手袋及精品 Timeless Handbags & Luxury Collectibles by Ravenel International Art Group

SPRING 2017

001

A MATTE HIMALAYA NILO CROCODILE BIRKIN BAG 30 WITH PALLADIUM HARDWARE 霧面喜馬拉雅 NILO 鱷魚皮 30 公分柏金包附銀色金屬配件 HERMÈS, 2014, 30 W X 22 H X 15 D CM 估價待詢

I N T E R N A T I O N A L

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羅芙奧 2017 春季鑑賞會 RAVENEL SPRING 2017 private sale 手袋及精品 Timeless Handbags & Luxury Collectibles

鑑賞日期 / 地點 EXHIBITION

台中

Taichung

2017年5月13日（六）下午1:00至下午6:00

Saturday, 13 May., 2017 1:00 pm - 6:00 pm

2017年5月14日（日）上午11:00至下午6:00 豐藝館台中市西區五權西路一段110號

Sunday, 14 May., 2017 11:00 am - 6:00 pm Fong-Yi Art Gallery (Next to the National Taiwan Museum of Fine Arts)

高雄 2017年5月20日（六）上午11:00至下午6:00

No. 110, Sec. 1, Wuquan W. Rd. West Dist., Taichung, Taiwan

2017年5月21日（日）上午11:00至下午6:00 琢璞藝術中心高雄市前金區五福三路63號8樓台北

kaohsiung Saturday, 20 May., 2017 11:00 am - 6:00 pm

2017年6月1日（四）上午10:00至下午6:00

Sunday, 21 May., 2017 11:00 am - 6:00 pm

2017年6月2日（五）上午10:00至下午6:00

J. P. Art Centre

2017年6月3日（六）上午10:00至下午6:00

8F, NO.63 Wu Fu 3 Road,Kaohsiung,Taiwan

2017年6月4日（日）上午10:00至下午6:00 萬豪酒店台北市中山區樂群二路199號3樓 Salon III & VI

Taipei Thursday, 1 Jun. - Sunday, 4 Jun., 2017 10:00 am - 6:00 pm Taipei Marriott Hotel Salon III & VI 3F, No. 199 Lequn 2nd Road, ZhongShan District, Taipei

I N T E R N A T I O N A L

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G R O U P

目錄每本售價：Hk$200 Nt$800

鑑賞會服務部門及連絡人 RAVENEL STAFF AND SERVICES FOR THIS SALE

專家

CONSULTANT

林美夆電話：+886 2 2708 9868 轉 909 電子信箱：annikalin@ravenel.com

Annika Lin Tel: +886 2 2708 9868 ext. 909 Email: annikalin@ravenel.com

諮詢

INQUIRY

林恒如電話：+886 2 2708 9868 轉 906 電子信箱：ninalin@ravenel.com

Nina Lin Tel: +886 2 2708 9868 ext. 906 Email: ninalin@ravenel.com

付款事宜

PAYMENT

王美日電話：+886 2 2708 9868 轉 697 電子信箱：emilywang@ravenel.com

Emily Wang Tel: +886 2 2708 9868 ext. 697 Email: emilywang@ravenel.com

有關付款詳細事宜，說明於本目錄後，如您需要更

Payment details are described at the back of the catalogue. Please contact the above person if you need any further information.

進一步的諮詢，請洽上述聯絡人。

取貨及運輸事宜

COLLECTION AND SHIPPING

吳博峯電話：+886 2 2708 9868 轉 885 電子信箱：tommywu@ravenel.com

Tommy Wu Tel: +886 2 2708 9868 ext. 885 Email: tommywu@ravenel.com

註一：準買家需注意展品均是以「當時認定」之狀況賣出，相關細項請參照目錄後之業務規則。請參照買家需注意事項。

Remarks: Buyers must note that all the items at the sale are sold “as is”. Please refer to the Transaction Agreement at the back of the catalogue. Please refer to the “Transaction Agreement to the Buyers”

王鎮華董事長

Arthur Wang Chairman

郭倩如副董事長

Clara kuo Vice Chairman

李雅欣 Wendy Lee 營運長 Chief Operation Officer

002

003

A PAIR OF COLORED DIAMOND AND DIAMOND EARRINGS

A SAPPHIRE AND DIAMOND RING

黃鑽配鑽石耳墜，附 GIA 證書

7.78 克拉斯里蘭卡星光藍寶石配鑽石戒指，無熱處理，附 GRS 證書

HK$ 88,000 NT$ 352,000

HK$ 228,000 NT$ 912,000

004

A SAPPHIRE AND DIAMOND PENDENT 10.19 克拉斯里蘭卡藍寶石配鑽石吊墜，無熱處理 HK$ 400,000 NT$ 1,600,000

005

006

A COLORED DIAMOND AND DIAMOND RING

A SAPPHIRE AND DIAMOND RING

2.09 克拉黃鑽配鑽石戒指，附 GIA 證書 HK$ 128,000 NT$ 512,000 8

4.33 克拉斯里蘭卡藍寶石配鑽石戒指，附 GRS 證書 HK$ 128,000 NT$ 512,000

007

008

A RUBY AND DIAMOND RING

AN EMERALD AND DIAMOND RING

1.13 克拉莫桑比克紅寶石配鑽石戒指，無熱處理，附 GRS 證書

0.82 克拉及 0.87 克拉哥倫比亞祖母綠配鑽石戒指，附 GRS 證書

HK$ 50,000 NT$ 200,000

HK$ 75,000 NT$ 300,000

009

010

AN EMERALD AND DIAMOND RING

A COLORED DIAMOND AND DIAMOND RING

4.05 克拉哥倫比亞祖母綠配鑽石戒指，附 GRS 證書 HK$ 200,000 NT$ 800,000

2.10 克拉黃鑽配鑽石戒指，附 GIA 證書 HK$ 138,000 NT$ 552,000

011

A RUBY AND DIAMOND RING 3.65 克拉緬甸紅寶石配鑽石戒指，附 GRS 證書 HK$ 268,000 NT$ 1,072,000

012

A SAPPHIRE AND DIAMOND RING 16.05 克拉斯里蘭卡藍寶石配鑽石戒指，無熱處理，附 GRS 證書 HK$ 550,000 NT$ 2,200,000 12

013

AN EMERALD AND DIAMOND RING 20.11 克拉哥倫比亞祖母綠配鑽石戒指，F1 近無油，附 GIA 證書 HK$ 1,200,000 NT$ 4,800,000

014

A COLORED DIAMOND AND DIAMOND RING 4.46 克拉濃彩黃鑽配鑽石戒指，附 GIA 證書 HK$ 520,000 NT$ 2,080,000

015

A SAPPHIRE AND DIAMOND RING 3.65 克拉斯里蘭卡藍寶石配鑽石戒指，無熱處理，附 GRS 證書 HK$ 220,000 NT$ 880,000 18

016 A COLORED DIAMOND AND DIAMOND PENDENT 黃鑽配鑽石吊墜，附 GIA 證書

HK$ 200,000 NT$ 800,000

017

AN EMERALD AND DIAMOND RING 4.90 克拉哥倫比亞祖母綠配鑽石戒指，附 GRS 證書 HK$ 360,000 NT$ 1,440,000 20

018

A SAPPHIRE AND DIAMOND RING 5.60 克拉斯里蘭卡藍寶石配鑽石戒指，無熱處理，附 GRS 證書 HK$ 180,000 NT$ 720,000

on d Ring

A Ru by

iam

A Sapphire And Diamond Ring

d on m Dia ing R

A Ruby And Diamond Ring A Sapphire And Diamond Ring An Emerald And Diamond Ring

A Ruby And Diamond Ring

Ri era ld nd And Diamo

A Sapphire And Diamond Ring An Emerald And Diamond Ring

An Emerald And Diamond Ring

An Emerald And Diamond Ring A Sapphire And Diamond Ring A Colored Diamond And Diamond Ring

D ia mond

A S ap ph i

d An

Ri n

An Emerald And Diamond Ring

red A Colo

A Sapphire And Diamond R

A Colored Diamond And Diamond Ring

D iam ia m o n d Ri ng D ond And

019

A PINK SAPPHIRE AND DIAMOND NECKLACE 粉紅藍寶配鑽石項鍊 HK$ 428,000 NT$ 1,712,000

020

A PINK SAPPHIRE AND DIAMOND BROOCH 粉紅藍寶配鑽石胸針 HK$ 220,000 NT$ 880,000

021

A PAIR OF RUBY AND DIAMOND EARRINGS 緬甸鴿血紅切割面紅寶石配鑽石耳環，附 S.P.YU 證書 A RUBY AND DIAMOND RING 緬甸鴿血紅切割面紅寶石配鑽石戒指，附 S.P.YU 證書 HK$ 628,000 NT$ 2,512,000

022

A PAIR OF EMERALD AND DIAMOND EARRINGS 3.25 克拉及 3.66 克拉哥倫比亞光面祖母綠配鑽石耳環，附 GRS 證書 AN EMERALD AND DIAMOND RING 6.36 克拉哥倫比亞光面祖母綠配鑽石戒指，附 GRS 證書 HK$ 488,000.00 NT$ 1,952,000.00

