CONDITIONS OF SALE

1. Before, during, and after all auctions, Gelardini and Romani Wine Auction Limited and its successors and assigns (“GR”) act only as agent for the owner (the “Seller”) of each grouping of wine specified in this catalogue and subject to a separate bid at auction (a “Lot”). The contract for the sale of each Lot is therefore made between the Seller and the highest bidder accepted by the auctioneer (the “Buyer”). These Conditions of Sale/Purchase Agreement (this “Purchase Agreement”), together with the instruments captioned (i) Legend, (ii) Collection and Shipment of Wines, (iii) Personal Data Collection Statement and (iv) Absentee Bids Forms, as published by GR and in effect from time to time, constitute the terms on which the Buyer may bid and buy at auctions conducted by GR. These terms may be amended by addendum, errata, posted notices, or oral announcements made before or during any auction.

2. GR has attempted to describe each Lot in this catalogue accurately; however, GR shall not be liable for any description and makes no express or implied representation, warranty, or guarantee regarding the origin, physical condition, quality, rarity, authenticity, value, or estimated value of any Lot. GR also retains the absolute right to amend at any time and in any manner any description of any Lot. Classifications in the text are for identification purposes only and are based on standard sources. Buyers must make appropriate allowances for natural variations of ullages, conditions of cases, labels, corks, and wine. Each statement contained in this catalogue and each other statement, whether oral or written, and whether made in an advertisement, bill of sale, addendum, notice, or announcement is a statement of opinion only, and shall not be relied upon by any bidder. Images appearing in this catalogue or elsewhere are for illustrative purposes only and may not be relied upon to reveal imperfections in any Lot. Prospective bidders must satisfy themselves by inspection or other means as to all considerations pertinent to any decision to place any bid. EACH LOT IS SOLD “AS IS” except as provided in paragraph 18.

3. Prior to each auction, prospective bidders must complete and sign a registration form and provide identification and proof of age. GR shall require the production of credit card information or bank or other financial references and retains the right, at GR’s absolute discretion, to refuse any prospective bidder admission to or participation in any auction. By participating in the auction and providing GR with credit card information, each Buyer consents and authorizes GR to charge all payments described here in to such credit card at any time.

4. Unless otherwise indicated, all Lots shall be sold in Hong Kong dollars and all Hong Kong auctions shall be conducted in Hong Kong dollars. All accepted bids in currency other than Hong Kong dollars will be converted to Hong Kong dollars by the then prevailing exchange rate prescribed by The Hongkong and Shanghai Banking Corporation Limited, at which point the respective bids will be rounded up to the nearest valid bid increment as necessary.

5. Unless otherwise indicated, the respective price shown in this catalogue for each lot is the reserve price established for each Lot. GR reserves the right to raise the reserve price at any time prior to the time the Lot is opened for bidding. Should bidding not meet the reserve price, GR may protect such reserve by bidding on behalf of the Seller. Sellers have agreed not to enter a bid or to cause a bid to be entered on any Lot of which they are the owner. GR further reserves the right to offer for sale at auction lots consisting of wines owned by GR.

6. Unless otherwise announced by the auctioneer, all bids are per Lot in consecutive numerical order as they appear in this catalogue. GR retains the absolute right to withdraw or to divide any Lot or to combine any two or more Lots. The aforesaid right may be exercised by GR in any manner.

7. Before or during the auction, the auctioneer and / or auction director has the right, in his sole discretion, to refuse any bid and to advance the bidding in such a manner as he may see fit. Bids otherwise shall be entered in the order in which they are received; provided however, neither GR nor its staff shall be responsible for any failure to enter or any error in entering such bids. Subject to fulfillment of all the conditions set forth herein, the highest bidder accepted by the auctioneer will be the Buyer and the striking of the auctioneer’s hammer marks the acceptance of the “final bid” and the creation of a contract for sale between the Seller and the Buyer.

