Poly Auction Hong Kong | Spring Auctions 2021 | Rare Pu’er Tea Auction by Poly Auction Hong Kong

RARE PU’ER TEA AUCTION 歲月留香—珍稀陳年普洱茶專場 HONG KONG 24 APRIL 2021

香港 2021 年 4 月 24 日

厚纸七五四二·纯乾仓

保利香港拍賣日程華瓷御彩：重要清代御窯瓷器甄選編號：HKS3321-2 2021 年 4 月 21 日星期三上午 10:30

懷藏日月：法國杜尚家族藏重要中國藝術珍品（一）編號：HKS3321-3 2021 年 4 月 21 日星期三順延逸趣芸窗：文人陳設及佛教藝術編號：HKS3321-4 2021 年 4 月 21 日星期三順延中國古董珍玩專場編號：HKS3321-1 2021 年 4 月 21 日星期三下午 1:30 現當代藝術專場編號：HKS1021 2021 年 4 月 21 日星期三下午 4:00 璀璨珠寶專場編號：HKS2621-1 2021 年 4 月 22 日星期四下午 1:00 名貴鐘錶專場編號：HKS2621-2 2021 年 4 月 22 日星期四下午 3:30 中國書畫專場編號：HKS3021 2021 年 4 月 23 日星期五上午 10:30 尚品手袋及潮玩專場編號：HKS2921 2021 年 4 月 23 日星期五下午 3:00

歲月留香——珍稀陳年普洱茶專場編號：HKS1621-2 2021 年 4 月 24 日星期六下午 1:30 中外名酒珍釀專場編號：HKS1621-1 2021 年 4 月 24 日星期六下午 4:00

POLY AUCTION (HONG KONG) SALES CALENDAR IMPERIAL TREASURES: A SELECTION OF QING IMPERIAL PORCELAINS SALE: HKS3321-2 WEDNESDAY, 21 APRIL 2021 10:30AM THE DUCHANGE FAMILY COLLECTION OF IMPORTANT CHINESE ART I SALE: HKS3321-3 WEDNESDAY, 21 APRIL 2021 POSTPONE

SCHOLARLY DELIGHTS: FURNISHINGS FROM THE LITERATI’S STUDIO AND BUDDHIST ART SALE: HKS3321-4 WEDNESDAY, 21 APRIL 2021 POSTPONE CHINESE CERAMICS AND WORKS OF ART SALE: HKS3321-1 WEDNESDAY, 21 APRIL 2021 1:30PM MODERN AND CONTEMPORARY ART SALE: HKS1021 WEDNESDAY, 21 APRIL 2021 4:00PM MAGNIFICENT JEWELS SALE: HKS2621-1 THURSDAY, 22 APRIL 2021 1:00PM IMPORTANT WATCHES SALE: HKS2621-2 THURSDAY, 22 APRIL 2021 3:30PM FINE CHINESE PAINTINGS AND CALLIGRAPHY SALE: HKS3021 FRIDAY, 23 APRIL 2021 10:30AM NOBLE HANDBAGS & HYPE COLLECTIBLES SALE: HKS2921 FRIDAY, 23 APRIL 2021 3:00PM RARE PU’ER TEA AUCTION SALE: HKS1621-2 SATURDAY, 24 APRIL 2021 1:30PM CHINESE SPIRIT AND WHISKY AUCTION SALE: HKS1621-1 SATURDAY, 24 APRIL 2021 4:00PM

預先登記 P R E - R E G I ST R AT I O N

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

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

红印铁饼

保�香� 2021 ��拍賣�

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Poly Auction Hong Kong Spring Auctions 2021

Touring Preview

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The Time Hall, Time Museum

3 月 24 日� 25 日

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24 to 25 March 298, Gulou East Street, Dongcheng District, Beijing

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3 to 4 April Level 3, 100 Songren Road, Xinyi District, Taipei

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4 月 18 日� 20 日香�君�酒�

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Poly Gallery Hong Kong

4 月 21 日� 24 日香�� 88 ��古�場 1 期 7 � 701-708 �

21 to 24 April Suites 701-708, 7/F, One Pacific Place, 88 Queensway, Admiralty, Hong Kong

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RARE PU'ER TEA AUCTION

歲月留香 — 珍稀陳年普洱茶專場

拍賣

2021 年 4 月 24 日星期六

下午 1:30（拍品 1201-1353）拍賣編號： HKS1621-2 AUCTION

SATURDAY, 24 APRIL 2021 1:30 pm (Lots 1201-1353)

Sale Number: HKS1621-2

專家及服務查詢 SPECIALISTS AND SERVICES ENQUIRIES

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

＋ 8522303 23039852 9823 + 852 JEW@POLYAUCTION.COM.HK cww@polyauction.com.hk LIAM GUI 桂湘 GEORGE 丘雨楓 HEAD OF YAU DEPARTMENT MELANIE CHUNG 鍾依霖珠寶�尚品��門主� SZE SZE

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SPECIALIST- WATCH & CLOCK 鐘錶專家 KAREN NG

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SPECIALIST- HANDBAG �貴手袋專家 AMANDA ZHAO

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SPECIALIST TRAINEE- JEWELLERY ��專家 KATHY IP

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珍茗佳釀部專家

RARE WINE, WHISKY AND CHINESE TEA SPECIALISTS

HEAD OF DEPARTMENT 珍茗佳釀部部門主管

BUSINESS REPRESENTATIVE WINE 名酒業務代表

SPECIALIST TRAINEE 實習專家

LIAM GUI 桂湘

GEORGE YAU 丘雨楓

MELANIE CHUNG 鍾依霖

薄纸八五八二

�事�主� CHAIRMAN

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CHIEF FINANCIAL OFFICER

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百年同昌号

黄文兴 —

RARE PU'ER TEA AUCTION

歲月留香 — 珍稀陳年普洱茶專場

CONTENTS 6

專家及服務查詢 Specialists and Services Enquiries

12 拍品 Property for Sale

150 重要通告及目錄編列方法之說明 Important Notices and Explanation of Cataloguing Practice 153 業務規則 Condition of Business

163 競投登記須知 Important Notice about Bidding Registration 164 財務付款須知 Important Notice about Payment 165 競投登記表格 Bidding Registration Form 167 委託競投表格 Absentee Bid Registration 169 裝運委託 Shipping Instructions

春华茶事

品茶、识味、享人生 — 春，萬物生發之際，正是茶葉積攢濃厚生命力之時。新茶，鮮嫩青澀，好比懵懂的年少時光，意氣風發。

老茶，陳香醇厚，是歲月沉澱的韻味，是時光雕琢的藝術品。

新與舊，時間上的差別，卻帶來變化無窮的滋味，各有風采。這場拍賣我們將呈現從古董茶到千禧新茶的各類珍稀精品，邀您一齊品悅中國茶之美。

九七·水藍印熟 /

1201 一九九七年水藍印普洱茶餅（7572配方） SIX PIECES OF PU'ER TEA CAKES,1997

數量：6片︱總重量：約2398克狀態：自然偏乾倉︱工序：熟茶

HK$ 25,000 - 45,000 U S $ 3,300 - 5,800 勐海茶廠在1997年生產的一批7572茶品，因茶紙上的八中「茶」字為水藍色而得名。茶餅外觀完整，較乾淨，經過二十多年陳化，茶性溫和，適合現飲，屬性價比高之茶品。

九七·水藍印熟 /

1202 一九九七年水藍印普洱茶餅（7572配方） SEVEN PIECES OF PU'ER TEA CAKES,1997

數量：1原筒共7片︱總重量：約2807克狀態：自然偏乾倉︱工序：熟茶

HK$ 30,000 - 48,000 U S $ 3,900 - 6,200 勐海茶廠在1997年生產的一批7572茶品，因茶紙上的八中「茶」字為水藍色而得名。茶餅外觀完整，較乾淨，經過二十多年陳化，茶性溫和，適合現飲，屬性價比高之茶品。

九七·水藍印生 /

1203 一九九七年水藍印青餅普洱茶（7542配方） EIGHT PIECES OF PU'ER TEA CAKES,1997

數量：8片︱總重量：約2762克狀態：乾倉︱工序：生茶

HK$ 180,000 - 250,000 US$ 23,100 - 32,100 勐海茶廠在1997年生產的一批7542茶品，因茶紙上的八中「茶」字為水藍色而得名，被業界稱為八八青餅的「接班茶」。茶餅外包紙較不完整，乾倉儲存，茶餅乾淨無雜味，茶香怡人，茶湯微甜帶蘭花香，滋味飽滿豐富，繼續存放有極大的轉化空間，宜藏宜飲。

九七·水藍印生 /

1204 一九九七年水藍印青餅普洱茶（7542配方） FOURTEEN PIECES OF PU'ER TEA CAKES,1997

數量：14片︱總重量：約4814克狀態：乾倉︱工序：生茶

HK$ 320,000 - 420,000 US$ 41,100 - 53,900 勐海茶廠在1997年生產的一批7542茶品，因茶紙上的八中「茶」字為水藍色而得名，被業界稱為八八青餅的「接班茶」。茶餅外包紙較不完整，乾倉儲存，茶餅乾淨無雜味，茶香怡人，茶湯微甜帶蘭花香，滋味飽滿豐富，繼續存放有極大的轉化空間，宜藏宜飲。

九七·水藍印生 / 九七·水藍印生 /

1205 一九九七年水藍印青餅普洱茶（7542配方） FOUR PIECES OF PU'ER TEA CAKES,1997

數量：4片︱總重量：約1294克狀態：偏乾倉︱工序：生茶

HK$ 120,000 - 160,000 U S $ 15,400 - 20,600 勐海茶廠在1997年生產的一批7542茶品，因茶紙上的八中「茶」字為水藍色而得名，被業界稱為八八青餅的「接班茶」。茶餅外觀狀態完整，偏乾倉儲存，茶餅乾淨，茶香怡人，茶湯微甜帶蘭花香，滋味飽滿豐富，繼續存放有極大的轉化空間，宜藏宜飲。

1206 一九九七年水藍印青餅普洱茶（7542配方） NINE PIECES OF PU'ER TEA CAKES,1997

數量：9片︱總重量：約2890克狀態：偏乾倉︱工序：生茶

HK$ 180,000 - 280,000 U S $ 23,100 - 35,900 勐海茶廠在1997年生產的一批7542茶品，因茶紙上的八中「茶」字為水藍色而得名，被業界稱為八八青餅的「接班茶」。茶餅外包紙較不完整，偏乾倉儲存，茶餅乾淨，茶香怡人，蜜甜明顯且帶蘭香及木香，繼續存放有較大的轉化空間，宜藏宜飲。

九七·七五八二

1207 一九九七年 7582青餅普洱茶

FOURTEEN PIECES OF PU'ER TEA CAKES,1997

數量：2原筒共14片︱總重量：約4858克狀態：自然偏乾倉︱工序：生茶

HK$ 170,000 - 280,000 US$ 21,800 - 35,900 7582是8582的前身配方，選料粗壯，內涵物質較豐富，擁有極佳的後期表現。茶餅外觀保存整齊，偏乾倉儲存，茶餅乾淨，繼續存放有大的轉化空間，宜藏宜飲。

九七·七五八二

1208 一九九七年 7582青餅普洱茶

TWENTY-EIGHT PIECES OF PU'ER TEA CAKES,1997

數量：4原筒共28片︱總重量：約8855克狀態：自然偏乾倉︱工序：生茶

HK$ 340,000 - 500,000 US$ 43,600 - 64,200 7582是8582的前身配方，選料粗壯，內涵物質較豐富，擁有極佳的後期表現。茶餅外觀保存整齊，偏乾倉儲存，茶餅乾淨，繼續存放有大的轉化空間，宜藏宜飲。

九七·小綠印

1209 一九九七年小綠印青餅普洱茶（7542配方）

EIGHTY-FOUR PIECES OF PU'ER TEA CAKES, 1997

數量：12原筒共84片︱總重量：約29117克狀態：偏乾倉︱工序：生茶

HK$ 520,000 - 680,000 U S $ 66,700 - 87,200 7542是勐海茶廠八十年代中最成功的配方，也是產量最大的產品，以肥壯茶菁為里，幼嫩芽葉灑面，拼配得當，協調性最佳，備受愛茶之人追捧。茶餅外觀保存整齊，偏乾倉儲存，茶餅乾淨，繼續存放有極大的轉化空間，宜藏宜飲。

九四·業字青

1210 一九九四年業字青餅普洱茶（7542配方） SEVEN PIECES OF PU'ER TEA CAKES,1994

數量：1原筒共7片︱總重量：約2312克狀態：偏乾倉、原包︱工序：生茶

HK$ 150,000 - 200,000 U S $ 19,300 - 25,700 1994年勐海茶廠出品的7542配方普洱茶，特色有薄紙外包裝、大七、繁體細字內飛還有包裝上的茶「葉」分公司改為茶「業」分公司。茶葉條索粗幼有序，芽葉幼嫩，緊度適中，茶面色澤烏潤，葉底柔軟肥厚。茶餅外觀保存整齊，偏乾倉儲存，茶餅乾淨，繼續存放有極大的轉化空間，宜藏宜飲。

九四·七五四二

1211 一九九四年 7542青餅普洱茶

SEVEN PIECES OF PU'ER TEA CAKES,1994

數量：1原筒共7片︱總重量：約2350克狀態：偏乾倉、原包︱工序：生茶

HK$ 150,000 - 200,000 US$ 19,300 - 25,700 1994年勐海茶廠出品的7542配方普洱茶，茶葉條索粗幼有序，芽葉幼嫩，緊度適中，茶面色澤烏潤，葉底柔軟肥厚。茶餅外觀保存整齊，偏乾倉儲存，茶餅乾淨，繼續存放有極大的轉化空間，宜藏宜飲。

九三·小票水 / 藍印

1212 一九九三年小票青餅普洱茶（7542配方）

FOURTEEN PIECES OF PU'ER TEA CAKES,1993

數量：2原筒共14片︱總重量：約4743克狀態：自然偏乾倉︱工序：生茶

HK$ 170,000 - 280,000 US$ 21,800 - 35,900 此批青餅內附一張生產日期為「93年10月」的小票，故市場上稱之為「93小票」。茶品採用7542配方，以中壯茶菁為骨架，配以幼嫩芽葉，拼配得當，滋味平衡。茶餅外觀保存整齊，繼續存放有較大的轉化空間，宜藏宜飲。

九五·八五八二

1213 一九九五年 8582青餅普洱茶

SEVEN PIECES OF PU'ER TEA CAKES,1995

數量：1原筒共7片︱總重量：約2695克狀態：自然偏乾倉︱工序：生茶

HK$ 200,000 - 320,000 U S $ 25,600 - 41,000 採用勐海茶廠極具代表性的8582配方製作，選用三至八級粗壯新老茶菁，茶青肥碩飽滿。茶餅外觀保存整齊，經過二十多年的轉化，帶有木香及樟香，滋味層次豐富，生津回甘，繼續存放有較大的轉化空間，宜藏宜飲。

九五·八五八二

1214 一九九五年 8582青餅普洱茶

SEVEN PIECES OF PU'ER TEA CAKES,1995

數量：1原筒共7片︱總重量：約2616克狀態：自然偏乾倉︱工序：生茶

九二·七五四二

1215 一九九二年 7542青餅普洱茶（無內飛版本） FOURTEEN PIECES OF PU'ER TEA CAKES,1992

數量：14片︱總重量：約4780克狀態：自然偏乾倉︱工序：生茶

HK$ 340,000 - 550,000 US$ 43,600 - 70,600 1992年勐海茶廠出品的「7542」青餅，以薄紙包裝，無內飛版本。茶餅外觀保存整齊，乾淨無雜味，陳期二十多年，入口濃郁且甘甜味重，繼續存放有較大的轉化空間，宜藏宜飲。

九九·下關繁鐵

1216 一九九九年中茶牌繁體字鐵餅普洱茶（8653配方）

FOURTEEN PIECES OF PU'ER TEA CAKES, 1999

數量：2原筒共14片︱總重量：約4941克狀態：乾倉、原包︱工序：生茶

HK$ 35,000 - 55,000 US$ 4,500 - 7,100 8653是下關茶廠八十年代最具代表性的產品配方，99下關鐵餅以下關傳統茶青用料製作。茶餅外觀保存非常整齊，乾淨無雜味，經過二十多年的轉化，香氣沉實，入口回甘，茶餅繼續存放有極大的轉化空間，宜藏宜飲。

九九·下關繁鐵

1217 一九九九年中茶牌繁體字鐵餅普洱茶（8653配方）

TWENTY-EIGHT PIECES OF PU'ER TEA CAKES, 1999

數量：4原筒共28片︱總重量：約9949克狀態：乾倉、原包︱工序：生茶

HK$ 70,000 - 110,000 U S $ 9,000 - 14,200 8653是下關茶廠八十年代最具代表性的產品配方，99下關鐵餅以下關傳統茶青用料製作。茶餅外觀保存非常整齊，乾淨無雜味，經過二十多年的轉化，香氣沉實，入口回甘，茶餅繼續存放有極大的轉化空間，宜藏宜飲。

九七·八五八二

1218 一九九七年黃印青餅普洱茶（8582配方）

FOURTEEN PIECES OF PU'ER TEA CAKES, 1997

數量：2原筒共14片︱總重量：約5282克狀態：自然倉、原包︱工序：生茶

HK$ 200,000 - 280,000 U S $ 25,700 - 35,900 8582選料粗壯，拼配特別，內涵物質豐富，儲存多年後，那豐盈飽滿的樟香，征服了眾多茶友，也贏得了重要的市場地位。茶餅外觀保存較整齊，乾茶帶有飽滿的蘭樟香，入口生津回甘，繼續存放有較大的轉化空間，宜藏宜飲。

九七·八五八二

1219 一九九七年黃印青餅普洱茶（8582配方）

TWENTY-ONE PIECES OF PU'ER TEA CAKES, 1997

數量：3原筒共21片︱總重量：約7806克狀態：自然倉、原包︱工序：生茶

HK$ 290,000 - 380,000 US$ 37,200 - 48,800 8582選料粗壯，拼配特別，內涵物質豐富，儲存多年後，那豐盈飽滿的樟香，征服了眾多茶友，也贏得了重要的市場地位。茶餅外觀保存較整齊，乾茶帶有飽滿的蘭樟香，入口生津回甘，繼續存放有較大的轉化空間，宜藏宜飲。

零一·七五七二

1220 二○○一年 7572普洱茶餅

FORTY-TWO PIECES OF PU'ER TEA CAKES, 2001

數量：6原筒共42片︱總重量：約15862克狀態：偏乾倉︱工序：熟茶

HK$ 65,000 - 88,000 US$ 8,400 - 11,300 7572是業界公認為普洱熟茶的標杆，茶葉採用金毫细茶撒面，青壯茶菁為心茶，發酵適中，茶品滋味醇厚。茶餅外觀保存非常整齊，乾淨無雜味，繼續存放有大的轉化空間，宜藏宜飲。

九四·大益熟磚

1221 一九九四年大益牌普洱茶熟磚

TEN PIECES OF PU’ER TEA BRICKS, 1994

數量：10塊︱總重量：約2500g 狀態：乾倉︱工序：熟茶

HK$ 28,000 - 55,000 U S $ 3,600 - 7,100 選用粗壯茶菁製作而成，條索肥壯，茶磚外觀保存整齊，乾淨無雜味，乾倉儲存，茶性溫和，適合現飲，屬性價比高之茶品。

九四·大益熟磚

1222 一九九四年大益牌普洱茶熟磚

TWENTY PIECES OF PU’ER TEA BRICKS, 1994

數量：20塊︱總重量：約5000g 狀態：乾倉︱工序：熟茶

HK$ 56,000 - 110,000 U S $ 7,200 - 14,200 選用粗壯茶菁製作而成，條索肥壯，茶磚外觀保存整齊，乾淨無雜味，乾倉儲存，茶性溫和，適合現飲，屬性價比高之茶品。

九零年代·江城磚

1223 一九九○年代江城磚

A BOX OF PU'ER TEA BRICKS, 1990S

數量：1箱（80片）︱總重量：約17600g 狀態：純乾倉︱工序：生茶

HK$ 56,000 - 80,000 US$ 7,200 - 10,300 江城磚，是八十年代江城茶廠生產製作。採用雲南思茅江城一帶的曬青毛茶，主要是用較粗壯的七、八級曬青毛茶為原料。茶磚外觀保存整齊，乾淨無雜味，茶性溫和，適合現飲，屬性價比高之茶品。

九六·大益熟磚

1224 一九九六年大益牌普洱茶熟磚

FIFTEEN PACKS OF PU'ER TEA BRICKS,1996

數量：15捆（1捆4塊）︱總重量：約15000克狀態：自然偏乾倉︱工序：熟茶

HK$ 110,000 - 150,000 US$ 14,200 - 19,300 選用粗壯茶菁製作而成，條索肥壯，茶磚外觀保存整齊，沖泡後甘甜帶棗香、淡木香，茶性溫和，適合現飲，屬性價比高之茶品。

零三·銀大益

1225 二○○三年銀大益青餅普洱茶（302批次） SEVEN PIECES OF PU'ER TEA CAKES, 2003

數量：1原筒共7片︱總重量：約2598克狀態：純亁倉、原包︱工序：生茶

HK$ 180,000 - 250,000 U S $ 23,100 - 32,100 銀大益是2003年勐海茶廠的明星茶品之一，茶餅外觀保存非常整齊，乾淨無雜味，茶湯飽滿厚實，層次細膩豐富，生津回甘，繼續存放有極大的轉化空間，宜藏宜飲。

