Auction rules
Chapter One General
Article One This rule is hereby formulated according to Auction Law of the People's Republic of China and the relevant laws, regulations, trade practice and referring to the international auction convention.
Article Two When the company organizes the auction activity, it obeys the principles of “openness, fairness, justice, honesty and credibility”.
Article Three This rule is applicable to the auctioneer, consignor, bidder, vendee and other relevant personnel who participate in the auction activity of the company. The personnel who participate in the auction activity of the company must read and obey this rule carefully, and responsible for the behaviors in the auction activity. Any loss or liability caused due to not reading this rule carefully shall be assumed by the doer himself.
Article Four This rule is the supplementary clause of the contract between the consignor, bidder and vendee and the company as the auctioneer, it has the equal effect with the contract.
Article Five This company has the explanation right to the rule as the basis of disputes resolution. As for the auction rules and other contract wordings of this company, if using Chinese, English or other languages, the Chinese paraphrase shall prevail. The relevant legal issues referred to the auction activity are applicable to the laws of the People’s Republic of China. If the negotiation fails, the dispute can be solved by litigation and governed by the court in the place where the company locates.
Chapter Two Auction Objective
Article Six The objective is the item that the consignor entrusts the company for auction, the consignor shall have the ownership to this item or can dispose according to law.
Article Seven If the consignor provides the auction objective ownership certificate or occupies the auction objective when entrusting the company for auction, in case there is no special instruction, that is to say the company thinks that the consignor owns the absolute ownership or has the legal disposal right to the auction objective.
Article Eight The company will add “*” in the auction antique catalog for the auction objectives which can obey be circulated in the mainland of China according to Cultural Relics Protection Law of The People's Republic of China and the relevant provisions.
Article Nine There are reserve prices for the general auction objectives. The auction price can be proposed by the consignor and confirmed with the company upon negotiation in writing. Once the reserve price is confirmed, it can be modified with the mutual consent of both parties in advance.
In any cases, the company doesn’t assume any responsibility that any auction objective doesn’t be concluded the transaction when it doesn’t reach the reserve price in the auction activity held by the company.
Article Ten The company is responsible for the insurance of general auction objectives, unless otherwise agreed:
(I) The insured amount is subject to the reserve price confirmed by the company and consignor in the entrust auction contract (if there is no reserve price, the reference price estimated by the company or the valuation price by the professional institution shall prevail; if adjusting the auction reserve price, the original reserve price of the auction objective shall prevail). This insured amount is only applicable to the insurance and claim, not the guarantee and assurance of the company to the value of auction objective, it doesn’t mean that the auction objective can be sold by auction by the company in the amount which is the same as the insured amount.
(II) After the consignor concludes the trust auction contract with the company and hands over the auction items to the company, the consignor shall pay 1% of the reserve price as the premium; if the auction is successful, the consignor shall pay the premium balance according to 1% of the transaction price, unless otherwise agreed by the consignor and the company.
(III) If the auction is successful in the auction price, the insurance period shall be ended in the 7th day since the successful bidding day or the date that the vendee gets the auction price (whichever is earlier). If the auction is failed, the insurance period is expired in seven days since the consignor receives the company’s notification to take back the auction price.
(IV) The company doesn’t assume the responsibility of the loss caused by moth and the weather situation changes and the damage of mirror bracket and glass. If the auction objective is damaged or lost by other reasons, it shall be disposed according to the relevant insurance laws and provisions of the People's Republic of China. After the company takes the claim settlement from the insurance company and obtains the insurance compensation, it needs to pay the balance of the insurance compensation after deducting the cost of the company (except the commission) to the consignor.
(V) If the consignor requires in writing that the company doesn’t need to insure his auction objective, he shall assume the risks and responsibility by himself, which is not relevant to the company. The consignor shall assume the economic loss and expense caused by it.
Chapter Three Consignor
Article Eleven The consignor is the natural person, legal person or other organizations who entrust the company to auction the articles or property right, who is also the vender of the articles or property right.
Article Twelve The consignor ensures to the company and the vendee irrevocably on the auction objective that is entrusted to the company for auction:
(I) The consignor owns the absolute ownership or has the legal disposal right to the auction objective, the auction of this auction objective doesn’t encroach on the legal interest of any third parties (including the copyright interest), as well as not violate the relevant laws and regulations;
(II) The consignor assumes the legal liability of all the disputes caused by auctioning, displaying, propagandizing and publishing the auction objective (including but not limited to the above behaviors).
