Buying & Bidding Information

Prior to bidding, all participants must read the Buying & Bidding Information and the Conditions of Sale contained in this catalog that state the terms governing the purchase of alcoholic beverage products sold at auction. Auctions are operated by: (i) Zachys Asia Limited in respect of auctions which are conducted from Hong Kong; (ii) Zachys Wine Auctions, Inc in respect of auctions which are conducted from anywhere else in the world; and (iv) in respect of online-only auctions, the entity stated in the auction particulars as operator of the auction, (each referred to as "Zachys") acting as agent for and on behalf of the relevant consignor of the goods to be offered for sale (the "Consignor"). By participating in an auction, an auction participant ("Buyer") agrees to be bound by this Buying & Bidding Information and the Conditions of Sale in this catalog (whether in print or online).

Estimates

Catalog lot entries include a description of every lot and an estimated price range that is our opinion of the price expected at auction. Estimates are a guide for bidders and generally reflect prices recently paid at auction for comparable alcoholic beverage products. Each estimate takes into account, among other things, condition, rarity, quality and provenance (history of ownership, to the extent known). Estimates are determined in advance of the sale and are therefore subject to revision. Buyers should not rely upon estimates as a prediction of actual selling prices.

Estimates do not include Buyer's Premium or sales tax. Certain lots may be noted with “Estimate on Request” instead of a printed value in the catalog. Please contact a Zachys specialist for further information and bidding assistance.

Buyers Premium

A 25% Buyer's Premium (exclusive of sales tax) will be added to the successful bid price of each lot purchased and is payable by Buyer, together with all applicable sales tax, as stated in the Conditions of Sale.

Reserves

Unless otherwise indicated, all lots are sold subject to a reserve. A reserve is the confidential minimum price established between Zachys and the Consignor. The reserve will not exceed the low estimate for the lot.

Examination of Wines

Zachys endeavors to select quality wines for auction and uses leading reputable expert(s) to assist Zachys in examining wines for auction. However, to the fullest extent permissible by law, Zachys and any Consignor disclaim any liability arising out of any description or error or omission in any description or any decision by the Buyer to rely on Zachys or any Consignor. Prospective Buyers are urged and advised to examine any lots carefully prior to the auction at our temperature-controlled warehouse and can do so by appointment. Please contact Zachys at +1.914.448.3026 or +852.5803.8244 to set up an appointment.

Bidder Registration

No person shall bid or buy in any auction (or be shipped any property bought in any auction) who has not agreed (either in writing or electronically) to be bound by the Conditions of Sale and this Buying & Bidding Information. If a prospective Buyer has not previously bid with Zachys, a government issued photo identification (such as National Identity Card or Passport) may be required prior to registration for any sale.

If a business organization registers to bid in an auction, a Business Registration or a Certificate of Incorporation and/or proof of director may be required in order to obtain a paddle. Zachys requires a valid credit card for new registrants.

Prospective Buyers may be asked to supply a bank reference to register for the auction. To avoid delay in the release of purchases, please prearrange check or credit approval through our Finance Department at +1.914.448.3026 or +852.2530.1971.

All bidders who wish to attend the auction are asked to preregister for a paddle at least two business days in advance of the auction. If you plan to attend the auction, a Bidder Pre Registration Form is provided in this catalog or at zachys.com. Complete and either fax the form to +1.914.713.8220 or +852.2530.1971 or email the form to bid@zachys.com or asia@zachys.com at least two business days prior to the auction. Bidders should arrive at least 30 minutes before the scheduled sale of the lot on which they plan to bid to retrieve a paddle.

Bidding

Lots are auctioned in consecutive numerical order, as they appear in the catalog. The auctioneer will accept bids from (i) those present in the saleroom, (ii) absentee bidders participating by telephone, online or by written bids provided to Zachys prior to the first session of the auction, or (iii) live over the internet. The auctioneer may also execute bids on behalf of the Consignor's reserve; however, under no circumstances will the auctioneer place any bid on behalf of the Consignor at or above the reserve. The auctioneer will not identify bids placed on behalf of the Consignor. Prospective Buyers who have registered to bid by more than one method (for example, both as an in-saleroom and absentee bidder) must monitor all of their bidding activities (including in-saleroom bids, absentee bids, and online bids) to prevent bidding against themselves. All bids are final and will not be cancelled.