零三·金大益

1226 二○○三年金大益青餅普洱茶（301批次） SEVEN PIECES OF PU'ER TEA CAKES, 2003

數量：1原筒共7片︱總重量：約2613克狀態：純亁倉、原包︱工序：生茶

HK$ 300,000 - 380,000 U S $ 38,500 - 48,800 因包裝紙整體風格呈金色，故市場稱之為「金大益」。金大益是勐海茶廠改製前的明星茶品，精選布朗山茶區曬青為原料，茶界也稱它為「五號青餅」。茶餅外觀保存非常整齊，乾淨無雜味，繼續存放有極大的轉化空間，宜藏宜飲。

九九·大渡崗

1227 一九九九年大渡崗青餅普洱茶

FOURTEEN PIECES OF PU'ER TEA CAKES, 1999

數量：14片︱總重量：約4472克狀態：純乾倉、原包︱工序：生茶

HK$ 35,000 - 55,000 US$ 4,500 - 7,100 大渡崗青餅為深圳富華公司（即中茶雲南公司深圳分公司）於1999年向大渡崗茶廠特別定制的一批野生普洱茶，以易武老茶樹為原料，茶乾緊結度適中，乾淨油亮。茶餅外觀保存較整齊，茶餅乾淨無雜味，且純乾倉，茶香飽滿，繼續存放有極大的轉化空間，宜藏宜飲。

九九·大渡崗

1228 一九九九年大渡崗青餅普洱茶

TWENTY-SEVEN PIECES OF PU'ER TEA CAKES, 1999

數量：27片︱總重量：約8731克狀態：純乾倉、原包︱工序：生茶

HK$ 68,000 - 100,000 US$ 8,800 - 12,900 大渡崗青餅為深圳富華公司（即中茶雲南公司深圳分公司）於1999年向大渡崗茶廠特別定制的一批野生普洱茶，以易武老茶樹為原料，茶乾緊結度適中，乾淨油亮。茶餅外觀保存較整齊，茶餅乾淨無雜味，且純乾倉，茶香飽滿，繼續存放有極大的轉化空間，宜藏宜飲。

九零年代·真淳雅

1229 一九九○年代真淳雅號青餅普洱茶

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

數量：2原筒共14片︱總重量：約4654克狀態：乾倉︱工序：生茶

HK$ 170,000 - 250,000 U S $ 21,800 - 32,100 「真淳雅號」被視為普洱逸品之一，由台灣茶界泰斗、世界茶聯合會會長呂禮臻委託易武鄉鄉長張毅老師傅，細選易武百年老樹，原料質量卓越，並委託「宋聘號」存世老師傅張官壽指導，以傳統手工古法制作。茶餅外觀保存整齊，茶餅乾淨無雜味，純乾倉，繼續存放有極大的轉化空間，宜藏宜飲。

九八·黎明班章

1230 一九九八年班章青餅普洱茶

EIGHTY-FOUR PIECES OF PU'ER TEA CAKES, 1998

數量：12原筒共84片︱總重量：約32317克狀態：乾倉、原包︱工序：生茶

HK$ 210,000 - 300,000 U S $ 27,000 - 38,500 享有「茶王」美譽的班章，葉片比較大，條索粗壯，山野氣韻強烈，香氣濃烈持久，一直讓無數茶客趨之若鶩。黎明茶廠1998年的出品，茶餅外觀保存整齊，乾淨無雜味，繼續存放有極大的轉化空間，宜藏宜飲。

一三·陳升號金 /印

1231 二○一三年班章金印青餅普洱茶

TWENTY-EIGHT PIECES OF PU'ER TEA CAKES, 2013

數量：1箱（4原筒共28片）︱總重量：約10000克狀態：純乾倉、原包︱工序：生茶

HK$ 48,000 - 88,000 US$ 6,200 - 11,300 享有「茶王」美譽的班章，葉片比較大，條索粗壯，山野氣韻強烈，香氣濃烈持久，一直讓無數茶客趨之若鶩。陳升號茶廠於2006年創立，2013年以班章茶區大樹茶為主原料，推出的金班章成為其最具代表性的明星茶。茶餅外觀保存非常整齊，乾淨無雜味，繼續存放有極大的轉化空間，宜藏宜飲。

七零·廣雲貢

1232 一九七○年代廣雲貢普洱茶餅

SEVEN PIECES OF PU'ER TEA CAKES,1970S

數量：1原筒共7片︱總重量：約2347克狀態：偏乾倉︱工序：生熟茶

HK$ 70,000 - 100,000 US$ 9,000 - 12,900 五十年代末至七十年代期間，東南亞市場對普洱茶的需求增加，當時廣東茶業公司除了出口茶葉，也開始染指茶餅製作，選用雲南、廣東及西貢(南越)三地之茶青壓製青餅，並採用拼配策略，具有廣式韻味，故而市場稱之為「廣雲貢餅」。茶餅外觀保存非常整齊，茶餅乾淨無雜味，繼續存放有極大的轉化空間，宜藏宜飲。

八零年代·下關繁鐵

1233 一九八○年代中茶牌繁體字鐵餅普洱茶（8653配方）

SEVEN PIECES OF PU'ER TEA CAKES,1980S

數量：1原筒共7片︱總重量：約2391克狀態：乾倉、原包︱工序：生茶

HK$ 185,000 - 250,000 U S $ 23,800 - 32,100 中茶牌繁體字鐵餅是下關茶廠八十年代最具代表性的產品，作為保存三十多年的老茶，近幾年才陸續在老茶市場上被發掘和探究，茶品內質豐富，是一款值得期待的茶品。茶餅外觀保存整齊，乾淨無雜味，繼續存放有大的轉化空間，宜藏宜飲。

七零·下關簡鐵

1234 一九七○年代中茶牌簡體字鐵餅

THREE PIECES OF PU'ER TEA CAKES,1970S

數量：3片︱總重量：約916克狀態：自然偏乾倉︱工序：生茶

HK$ 220,000 - 280,000 U S $ 28,200 - 35,900 下關茶廠七十年代的代表性茶品，餅形扁平堅實，展現濃厚質感及強勁氣韻，作為保存五十多年的老茶，市場上被譽為五十年代藍印鐵餅的沿襲。茶餅外觀保存非常整齊乾淨，繼續存放有較大的轉化空間，宜藏宜飲。

七三·文革磚寬 /版

1235 一九七○年代 73文革磚

FOUR PIECES OF PU'ER TEA BRICKS,1970S

數量：4片︱總重量：約1000克狀態：偏乾倉︱工序：熟茶

HK$ 125,000 - 180,000 US$ 16,100 - 23,100 73寬版文革磚是七十年代具代表性的茶磚，堪稱普洱熟茶磚的鼻祖，因數量稀少，顯得彌足珍貴。茶磚外觀保存非常整齊，乾淨無雜味，油光紙包裝，繼續存放有大的轉化空間，宜藏宜飲。

七九·文革磚

1236 一九七○年代 79文革磚

SIX PIECES OF PU'ER TEA BRICKS,1970S

數量：6片︱總重量：約1500克狀態：偏乾倉︱工序：熟茶

HK$ 110,000 - 160,000 US$ 14,200 - 20,600 79文革磚是七十年代具代表性的茶磚，茶磚外觀保存非常整齊，乾淨無雜味，經過四十年的陳化，茶韻變化無窮，經過繼續存放有大的轉化空間，宜藏宜飲。

八零年代·八五八二薄 /紙

1237 一九八○年代薄紙8582青餅普洱茶

FOUR PIECES OF PU'ER TEA CAKES,1980S

數量：4片︱總重量：約1378克狀態：偏乾倉︱工序：生茶

HK$ 300,000 - 480,000 U S $ 38,500 - 61,500 一款用時間證明成功的產品，8582 配方前身為7582， 1985年後香港南天貿易公司依照7582配方定製生產，故而嘜號改為8582並一直沿用至今。選料粗壯，拼配特別，內涵物質豐富，儲存多年後，那豐盈飽滿的樟香，征服了眾多茶友，也贏得了重要的市場地位。茶餅外觀保存整齊，乾淨無雜味，繼續存放有大的轉化空間，宜藏宜飲。

八零年代·八五八二薄 /紙

1238 一九八○年代薄紙8582青餅普洱茶

EIGHT PIECES OF PU'ER TEA CAKES,1980S

數量：1原筒加1片共8片︱總重量：約2857克狀態：偏乾倉︱工序：生茶

HK$ 600,000 - 880,000 U S $ 76,900 - 112,800 一款用時間證明成功的產品，8582 配方前身為7582， 1985年後香港南天貿易公司依照7582配方定製生產，故而嘜號改為8582並一直沿用至今。選料粗壯，拼配特別，內涵物質豐富，儲存多年後，那豐盈飽滿的樟香，征服了眾多茶友，也贏得了重要的市場地位。茶餅外觀保存整齊，乾淨無雜味，繼續存放有大的轉化空間，宜藏宜飲。

八零年代·八五八二薄 /紙

1239 一九八○年代薄紙8582青餅普洱茶

FOURTEEN PIECES OF PU'ER TEA CAKES, 1980S

數量：2原筒共14片︱總重量：約4867克狀態：偏乾倉︱工序：生茶

HK$ 980,000 - 1,600,000 US$ 125,600 - 205,100 一款用時間證明成功的產品，8582 配方前身為7582， 1985年後香港南天貿易公司依照7582配方定製生產，故而嘜號改為8582並一直沿用至今。選料粗壯，拼配特別，內涵物質豐富，儲存多年後，那豐盈飽滿的樟香，征服了眾多茶友，也贏得了重要的市場地位。茶餅外觀保存整齊，乾淨無雜味，繼續存放有大的轉化空間，宜藏宜飲。

八八青蘋 / 果綠

1240 一九八○年代末至一九九○年代初八八青餅普洱茶（7542配方）

SEVEN PIECES OF PU'ER TEA CAKES,1980S-1990S

數量：1原筒共7片︱總重量：約2259克狀態：自然偏乾倉、原包︱工序：生茶

HK$ 260,000 - 320,000 US$ 33,400 - 41,100 「大餅頭」、「蘋果綠」為其明顯的標誌，也是以乾倉代表茶的身份進入普洱茶的高端市場，證明了普洱茶在乾倉狀態下有驚喜的表現。只有好的配方，好的保存，才能帶來更好的結果。茶餅外觀保存整齊乾淨，野樟香誘人，散發一縷縷甜香味，生津回甘快，繼續存放有較大的轉化空間，宜藏宜飲。

八八青大 / 餅頭

1241 一九八○年代末至一九九○年代初八八青餅普洱茶（7542配方）

SEVEN PIECES OF PU'ER TEA CAKES,1980S-1990S

數量：1原筒共7片︱總重量：約2411克狀態：自然偏乾倉、原包︱工序：生茶

HK$ 320,000 - 400,000 US$ 41,100 - 51,300 「大餅頭」、「蘋果綠」為其明顯的標誌，也是以乾倉代表茶的身份進入普洱茶的高端市場，證明了普洱茶在乾倉狀態下有驚喜的表現。只有好的配方，好的保存，才能帶來更好的結果。茶餅外觀保存整齊乾淨，野樟香誘人，散發一縷縷甜香味，生津回甘快，繼續存放有較大的轉化空間，宜藏宜飲。

八七·七五四二厚 /紙

1242 一九八七年厚紙7542青餅普洱茶

SEVEN PIECES OF PU'ER TEA CAKES,1987

數量：1原筒共7片︱總重量：約2422克狀態：純乾倉、原包︱工序：生茶

HK$ 800,000 - 1,200,000 US$ 102,600 - 153,900 經過三十多年的純乾倉儲存，乾茶帶有一股梅子香甜味，茶湯柔滑，喉韻明顯，生津回甘。7542是勐海茶廠八十年代中最成功的配方，也是產量最大的產品，以肥壯茶菁為里，幼嫩芽葉灑面，拼配得當，協調性最佳，備受愛茶之人追捧。茶餅外觀保存整齊，乾淨無雜味，且純乾倉，實屬難得一遇的佳茗，繼續存放有極大的轉化空間，宜藏宜飲。

八零年代·八五八二厚 /紙

1243 一九八○年代厚紙8582青餅普洱茶

THREE PIECES OF PU'ER TEA CAKES,1980S

數量：3片︱總重量：約988克狀態：自然偏乾倉、原包︱工序：生茶

HK$ 420,000 - 500,000 US$ 53,900 - 64,200 一款用時間證明成功的產品，8582 配方前身為7582， 1985年後香港南天貿易公司依照7582配方定製生產，故而嘜號改為8582並一直沿用至今。選料粗壯，拼配特別，內涵物質豐富，儲存多年後，那豐盈飽滿的樟香，征服了眾多茶友，也贏得了重要的市場地位。茶餅外觀保存非常整齊，乾淨無雜味，繼續存放有大的轉化空間，宜藏宜飲。

八零年代·下關沱生 / 八零年代·下關沱熟 /

1244 一九八○年代下關甲級生沱茶（油光紙） NINE PIECES OF TUO CHA, 1980S

數量：9粒︱總重量：約900克狀態：乾倉︱工序：生茶

HK$ 33,000 - 68,000 U S $ 4,300 - 8,800 下關茶廠在八十年代主要生產出口產品，普洱沱茶為雲南省的傳統出口茶品之一。沱茶外觀保存非常整齊，乾淨且無雜味，繼續存放有大的轉化空間，宜藏宜飲。

1245 一九八○年代下關熟沱茶

FIFTEEN PIECES OF TUO CHA, 1980S

數量：15個︱總重量：約1500克狀態：自然偏乾倉︱工序：熟茶

HK$ 42,000 - 70,000 U S $ 5,400 - 9,000 下關茶廠在八十年代主要生產出口產品，普洱沱茶為雲南省的傳統出口茶品之一。沱茶外觀保存非常整齊，乾淨且無雜味，茶乾帶淡淡沉香及木香，茶湯甘甜，生津回甘，茶性溫和，宜藏宜飲。

九八·鳳凰沱熟 /

1246 一九九八年鳳凰普洱熟沱茶

ONE HUNDRED TWENTY PIECES OF TUO CHA, 1998

數量：24條，每條5沱︱總重量：約12000克狀態：乾倉︱工序：熟茶

HK$ 66,000 - 85,000 US$ 8,500 - 10,900 鳳凰沱茶是南澗茶廠1985年創製的茶品，這次上拍的為 1998年生產的甲級鳳凰熟沱茶，屬茶廠级别最高的沱茶產品，採用無量山優質茶葉為原料進行壓制，條索粗壯，色澤油潤，以6-7級料為主，稍有茶梗。歷經二十年的陳化，茶湯帶有濃郁的陳香氣息，入口爽滑醇厚，溫和飽滿，齒頰留香，是養身保健的上等茶品。

千禧·鳳牌沱生 /

1247 二○○○年鳳牌甲級普洱生沱茶 A BOX OF TUO CHA, 2000

數量：1箱(35條，每條5沱）︱總重量：約17.5公斤狀態：純乾倉︱工序：生茶

HK$ 80,000 - 120,000 US$ 10,300 - 15,400 鳳牌沱茶是鳳慶茶廠的標誌性產品，干茶的條索完整勻稱、揉捻適當，依稀可見白毫，散發着梅子香及煙香。經過二十年的存放，沱茶外觀保存非常整齊，乾淨茶香飽滿，湯柔蜜甜明顯且帶煙香，繼續存放有極大的轉化空間，宜藏宜飲。

五零年代·紅印鐵餅 40

1248 一九五○年代紅印鐵餅普洱茶

A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片︱總重量：約325克狀態：乾倉︱工序：生茶

HK$ 600,000 - 880,000 US$ 76,900 - 112,900 紅印鐵餅，勐海茶廠五十年代成立初期的產品，包裝紙以全紅色設計，採用鐵模緊壓製作而得名。茶餅外觀保存整齊，茶餅乾淨無雜味，且乾倉，生聞已感覺其韻氣醇而樟香味飽滿，其茶氣更在紅印茶品中獨樹一幟，別具風韻。茶餅外觀保存整齊，茶餅乾淨無雜味，且乾倉，經過七十多年的陳化時間，茶餅已達到最佳品飲的狀態。

至臻之味

红印铁饼 —

新中国名片

五零年代·無紙紅印早 /期

1249 一九五○年代早期無紙紅印青餅普洱茶 A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片︱總重量：約307克狀態：偏乾倉︱工序：生茶

HK$ 380,000 - 480,000 US$ 48,800 - 61,600 勐海茶廠五十年代早期無紙紅印中的產品，與其他印級茶不同之處是唯一沒加包裝紙直接進入流通市場的茶品。茶餅乾淨無雜味，且偏乾倉，經過七十多年的陳化時間，茶餅已達到最佳品飲的狀態。

幽香七十年五零年代·藍印鐵餅

1250 一九五○年代藍印鐵餅普洱茶

A VINTAGE PU’ER TEA CAKE, 1950S

數量：1片︱總重量：約285克狀態：自然偏乾倉︱工序：生茶

HK$ 200,000 - 300,000 US$ 25,700 - 38,500 藍印鐵餅是五十年代國營茶廠的經典代表茶品，利用鐵模直接把茶菁放入壓制脫模而成，其口感堅實，故有茶中「鐵漢之名」。茶餅外觀保存整齊，茶餅乾淨無雜味，且偏乾倉，經過七十多年的陳化時間，茶餅已達到最佳品飲的狀態。

百年·同昌號·黃文興

1251 一九三○年代同昌號·黃文興青餅普洱茶

AN ANTIQUE PU’ER TEA CAKE, ‘TONG CHANG HAO’ HUANG WENXING, 1930S

數量：1片︱總重量：約331克狀態：乾倉︱工序：生茶

HK$ 480,000 - 650,000 US$ 61,600 - 83,400 創始於同治七年（1869年）的同昌號，為易武赫赫有名的茶號。同昌號選用小葉種喬木茶的細嫩茗芽，精工揉造，品質上乘，一直收到市場追捧，到了1929年普洱茶年產量達四百多擔，成為當時規模較大的易武茶廠。餅厚實呈金栗色，葉色偏紅，條索扁長粗碩，可明顯看出為梗葉一體的茶菁，自然美觀，油面光澤極佳，乾倉者帶有梅子風韻。湯色深栗通透，藥香馥郁，茶氣十足，順滑厚實，入口即化。茶餅外觀保存非常整齊乾淨無雜味，經歷百年時間的古董級茶品，實屬難得一遇。無論是投資收藏或自飲尋樂，都將是人生幸福快樂的事。

百年同昌号

黄文兴 —

百年·宋聘號藍 /票

1252 一九二○年代宋聘號青餅普洱茶（藍票）

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

數量：1片︱總重量：約293克狀態：乾倉︱工序：生茶

HK$ 1,400,000 - 2,200,000 US$ 179,500 - 282,100 每一片超過百年歷史的古董級普洱茶餅，背後都承載著深邃的中國歷史文化。在清末以「茶魁」之名聞於四方的「宋聘號」，是世人公認陳年茶品中的極品，普洱茶業中的勞斯萊斯。「宋聘號」茶莊成立於光緒六年(1880年)中國雲南境內，專注於普洱茶的生產及銷售。民國初年與「乾利貞號」聯姻並合併為「乾利貞宋聘號」，進一步擴大其普洱茶版圖。茶莊精選易武正山百年古樹春茶製作，選料上乘，秉持傳統製茶工藝，聲名鵲起，其年產茶量一直位居第一，成為易武鎮最具名望的大茶莊，地位無可比擬。滋味，或許是其魅力的根本所在。選料精細，製作講究，加上歷經百年的默默轉化，如今的陳年宋聘號普洱茶已經轉化出無與倫比的經典氣韻，可以兼得磅礴、幽雅兩端，高妙得難以言喻等等讚歎的美譽，把陳年宋聘號普洱茶推向了「號級茶王」。宋聘號普洱茶數量罕有，身價每年攀升。這次上拍的宋聘號·藍票茶餅，品相完整且甘藏儲存，來之不易，實屬難得一見的頂級茶品。至於是投資收藏還是自飲尋樂，都將是人生快樂的事。

磅礴幽雅之韵

蓝票宋聘 —

百年沉睡神话再现

双狮同庆 —

獅自古以來即為納吉，彰顯權貴之瑞獸。

「雙獅同慶號」普洱茶。 ——

在普洱茶世界中，也有一雙獅沉睡百年，只為靜候有緣人的到來。它，就是世人公認古董茶中的極品

號級經典冠絕群倫

同慶號茶莊創始於 1736 年，是普洱茶最具歷史的商號，因恰逢乾隆登基，同慶即新帝改元，普天同慶之意。同慶號是普洱茶歷史上最早提出生產工藝標準的茶莊，講究「選春茶，選嫩尖，選產地，選淨度，選滋味，選香氣；棄粗老，棄味劣，棄不潔，棄雜物，棄異味，棄質變」。

這普洱茶六選六棄之精細作法，為日後標準化生產之路奠定基礎，同時也確立了同慶號在普洱茶業中舉足輕重的江湖地位。同慶號因工藝精妙絕倫，自創立初期已頗受好評，它的規模和產量在當時都是名列三甲，一直被譽為品質最佳的茶品。