(III) The consignor discloses and explains the sources and flaws of the auction objective comprehensively and elaborately as he knows, without anything hiding or fictional;
(IV) If the auction objective is the joint property, the other co-owners shall issue the writ that agrees the joint property to the consignor for disposal;
(V) The consignor can not participate in bidding the auction objective entrusted by himself, he can not entrust others to bid it on behalf of him as well.
If he violates the above guarantee, he shall compensate for the economic loss and reputation loss of the company.
Article Thirteen When the consignor entrusts the company to auction the items, he has the obligation to submit the relevant evidential materials and documents according to the company’s provisions.
If the consignor is the natural person, he must conclude the entrust auction contract with the company by virtue of the effective ID card or passport; if the consignor is the legal person or other organizations, he must conclude the entrust auction contract with the company by virtue of the effective registration documents, ID card of legal person or legal authorization entrust documentary evidence. Once the consignor concludes the entrust auction contract with the company, that is to say he agrees to accept and obey to execute all the clauses of the auction rules.
Article Fourteen If the agent entrusts the company to auction the items on behalf of the consignor, he shall issue the relevant entrust documentary evidence to the company.
If the agent of the consignor is the natural person, he must hold the effective ID card or other effective ID documentary evidence approved by the government of China; if he is the legal person or other organizations, he shall hold the effective registration documents, ID card of legal person or legal authorization entrust documentary evidence.
The company has the right to examine the above entrust matters in the proper way.
Article Fifteen The consignor can withdraw the auction objective at any time before the auction preview after he sends the written notification to the company to explain the reasons and approved by the company. But when withdrawing the auction objective, if the auction objective is listed in the antique catalog or other publicity materials have started to be printed, he shall pay 20% of the reserve price and other expenses. If the antique catalog or other publicity materials are not printed yet, he also needs to pay 10% of the reserve price and other expenses (if there is no reserve price, the consignor can negotiate and confirm the price with the company according to the market price or invite the professional institution to estimate the price), unless otherwise agreed by the consignor and the company. The consignor shall assume any disputes or claims by himself caused by withdrawing the auction price, which is not relevant with the company.
Article Sixteen The consignor agrees that the company has the right to deduct the following commissions and other expenses directly from the purchase compensation amount of the auction items:
(I) If the auction is successful, the consignor agrees that the company deducts 12% of the transaction price as the commission, unless otherwise agreed.
(II) If the auction is failed, the consignor agrees that he needs to pay the service charge calculated by the reserve price, the detailed amount shall be agreed by both parties.
(III) The consignor accepts the commission and other expenses that the company collects from the vendee.
(IV) See the charge standard of the company in details for the print cost of auction antique catalog.
(V) If the auction objective is the cultural relics or the Management Committee of Cultural Relics needs to authorize the auction objective, the wax appraisal fee shall be added according to the standards of the cultural relics department of Government of the People’s Republic of China (1% of reserve price or transaction price), unless otherwise agreed.
(VI) The Consignor accepts all the other expenses collected by the company according to the rules.
Article Seventeen Gain on disposal
(I) If the vendee has paid off all the purchase cost to the company according to this rule, and there is no dispute occurred with the company, the company shall pay the balance of gains on disposal to the consignor after deducting the commission and other costs stipulated in the entrust auction contract within 35 days since the auction completion day.
(II) If the payment term is expired stipulated in the rule, the company still doesn’t receive all the purchase cost from the vendee, the company will pay the gains on disposal to the consignor within 7 workdays since the vendee pays off all the purchase cost.
(III) The consignor shall pay the tax to the government for the auction income, the company will withhold and remit tax for the consignor according to the provisions of taxation department. It is calculated according to 3% of percentage charges of the transfer revenue amount of the auction objective, unless otherwise stipulated by law.
(IV) The gain on disposal is settled in RMB.
Article Eighteen Disposal of failed auction objective
(I) If the auction is failed, the consignor shall receive the auction objective in the place specified by the company within 7 days since he received the notification from the company (the package and shipment costs are assumed by himself), and pay the service charge and other expenses to the company, unless otherwise agreed.
(II) If overdue the above time limit,
1. By the time the entrust auction contract between the company and the consignor has been terminated, the behavior to preserve the audit objective for the consignor is the voluntary service, so the company is not responsible for the damage or loss of the auction objective due to the negligence and fault of the company. The consignor assumes the voluntary service expense caused by it.
