A Private Collection of a Gentleman (1) Dec 5

1) ARCADIA'S OBLIGATIONS TO THE BUYER Casa d'aste Arcadia s.r.l. (hereinafter "Arcadia") performs sales at auction in its headquarters open to the public, as an agent with powers of representation in the name and on behalf of the seller, under art. 1704, Civil Code. Arcadia does not therefore accept liability to buyers or third parties in general other than the liability derived from its capacity of agent. 2) SALE AT AUCTION 2.1 In order to improve auction sale procedures, all parties interested in competing at auction are required to register their personal details and address and show and provide a copy of an identity document to obtain a numbered"paddle"for bids, before the start of the auction. In parallel the interested parties accept the Terms of Sale and give their consent to the processing of the aforesaid personal data. Arcadia reserves the right to reject bids from buyers who are not registered and after a buyer's non-payment or late payment Arcadia may reject any bid made by that party or their representative during subsequent auctions. 2.2 Lots are knocked down to the highest bidder. The auctioneer conducts the auction and may make the first bids in the interest of the principal. The completed sale between the seller and buyer is formalised by the fall of the auctioneer's hammer. In the event of dispute on a successful bid, the lot will be placed back in the auction sale in the same session on the basis of the last bid received. The auctioneer has the right to withdraw lots from auction, separate or combine lots and if need be vary the order of sale. 2.3 Arcadia accepts bids for the purchase of lots at specific prices on precise mandate. During the auction it is possible that bids be made by internet and by telephone which are accepted at Arcadia's sole discretion and transmitted to the auctioneer. Telephone calls may be recorded. 3) LIABILITY OF THE SELLER AND ARCADIA TO THE BUYER 3.1 Lots offered for sale should be considered used goods or antiques and do not therefore qualify as "products" according to the definition in art. 3 letter e) of theItalian Consumer Code (Legislative decree 206 of 6.09.2005). 3.2 The auction will be preceded by a viewing of the works, during which Arcadia and its experts will be available for all explanations; the purpose of the viewing is to have the authenticity, attribution, condition, provenance, type and quality of the objects examined and to clarify any errors or inaccuracies in the catalogue. Should it be impossible to view the objects directly, a "Condition Report" may be requested at info@astearcadia.com. Any lack of explicit reference to the state of the lot does not imply that the goods are free of imperfections. All objects are sold "as is" therefore, before participating in the auction, potential buyers undertake to thoroughly examine lots of interest to them, possibly assisted by an independent expert. After a successful bid is accepted no objections are allowed and neither Arcadia nor the seller shall be liable for faults related to information regarding the objects in the auction. 3.3 Lots offered at auction are sold in their condition at the time of the viewing, with any relative flaw and imperfection such as breakage, restoration, defects or replacements. These characteristics, even if not expressly stated in the catalogue, may not be considered decisive for disputes concerning the sale. By their very nature, antique goods may have been restored or subjected to various modifications: actions of this type may never be considered hidden defects or counterfeiting. Electrical and mechanical goods are not checked prior to sale and are purchased at the buyer's risk. Clock and watch movements should be considered non-serviced. 3.4 Descriptions and illustrations of lots contained in the catalogues and any other illustrative material are merely indicative and reflect opinions of Arcadia and its experts. They may be revised at any time before the lot is offered for sale. Arcadia shall not be liable for errors and omissions related to these descriptions nor in the hypothesis of counterfeiting since it has provided no guarantee of the lots in the auction. In addition, the illustrations of objects presented in the catalogues, on the screens or in other illustrative material have the sole purpose of identifying the lot and cannot be considered accurate representations of the condition of an object. 3.5 The estimate values stated in the catalogue are expressed in euro and constitute a mere indication. These values may be equal to, higher or lower than the reserve prices of lots agreed with principals. 