8. In the event the catalogue lists a sequence of Lots carrying the same estimates and consisting of the same type of wine, quantity, and bottle size, in the discretion of the auctioneer, the Buyer of the first Lot may have the option to buy any or all further Lots in the sequence for the same hammer price. If the option is not exercised on all such Lots, the auctioneer will open bidding on the next unsold Lot and may, in his discretion, offer the Buyer of that Lot the option to take any or all of the remaining Lots in the sequence. Bidding shall continue in the same manner until all Lots in the sequence have been offered and declared sold or unsold by the auctioneer.

9. In the case of error or dispute, whether during or after the auction, the auctioneer or auction director has the absolute right to determine the successful bidder, to continue the bidding, to cancel the sale, or to reoffer and resell the Lot in dispute. The decision of the auctioneer or auction director is final, binding, and conclusive in all aspects. At the fall of the hammer, title to and all risk regarding the Lot pass to the Buyer. By participating in the auction, each Buyer represents and warrants to GR that he, she, or it is at least eighteen years old, has the legal authority, right, and capacity to purchase, receive, and possess any Lot purchased.

10. [GR will enter written, absentee bids delivered to GR prior to the sale as a courtesy to bidders who are not present at the auction in person, by an agent, or by telephone. If written bids on a particular Lot for identical amounts are received, and, at the auction, these are the highest bids on the Lot, the Lot in question will be sold to the bid received first. The entry of written, absentee bids is undertaken subject to obligations of GR extant at the time of the auction and GR shall not be liable for any error or omission which occurs in affording such courtesy.

11. Prospective bidders may make arrangements with GR, such as providing GR with their credit card information and completing the absentee bid forms, prior to the commencement of the auction, to participate in the bidding by telephone. Telephone bidding is offered as a courtesy to bidders who cannot be present at the auction in person, by an agent, or by written, absentee bid. If telephone bids on a particular Lot for identical amounts are received, and, at the auction, these are the highest bids on the Lot, the Lot in question will be sold to the bid received first. If a telephone bid on a particular Lot is received and at the auction such bid is the only bid on that particular Lot, the Lot will be sold at such bid. The entry of telephone bids is undertaken subject to obligations of GR extant at the time of the auction and GR shall not be liable for any error or omission which occurs in affording such courtesy.

12. A Buyer’s premium of 22% shall be added to the final bid price, the total being the final purchase price. In respect of Buyers who are residents of the European Union only, for any lot which the symbol is shown next to the lot number, no value added tax shall be added to the final bid price and the Buyer’s premium if the relevant lot is being exported to the European Union. Invoices shall be rendered for the final purchase price immediately after each auction and payment is due upon receipt. GR shall retain each Lot sold until the final purchase price has been paid in full. All payments received more than thirty-five (35) days after the sale will be subject to a monthly interest charge of 1.5% per month until invoice is paid in full.

13. Risk in the Lot passes to the Buyer when it is knocked down to the Buyer on the fall of the auctioneer’s hammer in respect of the Lot. Neither GR nor the Seller will be responsible thereafter for the Lot prior to the Buyer collecting it from GR. The Buyer will indemnify the Seller and keep the Seller fully indemnified from and against all claims, proceedings, costs, expenses and losses arising out of or in connection with any inquiry, loss and damage caused to the Lot after the fall of the auctioneer’s hammer until the Buyer obtain full title to it.

14. Buyer shall pay each invoice issued by GR within thirty (30) days from the date of the sale. Payment of any invoice must be made in Hong Kong Dollars, either with cheque or by wire transfer. Credit cards may be accepted for purchases of HK$10,000.00 and less. By providing GR with a credit card, Buyer authorizes GR to charge all payments described herein to such credit card at any time. The Buyer is also responsible for the payment of any applicable tax or permit or licensing fee which GR may be required by law to collect at the time of the payment of the final purchase price.