023

A SAPPHIRE AND DIAMOND RING 11.53 克拉斯里蘭卡藍寶石配鑽石戒指，附 GRS 證書 HK$ 600,000 NT$ 2,400,000

024

A SAPPHIRE AND DIAMOND RING 26.68 克拉斯里蘭卡藍寶石配鑽石戒指，無熱處理，附 GRS 證書 HK$ 3,480,000 NT$ 13,920,000 32

025

AN EMERALD AND DIAMOND RING 5.66 克拉哥倫比亞切割面祖母綠配鑽石戒指，附 GRS, GUBELIN 證書 HK$ 880,000 NT$ 3,520,000

026

A SAPPHIRE AND DIAMOND RING 9.55 克拉斯里蘭卡藍寶石配鑽石戒指，無熱處理，附 GRS 證書 HK$ 660,000 NT$ 2,640,000

027

AN EMERALD AND DIAMOND RING 4.47 克拉哥倫比亞祖母綠配鑽石戒指，附 GRS 證書 HK$ 520,000 NT$ 2,080,000 38

028

AN EMERALD AND DIAMOND RING 3.46 克拉哥倫比亞祖母綠配鑽石戒指，附 GRS 證書 HK$ 368,000 NT$ 1,472,000

029

AN EMERALD AND DIAMOND RING 8.67 克拉哥倫比亞祖母綠配鑽石戒指，附 GRS 證書 HK$ 1,180,000 NT$ 4,720,000 42

030

A SAPPHIRE AND DIAMOND RING 9.05 克拉緬甸藍寶石配鑽石戒指，無熱處理，附 GUBELIN 證書 HK$ 1,280,000 NT$ 5,120,000

031

A JADEITE AND DIAMOND PENDANT 緬甸天然翡翠觀音配鑽石掛墜 HK$ 2,500,000 NT$ 10,000,000 46

032

A STRAND OF SOUTH SEA CULTURED PEARL NECKLACE 南洋養殖珍珠項鍊 HK$ 28,000 NT$112,000 48

033

A SOUTH SEA CULTURED PEARL AND DIAMOND RING 南洋養殖珍珠配鑽石戒指 HK$ 26,000 NT$104,000

034 A STRAND OF GOLDEN SOUTH SEA CULTURED PEARL NECKLACE 金色南洋養殖珍珠項鍊

HK$ 58,000 NT$ 232,000 50

035

A GOLDEN SOUTH SEA CULTURED PEARL AND DIAMOND RING 金色南洋養殖珍珠配鑽石戒指 HK$ 22,000 NT$ 88,000

036

A JADEITE AND DIAMOND PENDANT 緬甸天然翡翠「官上加官」吊墜 HK$ 120,000 NT$ 480,000 52

Transaction Rules The following provisions are entered into by and between Ravenel Auction Hong Kong Limited, having its registered office at Unit 601-3, 50 Connaught Road, Central, Hong Kong, as the auctioneer(hereinafter referred to as “the Company”), and the Seller (hereinafter referred to as the “Seller”). This Agreement is also entered into by and between the Company as the agent of the Seller and the Buyer (hereinafter referred to as the “Buyer”). The Prospective Buyer, the Buyer and the Seller must carefully review and completely agree all provisions hereunder and any revisions from time to time. The Buyer should pay special attention to Article 2, Section 5 which provides limitations as to the legal responsibilities of the Company. Article 1.Definition Some of the phrases commonly seen herein are defined as follows: 1. “The Buyer” shall mean highest bidder accepted by the Company. 2. “The Prospective Buyer” shall mean any potential bidder willing to attend the auction salehosted by the Company. 3. “The Seller” shall mean the mandator who provides the Lot and agrees to appoint the Company as its exclusive agent to sell the Lot at the Auction and participate, and cooperate, in exhibitions prior to the Auction if so required by the Company. 4. “The Lot” shall mean the item delivered to the Company to be sold in an auction or exhibition, especially the single or multiple pieces of items numbered in the catalogue. 5. “Hammer price” shall mean the highest bid with respect to one particular auction item accepted by the auctioning party. 6. “The Buyer’s Premium paid by the Buyer” shall mean the fee based on a certain percentage of the Hammer price paid by the Buyer; the percentage shall be as prescribed in Article 2, Section 4a. 7. “The Reserve Price” shall mean the lowest price agreed by the Company and Seller. The Lot cannot be sold at a price lower than such price. 8. “Counterfeit” shall mean the Lot constitutes imitation and the original concept of the imitation and its overall execution result in fraud to cause deception in connection with the author, history, year, age, culture or origin of the Lot, for which the accurate description is not reflected in the catalogue and the value of the Lot on the auction day is far less than the value it should have according to the description in the catalogue. Therefore, no auction item will become a counterfeit as a result of any damage and/or any repairing in any manner (including repaints). 9. “Insured amount” shall mean the value of the insurance purchased for the Lot which the Company considers necessary under its absolute power from time to time (regardless whether such insurance is purchased by the Company). Article 2.The Buyer 1. The Company as the Agent The Company, as the auctioning party, shall act as the agent of the Seller. Except otherwise provided, items successfully sold in the auction held by the Company shall be bound by the agreement made by and between the Seller, through the agency of the Company, and the Buyer.

2.Prior to the Auction a. Authentication We strongly recommend that the prospective buyers conduct their own authentication for the items they are interested in bidding prior to the auction. We provide no guarantees to the buyer including but without limitations whether the Lot is a counterfeit or the authentication of the Lot’s certificates (with the exception of the guarantee with regard to counterfeits as defined in Article 1 of the Transaction Agreement). b. Important Notice Attention, the Prospective Buyers: As far as possible, the descriptions of auction items will mention obvious defects of the items; however, they do not necessarily include all flaws, defects, or incomplete aspects. The Company does not guarantee that the Lots on auction are in good working condition and the descriptions in the catalogue must not be construed as implying such. The description of the auction items also do not imply that the items have not gone through readjustment or repair or allude anything about the current state or storage conditions of the items. Any omission in the catalogue description regarding the current condition or the appraisal of defects in the items by no means represent that those items are in good condition, function normally, or that there will be any free repair or replacement of parts. We strongly recommend the Prospective Buyers to personally view the items for which they plan to bid before the auction itself. If a Prospective Buyer is unable to view an item for whatever reason, then in our role as a service provider, we would be more than happy to offer our opinion of an item’s special characteristics and current condition. However, the Company is not a professional restorer of the Lots; therefore, any description in the catalogue or any statement provided by the Company is purely the Company’s subjective opinion and not a statement of fact, not for representations or warranties. The Prospective Buyer completely understands and acknowledges that all of the items on auction are being sold in “as is” condition.The Company does not provide any representation or guarantee as to the conditions of any of the items. Unless otherwise stated in laws of Hong Kong, the Company does not provide any warranty with the items. c. Symbol Key The following key explains the symbol you may see inside this catalogue. Premium Lot In order to bid on “Premium Lots” the Buyer must complete the required pre-registration application and deliver to The Company such necessary financial references, guarantees, deposits and / or such other security as The Company’s may in its absolute discretion require for your bid. The Companydecision whether to accept any pre-registration application shall be final. We recommend you complete and return the Lot pre-registration form in this catalogue in the manner required therein or contact the Company at least 5 working days prior to the relevant sale in order to process the pre-registration. Please bear in mind that we are unable to obtain financial references over weekends or public holidays. The Company will provide a special paddle number for the register of “Premium Lot”. ○ Guaranteed Property The Seller of the Lots with this symbol next to the Lot number has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by the Company, by a third party or jointly by the Company and a third party. A guarantee may be in the form of an irrevocable bid provided by a third party. Third parties providing or participating in a guarantee may benefit financially if a guaranteed Lot is

sold successfully and may incur a loss if the sale is not successful. If third parties providing or participating in a guarantee is the successful bidder for the guaranteed Lot, they should be required to pay the full Buyer’s Premium. Endangered Species Property made of or incorporating endangered and other protected species of wildlife are marked in the catalogue with a symbol ( ) next to the title of the said lot. Such materials include coral, ivory, tortoiseshell, crocodile skin, rhinoceros horn, whalebone, etc. The Buyers should be aware that some countries prohibit altogether the importation of property containing such materials, and that other countries may require a licence or certificate (e.g. a CITES permit) in the countries of exportation as well as importation. For example, the United State prohibits the importation of elephant ivory that is less than 100 years old. The Company suggests that the Buyers check with their own government regarding wildlife import requirements prior to placing a bid. Please note that it is the Buyer’s responsibility to obtain any licences and/or certificates as well as other required documentation applying to the importation or exportation of the property containing endangered and other protected wildlife materials. The Buyers completely acknowledge and understand the inability to import or export such property is not a basis for cancellation or rescission of the sale. Burmese Stones Lots which contain rubies or jadeite originating In Burma (Myanmar) may be prohibited to be imported into the United States. As a convenience to our bidders, we have marked these lots with ( ). The Buyers completely acknowledge and understand that any inability to import any such Lots into the U.S. or any other country shall not constitute grounds for non-payment or cancellation of the sale. With respect to the Lots that contain any other types of gemstones originating in Burma (e.g., sapphires), such Lots may have the possibility to be imported into the U.S., provided that gemstones have been mounted or incorporated into jewellery outside of Burma and provided that the setting is not of a temporary nature (e.g., a string). Importation of watches into the USA The Prospective Buyers should be aware that the importation of luxury watches such as Rolex into the United States is highly restricted. These watches (not limited to Rolex) may be prohibited to be shipped into the USA and can only be imported personally. Generally, a buyer may import and wear only one watch into the USA. In this catalogue these watches have been marked with ( ). It is the Buyer’s sole responsibility to determine whether there are any Import restrictions and to comply with such restrictions. The Buyers completely acknowledge and understand that the failure by the Company to mark a lot with ( ) shall not constitute grounds to rescind or cancel a sale. d. Catalogue Explanations Any statement of the author, history, date, year, size, material, ownership, authenticity, origin, condition of preservation or estimated selling price of any of the Lots and certificates thereof shown in the catalogue or the authentication opinion made by the Company, or any other verbal or written statements made separately shall be solely statements of opinions and shall not be deemed the basis for the statements of actual fact. The photographs shown in the catalogue shall serve as reference only and shall not be deemed as the basis for determining the color or tone of any Lots or disclosure of the defects of such item. The estimates of the auction price shall not be deemed the price at which such item will be successfully sold or the statement of the value of