年，同慶號躋身雲南茶莊之首，成為易武首屈一指茶王，年出茶 1915 五六百擔，營業額達三十餘萬，豢養騾馬三十餘匹，駝牛四十餘頭，茶品遠銷香港、台灣、日本、韓國及南洋一帶，風光無限。

「啟者，本號向在雲南易武茶山，選辦普洱正山細嫩馨香茶葉，加重萌芽精工督造，發往香港銷售，中外馳名，久為士商所賞鑒，近來假茶漸增仿造愈眾，以致魚目混珠，真偽莫辨，且有無恥之徒假冒小號招牌希圖射利，是以本主人有鑒於此，特設法維持，立革奸徒作弊，故自庚申年八月改換雙獅旗圖為記，貴客賜顧務請格外留心，認明圖記，免被他人以偽亂真則幸甚焉。總發行雲南石屏同慶號製造廠易武同慶號劉向陽謹識。」

左邊為龍馬同慶商標，右邊為雙獅同慶商標（青天白日旗）

此為本拍品的雙獅同慶筒票（五色旗）

雙獅吉祥名震茶史同慶號先後用過龍馬和雙獅兩種商標，並以1920年為分隔線。1920年以前使用方形白底「龍馬同慶」筒票及橢圓內飛，內票繪有白馬、雲龍及寶塔圖式，但因同慶號圓茶遠近爭購，仿冒者多，於是把內票換為白底藍色「雙獅旗圖」。筒票上設計又分「五色旗」及「青天白日旗」兩種，兩者同為易武茶料。這次上拍的茶餅具備「五色旗」的筒票，五色旗指由1911年辛亥革命後至1928年這一時期所使用的國旗，故業內認為「五色旗」筒票為較早期的「雙獅同慶」普洱茶。「雙獅同慶」繼承了同慶號早期圓茶之優良工藝，選用易武正山四、五、六級大葉種茶青，與選用三至五級小葉種製成的「龍馬同慶」相比，「雙獅同慶」在香型和茶性上都顯得更強烈。茶葉經過百年時間默默廝磨，往往有著驚人的表現，茶圈的資深前輩們一致認為「雙獅同慶」在古董號級茶中名列前茅，高妙得難以言表。 50

号韵传承巅峰之作同慶號裡我只中意「雙獅」 — 余秋雨先生

百年原筒珍罕極品五十年代普洱茶收歸國營，雙獅同慶號普洱茶，與號級茶莊共同走入歷史。這次有幸獲得香港藏家願意割愛，把這碩果原筒雙獅同慶，與有緣人一同分享。僅存之珍品 —— 經歷了百年歷史，雖竹箬外殼留有歲月痕跡，但依舊保存完好，全賴茶莊極為講究的竹箬包裝及竹篾捆綁技術，可稱得克，品相絕佳，來源上為「藝術古董」。整筒茶重量約 2183 清晰，非常罕有。這麼難得一遇的佳品，待有緣人尋香而來，繼續延續雙獅同慶的傳說，期望新的藏家能用心體驗，證實普洱茶越陳越香之秘。

SEVEN PIECES OF ANTIQUE PU'ER TEA CAKES, 'SHUANGSHI TONGQING HAO' , 1920S

一九二○年代雙獅同慶號青餅普洱茶

數量：1原筒共7片︱總重量：約2183克

狀態：乾倉︱工序：生茶

估價待詢 ESTIMATE UPON REQUEST

百年·雙獅同慶號

1253

春来狮醒

定不负卿

岁月沁香香港重要藏家旧藏 —

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

IMPORTANT HONG KONG PRIVATE COLLECTION We are honored to present a collection of including the antique Pu'er Tea, White Tea and Tangerine Peel from Hong Kong private collectors. All these masterpieces bear an exceptional provenance. We cordially invite all tea lovers to attend this feast of the taste of time.

陳年普洱茶 | 時之越長，愈知其味 THE WONDER OF THE TIME: ANTIQUE PU’ER TEA 中國茶文化體現了民族傳統豐富的內涵和東方智慧，越來越多人對傳統文化給予肯定和關注。普洱茶行業中，令茶人最嚮往的必然是業界的傳說——號印級普洱茶。「宋聘號」、「紅印」、「藍鐵」等，每一個響亮的名字在普洱茶界幾乎是每人都聽過的名片，然而真正能接觸、品飲的應該不到百分之一。這些令所有愛茶人魂牽夢繞的好滋味，不能只靠道聽途說，應要自己親身體驗。為了讓更多茶客見識真正的古董級及陳年普洱茶，我們走訪了各大藏家和業內人士，把最真實的佳品提供給大家。同時，十分感謝他們願意釋出世代珍藏的茶葉，向大家呈現普洱茶最真實的一面，希望透過「以散代整」的形式讓茶友們能接觸及品飲來自不易的百年老茶，一同與有緣人分享。古董號字級、印字級、七子餅普洱茶，為您揭示越陳越香之秘。

八八青散 /

八八青

1254 一九八○年代末至一九九○年代初八八青餅普洱茶（7542配方）散塊

A PACK OF PU'ER TEA CAKES,1980S-1990S

數量：1份︱總重量：1000克狀態：純乾倉︱工序：生茶

HK$ 48,000 - 100,000 U S $ 6,200 - 12,800 散茶塊外觀乾淨無雜味，且純乾倉，梅子香撲鼻而來，茶湯蘭香明顯且層次豐富，口齒留香，滿嘴生津，茶氣通透強勁。茶品繼續存放有極大的轉化空間，宜藏宜飲，是品鑒之佳品。

六零年代·普洱散 /

陈年普洱 56

1255 一九六○年代普洱散茶

A PACK OF PU'ER TEA, 1960S

數量：1份︱總重量：500克狀態：乾倉︱工序：生茶

HK$ 48,000 - 80,000 U S $ 6,200 - 10,300 六十年代，中國茶業處於公私交替時期，當時一些小型私營企業仍在生產及製作普洱茶，並以散茶形式保存下來。散茶塊外觀乾淨無雜味，且乾倉，經過六十多年的陳化，盡顯陳年風韻，宜藏宜飲，是難得一遇的品鑒之佳品。

蓝印铁饼五零年代·藍印鐵餅散 /

1256 一九五○年代藍印鐵餅青餅普洱茶·散塊 A PACK OF VINTAGE PU'ER TEA, 1950S

數量：1份︱總重量：50克狀態：乾倉︱工序：生茶

HK$ 65,000 - 100,000 US$ 8,400 - 12,900 藍印鐵餅是五十年代國營茶廠的經典代表茶品，利用鐵模直接把茶菁放入壓制脫模而成，其口感堅實，故有茶中「鐵漢之名」，是一款值得品味的茶品。這次上拍的藍印鐵餅散塊實屬難能可貴，屬性價比高之茶品，與一眾愛茶之人分享古董茶的滋味。

大红印五零年代·大紅印散 /

1257 一九五○年代大紅印青餅普洱茶·散塊 A PACK OF VINTAGE PU'ER TEA, 1950S

數量：1份︱總重量：50克狀態：乾倉︱工序：生茶

HK$ 80,000 - 120,000 US$ 10,300 - 15,400 大紅印圓茶，是新中國成立的第一批普洱茶品，包裝紙以全紅色設計，象徵着紅色江山生生不息。此茶採用易武正山最好的茶菁製成，因其質量堪稱一絕，深受茶饕喜愛，故有「現代普洱貢茶」之稱，在茗界中有不可撼動的地位。作為普洱茶界中印級茶的始祖，陳化品質卓越，市場極為罕見，單餅的價格一直飆升，是藏家們奢求珍藏的茶品。這次上拍的大紅印散塊實屬難能可貴，屬性價比高之茶品，與一眾愛茶之人分享古董茶的滋味。

百年宋聘号百年·宋聘號散 /

1258 一九二○年代宋聘號青餅普洱茶·散塊

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

數量：1份︱總重量：55克狀態：乾倉︱工序：生茶

HK$ 190,000 - 250,000 US$ 24,400 - 32,100 「宋聘號」是世人公認陳年茶品中的極品，成立於光緒六年(1880 年)中國雲南境內，民國初年與「乾利貞號」聯姻並合併為「乾利貞宋聘號」，進一步擴大其普洱茶版圖。茶莊精選易武正山百年古樹春茶製作，選料上乘，秉持傳統製茶工藝，聲名鵲起，其年產茶量一直位居第一，成為易武鎮最具名望的大茶莊，地位無可比擬。選料精細，製作講究，加上歷經百年的默默轉化，如今的陳年宋聘號普洱茶已經轉化出無與倫比的經典氣韻，可以兼得磅礴、幽雅兩端，高妙得難以言喻等等讚歎的美譽，把陳年宋聘號普洱茶推向了「號級茶王」。這次上拍的宋聘號散塊屬性價比高之茶品，與一眾愛茶之人分享百年的滋味。

每個人心中都有一個桃花源，那裡群山如黛，大樹參天，流水潺潺，蟲鳴鳥叫，美麗幽靜而安逸。但如此幽美奇異、遠離塵囂的桃花源，是真實存在的。

中國雲南一座雲霧繚繞的大山中，一棵棵存活了百年以上的古茶樹，正自在生長著，靜靜等待著有緣人。在上天賦予的千年生命面前，我們都只是時間的過客。

隨著資訊的發展，班章、薄荷塘、冰島……一個個不為人知的極品滋味不斷被發現，並深受茶人的青睞追捧，甚至一泡難求。古樹茶，究竟是炒作？還是真的如此超凡脫俗，或是會越陳越香的明日之星？

我們始終保持最嚴謹態度，搜羅了十款來之不易的最純正古樹春茶，供大家品鑒，各種美好滋味將交給您來評判。

古树普洱茶·一份至纯至真的触动

︻纯料古树春茶·茶王树︼二零一四春·茶王樹高 /杆

1259 二○一四年茶王樹高杆古樹普洱茶 ANCIENT TEA TREE PU'ER TEA, 2014

數量：2罐︱總重量：1000克狀態：純乾倉、散茶︱工序：生茶

HK$ 8,800 - 15,000 US$ 1,200 - 2,000 茶王樹，隸屬於易武七村八寨之一的颳風寨，為寨中最頂級的古樹茶。古茶樹雖經過矮化，但經過百年時間重新在樹根上發出來，百年樹齡給了它幾近無可挑剔的口感，並在颳風寨之中成為一枝獨秀的存在。高杆古樹樹幹筆直通天，質更優，味更醇。經歷了七年的時間，茶葉轉換出變化無窮的滋味。細細品啜，甜醇中含著天然濃鬱的蜜香，柔滑細膩中藏著強勁卻內斂的茶氣，苦澀也含蓄著。

︻纯料古树春茶·弯弓︼

二零一四春·彎弓高 /杆

1260 二○一四年彎弓高杆古樹普洱茶

ANCIENT TEA TREE PU'ER TEA, 2014

數量：2罐︱總重量：1000克狀態：純乾倉、散茶︱工序：生茶

HK$ 8,800 - 15,000 US$ 1,200 - 2,000 彎弓是近十年漸漸走進人們視野的古茶樹微產區，位於易武茶的地理中心，距离易武镇大约30公里。經過長時間的沉寂，保留獨特原始的森林氣息。勐海大葉種群體種的茶樹在荒山野嶺中自然擴散，與環境共生。高杆古樹樹幹筆直通天，質更優，味更醇。經歷七年，茶葉轉換出變化無窮的滋味，獨具魅力的花香悠揚明顯，湯香水甜且柔和，生津回甘，喉韻悠長。

︻纯料古树春茶·老班章︼二零一七春·老班章單 /株

1261 二○一七年老班章單株古樹普洱茶 ANCIENT TEA TREE PU'ER TEA, 2017

數量：1罐︱總重量：500克狀態：純乾倉、散茶︱工序：生茶

HK$ 15,000 - 25,000 US$ 1,900 - 3,200 享有「茶王」美譽的老班章，一直讓無數茶客趨之若鶩。老班章村寨位於勐海縣東南部，因生長環境優越，葉片比較大，條索粗壯，山野氣韻強烈，香氣濃烈持久，是普洱中的霸王。單株採摘更能確切體現其本真之味。四年的陳期是否會帶來不一樣的口感？泡上一碗將會給你最好的答案。

︻纯料古树春茶·薄荷塘︼

二零一九春·薄荷塘高 / 杆一類

1262 二○一九年薄荷塘高杆一類古樹普洱茶 ANCIENT TEA TREE PU'ER TEA, 2019

數量：1罐︱總重量：500克狀態：純乾倉、散茶︱工序：生茶

HK$ 22,000 - 38,000 US$ 2,800 - 4,900 薄荷塘，易武最神聖的天價寶地，是茶友們夢寐以求的極品茶葉。隱匿在原始森林深處的一個小山坳，位於海拔1800米，除了採茶季節外，無人打擾。山水相間，大樹參天，樹藤環繞，落葉繽紛，蟲鳴鳥叫，如同桃花源。薄荷塘，一個傳說般的存在，能品嘗它滋味的人寥寥可數。這次，歷經艱辛，我們從藏家手中拿到這份僅有的古樹春茶。好茶，不需要過多言語，讓茶湯自己說話。

︻纯料古树春茶·同庆河︼二零一九春·同慶河高 /杆

1263 二○一九年同慶河高杆古樹普洱茶 ANCIENT TEA TREE PU'ER TEA, 2019

數量：2罐︱總重量：1000克狀態：純乾倉、散茶︱工序：生茶

HK$ 8,800 - 15,000 US$ 1,200 - 2,000 同慶河高杆古樹是原始森林的珍寶，古樹茶林伴河而生，長年溪水潺潺，經流不息。高杆古樹樹幹筆直通天，質更優，味更醇。同慶河古樹茶的美源於它的自然、它的濃郁以及它的與眾不同，是以陰柔著稱的易武系古樹茶中滋味最爲濃厚的一個。入口苦味厚重，略有澀味，湯色淺黃清亮，耐泡。茶湯掛杯香濃郁，具有典型的易武古樹茶的山野之氣，化甘迅速，回甘持久，香甜味明顯。

︻纯料古树春茶·高山寨︼

二零二零春·高山寨

1264 二○二○年高山寨古樹普洱茶

ANCIENT TEA TREE PU'ER TEA, 2020

數量：4罐︱總重量：2000克狀態：純乾倉、散茶︱工序：生茶

HK$ 8,000 - 15,000 US$ 1,100 - 2,000 高山寨位於西雙版納東北部的易武古茶山，海拔1200多米，四季雲霧繚繞。2020年雲南天氣乾旱，降雨量的減少迫使茶樹啟動自我保護機制，減少芽葉生長的數量，這樣的轉變使養分與水分更集中，內含物質的質量增加，其風味品質也較其他年份明顯的有所提高。高山寨的茶以「雅」著名，滋味甘甜，帶飽滿的花香蜜香，口感純正，承襲傳統易武茶香柔水滑的特點。

︻纯料古树春茶·落水洞︼二零二零春·落水洞

1265 二○二○年落水洞古樹普洱茶

ANCIENT TEA TREE PU'ER TEA, 2020

數量：4罐︱總重量：2000克狀態：純乾倉、散茶︱工序：生茶

HK$ 8,000 - 15,000 US$ 1,100 - 2,000 村寨中心有個很大的洞，直接連接到易武邊緣的某條河流，故得名「落水洞」。雖然位於高原山區，村寨四周被高山環繞，形成了一個特殊的小型盆地，受四周高山的影響，盆地上空常年雲霧繚繞，溫熱多雨，減弱了陽光直射，非常適宜茶樹生長。 2020年雲南天氣乾旱，降雨量的減少迫使茶樹啟動自我保護機制，減少芽葉生長的數量，這樣的轉變使養分與水分更集中，內含物質的質量增加，其風味品質也較其他年份明顯的有所提高。茶湯帶有濃郁的蜜香和花果香，入口甘甜清冽，滿口生津。柔、甜、滑的特性讓人印象深刻，入口難忘。

︻纯料古树春茶·麻黑︼

二零二零春·麻黑

1266 二○二○年麻黑古樹普洱茶

ANCIENT TEA TREE PU'ER TEA, 2020

數量：4罐︱總重量：2000克狀態：純乾倉、散茶︱工序：生茶

HK$ 6,000 - 12,000 US$ 800 - 1,600 麻黑古樹為六大茶山曼撒茶區的主要代表，意指麻黑村公所的麻黑寨。「麻黑」一詞雖意象一般，甚至在二百年前是對一個少數民族的貶低性稱呼，但歷史更替，麻黑古樹憑藉漫長的光陰讓大家見識這片土地的力量。 2020年雲南天氣乾旱，降雨量的減少迫使茶樹啟動自我保護機制，減少芽葉生長的數量，這樣的轉變使養分與水分更集中，內含物質的質量增加，其風味品質也較其他年份明顯的有所提高。茶湯滋味口感平衡絕好，帶糯、柔、清、雅，花果香，可以說是易武茶的代表。

︻纯料古树春茶·老班章︼二零二零春·老班章單 /株

1267 二○二○年老班章單株古樹普洱茶 ANCIENT TEA TREE PU'ER TEA, 2020

數量：1罐︱總重量：500克狀態：純乾倉、散茶︱工序：生茶

HK$ 12,000 - 20,000 US$ 1,500 - 2,600 享有「茶王」美譽的老班章，一直讓無數茶客趨之若鶩。老班章位於勐海縣東南部，因生長環境優越，葉片比較大，條索粗壯，山野氣韻強烈，香氣濃烈持久，是普洱中的霸王。單株採摘更能確切體現其本真之味。 2020年雲南天氣乾旱，降雨量的減少迫使茶樹啟動自我保護機制，減少芽葉生長的數量，這樣的轉變使養分與水分更集中，內含物質的質量增加，其風味品質也較其他年份明顯的有所提高。

︻纯料古树春茶·冰岛老寨︼

二零二零春·冰島老寨單 /株

1268 二○二○年冰島老寨單株古樹普洱茶 ANCIENT TEA TREE PU'ER TEA, 2020

數量：1罐︱總重量：500克狀態：純乾倉、散茶︱工序：生茶

HK$ 28,000 - 55,000 US$ 3,600 - 7,100 冰島老寨古樹茶，以柔香甜潤著稱，宛如一名「清秀溫柔佳人」。冰島位於臨滄市雙江縣勐庫鎮，當中冰島老寨單株的產量極其稀少，一直名列古樹茶中最貴價格的三甲。這次，歷經艱辛，我們從藏家手中分享出這份僅有的古樹春茶。乾茶帶飽滿的花蜜香，茶湯入口甘甜，生津回甘持久，滿口芳香，層次豐富，感受原始森林的清潤氣息，難以忘懷。人生能邂逅這樣一位佳人，又怎能不讓人心生歡喜。

一煮煙江漫清香，半壺時光杯中藏。要知個中滋味美，春上臨滄古茶場。現代·陽春三月 ——

寻·秘境本味

临沧普洱茶 — 普洱茶之美，是生命的藝術，在歲月流逝中靜默地成長，與人一樣，把自己最真實、最美好的滋味通過時間展示出來。臨滄，地處瀾滄江畔，作為雲南大葉種茶樹的發源地及滇紅之鄉 —— 境內地貌多樣，具有多種氣候類型，造就物種的多樣性。其有關文獻記載少之又少，近年除了大紅大紫的冰島和昔歸，更多的傳奇仍然隱身在茫茫林海中，靜待被人發現。種種的疑問與好奇簇擁下，我們找到了那堅持在臨滄耕耘幾十年，秉王德傳。持傳承好茶初心，製作本味臨滄古樹普洱茶家族 ——

品·德传春蕊识·临沧本味

「茶生石縫間，蓋精品也」

— 北宋蔡襄《茶錄》

至 1400

米的邦東、馬台、忙麓及那罕。 1700

一大片古茶林生長在亂石相見的土壤之中，石與茶生，茶與石長，茶石相伴相生。這裡，是在臨滄海拔

適者生存，物競天擇的不變法則，生存過百年的古茶林，根深達二米以上，能吸取豐富的微量礦物質元素。茶石共生的特殊環境，造就茶葉不一樣的風味及品質。

加上嚴謹的製茶工藝、慢工出細活的心態、以及茶人對茶的關愛之心，使得每片成品茶餅都有了各自單獨的編號，以及其生長和製作的所有信息。

經歷了十多年漫長的歲月等待，這些天生獨特、製作精良的年份古樹春茶，將為你展現神秘臨滄的本真滋味。

品·德傳春蕊識·臨滄本味

1269 二○○六年臨滄春蕊

ANCIENT TEA TREE PU'ER TEA, 2006

數量：2原筒加1片共15片︱總重量：約5355g 狀態：純乾倉、原包︱工序：生茶

HK$ 78,000 - 100,000 US$ 10,000 - 12,800 臨滄自古被譽為「普洱天下第一倉」，由於北迴歸線橫貫此區，擁有生命力蓬勃的森林生態系。王德傳臨滄春蕊全部選用當地海拔1400-1700 公尺茶區，古樹大葉種，嚴格按傳統工藝精心製作。一杯好滋味的茶，不僅講求茶葉本質、製作工藝，更需長時間的守候與等待，就如同所有古董普洱茶都是通過時間證明其越陳越香的價值，而綻放異彩。 2006年臨滄春蕊，是第一批正式壓製含有王德傳茶莊內飛的普洱餅，經過十五年的陳期，木質微香留存，茶質勁揚，樟香非常飽滿，生津回甘明顯，喉韻甘潤悠長，宜藏宜飲。

