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Rules


Chapter I General Provisions
Article 1 This Law is enacted for the purpose of standardizing acts of auction, maintaining order of auction and protecting the lawful rights and interests of all the parities in activities of auction.
Article 2 This law applies to auction activities conducted by auction enterprises within the territory of the People's Republic of China.
Article 3 Auction refers to the means of selling and buying by which specific articles or goods or property rights are transferred through public bidding to the bidder that offers the highest price.
Article 4 The parties in activities of auction shall abide by the relevant laws and administrative rules and regulations and adhere to the principles of openness, fairness, justice and good faith.
Article 5 The department in charge of administration of the auction trade under the State Council shall exercise supervision over and administration of the auction trade throughout the country.
The departments in charge of administration of the auction trade under the People's governments of provinces, autonomous regions, municipalities directly under the Central Government, or cities divided into districts shall exercise supervision over and administration of the auction trade in their respective administrative regions.

Chapter II Objects of Auction
Article 6 Objects of auction shall be the articles or goods or property rights which are owned by the client or which the client may dispose of according to law.
Article 7 Articles or goods or property rights prohibited for sale by laws or administrative rules and regulations shall not be made objects of auction.
Article 8 With respect to the articles or goods or property rights whose transference is subject to examination and approval as provided for by laws or regulations of the State Council, the parties concerned shall, prior to their auction, go through the formalities for the examination and approval according to law. With respect to the cultural relic under authorization for auction, they shall, prior to their auction, be subject to appraisal and permission given according to law by the administrative department for cultural relic in the place the auctioneer's residence is located.
Article 9 With respect to articles or goods confiscated or used to offset tax money or fines by the administrative organs of the State in accordance with law and other articles or goods, all of which should be auctioned through authorization as prescribed by regulations of the State Council, the auction shall be conducted by auctioneers designated by the people's governments of the provinces, autonomous regions or municipalities directly under the Central Government or of the cities divided into districts, where such property is located. Auction of articles or goods confiscated or used to offset tax money or fines by the People's Courts in accordance with law and other articles or goods that are retrieved but cannot be returned to their owners shall be governed by the provisions of the preceding paragraph.

Chapter III Parties to Auction
Section 1 Auctioneer
Article 10 An auctioneer refers to an enterprise legal person that is established in accordance with this Law and the Company Law of the People's Republic of China and engaged in activities of auction.
Article 11 Auction enterprises may be established in cities divided into districts. Establishment of an auction enterprise shall be subject to examination, verification and permission by the department in charge of the auction trade under the people's government of the province, autonomous region, or municipality directly under the Central Government in the place where the enterprise is to be established and shall be registered with the administrative department for industry and commerce for obtaining of a business license.
Article 12 To establish an auction enterprise, the following conditions shall be satisfied:
(1) having a registered capital of RMB one million yuan or more;
(2) having its own name, organizational structure, premises and Articles of Association;
(3) having auction masters and other employees commensurate to the trade;
(4) having rules for the auction trade that conform to the provisions of this Law and other relevant laws;
(5) complying with the regulations of the State Council regarding development of the auction trade;and
(6) other conditions as provided for by the laws or administrative rules and regulations.
Article 13 An auction enterprise engaged in the auction of cultural relics shall have a registered capital of RMB10 million yuan or more and employees equipped with the professional knowledge about auction of cultural relics.
Article 14 Auction activities shall be presided over by auction masters.
Article 15 An auction master shall satisfy the following requirements:
(1) having acquired a 3-year college education or higher education and professional knowledge about auction;
(2) having worked two years at least in an auction enterprise; and
(3) being a person of good conduct.
If a person has been discharged from public employment or his qualification certificate of auction master rescinded for less than five years or has been subjected to criminal punishment for intentional offense, he shall not be employed as an auction master.
Article 16 Examination for qualification of auction masters shall be arranged exclusively by the Auction Trade Association. Persons who pass the examination shall be issued qualification certificates for auction masters by the said association.
Article 17 The Auction Trade Association is a public organization legal person established in accordance with law and a self-disciplined organization for the trade of auction. The Auction Trade Association shall, in accordance with this Law and its own Articles of Association, exercise supervision over auction enterprises and masters.
Article 18 An auctioneer shall have the right to request his clients to make clear the origins and defects of the objects of auction. An auctioneer shall make defects of the objects of auction known to bidders.
Article 19 An auctioneer shall have the obligation of taking care of the articles or goods delivered by his clients to him for auction sale.
Article 20 After accepting authorization, the auctioneer may not authorize another auctioneer to perform the auction without prior consent of his client.
Article 21 An auctioneer shall keep the identity of his client or vendee confidential if so requested.
