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 (The Lots). 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 (The Lots) and 13 (Exclusions and Limitations of Liability) 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 26% 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 (The Lots) 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 6 (Bidding) and 7 (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 6 (Bidding) 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 at the lowest bid increment possible, as may be determined by the auctioneer’s discretion, 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 7 (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 10 (Collection and Delivery of Purchases) 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 11 of the Conditions of Business for Buyers (Risk and Responsibility for Lots).

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.

⋑ 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. 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 3 of the Conditions of Business for Buyers (The Lots). 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 3 of the Conditions of Business for Buyers (The Lots)). 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 for Hong Kong Sales

1. Introduction

In these Conditions of Business for Buyers, “we”, “us” and “our” refers to Sotheby’s Hong Kong Limited and “you” and “your” refer to Bidders and Buyers. If you are an agent acting on behalf of a principal, “you” and “your” refer to both principal and agent. Capitalized terms will have the meaning set out in Condition 2.

These Conditions of Business for Buyers are the terms and conditions applicable to Bidders and Buyers in our Hong Kong auctions (both live and timed auctions). The Conditions of Business for Buyers include the Authenticity Guarantee and any other additional conditions that are expressly stated as applicable to a sale, and they may be amended by any oral or written announcement or notice prior to or during the sale. Our and the Seller’s relationship with Buyers and any Bidders in relation to the Lots offered in a sale is governed by these Conditions of Business for Buyers and the express representations and warranties and indemnity given by the Seller. In relation to a sale, where applicable, any reference by us to “Conditions of Sale” or “Terms of Guarantee,” should be understood to mean these Conditions of Business for Buyers and the Authenticity Guarantee, respectively. We act as agent for the Seller, unless the Catalogue indicates otherwise, and a sale contract is made directly between the Seller and the Buyer. Unless we own a Lot in whole or in part, we act solely as agent for the Seller. A sale contract is made directly between the Seller and the Buyer. On occasion, Sotheby’s may own a Lot directly, in which case we will act in a principal capacity as the Seller, or a Sotheby’s Group Company may own a lot, in which case we will act as agent for that Company, or Sotheby’s or Sotheby’s Group Company may have a legal, beneficial or financial interest in a Lot as a secured creditor or otherwise.

By registering for an auction, including through our Online Platforms, you agree to be bound by these Conditions of Business for Buyers.

We may change these Conditions of Business for Buyers from time to time in our sole discretion, without notice to you or to the Seller, by posting such changes on the Sotheby’s website at www.sothebys.com. It is your and the Seller’s responsibility to periodically check the Conditions of Business for Buyers for changes by clicking the link “Conditions of Business.” You will know if these Conditions of Business for Buyers have been revised since your last review by referring to the “Last Modified” date at the bottom of this page. If you do not agree to the current Conditions of Business for Buyers, you should refrain from registering to bid in an auction.

2. Defined Terms

Authenticity Guarantee: the guarantee we provide as principal to the Buyer in relation to a purchased Lot, as set out in Condition 15. In relation to a sale, where applicable, any reference by us to the “Terms of Guarantee” should be understood to mean the Authenticity Guarantee.

Bidder: any person or entity registered to bid in a sale.

Buyer: the buyer of record of a Lot.

Buyer’s Expenses: any costs or expenses, plus any applicable VAT, due to us from the Buyer in respect of the purchase of a Lot.

Buyer’s Premium: the commission the Buyer must pay to us as part of the Purchase Price for auction Lots. The Buyer’s Premium rate is subject to change at any time. The current Buyer’s Premium rate for all auctions except Wine & Spirits is 26% of the Hammer Price for a Hammer Price up to and including HKD $7,500,000, 20% of any amount of the Hammer Price in excess of HKD $7,500,000 up to and including HKD $40,000,000, and 13.9% of any amount of the Hammer Price in excess of HKD $40,000,000. For Wine & Spirits auctions, the Buyer’s Premium rate is 24% of the Hammer Price for all Lots.

Catalogue: the list of Lots offered in a sale and associated information, available on our website, any Sotheby’s Group application and, in some cases, in printed form.

Hammer Price: for each auction Lot sold, the last price accepted for the Lot by the auctioneer or acknowledged by our online platform, or in the case of a post-auction sale, the agreed sale price.

Lot: an item (or more than one item grouped as one) of property offered for sale. In some cases, a Lot may be, or may be accompanied by, an experience (an “Experience”). 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: a non-fungible token established on a blockchain.

Online Platforms: our websites, any Sotheby’s Group application, and any other online means through which we enable Bidders to bid on Lots in our sales.

Overhead Premium: the fee the Buyer must pay to us as part of the Purchase Price for auction Lots, as an allocation of overhead costs relating to our facilities, property handling and other administrative expenses. The Overhead Premium rate is subject to change at any time. The current Overhead Premium rate is 1% of the Hammer Price.

Parcel: a group of Lots of the same type and quantity of wine. There may be some discrepancies between the different Lots in a Parcel with respect to level, condition or otherwise, as set out in the Catalogue descriptions for each Lot.

Purchase Price: for auction Lots, the Hammer Price plus the Buyer’s Premium, Overhead Premium, any applicable VAT and/or sales or use tax, and any applicable artist resale right royalty payable by the Buyer on a qualifying Lot.

Referenced Content: with respect to an NFT, the metadata (excluding any legal terms and conditions embedded or referenced therein), content, digital asset and/or physical item, if any, to which the NFT relates.

Reserve: the confidential minimum Hammer Price at which an auction Lot can be sold.

Seller: the person(s) or entity(ies) on whose behalf we are offering a Lot for sale. Where a Sotheby’s Group Company owns a Lot, Sotheby’s acts in a principal capacity as Seller.

Sotheby’s Hong Kong Limited: the limited company incorporated in Hong Kong, with registered address at 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong.

Sotheby’s Group: Sotheby’s Holdings UK Limited and any entities in which it holds, from time to time, directly or indirectly, more than 50% of the issued share capital; and each, a “Sotheby’s Group Company.”

VAT: any applicable Value Added Tax or goods and services tax, or an amount in lieu of Value Added Tax at the prevailing rate.

3. The Lots

(a) All Lots are offered for sale in the condition they are in at the time of the sale. You acknowledge that many Lots are of an age and type such that they are not in perfect condition. Catalogue descriptions and condition reports may refer to imperfections of a Lot or Referenced Content, but Lots or Referenced Content may have other faults not expressly referred to in the Catalogue or condition report. Illustrations are for identification purposes only and may not convey full information as to the actual condition of a Lot or Referenced Content.

(b) You accept responsibility for carrying out your own inspections and investigations of Lots in which you may be interested. You should inspect a Lot before bidding to determine and to satisfy yourself as to its condition, size, description and whether it has been repaired or restored, as applicable, and we accept bids on Lots solely on this basis. Condition reports may be available to assist when inspecting Lots. Lots may be available for viewing in person at our premises or another location and viewing information will be available on our website. 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) You acknowledge that our knowledge of each Lot is partially dependent on information provided by the Seller, and we are not able to and do not carry out exhaustive due diligence on each Lot. Information provided to you regarding any Lot, including any estimates, information in the Catalogue, condition reports, or information in respect of the age of hand-coloring in maps, atlases or books, is a matter of opinion only and not a representation of fact. This information is dependent upon, among other things, the condition of the Lot, the degree of research, examination or testing that is possible or practical in the circumstances, and the status of generally accepted expert opinion, research and scientific or technical analysis at the time of cataloguing. Any estimates should not be relied upon as a prediction of the selling price or value of a Lot and may be revised from time to time in our absolute discretion.

(d) 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, or otherwise purchasing or acquiring 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 characterization and regulatory scheme governing NFTs, cryptocurrencies, and blockchain technology is uncertain and undetermined, that your purchase and/or receipt of the NFT complies with applicable laws and regulations in your jurisdiction, and that new regulations or policies may materially adversely affect the sale or resale of the NFT.

(e) If the Lot is an NFT, you acknowledge and agree that the NFT may be subject to resale royalties, including to a Sotheby’s Group Company, through application of the smart contract or other technical solution 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 and/or gas fees that may apply to such payments as well as any transaction duties imposed by law.

(f) We reserve the right to withdraw any Lot from an auction or to cancel an auction, whether prior to or during the auction, and we will not be liable to you for any claims, causes of action, liabilities, damages, losses, or expenses in connection with such withdrawal or cancellation.

(g) Unless otherwise specified, all auction Lots are offered subject to a Reserve. The Reserve for a Lot cannot exceed the Lot’s low estimate. In a timed auction, you acknowledge that we may reduce the Reserve for any Lot at any time during the auction, provided it has been agreed with the Seller prior to any such reduction.

(h) Each Lot offered will be referenced by its Lot number assigned in the Catalogue. Unless we specify otherwise, bids must be on a per-Lot basis.

(i) Experiences will be fulfilled by the relevant entity or entities specified in its description in the Catalogue. We do not plan, host, operate, fulfill, endorse, verify, vouch for, investigate or vet any Experience. For each Experience, any incidental costs and expenses such as fees for travel, food or lodging are the sole responsibility of the Buyer unless otherwise expressly stated in the Experience description.

(j) The Buyer is solely responsible for identifying and obtaining any necessary export, import, firearm, endangered species or other permit for a purchased Lot. Any symbols or notices in the Catalogue reflect our reasonable opinion at the time of cataloguing and are included for informational purposes only. Without prejudice to Condition 3(k), neither we nor the Seller make any representations or warranties as to whether any Lot is subject to export or import restrictions or any embargoes. The denial of any permit or license will not justify cancellation or rescission of the sale or excuse any delay in payment. We will not deliver a firearm to a Buyer unless the Buyer has first supplied evidence to our satisfaction of compliance with this Condition.

(k) DISCLAIMER OF WARRANTIES:

(i) All Lots are offered for sale “AS IS,” without any guarantee, representations or warranties by us or the Seller, except for the express representations and warranties given by the Seller and the Authenticity Guarantee, which we, as principal, provide to the Buyer. We and the Seller disclaim all implied warranties, including but not limited to merchantability and fitness for a particular purpose, except in so far as such obligations cannot be excluded by law. Neither we nor the Seller give you any guarantee, representation or warranty as to the correctness of the Catalogue or other images or descriptions of the condition, completeness, size, quality, rarity, value, importance, medium, frame, provenance, exhibition history, or literary or historical relevance of any Lot, and no statement anywhere, whether oral or written, will be deemed such a warranty, representation or assumption of liability. Except as expressly set forth elsewhere in these Conditions of Business for Buyers, neither we nor the Seller make any representations or warranties as to whether any Lot is subject to copyright or whether the Buyer acquires any copyrights, including but not limited to, any reproduction rights in any Lot.

(ii) In the case of NFTs, in addition to the above and except for the express representations and warranties given by the Seller and the Authenticity Guarantee, which we, as principal, provide 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, behavior, 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 the 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 websites or on any other platform.

4. Buyer Representations and Warranties

(a) You represent and warrant to us and the Seller that at all relevant times:

(i) your bids on any Lot are genuine and are not the product of any collusive or other anti-competitive agreement and are otherwise consistent with any applicable antitrust laws;

(ii) your performance under these Conditions of Business for Buyers has not and will not violate any applicable law, regulation or code in any jurisdiction;

(iii) regarding any Lots containing alcoholic beverages, where required by applicable law, you are properly licensed, permitted or otherwise authorized to purchase, receive, possess and/or cause to transport alcoholic beverages;

(iv) your purchase of a Lot and, if you are acting as an agent on behalf of a principal, the arrangement between you and your principal, will not facilitate tax crimes;

(v) you have no knowledge or reason to suspect that (1) the funds used to purchase a Lot are connected with the proceeds of criminal activity, or (2) you or your principal, if applicable (or, if you are an entity, any person(s) or entity(ies) with a beneficial or ownership interest in you), are under investigation, charged with, or convicted of any substantive or predicate money laundering or economic sanctions crime, terrorist activity, tax evasion or act in violation of any anti-bribery or anti-corruption laws or regulations;

(vi) you (and your principal, if applicable) are not, nor are you (or your principal, if applicable) owned (in whole or in part), controlled, or acting on behalf of, an entity or individual that is: (1) the subject of economic sanctions, embargoes or other trade restrictions in any jurisdiction, including those administered and enforced by the United States, European Union or any of its member states, United Kingdom, United Nations Security Council, or other applicable sanctions authority (collectively, “Sanctions”), or (2) located, organized, or resident 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 Jurisdictions”);

(vii) you (and your principal, if applicable) are currently in compliance, and for the past five years have complied, with applicable Sanctions, anti-money laundering, anti-terrorism, and anti-bribery or anti-corruption laws;

(viii) the Purchase Price will not be funded directly or indirectly by or from anyone that is the subject of Sanctions or located, organized, or resident in a Sanctioned Jurisdiction;

(ix) no party directly or indirectly involved in the transaction is the subject of Sanctions or is owned (in whole or in part) or controlled by any individual or entity that is the subject of Sanctions or otherwise located, organized, or resident in a Sanctioned Jurisdiction, except as expressly authorized in writing by the government authority having jurisdiction over the purchase and with our prior express written consent;

(x) if you are acting as agent on behalf of a principal, you have taken steps reasonably designed to ensure compliance with Sanctions, anti-money laundering, anti-terrorism, and anti-bribery or anti-corruption laws, including but not limited to, conducting appropriate due diligence on your principal and screening source of funds. You will retain and make available upon request the documentation evidencing such due diligence for at least five years after the purchase;

(xi) your purchase will not cause (or otherwise result in) us, Sellers, or anyone else to violate any Sanctions, anti-money laundering, anti-terrorism, or anti-bribery or anti-corruption laws; and

(xii) you have full legal authority without any further action or other party’s consent to enter into and perform under these Conditions of Business for Buyers and to give these representations and warranties; if you are an entity, the individual bidding on your behalf is authorized to do so and the entity is duly incorporated or formed, validly existing and in good standing in the jurisdiction where it is incorporated or formed.