the item for other purposes. Many auction items fail to maintain their perfect condition because of time and other environmental factors. Some of the explanations in the catalogue or the authentication opinions will state defects and/or the repair background of the Lots. Such information is meant for reference only. Missing information in the statements does not mean the Lot has no defects or has not been repaired. Any statement of one particular defect does not mean there is no any other defect. All the lots in this catalogue are offered subject to a reserve, which is the confidential minimum price established between the Company and the seller and below which the lot will not be sold. The Reserve Price will not exceed the low estimate for the lot. If any lots are offered without a reserve, these lots will be identified with the red title, and a Special Note will be included to this effect. The description of the condition of clocks and watches in this catalogue, including references to defects and repairs, is provided as a service to prospective buyers, but such description is not necessarily complete. While The Company will furnish a condition report on any lot to a prospective purchaser upon request, any such report may also be incomplete and may not specify all mechanical replacements or defects. Accordingly, all clocks and watches should be viewed personally by prospective buyers to evaluate the condition of the property offered for sale. All lots are sold “as is”, and absence of any reference to the condition of a clock or watch does not imply that the lot is in good condition and without defects, repairs or restorations. Virtually all clocks and watches have been repaired in the course of their normal useful lifetime and may now incorporate parts not original to them. Furthermore, The Company makes no representation or warranty that any clock or watch is in working order. It should be noted that most wristwatches with water-resistant cases have been opened to identify type and quality of movement. It cannot be assumed that the watches are still waterproof and the Buyers are advised to have the watches checked by a competent watch-maker before use. Please note that gold of less than 18ct. does not quality in all countries as ‘gold’ and may be refused import. The Company cannot accept liability if import is refused. Please note that all Rolex watches in the The Company sale catalogue are sold as viewed and that The Company cannot guarantee the authenticity of any individual component part of these Rolex watches. The bracelets described as “associated” are not part of the original piece and may not be authentic. e. Responsibility of the Buyer The Buyer is responsible for clarifying and satisfying himself about the condition of the items and any related matters stated in the catalogue descriptions and making his/her own judgment or estimation independently regarding the Lots. 3. In the Auction a. Refusal of Admission The auction is held at the premises of the Company or any location where the Company has control of for the auction. The Company has full discretion to exercise the right to refuse entry to the premises for the auction or to prevent participation in the auction. b. Registration Prior to the Bidding The Prospective Buyers must fill in and sign the registration forms prior to the bidding and provide personal identification. The Prospective Buyers should also note that the Company may be requested to conduct credit checks against Buyers.

c. The Bidder is the Buyer Unless a written agreement has been made upon registration that the bidder will be the agent who acts on behalf of a third person and such third person is accepted by the Company, the bidder will be deemed as the Buyer who will bear individual legal responsibilities. d. Commission Bids The Company will make the proper effort to bid for the Prospective Buyers who instruct us to bid on their behalf by using the forms attached to the explanations of the catalogue; provided, however, bid commission instructions are delivered to the Company prior to the auction. If the Company receives several commission bids for one particular item, with all bid prices being equal and of the highest bid price at the auction, priority shall be given to the Buyer whose bid commission is delivered to the Company first. Commission bids are subject to auction conditions. The situation at the auction may prevent the Company from making the bid as commissioned. This is a free service provided by the Company to the Prospective Buyers pursuant to the provisions prescribed. The Company will not be held legally liable if it fails to make the bid as commissioned. The Prospective Buyers should attend the auction in person if they wish to ensure a successful bid. e. Bid by Phone The Company will make proper effort to contact the bidder so he can participate in the auction by phone if the Prospective Buyer makes arrangements with the Company prior to the auction. However, the Company will bear no responsibilities to the Seller or any Prospective Buyer if no contact is made or any failure to participate in the auction by phone under any circumstances. f. Online Bids via LiveAuctioneers If the bidder cannot attend the auction, it may be possible to bid online via LiveAuctioneers for selected Lots to bear individual buyers’ responsibilities. This service is free and confidential. For information about registering to bid via LiveAuctioneers, please refer to ravenel.com. Bidders using the LiveAuctioneers service are subject to the additional terms and conditions for online bidding via LiveAuctioneers, which can be viewed at ravenel. com and be revised by the Company from time to time. g. Exchange Rate Conversion Board There will be an exchange rate conversion board operating at the auctions. The exchange rate is calculated at the exchange rate of the one-month future goods reported to the Company from the bank when starting business on the day of the auction. Nonetheless, the auction will still be conducted in HKdollars. The exchange rate conversion board is not absolutely reliable and for the reference only. The accuracy of either the Lot numbering shown on the board or the equivalent of the bid price in any foreign currency is not within the control of the Company. The Company will not be responsible for any losses caused by the reliance of the Buyer on the exchange rate conversion board. h. Recorded Images There is image projection in the auctions; however, errors may occur during the operation. The Company is not liable for the color accuracy of the reproduced image and whether the projected image corresponds to the item being auctioned. i. Determining Power of the Auctioneer The auctioneer has the absolute power to reject any bid, push for bids at his discretion, withdraw any auction items, separate or combine two or more auction items, and if there is any error or dispute, re-auction the items. If the auctioneer announcethe points for attention before the auction or the bidding, the Buyer shall pay attention for any announcement as its own responsibility. j. Successful Bids

Under the sole discretion of the auctioneer, the fall of the hammer indicates the acceptance of the highest bid price, i.e., the Seller and the Buyer enter into a successful auction agreement.The Buyer shall be responsible to the Seller for performing the obligations and responsibility of a Buyer. 4. Following the Auction a. The Buyer’s Premium of Each Lot Payable by the Buyer 1. The Buyer should pay the hammer price and, in addition, the Buyer’s Premium to the Company. For hammer price below HK$ 8,000,000 (inclusive), the Buyer’s Premium should be calculated at 20% of the hammer price. 2. For hammer price higher than HK$ 8,000,000, total amount of the Buyer’s Premium should be that the first HK$ 8,000,000 of the hammer price should be calculated at 20% and the rest of the amount of the hammer price should be calculated at 12%. b. Taxes All the payments payable by the Buyer to the Company do not include any government tax any commodity or service taxes or any other value added taxes. The Buyer should be responsible for paying any applicable taxes as required by the law. c. Payment The Buyer should provide his name and permanent address to the Company upon the successful bid. Relevant bank information, including but without limitations the payment account, should also be provided upon request. All payments due (including the hammer price, Buyer’s Premium and any applicable taxes) should be paid within 7 days following the auction date. The aforesaid provision also applies if the Buyer intends to export the Lot and (may) need the export permit. If the Buyer fails to pay to the Company all the payments due, the Buyer will not acquire the ownership of the Lot even if the Company has delivered such item to the Buyer. If the payment to The Company are made in any currency other than HK dollars, the Company will collect from the Buyer any foreign exchange expense incurred therefrom, including bank charges and foreign exchange Buyer’s Premiums. The exchange rate of the payments to the Company in any currency other than HK dollars should be the exchange rate reported by the Hong Kong and Shanghai Banking Corporation (HSBC) to the Company on the auction date and should be based on the certificates issued by the Company according to such exchange rate. d. Collection of the Lot Sold Unless otherwise agreed by the Company, the Company will hold temporarily the successfully sold Lots until all payments to the Company are made in full. The Lot will be covered by the insurance of the Company from the auction date for 7 days during the temporary holding period. The insurance coverage will terminate upon earlier collection of such item. The Buyer should be responsible for all risks following expiration of the said 7-day period or the collection (whichever is the earlier). e. Packaging and Transportation The Buyer is requested to note that he should bear all the risks after expiration of the said 7 days period or from collection of such items(whichever is the earlier), without prejudice to the Company’s right. f. Referral of Packaging or Transportation Companies The shipping department of the Company may act as the agent of the Buyer to arrange for delivery. Although we can refer freight forwarders upon special request, the Company will not be held liable for any legal responsibilities in this regard.And the Buyer shall prepay the freight charges. g. Remedies for Non-Payment of Items Sold

