IMPORTANT NOTICE

All lots are sold subject to Sotheby’s Conditions of Business and Authenticity Guarantee. Prospective bidders are advised to review the information below. This document comprises the following sections:

• BUYING AT AUCTION

• SALES AND USE TAXES

• CONDITIONS OF BUSINESS FOR BUYERS

• ADDITIONAL TERMS AND CONDITIONS FOR ONLINE BIDDING

• AUTHENTICITY GUARANTEE

Your attention is particularly drawn to Condition 3 of the Conditions of Business for Buyers (Duties of Bidders and of Sotheby’s in respect of items for sale). Whilst Sotheby’s will be pleased to provide more detailed reports on any lot on request, all catalogue illustrations and condition reports are intended as a guide only.

For deposit requirements and storage fees, please refer to Section 1 (Before the Auction) and Section 4 (After the Auction) in the BUYING AT AUCTION section for details.

The Conditions of Business for Sellers, which forms part of Sotheby’s Conditions of Business, are available from Sotheby’s offices on request.

BUYING AT AUCTION

Buying at Auction The information set out in this section is designed to give you useful information on how to buy at auction. Sotheby’s staff will be happy to assist you. However, it is important that you read the following information carefully and note that Sotheby’s acts for the seller; you should refer in particular to Conditions 3 (Duties of Bidders and of Sotheby’s in respect of items for sale) and 4 (Exclusions and limitations of liability to Buyers) of the Conditions of Business for Buyers.

Prospective bidders should also consult www.sothebys.com for the most up to date cataloguing of the property in this catalogue.

Buyer’s Premium and Overhead Premium A Buyer’s Premium and Overhead Premium will be added to the hammer price and are payable by the buyer as part of the total purchase price. The Buyer’s Premium is 25% of the hammer price up to and including HK$7,500,000, 20% of any amount in excess of HK$7,500,000 up to and including HK$40,000,000, and 13.9% of any amount in excess of HK$40,000,000. The Overhead Premium, which covers an allocation of Sotheby's overhead costs relating to our facilities, property handling and other administrative expenses, is 1% of the hammer price.

1.BEFORE THE AUCTION

Deposit If you wish to bid on (✧) lots in the printed catalogue and (✧) lots in the eCatalogue, you may be required to deliver to Sotheby’s a deposit of HK$1,000,000 or such other higher amount as may be determined by Sotheby’s, and any ﬁnancial references, guarantees and/or such other security as Sotheby’s may require in its absolute discretion as security for the bid. In particular, Sotheby’s may request at any time any additional deposit, guarantee and/or other security from any bidder whose total bidding (hammer price plus Buyer’s Premium and Overhead Premium) has reached or exceeded ten times the amount of that bidder’s deposit. Sotheby’s may reject any further bidding from such bidder until it has received in full such additional deposit, guarantee and/or other security. Online bidding in a live sale is subject to approval on a lot-by-lot basis.

For any lots other than Premium Lots, regardless of the low pre-sale estimate for the lot, Sotheby’s reserves the right to request from prospective bidders a deposit and any ﬁnancial references, guarantees and/or such other security as Sotheby’s may require in its absolute discretion as security for the bid.

If a client is unsuccessful in bidding for a lot, Sotheby’s will refund the deposit to the client without interest (subject to set off against amounts owed by the client to Sotheby’s) within 21 business days of the sale. Any exchange losses or fees associated with the refund shall be borne by the client.

Sotheby’s decision on the above required for participation in any bidding shall be final.

Bidding in advance of the Live Auction Certain auctions have a period of online bidding followed by a live auction. In such cases, if you are unable to attend the live auction in person and wish to place bids, or simply wish to bid in advance of the live auction, you may do so on sothebys.com or via the Sotheby's App (each an "Online Platform" and together, the "Online Platforms"). In order to do so, you must register an account with Sotheby's and provide the requested information. Once you have done so, navigate to your desired lot and click the “Place Bid” button to start the process. You may bid at or above the starting bid displayed on the Online Platforms. Please note that Sotheby's reserves the right to amend the starting bid prior to the start of the live auction. You may also input your maximum bid which, upon confirmation, will be executed automatically up to this predefined maximum value, in response to other bids, including bids placed by Sotheby's on behalf of the seller, up to the amount of the reserve (if applicable). The current leading bid will be visible to all bidders; the value and status of your maximum bid will be visible only to you. If the status of your bid changes, you will receive notifications via email and push (if you have enabled push notifications on your device) prior to the start of the live auction. You may raise your maximum bid at any time in advance of the live auction. Please note that in certain circumstances clients who have been outbid may be reinstated as the leading bidder and will receive notification via email or push (if enabled on your device). Please refer further to the "BIDDING IN THE SALE section below. Online bids are made subject to the Additional Terms and Conditions for Online Bidding, which are published below and can also be viewed at sothebys.com, as well as the Conditions of Business applicable to the sale.

Pre-sale Estimates Pre-sale estimates are intended as a guide for prospective buyers. Any bid between the high and low pre-sale estimates would, in our opinion, offer a chance of success. However, all lots can realise prices above or below the pre-sale estimates.

It is advisable to consult us nearer the time of sale as estimates can be subject to revision. The estimates do not include the Buyer’s Premium and Overhead Premium.

Condition of Lots Prospective buyers are encouraged to inspect the property at the pre-sale exhibitions. Solely as a convenience, Sotheby’s may provide condition reports. The absence of reference to the condition of a lot in the catalogue description does not imply that the lot is free from faults or imperfections. Please refer to Condition 3 (Duties of Bidders and of Sotheby’s in respect of items for sale) of the Conditions of Business for Buyers .

Electrical and Mechanical Goods All electrical and mechanical goods are sold on the basis of their artistic and decorative value only and should not be assumed to be operative. It is essential that prior to any intended use, the electrical system is checked and approved by a qualiﬁed electrician.

Provenance In certain circumstances, Sotheby’s may publish the history of ownership of an item of property if such information contributes to scholarship or is otherwise well known and assists in distinguishing the item of property. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller’s request for conﬁdentiality or because the identity of prior owners is unknown given the age of the item of property.

2.BIDDING IN THE SALE

Bidding at the Live Auction Following any applicable online bidding period, bids may be executed during the live auction in person, on the telephone or online via an Online Platform. Auction speeds vary, but average between 50 and 120 lots per hour. The bidding steps are generally in increments of approximately 10% of the previous bid. Please refer to Conditions 5 (Bidding at Auction) and 6 (Conduct of the Auction) of the Conditions of Business for Buyers.

Bidders using an Online Platform are subject to the Additional Terms and Conditions for Online Bidding, which are published below and can also be viewed at sothebys.com, as well as the Conditions of Business applicable to the sale. Online bidding in a live sale is subject to approval on a lot-by-lot basis.

Bidding in Person If you would like to bid in person at the live auction, you may register for a paddle prior to the start of the live auction through an Online Platform or by contacting Sotheby’s. Alternatively, you may register for a paddle upon entering the saleroom. Proof of identity will be required. If you are a first-time bidder, you will also be asked for your address, phone number, email address and signature in order to create your account. If you wish to register to bid on a Premium Lot, please see the paragraph above.

Should you be the successful buyer of a lot, please ensure that your paddle can be seen by the auctioneer and that it is your number that is called out. Should there be any doubts as to price or buyer, please draw the auctioneer’s attention to it immediately.

All lots sold will be invoiced to the name and address in which the paddle has been registered and cannot be transferred to other names and addresses.

Please do not mislay your paddle; in the event of loss, inform the Registration Desk immediately. At the end of the sale, please return your paddle to the registration desk.

Telephone Bids If you cannot attend the auction, it may be possible to bid on the telephone on lots with a minimum low estimate of HK$40,000. As the number of telephone lines is limited, it is necessary to make arrangements for this service at least 24 hours before the sale. We also suggest that you leave a maximum bid which we can execute on your behalf in the event we are unable to reach you by telephone. Multi-lingual staff are available to execute bids for you. Telephone bids are accepted only at Sotheby’s discretion and at the caller’s risk. Calls may also be recorded at Sotheby’s discretion. By bidding on the telephone, prospective buyers consent to the relevant risks and recording. Please refer to Condition 5 (Bidding at Auction) of the Conditions of Business for Buyers .

Absentee Bids For some sales (other than where the option to Advance Bid (as defined below) is enabled and a current bid is visible on the Online Platform), if you are unable to attend the live auction in person, you may place your maximum bid prior to the start of the live auction on an Online Platform or by submitting your maximum bid in writing to Sotheby’s. When the lot that you are interested in comes up for sale, the auctioneer will execute the bid on your behalf, making every effort to purchase the lot for as little as possible and never exceeding your limit. This service is free and confidential.

Advance Bidding For certain sales, bidders may submit bids in advance of the live auction (“Advance Bid”) through an Online Platform, as described above, or by submitting a maximum bid in writing to Sotheby’s. For these sales, if you submit an Advance Bid prior to the live auction, the system will automatically bid on your behalf up to and including your predetermined maximum Advance Bid in response to other bids, and will alert you via email and push notifications (if enabled on your device). During the live auction, if your Advance Bid remains as the leading bid, the auctioneer will execute your bid on your behalf in response to other bids. You may also continue to bid during the live auction above your predetermined maximum Advance Bid via an Online Platform using the Live Online Bidding method described below.

Live Online Bidding If you cannot attend the live auction, it is possible to bid live online via an Online Platform. For information about registering to bid via an Online Platform please refer to www.sothebys.com. Online bidding in a live sale is subject to approval on a lot-by-lot basis.

Consecutive and Responsive Bidding The auctioneer may open the bidding on any lot by placing a bid on behalf of the seller. The auctioneer may further bid on behalf of the seller, up to the amount of the reserve, by placing consecutive or responsive bids for a lot. Please refer to Condition 6 (Conduct of the Auction) of the Conditions of Business for Buyers .

Employee Bidding Sotheby’s employees may bid only if the employee does not know the reserve and fully complies with Sotheby’s internal rules governing employee bidding.

3.THE AUCTION

Conditions of Business Sotheby’s auctions are governed by the Conditions of Business for Sellers and Buyers and the Authenticity Guarantee. These apply to all aspects of the relationship between Sotheby’s and actual and prospective bidders and buyers. Anyone considering bidding in the auction should read them carefully. They may be amended by way of notices posted in the saleroom or by way of announcement made by the auctioneer. Online bids are made subject to the Conditions of Business applicable to the sale and the Additional Terms and Conditions for Online Bidding, which are published below and can also be viewed at sothebys.com.

Interested Parties Announcement In situations where a person who is allowed to bid on a lot has a direct or indirect interest in such lot, such as the beneﬁciary or executor of an estate selling the lot, a joint owner of the lot, or a party providing or participating in a guarantee of the lot, Sotheby’s will make an announcement in the sale room that interested parties may bid on the lot. In certain circumstances, interested parties may have knowledge of the reserves.

Economic Sanctions The United States, the United Kingdom and the European Union maintain economic and trade sanctions against targeted foreign countries, groups and organisations. There may be restrictions on the import into the United States, the United Kingdom and the European Union of certain items originating in sanctioned countries. The purchaser’s inability to import any item into these countries or any other country as a result of these or other restrictions shall not justify cancellation or rescission of the sale or any delay in payment. Please check with the specialist department if you are uncertain as to whether a lot is subject to these import restrictions, or any other restrictions on importation or exportation.

Currency Board As a courtesy to bidders, a currency board is operated in many salerooms. It displays the lot number and current bid in both Hong Kong dollars and foreign currencies. Exchange rates are approximations based on recent exchange rate information and should not be relied upon as a precise invoice amount. Sotheby’s assumes no responsibility for any error or omission in the currency amounts shown.

4.AFTER THE AUCTION

Invoices Successful bidders will receive an invoice detailing their purchase and giving instructions for payment and clearance of goods.

Payment Payment is due in HK dollars immediately after the sale and may be made by the following methods: Cash, Banker’s Draft, Cheque, Wire Transfer and Credit Card (American Express, MasterCard, China Union Pay & Visa).

It is against Sotheby’s general policy to accept single or multiple related payments in the form of cash or cash equivalents in excess of the local currency equivalent of US$10,000.

New clients or buyers preferring to make a cash payment are required to provide proof of identity in the form of government issued photo identiﬁcation, such as passport, identity card or driver’s licence) and proof of permanent address.

Cheques and drafts should be made payable to Sotheby’s Hong Kong Limited. Although personal and company cheques drawn in HK dollars on Hong Kong banks are accepted, you are advised that property will not be released until such cheques have cleared.

All charges are subject to acceptance by Sotheby’s and by American Express, MasterCard, China UnionPay or Visa, as the case may be. In the case a charge is not approved, you will remain liable to Sotheby’s for all sums incurred by you. Credit card payment may not exceed HK$1,000,000. For all new clients to Sotheby’s or those whom we have not transacted before, we reserve the right to accept credit card payments presented in person only.

Please note that Sotheby’s reserves the right to decline payments received from anyone other than the buyer of record and that clearance of such payments will be required.

We reserve the right to seek identification of the source of funds received.

The Conditions of Business require buyers to pay immediately after the auction for their purchases. However, in limited circumstances and with the seller’s agreement, Sotheby’s may grant buyers it deems creditworthy the option of paying for their purchases on an extended payment term basis. Credit terms must be arranged prior to the sale. In advance of determining whether to grant the extended payment terms, Sotheby’s may require credit references and proof of identity and residence.

Collection and Storage After the auction, property will be kept at either Sotheby’s premises at One Pacific Place or at the premises of Helu-Trans (HK) Pte Ltd. Please contact Post Sale Services to arrange for collection at either location. Property that is not collected within one month of the date of the auction will incur storage charge at the following rate:

Chinese Works of Art, Chinese Modern Paintings, Chinese Classical Paintings, Jewellery, Watches, Handbags and Sneakers: HK$1,400 per lot per month.
Contemporary Art and Modern Art: HK$2,800 per lot per month.

It is Sotheby’s policy to request proof of identity on collection of a lot. Lots will be released to you or your authorised representative after Sotheby’s has received full and ﬁnal payment and upon presentation of appropriate government issued photo identiﬁcation. Collection can be made with at least one business day’s notice, from Monday to Friday 9:30am - 6pm, except public holidays.

Removal, storage and handling charges may be levied on uncollected lots. Please refer to Condition 7 (Payment and Collection) of the Condition of Business for Buyers.

Loss or Damage Buyers are reminded that Sotheby’s accepts liability for loss or damage to lots for a maximum period of thirty (30) calendar days after the date of the live auction. Please refer to Condition 7 of the Conditions of Business for Buyers (Payment and Collection).

Shipping Sotheby’s offers shipping service. Except if otherwise indicated in this Buying at Auction Guide, Sotheby’s can advise buyers on exporting and shipping property, and arranging delivery.

Upon request, we will send you a quotation for shipping your purchase(s). Transit risk insurance may also be included in your quotation. If the quotation is accepted, we will arrange the shipping for you and will despatch the property as soon as possible after receiving your written agreement to the terms of the quotation, any lien or security on release of the property has been released, and receipt of any export licence or certiﬁcates that may be required. Shipment will be arranged at the buyer’s expense. Sotheby’s may charge an administrative fee for such arrangement.

For assistance on payment, collection and shipping services, please contact Post Sale Services at hkpostsaleservices@sothebys.com

EXPLANATION OF SYMBOLS

Symbol Key The following key explains the symbols you may see inside this catalogue.

✧ Premium Lots

In order to bid on “Premium Lots” (✧ in print catalogue, ✧ in eCatalogue), Sotheby’s may request from prospective bidders to deliver to Sotheby’s a deposit of HK$1,000,000 or such other higher amount as may be determined by Sotheby’s, and any ﬁnancial references, guarantees and/or such other security as Sotheby’s may require in its absolute discretion as security for the bid. Online bidding in a live sale is subject to approval on a lot-by-lot basis. If all lots in the catalogue are “Premium Lots”, a Special Notice will be included to this effect and this symbol will not be used.

○ Guaranteed Property

The seller of lots with this symbol has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by Sotheby’s, or jointly by Sotheby’s and a third party. Sotheby's and any third parties providing a guarantee jointly with Sotheby's benefit financially if a guaranteed lot Is sold successfully and may incur a loss if the sale is not successful. If the Guaranteed Property symbol for a lot is not included in the printing of the auction catalogue, a pre-sale or pre-lot announcement will be made indicating that there is a guarantee on the lot. If every lot in a catalogue is -guaranteed, the Important Notices in the sale catalogue will so state and this symbol will not be used for each lot.

△ Property in which Sotheby’s has an Ownership Interest

Lots with this symbol indicate that Sotheby’s owns the lot in whole or in part or has an economic interest in the lot equivalent to an ownership interest.