(b) We may, in our sole discretion, rescind the sale of a Lot if we reasonably determine that (i) any of the Buyer’s representations or warranties is inaccurate, incomplete or breached; (ii) any of the Seller’s representations or warranties is inaccurate, incomplete or breached; or (iii) the sale has subjected or might subject us or the Seller to liability.

5. Indemnity

You shall indemnify and hold us, each Sotheby’s Group Company, our and their respective officers and employees, and the Seller harmless against any and all claims, causes of action, liabilities, damages, losses, and expenses (including but not limited to reasonable attorneys’ fees), arising out of or in connection with any inaccuracy, incompleteness or breach of any of your representations or warranties or breach of your obligations under these Conditions of Business for Buyers to the fullest extent permitted by law.

6. Bidding

(a) You must create an account and provide the requested information in order to bid. We may require financial references, guarantees, deposits or other security, as we determine necessary or appropriate.

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

(c) To bid on any auction Lot designated as a “Premium Lot,” you must complete the required Premium Lot pre-registration application. We must receive your application at least 3 business days prior to the commencement of the auction, and our decision whether to accept your application will be final. Online bidding may not be available for Premium Lots.

(d) We advise Bidders to place their bids directly, either in person at the auction (where available) or through our Online Platforms. If you elect to bid or to participate in an auction held through an Online Platform, you are responsible for making yourself aware of all salesroom notices and announcements, which will be available on the Online Platforms.

(e) We also accept written bids and telephone bids, by arrangement with the Bids Department. A written bid, also known as an absentee bid, is where a Bidder submits a maximum bid ahead of a live auction, which will be executed on the Bidder’s behalf by the auctioneer at the lowest bid increment possible, as may be determined by the auctioneer’s discretion, and never for more than the maximum amount the Bidder indicates. Written bids and telephone bids are offered as a courtesy for no additional charge, at the Bidder's risk and subject to our other commitments at the time of the auction. We will seek to carry out written bids, endeavoring to ensure that the first received of identical written bids has priority. We will not accept liability for failure to place written or telephone bids.

(f) For certain sales, Bidders are permitted to submit via the Online Platform a maximum bid before the start of a live auction (an “Advance Bid”). Advance Bids will be executed on your behalf automatically up to your predefined maximum value in response to other bids placed on the Lot, including bids placed by us 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 Advance Bid will be visible only to you, unless it is the leading bid. 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 the Online Platforms during the live auction at the next increment.

(g) All bidding will be in the currency of the sale location. As a courtesy to Bidders, a currency board is operated in many salerooms for live auctions for informational purposes only. Online Bidders will not be able to see any such currency conversion board that may be displayed in the auction room.

(h) We reserve the right to refuse or revoke permission to bid before or during a sale for any reason. For live auctions with bidding in person, we may refuse admission to the auction. For timed auctions, we also reserve the right to deactivate your account at any time prior to, during, or after an auction.

(i) For timed auctions, live auctions with Advance Bidding, and online sales, you may cancel a bid after you place it only if (i) the description of or the condition report for the Lot has been materially revised after the bid was placed; or (ii) a notice regarding the Lot has been posted on our website after the bid was placed. Other than in the foregoing limited circumstances, you agree that any bid you place, regardless of the means by which you have done so, is final and you will not be permitted to amend or retract it. For all auctions and sales, should your bid be successful, you irrevocably agree to pay the full Purchase Price and any applicable Buyer’s Expenses. We are not responsible for any errors that you make or that are made through your Sotheby’s account in placing a bid on a Lot.

7. Conduct of an Auction

(a) An auction is by its nature fast-moving and bidding may progress very quickly. In a live auction, the auctioneer will commence and advance the bidding at levels and in increments the auctioneer considers appropriate (including by reference to any advance bids made). The auctioneer has discretion to vary bid increments in the auction room and on the telephone but Bidders using Online Platforms may not be able to place a bid that is less than a whole bidding increment above the previous bid.

(b) In a timed auction, bidding opens at an amount that is at or below the low estimate for the Lot and escalates in bid increments that we determine. We may vary the amount of the bid increments during a timed auction. Lots will be closed sequentially, either by the online system or, in some cases, by a live auctioneer. If closed by the online system, Lots will close sequentially in 30-second or one-minute intervals (as indicated on the sale page) unless a bid is placed within one minute of a Lot’s scheduled closing time, in which case we will extend the sale of that Lot by two minutes from the time of the last bid and such extensions may be repeated for a maximum period of two hours. The extension of any Lot’s closing time does not affect any other Lot’s closing time; therefore, it is possible that Lots will close out of numerical Lot order.

(c) With respect to Parcels, at the auctioneer’s discretion, the successful Bidder of the first Lot in a Parcel will have the option, but not the obligation, to purchase in consecutive order one or more of the remaining Lots in the Parcel, each at the same successful bid price as the first Lot. If any Lots in the Parcel are not purchased, the auctioneer will open the bidding on the next unsold Lot in the Parcel, and the successful Bidder of that Lot will have the option, but not the obligation, to purchase in consecutive order one or more, if any, of the remaining Lots in the Parcel, each at the newly-established successful bid price.

(d) The auctioneer (or, in a timed auction, the online system) may open bidding on any Lot by placing a bid on behalf of the Seller below the Reserve. The auctioneer may further bid on behalf of the Seller, up to but not at the Reserve, by placing successive or consecutive bids for a Lot, or by placing bids in response to other Bidders; in a timed auction, such bids will be counted toward the total bid count displayed on the Online Platform.

(e) The auctioneer (or, in a timed auction, the online system) may refuse or reject any bid, including bids that have previously been accepted, withdraw any Lot, or reopen or continue the bidding (including after the fall of the hammer or, in a timed auction, the close of a Lot). If the Reserve for a Lot is not met, the auctioneer may withdraw the Lot from sale, and the auctioneer or online system will announce that the withdrawn Lot has been “passed”, “withdrawn”, “returned to owner,” “unsold,” “bought-in” or the equivalent.

(f) In the case of error or dispute with respect to bidding, either during or after the auction, we in our sole discretion may refuse any bid, withdraw a Lot, determine who the Buyer is, continue or re-open the bidding, cancel the sale of a Lot, or re-offer and re-sell a Lot (including after the fall of the hammer or, in a timed auction, the close of a Lot), and take such other action as we reasonably deem appropriate. In the case of any dispute, our sale record will be absolute and final. In the event of any discrepancy between any online records or messages provided to you and our sale record, our sale record will prevail. Where we decide to cancel the sale of a Lot or to re-offer and sell a Lot following an error or dispute with respect to bidding, we will notify the Buyer of such decision as soon as reasonably practicable.

(g) Subject to Condition 7(e), the Buyer will be: in a live auction, the highest Bidder accepted for a Lot at the fall of the hammer; in a timed auction, the highest Bidder accepted for a Lot on the close of the Lot; in the case of a Bidder bidding as agent, such Bidder’s principal will be the Buyer. This means that, subject to Condition 7(e), the sale contract between the Buyer and the Seller is concluded on the striking of the auctioneer’s hammer in a live auction, or on the close of a Lot in a timed auction, whereupon the Buyer becomes liable to pay the full Purchase Price and any applicable Buyer’s Expenses. The sale contract between the Seller and the Buyer of a Lot will be final at the end of the auction session.

(h) Any post-auction sale of Lots will be made pursuant to these Conditions of Business for Buyers.

8. Payment

(a) Generally

(i) Buyers will be invoiced after the sale. For online Bidders, the purchase information shown in the “My Bids” section of the Sotheby’s App and in the “Account Activity” section of “My Account” on our website is provided for your convenience only. In the event of any discrepancy between the online purchase information and the invoice we send you following the sale, the invoice will prevail. We may process payments through third-party service providers, which may post operating rules related to payment on their respective websites and change such rules from time to time. For credit card payments, you authorize us, and our third-party service providers, to immediately charge your selected payment method for all amounts presented to you in the checkout and purchase process.

(ii) For auction Lots, the Buyer’s Premium and Overhead Premium will be added to the Hammer Price on a per-Lot basis and are payable by the Buyer as part of the Purchase Price.

(iii) 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. We 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 us from the Buyer will be increased to an amount that after deduction for any such taxes leaves an amount equal to the Purchase Price.

(iv) Payment of the Purchase Price for a Lot and any Buyer's Expenses is due from the Buyer in the currency of the relevant sale (except to the extent permitted in Condition 8(b)) immediately upon conclusion of the auction, notwithstanding any requirements for export, import or other permits. The Buyer’s obligation to pay the full Purchase Price and any applicable Buyer’s Expenses is absolute and unconditional and is not subject to any defenses, setoffs or counterclaims of any kind whatsoever.

(v) We will not accept payment from a source other than the Buyer. If you are registered to bid as a company, your company will need to pay for any purchases in the name of the company via an accepted payment method. Partial payment for a Lot is not permitted.

(vi) Title in a purchased Lot will not pass to the Buyer until we have received the full Purchase Price in cleared funds. We will release a Lot to the Buyer or its agent after we have received from the Buyer the full Purchase Price and any applicable Buyer’s Expenses in cleared funds and appropriate identification of the Buyer and its agent (if any), unless we are prevented from doing so by an event beyond our control. Any earlier release does not affect the passing of title or the Buyer’s unconditional obligation to pay the full Purchase Price and any applicable Buyer’s Expenses.

(b) Payment in cryptocurrency: for Lots eligible for payment in cryptocurrencies, payments made in cryptocurrency shall be subject to the terms in this Condition 8(b) in addition to the terms set forth in Condition 8(a) above.

(i) 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: Bitcoin (BTC), Ether (ETH) and USD Coin (USDC).

(ii) The amount due will be the cryptocurrency equivalent at the time payment is made of the amount invoiced, and Buyer will be responsible for applicable network fees required to successfully conduct the transaction on the blockchain.

(iii) 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 12:00pm Eastern Time, Monday through Friday (and not on a U.S. public holiday).

(iv) 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 we may require you to provide documentation to confirm that you own the wallet used to make payment.

(v) Payments in cryptocurrency will not be accepted other than in accordance with this Condition 8(b). If you make payment in cryptocurrency other than in accordance with Condition 8(b), including where we determine or reasonably believe, in our sole discretion, that any of your representations and warranties are inaccurate, incomplete or breached, we may, in our sole discretion, return those funds to you, hold you responsible for all third-party fees (including, without limitation, network fees, taxes, transfer fees, etc.), and require you to pay in the fiat currency of the sale. In addition, in the event we make any refund of Taxes to you and you paid such Taxes using cryptocurrency, you understand and agree that we may, at our sole discretion, refund you (1) the same amount(s) of the same cryptocurrency that you paid to us for such Taxes; (2) the amount(s) in fiat currency that we invoiced you for such Taxes; or (3) the fiat currency equivalent at the time the refund is made of the amount(s) of cryptocurrency that you paid for such Taxes. In no circumstance will you be entitled to receive any appreciation on the value of the cryptocurrency that you provided to us as payment in connection with a refund.

(vi) 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.

(vii) 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 Sanctions or located, resident, or organized in a 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 organized 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. We may, in our sole discretion, refuse payment in cryptocurrency from any Buyer if we reasonably determine any of the Buyer’s representations or warranties are, or would be as a result of such payment, inaccurate, incomplete or breached.

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

(ix) 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.

9. Consequences of Late- or Non-payment

(a) The Buyer is required to pay the full Purchase Price for a Lot and any applicable Buyer’s Expenses in cleared funds within five days of the auction. If the Buyer fails to do so without our prior agreement, the Buyer will be in default. In such case, without prejudice to any rights or remedies the Seller may have, we may in our sole discretion exercise one or more of the following rights or remedies in respect of each Lot for which the Buyer has failed to pay in full, to the fullest extent permitted by law, in addition to any and all other rights or remedies available to us or the Seller by law or in equity:

(i) store the Lot at our premises or, if the Lot is an NFT, in our or the Seller’s digital wallet, or elsewhere at the Buyer’s sole risk and expense;

(ii) cancel the sale of the Lot;

(iii) set off any amounts owed to the Buyer by a Sotheby’s Group Company against any amounts outstanding from the Buyer in respect of the Lot;

(iv) apply any payments made to us by the Buyer as part of the Purchase Price and Buyer’s Expenses towards such Lot or any other Lot purchased by the Buyer, or to any shortfall on the resale of any Lot pursuant to paragraph (viii) below, or to any damages suffered by us as a result of breach of contract by the Buyer;

(v) reject future bids from the Buyer or render such bids subject to payment of a deposit;

(vi) charge interest at the annual percentage rate of 6% above the Hong Kong Interbank Offered Rate, but in no event greater than the maximum rate permitted by law, from the date on which payment is due to the date the Purchase Price and relevant Buyer's Expenses are received in cleared funds (both before and after judgement);

(vii) retain or exercise a lien over any of the Buyer’s property that is in the possession of a Sotheby’s Group Company, in which case we will inform the Buyer, and we may thereafter arrange the sale of such property and apply the proceeds to the amount outstanding;

(viii) resell the Lot at the Buyer’s expense either at auction or by private sale, with estimates and reserves set at our discretion, and in the event such resale is for less than the sum of the Purchase Price and applicable Buyer's Expenses for that Lot, the Buyer will remain liable for the shortfall together with all costs incurred in such resale;

(ix) 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; and

(x) release the name and address of the Buyer to the Seller to enable the Seller to commence legal proceedings to recover the amounts due and legal costs, and in such case, we will take reasonable steps to notify the Buyer prior to releasing such details to the Seller.