Bidding by Zachys

Zachys reserves the right to bid on any lot on its own behalf, subject to the same terms and conditions applicable to all other Bidders.

Parcel Lots

A parcel is a sequence of lots carrying the same estimates and consisting of the same type, quantity, and bottle size. In this sale the Buyer of the first lot of a parcel will have at the discretion of the auctioneer, the option to take any or all further lots in the parcel for the same price. If the option is not exercised on all lots in the same parcel, the auctioneer will open bidding on the next unsold lot and offer the Buyer of that lot the option to take any or all of the remaining lots in the parcel sequence. Bidding shall continue in the same manner until all lots in the parcel have been offered and declared sold or unsold by the auctioneer. Live Online bidders who purchase the first lot in a parcel will be sent a message requesting that they choose how many additional lots in the parcel they would like to purchase. If the Live Online bidder does not respond to the message, the auctioneer will open the next unsold lot in the sequence.

Bids should be placed on the first lot in a parcel. In the event that a bid is placed on a subsequent lot, Zachys will attempt to move the bid to the first lot in the parcel. An unsuccessful bid on the first lot in a parcel will be carried to the next lot and executed on that lot. If unsuccessful again, the bid will be carried to the next lot in the parcel until all lots have been offered.

Online, Absentee, & Telephone Bids for Live Auctions

Please note: Zachys offers the following services as a convenience to clients. Zachys is not responsible for any error in connection with or failure to execute absentee, telephone or online bids.

Online Bids

Live auctions will open for bidding on our website at www.auction.zachys.com approximately 3-4 weeks before the scheduled live auction date. Bids may be submitted online during this period.

For live auctions, a maximum bid may be entered online. You must confirm the bid to submit it. To simplify the bidding process, Zachys uses predetermined bidding increments. If a maximum bid is entered that does not match a bidding increment, a message will be displayed to provide the increments that are closest to the bid entered. If a maximum bid is submitted, bids will be placed on your behalf only as much as is required to ensure you remain the highest bidder (up to your maximum bid). In cases when two equivalent maximum bids are submitted, the earlier one will hold.

All bids submitted online are immediately executed. You cannot cancel a bid once it has been submitted.

Prospective Buyers may also bid during the live auction on our website at www.auction.zachys.com.

By registering and bidding on the internet, prospective Buyers agree to be bound by the Conditions of Sale. Zachys assumes no responsibility for disputes or errors arising from online bid activity. In the event of a dispute, the auctioneer's declaration of winning bid and paddle number shall be determinative. In the event of communication delays or failures, the auction will not be stopped. Live online bidders should consider providing Zachys with emergency absentee bids.

Absentee Bids

If you are unable to attend the auction in person and wish to place bids, you may give Zachys instructions in writing to bid on your behalf. Zachys' representatives will then try to purchase the lot or lots of your choice for the lowest price possible, taking into account the reserve price and other bids. This service is free and confidential. To place absentee bids, use the form provided herein or at https://auction.zachys.com/. Be certain to accurately record the lot numbers and the highest hammer price you are willing to pay for the lot.

Please note: Your bid amount does not include Buyer's Premium or applicable sales tax. Buyer's Premium and applicable sales tax will be added to the hammer price of each lot.

 Absentee bids must be submitted in consecutive numerical order, or they will not be executed. In addition, please use the bid increments included on the absentee bid form. If bids are submitted incorrectly, Zachys will round your bid up to the next increment. Please place bids as early as possible and at least 24 hours prior to the start of the first session of the auction. In the event of identical bids, the earliest bid received will take precedence. By registering and submitting absentee bids, prospective Buyers agree to be bound by the Conditions of Sale.

Telephone Bids

Prospective Buyers may bid by telephone during the live sale. Telephone bids are accepted only at Zachys' discretion and at the prospective Buyer's risk. Because of limited phone lines in the saleroom, Zachys must confirm arrangements for this service at least 48 hours prior to the start of the first session of the auction. At Zachys' discretion, telephone bids may be limited to lots with a value above 16,000 HKD or 2,000 USD and may be recorded. By submitting a telephone bid, prospective Buyers agree to be bound by the Conditions of Sale.

Bidding in Timed Auctions

Bids can be submitted anytime during the course of a timed auction on our website at www.auction.zachys.com. 