Article 22 An auctioneer and his employees may not get involved as bidders in the auction sale which is arranged by themselves and may not authorize another to act as a bidder on their behalf.
Article 23 An auctioneer may not put his own articles or goods or property right on an auction sale which is arranged by himself.
Article 24 When an auction transaction is concluded, the auctioneer shall deliver the money paid for the objects of auction to the clients as agreed and transfer the objects of auction to the vendees as agreed.
Section 2 Client
Article 25 A client refers to a citizen, legal person or other organization that authorizes an auctioneer to auction his or its articles, goods or property rights.
Article 26 A client may go through the formalities for authorization of auction by himself or through his agent.
Article 27 A client shall make clear the origins and defects of the objects of auction to the auctioneer.
Article 28 A client shall have the right to determine the reservation price for the objects of auction and require the auctioneer to keep it confidential. With respect to auction of State assets, assessment of which is required by law or regulations of the State Council, assessment shall be made by the appraisal institution established according to law, and reservation prices for the objects of auction shall be determined on the basis of the assessment made.
Article 29 A client may withdraw the objects of auction before the auction sale commences. In such a case, the client shall pay to the auctioneer the expenses as agreed, in the absence of such an agreement, the client shall pay to the auctioneer a reasonable amount of expenses.
Article 30 A client may not participate in bidding and may not authorize another to bid on his behalf.
Article 31 Where it is agreed that the objects of auction shall be transferred by the client, after the auction transaction is concluded, the client shall transfer the objects of auction to the vendees.
Section 3 Bidder
Article 32 A bidder refers to a citizen, legal person or other organization that participates in the bidding for objects of auction.
Article 33 Where requirements for selling and buying of objects of auction are prescribed in law or administrative rules and regulations, a bidder shall meet those requirements.
Article 34 A bidder may take part in bidding by himself or authorize his agent to participate in it.
Article 35 A bidder shall have the right to be informed of defects of the objects of auction and the right to inspect them and to have access to information pertaining to them.
Article 36 Once a bidder bids for a price, it shall be irrevocable, and it shall lose its binding force as soon as another bidder offers a higher price.
Article 37 Bidders or bidders and auctioneers may not collude with each other out of ill intention to harm the interests of another.
Section 4 Vendee
Article 38 A vendee refers to a bidder who purchases an object of auction at the highest price offered by him.
Article 39 A vendee shall pay for the object of auction at the price agreed, failing that, he shall bear liabilities for default or, with the consent of the client, the auctioneer may put the object of auction up at auction again. Where the object of auction is auctioned again, the former vendee shall pay the commission he himself and the client should pay for the first auction sale. Where the price for the second auction sale is lower than that for the first one, the former vendee shall make up the difference.
Article 40 Where a vendee fails to obtain the object of auction as agreed, he shall have the right to request the auctioneer or client to bear liabilities for default.
Where a vendee fails to collect the object of auction as agreed, he shall pay the storage charge incurred thereby.

Chapter IV Auction Procedures
Section 1 Authorization of Auction
Article 41 When a client authorizes auction articles or goods or property rights, he shall provide his identity certificate and, as required by the auctioneer, the ownership certificate for the objects of auction, or certificates and any other materials testifying that he may dispose of the objects of auction according to law.
Article 42 The auctioneer shall verify the relevant certificates and materials provided by the client. When an auctioneer accepts authorization, he shall sign a contract for authorization of auction with the client.
Article 43 The auctioneer may have the objects of auction evaluated, if he deems it necessary.
Where the conclusion of the expect evaluation does not conform to the descriptions of the objects of auction as specified in the contract for authorization of auction, the auctioneer shall have the right to demand modification or cancellation of the contract.
Article 44 In a contract for authorization of auction, the following particulars shall be specified:
(1) name or title and address of the client and auctioneer;
(2) title, specifications, quantity and quality of the object of auction;
(3) reservation price offered by the client;
(4) time and place of the auction;
(5) time and manner of delivery or transference of the object of auction;
(6) commission, manner and time limit for its payment;
(7) manner and time limit for payment of the purchase;
(8) liabilities for default; and
(9) other matters as agreed upon between both parties.
Section 2 Announcement of Auction and Display of Objects of Auction
Article 45 The auctioneer shall announce the opening of an auction seven days prior to the date of auction.
Article 46 In the announcement of auction, the following particulars shall be specified:
(1) time and place of auction;
(2) objects of auction;
(3) time and place for display of the objects of auction;
(4) formalities to go through for participating in bidding; and
(5) other matters that need be announced.
Article 47 Announcement of an auction shall be released through newspapers or other media.
