other certificate approved by the Chinese government in the case of the Seller being a natural person. A valid certificate of registration, ID of legal representative or other legal authorization document is required in the case of the seller being a legal entity or an organization. The Seller shall make irrevocable warranties to us and the Buyer with respect to the consigned Lot as follows:

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 regulations;

the Seller has , to the best of his/its knowledge, made a full and complete discourse and described to us with respect to the origin and any flaw or defect of the Lot without any cover-up and fabrication.

All Lots offered are subject to a Reserve, unless otherwise agreed by the Seller and us. The Reserve shall be determined by the Seller and us in writing. The Seller shall authorize us to deduct 10% of the Hammer Price as commission and deduct any other Expenses from the Hammer Price at the same time.

The Seller shall pay the insurance premium, which is 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 us in accordance with provisions in Article 48 hereof, we shall pay the Proceeds of Sale to the Seller in RMB after 35 days since the auction date.

In the case that the Lot is not sold, the Seller shall take back the Lot within one month after receipt of our notice (packing and shipping at the Seller's own expense) and pay us unsold fee and other expenses.