Auction #40 UNDERGROUND CONTEMPORARY

1. GENERAL PROVISIONS 1.1. The Auction House, as Organizer, operates in the capacity of the Seller's agent. The Purchase-Sale Agreement shall be executed on behalf and in the interest of the Seller. Nevertheless, the Auction House may own a lot (in this case it operates in the capacity of the Seller) and/or may have other legal or financial personal interest in the Lot. 1.2. The Bidding is conducted with the purpose of selling of lots offered on the Auction by the Organizer to its Participants. 1.3. In case of necessity, the Organizer examines the item to establish its authenticity and authorship. 1.4. At the request of the Customer of the Lot the additional examination to establish items' authenticity and authorship may be provided at the expense of the Customer. 1.5. The Organizer makes it possible to all individuals willing to take part in the auction to familiarize with the offered lots on the pre-auction exhibition. 1.6. Participants of auction may not make any claims during the Bidding or when paying for the purchased lots under the fact that they had no opportunity to familiarize with lots prior to the auction beginning. 1.7. The organizer has a right to remove any lot from the Bidding set for sale and marked in a catalogue, at it's own discretion, without explanation of reason. The removal from the Bidding may be conducted prior to the beginning as well as in the process of the Bidding. The Organizer shall inform Customers and Sellers thereof as soon as possible. The Organizer bears no responsibility to auction Participants for any lot removal from the Bidding. 1.8. Prices on the offered lots are set in conditional units (1 c.u. = USD 1 ). All calculations are made in the Ukrainian national currency (hryvnias) at the commercial exchange rate (currency purchase), set by the Closed JSC CB "Privatbank" on the day of calculation, indicated on the following website: www.privatbank.ua. 1.9. The Organizer does not grant the permission to take the art works, purchased on the auction, outside Ukraine. The Customer bears personal responsibility for the receipt of permissions necessary for export, import or other permissions in relation to the lot. Auction House does no statements and gives no guarantees whether there are any import or export limitations in relation to the lot. The refusal to grant a permission or license shall not be ground of voidance or abandonment of the Purchase-Sale Agreement or the lot payment delay. 2. AUCTION ORGANIZER AND PARTICIPANTS 2.1. During the Bidding the Organizer operates through the Auctioneer and the Secretary, in other time through the legal representatives. 2.2. The participants of auction in the capacity of Customer may be the following: 1 Fully capable physical individuals; 2 Legal entities, and their representatives. 2.3. For participating in the Bidding all persons shall go through registration. Persons, who haven't gone through registration, shall not be admitted to take part in the Auction. 2.4. During registration the Customer shall sign the Auction participation statement about the consent to pay the Advance price and about the consent to comply with the Rules and conditions of lots Purchase-Sale Agreement. The refusal to sign such a statement is the ground for refusal in registration. 2.5. Auction House has an absolute right to deny the participant to participate in Auction on its own discretion. Participants shall fill in the Auction participation statement and provide information as well as data required by the Auction House. Participants act on their own behalf, unless they have got the previously written consent of the Auction House to act in the capacity of the representative (agent) of other party. Participants bear personal responsibility for bids on Auction and bear joint responsibility with their principal, if participate in the Bidding in the capacity of a representative (agent). 2.6. Registered Customers get a catalogue and plate with a registration number under which they participate in the Bidding. 2.7. A plate with the registration number (hereinafter plate) of the auction Participant is a proof confirming a right to participate in the Bidding. Customers bear the responsibility for keeping the plates with registration numbers, given out at the entrance to the premises where the Bidding takes place, as well as for the actions of the third parties, taken by them with the use of the plates lost by Customers. 2.8. The Customers shall immediately report to auction administration about the plate loss. 3. OBLIGATIONS OF AUCTION PARTICIPANTS AND AUCTION HOUSE IN RELATION TO LOTS 3.1. Awareness of the Auction House in relation to each lot partly depends on information, provided to the Auction House by the Seller and the Auction House does not conduct thorough examination of each lot. The participants of Auction agree with this fact and take responsibility to conduct an examination and scrutiny, to be convinced about the lots they are interested in. 3.2. Each lot, offered for sale in Auction House is accessible for the examination of Auction Participants prior to the Bidding beginning. Auction House accepts price offers (requests) for lots on the basis of the fact that Participants (as well as independent experts acting on their behalf, to sufficient extent, with consideration of the character and value of lot and Participant's own examination) have fully examined the lot prior to the Bidding beginning and assured themselves of the state of lot and accuracy of its description. 