⋑ Irrevocable Bids

Lots with this symbol indicate that a party has provided Sotheby’s with an irrevocable bid on the lot that will be executed during the sale at a value that ensures that the lot will sell. The irrevocable bidder, who may bid in excess of the irrevocable bid, will be compensated based on the final hammer price in the event he or she is not the successful bidder. If the irrevocable bidder is the successful bidder, he or she will be required to pay the full Buyer’s Premium and Overhead Premium and will not be otherwise compensated. From time to time, Sotheby’s may enter into irrevocable bid agreements that cover multiple lots. In such instances, the compensation Sotheby’s will pay the irrevocable bidder is allocated to the lots for which the irrevocable bidder is not the successful purchaser. Under such circumstances, the total compensation to the irrevocable bidder will not exceed the total Buyer’s Premium and other amounts paid to Sotheby’s in respect of any lots for which the irrevocable bidder is not the successful bidder. If the irrevocable bid is not secured until after the printing of the auction catalogue, Sotheby’s will notify bidders that there is an irrevocable bid on the lot by one or more of the following means: a pre-sale or pre-lot announcement, by written notice at the auction or by including an irrevocable bid symbol in the e-catalogue for the sale prior to the auction. From time to time, Sotheby’s or any affiliated company may provide the irrevocable bidder with financing related to the irrevocable bid. If the irrevocable bidder is advising anyone with respect to the lot, Sotheby’s requires the irrevocable bidder to disclose his or her financial interest in the lot. If an agent is advising you or bidding on your behalf with respect to a lot identified as being subject to an irrevocable bid, you should request that the agent disclose whether or not he or she has a financial interest in the lot.

⊻ Interested Parties

Lots with this symbol indicate that parties with a direct or indirect interest in the lot may be bidding on the lot, including (i) the beneﬁciary of an estate selling the lot, or (ii) the joint owner of a lot. If the interested party is the successful bidder, they will be required to pay the full Buyer’s Premium and Overhead Premium. In certain instances, interested parties may have knowledge of the reserve. In the event the interested party’s possible participation in the sale is not known until after the printing of the auction catalogue, a pre-lot announcement will be made indicating that interested parties may be bidding on the lot.

□ No Reserve

Unless indicated by a box ( □ ), all lots included in this catalogue are offered subject to a reserve. A reserve is the conﬁdential hammer price established between Sotheby’s and the seller and below which a lot will not be sold. The reserve is generally set at a percentage of the low estimate and will not exceed the low estimate for the lot. If any lots included in this sale are offered without a reserve, these lots are indicated by a box ( □ ). If all lots included in this sale are offered without a reserve, a Special Notice will be included to this effect and the box symbol will not be used for each lot.

○ Restricted Materials

Lots with this symbol have been identiﬁed at the time of cataloguing as containing organic material which may be subject to restrictions regarding import or export. The information is made available for the convenience of Buyers and the absence of the symbol is not a warranty that there are no restrictions regarding import or export of the Lot; Bidders should refer to Condition 11 of the Conditions of Business for Buyers (Export and Permits). Please also refer to the section on Endangered Species in the Buying at Auction Guide. As Indicated in the Endangered Species section, Sotheby's is not able to assist buyers with the shipment of any lots within this symbol into the US or the EU. A buyer's inability to export or import any lots with this symbol cannot justify a delay in payment or a sale's cancellation.

➿ Cryptocurrency Accepted

We will accept cryptocurrency as a form of payment for lots with this symbol, subject to the Conditions of Business for Buyers or Conditions of Sale (including the Additional Conditions of Sale for Payment by Cryptocurrency) that are applicable to the sale. Please contact Post Sale Services for more information.

Export The export of any lot from Hong Kong or import into any other country may be subject to one or more export or import licences being granted. It is the buyer’s responsibility to obtain any relevant export or import licence. The denial of any licence required or delay in obtaining such licence cannot justify the cancellation of the sale or any delay in making payment of the total amount due. Sotheby’s, upon request and for an administrative fee, may apply for a licence to export your lot(s) outside Hong Kong. Sotheby’s recommends that you retain all import and export papers, including licences, as in certain countries you may be required to produce them to governmental authorities.

Endangered Species Items made of or incorporating plant or animal material, such as coral, crocodile, ivory, whalebone, tortoiseshell, etc., irrespective of age or value, may require a licence or certiﬁcate prior to exportation and require additional licences or certiﬁcates upon importation to any country outside Hong Kong. Please note that the ability to obtain an export licence or certiﬁcate does not ensure the ability to obtain an import licence or certiﬁcate in another country, and vice versa. It is illegal to import African elephant ivory into the United States and there are other restrictions on the importation of ivory into the US under certain US regulations which are designed to protect wildlife conservation and there are significant restrictions amounting to an almost total ban on the import and export of any elephant ivory into the UK and the EU. Sotheby’s suggests that buyers check with their own government regarding wildlife import requirements prior to placing a bid. It is the buyer’s responsibility to obtain any export or import licences and/or certiﬁcates as well as any other required documentation (please refer to Condition 10 of the Conditions of Business for Buyers (Failure to collect purchases)). Please note that Sotheby's is not able to assist buyers with the shipment of any lots containing ivory and/or other restricted materials into the US, the UK and the EU. A buyer's inability to export or import these lots cannot justify a delay in payment or a sale's cancellation.

5.ADDITIONAL SERVICES

Financial Services Sotheby’s offers a wide range of ﬁnancial services including advances on consignments, as well as loans secured by art collections not intended for sale. This is not an offer or solicitation and the services are subject to the laws and regulations of the jurisdictions in which the services are provided. For further information please contact Sotheby’s Financial Services in London at +44 20 7293 6005.

Pre-sale Auction Estimates Sotheby’s will be pleased to give preliminary pre-sale auction estimates for your property. This service is free of charge and is available from Sotheby’s experts in Hong Kong on weekdays between 9.30am and 4.30pm. We advise you to make an appointment with the relevant expert department. Upon request, we may also travel to your home to provide preliminary pre-sale auction estimates.

Valuations The Valuation department provides written inventories and valuations for many purposes including insurance, probate and succession division, asset management and tax planning. Valuations can be tailored to suit most needs. Fees are highly competitive. For further information please contact the relevant Expert department on (852) 2524 8121.

SALES AND USE TAXES

Buyers should note that local sales taxes or use taxes may become payable upon import of items following purchase (for example, use tax may be due when purchased items are imported into certain states in the US). Buyers should obtain their own advice in this regard.

In the event that Sotheby’s ships items for a purchaser in this sale to a destination within a US state in which Sotheby’s is registered to collect sales tax, Sotheby’s is obliged to collect and remit the respective state’s sales/use tax in effect on the total purchase price (including hammer price, Buyer’s Premium, Overhead Premium and any shipping services including insurance), of such items, regardless of the country in which the purchaser resides or is a citizen. Where the purchaser has provided Sotheby’s with a valid Resale Exemption Certiﬁcate prior to the release of the property, sales / use tax will not be charged. Clients who wish to provide resale or exemption documentation for their purchases should contact Post Sale Services.

CONDITIONS OF BUSINESS FOR BUYERS

The nature of the relationship between Sotheby’s, Sellers and Bidders and the terms on which Sotheby’s (as auctioneer) and Sellers contract with Bidders are set out below.

Bidders’ attention is specifically drawn to Conditions 3 and 4 below, which require them to investigate Lots prior to bidding and which contain specific limitations and exclusions of the legal liability of Sotheby’s and Sellers. The limitations and exclusions relating to Sotheby’s are consistent with its role as auctioneer of large quantities of goods of a wide variety and Bidders should pay particular attention to these Conditions.

1. Introduction

(a) Sotheby’s and Sellers’ contractual relationship with prospective Buyers is governed by:

(i) these Conditions of Business;

(ii) the Conditions of Business for Sellers displayed in the saleroom and which are available upon request from Sotheby's Hong Kong salerooms or by telephoning (852) 2524 8121;

(iii) Sotheby’s Authenticity Guarantee as published in the sale catalogue. With respect to NFTs, unless otherwise set forth on the respective Lot page on our website, the Authenticity Guarantee is regarding the authorship of the Referenced Content;

(iv) any additional notices and terms published by Sotheby’s, including the guide to Buying At Auction; and

(v) in respect of online bidding via an Online Platform, the Additional Terms and Conditions for Online Bidding published below and available on www.sothebys.com and on the Sotheby's App, in each case as amended by any saleroom notice or auctioneer's announcement at the live auction.

(b) As auctioneer, Sotheby’s acts as agent for the Seller. A sale contract is made directly between the Seller and the Buyer. However, Sotheby’s may own a Lot (and in such circumstances acts in a principal capacity as Seller) and/or may have a legal, beneficial or financial interest in a Lot as a secured creditor or otherwise.

2. Common Terms

In these Conditions of Business:

"Bidder" is any person considering, making or attempting to make a bid, by whatever means, and includes Buyers;

"Buyer" is the person who makes the highest bid or offer accepted by the auctioneer, and includes such person's principal when bidding as agent;

"Buyer's Expenses" are any costs or expenses due to Sotheby's from the Buyer;

"Buyer's Premium" is the commission payable by the Buyer on the Hammer Price at the rates set out in the guide to Buying At Auction;

"Counterfeit" is as defined in Sotheby's Authenticity Guarantee;

"Hammer Price" is the highest bid accepted by the auctioneer by the fall of the hammer, (in the case of wine, as apportioned pro-rata by reference to the number of separately identified items in that Lot), or in the case of a post-auction sale, the agreed sale price;

“Lot” means an item (or more than one item grouped as one) of property offered for sale. A Lot may be or include an NFT (or more than one NFT), and the term “NFT” may be used to refer to any such Lot.

“NFT” is a non-fungible token established on a blockchain;

"Overhead Premium" is the allocation of Sotheby’s overhead costs relating to Sotheby’s facilities, property handling and other administrative expenses that is payable by the Buyer on the Hammer Price at the rates set out in the guide to Buying at Auction in the sale catalogue;

"Purchase Price" is the Hammer Price, Overhead Premium, Buyer's Premium, any applicable VAT and/or sales or use tax, and any applicable artist resale right royalty payable by the Buyer on qualifying Property;

“Referenced Content” means, with respect to an NFT, the metadata, content, digital asset and/or physical item, if any, to which the NFT relates;

"Reserve" is the (confidential) minimum Hammer Price at which the Seller has agreed to sell a Lot;

"Seller" is the person offering a Lot for sale (including their agent (other than Sotheby's), executors or personal representatives);

"Sotheby's" means Sotheby's Hong Kong Limited, which has its registered office at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong;

"Sotheby's Company" means Sotheby's in the USA and any of its subsidiaries (including “Sotheby's”) and Sotheby’s Diamonds SA and its subsidiaries (in each case ‘subsidiary’ having the meaning of Section 2 of the Companies Ordinance Cap.622).

3. Duties of Bidders and of Sotheby’s in respect of items for sale

(a) Sotheby’s knowledge in relation to each Lot is partially dependent on information provided to it by the Seller, and Sotheby’s is not able to and does not carry out exhaustive due diligence on each Lot. Bidders acknowledge this fact and accept responsibility for carrying out inspections and investigations to satisfy themselves as to the Lots in which they may be interested.

(b) Each Lot offered for sale at Sotheby’s is available for inspection by Bidders prior to the sale. Sotheby’s accepts bids on Lots solely on the basis that Bidders (and independent experts on their behalf, to the extent appropriate given the nature and value of the Lot and the Bidder's own expertise) have fully inspected the Lot prior to bidding and have satisfied themselves as to both the condition of the Lot and the accuracy of its description. For any NFT Lot, in addition to the foregoing, you are solely responsible for reviewing and inspecting the smart contract, if available, prior to your purchase.

(c) Bidders acknowledge that many Lots are of an age and type which means that they are not in perfect condition. All Lots are offered for sale in the condition they are in at the time of the auction (whether or not Bidders are in attendance at the auction). Condition reports may be available to assist when inspecting Lots. Catalogue descriptions and condition reports may on occasions make reference to particular imperfections of a Lot, but Bidders should note that Lots may have other faults not expressly referred to in the catalogue or condition report. Illustrations are for identification purposes only and will not convey full information as to the actual condition of Lots.

(d) Information provided to Bidders in respect of any Lot, including any estimate, whether written or oral and including information in any catalogue, condition or other report, commentary or valuation, is not a representation of fact but rather is a statement of opinion genuinely held by Sotheby’s. Any estimate may not be relied on as a prediction of the selling price or value of the Lot and may be revised from time to time in Sotheby's absolute discretion.

(e) No representations or warranties are made by Sotheby's or the Seller as to whether any Lot is subject to copyright or whether the Buyer acquires copyright in any Lot.

(f) If the Lot is an NFT, you acknowledge and agree that our staff are not information technology or data experts, and that by bidding in the auction of the NFT, you accept that NFTs are subject to inherent technological risks which may affect their performance now or in the future. You further acknowledge and agree that the characterisation and regulatory scheme governing NFTs, cryptocurrencies, and blockchain technology is uncertain and undetermined, that your purchase and receipt of the NFT complies with applicable laws and regulations in your jurisdiction, and that new regulations or policies may materially adversely affect the auction or the NFT.

(g) If the Lot is an NFT, you acknowledge and agree that the NFT may be subject to resale royalties through application of the smart contract on any subsequent resales of the NFT. On any such resale by you, you may be obligated to collect and remit to the appropriate party resale royalties as applicable, and you are responsible for any network fees that may apply to such payments as well as any transaction duties imposed by law.

(h) Subject to the matters referred to at 3(a) to 3(f) above and to the specific exclusions contained at Condition 4 below, Sotheby’s shall exercise such reasonable care when making express statements in catalogue descriptions or condition reports as is consistent with its role as auctioneer of Lots in the sale to which these Conditions relate, and in the light of (i) the information provided to it by the Seller; (ii) scholarship and technical knowledge; and (iii) the generally accepted opinions of relevant experts, in each case at the time any such express statement is made.

4. Exclusions and limitations of liability to Buyers

(a) Sotheby’s shall refund the Purchase Price to the Buyer in circumstances where it deems that the Lot is a Counterfeit and each of the conditions of the Authenticity Guarantee has been satisfied.

(b) In the light of the matters in Condition 3 above and subject to Conditions 4(a) and 4(e), neither any Sotheby's Company nor the Seller:

(i) is liable for any errors or omissions in information provided to Bidders by Sotheby’s (or any Sotheby's Company), whether orally or in writing, whether negligent or otherwise, except as set out in Condition 3(f) above;

(ii) gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded (save in so far as such obligations cannot be excluded by law) other than the express warranties given by the Seller to the Buyer in Condition 2 of the Sellers' Conditions of Business;

(iii) accepts responsibility to any Bidders in respect of acts or omissions (whether negligent or otherwise) by Sotheby’s in connection with the conduct of auctions or for any matter relating to the sale of any Lot.

(c) Unless Sotheby’s owns a Lot offered for sale, it is not responsible for any breach of these conditions by the Seller.

(d) In the case of NFTs, in addition to the above and except for the express representations and warranties given by the Seller (which may differ from any published Conditions of Business for Sellers) and the Authenticity Guarantee, which Sotheby’s, as principal, provides to the Buyer, neither we nor the Seller make any representations or warranties as to the following: (1) whether the NFT or any Referenced Content is subject to copyright; (2) the nature, character, contents, condition, behaviour, operation, performance, security, integrity, metadata, persistence, quality, technical details or terms of the smart contract, NFT or the Referenced Content, including without limitation any further iterations of the same; (3) that the smart contract, NFT or Referenced Content or the delivery mechanism for the NFT does not contain vulnerabilities, viruses or malware or other harmful components, or that either will function as any bidder or Buyer expects or without error or mistake; (4) the uniqueness of the Referenced Content; (5) that an NFT is reliable, correctly programmed, compatible with your or others’ computer systems, up-to-date, error-free, compatible with your digital wallet or meeting your requirements, or that defects in the NFT can or will be corrected; or (6) the accuracy or reliability of any simulation or videos depicting the intended performance of the NFT or the Referenced Content, whether displayed on our website or on any other platform.

(e) NFTs are further subject to the following additional terms.

(i) You acknowledge and agree that NFTs are not issued, minted or tokenized by us and we are solely acting as the NFT Seller’s agent to offer the NFT for sale at the auction.

(ii) We are only selling the ownership rights to the NFT and in no way are we associated with or responsible for any resales or secondary market sales of the NFT or the Referenced Content or any iterations of the same. Any copyright(s) in and to the NFT and Referenced Content, including but not limited to, any reproduction rights in any Referenced Content, remain with the creator(s) thereof, and the purchase of the NFT does not constitute an assignment thereof.

(iii) Transfer of ownership to an NFT will not guarantee continuing access to the Referenced Content to which it relates and you further acknowledge and agree to the risks associated with purchasing, using, transferring, and owning NFTs, as applicable, including, but not limited to, telecommunications, network, server, or blockchain failures, malfunctions, or disruptions; risk of losing access to the NFT due to lost or forgotten private key(s) or password(s) or corrupted wallet files; mis-typed addresses or incorrectly constructed transactions; viruses, phishing, bruteforcing, hacking, security breaches, mining attacks, or other means of cyber-security attack; custodial or buyer error; regulatory interference in one or more jurisdictions; token taxation; personal information disclosure; uninsured losses; and other unanticipated risks.

(iv) Neither you nor we nor the Seller will be liable for any special, consequential, indirect, incidental or punitive damages, including, as applicable, damages relating to any of the risks or disclaimed attributes set forth in Condition 4(e)(iii). In addition to the above, we will not be liable for any loss whatsoever related to damage or corruption to the Referenced Content, failure of the NFT to reference the Referenced Content, or loss of, or other security or persistence issues related to, the Referenced Content.

(v) You have sufficient understanding of NFTs, digital wallets and other storage mechanisms, cryptocurrencies, blockchain technology, and the use, characteristics, functionality, programming, and/or other material characteristics of all of the foregoing, to fully understand and agree to these Conditions and the disclaimers and risks outlined herein, or have consulted with professional advisors in relation to the foregoing such that any participation by you in the auction of any NFT constitutes an informed acceptance of such disclaimers and risks.

