TIMELESS EMOTIONS

CONDITIONS OF SALE These Conditions of Sale govern all aspects of the relationship between Patrizzi, Bidders, Buyers and/or Sellers, as well as their respective agents and representatives, regarding their use of and/or access to Patrizzi's Website, their participation at any Auction, as well as the sale, purchase and/or holding by Patrizzi of any Property. These Conditions of Sale also apply in case of inspections, appraisals, valuations, post-Auction sale or other transaction by or with Patrizzi. Patrizzi may specify or modify these Conditions of Sale at any time and from time to time, by additional and/or by separate terms, conditions and notices for each Auction or other activity carried out by Patrizzi, which specifications or modifications are automatically and entirely incorporated in these Conditions of Sale. These Conditions of Sale may also be amended at any time by posted notices or oral announcements made before any Auction. Whoever: (i) accesses and/or uses Patrizzi's Website; (ii) shows or deposits any Property to Patrizzi; (iii) offers any Property for sale by Patrizzi; and /or (iv) registers for or bids at any Auction and/or purchases any Lot at Auction or at any post-Auction sale from or through Patrizzi, unconditionally agrees to be bound by these Conditions of Sale and by Patrizzi's Website User Terms & Conditions, as well as by Patrizzi's Privacy & Security Policy, and by all the rights and obligations deriving there from. 1. DEFINITIONS a) Auction: means any auction held by Patrizzi, including any sale of Property by Patrizzi at a post-Auction sale; b) Auctioneer: means every representative of Patrizzi who conducts an Auction; c) Bid: a bid in Swiss francs made by a Bidder; d) Bidder: means a person considering, attempting to make or making a Bid at an Auction, whether in person, over the telephone, online via Internet or by any other means and devices, and who can become a Buyer upon a successful Bid; e) Business Day: means any day which is not a Saturday, a Sunday or an official holiday in Geneva, Switzerland; f) Buyer: means the person who makes the highest Bid or offer accepted by the Auctioneer or who buys a Lot at a post-Auction sale, respectively such person's disclosed and duly authorized agent or representative; g) Catalog: means the description of the Lots, listed for a specific Auction, which may occasionally exist in printed form and which is available electronically for each Auction on Patrizzi's Website, along with and subject to any other information, terms, limitations of warranties and/or Conditions of Sale, relating to such Auction; h) Conditions of Sale: means, together with these Conditions of Sale, Patrizzi's Auction Guide, Patrizzi's Website User Terms & Conditions, and Patrizzi's Privacy & Security Policy as set out or referred to in the Catalog or announced by the Auctioneer or posted in the Auction room, which altogether contain the contractual terms and conditions on which Patrizzi contracts with Sellers, Bidders and/or Buyers. i) Exhibition: means an exhibition or viewing of the Lots organized by Patrizzi before an Auction; j) Expenses: means all of Patrizzi's and third parties' charges and expenses which are incurred by Patrizzi on behalf of or because of any Bidder, Buyer and/or Seller, including but not limited to costs for searches, tests and enquiries relating to any Property, costs for cataloging, reproducing and illustrating any Property, reproduction rights' fees, advertising, packing or shipping costs, insurance costs, third party costs for delivering certificates of authenticity, legal expenses, customs duties, taxes (including any VAT or amount in lieu of VAT), levies, costs of collection from a defaulting Buyer, interest on late payments and reparation of any additional prejudice; k) Hammer Price: means the highest Bid accepted by the Auctioneer for a specific Lot upon the fall of the hammer or, in case of a post-Auction sale, the agreed sale price of such a Lot, in both instances excluding any Expenses; l) Huissier: means a "huissier judiciaire", i.e. an individual official who is legally authorized to supervise an Auction in Geneva, Switzerland; m) Lot: means the lot in which Property is grouped by Patrizzi for a sale at an Auction; n) Net Sale Proceeds: means the Hammer Price, to the extent that it is fully received by Patrizzi in cleared funds, less the Patrizzi Profit Participation and less all Expenses to be borne by the Seller, as indicated in the account statement submitted by Patrizzi