• When arranging for consignment, the Seller shall hold a valid identity certificate, passport or other certificates approved by the People's Republic of China in the case of the Seller being a natural person. A valid certificate of registration, ID of legal representative or other legal authorization documents is required in the case of the Seller being a legal entity or other organization, and signs a consignment contract with the Company.
     
  • The Seller hereby makes irrevocable warranties as follows to us and the Buyer with respect to the consigned Lot:
    1. the Seller has exclusive and absolute ownership and legal right to dispose of the Lot. Without prejudice to any legal interest (including copyright) of any third party, the auction of the Lot shall not violate any relevant law and regulation;
       
    2. the Seller has, to the best of its knowledge, made full and complete disclosure and described to the Company with respect to the origin and any flaw or defect of the Lot without any concealment and fabrication.
       
  • All Lots are offered subject to a Reserve, unless otherwise agreed by the Seller and the Company. The Reserve shall be determined by the Seller and the Company in written.
     
  • Unless otherwise agreed upon by the Seller and the Company, the Seller shall authorize the Company to deduct 10% of the Hammer Price as commission and other Expenses from the Hammer Price. In the case that the auction of the Lot fails due to bidding lower than the Reserve, the Seller shall authorize the Company to charge the Seller a service fee of unsuccessful auction equal to 3% of the Reserve and other Expenses.
     
  • Unless otherwise agreed by the Seller and the Company, the Seller shall pay the insurance premium equal to 1% of the Hammer Price of the Lot after sale. In the case that the Lot fails to sell, the insurance fee payable by the Seller shall be 1% of the Reserve.
     
  • In the case that the Buyer makes full payment to the Company in accordance with provisions in Article 49 hereof, the Company shall pay the Proceeds of Sale to the Seller in RMB after 35 days since the Sale Date.
     
  • In the case that the Lot is not sold, the Seller shall take back the Lot within 14 days after receipt of the Company's notice (counting from that day and the packing and shipping at the Seller's own expense) and pursuant to the Conditions hereunder, pay the Company fees for failed auction and all other expenses.

 

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