Poly Auction Hong Kong | Autumn Auctions 2020 | Imperial Affection, Part II

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IMPERIAL AFFECTION Part II స䷕e๔ᬻ 喍䇠喎 Hong Kong 2 December 2020 ᯮມ 2020 ࣲ 12 థ 2 ெ

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IMPERIAL AFFECTION, PART II

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IMPERIAL AFFECTION, PART II

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IMPERIAL AFFECTION, PART II

ས௜gऺಿⒿᡜⓀ 湡ꏗ

CONTENTS

6 㼠㹻⿻剪⹡叆鑉 4QFDJBMJTUT BOE 4FSWJDFT &ORVJSJFT

12 䬝ㅷ 1SPQFSUZ GPS 4BMF 66 ꅾ銴鸒デ⿻湡ꏗ管⴪倰岁⛓铞僈 *NQPSUBOU /PUJDFT BOE &YQMBOBUJPO PG $BUBMPHVJOH 1SBDUJDF 69 噠⹡鋊⵱ $POEJUJPO PG #VTJOFTT 79 畹䫏涬鎹갭濼 *NQPSUBOU /PUJDF BCPVU #JEEJOH 3FHJTUSBUJPO 80 頿⹡➰妵갭濼 *NQPSUBOU /PUJDF BCPVU 1BZNFOU 81 畹䫏涬鎹邍呔 #JEEJOH 3FHJTUSBUJPO 'PSN

83 㨽鎷畹䫏邍呔 "CTFOUFF #JE 3FHJTUSBUJPO

85 酤麌㨽鎷 4IJQQJOH *OTUSVDUJPOT

1001

A LONGQUAN CELADON STEM BOWL

ภŕżžä°? ç†Ťá€Łçť˝áś†čĄŠáš›áŞƒĺ“Ť

YONGLE PERIOD, 1403-1424 䞆ćş? 1. 2001 10 18 2. 3. 2018 11 29 599 !"#$%&'#()# *'+,- / !467:;<=> ?@ AB/ !" BC!" DEF GHIJKLMNO P /QRSTU@VW>!" "'XYZ[\;#]H^_` a bcde fghi ajke lmno paqr sH qt u"vawsj;-xyG KLbz {|7} )~  aj‚NHƒ„…†‡ˆ N‰Š ; ‹ŒQÂ?ÂŽÂ?Â?‘„sa’“(”•'a–—R˜™ š›„œ x Â?™I„ŒžÂ&#x; `paj‚N„¥¢;£¤¼ÂžÂŚ §¨` a[\Š!"ÂŞ ‹EÂŹ $­Ž¯ °¹ ²³´£¤¼Âž ÂŚ ¾žœ=¡¸šºjaÂť 1999 °Ÿ124;ž § [\ŠD ÂżĂ€Ă ÂłĂ‚Ăƒ 1981 4 7 252 R˜

1983 5 11 105;

PROVENANCE 1. Tai Sing Fine Antiques Ltd., Hong Kong, 18 October 2001 2. The Xinyangtang Collection 3. Sotheby’s Hong Kong, 29 November 2018, lot 599 6JG DQYN RQVVGF YKVJ UVGGRN[ TQWPFGF ĆƒCTGF UKFGU UWRRQTVGF QP a slightly splayed stem foot, encircled by a raised rib, covered overall with a rich sea-green glaze thinning to a pale tone on the rim and pooling on the exterior just below the rim, and above the foot rim. Compare similar stem bowl in the Palace Museum, Beijing, illustrated in The Complete Collection of Treasures of the Palace Museum. Monochrome Porcelain , Hong Kong, 2000, pl. 124; also one encircled by raised ribs, sold in Sotheby’s London, 7 April 1981, lot 252 and Sotheby’s Hong Kong, 11 May 1983, lot 105. D 12.8cm

HK$ 180,000 - 280,000 US$ 23,000 - 36,000

ÅÆ ¨`a!"ÂŞ Š £¤¼ÂžÂŚ

1002

ภࡹŕš— 괡發熍ဣ਼睽ิ‍ڰ‏耣ŕş?ꖴ‍Ü?‏瞹č?łŕ§źá?Š

A LONGQUAN CELADON 'LOTUS' BOWL EARLY MING DYNASTY, 14TH-15TH CENTURY

䞆ćş? 2005 10 23 513 ,Ăˆ> ÉA-ĂŠB u" Ă‹UĂŠŠĂŒEĂ? RĂŽĂ?‚}ĂŒĂ?Ă‘ Ă’(Ă“Ă”(Ă•Ă–Ă—Ă˜Ă‘Ă™ĂšĂ–Ă› , Ă?ĂœĂ?Ă–§Ăž u"ĂŒĂ&#x; Š;Ă–à åâãä Ă?Ă–ĂĽ}ĂŚÂ? çèà Ê(Ă–ĂŞĂŤĂŹĂ­ĂŽĂŻĂ°  ùò–} ŠĂŒbzĂłH `Ă–ÂŒfôþŠ§Ü aáøqĂš r Ăş Ýßýð~ Þ Â„Ăż=; ~ Ă˝ ýð  :; ´ Âť ™I ÂŒ מ x {ž h !” "# $%&â '{ (!) *+,(ýיI./ ÎÝß ýð~  ,Ă°012 3 Ă?Ă—t „Þ  4 5 Âľ67 8)9 :R; Ă‹<=> SĂž 9~  ? x@™¤< p; AB§D CD£¤¼ÂžÂŚ ²³´EFGG ĂŽ~  ` pÂť H42-45 °12-13/Jack ChiaLM §D NŸ³OP QRSChinese CeladonsT ´Arts of AsiaÂť 1993 11812 °18 Àà ³ 1996 11 5 634;Nn N—W X §, Y´SZ[\]NnN—W =°² ^& 1987 °Ÿ604; Â&#x;Âľ §D R²³_ `R ´pb]Â&#x;Âľ pÂť/g 2019 24;

HK$ 250,000 - 500,000 US$ 32,000 - 64,000

PROVENANCE Sotheby's Hong Kong, 23 October 2005, lot 513 The bowl is well potted of deep rounded form. The exterior is carved in short layered strokes with a broad band of composite flowers including lotus, peony and chrysanthemum amid a dense scroll of foliage, the interior is carved with a similar border enclosing a central medallion of a single branch of camellia ĆƒQYGTU EQXGTGF QXGTCNN KP C INQUU[ UGC ITGGP INC\G UCXG C TKPI QP VJG DCUG DWTPV TWUUGV KP VJG Ć‚TKPI A bowl of similar form and design, illustrated by Julian Thompson, 'Chinese Celadons, the Collection of Mr. and Mrs. Jack Chia', Arts of Asia 0QXGODGT &GEGODGT Ć‚I YCU UQNF KP VJGUG rooms, 5 November 1996, lot 634. Compare also a bowl in the Idemitsu Museum, Tokyo, illustrated in Chinese Ceramics in the Idemitsu Collection, Tokyo, 1987, pl. 604, and another from the Dawentang collection, illustrated by Peter Lam, Chinese Ceramics from the Dawentang Collection, Hong Kong, 2019, cat. no. 24. D 20cm

1003

ภॹáśˆ ĺšƒ夺čĽ‡ç •â€ŤÜ Ůƒâ€Źçžąŕˇœ硴 ĚżŕĽ&#x;ภॹáśˆŕŹ™č•ŁÍ€ 䞆ćş? 2006 4 10 1826 ĺ‡şç‰ˆ ´njmp |—WW pÂŒÂť q§¸ 2009 H206 uvwxyZz +‹6{|} Zzj~ ÂŒ;“ Ëʀ Â‚~ƒ„…†‡nˆ‰Š €Zz„ Š‹ŒÂ?°. ÂŽĂ€Â? Â?‘:„’“° ΔR• –4 —* ˜™š›œÂ?žŒ Â?9Â&#x; Â—Ă˜; Ë¥“¢Ă‹£¤Â†ÂĽ X ƒ„…†ŠŒĂŒ;ĂŠ CĂ™§Â‡nĂ‹Â€ÂˆÂ‰Š ¨Š+ª‰(‰(‰(­Â‰ ÂŽÂŻĂŽ ”•( (‹(Š„°¹ ²³Â€ÂƒÂ„…†Š; UĂ?Ž†¼Š Ă‹UE´¾œ; Â‚j¡Ă‰¸ š~Âşq ÂťaøŸ ‰+”½; †¼Šž6 +uvÂżpĂ€+O*„à ÂŠĂŒ nĂƒ Ă„ Ă… Æ ó´0ǤpÂŒĂˆĂ‰ÂťS 7 ] ‌‌q Ă‹ĂŒĂ?NĂŽ]u vĂ?†¼Ă?ÑÄÒ‌‌. ­½Â‹Ă“ŠĂŒpÂŒÂ‚ĂżĂ” Ă•°Ă–Â… “3Ă— ZĂ˜ <Ă’Ă™=ÂŽ+‹Óڎ;

HK$ 10,000-20,000 US$ 1,300-2,600

AN IRON-RED ‘CRANE’ SQUARE DISH JIAJING PERIOD, 1522-1566 PROVENANCE Sotheby's Hong Kong, 10 April 2006, lot 1826 LITERATURE Guanghua 5 Fine Art , vol. 1, 2009, p. 206 This dish is of square form with steeply angled sides sitting ng on a short foot. The interior is strongly enamelled in iron-red with four cranes in mid-flight amid cloud scrolls around a central circular medallion of Tai Chi, all within double line borders. The sides ides are decorated with four cartouches enclosing the trigam elements, ements, GKVJGT JGCXGP GCTVJ Ć‚TG CPF YCVGT FKXKFGF D[ ENQWF UETQNNU CNN ETQNNU CNN between double lines. The exterior is similarly decorated ted with ETCPGU Ćƒ[KPI COKF ENQWF UYKTNU 6JG DCUG KU KPUETKDGF YKVJ C UKZ VJ C UKZ character mark in underglaze-blue. D 12.8cm

1004

ภŕž‹ç›“ áŒŽç‘żŕ¸´â€ŤÚ°â€Źá šŕżœçż‘ŕ­¸ç†Ťçžąĺ“Ť ĚżŕĽ&#x;ภŕž‹ç›“ŕŹ™č•ŁÍ€

AN INCISED GREEN-ENAMELLED 'DRAGON' BOWL ZHENGDE PERIOD, 1506-1521

䞆ćş? t Ă› ‹,IJyG >›?Ăˆ sĂŽĂœĂ? ]Hša ,Ă‹U˜u"Ă‹ =ša;Ă‹ĂžÂ˜UĂŠ=RĂŽĂ–Ă&#x;ŠF~†~Šà ĂŒ;ÂŞ €§L ĂĄ~ ~ âãä kĂĽ ĂŚ/UĂŠĂŒ çL*~ ~è;ĂŠ C ĂŞĂŤ" Ïè Aí„Î";~ĂŻĂşpĂ° f ùò;~ŠKLĂł Ăœ ôþ¯Ü;ÂŞĂž `Ă–á ø1 |. Ú¥*úáÝ; ÂťaF~pÂŒĂźÂ™Âł ÎÅÆýß :(Þÿ(ø1(uv( ýß= ™I; 1Þ Â„ÂťaF~ Ăş ΄ Âś=; :ýߝaF~ Â? F~j¡ ? j `; Îø1 ÂŚÂ„Þ pŒ” Âł012;´ e[ Âť7

] ø1Ă… Â–ÂżÂŒ ÂżÂŒ;.‹ ~Šª­½³Ž t ĂŻ ¼žW §D ²³G. Valenstein ´A Handbook of Chinese CeramicsÂť 1989 °Ÿ156/ 1 §D Ăľ ÂłĂ‚Ăƒ ¼žW °½Daisy LionGoldschmidt ´Ming PorcelainÂť !"# 1978 °Ÿ106; $ %& §D R²³'() ´%& S [pÂť Ă‚ Ăƒ 1994-2010 *2 695 Àà ³ 2012 10 9 20;

PROVENANCE An important Hong Kong private collection The deep rounded sides flare slightly at the rim, the exterior KPEKUGF CPF GPCOGNNGF KP DTKIJV ITGGP QXGT DKUEWKV YKVJ VYQ Ć‚XG clawed dragons striding against a ground of similarly incised waves above a band of rocks and crashing waves, the interior medallion enclosing a sinuous dragon, all within green line borders. The base is inscribed with a six-character reign mark in underglaze blue within a double circle. A Zhengde bowl of this type in the Metropolitan Museum of Art, New York, is illustrated in Suzanne G. Valenstein, A Handbook of Chinese Ceramics, New York, 1989, pl. 156; another from the Sir Percival David collection and now in the British Museum, London, is published in Daisy Lion-Goldschmidt, Ming Porcelain, London, 1978, pl. 106; one from the Meiyintang collection, published in Regina Krahl, Chinese Ceramics from the Meiyintang Collection, vol. 2, London, 1994, pl. 695, was sold in Sotheby's Hong Kong, 9 October 2012, lot 20. D 18.7cm

HK$ 450,000 - 550,000 US$ 58,000 - 71,000

ø1 Âť ĂŽĂ?Ă&#x;ŠF~~Šª Š £¤¼ÂžÂŚ

1005

ภŕ­œá€œ 焗瑿ᜆꖴ熍瞹č?łŕ§źá?Š ĚżŕĽ&#x;ภŕ­œá€œŕŹ™č•ŁÍ€ ĺ‡şç‰ˆ ´ +Âş,çE-—012¿ N.Þÿø1p{þ /01ÂĽ žW 2019 H116-117 `Ă–p ÂŻ Ă… 1ýß2™RÂ? §3úÞ SĂ€+:4„ =ž‚§ :(Þÿ(ø1ýß™I5” Þÿýß|=6R7 R% 89 :Â˜ĂŹ;:`< ‹,ÂŽR7 + €R`Ă–;

HK$ 1,000,000 - 1,500,000 US$ 128,000 - 192,000

A RARE UNDERGLAZE-BLUE AND YELLOWENAMEL 'DRAGON’ BOWL HONGZHI PERIOD, 1487-1505 LITERATURE Danmuo nongzhuang liangxiangyi: Jingdezhen chutu Hongzhi Zhengde ci tezhan [Balance between Flamboyance and Elegance: A Special Exhibition for Jingdezhen porcelains from the Hongzhi and Zhengde Periods] , Xiamen Museum, 2019, pp. 116-117 The interior of the bowl is left undecorated while the exterior is DGCWVKHWNN[ CFQTPGF YKVJ OCIPKĆ‚EGPV FTCIQP OQVKHU KP WPFGTINC\G DNWG 5V[NKUVKE HGCVWTGU RQTVTC[GF KP VJG FTCIQP UWEJ CU VJG Ć‚GTEG TQWPF G[GU VJG ĆƒQCVKPI YJKUMGTU VJG DQNF UPQWV CU YGNN CU VJG sharpened claws suggests influence from Xuande wares. The bottom of this bowl is glazed in white, with a six-character reign mark enclosed in a set of double circles. D 15cm

NŸ³´ +Âş,çE-—012¿ N.Þÿø1p{þ /01¼žW 2019 H116

Ă‹ĂŠ8= UĂŠ`րx†~Š ÂĄ~EÂŻR†>E? †~Š 1@ ~ABC E'ĂŽ FIqJ pĂ°KN `Ă– EjÉO6‰Q ÂşjRS‰NT €xBU;WÂł`ւUš a Xj7Y Zh[\ øúÞÿ7 §D;,Ăžša `Ă– ÂĄu Þÿ |.ç* ÚúáÝ; Þÿ„ `ֆ~Š ,“+)½ ”+ `Ă–Ă– Š . 6‹=„pĂ°~Šþ] ^_`wacde„šf; `Ă–+pÂŒ:=ž‚§ X|ÂŽ{|hiĂş9`֙ Ă€WÂł Âťa'j a klnĂšop6 ;qt¸c„`Ă–ÂŤj¡ r„ a E´st d{„|— u;`Ă–vwx•z aø r sĂŽĂœĂ?;X{} | r6‰}¸c `Ă–vwĂœĂ? a zÂźqr '/ jst þ½8r!4;

Þÿ `Ă–~Š, Š 012¿ ¼ÂžW

Yellow-ground and underglaze-blue bowls with a dragon motif are uncommon. Most prototypes are ornamented with flowers and HTWKVU OQVKHU KPUVGCF # OQTG UVTKMKPI QDUGTXCVKQP KU VJG Ć‚XG ENCYGF dragons which have always been associated with the emperor, and are extremely rare when compared to dragons with three or four claws. Since the Xuande reign, yellow-ground and underglaze-blue porcelains are some of the most prized porcelain wares. They were particularly popular in Chenghua, Hongzhi and Zhengde periods. Prototypes from the Hongzhi period are renowned for the type of yellow glaze used and were treasured by collectors and connoisseurs alike. The unique design that combines a bright yellow ground and brilliant blue underglaze results in a striking EQNQWT EQPVTCUV VJCV KU DQVJ GNGICPV CPF ĆƒCODQ[CPV

1006

ภ苭磓 ᜆꖴ熍枔瞹ꖴ‍Ü?‏č? á?‹ ĚżŕĽ&#x;ภč‹­çŁ“ŕŹ™č•ŁÍ€ 䞆ćş? 1. 1990 ĂŽ~ÂŻ Ă‚ĂƒMount Street 2. A. J. Speelman Ă‚Ăƒ ‚ƒB- Â…BAá3>‚C_†>E’‡;Â…AáÂ…Cˆ² "K WR`Ă–ÂĄu‰? Â…á€Ă&#x;Š Š~‹Š Â…CÂŤÂŒC€ §Â?ÂˆĂ‘Ă–Ă›Š;Â…á~‹èÏEÂŽ ~pĂ°ÂŹÂ?- Â?ĂĽKNf ‘’ “F ”E/‹!• –A ĂœÂ—;<=IJĂƒJ6˜r/ `Ă–j¡O™šc Âş ˆ €{ĂżÂ›ÂœÂ? ¹¹bz„~žÂ&#x; ` Â„¥¢ £¤~h9A; ÂĽ3ÅÆ( 1 Τ Â?¨Â‚ š +uv( ýß)½Â‚ u;…‚GH`Ă–Ejº¸ ÂżR tjŠÂ€Â?Â? WR jvw x•¨ 3 J„ ýÎ u; ýßÞ pÂŒx ­ªÂ“‡ ŽžŒ-xN‰­ 8 ~ÂŽ( ÂŻ(° Ă—ÂąÂ–ÂŒ Ă?8²³(´_Ă— = __Âľ Âľ ã”;6Âś `wfĂ´ÂŻÂŽ ÂŽ „‚_¡ d¸ B -(“-(šº-(“Š-Ă—Ă— ­ªœ ‡ <ŒŽ+§D; <ÂŒŸ+)½Â„Ă? =ž sHqt aĂŽĂœ½žr ŠĂŒĂŁ Âż Àà 4 + ýß J„¾Â ÂŒ ĂƒĂşĂ„7„ޠŒ; <=ÂŒJÂ?ø vĂ…-‚Æ ²°Ă‡|­Ăˆ Â?½Â†~Ă‰ĂŠÂƒĂ‹ “3Â?ĂŒ ÂŻ ýßĂ?΂ u;

HK$ 580,000 - 780,000 US$ 75,000 - 100,000

A BLUE AND WHITE ‘DRAGON AND PHOENIX’ CIRCULAR BOX AND COVER WANLI PERIOD, 1573-1620 PROVENANCE 1. Purchased from Mount Street, London in 1990s 2. A. J. Speelman, London The center of the cover is richly ornamented with motifs of dragon, phoenix, cliffs and waves which are enclosed within a set of double circles, and further surrounded by flowers and vines. The exterior of the body is similarly adorned with floral motifs, with a six-character reign mark at the bottom enclosed within two circles. The piece is marked with generous brush strokes and a lavish and evenly spread blue glaze. Articulate and lucid strokes depicted in the scales on the dragon’s torso are rare in the period. Imperial kilns in the Wanli period are known for the variety of innovative forms. They included miniscule pieces for the scholar’s studio, to jars, and even screens. But the Wanli emperor seems to be the most interested in porcelain boxes such as the present lot. D 15.5cm

1007

ภá ’ŕžŽ 襊愊夺耣ŕş?ꖴ‍Ü?â€Źçžąáˆłä„?ช羾 䞆ćş? t Ă›

A COPPER-RED 'PEONY' VASE, YUHUCHUNPING HONGWU PERIOD, 1368-1398

<=@> Ă?— Ă?B u";Ra"‚+ĂŒ Š Ă‘ĂĄ ¨x6 ĂŒ ĂŁ6‰Ò;Ă“CRĂ”xŠ Հ —èÂ€Ă–à Š(ŠÂ†ŠÂ&#x;Ă— Ă?h°Š(Bè€Ă?Ă‘Ă“Ă”Š(Ă˜Ă’ŠÂ˜*Ă™Š;ÂłBèڇ„Ó ÔÖŽáĂ›-ĂœÂ‰Ă? {$²}Ă?Ăž Ă&#x;P ĂŚ Šà NÖà „å â(ĂŁĂ˜"äÂ‚Ăœ Ă‹S üÌç9? SèÊ Ă‘ĂŞÂ„Â—²6_ ĂŤĂ˜¯ç; aςpÂŒĂşĂ€ í„Îï $ú“ ýß 9Â?<„!Ă­t Ă° Â…* ĂŽ ù•/‚Å Â’òR xÂ˜Ăł(Ă­xĂ­+AB Ă´ Â&#x;p1ßþ‚Ü e‹1 áø;´ Ăše* Ă”eúÝYÂť

‌‌Y ßèýÞÎÿá‌‌ :QŽ‚À #} ( (Ăł(Ă­Ăťj Â?á³ø+- ‚;. ‰ ‚jÂł ĂŽ+8!v'„ºj þΔR Ăźx“á `:ÂŻO‚ºj„ á‹1 e‚j Q¤aς„ ™I !Ăša/ ‚ “Ä™ = n *‹XQ |I9S „[pĂĽ{ ÞÚS !Ă­S ;øú+‹ ÂœÂŚÂ„aςpÂŒ _Âś4;

PROVENANCE An important Hong Kong private collection The vase is of elegant classic pear shape supported on a short foot rising to a generous rounded body surmounted by a waisted neck flaring at the mouth. The whole vase is painted in copper red with a broad band of undulating stems of peony bearing HQWT NCTIG DNQQOU CNVGTPCVKXGN[ FGRKEVGF KP RTQĆ‚NG CPF HWNN HCEGF The flowers are crowned by characteristically large and pointed HQNKCIG 6JG ĆƒQTCN RCVVGTP KU RCKPVGF DGVYGGP WRTKIJV NCRRGVU CV the base and a collar of trefoil pendants dangling from a band of lingzhi scrolls, all beneath a band of cloud scrolls, a keyfret border, and upright plantain leaves at the neck. The inner mouthrim is also painted with classic scroll. H 33cm

HK$ 300,000-500,000 US$ 39,000-64,000

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i EĂľ8 ĂŽ Ăž + ;Â‚Ă“Ă–ÂŒ;IJ6Ă˝ Ă™=i 5‚ŽÎi ӄ ˜N X—è Ă? B Ăľ+zĂ‘B _7 ™t Y RĂ€ +Âżp‚ rÂŒ-;ÂŽĂŽi Ă“ „IJ5+˜c ÂŤ 6ÅƄӗ5 t 5n U 5+q t 6 ! pĂ“ø"³ç#‚Œ;Ă?Ă“ÂŽ=­A$´£¤¼Âž ÂŚ ¾žœ=¡¸`Ă–a"‚ ' Âť 2000 212H °Ÿ197 /ž½´'Ă&#x;¼žW =%U & ÎÞ pÂŒÂť Æ jR 'Ă&#x; 'NÂź( H7 °1-1/1)D_­AB Ăš 7 2006 5 30 1248 * a"‚Ă?Ă‘Ă“Ă”Ši Ă“ ÂŤ<=ŸEf ŠĂŒEÂŹ ­+ 5; Freely painted with a rhythmic peony scroll and bands of stylised motifs, the present piece is a rare and excellent example of 14th century red-decorated porcelain. Copper as a colouring agent KU RCTVKEWNCTN[ WPUVCDNG KP VJG Ć‚TKPI RTQEGUU VJWU KV ECTTKGU C JKIJ possibility of becoming runny and leaving indistinct outlines or resulting in weak shades of red and pale grey tones. The strong copper tones and clearly-pencilled designs of this vase sets it apart as a highly successful and skilfully manufactured piece. A closely related example from the Qing court collection in the Palace Museum, Beijing, is published in The Complete Collection of Treasures of the Palace Museum. Blue and White Porcelain with Underglaze Red (III) , Shanghai, 2000, pl. 197; and another in the Tokyo National Museum is illustrated in Oriental Ceramics. The World's Great Collections , vol. 1, Tokyo, 1982, pl. 112. Another similar example could be found in Christie’s Hong Kong, 30 May 2006, Lot 1248.

