WATCH AUCTION NO.173

1. The object of the auction (the "Object") will be auctioned by Ineichen Zürich AG, Zurich ("Ineichen"), in the name and on account of the consignor / seller (the "Seller"). The object will be knocked down to the highest bidder (the "Buyer") after three calls and leads to the conclusion of a purchase contract between the Seller and the Buyer. The Buyer expressly acknowledges that Ineichen always acts as a direct representative of the Seller, irrespective of the specific circumstances, so that the purchase agreement is concluded exclusively between the Buyer and the Seller. With every bid made, whether verbal or written, the auction participant accepts these auction conditions. 2. Every buyer is personally liable for the bids he has made orally or in writing, as well as from a knockdown awarded to him and a resulting purchase agreement with the seller. Ineichen may demand proof of its power of representation from persons bidding on behalf of a third party or as a body of a legal entity. A person acting as a representative is jointly and severally liable with the represented person without limitation for the fulfilment of all obligations in this connection. A bid submitted at the auction shall be considered a binding offer until it is outbid or rejected by Ineichen. Ineichen may demand that a bidder unknown to it identifies itself and provides proof of identity. 3. The premium is 24% of the net hammer price corresponding to the highest bid (hammer price without premium and VAT) and shall be paid by the buyer. On the net hammer price, the Buyer shall pay the applicable Swiss value added tax separately; the value added tax owed on the buyer's premium is already included in the premium. Buyers domiciled abroad who present an export declaration duly stamped by the Swiss customs authorities will in principle be reimbursed the value added tax levied on the net hammer price, provided that the value added tax exceeds the amount of CHF 30. It is not possible to obtain a refund of the VAT levied on the surcharge which is already included in it. The buyer explicitly agrees that Ineichen will receive a commission agreed with the seller. 4. The payment of the hammer price plus premium and value added tax according to clause 3. of these auction terms and conditions will be made during the auction or at the latest 10 days afterwards in cash or any other form of payment accepted by Ineichen. In case of late payment, a default interest of 12% p.a. will be charged. The delivery of the object is always effected after the buyer has paid the hammer price in full. Ineichen has a right of retention as well as a lien on the object for all its claims against the buyer. It is authorised to realise the object in accordance with the provisions of the SchKG or to sell it on the open market. 5. If payment is not made on time, the buyer shall be granted a 10-day grace period by means of a reminder. If this period of grace also remains unused, Ineichen may, in the name of the seller, adhere to the fulfilment of the purchase contract. We explicitly reserve the right to claim compensation for the delay and further damages. Alternatively, Ineichen can, after expiry of the extension period, declare withdrawal from the purchase contract in the name of the seller and, after prior consultation with the seller, join the objects purchased by the buyer in a subsequent auction without limitation or sell them by private contract. In such cases, the buyer shall pay, in addition to the premium pursuant to Section 3 of these Auction Terms and Conditions and the difference between the hammer price and any shortfall in proceeds, an additional 20% of the hammer price for the handling of oaks. The buyer has no claim to any additional proceeds. 6. Ineichen reserves the right to combine or separate individual items of the auction catalogue, to offer them out of sequence or not to put them up for auction. Offers, calls for bids and hammer prices below possible limits are permitted. 7. The objects shall be auctioned in the condition in which they are at the time of acceptance of the bid. Every interested party shall have the opportunity to personally inspect the condition of the object at the exhibition preceding the auction. The description of the object in the auction catalogue only has the character of an expression of opinion and does not constitute a guarantee of characteristics. Ineichen is not liable for incorrect descriptions or incorrect statements regarding origin, date, age, provenance, condition or authenticity, nor for other open or hidden defects. With the exception of the following provision, any kind of warranty by Ineichen is completely and as far as legally permissible excluded. 8. If a buyer can prove in writing within 60 days after the auction of an object (knockdown) Ineichen that the object is a forgery, Ineichen can withdraw from the contract of sale on behalf of the seller and pay the knockdown price plus premium and value added tax in accordance with section 8. 3. of these auction conditions if a) the object is returned to Ineichen within 14 days after this notification in the same condition as it was at the time of the knockdown and b) Ineichen has not yet handed over or transferred the hammer price to the seller. Ineichen can demand that the buyer obtains expert opinions from two independent experts at his own expense to prove the existence of a forgery. Ineichen is under no circumstances bound to such expert opinions and explicitly reserves the right to obtain additional expert opinions at its own expense. 9. All claims of the buyer against Ineichen and the seller are limited to the refund of the hammer price plus premium and VAT according to item 3 of these auction terms, against Ineichen however exclusively the refund of the premium. Further or other claims of the buyer against Ineichen and the seller are excluded in full and as far as legally permissible. 10. the use and risk of the objects are transferred to the buyer with the acceptance of the bid. The objects are only handed over to the buyer after the hammer price, premium and value added tax have been paid in full. The Objects can be collected immediately after the auction or at the latest 30 days after the auction after prior notification by telephone at the offices of Ineichen during normal business hours. For objects which have not been collected 10 days after this date, Ineichen is entitled to have them stored at the buyer's expense and risk. If necessary Ineichen offers the transport of the object at the expense of the buyer. 11. The Stadtammannamt Zürich 1 will participate in the auction. Organisation, management, calling, knockdown, recording, collection of the proceeds (hammer price), surrender of the objects and settlement of accounts with the consignors are the responsibility of Ineichen subject to the decision of disputes. Neither the city mayor, his representative, nor the city or canton of Zurich are liable for their actions. 12. All legal relations between Ineichen, seller and buyer are subject to Swiss substantive law, excluding conflict of laws provisions. Place of performance and exclusive place of jurisdiction is Zurich.