GENERAL CONDITIONS OF SALE ON AUCTION FRAYSSE & ASSOCIÉS is a company organizing voluntary auction sales regulated by Articles L 312-4 and further of the Code of Commerce and acts as the agent of the seller. The relationships between FRAYSSE & ASSOCIÉS and the buyer are subject to the present general conditions of purchase, which can be modified by saleroom notices or oral indications given at the time of the sale and which will be recorded in the official sale record. 1 – Goods put at auction The prospective buyers are invited to inspect any goods in which they may be interested, before the auction takes place, and notably during the exhibitions. FRAYSSE & ASSOCIÉS is at disposal of prospective buyers to provide them with reports about the conditions of the lots. The description of lots in catalogues are made by the Auction house and the Expert who assists it and may be amended at the moment the lot is presented on auction, which will be recorded in the official sale record. The description of goods are made in accordance with the knowledge available at the date of the sale and FRAYSSE & Associés cannot be hold liable for any error or omission. The description concerning the provenance and/or the origin of the item is given upon indications from the seller and FRAYSSE & Associés cannot not be hold liable for any error, omission or false declaration. Dimensions, weight and estimates are given for guidance only. The colors of art works in the catalogue may differ because of the printing process. The absence of statements in the catalogue, condition reports, on labels or in oral statements relating to a restoration, mishap or harm, does not imply that the item is in a perfect state of condition, nor that it is exempt from any restoration, wear, cracks, relining or other defects. Among others, relining, re-parketing or lining or any other conservation measure of the item is not mentioned. Goods are sold in the condition they are in at the date of sale and no claim is admissible after the auction, the buyer being responsible for inspecting and verifying the condition of the item before the sale. Estimates are provided by the Auction house for guidance only and confer no guarantee. They cannot be considered as a giving the certainty that the item will be sold for the estimated price or even within the bracket of estimates. 2 – The Sale Prospective buyers are invited to make themselves known to FRAYSSE & ASSOCIÉS before the sale, so as to have their personal identity data recorded. FRAYSSE & ASSOCIÉS reserves the right to ask any prospective buyer to justify his identity as well as his bank references. Any bidder is deemed acting on his own behalf except when prior notification, accepted by FRAYSSE & ASSOCIÉS, is given that he acts as an agent on behalf of a third party. The usual way to bid consists in attending the sale on the premises. FRAYSSE & ASSOCIÉS reserves its right to refuse access to the sales room for legitimate reasons. Any bidder may file a purchase order by written, or may by telephone or by Internet (online bidding). To this effect, the bidder must fill in a registration form and send bank references two days before the sale. FRAYSSE & Associés takes care without charges of bids by telephone and purchase orders. FRAYSSE & Associés cannot be hold liable in case of problems of telephone contact, malfunctioning of Internet or of Drouot Live, nor in case of mistakes or omissions in the performance of purchase orders and bids. The present general sales conditions prevail over the conditions of use of Drouot Live for online bids. In case of two identical purchase orders, the purchase order made first shall have priority. In case a bid is made in the sales room for an equivalent amount of a purchase order, the bidder who is present in the sales room shall have the priority. The bidder who made the highest and final bid is declared to be the buyer by the hammer stroke and the pronouncing of the word “Adjugé”. FRAYSSE & ASSOCIÉS is authorized to mention on the official record of the sale all information provided for by the buyer before the sale. The buyer will be hold liable for any false declaration. In the event that the auctioneer admits that two bidders made a bid simultaneously for the same amount, the lot will immediately be offered again for sale and all potential buyer will be entitled to bid again. In case the seller has stipulated a reserve price, FRAYSSE & Associés reserves the right to bid on behalf of the seller until the reserve price has been reached. The reserve price cannot exceed the minimum estimate mentioned in the sale catalogue or modified publicly before the sale. FRAYSSE & ASSOCIÉS conducts the auction sales at their discretion and ensures that the liberty of auction is respected as well as the equality between all bidders, in accordance with established practices. FRAYSSE & ASSOCIÉS reserves the right to refuse any bid, to organize the bidding in the most appropriate manner, to withdraw any lot from the sale, to combine or to divide lots. 3 – Payment of the hammer price and auction fees & costs The Sale is made in cash and in Euros. The buyer commits him/herself to pay personally and immediately the hammer price and the fees and costs which are at his/her expense and any taxes which could be due. The buyer will have to give or confirm immediately his/her identity and bank references. In addition to the hammer price, the buyer will have to pay for each lot the following fees, costs and taxes: a) Lots coming from the European Union: The standard rate is 24,7 % including VAT (20,59 % without VAT) and for books 22 % including VAT ( 20,56 % without VAT) This rate may however vary for some sales and potential buyers should