1008

กਯ盓 ᶆꖴರຏꖴ‫܍‬ታຎ羱茧‫ݗ‬哫 ̿य़กਯ盓ଙ蕣̀ 來源 1. < , -N W 2. Ú 7 2004 4 26 952 3. Ú 7 2010 5 31 1856 展覽及出版 ´ -./01234¸» < -N W , 1988 ° ¼113

HK$ 5,000,000 - 8,000,000 US$ 639,000 - 1,022,000

A RARE BLUE AND WHITE ‘FLORAL AND FRUIT’ HEXAFOIL BOWL XUANDE PERIOD, 1426-1435 PROVENANCE 1. Collection of the Manno Museum, Osaka, Japan 2. Christie's Hong Kong, 26 April 2004, lot 952 3. Christie's Hong Kong, 31 May 2010, lot 1856 EXHIBITED AND LITERATURE Selected Masterpieces of the Manno Collection, The Manno Art Museum, Osaka, 1988, pl. 113 D 22.6cm

ÂŞĂˆ> X ĂŞ5> 67- 8B u";¡ÂŒĂ‹UŠĂŒ9: 6;Ă‘ UĂŠĂ ĂŒçtŠ '+ <ÂˆĂ‘$ Š /+ <ÂˆĂ‘ Ă–Ă›Š =>åâ Ă‹ĂŠ>›?ĂŒ Ă– Š /Q <ÂˆĂ‘Ă– Ă›ŠUĂŠŠĂŒEÂŻÂś , @ú€RÂˆĂ‘ABŠ;sĂŽĂœĂ?C ˆ aDžro` Þ³`Ă– 1 |. Ú¥*úáÝ Ăžè u" sĂ˜ĂœĂ? wsĂ˝??E F‚nrhi;G|k ä °HĂś; Â…Ă–$ úÅ `Ă–Ă€+I „ŠĂŒ <=JK¤Â?½Â„Ă = Ă“ Â…Ă–hĂ•Ă–(Ă“Ă”(Ă’Ă–(Ă?Ă– $ hLB(MN(OĂ‘( PQ(RS(TB;X€{UJVW ¤Ă–šXQY Z ;Ă‘[ \¨ÍÏ {„²]°^ 7X}Ă­ Š(Ă (_(w¤} — Ă›-;KLĂ?Ăœ` ` Âş aš 6b{á 3kec d„°e Nqt ‚N; 1`Ă–ÂŞ ´bĂˆÂťS(%  `Ă–Âť 5Ă– f,.˜  `Ă–Âť 5ĂŞf,. hª“Ž Ă” Y ghĂœ Â? iÂ’@jÂŚk=  `Ă–Âť 5Ă– f, Ă’lmnçĂ’./ÂŞ “Ù Y § Ă”=èopqr ¾ŒÂ˜Â?ièo‡ XĂŹ=‌‌  `Ă–Âť 5ĂŞf,§Ă’â€Śâ€ŚÂœs]Rtuו;v ‹;. <= + 1Âżp67,“+Âśw‚Ý ÂŹfD½¤³ŒTR: ¼žWÂ˜Ă› ;A$´£¤¼ÂžÂŚ ¾žœ= xGG`Ă–a ς ' Âť 2000 °151;CD 󣤼žŒ D ¨Š²³´ 1pÂŒ{Ăľy² 1980 °Ÿ36/Â˜Âź ´ ĂŽ 1Þ zj{þ°² 1998 °Ÿ62;'Ă&#x;¼žW §D ³Æ j ´'Ă&#x;¼žW = x] ÎÞ pÂŒÂť 'Ă&#x; 2007 °Ÿ3-34;ĂĽ §D Ă Âł Ăš 7 1989 1 17 567/KogerLM| §D 1990 11 27 6/%& | Ă™}Âł 2011 10 5 12;

Ăš 7 2004 4 26 952

6JG KPVGTKQT QH VJG UJCNNQY YKFGN[ ĆƒCTKPI EQPKECN DQYN KU RCKPVGF KP TKEJ DNWG VQPGU YKVJ C OGFCNNKQP GPENQUKPI C HTWKVKPI CPF ĆƒQYGTKPI peach below individual sprays of lotus, camellia, chrysanthemum CPF QVJGT ĆƒQYGTU CTQWPF VJG NQDGF TKO 6JG GZVGTKQT KU RCKPVGF with fruiting sprays of grapes, pomegranate, longyan, peach, RGTUKOOQP CPF N[EJGG CDQXG KPFKXKFWCN ĆƒQTCN URTC[U CPF C ENCUUKE scroll around the foot. The base is inscribed with a six character reign mark in underglaze blue within a double circle. Similar examples from important public and private collections have been published, including one in the Palace Museum collection, Beijing, illustrated in Blue and White Porcelain with Underglazed Red (I), The Complete Collection of Treasures of the Palace Museum, Hong Kong, 2000, p. 159, no. 151; two in the National Palace Museum, Taipei, one is illustrated in Catalogue of a Special Exhibition of Hsuan-te Period Porcelain, Taipei, 1980, pl. 36, the other in the Catalogue of the Special Exhibition of Selected HsĂźan-te Imperial Porcelains of the Ming Dynasty, Taipei, 1998, p. 178-179, pl. 62; one in the Shanghai Museum of Art, illustrated by Lu Minghua in Mingdai guanyao ciqi, Shanghai, Ć‚I QPG KP VJG %CRKVCN /WUGWO $GKLKPI CPF KNNWUVTCVGF in Shoudu Bowuguan cangci xuan, Beijing, 1991, pl. 97. Compare also with bowls of this pattern sold at auction, one from the Jingguangtang collection, sold at Christie's Hong Kong, 3 November 1996, lot 567; from the Ira and Nancy Koger collection, sold at Sotheby's New York, 27 November 1990, lot 6; and a bowl formerly in the Meiyintang Collection, was sold at Sotheby's Hong Kong, 5 October 2011, lot 12.

Ăš 7 2010 5 31 1856

1009

ก࿞䰐 ᶆꖴ耣ຏࢥ疄ꖴ‫܍‬ၹ࿜羱ꖺ‫ݗ‬ರ窂練 來源 1. Ú 7 1991 3 18-19 519 2. Lee Yu Cheung :

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HK$ 3,600,000 - 4,600,000 US$ 460,000 - 588,000

A BLUE AND WHITE BARBED RIM 'FLORAL' CHARGER YONGLE PERIOD, 1403-1424 PROVENANCE 1. Christie's Hong Kong, 18-19 March 1991, lot 519 2. Collection of Lee Yu Cheung and Family, Hong Kong Finely painted in vivid tones of blue with characteristic 'heaping and piling', in the centre with lotus bloom shown en face surrounded by blooms of camellia, lotus, chrysanthemum, mallow and pink, all wreathed by interlocked meandering stems within a barbed line border, further encircled around the sides by detached sprays of peony, chrysanthemum, pomegranate, hibiscus, morning glory and lotus, each repeated twice and paired across the dish, below a border of cresting waves emitting white foams within double-lines at the rim, the exterior painted with similar detached floral sprays within double-line borders. The exterior is painted with twelve bracket foliations, the base and footring left unglazed. D 34cm

ÅÆ `ÖÐÑÙÚÖÛß © > © S :¥ W

ٌ” *§ý„ÖãÑ ‚ÓÔ(Ă’Š 8 pŒ”Å •– ĂœĂ?”YÂ„ÂˆĂ‘Ă–Ă›ĂŽÂ‚ ‹‰p|ŠĂŒEþÚ'„§ 2—;h ‹ Ă‹ĂŠÂ?ĂŒÂˆÂ–Ă–Ă› uR*Â˜Ă‘Ă™ ™Nþ” š žÖ Ă›+§< t›§Ă&#x;œ€ç< ĂşREĂ?„ÖÛ³9¯²çÂ? ž E¾œ;‹ÅÆ`Ă– rˆOc ‰ Ă…p$–—EĂľ Â˜Â‚Ăš Š; ٌ” Ă–ĂŁĂ‘ ‚ÓÔ(Ă’ŠÂ&#x; *  ÂˆÂ›Ă˝Â”½Ă?Ă‘ Ă’Š < ĂŒRĂ&#x;ŠŠ “+Âś ; ¥¢£#¤¼Œ ¤§¼ÂžW §EfD Âł'() ´Chinese Ceramics in the Topkapi Saray Museum IstanbulÂť John Ayers Ă‚Ăƒ 1986 *2 °Ÿ601;ÂŞD£¤¼ÂžÂŚ §EĂ“ÂŽD þ³þ ´³ ] ÎÅÆ`w„pÂŒÂť CD 2017 H68;ž§D³£¤¼ÂžÂŚ Âł ³´ ÂŁ ¤¼ÂžÂŚ ¾žœ=¡¸ `Ă–a"‚ ' Âť 'Ă&#x; 2000 °Ÿ59;Ă‚Ăƒ ¼žWĂƒ §D ­²³ŽĂ–ÂŻ ´Ming Ceramics in the British MuseumÂť Ă‚Ăƒ 2001 °Ÿ3:35; X § ²³´~ ¸²]2 Ă” Â? ”³ *1 ´Ăœ~ ^& 1976 °Ÿ753;ž§Ă’­Ž 5„¾+ F. Gordon ˜Elizabeth Hunter MorrillLM| Ă Âł 2013 4 8 3018; 1 Â? §D Ă­Ă Âł 2005 Ă Âł Ăš 7 WĂ ÂłD&šN 2018 12 8 5474;

Ăš 7 1991 3 18-19 519

A similar dish in the Topkapi Saray Museum, Istanbul, is illustrated in Regina Krahl, Chinese Ceramics in the Topkapi Saray Museum, Istanbul , vol. II, London, 1986, pl. 601; one in the National Palace Museum, Taiwan, was included in Museum’s exhibition Shi yu xin: Mingdai Yongle huangdi de ciqi/Pleasingly Pure and Lustrous: Porcelains from the Yongle Reign (1403-1424) of the Ming Dynasty , Taipei, 2017, catalogue p.68. Another one in the Palace Museum, Beijing, illustrated in The Complete Collection of Treasures of the Palace Museum. Blue and White Porcelain with Underglaze Red (I), Shanghai, 2000, pl. 59. Another in the Percival David Foundation is published in Oriental Ceramics. The World's Great Collections, 1982, vol. 6, no. 76; one in the National Palace Museum, Taipei, was included in the Special Exhibition of Early Ming Porcelains , National Palace Museum, Taipei, 1982, cat. no. 38; a fourth is published in Mayuyama. Seventy Years, vol. 1, Tokyo, 1976, pl. 753. Compare a similar one from the collection of F. Gordon and Elizabeth Hunter Morrill, sold in Sotheby’s Hong Kong 8 April 2013, lot 3018; another one from the Percival David Foundation, sold twice in Sotheby’s and Christie’s in 2005, subsequently sold in our Beijing saleroom, 8 December 2018, lot 5474.

1010

ภॹáśˆ ᜆꖴçť?ę–´ç†Ťçžąŕš–á‰?á?‹ ĚżŕĽ&#x;ภॹáśˆŕŹ™č•ŁÍ€ 䞆ćş? 1. º|—W

2. Ăš 7 1997 9 18 155 3. 2017 4 5 3620 ĺ‡şç‰ˆ 1. Ÿ½¤§ ´ŒT[\¡¸ *14 ^& 1976 H214 °57 2. ´Beauty and Tranquillity: The Eli Lilly Collection of Chinese ArtÂť ÂżqÀà ‡N¢N—W ÂżqÀà ‡N¢ 1983 H 256 °a 3. ´º|—WÂť 1991 °Ÿ81 ÂŒ]H - ĂŒR`ֆ~Š `Ă–Ejº Ă‚‹ sHqt I JĂƒ|;‚…'R`ր`ր~Ă„Ă–Šà ĂŒ ÂĄ~Ă…¨ ™Æ³ ÇEĂ–ŠÂ‚ÂŚ {{ĂżN ĂˆĂˆçQ;pĂ°~-ĂœĂ‰3 Ă?{Ă‚ ĂŞĂŠ Ă‹ ÂƒĂŒãä;—²¯ÜOP QĂ‹ÂœÂ?;…‚Ă?R` Ă–á uv |. ÚúáÝ;

HK$ 2,200,000 - 2,800,000 US$ 281,000 - 358,000

A RARE BLUE AND WHITE RING-SHAPED 'DRAGONS' BOX AND COVER JIAJING PERIOD, 1522-1566 PROVENANCE 1. The Tsui Museum of Art, Hong Kong 2. Christie’s New York, 18 September 1997, lot 155 3. Sotheby's Hong Kong, 5 April 2017, lot 3620 LITERATURE 1.Ryoichi Fujioka, Sekai Toji Zenshu/Collection of World'ss Ceramics, XQN 6QM[Q R ƂI 2.Beauty and Tranquillity: The Eli Lilly Collection of Chinese Art, t, +PFKCPCRQNKU /WUGWO QH #TV +PFKCPCRQNKU R ƂI C 3.The Tsui Museum of Art, Hong Kong, 1991, pl. 81 The box is well potted with cylindrical sides boldly painted in n DTKIJV EQDCNV DNWG VQPGU FGRKEVKPI ƂXG ENCYGF FTCIQPU UVTKFKPI I amongst undulating leafy lotus scrolls, their sinuous bodiess carefully picked out with scales, the top of the slightly domed d cover similarly painted with two further dragons striding amidst st a lotus meander, their mouths agape revealing sharp fangs and d their manes billowing behind, the muscular legs terminating in n powerful claws, all divided by double line borders, inscribed to o one side of the cover with a rectangular cartouche enclosing a sixxcharacter reign mark. D 39.2cm

<=sHqt ÂťaE` `Ă–Ej κ‹ { {“+QĂ‹ ĂťĂ?Â?Ă?qt ÂŒJ Br; ` FxuvÂ? *„ Ă&#x;`. ÿÑ –—Ò Â? XjÂ?SEĂ“;´ e[áS7Ă”] [ Ă&#x;` <U Ă•$;uvSĂ–Â™ÂżÂŒ Ă—E {è * Ă˜ Ă™ gýڂ;. ĂŽuv` ֔Â? Ă&#x;` EjÂ?SEĂ“ ‹ c - ‹ý`ք{ u; ‹ B‚+ XĂ›ĂœÂ„ÂŒ GÂŒ¨'/çè¨ B-‚…­BĂ?-‚CĂžäĂ&#x;ÂŒ;ß½³uv Â? +uvÂżpÂĽ3{j‚2—ÚŽ;uv§Â? pÂŒIJ z DhÂˆĂ - ²- Ă™Â“Â˜'B/“åâ-Ă—;<=ĂŁĂşuvÂ?—2‚pÂŒ -x ­ªd{‚8;äÇü%‹‚+Û̂ * -fÛÌ67: ½³´ bpÂŒĂŹ Âť 1993 °233‚3;ç:è ‹Ó‚+ÂŹXÂ? ÝÊĂŒhÂ?ĂœĂ—Âś4Ă ÂŒ Rꚜ4ĂŒÂžÂ‰ĂŤĂŹ Ă­; Ă?Ă“ÂŒ ½çDR² § þ³´ ùÎ{þ ! 1óÞڼžW 1999 36;ž§D + Eli Lilly | Ă Âł 1993 6 1( 2 30 6;ž ½ ĂŻ k | § Ă?} u v Ăť ĂŒĂ— ŠĂŒ ƒ ĂŻ N—W ²³ Suzanne G. Valenstein ´A Handbook of Chinese CeramicsÂť 1989 °Ÿ 168;ž§Â€Ă—ÂĽ)jŠ ²³&Ă°Ăą ´Nò [p]`Ă–:pÂť CD 1993 °Ÿ53;§ `Ă– Â‚D €× ŠĂŒ Ăł Eli Lilly þ³ ´Beauty and Tranquillity: The Eli Lilly Collection of Chinese ArtÂť ÂżqÀà ‡N¢N—W ÂżqĂ€ à ‡N¢ 1983 102 <=Ă´R²+ÂŻ = ½H256 °a;

Only two Jiajing boxes oxes of this type appear to have DGGP RWDNKUJGF VJG Ć‚TUV YCU KPENWFGF KP JG Ć‚TUV YCU KPENWFGF KP A Special Exhibition of the Huang Ding Xuan Collection, Kaohsiung Museum um of History, 1999, cat. no. 36; and the second from rom the Eli Lilly Collection, was sold in Sotheby's New York, 1-2nd June 1993, lot 306. nd period box of this form and A Jiajing mark and nted with Daoist immortals, from large size, but painted the Rogers fund in the Metropolitan Museum k, is illustrated in Suzanne G. of Art, New York, ndbook of Chinese Ceramics, Valenstein, A Handbook New York, 1989, pl. 168; and one painted with cranes and bagua,, illustrated in Ma Xigui, ed., Mei zai taoci. Qinghua a Ming ci/ Beauty of Ceramics. Blue and White Porcelain, Taipei, 1993, pl. 53. ox of this shape but painted with Compare also a box Daoist immortals against an iron-red ground, from the Eli Lilly Collection, ction, included in the exhibition Beauty and Tranquillity: quillity: The Eli Lilly Collection of Chinese Art, Indianapolis Museum of Art, Indianapolis, 1983,, cat. no. 102, where the present box is illustrated as a comparative example, p. Ć‚I C

NŸ³´º|—WÂť 1991 °Ÿ81

Ăš 7 1997 9 18 155

NŸ³´ŒT[\¡¸ *14 ^& 1976 H214 °57

㴤૓Ӣᢳ ̿ ᜴Х㐽

1011

ภॹáśˆ č? ç‘żáŒŽę–´Ěżä„“Í€ਠčĽ‡ç •çžąŕĽ&#x;硴 ĚżŕĽ&#x;ภॹáśˆŕŹ™č•ŁÍ€ 䞆ćş? SĂľ ^& ĺ‡şç‰ˆ ´njmp |—WW pÂŒÂť q§¸ 2009 H204 < Ă‹U=R`Ă–+ ܝ€ŠĂŒ ÂĄuĂ‹R*†Š+ €páĂ—¼øÚ³AĂœĂşĂ&#x;' ÂŚĂŒÂƒÂ„ŠÂ˜ABŠ; 'Â“ĂŒ §> ƒ„ '“€-‡nˀúá A.Ăš Ă•° Ăşh^ Ă&#x; A ĂťĂœ.;UĂŠÂŤ Ă Ă‚´E¾œ ÂŚĂŒÂƒÂ„(ABŠÂ˜ †¼Š Ăž `Ă–á uv |. Ú¥*úáÝ; `Ă– ܝpÂŒxÂŽĂŽĂ…2 R`Ă–S€ j t¤ßŠĂŒ Ă ĂŒÂ–}d{ XĂ€ÞÎÞ ýÞ Â™I =žÂ&#x;ÂŹÂŚ! =) §ÿôð+:4=ž; ĂŽuvýß™I„`Ă– ܝ=ž ½ ,( ׉Ă?ÂŒ- œŒ v Ă‚½³ Ă› ; uv`wxyZz *‹uvÞ pÂŒ' Nƒ –Q‰ „ hƒ„(ˆ‰( (ÂˆĂ—(†¼×;6XS¼ŠúĂ€+O*„ Ă Ă‚ŠĂŒ Ă´%+–AĂ— 3 Ă— ZĂ˜;´EÂĽIÂťS%X A ‰­ .;´ Ăť_ši_ Âť7] ÂĽA R“X ;. RÂĽ#A.‚i BĂ– à ‰ ÂĽA $ Â?.; ÂĽ+ ‚– 9S Âľ:S t 4;ÂœiX lÂ?Ă—Â&#x;Z † Ă´%+ §= . 4 •³‹ ; :ÂŽk Ă… +Â? %+ ÂĽ;Ă ĂŒÂ†¼Š Ă• ĂşA‚°; <=ŠĂŒåçãä €{Ă?Ăž 3 uvýß„ J u;Ă“f =½³N | Ăœ |—¼žW |Â—Â˜Âľ:S Avery Brundage B60P1532; [ §D ²³´  š [ S Âż!pÂŒÂś Âť 2016 °Ÿ10;

HK$ 1,000,000 - 1,500,000 US$ 128,000 - 192,000

A RESERVE-DECORATED BLUE AND WHITE 'CRANES' DISH JIAJING PERIOD, 1522-1566 PROVENANCE Kochukyo, Tokyo LITERATURE Guanghua 5 Fine Art , vol. 1, 2009, p. 204 The interior of the dish is adorned with lavish auspicious motifs. The Chinese character shou is shaped within a cartouche, supported by a large lingzhi, and five cranes that are in flight. These cranes are surrounded by clouds, lingzhi and peach sprigs that are all above forth-capped waves which crash against a rock. 1P VJG GZVGTKQT KU C UGV QH ETCPGU KP ĆƒKIJV OQVKH VJCV TGUQPCVG VJG interior design. Overall, the dish exhibits meticulous craftsmanship and intricate design organization that is somewhat symmetrical. Blue and white porcelains with reserve-decoration design features originate from early Yuan dynasty. In contrary to the use of underglaze blue to depict ornamental motifs which is present in most blue and white wares, the current lot manifests an innovative development. Works that adopt the same decorative approach were known to have been produced in later periods, but the number of existing works is sparse. Two examples with a similar design are seen in the collection of Avery Brundage, no. B60P1532, and The Songzhutang Collection of Imperial Chinese Ceramics , Hong Kong, pl. 10. D 32.5cm

ܳ ಠܳ಴ ܳ⎼ܳ૓

1012

ภ苭磓 ᜆꖴäŠ&#x;çž éœŽâ€ŤŮƒâ€Źŕˇœč? 耴 ĚżŕĽ&#x;ภč‹­çŁ“ŕŹ™č•ŁÍ€ 䞆ćş? 1. ´Ăœ~ ^& 2. Ăš 7 2002 4 29 611 3. 2011 10 5 2047 ĺą•茽 ´Chuugoku touji meiho ten shiriizuÂť p"N—W ^& 1966 ĺ‡şç‰ˆ ´~ ¸²q§¸ ´Ăœ~ ^& 1976 958 ‹Ó…¯­Ž´Â‚(#$‚%;Â…á`Ă–ĂŒY_&%° Ă™Â?_?

'PÂ…Ă–$Ă™ Â…Â›ĂŒĂ?Ă‘ÂƒÂ„Ă–Ă›Š Â…áâ (-Â…); UĂŠÂ€ĂœÂŠ*_+P0ˆ t,ç<-%° Â…ÂŻÂŒÂ€Y p._ Âł/*S&% u"{`Ă–ÂĄK§Â?;`Öº‹01 Éý½Â?j Â?‘’ Âťa?E`j qrĂœÂ“;ÂŒĂž`Ă–ÂĄuĂ‹á |.;

HK$ 2,000,000 - 2,800,000 US$ 256,000 - 358,000

A BLUE AND WHITE ‘PLAYING CHILDREN’ OCTAGONAL BOX AND COVER WANLI PERIOD, 1573-1620 PROVENANCE 1. Mayuyama Ryusendo, Tokyo 2. Christie's Hong Kong, 29 April 2002, lot 611 3. Sotheby's Hong Kong, 5 October 2011, lot 2047 EXHIBITED Chuugoku touji meiho ten shiriizu , The Gotoh Museum, Tokyo, 1966 LITERATURE Mayuyama, Seventy Years , Tokyo, 1976, vol. 1, no. 958 The box is superbly painted in characteristic bright purplish-blue, alternating on the eight sides with two scenes of boys at play in balustraded gardens, the flattened cover of corresponding octagonal shape, similarly decorated with figures in a garden, and surmounted by a squirrel shaped finial, all covered with a clear glaze of soft bluish tone. The base is inscribed with and sixcharacter reign mark in underglaze blue within a double circle. H 13.5cm

NŸ³´~ ¸²q§¸ ´Ăœ~ ^& 1976 958

§Â? `w2 Charles O.Hucker34*Â?‰Â?ĂĽ( 2—(56(78„ ĂŽ(½L.Carrington GoodrichÂ˜Ă‚:; ´Dictionary of Ming Biography 1368-1644Âť Â˜Ă‚Ăƒ 1976 H325);‹=ÂŤÂŽÂˆÂ“Â‚- ÂŒ-yG €°OP ÂŒ Ej º‹ ÂŤ Ă… u=܉Ă? ‡þ ýß012p ; ĂŽ>ÂŚ ?R´@•UAÂť7] Â… ÂŒB# âÂ‚ĂłÂ˜ BCçÂ?;d“ žŽ8Ă? Ăƒ ĂĽD6 ÀÄEG Âż ‰]§ FĂ› â‚v ;.–‹­G“Œ J‚Ä Â…(ÂŻ7Rš Â&#x;+Ă„ 7; ‹=ÂŤÂŽÂˆÂ“Â‚- ÂŒ-yG €°OP ÂŒ Ejº‹ qrĂœ “;ÂŤ Ă… u=܉Ă? ‡þ ýß012p ;`Ă–j¡º ‹ HX c “3 Ă˜;¡ÂŒÂœÂ€Y p_&%Âł/* _°Ă•°Â”ú”A(”_”I(_IĂĽ ( ĂŽÂ˜Ăž + Îýß ¤<|—=„t Ă‚ ; Â…ÂŻ#šR-%Ă‚ ÂŹÂŚ( ½< D;<=Âľ+^&´Ăœ~ rJ ` Ăľ Âł^&p"N—W “+Ă„7;

No other box and cover with this combination of form and pattern appears to have been published, although there are several examples of Wanli-marked vessels painted with the same decorative theme. Cf. the Wanli-marked blue and white dish in the Percival David Foundation featuring boys playing in a garden, included in the joint exhibition Ceramic Evolution in the Middle Ming Period, the Percival David Foundation of Chinese Art and the Victoria and Albert Museum, 1994, and illustrated in the Catalogue, no. 55. The shape of the present covered box is also very unusual and the most closely related Wanli-marked comparisons are decorated in the wucai palette: the first, a box and cover designed with ascending and descending dragons, sold in Christie’s London, 12 &GEGODGT NQV CPF VJG QVJGT YKVJ ĆƒQTCN URTC[U UQNF KP Christie’s Hong Kong, 20 March 1990, lot 547.

