■ Terms of definition
Some of the phrases commonly seed herein are defined as follows:
1. Buyer
"Buyer" means the highest bidder accepted by the auctioning party.
2. Hammer price
"Hammer price" means the highest bid with respect to one particular auction item accepted by the auctioning party.
3. Buyer's premium
"Buyer's premium" means the fee based on a certain percentage of the Hammer price paid by the Buyer; the percentage shall be as prescribed in this Agreement.
4. The Reserve
"The Reserve" means the lowest price agreed by the Company and Seller.
5. Forgery
"Forgery" means the Lot constitutes imitation and the original concept of the imitation and its overall execution result in fraud to cause deception in connection with the author, history, year, age, culture or origin of the Lot, for which the accurate description is not reflected in the catalogue and the value of the Lot on the auction day is for less than the value it should have according to the description in the catalogue, Therefore, no auction item will become a forgery as a result of any damage and/or any repairing in any manner (including repaints).