There are two ways to bid: (i) submit the starting/next bid or (ii) submit a maximum bid. You must confirm the id to submit it. To simplify the bidding process, Zachys uses predetermined bidding increments. If a maximum bid is entered that does not match a bidding increment, a message will be displayed to provide the increments that are closest to the bid entered. If a maximum bid is submitted, bids will be placed on your behalf only as much as is required to ensure you remain the highest bidder (up to your maximum bid). In cases when two equivalent maximum bids are submitted, the earlier one will hold. 

All bids submitted online are immediately executed. You cannot cancel a bid once it has been submitted.

By registering and bidding on the internet, prospective Buyers agree to be bound by the Conditions of Sale. Zachys assumes no responsibility for disputes or errors arising from online bid activity.

Taxes

Buyers are responsible for the payment of any tax, tariff, duty or other fee which Zachys may be required by law to charge or remit to any authority in respect of or in connection with the sale.

All bids placed by Buyers are deemed to be submitted exclusive of any sales tax which shall (if required) be payable by the Buyer at the appropriate rate. All such taxes shall be paid by Buyer at the time of delivery to Buyer at Zachys' licensed location. Because title passes from Zachys to Buyer in the state of New York (see Passage of Title and Storage), all sales are subject to New York sales taxes unless the goods are delivered to the Buyer in another jurisdiction under the authority of a permit issued by the recipient state and the collection of sales taxes by the state of the Buyer.

Buyers claiming exemption from sales, use or other tax must provide Zachys with documentation, which, in Zachys’ sole discretion and judgment, is satisfactory evidence of such exemption, prior to the release of property to the Buyer. Buyers claiming such exemption who are licensed dealers of alcoholic beverages must submit resale certificates and a copy of their valid licenses to Zachys prior to registering for the sale. 

All questions regarding tax and exemptions should be directed to Zachys Finance Department at +1.914.874.8034 or +852.2530.1971. 

Owned or Guaranteed Property

Zachys offers property consigned by others for sale at public auction. Occasionally, lots are offered which have in the course of the sale process become the property of Zachys

On rare occasions, Zachys may guarantee a minimum price to the Consignor. Guaranteed lots may also be sold subject to a reserve.

Successful Bid

The fall of the auctioneer's hammer indicates the final bid, at which time the Buyer assumes full responsibility for the lot. Successful bidders will be notified and invoiced within a few days of the sale. Successful Buyers will pay the price of the final bid plus a 25% Buyer's Premium plus any applicable taxes for each lot purchased.

Payment

Payment for all invoices is due immediately upon receipt. 

For timed auction (“zCollections”) purchases: Zachys will auto-charge the credit card on file for the full invoice amount within 48 hours of the sale close.

For live auction purchases: Zachys will auto-charge the credit card on file within 48 hours of the sale close.

In respect of all other purchases, buyers are expected to pay for purchases or balances within 14 calendar days of purchase for live sales and 7 calendar days of purchase for internet sales. At the end of this 14 or 7 calendar-day period (as applicable), Zachys reserves the right to charge the Buyer's credit card on file for any amounts still due.

Zachys reserves the right to cancel the sale of invoices still unpaid on the 31^st day after an auction.

For US auctions, payment is accepted in United States Dollars.

For Hong Kong auctions, payment is accepted in Hong Kong Dollars.

To request payment in another currency, contact Zachys at +1.914.448.3026 or +852.2530.1971. Zachys, in its sole discretion, shall determine the currency exchange rate.

Payment can be made by credit card or bank wire transfer. In the event of third-party payments, Zachys may require an Authorization Letter from both parties. 

Payment by Credit Card

All charges are subject to acceptance by Zachys and the applicable credit card company. Zachys will accept Visa, MasterCard, American Express, Discover and Union Pay. Payment can be made via phone by calling +1.914.448.3026 or +852.2530.1971.

Payments made by credit card will incur a 2% use charge.

When making payment via UnionPay, winning bidder must sign the auction invoice and acknowledge that possession of the wine has transferred from Zachys at time of payment. Signature must be same as the one signed on payslip.

Payment by Wire Transfer

For US Auctions:

Zachys Wine Auctions Inc.