Article 48 The auctioneer shall display the objects of auction prior to the auction sale and provide relevant information and conditions for bidders to check the objects of auction.The duration of display shall be not less than two days.

Section 3 Execution of Auction
Article 49 The auction master shall announce the auction rules and points for attention before the auction sale takes place.
Article 50 Where there is no reservation price for an object of auction, the auction master shall make it clear before the auction sale.
Where there is a reservation price for an object of auction and the highest price offered by a bidder does not reach the reservation price, the offer shall be non-binding and the auction master shall suspend the auction sale of the said object. Where there is a reservation price for an object of auction and the highest price offered by a bidder does not reach the reservation price, the offer shall be non-binding and the auction master shall suspend the auction sale of the said object.
Article 51 When the highest offer is confirmed by the auction master by knocking the gavel or any other way of public confirmation, the auction transaction is concluded.
Article 52 After a transaction is concluded, the vendee and the auctioneer shall execute a written confirmation.
Article 53 When an auction sales is under way, minutes of auction shall be made and signed by the auction master and recorder, as well as the vendee if a transaction is concluded.
Article 54 The auctioneer shall properly keep the complete set of account books relating to business operation, the auction minutes and any other relevant materials.
The period for maintaining the account books, auction minutes and other relevant materials as specified in the preceding paragraph shall be not less than five years, counting from the date of expiration of the contract for authorization of auction.
Article 55 Where it is necessary to make changes in certificates or licenses or to transfer ownership of property rights, in accordance with law, with regard to the objects of auction, the client and vendee shall go through the formalities with the relevant administrative organ by producing the transaction certificate prepared by the auctioneer and relevant materials.
Section 4 Commission
Article 56 The client and vendee may reach an agreement with the auctioneer on the proportion of commission.
Where a transaction is concluded in the absence of such an agreement, the auctioneer may charge a commission of not more than five percent of the transaction price from the client and the vendee respectively. The proportion of commission to be charged shall be determined according to the principle that it is inverse proportion to the transaction price. Where no transaction is concluded, the auctioneer may charge the client the expenses as agreed. In the absence of an agreement, the auctioneer may charge the client a reasonable amount for the expenses of auction.
Article 57 For the auction of articles or goods specified in Article 9 of this Law, where a transaction id concluded, the auctioneer may charge the vendee a commission of not more than five percent of the transaction price. The proportion of commission to be charged shall be determined according to the principle that it is in inverse proportion to the transaction price. In case no transaction is concluded, the provisions of paragraph 3, Article 56 of this Law shall apply.

Chapter V Legal Liability
Article 58 Where a client, in violation of the provision of Article 6 of this Law, authorizes auction of articles or goods or property rights that he does not own or he has no right to dispose of according to law, he shall bear liability according to law. Where the auctioneer knowingly auctions articles or goods or property rights that the client does not own or has no right to dispose of according to law, he shall bear joint and several liability.
Article 59 Where a State organ, in violation of the provisions of Article 9 of this Law and without permission, disposes of articles or goods for the auction of which it should authorize the auctioneer designated by the people's government of the province, autonomous region, municipality directly under the Central Government or of the city divided into districts where such property is located, the persons who are directly in charge and other persons who are directly responsible for the offense shall be given administrative sanctions according to law, where losses have been caused to the State, they shall be liable for compensation.
Article 60 If anyone, in violation of the provision of Article 11 of this Law, establishes an auction enterprise without permission and registration, the enterprise shall be banned by the administrative department for industry and commerce, the illegal gains shall be confiscated and he may also be fined not less than one time and not more than five times the amount of the illegal gains.
Article 61 Where an auctioneer or client, in violation of the provisions of Paragraph 2, Article 18, or Article 27 of this Law, fails to make clear defects of the objects of auction and thus causes losses to the vendee, the vendee shall have the right to claim compensation from the auctioneer; where the client is responsible for the loss, the auctioneer shall have the right of recourse against the client.
Where an auctioneer and client declare, prior to the auction sale, that they cannot guarantee the genuineness or quality of an object of auction, they shall not be liable for the guaranty of the object.
In the absence of such declaration, the period for limitation of action for claim of compensation shall be one year, counted from the day the party concerned came to know or should have known that his rights were encroached upon.
The period of limitation of action for claim of compensation for personal or property damage occasioned by defects in an object of auction shall be governed by the relevant provisions of the Law of the People's Republic of China on Product Quality and other laws.
Article 62 Where an auctioneer or any of his employees, in violation of the provisions of Article 22 of this Law, participates in bidding or authorizes another to bid on his behalf, the administrative department for industry and commerce shall give the auctioneer a disciplinary warning, and may impose on him a fine of not less than one time and not more than five times the commission for auction. If the violation is serious, his business license shall be revoked.
