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Auteno Auktionen GmbH Dr. Otto Neurath Gasse 3 1220 Vienna, Austria General Terms and Conditions on Catalogue Auctions scheduled for the 21 11 2008 (As of September 2008) 1. Applicability The Auteno Auction Ltd. Auction House (hereinafter called "Auction House") will conduct an auction for movable goods under the following conditions (whereby the acceptance of the conditions is expressed by the making of bids): 2. Basic Auction Regulations a. The auction is conducted on a voluntary basis and according to the currently valid edition of the trade regulation and the present rules of procedure. The auction house auctions on commission for their clients, this means in its own name and for the accounts of the consignors, who will remain unnamed. b. The exhibits scheduled for auction can be examined beforehand. All exhibits are second hand. They will be sold at auction without any changes as to their condition. Catalogue data have been entered to the best of our knowledge and belief, even though they are not part of the conditions as quoted in the contract. The same it is with the nomination at the beginning of the auction. It may happen that damages of an exhibit are not pointed out in every case. The prices quoted in the catalogue represent either the lower or the upper valuation price. c. The highest and lowest valuation prices are quoted in Euros. For Euro - Dollar conversion or other currencies, we will use the exchange rate as of 20 11 2008, which will also be displayed on site during the catalogue auction. Items purchased by auction can only be paid in Euros or US Dollars. 3. Bids, Acceptance a. Basically, only persons who are in possession of a catalogue in which the conditions for the auction are quoted can participate in the auction. b. Before participating in the auction, the bidder has to fill out a bidder's card, including her/his personal data. Bids have to be made audibly and clearly. Auteno.com reserves itself the right to also accept bids made by telephone. For bids made by internet in the course of online auctions, bidders have to take into consideration the regulations set by the EDP program. c. Persons who want to make their bids in writing have to complete the relevant application form, which is enclosed to the catalogue. The completed form must be clearly readable and sent by mail (faxed) to Auteno Auktionen GmbH, Dr. Otto Neurath Gasse 3, 1220 Wien, Austria; Tel.: 0043/1/2831740, Fax 0043/1/2831740-22 no later than two days before the auction, specifying the contact data. Written bids can also be made via Email by sending them to office@auteno.com. They have to arrive at the auction house two days prior to the auction date. d. An exhibit is offered for sale by announcing its catalogue number and the opening bid, which is fixed at the auctioneer's own discretion and normally is 50% of the valuation price. The highest bidder wins the auction. Unconditional winning is possible for bids that are at least as high as the minimum price of sale (seller's limit). e. It is not allowed for people interested in the purchase of exhibits to make agreements among each other with the aim to reduce the maximum bid, to make other people refrain from making bids, to form unobjective auction groups or to offer indemnities for not making bids, and the like. The auctioneer has the right to exclude such persons from the auction. Besides that, such persons will have to make good all losses caused by their forbidden agreement(s). f. The auctioneer will reserve the right exclude persons from the auction without giving reasons for it. g. The auctioneer can combine and separate the number of auction items, vary the scheduled order of their offering or withdraw items from auction. h. An item is normally offered for auction with 50% of its upper valuation price. Bids are made according to the bidding increment table. A bid is accepted when, after the third repetition of the highest bid, no higher bid is made. Bidders are bound to the bids they make. i. The auctioneer can reject a bid; in this case the previous bid is binding. If there are doubts on whether to accept a winning bid or not, the auctioneer can confirm the winning bid or restart the auction of the item. In case more than one person has made a winning bid, the winner will be appointed by lot. j. By accepting a winning bid, the auctioneers and the bidder enter into a contract obliging the bidder to take over the purchased item and to pay for it. This is also the moment, were the purchaser takes over all responsibilities as to possible damages or the loss of the purchased item. k. The auctioneer is not obliged to give the purchaser the name of the consignor. l. For the level of the selling price, the calculation of the surcharge, the consignor fees and the droit de suite fees, the auction protocol is the decisive document. 4. Purchasing Price a. The hammer price will be increased by a 20% extra charge and a hammer fee of 4 Euros as well as droit de suite fees (if applicable). The extra charge includes the legally mandatory turnover tax, which will not be shown on the bill because of the application of difference taxation (according to §25 of the Austrian Turnover Taxation Law). b. The hammer price, the extra charge, the hammer fee and a possible droit de suite fee are payable to the Auteno Auktionen GmbH on invoicing. c. Deliveries to third countries and EU member states (when quoting the VAT ID) are exempt from turnover tax. In case purchasers bring bought items to third countries on their own, the turnover tax will be refunded as soon as the Auteno Auktionen GmbH gets the customs office's proof of export and the proof of import of the country of importation. d. Invoices made out during or immediately after the auction need to be checked. The right to correct errors is reserved. 