry Cask 1 of 240 btls Distilled1963 Bottled 2004

老酋長40年單一麥芽雪莉桶全球限量 240 瓶 1963 年入桶 2004 年裝瓶 ABV48.5% 700ml 1 Btl/瓶

HK$ 8,000 - 12,000 US$ 1,000 - 1,500

155

LOT 697 Macallan Glenlivet 1980 - Kingsbury Single Malt Sherry Cask Distilled1980 Bottled 2001

麥卡倫格蘭利威1980年單一麥芽雪莉桶 1980 年入桶 2001 年裝瓶 ABV46% 700ml 1 Btl/瓶

HK$ 15,000 - 20,000 US$ 1,900 - 2,600 * 無盒 /No Box

LOT 698 The Macallan Cask 888 Decanter Single Malt Sherry Cask 1 of 720 btls Bottled 2008

麥卡倫888 單一麥芽雪莉桶全球限量 720 瓶 2008 年裝瓶 ABV48.8% 700ml 1 Btl/瓶

HK$ 35,000 - 45,000 US$ 4,500 - 5,800

156

LOT 699 The Macallan MOP 4 Single Malt Sherry Wood

麥卡倫攝影大師系列第四版單一麥芽雪莉桶 ABV55.7% 350ml 1 Btl/瓶

HK$ 11,000 - 16,000 US$ 1,400 - 2,100 Elliott Erwitt 乃第四代榮獲「麥卡倫攝影大師系列」殊榮的創作家，過去三代乃 Rankin、 Albert Watson 與 Annie Leibovitz 等三位傑出攝影師。這些獨特的限量收藏，堪稱是威士忌釀造與影像藝術的完美結合，透過攝影大師的目光與詮釋，引領人們見到麥卡倫眼中的美好世界。麥卡倫推出的攝影大師第四版回歸原本的黑白風格，而這次掌鏡的攝影師是曾經擔任過知名電影亂點鴛鴦譜 (The Misfits)，為女主角瑪麗蓮夢露留下永恆影像，得過無數獎項，曾被徠卡譽為「他的照片是傳奇」的傳奇攝影師 Elliott Erwitt。Elliott 這次以「偉大的蘇格蘭冒險」為主題，以蘇格蘭格拉斯哥和愛丁堡等地的高地及島嶼作為拍攝背景，忠實呈現蘇格登的風土人情，留下了 58 幅精采作品。為了搭配這 58 幅照片，麥卡倫首席調酒師 Bob Dalgarno 在數萬桶酒藏中，精選出來了 58 桶酒與之配合，推出了這一版的攝影大師系列。而每一桶酒都是相當高年份的酒款，由於 Angel Share 的蒸散作用，份量不多，只能裝出 35 瓶，也就是說完整的攝影大師第四版僅有 35 套共 2030 組。每一組都會包含對應該瓶威士忌的其中一幅攝影作品、一本完整收錄 Elliott 在這次旅程中所留下的 158 張影像檔案，以及裝著精選麥卡倫單桶威士忌，純手工打造的玻璃長瓶。 157

LOT 700 The Macallan 18 - 1982 Single Malt Sherry Cask

麥卡倫18年 - 1982 單一麥芽雪莉桶 ABV43% 700ml 1 Btl/瓶

HK$ 16,000 - 22,000 US$ 2,100 - 2,800

LOT 701 The Macallan 18 - 1983 Single Malt Sherry Cask

麥卡倫18年 - 1983 單一麥芽雪莉桶 ABV43% 700ml 1 Btl/瓶

HK$ 15,500 - 21,000 US$ 2,000 - 2,700

158

LOT 702 The Macallan 25 - Anniversary Malt Single Malt Sherry Cask

麥卡倫25年 - 週年紀念版單一麥芽雪莉桶 ABV43% 700/750ml 2 Btls/瓶

HK$ 50,000 - 80,000 US$ 6,400 - 10,300

LOT 703 Clynelish 22 Single Malt American Oak Distilled 1997 Bottled 2019 1 of 246 bts

克里尼利基 22年單一麥芽美國橡木桶 1997 年入桶 2019 年裝瓶全球限量246瓶 ABV46.4% 700ml 3 Btls/瓶

HK$ 22,000 - 29,000 US$ 2,800 - 3,700

159

LOT 704 Croizet Cuvée Léonie 1858 Cognac

高斯李奧妮1858 干邑 ABV40% 700ml 1Btl/瓶

HK$ 300,000 - 600,000 US$ 38,500 - 76,900 高斯酒莊位於法國干邑最優質產區——大香檳區內，佔地面積超過 320 公頃，自十七世紀起是大香檳區久負盛名的酒莊之一。高斯的創始人 Leon Croizet 曾經是法國國王的御用侍酒師，後來在 1805 年創立自己的干邑品牌，並獲得拿破侖頒發的酒廠執照。這瓶百年高斯干邑是於 1858 年釀造而成，1892 年酒莊創辦人的孫女 Leonie Croizet 出嫁時，此款干邑正是其父親送給她的嫁妝禮物，故此酒亦取名 Cuvee Leonie，並一直收藏在酒莊的酒窖。傳說在諾曼底登陸時，艾森豪威爾開了一瓶慶祝成功登陸。酒齡長達 160 年，在歐洲葡萄根瘤蚜蟲爆發前釀製，其採用的葡萄現已斷絕，是難得 100% 歐洲原根種的產品，它的風味是已無可複製。它的口感非常獨特，被世界干邑專家鑑定為「舉世無雙」。因其珍貴稀有，價值亦與日俱增，更於 2011 年的拍賣會中以 120 萬港元高價賣出，奪得世界紀錄中「世界最貴干邑」的稱號。此外，2016 年的拍賣會中這瓶夢幻級干邑更以 6.8 萬港元一 Shot 的天價成交，價格屢創新高。這珍貴神秘的百年高斯干邑必定為您的收藏之路帶來無窮驚喜。

160

161

LOT 705 Hennessy Hennessy X.O. Mathusalem by Berluti Cognac 1 of 150 bts

軒尼詩伯魯提 x 軒尼詩XO 6公升干邑全球限量150瓶 ABV 40% 6000ml 1Btl/瓶

HK$ 200,000 - 260,000 US$ 25,600 - 33,300

162

經典名釀品牌軒尼詩跟傳奇皮具品牌 Berluti 攜手推出巨大限量版── Hennessy X.O Mathusalem by Berluti，每個寶箱均以人手精造七十小時，箱身以 Berluti 頂級皮革包裹，鎖扣呈鱷魚形狀，頭部以金屬雕成，合共 250 個工序；又為呼應源自威尼斯的創作靈感，寶箱採用真正威尼斯傳統貢多拉船所用的 catenella 木材製成，在木材上刻畫出軒尼詩極具代表性的標誌—「Bras Arme」與葡萄串，加上每個箱都有 Berluti 家族第四代傳人 Olga Berluti 親筆簽署，益顯珍貴。開啟寶箱，內藏六公升大瓶裝的軒尼詩 X.O，附有一支包覆著琥珀色皮革的抽取酒液工具 fusil，這是歷代軒尼詩調酒師提取「生命之水」所須的用具。Berluti 的皮革製作亦伸延至由瓶塞，每一個細節設計皆用心獨到，皮箱內溫潤的木質觸感並賦予藏寶盒的設計，可珍藏個人腕表、珠寶等，十分實用。

163

領取、付運及倉儲

COLLECTION, DELIVERY & STORAGE 本目錄中之所有拍品均存放於專業酒藏空間，買家完成付款並收到本公司之取貨通知後，可提前7天預約至保利香港辦公室提取拍品。有關提貨事宜請聯絡：倉務及物流吴光俊

電話：+852 2303 9871/ +852 9617 5737 電郵：fng@polyauction.com.hk

如已購得之拍品未有在成功拍賣後三十天領取，公司將安排儲事宜，並根據本圖錄之條款及條件向買家收取

儲存及保險費用，並向買家開出發票，須於支付所有收費後，拍品方可接受領取及付運。公司不會負責拍品的付運，若買方欲運輸拍品至取貨地以外的地區，須負責所有因運輸而實際產生的關稅及運輸費。公司建議把拍品重新包裝在泡沫塑料盒以作運輸至香港以外地方。除非客戶提出重新包裝的要求，否則所有拍品將以原包裝儲存與發放，而任何重新包裝要求的最低收費為港幣200元。無論拍品是否重新被包裝，公司不會承擔在運輸中拍品的損毀責任。

All lots offered for auction in this catalogue is kept at temperature controlled storage. Buyers

wishing to collect directly from the storage facility may do so by prior arrangement with 7 days notice, once you have paid and received Poly Auction Hong kong’s release order. For more information please contact: Warehosue & Logistic Fernando Ng

Tel: +852 2303 9871 / +852 9617 5737 Emai: fng@polyauction.com.hk

Poly Auction Hong Kong will provide complimentary storage and insurance up to 15 days after.

If lots are not collected by then, Polhy Auction Hong Kong will charge for storage and insurance based on terms and conditions provided with an invoice. Please note that all fees must be paid before lots can be released. If buyers wish to collect lots outside of the noted storage location, buyers are responsible for all taxes and fees derived from the shipment.

Re-packing Service: We recommend the lots be re-packed into Styrofoam cartons for international shipment. Without client’s request, all lots will be released in the same packing that they were stored in and any re-packing service will be charged with a minimum of HK$200. Please note, all responsibility and costs of shipment / logistics of the lots will be responsible by the buyer

領取拍賣品在賣家或本公司可拒絕向閣下發放拍賣品的任何權力規限下，閣下一旦以已結清款項向賣家及本公司支付

應付的款項後，本公司可即向閣下或按閣下的書面指示發放拍賣品。領取拍賣品時，必須出示從本公司的出納員的辦公室取得已加蓋印章的發票，方獲發行。

閣下須自費領取拍賣品，倘未有指定任何日期，則為拍賣會後第七日下午四時三十分或之前。拍賣品可能遷移至其他地點儲存，屆時閣下必須向本公司查詢可在何時何地領取拍賣品。若閣下未有於指定的日期領取拍賣品，則閣下授權本公司作為閣下代理，儲存承辦商協定（可應要求提供副本）的標準條款及條件儲存拍賣品。倘拍賣品儲存於本公司物業，則須由第30日起，按本公司目前的每日收費

（每日最低為每項拍賣品每日50港元另加稅項）支付儲存費，該等儲存費為本公司開支的一部份。

於直至閣下已全數支付買價及任何開支為止，拍賣品將由本公司作為賣家的代理持有，或由儲存承辦商作為賣家及本公司的代理按照儲存合約的條款持有。

閣下承諾遵守任何儲存合約的條款，尤其是支付根據任何儲存合約應付的收費（及所有搬運拍賣品入倉的費用）。閣下確認並同意，於直至閣下已支付買價、任何開支及所有儲存合約下的收費為止，閣下不得從儲存承辦商的物業領取拍賣品。

閣下須全面負責領取拍賣品時的包裝、處理及運輸，以及全面負責遵從與拍賣品有關的所有進出口規定。 Conditions of Lot Collection:

Subject to any power of the Seller or us to refuse to release the Lot to you, once you have paid to

us, in cleared funds, everything due to the Seller and to us ,we will release the Lot to you or as you may direct us in writing. The Lot will only be released on production of a stamped, paid invoice, obtained from our cashier’s office.

You must collect and remove the Lot at your own expense. Thereafter, the Lot may be removed

elsewhere for storage and you must enquire from us as to when and where you can collect it, although this information will usually be set out in the Notice to Bidders.

Until you have paid the full purchase price and expenses in the Lot, it will either be held by us or by the Consignor

You will be wholly responsible for packing, handling, transport and all costs of the Lot collection and adhere to all the import or export regulations in connection with the lot.

縮寫，酒液耗損量，酒瓶容量

ABBREVIATIONS, ULLAGE FILL LEVELS, BOTTLE SIZES

酒瓶容量表

WINE BOTTLE SIZES CHART

187.5 ml Piccolo or Split: 四分之一瓶標準瓶裝 375 ml Demi or Half: 半瓶標準瓶裝 750 ml Standard: 標準瓶裝 . 1.5 L Magnum: 二瓶標準瓶裝 3.0 L Double Magnum: 四瓶標準瓶裝 4.5 L Jeroboam: 六瓶標準瓶裝 6.0 L Imperial: 八瓶標準瓶裝 9.0 L Salmanazar: 十二瓶標準瓶裝 12.0 L Balthazar: 十六瓶標準瓶裝 15.0 L Nebuchadnezzar: 二十瓶標準瓶裝

187.5 ML PICCOLO OR SPLIT: TYPICALLY USED FOR A SINGLE SERVING OF CHAMPAGNE. 375 ML DEMI OR HALF: HOLDS ONE-HALF OF THE STANDARD 750 ML SIZE. 750 ML STANDARD: COMMON BOTTLE SIZE FOR MOST DISTRIBUTED WINE. 1.5 L MAGNUM: EQUIVALENT TO TWO STANDARD 750 ML BOTTLES. 3.0 L DOUBLE MAGNUM: EQUIVALENT TO TWO MAGNUMS OR FOUR STANDARD 750 ML BOTTLES. 4.5 L JEROBOAM (STILL WINE): EQUIVALENT TO SIX STANDARD 750 ML BOTTLES. 6.0 L IMPERIAL: EQUIVALENT TO EIGHT STANDARD 750 ML BOTTLES OR TWO DOUBLE MAGNUMS. 9.0 L SALMANAZAR: EQUIVALENT TO TWELVE STANDARD 750 ML BOTTLES OR A FULL CASE OF WINE! 12.0 L BALTHAZAR: EQUIVALENT TO SIXTEEN STANDARD 750 ML BOTTLES OR TWO IMPERIALS. 15.0 L NEBUCHADNEZZAR: EQUIVALENT TO TWENTY STANDARD 750 ML BOTTLES.

