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Auction Conditions 1. Validity By his/her personal, written or telephonic participation, by bidding or by placing an order, the buyer/bidder acknowledges the following auction conditions without exception. 2. Auction in commission An auction by Von Zezschwitz Kunst und Design GmbH & Co. KG (below: auctioneer) is effected in the name of the auctioneer and voluntarily in commission for and on the account of the consignor, except for own property of the auction house that is marked individually. There is no right to know the name of the consignor. 3. Personal Duties of Bidders Bidders who are present but are unknown to the auctioneer may be asked for a proof of identity. The auctioneer has the right to turn down a written or oral bidding without giving reasons, if the bidder did not offer sufficient security or references before the auction. New clients or clients unknown to the auctioneer are required to present a relevant bank reference as to financial standing or to make a cash (In House Only) deposit. 4. Bidders' Paddle Numbers Bidders personally taking part in the auction can get a bidder's paddle number during the viewing or before the auction begins. The bidder is liable for a misuse of his bidder's number if he is responsible. 5. Representing another Bidder If the bidding is done in the name of another person, he/she has to inform the auctioneer before the auction begins by giving the name and address of the person he/she represents. In case of doubt, the bidder buys in his/her own name and on his/her own account. 6. Viewing All lots of the auction can be inspected at the indicated times before the auction begins. On the premises each visitor is liable for any damage caused by him/her especially during viewing time. 7. Estimates The prices mentioned in the sales catalogue are pre-sale estimates, not calling-prices and are only an indication for the value of an object or work of art put to auction 8. Calling and Acceptance of a Bid At his sole discretion the auctioneer has the right to begin the calling below the price mentioned in the catalogue, if there is no higher written pre-sale bid. The sale is in EURO. The bidding steps are generally in increments of approximately 10 % of the previous bid or whatever steps the auctioneer thinks appropriate. After being repeated three times, the highest bid is accepted, if there is no other higher bid and if the lowest acceptable price for the consignor is reached. The auctioneer has the right to call lot numbers in sequence different from the catalogue, to combine lots, to separate or to retract them, to accept a bidding with reserve if the minimum price is not reached. In case of a reserve the bidder is bound for 4 weeks to his bid. If during this time he does not get an unreserved acceptance, the bid is invalid. If a reserve is not accepted by the consignor or if another bidder makes a bid equal to the limit, the lot can go to the higher bid without information of the reserve bidder. If there are several persons with the same bid, the lot is drawn. If there is a disagreement, the auctioneer can repeat the acceptance of a bid or can call the lot number again. If the bidder of the highest price does not stand to his bidding, the auctioneer can take legal action. He has, however, also the right to accept the next bid which is lower or to call the lot number again. An accepted bidder is obliged to collection and payment. By hammering all the risks that are not within the responsibility of the auctioneer pass to the buyer: loss, damage, exchange by mistake or dangers of storage. 9. Absentee Bids Persons interested in buying who cannot or do not want to be present at the auction can place a written bid. Written bids must reach the auction house at least 24 hours prior to the auction. For this the absentee bid form in the sales catalogue has to be used, including person, firm, complete address, phone number and signature. Bids by phone, fax or e-mail have to be confirmed in written form with legally valid signature. As to bids arriving later, it is left to the auctioneer's discretion to consider their acceptance. The bid refers exclusively to the lot number, not to the title of the object or work of art. The sum mentioned in the written bid is taken as upper limit for acceptance and is only charged up to the sum necessary to top other bids. Extra charges and VAT are added to the account. Telephone biddings are considered only if they have arrived at 12 o'clock on the day before the auction and if the bidder's name, address and phone number under which he/she can be reached is present in written form with valid signature. Phone bids are only possible above an estimate of EURO 500. Phone bidding means an automatic bidding to the reserve of the lot. This applies also in case the bidder cannot be reached by phone by VON ZEZSCHWITZ during the auction. The auctioneer is neither responsible for the telephone connection nor for the realisation of a phone bidder's acceptance. 10. Hammer Price, Extra Charges, Tax, Additional Costs The hammer price is a net price. Since January 1, 1995, Germany has had a tax differentiation (§ 25 a USTG valid since August 9, 1994). Upon the hammer price a buyer's premium of 27% is levied which contains the legal VAT, which is not mentioned separately (differential taxation) Lots on which this taxation rule is not applied and which have to be put to auction under the regular taxation laws, are marked in the catalogue with an asterisk or the word REGELBESTEUERT. They are taxed with the full VAT tax of 19 %, respectively the reduced VAT tax of 7 % (for original works of art, books); the buyer's premium then amounts to 20%. For similar business enterprises that have the right to deduction before taxes, there is the possibility of regular taxation. Lots and works of art marked as own property are sold on a regular tax basis. In the case of original works of art later than 1900, the auctioneer is legally obliged (Folgerecht, § 26 UrhG) to pass on an extra charge to the Verwertungsgesellschaft Bild-Kunst. The buyer is charged 3% of the hammer price as a contribution to this charge. Lots subject to that regulation are marked in the catalogue either with a lozenge or the indication "Folgerecht" . Export to third countries outside the EU and to similar firms within the EU, that have given their VAT identification number, can be exempted from VAT. In this case the buyer's premium is 20%. The buyer has to reimburse the auctioneer for the costs of export papers and shipment. Buyers who personally export a bought object to non-EU countries, get back the paid VAT in case they can present valid export papers. 