(f) Without prejudice to Condition 4(b), any claim against Sotheby’s or the Seller by a Bidder is limited to the Purchase Price with regard to that Lot. Neither Sotheby’s nor the Seller shall under any circumstances be liable for any consequential losses.

(g) None of this Condition 4 shall exclude or limit Sotheby’s liability in respect of any fraudulent misrepresentation made by Sotheby’s or the Seller, or in respect of death or personal injury caused by the negligent acts or omissions of Sotheby’s or the Seller.

5. Bidding at Auction

(a) Sotheby's has absolute discretion to refuse admission to the live auction. Bidders who wish to bid in person must complete a Paddle Registration Form and supply such information and references as required by Sotheby's. Bidders act as principal unless they have Sotheby's prior written consent to bid as agent for another party. Bidders are personally liable for their bid and are jointly and severally liable with their principal if bidding as agent.

(b) Where available, telephone bids are offered as an additional service for no extra charge, at the Bidder's risk and shall be undertaken with reasonable care subject to Sotheby's other commitments at the time of the live auction; Sotheby’s therefore cannot accept liability for failure to place such bids save where such failure is unreasonable. Telephone bids may be recorded.

(c) Online bids are made subject to the Additional Terms and Conditions for Online Bidding (published below) and available on www.sothebys.com or via the Sotheby's App which apply which apply in relation to bids submitted via an Online Platform, in addition to these Conditions of Business.

(d) To bid on a Lot containing an NFT, prior to bidding, you must have a digital wallet capable of supporting and accepting the NFT.

6. Conduct of the Auction

(a) Unless otherwise specified, all Lots are offered subject to a Reserve, which shall be no higher than the low presale estimate at the start of the live auction.

(b) The auctioneer has absolute discretion at any time to refuse or accept any bid, withdraw any Lot, re-offer a Lot for sale (including after the fall of the hammer), and take such other action as he reasonably thinks fit.

(c) During the live auction, the auctioneer will commence and advance the bidding at levels and in increments he considers appropriate and is entitled to place a bid or series of bids on behalf of the Seller up to the Reserve on the Lot, without indicating he is doing so and whether or not other bids are placed.

(d) Subject to Condition 6(b), the contract between the Buyer and the Seller is concluded on the striking of the auctioneer's hammer, whereupon the Buyer becomes liable to pay the Purchase Price.

(e) Any post-auction sale of Lots offered at auction shall incorporate these Conditions as if sold in the live auction.

7. Payment and Collection

7.1 General

(a) Unless otherwise agreed, payment of the Purchase Price for a Lot and any Buyer's Expenses are due in Hong Kong dollars immediately on conclusion of the live auction (the "Due Date") notwithstanding any requirements for export, import or other permits for such Lot.

(b) The Buyer also must pay as part of the Purchase Price any applicable sales tax, compensating use tax, VAT, consumption tax, goods or services tax or other indirect taxes, luxury tax, excise tax, and duties or tariffs (collectively, “Taxes”), as well as any applicable artist resale right royalty, on the purchase of a Lot where and as required by applicable law. Sotheby’s will collect any applicable Taxes and artist resale right royalty on the purchase of a Lot where and as required by applicable law. The Buyer shall pay the Purchase Price in full without any deduction for taxes of any kind, unless such deduction is required by law. In any such case, the amount due to Sotheby’s from the Buyer will be increased to an amount that after deduction for any such taxes leaves an amount equal to the Purchase Price.

(c) Title in a purchased Lot will not pass until Sotheby's has received the Purchase Price and Buyer's Expenses for that Lot in cleared funds. Sotheby's is not obliged to release a Lot to the Buyer until title in the Lot has passed and appropriate identification has been provided, and any earlier release does not affect the passing of title or the Buyer's unconditional obligation to pay the Purchase Price and Buyer's Expenses.

7.2 Payment in cryptocurrency

For Lots eligible for payment in cryptocurrencies, payments made in cryptocurrency shall be subject to the terms in this Condition 7.2 in addition to the terms set forth in Condition 7.1 above.

(a) We will accept payment in cryptocurrency only for Lots designated as eligible for such in the Catalogue or by any oral or written announcement or notice prior to or during the sale, and only in the following cryptocurrencies: BTC, ETH and USDC.

(b) Our invoice for the purchased Lot will show the Purchase Price in HKD. We will also provide a link by email through which the Buyer can make payment in cryptocurrency via Coinbase, Inc. (“Coinbase”).

(c) The Buyer will be required to pay the amount of cryptocurrency that is of equivalent value to the Purchase Price, plus a network fee at the time of the Buyer’s payment, as set or determined by Coinbase based on the then-current exchange rate of the cryptocurrency to HKD.

(d) Any payment in cryptocurrency must be made within ten (10) business days of your receipt of the invoice from us, and payment must be made between the hours of 9:00am and 12 noon U.S. Eastern Time, Monday through Friday (and not on a U.S. public holiday).

(e) Payment must be made from an account or digital wallet in your name maintained with one of the following platforms: (1) Coinbase Custody Trust; (2) Coinbase, Inc. (including Coinbase, Coinbase Pro and Coinbase Prime accounts); (3) Fidelity Digital Assets Services, LLC; (4) Gemini Trust Company, LLC; or (5) Paxos Trust Company, LLC. Partial payments from multiple digital wallets will not be accepted, and you will be required to provide documentation reasonably requested to confirm that you own the wallet used to make payment.

(f) Payments in cryptocurrency will not be accepted other than in accordance with this Condition 7.2. If you make payment in cryptocurrency other than in accordance with this Condition 7.2, we may, in our sole discretion, return those funds to you and hold you responsible for all third-party fees (including, without limitation, network fees, taxes, transfer fees, etc.), and in such circumstances we may require you to pay in the fiat currency of the sale.

(g) Once you initiate a cryptocurrency transaction, the transaction cannot be reversed; this is inherent in the nature of cryptocurrencies and not a policy set by us. You are responsible for verifying that you have sent the correct amount to the correct digital wallet address.

(h) If you make payment in cryptocurrency from a digital wallet or account, you represent and warrant the following: (1) you own the digital wallet and the cryptocurrency used to make payment; (2) the digital wallet or account is not directly or indirectly hosted, operated, or otherwise controlled by anyone that is the subject of economic sanctions, embargoes or other trade restrictions in any jurisdiction, including those administered and enforced by the United States, European Union, United Kingdom, United Nations Security Council, or other applicable sanctions authority (collectively, “Sanctions”) or located, resident, or organised in a country or territory that is the subject of Sanctions (including Crimea, Cuba, Iran, North Korea, Syria, the Russian Federation and Belarus) (collectively, “Sanctioned Jurisdiction”); (3) the cryptocurrency or any other assets in the digital wallet or account used for the bid or purchase were not sourced from anyone that is the subject of Sanctions or located, resident, or organised in a Sanctioned Jurisdiction; and (4) your payment in cryptocurrency will not cause (or otherwise result in) us, Sellers, or anyone else to violate any Sanctions, anti-money laundering, anti-terrorism, anti-bribery or anti-corruption laws, or any other applicable laws.

(i) We shall have no liability for any payment made by you in cryptocurrency that is not received by us for whatever reason.

(j) You acknowledge the risks inherent to the use of cryptocurrency, including without limitation the risk of faulty or insufficient hardware, software, and internet connections; the risk of introduction or intrusion of malicious code or software; the risk of hacking or unauthorized access to your digital wallet or information stored therein, or of theft or diversion of funds therefrom; volatility and unstable or unfavorable exchange rates; and the risk of unfavorable regulatory intervention and/or tax treatment in relation to transaction in such currency. We will have no liability for any of the foregoing.

7.3 Collection

(a) For all Lots except NFTs, the Buyer is obliged to arrange collection of purchased Lots no later than thirty (30) calendar days after the date of the live auction. Purchased Lots are at the Buyer's risk (and therefore their sole responsibility for insurance) from the earliest of i) collection or ii) the thirty-first calendar day after the auction. Until risk passes, Sotheby’s will compensate the Buyer for any loss or damage to the Lot up to a maximum of the Purchase Price paid. Buyers should note that Sotheby's assumption of liability for loss or damage is subject to the exclusions set out in Condition 6 of the Conditions of Business for Sellers.

(b) The provisions of this Condition 7.3(b) apply to NFTs:

(i) In order to receive the NFT, you must have a digital wallet that is capable of supporting and accepting the NFT, and which you, or the company you have registered to bid as, own, and to which you have access. You understand and acknowledge that not all digital wallets can support storage of a non-fungible token, and that if your wallet does not support storage of the NFT purchased by you, you may lose access to that NFT. You further understand and acknowledge that if you fail to provide us with an address for a digital wallet that is capable of supporting and accepting the NFT within five (5) business days of the conclusion of the auction, we may, in our sole discretion, treat the NFT as transferred to you for purposes of Condition 13(a)(ii), treat the NFT Lot as a Lot for which the Buyer has failed to pay in full for purposes of Condition 9, and hold you responsible for all resulting third-party fees (including, without limitation, custodial fees, insurance, network fees, taxes, transfer fees, etc.).

(ii) We or the Seller will transfer the NFT to the digital wallet that you have specified, after you have met the conditions in Condition 7 herein. You agree that we may require you to follow a security protocol to ensure that the NFT is safely received by you. We will transfer the NFT to the wallet address specified by you and are not responsible for confirming that you have supplied us with the correct or a valid address, and we are not responsible if the transfer of the NFT to your wallet fails unless such failure is the result of us sending the NFT to a wallet address other than the one provided by you.

8. Remedies for late or non-payment

Without prejudice to any rights the Seller may have, if the Buyer without prior agreement fails to make payment in full for the Lot within five days of the live auction, or in accordance with any payment schedule agreed with Sotheby’s, Sotheby's may in its sole discretion (having informed the Seller) exercise one or more of the following remedies:

(a) store the Lot at its premises or elsewhere at the Buyer’s sole risk and expense or, if the Lot is an NFT, to store such Lot at Sotheby’s or the Seller’s digital wallet or elsewhere at the Buyer’s sole risk and expense;

(b) terminate the contract of the sale of the Lot, retaining the right to damages for the Buyer’s breach of contract;

(c) set off any amounts owed to the Buyer by a Sotheby’s Company against (i) any amounts owed to Sotheby's by the Buyer in respect of the Lot, (ii) any shortfall in the Purchase Price and Buyer's Expenses in the event of a resale under Condition 8(h) below (on a pro-rata basis where more than one Lot is purchased by the Buyer at the auction and is then resold), and/or (iii) any claim by Sotheby's against the Buyer for damages for the Buyer's breach of contract (including but not limited to the Buyer's Premium and Overhead Premium in the event of a termination of the sale contract);

(d) apply as Sotheby’s sees fit any payments, including deposits, made by or on behalf of the Buyer in respect of this transaction or otherwise, towards (i) any costs, Buyer’s Expenses or debts owed by the Buyer to any Sotheby’s Company , and/or (ii) any shortfall in the Purchase Price and Buyer's Expenses in the event of a resale under Condition 8(h) below (on a pro-rata basis where more than one Lot is purchased by the Buyer at the auction and is then resold), and/or (iii) any claim by Sotheby's against the Buyer for damages for the Buyer's breach of contract (including but not limited to the Buyer's Premium and Overhead Premium in the event of a termination of the sale contract). For the avoidance of doubt, if more than one Lot is purchased by the Buyer at the auction and the Buyer makes a partial payment but fails to pay in full the Purchase Price of all Lots purchased by him within five days of the auction or in accordance with any payment schedule agreed with Sotheby's, Sotheby's is entitled, at its absolute discretion, to reject any instruction or request that the whole or a part of such partial payment be applied towards the Purchase Price of, and/or the shortfall and/or Sotheby's claim for damages in respect of, any particular Lot(s) purchased by the Buyer;

(e) reject future bids from the Buyer or render such bids subject to payment of a deposit; such deposit to be applied at Sotheby’s discretion in the event of subsequent non-payment or late payment;

(f) charge interest at a rate not exceeding 2% per month from the Due Date to the date the Purchase Price and relevant Buyer's Expenses are received in cleared funds;

(g) exercise a lien over any of the Buyer’s property which is in the possession of a Sotheby’s Company. Sotheby's shall inform the Buyer of the exercise of any such lien and within 14 days of such notice may arrange the sale of such property and apply the proceeds to the amount owed to Sotheby’s, and/or any shortfall in the Purchase Price and Buyer's Expenses in the event of a resale under Condition 8(h) below (on a pro-rata basis where more than one Lot is purchased by the Buyer at the auction and is then resold), and/or any claim by Sotheby's against the Buyer for damages for the Buyer's breach of contract (including but not limited to the Buyer's Premium and Overhead Premium in the event of a termination of the sale contract);

(h) resell the Lot by auction or private sale, with estimates and reserves at Sotheby's discretion. In the event such resale is for less than the Purchase Price and Buyer's Expenses for that Lot, the Buyer will remain liable for the shortfall together with all costs incurred in such resale;

(i) commence legal proceedings to recover the Purchase Price and Buyer's Expenses for that Lot, or to claim damages for the Buyer’s breach of contract, together with interest and the costs of such proceedings on a full indemnity basis; or

(j) release the name and address of the Buyer to the Seller to enable the Seller to commence legal proceedings to recover the amounts due or claim damages for the Buyer’s breach of contract and legal costs. Sotheby's will take reasonable steps to notify the Buyer prior to releasing such details to the Seller.

9. Bidder’s and/or Buyer’s Warranties

(a) The Bidder and/or Buyer warrants that:

(i) the Bidder and/or Buyer will provide to Sotheby’s, upon request, verification of identity and any additional information required to comply with Sotheby’s Know Your Client (“KYC”) requirements and/or applicable law, failing which Sotheby’s shall be entitled either not to complete or to cancel the sale of any Lot, as appropriate;

(ii) the Bidder and/or Buyer is not subject to trade sanctions, embargoes or any other restriction on trade (A) in the jurisdiction in which it does business, and (B) that are administered and enforced by the United States, European Union, United Kingdom, United Nations Security Council or other relevant sanctions authority, and is not owned (nor partly owned) or controlled by such sanctioned person(s) (collectively, “Sanctioned Person(s)”); and

(iii) the funds used for purchase and settlement of the Lot(s) are not connected with nor have any link to nor are derived from any criminal activity, including without limitation tax evasion, money laundering, terrorist activities or other criminal activity, and the Bidder/Buyer is neither under investigation, nor has been charged with or convicted of without limitation, tax evasion, money laundering, terrorist activities or other criminal activity.

(b) Where the Bidder is bidding on behalf of another person or acting as agent (in either case, the “Agent”) for another party (the “Principal(s)”), the “Bidder” or “Buyer” shall refer to Principal and Agent jointly and severally unless otherwise expressly indicated and the Agent warrants in its own capacity (in addition to the warranties set out in Condition 9(a) which are given jointly and severally by the Agent and the Principal) that:

(i) the Principal(s) is not a Sanctioned Person(s) nor owned (or partly owned) or controlled by Sanctioned Person(s);

(ii) the funds used for purchase and settlement of the Lot(s) are not connected with, nor have any link to any criminal activity, including without limitation tax evasion, money laundering, terrorist activities or other criminal activity and that the arrangements between the Agent and the Principal(s) of the Lot(s) or otherwise do not, in whole or in part facilitate tax crimes;

(iii) the Lot(s) purchased by the Agent or the Principal(s) is not being purchased for the purposes of, or being used in any way connected with, or to facilitate breaches of any applicable tax, anti-money laundering or anti-terrorism laws or regulations;

(iv) the Agent has conducted appropriate customer due diligence on the Principal(s) of the Lot(s) in accordance with all applicable anti-money laundering and sanctions laws and regulations and the Agent does not know and has no reason to suspect that the funds used for settlement are derived from or connected with proceeds of any criminal activity including without limitation tax evasion, or that the ultimate buyer(s) is under investigation, or has been charged with or convicted of money laundering, terrorist activities or other criminal activity; and

(v) the Agent will disclose to Sotheby’s the identity of the Principal and will provide to Sotheby’s, upon request, verification of identity and any additional information required to comply with Sotheby’s KYC requirements and/or applicable law with respect to the Agent and the Principal and/or to evidence the Agent’s authority to bid on behalf of the Principal and to bind the Principal. If the Agent fails to satisfy Sotheby’s KYC requirements, Sotheby’s shall be entitled either not to complete or to cancel the sale of any Lot, as appropriate.

(c) The Bidder and/or Buyer hereby undertakes and warrants that none of the funds used for purchase and settlement will be funded by any Sanctioned Person(s), nor will any party involved in the transaction including financial institutions, freight forwarders or other forwarding agents or any other party be a Sanctioned Person(s) nor owned (or partly owned) or controlled by a Sanctioned Person(s), unless such activity is authorized in writing by the government authority having jurisdiction over the transaction or in applicable law or regulation.

(d) Sotheby’s reserves the right to seek identification of the source of funds received, and to make enquiries about any person transacting with Sotheby’s. If Sotheby’s has not completed its enquiries in respect of anti-money laundering, anti-terrorist financing or other checks as it considers appropriate concerning the Bidder and/or Buyer or the Seller to Sotheby’s satisfaction at its discretion, Sotheby’s shall be entitled either not to complete or to cancel the sale of any Lot, as appropriate, and to take any further action required or permitted under applicable law without any liability to the Bidder and/or Buyer.