to the Seller after the Auction; o) Patrizzi: means Patrizzi & Co Auctioneers SA, in Geneva, Switzerland; p) Patrizzi & Co Group: means the group of companies, including Patrizzi & Co Holding SA, in which Patrizzi & Co Holding SA directly or indirectly controls and holds a majority of the shareholders' voting rights, respectively a majority of the share capital; q) Patrizzi Profit Participation: means the participation or margin payable to Patrizzi by the Seller. Such participation or margin is usually agreed upon specifically in writing before the Auction between Patrizzi and the Seller and is calculated on the basis of a percentage of the difference between the Hammer Price and the Reserve Price; r) Patrizzi's Website: means the Internet website maintained by Patrizzi and/or by the Patrizzi & Co Group and available on our website the access to and/or use of which is equally governed by these Conditions of Sale, as well as by Patrizzi's Website User Terms & Conditions; s) Patrizzi's Website User Terms & Conditions: means the Website User Terms & Conditions which are available for review and download on Patrizzi's Website; t) Patrizzi Grading System: means Patrizzi's proprietary and legally protected method of providing immediate and detailed information on each Lot's condition; u) Proper Identification: means at least a passport for an individual or a document of incorporation for a company/corporation, as may be further specified by Patrizzi at its sole discretion, both in respect of a Bidder, a Buyer, a Seller or any ultimate beneficiary; v) Property: means each item of property listed for sale at an Auction, as well as each item of property which is showed to or deposited with Patrizzi for any other reason; w) Purchase Price: means the Hammer Price, together with all and any Expenses due by the Buyer or the defaulting Buyer to Patrizzi and/or to the Seller in respect of a specific Lot, as indicated in the invoice submitted by Patrizzi to the Buyer after the Auction; x) Reserve Price: means the minimum Hammer Price, which is agreed upon by Patrizzi and the Seller before the Auction, at which Patrizzi may sell a Lot, excluding any Expenses; y) Seller: means the owner of Property, or such owner's duly authorized agent or representative, who deposits Property with Patrizzi for Auction. If there are multiple owners or agents or persons in possession of such Property, each one of them shall assume, jointly and severally, all obligations, liabilities, representations, warranties and indemnities as set forth in these Conditions of Sale; z) VAT: means Swiss Value Added Tax (VAT), at the current rate of 7.6%. 2. AGENT OF SELLER Patrizzi acts merely as the organizer of the Auction, along with the Huissier, and as the Seller's agent. Any concluded contract of sale is made directly between the Seller and the Buyer. Patrizzi is not liable for any default of the Buyer or of the Seller. 3. SELLER'S REPRESENTATIONS AND WARRANTIES The Seller represents and warrants to Patrizzi and to the Buyer: a) that he has full and unencumbered title to the Property which he has deposited with Patrizzi for Auction; b) that he has full authority to sell, export and/or import such Property, free of any charge, lien, encumbrance or other legal or material limitation whatsoever; c) that he has provided Patrizzi with all available, useful and necessary information regarding the provenance of the Property; and d) that he has notified Patrizzi in writing of any concerns about any material issue relating to or potentially impairing the Property, such as but not limited to, the ownership, condition, authenticity, attribution, description, export or import of said Property. 4. ESTIMATED SELLING PRICES The estimated selling prices of each Lot (low estimate and high estimate) are indicated beneath the Lot's description in the Catalog and do not include any Expenses (in particular any VAT). These price indications are based on estimations made some time ahead of the Auction and may therefore still be revised before the Auction. 