2. If the consignor doesn’t receive the auction objective in the place specified by the company within 7 days since he received the notification from the company, he shall assume all the risks and expenses of the auction objective occurred after the time limit. If the consignor requires the company to assist return back the auction objective, he shall assume the risks and expenses of returning back, unless otherwise specialized and assumed the premium, it is generally not insured during the shipment.
3. If the consignor doesn’t receive the auction objective within two months since he received the notification from the company, it is regards that he agrees that the company has the right to sell the item according to the proper condition of the company in the method of vendue or other sale ways, and the company has the right to deduct the payable commission and other expenses paid by consignor from the cost by auction or sale, and then pay the balance to the consignor.
Article Nineteen Overseas entrust auction objective can be entrusted for auction after transacting the entry procedures according to Exit - Entry Administration Law of the People’s Republic of China and other relevant laws and regulations.
Article Twenty The consignor entrusts that the company has the complete decision-making right to the following matters:
(I) Whether the auction objective is suitable to be auctioned by the company or not, whether the auction objective is successful to be auctioned finally, and the auction place, auction date, auction conditions and auction ways.
(II) Evaluate any content description of the auction objective in the auction objective antique catalog and news media or other carriers;
(III) Whether he shall consult with any specialists or not;
(IV) The consignor illustrates in the antique catalog for the auction objective, auction objective exhibition and arrangement in the auction objective exhibition activity in other forms and the payable expense standard.
Withdraw the auction item at any time before the actual auction, and modify the reference price.
(VI) Agree that the purchase price can be supported in special payment condition;
(VII) Move, preserve and insure the closed auction objectives.
(VIII) Collect the amount that the vendee defaults the consignor in other necessary measures, the cost shall be paid by the consignor;
(IX) The agent looks into the default of vendee by law and requires him to compensate the loss caused by default on behalf of the consignor, in order to be convenient for pressing for the payment to the vendee, the company can entrust all kinds of specialists if necessary, including but not limited surveyors and lawyers. The consignor assumes the recourse expense and expense of employing the professionals.
(X) The entrusted agent executes other rights in the name of consignor.
Article Twenty-one The consignor brings the item from abroad and entrusts the company for auction, if it is the artwork which are forbidden to export according to Chinese law and regulations, he must have the customs seals of the People’s Republic of China, or the company will not accept.
Chapter Four Bidder and vendee
Article Twenty-two The bidder is the person who transacts the necessary registration procedure in the company, submits the bidding cash deposit and is accepted to have the bidding right by the company. In this rule, it is applicable to the bidder rules, as well as the bidder agent.
Article Twenty-three The vendee is the bidder who purchases the auction objective in the highest price and accepted by the company, the company has the full right to dispose the disputes about it.
Article Twenty-four The bidder or his agent has the responsibility to fully understand the physical truth of the auction objectives which he wants to bid, he shall examine the original copy of the auction objective by himself in the preview period (it is OK to invite specialists to help authenticate). The auction antique catalog and other videos, publicity materials of the company are only for reference and can be revised before the auction, the company doesn’t assume the responsibility of the authenticity and quality of the auction objective. Once the bidder makes the bidding decision, it indicates that he has examined the auction objective carefully and accepted all the current situation (including flaw), he is willing to assume the legal responsibility to the behavior of bidding this auction objective, and he can not return goods or reject to pay for it in any reason.
Article Twenty-five If the bidder is the natural person, he must register for bidding and get the bidding number plate by virtue of the effective ID card or other effective identity document accepted by the People’s Republic of China; if the consignor is the legal person or other organizations, he must register for bidding and get the bidding number plate by virtue of the effective registration documents, ID card of legal person or legal authorization entrust documentary evidence. Otherwise he can not be regarded as the formal bidder.
Article Twenty-six Bidding cash deposit
(I) When the bidder participates the auction activity of the company, he shall pay the bidding cash deposit before getting the bidding number plate, the detailed amount of the bidding cash deposit will be published before the auction day by the company.
(II) If the auction is failed, the company will return back the full amount of the paid bidding cash deposit (without interest) to the bidder on the spot or within five workdays (according to the specific conditions), when the auction is successful, the bidder who win the auction will pay the purchase cost, the original paid earnest money will be deducted on the spot.