HF: 高滿正常年輕葡萄酒的水平高度 IN: 頸部對於任何酒齡的葡萄酒來說都是非常好的。對於 10 年以上的葡萄酒來說，這是十分出色的。 BON: 頸底對於任何酒齡的葡萄酒來說都是好的。 VTS: 最頂肩對於任何 10 年以上的葡萄酒來說都是非常好的。 TS: 頂肩對於任何 15 年以上的葡萄酒來說都是完全可以接受的。 HS: 高肩透過軟木自然的減少容量。對於 20 年以上的葡萄酒來說是可以接受的。 MS: 中肩對於 40 年以上的葡萄酒來說不算不尋常。但可能有一些透過軟木的劣化和一些變化。會列入拍賣估價的考慮範圍。 LMS: 中肩至肩底有風險的。拍賣估價會很低。 LS: 肩底高風險，只會在是非常罕見或獨特的酒款情況之下考慮進行拍賣。拍賣保留價會很低。

專有名詞 : OC: 原裝紙盒 / 紙箱 OWC: 原裝木箱 BT(S): 瓶數

HF: HIGH FULL NORMAL LEVEL AND HEIGHT OF YOUNG WINES IN: INTO NECK PERFECTLY GOOD FOR ANY AGE OF WINE. OUTSTANDING FOR WINES WITH 10+ YEARS OR OLDER BON: BASE OF NECK GOOD FOR ANY AGE OF WINE. VTS: VERY TOP SHOULDER PERFECT FOR ANY WINE WITH 10+ YEARS OR OLDER TS: TOP SHOULDER PERFECTLY ACCEPTABLE FOR ANY WINE OVER 15+ YEARS OLD HS: HIGH SHOULDER NATURAL REDUCTION VIA CORK. ACCEPTABLE FOR WINE 20+YEARS OLD MS: MID SHOULDER NOT UNUSUAL FOR WINES 40+ YEARS. MOST LIKELY SOME DETERIORATION THROUGH CORK AND SOME VARIATION. AUCTION LIMITS TAKE THIS INTO ACCOUNT LMS: LOW-MID SHOULDER RISK. AUCTION CATALOGUE ESTIMATES WILL BE LOW LS: LOW SHOULDER & BELOW HIGH RISK AND ONLY ACCEPTED FOR AUCTION IF BOTTLE OF LABEL IS EXCEPTIONALLY RARE OR. ALWAYS OFFERED WITH A LOW LIMIT

TERMS: OC: ORIGINAL CASE / CARTON OWC: ORIGINAL WOODEN CASE BT(S): BOTTLE(S)

威士忌及干邑索引 WHISKY & COGNAC INDEX WHISKY & COGNAC

威士忌及干邑

1 SET OF CHICHIBU THOUSAND CRANE #1691 #1372

1組秩父千鳥系列 #1691 #1372

A SET OF KARUIZAWA FLOWER & BIRD SERIES

1組輕井澤花鳥繪系列

1 SET OF HIGHLAND PARK HONG KONG EDITION A SET OF MACALLAN 18 - 1986 TO 2017

A SET OF MACALLAN 18 - 1989 TO 1994

A SET OF THE MACALLAN REPLICA 1841, 1851,1861,1876,1876 ABERLOUR 22 - 1976

BOWMORE 15 – GLASGOW GARDEN FESTIVAL 88’ BOWMORE 1984 SAMAROLI BOWMORE 25 CERAMIC

CHICHIBU - ICHIRO’S MALT AND GRAIN #7255 CHICHIBU - IPA CASK FINISH

CHICHIBU - KEN’S CHOICE COPPER #1648

CHICHIBU - MILWAUKEE’S CLUB SHIN’S SELECTION CHICHIBU - THE PEATED 2012 CHICHIBU - THE PEATED 2016

CHICHIBU - THE PEATED 2018

CHICHIBU - TRAVEL EXCLUSIVE 2018 CHIEFTAIN’S 40 CLYNELISH 22

CROIZET CUVÉE LÉONIE 1858 GLENGLASSAUGH 51 - 1963

GLENLIVET 45 - ALEXANDER MURRAY

GLENMORANGIE 26 - TRUFFLE OAK RESERVE HANYU 10 - FINAL VINTAGE HANYU 13 - SMWS131.2

HENNESSY HENNESSY X.O. MATHUSALEM BY BERLUTI HIBIKI 17

HIBIKI 35 SAKAIDA KAKIEMON XIV DECANTER HIGHLAND PARK 40

KARUIZAWA 1981 - #6056

KARUIZAWA 1984 - #2961

KARUIZAWA 1990 - GEISHA #7402 KARUIZAWA 1991 - GEISHA #259

KARUIZAWA 30 - KINLONZ #3619 KARUIZAWA 35 - GEISHA #4376

KARUIZAWA 45 - AQUA OF LIFE #2725 KARUIZAWA FIVE DECADES

KARUIZAWA THOUSAND ARROW SET LAGAVULIN 30 - 1976

647

1組高原騎士香港專屬版

658

一組麥卡倫18年 - 1986至2017

694

642

一組麥卡倫18年 - 1989至1994

632

雅伯樂22年 - 1976

654

波摩1984年

685

秩父 - 伊知郎 #7255

644

秩父2006年 #1648

677

一組麥卡倫復刻版威士忌1841, 1851,1861,1876,1876 656 波摩15年 – 1988年格拉斯哥花園節波摩25年瓷瓶

秩父 - IPA啤酒桶

653 652

667

秩父 - MILWAUKEE酒吧25週年紀念版

683

秩父 - 泥煤桶2016年

665

秩父 - 旅遊限定版2018年

646

克里尼利基 22年

703

秩父 - 泥煤桶2012年秩父 - 泥煤桶2018年老酋長40年

高斯李奧妮1858

645

666 696

704

格蘭格拉索51年 - 1963 #3301

629

格蘭傑26年 - 松露橡木珍藏

684

羽生13年 - SMWS131.2

676

格蘭利威45年

羽生10年 - 最後的佳釀

軒尼詩伯魯提 X 軒尼詩XO 6公升響17年（金花版）

響 35年 - 14代酒井田柿右衛門高原騎士40年

627

650 705

678

679

659

輕井澤1981年 - #6056

660

輕井澤1990年 - 藝伎#7402

648

輕井澤 30年 - 乾隆 #3619

661

輕井澤 1984 - #2961

輕井澤1991年 - 藝伎#259

662 681

輕井澤35年 - 藝伎#4376

680

輕井澤1960-2000

663

輕井澤45年 - 命之水 #2725 輕井澤萬箭全套

樂加維林30年 - 1976

682 649 628

MACALLAN 31 - 1973 SPEYMALT

麥卡倫31年 - 1973

MACALLAN GLENLIVET 1980 - KINGSBURY

麥卡倫格蘭利威1980年

MACALLAN 35 - 1972 SPEYMALT MACALLAN GLENLIVET 33 MACPHAIL’S 45

NIKKA - GORYEO CELADON PORCELAIN PORT ELLEN 32 - 15TH RELEASE PORT ELLEN 39 - 1978 SPRINGBANK 8

SUNTORY 15 - HARP CERAMIC SUNTORY 16 TWIST

SUNTORY NO.0001 CERAMIC

THE MACALLAN - THE ARCHIVAL SERIES FOLIO 4 THE MACALLAN 18 - 1967 THE MACALLAN 18 - 1972 THE MACALLAN 18 - 1974

THE MACALLAN 18 - 1982

THE MACALLAN 18 - 1983

THE MACALLAN 18 - 1984 THE MACALLAN 18 - 1985 THE MACALLAN 18 - 1986 THE MACALLAN 18 - 1992

THE MACALLAN 18 - 1994 THE MACALLAN 1959

THE MACALLAN 25 - ANNIVERSARY MALT THE MACALLAN 25 - ANNIVERSARY MALT THE MACALLAN 30 BLUE LABEL

THE MACALLAN 38 - 1967 SPEYMALT

THE MACALLAN BOUTIQUE COLLECTION 2016 THE MACALLAN CASK 888 DECANTER

THE MACALLAN ELEGANCIA 1990 & 1991 THE MACALLAN MOP 4 THE NIKKA 40

YAMAZAKI 11 - SMWS119.14

YAMAZAKI 12 - SAXOPHONE

YAMAZAKI 2015 LIMITED EDITION YAMAZAKI 35

YAMAZAKI 50 EDITION 3

YOICHI & MIYAGIKYO APPLE BRANDY WOOD FINISH 2020 YOICHI 26 - SMWS116.20

635

麥卡倫35年 - 1972

634

麥卡倫格蘭利威33年

692

日果高麗青磁 - 雲鶴草華文樣

651

麥克菲爾45年

波特艾倫32年 - 第十五版

697

695 639

波特艾倫39年 - 1978

640

三得利15年 - 豎琴瓷瓶

672

三得利酒桶型瓷瓶

671

雲頂8年

三得利16年

麥卡倫 - 檔案系列 #4 麥卡倫18年 - 1967

626

673 637

633

麥卡倫18年 - 1972

686

麥卡倫18年 - 1982

700

麥卡倫18年 - 1974

麥卡倫18年 - 1983

630 701

麥卡倫18年 - 1984

689

麥卡倫18年 - 1986

691

麥卡倫18年 - 1985

690

麥卡倫18年 - 1992

655

麥卡倫1959年

693

麥卡倫18年 - 1994

631

麥卡倫25年 - 週年紀念版

688

麥卡倫30年藍標

638

麥卡倫精品系列2016年

687

麥卡倫25年 - 週年紀念版麥卡倫38年 - 1967 麥卡倫888

702

636 698

麥卡倫雅緻 1990 & 1991

657

日果40年

643

山崎12年 - 色士風

670

山崎35年

668

余市 & 宮城峽2020年蘋果白蘭地風味桶

664

麥卡倫攝影大師系列第四版山崎11年 - SMWS119.14 山崎2015年限量版山崎50年第三版

余市26年 - SMWS116.20

699 674

641

669 675

IMPORTANT NOTICES

( â&#x20AC;&#x153; â&#x20AC;? â&#x20AC;&#x153; â&#x20AC;?) Â Â?Â? Â?Â?Â Â ÂÂ&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;Â&#x2026;Â&#x2020;Â&#x2021;Â&#x2C6;Â?Â&#x2030;Â&#x160;Â&#x2026;Â&#x2020;Â&#x2039; Â&#x152;Â&#x17D;Â&#x2018;Â&#x2019; Â&#x20AC;Â&#x201A;Â&#x2022;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x2DC;Â&#x2122;Â&#x161;Â&#x203A; Â&#x153;Â&#x17E;Â&#x; ÂĄÂ˘Â?Â?Â?Â Â&#x2021;Â?ÂŁÂ¤ ÂĽÂŚ Â&#x2020;Â§Â¨Â&#x2039;Â&#x152;ÂŠ ÂŞ , ÂŤÂŹÂŽ ÂŻÂ&#x152; Â&#x2020;Â&#x; The auctions held by Poly Auction (Hong Kong) Limited (â&#x20AC;&#x153;Poly Auction (Hong Kong)â&#x20AC;?orâ&#x20AC;&#x153;our companyâ&#x20AC;?) are conducted according to the Conditions of Business, Important Notices, Important Notices about Bidding Registration and Important Notice about Payment, and anyone participating in the auction should read the terms carefully. ďŹ&#x201D;ese Conditions and rules may be revised by announcement or verbal notiďŹ cation without prior notice. Â°ÂąÂ˛ÂłÂ&#x203A;Â´ ÂľÂśÂˇÂ˛ Â¸ÂšÂ&#x20AC;Â&#x201A;Â?ÂşÂťÂź Â˝Â&#x;Âž ÂżĂ&#x20AC;Ă Ă&#x201A;Â? Ă&#x192;Ă&#x201E;Ă&#x2026;Ă&#x2020;Ă&#x2021; Ă&#x2C6;Ă&#x2030;Â´ Â&#x;Ă&#x160;ÂŤÂ&#x17D;Â´ Â?Â&#x2026;Ă&#x2039;Â&#x2DC; Ă&#x201A;ÂźÂ˝Â&#x17D;Â&#x161;Â&#x2026;Ă&#x152;Ă&#x2021; Ă? Ă&#x17D;Â?Ă?Ă?Â&#x; The following pages are designed to give you useful information on how to bid at auction. Poly Auction (Hong Kong)'s staďŹ&#x20AC; as listed at the front of this catalogue will be happy to assist you. However, it is important that you read the following information carefully and note that Poly Auction (Hong Kong) acts for the seller.

ĺą&#x2022;ĺ&#x201C; äš&#x2039;ĺ&#x2021;şč&#x2122;&#x2022; Â˛Ă&#x2018;Ă&#x2019;Ă&#x201C;Ă&#x201D; Â&#x17D;Ă&#x2022;Ă&#x2013;Ă&#x2014;Ă&#x2DC;Ă&#x2122;Â?ÂźÂ˝Ă&#x161; Ă&#x203A;Ă&#x153;Ă?Ă&#x17E; Ă&#x; Â&#x2022;Ă ĂĄĂ˘ĂŁĂ&#x2C6;Ă&#x2030;Ă¤ĂĽÂĄĂ&#x2013;Ă&#x2014;Â&#x17D; Â¸Â˛ ĂŚĂ§Ă¨ ÂľÂźÂ˝Â&#x;ĂŠĂŞÂžÂŹĂŤĂŹĂÂ&#x17D; Ă&#x17D; ÂšĂŽĂŻ Ă°Â?ĂąĂ ÂŹÂ¸Ă˛ĂłĂ´Â&#x17D;ÂśĂľĂś Ă&#x17D; ĂˇĂ&#x2026;ĂąĂ Ă¸ ĂľĂ&#x2013;Ă&#x2014;ĂšĂ?ĂşĂť ĂźÂšĂŽĂŻĂ°Â?ĂąĂ ÂŹĂ&#x2039;Â˘Â&#x;

PROVENANCE In certain circumstances, Poly Auction (Hong Kong) may print in the catalogue the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller's request for conďŹ dentiality or because the identity of prior owners is unknown given the age of the work of art.

č˛ˇĺŽść&#x201D;Żäť&#x2DC;äš&#x2039;ä˝Łé&#x2021;&#x2018; Ă˝ĂžĂśĂżÂ&#x2030; ~} Â&#x;~}|{[ Ă&#x2014;\]Ă?Â? 18^_`Â&#x;

BUYERâ&#x20AC;&#x2122;S PREMIUM A buyerâ&#x20AC;&#x2122;s premium will be added to the Hammer Price and is payable by the buyer as part of the total purchase price. ďŹ&#x201D;e buyerâ&#x20AC;&#x2122;s premium is 18% of the hammer price of each lot up.

ć&#x2039;?čłŁĺ&#x201C; äš&#x2039;ç&#x2039;&#x20AC;ćł Â&#x20AC;Â&#x201A;Â&#x2022;ĂśÂž ÂżÂ?@Ă&#x2013; ?> Ă&#x2014;Â&#x17D;Â&#x161;=<; Â&#x20AC;Â&#x201A;Â&#x152; :/.- ( ,+ĂŠÂŹ Âž*).- )Â&#x;Âś (Â&#x2039;'&%$ Ă&#x2014;ÂźÂ˝Â&#x17D;#"Â?Â?Â&#x2022;Ă&#x201E;!0Â&#x;Âś 123 Ă&#x2014;Â?4Ă&#x201D;Â&#x17D;ÂŹĂ?5ÂĄ Ă&#x2014;6 78 9AÂ&#x;

CONDITIONS OF THE PROPERTIES Bidder must review the Lot(s) in the preview before the auction, and bear all responsibilities(including but not

limit to legal liability and/or responsibility) of his/her bidding acts. For more information on the Properties, please consult our business staďŹ&#x20AC;. If the conditions of a Property are not described in the catalogue, this does not mean that the Property has no weakness or defects.