5. WITHDRAWAL OF A LOT BY SELLER If the Seller chooses to withdraw a Lot from an Auction after his written agreement with Patrizzi to sell the Lot, he will be liable to pay to Patrizzi a compensation for such withdrawal which will take into account among other the time, expenses and expertise used by Patrizzi in cataloguing and marketing the Lot. 6. WITHDRAWAL OF A LOT BY PATRIZZI Patrizzi may withdraw a Lot from an Auction at any time and without any liability if: a) it reasonably believes that there is a doubt as to the Lot's authenticity or attribution; and/or b) it is alleged or established that any of the Seller's representations or warranties are inaccurate in any way; and/or c) the Seller breaches any provisions of the Conditions of Sale; and/or d) the Lot contains any element of an endangered species for which an official sale exemption is required and such sale exemption has not been granted by the day preceding the first day of the Exhibition; and/or e) Patrizzi considers the Lot to be of insufficient sale value; and/or f) failing a sufficient Bid; and/or g) the Lot suffers from any loss or damage so that it is not in the state in which it was when its Auction was agreed upon; and/or h) the Auction at which it was proposed to sell the Lot is postponed for any reason. 7. COMPETING TITLE CLAIM OR LIEN If Patrizzi becomes aware of a competing title claim to, or lien over, any Lot consigned by the Seller, Patrizzi shall not release the Lot to the Seller until the title claim or any issue linked to the lien, as applicable, has been finally resolved at Patrizzi's satisfaction. 8. AUCTION LANGUAGE The Auction is conducted in French, but specific indications, such as Bids, can be repeated in English or in another language. 9. AUCTION CURRENCY - CURRENCY CONVERTER Auctions are conducted in Swiss francs. For the Buyer's guidance, a currency converter may be operated at some Auctions showing exchange rates applying on the Business Day immediately preceding the Auction as notified to Patrizzi by a major Swiss bank. Patrizzi shall accept no responsibility in this respect, in particular for any errors which may occur in the conversion into or from Swiss francs and/or foreign currencies. 10. HUISSIER A Huissier will supervise the Auction. The Huissier or the Auctioneer may fix the starting price at their discretion. They may advance the bidding, separate, join, or withdraw any Lot at their sole discretion. They may also cancel a Lot's sale and re-offer it immediately for sale, if they reasonably believe that there is an error or dispute between two or more Bidders, or they can take any other action as they reasonably think fit in whatever other circumstances. 11. RESERVE PRICE Unless otherwise agreed upon in writing, each Lot will be offered for Auction subject to a Reserve Price. The Reserve Price will not exceed the final low pre-Auction estimate announced or published by Patrizzi. In a sale organized in a traditional way (e.g. with a printed catalogue and/or with a single Auctioneer and/or where the Reserve Price and the Auctioneer's initial bidding price may differ), Patrizzi may also bid on behalf of any Seller in cases where a Reserve Price has been fixed. In such cases, the Seller is treated as a Buyer and the Auctioneer shall bid on his behalf up to the Reserve Price. If the Reserve Price is not reached, Patrizzi may reject the last Bid and fix another starting price not above the Reserve Price or it may omit to knock down the Lot to anyone and pass on to the next Lot by a simple fall of the hammer. Patrizzi may however sell any unsold Lot by post-Auction sale, provided that, in such a case, such post-Auction sale price shall not be lower than the Reserve Price, subject to a differing prior agreement of the Seller. 12. REGISTRATION AND IDENTIFICATION BEFORE THE AUCTION In order to comply with local laws and regulations and to prevent as far as possible any error in the attribution of any Lots sold, all Bidders are requested to identify themselves before the Auction with Proper Identification at Patrizzi's regular offices or at its registration office on the Auction's premises. Upon presentation of adequate and satisfactory financial credentials and Proper Identification, intending Bidders can apply to participate in the Auction and shall complete a registration form indicating among other their name and address. If Patrizzi approves their application, they shall receive a number which will enable them to participate in the Auction. Those persons wishing to submit written bidding orders or to bid over the telephone or online must equally apply, register and identify themselves, as indicated here above or by means of the appropriate forms in this Catalog at least one Business Day prior to the Auction. The attention of the Bidder is specifically drawn to the fact that Patrizzi needs to verify the identity of any Buyer on the basis of Proper Identification, as well as the identity of the beneficial owner of all and any funds transferred to Patrizzi. 