(b) In the event the Buyer fails to pay any or all of the Purchase Price for a Lot and we elect to pay the Seller any portion or all of the sale proceeds, the Buyer acknowledges that we will have all of the rights that the Seller would otherwise have against the Buyer for any such amount, whether at law, in equity, or under these Conditions of Business for Buyers.

10. Collection and Delivery of Purchases

(a) The provisions of this Condition 10(a) apply to all Lots (or portions of Lots) that are not NFTs:

(i) The Buyer is obliged to arrange collection of purchased Lots no later than 30 calendar days after the date of sale, or if applicable, within the time stipulated in the relevant sale information available on our website.

(ii) All packing and handling are at the Buyer's risk. We will not be liable for any acts or omissions of third-party packers or shippers.

(iii) If you request Sotheby’s to assist with shipping purchased Lots to you, we will include a shipping quote outlining the Buyer’s shipping costs (the “Buyer’s Shipping Quote”). For international Buyers, the Buyer’s Shipping Quote will be exclusive of any taxes or duties, and it is your responsibility to ascertain and pay all international duties, custom charges, taxes, charges and tariffs owed to the appropriate government entity or that otherwise need to be paid prior to shipment and/or delivery including any third-party charges necessary to facilitate shipment. Once you have accepted the Buyer’s Shipping Quote and we have received in full the Purchase Price, applicable Buyer’s Expenses and you have paid in full the amount stated in the Buyer’s Shipping Quote by the payment deadline, we will arrange shipment of the Lot to you to the address you provided on your account following conclusion of the sale. Purchased Lots cannot be delivered to P.O. boxes, and we are unable to arrange delivery to those locations specified as excluded zones in the shipping costs calculator that is available on the Online Platform. If you request delivery of a Lot to any such destination, we reserve the right to require you to collect the Lot from us or to arrange delivery of the Lot by a third-party carrier.

(iv) If the Buyer pays the Purchase Price and Buyer's Expenses but fails to collect a Lot within 30 calendar days of the conclusion of the auction, we will store the Lot at the Buyer's expense and risk at our premises or with a third party. The Buyer hereby agrees to the Virtual Cellar Terms of Use, Storage Terms of Use and Auto-Renewal Policy with regard to the storage of such Lot(s), which can be found at https://www.sothebyswine.com/hk/storage.

(v) If a purchased Lot is not collected within six months of the auction, the Buyer authorizes us, having given notice to the Buyer, to arrange a resale of the Lot by auction or private sale, with estimates and reserves at our discretion. Any such sale conducted by a Sotheby’s Group Company will be conducted under the standard Conditions of Business for Sellers and the Conditions of Business for Buyers, if any, applicable to the relevant sale. If the Lot sells, we will be entitled to deduct from the sale proceeds our standard seller’s commission and any other costs we incur in selling the Lot, and any excess will be remitted to the Buyer.

(b) The provisions of this Condition 10(b) apply to all Lots (or portions of Lots) that are NFTs:

(i) In order to receive an NFT, you must have a digital wallet that is capable of supporting and accepting the NFT, that you 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 not be able to access that NFT. If you fail to provide us with an address for a digital wallet that is capable of supporting and accepting the NFT within five business days of the conclusion of the sale, we may, in our sole discretion, treat the NFT as transferred to you for purposes of Condition 11(a)(iii), 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 mint or transfer the NFT to the digital wallet that you have specified, after you have met the conditions in Condition 8 and subject to any additional timing or criteria included in the Catalogue or other descriptions of the Lot. Neither we nor the Seller are responsible for confirming that you have supplied us with the correct or a valid wallet address. We and the Seller 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.

11. Risk and Responsibility for Lots

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

(i) for Lots (or portions of Lots) that are not NFTs in live auctions: on the earlier of: (1) collection of the Lot, or (2) the 31^st 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 at a third-party location and not available for collection from our premises, your provision to us of instructions authorizing the release to you or your agent shall constitute collection by the Buyer.

(ii) for Lots (or portions of Lots) that are not NFTs in timed auctions: (1) if we dispatch the Lot to the Buyer (using the method of shipping the Buyer specified for the Lot), when the Lot comes into the physical possession of the Buyer or the Buyer’s designated agent or (2) if collection by the Buyer is available, when the Buyer or the Buyer’s designated agent collects the Lot, except that in either of the foregoing, risk and responsibility for wine or spirits casks will transfer to the Buyer upon the fall of the hammer. If you choose to exercise any right you may have to cancel the contract for the purchase of the Lot (in accordance with the procedure set out at Condition 12 below), you acknowledge that the Lot is at your risk and that you should therefore insure the Lot against loss or damage until it is returned to us.

(iii) For Lots (or portions of Lots) that are NFTs: After transfer of the NFT to the digital wallet specified by you, you are responsible for secure storage of the NFT in the wallet or other storage mechanism you use to receive and/or hold the NFT. 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 us and each other Sotheby’s Group 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) Before risk and responsibility for a purchased Lot transfers to the Buyer in accordance with this Condition 11, we assume liability for loss or damage to a Lot, subject to the exclusions set out in paragraph (d) below. 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 the amount of the Purchase Price paid by the Buyer for the Lot.

(d) We will not be liable for any loss or damage (1) caused by any process undertaken by independent contractors engaged with your consent, including but not limited to for restoration, conservation, framing, mounting or cleaning; (2) caused to frames or to glass covering prints, paintings or other flat works; (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; or (4) for wine or spirits, occurring in the course of altering or removing the capsule to inspect cork condition and any markings. 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 11, you, on your own behalf and on behalf of your insurer(s), irrevocably release us and each other Sotheby’s Group Company, our and their respective officers and employees, agents, warehouses 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 any other Sotheby’s Group Company, our or their respective officers or employees, agents, warehouses or the Seller in connection with the same.

12. Consumer Cancellation

(a) Timed Auction Cancellation of Purchase

(i) If you are a “Consumer” (namely a person acting for purposes that are wholly or mainly outside of your trade, business, craft or profession) who habitually resides in the European Union or United Kingdom and the Seller is a “Trader” (namely a Seller acting for purposes relating to their trade, business, craft or profession, whether acting personally or through another person acting in the trader’s name or on the trader’s behalf), then you have the right to cancel your online purchase of goods (except for goods that are personalized or made to the Buyer’s specifications) (the “Consumer Cancellation Right”) for any reason during the period of 14 calendar days after you or your designated agent (other than the carrier) acquires physical possession of the Lot or, if the Lot is an NFT, after the date that you have submitted payment but before we or the Seller have initiated the transfer of the NFT to the wallet specified by you (the “Consumer Cancellation Period”). Once, however, we or the Seller have initiated the transfer of the NFT to the wallet specified by you, you agree that you will no longer have the right to cancel the sale under the terms of this Condition. To exercise the Consumer Cancellation Right in relation to a Lot, the Consumer must (1) notify us of intention to cancel by a clear statement (e.g. a letter sent by post, fax or email or you may use the model cancellation form provided in Condition 12(c)) prior to the end of the Consumer Cancellation Period, and (2) for Lots that are not NFTs, return the Lot to us in the same condition as when you or your representative received it, by no later than 14 calendar days after providing notice of intent to cancel.

(ii) You shall return the Lot or deliver it to us at such address as we may specify for the purpose, without undue delay and in any event no later than 14 calendar days from the day after which you notify us of your intention to cancel your purchase of the Lot. This deadline is met if you send back the Lot before the period of 14 calendar days has expired. You must bear the direct costs of returning the Lot. If we had arranged for the Lot to be delivered to you, we estimate that the cost of returning the Lot by the same means is likely to be similar to the cost of delivery, but it is not possible for us to be more accurate as to this cost due to the many variables involved in our worldwide business model and the means by which a return might be made.

(iii) If the foregoing conditions for exercising the Consumer Cancellation Right are met, we will reimburse the Buyer for Purchase Price, if paid, plus standard delivery charges, if we are required to do so in accordance with the Consumer Cancellation Right. We will not process the reimbursement unless and until the Lot is returned to us or you have supplied us with evidence of having returned the Lot to us.

(iv) We will make the reimbursement to the Buyer using the same method of payment as the Buyer used for the initial transaction, unless expressly agreed otherwise. We will not charge the Buyer any fee in connection with processing the reimbursement.

(v) We will not reimburse the Buyer for any supplementary costs that arose if you chose a type of delivery other than the least expensive type of standard delivery offered by us or any import duties you incur as a result of you returning the Lot to us. We are entitled to deduct from the reimbursement the amount of any loss in value of the Lot that is caused as a result of unnecessary handling by you.

(vi) If you exercise a Consumer Cancellation Right pursuant to this Condition 12 and you paid any amount(s) due using cryptocurrency, we may, at our sole discretion, refund you (1) the same amount(s) of the same cryptocurrency that you paid to us; (2) the amount(s) in fiat currency that we invoiced to you; or (3) the fiat currency equivalent, based on the exchange rate quoted by a financial entity designated by us, at the time the refund is made of the amount(s) of cryptocurrency that you paid. In no circumstance will you be entitled to receive any appreciation on the value of the cryptocurrency that you provided to us as payment in connection with a refund.

(b) Cancellation of Delivery Services

(i) If you are a Consumer who habitually resides in the European Union or United Kingdom, then you have the right to cancel the contract for any delivery services in connection with your purchase of a Lot (the “Services Cancellation Right”) for any reason during the period of 14 calendar days after the conclusion of the contract for delivery services (the “Services Cancellation Period”).

(ii) If you request us to begin performance of the delivery services during the Services Cancellation Period and subsequently decide to exercise your right to cancel the provision of services during the Services Cancellation Period, you shall pay us the cost of the services that have been performed by the time you exercise your cancellation right. We will make any reimbursement due to you not later than 14 days after the date on which we are informed about your decision to cancel the services. We will make the reimbursement to you using the same method of payment as you used for the initial transaction, unless expressly agreed otherwise. We will not charge any fee in connection with processing the reimbursement.

(c) To exercise a Consumer or Services Cancellation Right, you must notify us of your intention to cancel by a clear statement (e.g. a letter sent by post, fax or email) prior to the end of the Consumer or Services Cancellation Period. Alternatively, you may use the following model cancellation form:

To: Sotheby’s [insert the name of the company within the Sotheby’s Group conducting the relevant sale]

I/We* hereby give notice that I/We* cancel [my/our online purchase of the following goods[*]][the provision of the following delivery services [*]],

Ordered on [*]/received on [*],

Name of Consumer(s):

Address of Consumer(s):

Signature of Consumer(s) [only if the notification is in hard copy]

Date:

[*] Delete as appropriate

13. Exclusions and Limitations of Liability

(a) Generally

(i) Neither we nor the Seller will be liable for errors or omissions in the glossary of terms, if any, or the Catalogue or other descriptions of the Lot, though if we discover a material error or omission in such materials prior to the auction, we will endeavor to provide a correction, time permitting.

(ii) We reserve the right to withdraw any Lot before the conclusion of the sale and will have no liability to you for such withdrawal. Regarding Experiences, we reserve the right to withdraw any Experience before or after the sale, and we will have no liability to you for such withdrawal.

(iii) We offer the Online Platforms as a convenience to clients. The application that enables participation via the Online Platforms is optimized for broadband connectivity (DSL or cable modem). Broadband or other internet capacity constraints, corporate firewalls and other technical problems beyond our reasonable control may create difficulties for some users including, for example, in relation to accessing an auction via the Online Platforms and in maintaining continuity of such access. Neither we nor the Seller will be liable to you for any failure to execute bids through our Online Platforms, or errors or omissions in connection therewith, including, without limitation, errors or failures caused by (1) any loss of connection between you and our Online Platforms; (2) a breakdown on or problem with our Online Platforms or other technical services; or (3) a breakdown or problem with your internet connection, computer, mobile device or system.

(iv) We are not liable to you for any acts or omissions in connection with the conduct of the auction or for any matter relating to the sale of any Lot, other than as set out in the Authenticity Guarantee, or as may be required by applicable law.

(v) The Seller of any Lot is not liable to you for any acts or omissions in connection with any matter relating to the sale of such Lot, other than a breach of the express representations and warranties given by the Seller.

(vi) Unless we own a Lot offered for sale, we are not responsible for any breach of these Conditions of Business for Buyers by the Seller.

(vii) Neither you nor we nor the Seller will be liable for any special, consequential, indirect, incidental or punitive damages.

(viii) With respect to Experiences, no Sotheby’s Group Company, nor our and their respective officers and employees, will be liable for any negligent act or omission of any person or entity providing any goods or services arising out of or in connection with the fulfillment of an Experience or the Buyer’s participation in the Experience, or for any claims, causes of action, liabilities, damages, losses, or expenses (including but not limited to reasonable attorneys’ fees) arising out of or in connection with the Buyer’s interaction with the Seller or any third party in connection with an Experience.