Bank: Hapoalim B.M. New York

1120 Avenue of Americas

New York, NY 10036

Account #: 01091461-01 

ABA #: 026008866

SWIFT: POALUS33

For Hong Kong Auctions:

Beneficiary Bank: HSBC Hong Kong. 1 Queens Road Central Hong

Kong Branch Beneficiary Bank SWIFT: HSBCHKHHHKH Beneficiary

Bank Code: 004 (Optional)

Account Name: Zachys Asia Limited

Account #: 808481808838

When paying by wire transfer, please be sure to reference the invoice number in the details field.

Collection of Purchases

Buyers are expected to remove their property within 14 calendar days of the auction. Prospective Buyers' attention is drawn to the Conditions of Sale, including Condition 9.

Collection & Delivery

It is the Buyer's responsibility to pick up purchases or make shipping arrangements within 14 calendar days of the auction. Unless Buyer is located in the state of New York, Zachys will not automatically arrange for the delivery of purchased products to buyer. For Buyers located outside of the state of New York, Zachys will deliver all alcoholic beverages purchased to an independent New York storage facility for the account of the buyer (see Passage of Title and Storage).

After payment has been received, Zachys can assist in the arrangement of packing, transit insurance, and shipping at the Buyer's expense, direction and request.

Please submit the Collection & Delivery Form to expedite payment and delivery for auction purchases.

Export/Import Permits

Alcoholic beverage products sold at auction may be subject to laws governing export from the jurisdiction where the auction was held and import restrictions of foreign countries. Buyers should always check whether an export license is required before exporting alcoholic beverage products. It is the Buyer's sole responsibility to obtain any relevant export or import license. A delay in obtaining licenses shall neither justify the rescission of any sale nor excuse delay in providing full payment for the lot. Local laws may prohibit the importation of some property and/or may prohibit the resale of some property in the country of importation; no such restriction shall justify the rescission of any sale or delay in making full payment for the lot.

Delivery Restrictions

Prospective Buyers are also reminded that various jurisdictions impose limitations on the quantity of alcoholic beverage products which may be purchased and brought into their jurisdiction by a purchaser from another jurisdiction, without requiring the purchaser, a consignor or shipper to possess certain licenses or permits. Zachys shall not as a condition of sale assume any obligation or bear any responsibility whatsoever for applying for or obtaining the requisite permits or licenses in the event the quantity purchased exceeds said limitations. Therefore, all prospective Buyers are strongly advised to investigate the possibility of such limitations and to determine the manner in which alcoholic beverages shall be brought into the jurisdiction so as to comply with all local requirements.

Shipment of Spirits

Prospective Buyers should be advised there are certain restrictions regarding the shipment of spirits. Many countries and states impose limitations on quantity, high duties, and/or taxes, and prospective Buyers should be aware of export and import restrictions.

Auction Results

To obtain results for the auction, please refer to www.auction.zachys.com.

Translation

The terms and conditions have originally been drafted in English. In the event that any translation of the terms and conditions is prepared, the provisions of the English version shall prevail.

Conditions of Sale

These Conditions of Sale are Zachys' and the Consignor's entire agreement with the Buyer with respect to the property listed in this catalog. The Conditions of Sale and all other contents of this catalog may be amended by posted notices or oral announcements made during the sale. The property will be offered by Zachys as agent for the Consignor, unless the catalog indicates otherwise. By participating in an auction, you agree to be bound by these terms and conditions.

1

This catalog endeavors to describe the property listed herein accurately. However, save as otherwise expressly set out in these Conditions of Sale, and to the fullest extent permissible by law, Zachys and the Consignor shall not be liable for any such description and expressly disclaim any representation or warranty regarding the origin, physical condition, merchantability, fitness for a particular purpose, correctness of catalog description, size, quality, condition, rarity, authenticity, attribution, value, importance, provenance, previous storage conditions or historical relevance of any property herein. Zachys further retains the absolute right to amend at any time and in any manner any description of any property contained in any catalog and shall take reasonable steps to inform Buyers of such change prior to the conclusion of any purchase. Classifications in the text are for identification purposes only and based on standard sources. Buyers must make appropriate allowances for natural variations in ullages, conditions of cases, labels, corks and wine. Each statement contained in any catalog and each other statement, whether oral or written, and whether made at an auction or in an advertisement, bill of sale, addendum, posting, notice, announcement or otherwise, is a statement of opinion only and (subject to the next sentence) shall not be relied upon by any Buyer or otherwise be deemed a warranty or representation.