13. WRONG OR UNSATISFACTORY IDENTIFICATION Should the Information or Proper Identification provided by the Buyer regarding the Buyer's identity and/or any beneficial owner's identity appear to be wrong, incomplete, ambiguous or unsatisfactory to Patrizzi, the latter or the Huissier may refuse to adjudicate any Lot to such Buyer. If this lack of Proper Identification appears only after the Auction, the sale will automatically become null and void and be rescinded. The Buyer shall in any event be and remain liable for all incurred and still outstanding Expenses. 14. BID INCREASES As a general rule, the minimum rate by which a Bid may be increased is 5 %. The Huissier or the Auctioneer may, however, change this ratio, as well as the timing and speed of the selling, during the Auction without any prior notice. 15. BIDDING ON OWN LOTS The Seller may not bid on his own Lot, or Lots and shall not cause any person to bid for him or on his behalf on his own Lot, or Lots. Only Patrizzi may bid on behalf of the Seller in sales organized in a traditional way. In such a case and if the Seller sets a Reserve Price on a Lot, Patrizzi may bid on the Seller's behalf up to the Reserve Price. 16. WRITTEN BID ORDERS Patrizzi may accept to execute a written bid order on behalf of Bidders, in particular for intending Buyers who are unable to attend the Auction, provided that such bid order is made on Patrizzi's standard written bid order form and that it is validly received by Patrizzi at least two Business Days before the Auction. A written bid order must be completed and signed, before it is sent by postal mail or by fax to Patrizzi. A written bid order can also be sent to Patrizzi by e-mail, provided that such e-mail message includes a scanned version of Patrizzi's standard written bid order form which must be duly completed, as well as legibly and validly signed by the Bidder. Prices indicated on such a written bid order for specific Lots shall be deemed to be the maximum Hammer Prices for such Lots, excluding any Expenses. A written bid order may only be modified or canceled if notified by the Bidder to Patrizzi in writing and more than one Business Day before the Auction. Patrizzi or its employees will not be liable in any way in case of any failure in the transmission of a written bid order before or at the Auction for any reason whatsoever. In the event that two identical written bid orders should be the highest Bids at the Auction, the Lot shall be knocked down to the Buyer whose bidding order was received first by Patrizzi. Clients giving written bid orders to Patrizzi may make alternative offers and/or limit the total of their expenditure in advance. Unlimited bidding orders or bidding orders marked "BUY" are not accepted. Any written bid order must be expressed in Swiss Francs. Bidding orders made in another currency will be converted into Swiss francs at the market rate of a major Swiss bank on the Business Day immediately preceding the Auction. A written bid order stands and holds good for 60 days following the Auction date. Patrizzi may invoice successful Bidders up to the end of the 60 day period, full payment in cleared funds being due immediately thereafter. The Huissier ensures the expeditious execution of written bid orders he may have received. 17. TELEPHONE BID ORDERS Patrizzi may allow a Buyer to bid over the telephone, provided that such intention of the Buyer is received by Patrizzi at least two Business Days before the Auction. In such circumstances, Patrizzi may require the Buyer to confirm all relevant and necessary details in writing before it agrees to do so, including Proper Identification. Patrizzi will not be liable in any way in case of any failure for any reason whatsoever of any telephone connection or in the transmission of any Bid submitted by telephone, before or during the Auction. Patrizzi may record telephone Bids and the Buyer hereby agrees to any such recordings being made. 18. ONLINE BID ORDERS Patrizzi may allow a Bidder to bid online, i.e. by means of Internet, through Patrizzi's Website at such Bidder's sole risk. Patrizzi or its employees will not be liable in any way in case of any failure for any reason whatsoever of Patrizzi's Website or in the transmission of any Bid submitted online, i.e. via Internet, be it before or during the Auction. 