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GENERAL TERMS AND CONDITIONS OF AUCTION - PIASA "Public auctions are sales which involve the participation of a third party, acting as agent of the owner or his representative, to offer and sell an item of property to the highest bidder at the end of a process of competitive bidding that is open to the public and transparent. The highest bidder acquires the sold item for his own benefit; he is bound to pay the price. Except where specially provided otherwise or for sales made within a purely private circle, these sales are open to any person able to bid and no restriction may be made on the freedom of bidding." (Article L 320-2 of the Commercial Code) The Maison de Ventes (Auction House) PIASA is a public auction operator governed by the provisions of Articles L 321-1 et seq. of the Commercial Code. The Auction House acts as agent of the seller who enters into contract with the buyer. The auctions are subject to these general terms and conditions. PRIOR TO THE AUCTION Appraisal In the catalogue, the appraisal appears after each lot. This is only an indication, the hammer price shall result from free bidding. Appraisals may be given in several currencies. The rounding of these conversions may lead to a slight difference compared to laws on rounding. Indications The lots preceded by an * belong to a shareholder, employee or expert of PIASA. The information notices contained in the catalogue are drawn up with all due diligence, by PIASA and the expert assisting it where relevant, subject to any notifications, declarations or rectifications announced orally at the time of presentation of the item and set down in the minutes of the sale. Potential buyers are invited to examine the items that may interest them and to observe their condition prior to the auction, including in particular during exhibitions. PIASA remains at their disposal to provide reports on the condition of the lots, according to artistic and scientific knowledge at the date of the auction. The dimensions and weights are given for information only. The colours of works reproduced in the catalogue may vary from the actual colours. The absence of reservations in the catalogue does not mean that the lot is perfectly conserved and free of any restorations or imperfections (wear and tear, cracking, lining). The lots are sold in the condition in which they are to be found at the time of the sale. Consequently, no claim will be admissible as of the time of the adjudication, as the lots were available for examination at the exhibition. In the framework of the protection of items of cultural property, PIASA makes all effort within its means to verify the origin of the auctioned lots. In the event of dispute, notably as to the authenticity or origin of the sold items, PIASA, bound by a best efforts obligation, shall only be liable under the express condition of demonstration that it has committed a proven personal wrong. Any liability claim against the Auction House will be barred after the limitation period of 5 years following the sale or appraisal. PIASA reserves the right to withdraw the lot from auction at any time if there is doubt as to its authenticity or origin. THE AUCTION Bidders are invited to present themselves to PIASA SA before the sale in order to enable their personal details to be registered (an identity document will be requested). Any false information concerning the bidder's identity will give rise to his or her liability. If the bidder does not register before the auction, he or she must communicate the necessary information as of the adjudication of the sale of the lot. There are several possibilities for buyers to bid. 1. Bidding in the auction room The usual method of bidding is by being present in the room during the auction. 2. Purchase orders A customer who cannot attend the sale may leave a purchase order. PIASA will act on behalf of the bidder, in accordance with the instructions contained on the purchase order form, and in his or her best interests. If two purchase orders are identical, priority will go to the first order received. 3. Telephone bidding PIASA may carry telephone bids on behalf of a potential buyer. The potential buyer must present himself to the auction house in advance. PIASA cannot be held liable for any difficulty in the telephone connection or in the event of error or omission concerning the receipt of telephone bids. No telephone bids will be accepted for lots where the appraisal is less than €300. Written purchase orders or telephone bids are facilities that are provided to customers without charge. Neither PIASA nor its employees may be held liable in the event of any error or omission in executing them or failing to execute them. 4. Bid Online PIASA cannot be held responsible in the event of dysfunction of the platforms used to bid online. The user must read and accept, without reservation, the conditions of use of this platform. 