15. Once payment of the final purchase price has been received by GR in full, and subject to compliance by the Buyer with the other terms and conditions of this Agreement, the Lot or Lots involved will be released to the Buyer. All packaging, handling, transporting, insuring, and delivering of purchased Lots is the sole responsibility and occurs at the sole risk and expense of the Buyer. GR is not responsible for any acts or omissions of any carrier or shipper, including, without limitation, any packaging, handling, transporting, insuring, or delivering of any Lot.

16. Various jurisdictions prohibit importation into or impose limitations on the quantity of alcoholic beverages which may be brought into or shipped from said jurisdiction and may require the purchaser, seller, or shipper to possess certain licenses or permits. GR makes no representation or warranty as to the legal right of anyone to ship, import, or export alcoholic beverages to or from any jurisdiction. GR further assumes no obligation and bears no responsibility whatsoever for applying for or obtaining any such permits or licenses. It shall be the sole responsibility of the bidder to investigate the possibility of such prohibitions, restrictions or limitations and to determine – before bidding at auction – the manner in which alcoholic beverages can legally be brought into any jurisdiction. The denial of any permit or license or any delay in obtaining such permit or license shall neither justify the rescission of any sale nor any delay in making full payment of any Lot.

17. Property sold at auction also may be subject to laws governing exportation from Hong Kong and import restrictions of foreign countries. It shall be the sole responsibility of the Buyer to determine whether an export or import permit or license is required and to obtain any required export or import permit or license. The denial of any permit or license or any delay in obtaining any such permit or license shall neither justify the rescission of any sale nor any delay in making full payment of the Lot. In addition, local laws may prohibit the importation and/or the resale of wine and, no such prohibition shall justify the rescission of any sale or delay in making full payment for any Lot.

18. If, within ninety (90) days after the auction, the Buyer of the Lot notifies GR in writing that such Lot is short or is unsound or that any statement in the relevant offering of such Lot is not well-founded, GR, in its sole discretion, may decide such claim as between the Buyer and Seller by inspection or by such other means as it sees fit. Having decided any such claim, GR may direct that the sale stand or be rescinded and that the purchase price be refunded in whole or in part. GR’s decision as aforesaid will be final and binding on the Buyer and no action shall be brought by Buyer against GR in connection with any such claim. The refund to purchaser of the purchase price paid by purchaser for the wine shall be purchaser’s sole and exclusive remedy, and such remedy only shall be available if purchaser returns the wine as expressly permitted hereby in the same condition as purchaser received it from GR. GR shall not in any event be liable for any indirect, special, punitive, consequential, loss of profit or other like damages, and GR’s maximum liability shall be the amount paid by purchaser for any wine that is subject to return as permitted hereby. Consignor shall have no other liability of any nature or kind under this agreement, in tort or otherwise, whether at law or in equity, with respect to this agreement or the offer, purchase and sale of any wine comprising the purchase and sale of the wine.

19. Unless otherwise agreed by GR, any Lot not collected by the Buyer within thirty (30) days from the date of the auction sale will be removed to storage and the costs of packaging, handling, removing, insuring, and storing in connection therewith shall be assessed as set forth in the “Collection and Shipment of Wines” document, which is a part of this Purchase Agreement. Any such Lot will be released from storage only after payment in full of the aforesaid costs.

20. If the Buyer fails to make payment in accordance with these Conditions of Sale within thirty (30) days from the date of the sale, GR shall be entitled, in its absolute discretion: (i) to cancel the sale; (ii) to resell the property publicly or privately for the account and risk of the Buyer and to charge the Buyer for any deficiency in the amount of the final bid in the resale relative to the final bid placed by the Buyer, along with all costs and expenses of both the initial sale and the resale at GR’s regular rates and the buyer’s premium due in connection with the initial sale; (iii) to set off against any amounts which GR may owe the Buyer all sums due from the Buyer; (iv) to exercise all the rights and remedies of a Person holding a first priority, perfected security interest in any property in GR’s possession owned by the Buyer; (v) to collect from the Buyer the total amount due plus any loss, cost or expense incurred by GR in effecting such collection; (vi) to Charge the Buyer interest at the rate of 18% per annum on all sums due from the Buyer; (vii) to collect from the Buyer liquidated damages equal to 50% of all sums due from the Buyer; (viii) to collect from the Buyer the fees and disbursements of legal counsel to GR incurred in exercising any one or more of the rights or remedies set forth in this Agreement; (ix) to reject at any future auction bids made by or on behalf of the Buyer; (x) to exercise any right or remedy against the Buyer available to the Seller; and (xi) to assert any other rights or remedies available at law or in equity. GR may, in its discretion, exercise any one or more of the preceding remedies and any combination thereof.

