GENERAL TERMS AND CONDITIONS

OstLicht Auction Shanghai

The English translation are for reference only. In case of any discrepancy, the Chinese version shall prevail.

All bidders participating through telephone, online, or in-person bidding are advised to carefully read these auction terms to understand the auction item details, starting price, bid increments, auction time, deposit requirements, payment methods, delivery methods, and other important information.

By signing the „Bidding Agreement“, filling out the „Bid Registration Form“, and receiving the bidding paddle, or leaving bids in general the bidder unconditionally accepts and agrees to abide by these auction rules and fully understands the actual condition of the auction items.

This auction is held publicly and conducted under commercial regulations and relevant laws and regulations. We reserve the right to correct any errors or misprints in this catalog. Descriptions of auction items may also be corrected in the online catalog before the auction. If bidders are unable to attend the preview in person, they may request auction-related information via email. Detailed photographs of each auction item are available on our Chinese website: www.lidong-auction.com and the Austrian website www.ostlicht-auction.com

Bidders may place absentee bids or participate in the auction through these websites and other online platforms. Bidders must provide detailed identity information, email address, telephone number, and the highest hammer price they are willing to pay in RMB. The bids submitted by the bidder will be considered their maximum bid. The final payment amount will be based on the invoice we send.

We reserve the right to request bidders to pay a deposit according to the Bidding Agreement. Telephone bidders will be contacted by us before their designated lot is up for auction. However, we cannot guarantee a successful phone connection, and we recommend bidders participate through the website or other channels. The auction house will provide also telephone bidding in English language.

In-person bidders must present identification and proof of deposit payment before the auction begins to receive a bidding paddle.

The final purchase price of the auction item includes the hammer price plus a 20% service fee (including VAT).

For bids placed through online real-time auction platforms (such as „Epai Global“ or “LiveAuctioneers”), additional platform service fees may be charged according to the platform’s requirements. Participants can also choose to bid directly through our Chinese website (www.lidong-auction.com) or leave absentee bids until 24 hours prior to the auction on the Austrian website (www.ostlicht-auction.com) without additional platform service fees.

The auctioneer has the right to refuse any bid.

The starting price is the RMB price indicated in the catalog unless a higher absentee bid exists.

Bid increments are determined by our published increments. In the case of multiple identical maximum absentee bids, the first submitted absentee bid will be given priority. In principle, bids lower than the starting price will not be accepted. All quotes and invoices are priced in RMB and must be paid in RMB.

In-person bidders raise their paddles during the auction to indicate acceptance of the current bid price. Online and telephone bidders are also bound by their bids once confirmed by the auctioneer.

Bidders must be responsible for their bids at any price level. Once identified as the highest bidder, they cannot withdraw. In-person bidders should sign the „Transaction Confirmation“ on the spot. Telephone and online bidders should also promptly complete the „Transaction Confirmation“ as instructed by our official customer service or system prompts.

Ownership of the auctioned items transfers to the buyer after full payment. Buyers must collect their purchased items in a timely manner. Once sold, items cannot be returned.

The auction house will store the auctioned items for up to 14 days after the auction. After this period, the risk of loss transfers to the buyer.

Only after full payment of the hammer price, service fees, and other charges can the buyer collect the purchased items.

Unless otherwise agreed with the auctioneer, in-person bidders must pay and collect their items immediately after the auction ends. For items won via telephone or online bidding, the buyer will receive an invoice containing bank details. This invoice must be paid in full within 10 days of receipt, including any bank fees (if applicable). Late payments will incur penalties as outlined in the Bidding Agreement, and such penalties and losses may be deducted from the deposit.

Packaging (if any), transportation (if any), and insurance costs (if any) will be itemized in the invoice and calculated at cost. Provided full payment has been made, buyers must collect their purchased items within 14 calendar days from the date of sale. Items not collected within this period will be considered abandoned, and we may dispose of them at our discretion.

In case of late payment or non-payment, the buyer will bear the relevant penalties and all damages and subsequent costs as per the Bidding Agreement. Unpaid or partially paid items may be re-auctioned. In this case, the original buyer will be responsible for any shortfall and will have no claim to any possible surplus.

All auction items can be viewed in person before the auction. Potential buyers can request a more detailed condition report and additional images via email. The online catalog also provides detailed images for a better understanding of the items. Bidders must read the lot descriptions and fully understand the item during the preview period. If no false information is provided by the consignor, the transaction cannot be canceled after the sale for reasons such as insufficient understanding of the auction items or any other reason. However, if the buyer finds significant fraud in the auctioned item during inspection upon collection, they should refuse to accept the item and lodge a complaint with us. Despite the catalog description, the auction company does not guarantee the technical functionality of the auction items. If the complaint is upheld, the buyer is entitled to a refund of the purchase price and service fee (without interest).

Matters not covered by these rules are subject to the „Consignment Auction Contract“ and „Bidding Agreement“ issued by us.

This auction catalog and other explanatory materials are not formal publications but serve as previews and introductions to the auction items.

The auction catalog is primarily based on information provided by the seller and offers reference descriptions and images of the auction items’ names, specifications, materials, and age. These may differ slightly from the actual items and do not constitute a guarantee from us. Buyers should rely on the actual items, and we bear no responsibility for any discrepancies in the data.

Any disputes arising between parties participating in our auction under these rules that cannot be resolved through negotiation shall be submitted to the court at our place of business.

OstLicht Auction Shanghai