The Company is entitled to exercise one or more of the following rights or remedies if the Buyer fails to make payment within 7 daysfollowing the auction date: 1. An interest at the annual rate of no higher than 10% plus the base interest rate of Hong Kong and Shanghai Banking Corporation (HSBC) will be imposed on all of the payment due if payment is not made within 7 days following the auction date. Besides, we have the right of charging also 1% selling price (including of hammer price and the commission) multiplied by the number of delayed days as fine for the default. The payment to be made by the Buyer mayoffset any payment owed by the Company or its subsidiaries to the Buyer for any other transactions upon the Company’s sole decision. 2. To exercise lien of any items owned by the Buyer and held by the Company for any purposeincluding but without limitations other transactions. The Company may arrange to sell such items after serving a 14day notice to the Buyer about his non-payment. The proceeds shall make up for the payment due. 3. If the Buyer owes the Company several payments as a result of different transactions, the payments will setoff any payments due in any particular transaction, regardless of whether the Buyer specifies to setoff such payments. 4. Refuse the Buyer to make, or to make on behalf of others, bids in any future auctions and/or to require a security deposit from the Buyer before accepting any future bids from him. If the Buyer fails to make payment within 35 days, the Company is entitled to exercise one or more of the following rights in addition to the aforementioned: (a)To bring legal proceedings against the Buyer on behalf of the Seller to claim the entire payment due and the legal fees and attorney fees resulting from such proceeding based on a total claim. (b)Cancel the transaction of Lots bid by the Buyer or any other auction items sold to the Buyer at the same or any other auctions. (c)To arrange a public or private re-sale of the Lot. If the re-selling price is lower, the difference will be claimed against the Buyer together with any cost incurred as a result of the non-payment by the Buyer. h. No Collection of the Lot Sold The Company will arrange for the storage of the Lot if such item sold is not collected within 7 days following the successful auction, regardless of payment. Such storage cost will be borne by the Buyer. Only when the storage, shipping, insurance cost and any other expenses together with any other payments due to the Company are paid in full can the sold Lot be collected. i. Export Permit Except where otherwise agreed in writing by the Company, the fact that the Buyer’s wishes to apply for an export permit does not affect the Buyer’s responsibility to make the payments in 7 days following the auction date; nor does it affect the Company’s right to impose interest on delayed payments. If the Buyer requests that the Company applies for the export permit on his behalf, the Company is entitled to collect monies made in connection with such an application and any miscellaneous expenses together with any relevant value added taxes. If the Buyer makes the payment regardless of the fact that an export permit is needed, the Company is not responsible for returning to the Buyer any interest or other expenses incurred therefrom. 5. The Legal Responsibility of the Company The Company is responsible for returning payment to the

Buyer pursuant to Article 2, Section 6. Otherwise, whether the Buyer, the Company, any employees or agents of the Company will not be held liable for any statements of the author, history, date, year, ownership, authenticity or origin of any auction item or any errors with respect to any explanations and any flaws or defects of any auction item. The Buyer, the Company, the employees or the agents of the Company make no guarantee impliedly or explicitly with respect to any auction items. Any warranty of any kind shall not be included herein. 6. Return of Payments for Counterfeits The transaction will be cancelled and payments made before remit to the Seller will be returned to the Buyer if the Lot of the Company is confirmed to be a counterfeit by the professional appraisal party agreed and recognized by the Company in writing. However, if: a. The catalogue explanations or the notice at the auction distributed on the auction day corresponds to the opinions generally accepted by the academic or professional fields or explicitly indicates it conflicts with the opinions generally accepted by the academic or professional fields; or b. The method used to prove that the Lot is a counterfeit is a scientific procedure not generally accepted for use before the publication of the catalogue or a procedure unreasonably expensive on the day of the auction, or impractical, or may cause damage to the Lot; the Company is not liable for the return of any payment under any circumstances. In addition, the Buyer’s payment can only be refunded when the following terms are met: 1. The Buyer must notify the Company in writing within 10 days following the auction day that he considers the relevant auction item a counterfeit. The Buyer must return the Lot to the Company within the following 14 days following the said notice and the condition of the item must be the same as on the auction day and without any damage. 2. Upon returning the Lot, the Buyer must present evidence as soon as possible to convince the Company that the Lot is a counterfeit (The Company has the final and sole discretion and decision and such decision shall not be objected in this regard). The Buyer may also assign the good ownership of the Lot to the Company, which shall not concern any third party claim. Under no circumstances is it necessary for the Company to pay the Buyer an amount more than what the Buyer pays in connection with the Lot and the Buyer can not claim interests. The interests of the warrantee cannot be assigned and belong solely to the Buyer who receives the original invoice on which such Buyer’s name is recorded from the Company when the Lot is sold. Such Buyers shall remain the owner of the auction Lot and cannot assign any interest of the Lot to any other person. The Company is entitled to ascertain that the Lot is not a counterfeit based on a scientific procedure or any other procedure, regardless of whether such procedure is being used on the day of the auction.If the result of appraising and verifying whether the Lot is a counterfeit by the Company conflicts with the evidence provided by the Buyer, the Company’s said result shall prevail over the evidence provided by the Buyer. Article 3.The Seller 1. The Company as the Agent The Company acts as the agent of the Seller at a public auction or exhibition. The Closing Agreement of the Lot is the agreement by and between the Buyer and the Seller, through the agency of the Company on behalf of the Seller. The Seller shall be responsible to the Buyer for performing the obligations and responsibility of a seller.

2. Expenses The Seller shall bear costs relating to the following: a. Packing of the Lot and shipping to the Company for the auction b. Any applicable shipping insurance c. The packaging and shipping if the item is delivered back to the Seller. Any applicable custom duties d. Insured under the Company art relic insurance policy (explained in detail later) indicate cohere (we point below) e. Any repairs made to the Lot as per prior agreement with the Seller f. Authentication made by independent professionals appointed by the Company which the Company believes to be necessary in preparing the catalogue explanations. g. Any independent professional opinions appointed by the Company which the Company deems proper h. The storage, loading and unloading and custody of the Lot after the auction (if applicable) i. The administration cost of the Company reaches the total amount of 10% of all the expenses and 10% of the damages incurred as a result of client services provided. j. Any marketing and promotional expenses 3. Insurance Coverage to be Arranged by the Company a. Unless otherwise agreed by the Company, the Lot will be automatically insured under the the Company art relic policy in the amount as deemed appropriate and estimated by the Company. However, the insured amount is not the amount the Company undertakes to be successfully reached during the auction. b. The Company will collect 1% of the hammer price from the Seller or 1% of the Reserve Price if the Lot is not successfully auctioned as the insure premium. If the shipping is arranged by the Company, an additional amount will be collected by the Company from the Seller as the shipping insurance. Such amount varies depending on the individual condition of each auction item. The Company will refer a freight forwarder if necessary. However, in no event shall the Company be not responsible for any legal responsibilities and liabilities incurred therefrom. c. The Lot will remain insured up to 7 days after the auction date. If the Lot has not been sold, it will be at the Sellerâ&#x20AC;&#x2122;s risk upon the expiry of 7 days. d. We are unable to accept responsibility for damage caused by woodworm or changes in atmospheric conditions, moisture, force majeure or unforeseeable conditions, or any reason not attributable to the Company. 4. Insurance Purchased by the Owner If the Seller instructs the Company specifically that it is unnecessary to purchase insurance for the Lot, the risks shall be borne entirely by the Seller until the Buyer makes all the paymentsand the Lot is delivered to the Buyer. The Seller must indemnify the Company, the employees and agents of the Company and the Buyer (if applicable) any claims in connection with the auction against the Company, the employees and agents of the Company and the Buyer, regardless of the cause of such claim, without any conditions. The Buyer must be responsible and also pay for the expenses incurred as a result of such claim if requested by the Company, the employees and agents of the Company and the Buyer, even if such expenses are made as a result of negligence by the Company, the employees and agents of the Company and the Buyer without proof of legal responsibility. The Seller must informby himself/herself the underwriter of the Seller the provision herein. 5. Commitments Made by the Seller with Respect to the Lot The standards for the Company to handle the Lots are provided hereunder. These standards also stipulate and