consult the particular conditions and announcements of each sale and inform with the Auction house. The rate is also announced at the beginning of the sale on auction. b) Lots coming from non EU countries (mentioned in the catalogue by a * ): In addition to the above-mentioned fees and taxes, VAT on the import is due (currently it is 7 % of the hammer price, 19,6 % for jewelry). Taxes (VAT on fees and VAT on import) may be reimbursed to the buyer on presentation of proof of export of the goods from the European Union. A buyer who has his/her residence or head office in the European Union and submits an intra- Community VAT number will be exempted from paying the VAT on commissions. The buyer may pay by the following means: – Cash: maximum 3,000 Euros including fees and costs for French residents, maximum 15,000 Euros including fees and taxes for non professional foreigners upon presentation of their identity papers and a proof of their fiscal residence; – By check upon presentation of identity papers: in case of payment with a non certified check, only the cashing of the check is considered to be payment – By bank transfer: all costs and fees are for the buyer – By credit card: VISA and MasterCard only – Foreign checks are not accepted. 4 – Collecting of purchases and transfer of risks No lot shall be delivered to buyers before the full payment of all amounts due. In case of payment with a non certified check or by bank transfer, the delivery of the goods shall be differed until the amounts are cashed. From the moment of purchase on auction, the goods are under the entire responsibility of the buyer. The lot must to be insured by the buyer immediately after the purchase. The buyer will have no recourse against FRAYSSE & ASSOCIÉS in case of theft, loss or deterioration of the lot after the purchase, or if the compensation he will receive from the insurer would be insufficient. For sales at Drouot, the lots shall be collected at the storage place of the Hôtel Drouot. Only fragile or very valuable items shall be collected within a delay of 7 days at the premises of FRAYSSE & Associés or at the specialized warehouse of which the address shall be given to the buyer. In any event, all costs for storage and shipping will be at the expense of the buyer and will be billed directly either by the Hôtel Drouot, either by the warehouse, according to their rates in effect. The Auction house cannot be hold liable for storage of goods. The buyer is solely liable and responsible for the shipping of goods and the related costs. FRAYSSE & ASSOCIÉS may invoice the buyer for costs of storage, handling and shipping incurred on behalf of the buyer since the date of the sale. 5 – Default of Payment In case the buyer does not pay within a delay of three months from the date of auction and after a formal notice remained unsuccessful, the item will be put on sale again on « folle enchère » at the request of the seller. If the seller does not make such a request within a delay of three months as of the date of auction, the sale is rescinded as of right, without prejudice of damages due by the defaulting buyer. In any event, FRAYSSE & ASSOCIÉS reserves its right to claim from the defaulting buyer – Interests equal to the legal rate plus five points, – The reimbursement of extra costs resulting from the failure to pay, including storage, transport, catalogue, etc. … – The payment of the difference between the initial hammer price and • either the hammer price of the re-sale on « folle enchères » if it is lower, as well as the costs relating to the re-sale, • or the low estimate of the item, if the sale is rescinded as of right. FRAYSSE & ASSOCIÉS also reserves its right to make compensation by offsetting any amounts due by the defaulting seller. FRAYSSE & ASSOCIÉS reserves its right to exclude from any of its future sales, a defaulting buyer or any bidder who does not comply with the present general sale conditions. 6 – Legislation concerning Cultural Goods The French State is entitled to exercise a pre-emption right on art works pursuant to the rules set forth in Article L 321-9 of the Code of Commerce, right by which the State is subrogated to the buyer. The declaration that the State intends to use this right is made immediately to the Auctioneer or Auction house after the hammer stroke. The decision of the administrative authority must be confirmed within a delay of 15 days as of the auction or the sale. FRAYSSE & ASSOCIÉS cannot be hold liable for the conditions of the pre-emption by the French State. The export of certain cultural goods is subject to a certificate authorizing the free movement of cultural goods. FRAYSSE & Associés and/or the seller cannot be hold liable in case the authorities refuse the certificate. 7 – Applicable Law and Jurisdiction Pursuant to article L. 321-17 of the French commercial Code, civil liability proceedings relating to voluntary auction sales are subject to a five-year limitation period starting from the date of the auction. Any dispute relating to the present sale conditions and to all sales shall be governed exclusively by French Law and shall be submitted to the jurisdiction of the competent Court of Paris, whatever the place of residence of the seller or the buyer. The present general conditions of sale on auction are a translation of the French version for information purposes only. Only the French version is legally binding. In order to settle a dispute that has arisen after the sale between the seller and the buyer, FRAYSSE & ASSOCIES reserves its discretional right to buy the good(s) from the Purchaser and to resell it (them) on its own behalf, pursuant to the conditions set forth in Article L 321-5 II of the Code of Commerce.