3.3. The participants of Auction confirm that many lots are of certain age and kind, which means that they are not in the ideal state. All the lots offered for sale are in the state in which they are at the moment of Auction conduction (regardless of whether Participants are present on the Auction). The specific defects of lots may be indicated in the catalogue, but Participants shall be aware of the fact that lots may have other defects not explicitly indicated in the catalogue. Illustrations are intended for recognition only and do not give complete information on the actual state of lots. 3.4. Information provided to Participants in relation to any lot, including any estimation, in a written or oral form, including information in any catalogue, comments, shall not be deemed assertion of a fact but rather an expression of opinion of the Auction House. Any estimation shall not be deemed the foreseen selling price or cost of a lot and such estimation may be from time to time revised at discretion of the Auction House. 3.5. The Auction House and the Seller make no statements and give no guarantees in relation to whether one lot or another is copyrighted and whether the Customer acquires copyrights for any lot. 3.6. With consideration of the provisions of clauses 3.1.-3.5. above, Auction House shall take adequate care, providing clear statements in descriptions contained in the catalogue, which is included into his responsibilities as of an auction organizer, in relation to lots, the sale of which is concerned in these Rules and in the view of (?) information given by the Seller to Auction House, (??) awareness and technical knowledge and (???) generally accepted opinions of relevant experts in each case during any clear statements expression. 4. BIDDING ORDER 4.1. The following persons have a right to be present in the premises where the Bidding takes place: Auction Organizers, assisting personnel, registered Customers being physical persons, Customers' representatives - legal entities and individuals, and also persons, invited by Auction Organizers. The Customers' representatives shall have commission statements: representatives of Customers-individuals shall have notarized commission statements, representatives of Customers-legal entities shall have commission statements under the enterprise seal. The representatives' powers shall be stated in the process of Customer registration or before the Bidding beginning. Customers may be present on the Bidding accompanied by third persons, who shall also be registered. 4.2. In the period of pre-auction exhibition, the Auction house may conduct the "Closed auction" during which the Participants shall sign the Auction participation statement about the consent to comply with the Rules and conditions, about the consent to pay the Advance price and about the consent with the Lots Purchase-Sale Agreement. The refusal to sign such a statement is the ground for refusal in registration. 4.3. The Auction House recommends the Participants to participate in the Bidding personally, however it will try to place a remote bidding request, which in opinion of the Auction House is clear and has been received prior to the lot sale. 4.4. Customer willing to purchase any lot offered on auction, having no opportunity to participate in the Bidding, may give a remote bidding request, where the number of lots, and the highest prices for them shall be specified and the agreement with the Auction Organizer shall be concluded. Commission statements are given in sealed envelopes which are unsealed by the Auctioneer before the Bidding beginning. 1 The Organizer shall purchase the indicated lots at the lowest price possible. This service is confidential and is provided free of charge. 2 If the prices in the remote bidding request on identical lot are the same, then advantage is given to the bidder, who placed the request earlier. 4.5. Remote bidding requests, if any, as well as the requests made by phone are given as additional services without an additional payment on the risk of Participant and accepted with an adequate care in relation to other duties of the Auction House during the Auction; Therefore, the Auction House does not undertake responsibility for abstention in the Bidding and non-placement of such requests. The phone requests may be recorded. 4.6. Beginning of the Bidding is determined by the moment of announcement of the first lot, and the end of the bidding is determined by the announcement of the Auctioneer after the last lot sale. 4.7. The Auctioneer declares the number of each lot, its Starting price and Auction step. The further increase of price is conducted with the step declared by the Auctioneer before the declaration of the amount of new step. 4.8. The Organizer represented by the Auctioneer, has a right to set the Starting price and Step, which he considers acceptable, at his own discretion. 4.9. The Auctioneer has a right to reject any price offer at any time, remove any lot from the Bidding, reset the lot for the Bidding, including after the hammer falls, at own discretion, as well as to accomplish any other actions which he or she considers necessary, if an error or dispute may have taken place. 4.10. The Bidding is conducted by way of price increase. The greatest price of relevant lot, which is named by the Auctioneer at the direction of any of the Customers, is the Auction price of this lot. 4.11. Customers increase the lot price by means of lifting the plates with numbers, given out to them by the Organizer at registration. 4.12. The Customer has a right to offer a price of lot, which is more than one step higher than the price established by the Auctioneer. The further price increase is conducted by the Auctioneer basing on the established price, but with the same step. 4.13. With consideration of the provisions of clause 4.8. mentioned above, purchase-sale agreement between the Seller and the Customer is deemed concluded after the third fall of the hammer made by the Auctioneer, thereafter the Customer, who declared the Lot auction price, assumes an obligation to pay the Selling Price for this lot, after the third fall of the hammer. No amendments or refusals of the agreement conditions are accepted after that, ince after the Customer has signed the Auction participation statement the condition of purchase-sale agreement are deemed agreed. 