Letters and Autograph Manuscripts

CONDITIONS OF PURCHASE ALDE is an auction sales company, regulated by the law dated July 10, 2000, with a capital of 10 000 euros, registered in Paris. In such capacity ALDE acts as the agent of the seller who contracts with the buyer. The relationships between ALDE 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, which will be recorded in the official sale record. 1. Goods for auction a) The prospective buyers are invited to examine any goods in which they may be interested, before the auction takes place, and notably during the exhibitions. ALDE is at disposal of the prospective buyers to provide them with reports about the conditions of lots. b) The statements by made ALDE about any restoration, mishap or harm arisen concerning the lot are only made to facilitate the inspection thereof by the prospective buyer and remain subject to his own or to his expert's appreciation. The absence of statements ALDE by relating to a restoration, mishap or harm, whether made in the catalogue, condition reports, on labels or orally, does not imply that the item is exempt from any current, past or repaired defect. Inversely, the indication of any defect whatsoever does not imply the absence of any other defects. 2. The sale a) In order to assure the proper organisation of the sales, prospective buyers are invited to make themselves known to ALDE before the sale, so as to have their personal identity data recorded. b) Any person who is a bidder undertakes to pay personally and immediately the hammer price increased by the premium and any which could be due. Any bidder is deemed acting on his own behalf except when prior notification, accepted by ALDE, is given that he acts as an agent on behalf of a third party. c) ALDE may graciously accept to receive some bids by telephone from a prospective buyer who has expressed such a request before the sale, as long as the estimate of the lot is higher than 300 euros. ALDE will bear no responsibility, notably if the telephone contact is not made, or if it is made too late, or in case of mistakes or omissions relating to the reception of the telephone. For variety of purposes, ALDE reserves its right to record all the telephone communications during the auction. Such records shall be kept until the complete payment of the auction price, except claims. d) ALDE may accept to execute orders to bid which will have been submitted before the sale and by ALDE which have been deemed acceptable. Should ALDE receive several instructions to bid for the same amounts, it is the instruction to bid first received, which will be given preference.ALDE will bear no liability/responsibility in case of mistakes or omission of performance of the written order. e) In the event where a reserve price has been stipulated by the seller, ALDE reserves the right to bid on behalf of the seller until the reserve price is reached. The seller will not be admitted to bid himself directly or through an agent. The reserve price may not be higher than the low estimate of the lot printed in the catalogue. f) ALDE will conduct auction sales at their discretion, in accordance with established practices. ALDE reserves the right to refuse any bid, to organise the bidding in such manner as may be the most appropriate, to move some lots in the course of the sale, to withdraw any lot in the course of the sale, to combine or to divide some lots in the course of the sale. In case of challenge or dispute, ALDE reserves the right to designate the successful bidder, to continue the bidding or to cancel it, or to put the lot back up for bidding. g) Subject to the decision of the person conducting the bidding for ALDE, the successful bidder will be the bidder would will have made the highest bid provided the final bid is equal to or higher than the reserve price if such a reserve price has been stipulated. The pronouncing of the word 'adjuge' or any equivalent will amount to the conclusion of the purchase contract between the seller and the last bidder taken in consideration. No lot will be delivered to the buyer until full payment has been made. In case of payment by an ordinary draft/check, payment will be deemed made only when the check will have been cashed. 3. The incidents of the sale a) In case two bidders have bidden vocally, by mean of gesture or by telephone for the same amount and both claim title to the lot, after the bidding the lot, will immediately be offered again for sale at the previous last bid, and all those attending will be entitled to bid again. b) So as to facilitate the presentation of the items during the sales, ALDE will be able to use video technology. Should any error occur in operation of such, which may lead to show an item during the bidding which is not the one on which the bids have been made, ALDE shall bear no responsibility whatsoever, and will have sole discretion to decide whether or not the bidding will take place again. c) So as to facilitate the price calculation for prospective buyers, a currency converter may be operated by ALDE as guidance. Nevertheless, the bidding cannot be made in foreign currency and ALDE will not be liable for errors of conversion. 4. Pre-emption of the French state The French state in entitled to use a right of pre-emption on works of art, pursuant to the laws dated December 31, 1921 and July 10, 2000. The use of this right comes immediately after the hammer stroke, the representative of the French state expressing then the intention of the State to substitute for the last bidder, provided he confirms the pre-emption decision within fifteen days. 5. The performance of the sale a) In addition of the lot's hammer price, the buyer must pay the following premium and fees/taxes: 1) Lots from the EEC: 22,5 % 2) Lots from outside the EEC : In addition to the commissions and taxes indicated above, an additional import VAT will be charged (5,5% of the hammer price). The taxes (VAT on commissions and VAT on importation) can be retroceded to the purchaser on presentation of written proof of exportation outside the EEC. An EEC purchaser who will submit his intra-Community VAT number will be exempted from paying the VAT on commissions. The payment of the lot will be made cash (In House Only), for the whole of the price, costs and taxes, even when an export license is required. The purchaser will be authorized to pay by the following means : - In cash (In House Only): up to 3 000 euros, costs and taxes included, for French citizen, up to 7 600 euros, costs and taxes included, for foreign citizen on presentation of their documents. - By cheque or bank transfer. - By credit card : VISA. b) ALDE will be authorized to reproduce in the official sale record and on the bid summary the information that the buyer will have provided before the sale. The buyer will be responsible for any false information given. Should the buyer have neglected to give his personal information before the sale, he will have to give the necessary information as soon as the sale of the lot has taken place. Any person having been recorded by ALDE has a right of access and of rectification to the nominative data provided to ALDE pursuant to the provisions of the Law dated July 6, 1978. c) The lot must to be insured by the buyer immediately after the purchase. The buyer will have no recourse against ALDE in the event where, due to a theft, a loss or a deterioration of his lot after the purchase, the compensation he will receive from the insurer of ALDE would be insufficient. d) The lot will be delivered to the buyer only after the entire payment of the price, costs and taxes. In the meantime ALDE may invoice to the buyer the costs of storage of the lot, and if applicable the costs of handling and transport. Should the buyer fail to pay the amount due, and after notice to pay has been given by ALDE to the buyer without success, at the seller's request, the lot is re-offered for sale, under the French procedure known as 'procedure de folle enchere'. If the seller does not make this request within a month from the date of the sale, the sale will be automatically canceled, without prejudice to any damages owed by the defaulting buyer. In addition, ALDE reserves the right to claim against the defaulting buyer, at their option: - Interest at the legal rate increased by five points, - The reimbursement of additional costs generated by the buyer's default, - The payment of the difference between the initial hammer price and the price of sale after 'procedure de folle enchere' if it is inferior as well as the costs generated by the new auction. ALDE also reserves the right to set off any amount ALDE may owe the defaulting buyer with the amounts to be paid by the defaulting buyer. ALDE reserves the right to exclude from any future auction, any bidder who has been a defaulting buyer or who has not fulfilled these general conditions of purchase. e) For items purchased which are not collected within seven days from after the sale (Saturdays, Sundays and public holidays included), ALDE will be authorized to move them into a storage place at the defaulting buyer's expense, and to release them to same after payment of corresponding costs, in addition to the price, costs and taxes.

Local Taxes Apply