1013

ภॹáśˆ áś†ę–´Ěżâ€ŤŮƒâ€ŹŐ&#x;čž‚á šÍ€éœŽŕŠœč€´ ĚżŕĽ&#x;ภॹáśˆŕŹ™ę—°Í€ 䞆ćş? 1. 1997 4 29 551 2. 2013 10 8 3110 ÂŻK>!"Ă?¯ò Ă?ÂŤLM ÂŒ-ŠÂˆ Ăłuv¿ ¾Ă‚b Ă– ÂŒ a­ ŽŠN(²P;!u"Q 1ýß—2„ªÎ Ă‹ uÂŻu"'ƒ§RÂŞĂŽ 5+d{;ÂŻC]0€Ă&#x;ÂŠÂ…Â†ÂˆĂ—° Â?€ žSTQĂ‹ ÂŻ è€*Ă™Šà ĂŒ ÂĽU) ;uvpÂŒI JV+W‹ Ă…: Nƒ¤X”;Â? ‚=ž +ÀŒb ο YZ‚ [ \]É^; b¤ĂˆĂ‰S5 XŽžœ ”_7 ´ªÂ“ Y ÂŽÂŽ `ĂŒ bĂˆÂť] ª“ Y Ă” Ă…§ gŒÂ˜Â?iÂ’@jÂŚk =‌u  `ÂˆĂ—¯§Ă’ šaqb â€ŚÂœs=Ăł ÂŽc Â’Â… §Ă’ X¯×‰defž{ }f‌‌.;*7²ýgX h-x i%+ÂŻ ĂŞ7² Â’ša Ăşb¤ J„Ökà ’“} ÂśÂ?Â’+ša6lm a ­½tĂ°iĂ­; ‹ Ă?ÂŻ+uv§Â?)½ §DĂ Âł 1987 11 24 23/‰Ă?ĂŒŠ# ABD&£¤¼ÂžÂŚ §n¼ŠD ´£¤¼ÂžÂŚ ¾žœ= xe`Ă–aς S Âť 'Ă&#x; 2000 H106 °98/op‚ §D Ă Âł 1981 5 19 420/ĂŒ~Š# Ă Âł 2010 3 26 1348;

A BLUE AND WHITE 'EIGHT IMMORTALS' JAR JIAJING PERIOD, 1522-1566 PROVENANCE 1. Sotheby's Hong Kong, 29 April 1997, lot 551 2. Sotheby's Hong Kong, 8 October 2013, lot 3110 The compressed globular body is well potted on a splayed foot, ƂPGN[ RCKPVGF YKVJ GKIJV KOOQTVCNU GCEJ UVCPFKPI COQPI ENQWFU over undulous waves holding their respective attribute, between a double-line border at the rim, against thick billows of clouds surging from a band of detached foliate sprays around the foot. The countersunk base is inscribed in underglaze blue with a sixcharacter mark written in a circle. A Jiajing jar of this pattern was sold Sotheby’s Hong Kong, 24 November 1987, lot 23. Compare other jars with different decoration, one in the Palace Museum, Beijing, decorated with cranes, published in The Complete Collection of Treasures of the Palace Museum. Blue and White Porcelain with Underglazed Red (II), Shanghai, 2000, pl. 98; one from the Edward T. Chow collection, sold in Sotheby’s 19 May 1981, lot 420; another one decorated with dragon, sold in Christie’s New York, 26 March 2010, lot 1348. H 9.5cm

HK$ 650,000 - 850,000 US$ 84,000 - 109,000

1997 4 29 551

¾§÷ another view

1014

‍ زâ€Źáś†ę–´äľ‡ŕŠ†ÓŁâ€ŤÝ‹â€Źč€Łŕş?čŚ„č‡¨çŽ“ę˜ŽäŒŒ瞹硴

A BLUE AND WHITE 'THREE FRIENDS' DISH YUAN DYNASTY, 1279-1368

䞆� 1. t Û 2. Lee Yu Cheung :

<=IJq™ sHqt 3> AĂŠ/K u"; S ÂĄu ˀ§)Ă’/rsçtĂ’Ă–u ÂĄuRU€xÇR˜Ă?Ă‘Ă’Š; Ëʀ[( (^Â˜ĂœP Uʀ Ă˜Ă’êŠ;{{OP åç9 y7ˆ KLÿ“ ŠzS ` q{6 „ÉjÂ?‘’ GHI J|ĂĽrˆ; }Y~. 4e[(` (¨^YžÖq Yž žÛ‰€ } ¹‚)_!á¡ÂƒR˜E´Â‚Œ‰Å‚„…~†;Ă­ĂŽ_0‡ ³´ÂˆĂœ¸S7 ] ÂŽXþ‰.+Ăœ ž^ < Š (‹ ÂŒ+ }~;.Ă?ĂźĂƒ Â?ÂŽC:Ž´ }Y~° Ă€Â?9ÂŽ( (býß$ ¼”R‹+Ă Ă‚Š „pÂŒ;­½Â‹Ă‚ "Â?Â? Ăť 6Ϥ3+Âľ ]‘Â?™; < ÂŒJyG {{ Â? `Ă–Â’j™ ;{¹å燏 Ýß < Âś*ú§Ă’Ž“ Ă…Q'”/„Ž`Ă– Â?‚Ž;

HK$ 500,000 - 700,000 US$ 64,000 - 90,000

PROVENANCE 1. An important Hong Kong private collection 2. Collection of Lee Yu Cheung and Family, Hong Kong The dish is decorated with blue-underglaze to the center where two lotus buds locate within a double circle. Emblems of treasures and floral patterns surround the lotus buds, and are similarly enclosed in a set of triple circles. A band that separates the central decorative patterns was left blank, followed by a meticulous depiction of bamboos, a pine tree and a plum blossom. The exterior is painted with a band of lotus lappets. The Three Friends consists of the bamboo, pine and plum. They are often celebrated for their natural abilities to withstand winter and are symbolic of Confucian virtues of endurance, modesty and fortitude. The set of motifs is loved by the scholarly gentlemen who would associate themselves with the idealistic qualities that the Three Friends represent. Dated to the Yuan dynasty, this motif bears crucial cultural significance to the literati class, which was encountered with unprecedented challenges under the rule of the Yuan Mongols. Despite its popularity among artisans, depiction of the Three Friends on the interior wall of a dish is uncommon. D 32cm

1015

‍ زâ€Źáś†ę–´ŕŞŠáŽŞč­°çžąáˆłä„?ช羾 䞆ćş? Lee Yu Cheung :

‹ÓVW> –—Ă? 8• BB u"U@;Ă‹>›€*Ă™ Š —è–'6/+Ă–à Š –Š ,Ă’ĂŞ;Bè'/= *Ă™ Š SÂŚR—(ĂœP+Ă Ă‚Š ˜ [Ă (ƒ„R˜*Â†Ă—Ă ĂŒ Š B/€ Ă˜Ă’ĂŞ; — ™šè Â?ĂŒÂ›Â› Ă?—œÂ?Ҟ ĂˆĂˆhQ; Ă“CĂ ĂŒx•¨ KLi‘bz ™IĂ€ ` E j`e ºýa‘ÎÂ&#x;žÂ?‘ N XÂ?j; i Ă“* ÂĄ i Âż .7: ÂłDĂ­Ă˝Nƒ ;ÂŽĂŽi Ă“QĂ­ĂŽĂ? JÂŒ|I Ă‹K¢5Ă­i Ă“þ£¤cMN;Ă Ă‚ Š FS —ú§Âž$ÂĽ ´Œ$ Âť ] —+Ă’§¨¼ > #Š@—½ ># ÂŞÂ˜/ Ăƒ½;.— ¨.TÂŤ 6 ¨.°+ޏ„­¨ Ă•°Þ—Ž] ­¨Â‰ÂŻ °Â?¹¹;

HK$ 180,000 - 280,000 US$ 23,000 - 36,000

A BLUE AND WHITE 'MOUNTAINS AND DEER' VASE, YUHUCHUNPING YUAN DYNASTY, 1279-1368 PROVENANCE Collection of Lee Yu Cheung and Family, Hong Kong The vase is elegantly potted on a splayed foot, with a bulbous RGCT UJCRGF DQF[ CPF C UNGPFGT PGEM VJCV TKUGU VQ C ĆƒCTGF OQWVJ At the rim is a scroll of vines, a band of plantain leaves are painted at the neck, followed by lotus lappets and another scroll of vines. Three deer are depicted in the center alongside other natural motifs, including bamboos and lingzhi, and the bottom is painted with upright lotus lappets. The stag extends his neck and tilts his head upwards vigorously while the fawns prance around, exuding lively energy. The bulbous body of the vessel exhibits clear layers with clean and simple lines, a design feature that was inspired by Near Eastern arts and crafts. The terms that refer to a deer and salaries received by civil servants are homophones. Therefore, in Chinese symbology, the deer is an auspicious sign for wealth and abundance. H 25cm

1016

‍ ز‏ᜆꖴ耣ŕş?č?łçžąáˆłä„?ช羾 䞆ćş? 1. Ăš 7 1988 12 1 289 2. Lee Yu Cheung :

‹ÓIJMN @> –—Ă? 8• ²B/Ă? Âłu" u" ?U@;Ă‹>›€*Ă™Š —è¯'6/ ¨Š+Ă–à Š( – Š(,Ă’ĂŞ(*Ă™Š;Bèà €Ă?Ă‘Ă’Š WRĂ&#x;Š(Ă˜Ă’ĂŞt ¤;Ă“CŠ KL r “ ³²*†OŠ Y Â™I‚À ` Ejoc à ŠĂŒ´¾ŠEjÂş ˆ; ÂŽĂŽlRÂś.ᎉ¯¡ ÂŻU¸ÍEþšE56 `Ă–p ” Â? Âş> ` Ej5 Ăľ+‹c XÇPÂ?6h}Â? jÂ’_;‹U ÂŽĂŽ`Ă–pS„Ă?Ă‘Š -Ăœ5Àß bpzĂ‘ ¢Â‰}Â?Ă? åçã6‰Ò;‹Ù= Âł1988 12 1 Ă Âł Ăš 7 289;

HK$ 120,000 - 220,000 US$ 16,000 - 29,000

A BLUE AND WHITE 'LOTUS' VASE, YUHUCHUNPING YUAN DYNASTY, 1279-1368 PROVENANCE 1. Christie's New York, 1 December 1988, lot 289 2. Collection of Lee Yu Cheung and Family, Hong Kong The vase is beautifully potted with a pear-shaped body supported on a splayed foot, rising up to a slender neck and a flared rim. The design of the vessel begins at the rim, where a scroll of vines is depicted, followed by upright plantain leaves, bands of lotus lappets and other decorative patterns. In the center is a set of lotus flowers and vines that are painted with bold and generous brush strokes. The bottom is similarly decorated with an ornamental scroll and a band of lotus lappets. Lotus flower petals and the vines depicted on the body of this vessel appear more voluminous when compared to similar designs produced in later periods. In Yuan dynasty, smalt was used extensively on blue and white porcelains. Due to high iron content in the imported glaze, dark iron spots often form on the UWTHCEG QH ƂTGF RTQFWEVU CU KU RTGUGPV KP VJG EWTTGPV NQV 6JG XCUG was previously sold in Christie’s New York, 1 December 1988, lot 289. H 24.5cm

Ăš 7 1988 12 1 289

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PROVENANCE In certain circumstances, Poly Auction (Hong Kong) may SULQW LQ WKH FDWDORJXH WKH KLVWRU\ RI RZQHUVKLS RI D ZRUN of art if such information contributes to scholarship or LV RWKHUZLVH ZHOO NQRZQ DQG DVVLVWV LQ GLVWLQJXLVKLQJ WKH ZRUN RI DUW +RZHYHU WKH LGHQWLW\ RI WKH VHOOHU RU SUHYLRXV RZQHUV PD\ QRW EH GLVFORVHG IRU D YDULHW\ RI reasons. For example, such information may be excluded WR DFFRPPRGDWH D VHOOHUjV UHTXHVW IRU FRQo GHQWLDOLW\ RU EHFDXVH WKH LGHQWLW\ RI SULRU RZQHUV LV XQNQRZQ JLYHQ WKH DJH RI WKH ZRUN RI DUW

limit to legal liability and/or responsibility) of his/her bidding acts. For more information on the Properties, SOHDVH FRQVXOW RXU EXVLQHVV VWDç ,I WKH FRQGLWLRQV RI D Property are not described in the catalogue, this does QRW PHDQ WKDW WKH 3URSHUW\ KDV QR ZHDNQHVV RU GHIHFWV

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RESTRICTED MATERIALS 3URSHUWLHV ZLWK â–˛ V\PERO KDYH EHHQ LGHQWLo HG EH PDGH 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 ZLWKRXW WKLV V\PERO LW LV QRW JXDUDQWHHG WKDW 3URSHUWLHV are not subject to import and export restraints. For items made of botanic or animal materials (coral, crocodile, LYRU\ ZKDOH ERQH WRUWRLVH UKLQRFHURV KRUQ DQG %UD]LOLDQ 5RVHZRRG HWF RU FRQWDLQLQJ ERWDQLF RUDQLPDO PDWHULDOV regardless of their year or value, may require application IRU SHUPLWV RU FHUWLo FDWHV EHIRUH H[SRUWLQJ RXWVLGH +RQJ .RQJ DQG RWKHU DSSOLFDWLRQ IRU SHUPLWV RU FHUWLo FDWHV PD\ EH UHTXLUHG ZKHQ LPSRUWLQJ LQWR FRXQWULHV RXWVLGH +RQJ Kong. Please pay attention that the ability to obtain export SHUPLWV RU FHUWLo FDWHV GRHV QRW HQVXUH WKDW LPSRUW SHUPLWV 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 ZLOG DQLPDOV DQG SODQWV PDWHULDOV RI WKH JRYHUQPHQWV concerned before participating in an auction. Buyers must be responsible for obtaining any export or import permits/ RU FHUWLo FDWHV DQG DQ\ RWKHU GRFXPHQWV UHTXLUHG

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BUYER’S PREMIUM $ EX\HU V SUHPLXP ZLOO EH DGGHG WR WKH +DPPHU 3ULFH and is payable by the buyer as part of the total purchase SULFH Ĺˆ H EX\HU V SUHPLXP LV RI WKH KDPPHU SULFH of each lot up.

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JEWELRY, WATCHES AND HANDBAGS 'HVFULSWLRQ RI WKH FRQGLWLRQV RI -HZHOU\ /RW V XVXDOO\ FRQWDLQHG LQ WKH FDWDORJ KRZHYHU DEVHQFH RI D 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 JHQHUDOO\ DFFHSWHG E\ WKH LQWHUQDWLRQDO MHZHOU\ PDUNHWV If Poly Auction (Hong Kong) has obtained gemological UHSRUWV IURP LQWHUQDWLRQDOO\ UHFRJQL]HG JHPRORJLFDO ODERUDWRULHV IRU WKH /RW V DOO NQRZQ LPSRUWDQW IDFWV DQG 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 HVWLPDWHV DUH EDVHG RQ DOO NQRZQ LQIRUPDWLRQ DW WKH 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 /RW V VXFK UHTXHVW VKRXOG EH UDLVHG RXW ZRUNLQJV GD\V EHIRUH WKH DXFWLRQ DQG DW RZQ FRVW %LGGHUV VKRXOG DOVR DZDUH WKDW /RW V FRQWDLQLQJ MDGHLWH RU JHPVWRQHV RULJLQDWLQJ IURP %XUPD PD\ QRW DOORZHG WR EH LPSRUWHG LQWR WKH 8 6 WKLV ZLOO QRW FRQVWLWXWH D JURXQG IRU rescission or cancellation of a sale or any delay payment. /RW V RI FORFNV DQG ZDWFKHV LQ WKH FDWDORJ ZLOO EH VROG DW 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 UHVWRUDWLRQV 3RO\ $XFWLRQ +RQJ .RQJ PDNHV QR JXDUDQWHH RQ RSHUDWLRQ ZDWHU UHVLVWDQFH DXWKHQWLFLW\ DQG RULJLQDOLW\ RI LQGLYLGXDO SDUWV LQFOXGLQJ ZDWFKVWUDS RI WKH /RW V ,Q DGGLWLRQ ELGGHUV VKRXOG DZDUH WKH LPSRUW UHVWULFWLRQV RI WKH 8 6 FRQFHUQLQJ OX[XU\ ZDWFKHV Where the tone, color, graduation shape or any other IHDWXUH RI WKH /RW VKRZQ LQ WKH FDWDORJXH DQG RU 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 VKDOO WDNH SUHFHGHQFH $Q\ LQWURGXFWLRQ DQG DSSUDLVDO RI any Lot made by the Company and its employees or its DJHQWV LQ DQ\ ZD\ LQFOXGLQJ WKH FHUWLILFDWH FDWDORJXH VOLGHVKRZ DQG QHZV PHGLD DUH RQO\ RSLQLRQV IRU reference and do not constitute any guarantee for the Lot. The Company and its employees or its agents shall XQGHUWDNH QR OLDELOLW\ IRU DQ\ LQDFFXUDF\ RU RPLVVLRQ LQ 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 SHUVRQ RU WDNLQJ \RXU RZQ SURIHVVLRQDO DGYLFH IURP 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 YDU\ ZLGHO\ GXH WR IDFWRUV VXFK DV DJH SUHYLRXV GDPDJH

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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 DQG DFFHSWDQFH RI WKH SDFNDJH TXDOLW\ DQG VWDWXV RI the auctioned items. Any different opinion formed by WKH ELGGHUV DIWHU VXFFHVVIXO ELGGLQJ ZLOO QRW FRQVWLWXWH D YDOLG UHDVRQ WR ZLWKGUDZ RU FDQFHO WKH ELG DQG delay payment for the auctioned item. Buyers should cautiously inspect the auctioned item during collection. 8SRQ DFNQRZOHGJLQJ UHFHLSW RI WKH DXFWLRQHG LWHP E\ the buyer (or his agent), the buyer confirms that he or she has accepted the state and quality including but QRW OLPLWHG WR DQ\ GHIHFW RU IODZ RQ H J WKH SDFNDJLQJ ODEHOV OHYHO RI ZHDU DQG WHDU FRUN HWF RI WKH DXFWLRQHG LWHPV ZLWKRXW DQ\ REMHFWLRQ

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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 DW WKH VDOHURRP DV ZHOO DV WKH GHVFULSWLRQV RI WKH 3URS erties in this catalogue of our company shall be binding and the English version is for reference only.

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EXPLANATION OF CATALOGUING PRACTICE

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第一章 總則

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}: 7 NÁ 7û_m ¶ÿ -Áä h }ìy < îßîåè < Ó?c}ìy z* }:¶ÔµÀz åþ `QèE¶ä&;

第二十五條 協助收取拖欠款項 }:9bc< Ù}X = Íý ôð+ <

î}:ÿá: 8E¶æçÛû;há:9Ù} = ( ú = ) "Ô Ë ÿ< Æb·è~áÛû < £ gc<y@qp L ÿá: 8X¶Æ â X ®_& U à 9< t+J ­* · Ø/ Q#«Fè¹ ( ëK ³]h}ì éïG ) Ô µ}:ÿá: #æç û_; 'Ô ` ®£}:.¯(bcêÎqY ÿá: 8 E¶æçû_ N à êÉ< 9êηØ/î}: ÿá: 8E¶æçÛû èÂ;< 9êηØ/ ¶ *á: ]!Æ~áÛû6ÿ}:QèE¶éê;

第三十條 對買家之責任豁免及限制 第二十六條 本公司有權決定 < 9}: ( }:!Æ& ) `ð3H·Ø G /Ð _] ( § ) Í°~áÛûR{xÆûLÒ!Æ/ ( ) ¯+(Ù¬ Ĺ NÁ Ù}=/ ( Y ) 5 <y@ Lû ïGá:%N 8º(}:% N 8º/ ( Ù ) Q#X d è¹ #á:æç}: û_;

第二十七條 拍賣品未能成交 ( § ) Ù}À=ë < «}:t ¥]ê bcÙ}= ¹öÛ`î+ NÁ < !Æ}: )³R ¹öÛNÁý¶!Æ NÁ 7û_m ; ( ) t 'Ù â & ;RµbcÙ} Í +;; ( Y ) #ßÙ= }:¶¯ < o#]G "Y Ë#ß*Ù}= ( ëà ¯ & ¯ ) `ÿ< !Æ ÙNåþ& X ®_& ;âh'Ôü < # ¬&(¹t & X7 z!N < à R Ù}(X NÁ g< t+ « LÒNÁ*Ù}= ` NÁ 7û_m Sߣq§ Ù}S}:¶!Æ ÙNåþ& X ®_& W Ù}*Ù}= & ÓFû! Æ}:;

第二十八條 風險承擔 v ú 'Ù( ] = Ù}= }:=¶¯Xâh<y @y ü ]#ßXÙ}=69*ü À EQ §ë t & ¯*Qèéê;¯< ÿ}:ENoßÙ}= ]G ( ú]G ) "qY (¯bc g<y@ o#Ù}= ý ( R¿ #+; ) 'Ù( ] = Ù}= §ë t & }:Qè;h}:9<y@y ü Ë à< ÔµX¸ßÙ}=`I< Í° Ù} =¯¬ < 4 _À §ë t & }:Qè; £l}:{©4 `å¿!ƹt& < vè¯Ù} =9¬ < 4 _ÀÉRĹ;h}: à< Ô µRìµ(Îí(X ]hqY ¸ßXÙ} = §î< ÓÙ}==Æìµ(Îí( è0( ( XïÒ¨! ð @ð+< ¸ß*Ù}= Íý¶ð +}: o#*Ù}=;

第二十一條 未成交手續費 h Ù}= ÃÄÛn³¹öÛ6 ] = @}:

< ÿX # ÙNåþ& X7®_& ;

第三章 關於競投人與買家 第二十九條 競投人及本公司有關出售拍賣品之責任

第二十二條 出售所得款項淨額支付 há: g<y@qÙ ËL y ÿ< Æb·è~á Ûû @< ¶¯Ù} = "Y p ÀÓNÁ 7û _m R k !Æ}:;

( ) < NÁ ®Ù}=³NÁ;­ ÃÄ æu;Ã Ä / (Xîz A«ÃÄ ð+ÃÄ 9ÃÄ;· ÷ Ù}= `Ñ°Ù}= òØ XÕÔ ;ê ; ( Y ) ÃÄ êtZ Ù}= î ^ Ó{x °¼Ù }=`lE võ; Ù}==RÙ}ý òÜNÁ ( v

ÃÄ ú3N Ù} );òØ ¼(­³æuÙ}=ý% ;°²ÕÔ òØ ¼9çñ·Ø/­ ®Ù}= × ÷ø AB;ö6 ÃÄ ¶Ö°Ù}=­]¬9X 9° ²(òØ ¼Ë`v ê4N ÷ø; ( Ù ) % ÉÃÄ êÎÙ}= + ëKêÎå + ( v +÷÷(>Ô ) ëKêΰ² + (y @(X ¼(@ (!Ü *×+ `l J ±Ô 6 ú< e °½ F *×+ ­ < ý·

ò·G Ë ; ( p ) < (}:óv êÎÙ}=ú39êμ (á:ú3 ~áêÎÙ}= ¼ ENêÎF (¹ ; ( ) 9<y@q Ë ( § ) 8 Ë ( p ) L _ y <y@qY L { ôB y < ¶ ³ (1) }:ÿ< % + /(2) Ú GÏ ( h )/ (3) E :¥ Á °½ R zæXÜíE ( ¶ «<y@S < ®+Ù}îz LûE¦ ) ³° ²ÕÔ(òØ ¼ óF ;