Article 63 Where, in violation of the provisions of Article 23 of this Law, an auctioneer puts his own articles or goods or property rights up at auction that is arranged by himself, the administrative department for industry and commerce shall confiscate his earnings from the auction sale.
Article 64 Where, in violation of the provisions of Article 30 of this Law, a client participates in bidding or authorizes another to bid on his behalf, the administrative department for industry and commerce may impose on him a fine of not more than 30% of the transaction price.
Article 65 Where, in violation of the provisions of Article 37 of this Law, bidders or bidders and auctioneers collude with each other out of ill intention and thus cause losses to another, the auction shall be invalid and they shall be liable for compensation according to law. The administrative department for industry and commerce shall impose on the bidders that participate in such collusion a fine of not less than 10% and not more than 30% of the highest price offered; it shall impose on the auctioneers that participate in such collusion a fine of not less then 10% and not more than 50% of the highest price offered.
Article 66 Where an auctioneer collects commission in violation of the provisions in Section 4 of Chapter 4 of this Law regarding the proportion of commission, he shall return the part that exceeds the prescribed proportion to the client and vendee. The price control authorities may impose on the auctioneer a fine of not less than one time and not more than five times the commission for auction.

Chapter VI Supplementary Provisions
Article 67 This Law shall apply to foreign nationals, foreign enterprises and organizations that authorize auction or participate in bidding within the territory of the People's Republic of China .
Article 68 Auction enterprises, established prior to implementation of this Law, that do not meet the conditions provided for in this Law, within the prescribed time limit, meet such conditions; with regard to those that fail to meet the said conditions within the time limit, the administrative department for industry and commerce shall cancel their registration and rescind their business licenses. Specific measures in this regard shall be formulated separately by the State Council.
Article 69 This Law shall come into effect as of January 1, 1997.

These Conditions of Business are made in accordance with the Auction Law of the People’s Republic of China, other relevant laws implemented in the People’s Republic of China, regulations of the People’s Republic of China and the Articles of Association of the Company with reference to international conventions. Both the Bidder and the Seller shall read carefully the following detailed regulations and be responsible for his actions while carrying out these regulations. Special problems and unwritten matters not mentioned in this document shall be explained and handled by the Auctioneer in accordance with the principles of these regulations. Contentious law problems shall be settled in accordance with the laws and regulations of the People’s Republic of China.
Part I Main Stipulations for the Bidder and the Buyer
1. The Bidder and the Buyer
(1) The Bidders refers to any citizen, legal person/corporate or any organization that bids.
(2) The Buyer shall be the highest Bidder approved by the Auctioneer.
(3) Each Bidder shall be the Buyer himself, except when a certain Bidder acting as the agent of an identified Bidder is approved by the Auctioneer in written form before the auction day.
(4) Before auction each Bidder shall complete and sign a registration form with his passport or identification card, and shall get a bidding paddle, otherwise he shall not be considered as an eligible Bidder.
(5) In order to enter the auction hall, the Bidder shall get a bidding paddle after paying the Auctioneer deposit, RMB 200,000, unless otherwise agreed by the Bidder and the Auctioneer. After the auction ends, those who fail in bidding may get back their deposit with no interests. The Buyer shall pay the total price of the auction article in full and take away the article within 7 days after the sale date. The deposit already paid by the Buyer shall be deducted as part of the total purchase price. If the Buyer fails to pay the amount in full for 7 days or more, he shall be liable for breach of contract, and the Auctioneer has the right to pursue his liability.
(6) The entrance of a Bidder into the auction hall shall imply that he shall abide by this document and other regulations of the Auctioneer.
(7) If a Bidder agrees to a bid increment in auction, he shall raise his paddle, any bid lower than the increased price shall be refused, except when the auction specialist of the Auctioneer shall adjust the price on the spot.
(8) The Bidder shall be responsible for his bid at any price, once the highest Bidder is acknowledged by the Auctioneer, he shall sign a definite document for the deal on the spot, and he shall never go back on his word, otherwise he shall be legally responsible for his bid.
2. Trust bid
(1) A Bidder shall take part in the auction himself. If it is impossible for him to be present at the auction, he shall give a letter to trust the Auctioneer as his agent, but the Auctioneer and its staff members shall not be responsible in case it is impossible for the agent to bid, or the agent makes mistakes or neglects his duties in the course of bidding. If there are two or more Bidders offering the same trust price, the one who reaches the Auctioneer first shall prevail.