(ix) Without prejudice to Conditions 13(a)(i)-(viii), our and the Seller’s aggregate liability to you under these Conditions of Business for Buyers for any claim relating to a Lot will not exceed the amount of the Purchase Price of the Lot actually paid, except in the case of our willful misconduct or fraud, or in the case of death or personal injury caused by our negligent acts or omissions.

(b) In addition to the terms set forth in Condition 13(a) above and without limiting Condition 3(j) above in any way, NFTs shall be subject to the additional terms in this Condition 13(b).

(i) We are only selling the ownership rights to the NFT and in no way are we 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 of any copyright(s) in and to the NFT or Referenced Content. If you purchase an NFT, then we hereby grant you a worldwide, non-exclusive, non-transferable, royalty-free license to use, copy and display the NFT and the Referenced Content for such purchased NFT solely for the following purposes: (a) for your own personal, non-commercial use; (b) as part of a marketplace that permits the purchase and sale of your NFTs; or (c) as part of a third party website or application that permits the inclusion, involvement, or participation of your NFT. This license only lasts as long as you are the valid owner and holder of the NFT associated with the Referenced Content. If you sell or transfer the NFT to another person, this license will transfer to such other owner or holder of the NFT, and you will no longer have the benefits of such license. All rights not expressly granted herein are reserved.

(ii) You agree that you may not, nor permit any third party to do or attempt to do any of the following without our (or, as applicable, our licensors’) express prior written consent in each case: (a) modify the Referenced Content for NFTs in any way, including, without limitation, the shapes, designs, drawings, attributes, or color schemes; (b) use the Referenced Content for your NFT to advertise, market, or sell any third party product or service; (c) use the Referenced Content for your NFT for any derogatory or defamatory purpose that creates harmful associations or a risk of harm, damage or liability to any of the Sotheby’s Group Companies, e.g., in connection with images, videos, or other forms of media that depict hatred, intolerance, violence, cruelty, or anything else that could reasonably be found to constitute hate speech or otherwise infringe upon the rights of others; (d) sell, distribute for commercial gain (including, without limitation, giving away in the hopes of eventual commercial gain), or otherwise commercialize merchandise that includes, contains, or consists of the Referenced Content for your NFT; (e) attempt to trademark, copyright, or otherwise acquire additional intellectual property rights in or to the Referenced Content for your NFT; (f) create, sell or attempt to create or sell fractionalized interests in the Referenced Content or any NFT; or (g) otherwise utilize the Referenced Content for your NFT for your or any third party’s commercial benefit.

(iii) If the Referenced Content associated with your NFT contains third party copyrights, trade secrets, trademarks, know-how, patent rights or any other intellectual property rights recognized in any country or jurisdiction in the world (collectively, “Third Party IP”) (e.g., licensed intellectual property from any rights holder, such as music performance rights or publicity rights), you understand and agree as follows: (a) you will not have the right to use such Third Party IP in any way except as incorporated in the Referenced Content for your NFT, and subject to the license and restrictions contained herein; (b) depending on the nature of the license granted from the owner of the Third Party IP, we may need to (and reserve every right to) pass through additional restrictions on your ability to use the Referenced Content; (c) to the extent that we inform you of such additional restrictions, you will be responsible for complying with all such restrictions from the date that you receive the notice, and that failure to do so will be deemed a breach of the license contained herein; (d) such third party owns and retains all right, title and interest in and to such Third Party IP except as expressly licensed hereunder; and (e) the licensor of such Third Party IP shall be a third-party beneficiary of (but not a party to), and entitled to enforce, these Conditions of Business for Buyers against you with respect to such Third Party IP.

(iv) Transfer of ownership to an NFT will not guarantee that you will continue to have access to the Referenced Content to which it relates. 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.

(v) 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 13(b)(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.

(vi) 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 of Business for Buyers 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.

14. Data Protection

(a) We will hold and process your personal information and may share it with another Sotheby’s Group Company for use as described in, and in line with, our Privacy Policy published on our website https://www.sothebys.com/privacy-policy or available on request by email to enquiries@sothebys.com.

(b) We may film auctions or other activities on any Sotheby’s Group Company’s premises and such recordings may be transmitted over the internet via our website or other Online Platforms or social media. Online and telephone bids may be recorded, and you agree to such recording.

15. AUTHENTICITY GUARANTEE

(a) We, as principal, provide an Authenticity Guarantee to the Buyer, subject to the following terms and conditions, that the Lot is not “counterfeit”. 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).

Notwithstanding anything to the contrary in this Condition 15, 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, if any.

(b) The Authenticity Guarantee is provided for a period of five years after the date of the auction (the “Guarantee Period”), except as otherwise provided below.

(c) The Authenticity Guarantee is provided solely for the benefit of the Buyer and cannot be transferred to any third party.

(d) To claim under the Authenticity Guarantee, the Buyer must:

(i) notify us in writing within three months of receiving any information that causes the Buyer to question the authenticity or attribution of the Lot and in any event by no later than the expiry of the Guarantee Period, specifying the Lot number and the date of the sale in which it was purchased, and providing all the information in the Buyer’s possession in support of the Buyer’s claim; and

(ii) return the Lot to us or, at our direction, to the Seller or another third party, in the same condition as at the date of sale to the Buyer and be able to transfer good title in the Lot, free from any third-party interest or claim(s) arising after the date of the sale.

In addition, we may also require the Buyer to obtain at the Buyer’s cost the reports of two independent and recognized experts in the field, mutually acceptable to us and the Buyer. We will not be bound by any such reports and we reserve the right to seek additional expert advice at our expense.

(e) We reserve, in our absolute discretion as principal, the right to reject a claim under the Authenticity Guarantee if:

(i) the catalogue description was in accordance with the opinions of scholars and experts, which are generally accepted and known or privately expressed to us, as at the date of the sale, or the Lot description indicated that there was a conflict of such opinions;

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

(iii) the manner in which the Lot is said to be a counterfeit is due only to damage, restoration, modification work of any kind (including repainting or over-painting) present at the time of the sale, or the inability of the manufacturer, maker or relevant archives to confirm the authenticity and attribution of the Lot; or

(iv) the manner in which the description of the Lot, is incorrect does not result in a material loss in value of the Lot.

(f) Subject to the above, if we reasonably determine that the Lot is a counterfeit, we will ensure that the sale is rescinded, and that the Buyer is refunded the Purchase Price in the currency of the sale.

(g) The Buyer acknowledges and agrees that rescission of the sale and the refund of the Purchase Price is the Buyer’s sole remedy available under the Authenticity Guarantee and is in lieu of any other remedy that might otherwise be available to the Buyer as a matter of law or in equity.

(h) Additional provisions specific to Lots in Jewellery, Wine & Spirits, Tea and Books & Manuscripts auctions:

(i) With respect to Lots containing any gemstone, jade or pearls, the Authenticity Guarantee is that the gemstone or pearls are genuine or of natural origin, and the Guarantee Period for any claim that the gemstone or pearls are not genuine or of natural origin is 21 days from the date of the auction.

(ii) With respect to Lots sold in a Wine & Spirits or Tea auction, the Authenticity Guarantee is that the producer and vintage (and for Tea, type) is as stated in the description of the Lot, and the Guarantee Period is 21 days from the date of the auction.

(iii) With respect to Lots sold in a Books & Manuscripts auction, the Authenticity Guarantee also includes a guarantee to the Buyer for a Guarantee Period of 21 days from the date of the auction that, subject to Conditions 15(c)-(g), the Lot’s text and/or illustrations are not materially defective. Subject to the following exceptions, if we reasonably determine that the text or illustrations in a Lot are materially defective, we will ensure that the sale is rescinded, and that the Buyer is refunded the Purchase Price in the currency of the sale. We reserve the right to reject a claim under this Condition 15(h) if:

(1) the Lot comprises an atlas, an extra-illustrated book, a volume with fore-edged paintings, a periodical publication or a print or drawing;

(2) in the case of a manuscript, the Lot was not described in the Catalogue as complete;

(3) the defect complained of was mentioned in the Lot description or the item complained of was sold un-named in a Lot;

(4) the defect complained of is not a defect in text or illustration, such as without limitation, damage to bindings, stains, foxing, marginal wormholes, lack of blank leaves or half titles or other conditions not affecting the completeness of the text or illustration, lack of list of plates, inserted advertisements, cancels or any subsequently published volume, supplement, appendix or plates or error in the enumeration of the plates, or is based on the age of hand-colouring in maps, atlases or books; or

(5) the manner in which the text or illustrations are defective does not result in a material loss in value of the Lot.

(i) For the avoidance of any doubt, the Authenticity Guarantee does not limit any rights or remedies that may be available to the Buyer under the applicable law and that cannot by law be excluded or limited by these Conditions of Business for Buyers.

16. Miscellaneous

(a) You shall provide to us, upon our request, verification of identity and any additional information required to comply with our Know Your Client requirements, applicable law or to evidence your authority to enter into these Conditions of Business for Buyers. If you are an agent acting on behalf of a principal, you shall also disclose to us the identity of the principal and provide to us, upon our request, verification of identity and any additional information required to comply with our Know Your Client requirements, applicable law with respect to you and the principal or to evidence your authority to bid on behalf of and to bind the principal. We reserve the right to seek identification of the source of funds received. If we have not completed our enquiries in respect of Know Your Client, Sanctions, anti-money laundering, anti-terrorist financing or other checks as we consider appropriate concerning you (or your principal, if applicable) to our satisfaction or if we are not satisfied in our sole discretion with the results of such enquiries, we may, in our sole discretion, prohibit you or the principal from bidding, or not complete, cancel or rescind the sale of any Lot, including refusing or returning any payment, as appropriate, and take any further action required or permitted under applicable law without any liability to you.

(b) You are personally liable for your bid. If you are an agent acting on behalf of a principal, you and your principal are bound by the terms of these Conditions of Business for Buyers and jointly and severally assume your obligations and liabilities under them.

(c) We own the exclusive copyright to all images and written material we produce relating to each Lot. You cannot use them without our prior written permission. We may use them as we deem appropriate, to the extent permitted by law, before, during or after the sale of a Lot.

(d) The Conditions of Business for Buyers, including the Authenticity Guarantee, and the express representations and warranties and indemnity given by the Seller together are the entire agreement between us, the Seller and you with respect to the subject matter hereof and supersedes all prior or contemporaneous written, oral or implied understandings, representations or agreements relating to the subject matter of this agreement. If any part of this agreement is deemed invalid or unenforceable, such invalidity or unenforceability will not affect the remaining provisions, which will remain in full force and effect. No act, omission or delay by us shall be deemed a waiver or release of any of our rights.

(e) These Conditions of Business for Buyers are binding upon, and inures to the benefit of, you, your estate, heirs, executors, devisees, representatives, administrators, successors and permitted assigns.

(f) You confirm that you have not relied upon any express or implied representation, warranty and/or promise outside these Conditions of Business for Buyers.

(g) You may not assign or delegate your rights or obligations under these Conditions of Business without our prior written consent.

(h) Notices to us should be in writing and addressed to the department in charge of the sale, quoting the reference number specified for the auction.

17. Law and Jurisdiction

This agreement will be governed by and construed in accordance with the laws of Hong Kong. In the event of a dispute arising from or relating to this agreement, you and we agree to submit to the exclusive jurisdiction of the courts of Hong Kong. Pursuant to the Contracts (Rights of Third Parties) Ordinance (the “Ordinance”), the Seller and any Sotheby's Group Company may in their own right enforce the provisions of this Agreement applicable to them. No other party shall have any right under the Ordinance to enforce any term of this Agreement. The rights of the parties to rescind or vary this Agreement are not subject to the consent of any other person.

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

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.