Images appearing in this catalog or elsewhere are for illustrative purposes only and may not be relied upon to reveal imperfections in any products. Zachys and the Consignor make no representation or warranty, express or implied, as to whether the Buyer acquires any copyright or other reproduction rights in any property. To the fullest extent permissible by law, neither Zachys nor the Consignor shall be liable for errors or omissions in the catalog or any supplemental material. Prospective Buyers are urged and advised to inspect the property before the auction, including the cases, labels, corks and wines, and must satisfy themselves by inspection or other means as to all considerations pertinent to any decision to place any bid. EACH PRODUCT AND EACH LOT HEREIN IS SOLD “AS IS,” AND, TO THE FULLEST EXTENT PERMISSIBLE BY LAW, BUYERS EXPRESSLY DISCLAIM ANY RELIANCE ON ZACHYS, THE CONSIGNOR, OR THE CATALOG. Under no circumstances will substitutes be provided by Zachys; including but not limited to in case of breakage or error in catalog description. No provision of the Buyer & Bidding Information or these Conditions of Sale shall limit or exclude Zachys' or the Consignor's liability for: (i) fraud; (ii) fraudulent misrepresentation; or (iii) death or personal injury arising from its negligence.

2

The purchase price payable by the Buyer (“Purchase Price”) will be the sum of the final bid price (the “Hammer Price”), the Buyer's Premium and the Protection Fee, when applicable, together with any applicable sales tax. The Buyer's Premium is 25% of the Hammer Price. The Protection Fee is 1% of the Hammer Price plus the Buyer's Premium.

3

Zachys reserves the right to withdraw any property or cancel any sale before or at the sale and shall have no liability whatsoever for such withdrawal or cancellation.

4

Zachys reserves the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the Buyer. In the event of any dispute between bidders, or any other issue with respect to the bidder, the auctioneer will have absolute discretion to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the property in dispute.  If any dispute arises after the sale, Zachys' sale record is conclusive.

5

In its sole discretion, Zachys may accept and execute absentee bids (written bids submitted to Zachys prior to the sale), telephone bids and internet bids as a convenience to clients who are not present at auction.

6

Unless otherwise indicated, all lots in this catalog are offered subject to a reserve, which is the minimum price the Consignor is willing to accept. This amount is confidential and will not exceed the low presale estimate Zachys shall act to protect the reserve by bidding through the auctioneer. The auctioneer may open bidding on any lot below the reserve by placing a bid on behalf of the Consignor. The auctioneer may continue to bid on behalf of the Consignor up to the amount of the reserve, either by placing successive bids or by placing bids in response to other bidders.

7

 All alcoholic beverages purchased from Zachy’s are sold in the state of New York, and title passes to the buyer in the state of New York in accordance with the Uniform Commercial Code. All sales are subject to NY sales taxes unless the goods are delivered to the buyer in another jurisdiction under the authority of a permit issued by the recipient state and the collection of sales taxes by the state of the purchaser. If the Purchaser is a resident of a state other than New York, all alcoholic beverage purchases will be delivered to an independent New York storage facility for the account of the buyer, who may arrange with the facility to pick up the inventory in person or arrange for delivery under the law of the purchaser’s state or the ultimate destination of the goods.

8a

Title to the offered lot passes to the Buyer upon the fall of the auctioneer's hammer and the announcement by the auctioneer that the lot has been sold, subject to compliance by the Buyer with all other Conditions of Sale and the Buying & Bidding Information. Title passes to Buyer in the state of New York, where the sale takes place.

8b

The Protection Fee is 1% of the hammer price plus the Buyer's Premium for all arranged deliveries of purchased property. In return for payment of the Protection Fee, purchased property will be protected against breakage, loss, theft or fire and other losses as covered by Zachys' insurance while in transit to the Buyer's declared point of destination. If Buyer elects to decline the protection afforded by the Protection Fee, Buyer thereupon assumes full risk and responsibility for the lot while in transit.