(2) The Bidder who intends to trust the Auctioneer as his agent to bid shall sign a written authorization certificate with the Auctioneer and hand in the deposit no later than one day before the auction date. Bidder shall pay off the rest within seven days after the auction.
3. Explanation on the catalogue
(1) The catalogues, photos and introductions provided by the Auctioneer are not a formal publication; but a notice on the forthcoming auction.
(2) The catalogue or introduction by a photo, picture or in other forms regarding an auction article’s author, origin, date, history, size, material, mount, ownership, authenticity, source, condition, estimated price or artistic value is for the Bidder’s reference only. It is not a sort of guarantee by the Auctioneer.
(3) If there is any difference in color, light and shade between a duplicate and an original piece caused by photography or printing, the original piece shall prevail.
(4) If an auction article is printed on catalogue by the Auctioneer, and no caption or photo for it is available, it does not mean the article has no defect. If a particular defect has already been stated, it does not mean it has no other defects.
(5) We shall undertake no guaranty for the authenticity and quality of any article. It is the Bidder’s right to examine the original piece. He shall exercise his right, asking for the opinions of experts before the auction day so as to authenticate and know everything about the article he intends to buy. Once he takes part in the bidding, he shall be considered to have exercised the above rights and acknowledged the auction article’s status quo (including defects). The Bidder is considered willing to be legally responsible for his bidding of a certain auction article, and he will never cancel his bid or refuse to pay under any excuse whatsoever; otherwise the Auctioneer shall pursue the Buyer’s responsibility for his default in accordance with this document.
4. Facilities in the auction hall
(1) The foreign exchange rate offered by the currency-exchange machine available in the auction hall is for the Bidder’s reference only. The Auctioneer shall not be held responsible for the discrepancy between the foreign exchange rate proposed by the central bank and the one offered on site.
(2) If the Auctioneer uses images and videos with videotape or slides to introduce auction articles in the hall, the bidder may tell the Auctioneer the mistakes therein, which does not indicate that the Auctioneer shall be liable to the mistakes.
5. Commission
4. Facilities in the auction hall
(1) The foreign exchange rate offered by the currency-exchange machine available in the auction hall is for the Bidder’s reference only. The Auctioneer shall not be held responsible for the discrepancy between the foreign exchange rate proposed by the central bank and the one offered on site.
(2) If the Auctioneer uses images and videos with videotape or slides to introduce auction articles in the hall, the bidder may tell the Auctioneer the mistakes therein, which does not indicate that the Auctioneer shall be liable to the mistakes.
5. Commission
After the successful bidding, the Buyer shall pay the Auctioneer 15% of the purchase price as commission; he shall also acknowledge different kinds of expenses the Auctioneer collects from the Seller according to rules and regulations. If the Buyer refuses to pay the commission, the Auctioneer shall have the right to pursue the Buyer’s liability, but also have a lien on the auction article the Buyer shall collect.
6. Payment and delivery of the auction article
(1) After the successful bidding, the Buyer shall pay the purchase price and get the article, or pay off the rest in one lump sum and take away the auction article within seven days after the sale date.
(2) The payment shall be paid in RMB. In the event that the Buyer makes payments in currency other than RMB, the payment will be made at the foreign exchange rate announced by the People’s Bank of China on the day of the payment.
(3) The Buyer will not get the ownership of the auction article until he has paid the total amount of the purchase price. He shall not collect the article before paying off all amounts due.
(4) The Buyer shall collect the article within seven days of its sale. After the specified date the Buyer shall be liable to pay transportation fee, storage and all the other charges. The Auctioneer shall not be responsible for the consequences caused by the Buyer’s delay.
(5) Once the Buyer allows the Auctioneer to arrange packing and transportation, the Buyer is deemed as trust the Auctioneer as his agent out of his will. The Auctioneer shall not be responsible for any damage to the article in the process of packing or transportation.
7. The liabilities to an auction article after the successful bidding
After the Buyer’s payment or the seven days after the sale, the Buyer shall be responsible for the article he has bid. Even if the article is still in the keeping of the Auctioneer or an agent, the Buyer shall be responsible for the losses or damages due to neglect or any other cause during the keeping period.
8. Remedies for arrears and deferred collection of auctioned articles
If the Buyer fails to pay the amount in full or does not take the auction article away, the Auctioneer has the right to terminate the agreement without any reason. And we shall be entitled to exercise one or more rights in the following without informing the Buyer in advance:
(1) Bring a suit to the court of which the Auctioneer is under jurisdiction against the Buyer for his breach of contract, demand compensation for all the losses for his breach of contract.
(2) Hold the article and any other concerned auction articles bid by the same Buyer successfully until the Buyer fulfills his obligations.