5. Mandate on behalf of a third party Each bidder is deemed to be acting on his own behalf, however he may inform PIASA in advance that he is acting as agent on behalf of a third party. PIASA reserves the right to accept or refuse the agent's representative status. Requests for purchase orders and telephone bids may be made using the online form available on the site piasa.fr or by using the form provided for this purpose at the end of the auction catalogue. AUCTION PROCEEDINGS The auctioneer is freely entitled to proceed with bidding. Bids made in the auction room will take precedence to online bids. After the hammer fall, the auctioneer cannot take account of any other bid whatsoever. At the time of the auction, PIASA shall be entitled to shift lots, group or subdivide lots, or withdraw lots from the auction. The winning bidder shall be the highest and final bidder, and shall be obliged to give his name and address and an identity document or extract of registration in the trade registry. In the event of dispute at the time the sale is awarded, i.e. where it is shown that two or more bidders have simultaneously made equivalent bids, either spoken aloud or by sign, and claim the item at the same time after the word "adjugé" ("sold") is pronounced, that item shall be immediately put back up for auction at the price offered by the bidders and all members of public present will be able to bid once again. PIASA may use video devices during the auction to present the items put up for auction. PIASA shall bear no liability in the event of a handling error (presentation of an item that is different to the one for which bidding is made) or in the event of dysfunction in the platform permitting online bidding. In the event that a reserve price has been set by the seller, PIASA may carry bids on behalf of the seller until this price has been reached. The lower limit of the appraisal stated in the catalogue cannot be lower than the reserve price, and may be modified up to the time of the auction. Right of pre-emption In accordance with the principles laid down by the French Law of 31 December 1921, amended by the Law of 10 July 2000, the French State has a right of pre-emption over certain works of art sold at public auction. The State will then enter by way of subrogation into the rights of the highest bidder. This right must be exercised immediately after the hammer fall, and confirmed within a period of fifteen days following the sale. PIASA cannot be held liable for the conditions under which pre-emption is exercised by the French State. ENFORCEMENT OF THE SALE The announcement of the sale (adjudication) causes transfer of ownership title. As of the time of the adjudication, the items shall be the entire responsibility of the buyer who must remove them as soon as possible. Transportation of the lots shall be made at the expense and entirely under the responsibility of the winning bidder. The sale is made for payment with immediate value and in euros. No lot will be handed over to buyers before the payment of all sums due. In the event of payment by cheque or by wire transfer, delivery of the items may be deferred until the sums have cleared. The costs of deposit shall in this case be borne by the winning bidder. 1. Auction costs In addition to the hammer price, the winning bidder must pay the following commission and taxes, per lot and in accordance with the relevant price brackets: 30% including VAT (25% excluding VAT + 20% VAT) on the first €150,000 then 24% including VAT (20% excluding VAT + 20% VAT) from €150,001 to €1,000,000 and 14.4% including VAT (12% excluding VAT + 20% VAT) above €1,000,001. For books, in addition to the hammer price, the winning bidder must pay the following commission and taxes, per lot and in accordance with the relevant price brackets: 26,375 % including VAT (25 % excluding VAT + 5,5 % VAT) on the first € 150,000 then 21,10 % including VAT (20 % excluding VAT + 5,5 % VAT) from € 150,001 to € 1,000,000 and 12,66 % including VAT (12 % excluding VAT + 5,5 % VAT) above € 1,000,001. For manuscripts : 30% including VAT (25% excluding VAT + 20% VAT) on the first €150,000 then 24% including VAT (20% excluding VAT + 20% VAT) from €150,001 to €1,000,000€ and 14,4% including VAT (12% excluding VAT + 20% VAT) above €1,000,001. No document showing VAT will be issued, as the company is subject to the margin provided for in Article 297 A of the CGI. Lots having a number preceded by the symbol ƒ are subject to additional costs that may be paid over to the winning bidder on the presentation of customs export documents from outside the European Union. These costs are 6.60% with VAT, (so 5.50% excluding VAT), of the hammer price. Lots having a number preceded by the symbol • are subject to additional costs of 24% with VAT (so 20% + VAT) of the hammer price. For further information, please contact our accounting department at the number: +33 (0)1 53 34 10 17 2. Payment Payment for items, together with applicable taxes, shall be made in euros. Payment must be made immediately after the sale. The winning bidder may pay using the following means: 1. By credit or debit card only in the auction room, or 5 Boulevard Ney 75018 Paris : VISA and MASTERCARD. (American express not accepted) 2. By certified bank cheque in euros with compulsory presentation of a valid identity document, or extract of registration in the trade registry ("Kbis" extract) dating from within the last 3 months for legal entities. 3. By wire transfer in euros: BANK DETAILS HSBC, 26 BD MALESHERBES, 75008 PARIS INTERNATIONAL BANK ACCOUNT NUMBER (IBAN) FR76 3005 6009 1709 1700 3866 868 BIC (BANK IDENTIFICATION CODE) CC FRFRP 4. Cheques drawn on a foreign bank will not be authorised except with PIASA's prior agreement. For that purpose, buyers are advised to obtain a letter of credit from their bank for a value approaching their intended purchase price, which they will transmit to PIASA. 5. In cash: - Up to €1,000 including costs and taxes, where the debtor's tax residence is in France or if acting for the purposes of a professional activity. - Up to €15,000 including costs and taxes where the debtor proves not being having tax residency in France and not acting for the purposes of a professional activity, on presentation of a passport and proof of residence. 