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 19^th or 20^th 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（拍品）。儘管蘇富比樂意按要求而就任何拍品提供更詳盡報告，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審閱業務規則第3 條（拍品）及第13 條（責任豁免及限制）。

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

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。拍品「落槌價」為港幣 7,500,000 元或以下，酬金以「落槌價」之26% 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　如閣下有意競投圖錄中( )或電子圖錄中( )所載的拍品，閣下或需就高估價拍品交付蘇富比港幣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品取得批准。

除高估價拍品外之其他拍品，不論拍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。

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

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6條（競投）及第 7 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品，請參考上述段落。如閣下成功購得拍品，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6 條（競投）。

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，拍賣官將以其可酌情決定的最低下一口叫價代表閣下出價，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7 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　倘獲准競投拍品之人士直接或間接擁有該拍品之權益，如為出售拍品之遺產受益人或執行人，或為拍品之共同擁有人，或提供或參與拍品擔保人士，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10 條（領取及交付所購得項目）。

損失或損壞　買家應注意，蘇富比對拍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11 條（拍品之風險及責任）。

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：

✧ 高估價拍品

蘇富比可要求競投高估價拍品（在圖錄內標有符號或網上圖錄內標有符號）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品取得批准。若在同一目錄中所有拍品均為高估價拍品，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品。

⋑ 不可撤銷投標

附有此符號之拍品表示已有競投方就拍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。如不可撤銷競投方向任何人士對拍品作出建議，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品，閣下應要求該顧問披露是否與拍品有經濟利害關係。

⊻有利害關係的各方

附有*符號之拍品表示對拍品有直接或間接利害關係的各方可能對拍品作出競投，包括(i)出售拍品之遺產受益人，或(ii)拍品之聯權共有人。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品作出競投之公告將於該拍品拍賣前作出。

□ 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，且不會高於以拍品的低位估價。本拍賣之拍品如不設底價，均會以□符號註明。若在本拍賣之所有拍品均不設底價，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品並無進出口之限制。競投人應參閱買家之業務規則第3條（拍品），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品的付款方式。詳情請聯絡售後服務部。

出口　任何拍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3條（拍品））。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。

買家業務規則（香港拍賣）

1. 序言

在本買家業務規則中，「我們」、「我方」及「我們的」指蘇富比香港有限公司，而「閣下」及「閣下的」指競投人及買家。如閣下為代表主事人行事的代理人，「閣下」及「閣下的」同時指主事人及代理人。已界定的所用詞彙具有第 2 條規則所載的含義。

本買家業務規則乃適用於我方香港拍賣會（包括現場拍賣及限時拍賣）中的競投人及買家之條款及細則。本買家業務規則包括真品保證以及任何其他明確說明適用於某場拍賣的額外條件，而該等條件可在銷售前或銷售期間以任何口頭或書面公告或通知進行修訂。我方和賣家與買家及任何競投人就拍賣會上提呈出售之拍品所建立的關係，均受本買家業務規則及賣家的明確陳述及保證和彌償所約束。就拍賣而言，在適用情況下，我方提述的「拍賣規則」或「保證條款」應理解為分別指本買家業務規則以及真品保證。除非圖錄中另有說明，否則本公司以賣家之代理人身份行事，且賣家與買家直接訂立銷售合約。除非本公司全部或部分擁有拍品，否則我們僅以賣家之代理人身份行事。銷售合約由賣家與買家直接訂立。在部份情況下，蘇富比或直接擁有拍品，此時我們將以主事人的身份作爲賣家行事；蘇富比集團成員公司亦可能擁有拍品，此時我們將以該集團成員公司之代理人身份行事。蘇富比或蘇富比集團成員公司亦可能以有抵押債權人或其他身份就個別拍品享有法律、實益或財務利益。此情況下，我們將作為該公司的代理人。

登記參與拍賣，包括透過我方網上平台登記參與，即表示閣下同意受本買家業務規則的約束。

我方可不時全權酌情更改本買家業務規則，而無需向閣下或賣家作出通知，有關更改將於蘇富比網站 www.sothebys.com 上發佈。閣下及賣家有責任定期點擊「業務規則」之連結，以查閱本買家業務規則是否有所變更。閣下可參考本頁底部的「最後修改日期」，以了解本買家業務規則自閣下上次查閱以來是否有所修訂。如閣下不同意當前的買家業務規則，閣下應避免登記拍賣競投。

2. 界定辭彙

真品保證：如第 15 條規則所載列，我方作為主事人向買家提供有關買入拍品之保證。就拍賣而言，在適用情況下，我方提述的「保證條款」應理解為指真品保證。

競投人：任何登記拍賣競投的個人或實體。

買家：記錄在案的拍品買家。

買家費用：買家就購買拍品而應向我方支付的任何成本或費用，加上任何適用的增值稅。

買家酬金：買家必須向我方支付的佣金，作為拍品買入價的一部分。買家酬金的費率可隨時更改。除葡萄酒和烈酒外，現行所有拍賣的買家酬金費率如下：拍品的落槌價為港元 7,500,000 元或以下，酬金以落槌價之 26% 計算；超過港元 7,500,000 至 40,000,000 元之部分，則以 20% 計算；超過港元 40,000,000 元之部分，則以 13.9% 計算。對於葡萄酒及烈酒拍賣，買家酬金的費率為所有拍品的落槌價之 24%。

圖錄：拍賣會上提呈出售之拍品清單和相關資料，登載於我方網站、任何蘇富比集團應用程式以及在部分情況下以印刷形式提供。

落槌價：對於拍出的每件拍品，指拍賣官接受或我們的網上平台確認的拍品最後價格，而對於拍賣後銷售而言，指協定的售價。

拍品：指提呈出售之物品（或倘超過一件，亦歸為一組）。在部分情況下，拍品可能是，或可能包含體驗活動（「體驗活動」）。拍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品。

非同質化代幣：建立在區塊鏈上不可替代之代幣。

網上平台：我方網站、任何蘇富比集團應用程式，以及我方可讓競投人透過拍賣對我方拍品進行競投的任何其他網上方式。

營運附加費：作為拍品買入價的一部分買家必須向我方支付的費用，作為與我方的設施、物品處理及其他行政開支相關的營運開支之分配。營運附加費的費率可隨時更改。目前營運附加費的費率為落槌價的 1%。

同組葡萄酒：指一組相同類型和數量的葡萄酒拍品。同組葡萄酒中的不同拍品按每件拍品在圖錄的描述所列明，在液面高度、狀況或其他方面或會存在差異。

買入價：對於拍品，指落槌價加上買家酬金、營運附加費、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拍品所支付之任何適用藝術家轉售權使用費。

參考內容：就非同質化代幣而言，與非同質化代幣相關之元數據（不包括其中嵌入或引用的任何法律條款及細則）、內容、數碼資產及／或實物（如有）。

底價：拍品可供出售的機密最低落槌價。

賣家：我方代表其將拍品提呈出售之人士或實體。在蘇富比集團成員公司擁有拍品時的情況下，蘇富比以主事人之身份作為賣家行事。

香港蘇富比有限公司：香港成立的有限公司，其註冊辦事處位於香港九龍觀塘道348號宏利廣場5樓。

蘇富比集團：Sotheby’s Holdings UK Limited及其不時直接或間接持有已發行股本超過 50%的任何機構；各稱為「蘇富比集團成員公司」。

增值稅：按現行費率計算得出之任何適用的增值稅或替代增值稅款項。

3. 拍品

(a) 所有提呈出售之拍品均以其在拍賣時的狀況提呈出售。閣下知悉眾多拍品年代久遠及種類特殊，因此該拍品狀況並非完好無缺。圖錄描述及狀況報告可能會指出拍品或參考內容的瑕疵，然而，拍品或參考內容可能存在其他在圖錄或狀況報告內並無明確指出之瑕疵。圖解只供識別用途，或不會載有拍品或參考內容的實際狀況之全部資料。

(b) 閣下承擔自行檢查及檢驗閣下可能感興趣的拍品之責任。閣下應該在競投前對拍品進行檢查，以判斷和確保閣下對拍品的狀況、大小、描述以及其是否經過修理或修復（如適用）感到滿意，我方只接受在此基礎上的拍品競投。狀況報告或可於檢查拍品時提供。拍品或可於我方的處所或其他地點親身查看，而查看資料將載於我方網站。就任何非同質化代幣之拍品而言，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) 閣下知悉，我方對每項拍品的認知部分依賴賣家提供之資料，我方無法也不會就每項拍品進行全面盡職調查。向閣下所提供有關任何拍品的資料，包括任何估價、圖錄、狀況報告、或與地圖、地圖冊或書籍的手工著色年代相關的資料，僅為一種意見，而非對事實的陳述。此資料取決於（其中包括）：拍品的狀況、研究的程度、在相關情況下可能或可行的檢查或測試、以及在編制圖錄時公認專家意見的狀況、研究及科學或技術分析。任何估價都不應作為對拍品售價或價值的預測依據，而我方對此可全權酌情不時作出修改。

(d) 倘拍品為非同質化代幣，閣下知悉並同意，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，或以其他方式購買或收購非同質化代幣，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。閣下進一步知悉並同意，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，而閣下購買和／或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轉售非同質化代幣產生重大不利影響。

(e) 倘拍品為非同質化代幣，閣下知悉並同意，非同質化代幣透過使用智能合約或其他技術解決方案而進行之任何隨後轉售或會被收取轉售版稅（包括向蘇富比集團成員公司收取）。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和／或礦工費以及法律規定之任何交易稅負責。

(f) 我方保留從拍賣中撤回任何拍品或取消拍賣的權利，不論是在拍賣之前還是在拍賣期間，對於與該等撤回或取消有關的任何申索、訴訟因由、責任、損毀、損失及費用，我方概不負責。

(g) 除非另有訂明，否則所有拍品均訂有底價。拍品底價不得超過拍品的低位估價。在限時拍賣中，閣下知悉我方可以在拍賣期間隨時決定降低任何拍品的底價，前提是在降低底價之前與賣家達成協議。

(h) 每項提呈出售的拍品將以圖錄中指定的拍品編號作為參考。除非我方另有訂明，否則競投必須以每項拍品計算。

(i) 體驗活動將由圖錄描述中指定的相關實體（或多於一個實體）實現。我方概不計劃、主辦、營運、實現、認可、核實、擔保、調查或審查任何體驗活動。就每項體驗而言，任何附帶的費用和開支（例如出行、膳食或住宿費用）均由買家全權負責，除非在體驗活動描述中另有明確列明。

(j) 買家須自行負責識別及領取購得的拍品的任何必要之進出口、軍火槍械、瀕危物種或其他方面之許可證。圖錄中的任何符號或提示反映我方於編制圖錄時所持之合理意見，僅供參考。在不影響上文規則第 3(k) 條之情況下，我方及賣家概不就任何拍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出售或任何延遲付款之充分理由或藉口。除非買家首先提供令我方滿意的證據證明其符合本規則，否則我方不會向買家交付軍火槍械。

(k) 保證免責聲明：

(i) 所有拍品均按現況提呈出售，我方或賣家概不作任何擔保、陳述或保證，惟賣家明確作出的陳述及保證及我方作為主事人向買家提供的真品保證除外。我方和賣家就所有暗示性保證作出免責聲明，包括但不限於關於適購性或針對特定用途的適合性，惟法律規定不可免除之責任除外。我方或賣家概不就圖錄或其他圖像或對任何拍品的狀況、完整度、尺寸、品質、稀有度、價值、重要程度、媒介、框架、出處、展覽歷史，或文獻或歷史相關性的描述之準確度對閣下作出任何擔保、陳述或保證，而且在任何地方，無論以口頭還是書面形式作出的聲明，均不應被視為此類保證、陳述或責任的假定。除非本買家業務規則另有明確規定，否則我方或賣家概不就任何拍品是否受任何版權所限或買家是否已購買任何拍品之版權作出任何陳述或保證，包括但不限於任何拍品的任何複製權。

(ii) 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及我方作為主事人向買家提供的真品保證之外，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。

4. 買家陳述及保證

(a) 閣下向我方及賣家保證及陳述，於所有相關時間：

(i) 閣下對任何拍品的競投均屬真實，並非任何串通或其他反競爭協議的產物，並且符合任何適用的反壟斷法；

(ii) 閣下履行本買家業務規則並未且不會違反任何司法管轄區的任何適用法律、條例或守則；

(iii) 有關任何含有酒精類飲品的拍品，在適用法律要求的情況下，閣下已妥善獲取牌照、許可或以其他方式獲授權購買、接收、管有及／或促使運輸酒精類飲品；

(iv) 閣下購買拍品，且若閣下代表主事人作為代理人行事，閣下與閣下的主事人之間的安排將不會促進稅務罪案；

(v) 閣下並不知悉亦無理由懷疑 (1) 用於購買拍品的資金與犯罪活動所得款項有關，或 (2) 閣下或閣下的主事人（如適用）（或如果閣下為實體機構，對閣下擁有任何實益或擁有權權益的任何人士或機構）被調查、指控或裁定任何實質性或上游洗錢犯罪、經濟制裁犯罪、恐怖分子活動、逃稅或違反任何反賄賂或反貪污法律或法規；

(vi) 閣下（及閣下的主事人，如適用）沒有，閣下（或閣下的主事人，如適用）亦沒有全部或部分擁有、控制或代表一個實體或個人行事，實體或個人是 (1) 在任何司法管轄區受到經濟制裁、禁運或其他貿易限制，包括由美國、歐盟或其任何成員國、英國、聯合國安全理事會或其他適用的制裁機構管理和執行的制裁（統稱為「制裁」），或 (2) 位於、組織或居住在受制裁的國家或地區（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）（統稱為「受制裁司法管轄區」）；

(vii) 閣下（及閣下的主事人，如適用）目前正遵守，且在過去五年一直遵守適用的制裁、反洗錢、反恐怖主義，以及反賄賂或反貪污法律；

(viii) 買入價並不會由受制裁對象或位於受制裁司法管轄區的人士、居民或組織者直接或間接提供資金；

(ix) 直接或間接參與交易的任何一方均非受制裁對象，或由受制裁對象或以其他方式位於受制裁司法管轄區的人士、居民或組織者之任何個人或實體所擁有（全部或部分）或控制，除非已獲對該購買具有司法管轄權的政府機關明確書面授權，並且獲得我方事先作出的明確書面同意；

(x) 如果閣下作為代表主事人的代理人行事，閣下已採取了合理設計的措施，以確保遵守制裁、反洗錢、反恐怖主義、反賄賂或反腐敗法律，包括但不限對閣下的主事人進行適當的盡職調查和篩選資金來源。閣下將在購買後至少五年內保留並按要求提供證明該盡職調查的文件；

(xi) 閣下的購買將不會導致（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、反洗錢、反恐怖主義，或反賄賂或反貪污法律；及

(xii) 閣下擁有充分的法律權力，在無需任何進一步行動或其他方同意下可訂立及履行本買家業務規則以及作出此等陳述及保證；如果閣下是一間實體，代表閣下競投的個人獲授權如此行事，且機構已正式註冊成立或組建，並在其註冊成立或組建所在的司法管轄區有效存續及擁有良好地位。

(b) 如果我方合理認定(i) 買家的任何陳述或保證不準確、不完整或遭違反，(ii) 賣家的任何陳述或保證不準確、不完整或遭違反，或(iii) 買賣已經或可能使我們或賣家承擔責任，我方可全權酌情決定撤銷拍品的買賣。