(3) Denounce the defaulter by name and his default practice through mass media
(4) Sell the article again by auction or by other means. If the Auctioneer put the concerned article in auction again or sell the article, the Buyer shall pay the premium which himself and the Seller should have paid in the previous auction. The Buyer shall pay the difference to the Auctioneer if the selling price is not enough to set off the original buying price. And the Buyer shall get the difference from the Auctioneer if the resale proceeds, minus the original buying price and commission, are more than the original price.
(5) The Auctioneer shall charge the Buyer an interest at a rate of 0.05% per day on the due and unpaid amount until such a payment is made fully, to the extent it remains unpaid fully within 7 days after the sale date, unless otherwise agreed by the Buyer and the Auctioneer.
(6) The deposit shall not be returned to the Buyer. The Buyer shall also undertake any liability that may occur in accordance with the Conditions; In the event that the Buyer fails to pay any one of the purchase price of the article at agreed time according to the Conditions after successful bidding on several articles with the same bidding paddle, the Auctioneer shall not return all the deposits to the Buyer and pursue the Buyer’s liability in accordance with laws and regulations.
(7) The Auctioneer has the right to charge the Buyer 30% of the due and unpaid amount of money for breach of contract/default.
(8) If within 7 days after a successful bidding the Buyer fails to make due payment, the Auctioneer shall have the right to entrust a third party on its behalf to collect all or part of the default payment from the Buyer.
9. Statement of Guarantee
According to the Article 61 of Chapter V of the Auction Law of the People’s Republic of China, the Auctioneer states: “Where the auction broker and consignor declare before the auction that they cannot assure the genuineness or quality of the subject of auction, they shall not be liable for assurance against defects”, the Auctioneer declares that the introduction, comments including photo, pictures, slide shows and news reports about any auction article made by the Auctioneer’s staff members or agents, are not free from mistakes and errors, they are for reference only, and they can never be interpreted as a sort of guarantee. So the Buyer shall examine the auction article carefully, and be a conscious and responsible Bidder after deliberate consideration.

Part II Main Stipulations for the Seller
1. The Seller and guarantee
(1) The Seller shall be the auction truster. The Auctioneer shall take the truster as the legal owner of a certain property in the absence of particular statements; if the article is a co-owners’ property, the Auctioneer shall take the truster as has got the agreement of all co-owners to sell the article in the absence of the truster’s statements. (2) The Seller shall show his identification card or passport, together with relevant certificate about the potential auction article when he intends to trust the Auctioneer to sell his article by auction. He shall sign a Letter of Trust and a Trust Agreement with the Auctioneer concerning the details of the deal.
(3) The Seller shall have the management right of the article trusted to the Auctioneer for the sale, and he shall be legally responsible to all disputes caused by exhibition, advertisement, publication, auction and so on, hence the Seller shall compensate the Auctioneer for its economic loss and the damage done to its reputation.
(4) The Seller shall provide the Auctioneer with all kinds of information he knows or ought to know, regarding the background and defects of the potential auction article, so as to facilitate the Auctioneer to check and the article.
(5) The Seller shall not bid his trusted auction article, nor shall he trusts or employs others to bid for him.
2. The Auctioneer, trusted by the Seller, shall be fully entitled to handle the following matters:
(1) To decide whether a certain article is fit for auction, and the time, place, conditions and by which means the auction will be held.
(2) To introduce and comment on any auction article in the catalogue and through mass media.
(3) To withdraw an article anytime before the auction day, or to adjust its base price after negotiating with the Seller.
3. The base price
(1) All auction articles shall have their respective base prices. The Seller shall have the right to reach a written agreement with the Auctioneer about the base price. If the Seller wants to change the base price agreed by both parties, he shall get the approval from the Auctioneer first.
(2) The Auctioneer shall not sell an auction article at a price lower than the base price. Under the condition that the Auctioneer guarantees that the Seller’s actual income is no less than the money he shall get if the article is sold at the base price, the Auctioneer shall auction the article at a price that is lower than the base price.
4. Trust auction
The Seller could negotiate with the Auctioneer before signing the contract of trust auction.
The trust auction means that the Seller shall get the auction proceeds after paying the Auctioneer a certain proportion of auction fee and commission on the basis of the purchase price.
5. Commission and other charges
(1) Except otherwise regulated, commission accounts for 10% of the purchase price, while doing not reach to trade, there is no charge for the Seller.
(2) Premium accounts for 1% of the base price or the purchase price, printing and photography fees can be referred to the Auctioneer’s charging list.
(3) If the Seller refuses to pay the above-mentioned commission and other charges, the Auctioneer shall deduct the money from the auction proceeds after the sale of the article.