ĺ?&#x2014;é&#x2122;?ĺ&#x2C6;śç&#x2030;Šć&#x2013;&#x2122; Â â&#x2013;˛CDÂ? Ă&#x2014;ÂžEF GHIJĂĽ K L FĂŻÂ˝Â&#x17D;ÂŤ ÂľĂŻÂ˝Â¤ĂŁLMÂ&#x2039;Ă&#x2DC;ÂĽÂ? FÂ&#x; Âľ ÂźÂ˝ Ă&#x17D;NÂ&#x20AC;Â&#x201A;Â&#x2022;OÂ&#x2DC;Â&#x17D;ÂŤPÂ ÂĄCDÂ&#x161;Q RÂĄ Ă&#x2014;Â&#x161;PÂ&#x2039;Ă&#x2DC;ÂĽÂ? FÂ&#x;ĂSĂŻ ĂŻTÂ˝ ( ÂśU VÂWXÂYZÂabÂcdÂefgÂ&#x2021;hijklÂ˘ ) mn K SĂŻ ĂŻTÂ˝Â?ĂŻĂ&#x2014;Â&#x17D;ÂŹopĂšĂ Ă? Ă&#x17E;Â&#x17D; Â¤ĂŁÂ&#x2026;qrsÂ¤R RtĂ&#x17D;Â¤Ă&#x2DC;ÂĽu vwÂ&#x17D; Ă˘Ă vwxĂžÂ&#x2039;ÂĽHÂ¤ĂŁÂ&#x2026;qrpysÂ¤R R tÂ&#x;Â?#Ă&#x152;Ă&#x2021;Â&#x17D;ĂŁz Ă&#x2DC;ÂĽsÂ¤R RtÂ&#x161;ÂŹĂŁ Â¤Â˛ÂŻ'xĂžz Â&#x2039;ÂĽsÂ¤R RtÂ&#x17D; Â? Ă&#x160;Â&#x; ÂśÂ&#x17D;Ă&#x2026; HÂŹ 100 ĂšÂ?YZÂ&#x2039;ÂĽu x Q*Â&#x; Â&#x20AC;Â&#x201A;Â&#x2022;Ăś" Âľ O Âľ ĂŻSĂŻÂ&#x2039;ÂĽÂ?Â? ÂŁ Â&#x2018; Â&#x20AC;Â&#x201A;Â&#x;Ă˝ĂžÂ&#x2026; .z -ÂˇĂ&#x2DC;ÂĽ Â&#x2039;ÂĽs Â¤R RtÂ&#x17D; Â&#x2021;-Âˇpy ÂŽÂ°[Â&#x;

RESTRICTED MATERIALS Properties with â&#x2013;˛ symbol have been identiďŹ ed be made of or containing restricted materials at the time of the compiling of the catalogue, and the materials concerned may be subject to import and export restraints. Properties without this symbol it is not guaranteed that Properties are not subject to import and export restraints. For items made of botanic or animal materials (coral, crocodile, ivory, whale bone, tortoise, rhinoceros horn and Brazilian Rosewood, etc.) or containing botanic oranimal materials, regardless of their year or value, may require application for permits or certiďŹ cates before exporting outside Hong Kong, and other application for permits or certiďŹ cates may be required when importing into countries outside Hong Kong. Please pay attention that the ability to obtain export permits or certiďŹ cates does not ensure that import permits or certificates can be obtained in another country, and vice versa. For example, importing ivory of less 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 certiďŹ cates and any other documents required.

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ELECTRICAL APPLIANCES AND MECHANICAL MERCHANDISES All electrical appliances and mechanical merchandises are sold on anâ&#x20AC;&#x153;as isâ&#x20AC;?basis, and should not be assumed that they operate. Before putting into any use, electrical appliances must be inspected and approved by qualiďŹ ed electric technicians.

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ĂˇĂ? 5&4Ă&#x201D;Ă&#x2020;Ă&#x2021;Â&#x; #Âť!0Â&#x;4Ă&#x201D;Â&#x17E; Â¸$54 Ă&#x201D;Ă&#x152;Ă&#x2021;Â&#x;RÂ&#x; ĂˇĂ? 6&4Ă&#x201D;DÂ¤Â&#x; $g[Ă&#x2C6;Â&#x192; / Ă&#x2C6;Ă&#x2030;Â&#x;#ÂťÂżÂ¤ĂŁ ÂŽ |{ÂŠ hĂ˛Â&#x; 4Ă&#x201D;Â&#x17E; Â¸$54Ă&#x201D;Ă&#x152;Ă&#x2021;Â&#x;RÂ&#x;

JEWELRY, WATCHES AND HANDBAGS Description of the conditions of Jewelry Lot(s) usually contained in the catalog, however, absence of a description does not imply that the Lot(s) is free from defects or imperfection or beautification process. Beautification processes of colored gemstones such as heat enhancement, oiling or irradiation etc, have been generally accepted by the international jewelry markets. If Poly Auction (Hong Kong) has obtained gemological reports from internationally recognized gemological laboratories for the Lot(s), all known important facts and conditions of the Lot(s) have contained in the catalog, our company assumes no responsibility for accuracy of the reports. It may not be feasible for Poly Auction (Hong Kong) to obtain laboratory report for all Lot(s), the estimates are based on all known information at the moment. Bidders must inspect conditions of the Lot(s) by themselves before the auction, any dissent about conditions of the Lot(s) after the bid shall not justify rescission or cancellation of a sale or any delay payment. If bidders request designated laboratory report for any Lot(s), such request should be raised out 14 workings days before the auction and at own cost. Bidders should also aware that Lot(s) containing jadeite or gemstones originating from Burma may not allowed to be imported into the U.S., this will not constitute a ground for rescission or cancellation of a sale or any delay payment. Lot(s) of clocks and watches in the catalog will be sold at current status (i.e. as is), bidders should personally inspect conditions of the Lot(s) before the auction. Descriptions of the Lot(s) in catalog are for reference only, absence of a description does not imply that the Lot(s) is in good condition, free from defects or restorations. Descriptions only reflect subjective opinions of experts of Poly Auction (Hong Kong), it is not a statement of facts, nor a complete record of all repairs, component replacements or restorations. Poly Auction (Hong Kong) makes no guarantee on operation, water-resistance, authenticity and originality of individual parts (including watchstrap) of the Lot(s). In addition, bidders should aware the import restrictions of the U.S. concerning luxury watches. 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 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 any way (including the certificate, 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. Condition reports and grade are provided free of charge as a convenience to our buyers and are for guidance only. They are not an alternative for examining a lot in person or taking your own professional advice from Specialists. Bidders must inspect conditions of the lot(s) by themselves before the auction. Any dissent about conditions of the lot(s) after the bid shall not justify rescission or cancellation of a sale or any delay in payment. The condition of lots sold in our auctions can vary widely due to factors such as age, previous damage,

restoration, repair and wear tear. The grading of watches is based on the general condition, quality, technical and historical interest, age and rarity of each timepiece. Lots are sold â&#x20AC;&#x153;as is,â&#x20AC;? 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. The buyers acknowledge and agree that any sale is entirely the buyersâ&#x20AC;&#x2122; decision, and the buyers have not relied upon any representation or other information (whether oral or written) by Poly Auction (Hong Kong) or by the seller. Condition Grades of Watches Grading 1: As new. The timepiece appears with neither signs of use nor ownership over time. The movement is in working order when cataloguing. Grading 1.5: In excellent condition. The timepiece appears with extremely slight signs of ownership over time. It may exhibit very slight hairline scratches on the case but no obvious signs of use. The movement is in working order when cataloguing. Grading 2: In very good condition. The timepiece appears with slight signs of use over time. It may exhibit slight scratches on the case. The movement is in working order when cataloguing. Grading 2.5: In good condition. The timepiece appears with obvious signs of use and scratches on the case. The movement is in working order when cataloguing. Grading 3: In fair condition. The timepiece appears with very obvious signs of use and scratches/defects. Maintenance may be required. For more details, please refer to the Condition Report for each lot. Condition Grades of Handbags Grading 1: As new. Appears never to have been used. It exhibits no signs of wear. Grading 1.5: In mint condition; virtually new and unused with very minor signs of ownership over time. Grading 2: In pristine condition. To the untrained eye, it may appear brand new. There may be a slight condition note, but overall the piece is in excellent condition. Grading 3: In excellent condition. This is a piece that has seldom been used and shows little to no wear. There may be small condition issues to note overall the piece is in excellent condition. Grading 4: In very good condition. This piece may show signs of light wear. It is in very good condition but the corners may show signs of light scuffing, the base may show light scratches, and the hardware may exhibit light marks. Grading 5: In good condition. This piece shows significant wear. There are condition issues that will be noted in the condition report. Grading 6: In fair condition. This piece shows significant w e ar an d / o r d a m a g e . I t m ay re q u i re re p a i r o r refurbishment in order to be used. Condition issues will be noted in the condition report.

é&#x2026;&#x2019;éĄ&#x17E;ĺ?&#x160;č&#x152;śč&#x2018;&#x2030; ÂľĂ&#x;Â&#x2026;jkÂ&#x2021;lm Ă&#x2014; Â&#x2C6;Â&#x2030;IĂ&#x201A;Âž ÂšÂ&#x17D; ÂŻnÂ&#x20AC;Â&#x201A;Â&#x2022;ĂśÂ˛Â&#x20AC;Â&#x201A;ÂżĂ&#x2039;Â&#x2014;o$ Ă&#x2014;Â&#x;Â&#x20AC;Â&#x201A;Â&#x2022;Â˛b Â&#x2DC;Â&#x2018; Â&#x20AC;Â&#x201A; p Â&#x20AC;Â&#x201A;Â&#x2022;Â&#x153;Â¤Â&#x161;Â&#x203A;L Â&#x20AC;Â&#x201A; Ă&#x2014;Â?, ÂĂ&#x2014;@Â4ĂŞÂ˘Â&#x17D;Â&#x20AC;Â&#x201A;Â&#x2022;Â&#x20AC;Â&#x201A;nq = Ă&#x2014;ÂŚÂŹĂŤ Ă&#x2021;Â§Â&#x17D;ÂŹ Â¨nÂŠÂŞ ÂŠÂŤ=ÂĄ Ă&#x2014;Â?Â&#x20AC;Â&#x201A; ÂŹÂŽÂ&#x2030; Â&#x160; ĂŹĂÂ&#x;Ă˝ĂžÂŻ H#?rÂ&#x201A; Â&#x;Ă˝Ăž ( pĂ?ĂŹÂ&#x2022; ) sM Â&#x17D; Ă?5IÂ&#x203A;L Ă&#x2014;Â?4Ă&#x201D;Â&#x2021;@tÂ&#x17D;,+ĂŠÂŹ Âž Ă&#x2014;, uÂvwÂxĂ&#x2C6;tÂjyÂšÂ˘ĂŤÂ˛ 78 9AÂ&#x17D;Ă˘Pz Â&#x;

ALCOHOL AND TEA The descriptions about the auction of alcohol and tea are being stated in the catalogue. Our company reminds bidders to learn more about the auctioned products before bidding. Bidder's participation in bidding at auction is deemed as the bidder's approval and acceptance of the package, quality and status of the auctioned items. Any different opinion formed by the bidders after successful bidding, will not constitute a valid reason to withdraw or cancel the bid and delay payment for the auctioned item. Buyers should cautiously inspect the auctioned item during collection. Upon acknowledging receipt of the auctioned item by the buyer (or his agent), the buyer confirms that he or she has accepted the state and quality including but not limited to any defect or flaw on, e.g. the packaging, labels, level of wear and tear, cork, etc., of the auctioned items without any objection.

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Â?Â?Â?Â Â Â EĂ&#x201A;Ă&#x17D;*Â?23Â Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;Â&#x2026;Â&#x2020;ÂÂ&#x2C6;Â?Â&#x2030;Â&#x160; Â&#x2020;Â&#x2021;Â&#x2039;Âž ÂĂ Âž Â¸Â&#x2DC; Â§Â¨ÂŻÂ°Â? py Â&#x160;Â [Â Â&#x2020;ÂĂ?Â?Â˘Â°[ Â&#x2021; Ă&#x2014;Â?Ă&#x192;Â&#x2030;Â&#x17D; Â°Â° ĂŻÂ&#x17D; Â°Â° Ă&#x201E;Â°Â&#x2018;Ă&#x2026;Â&#x;

LANGUAGE The Chinese version of the Conditions of Business, Important Notice, Explanation of Cataloguing Practice, Important Notice about Bidding Registration, Important Notice about Payment, and all other documents such as the terms, conditions, notices, forms etc. contained in this catalogue, announced by the auctioneer or provided at the saleroom as well as the descriptions of the Properties in this catalogue of our company shall be binding and the English version is for reference only.

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COPYRIGHT ďŹ&#x201D;e copyright of this catalogue belongs to our company. Without the written permission of our company, no parts of this catalogue shall be reproduced in any ways or used in any other ways.

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Â?Â?Â?Â Â Â EĂ&#x201A;Ă&#x17D;*Â?23Â Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;Â&#x2026;Â&#x2020;ÂÂ&#x2C6;Â?Â&#x2030;Â&#x160;Â&#x2026;Â&#x2020;Â&#x2021;Â&#x2039;Âž ÂĂ Âž Â¸Â&#x2DC; Â§Â¨ÂŻÂ°Â? py Â&#x160;Â [Â Â&#x2020;ÂĂ?Â?Â˘Â°[ $ Ă Â&#x152;#Â&#x; RIGHT OF INTERPRETATION ďŹ&#x201D;e right of interpretation in respect of the Conditions of Business, Important Notice, Explanation of Cataloguing Practice, Important Notice about Bidding Registration, Impor tant Notice about Payment, and all other documents such as the terms, conditions, notices, forms etc. contained in this catalogue, announced by the auctioneer or provided at the sales room, shall be exercised by our company.

EĂ&#x201A;Ă&#x17D;*Â?23 EXPLANATION OF CATALOGUING PRACTICE

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Â¤ĂŁÂŹHÂŻÂ°p pÂ Ă&#x20AC; .Ă&#x20AC;Ă&#x161; Â? Ă&#x2014;Â&#x;ÂĄÂ˘ Ă&#x2014;Â˛ ED Î&#x201D; DÂ&#x17D; Â°JĂĽÂ&#x; HÂ˛L Ă&#x2DC; Ă&#x2014; Â&#x203A; Â&#x2C6; Â&#x17D; Â¤ĂŁ,+ Ă&#x2DC; Ă?Â? L Ă&#x2014; @|ĂżÂ&#x2030; Â&#x2022;ÂĄÂ˘ Ă&#x2014;Âž p ED â&#x2013;ĄD Â°JĂĽÂ&#x; Ă&#x2022; Â˛ {'R Ă&#x2014; gĂ&#x161; Â&#x2C6; Â&#x17D;Â Ă&#x2026;ÂŹÂ˛{'R Ă&#x2014; ÂšCDÂ&#x17D;ĂŠĂ&#x2026;Âž ÂżĂ&#x20AC; Ă /3p Â&#x;

POLY AUCTION (HONG KONG) INTEREST, IN PROPERTY CONSIGNED FOR AUCTION From time to time, Poly Auction (Hong Kong) may oďŹ&#x20AC;er a lot which it owns in whole or in part. Such property is identiďŹ ed in the catalogue with the symbol Î&#x201D; next to the lot number. On occasion, Poly Auction (Hong Kong) has a direct ďŹ nancial interest in lots consigned for sale which may include guaranteeing a minimum price or making an advance to the consignor that is secured solely by consigned property. Such property is identified in the catalogue by the symbol â&#x2013;Ą next to the lot number. ďŹ&#x201D;is symbol will be used both in cases where Poly Auction (Hong Kong) holds the financial interest on its own, and in cases where Poly Auction (Hong Kong) hasfinanced all or a part of such interest through a third party. Such third parties generally beneďŹ t ďŹ nancially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. ďŹ&#x201D;e ďŹ nancing oďŹ&#x20AC;ered by a third party may be in the form of an irrevocable bid provided by that third party. Where Poly Auction (Hong Kong) has an ownership or ďŹ nancial 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.

