1. The auction is held in public. Any bid by a bidder in any manner is deemed a full acceptance of these auction rules.

2. Aiwa Auction Ltd (hereinafter “Aiwa Auction”) acts as agent for the sellers of individual lots. All lots have a reserve price and will not be sold below that reserve.

3. Aiwa Auction recognizes the highest bidder as the purchaser of the lot (provided the sale price is not below the reserve). The buyer shall pay an additional 20% commission on the hammer price.

4. Aiwa Auction reserves the right to refuse any bid, to advance the bidding on its own account, to withdraw or split any lot, to combine two or more lots, to vary the order of lots, and to settle any disputes arising at the auction, to decide whether to continue the bidding or to re-auction. The decisions of Aiwa Auction are final and binding. Aiwa Auction reserves the right to refuse admission to or participation in the auction without reason, and to require any person to leave the auction.

5. Aiwa Auction will accept written bids submitted prior to the auction and telephone bids (which require written confirmation), but neither Aiwa Auction nor its staff shall be responsible for any errors in executing such bids. When multiple identical bids are received for the same lot, the earliest received shall prevail. “Buy-it-now” bids are not accepted.

6. Bidders acting as agents for third parties must notify Aiwa Auction prior to the auction and are responsible for all purchases made on behalf of their clients. Aiwa Auction reserves the right to request proof of authorization and to refuse bidding by agents.

7. Aiwa Auction will try to accommodate bidders who wish to bid by telephone, depending on staff availability. Interested bidders must arrange this with Aiwa Auction at least 24 hours in advance. Neither Aiwa Auction nor its staff shall be responsible for any errors in executing telephone bids.

8. Lots listed in the catalogue are available for inspection during the public preview period before the auction. Inspectors are responsible for any damage caused.

9. The auction is settled in Hong Kong Dollars. Currency conversions are for reference only. Aiwa Auction shall not be responsible for any errors or inaccuracies in currency conversions.

10. Buyers must pay within 5 days of the auction date. Buyers not present at the auction who have mailed or otherwise submitted bids through Aiwa Auction must pay upon receipt of Aiwa Auction’s invoice. No lot will be released or shipped until full payment is received. Other currencies may be accepted with Aiwa Auction’s consent, in which case the buyer must pay all bank charges and bear any costs arising from exchange rate differences.

11. Invoices unpaid 14 days after the auction date will incur a 5% surcharge and interest of 2% per month from the auction date. If the lot is not paid in full within 30 days, Aiwa Auction reserves the right to exercise one or more of the following remedies:

 (a) Cancel the sale;

 (b) Re-offer the lot publicly or privately; the defaulting buyer will bear all losses and costs of resale;

 (c) Apply any monies received from the buyer or owed to the buyer by Aiwa Auction to the buyer’s debts to Aiwa Auction;

 (d) Sue for breach of contract. The buyer shall bear all costs and expenses, including legal fees.

12. Descriptions in the catalogue are objective statements and not guarantees. Buyers may return lots with incorrect descriptions only if they notify Aiwa Auction within 7 days of receipt (and no later than 30 days after the auction date) and return the lot within 7 days in its original condition. If Aiwa Auction disagrees with the return, it may send the lot for expert appraisal at the buyer’s expense (waived if appraisal is negative). Illustrated lots or lots with color photos in the catalogue or website may not be returned due to detail or color discrepancies. Lots described as defective cannot be returned for undisclosed defects. No returns after 30 days except those awaiting expert appraisal. The following lots may not be returned for any reason:

 (a) Lots containing 5 or more items except full banknote sets;

 (b) Lots marked as not guaranteed.

13. Single lots may be returned only if expert appraisal finds them not genuine. Buyers must:

 (a) Notify Aiwa Auction in writing within 20 days;

 (b) Pay full amount before appraisal.

Aiwa Auction and buyer agree on the expert. The buyer bears appraisal costs unless the result is negative, then costs are waived. If appraisal finds the lot not as described, the sale is canceled and the buyer refunded full purchase price including commission. Conditions in 12 (a) and (b) still apply. Lots with existing certificates cannot be returned for authenticity or other reasons. Defective items cannot be returned for undisclosed defects revealed by appraisal.

14. Risk passes to the buyer upon the hammer fall, but ownership does not transfer until full payment is made. Lots can be collected at Aiwa Auction’s office during business hours from the first working day after the auction. Lots bought by postal or other absentee bids will be shipped at buyer’s risk and expense. Storage charges apply after 30 days.

15. If a Chinese summary of the lots is provided, it is for reference only and does not include defects. The English description is official and binding. No returns based on discrepancies in the Chinese summary.

16. Aiwa Auction’s liability is limited to refunding wrongly described or non-genuine lots as per 12 and 13. Claims are limited to purchase price only. No liability for consequential loss.

17. These auction rules and related rights and obligations are governed by Hong Kong law.

18. In case of conflict, the English version prevails over the Chinese translation.

19. (a) Postal banknotes must be declared at face value; no insurance claims otherwise.

 (b) Lots marked * are previewed and collected in Shanghai, China.

 (c) Payment can be made in HKD or USD.