1270 二○一○年臨滄春蕊

ANCIENT TEA TREE PU'ER TEA, 2010

數量：2原筒加1片共15片︱總重量：約5355g 狀態：純乾倉、原包︱工序：生茶

HK$ 36,000 - 60,000 US$ 4,600 - 7,700 臨滄自古被譽為「普洱天下第一倉」，由於北迴歸線橫貫此區，擁有生命力蓬勃的森林生態系。王德傳臨滄春蕊全部選用當地海拔1400-1700 公尺茶區，古樹大葉種，嚴格按傳統工藝精心製作。一杯好滋味的茶，不僅講求茶葉本質、製作工藝，更需長時間的守候與等待，就如同所有古董普洱茶都是通過時間證明其越陳越香的價值，而綻放異彩。 2010年雲南產地適逢大旱，當年嚴苛的環境，迫使茶樹為了生存將養分集中，賦予茶葉特殊的風味。2010年德傳春蕊，經過十一年的陳期，隨時間陳化樟香轉濃，滋味轉向柔和，茶氣充足，韻味明顯，是值得期待的茶品，宜藏宜飲。

1271 二○一○年臨滄春蕊

ANCIENT TEA TREE PU'ER TEA, 2010

數量：6原筒加1片共43片︱總重量：約15351g 狀態：純乾倉、原包︱工序：生茶

HK$ 110,000 - 180,000 US$ 14,100 - 23,100 臨滄自古被譽為「普洱天下第一倉」，由於北迴歸線橫貫此區，擁有生命力蓬勃的森林生態系。王德傳臨滄春蕊全部選用當地海拔1400-1700 公尺茶區，古樹大葉種，嚴格按傳統工藝精心製作。一杯好滋味的茶，不僅講求茶葉本質、製作工藝，更需長時間的守候與等待，就如同所有古董普洱茶都是通過時間證明其越陳越香的價值，而綻放異彩。 2010年雲南產地適逢大旱，當年嚴苛的環境，迫使茶樹為了生存將養分集中，賦予茶葉特殊的風味。2010年德傳春蕊，經過十一年的陳期，隨時間陳化樟香轉濃，滋味轉向柔和，茶氣充足，韻味明顯，是值得期待的茶品，宜藏宜飲。

1272 二○一二年臨滄春蕊

ANCIENT TEA TREE PU'ER TEA, 2012

數量：2原筒加1片共15片︱總重量：約5355g 狀態：純乾倉、原包︱工序：生茶

HK$ 26,000 - 54,000 US$ 3,300 - 6,400 臨滄自古被譽為「普洱天下第一倉」，由於北迴歸線橫貫此區，擁有生命力蓬勃的森林生態系。王德傳臨滄春蕊全部選用當地海拔1400-1700 公尺茶區，古樹大葉種，嚴格按傳統工藝精心製作。一杯好滋味的茶，不僅講求茶葉本質、製作工藝，更需長時間的守候與等待，就如同所有古董普洱茶都是通過時間證明其越陳越香的價值，而綻放異彩。 2012德傳春蕊，經過九年的陳期，隨時間陳化樟香轉濃，滋味轉向柔和，茶氣充足，韻味明顯，是值得期待的茶品，宜藏宜飲。

1273 二○一二年臨滄春蕊

ANCIENT TEA TREE PU'ER TEA, 2012

數量：6原筒加1片共43片︱總重量：約15351g 狀態：純乾倉、原包︱工序：生茶

HK$ 75,000 - 150,000 US$ 9,600 - 19,200 臨滄自古被譽為「普洱天下第一倉」，由於北迴歸線橫貫此區，擁有生命力蓬勃的森林生態系。王德傳臨滄春蕊全部選用當地海拔1400-1700 公尺茶區，古樹大葉種，嚴格按傳統工藝精心製作。一杯好滋味的茶，不僅講求茶葉本質、製作工藝，更需長時間的守候與等待，就如同所有古董普洱茶都是通過時間證明其越陳越香的價值，而綻放異彩。 2012德傳春蕊，經過九年的陳期，隨時間陳化樟香轉濃，滋味轉向柔和，茶氣充足，韻味明顯，是值得期待的茶品，宜藏宜飲。

1274 二○一四年特選臨滄春蕊

ANCIENT TEA TREE PU'ER TEA, 2014

數量：3原筒加1片共22片︱總重量：約7854g 狀態：純乾倉、原包︱工序：生茶

HK$ 35,000 - 68,000 US$ 4,500 - 8,700 臨滄自古被譽為「普洱天下第一倉」，由於北迴歸線橫貫此區，擁有生命力蓬勃的森林生態系。王德傳特選臨滄春蕊選自位於臨滄依傍瀾滄江與昔歸古茶園對望的特選產區，茶樹在江水濕氣的浸潤下生長，內含物極為豐富。一杯好滋味的茶，不僅講求茶葉本質、製作工藝，更需長時間的守候與等待，就如同所有古董普洱茶都是通過時間證明其越陳越香的價值，而綻放異彩。 2014德傳春蕊，經過七年的時間轉化，花蜜香明顯，伴隨生津回甘，入口的苦澀感瞬間化開，是值得期待的茶品，宜藏宜飲。

1275 二○一一年倚邦春蕊

ANCIENT TEA TREE PU'ER TEA, 2011

數量：2原筒加1片共15片︱總重量：約5355g 狀態：純乾倉、原包︱工序：生茶

HK$ 220,000 - 320,000 US$ 28,200 - 41,000 倚邦山位於西雙版納州全境位於北回歸線以南，為雲南境內緯度最低、年均溫與降雨量最高的茶區，與易武同為清代時為皇室用茶的生產地。王德傳倚邦春蕊選用紅土區的倚邦小葉種，生態環境優越，有機質多，嚴格按傳統工藝精心製作。一杯好滋味的茶，不僅講求茶葉本質、製作工藝，更需長時間的守候與等待，就如同所有古董普洱茶都是通過時間證明其越陳越香的價值，而綻放異彩。 2011年德傳春蕊，經過十年的陳期，茶湯清雅秀甜、豐潤均勻，是值得期待的茶品，宜藏宜飲。

1276 二○一二年倚邦春蕊

ANCIENT TEA TREE PU'ER TEA, 2012

數量：2原筒加1片共15片︱總重量：約5355g 狀態：純乾倉、原包︱工序：生茶

HK$ 180,000 - 380,000 US$ 23,100 - 48,700 倚邦山位於西雙版納州全境位於北回歸線以南，為雲南境內緯度最低、年均溫與降雨量最高的茶區，與易武同為清代時為皇室用茶的生產地。王德傳倚邦春蕊選用紅土區的倚邦小葉種，生態環境優越，有機質多，嚴格按傳統工藝精心製作。一杯好滋味的茶，不僅講求茶葉本質、製作工藝，更需長時間的守候與等待，就如同所有古董普洱茶都是通過時間證明其越陳越香的價值，而綻放異彩。 2012年德傳春蕊，經過九年的陳期，茶湯清雅秀甜、豐潤均勻，是值得期待的茶品，宜藏宜飲。

1277 二○一四年景邁春蕊

ANCIENT TEA TREE PU'ER TEA, 2014

數量：2原筒加1片共15片︱總重量：約5355g 狀態：純乾倉、原包︱工序：生茶

HK$ 38,000 - 55,000 US$ 4,900 - 7,100 景邁茶區位於舊時的思茅，現今普洱的景邁村與芒景村，是目前最大的栽培型古茶園。境內上萬古茶園為普洱產區中，茶樹密度最高者。混生於原始森林中的古茶樹汲取山野氣韻，孕育出景邁獨有的蘭花香。一杯好滋味的茶，不僅講求茶葉本質、製作工藝，更需長時間的守候與等待，就如同所有古董普洱茶都是通過時間證明其越陳越香的價值，而綻放異彩。 2014年德傳春蕊，經過七年的陳期，口感清甜持久，花香鮮明，入口先澀後滑，回甘極佳，是值得期待的茶品，宜藏宜飲。

二○○六年至二○一五年王德傳十年磨一劍（臨滄春蕊）

︻临沧春蕊·王德传十年磨一剑︼

1278 A DECADE COLLECTION OF PU'ER TEA, WANG DECHUAN, 2006-2015

數量：各年份1筒加1片(10原筒加10片共80片）總重量：約28560g 狀態：純乾倉、原包︱工序：生茶

HK$ 180,000 - 300,000 US$ 23,100 - 38,500 臨滄自古被譽為「普洱天下第一倉」，由於北迴歸線橫貫此區，擁有生命力蓬勃的森林生態系。王德傳臨滄春蕊全部選用當地海拔1400-1700公尺茶區，古樹大葉種，嚴格按傳統工藝精心製作。一杯好滋味的茶，不僅講求茶葉本質、製作工藝，更需長時間的守候與等待，就如同所有古董普洱茶都是通過時間證明其越陳越香的價值，而綻放異彩。這次特選從2006年到2015年在臨滄礫岩地區生產的普洱茶，由大自然親自訴說臨滄橫跨十年光陰的本味故事。在追求普洱茶極致品質的路上，時間會給出一切答案。

1279 一九九○年代福建安溪鐵觀音一組

EIGHT PACKS OF OOLONG TEA ,1990S

數量：8盒︱總重量：800克狀態：純乾倉

HK$ 3,800 - 6,000 U S $ 500 - 800 鐵觀音茶相傳於清乾隆年間由大陸安溪縣茶農魏蔭所發現。魏氏篤信佛教，認為該茶樹是觀音所賜，所製茶葉香味芬芳，味重似鐵，故名為「鐵觀音」。安溪鐵觀音屬歷史名茶，採用的是「半發酵」烏龍茶制茶技藝，香氣沁入心脾，神清氣爽，愉悦身心。茶葉包裝品相非常完整，純乾倉儲存，適合現飲。

1280 一九九○年代福建安溪單叢觀音王

EIGHT PACKS OF OOLONG TEA ,1990S

數量：8盒︱總重量：約800克狀態：純乾倉

HK$ 4,800 - 8,000 U S $ 700 - 1,100 鐵觀音茶相傳於清乾隆年間由大陸安溪縣茶農魏蔭所發現。魏氏篤信佛教，認為該茶樹是觀音所賜，所製茶葉香味芬芳，味重似鐵，故名為「鐵觀音」。觀音王屬鐵觀音中的極品，產於福建省安溪，經過三十年的陳化，茶葉包裝品相非常完整，純乾倉儲存，適合現飲。

1281 一九九○年代天山牌茉莉花茶一組

THIRTEEN PACKS OF JASMINE TEA, 1990S

數量：13盒︱總重量：約650克狀態：純乾倉

HK$ 5,000 - 8,000 US$ 600 - 1,100 本拍品保存品相非常良好，品質更獲得讚譽，於1989年榮獲國家質量金質獎。其原料取自歷來貴為貢品的「天山綠茶」。銀毫即茶樹上帶銀白色茸毛的初生芽葉，屬茶芽中的極品，配上茉莉鮮花，實屬花茶中之珍品。沖泡後，香氣和茶湯完全融為一體，品質絕佳，具有安神養心的功效，是最適合現飲之選。

1282 一九八○年代湖南月宮牌龍鳳茶（出口版） EIGHT PACKS OF OOLONG TEA ,1980S

數量：8盒︱總重量：約2000克狀態：純乾倉

HK$ 5,000 - 8,000 US$ 600 - 1,100 龍鳳茶精選古丈毛尖精製而成，龍茶為素茶，清香醇爽回甘，鳳茶為茉莉花茶，花香芬芳迷人。沖泡時像龍鳳般起舞精彩耀目，此茶品帶來視覺、味覺、嗅覺等感官以及心靈上的美好享受，屬市場難得一見的珍品。

1283 一九八○年代祥興鐵羅漢

NINE PACKS OF OOLONG TEA, 1980S

數量：9扎（1扎10小包）︱總重量：約711克狀態：純乾倉

HK$ 22,000 - 32,000 U S $ 2,900 - 4,200 鐵羅漢创制于清乾隆年间，作為武夷山五大珍貴名叢之一，由於鐵羅漢樹生長在岩石間，使得它的成份及滋味獨樹一幟，從元明以來為歷代皇室貢品。茶葉純乾倉儲存無雜味，在品飲上具有明顯的岩韻，繼續存放有極大的轉化空間，宜藏宜飲。

1284 一九六○年代孫義順六安茶(三票) LIU AN TEA, 'SUN YI SHUN', 1960S

數量：2筐︱總重量：約923克狀態：純乾倉

HK$ 80,000 - 120,000 U S $ 10,300 - 15,400 本拍品為60年代孫義順老六安，保存狀態良好，彌足珍貴。六安茶屬於黑茶中的貴族茶，自古被視為良藥，嶺南中醫診方常用此茶作引，因而被尊為聖茶。此笠六安茶特別之處是茶面埋有小八中茶內飛，配茶幼嫩不粗糙，經過五十多年純乾倉存放，茶葉非常整齊乾淨，具有老茶的風韻，宜藏宜飲。

1285 二○○七年綿羊關·野生奇種 A CAN OF OOLONG TEA, 2007

數量：1罐︱總重量：500克狀態：純乾倉

HK$ 13,000 - 20,000 US$ 1,700 - 2,600 野生奇種選用武夷菜茶的青葉製作而成，菜茶是指武夷山野生茶的混生種，是武夷山特有的茶樹品種，沒有經過人工培養，所以無農藥化肥殘留。此茶品採用正岩山茶區的菜茶製成，帶有特殊的純天然的清甜味，品質上乘。茶葉純乾倉儲存無雜味，在品飲上具有明顯的岩韻，繼續存放有極大的轉化空間，宜藏宜飲。

1286 二○○六年九龍窠·金雞伴鳳凰 A CAN OF OOLONG TEA, 2006

數量：1罐︱總重量：500克狀態：純乾倉

HK$ 13,000 - 20,000 US$ 1,700 - 2,600 九龍窠是武夷山正岩茶核心產區，環境得天獨厚，溪水清澈，土壤較潤澤肥沃，茶樹散發岩韻幽香，所孕育出來的茶樹都是頂級品質，但茶產量稀少。茶葉純乾倉儲存無雜味，在品飲上具有明顯的岩韻，繼續存放有極大的轉化空間，宜藏宜飲。

永春佛手 1287 一九七○年代福建永春佛手烏龍茶 A CAN OF OOLONG TEA, 1970S

數量：1罐︱總重量：600克狀態：乾倉

HK$ 12,000 - 28,000 US$ 1,500 - 3,600 永春佛手茶產於福建省永春縣，隸屬泉州，位於安溪隔壁。佛手茶屬於灌木大葉種，葉片有手掌那麼大，因茶獨具香櫞味，故也稱「香櫞種」。佛手本是一種果實的名字，茶葉以佛手命名，因其葉片和佛手柑的葉子極為相似，並在沖泡後散發出如佛手柑所特有的奇香。永春佛手採用閩南烏龍常見的清香型傳統工藝，經歷五十多年的陳化，茶葉乾倉儲存無雜味，彌足珍貴，民間常作藥用效果極佳，宜藏宜飲。

1288 A CAN OF OOLONG TEA, 1985

數量：1份︱總重量：1000克狀態：純乾倉

HK$ 12,000 - 22,000 US$ 1,600 - 2,900

红芯铁观音

一九八五年福建紅芯鐵觀音

鐵觀音茶相傳於清乾隆年間由大陸安溪縣茶農魏蔭所發現。魏氏篤信佛教，認為該茶樹是觀音所賜，所製茶葉香味芬芳，味重似鐵，故名為「鐵觀音」。紅芯鐵觀音，是最純正、傳統的安溪鐵觀音品種，因天性嬌弱，產量稀少。經過三十多年純乾倉存放，茶葉非常整齊乾淨，茶湯醇厚，特殊喉韻，生津回甘，口齒留香，實屬彌足珍貴的老茶，宜藏宜飲。

1289 一九八五年福建紅芯鐵觀音數量：1份︱總重量：2000克狀態：純乾倉

HK$ 24,000 - 45,000 US$ 3,100 - 5,800

红芯铁观音

A CAN OF OOLONG TEA, 1985

1290 一九九三年福建香櫞茶（原木箱）

A BOX OF FUJIAN OOLONG TEA, 1993

數量：1箱︱總重量：約20公斤狀態：純乾倉、原木箱

HK$ 30,000 - 80,000 US$ 3,900 - 10,300 香櫞茶是永春佛手茶的別稱，產於福建省永春縣，佛手本是一種果實的名字，茶葉以佛手命名，因其葉片和佛手柑的葉子極為相似，並在沖泡後散發出如佛手柑所特有的奇香。此拍品為1993年的福建香櫞茶，木箱包裝保存完整，經歷二十多年的陳化，茶葉乾淨無異味，宜藏宜飲。靜候近三十年，期待有緣人品鑒。

1291 一九八二年福建水仙茶（原木箱）

A BOX OF FUJIAN NARCISSUS TEA, 1982

數量：1箱︱總重量：約17公斤狀態：純乾倉、原木箱

HK$ 60,000 - 120,000 US$ 7,700 - 15,400 水仙茶是福建歷史著名的烏龍茶，以溫柔敦厚的風格著稱，水仙茶樹品種原產於建州（建甌）一帶，品質特別優良。此拍品為1982年的福建水仙茶，木箱包裝保存完整，經歷三十多年的陳化，茶葉乾淨無異味，宜藏宜飲。靜候三十多年，期待有緣人品鑒。

品·陈年台湾茶

百餘年來，烏龍茶見證了台灣對外經貿的盛衰興廢，經歷粗製烏龍到精緻烏龍轉型，不同茶款都有璀璨風華時刻。

從最早清末的薰花包種；日據條型包種與鐵觀音；近代的半球型包種。

時代的更迭，曾經的風潮還是會留下值得存藏的脈絡，台灣茶業的歷史源自於福建，閩南地區自古就有存藏茶葉的習慣。會將品質良好的成茶，妥善存藏在合適的環境下，使茶葉隨時光自然轉化，或為梅香、樟香、藥香，或帶微酸，每經數年轉化醞釀出全然不同的風味。老茶入口內斂綿長的甘甜回韻，彷彿在訴說歷經時光後的心有所悟，使人低低回味，流連不已。

年台灣省農林廳為了輔導改善茶葉運銷方式，建立公平交易制到了 1976 度，在南投縣鹿谷鄉舉辦首次台灣優良茶比賽，造就了凍頂烏龍茶，成為享譽國際的台灣茗茶。

因為凍頂烏龍茶的成功，讓台灣各地的特色茶也紛紛舉辦比賽茶來提高知名度，一時之間，比賽茶成為了台灣最具特色的代表茶葉。

我們本次特別挑選最能代表台茶貿易歷史的比賽茶、薰花包種與半球型包種，去追憶那個富足而美好的年代。

东方出美人

「葉蜷纏五色妍熱壺漫舞溢香先英皇欽賜美人號四海揚名小綠蟬」

東方美人茶是台灣獨有名茶，別稱「白毫烏龍茶」。其優美的名字是據傳曾受維多利亞女王的青睞，故賜名「東方美人茶」。因其質優量少、風味獨特，故售價較其他茗茶高出甚多，深受品茗人士喜愛，乃冠以「膨風茶」之雅號。東方美人茶的生產地甚廣，以新竹縣之北埔、峨眉、竹東及關西等地區產量較多，品質最優異。它最特別的地方在於，茶菁必須讓小綠葉蟬（又稱浮塵子）叮咬吸食，有了昆蟲的唾液後會產生酵素，稱為「著涎」，同時也是東方美人茶的醇厚果香蜜味的來源。經手工採擷一心二葉，再以傳統技術精製而成高級烏龍茶，白毫肥大，葉身成白、綠、黃、紅、褐五色相間，鮮豔可人。

矜贵而高雅 —

1292 二○○六年（民國95年）新竹特等獎到頭等獎六東方美人〔一條龍〕 SIX CANS OF OOLONG TEA, 2006

數量：6罐︱總重量：900克狀態：純乾倉、原封

HK$ 300,000 - 400,000 US$ 38,500 - 51,300 此批茶從特等獎到頭等獎六，就是當年度的第一名到第六名，相當難得。新竹縣素產烏龍茶，尤以北埔、峨眉、橫山、寶山、竹東等鄉品質最優。因該地天然環境特殊，飽受山川水氣之薰陶蘊育，是茶樹生長的絕佳之地。每年農曆芒種(陽曆六月上、中旬)前後，嫩芽經浮塵子吸食後成長之茶芽，經手工採擷一心二葉，再以傳統技術精製而成高級烏龍茶，白毫肥大，葉身成白、綠、黃、紅、褐五色相間，鮮豔可人。因其質優量少，且風味獨特，故售價較其他茗茶高出甚多，深受品茗人仕喜愛，乃冠以「膨風茶」之雅號。據傳百餘年前，英國商人將「膨風茶」呈獻維多利亞女皇品嚐，女皇對其絕妙之色、香、味驚嘆不已，因其貌宛若絕色佳人，入口後猶如美女之舌繞口，復因產於東方福爾摩沙(寶島台灣)，故賜名「東方美人」。