10. Failure to collect purchases

(a) If the Buyer pays the Purchase Price and Buyer's Expenses but fails to collect a purchased Lot within thirty calendar days of the live auction, the Lot will be stored at the Buyer's expense (and risk) at Sotheby's or with a third party.

(b) If a purchased Lot is paid for but not collected within six months of the live auction, the Buyer authorises Sotheby's, having given notice to the Buyer, to arrange a resale of the item by auction or private sale, with estimates and reserves at Sotheby's discretion. The proceeds of such sale, less all costs incurred by Sotheby's, will be forfeited unless collected by the Buyer within two years of the original auction.

11. Export and Permits

It is the Buyer's sole responsibility to identify and obtain any necessary export, import, firearm, endangered species or other permit for the Lot and to complete any required export or import manifest, list or documentation. Any symbols or notices published in respect of the Lot reflect Sotheby’s reasonable opinion at the time of cataloguing and offer Bidders general guidance only. Without prejudice to Conditions 3 and 4 above, Sotheby's and the Seller make no representations or warranties as to whether any Lot is or is not subject to export or import restrictions or any embargoes. The denial of any permit or licence shall not justify cancellation or rescission of the sale contract or any delay in payment. We shall not be responsible for any liability arising from any failure to complete or submit the required export or import manifest, list or documentation.

12. General

(a) All images and other materials produced for the auction are the copyright of Sotheby's, for use at Sotheby's discretion.

(b) Notices to Sotheby's should be in writing and addressed to the department in charge of the sale, quoting the reference number of the sale. Notices to Sotheby's clients shall be addressed to the last address formally notified by them to Sotheby's.

(c) Should any provision of these Conditions of Business be held unenforceable for any reason, the remaining provisions shall remain in full force and effect.

(d) These Conditions of Business are not assignable by any Buyer without Sotheby's prior written consent, but are binding on Buyers' successors, assigns and representatives. No act, omission or delay by Sotheby's shall be deemed a waiver or release of any of its rights.

(e) The materials listed in Condition 1(a) above set out the entire agreement and understanding between the parties with respect to the subject matter hereof. It is agreed that, save in respect of liability for fraudulent misrepresentation, no party has entered into any contract pursuant to these terms in reliance on any representation, warranty or undertaking which is not expressly referred to in such materials.

13.Risk and Responsibility for Lots

(a) Risk and responsibility for a purchased Lot will transfer to the Buyer as follows:

(i) for Lots in live auctions: on the earlier of: (1) collection of the Lot, or (2) the 31st calendar day after the sale, or if applicable, the expiry of the time specified in the special sale information available on our website, except that risk and responsibility for wine or spirits casks will transfer to the Buyer upon the fall of the hammer. For any Lots stored by a third party and not available for collection from our premises, your provision to us of instructions authorizing the release to the Buyer shall constitute collection by the Buyer.

(ii) For NFTs: After transfer of the NFT to the digital wallet specified by you, you are thereafter responsible for secure storage of the NFT in the wallet or other storage mechanism you use to receive and/or hold the NFT. You further acknowledge that you are solely responsible for any risks associated with the transferring, creating, holding, storing, or use of NFTs or a digital wallet, as applicable, including network failures or disruptions; corrupted wallet files; viruses, phishing, bruteforcing, hacking, security breaches, mining attacks, or other means of attack against the NFT; risk of losing access to the NFT due to loss of private key(s); custodial or buyer error; regulatory interference in one or more jurisdictions; token taxation; personal information disclosure; uninsured losses; failure to provide appropriate maintenance (including without limitation hosting); and other unanticipated risks. Neither we nor the Seller will not be responsible for any such risks or losses.

(b) Once risk passes to the Buyer, the Buyer irrevocably releases each Sotheby’s Company, our and their respective officers and employees, agents, warehouses and the Seller, from any and all claims, causes of action, liabilities, damages, losses, and expenses (including but not limited to reasonable attorneys’ fees) for loss of or damage to the Lot.

(c) Prior to the time when risk and responsibility for a purchased Lot transfers to the Buyer, we assume liability for loss or damage to a Lot, subject to the exclusions set out in the following subparagraph. In the event of loss or damage for which we have assumed liability, we will determine the extent of depreciation to the Lot, if any, caused by the loss or damage and compensate the Buyer in respect of that loss up to a maximum of the Purchase Price paid by the Buyer for the Lot.

(d) We will not be liable for any loss or damage (1) occurring during any process undertaken by independent contractors engaged with your consent, including but not limited to for restoration, conservation, framing or cleaning; (2) caused to frames or to glass covering prints, paintings or other flat works; or (3) caused by changes in humidity or temperature (as long as we take reasonable care in handling the Lot), normal wear and tear, gradual deterioration or inherent vice or defect (including woodworm), war, any act or acts of terrorism (as defined by our insurers), nuclear fission, radioactive contamination, or chemical, bio-chemical or electromagnetic weapons. If the Lot is an NFT, in addition to the above, we will not be liable for any loss related to damage or corruption to the Referenced Content, failure of the NFT to reference the Referenced Content, or loss of, or other security or persistence issues related to, the Referenced Content.

(e) Upon your receipt of payment from us for any loss or damage to a Lot in accordance with this Condition, you, on your own behalf and on behalf of your insurer(s), irrevocably release us and the Seller from all liability for loss of or damage to such Lot and irrevocably waive all rights and claims that you might have against us or the Seller in connection with the same.

14.Data Protection

Sotheby’s will hold and process the Buyer’s personal information and may share it with another Sotheby’s Company for use as described in, and in line with, Sotheby’s Privacy Policy published on Sotheby’s website at www.sothebys.com or available on request by email to enquiries@sothebys.com. You consent to Sotheby’s collection, use and disclosure of your personal data in accordance with Sotheby’s Privacy Policy.

15. Law and Jurisdiction

Governing Law These Conditions of Business and all aspects of all matters, transactions or disputes to which they relate or apply (including any online bids in the sale to which these Conditions apply) shall be governed by and interpreted in accordance with Hong Kong law.

Jurisdiction For the benefit of Sotheby’s, all Bidders and Sellers agree that the Hong Kong Courts are to have exclusive jurisdiction to settle all disputes arising in connection with all aspects of all matters or transactions to which these Conditions of Business relate or apply. All parties agree that Sotheby’s shall retain the right to bring proceedings in any court other than the Hong Kong Courts.

Service of Process All Bidders and Sellers irrevocably consent to service of process or any other documents in connection with proceedings in any court by facsimile transmission, personal service, delivery by mail or in any other manner permitted by Hong Kong law, the law of the place of service or the law of the jurisdiction where proceedings are instituted, at the last address of the Buyer or Seller known to Sotheby’s or any other usual address.

Sep 2021

ADDITIONAL TERMS AND CONDITIONS FOR ONLINE BIDDING

The following terms and conditions (the “Online Terms”) provide important information related to online bidding on sothebys.com or via the Sotheby's App (each, an "Online Platform" and together, the “Online Platforms”). These Online Terms are in addition to and subject to the same law which governs our standard Conditions of Business for Sellers, Conditions of Business for Buyers, the authenticity guarantee and any other terms that are applicable to the relevant sale (together “Conditions of Business”), and are not intended in any way to replace them. By participating in this sale via any Online Platform, you acknowledge that you are bound by the Conditions of Business applicable in the relevant sale and by these Online Terms.

Advance Bidding

1. In the case of certain auctions, bidders can bid in advance of the live auction through an Online Platform ("Advance Bids"). In order to do so, you must register an account with Sotheby's and provide requested information. You may bid at or above the starting bid displayed on the relevant Online Platform. Please note that Sotheby's reserves the right to amend the starting bid prior to the start of the live auction.

You may also input a maximum bid which, upon confirmation, will be executed automatically up to this predefined maximum value, in response to other bids, including bids placed by Sotheby's on behalf of the seller, up to the amount of the reserve (if applicable). Please note that reserves may be set at any time before the start of the live auction and your maximum bid may be executed against the reserve once such reserve is set. Bids placed by Sotheby's on behalf of the seller, up to the amount of the reserve, will be counted towards the total bid count displayed on the Online Platform.

The current leading bid will be visible to all bidders; the value and status of your maximum bid will be visible only to you unless it is the leading bid. If the status of your bid changes, you will receive notifications via email and push (if you have the Sotheby’s App installed) leading up to the live auction. You may raise your maximum bid at any time in advance of the live auction. Once the live auction begins, the auctioneer will open bidding at the current leading bid. The system will continue to bid on your behalf up to your predetermined maximum bid, or you may continue to bid via an Online Platform during the live auction at the next increment. You may nevertheless lower your maximum bid prior to the live auction by contacting Sotheby’s, except that you may not lower it to a level lower than the current leading bid.

Please note that in certain circumstances, clients who have been outbid may be reinstated as the leading bidder and will receive notification via email or push (if enabled on your device).

Live Online Bidding

2. Once it commences, a live auction is by its nature fast-moving and bidding may progress very quickly. The procedure for placing bids during the live auction is therefore a one-step process; as soon as the “Place Bid” button is clicked, a bid is submitted. By bidding online, you accept and agree that bids submitted in this way are final and that you may not be permitted to amend or retract your bid. If a successful bid is sent to Sotheby’s from an Online Platform using your Sotheby’s account, you irrevocably agree to pay the full purchase price, including Buyer’s Premium, Overhead Premium and all applicable taxes and other applicable charges. You may nevertheless lower your maximum bid prior to the live auction by contacting Sotheby’s, except that you may not lower it to a level lower than the current leading bid.

3. The next bidding increment is shown for your convenience. The auctioneer has discretion to vary increments for bidders in the auction room and on the telephone but bidders using Online Platforms to bid may not be able to place a bid in an amount other than a whole bidding increment. All bidding for the sale will be in the domestic currency of the sale location, and online bidders will not be able to see the currency conversion board that may be displayed in the auction room.

General use of an Online Platform.

4. By bidding via an Online Platform, you accept and agree that bids submitted in this way are final and that you may not be permitted to amend or retract your bid. If a successful bid is sent to Sotheby’s from an Online Platform using your Sotheby’s account, you irrevocably agree to pay the full purchase price, including Buyer’s Premium, Overhead Premium and all applicable taxes and other applicable charges.

5. The record of sale kept by Sotheby’s will be taken as absolute and final in all disputes. In the event of a discrepancy between any online records or messages provided to you and the record of sale kept by Sotheby’s, the record of sale will govern.

6. Online bidders are responsible for making themselves aware of all saleroom notices and announcements which will be accessible on the Online Platforms.

7. Sotheby’s reserves the right to refuse or revoke permission to bid via Online Platforms and to remove bidding privileges during a sale.

8. The purchase information shown in the “My Bids” section of the Sotheby's App and in the "Account Activity" section of "My Account" on sothebys.com is provided for your convenience only. Successful bidders will be notified and invoiced after the sale. In the event of any discrepancy between the online purchase information which may or may not be shown in the My Bids section and the invoice sent to you by Sotheby’s following the sale, the invoice prevails. Terms and conditions for payment and collection of property remain the same regardless of how the winning bid was submitted.

9. Sotheby’s offers online bidding as a convenience to our clients. Sotheby’s is not responsible for any errors or failures to execute bids placed online, including, without limitation, errors or failures caused by (i) a loss of connection to the internet or to the online bidding software by either Sotheby’s or the client; (ii) a breakdown or problems with the online bidding software; or (iii) a breakdown or problems with a client’s internet connection, computer or electronic device. Sotheby’s is not responsible for any failure to execute an online bid or for any errors or omissions in connection therewith.

10. Online bidding will be recorded.

11. In the event of any conflict between theses Online Terms and Sotheby’s Conditions of Business and the terms of Sotheby’s Authenticity Guarantee, Sotheby’s Conditions of Business and Authenticity Guarantee will control.

AUTHENTICITY GUARANTEE

ANY PROPERTY (EXCEPT JEWELLERY TO WHICH THE AUTHENTICITY GUARANTEE SET OUT BELOW APPLY)

If Sotheby’s sells an item which subsequently is shown to be a “counterfeit”, subject to the terms below Sotheby’s will set aside the sale and refund to the Buyer the total amount paid by the Buyer to Sotheby’s for the item, in the currency of the original sale.

For these purposes, “counterfeit” means a lot that in Sotheby’s reasonable opinion is an imitation created to deceive as to authorship, origin, date, age, period, culture or source, where the correct description of such matters is not reflected by the description in the catalogue (taking into account any Glossary of Terms). No lot shall be considered a counterfeit by reason only of any damage and/or restoration and/or modification work of any kind (including repainting or over-painting).

Please note that this Guarantee does not apply if either:

(i) the catalogue description was in accordance with the generally accepted opinions of scholars and experts at the date of the sale, or the catalogue description indicated that there was a conflict of such opinions; or

(ii) the only method of establishing at the date of the sale that the item was a counterfeit would have been by means of processes not then generally available or accepted, unreasonably expensive or impractical to use; or likely to have caused damage to the lot or likely (in Sotheby’s reasonable opinion) to have caused loss of value to the lot; or

(iii) there has been no material loss in value of the lot from its value had it been in accordance with its description.

This Guarantee is provided for a period of five (5) years after the date of the relevant auction, is solely for the benefit of the Buyer and may not be transferred to any third party. To be able to claim under this Guarantee, the Buyer must:

(i) notify Sotheby’s in writing within three (3) months of receiving any information that causes the Buyer to question the authenticity or attribution of the item, specifying the lot number, date of the auction at which it was purchased and the reasons why it is thought to be counterfeit; and

(ii) return the item to Sotheby’s in the same condition as at the date of sale to the Buyer and be able to transfer good title in the item, free from any third party claims arising after the date of the sale.

Sotheby's has discretion to waive any of the above requirements. Sotheby's may require the Buyer to obtain at the Buyer's cost the reports of two independent and recognised experts in the field, mutually acceptable to Sotheby's and the Buyer. Sotheby's shall not be bound by any reports produced by the Buyer, and reserves the right to seek additional expert advice at its own expense. In the event Sotheby's decides to rescind the sale under this Guarantee, it may refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports.

ADDITIONAL TERMS FOR AUTHENTICITY GUARANTEE FOR CHINESE MODERN PAINTINGS AND CHINESE CLASSICAL PAINTINGS

In respect of fine Chinese paintings, the artists’ names recorded in this catalogue (if any) are not to be taken as unqualified attributions to the artists named. No unqualified attributions to any artist or date are made or intended. The current scholarship in the field of Chinese paintings does not permit unqualified statements as to authorship or date of execution. Therefore, none of the Chinese paintings in this sale are subject to any guarantee of authenticity and all such property is sold as is in accordance with the Conditions of Business. Any assistance given by Sotheby’s staff to a buyer in selecting a purchase is given without prejudice to the above. Buyers are recommended to take independent professional advice on selection of purchases.

ADDITIONAL TERMS FOR AUTHENTICITY GUARANTEE FOR WATCHES

All wristwatches are sold as viewed and cannot be returned on the grounds that repairs have been carried out or parts supplied by anyone other than the named makers.

Watches may not be taken apart whilst on view. Prospective buyers or their agents wishing to do so should make an appointment with the Watch Department for a private view the week before the sale. Although condition reports may be given on request, such reports are statements of opinion only and may not specify all mechanical replacements or imperfections in the movement, case and dial. All dimensions are approximate.

Watches in water-resistant cases have been opened to examine movements but no warranties are made that the watches are currently water-resistant.

Please note that we do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts.

Please be advised that straps made of material derived from endangered or otherwise protected species (i.e. alligator and crocodile) are not sold with the watches and are for display purposes only. We reserve the right to remove these straps prior to shipping. Furthermore, in reference to watch bands, we do not guarantee the material of manufacture. Please be advised that the purchaser will be responsible for complying with any applicable export and import matters, particularly in relation to endangered species and the United States Department of Fish and Wildlife Services.

We make no representation or warranty as to the condition of any lot sold.

AUTHENTICITY GUARANTEE FOR JEWELLERY

If Sotheby’s sells any gemstone or pearls which the Buyer subsequently shows to Sotheby’s reasonable satisfaction not to be genuine or of natural origin, subject to the terms below Sotheby’s will set aside the sale and refund to the Buyer the total amount paid by the Buyer to Sotheby’s for such gemstones or pearls, in the currency of the original sale.

This Guarantee is provided for a period of twenty-one (21) days after the date of the relevant auction, is solely for the benefit of the Buyer and may not be transferred to any third party. To be able to claim under this Guarantee, the Buyer must:

(i) notify Sotheby’s in writing within such 21 day period of the reasons for not believing the gemstones or pearls to be genuine or of natural origin, specifying the lot number, date of the auction at which it was purchased; and

Sotheby’s has discretion to waive any of the above requirements. Sotheby’s may require the Buyer to obtain at the Buyer’s cost the reports of two independent and recognised experts in the field, mutually acceptable to Sotheby’s and the Buyer. Sotheby’s shall not be bound by any reports produced by the Buyer, and reserves the right to seek additional expert advice at its own expense. In the event Sotheby’s decides to rescind the sale under this Guarantee, it may refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports.

GLOSSARY FOR CHINESE WORKS OF ART

The following are examples of the terminology used in this catalogue. Please note that all statements are made subject to the provisions of the Conditions of Business and Authenticity Guarantee.

(i) When an item is in our opinion of a certain period, reign or dynasty, this attribution appears in bold directly below the heading of the catalogue entry for such item.

e.g. A blue and white dish from the Jiajing period of the Ming dynasty is catalogued as follows:

A Blue and White Dish, Ming Dynasty, Jiajing period

(ii) If there is no attribution in bold under the catalogue entry for an item, it means that we are unable to determine the period attributable to such item.