5. 彌償

閣下須在法律允許的最大範圍內，就其陳述或保證任何不準確、不完整或遭違反或其於本買家業務規則下的義務遭違反而產生或與之相關的任何及一切申索、訴訟因由、責任、損害、損失及費用（包括但不限於合理的律師費）為我方（即各蘇富比集團成員公司、我方及彼等各自的高級職員及僱員）及賣家提供彌償並使我方及賣家免受損害。

6. 競投

(a) 閣下必須建立賬戶並提供所需資料方可進行競投。我方或會在我方認為必要或適當的情況下要求提供財務狀況證明、擔保、訂金或其他保證金。

(b) 為競投具有非同質化代幣之拍品，閣下必須持有能支援及接受非同質化代幣之電子錢包。

(c) 要競投指定為「高估價拍品」的任何拍品，閣下必須完成所需的高估價拍品預先登記申請。我方必須在拍賣開始前至少 3 個工作天收到閣下的申請，而我方就是否接受閣下申請所作出的決定皆為最終決定。高估價拍品或無法提供網上競投。

(d) 我方建議競投人可親自到拍賣會現場（如適用）或透過我方的網上平台直接進行競投。如閣下選擇競投或參與透過網上平台舉行的拍賣，閣下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。

(e) 我方也接受通過與投標部的安排書面競投及電話競投。書面競投，亦稱為缺席競投，是指競投人在現場拍賣前提交的最高競投，拍賣官將以其可酌情決定的最低下一口叫價代表競投人出價，而且絕對不會超出競投人提交的最高競投。提供書面競投及電話競投旨在為競投人提供方便，不收取額外費用，惟風險由競投人承擔，且受拍賣時我方的其他承諾所約束。我方將尋求進行書面競投，盡力確保相同書面投標當中的首個出價者獲優先權。我方對未能提供書面競投或電話競投概不承擔任何責任。

(f) 對於某些拍賣，競投人可於現場拍賣開始前透過網上平台提交最高競投（「預先競投」）。網上平台系統會自動代閣下競投，直至達到閣下預定之最高預先競投為止，以回應其他競投（包括（如適用）我方代表賣家提交的競投，直至達到底價為止）。所有競投人均能看見當前之領先競投，但閣下本人的預先競投金額及詳情只供閣下查閱，除非閣下的競投是當前的領先競投。現場拍賣開始後，拍賣官將以當前的領先競投開拍。系統會自動代閣下競投，直至達到閣下預定之最高預先競投，或閣下可在現場拍賣時使用網上平台參與下一口叫價。

(g) 所有競投將以拍賣所在地的貨幣進行。現場拍賣的拍賣場內之外匯顯示板旨在為競投人提供方便，資料僅供參考。網上競投人將不會看到可能展示於現場拍賣會上的任何此類匯率顯示板。

(h) 我方保留權利出於任何原因拒絕或撤回在拍賣之前或拍賣進行期間競投的許可。我方可拒絕親身到現場拍賣競投的任何人士參與拍賣會。就限時拍賣而言，我方亦保留在拍賣開始之前、進行期間或結束之後的任何時候停用閣下的賬戶之權利。

(i) 就限時拍賣、使用預先競投的現場拍賣及網上拍賣而言，只有在以下情況下，閣下方可取消提交的競投：(i) 出價後，拍品的描述或其狀況報告有重大修改；或 (ii) 出價後，有關該拍品的通知已發佈在我方網站上。除上述有限情況外，閣下同意閣下不論以任何方式作出的任何競投，均屬最終決定，且閣下不得修改或撤回競投。對於所有拍賣及買賣，如閣下競投成功，則表示閣下不可撤銷地同意全額支付買入價及任何適用的買家費用。對於閣下透過蘇富比賬戶在競投拍品過程中作出或出現的任何錯誤，我方概不負責。

7. 拍賣之進行

(a) 拍賣會本質上是迅速進展的，出價進展也會很快速。在現場拍賣中，拍賣官會在其認為合適之水平及增幅下開始及進行競投（包括參考任何預先競投）。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的金額，但使用網上平台的競投人可能無法作出比前一個每口叫價整數金額為少的出價。

(b) 在限時拍賣中，競投以等於或低於拍品的低位估價之金額開始出價，並由我方決定的每口叫價遞增。我方可在限時拍賣的過程中更改每口叫價的金額。拍品之競投將按順序由網上系統或在某些情況下由現場拍賣官結束。若由網上系統結束競投，拍品競投將（如銷售頁面上所示）以三十秒或一分鐘時間間距按順序結束，除非競投在拍品預定結束時間前的一分鐘內進行，在此情況下，我方將把該項拍品的競投時段從最後有人出價的時間起延長兩分鐘，而有關延長時間最多可重複兩小時。延長任何拍品的結束競投時間並不影響任何其他拍品的結束競投時間，因此拍品未必能按照項數次序結束競投。

(c) 關於同組葡萄酒，拍賣官可酌情決定同組葡萄酒中首件拍品的成功競投者能選擇（但無義務）連續順序購買同組葡萄酒中剩餘的一件或多件拍品，而每件拍品的價格與首件拍品的成功競投價相同。如同組葡萄酒中有任何拍品未被購買，拍賣官會就同組葡萄酒中下一件未售出的拍品開放競投，該件拍品的成功競投者能選擇（但無義務）連續購買同組葡萄酒中剩餘的一件或多件拍品（如有），而每件拍品的價格為新訂立的成功競投價。

(d) 拍賣官（或者在限時拍賣中，則指網上系統）或會為任何一項拍品代賣家出價以低於底價的價格起標。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（但出價須低於底價）或出價以回應競投對手；在限時拍賣中，此類出價將顯示於網上平台，作為總出價次數的一部分。

(e) 拍賣官（或者在限時拍賣中，則指網上系統）可拒受或拒絕任何競投，包括先前已被接納的競投、撤回任何拍品，或重開或繼續競投（包括在落槌之後，或於限時拍賣的拍賣競投結束之後）。如未能達到拍品的底價，拍賣官可撤回該拍品之拍賣，拍賣官或網上系統將宣佈已撤回的拍品「已流拍」、「已撤回」、「已歸還擁有者」、「未售出」、「已買入」或同等含意。

(f) 如果在拍賣進行期間或拍賣結束後發生有關競投的錯誤或爭議，我方可全權酌情決定拒絕任何競投、撤回拍品、釐定買家是誰、繼續或重開競投、取消拍品的出售、或重新提呈並重新出售拍品（包括在落槌之後，或於限時拍賣的拍賣競投結束之後），並採取我方合理認為適當的其他行動。如有任何爭議，我方的拍賣紀錄將為絕對和最終的紀錄。如果閣下收到的任何網上紀錄或訊息與我方的拍賣紀錄有差異，概以我方拍賣紀錄為準。如果我方決定取消拍品的拍賣，或在有關競投的錯誤或爭議後重新提呈及出售拍品，我方將在合理可行的情況下盡快通知買家該決定。

(g) 在不影響第 7(e) 條規則的情況下，買家將為：在現場拍賣中，則是落槌時拍賣官所接納該拍品最高出價的競投人；在限時拍賣中，則是拍賣結束時拍賣官所接納該拍品最高出價的競投人；如競投人以代理人身份競投，則競投人的主事人將為買家。這意味著，在不影響第 7(e) 條規則的情況下，買家與賣家之間的銷售合約於拍賣官在現場拍賣中落槌時訂立，或在限時拍賣中拍賣結束競投時訂立，屆時買家即有責任支付全部買入價和任何適用的買家費用。拍賣會結束時，賣家與拍品買家之間的銷售合約將為最終合約。

(h) 拍賣後拍品的任何買賣將根據本買家業務規則進行。

8. 付款

(a) 一般情況

(i) 買家將在拍賣後收到賬單。就網上競投者而言，在蘇富比應用程式「我的出價」部分和我方網站「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。如網上購買資料與我方於拍賣後向閣下發送的賬單之間存在任何差異，概以賬單為準。我方可能會透過第三方服務供應商處理付款，該等服務供應商或會發佈與付款相關的營運規則，並不時更改該等規則。如使用信用卡付款，閣下授權我方及我方的第三方服務供應商，即時就結賬及購買過程中向閣下顯示的所有金額向閣下收費。

(ii) 就拍品而言，落槌價將加上買家酬金及營運附加費並按每項拍品計算，並由買家支付，作為總買入價之一部份。

(iii) 在適用法律要求的情況下，買家在購買拍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。我方將在適用法律要求的情況下，就購買拍品收取任何適用稅款及藝術家轉售權使用費。買家應悉數支付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，買家應向我方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。

(iv) 不論出口、進口或其他許可證之任何規定為何，買家均必須於拍賣會結束後立即以相關拍賣的貨幣（第 8(b) 條規則所允許的範圍除外）向買家支付拍品之買入價及任何買家費用。買家悉數支付買入價及任何適用的買家費用之義務皆為絕對且無條件的，而且不受任何類型的抗辯、抵消或反申索的影響。

(v) 我方不接納買家以外的任何方作出的付款。如閣下以公司名義登記競投，則閣下的公司將需要以公司的名義以可接受的付款方式支付任何購買費用。恕不接受僅支付拍品的部分款項。

(vi) 已購得拍品的所有權將在從我方收到全額及已結清之買入價款項後轉移至買家。我方在收到買家的全額及已結清之買入價款項以及任何適用的買家費用，以及買家及其代理人（如有）的適當身份證明文件後，將向買家或其代理人發放拍品，除非我方因超出我方控制範圍之外的事件而無法行事。提早交付拍品不會影響擁有權之轉移或買家悉數支付買入價及任何適用的買家費用之無條件責任。

(b) 以加密貨幣付款：對於合資格以加密貨幣付款之拍品，以加密貨幣進行之支付除須遵守上述規則第 8(a) 條所載之條款外，亦受本規則第 8(b) 條所載之條款所限。

(i) 我方僅接受在圖錄中指定為合資格以加密貨幣付款，或在拍賣前或期間透過任何口頭或書面公佈或通知的拍品以加密貨幣付款，亦僅接受以下加密貨幣：比特幣 (BTC)、以太幣 (ETH) 及 USD Coin (USDC)。

(ii) 應付金額為付款時賬單金額的加密貨幣等值，買家將負責支付在區塊鏈上成功進行交易所需的適用網絡費用。

(iii) 任何加密貨幣的付款必須在閣下從我方收到賬單後的十 (10) 個工作天內，在星期一至五（美國公眾假期除外）美國東部時間上午9:00至中午12:00期間支付。

(iv) 閣下必須透過閣下在以下其中一個平台上的賬戶或電子錢包付款：(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，而我方或要求閣下提供文件，以確認閣下持有用於付款之錢包。

(v) 沒有根據本規則第 8(b) 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 8(b) 條之情況下以加密貨幣付款，包括在我方認定或合理認為閣下的任何陳述及保證不準確、不完整或遭違反的情況下，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，且我方可要求閣下以買賣之法定貨幣付款。此外，如我方向閣下退還任何稅項，且曾使用加密貨幣支付該等稅項，則閣下理解並同意，我方可酌情決定是否向閣下退還 (1) 閣下向我方支付該等稅項的相同金額之加密貨幣；(2) 我方向閣下開立的賬單中所列明該等稅項的法定貨幣金額；或 (3) 在退款時相當於閣下支付該等稅項的加密貨幣金額之法定貨幣。在任何情況下，如果閣下提供予我方作為退款相關款項的加密貨幣價格有所升值，閣下均無權獲得此類升值。

(vi) 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。

(vii) 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由受制裁，或位於、居於或被安排於受制裁司法管轄區之任何人士直接或間接託管、運營或以其他方式控制；(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。如果我方合理認定任何買家的陳述或保證不準確、不完整或遭違反，或將會由於該等付款而導致不準確、不完整或遭違反，我方可全權酌情決定拒絕任何買家以加密貨幣付款。

(viii) 假如我方基於任何原因而無法收到閣下的任何加密貨幣付款，我方概不負上責任。

(ix) 閣下知悉使用加密貨幣蘊藏一定風險，包括但不限於硬件、軟件及網絡連線故障或不足的風險；惡意代碼或軟件的使用或入侵的風險；黑客入侵或未經授權存取閣下電子錢包或箇中資訊的風險，或盜取或轉移箇中資金的風險；波動性及匯率不穩或不利的風險；以及對於相關貨幣交易的不利監管介入及／或稅務處理的風險。我方就上述任何情況均不承擔任何責任。

9. 逾期付款或欠繳款之後果

(a) 買家須在拍賣結束後五天內，以已結清款項悉數支付拍品的買入價及任何適用的買家費用。如買家在未經我方事先同意的情況下而未有行事，買家即屬違約。在此情況下，在不影響賣家可能擁有之任何權利或補救措施下，除了法律或衡平法賦予我方或賣家的任何及所有其他權利或補救措施外，我方可在法律允許的最大範圍內全權酌情決定就買家未能悉數支付款項的每項拍品行使以下一項或多項權利或補救措施：

(i) 將拍品存放於我方的處所，或倘若拍品為非同質化代幣，則存放於我方或賣家的電子錢包，或存放於其他地方，而風險及開支由買家自行承擔；

(ii) 取消該拍品之拍賣；

(iii) 以蘇富比集團成員公司結欠買家之任何金額抵銷買家就拍品結欠蘇富比之任何金額；

(iv) 將買家支付予我方的任何款項作為用以支付買家購買該拍品或任何其他拍品的部分買入價及買家費用，或用以支付任何拍品根據下文第 (viii) 段重售時的差額，或我方因買家違約而遭受的任何損失；