(4) The Seller shall acknowledge all kinds of reasonable expenses the Auctioneer collects from the Buyer according to agreements.
6. Insurance
(1) Except otherwise hinted by the Seller, the Auctioneer is entitled to buy insurance or keep the article for the Seller. The valid date of the insurance lasts from the day the Seller signs a trust contract with the Auctioneer and trusts the article to the Auctioneer to the day the Buyer completes full payments of his bidding or to the 35th day after the auction date.
(2) The Seller shall pay 1% of the purchase price for premium. If the article fails to be auctioned, the Seller shall pay 1% of the base price.
(3) If the Auctioneer is demanded by the Seller in written form not to effect the insurance of his auction article, then the Seller shall be responsible for all the accidents while the Auctioneer shall not be responsible for them. And the Seller shall be liable if there are economic losses and expenses caused by the accidents.
(4) The Auctioneer shall not be responsible for the damages caused by insects and/or change of weather or other irresistible causes to the auction article. If there are other reasons accounting for the damage done on the article and indemnity is needed, then the matter shall be handled in accordance with relevant insurance laws and regulations of the People’s Republic of China. Under the condition that the insurance company agrees to pay the claimed damages, the Seller shall get the rest of the damages after deducting the fees (exclusive of commission) he shall pay to the Auctioneer.
7. Payment of proceeds of the auction
(1) If the Buyer has paid off the purchase price in full to the Auctioneer and there is no dispute whatsoever, then within thirty-five days from the sale, the Seller shall get the rest of the sale proceeds, after deducting the fees as regulated in Letter of Trust and this document.
(2) If the Buyer fails to pay off the purchase price in full in thirty-five days after the auction, the Auctioneer shall pay the Seller sale proceeds, according to regulations, within seven work days after receiving the Buyer’s purchase price in full.
(3) RMB shall be the currency the Auctioneer shall pay the Seller after auction, except otherwise agreed upon by both parties.
(4) In case the Seller has a duty to pay tax imposed on its sale proceeds to the government of the People’s Republic of China, the Auctioneer should withhold and pay the tax to the competent authority in accordance with relevant laws or administrative regulations of the People’s Republic of China.
8. Charges for the withdrawal of auction articles
The Seller may withdraw the article before the auction date subject to the Auctioneer’s consent and a written notice stating the reasons. In the case the catalogue or any other advertisement of the article have begun to be printed upon the Seller’s withdrawal, the Seller shall pay an amount equal to 30% of the article’s base price and other expenses. In the case the catalogue or any other advertisements of the article have not begun to be printed upon the Seller’s withdrawal, the Seller shall pay an amount equal to 20% of the article’s base price and other expenses. Dispute or claim arising out of the Seller’s withdrawal shall be borne by the Seller rather than the Auctioneer.
9. Unsold auction articles
(1) If an article fails to be auctioned, the Seller shall take it back at his own expense within two months upon receipt of the Auctioneer’s notice. After the expiry of such a period the Auctioneer shall have the right to auction the article publicly, and on such terms as it thinks fit. The Auctioneer shall also be entitled to deduct commission and all the other fees from the sale proceeds before giving the balance to the Seller.
(2) If the Seller does not take back his article after two months, he shall be responsible to all the risks and accidents happening thenceforward. If the Seller wants the Auctioneer to post back his unsold article, then the article shall be returned at his risk and expense, and shall not be insured in transit, unless the Auctioneer is otherwise instructed by the Seller who shall pay the premium.

Part III Other Rights and Duties of the Auctioneer
1.Acting as a middleman for both the Seller and the Buyer (Bidder), the Auctioneer shall provide services for both parties. But it shall not be responsible for any Buyer or Seller’s breach of contract.
2.The Auctioneer shall be entitled to refuse any bid which comes after the hammer price, to raise bidding price, to withdraw any auction article; and to sell the article in another auction if there are any disputes.
3.The Auctioneer shall have the right to hold exhibitions, auctions, and to make announcements, catalogues and other forms of publications to introduce the auction articles.
4.The Auctioneer shall ask the Buyer to notice the defects in an auction article, especially the features of defects in the artwork; the Auctioneer shall ask the Buyer himself to examine the piece, and to decide his bidding voluntarily.
5.The Auctioneer shall have the right to determine, together with the Seller, the base price, and to determine the name of currency in auction, mode of auction, and the range of bidding increments.
6.The Auctioneer shall keep secrets for both the Buyer and the Seller, in accordance with the laws of the People’s Republic of China and the business regulations of the Auctioneer; the Auctioneer shall protect the rights and interests of the Buyer, the Seller and the Auctioneer from infringement.