limit the sale relationship between the Seller and Buyer. In the event such standards are incorrect in any aspect, the Company or the Buyer may bring legal actions against the Seller. The Company should base the purchase and handling of auction items on the following undertaking made by the Seller: a. The Seller is the only legal owner of the Lot and has the unlimited rights to assign his ownership to the Buyer which should not concern any third party right or claim (including but without limitations copyright claims, liens, mortgage). b. The Seller complies with all the laws in connection with the import and export of auction items and any other laws and has notified the Company in writing any failure to comply with such rules in the past. c. The Seller has notified the Company in writing of any major modifications in the Lot to the best of his knowledge and any concern the third party has raised with respect to the ownership of the Lot and the condition. In the event of any inaccuracy of the above a, b and c now or in the future, the Seller must guarantee, if requested, to identify fully the Company and/or the Buyer all the claims, legal fees, attorney fees or other costs and expenses arising herefrom, whether caused by the Lot or the auction proceeds. 6. Auction Arrangements a. The Company has absolute discretion over the description of the auction in the catalogue, display layouts, authentication opinions, location and method of the auction, who will be allowed to bid and the acceptance of the bid price, whether to seek professional opinion and whether to combine or separate the Lots. b. Any price estimates, whether verbal or written are strictly opinions and shall not serve as a guarantee of the final price for the Lot to be sold. c. The Seller cannot withdraw the sale of the Lot without obtaining the prior written consent from the Company. The Company reserves the right to withdraw, suspend, or terminate the sale and authorization of the Lots for the following reasons. These reasons include: 1. The Company is doubtful about the definition or authenticity of the Lot or the accuracy of the statement referred to in Articles 5a, b. or c; or 2. Any violations of the Transaction Agreement; or 3. The Company deems it inappropriate to include the Lot in the auction. d. Withdrawal of Mandate or Authorization (1)The Seller may not withdraw, suspend or terminate his/her/its mandate for the Item(s) or the authorization to the Company under this Agreement without prior written consent of the Company. (2)In the case of such withdrawal, suspending or termination stated in paragraph A, the Seller shall pay the Company an amount equivalent to 40% of the Reserve Price as punitive damages in addition to the compensation for damages or economic loss to the Company. (3)In case of default or breach of this Agreement, the Company may cancel or terminate this Agreement anytime and the Seller shall also pay all costs and expenses incurred by the Company under this Agreement. 7. Auction Rules a. The Company will auction the item according to the Reserve Price. The Reserve Price may not be higher than the minimum of the estimates set in the catalogue except otherwise if the Reserve Price agreed is in a currency other than HK dollars and the ReservePrice is higher than the minimum of the estimates caused by

the exchange rate fluctuation between the Reserve Price agreement day and the auction day. Under such circumstances, except where otherwise agreed by the Company, the ReservePrice shall be in HK dollars calculated by the exchange rate at the closing of the market the day immediately before the successful auction. b. If the bid price is lower than the ReservePrice, the Company is in no way to be held liable; however, the Company is entitled to auction the item at a price lower than the ReservePrice. If the Company so auctions the item, the Company is responsible to pay the Seller the difference between the closing price and the ReservePrice. c. The Seller may not increase the price with his own or other third parties’ name, nor participate in the bidding of his/her/its auction item(s)with his own or other third parties’ name, however, The Company is authorized to bid on behalf of the Seller at the price not higher than the Reserve Price. 8. After the Successful Auction a.Settlement Upon the successful auction, the Company will request the Buyer to make full payment no later than within 7 days following the auction date, including the compensation payable by the Buyer. Upon payment by the Buyer, unless the Company receives a notice claiming such auction item is a counterfeit (as defined in Article 2 of the Transaction Agreement) or other necessary conditions, the Company will remit to the Seller within 60 workdays following the successful auction day an amount equal to the closing price taking away all the expenses payable by the Seller. In the event the Buyer delays the payment, the Company will remit to the Seller within 7 workdays following the payment in full by the Buyer. Unless otherwise instructed by the Seller in writing, the Company will make its payment in HK dollars. If the Seller requests to pay in currencies other than HK dollars, the exchange rate should be according to what the Hong Kong and Shanghai Banking Corporation (HSBC) reports and the Company announces on the auction date. b. Closing of the Transaction and Handling Fee (1)The transaction is closed when the Buyer has paid the Company in full after the auction. (2)The handling fee is payable to the Company after the closing of the transaction. c. Non-payment by the Buyer If the Buyer fails to make all the payments due within 7 days following the auction day, the Company is entitled to negotiate special terms in connection with the payments, storage, and insurance on behalf of the Seller and act as deemed necessary by the Company to collect payments payable from the Buyer.Any and all damages, costs, expenses or fees incurred shall be borne by the Seller. However, the Company is not responsible for making payment to the Seller nor for bringing any legal actions on behalf of the Seller. The Company will discuss with the Seller to adopt appropriate actions to claim auction payments from the Buyer. d. Counterfeits If the Buyer convinces or make the Company doubt that the Lot is a counterfeit (as defined in Article 1 of the Transaction Agreement) or stolen good or involved in any illegality within ten (10) days after the Buyer settles all payments and collects the Lot from the Company, the Company will return the hammer price (The Company may deduct the reasonable expenses and fees incurred) received from the Buyer and the Lot will be returned to the Seller or forwarded to the Police for handling. The Seller shall not object to the Company’s decision and handling in accordance with this Lot and make any claim or allegation. The Company will notify the Seller of such matter and the Seller shall return to the Company with-

out objection the entire payment received within three (3) days of such notification, and shall pay the Company fees and expenses, and any and all losses, damages or related expenses and fees. In case that the Seller’s failure of payment and compensation obligations, the Seller shall pay the interest for delay of the entire payment by the best saving rate of the Hong Kong and Shanghai Banking Corporation (HSBC)plus ten percent (10%) per annum. In addition, the Company may collect one percent (1%) of the total amount of the hammer price plus the Buyer’s Premium paid by the Buyer as the compensations for breach of contract. The Company may decide to offset the Seller’s payment payable to the Company from the Company’s or other subsidiaries’payments due to the Seller in other transactions. e. Items Not Successfully Auctioned (1)Any items not successfully auctioned, not included in the auction or withdrawn from the auction for any reason must be collected by the Seller within 35 days upon notification by the Company to the Seller that he must reclaim the Lot. (2)A storage fee of HK$300 per day per piece will be imposed on each item not collected after such 35 day period together with an additional charge for purchasing insurance coverage. The Seller may not reclaim such item until all the payments due are made. (3)Such items may be removed to a third party warehouse if not collected in 60 days after the notification of collection is issued. The expenses arising therefrom shall be borne by the Seller. (4)The Company may dispose of the Lot in the manner it deems appropriate if such item is not collected within 90 days following the auction date or the notice date (whichever is the earlier). Such disposal includes removing the item to a third party warehouse with the associated expenses borne by the Seller and to auction such items under terms deemed appropriate by the Company (including the terms of estimates and the ReservePrice). The Company will pay the Seller the auction proceeds after payments owed are offset. (5)The Company is authorized to act as the sole agent of the Seller within 2 months following the auction for any auction item withdrawn from the auction or not sold. The Company may auction in private the item based on the net amount the Seller may receive (the amount after deducting all the expenses payable by the Seller) or sell such item in private at a lower price agreed upon by the Company and the Seller. The Company has the rights to offset all expenses payable by the Seller in advance. Under such circumstances, the Seller’s responsibilities and liabilities to the Company are the same as during an auction. 9. Photographs and Display The Seller agrees the Company have rights to make the photographs, illustration, recordings and other reproduced images of the Lot. The Company owns all rights to the photographs, illustration,recordings and other reproduced images of the Lot made by the Company. All the rights(including but without limitation the copyright) of such images shall belong to the Company and the company is entitled to use such images in any manner it deems appropriate,and the Seller has no objection. 10. Taxes a. According to the tax laws of Hong Kong, The Company shall submit to the competent revenue agency the name of the Sellerand other relevant documents supplied by the Seller. b. If the Seller is a Hong Kong resident (corporation or individual), according to the tax laws of Hong Kong, no

withholding amount of the profit tax will be deducted. However, The Company shall reserve the rights to claim for the tax amount and other related expenses (including but not limited to interests, penalty) from the Seller if the representation made or document provided by the Seller is not true. c. Where the Seller is a foreigner, the Seller agrees that The Company may deduct an amount equivalent to 0.5% of the hammer price or the Reserve Price (if the Reserve Price is higher than hammer price) and submit the deducted amount as Profits tax to the competent revenue agency. The amount to be withheld by The Company shall be subject to change once the applicable tax rate is adjusted. Article 4.Terms Applicable to Both the Buyer and the Seller 1. Intellectual Property Rights Intellectual property rights(including but without limitations, the copyright or patent) of all the images, photographs and written material in connection with the Lot shall maintain and belong to the Company at any time. The Buyer or any person may not use such items without obtaining prior written consent from the Company. 2. Notices All the notices distributed according to the Transaction Agreement herein shall be made in writing. Any notice shall be deemed served to the recipient on the second day following delivery if sent by mail. If the recipient is abroad, the notice shall be deemed served on the fifth working day following delivery by mail. 3. Severability (1)If any part of the Transaction Agreement is deemed invalid, illegal or unenforceable by any court, such part can be ignored and the rest of the Transaction Agreement continues to be valid and enforceable to the maximum extent permitted by the law. (2) The conditions of the Buyer under Article 2 exclusively apply to the relationship between the Company and the Buyer, which the Seller shall not apply. And the conditions of the Seller under Article 3 exclusively apply to the relationship between the Company and the Seller, which the Buyer shall not apply. 4. This Agreement is entered into the parties in English and Chinese. If there is any conflict with two versions, the Chinese version shall prevail. 5. This Agreement may be revised or modified by the Company from time to time, and the Prospective Buyer, the Buyer andthe Seller agree to obey the revision or modification. 6. Jurisdiction The Transaction Agreement is governed under the Hong Kong laws and the interpretation and effect of the Rules shall be subject to the laws of Hong Kong. The Buyer and Seller shall submit themselves to the exclusive jurisdiction of the Hong Kong courts for the interests of the Company.