( § ) < ¯®Ù}= tGè¨?H³}:% + < v} Ù}=º*·÷ Ñ û;ÃÄ GÝ `Qè û Ù}=µ éê R ÃÄ Ñ °X­] 'e Ù}=;

( § ) h< ðÙ}=+䈷= Ó³ãÛõÍá:â ¸ XÉá:; ( ) 9<y@q ËL _ y 9y@qY (§) Y ( p ) L y < v ] (1) ¯< ÿÃÄ R>Ô(÷÷% + êÎ>9 (@A é v ú ³9C(*X µ*i <y@ q Ë ( ) L #@£U/ (2) ÿÃÄ ®NêÎè¹(¹ ¶}:bc< ÿá :®N ó¹ RU êÎÎó¹ y@=ô®£ ( }ìy ­B£ *×éê£U )/ (3) < Ù}( NÁêÎÙ}= êÎ - *Ë(@A ( v ú ³9C(X µ*i ) ÿêÎÃÄ é; ( Y ) £l< Ù NÁ Ù}= 3@v }: ü <y@6 é; ( Ù ) 9 \]y@qY ( ) L ·Ø/ ÃÄ ÿ< (}:%N êÎ8ºR*Ù}= ³ãÛõÍá:â + ;< (}:9êηØ/=v Qèá:êÎE ¶6 Q í};

第三十一條 拍賣品圖錄及其他說明 +ã³ÃÄ }:A£< ¿À Ù}ÌË < | ®Ù}=°² Rµù / (°± - ¯Ù}= òØ º*i ±Ô;Ù}=°²S µù(!Û °±(X7 \ |= = ÃÄ AB `­³Ù};Ë » < ¯Ù}= WJ (ÛÜ(j8(Î v õö× ® è¹;

第三十二條 圖錄之不確定性 *¿4(5\× µ*I Ù}=9°² / (X7ê Î- °ó \ |= =S j8(ºj(x (Ü׫µ ¬99:# Rµ +;;< X{® Ò (Xîz ¯êÎÙ}= êÎ ( ëK ÷(°²(< =Ä\( > H× ) ® "? @Û =+AB °½ ¯Ù}= êÎè¹;< X{® Ò(Xîz ¯'Ô "? @ÛS ;ê(@A ý Qèéê;

第三十三條 保留價及估價 < Ù}= ( v¹öÛ = ¹ö Û;¹öÛ§ö !³< ³Ù}; á(­E Ù}; Àn!Û;hÙ}= ¹öÛ £l ÃÄ 3@Ù} þ ¯*G "ÙÛ 7!³Ù}= Ù};Àn! Û; 9êηØ/ < ¯Ù}=9< ¿À Ù} S ¹öÛ =6QèêÎéê;çÙ}=ÃÄÛun³ ¹öÛ Ù}þ ¯*G Rn³¹öÛ ÛuNÁÙ} =; 9 ·Ø/ < ÿ}:!Æ û_+g¹öÛ NÁÙ}=ý}:¶­ # ! ;!Û9Ù} ;5ûý ¦! `lê ÁÛ 3 }ì Ïæ;êÎ!Û ]

®+Ù}=³ãÛ å ¶< ýË» ®N !Û;

第三十四條 競投人之審看責任 ÃÄ / (Xîz éê¯*îï Ù}= J ò Ø`¯¯çÃÄ Ù}= *+Qè}ìéê;< ÷t ø] ÃÄ ¶9Ù} ; Rì (X7 .¯æum ÃÄÙ}= µ ¯*ù¯*Ù}=ú3«< Ù}= °²R X7- \ |= = ÕÔE¦ 6 ¶?°² \ |= = ÕÔ`NG ;

第三十五條 競投人登記

]I{3 ÃÄ+I ( v ú3ÃÄ < (ÃÄ îz ) =ð+ÃÄ < + ÃÄ ¶F¯ X*+Qè}ìéê £lÃÄ < R< t­ ÷ ÷ Åõ¤bcÃÄ uSRU ý]I < ¯ N¯ ÃIJ« ¹¬; ÃÄ î ÃÄ Í°X ô²«; 9êηØ/ h ] (9 * ý]I{3 ÃÄS êÎ>9(@A < = êÎéê;

ì³bcÃÄú< +ÃÄ % î+ íÃÄ+I B&û < X{® Ò¯ÃÄ í(îzÃÄ hiSN êÎ>9(@A(9C(h}(v}î+ÃÄ × QèêÎéê;

çç§(ç§R'bc< ÃÄ ÃÄ REÍbcÛ ¯Í§Ù}=NÛ¶ÀõÙ}=R*Ûu³ã = @À¿ ÓbcÃÄ u < #+*Ù}= á:;

第三十六條 競投號牌

第四十五條 拍賣官之決定權

< ­5 ÍÙ}LÒ Ù} ×êÎ·Ø 9Ù} ; áÀzÃÄ LÒ i ëK ³x Ã Ä ÀzÃÄ +uLÒ; < ÷t%ó ÃÄ úÃÄ A« )ÃÛ a§ ;ÃÄ ¶ý§¹ 7ÓÃÄ Në ;§ îþ} ¶ó R< t­ ÷÷ Àzj}åþ; v ú3 9ÃÄ bc eÃÄ #9Ù}ÌËS J¹ ÃÄ*+=ð+ÃÄ Å7 < + ÃÄ ¶F¯X*+Qè}ìéê £lÃÄ Å7 < R < t­ ÷÷ 9< Àz¤*ÃÄ j} åþ;

Ù}þ¯/Ð _3 ¯G ] ( § ) ( 9êÎÃÄ/ ( ) RXG º*Ù}/ ( Y ) ÓêÎÙ}="ß(¨ Ù}(ÓêÎçÒ( ÒÙ }= Ù}/ ( Ù ) hÖ N>(V]ý 9Ù} ý(Ù} À

G íÃÄ#(ú3 þÙ}(# Ù}(Ó V] Ù}=t Ù}/ ( p ) Ù}þ­R9Xt+ « ÃÛî / ü º*ÃÄ ` î }:RÃÄ(õþÃÄ (Rß ¶X ÃÄ ÃÄÛ6ÃÄ î}:ÃÄ ÞÛ / ( ) Q#X zt+«F X *Ë;

ÃÄ A£< Ù}ÌË ¶9o#ÃÄ ;=ÁÃÄ ¹ ;ÃĹ ! < 9Ù} ; á ¶< BÃĹ ;çÃÄ ]~7Ù}=¶¯< vêÎçû @*¹ 9Ù} ÏÀ Ù§{® Ë · vJÿXÃÄ /çÃÄ +á: @< ­ *¹ ®+!ÆÙ}=~áÛû û_;

第四十四條 委託在先原則

第四十六條 不設保留價 ¹öÛ Ù}= £l ÃÄ 3@Ù}þ ¯ * òG Û;ç9 Ûu/`vÃÄ Ù}þ ¯* òÓÛu/ þÙ} 38 ÃÄ üÃÄ öÀW *ÃÄÛÿ' þÙ};

第三十八條 本公司之選擇權

第四十七條 影像顯示板及貨幣兌換顯示板

< ò· êÎ A£< ¿À Ù}ÌË(º YÙ} ) (9Ù} )º*Ùc(²«(5 ×ÌË;

< + ãÃÄ ­]³Ù}S \ Ä (X _ó óËÁ AB;v \ Ä (X - _ó ó ! (Ù}= (Ù}=°±(ABU ×+I= ­]N 9: < ¯* 9:6´ êÎí} QèêÎéê;

第三十九條 異常情況緊急處理 9Ù} )N ÿm ·Ø/ < `NÞ ýz; hÙ} )N êÎV] < Ô8ïG;

第四十八條 拍賣成交 第四十條 以當事人身份競投 £l ÃÄ 9Ù} ;ÿ< N3÷÷ `I< ÷÷t­ XCÏú ÃÄ îz 3@ :ÃÄ =ôð+ÃÄ < ;< ÿÃÄ #û_;

À!ÃÄÛIÙ}þ³ã(#RX óá êtý *ÃÄ ÃÄ í *ÃÄ +Ù}= á: à }:«á: ¦ Ù} »ó;

第四十九條 佣金及費用 第四十一條 委託競投 ÃÄ ¶.¯N Ù} ;h ].CN ( îz N ­Q ÷÷- bc< î+ÃÄ( ÃÄ;< G ú3 9'Ôbc; bc< ÃÄ ÃÄ ¶9y ý¦Ë ( $³Ù} ;Y§{® ) Àzbcåþ ÿ< N3Rý < bcÃÄ u `¶5 <y@y Íý=ÁÃĹ ; bc< ÃÄ ÃÄ hÌ# bcÃÄ ¶ $³Ù} ; ÙÐý÷÷]G< ;

ÃÄ ÃÄ íÀ +*Ù}= á:;á:¶!Æ< EF³³ãÛ ¨ â Íý¶!ÆX á: é ®_& ;¶< ­5 < Ây@ y ÿ }: #â X }: é ®_& ;

第五十條 稅項 á:ÿ< !Æ û_=¶úm 7ëKêÎ ä(ûÂä(#X Üä ( ú (X );h êΫ ³á: ä& á:¶5 *E }ìy ¯* è;

第四十二條 委託競投的競投結果 ÃÄ bc< î+ÃÄ ÃÄ E }ìéê ÃÄ Qè; ÃÄ h9bcÃÄ uS óR × ý]I Ã Ä @¶;êRU ý]I `ý§¹ * ý]I{3 9< 9cÃÄü¦ ÃÄ ¶.¯ * ý]I{3 §îþ}(v} x* ý]I{3 ¶ó R< t­ ÷÷ ÅõbcÃÄ uSRU ý]I ; 9< 9cÃÄü¦ «F æ ÃÄ 6* ý

第五十三條 所有權轉移 < ÓÙ}==ÆÚá: á:3 #7Ù}= 38á:Æb~áÛû á:çÆ< û_+ ;

第四十三條 委託競投之免責

ÃÄ +§ ¶9Ù} ; -ENÁ c± CÏ µÒ ( hõ'CÏ ( c ) RU`Y Å7µÒ`% ýúû ( h ü (¹* )/ÃÄ + (#X <$ ¶9Ù} ; `gÅ7µ Ò( ^ µÒR } bc µÒRU`Y Å7µÒ o#ÃÄ ;< ­] àÃÄ Nó ® Æû ¹*+ (X ° òØ ;

第三十七條 競投保證金

¶gá:«< Û (gc< ¹ *³á:Æû ;§§{® á k«*k Û ;< +Óá: !Æ * Ukl1 k i ¹*åþ&(â (X & = á:Qè;

第五十一條 付款時間 Ù} =À £l¾ 3@ Ù}= N>(º>( X X­ êÎy á:¶¯Ù} = ( ú = ) " Ô Ëÿ< Æb~áÛû`À®%#Ù}=;ç¶ ë à ¯ & ¹t& (N &× á:̧`!Æ;

第五十二條 支付幣種 Ûû¶R k!Æ;há:R kRU X k!Æ

第五十四條 風險轉移 ÃÄ íÀ Ù}= t³/ÐêΧ ·-EQÀ ( R 5ûEQ ü+; ) á:¯*Qè] ( § ) á:%# ~Ù}=/ ( ) á:ÿ< !Æ Ù}= ·è~áÛû/ ( Y ) Ù} = ( ú = ) "Ô °Ñ;

第五十五條 提取拍賣品 á: 9Ù} = ( ú = ) "Y Ë; < û(< 4 X _%# ~á Ù}=;á: ¯ * é³ tØ+8á:À+ ~Ù}=~á¹t;çá: ]9Ù} = ( ú = ) "Y Ë%#Ù}= @ üÀ¯*Ù}= E ¹ (¯ (¹t×& = á: Qè ¶á:¶¯X ~Ù}=Qè·èéê; üÀ *Ù}=3 < (X îz î+¹ < X {® Ò(Xîz ¯êε* *Ù}= ½í(¾ } QèêÎéê;

第五十六條 包裝及付運 < G ú3 9á: à % î+ëà ýz ûÂ;h < {® Ò¶á: àî+ëà ýz~á Ù}= 'Ôëà ýz ¶ð+< ¯á:% û  * EQ êÎ t í}= á:¯ ;9êÎ·Ø / < ¯*êε*I ¢³(ÛÜ(kn(ÞÝ(! ³(àÞ(¬g(ßI(ÓfÁó í/(¾} éê; há: à< ÔµRìµ(Îí( o#X ~ á Ù}= ( ëà ìí( & á9 è ) §î< ÓÙ}==Æìµ(Îí( è0( (XïÒ / ¨ ! @ð+< =Æ*Ù}= Íý¶ð+á: gømi¦o#*Ù}= hiS t á:Qè £ lá:{©4 ` è¹t&U 9ìµ(Îí( hi S§ö ÉĹ;¯³á:4 (< ÿá:­ ëà ìµ(Îí( è0( I §ë>9(@A( í/(¾} < Qèéê;

第五十七條 進出口及許可證 á: ¯* é#7êÎ Ù}=ºN>(¡¢ Q (X ÷ X­ ; á7êÎ Ì X­ ( 9#7 *ÓX­ ­ôð+á:# ~á( $!Æ~áÛû z ;< Qè* ]Rý(X= ÌN>(º> (b (µÒ Q êÎéê; há: à< îX ðN>X­ < @ û¾* #ûÂ& ;ö6 < ¹ N>X­ Ó áEX;< }:óv êÎÙ}=ú39ºN> x (êÎ+ ®NF (¹ ;

第五十八條 未付款之補救方法 çá: gc<y@y ( gc«< Ô] êÎÆ ûÀ®" Æû < Q#R/ § ( è¹] ( § ) Ù} =À çá: 9Ù} = ( ú = ) "Ô Ë!Æ~áÛû ³ÃÄÅ7ý!Æ ÃĹ ɸ X ÍýX¶gc<y@y QèE¶éê/á:RÍ§Ã Ä ÍýÙ7 ÒÙ}= Ù} =Àçá: gcy ý¦!Æê§Ù}=~áÛû @·èÃĹ ɸ X ÍýX¶gc<y@y QèE¶éê/ ( ) 9Ù} = ( ú = ) "Ô Ë há: ÿ< Æb·è~áÛû < bcqY î+ÿá : çÆ ·è(è¨~áÛû/ ( Y ) 9Ù} = ( ú = ) "Ô Ë há:3 " !Æ~áÛû < ¯Ù} = Àq " á: Æûè¨gc J ¨ Y #NJ 38á:Æb·è û_ á:«< ¾ Ô]#£U/ ( Ù ) 9< (X Ĺ(+³ ¬Ù}= t

& = á:Qè/ ( p ) ¯á:%"¿À(ÿ ð8ï ຨ< *X I §ëí} ëK ³*á:$Æ( Æ ~áÛûI I í}(}ì& ( R üNJ; ( ) öâͧá:9< Ä7 *Ò(êÎX Ù}= R *êε* < *á: êÎX ° (° N öâü¦EQ §ë& / ( t= á:Qè; çá: ]9< 4 ý¦Ë *X·èE è @< 9ÿá:EN* öâ ]G¶á:9*]GE NÀY Ë3 ¨b çÆû_ ·Ø/ý¨öâ ; ý¨öâ 7 "e¨á:¶Æ< ·èû_ < ¾* 8/ ( Ô ) < ¯ò·G "#(Í°bc "#=ë ` * üÆûá:%N Æûðà(% ðà `¹ö 8*"#*²=ë < ª9·èí} N/ ( ) I 7bc Í° < ­gc<y@y W*Ù }(RX NÁ*Ù}= ` < ò·G !Û ¹öÛ;µá:£¶F!Æq§ Ù}Sá: }:¶F! Æ â X®¯ é X ®_& `QèW Ù}( RX NÁ*Ù}= & U çW*Ù}(RX NÁ*Ù}= 7 Ûûn³µÙ}Ûû µá:¶F ": / ( Ë ) Ó< 9êÎX =ëSçÆá: û_e#á: çÆ< ³Ù}= êÎû_/ ( ) < ­¯*G Óá:!Æ êÎû_ ³b¨á :çÆ< ³Ù}=(X =ë êÎû_/ ( § ) á:(Xîz Ó ®N ÃÄ(9 9Xà Ä; #ÃĹ / ( ) ÿ}: wá: + R }:­õ }ì¿À R ßçû ( á: 8í º¨ 8}ì& ;

第五十九條 延期提取拍賣品之補救方法 çá: ]9Ù} = ( ú = ) "Ô Ë%#X~7 Ù}= @< Q#R/ § ( è¹] ( § ) Ó*Ù}=Ĺ / ( ¬9< (X EQ §ë& ( ëK ³¯Ù} = ( ú = ) " qY § "gÃÄ Å7 u y ¬&× ) / ( t= á:Qè;9á:h!!Æ·è~áÛûÀ ­%#Ù}= ( ëà ¯ & ( ¹t& (N

&ׯ* è )/ ( ) á:¶¯Xâh<y@y ü ]%#E Ù}= 69*ü °ÑÀ EQ §ë t & ¯*Qèéê; há:¯ = (ú = )" Y Ë3 %#Ù}= @< 9]Gá:À R Ù}(X < t+ « LÒNÁ*Ù}= ýâ 79ߣ< * Q ·èí}(& (ëà ¯ & ( ¹t& ( N &( ¬&( &× ) À ç Fû @ á:¯*#ß *Fû NJ Ù} = Àç ÷ #ß Fû9ߣ E ! ( ëK}ì& ) À < ¬Y }/;

第六十條 有限保證 ( § ) < ¯á:% §ö¹ ]h< NÁ Ù} =XÀôE + = 5 <y@ Lû < Ó# * =ë `Óá: *Ù}=!ÆÉ< ³ãÛõÍá: â Rµ=ë k¸XÉá:; 6ý 5 < z °½ =4Z|= ®= Ný(µ ( ü( N !( ü(µ:( ×® ÷ 6'Ô®_ øêÕÔ`v ²³y²ËÁ ( B{êÎ n );Ù}= êÎí½(êÎÓJ kµ= / (Ë = ( ëKt S (9X'S ) ¶ð+ =; ðÖ°hEQR/êΧ ·Ø <¹ Ó « ] y²ËÁ 5 Ú# :³#Á üᥠÁ °½ (*y²ËÁ_ó*×°½¬9Ó^/(³#Á ü *Ù}= = a§ }`lFý¥ ­ (t­(Ûu !( ëJ /(­] ¯Ù}=I í/(­] ( 5 < z °½ ) bÙ}= }ÛÜ }/(h5 Ù}= ÕÔ *Ù}=`v }êÎt ÛÜ; ( ) <¹ y ü +E Ù} Àp Ë Ò % Úá: d N ¶ ­Ø+8êÎqY ;+]? <¹ 8 á:d : 9 êδ á:Î!Ù}= W"(ó + À§ § Ë÷÷]G< ` Ù}= (~á*Ù}= ü ôt+ú = z /

ÓòØ«#ÁÉá:F EÍ `]Ø+Xý§ ¶¯ #Á üÀ`vN êÎqY 8 Ù}=¸XÉ< ;

( ) gêÎ}¦( } ( -(¹*(äÂ(X @ à (5 êΫ }ì ÿX(4 wxJ ; ( Y ) áE }:(ÃÄ (á:Í°6 wxJ;

( Y ) ^û î Fî| (S \{R S ÷{ ýöy;Ú T ÁX¯ Ó©®NêJ i < ¹öò· g<¹ RÙ} À§ Ë+ # J+ = ^û î Fî| (S \{R S ÷{Ù} = =ë/ Æ û_g<Ly ]¸XÉá: á:d 9Ù} "§ Ëÿ< % ( g<Lq ( )(( Ù ) ûy ) J*Ù}=+ =/ ( Ù ) < ­ò·G ôB'ÔêÎy ;< àá:8#çÏ+< á:¡ Á dó *Ët ­ : ¼ & á:Qè;< v 9á:Nó êÎ ¼ y `¹ö NDà U :°½ & < ¯*Qè; ( p ) < ¹ « ³ÜÇ(,-(÷=åQ(S :V( Ýà X = #=×Ù}Ó©;

}: < ¯Xbc< Ù} êÎÙ}=|®c±( °ó(°²(X - \ |= = < 'Ô c±(°ó(°²(X - \ |= = ¼ ;

¯X?}£R ; I< ¿÷÷Í° á: êÎ 7 ;< }:=` ®NÙ}=ú39¼ (á:ú3#7Ù}= êμ ±Ô ¹ ;

第六十一條 特殊門類

第六十六條 免除責任

第六十四條 鑒定權 h < t+Ì ­R¯Ù}=º*ì ;ì « bcÙ} Í Ù}= òØ ¦ < à Åõ(#ï£bcÙ} Í;

第六十五條 版權

( § ) ÜÇÓÙ}= òرÔ]m

³°²' ö6ô i î *Ù}=ô õö(÷ø( IN:ýz; 1. jÇP ( h ÇP( ÇP(FÇP ®Ó~jÇP ) ­ ]IhN:ýz( ÔU ëK£ ('\ X ×; ×]m } I+ ÜÇ* t­ úIhýz ÇP $í­] n 6(9 ÀÌ {x¹%; 2. < + ÒÇPÙ}= ð ì ¼;h ÒÙ}= I t­ ÇPJ r#7ì ¼ < ³Ù}°²'ÕÜ ;*®J r } :ÿ ¯ ÇPú3Ihýz(ýz ií(ýzú33 Å ï­]e Í°½;< ¯®J rN3 ì ¼ ;ê Qèéê; 3. h & à% 4 J r ì ¼ ð9Ù} ; 8) 14 §{® %N à < Ó î+ ðì ¼ 6E¶ì & Ì &Qè; 4. ÒÇPÙ}= !Û FÏ GÝ + 6® N ÃÄ ¶³Ù};¯*æuÙ}=( Ù}=`Õ ¤ ï ÃÄ §î`NÃÄ ð+X 9*×Ù}= ·è ò; 5. < %WÃÄ Ö° ¯() ÇP(*e ­]

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第四章 其他

第七十條 語言文本

第六十二條 資料採集 、錄影

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第六十三條 保密責任

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第七十二條 適用時期

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CONDITION OF BUSINESS

8QOHVV RWKHUZLVH VWDWHG 3RO\ $XFWLRQ +RQJ .RQJ /LPLWHG DFWV DV WKH 6HOOHUjV DJHQW Ĺˆ H FORVLQJ DJUHHPHQW IRU VDOH RI D /RW VKDOO EH D FRQWUDFW EHWZHHQ WKH 6HOOHU DQG WKH %X\HU Ĺˆ HVH &RQGLWLRQV RI %XVLQHVV DQG DOO RWKHU WHUPV FRQGLWLRQV 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� PHDQV WKH FRQo GHQWLDO PLQLPXP VHOOLQJ SULFH IRU WKH /RW WKDW WKH 6HOOHU KDV FRQo UPHG ZLWK WKH &RPSDQ\ (15)“Estimate� means the estimated selling price of a /RW ZULWWHQ LQ WKH FDWDORJXH RU RWKHU GHVFULSWLYH PDWHULDOV 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. ,Q WKHVH &RQGLWLRQV RI %XVLQHVV ZKHUH WKH FRQWH[W UHTXLUHV ZRUGV GHQRWLQJ WKH VLQJXODU VKDOO LQFOXGH WKH SOXUDO DQG YLFH YHUVD

ARTICLE 2 DEFINITIONS AND INTERPRETATION

ARTICLE 3 SCOPE OF APPLICATION

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

,Q WKHVH &RQGLWLRQV RI %XVLQHVV WKH IROORZLQJ WHUPV VKDOO KDYH WKH PHDQLQJV VHW IRUWK EHORZ (1)“Companyâ€? means Poly Auction (Hong Kong) Limited; (2)“Sellerâ€? means any natural person, legal person or RWKHU RUJDQL]DWLRQ WKDW FRQVLJQV D /RW V ZLWKLQ WKH VFRSH RI these Conditions of Business to the Company for auction. In these Conditions of Business, a Seller shall include any of its DJHQWV XQOHVV DV RWKHUZLVH VSHFLo HG KHUHLQ RU UHTXLUHG LQ D particular context; (3)“Bidderâ€? means any person, company, body corporate RU RWKHU RUJDQL]DWLRQ ZKR RU ZKLFK FRQVLGHUV FDUULHV RXW RU DWWHPSWV WR ELG LQ DQ\ZD\ ,Q WKHVH &RQGLWLRQV RI %XVLQHVV D %LGGHU VKDOO LQFOXGH DQ\ RI LWV DJHQWV XQOHVV DV RWKHUZLVH VSHFLo HG KHUHLQ RU UHTXLUHG LQ D SDUWLFXODU FRQWH[W (4)“Buyerâ€? PHDQV WKH %LGGHU ZKRVH ELG RU Rç HU IRU D /RW LV UHFRJQL]HG E\ DQ $XFWLRQHHU DV WKH KLJKHVW ELG IRU WKDW /RW in an auction held by the Company, including the principal on EHKDOI RI ZKLFK VXFK %LGGHU DFWV (5)“Buyer's Commissionâ€? means any commission that a Buyer shall pay to the Company calculated at the rate VSHFLo HG KHUHLQ RI WKH +DPPHU 3ULFH IRU WKH /RW WKDW VXFK Buyer purchases; (6)“Lotâ€? means any item consigned by a Seller to the Company for auction and so auctioned in any auction, in SDUWLFXODU DQ\ LWHP QXPEHUHG LQ DQ\ FDWDORJXH ZLWK FHUWDLQ description; (7)“Auction Dateâ€? PHDQV WKH GDWH RQ ZKLFK DQ DXFWLRQ is formally held, as announced by the Company in its public QRWLFH ,Q FDVH RI DQ\ GLVFUHSDQF\ EHWZHHQ WKH DFWXDO GDWH and the announced date of an auction, the actual date shall prevail; (8)“Sale Dateâ€? means, in an auction held by the Company, WKH GDWH RQ ZKLFK WKH DXFWLRQHHU FRQFOXGHV D FRQWUDFW IRU VDOH EHWZHHQ D 6HOOHU DQG D %X\HU E\ ZD\ RI KDPPHU VWULNLQJ RU DQ\ RWKHU FXVWRPDU\ PDQQHU SXEOLFO\ FRQo UPLQJ WKH VDOH (9)“Auctioneerâ€? means any person designated by the Company to moderate a particular auction; (10)“Hammer Priceâ€? PHDQV WKH SULFH IRU D /RW DW ZKLFK WKH $XFWLRQHHU GHFLGHV WR VHOO WKH /RW E\ VWULNLQJ WKH KDPPHU or the agreed sale price in the post-auction sale; (11)“Proceeds of Saleâ€? 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 Priceâ€? 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 Expensesâ€? means costs and expenses in relation to sale of the Lot by the Company, including but QRW OLPLWHG WR LQVXUDQFH SROLFLHV SDFNLQJ PRYLQJ VWRUDJH custody for the Lot, any expenses of testing, investigation,

$OO SDUWLHV SDUWLFLSDWLQJ LQ DQ\ DXFWLRQV RUJDQL]HG E\ WKH 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, DQG VKDOO FRPSO\ ZLWK WKHP LQ VXFK DXFWLRQV HQMR\ WKH ULJKWV and perform the obligations provided herein. $Q\ %LGGHU ZKR ELGV LQ DQ DXFWLRQ RUJDQL]HG E\ WKH &RPSDQ\ ZKHWKHU LQ SHUVRQ RU E\ DXWKRUL]LQJ DQ DJHQW WR ELG RQ KLV KHU LWV EHKDOI ZKHWKHU E\ UDLVLQJ WKH SDGGOH E\ DEVHQWHH bids, by phone or by any other means, shall be deemed to have accepted these Conditions of Business in full. $Q\ GLVSXWH DPRQJ WKH SDUWLHV WR DXFWLRQV RUJDQL]HG E\ WKH &RPSDQ\ VKDOO EH VHWWOHG LQ DFFRUGDQFH ZLWK WKHVH Conditions of Business.