21. Buyer shall indemnify, defend, and hold GR, its officers, directors, employees, and agents, harmless from any loss, expense (including the fees and disbursements of legal counsel), liability, cost, or damage incurred by reason of: (a) any breach of warranty or any breach of this Agreement by the Buyer; (b) any inaccuracy of any certificate, document, or instrument, delivered by Buyer pursuant to or in connection with this Agreement; (c) any act or omission of the Buyer, its agents and employees, adversely affecting the wine comprising the Lot; and (d) any third-party action, claim, suit, proceeding, assessment, or judgment, arising from this Agreement or the performance by GR of its obligations to Buyer under this Agreement.

22. This Agreement (including all instruments incorporated by reference) constitutes the entire agreement between GR and the Buyer pertaining to the subject matter hereof and supersedes any and all prior discussions and agreements between them. This Agreement may not be amended, nor shall any waiver, change, modification, consent, or discharge of any part of this Agreement be granted, except by an instrument in writing executed by both GR and the Buyer. Any failure to enforce any provision of this Agreement shall not operate as a waiver of such provision.

23. In the event that any one or more of the provisions of this Agreement is determined by a court of a competent jurisdiction to be invalid or unenforceable in any respect, the validity and enforceability of all remaining provisions hereof shall not in any way be affected or impaired.

24. This Agreement shall be governed by and construed in accordance with the laws of Hong Kong and each of GR and the Buyer hereby submits to the exclusive jurisdiction of the Hong Kong courts.

25. No provision of this Agreement shall be construed to create any agency, partnership, or other joint enterprise between GR and any Buyer.

26. The copyright in all images, illustrations, and written material produced by or for GR, including the contents of this catalogue, is and shall remain at all times the property of GR and shall not be used by the Buyer, or by any other person, without the prior written consent of GR.

27. By bidding at auction, Buyer agrees that this Agreement, together with the instruments captioned (i) Legend, (ii) Collection and Shipment of Wines, (iii) Personal Data Collection Statement and (iv) Absentee Bids Forms published by GR and in effect from time to time and which are incorporated herein by reference as part of this Agreement, shall become the legal, valid, and binding obligation of the Buyer, enforceable in accordance with its terms.

COLLECTION AND SHIPMENT OF WINES

Storage and Charges

Any wines for which shipping, collection or storage account arrangements have not been made within thirty (30) days of the auction date will be put into Sealed Storage. A prescribed monthly fee will be charged for the Sealed Storage, until the above arrangements have been finalized. Wines will not be released until payment has been received in full and funds have been cleared. If you are paying by personal cheque, please allow five (5) business days prior to release of goods.

Collection of Wine from GR in Hong Kong

Wines will only be available for collection in Hong Kong starting from 20 May 2022. Complimentary pick-up is available by appointment only. Details regarding the location for pick-up will be made available in the invoice. Please schedule your pick-up by contacting GR directly at sagitta@grwineauction.com at least one week in advance. Wines will not be released until payment has been received in full and funds have been cleared. If you are paying by personal cheque, please allow five (5) business days prior to release of goods.

Local Delivery

GR will arrange for delivery of your wine if so requested. Shipping charges are applicable for all deliveries to any location.

Delivery

Delivery can usually be made within one (1) week of your request at a prearranged time. Specified insurance cover while in transit is available at additional cost of 2.5% of the final bid price but only if specifically requested. Remittance for delivery charges must be paid in advance.