1293 二○一二年（民國101年）新竹縣頭等獎九東方美人

FOUR CANS OF OOLONG TEA, 2012

數量：4罐︱總重量：600克狀態：純乾倉、原封

HK$ 80,000 - 120,000 U S $ 10,300 - 15,400 頭等獎九，俗稱排名茶，質素之佳不容置疑。此茶是新竹製茶高手徐耀良親製，徐大師所製的茶，花果香明顯，加上被浮塵子吸食後所轉化的蜜香，充分融合，茶湯滑順圓融，深受內地人仕所喜愛，為收藏品飲的最佳選擇。

1294 二○一三年（民國102年）新竹縣頭等獎東方美人

FOUR CANS OF OOLONG TEA, 2013

數量：4罐︱總重量：600克狀態：純乾倉、原封

HK$ 60,000 - 90,000 U S $ 7,700 - 11,500 這一組四罐的東方美人茶曾獲頭等獎，質素之佳不容置疑，作為台灣特有的茶品，這種茶最特別之處在於必須經由小綠葉蟬刺吸而生成，侵害愈嚴重茶品質愈好。其產量稀少、有機天然特色，並帶甘甜蜜香、花香、果香，深受世界各地茶友所愛戴，為收藏品飲的最佳選擇。

100

1295 二○一三年（民國102年）苗栗縣頭等獎東方美人

FOUR CANS OF OOLONG TEA, 2013

數量：4罐︱總重量：600克狀態：純乾倉、原封

HK$ 50,000 - 80,000 U S$ 6,400 - 10,300 這一組四罐的東方美人茶曾獲頭等獎，質素之佳不容置疑，作為台灣特有的茶品，這種茶最特別之處在於必須經由小綠葉蟬刺吸而生成，侵害愈嚴重茶品質愈好。其產量稀少、有機天然特色，並帶甘甜蜜香、花香、果香，深受世界各地茶友所愛戴，為收藏品飲的最佳選擇。

1296 二○一三年（民國102年）全國貳等獎東方美人

FOUR CANS OF OOLONG TEA, 2013

數量：4罐︱總重量：600克狀態：純乾倉、原封

HK$ 40,000 - 60,000 US$ 5,100 - 7,700 這一組四罐的東方美人茶曾獲貳等獎，質素之佳不容置疑，作為台灣特有的茶品，這種茶最特別之處在於必須經由小綠葉蟬刺吸而生成，侵害愈嚴重茶品質愈好。其產量稀少、有機天然特色，並帶甘甜蜜香、花香、果香，深受世界各地茶友所愛戴，為收藏品飲的最佳選擇。

101

1297 一九九三年（民國82年）南投竹山〔冬〕二花金萱、翠玉 A PACK OF OOLONG TEA, 1993

數量：1盒︱總重量：600克±20克狀態：純乾倉、原封

HK$ 20,000 - 40,000 U S $ 2,600 - 5,100 竹山鎮位於南投縣西南端，位於台灣中央，東鄰鹿谷鄉，西接雲林縣，向來以產竹聞名，此處許多山坡地，屬阿里山系，氣候涼爽，雨量適中，土壤肥沃，非常適合茶樹生長。品種為金萱、翠玉，此為台灣茶業改良場新培育的品種，茶湯具明顯花香、奶香，當年深受台灣人喜愛。

1298 一九八七年（民國76年）南投鹿谷〔冬〕參等獎凍頂烏龍茶 A PACK OF OOLONG TEA, 1987

數量：1盒︱總重量：600克狀態：純乾倉、原封

HK$ 35,000 - 50,000 U S $ 4,500 - 6,400 南投縣鹿谷鄉是凍頂烏龍茶的原產地，境內的凍頂山為著名地標，產於此區的烏龍茶具有特殊的花果香，俗稱「凍頂烏龍茶」。

102

1299 一九八七年（民國76年）〔冬〕參等獎高山烏龍茶

A PACK OF OOLONG TEA, 1987

數量：1盒︱總重量：600克狀態：純乾倉、原封

HK$ 35,000 - 50,000 US$ 4,500 - 6,400 高山烏龍茶，正是民國70年之後才發展出的台灣著名茗茶，原因是因為比賽茶的盛行，台灣著名的茶樹品種為青心烏龍種，製作成清香型的茶葉具有一種獨特的蘭花香，是其他茶種所無法達到的花香，深受消費者喜愛，尤其是海拔1,000公尺以上的高山所產的高山茶，香氣、滋味兼具，高山比賽茶就此產生了。

1300 一九九五年（民國84年）南投鹿谷〔春〕五花凍頂烏龍茶

FOUR PACKS OF OOLONG TEA, 1995

數量：4盒︱總重量：2400克狀態：純乾倉、原封

HK$ 80,000 - 120,000 US$ 10,300 - 15,400 正凍頂烏龍產區為鹿谷鄉彰雅村、永隆村、鳳凰村三村，此單位正是永隆、鳳凰推廣委員會，也是凍頂烏龍茶的推廣者。標準的凍頂烏龍茶，茶湯呈現「澄甘、涼喉、膠質」此三村所產的凍頂烏龍正是此特色的展現。

103

1301 二○一三年（民國102年）台北木柵〔春〕〔冬〕頭等獎鐵觀音 SEVEN PACKS OF OOLONG TEA, 2013

數量：7盒【春：3盒】【冬：4盒】總重量：1050克︱狀態：純乾倉、原封

HK$ 22,000 - 35,000 U S $ 2,800 - 4,500 鐵觀音茶相傳於清乾隆年間由大陸安溪縣茶農魏蔭所發現。魏氏篤信佛教，認為該茶樹是觀音所賜，所製茶葉香味芬芳，味重似鐵，故名為「鐵觀音」。日據時代木柵茶葉公司委請張迺妙與彰迺乾二味茶師赴安溪引進鐵觀音茶樹，種植於現木柵國小後山及指南山潭湖一帶，該區氣候土壤及適合茶樹生長，採製成茶品質極佳，因而大量推廣種植。鐵觀音茶成茶外形捲曲成球形，色澤紅褐油潤帶白霜，茶湯明亮呈琥珀，香氣濃郁而深沉，滋味醇厚微澀中帶甘潤，具有純和的弱果酸味，飲後回甘力強且餘韻無窮，俗稱「觀音韻」，為茶中極品，乃深受消費大眾喜愛的台灣特色茶。

1302 一九九七年（民國86年）台北木柵〔秋〕頭等獎鐵觀音 A PACK OF OOLONG TEA, 1997

數量：1罐︱總重量：300克狀態：純乾倉、原封

HK$ 10,000 -20,000 U S $ 1,300 - 2,600 鐵觀音茶相傳於清乾隆年間由大陸安溪縣茶農魏蔭所發現。魏氏篤信佛教，認為該茶樹是觀音所賜，所製茶葉香味芬芳，味重似鐵，故名為「鐵觀音」。日據時代木柵茶葉公司委請張迺妙與彰迺乾二味茶師赴安溪引進鐵觀音茶樹，種植於現木柵國小後山及指南山潭湖一帶，該區氣候土壤及適合茶樹生長，採製成茶品質極佳，因而大量推廣種植。鐵觀音茶成茶外形捲曲成球形，色澤紅褐油潤帶白霜，茶湯明亮呈琥珀，香氣濃郁而深沉，滋味醇厚微澀中帶甘潤，具有純和的弱果酸味，飲後回甘力強且餘韻無窮，俗稱「觀音韻」，為茶中極品，乃深受消費大眾喜愛的台灣特色茶。

104

1303 一九八六年（民國75年）南投鹿谷〔春〕特等獎凍頂烏龍茶 A PACK OF OOLONG TEA, 1986

數量：1盒︱總重量：600克狀態：純乾倉、原封

HK$ 100,000 - 160,000 US$ 12,800 - 20,500 南投縣鹿谷鄉是凍頂烏龍茶的原產地，境內的凍頂山為著名地標，產於此區的烏龍茶具有特殊的花果香，俗稱「凍頂烏龍茶」，民國75年，正是鹿谷鄉的頂烏龍茶最具盛名之時，此盒又是當年比賽茶第一名，能這麼完整的保存到現在實屬不易。

105

︻金煉成 ·陶甕︼

1304 一九六八年樹蘭老包種

A CAN OF OOLONG TEA, 1968 數量：1 甕︱總重量：1200克高29.5厘米

HK$ 85,000 - 95,000 US$ 10,900 - 12,200 「金煉成窯」以產品上常落款「金煉成」的窯名為特色，於1916年於新竹市埔頂設立窯場，生產民生用陶，其產品釉色、造型極具講究，打在甕上的圖記號種類，皆具藝術美感，尤其內外皆上釉，拿來存放老烏龍茶，使其茶湯圓潤與醇厚，深受老茶客喜愛。包種茶從1860年淡水開港通商之後，就是外銷的主力產品，尤其是加入香花窨製，更是熱銷產品，樹蘭花為台灣原生種，香氣清雅高尚，具有淡淡蘭花香，更受消費者喜愛。此款茶是1968年所留下的樹蘭包種茶經過50年的陳放，包種茶呈現圓潤醇厚的滋味，樹蘭花香經過多年的陳放也沒有消失，仍具有淡雅花香。

106

︻金煉成 ·陶甕︼

1305 一九八○年包種老茶

A CAN OF OOLONG TEA, 1980 數量：1甕︱總重量：1500克高33厘米

HK$ 85,000 - 95,000 US$ 10,900 - 12,200 「金煉成窯」以產品上常落款「金煉成」的窯名為特色，於1916年於新竹市埔頂設立窯場，生產民生用陶，其產品釉色、造型極具講究，打在甕上的圖記號種類，皆具藝術美感，尤其內外皆上釉，拿來存放老烏龍茶，使其茶湯圓潤與醇厚，深受老茶客喜愛。此款茶是1980年見證台灣歷史的老包種茶，由建於1930年代如今為台北大稻埕的市定古蹟「新芳春茶行」所製作販售。台北大稻埕曾經是台灣貿易最頻繁的茶葉出口地，19世紀中葉後，「大稻埕茶市」的名聲享譽國際，此款茶由新芳春茶行，以安尚烏龍中度發酵、中度烘焙傳統製法外銷的包種茶，由於外銷而大推存放，存藏得宜，發酵轉化快，湯色深、純淨，口感樸實，入口醇厚回甘度佳，葉底帶有巧克力香氣與滋味。

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︻御錫屋 ·古錫罐︼

1306 一九六八年樹蘭老包種

A CAN OF OOLONG TEA, 1968 數量：1甕︱總重量：2500克高39厘米

HK$ 150,000 - 180,000 US$ 19,200 - 23,100 御錫屋為明治到昭和時期著名的錫器作坊，長期以來秉持古老手工製作的傳統，此茶倉全器由錫製成，寬肩窄足，作裡外二層崁入式蓋罐，密封度佳，器身弧線優美，包漿厚重，罐底及蓋內均有落款「御錫屋天下第一美作守」三行九字楷字款。包種茶從1860年淡水開港通商之後，就是外銷的主力產品，尤其是加入香花窨製，更是熱銷產品，樹蘭花為台灣原生種，香氣清雅高尚，具有淡淡蘭花香，更受消費者喜愛。此款茶是1968年所留下的樹蘭包種茶經過50年的陳放，包種茶呈現圓潤醇厚的滋味，樹蘭花香經過多年的陳放也沒有消失，仍具有淡雅花香。

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︻古錫茶罐︼

1307 一九八○年包種老茶

A CAN OF OOLONG TEA, 1980 數量：1甕︱總重量：2800克高39厘米

HK$ 140,000 - 160,000 US$ 18,000 - 20,500 為明治時期，百年歷史傳統工藝，古錫鏨紋飾大茶倉，器型包漿可看的出歲月痕跡，年代久遠，已顯露錫斑，造型飽滿圓潤，沉穩大器。此款茶是1980年見證台灣歷史的老包種茶，由建於1930年代如今為台北大稻埕的市定古蹟「新芳春茶行」所製作販售。台北大稻埕曾經是台灣貿易最頻繁的茶葉出口地，19世紀中葉後，「大稻埕茶市」的名聲享譽國際，此款茶由新芳春茶行，以安尚烏龍中度發酵、中度烘焙傳統製法外銷的包種茶，由於外銷而大推存放，存藏得宜，發酵轉化快，湯色深、純淨，口感樸實，入口醇厚回甘度佳，葉底帶有巧克力香氣與滋味。

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岁月敛芳华

福鼎老白茶 —

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「芽茶以火作者為次，生曬者為上，亦更近自然，且斷煙火氣耳。生曬茶淪之甌中，則旗槍舒暢，清翠鮮明，尤為可愛。」

—— 明朝田藝蘅《煮泉小品》

最天然的滋味

起源於福建福鼎市，至今仍是白茶最高品質的產區之一。福鼎白茶一直傳承傳統製茶工藝，不炒不揉，以日光萎凋為主。沒有複雜工藝，不加以過多人工干預，福鼎白茶呈現出的，是最接近大自然的滋味。如此是提升其品質效果的關鍵，達到延年益壽、清熱潤肺、炎解毒、降壓減脂等功效。

與香港的情緣

歷史上白茶專供出口，主要銷往歐美、港澳東南亞等地，在內銷市場的存在感一直很低。在香港的茶樓，無論檔次高低，一半以上都會供應白茶。因香港天氣濕熱，白茶能清熱消炎解暑，同時也符合廣東人的口味。相傳「壽眉」也是廣東人命名，因爲壽眉葉子上帶着茸茸白毛，有點像老壽星的眉毛。至今，陳年十年以上的老白茶芳蹤難覓，一來因為散茶佔用空間大，難以保存；二來當時市場上還沒有存儲的概念，使得流傳下來的老白茶少之又少。

時間完成的修行

能夠保存至今的老白茶，是很難能可貴的珍品，因漫長的歲月賦予白茶一茶的本味。在自然陳化的過程中，它通過生命的份最純粹時間的滋味 —— 延續，與我們歲月同行，滋養著我們的身體。

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1308 二○○九年福鼎一級牡丹 (原箱) WHITE TEA, 2009

數量：1箱︱總重量：14公斤狀態：原紙箱

HK$ 65,000 - 100,000 U S $ 8,400 - 12,900 一級牡丹屬一芽一葉，葉片白毫薄少，純乾倉保存，茶葉乾淨無異味，已有老茶風範，宜藏宜飲。

1309 二○○○年福鼎一級牡丹 (原箱) WHITE TEA, 2000

數量：1箱︱總重量：14公斤狀態：純乾倉

HK$ 88,000 - 150,000 U S $ 11,300 - 19,300 一級牡丹屬一芽一葉，葉片白毫薄少，純乾倉保存，茶葉乾淨無異味，經過二十多年的陳化，已有老茶風範，宜藏宜飲。

112

1310 一九九○年代福鼎二級白牡丹（原木箱） WHITE TEA, 1990S

數量：1箱︱總重量：14公斤狀態：純乾倉、原木箱

HK$ 210,000 - 300,000 US$ 27,000 - 38,500 二级白牡丹屬一芽二叶，梗短，芽头修长，純乾倉保存，經過三十年的陳期，木箱包裝保存完整，罕有珍貴，實屬難得一遇的陳年白茶。

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1311 一九九八年高級壽眉（出口版） WHITE TEA, 1998

數量：8罐︱總重量：1000克狀態：純乾倉

HK$ 8,000 - 20,000 U S $ 1,100 - 2,600 1998年廣州市土產茶葉公司經銷的高級壽眉茶，壽眉屬一芽三、四葉，葉多芽少，因其外形似壽星的眉毛，故名壽眉，茶葉包裝品相非常完整，純乾倉儲存，宜藏宜飲。

1312 一九九八年高級壽眉（出口版） WHITE TEA, 1998

數量：25罐︱總重量：3125克狀態：純乾倉

HK$ 25,000 - 50,000 U S $ 3,300 - 6,500 1998年廣州市土產茶葉公司經銷的高級壽眉茶，壽眉屬一芽三、四葉，葉多芽少，因其外形似壽星的眉毛，故名壽眉，茶葉包裝品相非常完整，純乾倉儲存，宜藏宜飲。

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1313 二○○六年福鼎白毫銀針 WHITE TEA, 2006

數量：1份︱總重量：500克狀態：純乾倉

HK$ 25,000 - 40,000 US$ 3,300 - 5,200 白毫銀針全部由芽頭製成，十分嬌嫩，具有清熱降火的功效。本拍品是福鼎銀龍老廠的出品，有漂亮的鐵鏽紅，倉儲異常乾淨，宜藏宜飲。

1314 二○○二年福鼎白毫銀針 WHITE TEA, 2002

數量：1份︱總重量：1000克狀態：純乾倉

HK$ 32,000 - 60,000 US$ 4,200 - 7,700 白毫銀針全部由芽頭製成，十分嬌嫩，具有清熱降火的功效。純乾倉保存，茶葉乾淨肥壯飽滿，毫香明顯，茶湯柔和細膩，清甜鮮醇，生津回甘，屬陳年白茶中的極品。

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1315 一九九○年代福鼎壽眉片 WHITE TEA, 1990S

數量：1份︱總重量：5000克狀態：純乾倉

HK$ 60,000 - 100,000 U S $ 7,700 - 12,900 壽眉屬一芽三、四葉，葉多芽少，因其外形似壽星的眉毛，故名壽眉，純乾倉保存，茶葉乾淨無異味，實屬性價比之選。

1316 一九九○年代初福鼎貢眉 WHITE TEA, 1990S

數量：1份︱總重量：2000克狀態：純乾倉

HK$ 14,000 - 33,000 U S $ 1,800 - 4,300 貢眉屬一芽二、三叶，純乾倉保存，茶葉乾淨無異味，經過三十多年轉化，果香（蜜桃）明顯，茶湯柔和細膩，生津回甘，宜藏宜飲。

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1317 一九九○年代初福鼎貢眉 WHITE TEA, 1990S

數量：1份︱總重量：5000克狀態：純乾倉

HK$ 35,000 - 80,000 US$ 4,500 - 10,300 貢眉屬一芽二、三叶，純乾倉保存，茶葉乾淨無異味，經過三十多年轉化，果香（蜜桃）明顯，茶湯柔和細膩，生津回甘，宜藏宜飲。

1318 一九九○年代福鼎牡丹王 WHITE TEA, 1990S

數量：1份︱總重量：1500克狀態：純乾倉

HK$ 30,000 - 60,000 US$ 3,900 - 7,700 牡丹王是白茶中的貴族，需在清明前後採摘，高貴稀有。純乾倉保存，茶葉乾淨無異味，宜藏宜飲。

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1319 一九九○年代福鼎一級牡丹 WHITE TEA, 1990S

數量：1份︱總重量：5000克狀態：純乾倉

HK$ 60,000 - 180,000 U S $ 7,700 - 23,100 一級牡丹屬一芽一葉，葉片白毫薄少，純乾倉保存，茶葉乾淨無異味，宜藏宜飲。

1320 一九八○年代福鼎貢眉 WHITE TEA, 1980S

數量：1份︱總重量：2000克狀態：純乾倉

HK$ 18,000 - 40,000 U S $ 2,400 - 5,200 貢眉屬一芽二、三叶，純乾倉保存，茶葉乾淨無異味，經過四十多年轉化，茶湯柔和細膩，顯藥香及梅子韻，生津回甘，宜藏宜飲。

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1321 一九八○年代福鼎貢眉 WHITE TEA, 1980S

數量：1份︱總重量：4000克狀態：純乾倉

HK$ 36,000 - 80,000 US$ 4,700 - 10,300 貢眉屬一芽二、三叶，純乾倉保存，茶葉乾淨無異味，經過四十多年轉化，茶湯柔和細膩，顯藥香及梅子韻，生津回甘，宜藏宜飲。

1322 一九八○年代末福鼎一級牡丹 WHITE TEA, 1980S

數量：1份︱總重量：1000克狀態：純乾倉

HK$ 30,000 - 80,000 US$ 3,900 - 10,300 一級牡丹屬一芽一葉，葉片白毫薄少，純乾倉保存，茶葉乾淨無異味，經過近四十年轉化，藥香明顯，茶氣通透，保健及藥用一流，宜藏宜飲。

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岁月敛芳华

藏

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新会陈皮 — 香港重要藏家

旧

陳皮「今天下以廣中（即新會）來者為勝」。

—— 李時珍《本草綱目》

新會陳皮王者存在

新會陳皮，是廣東新會所產的茶枝柑的乾果皮，因其品質優越、藥用顯著，向來享有盛譽。新會位於三江匯流的三角洲流域，具備獨有的「三水融通、鹹淡交融」的水土特色，土地肥沃成就當地茶枝柑的出色品質。

常言道，陳皮「陳久者良」，指的是採用傳統工藝生曬的陳皮，因自然陳化是一個生命延續的過程，一旦其中被破壞，那麼陳皮的生命也畫上句點。新陳皮像意氣風發的青年小子，果香味重，保留較多的刺激性物質如類檸檬苦素，苦澀與辛辣味也較明顯。

經過三十年的陳皮就像老年人般寬和沉穩，散發內斂的木香和藥香，沖泡品飲後喉嚨感到清涼，疏理脾胃氣滯，身心通暢。因果皮內的營養物質分解成容易被人體吸收的「小分子」，同時果皮內的黃酮類營養成分相對增加。