業務規則本業務規則，為羅芙奧香港拍賣有限公司 (「本公司」) 作為拍賣公司與賣家訂立合約之條款，亦作為賣家之代理人與買家訂立合約之條款。準買家、買家及賣家務須細讀各項規則並完全同意遵守本香港業務規則。準買家、買家請特別留意第二條第5項，其對本公司之法律責任作了限定。一. 本業務規則所用詞彙之定義在本業務規則中，某些常用詞彙需加以解釋。此等詞彙定義如下： 1.「買家」：指本拍賣公司所接受之出價最高之自然人或法人。 2. 「準買家」：指任何有意參加本公司舉辦拍賣或鑑賞會之任何自然人或法人。 3. 「賣家」：指將拍賣品或展品獨家委託本公司參與本公司舉辦之拍賣會或鑑賞會之自然人或法人。 4.「拍賣品或展品」：指交予本公司以供拍賣或鑑賞出售之物品，尤其在任何目錄內以任何編號描述之一項或多項物品。 5.「落槌價」：指本拍賣公司就某一拍賣品或展品而接受之最高出價之價款。 6.「買家佣金」：指買家按拍賣落槌價之某一百分比而支付之費用；收費率如第二條第4a項所列。 7.「底價」：指本公司與賣家協定之最低價格，拍賣品或展品不能以低於該價之價格售出。 8.「膺品」：指拍賣品或展品構成模仿，而模仿之原構想及其整體執行均具有欺詐意圖，以就拍賣品或展品之作者、來歷、年代、時期、文化或來源進行欺騙，而對此等事項之正確描述並未在目錄之描述上反映出來，而拍賣品或展品在拍賣當日之價值，遠低於按照目錄之描述所應有之價值。按此定義，任何拍賣品或展品均不會因為有任何損壞及或任何形式之修整而成為膺品。 9.「保險值」：指本公司不時按其絕對決定權認為拍賣品或展品所應購買之保險之價值（不論保險是否由本公司安排購買）。二.買家 1. 本公司作為賣家之代理人作為拍賣公司，本公司以作為賣家代理人之身分行事。除另行協定外，在本公司之拍賣中成功拍賣之物品，即產生賣家通過本公司之代理與買家達成之合約。 2.拍賣前 a. 鑑定物品本公司鄭重建議，準買家應於拍賣進行之前親自鑑定其有興趣競投之物品。除香港法例(如商品說明條例)另有規定外，本公司不會就拍賣品或展品及其證明文件之真偽對買家作任何保證。 b. 拍賣品或展品狀況之重要注意事項請準買家注意，在可能的範圍內，目錄中對於拍賣品或展品特性上之描述，皆已提及顯著的損壞，惟不包括所有的缺陷、瑕疪與不完整。對任何拍賣品或展品之描述亦不應視作表示其無經過重整或修理，亦不應視作對拍賣品或展品狀態或保存情況的陳述或保證。在目錄中若有狀態陳述的缺乏或損害鑑定的缺乏，並不代表拍賣品或展品是為良好狀

態。本公司鄭重建議，準買家在購買進行之前，對於有興趣競投之拍賣品或展品狀況應經由親自檢閱，不應依據目錄中的描述或陳述，因為任何在目錄中所列出的描述或陳述是為純粹本公司的主觀意見，並非提供聲明或擔保。準買家知悉並瞭解所有拍賣品或展品均以「現狀」售出。除香港法例(如商品說明條例)另有規定外，本公司對於任何拍出之拍賣品或展品狀態不作任何承諾或保證。 c. 符號表示以下為目錄中所載符號之說明高估價拍賣品為對「高估價拍賣品」（）作出競投，買家必須填妥拍賣品預先登記表，並向本公司交付所需的財務狀況證明、擔保、存款證明及或本公司可絕對酌情要求買家為競投須作出的其他抵押。本公司對是否接受任何預先登記申請有最終決定權。本公司建議買家在有關拍賣日期至少五個工作日前聯絡本公司，以進行預先登記。請注意本公司不能在週末或公眾假期期間取得財政狀況證明。「高估價拍賣品」登記競投者，本公司將提供特殊的競投牌號參與競投。 ○ 保證項目拍賣品編號旁註有○ 符號者，表示賣家已取得本公司保證，可在一次或一連串拍賣中得到最低出售價格。此保證可由本公司、第三方或由本公司與第三方共同提供。保證可為由第三方提供之不可撤銷競投之形式做出。若保證拍賣品成功售出，提供或參與提供保證之第三方可能會取得財務利益；惟銷售不成功時，則可能會產生虧損。若提供或參與保證之第三方成功競投保證拍賣品時，他們仍需支付全額的買家佣金。含有瀕臨絕種及其他受保護動物物科之拍賣品或展品如屬性含有瀕臨絕種及珍貴稀有之保育野生動植物等材質成分，在目錄中會於標題處以『』方式標示註記，以供辨識。這些物料舉凡珊瑚類、象牙、玳瑁角、鱷魚皮、犀牛角、鯨鬚製品…等。買家請留意:許多國家對於含有上述材質之物品完全禁止進口，而有些國家則規定含有以上成分物品之進、出口是須向相關管理機構取得許可證(如:CItES 許可證)。以美國國家為例，禁止進口歷史年資低於 100年的象牙製品。準買家需負責並確定滿足適用於含有瀕臨絕種動物及其他受保護野生動植物物料的物品出入口進出口等任何相關法規之要求。買家知悉並完全瞭解，如含有瀕臨絕種動物或其他受保護野生動植物物料的拍賣品項無法進、出口，係不構成撤銷競投或解約理由之因素。緬甸寶石進口美國含有產於緬甸的紅寶石或翡翠之物品，可能被禁止進口美國。為方便投標者，在目錄中會於標題處以『』方式標示註記，以供辨識。買家知悉並完全瞭解：買方若未能成功將有關物品進口美國或其他國家，不足構成不付款或撤銷對該拍賣品競投的理由。若物品含有其他產於緬甸之寶石(例如藍寶石等)，若是在緬甸以外地區已鑲嵌或組裝成的珠寶首飾，並能證實乃非暫時性的產品(暫時性指例如是僅以繩子束縛時)，則有可能進口美國。鐘錶進口美國買家請注意，由於美國對於高級貴重鐘錶有嚴格的進口限制，如Rolex，凡這類鐘錶拍賣品(不限於 Rolex) 均不能以運輸方式進口美國。買家需以個人身分攜帶，通常只能攜帶一隻此類鐘錶進入美國。本目錄中有此限制之拍賣品均有『』標示註記。此外，買家須自行負責確定此類高級貴重鐘錶的進口限制，並加以遵守，本公司並不負有擔保責任。買方知悉並完全瞭解，本公司若在拍賣品附加標記上有所遺漏，不足構成撤回或撤銷對該拍賣品競投的理由。

d. 目錄說明本公司於目錄或鑑定意見書內對任何拍賣品及其證書之作者、來歷、日期、年代、尺寸、材質、歸屬、真實性、產地、保存狀況或估計售價之陳述，或另行對此等方面之口頭或書面陳述，均僅屬本公司主觀意見之陳述，不應依據為確實事實之陳述，亦不應視為本公司對於任何拍賣品之狀態所作之承諾或保證。目錄圖示亦僅作為參考而已，不應作為任何拍賣項目之依據，藉以決定其顏色或色調，或揭示其缺陷。拍賣價格之估計，不應依據為拍賣品會成功拍賣之價格或拍賣品作其他用途之價值陳述。許多拍賣品或展品基於其年代或性質，使其未能有完美之狀況，目錄內有些說明或鑑定意見書會提述拍賣品之損壞及或修整資料。此等資料僅作為參考而已，如未有提述此等資料，亦不表示拍賣品或展品並無缺陷或修整，如已提述特定缺陷，亦不表示並無其他缺陷。本目錄中的所有拍賣商品定有本公司與賣家雙方同意之底價者，即不會以低於此價出售的一個保密的最低價；且此底價不高於目錄中所示的最低估價。如有拍賣品不約制於此底價限制，將特別會以紅色字樣標註於拍賣品標題名稱欄位處並會加以註示。此目錄中對鐘錶的狀況描述，包括損壞及修整情況，僅供買家參考，有關描述可能並不完整。買家可向本公司要求提供任何一件拍賣品的狀況報告，惟該等報告有可能並不完整，亦可能並沒有明列所有的機械更換及損壞情況。因此，買家應親自檢視推出拍賣的鐘錶以評估其狀況。目錄中的所有拍賣品均以其當時狀況「現況」出售，而沒有說明其狀況的鐘錶，並不表示該鐘錶的狀況良好，以及沒有損壞，及曾經修理或修復。幾乎所有曾被使用一段時間的鐘錶也曾作過修理，致使某些部件並非原件的組成部分。此外，本公司不會對鐘錶的運作作出保證。務請注意: (1)大部份附有防水錶殼的腕錶已被開啟以確認其類型及運轉部份的質素，因此不應假定其仍為防水，而買方應在使用前安排該等手錶經由合格的鐘錶匠檢查。 (2)含量低於18k的黃金並不是在所有國家均被視為「黃金」，並可能被拒進口。倘若出現被拒進口的情況，本公司將毋須負上任何責任。 (3)本公司的出售目錄中所述的所有勞力士手錶均以肉眼可見的狀況下出售，而本公司將不保證此等勞力士手錶的任何個別部件是否原廠製造。該等被描述為「附件」的手鐲並非原件的組成部份，因此可能並非真品。 e. 買家之責任有關拍賣品之狀況以及目錄說明所提述之事項，買家有責任自行查明並了解，並就拍賣品或展品為自己獨立之判斷及評估，確使自己感到滿意。 3.拍賣時 a. 拒絕入場拍賣於本公司之場地進行，或於本公司為拍賣而具有控制權之場地進行，本公司具有完全之決定權，可行使權利拒絕任何人進入拍賣場地或參與拍賣而無須作出任何解釋。 b. 競投之前作出登記每一準買家在作出競投之前，必須填妥及簽署登記表格，並提供身分證明。準買家應注意，本公司通常會要求對買家作出信用核查。 c. 競投者為買家競投者將被視為買家而須承擔獨立之法律責任，除非登記時已經與本公司書面協定，競投者僅為第三人之代理人，且該第三人須為本公司所同意接受者。