4) PAYMENT AND COLLECTION; TRANSFER OF LIABILITY 4.1 To the hammer price is to be added the buyer's premium (auction fees) at 29.00% of the hammer price of the lot up to euro 50,000.00. For each part of the hammer price exceeding euro 50,000.00 the buyer's premium is fixed as 21.00% up to euro 500,000.00. For each part of the hammer price exceeding 500,000.00 the buyer's premium is fixed as 11.00%. Any further charge or tax related to the purchase shall in all cases be payable by the successful bidder. 4.2) The buyer shall complete the payment before collecting the goods at their responsibility, risk and expense no later than fifteen days from the end of the sale. In the event of part or entire non-payment of the total amount due by the successful bidder within this period, Arcadia shall be entitled at its discretion to: a) return the goods to the principal, demanding as penalty from the failed buyer payment of the lost sales premium; b) take legal action to obtain compulsory enforcement of the obligation to purchase; c) sell the lot by negotiated contract or in subsequent auctions on behalf of and at the expense of the successful bidder, under art. 1515 Civil Code, in all cases without prejudice to the right to compensation for damage. 4.3) After the above deadline, Arcadia shall in all cases be exempted from all liability to the successful bidder in relation to any degeneration or deterioration of the objects and shall have the right to be paid for each individual lot custodial fees in addition to any refund of expenses for transportation to the warehouse. All liability for loss or damage to the goods shall transfer to the buyer from the time of the successful bid. The buyer may take delivery of the purchased goods only subject to payment to Arcadia of the price and all other applicable premiums, charges or refunds. 5) PERFORMANCE; NOTIFICATION, EXPORT AND PROTECTED SPECIES 5.1 Buyers are required to comply with all applicable legislative provisions in force for objects subject by the State to notification under Legislative Decree 42 of 22.01.2004 (the so-called Cultural Goods Code) and subsequent amendments. In the event that the State exercises the pre-emption right the successful bidder may not claim from Arcadia or the seller any reimbursement of interest on the price and auction fees already paid. 5.2 The export of objects by buyers resident or non resident in Italy is governed by the aforesaid regulation as well as by the customs, foreign currency and tax laws in force. Therefore the export of objects dating from over fifty years ago is in all cases subject to a free movement licence issued by the competent Authority. Arcadia accepts no liability to buyers regarding any export restrictions on lots knocked down or regarding any licences or certificates which the latter must obtain on the basis of Italian law. 5.3 All lots containing materials from protected species such as e.g. coral, ivory, tortoiseshell, crocodile, whalebone, rhinoceros horn etc. require a CITES export licence issued by the Ministry of the Environment and Territorial Protection. Potential buyers are invited to inform themselves from the destination country about the laws regulating such imports. 5.4 The resale right will be payable by the seller under art. 152, Law 633 of 22.04.1941, as replaced by art. 10, Legislative Decree 118 of 13.02.2006. 6) PERSONAL DATA PROTECTION Under art. 13, Legislative Decree 196/2003 (the personal data protection code, in its capacity of data controller Arcadia notifies you that the data supplied will be used, with printed and electronic means, to perform full and complete fulfilment of the sales and purchase contracts stipulated by Arcadia and for pursuit of all other services pertinent to the corporate purpose of Casa d'Aste Arcadia s.r.l. The provision of data is optional but strictly necessary for fulfilment of the agreed contracts. Registration for auctions enables Arcadia to send catalogues for subsequent auctions and other information regarding its business. For further details on data processing and rights you are referred to the complete policy on personal data protection which can be viewed on the website, in the auction catalogue or at headquarters. 7) COMPETENT COURT These Terms of Sale governed by Italian law are tacitly accepted by all parties participating in the sale at auction procedure and are at the disposal of any party which requests them. The court of Rome shall have exclusive competence for any dispute related to sale at auction activities at Arcadia. 8) NOTICES Any notices pertinent to the sale shall be given by means of registered post with delivery receipt, addressed to: Casa d'aste Arcadia S.r.l., Corso Vittorio Emanuele II, 18 - 00186 Rome Italy. Per le condizioni generali in lingua italiana: http:// www.astearcadia.com/it/condizioni-generali-di-vendita