9

No property may be removed from Zachys' premises until Buyer has paid the Purchase Price in full plus all other fees and taxes (inclusive of any taxes due in the location of the auction on Buyers who are not residents of such location) and has satisfied such terms as Zachys, in its sole discretion, shall require. Zachys reserves the right to withhold all property until such time as all outstanding amounts are paid in full from purchases from any prior auction(s). Upon receipt of full payment, Zachys will issue a Release Order, which must be presented in order for Zachys to release purchases made at auction. Subject to the foregoing, all lots are to be paid for no later than 4:30 PM (local time at the place of the auction) on the fourteenth calendar day following the live sale, and on the seventh calendar day following the internet sale, and removed from Zachys' premises at Buyer's expense no later than 90 calendar days after the date of sale. If Buyer fails either to timely remove the purchased lots from Zachys' premises or make timely arrangements with New York Fine Wine Storage to store the purchased lots, Zachys may transfer such property to a public warehouse for the account, and at the risk and expense, of Buyer. If a lot has not been collected within 90 calendar days of the date of sale and Zachys does not transfer the uncollected property to a public warehouse, Buyer will be liable to Zachys for interest, storage fees, and handling charges.

10

Zachys is not responsible for acts or omissions by itself or others in packing or shipping, whether or not the carrier or packer is recommended by Zachys. Packing and handling of purchased lots are entirely at the risk of Buyer. Zachys may, at the request and direction of Buyer and for an administrative fee, make arrangements for the consolidated shipment by common carrier of the purchased lots, provided that Zachys is not liable in any way therefore.

11

If Buyer fails to comply with any of these Conditions of Sale, Buyer will be in default and Zachys may avail itself of all remedies available by law, including, without limitation, the right to (i) hold such defaulting Buyer liable for the Purchase Price including all fees, charges and expenses, (ii) cancel the sale of that lot and any other property sold to Buyer, (iii) resell the property without Reserve at public auction or privately on reasonable notice to the Buyer, (iv) pay the Consignor an amount equal to the net proceeds payable in respect of the amount bid by the defaulting Buyer and then resell the property to a third party without Reserve at public auction or privately on reasonable notice to such Buyer, and/or (v) take such other action as Zachys deems necessary or appropriate. If Zachys resells the property pursuant to clause (iii) or (iv) above, the defaulting Buyer shall be liable for the payment of any deficiency between the Purchase Price and the price obtained upon resale pursuant to clause (iii) and (iv) above and all costs and expenses, including, without limitation, warehousing, the expenses of both sales, reasonable attorneys' fees, commissions, incidental damages and all other charges due hereunder. In the event that such Buyer pays a portion of the Purchase Price for any or all lots purchased, Zachys shall apply the payment received to such lot or lots that Zachys, in its sole discretion, deems appropriate. Any Buyer who fails to comply with these Conditions of Sale will be deemed to have granted Zachys a security interest in, and Zachys may retain as collateral security for such Buyer's obligation to it, any property in Zachys' possession owned by such Buyer. Zachys shall have the benefit of all rights of a secured party under the Uniform Commercial Code or applicable law adopted in the jurisdiction where the auction is held.

12

Payment will not be deemed to have been made in full until Zachys has collected good funds. In the event Buyer fails to pay any or all of the Purchase Price for any lot within 30 calendar days of sale and Zachys nonetheless elects to pay the Consignor any portion of the sale proceeds, Buyer acknowledges that Zachys shall have all of the rights of the Consignor to pursue the Buyer for any amounts paid to the Consignor, whether at law, in equity, or under these Conditions of Sale, or to cancel the sale of any lot unpaid 31 calendar days after sale.

13

Notwithstanding any other terms of these Conditions of Sale, if within 3 calendar days of the date of delivery of the property or 90 days after the sale, Buyer notifies Zachys in writing of a claim that any lot is short, ullaged, or has suffered breakage, then Zachys in its sole discretion will decide any such claim as between the Consignor and Buyer and may rescind the sale and refund all or part of the Purchase Price received. This does not affect any other rights of the Buyer at law or under these Conditions of Sale.

Notwithstanding any other terms of these Conditions of Sale, if a Buyer purchased property that is inauthentic and returns such property to Zachys within 90 calendar days of the date of delivery, then Zachys agrees to rescind the sale and refund the Purchase Price received.

The benefit of this Condition of Sale 13 is not assignable and shall be applicable only to the original Buyer of the lot and not to subsequent assigns, buyers, heirs, owners or others who have acquired or may acquire an interest therein.

At its discretion, Zachys will not always cut the bands on original packaging of younger wines. In such cases, Zachys will not accept returns for any issues the Buyer might discover after the band is cut.