ć&#x2030;&#x20AC;ć&#x153;&#x2030;é&#x2021;?ĺşŚç&#x161;&#x2020;ç&#x201A;şç´&#x201E;ć&#x2022;¸ĺ?&#x160;ç&#x2039;&#x20AC;ćł ĺ ąĺ&#x2018;&#x160;

Ă&#x2DC; Ă&#x2014; 4Ă&#x201D;Â¤LĂžĂżĂľ~ÂśH}Â|Âż Ă&#x2C6;Ă&#x2030;ÂÂŠĂ&#x152;Â{ÂŠÂ&#x2021;[Ă&#x2C6;Â˘Ă \ÂŤ ]^_Â&#x152;Â&#x;ĂşÂ˛ÂŻ Â° 4Ă&#x201D;Â&#x17E; Â&#x2021;ĂˇĂ?Â&#x17D; Ă&#x17D;NĂ˝ĂžÂ&#x161;Ă&#x201E; Âą ÂťÂ&#x;4Ă&#x201D; Â&#x17E; Â&#x2021;ĂˇĂ? o Ă&#x2DC;Âş *ĂŠ5Â? Ă&#x2014; 7Â ÂÂŠĂ&#x152; Ă§Ă?Ă&#x201C;Ă&#x201D;Â&#x;ĂŁ ÂŹĂŁzĂ?ĂÂ´ Ă ĂąÂ&#x20AC; Â&#x201A; Ă&#x2014; Â´ <Â&#x152;ÂŁ Ă&#x2014;ĂźĂˇ Ă?Â?Ă&#x2021;Â§Â&#x; Ă&#x2014; H â&#x20AC;&#x153;b4â&#x20AC;?Ă&#x2DC; Ă˘ =Âž Ă&#x2014; 4 Ă&#x201D;ÂŹ -Âˇ/3 RÂ&#x; Ă&#x2039;Â&#x2014; Ă&#x2014;Ă&#x2014; 4Ă&#x201D;#Â&#x2018;Ă&#x2026;Ă&#x2014; Â&#x17E;

ALL MEASUREMENTS ARE APPROXIMATES AND CONDITION REPORTS ďŹ&#x201D;e condition of lots sold in our auctions can vary widely due to factors such as age, previous damage, restoration, repair and wear tear. Condition reports and grades are provided free of charge as convenience to our buyers and are for guidance only. ďŹ&#x201D;ey oďŹ&#x20AC;er our honest opinion but they may not refer to all faults, restoration, alteration or adaptation. ďŹ&#x201D;ey are not an alternative to examinming a lot in person or taking your own professional advice. 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. For more details, please refer to the Condition Report for each lot.

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CATALOGUE EXCHANGE RATE HK$7.8 = US$1 ďŹ&#x201D;e rate of exchange was established at the latest practical date prior to the printing of the catalogue and may therefore have changed by the time of the sale. Bidders should bear in mind that estimates are prepared well in advance of the sale and are not deďŹ nitive. ďŹ&#x201D;ey are subject to revision.

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Ă&#x201A;Â&#x201A;Â&#x192;Âž Â&#x201E; Ă&#x2021;Â&#x2026;Â&#x;#Ă&#x152;Ă&#x2021; Âľ ĂŽĂąĂ /3 |Â&#x2020; Â?Â?Â?Â?Â Â&#x2021; Â&#x160;ÂŤ Ă&#x2DC;Â&#x;Ă˝ĂžĂśĂ <Â&#x20AC;pĂ&#x201A; Ă&#x2014; 4Ă&#x201D;Â&#x17D; Â¤" ĂˇÂŻÂ°t(4Ă&#x201D;Â&#x17E; Â&#x; ĂŚ 3?Ă&#x153;Ăž Â?Â&#x2021;Â&#x2C6; Â&#x153;Â¤Â&#x2C6; Â? Ă&#x2014;Â&#x17D; P [Â&#x2030;Â&#x153; Ă&#x; ÂžÂĄ?Ă&#x153;ĂžÂ? Ă&#x2014;Â&#x; Â&#x160;Â&#x2039;Â&#x153; Ă&#x; _ Â? Ă&#x2014;Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;Â§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;.Ă&#x20AC; Ă&#x20AC; Ă Ă&#x;?Ă&#x153;ĂžÂ?Â&#x17D; Â&#x; Â&#x160;Â&#x2039;_ Â?Â&#x17D; Â&#x2018;Â&#x152;Â&#x2021;Â&#x2039;_ Â?Âľ Â&#x2018;Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;Â§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;Â˛Ă&#x2018;?Ă&#x153; ĂžÂ?Â&#x17D; Â&#x2018; Âľ Â&#x2018;Ă?nÂ&#x17D;Â¤ĂŁÂ˛yÂ&#x2019;Â&#x201C; Ă?nÂ&#x; Â&#x160;Â&#x2039;_ HLÂ&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;Â§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014; ÂžĂ&#x2018;? Ă&#x153;Ăž'Â´HLÂ?Â&#x17D; Â&#x17D;Â&#x161;Ă˘ Ă&#x2DC;ÂĄ?Ă&#x153;ĂžÂ?Â&#x17D; Â&#x201D; Â?Â&#x; Â&#x160;Â&#x2039;Â&#x2022;Â&#x2013; _ Â&#x201D;Â?Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;Â§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;Â&#x201E; Ă&#x2018;? Ă&#x153;ĂžÂ?Â&#x201D;Â?Â&#x17D;ĂŠ1Â?Ă&#x;ÂĄ?Ă&#x153;ĂžÂ&#x2014; Â? Ă&#x2014;Â&#x; Â&#x160;Â&#x2039;Â&#x201E; _ Â&#x17D; ĂŽ*Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;Â§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;Â&#x201E; Ă&#x2018;? Ă&#x153;ĂžÂ?Â&#x201D;Â?Â&#x17D;ĂŠÂž] HLĂ?nÂ&#x; Â&#x160;Â&#x2039;_ mĂ&#x2014;Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;Â§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;Ă&#x;Ă&#x2018;?Ă&#x153; Ăž Ă&#x2014;Â? mĂ&#x2014; ( -ÂˇÂ L )Â&#x; Â&#x160;Â&#x2039;sÂ&#x2C6; _Â&#x152;ÂÂ&#x2039;Â L _Â&#x152;ÂÂ&#x2039;Â&#x2DC;Â&#x2122; _Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;Â§Â&#x153; Â&#x17D;Ă&#x2018; Ă&#x2014;ĂĂ&#x2018;?Ă&#x153; ĂžsÂ&#x2C6;Ă˘Â&#x2122;ÂšÂ LĂ˘Â&#x2DC;Â&#x201A;Â&#x; Â&#x160;Â&#x2039;Â _ sÂ&#x2C6;Â&#x152;ÂÂ&#x2039;Â _ Â?Â&#x2DC;Â&#x201A;Â&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;Â§Â&#x153; Ă&#x2018;sÂ&#x2C6;Ă˘Â&#x2DC;Â&#x201A;ĂśÂŹ Ă&#x;Ă&#x2018;?Ă&#x153;Ăž Â&#x; Â&#x160;Â&#x2039;Â _ Â LÂ&#x152; Âą Â?ÂźÂ?Â?Ă&#x2021;Â§Â&#x153; Â&#x17D;Â&#x161;QÂžÂĄÂ LĂ? nÂ&#x; Â&#x160; Âž EĂ&#x201A;Ă&#x17D;*Â?23 ÂžÂ&#x201A;Â&#x192;Â&#x2021;pÂŁÂ&#x2026; = ĂŽĂą Ă ÂŤTÂ? Â? 23Â&#x;Â&#x161;Ă&#x160; Â&#x201A;Â&#x192;Â?#ÂťÂ&#x17D;Ă?ĂŞÂž?r Â&#x203A;Â&#x153;Â&#x2021;Ă?Ă?Ă?ĂžÂ?Ă&#x2021;Â§Â&#x17D; Â&#x2021; Â&#x2022;Âž ĂŚ#ÂťÂžÂ&#x201A;Â&#x192;Â&#x2021;p Ă&#x192;Â&#x2030;Â? Ă&#x2014;Â&#x2021;p ĂŽĂąĂ Â?Ă&#x2DC; Â&#x2021;Â¤Â&#x17E;Â˘Â&#x17D;Â&#x161;ÂŹ:/Â&#x2021;Â&#x203A;L-ÂˇÂ&#x201D;Â&#x;ÂÂ&#x2026;Â? .-Â&#x17D;ÂŤ Â&#x160;Â&#x17D; ÂŹÂĄÂťÂž ÂžÂ&#x201A;Â&#x192; Ă&#x192;Â&#x2030; Ă&#x2014;Â&#x;

EXPLANATION OF CATALOGUING PRACTICE For Pictures, Drawings, Prints and Miniatures Terms used in this catalogue have the meanings ascribed to them below. Please note that all statements in this catalogue as to authorship are made subject to the provisions of the Conditions of Business and Limited Warranty. Buyers are advised to inspect the property themselves. Written condition reports are usually available on request. * Name(s) or Recognised Designation of an Artist without any QualiďŹ cation In Poly Auction (Hong Kong)'s opinion a work by the artist. * â&#x20AC;&#x153;Attributed to ...â&#x20AC;? In Poly Auction (Hong Kong)'s qualiďŹ ed opinion probably a work by the artist in whole or in part. * â&#x20AC;&#x153;Studio of ...â&#x20AC;?/ â&#x20AC;&#x153;Workshop of ...â&#x20AC;? In Poly Auction (Hong Kong)'s qualified opinion a work executed in the studio or workshop of the artist, possibly under his supervision. * â&#x20AC;&#x153;Circle of ...â&#x20AC;? In Poly Auction (Hong Kong)'s qualiďŹ ed opinion a work of the period of the artist and showing his inďŹ&#x201A;uence. * â&#x20AC;&#x153;Follower of ...â&#x20AC;? In Poly Auction (Hong Kong)'s qualified opinion a work executed in the artist's style but not necessarily by a pupil. * â&#x20AC;&#x153;Manner of ...â&#x20AC;? In Poly Auction (Hong Kong)'s qualified opinion a work executed in the artist's style but of a later date. * â&#x20AC;&#x153;After ...â&#x20AC;? In Poly Auction (Hong Kong) 's qualiďŹ ed opinion a copy (of any date) of a work of theartist. * â&#x20AC;&#x153;Signed ...â&#x20AC;?/â&#x20AC;&#x153;Dated ...â&#x20AC;?/â&#x20AC;&#x153;Inscribed ...â&#x20AC;?

In Poly Auction (Hong Kong) 's qualiďŹ ed opinion the work has been signed/dated/inscribed by the artist. * â&#x20AC;&#x153;With signature ...â&#x20AC;?/ â&#x20AC;&#x153;With inscription...â&#x20AC;?/ In Poly Auction (Hong Kong) 's qualified opinion the signature/inscription appears to be by a hand other than that of the artist. * â&#x20AC;&#x153;With date ...â&#x20AC;? In Poly Auction (Hong Kong)'s qualiďŹ ed opinion the date on the item was not executed on that date. * ďŹ&#x201D;is term and its deďŹ nition in this Explanation of Cataloguing Practice are a qualified statement as to authorship. While the use of this term is based upon careful study and represents the opinion of specialists, Poly Auction (Hong Kong) and the consignor assume no risk, liability and responsibility for the authenticity of authorship of any lot in this catalogue described by this term, and the Limited Warranty shall not be available with respect to lots described using this term.

第一章總則第一條

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CONDITION OF BUSINESS

Unless otherwise stated, Poly Auction (Hong Kong) Limited acts as the Seller's agent. ﬔe closing agreement for sale of a Lot shall be a contract between the Seller and the Buyer. ﬔese Conditions of Business and all other terms, conditions and notices contained in the catalogue, announced by the Auctioneer or provided at the saleroom shall constitute the provisions agreed among the Seller, the Buyer and/or Poly Auction (Hong Kong) Limited as auction agent.

queries or authentication related to the Lot at the request of the Buyer or any additional costs and legal expenses to bring claims against a defaulting Buyer; (14)“Reserve” means the conﬁdential minimum selling price for the Lot that the Seller has conﬁrmed with the Company; (15)“Estimate” means the estimated selling price of a Lot written in the catalogue or other descriptive materials, excluding the Buyer's Commission; (16)“Storage Fee” means the storage fee payable by the Buyer to the Company according to these Conditions of Business. In these Conditions of Business, where the context requires, words denoting the singular shall include the plural and vice versa.

ARTICLE 2 DEFINITIONS AND INTERPRETATION

ARTICLE 3 SCOPE OF APPLICATION

In these Conditions of Business, the following terms shall have the meanings set forth below: (1)“Company” means Poly Auction (Hong Kong) Limited; (2)“Seller” means any natural person, legal person or other organization that consigns a Lot(s) within the scope of these Conditions of Business to the Company for auction. In these Conditions of Business, a Seller shall include any of its agents unless as otherwise specified herein or required in a particular context; (3)“Bidder” means any person, company, body corporate or other organization who or which considers, carries out or attempts to bid in anyway. In these Conditions of Business, a Bidder shall include any of its agents unless as otherwise specified herein or required in a particular context; (4)“Buyer” means the Bidder whose bid or offer for a Lot is recognized by an Auctioneer as the highest bid for that Lot in an auction held by the Company, including the principal on behalf of which such Bidder acts; (5)“Buyer's Commission” means any commission that a Buyer shall pay to the Company calculated at the rate specified herein of the Hammer Price for the Lot that such Buyer purchases; (6)“Lot” means any item consigned by a Seller to the Company for auction and so auctioned in any auction, in particular, any item numbered in any catalogue with certain description; (7)“Auction Date” means the date on which an auction is formally held, as announced by the Company in its public notice. In case of any discrepancy between the actual date and the announced date of an auction, the actual date shall prevail; (8)“Sale Date” means, in an auction held by the Company, the date on which the auctioneer concludes a contract for sale between a Seller and a Buyer by way of hammer striking or any other customary manner publicly confirming the sale; (9)“Auctioneer” means any person designated by the Company to moderate a particular auction; (10)“Hammer Price” means the price for a Lot at which the Auctioneer decides to sell the Lot by striking the hammer or the agreed sale price in the post-auction sale; (11)“Proceeds of Sale” means the net amount due to the Seller, being the Hammer Price less the Buyer's Commission, all expenses and other amounts payable to the Company by the Seller; (12)“Purchase Price” means the total amount payable by the Buyer for his/her/its purchase for each Lot, including the Hammer Price, the Buyer's Commission, other Buyer's Expenses and all Buyer's Expenses arising from its failure to perform its obligations; (13)“Buyer's Expenses” means costs and expenses in relation to sale of the Lot by the Company, including but not limited to insurance policies, packing, moving, storage, custody for the Lot, any expenses of testing, investigation,

All parties participating in any auctions organized by the Company, including the Seller, the Bidder, the Buyer and all other related parties (including but not limited to the agents of the Seller, the Bidder and the Buyer) shall be deemed to accept in full and bound by these Conditions of Business, and shall comply with them in such auctions, enjoy the rights and perform the obligations provided herein. Any Bidder who bids in an auction organized by the Company, whether in person or by authorizing an agent to bid on his/ her/its behalf, whether by raising the paddle, by absentee bids, by phone or by any other means, shall be deemed to have accepted these Conditions of Business in full. Any dispute among the parties to auctions organized by the Company shall be settled in accordance with these Conditions of Business.

CHAPTER I GENERAL RULES ARTICLE 1 POLY AUCTION (HONG KONG) LIMITED AS AGENT

ARTICLE 4 SPECIAL NOTICE Bidders and Buyers participating in any auctions organized by the Company shall carefully read and be abided by these Conditions of Business; Bidders and Buyers shall read the provisions limiting the Company's liabilities and disclaimers contained in these Conditions of Business carefully. Bidders and/or their agents have the responsibilities to review the original Lot in person, and bear legal liabilities for their acts of bidding the Lot. Upon the Auctioneer confirms the Bidder's bid by striking his/her hammer or in any other manner publicly indicating conﬁrmation of the purchase in any auctions organized by the Company, the contract for sale regarding the Lot shall immediately enter into force and the Bidder shall become the Buyer of the Lot. ﬔe Company, the Seller and the Buyer shall acknowledge the sale of the Lot and its closing, enjoy the rights and assume the obligations provided by applicable laws and/or these Conditions of Business. Any party that fails to perform obligations shall bear its/his/her corresponding legal liabilities. ﬔe Company may amend these Conditions of Business for a particular auction by posting announcements at the auction site or making an announcement at such auction through an Auctioneer.