ARTICLE 4 SPECIAL NOTICE

%LGGHUV DQG %X\HUV SDUWLFLSDWLQJ LQ DQ\ DXFWLRQV RUJDQL]HG 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 DQG RU WKHLU DJHQWV KDYH WKH UHVSRQVLELOLWLHV WR UHYLHZ WKH original Lot in person, and bear legal liabilities for their acts of bidding the Lot. 8SRQ WKH $XFWLRQHHU FRQILUPV WKH %LGGHUjV ELG E\ VWULNLQJ his/her hammer or in any other manner publicly indicating FRQo UPDWLRQ RI WKH SXUFKDVH LQ DQ\ DXFWLRQV RUJDQL]HG E\ the Company, the contract for sale regarding the Lot shall immediately enter into force and the Bidder shall become WKH %X\HU RI WKH /RW Ĺˆ H &RPSDQ\ WKH 6HOOHU DQG WKH %X\HU VKDOO DFNQRZOHGJH WKH VDOH RI WKH /RW DQG LWV FORVLQJ HQMR\ the rights and assume the obligations provided by applicable ODZV DQG RU WKHVH &RQGLWLRQV RI %XVLQHVV $Q\ SDUW\ WKDW IDLOV to perform obligations shall bear its/his/her corresponding legal liabilities. Ĺˆ H &RPSDQ\ PD\ DPHQG WKHVH &RQGLWLRQV RI %XVLQHVV IRU D particular auction by posting announcements at the auction VLWH RU PDNLQJ DQ DQQRXQFHPHQW DW VXFK DXFWLRQ WKURXJK DQ Auctioneer.

CHAPTER II THE SELLER ARTICLE 5 CONSIGNMENT PROCEDURE

When arranging for the consignment of the Seller's Lot to the Company for auction: 7KH 6HOOHU PXVW SUHVHQW D YDOLG LGHQWLW\ GRFXPHQW ZLWK photo issued by the government (e.g. resident identity card or passport) if the Seller is a natural person and sign a FRQVLJQPHQW DXFWLRQ FRQWUDFW ZLWK WKH &RPSDQ\ $ YDOLG FHUWLo FDWH RI LQFRUSRUDWLRQ SURRI RI VKDUHKROGLQJ RU D OHJDO DXWKRUL]DWLRQ GRFXPHQW VKDOO EH UHTXLUHG LI WKH 6HOOHU LV D OHJDO HQWLW\ RU DQ\ RWKHU RUJDQL]DWLRQ ZKLFK VKDOO

VLJQ D FRQVLJQPHQW DXFWLRQ FRQWUDFW ZLWK WKH &RPSDQ\ (3) When the Seller signs a consignment auction contract ZLWK WKH &RPSDQ\ WKH &RPSDQ\ VKDOO EH DXWRPDWLFDOO\ DXWKRUL]HG WR PDNH SLFWXUHV LOOXVWUDWLRQV FDWDORJXHV RU 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 &RPSDQ\ WKH UHOHYDQW DXWKRUL]DWLRQ FHUWLo FDWHV LQFOXGLQJ (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 RUJDQL]DWLRQ DQG $ SRZHU RI DWWRUQH\ GXO\ H[HFXWHG 7KH &RPSDQ\ KDV WKH ULJKW WR H[DPLQH WKH DIRUHVDLG GRFXPHQWV LQ D ODZIXO manner.

ARTICLE 7 THE SELLER'S WARRANTIES

7KH 6HOOHU KHUHE\ PDNHV LUUHYRFDEOH ZDUUDQWLHV WR WKH &RPSDQ\ DQG WKH %X\HU ZLWK UHVSHFW WR WKH /RW LW FRQVLJQV WR WKH &RPSDQ\ IRU DXFWLRQ DV IROORZV 7KH 6HOOHU KDV DEVROXWH RZQHUVKLS RU OHJDO ULJKW WR GLVSRVH RI WKH /RW Ĺˆ H DXFWLRQ RI WKH /RW ZLOO QRW SUHMXGLFH any legal interest (including copyright interest) of any third SDUW\ DQG ZLOO QRW YLRODWH WKH SURYLVLRQV RI UHOHYDQW ODZV DQG regulations; 7KH 6HOOHU KDV WR WKH EHVW RI LWV NQRZOHGJH PDGH full, complete and accurate disclosure and description WR WKH &RPSDQ\ ZLWK UHVSHFW WR WKH RULJLQ DQG DQ\ IODZ RI WKH /RW DQG QRWLILHG WKH &RPSDQ\ LQ ZULWLQJ ZLWKRXW DQ\ concealment or fabrication; If the Lot is liquors or teas, the $VVLJQHH VKRXOG WUXO\ GLVFORVH WKH GHIHFWV RU IODZV DERXW LQFOXGLQJ EXW QRW OLPLW WR WKH SDFNDJLQJ ODEHOV OHYHO RI ZHDU DQG WHDU FRUNV HWF (3) If the Lot being consigned shall be imported into Hong .RQJ WKH 6HOOHU VKDOO JXDUDQWHH WKH FRPSOLDQFH ZLWK WKH ODZV RI LWV RULJLQ DQG HQVXUH WKH FRPSOHWLRQ RI WKH H[SRUW DQG LPSRUW SURFHGXUHV DQG QRWLI\ WKH &RPSDQ\ LQ ZULWLQJ and (4) The Assignee must ensure that the auctioned items do QRW FRQWUDYHQH DQ\ ODZV RI +RQJ .RQJ LQFOXGLQJ WKH 3XEOLF 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 &RPSDQ\ WKDW LW KDV DQ\ OLFHQVH RU TXDOLo FDWLRQ UHJLVWUDWLRQ to possess, disposal or sale of the auctioned item required E\ WKH ODZV RI +RQJ .RQJ Ĺˆ H $VVLJQHH VKRXOG HQVXUH WKDW LI WKH\ UHTXLUH RXU &RPSDQ\ WR PDNH DQ DGGLWLRQDO OLFHQVH RU permit to the relevant departments for the auction, display, disposal or possession of the auctioned items, they should QRWLI\ XV LQ ZULWWHQ QRWLFH QRW OHVV WKDQ WZR PRQWKV SULRU WR the auction. Ĺˆ H 6HOOHU VKDOO JXDUDQWHH WKDW WKH /RW LV DXWKHQWLF ,Q VR doing, the Seller guarantees: D Ĺˆ H /RW LV QRW D FRXQWHUIHLW RU IRUJHU\ RI L Ĺˆ H ZRUN RI DQ\ DUWLVW DXWKRU RU PDQXIDFWXUHU LI WKH /RW LV GHVFULEHG E\ WKH 6HOOHU DV WKH ZRUN RI WKDW DUWLVW DXWKRU RU manufacturer; LL $ ZRUN FUHDWHG RU SURGXFHG ZLWKLQ D SDUWLFXODU WLPH IUDPH RU FXOWXUH LI WKH /RW LV GHVFULEHG E\ WKH 6HOOHU DV D ZRUN created or produced during that time frame or culture; LLL $ ZRUN RI D SDUWLFXODU RULJLQ RU VRXUFH LI WKH /RW LV GHVFULEHG E\ WKH 6HOOHU DV D ZRUN RI WKDW RULJLQ RU VRXUFH RU LY $ ZRUN FUHDWHG RU FUDņ HG RU UHo QHG RU UHVWRUHG WKURXJK D

particular process or manner, if the Lot is described by the 6HOOHU DV D ZRUN FUHDWHG WKURXJK WKDW SURFHVV RU PDQQHU E ,Q WKH FDVH RI MHZHOOHU\ DQG WLPHSLHFHV LQ DGGLWLRQ WR D DERYH WKH /RW LV FUDņ HG LQ WKH PDQQHU DV GHVFULEHG E\ WKH Seller, out of the particular materials as described by the 6HOOHU DQG KDG XQGHUZHQW QR UHVWRUDWLRQ SURFHVVHV RWKHU 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 WKRVH VSHFLo HG E\ WKH 6HOOHU ,I WKH 6HOOHU YLRODWHV DQ\ RI WKH DERYH ZDUUDQWLHV WKH 6HOOHU VKDOO IXOO\ LQGHPQLI\ DOO ORVVHV FRVWV DQG H[SHQVHV VXç HUHG by the Company and/or the Buyer.

and all losses caused by the suspension of auction; ň H &RPSDQ\ KDV DQ REMHFWLRQ WR WKH H[SODQDWLRQ RI WKH 6HOOHU RU WKH DFFXUDF\ RI WKH 6HOOHUjV ZDUUDQW\ PHQWLRQHG LQ Article 7 hereof; $Q\ HYLGHQFH SURYHV WKH 6HOOHU KDV YLRODWHG RU ZLOO YLRODWH 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 &RPSDQ\ LV DZDUH RI DQ\ RZQHUVKLS RU RWKHU GLVSXWH LQ 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.

ZHDU LQKHUHQW IODZV LQWHUQDO RU SRWHQWLDO GHIHFWV FKDQJH of substance itself, self-combustion, self-heating, oxidation, FRUURVLRQ OHDNDJH UDW ELWH ZRUP ELWH FKDQJH LQ WKH atmosphere (climate or air temperature), change in humidity or temperature, or other gradual changes or caused by IRUFH PDMHXUH VXFK DV HDUWKTXDNH WVXQDPL ZDU KRVWLOH DFWLRQ DUPHG FRQIOLFW WHUURULVP FRXS VWULNH DQG VRFLDO ULRW RU QXFOHDU UDGLDWLRQ RU UDGLRDFWLYH SROOXWLRQ DV ZHOO DV WKH GDPDJH RU GHVWUXFWLRQ RI ERRN IUDPHV JODVV GUDZHUV bottom pads, trestles, mountings, insert pages, scroll heads or other similar accessories caused by any reason are not ZLWKLQ WKH VFRSH RI LQVXUDQFH FRYHUDJH ň H DIRUHVDLG ULVNV should be borne by the Seller.

ARTICLE 8 RESERVE

ARTICLE 12 THE SELLER'S WITHDRAWAL OF LOT

ARTICLE 18 INSURANCE INDEMNITY

8QOHVV RWKHUZLVH DJUHHG XSRQ E\ WKH &RPSDQ\ DQG WKH 6HOOHU DOO /RWV DUH Rç HUHG VXEMHFW WR D 5HVHUYH ň H 5HVHUYH VKDOO EH GHWHUPLQHG E\ WKH 6HOOHU DQG WKH &RPSDQ\ LQ ZULWLQJ through consultation, and no modification of the Reserve VKDOO EH PDGH ZLWKRXW WKH SULRU FRQVHQW RI WKH RWKHU SDUW\ Dņ HU LW LV GHWHUPLQHG E\ ERWK SDUWLHV )ROORZLQJ WKH ELGGLQJ IDLOXUH RI WKH /RW DXWKRUL]HG E\ WKH 6HOOHU WKH $XFWLRQHHU 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.

ARTICLE 9 THE COMPANY'S DISCRETION

7KH &RPSDQ\ PD\ GHFLGH WKH IROORZLQJ PDWWHUV DW LWV absolute discretion: (1) Explanation and/or appraisal of any aspect of any Lot WKURXJK WKH FDWDORJXH RI WKH /RW DQG RU QHZV PHGLD DQG RU other carriers; (2) Whether to consult any expert or not; ň H LOOXVWUDWLRQ RI WKH /RW LQ WKH FDWDORJXH WKH H[KLELWLRQ RI WKH /RW DQG RWKHU IRUPV RI SXEOLFL]LQJ WKH /RW WKH DUUDQJHPHQW LQ WKH SURPRWLRQDO DFWLYLWLHV DV ZHOO DV WKH 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.

ARTICLE 10 LOT NOT AUCTIONED

$ņ HU WKH 6HOOHU KDV VLJQHG WKH FRQVLJQPHQW DXFWLRQ FRQWUDFW ZLWK DQG GHOLYHUHG WKH /RW WR WKH &RPSDQ\ LI IRU DQ\ UHDVRQ the Company believes that the Lot is not suitable for auction E\ WKH &RPSDQ\ WKH 6HOOHU VKDOO FROOHFW WKH /RW ZLWKLQ WKLUW\ days from the issuance date of the Company's notice (fees IRU SDFNDJLQJ DQG WUDQVSRUWDWLRQ VKDOO EH DW WKH 6HOOHUjV RZQ H[SHQVH 7KH FRQVLJQPHQW DXFWLRQ FRQWUDFW EHWZHHQ WKH 6HOOHU DQG WKH &RPSDQ\ ZLOO WHUPLQDWH RQ WKH GDWH ZKHQ WKH Seller collects the Lot. If during the above-mentioned period the Seller fails to collect the Lot, the consignment auction FRQWUDFW ZLOO DXWRPDWLFDOO\ WHUPLQDWH XSRQ WKH H[SLUDWLRQ RI VXFK SHULRG ,I ZLWKLQ VHYHQ GD\V Dņ HU WKH WHUPLQDWLRQ RI WKH 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 GLVSRVH RI WKH /RW LQ D ZD\ WKH &RPSDQ\ GHHPV SURSHU ň H Seller is responsible for the collection of, if any, the amount REWDLQHG IURP WKH GLVSRVDO Dņ HU GHGXFWLQJ DOO WKH IHHV DQG expenses incurred by the Company.

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 IROORZLQJ VLWXDWLRQV 7KH &RPSDQ\ KDV DQ REMHFWLRQ WR WKH RZQHUVKLS RU authenticity of the Lot; $Q\ WKLUG SDUW\ KDV DQ REMHFWLRQ WR WKH RZQHUVKLS RU authenticity of the Lot and can provide relevant evidence materials as to the basis of such objection, pays a security SXUVXDQW WR WKH &RPSDQ\jV UHTXLUHPHQWV DQG LV ZLOOLQJ WR WDNH WKH FRUUHVSRQGLQJ OLDELOLWLHV IRU WKH OHJDO FRQVHTXHQFHV

7KH 6HOOHU PD\ ZLWKGUDZ WKH /RW DW DQ\ WLPH SULRU WR WKH $XFWLRQ 'DWH E\ LVVXLQJ D ZULWWHQ QRWLFH WR WKH &RPSDQ\ In the case that the Lot has been listed in the catalogue or other public materials and they have begun to be printed at WKH WLPH RI WKH ZLWKGUDZDO RI WKH /RW WKH 6HOOHU VKDOO SD\ DQ DPRXQW HTXDO WR RI WKH 5HVHUYH RI WKH /RW DQG DOO RWKHU expenses. In the case that the catalogue or other public materials have not been printed, the Seller shall pay an DPRXQW HTXDO WR RI WKH 5HVHUYH RI WKH /RW DQG DOO RWKHU expenses. Any dispute or claim arising out of the Seller's ZLWKGUDZDO RI WKH /RW VKDOO EH ERUQH E\ WKH 6HOOHU DQG KDV QRWKLQJ WR GR ZLWK WKH &RPSDQ\

ARTICLE 13 AUTOMATIC INSURANCE

8QOHVV RWKHUZLVH LQVWUXFWHG E\ WKH 6HOOHU LQ ZULWLQJ DOO /RWV ZLOO EH DXWRPDWLFDOO\ FRYHUHG XQGHU WKH LQVXUDQFH SROLFLHV SXUFKDVHG E\ WKH &RPSDQ\ Dņ HU WKH 6HOOHU HQWHUV LQWR WKH FRQVLJQPHQW DXFWLRQ FRQWUDFW ZLWK WKH &RPSDQ\ DQG GHOLYHUV WKH /RWV WR WKH &RPSDQ\ ň H LQVXUHG DPRXQW VKDOO EH EDVHG 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 LV DGMXVWHG LW VKDOO EH WKH RULJLQDO 5HVHUYH RI WKH /RW ň H insured amount is only applicable to insurance and claim for FRPSHQVDWLRQ LV QRW WKH &RPSDQ\jV ZDUUDQW\ RU JXDUDQWHH 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 14 INSURANCE PREMIUM

If the Lot is sold, the insurance premium payable by the 6HOOHU VKDOO EH RI WKH +DPPHU 3ULFH XQOHVV RWKHUZLVH agreed by the Seller and the Company. If the Lot is not sold, WKH 6HOOHU VKDOO DV ZHOO SD\ WKH LQVXUDQFH SUHPLXP DW RI the Reserve.

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 'DWH LQFOXGLQJ WKH 6DOH 'DWH DQG WKH GDWH ZKHQ WKH %X\HU collects the Lot. If the Lot is not sold in the auction, the insurance period shall terminate upon the expiry of thirty GD\V Dņ HU WKH &RPSDQ\ LVVXHV WKH QRWLFH RQ WKH FROOHFWLRQ RI the Lot.

ARTICLE 16 INSURANCE BY THE SELLER

,Q WKH HYHQW WKDW WKH 6HOOHU QRWLo HV WKH &RPSDQ\ LQ ZULWLQJ QRW WR LQVXUH WKH /RW LW VKDOO XQGHUWDNH DOO WKH ULVNV DQG WKH IROORZLQJ OLDELOLWLHV DW DQ\ WLPH XQOHVV RWKHUZLVH UXOHG E\ DQ arbitration institution): (1) To compensate for any claim or action brought by any RWKHU SDUWLHV DJDLQVW WKH &RPSDQ\ ZLWK UHVSHFW WR WKH damage or destruction of the Lot; (2) To compensate the Company and/or any other parties for DOO ORVVHV VXç HUHG DQG DOO H[SHQVHV LQFXUUHG EHFDXVH RI WKH 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

Any damage or destruction of the Lot caused by incidents or disasters covered by the insurance purchased by the Company IRU WKH /RW VKDOO EH KDQGOHG LQ DFFRUGDQFH ZLWK WKH ODZV RI Hong Kong on insurance. The Company shall pay insurance LQGHPQLWLHV Dņ HU GHGXFWLQJ WKH &RPSDQ\jV H[SHQVHV RWKHU WKDQ WKH &RPPLVVLRQ WR WKH 6HOOHU Dņ HU WKH &RPSDQ\ REWDLQV such indemnities from the insurance company.

ARTICLE 19 BIDDING PROHIBITION

ň H 6HOOHU VKDOO QRW ELG IRU WKH /RW FRQVLJQHG WR WKH &RPSDQ\ E\ KLPVHOI KHUVHOI LWVHOI IRU DXFWLRQ RU DXWKRUL]H DQ\ RWKHU 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

8QOHVV RWKHUZLVH DJUHHG XSRQ E\ WKH 6HOOHU DQG WKH &RPSDQ\ WKH 6HOOHU VKDOO DXWKRUL]H WKH &RPSDQ\ WR GHGXFW RI WKH +DPPHU 3ULFH DV &RPPLVVLRQ DQG DW WKH VDPH 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 IURP WKH %X\HU LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV LQ $UWLFOH 49 hereof.

ARTICLE 21 SERVICE FEE FOR UNSOLD LOT

,Q FDVH WKH /RW LV QRW VROG EHFDXVH WKH ELGGLQJ SULFH LV ORZHU WKDQ WKH 5HVHUYH WKH 6HOOHU VKDOO DXWKRUL]H WKH &RPSDQ\ WR 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 WR WKH &RPSDQ\ LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV LQ $UWLFOH 49 hereof, the Company shall pay the Proceeds of Sale to the 6HOOHU WKLUW\ o YH GD\V Dņ HU WKH 6DOH 'DWH LQ +RQJ .RQJ GROODUV

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 SD\PHQW SHULRG XQGHU $UWLFOH KHUHRI WKH &RPSDQ\ ZLOO SD\ WKH 3URFHHGV RI 6DOH WR WKH 6HOOHU ZLWKLQ VHYHQ ZRUNLQJ GD\V Dņ HU UHFHLSW RI IXOO SD\PHQW RI WKH 3XUFKDVH 3ULFH IURP the Buyer.

ARTICLE 24 SELLER TAXES

ň H 6HOOHU VKDOO SD\ WD[HV WR WKH JRYHUQPHQW IRU WKH 3URFHHGV of Sale obtained. If the Company has the obligation to ZLWKKROG DQG SD\ WD[HV DFFRUGLQJ WR WKH SURYLVLRQV RI WKH UHOHYDQW ODZV WKH &RPSDQ\ ZLOO IROORZ WKH SURYLVLRQV RI WKH ODZV 7KH 6HOOHU VKDOO DVVLVW LQ KDQGOLQJ DOO WKH IRUPDOLWLHV and bear the corresponding taxes and expenses.