14

Alcoholic beverage products sold at auction may be subject to laws governing export from the jurisdiction where the auction was held and import restrictions of foreign countries. Buyers should always check whether an export license is required before exporting alcoholic beverage products. It is the Buyer's sole responsibility to obtain any relevant export or import license. A delay in obtaining licenses shall neither justify the rescission of any sale nor excuse delay in providing full payment for the lot. Local laws may prohibit the importation of some property and/or may prohibit the resale of some property in the country of importation; no such restriction shall justify the rescission of any sale or delay in making full payment for the lot.

15

Prospective Buyers are also reminded that various jurisdictions impose limitations on the quantity of alcoholic beverage products which may be purchased and brought into their jurisdiction by a purchaser from another jurisdiction, without requiring the purchaser, a consignor or shipper to possess certain licenses or permits. Zachys and Consignor shall not as a condition of sale assume any obligation or bear any responsibility whatsoever for applying for or obtaining the requisite permits or licenses in the event the quantity purchased exceeds said limitations.

Therefore, all prospective Buyers are strongly advised to investigate the possibility of such limitations and to determine the manner in which alcoholic beverages shall be brought into the jurisdiction so as to comply with all local requirements.

16a

For auctions that are held in New York, , the respective rights and obligations of the parties with respect to the Conditions of Sale and the conduct of the auction shall be governed by and interpreted in accordance with the laws of the State of New York. By participating in an auction, whether present in person or by agent, by absentee bid, telephone bid, internet bid or other means, Buyer shall be deemed to have consented to the exclusive jurisdiction of the State Courts of, and the Federal Courts sitting in, the State and County of New York. For such auctions, Buyer's sole and exclusive remedy against Zachys and/or the Consignor for any dispute or injury related to the auction or the property listed in the catalog shall be the rescission of the sale and the refund of the original Purchase Price paid for the lot. This remedy shall be in lieu of any other remedy which might otherwise be available to Buyer as a matter of law or at equity, and neither Zachys nor the Consignor shall be liable, in whole or in part, for any indirect, special, punitive, incidental, or consequential damages, including, without limitation, loss of profits.

16b

For auctions that are held in Hong Kong, the respective rights and obligations of the parties with respect to the Conditions of Sale and the conduct of the auction shall be governed by and interpreted in accordance with the laws of the Hong Kong Special Administrative Region. By participating in an auction, whether present in person or by agent, by absentee bid, telephone bid, internet bid or other means, Buyer shall be deemed to have consented to the exclusive jurisdiction of the Courts of Hong Kong Special Administrative Region. For such auctions, Buyer's sole and exclusive remedy against Zachys and/or the Consignor for any dispute or injury related to the auction or the property listed in the catalog shall be the rescission of the sale and the refund of the original Purchase Price paid for the lot. This remedy shall be in lieu of any other remedy which might otherwise be available to Buyer as a matter of law or at equity, and neither Zachys nor the Consignor shall be liable, in whole or in part, for any indirect, special, punitive, incidental, or consequential damages, including, without limitation, loss of profits.

17

All offers and sales of alcoholic beverage products by Zachys are subject to the local laws governing the sale of alcoholic beverage products in the jurisdiction in which the auction takes place.

18

New York State law requires that Buyers of alcoholic beverages must be at least 21 years of age. Hong Kong law requires that Buyers of alcoholic beverages must be at least 18 years of age. Buyers should observe and comply with the applicable laws relating to the purchase of alcoholic beverages in the jurisdiction where the auction is held. By participating in the auction, each Buyer represents and warrants to Zachys that he, she or it has the legal capacity to purchase, receive, and possess any lot purchased.

19

Zachys does not ship alcoholic beverage products. As an accommodation to Buyers, Zachys may arrange to have property packed, insured, and delivered at Buyer's expense and direction, but (other than as provided in Condition of Sale 8) Zachys shall have no liability or obligation for shipping alcoholic beverage products. Zachys makes no representation, and assumes no obligation, with respect to the legality of shipment of alcoholic beverage products into any jurisdiction. Zachys urges all Buyers to investigate and understand the alcoholic beverage products shipping laws and regulations of the jurisdiction to which they intend the alcoholic beverage products to be shipped prior to the purchase of alcoholic bev