4.14. Organizers have a right to demand the immediate signing of agreement by the Customer immediately after the Auction completion. 4.15. Video, audio recording and photographing are prohibited in the premises where the Bidding is conducted, without previous written permission of the Organizer. 4.16. Customers and other persons shall keep silent, refrain from making gestures, which may be considered by the Auctioneer as an increase of price, unless the Customer intends to increase the price during the Bidding. 4.17. In the case of order and silence violation by persons present in the premises where the Bidding takes place, the Organizer has a right to ask violators to leave the premises. 4.18. These Rules are applied to any post-auction sale of lots, offered to the sale on Auction, as though such lots would be sold on the Auction. 5. ORDER OF PAYMENT FOR LOTS 5.1. In accordance with the concluded purchase-sale agreement the Customer shall pay the Organizer the Selling price of lot (lots), indicated in the agreement (or the Auction Committee Minutes). 5.2. The Selling price for a lot shall be paid by the Customer immediately after the auction completion, unless other terms have been agreed upon with the Auction Organizer. 5.3. The Customer shall also pay to the Organizer the Customer's interest for each item bought on the auction in the amount of 15% from the Auction price of the lot (lots). 5.4. The Customer may pay for the lots bought by him in the following ways: 1 By cash. Money is paid at the cashdesk at Purchase at once or in several stages; 2 By bank transfer. 5.5. If the Customer, who has bought the lots, does not pay for them immediately after the Bidding, he or she shall make the deposit payment in the amount of 30% from the Selling price of the purchased lots and Customer interest to the Auction Organizer, and fully pay the lot in the term indicated by the Organizer (2 days). The right to purchase these items is retained by the Customer during 2 days, starting from the day of the Auction. 5.6. If the Customer fails to pay the entire sum in the established term, the deposit shall not be returned, and the item(s) comes to the Organizer's disposal. 5.7. In case of refusal to purchase the item prior to the end of the established term, 30% of the amount paid by the Participant is to be returned. 5.8. In case of late payment for the lots purchased on the Auction, the Auction House cancels the result of the Auction for this lot. 5.9. The Work of arts purchased on the Auction may be stored at the Organizer's free of charge (at the Customer's will) during 2 days from the date of the Bidding, unless another term has been agreed upon with the Auction Organizer. 5.10. The purchased lots shall not be subject to return and exchange to Auction Organizer. 5.11. The right of ownership on the purchased lot is not transferred until the Auction House receives the Selling price for this lot. 5.12. The Customers, who have purchased the lots shall take them from the premises where the Bidding was conducted, or other place, specified by the Auction Organizer, personally and at their own expense during two days from the date of the Auction. 5.13. All packaging and transportation is conducted at the Customer's risk. The Auction House is not responsible for actions or inactivity of the third parties engaged in packing or shipping. 6. RESPONSIBILITY EXCEPTION AND LIMITATION BEFORE CUSTOMER 6.1. 1 Neither Auction House nor the Seller: 1 bears the responsibility for any error or omission of information provided to the Participants by the Auction House orally or in writing, due to inattentiveness or for another reason, except for the cases provided in clause 3.6. mentioned above; 2 gives no guarantee to Participants and eliminates any implied guarantees and terms (except the ones imposed by law), except for the guarantees that have been directly given to the Customer by the Seller. 3 has no responsibility before any Participant in relation to actions and inactivity (careless or other) of the Auction House in relation to Auction holding or any issues related to any lot sale. 6.2. Auction House bears the responsibility for any violation of these rules by the Seller only if the Auction House is an owner of the lot offered for sale. 6.3. All lots in the sale are sold "as is on photo" and there is no refund or exchange. 7. OTHER PROVISIONS 7.1. The auction organizers shall keep in secret the names of Customers and facts of lot purchase made by them, including the number and price of the purchased lots. 7.2. The Auction Rules are binding on all persons participating in the Auction. 7.3. The references of any persons, who violated these Rules, to the fact that they didn't know the Rules are not taken into consideration. 7.4. If any provision of these Rules is deemed void for any reason, other provisions retain their force. 8. APPLICABLE RIGHT AND JURISDICTION 8.1. These rules and all questions, legal transactions or disputes which they concern or which they are applied to are regulated and interpreted in accordance to the current legislation of Ukraine. 8.2. All disputes arising from these Rules or in connection with them shall be settled by friendly negotiations. 8.3. If as a result of such negotiations the consent is not achieved, any disputes, contradictions or requirements, which arise from these Rules or in connection with these Rules, their non-fulfillment, termination or voidance, shall be resolved in court in compliance with the legislation of Ukraine.