香江鄉情陳皮飄香

陳皮，看似不起眼，但無論是日常飲食，還是養生保健，粵港澳地區的居民從古到今都離不開它。四、五十年代，因為戰亂社會動蕩，許多江門人移居到香港和海外，他們當時攜帶着當地重要特產漂洋過海，是芬芳四溢的陳皮香，緩解了旅途的疲憊、暈船的症狀，也沖淡了思鄉的愁緒。

一片簡單的陳皮，寄託著粵港澳民眾和海外鄉親對於健康、養生、家庭等美好願望的追求。隨著需求上升，新會陳皮市場在香港深深扎根，更成為香港南北行重點的經營貨品。

此次，有幸獲得香港的重要藏家提供一系列遠年珍品，藉此希望大家多關注身體健康，最好的留給自己，自用自享。

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1323 二○○○年新會陳皮

DRIED TANGERINE PEEL, 2000

數量：1份︱總重量：1500克狀態：傳統生曬、乾倉、果皮完整乾淨

HK$ 12,000 - 20,000 U S $ 1,600 - 2,600 正宗新會出品，乾倉保存，沒有雜味，經過約二十年的沉澱，陳皮外觀保存完整，入藥入饌皆可，甘香帶薄荷涼意明顯，口感絕佳，宜藏宜飲。陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解膩化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。

1324 二○○○年新會陳皮

DRIED TANGERINE PEEL, 2000

數量：1份︱總重量：1500克狀態：傳統生曬、乾倉、果皮完整乾淨

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1325 一九九○年代新會陳皮

DRIED TANGERINE PEEL, 1990S

數量：1份︱總重量：1000克狀態：傳統生曬、乾倉、果皮完整乾淨

HK$ 20,000 - 40,000 US$ 2,600 - 5,200 正宗新會出品，乾倉保存，沒有雜味，經過約三十年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，宜藏宜飲。陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解膩化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。

1326 一九九○年代新會陳皮

DRIED TANGERINE PEEL, 1990S

數量：1份︱總重量：2000克狀態：傳統生曬、乾倉、果皮完整乾淨

HK$ 40,000 - 80,000 US$ 5,200 - 10,300 正宗新會出品，乾倉保存，沒有雜味，經過約三十年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，宜藏宜飲。陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解膩化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。

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1327 一九八○年代新會陳皮

DRIED TANGERINE PEEL, 1980S

數量：1份︱總重量：1000克狀態：傳統生曬、乾倉、果皮完整乾淨

HK$ 38,000 - 80,000 U S $ 4,900 - 10,300 正宗新會出品，乾倉保存，沒有雜味，經過約四十年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，宜藏宜飲。陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解膩化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。

1328 一九七○年代新會陳皮

DRIED TANGERINE PEEL, 1970S

數量：1份︱總重量：500克狀態：傳統生曬、乾倉、果皮完整乾淨

HK$ 32,000 - 50,000 U S $ 4,200 - 6,500 正宗新會出品，乾倉保存，沒有雜味，經過約五十年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，宜藏宜飲。陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解膩化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。

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1329 一九七○年代新會陳皮

DRIED TANGERINE PEEL, 1970S

數量：1份︱總重量：1000克狀態：傳統生曬、乾倉、果皮完整乾淨

HK$ 64,000 - 100,000 US$ 8,300 - 12,900 正宗新會出品，乾倉保存，沒有雜味，經過約五十年的沉澱，陳皮外觀保存完整，入藥入饌皆可，口感絕佳，宜藏宜飲。陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解膩化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。

1330 一九七○年代新會陳皮

DRIED TANGERINE PEEL, 1970S

數量：1份︱總重量：1000克狀態：傳統生曬、乾倉、果皮完整乾淨

125

1331 一九六○至七○年代新會陳皮散片

DRIED TANGERINE PEEL, 1960S-1970S

數量：1份︱總重量：1450克狀態：傳統生曬、乾倉、果皮乾淨、較不完整

HK$ 60,000 - 100,000 U S $ 7,700 - 12,900 正宗新會出品，乾倉保存，沒有雜味，藥香明顯，陳皮外觀雖不完整，入藥入饌皆可，藥香回甘明顯，口感絕佳，屬性價比高之選。陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解膩化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。

1332 一九六○年代新會陳皮

DRIED TANGERINE PEEL, 1960S

數量：1份︱總重量：500克狀態：傳統生曬、乾倉、果皮完整乾淨

HK$ 55,000 - 100,000 U S $ 7,100 - 12,900 正宗新會出品，乾倉保存，沒有雜味，藥香明顯，經過約一甲子年的沉澱，陳皮外觀保存完整，入藥入饌皆可，藥香回甘明顯，口感絕佳，屬難得佳品。陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解膩化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。

126

1333 一九六○年代新會陳皮

DRIED TANGERINE PEEL, 1960S

數量：1份︱總重量：1000克狀態：傳統生曬、乾倉、果皮完整乾淨

HK$ 110,000 - 180,000 US$ 14,200 - 23,100 正宗新會出品，乾倉保存，沒有雜味，藥香明顯，經過約一甲子年的沉澱，陳皮外觀保存完整，入藥入饌皆可，藥香回甘明顯，口感絕佳，屬難得佳品。陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解膩化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。

127

1334 一九五○年代新會陳皮

DRIED TANGERINE PEEL, 1950S

數量：1份︱總重量：300克狀態：傳統生曬、乾倉、果皮完整乾淨

HK$ 48,000 - 100,000 US$ 6,200 - 12,900 正宗新會出品，乾倉保存，沒有雜味，藥香明顯，經過約七十年的沉澱，陳皮外觀保存完整，入藥入饌皆可，藥香回甘明顯，口感絕佳，屬難得佳品。陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解膩化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。

128

1335 一九五○年代新會陳皮

DRIED TANGERINE PEEL, 1950S

數量：1份︱總重量：500克狀態：傳統生曬、乾倉、果皮完整乾淨

HK$ 80,000 - 140,000 US$ 10,300 - 18,000 正宗新會出品，乾倉保存，沒有雜味，藥香明顯，經過約七十年的沉澱，陳皮外觀保存完整，入藥入饌皆可，藥香回甘明顯，口感絕佳，屬難得佳品。陳皮，意指陳舊的橘皮，是中國傳統道地藥材。最早有關陳皮的記載源於《神農本草經》，名為「橘柚」，性溫，能通氣健脾，解膩化痰。因其顯著的藥理功效，清朝時更貴為貢品。在中國南方廣東地區，陳皮更視為延年益壽的絕佳好物。

129

1336 一九五○年代至二○○○年新會陳皮一條龍

A SET OF RARE DRIED TANGERINE PEEL, 1950S-2000

數量：1份 50年代：200克 60年代：200克 70年代：500克 80年代：600克 90年代：900克 2000年：900克狀態：傳統生曬、乾倉、果皮完整乾淨

HK$ 120,000 - 200,000 US$ 15,400 - 25,700

八零年代

九零年代六零年代

130

千禧年五零年代

七零年代

131

茶，解渴清心，以品為上。茶滋於水，水籍乎器。茶湯無形，無器不盛。器，為茶之父，道由器傳。

132

安腾雅信·静之美

1337 日本安騰雅信銀光釉陶茶器一組

A SET OF TEAWARE, MASANOBU ANDO

陶壺一個及陶片口一個陶壺：高21.8厘米︱容量：1200毫升片口：高8厘米

HK$ 15,000 – 25,000 US$ 1,900 – 3,200 安騰雅信（b.1975），當代著名陶作家，「百草藝廊」經營者，為日本生活工藝領域極具代表的人物。「靜之美，蘊含撼動人心的力量。」安藤的作品融合著日本文化裡的典雅之美及當代設計，簡單的器型卻總能賦予陶器最不凡的質感，實用與美學兼容。這組陶器使用了安藤標誌性的特殊釉料——銀光釉料，使陶器表面呈現暗銀色的金屬光澤，和陶本身具有的古老樸拙的質感完美地融合在一起，經年累月更顯溫潤質感。看似樸實無華的茶道具，卻處處露出毫無雕琢之氣的安靜，為茶席增添一份禪意。

133

1338 清巨輪珠壺一對

A PAIR OF PURPLE CLAY TEAPOTS, QING DYNASTY

容量：90毫升

HK$ 20,000 – 40,000 US$ 2,600 – 5,100 巨輪珠，其本名“具輪注”，以古老的灌溉具車為創作原型，後因“千里船”問世，以巨輪推進船隻，方附會為“巨輪珠”它是清末明初著名的古典壺型，出口日本甚多。此對壺為日本回流台灣，壺型古拙質樸，散發出濃烈的高古氣質，外壁為素面棕紅色，每把容量只有90毫升，適合泡工夫茶，尤其為一對，實屬難得。

134

1339 清小桂花砂紫砂壼一對

A PAIR OF PURPLE CLAY TEAPOTS, QING DYNASTY

容量：90毫升附：原木盒

HK$ 22,000 – 50,000 US$ 2,800 – 6,400 這對壺以紫泥調砂所製，使用了桂花鋪沙工藝，壺面上的黃砂粒如金星點點，胎質細膩，引人入勝。壺身飽滿，壺嘴挺直突出，整器淡雅舒神，極為美觀，令人愛不釋手。

135

佳期若有待芳意常无绝

1340 清竹茶入

A BAMBOO TEA CANISTER, QING DYNASTY

高7.2厘米

HK$ 8,000 – 15,000 U S $ 1,000 – 1,900 茶入造型飽滿、圓潤，蓋上刻有盛開的蓮花圖案，雕工細膩有致，閑逸淡雅。

136

1341 清葫蘆建水

A WOODEN TEA BASIN, QING DYNASTY

高7厘米

HK$ 5,000 – 15,000 U S$ 600 – 1,900

此件建水以天然葫蘆為容器，刻有枇杷圖案，在文人墨客眼中，枇杷具意蘊之美，備四時之華彩，更具佳木之神韻。此件作品兼具藝術與工藝美學，絕對是茶席上不可或缺的精品。銘文:佳期若有待芳意常无绝

137

龜文堂

龜文堂作品多為當時社會王宮貴族及社會名流所藏用，數量極少，所見之水平無論鑄造工藝還是形制創作，均屬高端，歷來被鐵壺收藏界視為珍罕之物。此件作品保存完好，整體風格素雅簡約，器身飽滿渾圓，銅件工藝細緻，做工精良，用料考究，為不可多得的龜文堂精品。

1342 明治時期龜文堂鐵壺

AN IRON TEAPOT, MEIJI PERIOD

高27.5厘米寬21厘米

HK$ 35,000 – 50,000 US $ 4,500 – 6,400 龜文堂作品風格簡約內斂、禪定大氣，器身以渾圓的平丸形多見，善於意境的營造，且手法細膩。龜文堂山水家屋作品。其鯊魚皮紋壺身，經典的龜文堂平丸形制，蠟鑄肌理均勻而微妙，飽滿圓潤。質感厚重溫潤，梁足為蟠螭造型，昂首頓足，齒脊卷尾，十分形象；珠形摘鈕崁銀雲，精緻細膩，流嘴標致飽滿，呈標準的“S”造型，水徑通暢。 138

龜文堂

1343 明治時期龜文堂鐵壺

AN IRON TEAPOT, MEIJI PERIOD

高26厘米寬19厘米

HK$ 35,000 – 50,000 US$ 4,500 – 6,400 龜文堂特別訂製款，脫臘鑄造，短頸圓肚，壺身器形飽滿，昂頭闊首獸形壺嘴，鎏金蘭花草，整株立體沿附於壺身，螃蟹遊走其間，壺身款龜文堂造。 139

淨壽

1344 江戶時代淨壽百年鐵壺

AN IRON TEAPOT, EDO PERIOD

高21.5厘米寬13.3厘米

HK$ 35,000 – 50,000 US$ 4,500 – 6,400 江戶時期大西家十一代釜師-淨壽作品，饕餮紋獸口鐵壺，百年工藝，壺身岩肌，整器古樸渾厚，富有東方神韻。 140

真鍋靜良

1345 一九三○年代真鍋靜良銅壺 A BRONZE TEAPOT, 1930S

高18厘米

HK$ 28,000 – 50,000 US$ 3,600 – 6,400 此銅壺線條飽滿，銅包亮澤，潤如明珠，手把造型完好，壺身並無繁俗花紋，清心素面更顯高貴、沉穩大器，銅的特質更突顯其古樸奢華的本質。 141

1346 清末民初玉琳製之錫罐

A TIN TEA CANISTER, LATE QING DYNASTY

高10厘米

HK$ 15,000 – 30,000 U S $ 1,900 – 3,800 罐身以銅鑲嵌圖畫雙龍搶珠及富貴吉祥字樣，並細膩鑲上銅邊，錫身錫皮顯露出陳舊感，錫器的鑲嵌較為少見，可見此器於當時，為珍得珍品。

1347 清錫製茶器一組

A SET OF TIN TEAWARE, QING DYNASTY

茶托底款：楊興漫遂錫茶入一個及錫茶托五個茶入：高8.7厘米茶托：長10厘米

HK$ 6,000 – 15,000 U S $ 800 – 1,900 錫製茶器有其獨特審美逸趣，經年累月，錫表面的金屬光澤漸漸收斂，鋒芒銳減，顯溫潤質感，散發出沉斂的光芒。

142

1348 清竹茶摺

A BAMBOO TEASPOON, QING DYNASTY

長17厘米

HK$ 4,000 – 10,000 U S$ 500 – 1,300 刀工流暢精良，清楚感受匠人蒼勁的力度，銘文出自佛教的涅槃四德，與茶器結合傳遞「禪茶一味」的精神。銘文：常樂我淨

達涅槃境界之覺悟為永遠不變之覺悟，謂之常；其境界無苦而安樂，謂之樂；自由自在，毫無拘束，謂之我；無煩惱之染污，謂之淨。 143

1349 清陽張德造錫罐一對

A PAIR OF TIN TEA CANISTERS, QING DYNASTY

高11.3厘米

HK$ 30,000 – 50,000 US$ 3,800 – 6,400 六瓣菱形，上寬下窄，器型優雅，六面開窗，內為富貴兩字，難得一見的作家及工藝。

144

1350 清末民初無款錫罐一對

A PAIR OF TIN TEA CANISTERS, LATE QING DYNASTY

高9厘米

HK$ 30,000 – 50,000 US$ 3,800 – 6,400 錫製茶罐，罐身以銅做鑲嵌，利用銅與錫的色澤差異，包漿色澤古雅樸素。

145

1351 清源興虎造錫罐一對

A PAIR OF TIN TEA CANISTERS, QING DYNASTY

高12.3厘米

HK$ 30,000 – 50,000 US$ 3,800 – 6,400 此款茶倉純錫製作，罐身錘目刻竹，屬特殊工法。

146

1352 清末民初光大正全玉市天順制錫罐一對

A PAIR OF TIN TEA CANISTERS, LATE QING DYNASTY

高12.5厘米

HK$ 35,000 – 60,000 US$ 4,500 – 7,700 以銅鑲嵌四君子石榴靈芝圖畫，罐身錫皮顯露出陳舊感，錫器鑲嵌較為少見，可見此器於當時，為難得珍品！

147

148

不欲人醉但使神清

1353 清竹居老人鷺雝沈存周錫罐

A TIN TEA CANISTER, QING DYNASTY

高8.2厘米

HK$ 150,000 – 250,000 US$ 19,200 – 32,100

沈存周，字鷺雍，是清代著名的錫製品藝術家，與朱彝尊（1629-1709）同時，浙江嘉興人。曾從盛遠學習詩書。據史料載沈存周所制錫壺非常雅馴，形狀以僧伽帽為上，次者蓮花，再次桃核。色漿水銀色，光可鑒人。據《耐冷談詩話》載「康熙初，沈居嘉興春波橋，能詩，所治錫鬥，鐫以自作詩句。錢籜石詩集中載有《錫鬥歌》，頗令人稱讚。元明以來，朱碧山之銀槎，張鳴岐之銅爐，黃元吉之錫壺，皆勒工名，以垂後世，而不聞其能詩。」沈存周善製各種式樣的錫茶具，所雕刻的詩句、姓氏、圖印均規整精良。

149

IMPORTANT NOTICES

( “ ” “ ”) ¡¢ £¤ ¥¦ §¨ © ª , «¬® ¯ The auctions held by Poly Auction (Hong Kong) Limited (“Poly Auction (Hong Kong)”or“our company”) are conducted according to the Conditions of Business, Important Notices, Important Notices about Bidding Registration and Important Notice about Payment, and anyone participating in the auction should read the terms carefully. ﬔese Conditions and rules may be revised by announcement or verbal notiﬁcation without prior notice. °±²³ ´ µ¶·² ¸¹ º»¼ ½ ¾ ¿ÀÁ Â ÃÄÅÆÇ ÈÉ´ Ê« ´ Ë Â¼½ ÌÇ Í Î ÏÐ The following pages are designed to give you useful information on how to bid at auction. Poly Auction (Hong Kong)'s staﬀ as listed at the front of this catalogue will be happy to assist you. However, it is important that you read the following information carefully and note that Poly Auction (Hong Kong) acts for the seller.

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

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BUYER’S PREMIUM A buyer’s premium will be added to the Hammer Price and is payable by the buyer as part of the total purchase price. ﬔe buyer’s premium is 20% of the hammer price of each lot up.

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

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

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RESTRICTED MATERIALS Properties with ▲ symbol have been identified be made of or containing restricted materials at the time of the compiling of the catalogue, and the materials concerned may be subject to import and export restraints. Properties without this symbol it is not guaranteed that Properties are not subject to import and export restraints. For items made of botanic or animal materials (coral, crocodile, ivory, whale bone, tortoise, rhinoceros horn and Brazilian Rosewood, etc.) or containing botanic oranimal materials, regardless of their year or value, may require application for permits or certificates before exporting outside Hong Kong, and other application for permits or certificates may be required when importing into countries outside Hong Kong. Please pay attention that the ability to obtain export permits or certificates does not ensure that import permits or certificates can be obtained in another country, and vice versa. For example, importing ivory of less than 100 years is illegal in the USA. Bidders should enquire about the import regulations on products made of or containing wild animals and plants materials of the governments concerned before participating in an auction. Buyers must be responsible for obtaining any export or import permits/ or certificates and any other documents required.

電器及機械貨品 × |p ÝÞØ ¬ö p ¤ ² -·» ¿

ELECTRICAL APPLIANCES AND MECHANICAL MERCHANDISES All electrical appliances and mechanical merchandises are sold on an“as is”basis, and should not be assumed that they operate. Before putting into any use, electrical appliances must be inspected and approved by qualiﬁed electric technicians.

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pµ Ä pÏì =-· ×»-· Î¨ ( ,+Rt ðñ àòó ô¢ ) õö ÷Ý Å¢Ç§ ¬¨n= × -·/ pµ Ä pÏì =¹ õö ÷Ý ¬ï øù Ù¬:/.- ú²¯° 4Ô ÷Ý ß ÎNýþ« ° Å ¬ãÏû´ Áñ × "Íþü ÷Í Ç§ ö¾ ¿< ?O × = × 4Ô -·¬ý¬ ¨n©ª ©«= ¡ × ¬® ìí Ø × 4Ô¤Lþÿõ~¶H}|¿ ÈÉ© Ì{© [È¢à\« ]^_ ¿À÷Ýß` × Ðô4Ô×@m µ? >ÝÞ =ùÏ < ;:«£ {[ × H º 4ÔØ þ=¾ × 4 Ô¬ -·/3 R ýþ: ëÇ -·Ø Ï.ßýþ -£ «Ë; ýþ6 , þ -· py+*)¬o¥¦ t (§¨' ¿À× ÷Ý ÷Ý 1&× ¶ò—¿À4Ô¶.ò 6 3$#» "!0 1m H 2 ÷Ý 1.5&× 34—¿À 356 "!0 w7 6 ¦89A! é6 3$#»!0 1m H 2 ÷Ý 2&× Q Ç—¿À 56#»!0 w7 56A! 1m H 2 ÷Ý 2.5&× ÆÇ—¿À 3$#»!0 w7 3 $BC A¥ 1m H 2 ÷Ý 3&× D¤—¿À Q 3$ #»!0 3$[È 9A ®{© Ë ×× 4Ô# Å× îED×× ÷Ý ÷Ý 1&¶ò >FG¬Ê#»Ë 6 -·[È0Y ÷Ý 1.5&Hò IJ1§3$#»!0 éõKLM N ¤§56 "!0 ÷Ý 2&Ù¾ÚO4ê ²1LËPQ J ß. ò ¤ã¸ 56 4ÔÌÇ R éSô«TE 4ÔUVÏ ÷Ý 3&4ÔWÆ >F]X#»Ð(UY6 -·[È ¤ã¸ Xs 4ÔÌÇ R éSô«TE 4ÔWÆ ÷Ý 4&4ÔQ ÆÇ ¤ã¸ 56 [È 4Ô Q ÆÇéZg¤ã ab56 Ac!0 dÀ¤ã ¸Øb56e! «} Ö[ ¤ã¸ØbfB!