d. 委託競投如準買家使用印於目錄說明之後之表格指示本公司代其競投，本公司將盡適當努力代其競投，但代為競投指示須於拍賣前送抵本公司。如本公司就某一拍賣品而收到多個委託競投之相等競投價，而在拍賣時此等競投價乃該拍賣品之最高競投價，則該拍賣品會歸其委託競投最先送抵本公司之人。委託競投之承擔受拍賣時之其他承諾所限，而拍賣進行之情況可能使本公司無法代為競投。由於此項承擔乃本公司為準買家按所述條款提供之免費服務，如未能按委託作出競投，本公司將不負任何法律責任。準買家如希望確保競投成功，應親自出席競投。 e. 電話競投如準買家於拍賣前與本公司作好安排，本公司將盡適當努力聯絡競投者，使其能以電話參與競投，但在任何情況下，如未能聯絡或無法參加電話競投，本公司對賣家或任何準買家均不負任何責任。 f. 即時網上競投若準買家未能出席拍賣會，或可透過 LiveAuctioneers 網上競投服務於網上競投指定拍品，而承擔買方獨立責任。此項服務乃免費及保密。有關透過 LiveAuctioneers 網上競投服務登記，進行網上競投之詳情，請參閱本公司網頁 ravenel. com。使用 LiveAuctioneers 網上競投服務之準買家須接受透過 LiveAuctioneers 網上競投服務進行即時網上競投之附加條款（可參閱羅芙奧 ravenel. com），以及適用於該拍賣之業務規則所規範，本公司得隨時修改該業務規則。 g. 匯率轉換顯示板拍賣會中，本公司會使用匯率轉換顯示板，然而競投仍會以港幣進行。匯率轉換顯示板僅供參考，不論是顯示板所示之拍賣品編號或是港幣競投價之相等外匯，其準確程度均可能會出現非本公司所能控制之誤差。買家因依賴匯率轉換顯示板（而非因以港幣競投）所導致而蒙受之任何損失，本公司概不負責。 h. 錄映影像在拍賣中會有影像投射，但其操作或會出現錯誤。不論影像是否與成功拍賣之拍賣品相配合，或是如翻版影像之質素，本公司對買家均不負任何責任。 i. 拍賣官之決定權拍賣官具有絕對決定權，包括但不限於有權拒絕任何競投、以其決定之方式推動出價、將任何拍賣品撤回或分批、將任何兩件或多件拍賣品合併拍賣，以及如遇有誤差或爭議，將拍賣品重新拍賣。拍賣官會於拍賣開始前或於相關拍賣品競標前對應注意事項作出通告，買家須自行注意此等通告。 j. 成功競投在拍賣官之決定權下，下槌即顯示對最高競投價之接受，視為賣家與買家之成功拍賣合約之訂立。買家即應對賣家負擔買受人之義務及責任。 4.拍賣後 a. 買家支付每件拍賣品之佣金費率 (1)買家除支付落槌價外，另須支付佣金予本公司，落槌價於港幣捌佰萬元以下者 (含港幣捌佰萬元) 以20％計算。 (2)落槌價於港幣捌佰萬元以上者，採分為二階段計費，其中港幣捌佰萬元以20％計算，超過港幣捌佰萬元之部份再以12％計算，加總計算佣金金額。 b. 稅項買家應付予本公司之所有款項均不包括任何國家或地區稅賦、貨物或服務稅或其他稅款。如有任何此等稅項適用，買家須負責按有關法律所規定之稅率及時間，自行繳付此稅款。

c. 付款成功拍賣後，買家須向本公司提供其姓名及永久地址。如遇要求，買方亦須提供付款銀行之詳情，包含但不限於付款帳號。買方應於拍賣日後起算七天內悉數支付應付予本公司之款項（包含落槌價、佣金，以及任何適用之稅款及其他費用）。即使買家希望將拍賣品出口並需要（或可能需要）出口許可證，此一付款條件亦適用。買家如未向本公司支付應付之全部款項，則不能取得拍賣品之所有權，即使本公司已將拍賣品交付予買家亦然。如支付予本公司之款項為港幣以外之貨幣，本公司將向買家收取所引致之任何外匯費用。這包括銀行收費與兌換貨幣之規費及匯差。以港幣以外之貨幣付款予本公司之匯率，依拍賣日現場由香港匯豐銀行公佈之匯率，並以本公司就此兌換率而發出之憑證為準。 d. 領取已購拍賣品除非本公司另有特別相反協定，否則本公司將暫時保留已成功拍賣之拍賣品，直至所有應付予本公司之款項已悉數由買家支付為止。拍賣品在暫時保留期間，由成功拍賣日後起算七天將受保於本公司之保險，如屆時拍賣品已被領取，則受保至領取時為止。七天期滿後或自領取時起（以較早者為準），拍賣品之風險全由買家承擔。 e. 包裝及搬運本公司謹請買家注意，成功拍賣日後起算七天期滿後或自領取時起，拍賣品之風險全由買家承擔，但不得損及本公司之權益。 f. 介紹裝運及運輸公司本公司之貨運部門在買家要求下，可為買家介紹運輸公司、安排付運及購買特定保險，但本公司在此方面不負任何法律責任。買家必須預先繳付運送費用。 g. 不付款之補救辦法如買家並未有在成功拍賣日後起算七天內付款，本公司即有權行使下述一項或多項權利或補救辦法： (1)在成功拍賣日後起算七天仍未付款，則按不超過香港匯豐銀行最優惠利率加10%之年利率收取整筆欠款之利息。此外本公司可同時按日收取依賣價（含佣金）1％計算之違約金。本公司亦得自行選擇將買家未付之款項，用以抵銷本公司或其他附屬公司在任何其他交易中欠下買家之款項，買方絕無異議。 (2)對任何屬於買家所有而因任何目的（包含但不限於其他交易）而由本公司管有之物品行使留置權，並在給予買家有關其未付之欠繳之14天通知後，安排將該物品出售並將收益用以清償該未付之欠款。 (3)如買家因多項不同之交易而欠下本公司數筆款項，將所付之款項用以清償就任何特定交易而欠下之任何款項，而不論買家是否指示用以清償該筆款項。 (4)在將來的任何拍賣中，拒絕買家作出或由他人代其作出之競投，或在接受其任何競投之前先收取買家一筆保證金。如買家未有在三十五天內付款，本公司除上述者外，另有權為下述一項或多項權利或補救辦法： (a)代賣家針對買家進行法律程序，以追討整筆欠款，連同此項以悉數賠償為基準之法律程序之訴訟費及律師費等相關費用。 (b)取消同一次或任何其他拍賣中買家競投得之拍賣品或任何其他售予買家之拍賣品之交易。 (c)安排將拍賣品公開或私下重售，如重售所得價格較低，就差額連同因買家未有付款而引致之任何費用一併向買家索償。 h. 未有領取已購拍賣品如已購得之拍賣品未有被買家在成功拍賣日後起算