5. Time for Payment, Payment and Delay in Payment a. The purchaser has to pay the whole purchase price within 8 days after the auction, provided s/he has made the winning bid on her/his own. Absentee bidders (bids made by telephone or in writing) have to pay within 8 days after the invoice date, bidders from abroad within 14 days. No discount will be granted. Payment has to be made to the auction house and free of expense. b. In case of delay in payment, the purchaser will be charged with an interest rate of 5% over the basic rate of interest (Euribor) or 8% over the same rate if the purchaser is a businessman. Additional charges, e.g. for the support provided by a lawyer, are possible. Besides that, the auction house can, in case of delay in payment, either insist on the bill being settled or, after having set an appropriate deadline, withdraw from the contract. In case of a withdrawal, all rights of the purchaser arising from the contract of sale will expire and the auction house is entitled to demand compensation in the amount of the lost money (consignor commission and extra charges as well as droit de suite fees). Compensation can also be calculated by putting the item on auction again, charging the tardy purchaser with the minimum auction proceeds and the costs of the repeated auctioning without consenting him the right to profit from possible additional revenues. The auction house has the right to exclude the tardy purchaser from further auctions. c. In case, a purchaser persistently does not fulfill his duty of payment, the auctioneer can nullify the extra charge and offer the item again for auction or accept a lower bid made by another bidder. d. As to art objects marked in the catalogue with an *, purchasers also have to pay a droit de suite fee. e. The droit de suite fee is 4% of the first 50,000 Euros of the maximum bid (minus the turnover tax, which can be included in the seller commission), 3% of another 150,000 Euros, 1% of additional 150,000 Euros and 0.25% of all following maximum bids exceeding 500,000 Euros, but in no case more than a total sum of 12,500 Euros. For maximum bids lower than 3,000 Euros, a droit de suite fee will not be invoiced. f. The purchased item will only be handed over to the purchaser when the whole payment has been made (including all fees, taxes and other costs incurred since the acceptance of the bid). g. The auction house is rightfully entitled to lien on all items of the purchaser, no matter whether if they were purchased by auction or directly bought at the auction house or if they entered into the possession of the auction house in whatever other way. h. The auction house has the right to count payments against any kind of debt the purchaser still has to clear with the auction house, regardless of the directive given by the purchaser. 6. Reauctioning of Unpaid Items a. For reauctioning, an item can be offered with a starting price lower than the minimum selling or valuation price set for the first auction, regardless of the first maximum bid. b. In addition, the general regulations on auction commissions and fees also have to be applied for reauctioning. Concerning these commissions and fees, the tardy purchaser will be treated as a consignor. c. If the claims of the consignor and the auction house cannot be covered by the result of the reauctioning, the tardy purchaser will be responsible for the losses. 7. Pickup, Shipment and Storage a. The purchaser is obliged to immediately pick up the item after payment. He is only entitled to take over the purchased item after the complete payment of the invoice amount has been made. b. On request, the auction house will take over packing and shipment, but at the purchaser's risk and expense. This service, can, however, be made dependant on the advance payment and the costs incurred by such a service. c. For items not picked up at the end of 8 days as from the invoice date, the auction house will charge a storage fee of 25 Euros per week commenced and per item. 8. Warranty, Liability a. The purchaser is not entitled put forward any objections or claims against the auction house concerning material damages of an item purchased by him. Nevertheless, the auction house will put forward these claims to the consignor, if the purchaser reports these damages to the auction house within one year after the handover/takeover of the item and if he is able to show the necessary objective and legal reasons for doing so. b. Die The auction house will not be liable for the compensation of pecuniary losses, no matter for what legal ground, unless it is charged with malice or gross negligence. 9. Reservation of Property Rights, Compensation, Retention a. An item purchased by auction will only come into the property of the purchaser when it has been completely paid (see chapter 4). In case the purchaser sells is prior to that, he herewith assigns all claims resulting from this resale to the auction house that accepts the assignation. b. The purchaser can only set off against the auction house by means of an indisputable, legally valid claim. c. Purchaser retention rights based on claims resulting from earlier deals made with the auction house are not applicable. 10. Place of Execution and Jurisdiction, Applicable Law a. Place of execution is Vienna. b. Place of jurisdiction is Vienna, if as the purchaser is a businessperson, a legal person under public law or a separate fund under public law, or if the purchaser does not have his main residence in Austria or his whereabouts were not known at the moment of the commencement of proceedings. c. Only Austrian law will be used. The UN Convention on Contracts for the International Sale of Goods (CISG) will not be applied. 11. Post-auction Sale a. The above-mentioned regulations are also to be applied for post-auction sales. Regulations on distance selling are not applicable hereon. 12. Severability Clause a. If any of the above-mentioned provisions or parts of them should become invalid, illegal or unenforceable, this shall not affect the validity or enforceability of any other provision of this document.

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