÷Ý 5&4ÔÆÇ #»!0 4Ô ¸$54 ÔÌÇ R ÷Ý 6&4ÔD¤ $g[È / ÈÉ #»¿¤ã ® |{© hò 4Ô ¸$54ÔÌÇ R

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

restoration, repair and wear tear. The grading of watches is based on the general condition, quality, technical and historical interest, age and rarity of each timepiece. Lots are sold “as is,” in the condition they are in at the time of the sale, without any representation or warranty as to condition by Poly Auction (Hong Kong) or by the seller. The buyers acknowledge and agree that any sale is entirely the buyers’ decision, and the buyers have not relied upon any representation or other information (whether oral or written) by Poly Auction (Hong Kong) or by the seller. Condition Grades of Watches Grading 1: As new. The timepiece appears with neither signs of use nor ownership over time. The movement is in working order when cataloguing. Grading 1.5: In excellent condition. The timepiece appears with extremely slight signs of ownership over time. It may exhibit very slight hairline scratches on the case but no obvious signs of use. The movement is in working order when cataloguing. Grading 2: In very good condition. The timepiece appears with slight signs of use over time. It may exhibit slight scratches on the case. The movement is in working order when cataloguing. Grading 2.5: In good condition. The timepiece appears with obvious signs of use and scratches on the case. The movement is in working order when cataloguing. Grading 3: In fair condition. The timepiece appears with very obvious signs of use and scratches/defects. Maintenance may be required. For more details, please refer to the Condition Report for each lot. Condition Grades of Handbags Grading 1: As new. Appears never to have been used. It exhibits no signs of wear. Grading 1.5: In mint condition; virtually new and unused with very minor signs of ownership over time. Grading 2: In pristine condition. To the untrained eye, it may appear brand new. There may be a slight condition note, but overall the piece is in excellent condition. Grading 3: In excellent condition. This is a piece that has seldom been used and shows little to no wear. There may be small condition issues to note overall the piece is in excellent condition. Grading 4: In very good condition. This piece may show signs of light wear. It is in very good condition but the corners may show signs of light scuffing, the base may show light scratches, and the hardware may exhibit light marks. Grading 5: In good condition. This piece shows significant wear. There are condition issues that will be noted in the condition report. Grading 6: In fair condition. This piece shows significant w e a r a n d / o r d a m a g e . I t m ay re q u i re re p a i r o r refurbishment in order to be used. Condition issues will be noted in the condition report.

酒類及茶葉 µß jk lm × IÂ¾ ¹ ¯n ö² ¿Ë o$ × ²b p ¤ L × , ×@4ê¢ nq = ×¦¬ë Ç§ ¬ ¨n©ª ©«=¡ × ¬® ìí ýþ¯ H#?r ýþ ( pÏì ) sM Ð5I L × 4Ô @t ,+é¬ ¾ ×, uvwxÈtjy¹¢ë² 78 9A âPz

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

語言文本

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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 at the saleroom as well as the descriptions of the Properties in this catalogue of our company shall be binding and the English version is for reference only.

版權

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COPYRIGHT ﬔe copyright of this catalogue belongs to our company. Without the written permission of our company, no parts of this catalogue shall be reproduced in any ways or used in any other ways.

解釋權

EÂÎ* 23 ¾ í ¾ ¸ §¨¯° py [ Ð ¢°[ $ í # RIGHT OF INTERPRETATION ﬔe right of interpretation in respect of the Conditions of Business, Important Notice, Explanation of Cataloguing Practice, Important Notice about Bidding Registration, Impor tant Notice about Payment, and all other documents such as the terms, conditions, notices, forms etc. contained in this catalogue, announced by the auctioneer or provided at the sales room, shall be exercised by our company.

EÂÎ* 23 EXPLANATION OF CATALOGUING PRACTICE

保利香港拍賣在受委託拍賣品中的權益

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POLY AUCTION (HONG KONG) INTEREST, IN PROPERTY CONSIGNED FOR AUCTION From time to time, Poly Auction (Hong Kong) may offer a lot which it owns in whole or in part. Such property is identified in the catalogue with the symbol Δ next to the lot number. On occasion, Poly Auction (Hong Kong) has a direct financial interest in lots consigned for sale which may include guaranteeing a minimum price or making an advance to the consignor that is secured solely by consigned property. Such property is identified in the catalogue by the symbol □ next to the lot number. ﬔis symbol will be used both in cases where Poly Auction (Hong Kong) holds the financial interest on its own, and in cases where Poly Auction (Hong Kong) hasfinanced all or a part of such interest through a third party. Such third parties generally benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. ﬔe financing offered by a third party may be in the form of an irrevocable bid provided by that third party. Where Poly Auction (Hong Kong) has an ownership or financial interest in every lot in the catalogue, Poly Auction (Hong Kong) will not designate each lot with a symbol, but will state its interest at the front of the catalogue.

所有量度皆為約數及狀況報告

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ALL MEASUREMENTS ARE APPROXIMATES AND CONDITION REPORTS ﬔe condition of lots sold in our auctions can vary widely due to factors such as age, previous damage, restoration, repair and wear tear. Condition reports and grades are provided free of charge as convenience to our buyers and are for guidance only. ﬔey oﬀer our honest opinion but they may not refer to all faults, restoration, alteration or adaptation. ﬔey are not an alternative to examinming a lot in person or taking your own professional advice. Lots are sold "as is," in the condition they are in at the time of the sale, without any representation or warranty as to condition by Poly Auction (Hong Kong) or by the seller. For more details, please refer to the Condition Report for each lot.

本目錄採用之貨幣兌換率

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CATALOGUE EXCHANGE RATE HK$7.8 = US$1 ﬔe rate of exchange was established at the latest practical date prior to the printing of the catalogue and may therefore have changed by the time of the sale. Bidders should bear in mind that estimates are prepared well in advance of the sale and are not deﬁnitive. ﬔey are subject to revision.

目錄編列方法之說明有關相片、圖畫、印刷品及微型書畫之規定

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

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

第一章總則第一條

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第三條適用範圍

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第二章關於賣家第五條委託程序

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第六條賣家之代理人

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第七條賣家之保證

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第十條未上拍拍賣品

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CONDITION OF BUSINESS

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

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

ARTICLE 2 DEFINITIONS AND INTERPRETATION

ARTICLE 3 SCOPE OF APPLICATION

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

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

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

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

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

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

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

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

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

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

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

ARTICLE 8 RESERVE

ARTICLE 12 THE SELLER'S WITHDRAWAL OF LOT

ARTICLE 18 INSURANCE INDEMNITY

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

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

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

ARTICLE 9 THE COMPANY'S DISCRETION

ARTICLE 13 AUTOMATIC INSURANCE

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

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

ARTICLE 10 LOT NOT AUCTIONED

ARTICLE 14 INSURANCE PREMIUM

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ARTICLE 31 CATALOGUE AND OTHER EXPLANATION OF THE LOT ﬔe Company shall prepare a catalogue of the Lot to brieﬂy introduce the conditions of the Lot with words and/or pictures to facilitate the Bidder and Seller to participate in the auction held by the Company. ﬔe words and Estimate in the catalogue of the Lot, pictures, other images as well as public materials are only references for the Bidder and may be revised before auction. The Company provides no guarantee for the authenticity, value, tone, quality or ﬂawlessness of the Lot.

ARTICLE 32 UNCERTAINTY OF CATALOGUE Where the tone, color, graduation shape or any other feature of the Lot shown in the catalogue and/or any other illustrations, images and public materials diﬀer from those of the original Lot due to printing, photography or other technical reasons, the original Lot shall take precedence. Any introduction and appraisal of any Lot made by the Company and its employees or its agents in anyway (including the certiﬁcate, catalogue, slideshow and news media) are only opinions for reference and do not constitute any guarantee for the Lot. The Company and its employees or its agents shall undertake no liability for any inaccuracy or omission in the aforesaid introduction or appraisal.

ARTICLE 33 RESERVE AND ESTIMATE Unless otherwise indicated, all Lots are oﬀered subject to a Reserve. Normally, the Reserve is not higher than the lowest Estimate announced before the auction or published before the auction by the Company. If a Reserve has not been set for a Lot, unless there has already been bidding, the Auctioneer, in his or her discretion, may determine the starting price, but this shall not be higher than the lowest Estimate of the Lot before the auction. Under no circumstances shall the Company bear any liability when the bids for a Lot do not reach the Reserve. If the bids are lower than the Reserve, the Auctioneer, in his or her discretion, may sell the Lot at a price lower than the Reserve. However under such circumstances, the amount that the Company shall pay the Seller shall be the amount that the Seller would receive as if the Lot was sold at the Reserve. The Estimate is estimated at an earlier time before the Auction Date, it is not a conﬁrmed selling price, and is not legally binding. Estimates cannot be used as a forecast of the Hammer Price of the Lot, and the Company has the right to revise from time to time the Estimate already made.

ARTICLE 34 BIDDERS' INSPECTION RESPONSIBILITY The Bidder and/or his/her/its agents shall have the responsibility to learn about the actual conditions of the Lot and shall be legally liable for his/her/its bid for a certain Lot. ﬔe Company strongly advises the Bidders to personally inspect the original Lot they intend to bid for before the Auction Date by authentication or other means. Bidders shall judge by themselves whether Lot complies with the descriptions in the Company's catalogue of the Lot and other images and public materials, rather than relying on the catalogue, images and public materials to make decisions.

ARTICLE 35 REGISTRATION OF BIDDERS If the Bidder is a natural person, before the Auction Date, he/ she shall ﬁll in and sign the registration documents with an identity document with photo issued by the government (such as resident identity card or passport), and provide proof of the current address (e.g. utility bill or bank statement); if the

Bidder is a company or other organization, before the Auction Date, it shall ﬁll in and sign the registration documents and collect a paddle with its valid certificate of incorporation and proof of shareholding and legitimate authorization document. ﬔe Company may request the Bidder to present proof of bank details or other proof of ﬁnancial conditions for payment purposes.

ARTICLE 36 PADDLE The Company can announce before the Auction Date the conditions and procedures of arranging paddle for the Bidder according to diﬀerent auction conditions and auction methods etc., including but not limited to the qualification and conditions for the Bidder to arrange a paddle. The Company solemnly reminds that a paddle is the only proof for the Bidder to participate in the auction at the venue. ﬔe Bidder shall keep it properly and shall not lend it to others to use it. If it is lost, it shall immediately handle the loss report formalities in a written form recognized by the Company. No matter if the person holding a paddle has been appointed by the Bidder or not, his or her bidding acts at auction are considered as having been made by the registered person himself, and the Bidder shall bear the legal responsibilities for the acts of the former, unless the Bidder himself has already submitted a written report to the Company regarding the loss paddle.

ARTICLE 37 AUCTION DEPOSIT When a Bidder participates in an auction of the Company, he/she shall ﬁrst pay the auction deposit before collecting the paddle. The amount of the auction deposit will be announced by the Company before the Auction Date, and the Company has the right to waive the auction deposit. If the Bidder fails to buy the Lot and he does not owe the Company any sum, then that auction deposit shall be returned to the Bidder in full without interest within 14 working days after the end of the auction. If the Bidder succeeds in buying a Lot, the auction deposit shall automatically be converted to the payment of the Purchase Price of the Lot.

ARTICLE 38 DISCRETION OF THE COMPANY The Company has the right to forbid anyone from participating in the auction organized by the Company or entering the auction site, or taking pictures or shooting videos at the auction site at its discretion.

ARTICLE 39 HANDLING OF ABNORMAL EVENTS If any abnormal event occurs at the auction site, the Company has the right to take emergency actions. If any dispute arises at the auction site, the Company has right to mediate and settle it.

ARTICLE 40 CONFIRMATION OF BUYER'S IDENTITY ﬔe Bidder must take good care of his/her/its paddle and be cautious not to lose it. ﬔe Bidder shall not lend his/her/its paddle to others, or the Bidder shall assume all legal liability for others' act of bidding for the Lot using his/her/its paddle.

ARTICLE 41 ABSENTEE BIDS Bidders shall attend the auction in person. If a Bidder or its agent cannot attend in person, it can appoint the Company in writing for the Company to bid on its behalf. ﬔe Company has the discretion to accept or not accept the above appointment. Any Bidder who has appointed the Company to bid shall handle the appointment formalities within the period stipulated (no later than three business days), and produce a completed Absentee Bid Order to the Company, and at the same time pay the auction deposit according to the Conditions of Business. If the Bidder who has appointed the Company to bid needs to cancel the absentee bid, it shall notify the Company no later than 24 hours before the Auction Date.

ARTICLE 42 AUCTION RESULTS OF ABSENTEE BID If a Bidder who has appointed the Company to bid, the auction results and the related legal responsibilities shall be

borne by the Bidder. If the Bidder indicates in the Absentee Bid Order that it bids by instant communication methods such as telephone, it shall fill in the instant communication method accurately and keep the instant communication instrument properly, during the period in which the Company is appointed to bid, the Bidder shall use that instant communication instrument itself. Where the instant communication instrument is lost or it cannot be within control, the Bidder shall immediately use a written form recognized by the Company to change the instant communication method filled in the Absentee Bid Order. During the period the Company is appointed to bid, it shall make appropriate efforts to contact the Bidder, the bidding information transmitted by that instant communication instrument (whether or not it is transmitted by the Bidder personally or the Bidder's agent) shall be considered as transmitted by the Bidder itself, and the Bidder shall bear legal responsibilities for the actions taken by it. Unless the Buyer itself has changed the instant communication method ﬁlled in the Absentee Bid Order by a written method recognized by the Company. All telephone bids may be recorded and kept at Poly Auction (Hong Kong)’s sole discretion, by opting for telephone bids, the Bidder agrees that its phone conversation will be recorded. Nevertheless, under no circumstances shall the Company be responsible for any unsuccessful contact or errors or omissions in the bidding process using that instant communication instrument.

ARTICLE 43 DISCLAIMER OF ABSENTEE BID Since absentee bid is a free service of transmitting bidding information that the Company provides to the Bidder, the Company and its employees shall not bear any responsibilities for unsuccessful bidding or any errors, omissions, negligence, fault or inability to bid on its behalf during the bidding process.

ARTICLE 44 FIRST-COME-FIRST-SERVE PRINCIPLE FOR ABSENTEE BID If two or more Bidders appointing the Company to bid on their behalf have bid the same price for the same Lot and eventually that Lot is sold at that Hammer Price, then the one who ﬁrst submitted to the Company shall be the Buyer of that Lot.

ARTICLE 45 DISCRETION OF THE AUCTIONEER The Auctioneer has the right at his absolute and sole discretion in the following matters: 1. Refusal or acceptance of any bid; 2. Carrying out the auction in such a manner as he may decide; 3. Withdrawal of any Lot, dividing it for auction separately, combining any two or more Lots for auction; 4. If there are errors or disputes, no matter if they occur during or after the auction, he shall have the right to decide the successful Bidder, whether or not to continue the auction, to cancel the auction or place the Lot under dispute for auction again; 5. ﬔe Auctioneer may open and carry out the bidding at a level with bidding increments that he considers suitable, and has the right to bid on behalf of the Seller up to the amount of the Reserve, either by placing consecutive bids or by placing bids in response to other Bidders; 6. Adoption of other actions that he considers as appropriate.

ARTICLE 46 NO RESERVE For those Lots without a Reserve, unless there has already been bidding, otherwise the Auctioneer, under his own discretion, may decide the starting price. If there is no bidding at such a price, the Auctioneer will, at his own discretion, lower the price and continue the auction until a Bidder starts to bid, then he will continue the auction at that price and then continue up from that amount.

ARTICLE 47 IMAGE DISPLAY BOARD AND CURRENCY CONVERSION BOARD To facilitate Bidders, the Company may use image projector

or other forms of display boards in the auction. ﬔe contents shown are for reference only. It is possible that there are diﬀerences in the information such as the amount, reference number of the Lot, images of the Lot or reference foreign currency etc. shown in the image projector or other forms of display boards and the Company shall not bear any responsibilities for any losses caused by such diﬀerences.

ARTICLE 48 SUCCESSFUL BID The fact that the Auctioneer confirms the highest bid of a Bidder by striking his/her hammer or in any other manner of publicly conﬁrming the sale shall indicate the conclusion of a sales contract for the Lot between the Bidder and the Seller.

ARTICLE 49 COMMISSION AND EXPENSES After the Bidder has succeeded in bidding, it will become the Buyer of that Lot. A buyer’s premium will be added to the Hammer Price and is payable by the buyer as part of the total purchase price. The buyer’s premium is 20% of the hammer price of each lot and at the same time other Buyer’s Expenses, and recognizes that the Company can charge the Seller the commission and other Seller expenses according to provisions of the Consignment Agreement.

ARTICLE 50 TAXES All the monies that the Buyer pays to the Company are net amounts, which shall not include any tax on goods, tax on services or other value added tax (whether levied by Hong Kong or other regions). If there is any tax applicable to the Buyer, the Buyer shall bear it itself according to the provisions of the relevant laws currently in force.

ARTICLE 51 PAYMENT TIME After the Lot is successfully sold in an auction, unless otherwise agreed, regardless of any stipulations of the export, import or other permits of the Lot, the Buyer shall fully pay the Purchase Price within 7 days after the Sale Date (including the Sale Date), and collect the Lot. If packing, moving costs, and insurance expenses, expenses related to export are involved, the Buyer shall pay them altogether.

ARTICLE 52 PAYMENT CURRENCY All monies shall be paid in Hong Kong dollars. If the Buyer pays in another currency other than Hong Kong dollars, it shall convert it at the exchange rate agreed between the Buyer and the Company or at the exchange rate of Hong Kong dollars and that currency type on the previous working day announced by such bank as selected by the Company. All bank handling fees, commission and charges incurred by the Company for converting the foreign currency paid by the Buyer into Hong Kong dollars shall be borne by the Buyer.

ARTICLE 53 TRANSFER OF OWNERSHIP Even if the Company has delivered the Lot to the Buyer, the Buyer has not yet obtained the ownership of the Lot. This shall pass onto the Buyer only when the Buyer has fully paid the Purchase Price and all monies that the Buyer owes the Company.

ARTICLE 54 TRANSFER OF RISKS After the bidding has succeeded, the risks ofthe Lot shall be borne by the Buyer itself after the occurrence of one of the following events (whichever earlier): 1. ﬔe Buyer has collected the Lot; or 2. ﬔe Buyer has fully paid the Purchase Price for the Lot to the Company; or 3. ﬔe expiry of seven days after the Sale Date (including the Sale Date).

ARTICLE 55 COLLECTION OF THE LOT Risk and responsibility for the lot passes to the Buyer at the expiration of thirty calendar days from the Sale Date (including the Sale Date). or on collection by the Buyer, if earlier. After thirty calendar days, all expenses incurred, including but not limited to storage, moving, insurance will be for the account of the Buyer. Although the Company

shall use reasonable efforts to take care of purchased Lot and suggest handlers, packers or carriers, the company is not responsibleto any person to whom we have made are commendation for the acts or omissions of the third party concerned.

ARTICLE 56 PACKING, HANDLING AND MOVING If the employees of the Company pack and handle the Lot bought on behalf of the Buyer according to the latter's requirements, this is considered as a service provided by the Company to the Buyer and the Company has the discretion to decide whether to provide this service, if any losses arise therefrom, the Buyer shall bear them itself. Under no circumstances shall the Company be responsible for any damage of the glass or picture frame, box, backing sheet, frame case, mounting, inserts, rolling rod or similar auxiliary objects caused by any reasons. Where the Buyer requests the Company to assist it in collecting the purchased Lot (the packaging, mailing and transportation expenses shall be paid by the Buyer) by means of post, express delivery or transportation, the Company shall be deemed to have delivered the Lot and the Buyer shall be deemed to have collected such Lot according to the normal procedure upon the Company's delivery of the Lot to the post, express delivery and transportation entities, companies or their employees/branch offices. The risks arising from this process shall be borne by the Buyer. Unless Buyer gives a clear indication and pays insurance premium, no insurance is provided in the process of mailing, express delivery or transportation generally. The Company shall undertake no liability for any error, omission, damage or destruction caused by the packaging company and post, express delivery and transportation entities or companies designated by the Buyer or recommended by the Company to the Buyer.

ARTICLE 57 IMPORT, EXPORT LICENSES AND PERMIT ﬔe Buyer shall be responsible for obtaining any import and export licenses, permit for endangered animals or other aspects related to the Lot. Failure or delay in obtaining any permits required shall not be deemed as a reason for cancelling the purchase or delaying in paying the Purchase Price. The Company shall not bear any responsibilities for the failure to properly ﬁll in or submit the required import or export documents. If the Buyer requests the Company to apply for the import and export licenses on its behalf, the Company has the right to charge service fees for this service. However, the Company does not warrant that the import or export license will be issued. The Company and the Seller has not made declaration or warranty in respect of whether or not any Lot is subject to import and export restrictions or any embargo.