(iii) Where attribution is given in the heading for a lot and there is more than one item in the lot, it is our opinion that all the items in the lot belong to the same period unless specifically stated otherwise.

(iv) Where no attribution is given to an item, it is our opinion that the period of origin of such item is unclear or that it is from the 19th or 20th century.

(v) With respect to Asian hardwoods, the terms ‘Huanghuali’, ‘Huali’ ‘Hongmu’ ‘Zitan’ and others appearing within single quotation marks, in bold or in capital letters in the heading are descriptive identifications based on appearance, and are not intended to denote a specific scientific species.

重要通知

所有拍賣品均受限於蘇富比的業務規則及真品保證。我們建議準競投人參閱以下資料。本文件由以下章節組成：

• 於拍賣會上購買指引

• 銷售及使用稅

• 買家之業務規則

• 網上競投之額外條款及細則

• 真品保證

請閣下特別留意「買家之業務規則」的第 3 條（競投人及蘇富比有關出售物品之責任）。儘管蘇富比樂意按要求而就任何拍賣品提供更詳盡報告，所有圖錄描述及狀況報告皆謹旨在作為參考。

有關訂金要求及儲存費，詳情請參閱「於拍賣會上購買指引」的第 1 節（拍賣前）及第 4 節（拍賣後）。

「賣家之業務規則亦是蘇富比「業務規則」的一部分」，如有需要可向蘇富比的辦公室索取。

於拍賣會上購買指引

於拍賣會上購買　於本節中列明的資訊旨在給予閣下有關如何在拍賣會上購買之實用資料。蘇富比職員將樂意協助閣下。然而，閣下務須詳閱下列資料，並須注意蘇富比乃為賣方行事閣下尤其應省閱業務規則第3 條（競投人及蘇富比有關出售物品之責任）及第4 條（對買家之責任豁免及限制）。

準買家應參閱 www.sothebys.com 有關此圖錄的拍賣品之最新資料。

買家酬金及營運附加費　落槌價將加上買家酬金及營運附加費，並由買家支付，作為總買入價之一部份。拍賣品「落槌價」為港幣 7,500,000 元或以下，酬金以「落槌價」之25% 計算；超過港幣7,500,000至 40,000,000 元之部份，則以20% 計算；超過港幣 40,000,000 元之部份，則以 13.9% 計算。營運附加費涵蓋與設施、物品處理及其他行政費用相關的營運開支，為落槌價之1%。

1. 拍賣前

訂金　如閣下有意競投目錄中(✧)或電子目錄中(✧

)所載的拍賣品，閣下或需就高估價拍賣品交付蘇富比港幣1,000,000 元的訂金或其他更大金額的訂金及任何財務狀況證明，擔保或/及其他由蘇富比全權酌情決定要求的抵押作為參加蘇富比競投的保障。具體而言，蘇富比可能隨時要求任何總競投（落鎚價加上買家酬金）已達或超過競投人訂金金額十倍的競投人支付任何額外訂金、擔保或/及其他抵押。蘇富比可能會拒絕該競投人進行任何進一步的競投，直至其全數收取該額外訂金、擔保或/及其他抵押為止。現場拍賣會的網上競投須就個別拍賣品取得批准。

除高估價拍賣品外之其他拍賣品，不論拍賣品之拍賣前低位估價為何，蘇富比有權要求準競投人給予訂金及任何財務狀況證明，擔保或/及其他由蘇富比全權酌情決定要求的抵押作為參加蘇富比競投的保障。

如客戶未能成功競投拍賣品，蘇富比會於拍賣後 21 個營業日內將不含利息的訂金退還予客戶（視客戶應向蘇富比支付的金額抵扣而定）。任何兌換損失或與退款相關的收費均由客戶負責。

蘇富比上述就參與任何拍賣所需的決定皆為最終決定。

現場拍賣會前預先競投　某些拍賣在拍賣會開始前有一段時間接受網上競投。閣下如未能親身出席此等拍賣會，並希望競投，或希望在拍賣會開始前競投，可透過網頁sothebys.com 或蘇富比應用程式參與（各自為「網上（競投）平台」之一，合共組成「網上（競投）平台」）。為確保競投順利，閣下必須於蘇富比登記賬戶並提供所需資料。完成登記手續後，可進入目標拍品之頁面，點擊「Place Bid」按鈕進行出價。閣下之出價可能與網上（競投）平台顯示之起標價相同，或高於此金額。請留意，蘇富比保留於拍賣會開始前修改起標價之權利。閣下亦可輸入最高競投，經確認後，平台會自動代閣下競投，以回應其他競投，包括蘇富比代表賣家以底價為最高限額（如適用）之競投，直至達到閣下之最高競投為止。所有競投人均能看見拍品當前之最高競投而閣下本人最高競投之金額及詳情只供閣下查閱。如閣下之競投情況有變，閣下將會收到電郵及推送通知（如閣下已開啟電子設備之推送通知功能），直至拍賣會開始。閣下可於拍賣會開始前任何時間提高最高競投。請留意在某些情況下，競投被超越之競投人可能會重新成為最高競投人，並收到電郵或推送通知（如閣下已開啟電子設備之推送通知功能）。請進一步參閱下文「拍賣之競投」章節。網上競投須受「網上競投之額外條款及細則」及適用於本拍賣之「業務規則」約束，「網上競投之額外條款及細則」列於下文，在sothebys.com 上亦可供查閱。

拍賣前估價　拍賣前估價用意在於為準買家提供指引。本公司認為，介乎拍賣前高位與低位估價間之任何競投價均有成功機會。然而，所有拍賣品之價格可能高於或低於拍賣前估價。由於估價可予修改，因此閣下應在臨近拍賣時諮詢本公司。估價並不包括買家酬金及營運附加費。

拍賣品之狀況　準買家應於拍賣前之展覽會上視察拍賣品。純為方便買家，蘇富比亦會提供拍賣品狀況報告。如圖錄中未說明拍賣品之狀況，不表示該拍賣品沒有缺陷或瑕疵。請參閱印於買家之業務規則第3 條（競投人及蘇富比有關出售物品之責任）。

電器及機械貨品　所有電器及機械貨品只按其藝術及裝飾價值出售，不應假設其可運作。電器在作任何用途前必須經合格電器技師檢驗和批核。

展品之出處　在某些情況下，若展品出處之資料擁有學術價值或是為人熟悉且能協助鑑別該展品，「蘇富比」會列出有關資料。但基於不同理由，賣方或上手物主之身份或不會被揭露，如因應賣方要求將其身份保密或因展品年代久遠以致上手物主之身份不詳等。

2. 拍賣之競投

在現場拍賣會上競投　任何適用網上預先競投后，競投人可在現場拍賣會上親身競投、透過電話競投或透過網上平台在網上競投。拍賣過程需時各有不同，但平均為每小時50至120 件拍賣品。每次出價通常較前一次出價高約10%。請參閱買家之業務規則第5條（拍賣會上競投出價）及第 6 條（拍賣之進行）。

選擇使用網上平台的競投人須受「網上競投之額外條款及細則」及適用於本拍賣之「業務規則」約束，「網上競投之額外條款及細則」列於下文，在sothebys.com 上亦可供查閱。現場拍賣會的網上競投須就個別拍賣品取得批准。

親身競投　如閣下想親身參與現場拍賣會，可於拍賣會開始前在網上平台登記號碼牌，或聯絡蘇富比進行登記。閣下亦可以在進入拍賣會場後登記號碼牌。並須出示身份證明文件。如閣下首次參與競投，須提供地址、電話、電郵地址及簽名，以開通賬戶。如閣下希望登記競投高估價拍賣品，請參考上述段落。如閣下成功購得拍賣品，請確定拍賣官看到閣下之號碼板及叫出閣下之號碼。如對叫價或買家有任何疑問，請立即向拍賣官示意。

所有售出之拍賣品發票抬頭人均會為登記號碼板之人士及其地址，而不得轉讓至他人及其他地址。

請勿隨意放置閣下之號碼板如有遺失，立即通知登記席。拍賣完結時，請將號碼板交回登記席。

電話競投　如閣下未能出席拍賣會，或可透過電話競投低位估價最低為港幣40,000 元之拍賣品。由於電話線路有限，因此必須於拍賣前至少 24 小時安排此項服務。本公司亦建議閣下表明最高限價，以便當本公司不能以電話聯絡閣下時可代表閣下競投。本公司有多位通曉多國語言之職員可為閣下進行競投。蘇富比對是否接納電話競投擁有最終決定權，風險由致電人承擔。蘇富比亦可能就電話對話內容進行錄音。參與電話競投之準買家同意相關風險及錄音。請參閱買家之業務規則第5 條（拍賣會上競投出價）。

缺席競投　如閣下未能親身出席某些拍賣會（除了已啟用「預先競投」（定義如下）之選項，且網上（競投）平台已顯示當前叫價的情況以外），可在拍賣會開始前透過網上（競投）平台，或以書面形式向蘇富比提交申請，於拍賣前提交最高競投。當閣下參與競投之項目開始拍賣，拍賣官將代表閣下出價，全力以最低價錢購得拍品，而且絕對不會超出閣下之最高競投。此服務免費且保密。

預先競投　某些拍賣會之競投人可於拍賣會開始前，透過網上（競投）平台出價（「預先競投」），方法如上文所述或以書面形式向蘇富比提交最高競投。於此等拍賣會中，如閣下在拍賣會開始前提交「預先競投」，系統會自動代閣下競投，以回應其他競投，直至達到閣下預定之最高預先競投為止，並以電郵及推送通知告知閣下（如閣下已開啟電子設備之推送通知功能）。拍賣會進行期間，如閣下之預先競投為最高出價，拍賣官將代表閣下出價，以回應其他競投。閣下亦可於拍賣直播進行期間，繼續透過網上（競投）平台，以超越閣下最高預先競投之價格參與下一口叫價，方法如下文「在拍賣直播期間網上競投」一節所述。

拍賣會期間網上競投　如閣下無法出席拍賣會現場，或可透過網上平台，在拍賣直播期間參與競投。有關登記參與網上競投之詳情，請參閱 www.sothebys.com。現場拍賣會的網上競投須就個別拍賣品取得批准。

接續及回應競投　拍賣官或會為任何一項拍品代賣家出價以起標。拍賣官或會以接續出價或回應出價的方式繼續代賣家出價，直至達到底價為止。請參閱買家之業務規則第6 條（拍賣之進行）。

僱員競投　蘇富比之僱員只可在不知底價及全面遵守蘇富比監管僱員競投之內部規例之情況下於蘇富比拍賣會上競投。

3. 拍賣

業務規則　蘇富比拍賣會受賣方及買家之業務規則及真品保證所規限。該等業務規則及保證適用於蘇富比與實際或準競投人及準買家之間之各方面的關係。任何考慮於拍賣會競投之人士，務須詳閱該等業務規則及保證。該等業務規則及保證可經在拍賣會場張貼通告或由拍賣官作出公佈之方式進行修改。網上競投受載於下文和 sothebys.com 網頁上之適用於本拍賣之業務規則以及「網上競投之額外條款及細則」約束。

有利害關係各方之公告　倘獲准競投拍賣品之人士直接或間接擁有該拍賣品之權益，如為出售拍賣品之遺產受益人或執行人，或為拍賣品之共同擁有人，或提供或參與拍賣品擔保人士，蘇富比將會在拍賣會場發表公告表示有利害關係各方可能競投拍賣品。在某些情況下，有利害關係的各方可能知悉底價。

經濟制裁　美國、英國和歐盟維持對目標海外國家、集團及組織之經濟及貿易制裁。來自被制裁國家之某些物品可能在進口美國、英國和歐盟時受到限制。因上述或其他限制而導致買家無法將物品進口至這些國家或任何其他國家，不應作為取消或撤回拍賣或任何延遲付款之理由。如閣下不確定拍品是否受上述進口限制或任何其他進出口限制影響，請向專家部門查詢。

貨幣顯示板　拍賣場內之外匯顯示板旨在為競投人提供方便。螢幕上顯示拍品編號及以港元和其他外幣計算之當前叫價。顯示之匯率貼近最新匯率資訊，且不應作為賬單上之準確金額。蘇富比並不就顯示板上的貨幣金額中出現之任何錯誤或紕漏承擔責任。

4. 拍賣後

發票　成功競投人將收到發票，上面載有其購買品之資料及付款及交收貨品之指示。

付款　拍賣後須即時以下列方法以港幣付款:現金、銀行匯票、支票、電匯、信用咭（American Express、MasterCard、中國銀聯或Visa ）。蘇富比之一般政策是不會以現金或現金等值形式接納逾與10,000 美元等值之本地貨幣之一項或多項相關付款。

選擇以現金付款之新客戶或買家須提供身份證明（由政府發出而附有相片之證明，如護照、身份證或駕駛執照）及固定地址證明。

支票及匯票請以蘇富比香港有限公司為抬頭人。

雖然以香港銀行港幣開出之個人及公司支票均獲接納，惟敬請留意本公司須待支票兌現後方會將閣下所購得之物品交付。

本公司及信用咭公司（American Express、MasterCard、中國銀聯或Visa ）保留是否接納該等付款之權利。如該等付款不被接納或撤回，閣下仍須承擔付款責任。信用咭付款之上限為港幣1,000,000元。所有蘇富比新客戶或未曾與我方進行過交易之客戶，我方保留只接受親身出示信用咭付款之權利。

請注意除記錄上的買家之外，蘇富比有權拒絕接納任何其他人仕的付款，而此等付款須先經過帳。

我方保留向已收取款項來源索取證明之權利。

業務規則要求買家在拍賣後立即為其已購物品付款。不過在有限情況下，並在賣家同意之情況下，蘇富比可授予其認為信譽良好的買家延遲付款期限之選項，為其已購物品付款。信貸條款必須在拍賣會前安排。在確定是否授予延遲付款期限之前，蘇富比可能會要求提供信貸參考資料、身份及居住證明。

領取及儲存物品　拍賣進行後，拍賣品將會保存在蘇富比位於太古廣場一座的物業或喜龍（香港）有限公司的物業中。請聯絡售後服務部以安排於其中一個地點領取物品。拍賣日期後一個月內未有領取的物品須支付儲存費。儲存費以下列計算：

中國藝術品、中國現代書畫、中國古代書畫、珠寶、腕錶、手袋及運動鞋：每件每月港幣1,400 元。
當代藝術品及現代藝術品：每件每月港幣2,800 元。

蘇富比政策要求提取拍賣品時出示身份證明。當蘇富比收到全數結清之款項，且獲出示由政府發出而附有相片之適當身份證明文件後，會將拍賣品交付予閣下或閣下所授權之代表。提取請提早至少一個營業日通知，辦公時間為星期一至五上午9 時30 分至下午6時，公眾假期除外。

未提取拍賣品或須收取移除、儲存及處理費用。請參閱買家之業務規則第7 條（付款及領取）。

損失或損壞　買家應注意，蘇富比對拍賣品損失或損壞之責任期限最多為及至拍賣後三十（30）天。請參閱買家之業務規則第7 條（付款及領取）。

付運　蘇富比提供付運服務。除本「於拍賣會上購買指引」另有標示外，蘇富比可就拍賣品之出口、付運及送貨安排向買家提供意見。

我們會按要求向閣下提供付運服務報價單。該報價單可能包含運送風險保險費用。如您接受我們提供的報價單，我們將為閣下安排付運，並在收到閣下對報價單條款的書面同意，結清貨款及任何可能需要之出口許可證或證書後盡快發送拍賣品。運送所需費用概由買家支付。蘇富比可能收取該項安排的手續費。

如需有關付款、領取及運送服務的協助，請聯絡售後服務部：hkpostsaleservices@sothebys.com

符號表示

以下為本圖錄所載符號之說明：

✧ 高估價拍賣品

蘇富比可要求競投高估價拍賣品（在目錄內標有

✧ 符號或網上目錄內標有✧符號）的準競投人交付蘇富比港幣1,000,000 元或其他由蘇富比決定之更大金額的訂金及任何財務狀況證明，擔保或/及其他由蘇富比可全權酌情決定要求的抵押作為參加蘇富比競投的保障。現場拍賣會的網上競投須就個別拍賣品取得批准。若在同一目錄中所有拍賣品均為高估價拍賣品，則會就此作出特別通知而不會使用此符號。

○ 保證項目

附上○符號之拍賣品表示賣家獲保證可在一次或一連串拍賣中得到最低售出價。此保證可由蘇富比或由蘇富比與第三方共同提供。若成功售出保證拍賣品，蘇富比及任何與蘇富比共同提供保證之第三方可能會取得財務利益惟銷售不成功則可能會產生虧損。若拍賣圖錄裡未有為某項保證拍賣品附上此符號，其保證會於拍賣前或該項拍品開拍前宣布。若在同一圖錄中之所有拍賣品均得到此保證，該保證會在本銷售圖錄所載之重要指示中註明，而此符號將不會用於每一項拍賣品。