ARTICLE 25 ASSISTANCE IN THE COLLECTION OF OUTSTANDING PAYMENT

ň H 6HOOHU VKDOO DW WKH WLPH RI LWV FRQVLJQPHQW RI WKH /RW WR WKH &RPSDQ\ IRU DXFWLRQ EH GHHPHG WR KDYH DXWKRUL]HG WKH Company to demand the corresponding outstanding payment from the Buyer on behalf of the Seller. Where the Buyer

IDLOV WR IXOO\ SD\ WKH 3XUFKDVH 3ULFH ZLWKLQ VHYHQ GD\V Dņ HU 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. ,Q DGGLWLRQ WKH &RPSDQ\ VKDOO DV ZHOO KDYH WKH ULJKW WR WDNH appropriate actions (including but not limited to resorting to legal proceedings) to assist the Seller in collecting such RXWVWDQGLQJ SD\PHQW IURP WKH %X\HU ZKHUH LW LV GHHPHG E\ WKH &RPSDQ\ WR EH SUDFWLFDEOH Ĺˆ H DERYH SURYLVLRQ GRHV QRW H[FOXGH WKH 6HOOHUjV ULJKW WR GHPDQG LQ SHUVRQ RU DXWKRUL]H 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 EHKDOI RI WKH 6HOOHU XQGHU DQ\ FLUFXPVWDQFH Ĺˆ LV &RPSDQ\ 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 DXWKRUL]DWLRQ DW WKH 6HOOHUjV H[SHQVHV DQG PD\ GHWHUPLQH WKH IROORZLQJ PDWWHUV DV WKH FDVH PD\ EH (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 DFFRUGDQFH ZLWK WKH UHOHYDQW DUWLFOHV KHUHRI DQG 7R WDNH RWKHU QHFHVVDU\ PHDVXUHV WR FROOHFW WKH RXWVWDQGLQJ SD\PHQW RZHG E\ WKH %X\HU WR WKH 6HOOHU

ARTICLE 27 UNSOLD LOT

In the event that the Lot is not sold, the Company may FKRRVH DQ\ RQH RI WKH IROORZLQJ DFWLRQV 3ULYDWH VDOH Dņ HU WKH DXFWLRQ 7KH &RPSDQ\ PD\ UH QHJRWLDWH ZLWK WKH 6HOOHU RQ WKH 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 Ĺˆ H &RPSDQ\ PD\ UH DXFWLRQ WKH /RW Ĺˆ H &RPPLVVLRQ DQG expenses scale set out in the previous consignment auction contract remains applicable. (3) Collection of the Lot Ĺˆ H 6HOOHU VKDOO WDNH EDFN WKH /RW ZLWKLQ GD\V XSRQ UHFHLSW RI WKH &RPSDQ\jV QRWLFH RQ FROOHFWLRQ IHHV IRU SDFNDJLQJ and transportation shall be paid by the Seller) and pay the Company the service fee for unsuccessful auction and RWKHU H[SHQVHV Ĺˆ H &RPSDQ\ VKDOO XSRQ H[SLUDWLRQ RI VXFK 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 6HOOHU LQ WKH o UVW DXFWLRQ DV ZHOO DV DOO H[SHQVHV IRU UH VDOH of the Lot by auction from the Proceeds of Sale before paying the remaining amount to the Seller.

ARTICLE 28 RISK ASSUMPTION

Ĺˆ H 6HOOHU VKDOO DVVXPH OLDELOLW\ IRU DOO ULVNV DQG H[SHQVHV WKDW RFFXU Dņ HU WKH WLPH OLPLW SUHVFULEHG KHUHLQ LI WKH 6HOOHU IDLOV WR WDNH EDFN WKH /RW QRW DXFWLRQHG RU WKH XQVROG /RW ZLWKLQ VXFK WKH WLPH OLPLW Ĺˆ H 6HOOHU VKDOO DVVXPH OLDELOLW\ IRU DOO ULVNV DQG expenses of the Lot not auctioned or the unsold Lot at the HDUOLHU RI WKH WKLUWLHWK GD\ Dņ HU WKH &RPSDQ\ LVVXHV D QRWLFH on collection of the Lot to the Seller (including the notice date) DQG WKH WLPH ZKHQ WKH 6HOOHU FROOHFWV WKH /RW LQ DFFRUGDQFH ZLWK WKHVH &RQGLWLRQV RI %XVLQHVV :KHUH WKH 6HOOHU UHTXHVWV &RPSDQ\ WR DVVLVW LW LQ WKH UHWXUQ RI WKH /RW ZLWKLQ WKH WLPH limit provided herein and the Company so agrees, the Seller VKDOO DVVXPH OLDELOLW\ IRU DOO ULVNV DQG H[SHQVHV WKDW RFFXU Dņ HU the Lot leaves the place designated by the Company. Unless WKH 6HOOHU VSHFLo FDOO\ JLYHV DQ LQGLFDWLRQ DQG SD\V LQVXUDQFH 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 Rè FHV

CHAPTER III THE BIDDER AND THE BUYER ARTICLE 29 RESPONSIBILITIES OF THE BIDDER AND THE COMPANY IN RESPECT OF THE LOT

Ĺˆ H &RPSDQ\jV SHUFHSWLRQ RI DOO /RWV SDUWO\ UHOLHV RQ WKH information provided by the Seller, the Company is unable DQG ZLOO QRW FDUU\ RXW FRPSUHKHQVLYH LQVSHFWLRQ RI DOO /RWV %LGGHUV DUH DZDUH RI WKLV DQG EHDU WKH UHVSRQVLELOLWLHV RI LQVSHFWLQJ DQG WHVWLQJ WKH RULJLQDO /RWV VR WKDW %LGGHUV ZLOO EH VDWLVo HG ZLWK WKRVH /RWV LQ ZKLFK WKH\ PD\ EH LQWHUHVWHG $OO /RWV IRU VDOH E\ WKH &RPSDQ\ DUH DYDLODEOH IRU YLHZLQJ by Bidders. By bidding, Bidders and/or their agents are deemed to have carried out thorough examination of the /RWV DQG DUH GHHPHG WR EH VDWLVo HG ZLWK WKH FRQGLWLRQV RI the Lots and the accuracy of their description. %LGGHUV DFNQRZOHGJH WKDW YDULRXV /RWV DUH GDWHG ORQJ WLPH ago and of special categories, implying that the Lots are not perfect and not free from defects. All Lots are sold on an“as isâ€? EDVLV DW WKH WLPH RI WKH DXFWLRQ ZKHWKHU RU QRW %LGGHUV DWWHQG WKH DXFWLRQ &RQGLWLRQ UHSRUWV PD\ EH SURYLGHG ZKHQ GXULQJ WKH YLHZLQJ SHULRG 8QGHU FHUWDLQ FLUFXPVWDQFHV 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 %LGGHUV LQFOXGLQJ DQ\ IRUHFDVW LQIRUPDWLRQ ZULWWHQ RU 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. Ĺˆ H &RPSDQ\ RU WKH 6HOOHU KDV QRW PDGH DQ\ GHFODUDWLRQ RU ZDUUDQW\ DV WR ZKHWKHU DQ\ /RW LV VXEMHFW WR DQ\ FRS\ULJKW RU ZKHWKHU WKH %X\HU KDV ERXJKW WKH FRS\ULJKW RI DQ\ /RW ,Q DFFRUGDQFH ZLWK WKH PDWWHUV FRQWDLQHG LQ $UWLFOH WR 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 ZULWWHQ LQ D UHDVRQDEO\ SUXGHQW PDQQHU DQG VXFK VKRXOG EH LQ OLQH ZLWK WKRVH WHUPV RI WKH &RQGLWLRQV RI %XVLQHVV regarding the Company serving as Auction Agent) based on (1) the information provided by the Seller to the Company; (2) DFDGHPLF DQG WHFKQLFDO NQRZOHGJH LI DQ\ DQG JHQHUDOO\ 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 RU LQ ZULWLQJ QR PDWWHU ZKHWKHU WKLV LV FDXVHG E\ QHJOLJHQFH RU RWKHU UHDVRQV ZLWK WKH H[FHSWLRQ RI SURYLVLRQ FRQWDLQHG in Article 29 (6) of the Conditions of Business; PDNH DQ\ JXDUDQWHH RU ZDUUDQW\ WR WKH %LGGHU H[FOXGLQJ DQ\ LPSOLHG ZDUUDQW\ DQG UXOHV RWKHU WKDQ WKH H[SUHVVHG ZDUUDQW\ WKDW WKH 6HOOHU KDV HQWUXVWHG WKH &RPSDQ\ WR PDNH WR WKH %X\HU ZLWK WKH H[FHSWLRQ RI WKRVH UHVSRQVLELOLWLHV WKDW FDQQRW EH GLVFKDUJHG DFFRUGLQJ WR WKH VWLSXODWLRQV RI ODZV (3) be accountable to any Bidder for any actions or omissions of the Company regarding the auction or the sale of any Lot (no PDWWHU ZKHWKHU WKLV LV FDXVHG E\ QHJOLJHQFH RU RWKHU UHDVRQV 8QOHVV WKH &RPSDQ\ RZQV WKH /RW WR EH VROG LW VKDOO QRW

be responsible for any breach of the Conditions of Business by the Seller. :LWKRXW Dç HFWLQJ $UWLFOH RI WKHVH UXOHV DQ\ FODLP IRU FRPSHQVDWLRQ WKDW WKH %LGGHU PDNHV WR WKH &RPSDQ\ 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.

ARTICLE 31 CATALOGUE AND OTHER EXPLANATION OF THE LOT

Ĺˆ H &RPSDQ\ VKDOO SUHSDUH D FDWDORJXH RI WKH /RW WR EULHp \ LQWURGXFH WKH FRQGLWLRQV RI WKH /RW ZLWK ZRUGV DQG RU pictures to facilitate the Bidder and Seller to participate in WKH DXFWLRQ KHOG E\ WKH &RPSDQ\ Ĺˆ H ZRUGV DQG (VWLPDWH LQ WKH FDWDORJXH RI WKH /RW SLFWXUHV RWKHU LPDJHV DV ZHOO 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 p DZOHVVQHVV RI WKH /RW

ARTICLE 32 UNCERTAINTY OF CATALOGUE

Where the tone, color, graduation shape or any other IHDWXUH RI WKH /RW VKRZQ LQ WKH FDWDORJXH DQG RU DQ\ RWKHU LOOXVWUDWLRQV LPDJHV DQG SXEOLF PDWHULDOV GLç HU IURP WKRVH of the original Lot due to printing, photography or other WHFKQLFDO UHDVRQV WKH RULJLQDO /RW VKDOO WDNH SUHFHGHQFH $Q\ introduction and appraisal of any Lot made by the Company DQG LWV HPSOR\HHV RU LWV DJHQWV LQ DQ\ZD\ LQFOXGLQJ WKH FHUWLo FDWH FDWDORJXH VOLGHVKRZ DQG QHZV PHGLD DUH RQO\ opinions for reference and do not constitute any guarantee for the Lot. The Company and its employees or its agents VKDOO XQGHUWDNH QR OLDELOLW\ IRU DQ\ LQDFFXUDF\ RU RPLVVLRQ LQ the aforesaid introduction or appraisal.

ARTICLE 33 RESERVE AND ESTIMATE

8QOHVV RWKHUZLVH LQGLFDWHG DOO /RWV DUH Rç HUHG VXEMHFW WR D 5HVHUYH 1RUPDOO\ WKH 5HVHUYH LV QRW KLJKHU WKDQ WKH ORZHVW 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 WKLV VKDOO QRW EH KLJKHU WKDQ WKH ORZHVW (VWLPDWH RI WKH /RW before the auction. Under no circumstances shall the Company bear any liability ZKHQ WKH ELGV IRU D /RW GR QRW UHDFK WKH 5HVHUYH ,I WKH ELGV DUH ORZHU WKDQ WKH 5HVHUYH WKH $XFWLRQHHU LQ KLV RU KHU GLVFUHWLRQ PD\ VHOO WKH /RW DW D SULFH ORZHU WKDQ WKH 5HVHUYH +RZHYHU XQGHU VXFK FLUFXPVWDQFHV WKH DPRXQW WKDW WKH Company shall pay the Seller shall be the amount that the 6HOOHU ZRXOG UHFHLYH DV LI WKH /RW ZDV VROG DW WKH 5HVHUYH The Estimate is estimated at an earlier time before the $XFWLRQ 'DWH LW LV QRW D FRQo UPHG VHOOLQJ SULFH DQG LV QRW 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 /RW Ĺˆ H &RPSDQ\ VWURQJO\ DGYLVHV WKH %LGGHUV WR SHUVRQDOO\ inspect the original Lot they intend to bid for before the Auction Date by authentication or other means. Bidders VKDOO MXGJH E\ WKHPVHOYHV ZKHWKHU /RW FRPSOLHV ZLWK WKH descriptions in the Company's catalogue of the Lot and other images and public materials, rather than relying on the FDWDORJXH LPDJHV DQG SXEOLF PDWHULDOV WR PDNH GHFLVLRQV

ARTICLE 35 REGISTRATION OF BIDDERS

If the Bidder is a natural person, before the Auction Date, he/ VKH VKDOO o OO LQ DQG VLJQ WKH UHJLVWUDWLRQ GRFXPHQWV ZLWK DQ LGHQWLW\ GRFXPHQW ZLWK SKRWR LVVXHG E\ WKH JRYHUQPHQW VXFK as resident identity card or passport), and provide proof of WKH FXUUHQW DGGUHVV H J XWLOLW\ ELOO RU EDQN VWDWHPHQW LI WKH

%LGGHU LV D FRPSDQ\ RU RWKHU RUJDQL]DWLRQ EHIRUH WKH $XFWLRQ 'DWH LW VKDOO o OO LQ DQG VLJQ WKH UHJLVWUDWLRQ GRFXPHQWV DQG FROOHFW D SDGGOH ZLWK LWV YDOLG FHUWLILFDWH RI LQFRUSRUDWLRQ DQG SURRI RI VKDUHKROGLQJ DQG OHJLWLPDWH DXWKRUL]DWLRQ GRFXPHQW ň H &RPSDQ\ PD\ UHTXHVW WKH %LGGHU WR SUHVHQW SURRI RI EDQN GHWDLOV RU RWKHU SURRI RI o QDQFLDO FRQGLWLRQV IRU payment purposes.

ARTICLE 36 PADDLE

The Company can announce before the Auction Date the conditions and procedures of arranging paddle for the %LGGHU DFFRUGLQJ WR GLç HUHQW DXFWLRQ FRQGLWLRQV DQG DXFWLRQ 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 IRU WKH %LGGHU WR SDUWLFLSDWH LQ WKH DXFWLRQ DW WKH YHQXH ň H %LGGHU VKDOO NHHS LW SURSHUO\ DQG VKDOO QRW OHQG LW WR RWKHUV WR use it. If it is lost, it shall immediately handle the loss report IRUPDOLWLHV LQ D ZULWWHQ IRUP UHFRJQL]HG E\ WKH &RPSDQ\ 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 DOUHDG\ VXEPLWWHG D ZULWWHQ UHSRUW WR WKH &RPSDQ\ UHJDUGLQJ the loss paddle.

ARTICLE 37 AUCTION DEPOSIT

When a Bidder participates in an auction of the Company, KH VKH VKDOO o UVW SD\ WKH DXFWLRQ GHSRVLW EHIRUH FROOHFWLQJ WKH SDGGOH 7KH DPRXQW RI WKH DXFWLRQ GHSRVLW ZLOO EH announced by the Company before the Auction Date, and the &RPSDQ\ KDV WKH ULJKW WR ZDLYH WKH DXFWLRQ GHSRVLW ,I WKH %LGGHU IDLOV WR EX\ WKH /RW DQG KH GRHV QRW RZH WKH &RPSDQ\ any sum, then that auction deposit shall be returned to the %LGGHU LQ IXOO ZLWKRXW LQWHUHVW ZLWKLQ ZRUNLQJ GD\V DIWHU 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 SDUWLFLSDWLQJ LQ WKH DXFWLRQ RUJDQL]HG E\ WKH &RPSDQ\ RU HQWHULQJ WKH DXFWLRQ VLWH RU WDNLQJ SLFWXUHV RU VKRRWLQJ videos at the auction site at its discretion.

ARTICLE 39 HANDLING OF ABNORMAL EVENTS

If any abnormal event occurs at the auction site, the &RPSDQ\ KDV WKH ULJKW WR WDNH HPHUJHQF\ DFWLRQV ,I DQ\ dispute arises at the auction site, the Company has right to mediate and settle it.

ARTICLE 40 CONFIRMATION OF BUYER'S IDENTITY

ň H %LGGHU PXVW WDNH JRRG FDUH RI KLV KHU LWV SDGGOH DQG EH FDXWLRXV QRW WR ORVH LW ň H %LGGHU VKDOO QRW OHQG KLV KHU LWV 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 LQ ZULWLQJ IRU WKH &RPSDQ\ WR ELG RQ LWV EHKDOI ň H &RPSDQ\ has the discretion to accept or not accept the above DSSRLQWPHQW $Q\ %LGGHU ZKR KDV DSSRLQWHG WKH &RPSDQ\ WR ELG VKDOO KDQGOH WKH DSSRLQWPHQW IRUPDOLWLHV ZLWKLQ WKH 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. ,I WKH %LGGHU ZKR KDV DSSRLQWHG WKH &RPSDQ\ WR ELG QHHGV 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

,I D %LGGHU ZKR KDV DSSRLQWHG WKH &RPSDQ\ WR ELG WKH 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 DQG NHHS WKH LQVWDQW FRPPXQLFDWLRQ LQVWUXPHQW SURSHUO\ GXULQJ WKH SHULRG LQ ZKLFK WKH &RPSDQ\ LV DSSRLQWHG WR ELG the Bidder shall use that instant communication instrument itself. Where the instant communication instrument is lost or LW FDQQRW EH ZLWKLQ FRQWURO WKH %LGGHU VKDOO LPPHGLDWHO\ XVH D ZULWWHQ IRUP UHFRJQL]HG E\ WKH &RPSDQ\ WR FKDQJH WKH LQVWDQW communication method filled in the Absentee Bid Order. During the period the Company is appointed to bid, it shall PDNH DSSURSULDWH HIIRUWV WR FRQWDFW WKH %LGGHU WKH ELGGLQJ information transmitted by that instant communication LQVWUXPHQW ZKHWKHU RU QRW LW LV WUDQVPLWWHG E\ WKH %LGGHU personally or the Bidder's agent) shall be considered as transmitted by the Bidder itself, and the Bidder shall bear legal UHVSRQVLELOLWLHV IRU WKH DFWLRQV WDNHQ E\ LW 8QOHVV WKH %X\HU LWVHOI KDV FKDQJHG WKH LQVWDQW FRPPXQLFDWLRQ PHWKRG o OOHG LQ WKH $EVHQWHH %LG 2UGHU E\ D ZULWWHQ PHWKRG UHFRJQL]HG E\ WKH &RPSDQ\ $OO WHOHSKRQH ELGV PD\ EH UHFRUGHG DQG NHSW at Poly Auction (Hong Kong)’s sole discretion, by opting for telephone bids, the Bidder agrees that its phone conversation ZLOO EH UHFRUGHG 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

,I WZR RU PRUH %LGGHUV DSSRLQWLQJ WKH &RPSDQ\ WR ELG RQ WKHLU behalf have bid the same price for the same Lot and eventually WKDW /RW LV VROG DW WKDW +DPPHU 3ULFH WKHQ WKH RQH ZKR o UVW 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 GLVFUHWLRQ LQ WKH IROORZLQJ PDWWHUV 1. Refusal or acceptance of any bid; 2. Carrying out the auction in such a manner as he may decide; :LWKGUDZDO RI DQ\ /RW GLYLGLQJ LW IRU DXFWLRQ VHSDUDWHO\ FRPELQLQJ DQ\ WZR RU PRUH /RWV IRU DXFWLRQ 4. If there are errors or disputes, no matter if they occur GXULQJ RU Dņ HU WKH DXFWLRQ KH VKDOO KDYH WKH ULJKW WR GHFLGH WKH VXFFHVVIXO %LGGHU ZKHWKHU RU QRW WR FRQWLQXH WKH auction, to cancel the auction or place the Lot under dispute for auction again; ň H $XFWLRQHHU PD\ RSHQ DQG FDUU\ RXW WKH ELGGLQJ DW D OHYHO ZLWK ELGGLQJ LQFUHPHQWV WKDW KH FRQVLGHUV VXLWDEOH DQG 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

)RU WKRVH /RWV ZLWKRXW D 5HVHUYH XQOHVV WKHUH KDV DOUHDG\ EHHQ ELGGLQJ RWKHUZLVH WKH $XFWLRQHHU XQGHU KLV RZQ discretion, may decide the starting price. If there is no ELGGLQJ DW VXFK D SULFH WKH $XFWLRQHHU ZLOO DW KLV RZQ GLVFUHWLRQ ORZHU WKH SULFH DQG FRQWLQXH WKH DXFWLRQ XQWLO D %LGGHU VWDUWV WR ELG WKHQ KH ZLOO FRQWLQXH WKH DXFWLRQ DW WKDW 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

RU RWKHU IRUPV RI GLVSOD\ ERDUGV LQ WKH DXFWLRQ ň H FRQWHQWV VKRZQ DUH IRU UHIHUHQFH RQO\ ,W LV SRVVLEOH WKDW WKHUH DUH GLç HUHQFHV LQ WKH LQIRUPDWLRQ VXFK DV WKH DPRXQW UHIHUHQFH number of the Lot, images of the Lot or reference foreign FXUUHQF\ HWF VKRZQ LQ WKH LPDJH SURMHFWRU RU RWKHU IRUPV of display boards and the Company shall not bear any UHVSRQVLELOLWLHV IRU DQ\ ORVVHV FDXVHG E\ VXFK GLç HUHQFHV

ARTICLE 48 SUCCESSFUL BID

The fact that the Auctioneer confirms the highest bid of a %LGGHU E\ VWULNLQJ KLV KHU KDPPHU RU LQ DQ\ RWKHU PDQQHU RI SXEOLFO\ FRQo UPLQJ WKH VDOH VKDOO LQGLFDWH WKH FRQFOXVLRQ RI D VDOHV FRQWUDFW IRU WKH /RW EHWZHHQ WKH %LGGHU DQG WKH 6HOOHU

ARTICLE 49 COMMISSION AND EXPENSES

$IWHU WKH %LGGHU KDV VXFFHHGHG LQ ELGGLQJ LW ZLOO EHFRPH the Buyer of that Lot. A buyer’V SUHPLXP ZLOO EH DGGHG WR the Hammer Price and is payable by the buyer as part of the total purchase price. The buyer’V SUHPLXP LV RI the hammer price of each lot and at the same time other Buyer’V ([SHQVHV DQG UHFRJQL]HV WKDW WKH &RPSDQ\ FDQ 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 DPRXQWV ZKLFK VKDOO QRW LQFOXGH DQ\ WD[ RQ JRRGV WD[ RQ VHUYLFHV RU RWKHU YDOXH DGGHG WD[ ZKHWKHU OHYLHG E\ Hong Kong or other regions). If there is any tax applicable to the Buyer, the Buyer shall bear it itself according to the SURYLVLRQV RI WKH UHOHYDQW ODZV FXUUHQWO\ LQ IRUFH

ARTICLE 51 PAYMENT TIME

After the Lot is successfully sold in an auction, unless RWKHUZLVH DJUHHG UHJDUGOHVV RI DQ\ VWLSXODWLRQV RI WKH export, import or other permits of the Lot, the Buyer shall IXOO\ SD\ WKH 3XUFKDVH 3ULFH ZLWKLQ GD\V Dņ HU WKH 6DOH 'DWH LQFOXGLQJ WKH 6DOH 'DWH DQG FROOHFW WKH /RW ,I SDFNLQJ 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 VKDOO FRQYHUW LW DW WKH H[FKDQJH UDWH DJUHHG EHWZHHQ WKH Buyer and the Company or at the exchange rate of Hong .RQJ GROODUV DQG WKDW FXUUHQF\ W\SH RQ WKH SUHYLRXV ZRUNLQJ GD\ DQQRXQFHG E\ VXFK EDQN DV VHOHFWHG E\ WKH &RPSDQ\ $OO EDQN KDQGOLQJ IHHV FRPPLVVLRQ DQG FKDUJHV LQFXUUHG E\ 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 %X\HU KDV QRW \HW REWDLQHG WKH RZQHUVKLS RI WKH /RW 7KLV VKDOO SDVV RQWR WKH %X\HU RQO\ ZKHQ WKH %X\HU KDV IXOO\ SDLG WKH 3XUFKDVH 3ULFH DQG DOO PRQLHV WKDW WKH %X\HU RZHV WKH Company.

ARTICLE 54 TRANSFER OF RISKS

$ņ HU WKH ELGGLQJ KDV VXFFHHGHG WKH ULVNV Rņ KH /RW VKDOO EH ERUQH E\ WKH %X\HU LWVHOI Dņ HU WKH RFFXUUHQFH RI RQH RI WKH IROORZLQJ HYHQWV ZKLFKHYHU HDUOLHU ň H %X\HU KDV FROOHFWHG WKH /RW RU ň H %X\HU KDV IXOO\ SDLG WKH 3XUFKDVH 3ULFH IRU WKH /RW WR the Company; or ň H H[SLU\ RI VHYHQ GD\V Dņ HU WKH 6DOH 'DWH LQFOXGLQJ WKH Sale Date).

ARTICLE 55 COLLECTION OF THE LOT

5LVN DQG UHVSRQVLELOLW\ IRU WKH ORW SDVVHV WR WKH %X\HU DW 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, LQFOXGLQJ EXW QRW OLPLWHG WR VWRUDJH PRYLQJ LQVXUDQFH ZLOO be for the account of the Buyer. Although the Company

VKDOO XVH UHDVRQDEOH HIIRUWV WR WDNH FDUH RI SXUFKDVHG /RW DQG VXJJHVW KDQGOHUV SDFNHUV RU FDUULHUV WKH FRPSDQ\ LV QRW UHVSRQVLEOHWR DQ\ SHUVRQ WR ZKRP ZH KDYH PDGH DUH commendation for the acts or omissions of the third party concerned.