11. Post-Auction Sale Lots not sold in the auction can be viewed during a period of four weeks after the auction on our premises and can be bought in a post-auction sale. The price is the catalogue estimate plus 27% extra charge. This includes VAT (differential taxation), respectively the sum of estimate and 20% extra charge plus the full (19 %) or the reduced (7%) VAT (regular taxation). There is no right to a sale on the conditions mentioned. 12. Payment Conditions and Retention of Title Lots bought personally at the auction have to be paid for at once either in cash (In House Only) or by a bank-confirmed cheque. There is no deferment of payment. After a successful written or phone bid, the sum is due within 10 days after receipt of invoice. The auctioneer is not obliged to accept payment in foreign currency. In case foreign currency is accepted, the buyer is also responsible for the whole amount of tax, extra charges, bank fees and loss by exchange. Buyers from abroad are charged the occurring bank fees. In case payment is in arrears, the buyer is responsible for any loss, particularly as far as exchange and interest rates are concerned. For payment in arrears, there is an extra charge of interest at the legal rate. In case the buyer does not pay and collect or is in arrears, the auctioneer can claim the fulfillment of the sale or assessment of damages for non-performance. If the auctioneer claims fulfillment, he/she can claim the hammer price, loss as far as exchange and interest rates are concerned, reimbursement of costs arising from legal steps. In case of such claims, the auctioneer can put the lot to auction again. By hammering, the buyer in arrears loses all rights concerning the lot, but he/she is responsible for any loss. He/she has no right to a higher price obtained. Invoices written during or immediately after the auction have to be verified and may consequently be corrected. Errors excepted. Title in a purchased lot will not pass until the auction house has received the complete payment. Only then the buyer can collect it. Together with the auction account, the buyer receives a form on which to announce collection (after previously informing the auction house) or on which shipment is asked for. In case the buyer wants shipment, he gets a separate shipment bill. After settlement of these two bills, the bought lots will be dispatched promptly. The costs for shipment including insurance fees are calculated as to size, weight and value of the object or work of art. 13. Collection of bought lots/ Shipment/ Transportation Bought lots have to be collected either immediately after or within five workdays from hammering. Pieces of furniture have to be collected within 7 days. Objects that are not collected within that period can be deposited at a carrier's on the account of the buyer. Shipment and transportation are on the account and at the risk of the buyer after he has given a written dispatch order. The buyer may ask for insurance and is obliged to pay for it. The auctioneer insures the lot on his own account at the hammer price in favour of the buyer for the period until collection is due. The auctioneer is not liable for any damage or loss after that time. 14. Exclusions of Guarantee and Legal Liability All lots put to auction may be viewed and investigated prior to bidding. The lots are used objects. The catalogue descriptions have been made to the best of the experts' knowledge; they are not exact descriptions according to §§ 434 ff BGB. The auctioneer is not responsible for any faults or imperfections. Indications of faults have to be made within three days after receipt of the lot, four weeks after the auction at the latest. There is no guarantee for completeness in case of periodicals, series or bundles of paper, they are excluded from any claims. The auctioneer is, however, committed to pass a justified notification of defects against the seller to the buyer if these claims are presented within the limitation period of one year. Towards business firms the auctioneer is only liable for damages if his legal representatives or chief executives have acted intentionally or in gross negligence and if there is not an essential breach of contract.. For any other of his agents the auctioneer is responsible only if he acted intentionally or in gross negligence. Except in case of intention and gross negligence of legal representatives, chief executives or intentional behaviour of other agents of the auctioneer, there is no responsibility as to a compensation of indirect damage, especially for any consequential loss of profit. Except in case of intention and gross negligence from the side of the auctioneer, his legal representatives or his chief executives, responsibility is restricted to typical damages foreseeable at the time of the conclusion of the contract. In case of consumers the auctioneer is responsible only if he acts intentionally or in gross negligence. In case essential contract duties are violated, payment is arrears or the auctioneer cannot perform what he is expected, the auctioneer is liable for any guilty conduct of his co-workers and agents. Except in case of intention or gross negligence of legal representatives, co-workers or other agents, the auctioneer's liability is restricted to the level of typical damages foreseeable at the time of the conclusion of the contract. The afore-mentioned liability exclusions and restrictions against business firms and consumers are not applied in case direct guarantees are given by the auctioneer and for damages of life, body and health as well as in case of mandatory legal regulations. 15. Final Regulations Place of payment is Munich. Court of jurisdiction and place of contract fulfillment is Munich, if the bidder is a business person in the sense of the code of commercial law, a corporate body under public law or special public assets are concerned. Otherwise legal regulations are applied. The legal relations between the auctioneer and the bidder are regulated by the laws of the Federal Republic of Germany; UN business law is excluded, if the bidder is middleman. In case the bidder is consumer, the contract and the AGB is subject to the laws of the Federal Republic of Germany, in case there are no other mandatory legal regulations, especially regulations protecting consumers. These auction conditions are in the same sense valid for post-auction sales and any other private sale of lots. In case one of these clauses is inoperative, the other clauses remain in effect.

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