△ 蘇富比擁有業權權益之拍賣品

附有△符號之拍賣品表示蘇富比擁有該拍賣品全部或部份之所有權益，或在拍賣品中擁有相等於所有權益之經濟利益。

⋑ 不可撤銷投標

附有此符號之拍賣品表示已有競投方就拍賣品向蘇富比做出不可撤銷投標的承諾。於拍賣進行時該投標將會以一確保拍賣品定能拍出之價格執行。該不可撤銷競投方可以超過不可撤銷投標之價格競投。如該方競投不成功，該方將會得到以最後落槌價作基準的補償。倘不可撤銷競投方競投成功，則須支付全數買家酬金及營運附加費，並不會得到任何其他報酬補償。蘇富比或會不時就數項拍品達成不可撤銷投標協議。如有此情況，蘇富比會按照不可撤銷競投方未有成功得標的拍品，向其分配並支付賠償。在此情況下，不可撤銷競投方就其未能成功得標的任何拍品所獲的賠償，將不多於其向蘇富比支付之買家酬金及其他款項相加的總額。倘不可撤銷投標於在拍賣圖錄印製後才接獲，蘇富比會以下列其中一種或一種以上的方式通知競投人：拍賣前或該拍品開拍前、拍賣會上的書面通告、於拍賣開始前在電子圖錄裡附載不可撤銷投標符號。蘇富比或任何附屬公司或會不時就該不可撤銷投標，為不可撤銷競投方提供資助。如不可撤銷競投方向任何人士對拍賣品作出建議，蘇富比要求不可撤銷競投方必須向該人士披露己方與拍賣品有經濟利害關係。如有顧問建議閣下或代閣下競投有不可撤銷投標之拍賣品，閣下應要求該顧問披露是否與拍賣品有經濟利害關係。

⊻ 有利害關係的各方

附有*符號之拍賣品表示對拍賣品有直接或間接利害關係的各方可能對拍賣品作出競投，包括(i)出售拍賣品之遺產受益人，或(ii)拍賣品之聯權共有人。倘有利害關係的一方為成功競投人，他們須支付全數買家酬金及營運附加費。在某些情況下，有利害關係的各方可能知悉底價。倘在拍賣圖錄印製後才獲悉有利害關係的一方可能參與拍賣，一則示意有利害關係的各方可能對拍賣品作出競投之公告將於該拍賣品拍賣前作出。

□ 無底價

除以□符號另作註明外，所有在此圖錄之拍賣品均有底價。底價是由蘇富比和賣家共同設定之落鎚價位，且絕對機密。拍賣品不會以低於該價售出。底價通常以低位估價之一定比例來設定，且不會高於以拍賣品的低位估價。本拍賣之拍賣品如不設底價，均會以□符號註明。若在本拍賣之所有拍賣品均不設底價，則不會在每項拍品以□符號註明，而是採用特別通知。

◉ 受限制物料

附有此符號之拍賣品於編制目錄當時已識別為含有有機物料，而有關物料可能受到進出口之限制。有關資料為方便買家查閱，而無附有該符號並非保證該拍賣品並無進出口之限制。競投人應參閱買家之業務規則第11條（出口及許可證），亦請參閱「於拍賣會上購買」有關瀕危物種一節。一如「瀕危物種」條目所載，蘇富比無法協助買家將任何附有此符號的拍品運送到美國或歐盟。買家無法出口或進口任何附有此符號之拍品，並不能構成延遲付款或取消買賣的理由。

➿ 接受加密貨幣

我們將在適用於出售的買家業務規則或拍賣規則（包括加密貨幣付款的其他拍賣規則）規限下，接受加密貨幣作為附帶此符號拍賣品的付款方式。詳情請聯絡售後服務部。

出口　任何拍賣品都可能需要一或多個許可證方可自香港出口或由其他國家進口。買家須負責取得任何有關之進出口許可證。即使未能取得任何許可證或延遲取得該許可證，均不能構成取消成交或任何延遲支付到期應付總額之理由。蘇富比可應要求申領牌照，將閣下之拍賣品出口至香港境外，惟會就此收取行政費用。蘇富比建議閣下保留所有進出口文件（包括許可證），在某些國家閣下可能須向政府當局出示此類文件。

瀕危物種　由植物或動物材料（如珊瑚、鱷魚、象牙、鯨骨、玳瑁等）製成或含有植物或動物材料之物品，不論其年份或價值，均可能須申領許可證或證書方可出口至香港境外，且由香港境外國家進口時可能須申領其他許可證或證書。務請注意，能取得出口許可證或證書並不能確保可在另一國家取得進口許可證或證書，反之亦然。進口非洲象牙至美國即屬非法，在某些旨在保育野生動植物的美國規例約束下，進口象牙至美國境內亦有其他限制，並且有相當於幾乎完全禁止向英國和歐盟進出口任何象牙的重大限制。蘇富比建議買家向相關政府查核有關野生動植物進口之規定後再參與競投。買家須負責取得任何出口或進口許可證及／或證書，以及任何其他所需文件（請參閱買家之業務規則第10條（未領取購置品））。請注意，蘇富比無法協助買家將任何含有象牙及／或其他受限制材料的拍品運送至美國、英國和歐盟境內。買家無法出口或進口此等拍品，並不能構成延遲付款或取消買賣的理由。所有付運貨品交貨之時應打開包裝檢查，如有任何不符之處，應立刻通知閣下報價單及／或附帶文件上列明的一方。

5. 其他服務

財務服務　蘇富比向客戶提供多種財務服務，其中包括為委託提供預付款、及以不擬出售之藝術收藏品作為抵押之貸款。本文並不構成建議或要約。本文所述之服務均須受制於該服務地區之法律及法規司法管轄。有關進一步資料，請致電倫敦的蘇富比財務服務部，電話號碼是+44 20 7293 6005。

拍賣前估價　蘇富比樂意為閣下之物品提供拍賣前初步估價，此項免費服務由香港蘇富比之專家提供，服務時間為周一至五上午九時三十分至下午四時三十分。本公司建議閣下與有關之專家部門作預約。如有所要求，本公司更會到府上為閣下之物品提供拍賣前初步估價。

估值　估值部門就保險、遺囑認證及承繼權劃分、資產管理及稅務方案需要提供物品之書面清單及估值。估值費用相宜，可因應不同要求而作出，並能切合大部份需要。如欲索取更多資料，請與有關之專家部門聯絡，電話號碼為(852) 2524 8121。

銷售及使用稅

買家請注意，當進口物品時，或須繳付當地之銷售稅或使用稅（例如進口物品至美國並付運到某些州份時，或需繳付使用稅）。買家應自行就此方面尋求稅務意見。蘇富比付運本次拍賣之物品目的地為美國而蘇富比在此美國州登記為美國銷售稅納稅人時，蘇富比必須徵收並繳交當地之銷售或使用稅，該稅項根據成交總額而定（總額包括落槌價、買家佣金、營運附加費及任何包括保險之運送服務費用），買家不論居住國家或國籍為何，必須繳付相關稅項。如買家於蘇富比付運物品前，向蘇富比提供有效之轉售豁免證明(Resale Exemption Certificate)，蘇富比將不會向買家收取有關稅項。閣下如欲提供與本次交易相關之轉售豁免證明(Resale Exemption Certificate)，請聯絡售後服務部。

買家之業務規則

蘇富比、賣家與競投人之關係性質及蘇富比 ( 作為拍賣官 ) 及賣家與競投人所訂立合約之條款於下文載列。

競投人務請細閱下文規則第3 及4 條，該兩條要求競投人在競投前檢查拍賣品，並闡述了蘇富比及賣家之法律責任之具體限制及豁免。有關蘇富比所持有之限制及豁免符合其作為大量不同種類貨品拍賣官之身份，競投人應特別注意該等規則。

1. 序言

(a) 蘇富比及賣家與準買家之合約關係受下列各項規管:

(i) 本業務規則；

(ii) 於拍賣會場展示或致電(852) 2524 8121索取的蘇富比賣家之業務規則；

(iii)如拍賣圖錄所刊出的蘇富比之真品保證; 就非同質化代幣而言，除非在蘇富比網站之相應拍賣品頁面上另有所載，否則真品保證是關於參考內容之原作者身份；

(iv) 拍賣圖錄所載之任何附加通知及條款，包括「給準買家之指引」。在各情況下按任何拍賣會場通知或拍賣官於拍賣時所公佈而修訂;及

(v)就透過互聯網進行網上競投而言，則參照蘇富比網站的即時網上競投業務規則。在各情況下按任何拍賣會場通知或拍賣官於拍賣時所公佈而修訂。

(b) 蘇富比作為拍賣官，以賣家之代理身份行事。賣家與買家直接訂立銷售合約。然而，蘇富比可能擁有拍賣品(及在該情況下以主事人之身份作為賣家行事)及/或可能以抵押債權人或其他身份擁有拍賣品之法律、實益或財務利益。

2. 一般條款

於本業務規則 :

「競投人」指以任何方式考慮、作出或嘗試競投之任何人士，包括買家在內

「買家」指拍賣官所接納最高競投價或要約之人士，包括以代理人身份競投之人士之委託人

「買家之費用」指買家應向蘇富比支付之任何成本或費用

「買家酬金」指根據「給準買家之指引」所載費率買家按落槌價應付之佣金

「贋品」指蘇富比真品保證所定之涵義

「落槌價」指拍賣官以落槌接納之最高競投價，（倘為葡萄酒，則參考該批拍賣品內可個別識別之物品數目按合適比例計算），或倘為拍賣後銷售，則為協定出售價

「拍賣品」指提呈出售之物品（或倘超過一件，亦歸為一組）。拍賣品或會是一個非同質化代幣（或多於一個非同質化代幣）或包括其在內，而「非同質化代幣」一詞可用於指代任何該批拍賣品

「非同質化代幣」指建立在區塊鏈上不可替代之代幣

「營運附加費」指根據拍賣圖錄內之「競投指引」所載費率，買家應按落槌價支付之有關蘇富比設施、拍品處理及其他行政開支的蘇富比部份營運成本

「買入價」指落槌價加上營運附加費、買家酬金、任何適用之增值稅及/或銷售稅或使用稅，以及買家就符合條件之物品所支付之任何適用藝術家轉售權使用費

「參考內容」指，就非同質化代幣而言，與非同質化代幣相關之元數據、內容、數碼資產及/或物品實物（如有）

「底價」指賣家同意出售拍賣品之最低落槌價( 保密)

「賣家」指提供拍賣品出售之人士(包括其代理(不計蘇富比在內 )、遺囑執行人或遺產代理人)

「蘇富比」指Sotheby’s Hong Kong Limited，其註冊辦事處位於香港皇后大道東 183 號合和中心 54 樓

「蘇富比公司」指於美國的蘇富比其任何附屬公司( 包括蘇富比) Sotheby’s Diamonds SA及其任何附屬公司(定義見香港法例第 622 章《公司條例》第 2 條)。

3. 競投人及蘇富比有關出售物品之責任

(a) 蘇富比對各拍賣品之認識部份依賴賣家向其提供之資料，蘇富比無法及不會就各拍賣品進行全面盡職審查。競投人知悉此事，並承擔檢查及檢驗之責任，以使彼等對可能感興趣之拍賣品感到滿意。

(b) 蘇富比提呈出售之各拍賣品於出售前可供競投人檢查。在競投人( 鑑於有關拍賣品之性質及價值及競投人之專業知識而言屬合適者，以及代表彼等之獨立專家)已當作在投標前全面檢驗拍賣品，並滿意拍賣品之狀況及其描述之準確性，蘇富比方會接受競投人對拍賣品之競投。就任何非同質化代幣之拍賣品而言，除上述條文外，閣下需自行負責在購買前審查及檢視智能合約（如有提供）。

(c) 競投人明白眾多拍賣品年代久遠及種類特殊，意味拍賣品並非完好無缺。所有拍賣品均以拍賣時之狀態出售 (不論競投人是否參與現場拍賣)。狀況報告或可於檢查拍賣品時提供。圖錄描述及狀況報告在若干情況下可用作拍賣品某些瑕疵之參考，然而，競投人應注意，拍賣品可能存在其他在圖錄或狀況報告內並無明確指出之瑕疵。解說只供鑑定用途，將不會載有拍賣品實際狀況之全部資料。

(d) 提供予競投人有關任何拍賣品之資料包括任何估價(無論為書面或口述)及包括任何圖錄所載資料、規則或其他報告、評論或估值，該等資料並非事實之陳述，而是蘇富比所持確實意見之陳述，故不應依賴任何估價作為拍賣品售價或價值之估價，且該等資料可由蘇富比不時全權酌情決定修改。

(e) 蘇富比或賣家概不就任何拍賣品是否受任何版權所限或買家是否已購買任何拍賣品之版權發出任何陳述或保證。

(f) 倘拍賣品為非同質化代幣，閣下明白並同意，我方員工並非資訊科技或數據專家。閣下在拍賣會競投非同質化代幣，即代表閣下接受非同質化代幣存有固有技術風險，從而可影響其現在或將來之表現。閣下進一步明白並同意，規管非同質化代幣、加密貨幣及區塊鏈技術之特徵及監管方案存有不確定性及未確定性，而閣下購買及收取非同質化代幣均符合閣下所在司法管轄區之適用法律及法規，並且新法規或政策或會對拍賣或非同質化代幣產生重大不利影響。

(g) 倘拍賣品為非同質化代幣，閣下明白並同意，非同質化代幣透過使用智能合約而進行之任何隨後轉售或會被收取轉售版稅。在進行任何轉售時，閣下或有義務收取並向合適之一方匯付轉售版稅(如適用)，並就支付可適用於該等付款之任何網絡費用以及法律規定之任何交易稅負責。

(h) 受上文規則第3(a)至3(f) 條所載事項及下文規則第4 條所載特定豁免所規限，蘇富比在圖錄描述或狀況報告作出之明示聲明，應以該等規則有關之出售中有關拍賣品之拍賣官身份相符之合理審慎態度作出以及基於(i) 賣家向其提供之資料 (ii) 學術及技術知識及 (iii)相關專家普遍接納之意見作出之明示聲明，在各情況下以作出明示之時為準。

4. 對買家之責任豁免及限制

(a) 倘蘇富比認為拍賣品為贋品並符合真品保證內各條件，將向買家退回買入價。

(b) 就上文規則第3 條之事項而言及受規則第4(a)及4(e)條所規限，蘇富比公司或賣家均毋須:

(i) 對蘇富比( 或任何蘇富比公司) 向競投人以口述或書面提供之資料之任何錯誤或遺漏負責，無論是由於疏忽或其他原因引致，惟上文規則第 3(f) 條所載者除外

(ii) 向競投人作出任何擔保或保證，於賣家之業務規則第2 條中賣家向買家作出之明示保證以外之任何暗示保證及條件則不包括在內 (惟法律規定不可免除之責任除外 )

(iii) 就蘇富比有關拍賣或有關出售任何拍賣品之任何事宜之行動或遺漏(無論是由於疏忽或其他原因引致 ) 向任何競投人負責。

(d) 倘涉及非同質化代幣，除上述情況，以及賣家所作出之明確陳述及保證（或會與任何已刊出之賣家之業務規則不同）及蘇富比作為主事人向買家提供之真品保證之外，我方及賣家均不對以下事項作出任何陳述或保證： (1) 非同質化代幣或任何參考內容是否受版權保護； (2) 智能合約、非同質化代幣或參考內容之性質、特徵、內容、狀況、行為、操作、性能、安全性、完整性、元數據、持久性、質素、技術細節或條款，包括但不限於其任何進一步迭代; (3) 智能合約、非同質化代幣或參考內容或非同質化代幣之交付機制不存有漏洞、病毒或惡意軟件或其他有害內容，或將按照任何競投人或買家之預期或在沒有誤差或錯誤的情況下運作； (4) 參考內容之獨特性； (5) 非同質化代幣可靠、編程正確、與閣下或他人之電腦系統兼容、為最新、無錯誤、與閣下之電子錢包兼容或滿足閣下之要求，或非同質化代幣之缺陷可以或將會被糾正；或 (6) 描述非同質化代幣或參考內容之預期性能之任何模擬或影片之準確性或可靠性，無論其在我方網站上還是在任何其他平台上展示。

(e) 非同質化代幣進一步受以下附加條款約束。

(i) 閣下明白並同意，非同質化代幣並非由我方發行、鑄造或代幣化，而我方僅作為非同質化代幣賣家之代理人，於拍賣時安排出售非同質化代幣。

(ii) 我方僅出售非同質化代幣之擁有權，而與非同質化代幣或參考內容或其任何迭代之任何轉售或於二級市場銷售世絕無關聯，亦不對此負責。非同質化代幣及參考內容之任何版權，包括但不限於任何參考內容之任何複製權，均歸其創作者所有，而購買非同質化代幣不構成其轉讓。

(iii) 轉讓非同質化代幣的擁有權不保證可持續使用與其相關之參考內容，閣下進一步明白並同意有關購買、使用、轉讓及擁有非同質化代幣之風險（如適用），包括但不限於電訊、網絡、伺服器或區塊鏈故障、失靈或中斷；因遺失或忘記私鑰或密碼或錢包文件損毀而失去使用非同質化代幣權限之風險；輸入錯誤地址或錯誤架構之交易；病毒、網絡釣魚、暴力破解、黑客攻擊、安全漏洞、挖礦攻擊或其他網絡安全攻擊方式；保管或買家錯誤；對一個或多個司法管轄區之監管干預；代幣稅；個人資料披露；未投保之損失；以及其他未能預料之風險。

(iv) 閣下、我方或賣家均不會就任何特殊、後果性、間接、附帶或懲罰性之損害負責，包括（按適用情況）與規則第 4(e)(iii) 條所載之任何風險或免責屬性相關之損害。除上述情況外，對於與參考內容之損毀或損壞、非同質化代幣未能引用參考內容、或參考內容之損失、或與參考內容相關之其他安全性或持久性問題相關之任何損失，我方概不負責。