Article Twenty-seven The bidder shall keep the bidding number plate properly, which can not lend to others. If entrusted by the bidder or not, the behavior by the person who has the number plate in the auction activity is regarded as that by the registration person, the bidding registration person shall assume all the legal and economic responsibility to the behavior. The agent of bidder shall indicate the agent identity to the company in writing, or he will be regarded as the bidder.
Article Twenty-eight There can not be any malicious collusion between bidders to damage others’ benefits.
Article Twenty-nine The behavior that the bidder enters in the auction spot means that he agrees to obey and accept the auction rules and other provisions of the company.
Article Thirty The behavior that the bidder raises the plate means that he accepts the price increase range of the company, only the auctioneer of the company has the right to adjust the price increase range, others can not answer the price lower than the price increase range of the company.
Article Thirty-one The bidder shall be responsible for any price answered by himself, once the company affirms as the highest price, he can not go back and shall sign Auction Transaction Confirmation on the sport, or he may need to assume the legal responsibility.
Article Thirty-two Entrust bidding
(I) If the bidder hopes to ensure the successful bidding, he shall be present to bid by himself. If he can not be present, he can entrust the company to bid on behalf of him in writing, because this company provides the free service, the company and its staff are not responsible for the fault or negligence or not bidding on behalf of him in the bidding process.
If there are more than two people bidding in the same entrust price, the one who transacts the entrust bidding first is the vendee.
(II) The bidder who entrusts the company for auction shall conclude the entrust agent agreement with the company at latest one day before the auction day, pay the bidding cash deposit, and pay off the balance within 7 days when the auction is successful.
Article Thirty-three The commission and other expenses that the company collects from the vendee
(I) After the bidding is successful, the bidder will be transferred to the vendee automatically, the vendee shall sign the Auction Transaction Confirmation with the company, and pay the auction commission and other expenses to the company.
(II) The vendee accepts the commission and all the other expenses collected by the company according to the rules.
(III) The commission collection ratio of the company to the vendee is 12% of transaction price. The company has the right to deduct the auction commission and other expenses from the collected bidding cash deposit.
(IV) If the vendee doesn’t pay the commission and other expenses, the company has the retention right to the successful auction objective.
Article Thirty-four Payment by vendee
(I) The vendee has the obligation to pay the cost to the company in the auction completion day. If there is any other expenses, like mounting cost, freight and appraisal cost, the vendee shall assume by himself.
(II) If the vendee can not pay off all the purchase cost in the auction completion day, he shall pay off within 7 days since the auction completion day in one time.
(III) It is settled in RMB, unless otherwise specially explained by the company.
Article Twenty-five Vendee gets the auction objective
(I) The vendee shall get the auction objective on the spot after paying off the purchase cost, or get it after paying off within 7 days since the auction completion day in one time.
After the vendee pays off all the purchase cost, he can obtain the ownership of the auction objective; he can not take away the auction objective in the auction; as well as before paying off the total amount.
If it is overdue to get the auction objective, the vendee shall assume all the necessary costs of delivery, storage, insurance caused by it. The behavior to preserve the audit objective for the vendee is the voluntary service, so the vendee shall assume the damage or loss of the auction objective due to the negligence and fault of the company or other reasons.
(II) After the vendee pays off the cost or after 7 days since the auction completion day (whichever is earlier), the risk of auction price is transferred to the vendee, the vendee is responsible for damage or loss of the auction price.
Article Thirty-six Disposal on overdue payment and overdue reception of auction objective
If the vendee is overdue to pay the amount or receive the purchased auction objective, the company has the right to execute the disposal ways of the following rights.
(I) It requires the vendee to continue to perform the obligation of paying the purchase cost and receive the auction objective.
(II) The bidding cash deposit is not returned back, after compensating for all the loss of the company, pau the balance to the consignor.
(III) It looks into the default of vendee and requires him to compensate all the loss to the company and consignor due to the default by law if necessary. The liquidated damages and loss compensation of vendee shall be submitted to the consignor after compensating al the loss of the company.
(IV) If the vendee still doesn’t pay off the cost after 37 days since the auction completion day, the company has the right to relieve this transaction. The company has the right of auctioning the auction objective again upon the consent of the consignor, except not returning back the bidding cash deposit.
1. When the auction objective is auctioned again, the original vendee shall pay the commission and other expenses which shall be paid by the consignor and himself at the first time;
2. If the transaction price of the second auction is lower than that of the original auction, the original vendee shall complement the balance.