(v) 拒絕買家未來作出之競投或使其就未來之競投支付訂金；

(vi) 收取由付款到期日到以已結清款項收取買入價及相關買家費用當日期間，按香港銀行同業拆息年度百分比 6% 利率計算之利息（包括作決定之前和之後），惟在任何情況下皆不得超過法律允許的最高利率；

(vii) 就蘇富比集團成員公司擁有的任何買家之拍品保留或行使留置權，在此情況下，我方將通知買家，其後我方可安排出售該物品，並將所得款項用於支付應付餘額；

(viii) 透過拍賣或私人出售方式轉售拍品，並由我方酌情決定估價和底價，倘轉售之價格低於該拍品之買入價及適用的買家費用之總和，則買家仍須承擔差額連同該等轉售產生的所有費用；

(ix) 展開法律訴訟，以追討該拍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；及

(x) 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及法律費用，以及在此情況下，我方在向賣家透露該等資料前，將採取合理步驟知會買家。

(b) 倘買家未能就拍品支付任何或全額買入價，而我方選擇向賣家支付任何部分或全部拍賣所得款項，則買家知悉我方將擁有賣家就任何該等金額向買家追討的所有權利，不論是根據法律、衡平法或本買家業務規則。

10. 領取及交付所購得項目

(a) 本規則第 10(a) 條的規定適用於所有非同質化代幣以外的拍品（或拍品之部分）：

(i) 買家有義務安排在拍賣日期後 30 個曆日內或於我方網站提供的相關拍賣資訊規定的時間內（如適用）領取所購得的拍品。

(ii) 所有包裝及處理均由買家承擔風險。對於第三方包裝人或付運人的任何作為或不作為，我方概不負責。

(iii) 如閣下要求蘇富比協助向閣下運送已購得的拍品，我方將提供一份包含概述買家運費的報價（「買家運費報價單」）。就國際買家而言，「買家運費報價單」將不包括任何稅項或關稅，而且閣下有責任確認並向有關政府實體支付所有國際關稅、海關費用、稅項、費用和關稅，或其他需要在付運和／或送貨之前支付的費用，包括因付運而需要繳納的任何第三方費用。閣下一旦接受買家運費報價單，並且我方在付款截止日期前已悉數收取買入價、適用的買家費用和買家運費報價單中閣下已悉數支付的所列金額，我方將在拍賣結束後將拍品安排運送至閣下在賬戶上提供的地址。所購得的拍品不能運送至郵政信箱，並且我方無法安排送貨到網上平台上提供的運費計算器中指定為不適用區域的地點。如閣下要求將拍品運送至任何上述目的地，我方可·要求閣下向我方領取拍品或安排第三方承運人運送拍品。

(iv) 倘買家支付買入價及買家費用，但未於拍賣結束後 30 個曆日內領取拍品，我方將把拍品存放於我方的處所或第三方，費用和風險將由買家承擔。有關該等拍品的存放，買家特此同意「虛擬酒窖使用條款」、「儲存使用條款」及「自動更新政策」，此等條款及政策在 https://www.sothebyswine.com/hk/storage 可供查閱。

(v) 倘未於拍賣後六個月內領取所購得的拍品，則買家授權我方（在通知買家後）安排以拍賣或私人出售重售該拍品，而估價及底價將由我方酌情決定。任何蘇富比集團成員公司進行的此類出售將根據適用於相關拍賣的標準賣家業務規則及本買家業務規則（如有）進行。如果拍品售出，我方將有權從拍賣所得款項中扣減我方的標準賣家佣金及我方在出售拍品時產生的任何其他費用，任何餘額將匯款予買家。

(b) 本規則第 10(b) 條的規定適用於所有非同質化代幣的拍品（或拍品之部分）：

(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，而閣下持有並有權使用該電子錢包。閣下理解並知悉，並非所有電子錢包均能支援儲存非同質化代幣，倘閣下之錢包未能支援儲存閣下所購之非同質化代幣，閣下或未能使用該非同質化代幣之權限。倘閣下未能在拍賣結束後五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 11(a)(iii) 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，將非同質化代幣拍品視為買家未能支付全數款項之拍品，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) 當閣下滿足第 8 條規則所載之條件，並根據圖錄或其他拍品描述中包含的任何額外時間或條件後，我方或賣家會將非同質化代幣鑄造或轉移至閣下指定之電子錢包。我方和賣家均無責任確認閣下向我方所提供之錢包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，我方及賣家概不負責，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。

11. 拍品之風險及責任

(a) 已購買拍品之風險及責任將按下文所示轉移至買家：

(i) 就現場拍賣之非同質化代幣以外的拍品（或拍品之部分）而言：(1) 於領取拍品，或 (2) 拍賣後第三十一個曆日，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。對於在第三方點存放而無法從我方處所領取之任何拍品，當閣下向我方發出指示，授權將拍品交給閣下或閣下的代理人，即被視為等同買家領取。

(ii) 就限時拍賣之非同質化代幣以外的拍品（或拍品之部分）而言：(1) 如果我方將拍品發送予買家（使用買家就拍品指定的運送方式），則為當買家或買家指定的代理人收到拍品實體時；或 (2) 如果可供買家領取，則為當買家或買家指定的代理人領取拍品時，惟在上述任何一種情況下，葡萄酒或烈酒桶之風險及責任均在落槌時轉移至買家。作為買家，閣下知悉如果閣下選擇行使閣下可能擁有的任何權利以取消購買該拍品的合約（按照下文規則第 12 條所規定的程序），則該拍品的風險將由閣下承擔，因此閣下應該為該拍品投保直到其退回予我方，以確保該拍品不會遭到損失或損毀。

(iii) 就非同質化代幣以外的拍品（或拍品之部分）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概不負責。

(b) 一旦風險轉移至買家，買家不可撤回地免除我方及各蘇富比集團成員公司、我方及其各自高級職員及僱員、代理人、倉庫及賣家因拍品損失或損毀而產生之任何及所有申索、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) 根據本規則第 11 條，在所購拍品之風險及責任轉移至買家前，我方會就拍品之損失或損毀承擔責任，惟受以下第 (d) 段所載之豁免所規限。倘由我方承擔責任之拍品出現損失或損毀，我方將確定因損失或損毀而引致拍品貶值之程度（如有），並就損失賠償買家，金額最高為買家就拍品所支付之買入價。

(d) 我方對以下損失或損毀概不負責：(1) 閣下同意聘用之獨立承辦商在進行任何工序，包括但不限於修復、保護、定框、安裝或清潔導致之任何損失或損毀；(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；(3) 因濕度或溫度之變化（只要我方在處理拍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；或 (4) 對於葡萄酒或烈酒，在改變或拆除瓶蓋以檢查軟木狀況和任何標記的過程中發生之任何損失或損毀。倘拍品為非同質化代幣，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第 11 條就拍品的任何損失或損壞支付的款項後，閣下（代表閣下本身及代表閣下的保險公司）不可撤回地解除我方及各蘇富比集團成員公司、我方及其各自高級職員及僱員、代理人、倉庫及賣家有關該拍品損失及損壞的一切責任，並不可撤回地放棄就同樣情況閣下可能向我方或任何其他蘇富比集團成員公司、我方及其各自高級職員及僱員、代理人、倉庫及賣家提出之所有權利及索賠。

12. 消費者取消

(a) 取消購買限時拍賣之拍品

(i) 如果閣下是一名慣常居於歐盟或英國的「消費者」（即完全或主要在閣下的行業、業務、手藝或職業範圍以外之目的行事的人士），而賣家是一名「交易商」（即與其行業、業務、手藝或職業有關之目的行事的賣家，無論是親身行事或是透過他人以交易商的名義或代表交易商行事），則閣下有權在閣下或閣下指定代理人（承運人除外）收到拍品實體後之 14 個曆日內，或者，如拍品為非同質化代幣，則在閣下提交付款之後但在我方或賣家啟動將非同質化代幣轉賬至閣下指定的錢包之前（「消費者取消期」），以任何理由取消網上貨品購買，惟個人化或按買家規格製造的商品除外（「消費者取消權」）。然而，一旦我方或賣家啟動將非同質化代幣轉賬至閣下指定的錢包，閣下同意閣下將不再有權根據本規則的條款取消拍賣。要行使與拍品有關的消費者取消權，消費者必須 (1) 在消費者取消期結束前透過明確的聲明（例如以郵寄、傳真或電子郵件方式發送的信函，或使用規則第 12(c) 條中提供的取消表格範本）通知我方，以及 (2) 對於非同質化代幣以外的拍品，在發出取消意向通知後不遲於 14 個曆日前，將狀況與閣下或閣下代表收到當日相同的拍品交還我方。

(ii) 閣下須按我方指定的地址將拍品退還或交付予我方，不得無故拖延，且無論如何不得遲於閣下通知我方閣下有意取消購買拍品之日起 14 個曆日。如閣下在 14 個曆日的期限屆滿之前將拍品送回，則可符合期限。閣下必須承擔退還拍品所產生的直接費用。如我方已安排向閣下付運拍品，我方估計以相同方式退還拍品的費用可能與運送的費用接近，但由於我方的全球商業模式和退還方式涉及諸多變數，恕我方未能對有關費用作出更精確的判斷。

(iii) 如符合上述行使消費者取消權的條件，我方將退還買入價之金額予買家（若已支付），另加標準付運費用（若消費者取消權對我方有所要求）。除非拍品已退還予我方，或閣下已向我方提供已退還拍品的證據，否則我方將不會作出退款。

(iv) 除非另有明確協定，否則我方將使用與買家最初在交易時所選用的相同付款方式退還款項予買家。我方不會向買家收取與處理退還款項相關的任何費用。

(v) 如果閣下選擇我方提供的最低價標準付運方式以外的其他付運方式，我方將不會向買家補償任何額外費用，亦不會就因閣下退還拍品予我方而產生的任何進口關稅向閣下作出退款。我方有權從退還款項中扣除因閣下的不必要處理而造成的拍品價值損失。

(vi) 如閣下根據本規則第 12 條行使消費者取消權，且閣下曾使用加密貨幣支付任何應付款項，則我方可酌情決定是否向閣下退還 (1) 閣下向我方支付的相同金額之加密貨幣；(2) 我方向閣下開立的賬單中所列明的法定貨幣金額；或 (3) 根據我方指定的金融機構所報的匯率，在退款時相當於閣下支付的加密貨幣金額之法定貨幣。在任何情況下，閣下均無權就閣下提供予我方作為退款相關款項的加密貨幣價格而獲得任何升值。

(b) 取消付運服務

(i) 如果閣下是一名慣常居於歐盟或英國的消費者，則閣下有權在付運服務合約訂立後 14 個曆日內（「服務取消期」），以任何原因取消與閣下所購拍品有關的任何付運服務之合約（「服務取消權」）。

(ii) 如閣下於服務取消期內要求我方開始付運服務，而其後決定在服務取消期內行使閣下取消有關服務提供的權利，則閣下應向我方支付閣下於行使服務取消權時該等已完成的服務之費用。我方將在獲告知閣下決定取消服務之日起 14 個曆日內，向閣下作出任何退款。除非另有明確協定，否則我方將使用與閣下最初在交易時所選用的相同付款方式退還款項予閣下。我方不會收取與處理退還款項相關的任何費用。

(c) 要行使消費者或服務取消權，閣下必須在消費者或服務取消期結束前透過明確的聲明通知我方（例如以郵寄、傳真或電子郵件方式發送的信函）閣下有意取消。或者，閣下可以使用以下的取消表格範本：

致：蘇富比[插入蘇富比集團內進行相關拍賣的公司名稱]

我／我方*特此通知，就我／我方於[*]下訂／於[*]收到之*[下列網上購買物品[*]][的下列付運服務[*]之提供]，我／我方*作出取消。

消費者姓名：

消費者地址：

消費者簽署[僅在通知書為列印本的情況下方需要]

日期：

[*] 刪去不適用者

13. 責任豁免及限制

(a) 一般情況

(i) 我方或賣家概不就拍品的專有詞彙（如有）或圖錄或其他描述中的錯誤或遺漏負責，但如果我方在拍賣前發現該等資料中的重大錯誤或遺漏，我方將在時間容許的情況下盡力提供更正。

(ii) 我方保留在拍賣結束前撤回任何拍品的權利，且概不就該等撤回對閣下承擔任何責任。關於體驗活動，我方保留在拍賣之前或之後撤回任何體驗活動的權利，我方概不對該等撤回承擔任何責任。

(iii) 我方提供網上平台乃為方便客戶。支援閣下經由網上平台參與拍賣的應用程式已針對寬頻連線（數碼用戶線路 (DSL) 或電纜解調器）進行優化。寬頻或其他互聯網容量限制、公司防火牆和其他超出我方合理控制範圍之外的技術問題或為部分用戶造成困難，包括例如經由網上平台進入拍賣和保持存取狀態的連續性。我方或賣家概不就任何競投人透過我方的網上平台進行競投時任何出價失敗，或任何連接錯誤和遺漏負責，包括但不限於以下造成的錯誤或失敗：(1) 閣下與我方的網上平台之間失去連接；(2) 我方的網上平台或其他技術服務出現故障或問題；或 (3) 閣下的網絡連接、電腦、流動設備或系統出現故障或問題。