(v) 閣下對非同質化代幣、電子錢包及其他儲存機制、加密貨幣、區塊鏈技術以及上述所有項目之使用、特徵、功能、編程及/或其他重要特徵有充足了解，以全面理解並同意此等規則以及當中概述之免責聲明及風險，或已就上述事項諮詢專業顧問，因此，閣下參與任何非同質化代幣之拍賣，即代表閣下在知情的情況下接受對該等免責聲明及風險。

(f) 在不影響規則第4(b)條之情況下，競投人向蘇富比或賣家提出之任何索賠以該拍賣品之買入價為限。蘇富比或賣家在任何情況下均毋須承擔任何相應而生的損失。

(g) 本規則第4 條概不免除或限制蘇富比有關蘇富比或賣家作出之任何具欺詐成份之失實陳述，或有關蘇富比或賣家之疏忽行為或遺漏而導致之人身傷亡之責任。

5. 拍賣會上競投出價

(a) 蘇富比可全權酌情決定拒絕任何人參與拍賣會。競投人必須填妥競投登記表格，並提供蘇富比所需資料及參考。除獲蘇富比事先書面同意以另一方之代表身份出價，否則競投人必須以主事人身份行事。競投人須對出價負上個人責任如以代理身份出價，則須共同及分別向其主事人負責。

(b)蘇富比可免費提供電話競投作為附加服務，惟風險由競投人承擔，而該服務會在蘇富比於拍賣時其他承諾之規限下合理謹慎地進行因此除非在不合理的情況下，否則蘇富比毋須就未能作出該競投承擔責任。電話競投可能會被錄音。

(d) 為競投具有非同質化代幣之拍賣品，閣下必須在競投前持有能支援及接受非同質化代幣之電子錢包。

6. 拍賣之進行

(a) 除另有訂明外，否則所有拍賣品均訂有底價，底價不得高於拍賣前時的低位估價。

(b) 拍賣官可隨時絕對酌情決定拒絕或接受任何競投、撤回任何拍賣品、重新出售拍賣品(包括在落槌後)，以及採取其合理地認為是合適之其他行動。

(d) 受規則第6(b)條所限，買家與賣家之間的合約於拍賣官落槌時訂立，落槌時買家即有責任支付買入價。

(e) 於拍賣會後出售任何在拍賣會上出售之拍賣品，本規則亦適用，而且與現場拍賣出售無異。

7. 付款及領取

7.1 總則

(a) 除非另有協定，否則不論拍賣品之出口、進口或其他許可證之任何規定為何，均必須於拍賣會結束（「到期日」）後立即以港幣支付拍賣品之買入價及任何買家之費用。

(b) 在適用法律要求的情況下，買家在購買拍賣品時必須支付任何適用之銷售稅、補償使用稅、增值稅、消費稅、商品或服務稅或其他間接稅、奢侈稅、貨物稅及關稅（統稱為「稅款」），以及任何適用之藝術家轉售權使用費，作為買入價之一部分。蘇富比將在適用法律要求的情況下，就購買拍賣品收取任何適用稅款及藝術家轉售權使用費。買家應支付全數買入價而不得扣除任何類型之稅款，除非該等扣除為法律所要求。在此等情況下，買家應向蘇富比支付之金額將增加至扣除任何稅款後，相等於買入價之金額。

7.2 以加密貨幣付款

對於合資格以加密貨幣付款之拍賣品，以加密貨幣進行之支付除須遵守上述規則第7.1 條所載之條款外，亦受本規則第 7.2 條所載之條款所限。

(a) 我方僅接受在圖錄中指定為合資格以加密貨幣付款，或在銷售前或期間透過任何口頭或書面公佈或通知的拍賣品以加密貨幣付款，亦僅接受以下加密貨幣：比特幣、以太坊及 USDC。

(b) 我方就所購拍賣品所發出之發票將顯示以港幣為單位之買入價。我方亦會透過電郵提供一個連結，買家可使用該連結，透過 Coinbase， Inc.（「Coinbase」）以加密貨幣付款。

(d) 任何以加密貨幣支付的款項必須在閣下收到我方發出之發票後十 (10) 個營業日內支付，並且必須在美國東岸時間周一至五上午九時至中午十二時內進行（美國公眾假期除外）。

(e) 必須透過閣下在以下其中一個平台之名下帳戶或電子錢包進行付款： (1) Coinbase Custody Trust； (2) Coinbase， Inc.（包括 Coinbase、Coinbase Pro 及 Coinbase Prime 賬戶）； (3) Fidelity Digital Assets Services， LLC； (4) Gemini Trust Company， LLC；或 (5) Paxos Trust Company， LLC。恕不接受由多個電子錢包所支付之部分款項，而閣下需要提供就合理原因而要求之文件，以確認閣下持有用於付款之錢包。

(f) 沒有根據本規則第 7.2 條所支付的加密貨幣將不被接納。倘閣下在沒有遵守本規則第 7.2 條之情況下以加密貨幣付款，我方可全權酌情決定將該等資金退還給閣下，而閣下須就所有第三方費用（包括但不限於網絡費用、稅款、轉讓費用等）承擔責任，在此情況下，我方可要求閣下以銷售之法定貨幣支付。

(g) 閣下一旦啟動加密貨幣交易，交易將無法被撤銷；此為加密貨幣之固有特性，並非我方制定之政策。閣下有責任確認已將正確金額發送至正確電子錢包地址。

(h) 倘閣下利用電子錢包或賬戶以加密貨幣付款，則代表閣下作出以下陳述及保證： (1) 閣下擁有用於付款之電子錢包及加密貨幣； (2) 電子錢包或賬戶並非直接或間接由任何受經濟制裁、禁運或其他貿易限制的任何人託管、運營或以其他方式控制，包括由美國、歐盟、英國、聯合國安全理事會或其他適用的制裁機構（統稱“制裁”）或位於、居住或組織在被制裁的國家或地區（包括克里米亞、古巴、伊朗、北韓、敘利亞、俄羅斯聯邦和白俄羅斯）（統稱“受制裁的管轄區”）； (3) 用於競投或買入之電子錢包或賬戶內之加密貨幣或任何其他資產並非來自受制裁，或位於、居於或被安排於受制裁司法管轄區之任何人士；及 (4) 閣下以加密貨幣付款不會引致（或以其他方式導致）我方、賣家或任何其他人士違反任何制裁、打擊洗錢、打擊恐怖主義、防止賄賂或防止貪污法律，或任何其他適用之法律。

(i) 對於閣下以加密貨幣支付的任何款項，無論出於何種原因我方未收到，我方概不負責。

(j) 閣下明白使用加密貨幣之固有風險，包括但不限於硬件、軟件及互聯網連接故障或不足之風險；引入或入侵惡意代碼或軟件之風險；黑客入侵或未經授權使用閣下電子錢包或儲存當中資料之風險，或盜竊或轉移資金之風險；波動及不穩定或不利之匯率；及與以該貨幣作交易相關之不利監管干預及/或稅務待遇之風險。我方就上述任何情況均不承擔任何責任。

7.3 領取

(a) 就非同質化代幣以外之所有拍賣品而言，買家有責任安排在拍賣會後三十(30)天內領取已購買之拍賣品。已購買之拍賣品由 (i) 領取或 (ii) 拍賣會後第三十一天（以較早日期為準）起之風險由買家承擔（因此購買保險為其個人之責任）。直至風險轉移前，蘇富比將就拍賣品之任何損失或損毀向買家作出賠償，惟以所付之買入價為最高限額。買家應注意，蘇富比對損失或損毀責任之承擔受賣家之業務規則第 6 條所載之豁免情況所限。

(b) 本規則第 7.3(b) 條之規定適用於非同質化代幣：

(i) 為收取非同質化代幣，閣下必須持有一個能支援及接受非同質化代幣之電子錢包，而閣下或閣下註冊競投之公司持有並有權使用該電子錢包。閣下理解並明白，並非所有電子錢包均能支援儲存不可替代之代幣，倘閣下之錢包未能支援儲存閣下所購之非同質化代幣，閣下或喪失使用該非同質化代幣之權限。閣下進一步理解並明白，倘閣下未能在拍賣結束後五 (5) 個營業日內向我方提供能支援及接受非同質化代幣之電子錢包地址，我方可全權酌情決定，就規則第 13(a)(ii) 條而言，將非同質化代幣視為已轉讓給閣下，就規則第9條而言，將非同質化代幣拍賣品視為買家未能支付全數款項之拍賣品，而閣下須就由此產生之所有第三方費用（包括但不限於保管費、保險、網絡費、稅款、轉讓費用等）承擔責任。

(ii) 當閣下滿足規則第7 條所載之條件後，我方或賣家會將非同質化代幣轉移至閣下指定之電子錢包。閣下同意我方可要求閣下遵循安全協議，確保閣下安全收取非同質化代幣。我方會將非同質化代幣轉移至閣下指定之錢包地址，惟無責任確認閣下向我方所提供之地址是否正確或有效，倘未能轉移非同質化代幣至閣下之錢包，我方概不負責，除非轉移失敗是由於我方將非同質化代幣轉移至閣下所提供之錢包地址以外之地址。

8. 逾期付款或欠繳款之補救方法

在不影響賣家可能擁有之任何權利下，倘買家在未預先協定情況下未能在拍賣會後五天內或未能按照與蘇富比協定之任何付款安排就拍賣品支付全數款項，蘇富比可(經知會賣家後)全權決定作出以下一項或多項補救方法:

(a) 將拍賣品存放在其處所或其他地方，風險及費用完全由買家承擔，或者，倘拍賣品為非同質化代幣，將拍賣品存放在蘇富比或賣家之電子錢包或其他地方，風險及費用完全由買家承擔

(b) 終止拍賣品之買賣合約，並就買家違約保留追討損害賠償之權利

(c) 以蘇富比公司結欠買家之任何金額 (i) 抵銷買家就拍賣品結欠蘇富比之任何金額， (ii) 抵銷拍賣品根據以下規則第8(h)條重售時買入價與買家之費用之間任何差額(倘多於一項拍賣品由買家於拍賣會中買入並其後被重售，則按比例計算)，及/或 (iii) 抵銷蘇富比就買家違約對買家提出之任何損害賠償申索(包括但不限於在終止買賣合約之情況下買家支付之酬金及營運附加費)

(d) 按蘇富比認為合適將買家或買家透過代表就本交易或在其他情況下支付之任何款項( 包括訂金) 用以支付 (i) 買家結欠任何蘇富比公司之任何成本、買家之費用或債務，及/或(ii)拍賣品根據以下規則第8(h)條重售時買入價與買家之費用之間任何差額(倘多於一項拍賣品由買家於拍賣會中買入並其後被重售，則按比例計算 )，及/ 或 (iii) 蘇富比就買家違約對買家提出之任何損害賠償申索(包括但不限於在終止買賣合約之情況下買家支付之酬金及營運附加費)。為免生疑問，倘買家於拍賣會中買入多於一項拍賣品並已支付部分款項，惟未能在拍賣會後五天內或未能按照與蘇富比協定之任何付款安排就其買入之所有拍品悉數支付買入價，蘇富比有絕對酌情決定拒絕有關將上述部分付款之全部或部分用以支付買家買入任何特定拍賣品之買入價，及/或差價及/ 或蘇富比所提出之損害賠償申索之任何指示或請求

(e) 拒絕買家未來作出之競投或使其就未來之競投須支付訂金該訂金在買家隨後拒絕付款或延期付款時，蘇富比有權自行處理

(f) 收取由到期日至悉數收取買入價及有關買家之費用當日期間按不超過每月2%之利率計算之利息

(g) 對買家由蘇富比公司管有之任何物品行使留置權。蘇富比於行使任何留置權時應知會買家，並在發出該通知之十四天內可安排出售該物品，以及將所得款項用於彌補結欠蘇富比之金額，及/或抵銷拍賣品根據以下規則第8(h)條重售時買入價與買家之費用之間任何差額( 倘多於一項拍賣品由買家於拍賣會中買入並其後被重售，則按比例計算)，及/或抵銷蘇富比就買家違約對買家提出之任何損害賠償申索(包括但不限於在終止買賣合約之情況下買家支付之酬金及營運附加費)

(h) 透過拍賣或私人出售重售拍賣品，並由蘇富比酌情決定估價及底價。倘重售之價格低於該拍賣品之買入價及買家之費用，買家將仍須承擔該差額，連同是次重售產生之一切費用

(i) 展開法律訴訟，以追討該拍賣品之買入價及買家之費用，或就買家違約對買家提出損害賠償申索，連同利息及完全彌償該訴訟之費用或

(j) 向賣家透露買家之名稱及地址，使賣家得以展開法律訴訟，以追討欠款，或就買家違約對買家提出損害賠償申索，及法律費用。蘇富比在向賣家透露該等資料前，將採取合理步驟知會買家。

9. 競投人及 / 或買家保證

(a) 競投人及 / 或買家保證：

(i) 競投人及/或買家將應要求向蘇富比提供身份證明和符合蘇富比了解你的客戶 (“KYC”) 要求和/或適用法律所需的任何其他資料，否則蘇富比將視情況而定，有權不完成或取消任何拍品的銷售；

(ii) 在(A)其開展業務的司法管轄區內、以及(B) 由美國、歐盟、英國、聯合國安理會或其他相關制裁機構管理和執行之下，不受貿易制裁、禁運或任何其他交易限制，而且非由該等受制裁人士(統稱「受制裁人士」)擁有(或部分擁有)或控制及

(iii) 用於購買物品及結算款項的資金，與任何犯罪活動（包括但不限於逃稅、洗錢、恐怖主義活動或其他犯罪活動）並無聯繫或關連，亦並非源自該等犯罪活動且競投人 / 買家未遭受調查，亦未被指控或裁定涉及（包括但不限於）逃稅、洗錢、恐怖主義活動或其他犯罪活動。

(b) 如競投人代另一位人士或以另一方（『主事人』）之代理人身份（在兩種情況下，均為『代理人』）競投，除非另有明確說明，否則“競投人”或“買家”應共同和分別指主事人和代理人，代理人以自身身份保證（除規則第9(a) 條所載列之保證以外）該保證由代理人和主事人共同和分別作出：

(i) 主事人並非受制裁人士，或非由受制裁人士擁有（或部分擁有）或控制

(ii)用於購買拍品及結算款項的資金，與任何犯罪活動（包括但不限於逃稅、洗錢、恐怖主義活動或其他犯罪活動）並無聯繫或關連，且代理人與主事人之間對拍品的安排或其他方式並無全部或部份助長稅務犯罪

(iii) 代理人或主事人之已購拍品並非出於以下目的購買，或以與之相關的任何方式使用，或助長違反任何使用稅務、反洗錢或反恐法律或法規

(iv) 代理人已根據所有適用的反洗錢及制裁法律及法規，向拍品之主事人進行適當的客戶盡職審查，且代理人並不知情亦無理由懷疑用於結算款項的資金源自任何犯罪活動之收益或與犯罪活動之收益有關，或最終買家正遭受調查，或被指控或裁定涉及（包括但不限於）逃稅、洗錢、恐怖主義活動或其他犯罪活動及

(v)代理人將向蘇富比披露主事人的身份，並將應要求向蘇富比提供身份證明和任何其他資料，以符合蘇富比的 KYC 要求和/或符合有關代理人和主事人的適用法律和/ 或證明代理人有權代表主事人競投並約束主事人。如果代理人未能滿足蘇富比的 KYC 要求，蘇富比有權酌情不完成或取消任何拍品的銷售。

(c) 競投人及 / 或買家在此承諾及保證，所有用於購買及結算款項的資金並無任何一部分由任何受制裁人士或任何參與該交易的一方（包括金融機構、貨運代理商或其他貨運代理人或任何其他受制裁人士）支付，或由受制裁人士擁有（或部分擁有）或控制，除非該等活動獲得對該項交易具司法管轄權的政府機關以書面形式或適用法律或法規授權。

(d) 蘇富比保留尋求識別所收到資金之來源，以及向任何與我方交易之人士作出查詢的權利。如蘇富比在我方酌情決定其滿意程度之情況下，未就與競投人及 / 或買家相關之反洗錢、反恐融資或其他檢查完成其認為合適之查詢，蘇富比有權不完成或取消任何拍品之銷售（如適用），並採取適用法律所要求或允許之任何進一步行動，而毋需向競投人及 /或買家承擔任何法律責任。

10. 未領取購置品

(a) 倘買家支付買入價及買家之費用，但未於拍賣會後三十天內領取已購買之拍賣品，拍賣品將收藏於蘇富比或其他第三方，費用（及風險）由買家承擔。

(b) 倘已支付所購拍賣品之費用，但未於拍賣會後六個月內領取該拍賣品，則買家授權蘇富比（在通知買家後）安排以拍賣或私人出售重售該物品，而估價及底價將由蘇富比酌情決定。除非買家在該拍賣會後兩年內收取該出售之所得款項扣除蘇富比產生之所有費用，否則該筆款項將被沒收。

11. 出口及許可證

買家須自行負責識別及領取拍賣品之任何必要之進出口、軍火槍械、瀕臨絕種生物或其他方面之許可證，以及填妥任何必要進出口提單、清單或文件。就相關拍品所刊載之任何符號或提示反映蘇富比於編制圖錄時所持之合理意見，並僅為競投人提供一般指引而已。在不影響上文規則第 3 及 4 條之情況下，蘇富比及賣家概不就任何拍賣品是否受進出口限制或任何禁運作出陳述或保證。不獲發任何許可證或執照並非取消或撤銷銷售合約或任何延遲付款之充分理由。吾等概不會就任何無法完成或遞交所需進出口提單、清單或文件而產生之任何責任負責。