ARTICLE 56 PACKING, HANDLING AND MOVING

,I WKH HPSOR\HHV RI WKH &RPSDQ\ SDFN DQG KDQGOH WKH /RW 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 WR GHFLGH ZKHWKHU WR SURYLGH WKLV VHUYLFH LI DQ\ ORVVHV arise therefrom, the Buyer shall bear them itself. Under no circumstances shall the Company be responsible for any GDPDJH RI WKH JODVV RU SLFWXUH IUDPH ER[ EDFNLQJ VKHHW frame case, mounting, inserts, rolling rod or similar auxiliary objects caused by any reasons. Where the Buyer requests the Company to assist it in FROOHFWLQJ WKH SXUFKDVHG /RW WKH SDFNDJLQJ PDLOLQJ DQG 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, FRPSDQLHV RU WKHLU HPSOR\HHV EUDQFK RIILFHV 7KH ULVNV 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. 7KH &RPSDQ\ VKDOO XQGHUWDNH QR OLDELOLW\ IRU DQ\ HUURU RPLVVLRQ GDPDJH RU GHVWUXFWLRQ FDXVHG E\ WKH SDFNDJLQJ 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

ň H %X\HU VKDOO EH UHVSRQVLEOH IRU REWDLQLQJ DQ\ LPSRUW DQG 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 WKH IDLOXUH WR SURSHUO\ o OO LQ RU VXEPLW WKH UHTXLUHG LPSRUW RU export documents. If the Buyer requests the Company to apply for the import and export licenses on its behalf, the Company has the ULJKW WR FKDUJH VHUYLFH IHHV IRU WKLV VHUYLFH +RZHYHU WKH &RPSDQ\ GRHV QRW ZDUUDQW WKDW WKH LPSRUW RU H[SRUW OLFHQVH ZLOO EH LVVXHG 7KH &RPSDQ\ DQG WKH 6HOOHU KDV QRW PDGH GHFODUDWLRQ RU ZDUUDQW\ LQ UHVSHFW RI ZKHWKHU RU QRW DQ\ /RW is subject to import and export restrictions or any embargo.

ARTICLE 58 REMEDIES FOR NON-PAYMENT

,I WKH %X\HU IDLOV WR PDNH IXOO SD\PHQW DFFRUGLQJ WR WKH provisions of the Conditions of Business or any payment DUUDQJHPHQWV DJUHHG ZLWK WKH &RPSDQ\ WKH &RPSDQ\ KDV WKH ULJKW WR DGRSW RQH RU PRUH RI WKH IROORZLQJ PHDVXUHV $ņ HU WKH /RW LV VROG LI WKH %X\HU IDLOV WR SD\ WKH 3XUFKDVH 3ULFH ZLWKLQ GD\V IURP WKH 6DOH 'DWH LQFOXGLQJ WKH 6DOH 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 ERXJKW D IHZ /RWV ZLWK WKH VDPH SDGGOH Dņ HU WKH /RWV DUH sold, if the Buyer has not paid the Purchase Price of any of WKH /RWV ZLWKLQ WKH WLPH VWLSXODWHG WKHQ WKH HQWLUH DXFWLRQ 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 WKH &RPSDQ\ ZLWKLQ GD\V IURP WKH 6DOH 'DWH LQFOXGLQJ the Sale Date), the Company has the right to appoint a WKLUG SDUW\ RUJDQL]DWLRQ WR FROOHFW WKH HQWLUH RU SDUW RI WKH 3XUFKDVH 3ULFHV WKDW WKH %X\HU RZHV

,I WKH %X\HU IDLOV WR SD\ WKH 3XUFKDVH 3ULFH LQ IXOO ZLWKLQ 7 days from the Sale Date (including the Sale Date), the &RPSDQ\ KDV WKH ULJKW WR FKDUJH LQWHUHVW DW SHU GD\ on the unpaid portion starting from the 8th day after the 6DOH 'DWH XQWLO WKH GD\ RQ ZKLFK WKH %X\HU KDV IXOO\ SDLG WKH PRQLHV ZLWK WKH H[FHSWLRQ WKDW WKH %X\HU KDV RWKHUZLVH DJUHHG ZLWK WKH &RPSDQ\ 7KH %X\HU VKDOO EHDU WKH ULVNV DQG H[SHQVHV RI WDNLQJ 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 WR PDNH SD\PHQWV E\ WKH %X\HU 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 UHDVRQV DOO WKH H[SHQVHV DQG RU ULVNV LQFXUUHG GXULQJ WKH retention period shall be borne by the Buyer. If the Buyer fails WR SHUIRUP DOO LWV GXWLHV FRQFHUQHG ZLWKLQ WKH SHULRG VSHFLo HG by the Company, the Company has the right to issue a lien notice tothe Buyer and dispose of the items under lien if the %X\HU KDV QRW \HW IXOO\ SDLG DOO RXWVWDQGLQJ DPRXQWV ZLWKLQ GD\V Dņ HU WKH LVVXH RI WKDW QRWLFH LI WKH LWHPV XQGHU OLHQ DUH LQVXè FLHQW WR Rç VHW DOO WKH PRQLHV SD\DEOH E\ WKH %X\HU 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 WKH ULJKW WR FODLP DOO WKH ORVVHV VXç HUHG E\ WKH &RPSDQ\ GXH to the cancellation of that deal; ň H &RPSDQ\ FDQ SODFH WKH /RW IRU DXFWLRQ DJDLQ RU VHOO LW by other means according to the provisions of the Conditions RI %XVLQHVV ZLWK WKH FRQVHQW RI WKH 6HOOHU DQG WKH &RPSDQ\ UHVHUYHV WKH ULJKW WR GHFLGH WKH (VWLPDWH DQG 5HVHUYH ň H 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 DXFWLRQ RU WKH VDOH RI WKH /RW E\ RWKHU PHDQV LV ORZHU WKDQ the original auction sum, the original Buyer shall pay the shortfall; 9. To offset any monies related to the Lot that the Buyer RZHV WKH &RPSDQ\ E\ DQ\ VXPV WKDW WKH &RPSDQ\ RZHV WKH Buyer in any other transactions; ň H &RPSDQ\ FDQ GHFLGH WR XVH DQ\ PRQLHV SDLG E\ WKH %X\HU WR UHSD\ DQ\ VXPV WKDW WKH %X\HU RZHV WKH &RPSDQ\ 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 WKDW WKH 6HOOHU FDQ VWDUW D ODZ VXLW WR UHFRYHU WKH RXWVWDQGLQJ amount, or claim damages and claim legal fees for breach of contract by the Buyer.

ARTICLE 59 REMEDIES FOR DELAY IN COLLECTING THE LOT

,I WKH %X\HU IDLOV WR FROOHFW WKH SXUFKDVHG /RW GD\V Dņ HU WKH Sale Date (including the Sale Date), the Company has the ULJKW WR DGRSW RQH RU PRUH RI WKH PHDVXUHV EHORZ 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 WKH 6DOH 'DWH LQFOXGLQJ WKH 6DOH 'DWH DQG RU ULVNV IRU WKH WDNLQJ RXW RI DQ LQVXUDQFH SROLF\ DQG RU VWRULQJ WKH /RW LQ WKH Company or other places shall be borne by the Buyer. Only Dņ HU WKH %X\HU KDV SDLG WKH IXOO DPRXQW RI WKH 3XUFKDVH 3ULFH LW FDQ FROOHFW WKH /RW SDFNLQJ DQG PRYLQJ FRVWV LQVXUDQFH expenses, expenses related to export shall be at the Buyer's expense); ň H %X\HU VKDOO EHDU DOO WKH ULVNV DQG H[SHQVHV LQFXUUHG Dņ HU WKH GHDGOLQH DV VWDWHG LQ WKH &RQGLWLRQV RI %XVLQHVV LI LW FDQQRW FROOHFW WKH /RW FRQFHUQHG ZLWKLQ WKDW GHDGOLQH ,I WKH %X\HU KDV QRW \HW FROOHFWHG WKH /RW ZLWKLQ GD\V IURP WKH

6DOH 'DWH LQFOXGLQJ WKH 6DOH 'DWH Dņ HU QRWLI\LQJ WKH %X\HU the Company has the right to sell that Lot in a public auction RU E\ D PHWKRG DQG ZLWK PHWKRGV DQG FRQGLWLRQV WKDW LW FRQVLGHUV VXLWDEOH $Q\ SURFHHGV Dņ HU WKH GHGXFWLRQ RI DOO WKH ORVVHV H[SHQVHV SDFNLQJ PRYLQJ FRVWV LQVXUDQFH costs, expenses related to export, Storage Fee, and notarial expenses etc.) incurred by the Company from the disposal VKDOO EH WDNHQ EDFN E\ WKH %X\HU VXFK EDODQFH LV QRQ LQWHUHVW EHDULQJ ,I WKH %X\HU IDLOV WR WDNH WKH SURFHHGV EDFN WZR \HDUV Dņ HU WKH 6DOH 'DWH WKH EDODQFH VKDOO EH GHSRVLWHG to a Hong Kong court by the Company after deducting the relevant expenses (including legal fees).

ARTICLE 60 LIMITED WARRANTY

ň H &RPSDQ\ SURYLGHV JHQHUDO ZDUUDQW\ WR WKH %X\HU If the Lot sold by the Company is later found to be a FRXQWHUIHLW WKH &RPSDQ\ ZLOO FDQFHO WKDW GHDO DFFRUGLQJ WR WKH WHUPV RI WKH &RQGLWLRQV RI %XVLQHVV DQG ZLOO UHWXUQ WR the Buyer in the currency of the original deal the Hammer 3ULFH WRJHWKHU ZLWK WKH %X\HUjV &RPPLVVLRQ WKDW WKH %X\HU 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 DQ\ VSHFLDO WHUPLQRORJLHV DUH WDNHQ LQWR FRQVLGHUDWLRQ $Q\ 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. 3OHDVH SD\ DWWHQWLRQ WKDW LI DQ\ RI WKH IROORZLQJ VLWXDWLRQV KDSSHQV WKLV ZDUUDQW\ VKDOO QRW DSSO\ 7KH FRQWHQWV RI the catalogue are based on generally accepted opinion of academics and specialists on the selling date, or FRQWUDGLFWLRQV LQ RSLQLRQV DUH VKRZQ LQ WKH FRQWHQWV RI WKH catalogue; or On the selling date, the only method of proving the Lot is a FRXQWHUIHLW LV QRW D PHWKRG ZKLFK FDQ EH XVHG LQ JHQHUDO ZKLFK LV UHFRJQL]HG ZKLFK LV H[WUHPHO\ KLJK SULFH WKH 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. ň H GHDGOLQH LQ WKLV ZDUUDQW\ LV \HDUV IURPWKH $XFWLRQ Date concerned, these benefits are exclusively enjoyed by the Buyer, and shall not be transferred to any third party. ,Q RUGHU WR PDNH FODLPV EDVHG RQ WKLV ZDUUDQW\ WKH %X\HU VKDOO QRWLI\ WKH &RPSDQ\ LQ ZULWLQJ ZLWKLQ RQH PRQWK DIWHU WKH UHFHLSW RI DQ\ LQIRUPDWLRQ ZKLFK OHDGV WKH %X\HU to doubt the authenticity or attributes of the Lot, specifying WKH UHIHUHQFH QXPEHU RI WKH /RW GDWH RQ ZKLFK WKH /RW LV SXUFKDVHG DQG UHDVRQV IRU ZKLFK LW LV FRQVLGHUHG DV counterfeit; (2) return the Lot to the Company in the same FRQGLWLRQV DV LW ZDV RQ WKH GDWH RI VDOH DQG WKH SURSHU RZQHUVKLS RI LW LV WUDQVIHUUDEOH SOXV WKHUH DUH QR FODLPV IURP DQ\ WKLUG SDUW\ Dņ HU WKH 6DOH 'DWH 3. Regarding Southeastern Asian modern and contemporary art, Chinese painting and Chinese calligraphy and Chinese LQN SDLQWLQJ DOWKRXJK DW SUHVHQW WKH DFDGHPLF VHFWRU GRHV QRW SHUPLW WKH PDNLQJ RI GHo QLWLYH VWDWHPHQWV WKH &RPSDQ\ UHVHUYHV WKH GLVFUHWLRQ WR FDQFHO WKRVH GHDOV RI /RWV ZKLFK are proved to be counterfeit southeastern Asian modern and contemporary arts, Chinese painting and Chinese calligraphy DQG &KLQHVH LQN SDLQWLQJV ZLWKLQ RQH \HDU Dņ HU WKH $XFWLRQ 'DWH EDVHG RQ WKLV ZDUUDQW\ 3DLG VXPV VKDOO EH UHWXUQHG WR WKH %X\HU DFFRUGLQJ WR WKLV WHUP KRZHYHU WKH %X\HU shall provide evidences (based on the methods provided forin clause 2 and 4 of this article) to prove that the Lot is FRXQWHUIHLW ZLWKLQ RQH \HDU IURP WKH $XFWLRQ 'DWH ň H &RPSDQ\ FDQ DW LWV GLVFUHWLRQ GHFLGH WR ZDLYH DQ\ RI WKH DERYH SURYLVLRQV ň H &RPSDQ\ KDV WKH ULJKW WR GHPDQG IURP WKH %X\HU WZR LQGHSHQGHQW VSHFLDOLVW UHSRUWV ZKLFK DUH UHFRJQL]HG E\ WKH VSHFLDOLVW VHFWRU FRQFHUQHG DQG ZKLFK DUH accepted by the Company and the Buyer at the expense of

WKH %X\HU ň H &RPSDQ\ VKDOO QRW EH VXEMHFW WR DQ\ UHSRUW SUHVHQWHG E\ WKH %X\HU DQG UHWDLQV WKH ULJKW WR VHHN additional expert opinion at the expense of the Company. 7KLV OLPLWHG ZDUUDQW\ GRHV QRW DSSO\ WR DXFWLRQ FDWHJRULHV VXFK DV MHZHOOHU\ ZDWFKHV GHVLJQHU handbags, alcohol, tea and other food and beverage items, etc.

ARTICLE 61 SPECIAL CATEGORIES

6WDWHPHQWV DERXW WKH VWDWXV RI MHZHOOHU\ LWHPV LQ WKH DXFWLRQV DUH XVXDOO\ VHW RXW LQ WKH FDWDORJXH +RZHYHU LW does not imply that the auctioned item has no defects, p DZV RU KDV QRW HQKDQFHG EHDXWLo FDWLRQ Dņ HU SURFHVVLQJ (1) Coloured gems (such as rubies, sapphires, emeralds DQG YDULRXV FRORXUHG JHPV PD\ HQKDQFH EHDXWLo FDWLRQ after processing or improved in appearance, including KHDW WUHDWHG RLOLQJ DQG UDGLDWLRQ ň HVH FRPPRQ SUDFWLVHV KDYH EHHQ DSSURYHG E\ WKH LQWHUQDWLRQDO MHZHOOHU\ LQGXVWULHV +RZHYHU WKH KDUGQHVV RI WKH WUHDWHG VWRQHV may be reduced and / or need special maintenance in the future. 2XU &RPSDQ\ ZLOO QRW DSSO\ DSSUDLVDO UHSRUW IURP SURIHVVLRQDO RUJDQLVDWLRQV IRU HDFK SLHFH RI MHZHOOHU\ item in the auction. If an auctioned item has obtained the appraisal report from an internationally recognised JHP ODERUDWRU\ WKH &RPSDQ\ ZLOO VSHFLI\ LW LQ WKH auction catalogue. Due to the difference in methods DQG WHFKQLTXHV XVHG LQ GLç HUHQW ODERUDWRULHV WKHUH PD\ EH GLIIHUHQW YLHZV DV WR ZKHWKHU D JHPVWRQH KDV EHHQ treated, degree of treat or permanently treated. Our &RPSDQ\ ZLOO QRW EH UHVSRQVLEOH IRU WKH DFFXUDF\ RI WKH appraisal report issued by each laboratory. ,I \RX ZRXOG OLNH WR UHTXHVW DQ DSSUDLVDO UHSRUW E\ D specific laboratory, please submit the request at least ZRUNLQJ GD\V EHIRUH WKH DXFWLRQ GDWH WKH &RPSDQ\ ZLOO DSSO\ IRU DSSUDLVDO UHSRUW RQ EHKDOI RI \RX DQG WKH FRUUHVSRQGLQJ DSSUDLVDO FRVWV ZLOO ERUQH E\ \RX ň H YDOXDWLRQ RI DQ LWHP RI MHZHOOHU\ LWHP LQ WKH DXFWLRQ LV PDGH EDVHG RQ DOO LQIRUPDWLRQ EHLQJ NQRZQ DW WKH WLPH WKH LWHP EHLQJ DXFWLRQHG ELGGHUV VKRXOG UHYLHZ WKH DXFWLRQHG LWHP RU PDNH D GHWDLOHG XQGHUVWDQGLQJ RI WKH 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 ZDWFK DQG WLPHSLHFHV DXFWLRQHG LWHPV EHLQJ NQRZQ RQ the auction catalogue, and is for bidder's reference only. Due to the fact that most timepieces have been repaired DQG PDLQWDLQHG GXULQJ WKH SUHYLRXV SHULRG EHLQJ XVHG ZH do not guarantee that any parts and components of any ZDWFK DUH RULJLQDO DQG LW LV SRVVLEOH WKDW QR SHQGXOXP FORFN KDPPHUV RU NH\V DUH IRU DYDLODEOH IRU VDOH (2) Watches and timepieces generally have a very sophisticated mechanical manufacture that may require JHQHUDO ZDUUDQW\ VHUYLFH EDWWHU\ UHSODFHPHQW RU IXUWKHU UHSDLU ZRUNV DQG WKHVH ZLOO EH DOO DW WKH EX\HUjV GLVSRVDO Our Company does not guarantee that any auction of ZDWFKHV LV LQ JRRG ZRUNLQJ FRQGLWLRQ 8QOHVV PHQWLRQHG LQ WKH FDWDORJXH RWKHUZLVH ZH GR QRW SURYLGH D FHUWLo FDWH 0RVW ZDWFKHV KDYH EHHQ RSHQHG WR FKHFN WKH PRYHPHQW RI WKH PRGHOV DQG WKHLU TXDOLW\ VR ZLWK D ZDWHUSURRI FDVH PD\ QRW FRQWDLQ ZDWHUSURRI IXQFWLRQ RXU &RPSDQ\ UHFRPPHQGV WKDW \RX WR DVN D SURIHVVLRQDO ZDWFK PDNHU WR FKHFN EHIRUH XVH

CHAPTER IV MISCELLANEOUS ARTICLE 62 OBTAINING INFORMATION, VIDEO-TAKING

,Q FRQQHFWLRQ ZLWK WKH RSHUDWLRQ RI WKH DXFWLRQ EXVLQHVV RI WKH &RPSDQ\ WKH &RPSDQ\ PD\ PDNH DXGLR UHFRUGLQJ video recording of any auction process, and need to

FROOHFW SHUVRQDO LQIRUPDWLRQ IURP WKH %LGGHU RU DVN IRU the information of the Bidder from third parties (such as DVNLQJ IRU FUHGLW UHYLHZ IURP EDQNV 6XFK LQIRUPDWLRQ ZLOO EH KDQGOHG DQG NHSW FRQILGHQWLDO E\ WKH &RPSDQ\ +RZHYHU WKH LQIRUPDWLRQ FRQFHUQHG PD\ EH SURYLGHG WR 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 %LGGHU )RU WKH VDNH RI WKH LQWHUHVW RI WKH %LGGHU WKH 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 GLVFORVXUH ,I WKH %LGGHU ZRXOG OLNH WR REWDLQ RU DPHQG KLV personal information, please contact the customer service department.

ARTICLE 67 NOTICE

ARTICLE 63 CONFIDENTIALITY

ARTICLE 68 SEVERABILITY

7KH &RPSDQ\ VKDOO EH REOLJDWHG WR NHHS FRQILGHQWLDOLW\ for the Seller, the Bidder and the Buyer and protect the OHJLWLPDWH ULJKWV RI WKH 6HOOHU WKH %LGGHU WKH %X\HU DV ZHOO as the Company according to these Conditions of Business DQG WKH ODZV RI +RQJ .RQJ :LWK EHORZ H[FHSWLRQV 1.To any related parties as the Company considers DSSURSULDWH ZLWK WKH REOLJDWLRQV WR PDLQWDLQ WKH FRQo GHQWLDOLW\ RI WKH LQIRUPDWLRQ H[WHQGHG 7R ZKRP LQIRUPDWLRQ LV UHTXHVWHG WR EH GLVFORVHG E\ DQ\ FRXUW MXULVGLFWLRQ JRYHUQPHQWDO EDQNLQJ WD[DWLRQ RU RWKHU UHJXODWRU\ DXWKRULW\ RU E\ DQ\ DSSOLFDEOH ODZ RU regulation; 3.Being agreed by relevant seller, bidder or buyer.

ARTICLE 64 AUTHENTICATION RIGHT

The Company may authenticate the Lot if necessary. In FDVH RI DQ\ GLVFUHSDQF\ EHWZHHQ WKH DXWKHQWLFDWLRQ 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

7KH 6HOOHU DXWKRUL]HV WKH &RPSDQ\ WR SURGXFH SKRWRV 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 /RW DQG KDV WKH ULJKW WR XVH WKHP :LWKRXW SULRU ZULWWHQ consent of the Company, the Buyer and anyone shall not XVH WKHP ň H &RPSDQ\ DQG WKH 6HOOHU KDYH QRW PDGH DQ\ VWDWHPHQW DQG ZDUUDQW\ DV WR ZKHWKHU WKH /RW LV UHVWULFWHG by copyright or if the Buyer has obtained any copyright of the Lot.

ARTICLE 66 EXEMPTION FROM LIABILITY

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 RU WKH %X\HU DW LWV RZQ GLVFUHWLRQ VR WKDW WKH GDPDJHG party may receive compensation for damages through legal SURFHHGLQJV +RZHYHU SULRU WR WKH &RPSDQ\jV GLVFORVXUH of such materials to the Seller or the Buyer, the Company VKDOO WDNH WKH UHDVRQDEOH VWHSV WR QRWLI\ WKH SDUW\ ZKRVH 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 LOOHJDO EHQHo W WUDQVIHUV $Q\ UHFHLYH RU SD\PHQW LQVWUXFWLRQ PXVW 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.

ň H %LGGHU DQG WKH %X\HU VKDOO LQIRUP WKH &RPSDQ\ WKHLU permanent and effective correspondent address and contact methods in the bidding registration documents RU E\ RWKHU PHWKRGV UHFRJQL]HG E\ WKH &RPSDQ\ ,I WKHUH DUH FKDQJHV WKH\ VKDOO LQIRUP WKH &RPSDQ\ LQ ZULWLQJ immediately. The notices mentioned in the Conditions of Business RQO\ UHIHU WR ZULWWHQ QRWLFHV VHQW E\ OHWWHU RU ID[ IRUPDWV $ QRWLFH VKDOO EH GHHPHG DV VHUYHG DW WKH IROORZLQJ moment: ,I LW LV VHUYHG E\ KDQG ZKHQ LW UHDFKHV WKH DGGUHVV RI the party concerned; ,I LW LV VHQW E\ SRVW WKHQ LW LV WKH VHYHQWK GD\ Dņ HU LW LV posted; 3. If it is sent by fax, then it is the moment the outgoing fax WUDQVPLVVLRQ LV FRQo UPHG E\ WKH ID[ PDFKLQH

,I DQ\ WHUPV RU SDUWV RI WKH &RQGLWLRQV DUH FRQo UPHG DV 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 69 LAWS AND JURISDICTION

The Conditions of Business and the related matters, WUDQVDFWLRQV DQ\ GLVSXWHV FDXVHG E\ RU LQ FRQQHFWLRQ ZLWK the participation in the auction activities of the Company pursuant to the Conditions of Business shall be subject WR +RQJ .RQJ ODZV DQG VKDOO EH LQWHUSUHWHG E\ +RQJ .RQJ ODZV 7KH &RPSDQ\ DQG WKH %X\HU DQG WKH %LGGHU VKDOO 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. 6KRXOG WKHUH EH DQ\ GLVFUHSDQF\ EHWZHHQ WKH (QJOLVK 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 WKH &RPSDQ\ :LWKRXW WKH SULRU ZULWWHQ DSSURYDO RI WKH Company, no one shall use any methods or means to use the Conditions of Business to obtain business benefits, DQG VKDOO QRW PDNH GXSOLFDWLRQ RI DQ\ SDUWV RI WKH Conditions of Business.