Multiple Deliveries or Pick-ups

Any lots that are split into two or more parts for multiple deliveries or pickups shall be subject to a prescribed fee.

Shipping and Taxation

Shipment will be at the Buyer’s expenses, and must be prepaid. A fee of HK$ 1,900 will be added to each invoice for the shipping to Hong Kong. Shipping arrangements for your purchase can be made once payment has been received in full and funds have been deposited into the account of GR. Please allow fifteen (15) business days for the arrangement of international shipments, which may require customs documentation or special routing

attention. All deliveries will be air freight or temperature controlled freight service. In all instances, GR will try to achieve the safest, most efficient and cost-effective method of shipment on behalf of the Buyer. A preparation fee will be charged, and service charges apply. Any loss or damage resulting from shipping wines via any carrier will be the sole responsibility and at the risk of the Buyer or such carrier. As such, compulsory comprehensive insurance at replacement value can be arranged. GR will not be held responsible for any deterioration of wines occurring while in transit. Taxation is determined by the governing body of the final destination of the shipment. Successful bidders are required to comply with the regulations of their respective states, territories, or countries regarding importation of alcoholic beverages. GR assumes no tax liability by virtue of arranging any Buyer’s shipping. GR makes all shipping arrangements based on the under standing that the Buyer is shipping the wine purchased to himself or herself. Insurance coverage does not cover confiscation by any government or law enforcement agency as a result of alleged violations of applicable laws by Sellers, Bidders or Buyers. All shipping must be prepaid.

PERSONAL INFORMATION COLLECTION STATEMENT

As a customer of Gelardini & Romani Wine Auction Limited, it may be necessary for you to provide us with your personal information (“Personal Data”) when you apply to us and/or continue to subscribe with us for a service and/or product (“Services”). If your Personal Data is incomplete or incorrect, we may not be able to provide or continue to provide the Services to you.

We shall keep your Personal Data confidential at all times. Our policies and practices with respect to the collection, use, retention, disclosure, transfer, security and access of Personal Data will be in accordance with the laws of Hong Kong and are as set out in this Privacy Statement.

You agree that your Personal Data provided by you to us may be used and retained by us for the following purposes and for other purposes as shall be agreed between you and us or required by law from time to time:

(a) Providing the Services;

(b) Marketing of goods and/or services by us;

(c) Processing of any benefits arising out of or in connection with the Services;

(d) Analysing, verifying and/or checking of your credit, payment and/or status in relation to the provision of the Services;

(e) Processing of any payment instructions, direct debit facilities and/or credit facilities requested by you;

(f) Enabling the daily operation of your account and/or the collection of amounts outstanding in your account in relation to the Services; and You further agree that we may disclose and transfer (whether in Hong Kong or abroad) to our agents, contractors, any telecommunications operators, any third party collection agencies, any credit reference agencies, any security agencies, any credit providers, banks, financial institutions, any other persons under a duty of confidentiality to us and any of our actual or proposed assignees or transferees of our rights with respect to you to use, disclose, hold, process, retain or transfer such Personal Data for the purposes mentioned above.

Under and in accordance with the laws of Hong Kong, you have the right to:

(a) Check whether we hold any of your Personal Data;

(b) Access your Personal Data held by us;

(c) Require us to correct any Personal Data which is inaccurate;

(d) Ascertain our policies and practices (from time to time) in relation to Personal Data and the types of Personal Data held by us.

In accordance with the Personal Data (Privacy) Ordinance, we have the right to charge a reasonable fee for the processing of any Personal Data access request. All requests for access to or correction of Personal Data or information regarding policies and practices and types of Personal Data held should be in written format. Should you have any enquires concerning our Personal Information Collection Statement, you can either write to us at 4th Floor, VC House, 4-6 On Lan Street, Central, Hong Kong, email us at info@grwineauction.com or call us on +852 66824699.