12. 一般資料

(b) 向蘇富比發出之通知應以書面作出，註明出售之負責部門及拍賣代號。向蘇富比客戶發出之通知應以彼等正式通知蘇富比之最新地址為收件地址。

(d) 未經蘇富比之事先書面同意前，任何買家不得轉讓本業務規則，但對買家之繼承人、承付人及遺產執行人具有約束力。蘇富比之行動、遺漏或延遲不應視為豁免或解除其任何權利。

(e) 上文規則第1(a)條所載資料列明有關本文主題各方之間之整份協議及就此方面之諒解。各方已協定，除有關具欺詐成分之失實陳述之責任以外，概無訂約方根據該等條款依賴並無明確指明該等資料之任何陳述、保證或承諾而訂立任何合約。

13. 拍賣品之風險及責任

(a) 已購買拍賣品之風險及責任將按下文所示轉移至買家：

(i) 就現場拍賣之拍賣品而言： (1) 於領取拍賣品，或 (2) 拍賣後第三十一天，或如適用，於我方網站有關拍賣資料中所指定之時間到期時轉移，以較早日期為準，惟葡萄酒或烈酒桶之風險及責任均在落槌時轉移至買家。對於由第三方存放而無法從我方處所領取之任何拍賣品，當閣下向我方發出指示，授權將拍賣品交給買家，即被視為等同買家領取。

(ii) 就非同質化代幣而言：在將非同質化代幣轉移至閣下指定之電子錢包後，閣下有責任將非同質化代幣安全儲存於閣下用以收取及/或持有非同質化代幣之錢包或其他儲存機制內。閣下進一步明白，閣下就與轉移、創建、持有、儲存或使用非同質化代幣或電子錢包相關之任何風險（如適用）承擔全部責任，包括網絡故障或中斷；錢包文件損壞；病毒、網絡釣魚、暴力破解、黑客攻擊、安全漏洞、挖礦攻擊或其他針對非同質化代幣之攻擊方式；因遺失私鑰而失去使用非同質化代幣權限之風險；保管或買家錯誤；對一個或多個司法管轄區之監管干預；代幣稅；個人資料披露；未投保之損失；未能提供適當之維護（包括但不限於託管）；以及其他未能預料之風險。我方及賣家對任何風險或損失慨不負責。

(b) 一旦風險轉移至買家，買家不可撤回地免除各蘇富比公司、我方及其各自高級職員及僱員、代理人、倉庫及賣家因拍賣品損失或損毀而產生之任何及所有索賠、訴訟因由、責任、損害、損失及費用（包括但不限於合理律師費）。

(c) 在所購拍賣品之風險及責任轉移至買家前，我方會就拍賣品之損失或損毀承擔責任，惟受以下分段所載之豁免所規限。倘由我方承擔責任之拍賣品出現損失或損毀，我方將確定因損失或損毀而引致拍賣品降值之程度（如有），並就損失賠償買家，金額最高為買家就拍賣品所支付之買入價。

(d) 對於因以下情況所引致之任何損失或損毀，我方概不負責：(1) 閣下同意聘用之獨立承包商在進行任何工序，包括但不限於修復、保護、定框或清潔時時出現之任何損失或損毀； (2) 對覆蓋印刷品、繪畫或其他平面作品的框架或玻璃造成之任何損失或損毀；或 (3) 因濕度或溫度之變化（只要我方在處理拍賣品時有採取合理謹慎之措施）、正常磨損、逐漸變質或固有缺陷或瑕疵（包括木蟲）、戰爭、任何恐怖主義行為（由我方之保險公司定義）、核裂變、放射性污染或化學、生物化學或電磁武器造成之任何損失或損毀。倘拍賣品為非同質化代幣，除上述情況外，對於與參考內容之損毀或損壞、非同質化代幣未能引用參考內容、或參考內容之損失、或與參考內容相關之其他安全性或持久性問題相關之任何損失，我方概不負責。

(e) 在閣下收到我方根據本規則就拍賣品之任何損失或損毀支付之款項後，閣下(代表自身及其保險公司)不可撤回地免除我方及賣家就拍賣品之損失或損毀之所有責任，並不可撤回地放棄就同樣情況閣下可能向我方或賣家提出之所有權利及索賠。

14. 資料保護

蘇富比會存留及處理閣下的個人資料，並可能將該資料與其他蘇富比公司分享，其用途應符合刊登於蘇富比網址www.sothebys.com的私隱政策之描述，閣下或可電郵至enquiries@sothebys.com索取私隱政策。閣下同意蘇富比根據蘇富比私隱政策收集、使用及披露閣下之個人資料。

15. 法例及司法管轄權

監管法例該等買家之業務規則（網上專場）及其有關或適用之所有事宜、交易或紛爭之各方面（包括本規則所適用的拍賣會之任何網上競投）均受香港法例規管並按其詮釋。

司法管轄權收益於就蘇富比之利益而言，所有競投人及賣家同意香港法院擁有專有司法管轄權，調解所有因與該等買家之業務規則（網上專場）有關或適用之所有事宜或交易之各方面而產生之紛爭。各方均同意蘇富比將保留權利在香港法院以外之任何法院提出訴訟。

送達法律程序文件所有競投人及賣家不可撤回地同意透過傳真、面送方式、郵寄或香港法例、送達地點之法例或提出訴訟之司法權區之法例允許之其他方式，將有關任何法院訴訟之法律程序文件或任何其他文件送發至買家或賣家知會蘇富比之最新地址或任何其他常用地址。

2021年9月

網上競投之額外條款及細則

以下條款及細則（「網上條款」）提供有關在 sothebys.com 或通過 Sotheby’s 應用程式（「網上平台」）進行網上競投的重要資訊。

本「網上條款」為附加並受相同法例和我司賣家業務規則，買家之業務規則，真品保證和適用於相關拍賣的任何其他條款的規限（統稱「業務規則」），並非以任何方式替代它們。當閣下以任何網上平台參與本拍賣，表示閣下承認受相關拍賣適用的業務規則和本額外規則所約束。

預先競投

1. 某些拍賣會之競投人可於拍賣會開始前，透過網上（競投）平台出價（「預先競投」）。為確保競投順利，閣下必須於蘇富比登記賬戶並提供所需資料。您可以按相關網上平台所顯示的起標價出價，或以提出高於起標價的出價。請注意，蘇富比保留權利在現場拍賣會開始前更改起標價。

您也可輸入一個最高出價，經確認後，將自動回應其他出價，包括蘇富比代表賣家以底價為最高限額（如適用）的出價，競投至您預定的最高出價。請注意，現場拍賣會開始前任何一刻都可設定底價，當底價設定後，閣下的最高出價可回應底價執行。蘇富比代表賣家提出、直至達到底價為止的出價，將顯示於網上平台，作為總出價次數的一部分。

所有競投人均能看見拍品當前之最高競投；而閣下本人最高競投之金額及詳情只供閣下查閱。如閣下之競投情況有變，閣下將會收到電郵及推送通知（如閣下已開啟電子設備之推送通知功能），直至現場拍賣會開始。閣下可於現場拍賣會開始前任何時間提高最高競投。現場拍賣會開始後，拍賣官將以目前最高出價開始競投。系統將繼續為您出價，直至達到您先前預定的最高出價，或您可在現場拍賣會間通過網上平台在下一口叫價上繼續出價。您亦可以在現場拍賣會開始前聯絡競投部，以降低您的最高出價，但不能降至低於目前的最高出價。

請留意在某些情況下，競投被超越之競投人可能會重新成為最高競投人，並收到電郵或推送通知（如閣下已開啟電子設備之推送通知功能）。

在現場拍賣會期間網上競投

2. 拍賣會開始後，現場情況會迅速發展，出價進展也會很快速。因此現場拍賣會時的出價只需一個步驟；一旦「出價」按鈕被點擊，便已提交出價。在網上競投，代表閣下接受並同意此方式下的出價是您的最終決定，閣下在任何情況下都將不被准許修改或撤回您的出價。如從閣下的蘇富比帳戶通过網上平台發送至蘇富比的出價競投成功，則表示閣下同意支付拍賣物品總成交價金額，包括買家酬金、營運附加費、其他相關費用和相關稅項。您亦可以在現場拍賣會開始前聯絡競投部，以降低您的最高出價，但不能降至低於目前的最高出價。

3. 為閣下便利，下一口價將為您顯示。拍賣官有權為拍賣會現場和電話競投的競投人更改每口叫價數目，但使用網上平台的競投人將不能以整數以外的每口叫價數目出價。拍賣的所有出價均為出售之所在地的本地貨幣網上競投人將不會看到展示於現場拍賣會的匯率顯示板。

網上平台之一般使用

4.在網上平台競投，代表閣下接受並同意此方式下的出價是您的最終決定，閣下在任何情況下都將不被准許修改或撤回您的出價。如從閣下的蘇富比帳戶通过網上平台發送至蘇富比的出價競投成功，則表示閣下同意支付拍賣物品總成交價金額，包括買家酬金、營運附加費、其他相關費用和相關稅項。

5. 在所有爭議中，蘇富比持有的拍賣紀錄是絕對和最終的紀錄。如果閣下收到的任何網上紀錄或訊息與蘇富比持有的拍賣紀錄有差異，概以拍賣紀錄為準。

6. 網上競投人有責任自行留意所有重要拍賣通告和公佈，重要拍賣通告和公佈可見於網上平台。

7. 蘇富比保留權利拒絕或撤回在網上平台競投的許可，也可在拍賣進行中取消競投特權。

8. 在 Sotheby’s 程式「我的出價」部分和 Sothebys.com 網站「我的賬戶」中「賬戶活動」部分出現的購買資訊僅為閣下便利而設。成功競投人士將於拍賣後收到通知和賬單。如有可能出現在「我的出價」部分之網上購買資訊與蘇富比在拍賣後寄給閣下的賬單有差異，則以賬單為準。不論成功的出價是如何遞交，付款及領取拍賣物品之條款及規則都維持不變。

9. 網上競投為蘇富比提供給客戶的便利。蘇富比不對任何網上競投的錯誤或故障負責，該錯誤或故障包括但不限於，(i) 蘇富比或客戶失去網絡連接或失去網上競投軟件的連接；(ii) 網上競投軟件出現的故障或問題；或(iii) 客戶的網絡連接、電腦或電子設備出現故障或問題。蘇富比不對任何網上競投出價失敗或任何連接錯誤和遺漏負責。

10. 網上競投將被紀錄。

11. 如此等網上條款與蘇富比業務規則及蘇富比真實保證之條款有任何抵觸，概以蘇富比業務規則及蘇富比真實保證之條款為準。

真品保證

適用於所有物品 (珠寶除外 - 適用於珠寶之真品保證在下方列出)

倘蘇富比所出售之物品其後被發現為「贋品」，根據下文之條款，蘇富比將取消該銷售，並將買家就該物品支付予蘇富比之總金額，以原銷售之貨幣退還予買家。

就此而言，根據蘇富比合理之意見，「贋品」指仿製之拍賣品，欺騙作品出處、原產地、日期、產出年數、年期、文化或來源等各方面，而上述各項之正確描述並無收錄於目錄內容（考慮任何專有詞彙）。拍賣品之任何損毀及／或任何類型之復元品及／或修改品（包括重新塗漆或在其上塗漆），不應視為贋品。

謹請注意，倘發生以下任何一種情況，本保證將不適用：

(i) 目錄內容乃根據學者及專家於拍賣日期獲普遍接納之意見，或該目錄內容顯示該等意見存在衝突;或

(ii) 於拍賣日期，證明該物品乃膺品之唯一方法，是有關工序並非當時普遍可用或認可、價格極高或用途不切實際;或可能已對拍賣品造成損壞或可能(根據蘇富比合理之意見 )已令拍賣品喪失價值之方法;或

(iii) 倘根據拍賣品之描述，該拍賣品並無重大喪失任何價值。

本保證所規定之年期為有關拍賣日期後五(5) 年，純粹提供給買家之獨享利益，且不可轉移至任何第三方。為能依據本保證申索，買家必須：

(i) 在收到任何導致買家質疑物品之真偽或屬性之資料後三(3)個月內以書面通知蘇富比，註明拍賣品編號、購買該拍賣品之拍賣日期及被認為是贋品之理由；及

(ii) 將狀況與銷售予買家當日相同，並能轉移其妥善所有權且自拍賣日期後並無出現任何第三方申索之物品退還予蘇富比。

蘇富比可酌情決定豁免上述任何規定。蘇富比可要求買家索取兩名為蘇富比及買家雙方接納之獨立及行內認可專家之報告，費用由買家承擔。蘇富比毋須受買家出示之任何報告所規限，並保留權利尋求額外之專家意見，費用由蘇富比自行承擔。倘蘇富比決定根據本保證取消銷售，蘇富比或會將最多為兩份經雙方審批之獨立專家報告所需之合理費用退還予買家。

適用於中國現代書畫及中國古代書畫之真品保證附加條款

中國書畫部及中國古代書畫部銷售圖錄內所刊載藝術家之姓名（如有）不應被視為對所命名藝術家的無條件歸屬。本公司不對作者或作品完成日期作出或有意作出無條件歸屬。現今中國書畫學術研究領域並不容許對作者或作品完成日期作出無條件聲明。因此，此圖錄內的所有中國書畫及中國古代書畫並不受限於任何真實性擔保規範，及以「現況」根據業務規則出售。任何蘇富比僱員給予買家之諮詢與建議均不損害上述條文的效用。本公司建議買家在選擇購買時徵詢獨立專業意見。儘管如此，倘蘇富比所出售之物品其後被發現為「贋品」，根據下文之條款，蘇富比將取消該銷售，並將買家就該物品支付予蘇富比之總金額，以原銷售之貨幣退還予買家。

適用於腕錶之真品保證附加條款

所有腕錶皆按所見現況出售，不能以經過修理或零件並非所標示之製造商提供為由退還。

腕錶不能在陳列期間拆開。有此需要的準買家或其代理人應在拍賣前一星期與鐘錶部預約私人參觀時段。狀況報告可經查詢索取，然該等報告僅為觀點陳述，可能未具體列明所有機械零件更換或機芯、錶殼及錶盤的瑕疵。所有尺寸量度皆為約數。

配備防水錶殼的腕錶曾被拆開檢查機芯，但不保證腕錶目前防水。

請注意，我方不保證任何個別零件的真確性，例如齒輪、指針、錶冠、水晶錶蓋、螺絲、鍊帶及皮革錶帶，因為後期修復可能導致原廠零件更換。

請注意，以瀕危或受保護物種（例如短吻鱷及鱷魚）身體部位製成的錶帶不與腕錶一併出售，只作展示用途。我方保留在付運前移除此類錶帶的權利。而且我方不保證錶帶或錶鍊的製造物料。請注意，買家須負責遵守任何適用的進出口事宜，特別是關於瀕危物種及美國魚類及野生動物管理局的法規。

我方不對任何已出售拍品的狀況作出申述或保證。

適用於珠寶之真品保證

倘蘇富比出售任何寶石或珍珠，而買家其後以蘇富比合理信納之方式表示，該等寶石或珍珠並不是真實或原屬天然，則根據下文之條款，蘇富比將取消該銷售，並將買家就該寶石或珍珠支付予蘇富比之總金額，以原銷售之貨幣退還予買家。

本保證所規定之期限為有關拍賣日期後二十一 (21) 日，純粹提供給買家之獨享利益，且不可轉移至任何第三方。為能依據本保證申索，買家必須：

(i) 於該二十一 (21) 日期間內，以書面通知蘇富比不相信該寶石或珍珠為真實或原屬天然之理由，註明拍賣品編號及買該拍賣品之拍賣日期；及

(ii) 將狀況與銷售予買家當日相同，並能轉移其妥善所有權且自拍賣日期後並無出現任何第三方申索之物品退還予蘇富比。

中國工藝品詞彙

以下為本圖錄內所使用的詞彙示例。請注意，所有陳述乃根據業務規則及保證書的條文作出。

(i) 倘蘇富比認為某拍賣品物品屬於某一期間、統治時期或朝代，則該物品的分類會以粗體字直接標示在圖錄條目的標題下方

例如：蘇富比會標示明朝嘉靖年間之青花盤如下：

明嘉靖年間青花盤

(ii) 如該拍賣品的標題下方的描述中沒有以粗體字確認有關工藝品之分類，則表示無法確定該工藝品的所屬年代。

(iii) 倘某批拍賣品之標題有提供分類且該批拍賣品多於一件物品，除非另有指明，否則蘇富比認為該批拍賣品全部屬於以粗體字所標示的時期。

(iv) 倘物品並無分類，則蘇富比對其所屬期間存疑或認為其屬於19 或20 世紀。

(v) 有關亞洲硬木，『黃花梨』、『花梨』、『紅木』、『紫檀』等在標題中以單引號加粗或大寫的術語均為基於外觀而做出的描述性鑑定，並非指某一特定科學物種。

A rare pair of cloisonné enamel horses, Qing dynasty, 18th century 清十八世紀 銅胎掐絲琺瑯小馬一對

A rare pair of cloisonné enamel horses, Qing dynasty, 18th century 清十八世紀銅胎掐絲琺瑯小馬一對