七天內領取，則不論是否已付款，本公司將安排貯存事宜，費用由買家承擔。而買方在付清所引起之貯存、搬運、保險及任何其他費用，連同欠本公司之所有其他款項付清後，買家才可領取已購得之拍賣品。 i. 出口許可證除本公司另有書面同意外，買家希望申請出口許可證之事實，並不影響買家在成功拍賣日後起算七天內付款之責任，亦不影響本公司對延遲付款收取利息之權利。如買家要求本公司代為申請出口許可證，本公司有權向其收回與此項申請有關之付出款項及零碎開支連同任何有關之稅款。如買家不管需要有出口許可證之事實而作出付款，本公司並無責任退還買家因此而引致之任何利息或其他開支。 5. 本公司之法律責任本公司僅在第二條第6項所列之情況下，得將退還款項予買家。除此之外，不論賣家或本公司，或本公司任何僱員或代理人，對任何拍賣品之作者、來歷、日期、年代、尺寸、材質、歸屬、真實性、產地、保存狀況或估計售價之陳述，或任何拍賣品之任何缺陷，均不負有任何責任。賣家、本公司、本公司之僱員或代理人，不論是明示或暗示，均無就任何拍賣品作出任何保證。 6. 膺品/贓物之退款如經本公司拍賣之拍賣品，經本公司書面認可之專業鑑定機構出具鑑定報告證實為膺品或贓物，則交易將取消，已付之款項於交付賣方前將退還予買家。但如： a. 在拍賣日發出之目錄說明或拍賣場通告符合當時學者或專家普遍接納之意見，或清楚表明有抵觸當時學者或專家普遍接納之意見，或 b. 證明拍賣品為膺品或贓物之方法，只是一種在目錄出版前仍未普遍獲接納使用之科學程序，或是一種在拍賣日仍屬昂貴得不合理或並不實際或很可能會對拍賣品造成損壞之程序，則本公司無論如何並無責任退還任何款項。此外，買家只在滿足下述條件下方可獲得退款： (1)買家必須在付款領取拍賣品後的十日內以書面通知本公司，說明買家認為有關拍賣品乃膺品或贓物之詳細理由及證據，並通知後十四日內及將拍賣品送還本公司，而其狀況應維持與拍賣當日相同，不得有任何損壞；及 (2)送還拍賣品時，買家須出示證據，足以使本公司確信拍賣品乃膺品或贓物(本公司保有最終及不可異議的決定權)。在任何情況下，本公司均毋須向買家支付多於買家就有關拍賣品而支付予本公司之款項，而買家亦不能索取利息或任何賠償。本條款之利益不能轉讓，完全屬於拍賣品成功拍賣時獲本公司發給正本發票之買家所有(該買家名稱確係被記載於發票上)，該名買家並須自拍賣後一直保持拍賣品擁有人之身分，而且並無將拍賣品之任何利益讓予任何第三人。本公司有權依據任何科學程序或其他程序確定拍賣品並非膺品，不論該程序在拍賣當日是否已使用或已在使用，如本公司驗證拍賣品是否屬於贗品之結果與買家出示證據相衝突者，應以本公司驗證結果為準。三.賣家 1. 本公司作為代理人

本公司在公開拍賣會或鑑賞會中，以作為賣家代理人身份行事。拍賣品或展品成功出售後，即產生賣家通過本公司之代理與買家達成之合約，由賣家負責向買家履行出賣人義務及責任。 2. 開支賣家須負責與下述各項有關之費用： a. 將拍賣品或展品包裝並運予本公司作拍賣。 b. 任何適用之運送保險。 c. 如拍賣品或展品交回賣家其包裝與付運。若拍賣品或展品由海外進口，付運費與進口適用之稅項。 d. 受保於本公司之精品保險單（下文另有解釋）。 e. 預先與賣家協定之對拍賣品作出之任何修整。 f. 本公司為擬定目錄說明指定需由外界專家作出之鑑定。 g. 本公司指定之任何外界專家意見。 h. 拍賣品或展品出售前後之裝卸、貯存及保管等費用。 i. 本公司之行政費用，金額為因賣家而引致之一切費用及損害金額之10%。 j. 任何市場之推廣及廣告費用。 3. 由本公司安排保險事宜 a. 除非與本公司另有協定外，否則拍賣品或展品將自動受保於本公司藝術品精品保險單，保險值為本公司自行評估當時認為適當者。然而保險金額並非本公司承諾拍賣品會成功拍賣之款額。 b. 本公司將向賣家收取拍賣落槌價之1%或若未拍賣成功時以拍賣品底價之1%，作為保險費。如由本公司安排運送，本公司將向賣家收取額外款項，作為運送保險費，款額視每宗拍賣品之特定情況而定。如有需要，本公司可建議/介紹承運人，但不論於何種情況下，本公司均不承擔任何有關此方面之運送法律責任。 c. 拍賣品在成功拍賣日後起算七天內保險仍然有效。如拍賣品未能成功拍賣，保險屆期以後風險全由賣家承擔。 d. 由蛀木蟲、空氣、水份情況轉變或其他不能預見或人力不可抗拒情況而對拍賣品或展品造成之損壞，或其他非可歸責於本公司之事由所致之損壞，本公司不承擔任何法律責任。 4. 物主購買保險如賣家特別指示本公司毋須為拍賣品或展品購買保險，風險全由賣家承擔，直至拍賣品或展品交付予買家為止。賣家無條件同意須保障本公司、本公司之僱員與代理人，以及買家（如適用）免負因拍賣品而針對本公司、本公司之僱員與代理人，以及買家索償之賠償責任，而不論索償因何引起。賣家亦同意應本公司、本公司之僱員與代理人，以及買家所要求，負責償還因此種索償而引致之開支，縱使本公司、本公司之僱員與代理人，以及買家有疏忽之處，而未證明有任何法律責任而作出之付款，亦須償還。賣家須自行將本條條款揭露予賣家之承保人。 5. 賣家就拍賣品或展品所作之承諾本項列出本公司處理拍賣品或展品之基準，規範賣家與買家之間的買賣關係。如此基準在任何方面有不確實之處，本公司或買家可採取針對賣家之法律行動。本公司處理拍賣品或展品及購買拍賣品或展品，均以賣家所作之下述承諾及擔保為基準，賣家承諾及擔保如下： a. 賣家為拍賣品或展品之唯一所有權人及/或合法持有人，具備將其所有權及相關所有權利(於無質押、無產權負擔及無涉及第三人權益或申索的情況下)轉讓予買家之無限制權利。 b. 賣家已遵守一切與拍賣品或展品之進出口有關之法

律或其他方面之規定，並已將過去任何第三人未能遵守此等規定之事以書面通知本公司。 c. 賣家已將其所知之有關拍賣品或展品之任何重大修改以及第三人就拍賣品或展品之所有權、狀況或歸屬所表示之任何關注以書面通知本公司。如上述a、b或c等三項擔保有任何不確實之處，賣家須應本公司及/或買家之要求，完全負責及彌償本公司及或買家一切因此而引起之損失索償、訴訟費、律師費、所有費用及開支，而不論是因拍賣品還是因拍賣收益而引起。 6.拍賣安排 a.本公司對目錄內拍賣品或展品之描述與圖示方式、鑑定意見書、拍賣地點與方式、讓何人進場競投以及競投價之接受、是否應尋求專家意見，以及將物品合併或分開拍賣等均有完全之決定權。 b.任何估價，不論口頭或書面，均只屬意見，而非拍賣品最終可賣得的價錢之保證。 c.未得本公司事前書面同意，賣家不可撤回拍賣品之委託。但本公司保留隨時因後述原因而撤回、中止或終止拍賣品委託授權之權利。此等原因為： (1)本公司對拍賣品或展品之界定或真實性或上述第 5a、 b或c項所指之承諾之準確性有懷疑；或 (2)有任何違反本業務規則之情況；或 (3)本公司認定將拍賣品納入或繼續執行拍賣並不適當者。 d. 撤銷委託或授權條款 (1)非經本公司事前書面同意，賣家不得撤回、中止或終止對於標的作品之委託或授予本公司之權利。 (2)賣家依前項規定撤回、中止或終止拍賣品之委託或授與本公司之權利者，委託者除應對本公司負損害賠償或經濟上損失賠償責任外，尚須支付委託底價之40%作為懲罰性違約金付與本公司。 (3)如賣家有任何違約情事，本公司有權隨時終止委託事項，賣家須支付本公司所有之前為履行委託或授權工作所產生之費用及開支。 7. 拍賣守則 a. 本公司將會參照底價進行拍賣品之拍賣程序。底價不得高於拍賣目錄所印登載估價之下限，但如所同意之底價為港幣以外之貨幣，並因協定底價之日與成功拍賣之日上匯率波動而致底價高於估價下限，則不在此限。在此情況下，除本公司另行同意外，底價須為相等於以緊接成功拍賣前一個工作天之收市匯率計算之港幣款項。 b. 如競投價不能達到底價，本公司在任何情況均不負有任何責任，但本公司有權決定將拍賣品以低於底價拍賣。如本公司如此將拍賣品拍賣，本公司將有責任向賣家支付成交價與底價之差額。 c. 賣家不得以自己或第三人名義隨意哄抬競投價格，不得以自己或第三人名義參與競標拍賣品，亦不得聘請任何人代賣家參與競投，惟本公司有權代理賣家參與競投。 8.成功拍賣後 a. 結算成功拍賣後，本公司協助賣方要求買家最遲於成功拍賣日後7日內全數付款。在買家付款後，除非本公司收到通知謂拍賣品為膺品，否則，本公司會於成功拍賣日期後60個工作天，將一筆相等於成交價減去賣家應支付之所有費用之款額匯予賣家。如遇買家延遲付款，則本公司將在買家付款後7個工作天內匯款予賣家。如因任何理由而使本公司在買家付款前即已付款予賣家，則本公司即獲得拍賣品之完整之擁有權與所有權。但在本公司因拍賣品為膺品而