ICONS AND COLLECTION OF RUSSIAN WORKS OF ART

GENERAL TERMS The auction house Baltic Auction Group acts as agent for the seller. It is not a party to the contract of sale that binds the buyer and seller. The following terms and conditions of sale, as well as everything related to the sale, are governed by Estonian law. All legal actions are within the jurisdiction of the Courts of the Estonia. The sale takes place for payment in full and the currency is the Euro . Guarantees Most items auctioned are of considerable age and may exhibit wear, usage, repairs and damage. Therefore, all lots are sold AS IS and neither the Auctioneer nor the Consignor makes any warranties, as to the title, merchantability, fitness, or condition with respect to such lots. All statements contained in the catalog or in any bill of sale, invoice, or elsewhere as to authorship, period, source of origin, measurement, quality, rarity, provenance, exhibition and literature references, or physical condition are qualified statements of opinion and not representations or warranties. Auctioneer and the Consignor are not responsible for errors or omissions in the catalogue or any supplemental material. The liability of the Baltic Auction Group cannot be engaged in the event of dispute regarding the authenticity or condition of an item, since the Baltic Auction Group is bound by an obligation of means. As concerns the condition of the lots offered, note that the lack of reference to the condition in the description given in the catalogue does not imply that the item is free from defects, and certain restorations that do not change its nature and period cannot be a cause of dispute. The item, in the absence of any mention, is considered sold in the state in which it is found. Any potential buyer can exam lots prior to the sale during the preview days and take advantages of experts by self-appointment. No claim shall be accepted once the hammer falls. Execution of the sale and auction All potential buyers must identify themselves beforehand using a registration form made available at the Baltic Auction Group office or compete online on http://bag-auction.eu/. She/he must provide a valid identity card and, if requested, proof of their bank details. Auctioneer can reject any registration without explanation. A card bearing number registration corresponding to the bid in person will be delivered to a buyer who will restore it when leaving the room. It is personal and allows the individual to bid during the sale. If a prospective buyer makes arrangements with Auctioneer to bid via phone prior to the commencement of the sale Auctioneer will use reasonable efforts to contact them to enable them to participate in the bidding by telephone but we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding arising from circumstances beyond our reasonable control. Absentee Bids must be placed in the currency of the place of the sale euros. If Auctioneer receive written bids on a particular lot for identical amounts, and at the auction these are the highest bids on the lot, it will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time of the sale and provided that Auctioneer have exercised reasonable care in the handling of written bids, the volume of goods is such that we cannot accept liability in any individual instance for failing to execute a written bid or for errors and omissions in connection with it arising from circumstances beyond our reasonable control. Potential buyer may participate the live auction by using http://www.liveauctioneers.com/. To place the bids online during the auction buyer should complete the registration form on http://www.liveauctioneers.com/ prior to the sale. Auctioneer can request additional information about buyer as well as reject any registration without explanation. Baltic Auction Group will not be liable for malfunctions, errors or omissions (hardware, software, electronic, human or otherwise). Auctioneer reserves the right to withdraw any property before the sale and shall have no liability whatsoever for withdrawal of property. Auctioneer reserves the right to reject any bid. The highest bidder acknowledged by Auctioneer will be the Buyer. In the event of a dispute between bidders, Auctioneer has final discretion to determine the successful bidder. On the fall of the Auctioneer's hammer, title to the offered lot will pass to the highest bidder acknowledged by Auctioneer, and such bidder thereupon assumes full risk and responsibility and will pay the full purchase price plus Buyer's Premium and any applicable fees (such as sales tax, storage and shipping) IMMEDIATELY upon receipt of invoice. Payment A Buyer's Premium of 20 % (23% for internet bidders Liveauctioneers) plus VAT of the successful bid price will be added to the purchase price and is payable by the Buyer as part of the total purchase price. The sale is strictly carried out for payment in full. The buyer must pay the purchase price, which includes the amount of the hammer price, fees, and taxes, if any: By bank transfer in Euro By Visa or MasterCard with proof of identity. In cash in Euro up to an amount equal to or less than 6,000 If the acquisition is not paid in full, the item cannot be handed over to the buyer. It's prohibited to pay separate lot's from the invoice. Since the Buyer does not pay the whole invoice price Auctioneer may refuse to handle the purchases. It's prohibited to pay by third part except of existence of the presale arrangement in written form. The transfer of ownership from the seller to the buyer occurs only after the Baltic Auction Group has received payment, including commission. The Baltic Auction Group reserves the right in the absence of payment by the buyer, after notice has remained without answer, and after a month (30 days) in addition to other remedies available to Auctioneer and the Consignor by law, including without limitation the right to hold the Buyer liable for the total purchase price, Auctioneer at his option may either (a) appoint 1% per day penny of the total purchase price (b) file a claim to seek hummer price with commission and damages against the defaulting buyer (c) cancel the sale, retaining as liquidated damages all payments (including deposits) made by the Buyer or (d) resell the property either privately or at public auction in either event the Buyer will be liable for any deficiency in the purchase price & all costs & expenses, including: storage fees, handling charges, the expenses of both sales & commissions on both sales at Auctioneer's regular rates, all other charges due hereunder, including attorney fees & incidental damages. In addition, Auctioneer may retain as collateral security for such Buyer's obligations to use, any property, in Auctioneer's possession owned by such Buyer. Collection Where purchases are not collected within 60 calendar days from the date of the sale, whether or not payment has been made, Auctioneer shall be permitted to remove the property to a third party warehouse at the buyer?s expense, and only release the items after payment in full has been made of removal, storage, handling, and any other costs reasonably incurred, together with payment of all other amounts due to us.