7.According to the agreement between the Auctioneer and the Seller, the Seller shall be the owner of the auction article and shall be legally responsible. The Auctioneer shall not accept and hear any case regarding different opinions given by other persons about the ownership of auction articles the Auctioneer is going to sell. If receiving a formal certificate with sound reasons given by the Chinese public security and judicial departments before auction, the Auctioneer shall have the right to stop the auction of the problem article.
8. If a person (limited to the undersigned author of a piece of artwork), who appears besides the three parties in an auction, and asks to stop the auction, on the basis of different opinions that the article is genuine or sham, in such a case, the Auctioneer’s duties are as follows:
(1) In the first place, the Auctioneer shall be the Seller’s agent, then the Auctioneer shall be responsible to the undersigned.
(2) The undersigned or his agent shall come to the auction hall and offer convincing evidences against the auction article at least 36 hours before the auction to negotiate with the Auctioneer. The Auctioneer shall not deal with the case on telephone or in written form.
(3) If the evidences provided are able to support the undersigned or his agent’s argument, the Auctioneer shall withdraw the concerned article from auction.
(4) If the truster, or the owner of the article does not think the undersigned’s evidences are convincing, and is willing, in written form, to be wholly liable to the concerned article, the truster’s opinion will be preferential to be considered.

Part IV Definitions of the Terms Used in this Document and other terms
The definitions of the terms used in this document and catalogue are as follows:
1. “The Company”, “The Auctioneer” refer to the XiLing YinShe Auction Co., Ltd.
2. “Different kinds of expenses” refers to expenses collected by the Auctioneer for insurance, catalogue and so on.
3. “Imitation” refers to an auction article different from the caption described in catalogue, its author, origin, date, period, background and other relevant materials are all false and made deliberately.
4. “Auction article” refers to an article trusted by a Seller to the Auctioneer for sale in auction.
5. “Base price” refers to the minimum price of an auction article agreed upon by the Auctioneer and the Seller, and written in the Trust Agreement.
6. “Estimated price” refers to the estimated price of each article shown in the Auctioneer’s catalogue. The price is subject to alteration.
7. “Purchase price” refers to the price of a certain auction article upon which the Auctioneer’s hammer falls.
8. “Commission” refers to the expenses collected on a certain percentage by the Auctioneer from both the Buyer and the Seller.9. “Auction proceeds” refer to Seller’s net income paid by the Auctioneer after deducting commission, the amount that the Seller should pay to the Auctioneer and all the other expenses from the purchase price.
9. “Auction proceeds” refer to Seller’s net income paid by the Auctioneer after deducting commission, the amount that the Seller should pay to the Auctioneer and all the other expenses from the purchase price.
10. “Sale/Auction date” means the date on which the Auctioneer confirms the sale of any article in the auction by striking his hammer or in any other public manner.
11. “Notice” refers to a notice in written form. The Auctioneer sends out notice and letters to the addresses provided by the Truster, Bidder and Buyer. Once the notice/letter is sent out, it is deemed as delivered to whom is concerned.
12. “Seal” refers to a seal in an auction article (a piece of Chinese calligraphy or painting). The seal is explained in a caption in the Auctioneer’s Catalogue after the expert’s authentication. The caption is for the Buyer’s reference only.
13. “Color” in the catalogue means an auction article (a piece of Chinese calligraphy or painting) is colored.
14. “Defect” refers to some tiny flaws in the artwork. The Auctioneer believes all works of art are subject to defects or flaws caused by nature, artists of improper preservation. So the Auctioneer shall ask the Bidder to examine the auction article if he can find any obvious or hidden defects. There is a traditional Chinese saying that the defects cannot obscure the virtues. In a word, the Bidder shall determine before bidding whether a certain defect counts or not.
15. The place where obligations of a contract are fulfilled should be the place where the Auctioneer is located at.
*If there are any differences in the comprehension of the English version of the document, the Chinese version shall prevail.
*The right to interpret the Conditions of Business is reserved for the Auctioneer.
NOTICE TO THE BIDDER
1. The place where obligations of a contract are fulfilled should be the place where the Auctioneer is located at.
2. The Conditions of Business, which will be published on the catalogues, should be read carefully by the Bidder and complied with strictly.
3. In order to enter the auction hall, the Bidder shall get a bidding paddle after paying the Auctioneer deposit RMB 200,000 and present his/her Identification Card or Passport.
4. An authorization letter can be issued to others if the Bidder is unable to be present at the auction hall and place a bidding. With and only with the authorization letter the Auctioneer will admit and allow the authorized person to enter the auction hall and possibly place a bidding.
5. Besides cash and cheque, payments can be remitted directly to the banks where Auctioneer has accounts.

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