(iv) 除真品保證列明之情況或適用法律可能要求之情況外，就有關進行拍賣時的任何作為或不作為，或與出售任何拍品相關的任何事宜，我方概不承擔任何責任。

(v) 任何拍品的賣家對於與出售該拍品有關的任何作為或不作為概不承擔任何責任，惟違反賣家的明確陳述及保證除外。

(vi) 除非我方擁有提呈出售之拍品，否則我方毋須就賣家違反本買家業務規則而負責。

(vii) 閣下、我方及賣家概不就任何特殊、後果性、間接、附帶或懲罰性之損害負責。

(viii) 關於體驗活動，蘇富比集團成員公司或我方及其各自的高級職員及僱員均不對因履行體驗活動或買家參與體驗活動而產生或與之相關的任何物品或服務提供人士或實體之任何疏忽行為或不作為負責，亦不就由買家與賣家或體驗活動的任何相關第三方之間的互動所引起之任何申索、訴訟因由、責任、損害、損失或費用（包括但不限於合理的律師費）負責。

(ix) 在不影響上第 13(a)(i)-(viii) 條規則之情況下，就與拍品相關的任何申索，我方及賣家在本買家業務規則下對閣下的合計總責任不得超出為拍品實際支付的買入價，惟因我方的故意失當行為或欺詐，以及我方疏忽地作出或不作出任何作為而造成的死亡或人身傷害則除外。

(b) 除上文第 13(a) 條規則所載的條款外，在不以任何方式限制上文第 3(j) 條規則的情況下，非同質化代幣須受本第 13(b) 條規則所載的額外條款約束。

(i) 我方僅出售非同質化代幣之擁有權，概不對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並不構成對非同質化代幣或參考內容的任何版權之轉讓。如閣下購買非同質化代幣，我方特此授予閣下非獨家、不可轉讓且免版權費用的全球性許可，以使用、複製和展示非同質化代幣以及該已購得的非同質化代幣之參考內容，並僅用於以下目的：(a) 用於閣下個人的非商業用途；(b) 作為允許購買和出售閣下的非同質化代幣的市場之一部分；或 (c) 作為允許包含、涉及或參與閣下的非同質化代幣的第三方網站或應用程式之一部分。此許可僅在閣下作為與參考內容相關的非同質化代幣之有效擁有者和持有人時方為有效。如閣下將非同質化代幣出售或轉讓予他人，此許可將轉讓予該非同質化代幣的其他擁有者或持有人，而閣下將不再享有該許可的權益。保留本文未明確授予的所有權利。

(ii) 閣下同意，未經我方（或我方的許可人，如適用）明確的事先書面同意，在各情況下，閣下均不得亦不允許任何第三方作出或試圖作出以下任何事項：(a) 以任何方式修改非同質化代幣的參考內容，包括但不限於形狀、設計、圖畫、屬性或色彩設計；(b) 將閣下的非同質化代幣之參考內容用於宣傳、營銷或銷售任何第三方產品或服務；(c) 將閣下的非同質化代幣之參考內容用於任何貶損或誹謗目的，對任何蘇富比集團成員公司造成有害的關聯或傷害、損害或責任風險，例如與描繪仇恨、不容忍、暴力、殘忍或任何其他可合理認定為構成仇恨言論或以其他方式侵犯他人權利的圖像、影片或其他形式的媒介有關；(d) 為商業利益而銷售、分發（包括但不限於希望最終獲得商業利益之餽贈），或以其他方式將包括、包含或由參考內容組成的商品商業化，用於閣下的非同質化代幣；(e) 試圖對閣下的非同質化代幣之參考內容加之商標、版權或以其他方式獲得的額外知識產權；(f) 製造、出售或試圖製造或出售參考內容或任何非同質化代幣的部分利益；或 (g) 為閣下或任何第三方的商業利益，以其他方式利用非同質化代幣之參考內容。

(iii) 如果與閣下的非同質化代幣相關的參考內容包含第三方版權、商業秘密、商標、專門知識、專利權或由全球任何國家／地區或司法管轄區承認的任何其他知識產權（統稱為「第三方知識產權」）（例如，來自任何權利持有人之獲許可使用的知識產權，如音樂表演權或公開發表權），閣下理解並同意以下各項： (a) 閣下將無權以任何方式使用該等第三方知識產權，除非將其納入閣下的非同質化代幣之參考內容，並受本文所載的許可和限制約束；(b) 根據第三方知識產權擁有者所授予的許可性質，我方可能需要（並保留一切權利）對閣下使用參考內容的能力施以額外限制；(c) 在我方通知閣下該等額外限制的情況下，閣下將自收到通知之日起負責遵守所有該等限制，而未有遵循此舉將被視為違反本文所載的許可；(d) 該第三方擁有並保留對該第三方知識產權的所有權利、所有權和利益，除非在本文下明確許可；及 (e) 該第三方知識產權的許可人為該第三方知識產權的第三方受益人（但並非締約方），並有權就該第三方知識產權對閣下執行本買家業務規則之條款。

(iv) 轉讓非同質化代幣的擁有權不保證閣下可持續使用與其相關之參考內容，閣下進一步知悉並同意有關購買、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。

(v) 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）與第 13(b)(iii) 條規則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。

(vi) 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，以全面理解並同意本買家業務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。

14. 資料保障

(a) 我方將持有及處理閣下的個人資料並可將其與另一蘇富比集團成員公司共享，以用於我方的私隱政策所述及其相符的目的，該政策刊登於我方網站 https://www.sothebys.com/privacy-policy 或可發送電郵至 enquiries@sothebys.com 索取。

(b) 我方可能在任何蘇富比集團成員公司處所拍攝拍賣或其他活動，而該等錄像可透過我方網站或其他網上平台或社交媒體經互聯網傳輸。網上及電話競投可能會被攝錄，而閣下同意該等攝錄。

15. 真品保證

(a) 我方作為主事人，在遵守以下條款及細則的前提下，向買家提供真品保證，即拍品並非「贋品」。就此而言，根據蘇富比合理之意見，「贋品」指仿製之拍品，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圖錄描述（考慮到任何專有詞彙）。拍品之任何損毀及／或任何類型之修復及／或修改（包括重新塗漆或在其上塗漆），不應視為贋品。

不論本規則第 15 條有任何相反規定，就非同質化代幣而言，除非在蘇富比網站之相應拍品頁面上另有所載，否則真品保證是關於參考內容之原作者身份（如有）。

(b) 除非下文另有規定，否則真品保證之年期為拍賣日期後五年（「保證期」）。

(c) 真品保證純粹提供給買家之獨享利益，且不可轉移至任何第三方。

(d) 如要依據真品保證申索，買家必須：

(i) 在收到任何導致買家質疑拍品之真偽或屬性的資料後三個月內以書面通知我方，且在任何情況下均不得遲於保證期的到期日，並註明拍品編號及購買該拍品之拍賣會日期，以及提供買家所掌握的所有可支持買家作出申索之所有資料；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權益或申索之拍品退還予我方或按我方的指示退還予賣家或其他第三方。

此外，我方亦可要求買家索取兩名為我方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。我方不受任何此類報告所約束，並保留自費尋求額外專家建議的權利。

(e) 在下列情況下，我方保留作為主事人的絕對酌情權，拒絕根據真品保證提出的申索：

(i) 圖錄描述乃根據學者及專家於拍賣日期獲普遍接納及為人所知或私下向我方表達之意見，或該拍品描述顯示該等意見存在衝突；

(ii) 於拍賣日期，證明該拍品是膺品的唯一方法，是有關方式或流程並非當時普遍可用或認可、價格極高或使用方法不切實際；或可能已對造成損壞或已令其喪失價值之方法；

(iii) 僅為拍賣時已存在的任何損毀及／或任何類型之復元及／或修改（包括重新塗漆或在其上塗漆），或製造商、製造者或相關存檔無法確認拍品之真偽或屬性而聲稱拍品是膺品；或

(iv) 拍品描述的不正確不會導致該拍品的重大價值損失。

(f) 受制於上述規定，如果我方合理認定拍品為膺品，我方將確保撤銷該買賣，並向買家退還以買賣貨幣計算的買入價。

(g) 買家知悉並同意，撤銷出售和退還買入價是買家在真品保證下可獲得的唯一補救措施，並取代買家依據法律或衡平法可能獲得的任何其他補救措施。

(h) 有關珠寶、葡萄酒及烈酒、茶葉、書籍與手稿拍品之額外規定：

(i) 就含有任何寶石、玉石或珍珠的拍品而言，真品保證為該寶石或珍珠是真實或原屬天然，任何關於寶石或珍珠不是真實或原屬天然的申索之保證期為拍賣日期起計 21 天。

(ii) 就葡萄酒及烈酒或茶葉拍賣中出售的拍品而言，真品保證為製造者及年份（如為茶葉，則指品種）如同拍品描述中所述，而保證期為拍賣日期起計 21 天。

(iii) 對於在書籍及手稿拍賣中出售之拍品，真品保證還包括向買家保證自拍賣日期起計 21 天的保證期內，拍品的文字及／或插圖並無重大缺陷，惟須受第 15(c)-(g) 條規則約束。除以下例外情況外，如果我方合理認定拍品中的文字或插圖存在重大缺陷，我方將確保撤銷有關買賣，並向買家退還以買賣貨幣計算的買入價。在下列情況下，我方保留權利拒絕根據本規則第 15(h) 條提出的申索：

(1) 拍品包括地圖冊、加貼特別插圖的書籍、飾有書口畫的卷冊、期刊刊物或印刷品或繪畫；

(2) 就手稿而言，拍品在圖錄沒有被描述為完整；

(3) 所投訴的缺陷已於拍品描述中提及，或所投訴的物品在拍品中以未命名方式出售；

(4) 所投訴的缺陷並非文本或插圖上的缺陷，例如但不限於裝訂上的損壞、污漬、發霉、邊緣蟲洞、缺少空白頁或半扉頁或其他不影響文本或插圖完整性的情況、缺少圖版清單、插入的廣告、取消或任何隨後出版的卷冊、補編、附錄或圖版或圖版細目錯誤，或所投訴的缺陷乃基於地圖、地圖冊或書籍的手工著色年代；或

(5) 文字或插圖有缺陷的方式不會導致該拍品的重大價值損失。

(i) 為免生疑問，真品保證不會限制買家根據適用法律可能獲得且在法律上無法被本買家業務規則排除或限制之任何權利或補救措施。

16. 雜項條款

(a) 閣下應在我方提出要求時向我方提供身份認證及任何其他資料以遵守「認識你的客戶」要求、適用法律，或證明閣下有權訂立本買家業務規則。如果閣下為代表主事人行事的代理人，則閣下亦須向我方披露主事人的身份，並根據我方的要求向我方提供身份驗證及遵守我方就有關「認識你的客戶」的要求、與閣下及主事人有關的適用法律或證明閣下有權代表主事人競投及對其進行約束所需的任何其他資料。我方保留向已收取款項來源索取證明之權利。如我方在全權酌情決定我方滿意程度之情況下，未就與閣下相關之「認識你的客戶」、制裁、反洗錢、反恐融資或其他檢查完成我方認為合適之查詢，我方可全權酌情決定禁止閣下或主事人競投、不完成、取消或撤銷任何拍品之拍賣（如適用），並採取適用法律所要求或允許之任何進一步行動，而毋須向閣下承擔任何法律責任。

(b) 閣下須對閣下的競投承擔個人責任。如果閣下為代表主事人行事的代理人，閣下及閣下的主事人受本買家業務規則的約束並共同及分別承擔本規則下閣下的義務及責任。

(c) 我方擁有由我方製作且與每項拍品相關的一切圖片及書面資料之獨家版權。未經我方事先書面允許，閣下不得使用該等資料。在法律允許的範圍內，在拍品拍賣之前、拍賣進行期間或拍賣之後，我方可能會在我方認為適當的情況下使用它們。

(d) 本買家業務規則，包括真品保證，以及賣家提供的明確陳述及保證和彌償，均為我方、賣家和閣下之間就本協議的主題事項達成的完整協議，並取代所有先前或同時期有關本協議的主題事項之書面、口頭或默示的共識、陳述或協議。如果本協議的任何部分被視為無效或不可強制執行，該無效或不可強制執行將不影響其餘條款，該等條款將仍然保持完全效力和作用。我方的行為、不作為或延誤均不會被視為放棄或解除我方的任何權利。

(e) 本買家業務規則對閣下、閣下的遺產、繼承人、遺囑執行人、承遺贈人、代表、遺產管理人、繼任人及受讓人具有約束力並以閣下及彼等為受益人。

(f) 閣下確認閣下沒有依賴本買家業務規則之外的任何明示或暗示的陳述、保證及/或承諾。

(g) 未經我方事先書面同意，閣下不得轉讓或委托閣下於本買家業務規則下的權利或義務。

(h) 向我方發出之通知應以書面作出，註明出售之負責部門及該拍賣指定的參考編號。

17. 法律及司法管轄區

本協議將受香港法律管轄並按其詮釋。如因本協議引起或與之相關爭議，閣下和我方同意接受香港法院的專屬管轄權所管轄。根據《合約（第三者權利）條例》（「條例」），賣家及任何蘇富比集團成員公司有權自行執行本協議中適用於彼等的條款。根據條例，其他方無權執行本協議的任何條款。訂約方撤銷或變更本協議的權利不受任何其他人士的同意約束。

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。

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) 倘某批拍品之標題有提供分類且該批拍品多於一件物品，除非另有指明，否則蘇富比認為該批拍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。

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