3. Default In accordance with Article L 321-14 of the Commercial Code, in the event of failure to pay by the winning bidder, after notice summoning payment has been sent to the buyer by registered letter with return receipt requested and remains without effect, the item shall be re-auctioned on the seller's request; if the seller does not express this request within three months following the sale, PIASA shall be empowered to act in his name and on his behalf and may: - either notify the winning bidder of the automatic rescission of the sale, without prejudice to any damages that may be claimed. The defaulting winning bidder will remain liable to pay the auction costs; - or pursue the enforcement of the sale and payment of the hammer price and auction costs, for its own benefit and/or on behalf of the seller. PIASA SA reserves the right to exclude any winning bidder who fails to pay, or who does not comply with these general terms and conditions of auction, from any future auctions. In this respect, the PIASA auction house is a member of the central registry for auctioneers for the prevention of non-payment (Registre central de prévention des impayés des Commissairespriseurs) with which payment incidents may be registered. The rights of access, rectification and opposition on legitimate grounds may be exercised by the debtor in question by contacting Symev, 15 rue Freycinet 75016 Paris. EXPORTS The export out of France or the import into another country of a lot may be affected by the laws of the country in which it is exported, or imported. The export of any lot from France or the import into another country may be subject to one or more export or import authorisations. Local laws may prevent the buyer from importing a lot or may prevent him selling a lot in the country the buyer import it into. The export of certain items to a country of the European Union requires an export certificate issued by the competent departments of the Ministry of Culture within a maximum period of 4 months following the application. The international regulations of 3 March 1973, known as the Washington Convention (Convention on International Trade of Endangered Species, CITES), have the effect of protecting specimens and species threatened with extinction. The export or import of any lot made of or containing any part (whatever the percentage) of ivory, tortoiseshell, crocodile skin, rhinoceros horn, whalebone, certain species of coral, rosewood etc … may be restricted or prohibited. It is the buyer's sole responsibility to take advice and meeting the requirements of any laws or regulations which apply to exporting or importing any lot, prior to bidding. In some cases, the lot concerned may only be shipped along with an independent scientific confirmation of species and/or age of the specimen concerned, which will be issued at the expense of the buyer. PIASA can, on request, assist the buyer in obtaining the required licenses and independent scientific confirmation. This proceeding will be carried out at the buyer's expense. However, PIASA cannot guarantee that the buyer will get the appropriate license. In the event of refusal of the license or delay in obtaining one, the buyer remains liable for the entire purchase price of the lot. Such a refusal or delay shall not allow for late payment or cancellation of the sale. GOVERNING LAW AND JURISDICTION All of the provisions of the terms and conditions of auction are independent of one another. The nullity of any one of the terms and conditions cannot cause any of the other terms and conditions of auction to be inapplicable. These terms and conditions of auction are drafted in French and governed by French law. Any dispute concerning the interpretation or application of these General Terms and Conditions of Auction shall be brought before the competent French courts of the judicial district in which the registered offices of PIASA are located. TAKING DELIVERY OF LOTS No uplift will be accepted at 118 rue du Faubourg Saint-Honoré, 75008 Paris. All paid purchases may be uplifted 24 hours after the sale at our storage site: PIASA 5 boulevard Ney 75018 Paris (Open from 9- am to 12 pm and 2pm to 5pm). The uplift of the items shall be by appointment only. Entrance via 215 rue d'Aubervilliers 75018 Paris, Level -1, zone C-15 Maximum height of vehicles: 3.90m Withdrawal of the items is done by appointment by e-mail piasa-ney@piasa.fr (Contact: Marion Pelletier | +33 6 40 66 85 74 | m.pelletier@piasa.fr) Items will be kept free of charge for 30 days. Thereafter the purchaser will be charged storage and insurance costs at the rate of €30 + tax, and €3 + tax, per day and per lot and €6 + tax per calendar day and per lot concerning the furniture. Past 60 days, PIASA assumes no liability for any damages that may occur to the lot, it being no longer covered by PIASA's insurance. Protection of personal data Customers of PIASA have a right of access and rectification of personally identifiable data provided to PIASA, as provided for in the Law on Computing and Civil Liberties of 6 January 1978, amended by the Law of 6 August 2004. Since 25 May 2018, PIASA complies with the new European data protection regulations. Shipping Terms Auction House will help arrange shipment, at buyer's expense Storage - 5, boulevard Ney 75018 Paris (métro Porte de la Chapelle) Opening hours: 9am to 12pm and 2pm to 5pm Monday to Friday Contact : Marion Pelletier | +33 6 40 66 85 74 | m.pelletier@piasa.fr