3. If the transaction price of the second auction is higher than that of the original auction, the redundant auction income belongs to the consignor.
(V) He has the right to detain the default vendee who purchased the auction item and any others except this item, till the vendee performs the agreed obligation. The vendee shall assume all the expenses and risks occurred during the retaintion period.
(VI) Condemn the default behavior of the default vendee in the open way on the media.
(VII) If the vendee is overdue to get the auction objective, the company has the right to report to the relevant departments, and the vendee assumes the cost.
(VIII) The company has the right to require the vendee to pay the interest loss due to postpone or reject to pay for it.
Article Thirty-seven If the vendee delivers the cultural relic abroad, he shall transact the cultural relic exit approval procedure according to law. The company doesn’t transact the exit procedure.
Chapter Five Auctioneer
Article Thirty-eight The auctioneer is also Shanghai Zhongyi Auction Co., Ltd., this is called as “the company” in this rule.
Article Thirty-nine The company provides the services for consignor and vendee as the intermediary agent of them, therefore, it is not responsible for any noncompliance of consignor and vendee. The vendee can not ask for compensation to the company due to the flaw of auction price or the consignor’s reason.
Article Forty This company has the right to improve or reduce the bidding steps, reject any bidding, repeal or separate the auction objectives, combine any two or more than two auction objectives. When there is any dispute arising, the auction objective will be auctioned again.
Article Forty-one The company shall publish the exhibition time of all the auction objectives in advance before the auction day, and exhibit in advance, which is convenient for the vendee to understand the current situation of the auction objective. The current situation of auction objective is subject to that in the auction preview spot.
Article Forty-two The company has the right to publish the auction objectives by exhibition, statement, antique catalog and other forms.
Article Forty-three The auction antique catalog and publicity materials of the company are only for the reference data, which can be revised before the auction, and it doesn’t represent or assume any guarantee liability of the auction objectives. If there is difference between the videos and publicity materials of auction objectives in the auction antique catalog or other forms and the original item due to the shooting, printing and other technical reasons, the original item shall prevail.
Article Forty-four The company can not sell the auction objective in the price lower than the reserve price, unless the actual income of the consignor is not less than the profit deserved when concluding the transaction in the reserve price.
Article Forty-five Because the consignor promises to guarantee the ownership of the auction objective, if others raise the objection to the ownership of auction items, the company doesn’t handle except the public security or judicial department of the People’s Republic of China proposes formally and has the sufficient basis.
Article Forty-six If the auction objective is the artwork, the signatory of the work (the 4th party except the three parties of the auction) raises the objection due to its authenticity and requires to terminate the auction, the company will fulfill the following responsibilities:
(I) Notify the signatory or his agent to provide the true evidence on the spot 36 hours before the formal auction, the company doesn’t accept any negotiation by phone or letter.
(II) If there are valid evidence, even if the auction objective has been printed in the antique catalog, the company still has the right to repeal the auction objective.
(III) If the consignor (or owner) thinks that the evidence provided by the signatory is ineloquent, and issues the commitment in writing to indicate that he can assume all the responsibilities and provide the relevant guarantee, the company can consider to adopt the consignor’s opinion.
Article Forty-seven The company shall keep the secret and maintain the legitimate rights and interests for the consignor, bidder and vendee as agreed. The company has the right to reject anyone to participate in the auction activity held by the company or enter in the auction spot according to the actual situation. The photography or shooting in the auction spot shall be agreed by the company.
Article Forty-eight If any emergency or abnormal occurs in the auction spot, the company has the right to dispose according to the actual situation. The company has the right to coordinate and solve any disputes in the auction spot.
Article Forty-nine The company has the right to solve the compensation to the consignor proposed by the vendee and vice versa according to the relevant clauses in this rule, the expense shall be assumed by the relevant parties; if necessary, the company can entrust all kinds of specialists or professional institutions, including but not limited surveyors and lawyers. The relevant parties assume the recourse expense and expense of employing the professionals.
Article Fifty The company has the right to decide if it will pack the auction objective or dispose it on behalf of the vendee. If providing this service, it is only the free service foe the vendee, so the company doesn’t assume any damages caused by it.