CHAPTER II THE SELLER ARTICLE 5 CONSIGNMENT PROCEDURE When arranging for the consignment of the Seller's Lot to the Company for auction: (1) The Seller must present a valid identity document with photo issued by the government (e.g. resident identity card or passport) if the Seller is a natural person and sign a consignment auction contract with the Company; (2) A valid certiﬁcate of incorporation, proof of shareholding, or a legal authorization document shall be required if the Seller is a legal entity or any other organization, which shall

sign a consignment auction contract with the Company. (3) When the Seller signs a consignment auction contract with the Company, the Company shall be automatically authorized to make pictures, illustrations, catalogues, or other video images of the Lot.

ARTICLE 6 THE SELLER'S AGENT When arranging for the consignment of the Lot to the Company for auction, the Seller's agent shall submit to the Company the relevant authorization certiﬁcates including: (1) A valid identity document if such agent is a natural person; (2) A valid certificate of incorporation and proof of share holding if such agent is a legal person or any other organization; and (3) A power of attorney duly executed. The Company has the right to examine the aforesaid documents in a lawful manner.

ARTICLE 7 THE SELLER'S WARRANTIES The Seller hereby makes irrevocable warranties to the Company and the Buyer with respect to the Lot it consigns to the Company for auction as follows: (1) The Seller has absolute ownership or legal right to dispose of the Lot. ﬔe auction of the Lot will not prejudice any legal interest (including copyright interest) of any third party, and will not violate the provisions of relevant laws and regulations; (2) The Seller has, to the best of its knowledge, made full, complete and accurate disclosure and description to the Company with respect to the origin and any flaw of the Lot and notified the Company in writing, without any concealment or fabrication; If the Lot is liquors or teas, the Assignee should truly disclose the defects or flaws about, including but not limit to the packaging, labels, level of wear and tear, corks, etc. (3) If the Lot being consigned shall be imported into Hong Kong, the Seller shall guarantee the compliance with the laws of its origin, and ensure the completion of the export and import procedures and notify the Company in writing; and (4) The Assignee must ensure that the auctioned items do not contravene any laws of Hong Kong (including the Public Health and Municipal Services Ordinance, the Food Safety Ordinance and the Protection of Endangered Species of Animals and Plants Ordinance the Endangered Species of Wild Animals and Plants), ensure and disclose to our Company that it has any license or qualiﬁcation registration to possess, disposal or sale of the auctioned item required by the laws of Hong Kong. ﬔe Assignee should ensure that if they require our Company to make an additional license or permit to the relevant departments for the auction, display, disposal or possession of the auctioned items, they should notify us in written notice not less than two months prior to the auction. (5) ﬔe Seller shall guarantee that the Lot is authentic. In so doing, the Seller guarantees: (a) ﬔe Lot is not a counterfeit or forgery of: i. ﬔe work of any artist, author or manufacturer, if the Lot is described by the Seller as the work of that artist, author or manufacturer; ii. A work created or produced within a particular time frame or culture, if the Lot is described by the Seller as a work created or produced during that time frame or culture; iii. A work of a particular origin or source, if the Lot is described by the Seller as a work of that origin or source; or iv. A work created or crafted or reﬁned or restored through a

particular process or manner, if the Lot is described by the Seller as a work created through that process or manner. (b) In the case of jewellery and timepieces, in addition to 5(a) above, the Lot is crafted in the manner as described by the Seller, out of the particular materials as described by the Seller, and had underwent no restoration processes other than those stated by the Seller; and (c) In the case of gemstones, in addition to 5(a) above, the Lot had undergone no beautification processes other than those speciﬁed by the Seller. If the Seller violates any of the above warranties, the Seller shall fully indemnify all losses, costs and expenses suﬀered by the Company and/or the Buyer.

and all losses caused by the suspension of auction; (3) ﬔe Company has an objection to the explanation of the Seller or the accuracy of the Seller's warranty mentioned in Article 7 hereof; (4) Any evidence proves the Seller has violated or will violate any provisions of these Conditions of Business; (5) For any other reason, the Company believes that the auction of such Lot shall be suspended; or (6) Whichever situation causes such suspension, if the Company is aware of any ownership or other dispute in relation to the Lot being consigned for auction, the Company shall have the right to refuse to return such Lot until the dispute is settled.

wear, inherent flaws, internal or potential defects, change of substance itself, self-combustion, self-heating, oxidation, corrosion, leakage, rat-bite, worm-bite, change in the atmosphere (climate or air temperature), change in humidity or temperature, or other gradual changes or caused by force majeure such as earthquake, tsunami, war, hostile action, armed conflict, terrorism, coup, strike and social riot, or nuclear radiation or radioactive pollution as well as the damage or destruction of book frames, glass, drawers, bottom pads, trestles, mountings, insert pages, scroll heads or other similar accessories caused by any reason are not within the scope of insurance coverage. ﬔe aforesaid risks should be borne by the Seller.

ARTICLE 8 RESERVE

ARTICLE 12 THE SELLER'S WITHDRAWAL OF LOT

ARTICLE 18 INSURANCE INDEMNITY

Unless otherwise agreed upon by the Company and the Seller, all Lots are oﬀered subject to a Reserve. ﬔe Reserve shall be determined by the Seller and the Company in writing through consultation, and no modification of the Reserve shall be made without the prior consent of the other party after it is determined by both parties. Following the bidding failure of the Lot authorized by the Seller, the Auctioneer shall have the right to sell such Lot at the Reserve after such auction and the Seller must pay the Commission to the Auctioneer. In no circumstance shall the Company bear any liability for failure to sell the Lot at the Reserve at the auction held by the Company.

The Seller may withdraw the Lot at any time prior to the Auction Date by issuing a written notice to the Company. In the case that the Lot has been listed in the catalogue or other public materials and they have begun to be printed at the time of the withdrawal of the Lot, the Seller shall pay an amount equal to 20% of the Reserve of the Lot and all other expenses. In the case that the catalogue or other public materials have not been printed, the Seller shall pay an amount equal to 10% of the Reserve of the Lot and all other expenses. Any dispute or claim arising out of the Seller's withdrawal of the Lot shall be borne by the Seller and has nothing to do with the Company.

Any damage or destruction of the Lot caused by incidents or disasters covered by the insurance purchased by the Company for the Lot shall be handled in accordance with the laws of Hong Kong on insurance. The Company shall pay insurance indemnities after deducting the Company's expenses (other than the Commission) to the Seller after the Company obtains such indemnities from the insurance company.

ARTICLE 9 THE COMPANY'S DISCRETION

ARTICLE 13 AUTOMATIC INSURANCE

The Company may decide the following matters at its absolute discretion: (1) Explanation and/or appraisal of any aspect of any Lot through the catalogue of the Lot and/or news media and/or other carriers; (2) Whether to consult any expert or not; (3) ﬔe illustration of the Lot in the catalogue, the exhibition of the Lot and other forms of publicizing the Lot, the arrangement in the promotional activities as well as the standards of payable expenses; (4) Suitability of a Lot for auction by the Company; (5) Other matters such as the date of auction, the place of auction, the conditions of auction and the manner of auction.

Unless otherwise instructed by the Seller in writing, all Lots will be automatically covered under the insurance policies purchased by the Company after the Seller enters into the consignment auction contract with the Company and delivers the Lots to the Company. ﬔe insured amount shall be based on the Reserve agreed by the Seller and the Company in the consignment auction contract (if there is no Reserve, it shall be the agreed insured amount of the Lot; if the Reserve is adjusted, it shall be the original Reserve of the Lot). ﬔe insured amount is only applicable to insurance and claim for compensation, is not the Company's warranty or guarantee for the value of the Lot, and does not mean that the Lot can be sold for an amount equal to the insured amount through any auction by the Company.

ARTICLE 10 LOT NOT AUCTIONED

ARTICLE 14 INSURANCE PREMIUM

After the Seller has signed the consignment auction contract with and delivered the Lot to the Company, if for any reason the Company believes that the Lot is not suitable for auction by the Company, the Seller shall collect the Lot within thirty days from the issuance date of the Company's notice (fees for packaging and transportation shall be at the Seller's own expense). The consignment auction contract between the Seller and the Company will terminate on the date when the Seller collects the Lot. If during the above-mentioned period the Seller fails to collect the Lot, the consignment auction contract will automatically terminate upon the expiration of such period. If within seven days after the termination of the consignment auction contract the Seller does not collect the Lot, the Company shall have the right to charge the Storage Fee, insurance fees and other reasonable expenses, and to dispose of the Lot in a way the Company deems proper. ﬔe Seller is responsible for the collection of, if any, the amount obtained from the disposal after deducting all the fees and expenses incurred by the Company.

If the Lot is sold, the insurance premium payable by the Seller shall be 1% of the Hammer Price unless otherwise agreed by the Seller and the Company. If the Lot is not sold, the Seller shall as well pay the insurance premium at 1% of the Reserve.

ARTICLE 11 SUSPENSION OF AUCTION The Company has the right to suspend the auction of any Lot at any time before the actual auction in any one of the following situations: (1) The Company has an objection to the ownership or authenticity of the Lot; (2) Any third party has an objection to the ownership or authenticity of the Lot and can provide relevant evidence materials as to the basis of such objection, pays a security pursuant to the Company's requirements and is willing to take the corresponding liabilities for the legal consequences

ARTICLE 15 INSURANCE PERIOD If the Lot is sold in the auction, the insurance period shall terminate at the earlier of the seventh day after the Sale Date (including the Sale Date) and the date when the Buyer collects the Lot. If the Lot is not sold in the auction, the insurance period shall terminate upon the expiry of thirty days after the Company issues the notice on the collection of the Lot.

ARTICLE 16 INSURANCE BY THE SELLER In the event that the Seller notiﬁes the Company in writing not to insure the Lot, it shall undertake all the risks and the following liabilities at any time (unless otherwise ruled by an arbitration institution): (1) To compensate for any claim or action brought by any other parties against the Company with respect to the damage or destruction of the Lot; (2) To compensate the Company and/or any other parties for all losses suﬀered and all expenses incurred because of the damage or destruction of the Lot caused by any reason; and (3) To notify the compensation related provisions herein to any insurer of the Lot.

ARTICLE 17 INSURANCE DISCLAIMER The damage or destruction of the Lot caused by natural

ARTICLE 19 BIDDING PROHIBITION ﬔe Seller shall not bid for the Lot consigned to the Company by himself/herself/itself for auction, or authorize any other person to bid on his/her/its behalf. Only the Company has the right to bid on behalf of the Seller at a price not more than the Reserve. The Seller shall bear all legal liabilities and compensate for all losses caused to the Company if the Seller violates this Article.

ARTICLE 20 COMMISSION AND EXPENSES Unless otherwise agreed upon by the Seller and the Company, the Seller shall authorize the Company to deduct 10% of the Hammer Price as Commission and at the same time deduct other expenses. Despite the fact that the Company is the Seller's agent, the Seller agrees that the Company may collect the Commission and other expenses from the Buyer in accordance with the provisions in Article 49 hereof.

ARTICLE 21 SERVICE FEE FOR UNSOLD LOT In case the Lot is not sold because the bidding price is lower than the Reserve, the Seller shall authorize the Company to charge the Seller a service fee for unsuccessful auction and other expenses.

ARTICLE 22 PAYMENT OF PROCEEDS OF SALE Where the Buyer effects full payment of the Purchase Price to the Company in accordance with the provisions in Article 49 hereof, the Company shall pay the Proceeds of Sale to the Seller thirty-ﬁve days after the Sale Date in Hong Kong dollars.

ARTICLE 23 DEFERRED PAYMENT Where the Company does not receive the full payment of the Purchase Price from the Buyer upon the expiry of the payment period under Article 51 hereof, the Company will pay the Proceeds of Sale to the Seller within seven working days after receipt of full payment of the Purchase Price from the Buyer.

ARTICLE 24 SELLER TAXES ﬔe Seller shall pay taxes to the government for the Proceeds of Sale obtained. If the Company has the obligation to withhold and pay taxes according to the provisions of the relevant laws, the Company will follow the provisions of the laws. The Seller shall assist in handling all the formalities and bear the corresponding taxes and expenses.

ARTICLE 25 ASSISTANCE IN THE COLLECTION OF OUTSTANDING PAYMENT ﬔe Seller shall, at the time of its consignment of the Lot to the Company for auction, be deemed to have authorized the Company to demand the corresponding outstanding payment from the Buyer on behalf of the Seller. Where the Buyer

fails to fully pay the Purchase Price within seven days after the Sale Date (including the Sale Date), the Company shall have the right to demand the Commission and other Buyer's Expenses according to the provisions of Article 58 hereof. In addition, the Company shall as well have the right to take appropriate actions (including but not limited to resorting to legal proceedings) to assist the Seller in collecting such outstanding payment from the Buyer where it is deemed by the Company to be practicable. ﬔe above provision does not exclude the Seller's right to demand in person or authorize any third party to demand the outstanding payment from the Buyer and does not obligate the Company to demand the corresponding outstanding payment from the Buyer on behalf of the Seller under any circumstance. ﬔis Company shall not bear the corresponding liability for the Seller because of the Buyer's failure to pay the Purchase Price under any circumstance.

ARTICLE 26 THE COMPANY'S DISCRETION The Company shall have the right to accept the Seller's authorization (at the Seller's expenses) and may determine the following matters as the case may be: (1) To agree on special conditions of the payment of the Purchase Price; (2) To remove, store and insure the sold Lot; (3) To settle claims brought by the Buyer or the Seller in accordance with the relevant articles hereof; and (4) To take other necessary measures to collect the outstanding payment owed by the Buyer to the Seller.

ARTICLE 27 UNSOLD LOT In the event that the Lot is not sold, the Company may choose any one of the following actions: (1) Private sale after the auction The Company may re-negotiate with the Seller on the revised Reserve and sell the Lot in private sale, and pay the Seller the Proceeds of Sales adjusted based on the revised Reserve. (2) Re-auction ﬔe Company may re-auction the Lot. ﬔe Commission and expenses scale set out in the previous consignment auction contract remains applicable. (3) Collection of the Lot ﬔe Seller shall take back the Lot within 30 days upon receipt of the Company's notice on collection (fees for packaging and transportation shall be paid by the Seller) and pay the Company the service fee for unsuccessful auction and other expenses. ﬔe Company shall, upon expiration of such time limit, be entitled to charge the Storage Fee, insurance fees and other reasonable expenses, and to sell the Lot through public auction or other means of sale according to the conditions the Company deems appropriate. The Company shall also be entitled to deduct the service fee for unsuccessful auction and other expenses payable by the Seller in the ﬁrst auction as well as all expenses for re-sale of the Lot by auction from the Proceeds of Sale before paying the remaining amount to the Seller.

ARTICLE 28 RISK ASSUMPTION ﬔe Seller shall assume liability for all risks and expenses that occur after the time limit prescribed herein if the Seller fails to take back the Lot not auctioned or the unsold Lot within such the time limit. ﬔe Seller shall assume liability for all risks and expenses of the Lot not auctioned or the unsold Lot at the earlier of the thirtieth day after the Company issues a notice on collection of the Lot to the Seller (including the notice date) and the time when the Seller collects the Lot in accordance with these Conditions of Business. Where the Seller requests Company to assist it in the return of the Lot within the time limit provided herein and the Company so agrees, the Seller shall assume liability for all risks and expenses that occur after the Lot leaves the place designated by the Company. Unless the Seller speciﬁcally gives an indication and pays insurance premium in advance, the Company has no obligation to insure the Lot for any period after its departure from the place designated by the Company. Where the Seller requests

the Company to assist it in returning the Lot by means of post, express delivery or other third-party transportation, the Company shall be deemed to have returned the Lot and the Seller shall be deemed to have collected the Lot upon the Company's delivery of the Lot to the post, express delivery and transportation entities, companies or their employees/branch oﬃces.

be responsible for any breach of the Conditions of Business by the Seller. 4. Without aﬀecting Article 30 (2) of these rules, any claim for compensation that the Bidder makes to the Company or the Seller shall be limited to the Hammer Price and the Buyer's Commission of the Lot. Under no circumstances shall the Company and the Seller bear any consequential losses incurred by the Buyer.