ARTICLE 72 APPLICABLE PERIOD

The Conditions of Business is only applicable for this auction. The Company may update the Conditions of %XVLQHVV IURP WLPH WR WLPH ZKHQ WKH %LGGHU DQG WKH Buyer participate in another auction, the then applicable Conditions of Business shall prevail.

ARTICLE 73 RIGHT OF INTERPRETATION

ň H ULJKW RI LQWHUSUHWDWLRQ RI WKHVH 5XOHV VKDOO EHORQJ WR the Company.

ĂƒĂ„Ă…7 G IMPORTANT NOTICE ABOUT BIDDING REGISTRATION

—(Ă?/AÂŤĂƒĂ„Ă…7Ă˝ RUĂƒĂ„ÂŒĂ…7”u`% CĂ?Š ¾Ò üà šÂŠ RĂ€zĂ…7ĂĽĂž; I. When you register to bid in an auction, you must fill in WKH %LGGLQJ 5HJLVWUDWLRQ )RUP ZLWK DOO UHOHYDQW GRFXPHQWV DV IROORZ DQG SD\ D GHSRVLW LQ RUGHU WR FRPSOHWH WKH registration. (ĂƒĂ„Ă…7Ă˝ % ‚¾Ò : 1. § ] -ENĂ c¹„CĂ?Š ¾Ò ( hĂľ'CĂ? Š˜ / (“c ) ˜ƒýúÝŠ ( hCĂ?Š ¾Ò _ Ăł ) h Ăź ˜ / (š* Â? ; 2. ‘-] ÂĽ Ă…7Š˜•^Š ¾Ò; 3. ĂŽz ]ĂŽz Ă c¹„CĂ?Š ¾Ò , ĂŽz Â?ĂŽ Â”Â‚ĂƒĂ„ / ‚Š ¾Ò , R˜* / YE „– áø<;:Ă°Ă–° , šN Ă™}‰‡9qY“Æ Ăť - ‹y ĂƒÂŤ ³Îz ;hĂ?/Δ AÂŤĂƒĂ„ šN Ă™} ‡9bc ‚ÆÝ; 4. —‘-R˜ 9D&šN Ă™} Ă­ĂƒĂ„Ă™ }=„‘- < —¯ ĂŚĂżĂ?/ Ă % š*EN ‚x Š ;ø]è•AÂŤĂƒĂ„Â„Â—Â‘-³Ù} ;8) 3 §{Ž•;Ă€zĂ…7 RĂŁ \"„ýŒýzĂ…7+ ; ,, 'RFXPHQWV WKDW PXVW EH SURYLGHG ZKHQ FRPSOHWLQJ WKH bidding paddle registration: (1) Individuals: photo identity i.e. national identity card and/ or passport; proof of current address (if the current address LV QRW VKRZQ RQ WKH LGHQWLW\ GRFXPHQW L H XWLOLW\ ELOO RU EDQN statement. (2) Corporate clients: a certificate of incorporation and Rè FLDO GRFXPHQWV OLVWLQJ GLUHFWRUV DQG VKDUHKROGHUV (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 DXWKRUL]DWLRQ OHWWHU IURP WKH SDUWLFXODU SHUVRQ FRPSDQ\ 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. 1HZ FOLHQWV DQG WKRVH FOLHQWV ZKR KDYH QRW ELGGHQ successfully from Beijing Poly Intemational Auction Co., /WG PXVW SURYLGH FUHGLW SURRI LVVXHG E\ EDQNV DQG PXVW complete the registration at least three business days before WKH DXFWLRQ VR WKDW WKHUH ZLOO EH HQRXJK WLPH WR SURFHVV WKH registration. Y(çĂ?/úè•AÂŤĂƒĂ„ Ă?Ă˝ ĂĄ7šN Ă™} t­Â„`g‘-­ šÂŠ + k 500,000 ÂŽ; hĂ?/+ ĂƒĂ„!!ÛÙ}= ( 9°²Ă‹Â˜ / ( _°² Ă‹ ;ÂŚ ‚Ù}= ) šÂŠ + k 1,000,000 ÂŽ; šN Ă™} —¯ ĂŚlĂ˝8G!!ÛÙ}=‚šÂŠ ˜ / (ĂĽĂž , 6Â‰ĂŒ ž*]G;9Ă?/ĂƒĂ„; , < Ăƒ —¯ ĂŚĂżĂ?/ Ă % ĂŞĂŽ Ă?/„°Ă‚Š ; < —¯ ĂŚ —êÎ Â‚ĂƒĂ„Ă…76Â‰ĂŒĂšĂ‰ĂŞĂŽ ĂŻ^; ,,, ,I WKLV LV WKH ILUVW WLPH \RX ELG ZLWK 3RO\ $XFWLRQ +RQJ Kong) Limited, and you are not recommended by a registered FOLHQW HQGRUVHG E\ XV WKH GHSRVLW ZLOO EH +. ,I \RX LQWHQG WR ELG RQ D k3UHPLXP /RWy L H D ORW PDUNHG ZLWK ; in the printed catalogue and/or the digital catalogue), WKH GHSRVLW ZLOO EH +. SOHDVH EH DZDUH WKH amount of deposit and/or bidding registration procedure for “Premium Lotâ€? can be changed at any time at Poly $XFWLRQ +RQJ .RQJ

V VROH GLVFUHWLRQ ZLWKRXW SULRU QRWLFH 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 DQ\ ELGGLQJ UHJLVWUDWLRQ ZLWKRXW DQ\ H[SODQDWLRQ DW LWV VROH discretion.

Ă™(Â? šÂŠ d R (šN Ă™} t­ ‚x ÂŚ / š ÂŚR kÆÝ ( Ă?/d .ÂŻÂ? &:/ „x ÂŚ / š ÂŚ );hĂ?/ ]Ă„7ĂŞĂŽĂ™}= , šN

Ă™}ÓÀŽ9Ă™}Â?Ă?Ă€ Ă™§{ÂŽ Ă‹¸Ă&#x;Ă?/ Æ „šÂŠ ( ‰ÍúNJ );hĂ?/ +ĂĄ: šN Ă™ } Ă“*šÂŠ ÂŽ+!ÆÙ}=~åÛ݄Ý _;ĂŞĂŽÂśÂ˜¸Ý„l1=ĂŤĂ­}(& ӖĂ?/Qè; 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 QRW VXFFHVVIXO LQ DQ\ ELG WKH GHSRVLW ZLWKRXW LQWHUHVW ZLOO be returned to you by any method as determined by Poly $XFWLRQ +RQJ .RQJ /LPLWHG ZLWKLQ GD\V DIWHU WKH HQG RI 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 LQYROYHG LQ WKH UHIXQG ZLOO EH ERUQH E\ \RX p(< Ă ĂƒĂ„ % °Ă‚òĂ˜ÂŠ (èš(ÂŹ ݊ (< ­ Ă ĂƒĂ„ +X °ĂƒĂ„„Ù}=% X ef;< šÜ8ĂťĂƒĂ„ + Â?Â?„ N; V. Poly Auction (Hong Kong) Limited has the right to demand the Bidder to provide any proof of financial conditions, JXDUDQWHH SURRI RI EDQN GHSRVLW DQG RU DQ\ RWKHU QHFHVVDU\ documents that our company can demand, at its absolute GLVFUHWLRQ DQG RU DVNLQJ WKH %LGGHU WR SURYLGH DQ\ RWKHU 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. (< —¯ ĂŚ —êÎ Â‚ĂƒĂ„Ă…76Â‰ĂŒĂšĂ‰ ĂŞĂŽĂŻ^; 9, 3OHDVH EH DZDUH WKDW 3RO\ $XFWLRQ +RQJ .RQJ /LPLWHG FDQ UHIXVH DQ\ ELGGLQJ UHJLVWUDWLRQ ZLWKRXW DQ\ H[SODQDWLRQ at its’ sole discreation.

°Ă‚ÆÝ G IMPORTANT NOTICE ABOUT PAYMENT

§(Ă™} =Ă€ ĂĄ:Âś!ƳãĂ› ˜Eω ;Ă™} = ( Ăş = ) "Ă” Ă‹ ĂĄ:œÿ< Æb~ĂĄ ÛÝ`%#Ă™}= , ÂŽÂ?ĂĄ:Ă°<Ă“ Ă™}=N> , `ĂŒ (­]ĂŒ N> X­ÂŠ , ‹§LĂťĂƒÂŤ ; I. In addition to the Hammer Price, the Buyer agrees to pay the applicable commission in respect of such Hammer 3ULFH 3D\PHQW PXVW EH PDGH ZLWKLQ 7 calendar days (including the day of 6DOH IURP WKH GD\ RI VDOH Ĺˆ LV DSSOLHV HYHQ LI WKH %X\HU ZLVKHV WR H[SRUW WKH lot and export license is (or may be) required. (ÂŻĂ™} = ( Ăş = ) „q Y § " ĂĄ: +<•Ù} o#„Ù}=!Ƅ& šÒš

kˆ ÂŽ;„‰"§§ # Ăƒ üÆG „&;„&‰ÍKX €U& hšt(ĂŤĂ Â&#x;—ƒ& X €U& Ă“ ž* #; II. Where Lot(s) is(are) not collected ZLWKLQ FDOHQGDU GD\V LQFOXGLQJ WKH 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 PRQWK RQH ZKROH PRQWK V VWRUDJH IHH ZLOO EH FKDUJHG $OO RWKHU DGGLWLRQDO H[SHQVHV VXFK DV LQVXUDQFH SDFNLQJ DQG RU WUDQVSRUWDWLRQ FRVWV ZLOO EH charged separately. Y(< ‡9R/ žÆݓ ] é›ťĺŒŻ Æݓ À™R „“ 3Â‡Ă˜Y < „š*Ăź-;Ă°Ă“ Ăť4óþ Ă?&„p:Â˜ĂƒĂ„ÂŒ (E= >§ "=Éš*; -*] 'Ă&#x; zš* -:]šN Ă™} >]004-848-360475-838 ݚ*ĂŽ : HSBCHKHHHKH š*ĂŽ> : 004 -*]=]š*•Ă? ¨ * -:]šN Ă™} >]027-536-9-311-5318 ݚ*ĂŽ : COMMHKHH š*ĂŽ> : 027 俥用ĺ?Ą / éŠ€č Żĺ?Ą ĂĄ:hRšN Ă™}t­Â‚x ÂŚ ˜ / (š Œ“ !Æ~åÛÝ @ ĂŒQèEF³ÆÝ €‰”³ ‚* & ;< ‡9x ŒÆÝ ‚' + k 1,000,000 ÂŽ ( š§) Ă™} );hĂĄ:ReÂŚ ‰9)“ Rx ÂŚ!Æ Ăť ‘-d RUâ€? x ŒÆݖ áâ€? `RÂœW (852 23039888 ) / ĂŹ (cs@polyauction. FRP KN (Ͼ“ Ă&#x;< Ăť 9 LĂť Ă?; 支缨 < ‡9§ !=ÂŤ != ðÜ°å: Âł!=QlÀ“­%# Ă™ } =; < ‰ ‡ 9 ? * ! = Æ

Ăť; ç?žé‡‘ / éŠ€čĄŒćœŹçĽ¨ hRƒ (š*<=üÆÝ_ @­ óŽ%#Ă™}=; < @‰‡9 R§²(”•ÆÝ- ƒ !Æâ h k 80,000 ÂŽ(Ă?Ă—Ă›ĂœUk‚ Ăť_ < Ăż!Ă†Âƒ „å: (—‘-8# ÂŽCĂ?Š ¾Ò(] IúÝŠ ˜ƒ Â?Â?Š ; ,,, 2XU FRPSDQ\ DFFHSWV WKH IROORZLQJ types of payment: TELEGRAPHIC TRANSFER Payment should preferably be made by telegraphic transfer directly to our company’s account. Please include your name and paddle number or LQYRLFH QXPEHU ZLWK \RXU LQVWUXFWLRQV WR WKH EDQN %DQN 7KH +RQJNRQJ DQG 6KDQJKDL %DQNLQJ &RUSRUDWLRQ /LPLWHG Account Name: Poly Auction (Hong Kong) Ltd. Account No: 004-848-360475-838 SWIFT: HSBCHKHHHKH %DQN &RGH %DQN %DQN RI &RPPXQLFDWLRQV &R Ltd. Hong Kong Branch Account Name: Poly Auction (Hong Kong) Ltd. Account No: 027-536-9-311-5318 SWIFT: COMMHKHH %DQN &RGH CREDIT CARD/UNIONPAY CARD Our company accepts payments by FUHGLW FDUGV DQG RU 8QLRQ 3D\ ZKLFK 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 WKH DGPLQLVWUDWLYH FKDUJH ZKLFK LV QRW PRUH WKDQ RI WKH SDLG DPRXQW If buyer pay by credit card but not in SHUVRQ FOLHQW KDYH WR o OO LQ WKH k&UHGLW Card Authoirsation Formâ€? and send EDFN E\ ID[ HPDLO FV#SRO\DXFWLRQ FRP KN RU PDLO WR RXU Rè FH DGGUHVV VXEMHFW WR FRQGLWLRQV CHEQUE Our company accepts personal and company cheques, but please be UHPLQGHG WKDW WKH SXUFKDVHV ZLOO QRW be released until such cheques have been cleared. Traveler’s cheques are not accepted. CASH / CASHIER ORDER If payment is made by cash or cashier RUGHU WKH SXUFKDVHV ZLOO EH UHOHDVHG LPPHGLDWHO\ +RZHYHU RXU FRPSDQ\ does not accept sums exceeding HK$80,000 (or its equivalent in other currencies) in cash in a single or multiple payments. Our company UHTXHVWV DQ\ QHZ FOLHQWV RU SXUFKDVHUV SUHIHUULQJ WR PDNH D FDVK SD\PHQW WR provide proof of identity and proof of the permanent address. We reserve the ULJKW WR VHHN LGHQWLo FDWLRQ RI WKH VRXUFH of funds received.

Ă™(Â? Ă›ݜR k!Æ;hĂĄ: R kRU„X k!Æ ÂśgĂĄ :ÂŤ< „ Ă›Âˆ (gc< ‚š*³å:ÆÝ ;§§ {ÂŽ å„ kÂŤ* k„ Ă›Âˆ `R< Â?EN‚ 'Â?Ă? ‚ +;;ĂĄ:ÂŻ*QèÂ?!Ƃ *žUkl1 kÂ?iˆ‚Â? š *ĂĽĂž&(â ˜ / (X & ; IV. If the payment made in a currency RWKHU WKDQ +RQJ .RQJ 'ROODUV ZH VKDOO charge the Buyer for any currency FRVWV LQFXUUHG 7KLV ZLOO LQFOXGH EDQN charges, commissions for converting the currency. The exchange rate of Hong Kong Dollars and that currency ZLOO EH WKH UDWH TXRWHG E\ VXFK EDQN DV selected by the company, in Hong Kong on the date of payment. p(< Ă“ĂżĂƒĂ„Ă…7”u'„p :˜ ĂťENĂ NĂ™}=„ß Âś Ă…7„p:˜ ݉7þ•; 9 2XU FRPSDQ\ ZLOO LVVXH DQ LQYRLFH of sold lot (s) based on the name and DGGUHVV ZKLFK LV DUH RQ WKH %LGGLQJ Registration Form and the registered name and address should not be changed and/ or amended. (< ‰‡9ÂŁĂĄ:U„êÎq Y “ Æ Ăť; ‹ _ y Ăƒ ÂŤ Âł ĂŽ z ;hĂŽz Δ AÂŤĂƒĂ„ ‡9bc „ÆÝ;£‡9ĂĄ:ÆÝ U < šÜ X Â?Â?Æ݄

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POLY AUCTION (HONG KONG) LIMITED (โ POLY AUCTION (HONG KONG)โ )

BIDDING REGISTRATION FORM

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Client No. Personal Account

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Name

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ID / Passport No.

Business Registration No.

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Auction Category:

โ ก Modern and Contemporary Art โ ก Fine Modern Chinese Paintings and Calligraphy โ ก Classical Chinese Paintings and Calligraphy โ ก &KLQHVH &RQWHPSRUDU\ ,QN 3DLQWLQJV

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

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โ ก Tea โ ก Chinese Spirit โ ก :KLVN\ &RJQDF โ ก Other

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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 $GGUHVV ) 2QH 3DFLo F 3ODFH 4XHHQVZD\ $GPLUDOW\ Hong Kong Phone: (852) 2303 9899 Fax: (852) 2303 9888

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%DQN %DQN RI &RPPXQLFDWLRQV &R /WG +RQJ .RQJ %UDQFK Account Name: Poly Auction (Hong Kong) Ltd. Account No: 027-536-9-311-5318 SWIFT: COMMHKHH %DQN &RGH

This Absentee bid registration must be sent to the customer service department at least three business days before the Auction Day. Poly $XFWLRQ +RQJ .RQJ ZLOO FRQo UP UHFHLSW RI \RXU $EVHQWHH %LG 5HJLVWUDWLRQ E\ ID[ RU UHFRUGHG SKRQH PHVVDJH HWF ,I \RX KDYH QRW UHFHLYHG GHo QLWH UHSO\ ZLWKLQ RQH ZRUNLQJ GD\ SOHDVH VHQG LQ WKH IRUP DJDLQ

â–Ą WRITTEN BIDS

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Please indicate clearly the instant communication methods and LQVWUXPHQWV WKDW \RX FDQ EH FRQWDFWHG GXULQJ WKH DXFWLRQ SHULRG ZH ZLOO phone you before the bidding of the Lot that you intend to bid for, the bidding information transmit by that instant communication instruments ZKHWKHU RU QRW LW LV WUDQVPLWWHG E\ \RX SHUVRQDOO\ VKDOO EH FRQVLGHUHG as transmitted by you, and you shall bear all liability and responsibility (including but not limit legal liability and responsibility) for the actions WDNHQ E\ LW $OO WHOHSKRQH ELGV PD\ EH UHFRUGHG DQG NHSW DW 3RO\ $XFWLRQ +RQJ Kong)’s sole discretion, by opting for telephone bids, the Bidder agrees WKDW LWV SKRQH FRQYHUVDWLRQ ZLOO EH UHFRUGHG

Sale No.

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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 DQG RU DPHQGHG Dņ HU WKH HQG RI WKH $XFWLRQ v 3OHDVH SURYLGH FHUWLo HG WUXH FRSLHV RI WKH IROORZLQJ GRFXPHQWV o Individuals: photo identity i.e. national identity card and/or passport, proof of current address (if the FXUUHQW DGGUHVV LV QRW VKRZQ RQ WKH LGHQWLW\ GRFXPHQW L H XWLOLW\ ELOO RU EDQN VWDWHPHQW R &RUSRUDWH FOLHQWV D FHUWLo FDWH RI LQFRUSRUDWLRQ DQG Rè FLDO GRFXPHQWV OLVWLQJ GLUHFWRUV DQG VKDUHKROGHUV 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 FKRSSHG DXWKRUL]DWLRQ OHWWHU IURP WKH SDUWLFXODU SHUVRQ FRPSDQ\ 3OHDVH QRWH WKDW 3RO\ $XFWLRQ +RQJ 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. v 3RO\ $XFWLRQ +RQJ .RQJ RQO\ DFFHSWV $EVHQWHH %LG 5HJLVWUDWLRQ )RUP LQ WKLV ZULWWHQ IRUPDW 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: , XQGHUWDNH WKDW , KDYH FDUHIXOO\ UHDG DQG DFFHSW WKH &RQGLWLRQV RI %XVLQHVV ,PSRUWDQW 1RWLFHV ,PSRUWDQW 1RWLFHV 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. Ĺˆ H GLVFODLPHU RI DEVHQWHH ELG RI WKH &RQGLWLRQV RI %XVLQHVV RI 3RO\ $XFWLRQ +RQJ .RQJ LV LQGLVSXWDEOH , VKDOO QRW VHHN WR HVWDEOLVK WKH UHOHYDQW UHVSRQVLELOLWLHV RI 3RO\ $XFWLRQ +RQJ .RQJ DQG LWV VWDç IRU XQVXFFHVVIXO ELGGLQJ RU 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 WKDW , KDYH SDLG RU 3RO\ $XFWLRQ +RQJ .RQJ KDV QRW YHULo HG DQG FRQo UPHG LW ZLWKLQ WKH SHULRG VWLSXODWHG WKLV IRUP shall be void. Ĺˆ H FRQWUDFW EHWZHHQ WKH %X\HU DQG 6HOOHU VKDOO EH FRQFOXGHG XSRQ WKH VWULNLQJ RI KDPPHU E\ WKH $XFWLRQHHU ,I WKH /RW LV VROG , DJUHH WR SD\ LQ +RQJ .RQJ GROODUV WKH +DPPHU 3ULFH D FRPPLVVLRQ HTXLYDOHQW WR RI WKH KDPPHU SULFH RI HDFK ORW DQG DQ\ %X\HUjV H[SHQVHV ZLWKLQ FDOHQGDU GD\V LQFOXGLQJ WKH GD\ RI VDOH

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Lot Description

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SHIPPING INSTRUCTIONS SHIPPING INFORMATION

3OHDVH FRPSOHWH WKLV )RUP DQG ZH VKDOO DUUDQJH IRU WKH 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 SXUFKDVHV DQG RU WKH SDFNLQJ L H IUDPHV JODVVHV IURP DQ\ SDFNLQJ DQG RU WUDQVSRUWDWLRQ ,W VKRXOG EH WKH EX\HU V responsibility to obtain any necessary licenses and/or perPLWV DQG DOO WKH GXWLHV DQG RU WD[HV ZKLFK PD\ RFFXU )RU advice on shipping your purchases please call Poly Auction (Hong Kong)'s Warehouse and Logistics Department on (852) 2303 9899.

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SALE DETAIL Sale #

Lot #

Methods of Dispatch

Registered post/Air fright/Commercial Courier

Invoice#

Delivery Address

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CHARGES

Telephone

INSURANCE IN TRANSIT

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香港、北京保利圖錄預訂 CATALOGUES ＊圖錄預訂可聯系全球各地代表或以下合作單位： £r (Singapore) ¢' |s(\{) SooBin Art Int'L 8EL &UHVFHQW 8EL 7HFKSDUN /REE\ & # 04-90 Lobby E Singapore 408564 ](65) 68372777 W](65) 63397767 ¿t (Indonesia) Fang Gallery ²| (\{) 7KH 3OD]D WK )ORRU -O 0 + 7KDPULQ .DY -DNDUWD /QGRQHVLD Tel: (62) 2129923311 Fax: (62) 2129923311 À Xi'an oÇC Àuv uim35 (÷{ E) ](86-029) 82069868/75/78 ì]sxliangbaolou@163.com û Jinan SÇn(÷{ E) Ü^d û1&wÜm2-1 Ü^ b§x ](86-531) 86953009 `" Qingdao xÇn`"I#`(÷{ E) `"1y Ym12 ](86-532) 88080822 W](86-532) 88080833

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中国拍卖行业概念股——保利文化 (3636·HK) 總經理：王  蔚

副總經理：陳零初

各子公司及聯絡人等 保利香港拍賣有限公司 地址：金钟道88号太古广场一座7楼 电话：852-23039899 传真：852-23039888 Email: sale@polyauction.com.hk

保利澳門拍賣有限公司 地址：澳门宋玉生广场336号       诚丰商业中心16楼G座 电话：+853 2875 1013 传真：+853 2875 1014

保利(山東)國際拍賣有限公司 胡志明  姜  珂 地址：山东省潍坊市奎文区胜利东街       5051号阳光100城市广场       8号楼7楼 电话：0536-8392111 传真：0536-8392009

保利(廈門)國際拍賣有限公司 陈  珊 地址：厦门市白鹭洲东路86-3号 电话：0592-5069988 传真：0592-5320009

保利義烏藝術發展有限公司 陈零初  李  屾  黄  慧 地址：浙江省义乌市宾王路158号文创       园二区D座保利艺术+二层 电话：0579-83556111 传真：0579-83556111

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保利拍賣日本聯絡人 风见治子  地址：东京都中央区银座2丁目12-4       -60 Duplex银座2/12 1040061 电话：81-3-6278-8011 传真：81-3-6278-8012 Email: polyauction2005@gmail.com

保利拍賣北美聯絡人 黄  健  黄  正 地址：Bar Building, 36 West 44th       Street, New York 电话：1-212-273-0822 E-mail: nyc@polyauction.com

副總經理：祖世龍

財務總監：郭建巍

副總經理：董  振

中國古董珍玩藝術總監：李移舟

中國書畫藝術總監：殷華傑

7TH FLOOR, ONE PACIFIC PLACE, 88 QUEENSWAY, ADMIRALTY, HONG KONG • 香港金鐘金鐘道 88 號太古廣場 1 期 7 樓 • +852 2303 9899

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