Article Fifty-one If the vendee doubts the authenticity of the auction objective which is accepted by the company within 30 days since the auction completion day, the company can repeal this transaction:
(I) If the gain on disposal of the auction objective is still not paid to the consignor, the company shall terminate the payment and return it back to the vendee;
(II) If the gain on disposal of the auction objective is paid to the consignor, the company needs to coordinate to press for the payment for the vendee.
Article Fifty-two If the company accepts that there are disputes existed in the authenticity of auction objective, it must meet the following conditions at the same time,
(I) The vendee notifies to the company in writing that the auction objective is fake;
(II) When the company receives the written notice and the auction objective, and it keeps the original state as the auction preview;
(III) The vendee doesn’t set any creditor’s right and other real rights on this auction objective, and he owns the obsolete ownership to the auction objective;
(IV) The vendee shall submit the the written appraisal proposals by at least two professional national-level appraisal specialists (the duty behavior is needed), which can verify that this auction objective is fake;
(V) The vendee shall prove that this auction objective is sold by the company.
Article Fifty-three If there is one of the following conditions, even if the above conditions can be met, the vendee still doesn’t have the right to require to repeal the transaction:
(I) Maybe the authenticity of the auction objective can be verified by some way, but the appraisal cost by this way is very expensive and impractical, or it may cause the auction objective damaged or lost value;
(II) The description of the auction objective on the auction antique catalog printed by the company meets the opinions widely accepted by the relevant specialists, or it has clearly indicated that there are disputes existed in the appraisal opinions of auction items by the specialists;
(III) The original vendee doesn’t have the original purchase invoice or the original vendee has lost the ownership to the auction objective.
Supplementary articles: Relevant words paraphrase
1. “Reserve price” is the lowest selling price of the auction objective which is determined by the consignor after negotiating with the company and confirmed in the entrust auction agreement in writing.
2. “Reference price” is the estimated selling price of the auction objective which is only for the bidder’s reference, the company has the right to modify the reference price indicated in the auction antique catalog or other introductions before the auction day.
3. “Auction completion” is that the auctioneer confirms the highest bidding price of the bidder by dropping the hammer or other public method in the auction activity held by the company, at this moment, the auction is completed.
4. “Transaction price” is the price when dropping the hammer, that is the price of the auction objective sold to the vendee which is determined by the auctioneer by dropping the hammer in the auction spot, not including the commission collected from the vendee.
5. “Purchase price” is the total amount of the transaction price, commission paid by the vendee, liquidated damages paid by the vendee due to default and other expenses.
6. “Commission” is the agency expense collected by the company from both parties according to the certain rate.
7. “Gain on disposal” is the net amount that the company pays to the consignor, the net amount is the balance after the transaction price deducts the commission that the consignor pays to the company, other expenses and tax withheld and remitted by the company.
8. “All kinds of expenses” are the expenses of insurance, authenticity, making auction objective antique catalog and other forms of publicity materials, package, shipment, storage, cultural relic wax authenticity collected by the company.
9. “Auction day” is the formal auction transaction day published by the company in the auction activity held by the company, if the published date is inconsistent with the actual date, the actual date shall prevail.
10. “Customs seal” is the seal on the cultural relic after China Customs inspects and grants to release the cultural relic that the overseas personnel brings into the mainland of China. The seal must be sealed off by the cultural relic management department of the People’s Republic of China.
11. “a specimen seal impression” is the stamp on the auction objective (especially on the Chinese calligraphy and painting), which is the comments on the antique catalog after the specialists appraise the paraphrase. The comments are only for bidders’ reference.
12. “Color” is the color of the auction objective (especially the Chinese calligraphy and painting).
13. “Notice” is the written notice. If the notice is sent by mailing, it is regarded that the receiver has received the notice by the regular mailing procedure.
14. “Fake” is the auction objective is fabricated deliberately, including the author, origin, date, time, period, culture or source, which is not consistent with the description in the content; and the value of the auction objective for auction is largely lower than the true value described in the content.
15. “Flaw” originally means the defect, shortcoming, now it means the defects of the auction objectives in the aspects of quality and quantity. Because the flaws of any artworks may be caused by nature, manufacture or storage, the company reminds all the bidders that when examining the auction objectives (or inviting the specialists for help), pay attention to the dominant or recessive flaws. Traditionally Chinese think that “the flaws can not be covered”, therefore, please bid after examining the auction objective, which shall be determined by the bidder himself, the company doesn’t assume the guarantee responsibility to the authenticity and quality of the auction objective.