CHAPTER III THE BIDDER AND THE BUYER ARTICLE 29 RESPONSIBILITIES OF THE BIDDER AND THE COMPANY IN RESPECT OF THE LOT 1. ﬔe Company's perception of all Lots partly relies on the information provided by the Seller, the Company is unable and will not carry out comprehensive inspection of all Lots. Bidders are aware of this and bear the responsibilities of inspecting and testing the original Lots so that Bidders will be satisﬁed with those Lots in which they may be interested. 2. All Lots for sale by the Company are available for viewing by Bidders. By bidding, Bidders and/or their agents are deemed to have carried out thorough examination of the Lots, and are deemed to be satisﬁed with the conditions of the Lots and the accuracy of their description. 3. Bidders acknowledge that various Lots are dated long time ago and of special categories, implying that the Lots are not perfect and not free from defects. All Lots are sold on an“as is” basis at the time of the auction (whether or not Bidders attend the auction). Condition reports may be provided when during the viewing period. Under certain circumstances, catalogue descriptions and condition reports may be used for reference about certain defects of the Lots. Nevertheless, Bidders should pay attention that the Lots may have other defects not clearly stated in the catalogue descriptions and condition reports. 4. Regarding the information about the Lot provided to Bidders, including any forecast information (written or verbal), catalogues and other reports, commentaries or estimated values, such information are not statement of facts, but rather are statements of the opinion that the Company holds. Such information can be altered at the sole discretion of the Company from time to time. 5. ﬔe Company or the Seller has not made any declaration or warranty as to whether any Lot is subject to any copyright or whether the Buyer has bought the copyright of any Lot. 6. In accordance with the matters contained in Article 29 (1) to 29 (5) of the Conditions of Business and the special exemption contained in Article 30 of the Conditions of Business, the descriptions in the catalogue and in the condition reports are written in a reasonably prudent manner (and such should be in line with those terms of the Conditions of Business regarding the Company serving as Auction Agent) based on (1) the information provided by the Seller to the Company; (2) academic and technical knowledge (if any); and (3) generally accepted opinions of the relevant experts.

ARTICLE 30 THE COMPANY'S EXEMPTION AND RESTRICTION OF RESPONSIBILITIES TO THE BUYER 1. If the Company considers the Lot as forgery, it shall return the Hammer Price and Buyer's Commission to the Buyer. 2. Subject to the matters contained in Article 29 of the Conditions of Business and the rules in Article 30 (1) and 30 (5) of the Conditions of Business, the Company shall not: (1) be responsible for any errors or omissions in the information provided by the Company to the Bidder verbally or in writing, no matter whether this is caused by negligence or other reasons, with the exception of provision contained in Article 29 (6) of the Conditions of Business; (2) make any guarantee or warranty to the Bidder, excluding any implied warranty and rules other than the expressed warranty that the Seller has entrusted the Company to make to the Buyer (with the exception of those responsibilities that cannot be discharged according to the stipulations of laws); (3) be accountable to any Bidder for any actions or omissions of the Company regarding the auction or the sale of any Lot (no matter whether this is caused by negligence or other reasons). 3. Unless the Company owns the Lot to be sold, it shall not

ARTICLE 31 CATALOGUE AND OTHER EXPLANATION OF THE LOT ﬔe Company shall prepare a catalogue of the Lot to brieﬂy introduce the conditions of the Lot with words and/or pictures to facilitate the Bidder and Seller to participate in the auction held by the Company. ﬔe words and Estimate in the catalogue of the Lot, pictures, other images as well as public materials are only references for the Bidder and may be revised before auction. The Company provides no guarantee for the authenticity, value, tone, quality or ﬂawlessness 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 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 certiﬁcate, 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 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 conﬁrmed 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. ﬔe 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 ﬁll in and sign the registration documents and collect a paddle with its valid certificate of incorporation and proof of shareholding and legitimate authorization document. ﬔe Company may request the Bidder to present proof of bank details or other proof of ﬁnancial 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 diﬀerent 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. ﬔe 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 ﬁrst 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 ﬔe Bidder must take good care of his/her/its paddle and be cautious not to lose it. ﬔe 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. ﬔe 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 ﬁlled 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 ﬁrst 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 after 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. ﬔe 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. ﬔe contents shown are for reference only. It is possible that there are diﬀerences 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 diﬀerences.

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 conﬁrming 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. The buyer’s premium is 18% 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 after 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 Even if the Company has delivered the Lot to the Buyer, the Buyer has not yet obtained the ownership of the Lot. This shall pass 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 after the occurrence of one of the following events (whichever earlier): 1. ﬔe Buyer has collected the Lot; or 2. ﬔe Buyer has fully paid the Purchase Price for the Lot to the Company; or 3. ﬔe expiry of seven days after 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 ﬔe 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 ﬁll 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. After 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, after 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 specified 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. 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 suffered by the Company due to the cancellation of that deal; 8. ﬔe 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. ﬔe 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. ﬔe 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 after 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 after 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. ﬔe 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 noninterest-bearing. If the Buyer fails to take the proceeds back two years after 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. ﬔe 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, place of origin, date, production year, duration, 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 repaintingor 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. ﬔe deadline in this warranty is 5 years fromthe Auction Date concerned, these benefits are 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, date on which the Lot is purchased and reasons for which it is considered as counterfeit; (2) return the Lot to the Company in the same conditions as it was on the date of sale, and the proper ownership of it is transferrable, plus there are no claims from any third party after the Sale Date. 3. Regarding Southeastern Asian modern and contemporary art, Chinese painting and Chinese calligraphy and Chinese ink painting, although at present the academic sector does not permit the making of deﬁnitive statements, the Company reserves the discretion to cancel those deals of Lots which are proved to be counterfeit southeastern Asian modern and contemporary arts, Chinese painting and Chinese calligraphy and Chinese ink paintings within one year after the Auction Date based on this warranty. Paid sums shall be returned to the Buyer according to this term, however the Buyer shall provide evidences (based on the methods provided forin clause 2 and 4 of this article) to prove that the Lot is counterfeit within one year from the Auction Date; 4. ﬔe Company can, at its discretion, decide to waive any of the above provisions. ﬔe Company has the right to demand from the Buyer two independent specialist reports which are recognized by the specialist sector concerned and which are accepted by the Company and the Buyer at the expense of

the Buyer. ﬔe Company shall not be subject to any report presented by the Buyer, and retains the right to seek additional expert opinion at the expense of the Company. 5. This limited warranty does not apply to auction categories, such as, jewellery, watches, designer handbags, alcohol, tea and other food and beverage items, etc.

ARTICLE 61 SPECIAL CATEGORIES 1. Statements about the status of jewellery items in the auctions are usually set out in the catalogue. However, it does not imply that the auctioned item has no defects, flaws or has not enhanced beautification after processing. (1) Coloured gems (such as rubies, sapphires, emeralds and various coloured gems) may enhance beautification after processing or improved in appearance, including heat-treated, oiling and radiation. ﬔese common practises have been approved by the international jewellery industries. However, the hardness of the treated stones may be reduced and / or need special maintenance in the future. (2) Our Company will not apply appraisal report from professional organisations for each piece of jewellery item in the auction. If an auctioned item has obtained the appraisal report from an internationally recognised gem laboratory, the Company will specify it in the auction catalogue. Due to the difference in methods and techniques used in different laboratories, there may be different views as to whether a gemstone has been treated, degree of treat or permanently treated. Our Company will not be responsible for the accuracy of the appraisal report issued by each laboratory. (3) If you would like to request an appraisal report by a specific laboratory, please submit the request at least 14 working days before the auction date, the Company will apply for appraisal report on behalf of you, and the corresponding appraisal costs will borne by you. (4) ﬔe valuation of an item of jewellery item in the auction is made based on all information being known at the time the item being auctioned, bidders should review the auctioned item or make a detailed understanding of the auctioned item before the auction. Once you have placed a bid, it is deemed that you have accepted all the current status of the auctioned items. (5) Our Company reminds bidders that precious stones or emerald originating from Myanmar may be banned in certain countries. 2. Watches and Timepieces Auctioned items (1) Our Company has stated that the current status of a watch and timepieces auctioned items being known on the auction catalogue, and is for bidder's reference only. Due to the fact that most timepieces have been repaired and maintained during the previous period being used, we do not guarantee that any parts and components of any watch are original, and it is possible that no pendulum, clock hammers or keys are for available for sale. (2) Watches and timepieces generally have a very sophisticated mechanical manufacture that may require general warranty service, battery replacement or further repair works, and these will be all at the buyer's disposal. Our Company does not guarantee that any auction of watches is in good working condition. Unless mentioned in the catalogue, otherwise we do not provide a certificate. (3) Most watches have been opened to check the movement of the models and their quality, so with a waterproof case may not contain waterproof function, our Company recommends that you to ask a professional watch maker to check before use.

CHAPTER IV MISCELLANEOUS ARTICLE 62 OBTAINING INFORMATION, VIDEO-TAKING In connection with the operation of the auction business of the Company, the Company may make audio recording, video recording of any auction process, and need to

collect personal information from the Bidder or ask for the information of the Bidder from third parties (such as asking for credit review from banks). Such information will be handled and kept confidential by the Company. However the information concerned may be provided to the Company, its divisions, affiliates and subsidiaries in order to assist the Company to provide comprehensive services to Bidders, carry out client analysis, or in order to provide services that meet the requirements of the Bidder. For the sake of the interest of the Bidder, the Company may also provide some personal information of the Bidder to third party service providers (such as cargo liners or storage houses). By participating in the auction of the Company, the Bidder agrees to all previously stated disclosure. If the Bidder would like to obtain or amend his personal information, please contact the customer service department.

ARTICLE 67 NOTICE

ARTICLE 63 CONFIDENTIALITY

ARTICLE 68 SEVERABILITY

The Company shall be obligated to keep confidentiality for the Seller, the Bidder and the Buyer and protect the legitimate rights of the Seller, the Bidder, the Buyer as well as the Company according to these Conditions of Business and the laws of Hong Kong. With below exceptions: 1.To any related parties as the Company considers appropriate with the obligations to maintain the conﬁdentiality of the information extended; 2.To whom information is requested to be disclosed by any court, jurisdiction, governmental, banking, taxation or other regulatory authority, or by any applicable law or regulation; 3.Being agreed by relevant seller, bidder or buyer.

If any terms or parts of the Conditions are conﬁrmed as void, illegal or cannot be executed, other terms or parts of the Conditions are still valid, the parties concerned shall abid by and execute them.

ARTICLE 64 AUTHENTICATION RIGHT The Company may authenticate the Lot if necessary. In case of any discrepancy between the authentication conclusion and the conditions of the Lot in the consignment auction contract, the Company shall have the right to request modification or rescission of the consignment auction contract.

ARTICLE 65 COPYRIGHT The Seller authorizes the Company to produce photos, illustrations, catalogue, video products and advertising materials in other forms of the Lot that it has appointed the Company to place for auction, the Company is entitled to the above photos, illustrations, catalogue, video products and advertising materials in other forms of the Lot, and has the right to use them. Without prior written consent of the Company, the Buyer and anyone shall not use them. ﬔe Company and the Seller have not made any statement and warranty as to whether the Lot is restricted by copyright or if the Buyer has obtained any copyright of the Lot.

ﬔe Bidder and the Buyer shall inform the Company their permanent and effective correspondent address and contact methods in the bidding registration documents or by other methods recognized by the Company. If there are changes, they shall inform the Company in writing immediately. The notices mentioned in the Conditions of Business only refer to written notices sent by letter or fax formats. A notice shall be deemed as served at the following moment: 1. If it is served by hand, when it reaches the address of the party concerned; 2. If it is sent by post, then it is the seventh day after it is posted; 3. If it is sent by fax, then it is the moment the outgoing fax transmission is conﬁrmed by the fax machine.

ARTICLE 69 LAWS AND JURISDICTION The Conditions of Business and the related matters, transactions, any disputes caused by or in connection with the participation in the auction activities of the Company pursuant to the Conditions of Business shall be subject to Hong Kong laws and shall be interpreted by Hong Kong laws. The Company and the Buyer and the Bidder shall submit to the exclusive jurisdiction of Hong Kong courts. Adjudication(s) promulgated by Hong Kong courts on any disputes arising from the Conditions of Business and related matters can be enforced in People's Republic of China.

ARTICLE 70 LANGUAGE The Chinese version of the Conditions of Business shall be the standard texts; the English version is for reference only. Should there be any discrepancy between the English version and Chinese version, the Chinese version shall prevail.

ARTICLE 71 OWNERSHIP OF THE COPYRIGHT OF THE CONDITIONS The Conditions of Business is prepared and revised by the Company, the copyright concerned belongs to the Company. Without the prior written approval of the Company, no one shall use any methods or means to use the Conditions of Business to obtain business benefits, and shall not make duplication, of any parts of the Conditions of Business.

ARTICLE 66 EXEMPTION FROM LIABILITY

ARTICLE 72 APPLICABLE PERIOD

Being an agent of the Seller, the Company shall assume no liability for any breach of contract by the Seller or the Buyer. In case of the breach of contract by the Seller or the Buyer, the Company shall have the right to decide to disclose the other party's name and address to the Seller or the Buyer at its own discretion so that the damaged party may receive compensation for damages through legal proceedings. However, prior to the Company's disclosure of such materials to the Seller or the Buyer, the Company shall take the reasonable steps to notify the party whose materials are to be disclosed. Buyers and sellers have to bear liabilities arisen from transactions including but not limited to, economic, legal, tax and settlement and other related responsibilities, and have to ensure transactions not relate to money laundering or other illegal beneﬁt transfers. Any receive or payment instruction must be clear and direct, the Company shall assume no liability for losses arisen from account stolen, misappropriation of funds and other unforeseen circumstances resulting from mismanagement of sellers or buyers.

The Conditions of Business is only applicable for this auction. The Company may update the Conditions of Business from time to time, when the Bidder and the Buyer participate in another auction, the then applicable Conditions of Business shall prevail.

ARTICLE 73 RIGHT OF INTERPRETATION ﬔe right of interpretation of these Rules shall belong to the Company.

Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;Â&#x2026;Â&#x2020; IMPORTANT NOTICE ABOUT BIDDING REGISTRATION

â&#x20AC;&#x201D;ÂÂ´ Â&#x2018; Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;HÂ&#x2026;ÂŁÂ&#x2122;Â&#x20AC;Â&#x201A;Ă&#x201C;Â&#x192;Â&#x201E;Ă?Â?Â&#x161;ÂŻÂ° ÂľĂąĂ R3Â°[Â&#x17D; Âś R}Â&#x17D; ĂŹÂ&#x192;Â&#x201E;ĂŽĂ˛Â&#x; I. When you register to bid in an auction, you must fill in the Bidding Registration Form, with all relevant documents as follow, and pay a deposit in order to complete the registration. Ă?ÂÂ&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;HÂ&#x2026;ÂŻÂ°Â?Â°[ : 1. Â´Â&#x2022;& Ă&#x2013;Ă&#x2DC;Â Â&#x2020;Ă? ĂąĂ R3Â°[ ( ÂśĂ&#x17E;Ă&#x;ĂąĂ RÂ&#x2021; / Ă Â&#x2020; )Â&#x17D;Â&#x2021;bHÂ¤ÂĽR3 ( ÂśĂąĂ R3Â°[1 $ 5 )Â&#x17D;Âś ÂťÂ&#x;Â?ÂŚÂ´Â&#x2021; / Â§Â&#x152;ÂÂ¨Â´Â&#x; 2. }|& }Â?Â&#x192;Â&#x201E;RÂ&#x2021;ĂŁĂ¤R3Â°[Â&#x; 3. Ă?ĂŹÂ&#x2022;&Ă?ĂŹÂ&#x2022;Â Â&#x2020;Ă? ĂąĂ R3Â°[ , Ă?ĂŹÂ&#x2022; Ă? Ă?Â?Â&#x20AC;Â&#x201A;Â&#x2022;Â˛ / Â?R3Â°[ , Â&#x2021;ÂĄÂ&#x2022;Â˛ / sĂ&#x2013; ĂĽ t2 Â&#x;%#Ă&#x152;Ă&#x2021; , ÂŹÂ&#x203A;LĂŹĂŚĂ&#x17D;Â&#x2030; Â&#x160; - ÂžÂ?ÂŁ ÂĄÂťÂžĂ?ĂŹÂ&#x2022;Â&#x;ÂśÂ´ Ă?Ă?yÂ&#x2022;Â&#x2018; Â&#x20AC;Â&#x201A;Â&#x17D; Ă&#x201E;Â&#x203A;L Â&#x2022;Â?Â&#x2030;Â&#x160;Â&#x; 4. Ă˛}| Â&#x2021;1Â˛$# xÂ&#x2013; nqÂ&#x20AC;Â&#x201A; Ă&#x2014; }|Â&#x17D; ĂŠ= "Â´ ĂˇÂŻÂ°Â§Â&#x152;Ă&#x2013;Ă&#x2DC; Â?Â&#x17E;ÂťR3Â&#x;Â&#x; "Â&#x2026;Â&#x2018; Â&#x20AC;Â&#x201A; Ă˛}|Âž Â¸ÂżuX 3 Â´Âľ ÂśÂż ĂŹÂ&#x192;Â&#x201E;Â&#x17D; N ! H}Ă&#x2122;ĂŹÂ&#x192;Â&#x201E;ÂźÂ˝Â&#x; II. Documents that must be provided when completing the bidding paddle registration: (1) Individuals: photo identity i.e. national identity card and/ or passport; proof of current address (if the current address is not shown on the identity document), i.e. utility bill or bank statement. (2) Corporate clients: a certificate of incorporation and oďŹ&#x192;cial documents listing directors and shareholders. (3) Agents and/or Acting Personnel: photo identity of the agent and/or acting personnel, copy of identity document of the person/company that the agent and/or acting personnel acts on, original copy of signed and/or chopped authorization letter from the particular person/ company. Please note that Poly Auction (Hong Kong) Limited does not accept any payment from any third party and this also applies to agent. If you participate in the bidding on behalf of others, Poly Auction (Hong Kong) only accepts the payment of the principal. (4) New clients and those clients who have not bidden successfully from Beijing Poly Intemational Auction Co., Ltd., must provide credit proof issued by banks, and must complete the registration at least three business days before the auction so that there will be enough time to process the registration. ĂŚÂĂ&#x2022;Â´ Ă&#x;"Â&#x2026;Â&#x2018; Â&#x20AC;Â&#x201A;Â&#x17D;ĂŤH1 Â&#x153;Â¤ Ă˘}|-Ă?Â&#x17D; R} Â? 500,000 Â?Â&#x; ÂśÂ´ Ăź`Â&#x20AC;Â&#x201A;Ă&#x153;Â¤Ă? Ă&#x2014; ( Â˛ ĂŚÂ&#x2021; / ~ ĂŚv 0CDÂ? Ă&#x2014; )Â&#x17D; R} Â? 1,000,000 Â?Â&#x; ĂŠ= Â&#x2013;HĂ§Ă?Ă&#x153;Â¤Ă? Ă&#x2014;Â? R} Â&#x2021; / ĂŽĂ˛ , ÂŤÂŹÂŽ ÂŻÂ&#x152; Â&#x2020;Â&#x;Â˛Â´ Â&#x20AC;Â&#x201A;Âż , ĂŠ= "Â´ ĂˇÂŻÂ°-Âˇ ÂľÂ´ Â&#x2C6;Â?R3Â&#x;

ĂŠ= Â°ĂŠ-ÂˇÂ&#x2022;Â?Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;ÂŤÂŹÂŽÂłÂ&#x203A;-Âˇ $ Â&#x; III. If this is the first time you bid with Poly Auction (Hong Kong) Limited, and you are not recommended by a registered client endorsed by us, the deposit will be HK$500,000. If you intend to bid on a â&#x20AC;&#x153;Premium Lotâ&#x20AC;?(i.e., a lot marked with 0 in the printed catalogue and/or the digital catalogue), the deposit will be HK$1,000,000, please be aware the amount of deposit and/or bidding registration procedure for â&#x20AC;&#x153;Premium Lotâ&#x20AC;? can be changed at any time at Poly Auction(Hong Kong)â&#x20AC;&#x2122;s sole discretion without prior notice. In either case, you must deliver to Poly Auction (Hong Kong) Limited such necessary financial references, guarantees, deposits and/or such other security as Poly Auction (Hong Kong) Limited may in its absolute discretion require for before your bid. Poly Auction (Hong Kong) Limited may refuse any bidding registration without any explanation at itsâ&#x20AC;&#x2122; sole discretion.

ĂłÂ R}Â?Â&#x2026; Ă&#x2021; Â&#x153;Â¤ Â?Â&#x17E;Âť1 / Â§Â¸1 Â?Â&#x2030;Â&#x160; ( Â´ Â?Â&#x2026;Ă <#ÂťĂľÂ&#x2C6; Â&#x17E;Âť1 / Â§Â¸1 )Â&#x;ÂśÂ´ 1ĂŁÂ&#x201A; -Âˇ Ă&#x2014; , Ă&#x2026;Ăş+Â˛ Â¨Ă? 'ĂłÂ´Âľ Â ĂŚIÂŞÂ´ IÂ&#x2030; R} ( ÂŹ,K * )Â&#x;ÂśÂ´ n Ă˝ĂžÂ&#x17D; Ă&#x2026;ÂĄ R} ĂżÂ&#x2030; Ă&#x2014;Ă Ă˝Ă?Â&#x160; Â&#x160; RÂ&#x;-ÂˇGÂ&#x2021;IÂ&#x160; Â?Ă&#x201C;Â¤Â¸Ă&#x2C6;` Â˛ÂťÂ&#x17D;Ă&#x2026;ĂÂ´ :/Â&#x; IV. All deposits must be paid in HK dollars by telegraphic transfer, credit card acceptable to Poly Auction (Hong Kong) Limited and/or Union Pay Card under your name. If you are not successful in any bid,the deposit (without interest) will be returned to you by any method as determined by Poly Auction (Hong Kong ) Limited within 14 days after the end of the auction. If you successfully bid for any lot(s), Poly Auction (Hong Kong) Limited may use the deposit to offset any amount of purchase price of the lot(s) that bought by you. Any losses or expenses from foreign currency conversion involved in the refund will be borne by you. ĂżÂ ĂˇÂ&#x20AC;Â&#x201A;Â&#x2022;ÂŻÂ°Â&#x2C6;Â?4Ă&#x201D;R3Â/ ÂĂŤ Â&#x160;R3Â&#x17D; Â¤ ĂˇÂ&#x20AC;Â&#x201A;Â&#x2022; p Ă&#x2021;Â&#x20AC;Â&#x201A; Ă&#x2014;ÂŻ Â°py Â&#x; Ă&#x2039;Ă§OÂ&#x20AC;Â&#x201A;Â&#x2022;Âź}FÂˇ Â&#x; V. Poly Auction (Hong Kong) Limited has the right to demand the Bidder to provide any proof of financial conditions, guarantee, proof of bank deposit and/or any other necessary documents that our company can demand, at its absolute discretion, and/or asking the Bidder to provide any other collateral for the Lot(s) that the latter intends to bid. Our company reserves the right to investigate the sources of funds of the Bidder. [Â ĂŠ= Â°ĂŠ-ÂˇÂ&#x2022;Â?Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;ÂŤÂŹÂŽÂłÂ&#x203A; -Âˇ$ Â&#x; VI. Please be aware that Poly Auction (Hong Kong) Limited can refuse any bidding registration without any explanation at itsâ&#x20AC;&#x2122; sole discreation.

Â&#x2C6;Â?Â&#x2030;Â&#x160;Â&#x2026;Â&#x2020; IMPORTANT NOTICE ABOUT PAYMENT

'Â nÂ¤ Â&#x17D;Ă˝ĂžĂśĂżÂ&#x2030;\]Ă? Â&#x2021; Ăś~}Â&#x; nÂ¤Â ( KnÂ¤Â ) *#Â ĂŚÂ&#x17D;Ă˝ĂžĂś" Â&#x2030; Ă Ă˝ Ă?Â&#x160;Â&#x161;ÂŻz Ă&#x2014; , #Ă˝Ăž23Ă&#x2026; Ă&#x2014;Ă&#x2DC;ÂĽ , Â&#x161;ÂŽ Â¤ĂŁÂŽ Ă&#x2DC;ÂĽ sÂ¤R , Âž' Â&#x160; ÂĄÂťÂ&#x; I. In addition to the Hammer Price, the Buyer agrees to pay the applicable commission in respect of such Hammer Price. Payment must be made within 7 calendar days (including the day of Sale) from the day of sale. ďŹ&#x201D;is applies even if the Buyer wishes to export the lot and export license is (or may be) required. Ă?Â< nÂ¤Â ( KnÂ¤Â ) ĂŹ ĂŚ''Â *Â&#x17D;Ă˝ĂžÂ&#x2026; Â&#x2026; Â¸1 rz Ă&#x2014;ĂżÂ&#x2030;Ă&#x201E;ĂŤÂ˛Â&#x17D;{[{Â Â?Â?LÂ?Â&#x;Ă&#x201E;ĂŤÂŹ 'Â´ÂĂŽÂ&#x17D; Â&#x2026; Â&#x2030;Ă?ÂĂ&#x201E;ĂŤÂ˛Â&#x;Ă&#x201E;ĂŤÂ˛ÂŹ,+p yÂźwÂ˛ÂťÂ&#x17D;Âś Â&#x;Â, Â&#x192; Ă&#x192;Â˛Â&#x17D; pyÂźwÂ˛ÂťĂ&#x2026;Â¸ÂŻÂ&#x152;MzÂ&#x; II. Where Lot(s) is(are) not collected within 30 calendar days (including the day of sale) from the day of sale, the Buyer must pay the monthly storage fee of HK$800 per lot starting from the 31st day. For storage less than one month, one whole monthâ&#x20AC;&#x2122;s storage fee will be charged. All other additional expenses such as insurance, packing and/or transportation costs will be charged separately. ĂŚÂ Â&#x203A;L UĂżÂ&#x2030;Â&#x160;Ă&#x17D;Â¨& é&#x203A;ťĺ&#x152;Ż Â&#x2030;Â&#x160;Ă&#x17D;Â¨ Ă&#x2021; Ă&#x2021; Ă&#x17D;Â¨ Â&#x203A;rK

Â§Â&#x152;ÂŚ|Â&#x;#Ă&#x2026;Ă&#x2021;Â&#x160;Âą5Â&#x2022; ĂŤĂľ Â&#x2021;Â&#x2C6;Â&#x2021;Â&#x20AC;Â&#x201A;Ă&#x201C;D Ă&#x2013;4D5' *Â¤Â&#x203A;Â§Â&#x152;Â&#x; |Â&#x152;& ÂšuĂ&#x2021;6Â§Â&#x152; |Â&#x2C6;& D5&004-848-360475-838 MÂ&#x160;Â§Â&#x152;Ă?D : HSBCHKHHHKH Â§Â&#x152;Ă?5 : 004 |Â&#x152;&Â¤ Â§Â&#x152;ĂŁĂ Â&#x152; |Â&#x2C6;& D5&027-536-9-311-5318 MÂ&#x160;Â§Â&#x152;Ă?D : COMMHKHH Â§Â&#x152;Ă?5 : 027 äżĄç&#x201D;¨ĺ?Ą / é&#x160;&#x20AC;č Żĺ?Ą Ă˝ĂžÂś Â&#x153;Â¤Â?Â&#x17E;Âť1 Â&#x2021; / Â§Â¸1Ă&#x17D;Â¨ĂżÂ&#x2030;Ă Ă˝Ă?Â&#x160;Â&#x17D;Â ÂŽ:/ GÂžÂ&#x2030;Â&#x160;}ÂźÂŹĂžÂž 2.5% Â?Â&#x152; Â˛ÂťÂ&#x; Â&#x203A;LÂ&#x17E;Âť1Â&#x2030;Â&#x160; Â?Âš Â? 1,000,000 Â? ( {'Â&#x2DC; )Â&#x;ÂśĂ˝Ăž ÂŚ1Â&#x2022;ÂŹÂ˛Â&#x2DC;Ă&#x17D;Â¨ Â&#x17E;Âť1ĂżÂ&#x2030; Â&#x160;Â&#x17D;}|Â?Â&#x2026;ÂŁÂ&#x2122;â&#x20AC;? Â&#x17E;Âť1Â&#x2030;Â&#x160;ĂĽ tâ&#x20AC;? Â&#x17D; Â&#x161; ĂŚĂ&#x2DC; (852 23039888 ) / Â&#x2026; (cs@polyauction. com.hk ) Â&#x2026;FĂ&#x17D;Â¨Â˝ÂŞ Â&#x2030;ÂĽÂ&#x17D; Â&#x2026;L Âľ Â&#x160;ÂŁĂ?Â&#x; ć&#x201D;ŻçĽ¨

Â&#x203A;LÂ´Â&#x2022;Ăż4 Ăż4Â&#x17D;ĂŠ #Ă&#x2039;Ă&#x2021;Ă˝ĂžÂ&#x2026;ÂžĂż4:Â? Ă&#x17D;Â¤ÂŻz Ă&#x2014;Â&#x; ÂŹ Â&#x203A; L 7 Â&#x152; Ăż 4 Â&#x2030;

Â&#x160;Â&#x; ç?žé&#x2021;&#x2018; / é&#x160;&#x20AC;čĄ&#x152;ć&#x153;ŹçĽ¨ Âś b} Â§Â&#x152; 4 Â&#x2030;Â&#x160;RÂ&#x17D;Â Â¤ P ÂŻz Ă&#x2014;Â&#x;Â&#x2122; 8ÂŹÂ&#x203A;L 'Ă&#x201D; ĂžÂ&#x2026;Â&#x2030;Â&#x160;Â§Â¨Âťb}ĂżÂ&#x2030; Ă&#x2039; Â? 80,000 Â? ĂŤÂ˘Ă?Ă&#x17E;wÂ?Â? Â&#x160;RÂ&#x17D; "ĂżÂ&#x2030;b} Ă˝Ăž Ă˛}|Mz Ă&#x2122;ĂąĂ R3Â°[Â +Â¤ÂĽR3Â&#x2021;b}FÂˇR3Â&#x; III. Our company accepts the following types of payment: TELEGRAPHIC TRANSFER Payment should preferably be made by telegraphic transfer directly to our companyâ&#x20AC;&#x2122;s account. Please include your name and paddle number or invoice number with your instructions to the bank. Bank: The Hongkong and Shanghai Banking Corporation Limited Account Name: Poly Auction (Hong Kong) Ltd. Account No: 004-848-360475-838 SWIFT: HSBCHKHHHKH Bank Code: 004 Bank: Bank of Communications Co., Ltd. Hong Kong Branch Account Name: Poly Auction (Hong Kong) Ltd. Account No: 027-536-9-311-5318 SWIFT: COMMHKHH Bank Code: 027 CREDIT CARD/UNIONPAY CARD Our company accepts payments by credit cards and/ or Union Pay which is acceptable to Poly Auction (Hong Ko n g ) u p t o H K $ 1 , 0 0 0 , 0 0 0 p e r auction sale. The Buyer have to bear the administrative charge which is not more than 2.5% of the paid amount. If buyer pay by credit card but not in person, client have to ďŹ ll in the â&#x20AC;&#x153;Credit Card Authoirsation Formâ&#x20AC;? and send back by fax (852 23039888)/ email (cs@polyauction.com.hk) or mail to our oďŹ&#x192;ce address (subject to conditions). CHEQUE Our company accepts personal and company cheques, but please be reminded that the purchases will not be released until such cheques have been cleared. Travelerâ&#x20AC;&#x2122;s cheques are not accepted. CASH / CASHIER ORDER If payment is made by cash or cashier order, the purchases will be released immediately. However, our company does not accept sums exceeding HK$80,000 (or its equivalent in other currencies) in cash in a single or multiple payments. Our company requests any new clients or purchasers preferring to make a cash payment to provide proof of identity and proof of the permanent address. We reserve the right to seek identiďŹ cation of the source of funds received.