ARTICLE 58 REMEDIES FOR NON-PAYMENT If the Buyer fails to make full payment according to the provisions of the Conditions of Business or any payment arrangements agreed with the Company, the Company has the right to adopt one or more of the following measures: 1. After the Lot is sold, if the Buyer fails to pay the Purchase Price within 7 days from the Sale Date (including the Sale Date), the auction deposit paid at the time of bidding registration shall not be refunded, and it shall at the same time bear the relevant responsibilities according the provisions of the Conditions of Business; if the Buyer has bought a few Lots with the same paddle, after the Lots are sold, if the Buyer has not paid the Purchase Price of any of the Lots within the time stipulated, then the entire auction deposit shall not be refunded, and it shall at the same time bear the relevant responsibilities according the provisions of the Conditions of Business; 2. If the Buyer fails to pay the Purchase Prices in full to the Company within 7 days from the Sale Date (including the Sale Date), the Company has the right to appoint a third party organization to collect the entire or part of the Purchase Prices that the Buyer owes;

3. If the Buyer fails to pay the Purchase Price in full within 7 days from the Sale Date (including the Sale Date), the Company has the right to charge interest at 0.03% per day on the unpaid portion starting from the 8th day after the Sale Date until the day on which the Buyer has fully paid the monies, with the exception that the Buyer has otherwise agreed with the Company; 4. The Buyer shall bear the risks and expenses of taking out an insurance policy, moving and storing the Lot in the Company or other places; 5. To sue the Buyer or apply to Arbitration Agency for mediation, demand for compensation for all the losses due to the breach of contract by the Buyer including but not limited to economic loss, legal expenses, default penalty and pass due interest caused by the delay in payment or refusal to make payments by the Buyer; 6. To retain that or any other Lot that the same Buyer has bought via the Company, and any other properties or rights to property of the Buyer that the Company holds for any reasons, all the expenses and/or risks incurred during the retention period shall be borne by the Buyer. If the Buyer fails to perform all its duties concerned within the period specified by the Company, the Company has the right to issue a lien notice tothe Buyer and dispose of the items under lien if the Buyer has not yet fully paid all outstanding amounts within 30 days after the issue of that notice. if the items under lien are insufficient to offset all the monies payable by the Buyer to the Company, the Company has the right to claim them; 7. The Company has sole discretion to cancel the sale or agree that the Consignor can cancel the deal, and reserve the right to claim all the losses suffered by the Company due to the cancellation of that deal; 8. ﬔe Company can place the Lot for auction again or sell it by other means according to the provisions of the Conditions of Business with the consent of the Seller, and the Company reserves the right to decide the Estimate and Reserve. ﬔe original Buyer shall pay the commission and other Buyer's Expenses and the Seller in the first auction, and it shall bear all the costs of the second auction or the sale of the Lotby other means. If the price obtained from the second auction or the sale of the Lot by other means is lower than the original auction sum, the original Buyer shall pay the shortfall; 9. To offset any monies related to the Lot that the Buyer owes the Company by any sums that the Company owes the Buyer in any other transactions; 10. ﬔe Company can decide to use any monies paid by the Buyer to repay any sums that the Buyer owes the Company in any other transactions; 11. To reject any bids made by the Buyer or its agent at future auctions, or to obtain auction deposit before accepting any bids; 12. To disclose the information of the Buyer to the Seller, so that the Seller can start a law suit to recover the outstanding amount, or claim damages and claim legal fees for breach of contract by the Buyer.

ARTICLE 59 REMEDIES FOR DELAY IN COLLECTING THE LOT If the Buyer fails to collect the purchased Lot 7 days after the Sale Date (including the Sale Date), the Company has the right to adopt one or more of the measures below: 1. All costs (including but not limited to the storage fee calculated and charged according to the provisions of the Bidder Registration Order starting from the 31st day from the Sale Date (including the Sale Date) and/or risks for the taking out of an insurance policy and/or storing the Lot in the Company or other places shall be borne by the Buyer. Only after the Buyer has paid the full amount of the Purchase Price, it can collect the Lot (packing and moving costs, insurance expenses, expenses related to export shall be at the Buyer's expense); 2. ﬔe Buyer shall bear all the risks and expenses incurred after the deadline as stated in the Conditions of Business if it cannot collect the Lot concerned within that deadline. If the Buyer has not yet collected the Lot within 30 days from the

Sale Date (including the Sale Date), after notifying the Buyer, the Company has the right to sell that Lot in a public auction or by a method and with methods and conditions that it considers suitable. Any proceeds after the deduction of all the losses, expenses (packing & moving costs, insurance costs, expenses related to export, Storage Fee, and notarial expenses etc.) incurred by the Company from the disposal shall be taken back by the Buyer; such balance is noninterest-bearing. If the Buyer fails to take the proceeds back two years after the Sale Date, the balance shall be deposited to a Hong Kong court by the Company after deducting the relevant expenses (including legal fees).

ARTICLE 60 LIMITED WARRANTY 1. ﬔe Company provides general warranty to the Buyer: If the Lot sold by the Company is later found to be a counterfeit, the Company will cancel that deal according to the terms of the Conditions of Business, and will return to the Buyer in the currency of the original deal the Hammer Price together with the Buyer's Commission that the Buyer has paid to the Company for the Lot. In this regard, based on the reasonable opinion of the Company, counterfeits refer to frauds in various aspects such as the source, place of origin, date, production year, duration, culture or sources etc. of the article, and the correct description of the above points have not been recorded in the contents of the catalogue (any special terminologies are taken into consideration). Any damage and/or any type of restored item and/or repaired items (including repaintingor painting on top of it) of the Lot shall not be considered as counterfeit. Please pay attention that if any of the following situations happens, this warranty shall not apply; The contents of the catalogue are based on generally accepted opinion of academics and specialists on the selling date, or contradictions in opinions are shown in the contents of the catalogue; or On the selling date, the only method of proving the Lot is a counterfeit is not a method which can be used in general; which is recognized; which is extremely high price; the usage of such method is impractical; or this method may have caused damage to the Lot or may (according to the reasonable opinion of the Company) have already caused the Lot to lose value; or If the Lot has not lost any material value from the description of the Lot. 2. ﬔe deadline in this warranty is 5 years fromthe Auction Date concerned, these benefits are exclusively enjoyed by the Buyer, and shall not be transferred to any third party. In order to make claims based on this warranty, the Buyer shall:-(1) notify the Company in writing within one month after the receipt of any information which leads the Buyer to doubt the authenticity or attributes of the Lot, specifying the reference number of the Lot, date on which the Lot is purchased and reasons for which it is considered as counterfeit; (2) return the Lot to the Company in the same conditions as it was on the date of sale, and the proper ownership of it is transferrable, plus there are no claims from any third party after the Sale Date. 3. Regarding Southeastern Asian modern and contemporary art, Chinese painting and Chinese calligraphy and Chinese ink painting, although at present the academic sector does not permit the making of deﬁnitive statements, the Company reserves the discretion to cancel those deals of Lots which are proved to be counterfeit southeastern Asian modern and contemporary arts, Chinese painting and Chinese calligraphy and Chinese ink paintings within one year after the Auction Date based on this warranty. Paid sums shall be returned to the Buyer according to this term, however the Buyer shall provide evidences (based on the methods provided forin clause 2 and 4 of this article) to prove that the Lot is counterfeit within one year from the Auction Date; 4. ﬔe Company can, at its discretion, decide to waive any of the above provisions. ﬔe Company has the right to demand from the Buyer two independent specialist reports which are recognized by the specialist sector concerned and which are accepted by the Company and the Buyer at the expense of

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

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

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

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

ARTICLE 67 NOTICE

ARTICLE 63 CONFIDENTIALITY

ARTICLE 68 SEVERABILITY

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

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

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

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

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

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

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

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

ARTICLE 66 EXEMPTION FROM LIABILITY

ARTICLE 72 APPLICABLE PERIOD

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

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

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

IMPORTANT NOTICE ABOUT BIDDING REGISTRATION

—´ H £ Ó Ð ¯° µñÁR3°[ ¶ R} ì îò I. When you register to bid in an auction, you must fill in the Bidding Registration Form, with all relevant documents as follow, and pay a deposit in order to complete the registration. Í H ¯° °[ : 1. ´ & ÖØ Ý ñÁR3°[ ( ¶ÞßñÁ R / à ) bH¤¥R3 ( ¶ñÁR3°[1 $ 5 ) ¶ » ¦´ / § ¨´ 2. }|& } R ãäR3°[ 3. Ïì &Ïì Ý ñÁR3°[ , Ïì Ï Ð ² / R3°[ , ¡ ² / sÖ å t2 %#ÌÇ , ¬ LìæÎ - ¾ £ ¡»¾Ïì ¶´ ÏÐy Ä L 4. ò}| 1²$# x nq × }| é= "´ ÷¯°§ ÖØ »R3 " ò}|¾ ¸¿uX 3 ´µ ¶¿ ì N ! H}Ùì ¼½ II. Documents that must be provided when completing the bidding paddle registration: (1) Individuals: photo identity i.e. national identity card and/ or passport; proof of current address (if the current address is not shown on the identity document), i.e. utility bill or bank statement. (2) Corporate clients: a certificate of incorporation and oﬃcial documents listing directors and shareholders. (3) Agents and/or Acting Personnel: photo identity of the agent and/or acting personnel, copy of identity document of the person/company that the agent and/or acting personnel acts on, original copy of signed and/or chopped authorization letter from the particular person/ company. Please note that Poly Auction (Hong Kong) Limited does not accept any payment from any third party and this also applies to agent. If you participate in the bidding on behalf of others, Poly Auction (Hong Kong) only accepts the payment of the principal. (4) New clients and those clients who have not bidden successfully from Beijing Poly Intemational Auction Co., Ltd., must provide credit proof issued by banks, and must complete the registration at least three business days before the auction so that there will be enough time to process the registration. æÕ´ ß" ëH1 ¤ â}|-Í R} 500,000 ¶´ ü` Ü¤Ý × ( ² æ / ~ æv 0CD × ) R} 1,000,000 é= HçÐÜ¤Ý × R} / îò , «¬® ¯ ²´ ¿ , é= "´ ÷¯°-· µ´ R3

é= °é-· «¬®³ -· $ III. If this is the first time you bid with Poly Auction (Hong Kong) Limited, and you are not recommended by a registered client endorsed by us, the deposit will be HK$500,000. If you intend to bid on a “Premium Lot”(i.e., a lot marked with 0 in the printed catalogue and/or the digital catalogue), the deposit will be HK$1,000,000, please be aware the amount of deposit and/or bidding registration procedure for “Premium Lot” can be changed at any time at Poly Auction(Hong Kong)’s sole discretion without prior notice. In either case, you must deliver to Poly Auction (Hong Kong) Limited such necessary financial references, guarantees, deposits and/or such other security as Poly Auction (Hong Kong) Limited may in its absolute discretion require for before your bid. Poly Auction (Hong Kong) Limited may refuse any bidding registration without any explanation at its’ sole discretion.

ó R} Ç ¤ »1 / §¸1 ( ´ Á<#»õ »1 / §¸1 ) ¶´ 1ã -· × , Åú+² ¨Ð 'ó´µ æIª´ I R} ( ¬,K * ) ¶´ n ýþ Å¡ R} ÿ ×ÁýÝ R -·G I Ó¤¸È` ²» Åí´ :/ IV. All deposits must be paid in HK dollars by telegraphic transfer, credit card acceptable to Poly Auction (Hong Kong) Limited and/or Union Pay Card under your name. If you are not successful in any bid,the deposit (without interest) will be returned to you by any method as determined by Poly Auction (Hong Kong ) Limited within 14 days after the end of the auction. If you successfully bid for any lot(s), Poly Auction (Hong Kong) Limited may use the deposit to offset any amount of purchase price of the lot(s) that bought by you. Any losses or expenses from foreign currency conversion involved in the refund will be borne by you. ÿ ÷ ¯° 4ÔR3/ ë R3 ¤ ÷ p Ç ×¯ °py ËçO ¼}F· V. Poly Auction (Hong Kong) Limited has the right to demand the Bidder to provide any proof of financial conditions, guarantee, proof of bank deposit and/or any other necessary documents that our company can demand, at its absolute discretion, and/or asking the Bidder to provide any other collateral for the Lot(s) that the latter intends to bid. Our company reserves the right to investigate the sources of funds of the Bidder. [ é= °é-· «¬®³ -·$ VI. Please be aware that Poly Auction (Hong Kong) Limited can refuse any bidding registration without any explanation at its’ sole discreation.

IMPORTANT NOTICE ABOUT PAYMENT

' n¤ ýþöÿ \]Ý ö~} n¤ ( Kn¤ ) *# æ ýþö" Áý Ý ¯z × , #ýþ23Å ×Ø¥ , ® ¤ã® Ø¥ s¤R , ¾' ¡» I. In addition to the Hammer Price, the Buyer agrees to pay the applicable commission in respect of such Hammer Price. Payment must be made within 7 calendar days (including the day of Sale) from the day of sale. ﬔis applies even if the Buyer wishes to export the lot and export license is (or may be) required. Í< n¤ ( Kn¤ ) ì æ'' * ýþ ¸1 rz ×ÿ Äë² {[{ L Äë¬ '´î ÐÄë² Äë²¬,+p y¼w²» ¶ , Ã² py¼w²»Å¸¯ Mz II. Where Lot(s) is(are) not collected within 30 calendar days (including the day of sale) from the day of sale, the Buyer must pay the monthly storage fee of HK$800 per lot starting from the 31st day. For storage less than one month, one whole month’s storage fee will be charged. All other additional expenses such as insurance, packing and/or transportation costs will be charged separately. æ L Uÿ Î¨& 電匯 Î¨ Ç Ç Î¨ rK

§ ¦| #ÅÇ ±5 ëõ ÓD Ö4D5' *¤ § | & ¹uÇ6§ | & D5&004-848-360475-838 M § ÏD : HSBCHKHHHKH § Ï5 : 004 | &¤ § ãÁ | & D5&027-536-9-311-5318 M § ÏD : COMMHKHH § Ï5 : 027 信用卡 / 銀聯卡 ýþ¶ ¤ »1 / §¸1Î¨ÿ ÁýÝ ®:/ G¾ }¼¬þ¾ 2.5% ²» L »1 ¹ 1,000,000 ( {' ) ¶ýþ ¦1 ¬² Î¨ »1ÿ }| £ ” »1 å t” æØ (852 23039888 ) / (cs@polyauction. com.hk ) FÎ¨½ª ¥ L µ £Ð 支票

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現金 / 銀行本票 ¶ b} § 4 R ¤ P ¯z × 8¬ L 'Ô þ §¨»b}ÿ Ë 80,000 ë¢ÝÞw R "ÿ b} ýþ ò}|Mz ÙñÁR3°[ +¤¥R3 b}F·R3 III. Our company accepts the following 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 invoice number with your instructions to the bank. Bank: The Hongkong and Shanghai Banking Corporation Limited Account Name: Poly Auction (Hong Kong) Ltd. Account No: 004-848-360475-838 SWIFT: HSBCHKHHHKH Bank Code: 004 Bank: Bank of Communications Co., Ltd. Hong Kong Branch Account Name: Poly Auction (Hong Kong) Ltd. Account No: 027-536-9-311-5318 SWIFT: COMMHKHH Bank Code: 027 CREDIT CARD/UNIONPAY CARD Our company accepts payments by credit cards and/ or Union Pay which is acceptable to Poly Auction (Hong Ko n g ) u p t o H K $ 1 , 0 0 0 , 0 0 0 p e r auction sale. The Buyer have to bear the administrative charge which is not more than 2.5% of the paid amount. If buyer pay by credit card but not in person, client have to fill in the “Credit Card Authoirsation Form” and send back by fax (852 23039888)/ email (cs@polyauction.com.hk) or mail to our office address (subject to conditions). CHEQUE Our company accepts personal and company cheques, but please be reminded that the purchases will not be released until such cheques have been cleared. Traveler’s cheques are not accepted. CASH / CASHIER ORDER If payment is made by cash or cashier order, the purchases will be released immediately. However, our company does not accept sums exceeding HK$80,000 (or its equivalent in other currencies) in cash in a single or multiple payments. Our company requests any new clients or purchasers preferring to make a cash payment to provide proof of identity and proof of the permanent address. We reserve the right to seek identification of the source of funds received.

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º» § ¾ýþ ¿'´ µ ¡ ÇÝÊ ` ÖØ ´ ¹ Â Ç ï ýþ< :/ ÿ ¡ÿw Ón ü § îò²~} / py²» IV. If the payment made in a currency other than Hong Kong Dollars, we shall charge the Buyer for any currency costs incurred. This will include bank charges, commissions for converting the currency. The exchange rate of Hong Kong Dollars and that currency will be the rate quoted by such bank as selected by the company, in Hong Kong on the date of payment. ÿ Å" Ð ¹ ¥ÖØ Ø × ¦´ â ¥¬ Òª V. Our company will issue an invoice of sold lot (s) based on the name and address which is (are) on the Bidding Registration Form and the registered name and address should not be changed and/ or amended. [ ¬ L¢ýþw -·ì æ Î ¾ R £ ¡ » ¾ Ï ì ¶Ïì ÏÐy Ä L ¢ Lýþ w Ë°MpyF· VI. Our company does not accept payment from any third party other than the Buyer. This applies to agent as well. If the agent participates in the auction on behalf of any others, we only accept payment from the principal. Except payment from the Buyer directly, our company reserves the right to reject payments from other sources.

保利香港拍賣有限公司 (“ 保利香港拍賣 ”)

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

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

BIDDING REGISTRATION FORM Paddle No. Client No. Personal Account

Company Account

Name

Company Name

ID / Passport No.

Business Registration No.

Authorized Person : ___________________________________

ID/Passport No. : ______________________ Telephone: _________________________

Address City

Country

Postal Code

Telephone

Fax

Auction Category:

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

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

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

□ Tea □ Chinese Spirit □ Whisky & Cognac □ Other

□ No

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

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

SIGNATURE

DATE

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

FOR OFFICE USE ONLY

□ Wire Transfer Handled by

□ Cashier Order

□ Cheque

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

Approved by

□ Others Date / Time

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

ID/PP : □ Provided

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

ABSENTEE BID REGISTRATION

Paddle No.:

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

Personal Account

Company Account

Name

Company Name

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

Address

Client No.

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

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

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

□ TELEPHONE BIDS Please indicate clearly the instant communication methods and instruments that you can be contacted during the auction period, we will phone you before the bidding of the Lot that you intend to bid for, the bidding information transmit by that instant communication instruments (whether or not it is transmitted by you personally) shall be considered as transmitted by you, and you shall bear all liability and responsibility (including but not limit legal liability and responsibility) for the actions taken by it. All telephone bids may be recorded and kept at Poly Auction (Hong Kong)’s sole discretion, by opting for telephone bids, the Bidder agrees that its phone conversation will be recorded.

Sale No.

Lot No.

_________________________________

Business Registration No.

ID / Passport No.

City

Country

Postal Code

Tel #1

Tel #2

Fax

Preferred language

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

Tel:

IMPORTANT REMINDER: • Poly Auction (Hong Kong) does not accept any payment from any third parties (agent inclusive), nor cash in excess of HK$80,000 (or its equivalent in other currencies), and that the invoice details cannot be changed and/or amended after the end of the Auction. • Please provide certified true copies of the following documents: o Individuals: photo identity i.e. national identity card and/or passport, proof of current address (if the current address is not shown on the identity document), i.e. utility bill or bank statement. o Corporate clients: a certificate of incorporation and official documents listing directors and shareholders. o Agents and/or Acting Personnel: photo identity of the agent and/or acting personnel, identity document of the person/company that the agent and/or acting personnel acts on, original copy of signed and/or chopped authorization letter from the particular person/ company. Please note that Poly Auction (Hong Kong) Limited does not accept any payment from any third party and this also applies to agent. If you participate in the bidding on behalf of others, Poly Auction (Hong Kong) only accepts the payment of the principal. • Poly Auction (Hong Kong) only accepts Absentee Bid Registration Form in this written format. I hereby apply for and appoint Poly Auction (Hong Kong) to conduct bidding for the Property(ies) listed in this Absentee bid registration, and agree to the following terms: 1. I undertake that I have carefully read and accept the Conditions of Business, Important Notices, Important Notices about Bidding Registration and Important Notices about Payment of Poly Auction (Hong Kong) published in the catalogue, and agree to be bound by all the terms of the above mentioned provisions. 2. ﬔe disclaimer of absentee bid of the Conditions of Business of Poly Auction (Hong Kong) is indisputable, I shall not seek to establish the relevant responsibilities of Poly Auction (Hong Kong) and its staff for unsuccessful bidding or their inability to bid on my behalf regardless such is caused by negligence or other reasons. 3. I shall present this Absentee Bid Registration to Poly Auction (Hong Kong) at least three business days before the Auction Day, and complete the bidding registration according to the conditions and procedures announced by Poly Auction (Hong Kong). If Poly Auction (Hong Kong) has not received the amount corresponding to the Auction deposit that I have paid or Poly Auction (Hong Kong) has not verified and confirmed it within the period stipulated, this form shall be void. 4. ﬔe contract between the Buyer and Seller shall be concluded upon the striking of hammer by the Auctioneer. If the Lot is sold, I agree to pay in Hong Kong dollars the Hammer Price, a commission equivalent to 20% of the hammer price of each lot and any Buyer's expenses within 7 calendar days (including the day of sale).

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

Lot Description

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

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

Date:

□ Cashier Order

□ Cheque Approved by

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

ID/PP: Date / Time

□ Provided

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

Please complete this section and delete where applicable

SALE DETAIL Sale #

Lot #

Methods of Dispatch

Registered post/Air fright/Commercial Courier

Invoice#

Delivery Address

(Please cross out as appropriate)

CHARGES

Telephone

Fax

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

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

Invoice Address if different from above

Telephone

Fax

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

Special instructions:

Signature

Y/N

Date

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