The consignee must carefully read and abide by the auction rules of this company, and is responsible for their own actions in participating in the auction activities of this company.
When the consignee consigns their works to this company for auction, if the consignee is an individual person, they must posses a valid passport, identification card or other form of identification recognized by the government of the People's Republic of China, and it must be presented when signing the consigning contract for auction with this company; if it is a legal person or another entity, they should possess a valid form of registered identification, legal representative identification or legal certificate to empower consignment when signing an auction consignment contract with this company.
Guarantee for this company and the buyer that the consignee will not withdraw the lot consigned to this company for auction: 1. the consignee possesses the complete ownership rights to the lot to be auctioned, or else enjoys the legal power to manage it, and does not violate the legal rights and interests (including the rights and interests of the creator's copyright) of any third party towards the lot to be auctioned, and does not violate the stipulations of any correlating laws or regulations.
To the full extent of the consignee's knowledge, the origin and flaws of the lot will be revealed to this company in their entirely, with full disclosure and explanation, with nothing concealed or fabricated.
Aside from a no reserve lot value agreed upon by this company and the consignee, all lots will carry a reserve price without exception. The reserve price will be agreed upon in writing between this company and the consignee. Once the reserve price amount is agreed upon by both parties, any alterations to it must be agreed upon by both parties in writing.
This company possesses complete decision-making power regarding the date, location, order, qualifications and method of auctioning as well as regarding the catalogue, news media or other means of explaining the content of any lot.
Aside from other agreements between this company and the consignee, the consignee empowers this company to deduct 10% from the hammer price as consignment fee as well as to deduct other various fees. If the bidding price of any lot is lower than the reserve price so that the lot does not sell, the consignee empowers this auction house to collect the handling fees and other various fees for the unsold lot. The standard handling fees for unsold lots is 3% of the reserve price of the lot.