ĂłÂ Ă?Â&#x160;Ăś Â?ĂżÂ&#x2030;Â&#x;ÂśĂ˝Ăž Â? w py Â?ĂżÂ&#x2030;Â&#x17D;Ăś|Ă˝ Ăž ÂŁÂŁ Ă&#x2021;Ă?Ă&#x160;` |Â&#x2020;

ÂşÂťÂ?Â§Â&#x152;ÂžĂ˝ĂžÂ&#x2030;Â&#x160;Â Âż'Â´ Âľ Â Â? ÂĄ Â? Ă&#x2021;Ă?Ă&#x160; `Â&#x17D;Â&#x161; Ă&#x2013;Ă&#x2DC;Â?Â´ Âš Ă&#x201A; Â?Ă&#x2021;Â? ĂŻÂ&#x;Ă˝Ăž<Â&#x152;:/ ĂżÂ&#x2030;Â? ÂĄĂżwÂ?Â?Ă&#x201C;n Â? ĂźÂ? Â§ Â&#x152;ĂŽĂ˛Â˛Â~}Â&#x2021; / pyÂ˛ÂťÂ&#x; IV. If the payment made in a currency other than Hong Kong Dollars, we shall charge the Buyer for any currency costs incurred. This will include bank charges, commissions for converting the currency. The exchange rate of Hong Kong Dollars and that currency will be the rate quoted by such bank as selected by the company, in Hong Kong on the date of payment. ĂżÂ Ă&#x2026;"Â&#x20AC;Â&#x201A;Â&#x192;Â&#x201E;Ă?Â?Âš Â&#x2021; Â&#x2C6;Â&#x2021;Â&#x2030;ÂĽĂ&#x2013;Ă&#x2DC; Ă&#x2DC; Ă&#x2014; ÂŚÂ´Â&#x17D;Ă˘ Â&#x192;Â&#x201E; Â&#x2021;Â&#x2C6;Â&#x2021;Â&#x2030;ÂĽÂŹ Ă&#x2019;ÂŞÂ&#x; V. Our company will issue an invoice of sold lot (s) based on the name and address which is (are) on the Bidding Registration Form and the registered name and address should not be changed and/ or amended. [Â ÂŹÂ&#x203A;LÂ˘Ă˝Ăžw -ÂˇĂŹ ĂŚ Ă&#x17D; Â&#x2030; Â&#x160;Â&#x; Âž R Â? ÂŁ ÂĄ Âť Âž Ă? ĂŹ Â&#x2022;Â&#x;ÂśĂ?ĂŹÂ&#x2022;Ă?Ă?yÂ&#x2022;Â&#x2018; Â&#x20AC;Â&#x201A;Â&#x17D;Ă&#x201E; Â&#x203A;L Â&#x2022; Â&#x2030;Â&#x160;Â&#x;Â˘Â&#x203A;LĂ˝ĂžÂ&#x2030;Â&#x160; wÂ&#x17D; Ă&#x2039;Â°MpyFÂˇÂ&#x2030;Â&#x160; Â&#x; VI. Our company does not accept payment from any third party other than the Buyer. This applies to agent as well. If the agent participates in the auction on behalf of any others, we only accept payment from the principal. Except payment from the Buyer directly, our company reserves the right to reject payments from other sources.

保利香港拍賣有限公司 (“ 保利香港拍賣 ”)

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POLY AUCTION (HONG KONG) LIMITED (“POLY AUCTION (HONG KONG)”)

BIDDING REGISTRATION FORM Paddle No. Client No. Personal Account

Company Account

Name

Company Name

ID / Passport No.

Business Registration No.

Authorized Person : ___________________________________

ID/Passport No. : ______________________ Telephone: _________________________

Address City

Country

Postal Code

Telephone

Fax

Auction Category:

□ Modern and Contemporary Art □ Fine Modern Chinese Paintings and Calligraphy □ Classical Chinese Paintings and Calligraphy □ Chinese Contemporary Ink Paintings

Have you registered to bid at Poly International Auction Co. Ltd. before?

□ Chinese Ceramics and Works of Art □ Jewels □ Watches □ Bag & Hype □ Yes

□ Tea □ Chinese Spirit □ Whisky & Cognac □ Other

□ No

Please attach a copy of your ID Card/Passport and proof of current address (e.g. utility bill and bank statement) for identification purpose. I hereby confirm my intention and application to bid in the above auction. I agree to deliver to Poly Auction (Hong Kong) such necessary financial references, guarantees, deposits and/or such other security as Poly Auction (Hong Kong) may in its absolute discretion for my bid. I agree that Poly Auction (Hong Kong) has no obligation to accept this registration application and that Poly Auction (Hong Kong)’s decision in this regard shall be final. I shall not assume Poly Auction (Hong Kong)’s acceptance of my registration application unless I have received a written confirmation from Poly Auction (Hong Kong) to that effect or a bidding paddle. Please note that the auctioneer may open the bidding on any lot by placing a bid on behalf of the seller. ﬔe auctioneer may further bid on behalf of the seller up to the amount of the reserve, by placing responsive or consecutive bids for a lot. In connection with the management and operation of our business and the marketing and supply of Poly Auction (Hong Kong) services, or as required by law, we may ask clients to provide personal information about themselves and/or obtain information about clients from any third parties (e.g. credit information). Poly Auction (Hong Kong) will not use and/or process my personal information for any other purpose without the client’s express consent. In order to fulfill the services that clients have requested, Poly Auction (Hong Kong) may disclose certain information to third parties (e.g. shippers). Some countries do not offer equivalent legal protection of personal information to that offered within Hong Kong. It is Poly Auction (Hong Kong)’s policy to require that any such third parties respect the privacy and confidentiality of my information and provide the same level of protection for my information as provided within Hong Kong, whether or not they are located in a country that offers equivalent legal protection of personal information. By signing this Registration Form I agree to such disclosure. By signing below, I agree to be bound by the Conditions of Business and all the important notices as printed in the catalogue. If Poly Auction (Hong Kong) so requests, I agree to provide proof of identity and permanent address. ﬔe contract between the Buyer and Seller shall be concluded upon the striking of hammer by the Auctioneer. If the Lot is sold, I agree to pay in Hong Kong dollars the Hammer Price, a commission and related charges of buyer within 7 calendar days (including the day of sale).

□ I would like to receive the news for coming auction or events by email or message from Poly Hong Kong or Poly's group □ I do not wish to receive the settlement advice by email

SIGNATURE

DATE

If you plan to attend the sale and bid on a lot, please ﬁll out this form and fax it to (852) 2303 9888 or mail to the following address in either case to reach POLY AUCTION (HONG KONG) no later than 3 working days prior to the day of sale:

FOR OFFICE USE ONLY

□ Wire Transfer Handled by

□ Cashier Order

□ Cheque

□ Credit Cards (VISA, MASTER, CUP, A E)

Approved by

□ Others Date / Time

Suite 701-708, 7/F, One Pacific Place, 88 Queensway, Admiralty, Hong Kong }¿}¿B 88 DCD, 1 L 7 E 701-708 T: +852 2303 9899 F: +852 2303 9888 E:cs@polyauction.com.hk W: www.polyauction.com.hk

ID/PP : □ Provided

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POLY AUCTION (HONG KONG) LIMITED (“POLY AUCTION (HONG KONG)”)

ABSENTEE BID REGISTRATION

Paddle No.:

Mail or Fax to: Poly Auction (Hong Kong) Limited Address: 701-708, 7/F, One Paciﬁc Place 88 Queensway, Admiralty Hong Kong Phone: (852) 2303 9899 Fax: (852) 2303 9888

Personal Account

Company Account

Name

Company Name

Bank: ﬔe Hongkong and Shanghai Banking Corporation Limited Account Name: Poly Auction (Hong Kong) Ltd. Account No: 004-848-360475-838 SWIFT: HSBCHKHHHKH Bank Code: 004

Address

Client No.

Bank: Bank of Communications Co., Ltd. Hong Kong Branch Account Name: Poly Auction (Hong Kong) Ltd. Account No: 027-536-9-311-5318 SWIFT: COMMHKHH Bank Code: 027

This Absentee bid registration must be sent to the customer service department at least three business days before the Auction Day. Poly Auction (Hong Kong) will conﬁrm receipt of your Absentee Bid Registration by fax or recorded phone message etc. If you have not received deﬁnite reply within one working day, please send in the form again.

□ WRITTEN BIDS Bidding will be conducted at the lowest possible price. If appropriate, your absentee bids will be roughly adjusted to the bidding increment of the Auctioneer as close as possible. “Buy” or unlimited bids will not be accepted and we do not accept “plus one” bids. Please place bids in the same order as in the catalogue. If Poly Auction (Hong Kong) receives two or more absentee bids at the same bidding price, and during the Auction, such bidding prices are the highest bids for that Lot, then that Lot will belong to the Bidder whose absentee bid reaches Poly Auction (Hong Kong) ﬁrst. ﬔe Auctioneer can execute absentee bids directly on the Auction stage.

□ TELEPHONE BIDS Please indicate clearly the instant communication methods and instruments that you can be contacted during the auction period, we will phone you before the bidding of the Lot that you intend to bid for, the bidding information transmit by that instant communication instruments (whether or not it is transmitted by you personally) shall be considered as transmitted by you, and you shall bear all liability and responsibility (including but not limit legal liability and responsibility) for the actions taken by it. 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.

Sale No.

Lot No.

_________________________________

Business Registration No.

ID / Passport No.

City

Country

Postal Code

Tel #1

Tel #2

Fax

Preferred language

☐Authorization for Absentee Bid Registration: Name of Agent ID / Passport No.

Tel:

IMPORTANT REMINDER: • Poly Auction (Hong Kong) does not accept any payment from any third parties (agent inclusive), nor cash in excess of HK$80,000 (or its equivalent in other currencies), and that the invoice details cannot be changed and/or amended after the end of the Auction. • Please provide certified true copies of the following documents: o Individuals: photo identity i.e. national identity card and/or passport, proof of current address (if the current address is not shown on the identity document), i.e. utility bill or bank statement. o Corporate clients: a certificate of incorporation and official documents listing directors and shareholders. o Agents and/or Acting Personnel: photo identity of the agent and/or acting personnel, identity document of the person/company that the agent and/or acting personnel acts on, original copy of signed and/or chopped authorization letter from the particular person/ company. Please note that Poly Auction (Hong Kong) Limited does not accept any payment from any third party and this also applies to agent. If you participate in the bidding on behalf of others, Poly Auction (Hong Kong) only accepts the payment of the principal. • Poly Auction (Hong Kong) only accepts Absentee Bid Registration Form in this written format. I hereby apply for and appoint Poly Auction (Hong Kong) to conduct bidding for the Property(ies) listed in this Absentee bid registration, and agree to the following terms: 1. I undertake that I have carefully read and accept the Conditions of Business, Important Notices, Important Notices about Bidding Registration and Important Notices about Payment of Poly Auction (Hong Kong) published in the catalogue, and agree to be bound by all the terms of the above mentioned provisions. 2. ﬔe disclaimer of absentee bid of the Conditions of Business of Poly Auction (Hong Kong) is indisputable, I shall not seek to establish the relevant responsibilities of Poly Auction (Hong Kong) and its staff for unsuccessful bidding or their inability to bid on my behalf regardless such is caused by negligence or other reasons. 3. I shall present this Absentee Bid Registration to Poly Auction (Hong Kong) at least three business days before the Auction Day, and complete the bidding registration according to the conditions and procedures announced by Poly Auction (Hong Kong). If Poly Auction (Hong Kong) has not received the amount corresponding to the Auction deposit that I have paid or Poly Auction (Hong Kong) has not verified and confirmed it within the period stipulated, this form shall be void. 4. ﬔe contract between the Buyer and Seller shall be concluded upon the striking of hammer by the Auctioneer. If the Lot is sold, I agree to pay in Hong Kong dollars the Hammer Price, a commission equivalent to 18% of the hammer price of each lot and any Buyer's expenses within 7 calendar days (including the day of sale).

Highest Bid (excluding commission) for written bid / Emergency bid (excluding commission) for phone bid #

Lot Description

HKD HKD HKD HKD HKD #important Note: If Poly HK staff is unable to contact you during the auction, the bid will be placed in accoedance with you listed emergency bid price

□ I would like to receive the news for coming auction or events by email or message from Poly Hong Kong or Poly’s group □ I do not wish to receive the settlement advice by email Signature: FOR OFFICE USE ONLY Deposit payment: □ Wire Transfer Handled by

Date:

□ Cashier Order

□ Cheque Approved by

□ Credit Cards (VISA, MASTER, CUP, AE)

ID/PP: Date / Time

□ Provided

□ ERP

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SHIPPING INSTRUCTIONS SHIPPING INFORMATION Please complete this Form and we shall arrange for the dispatch of all your purchases through one of our nominated shipping agents, at your expense. Poly Auction (Hong Kong) is not responsible for any damage and/or loss of the purchases and/or the packing (i.e frames, glasses) from any packing and/or transportation. It should be the buyerâ&#x20AC;&#x2122;s responsibility to obtain any necessary licenses and/or permits, and all the duties, and/or taxes which may occur. For advice on shipping your purchases please call Poly Auction (Hong Kong)'s Warehouse and Logistics Department on (852) 2303 9899.

Please complete this section and delete where applicable

SALE DETAIL Sale #

Lot #

Methods of Dispatch

Registered post/Air fright/Commercial Courier

Invoice#

Delivery Address

(Please cross out as appropriate)

CHARGES

Telephone

Fax

I do/do not require a quotation before the shipment is processed.

INSURANCE IN TRANSIT Please arrange/do not arrange transit insurance. All purchases will be insured at the aggregate price unless otherwise speciďŹ ed. Please note that Poly Auction (Hong Kong) is not responsible for any insurance charge which may occur from transit.

Invoice Address if different from above

Telephone

Fax

POSTAL CONSIGNMENTS ONLY Please do not remove frames. (Glass will be discarded). Please remove frames and glass. NB: items valued in excess of HK$10,000 or weighing more than 2kg cannot be sent by Post.

Special instructions:

Signature

Y/N

Date

ĺ&#x2026;¨ç?&#x192;äż?ĺ&#x2C6;Šć&#x2039;?čłŁčžŚäş&#x2039;č&#x2122;&#x2022; WORLDWIDE OFFICES (Hong Kong) }ÂżB88DCD,Â&#x2DC;1L7E

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