19. ACCEPTANCE OR REFUSAL OF BIDS Patrizzi may, at its sole and entire discretion, refuse any written bid order, telephone bid order or online bid order from any Bidder or Buyer, including but not limited to the case where any information of any kind whatsoever about any of the latter or any Proper Identification about them appears to be wrong, incomplete, ambiguous and/or unsatisfactory to Patrizzi. 20. VIDEO SCREENS Video screens may be in operation at Auctions for the convenience of Bidders, Buyers and Sellers. Errors may occur in the operation of the video screen and/or in the transmission of images. Patrizzi or its employees will not be liable in any way in case of any failure of the video image reproduced on the video screen, nor for the correspondence of the screen image to the original situation. 21. BIDDER'S LIABILITY - THIRD PARTY REPRESENTATIVE OR AGENT Any Bidder shall be deemed to be bidding in his own name. He shall assume and bear unconditional and personal liability for the payment of the Purchase Price and for all other obligations relating to any Lot which was sold to him at Auction, unless: a) he registers himself with Patrizzi, before the beginning of the Auction, as a third party's agent or representative; b) he discloses to Patrizzi that his activity as a Bidder will be made for a clearly identified third party on the basis of Proper Identification of such third party; and c) provided that Patrizzi accepts in writing that such Bidder participates in the Auction as that third party's agent or representative; d) in which case Patrizzi will then only look to such third party as the principal for payment. 22. SUCCESSFUL BIDDER - SALE OF LOT The highest Bidder for any Lot shall be the Buyer. Such Lot is sold at the Auction on behalf of the Seller to the Buyer. 23. TRANSFER OF TITLE The Buyer acquires title to the Lot sold to him and becomes its new owner upon the fall of the hammer, as and when it is knocked down to him by the Auctioneer. 24. TRANSFER OF RISKS AND BENEFITS Full liability for and risks to a Lot shall be passed to its Buyer from the moment it is knocked down and thus sold to him. From that moment onwards, it is up to the Buyer to insure any Lot so purchased and to take care immediately thereafter of all issues and expenses relating to the Lot, such as packing, handling, storage, insurance, import, export and/or shipping of a Lot or Lots purchased at Patrizzi, which issues are all entirely and solely at the Buyer's risk and expense. 25. TRANSFER OF LOTS Patrizzi will not take into consideration, nor recognize any transfer of a Lot to any third party after the fall of the hammer. The Buyer is and remains solely responsible towards Patrizzi for the fulfillment of all obligations of the Buyer towards Patrizzi. 26. VAT VAT is added to the Hammer Price pursuant to applicable Swiss tax legislation. VAT is refunded to Buyers domiciled outside of Switzerland upon receipt by Patrizzi of an export declaration stamped by Swiss Customs for each Lot on which VAT was paid. 27. LIMITATION OF WARRANTY All Lots described and/or illustrated in the Catalog are sold "as is", either at Auction or by post-Auction sale. No further warranty is provided in respect of any Lot, other than the specific five years' warranty of authenticity, which is expressly provided for in these Conditions of Sale. All statements, texts and illustrations indicated in any Catalog, advertisement, condition report and/or brochure of any Auction in respect of any Lot are only set out as statements of opinion and do not constitute any evidence or warranty by Patrizzi or by the Seller in respect of such Lot. No representation or warranty is made or given by Patrizzi that a Lot is in working order, nor that it is water-resistant or water-proof, nor that it is free from restoration, repair or mechanical defect and nothing in the Catalog, nor in any condition report provided to any prospective Bidder or Buyer, should be taken as implying such. Moreover and notwithstanding the five years' warranty described herein, Patrizzi does not guarantee the authenticity of individual component parts of Lots. Intending Bidders and Buyers must satisfy themselves at the Exhibition and before the Auction about the physical description and condition of any Lot, as well as to any defects or any repairs already carried out or required. If no information on any restoration, accident, retouching or other incident is provided in the Catalogue, in the condition reports and/or on any labels or during a verbal announcement at the Auction, this does not necessarily mean that the Lot is void of any defects. Since Bidders and Buyers are given the opportunity to examine all Lots during the Exhibition, no claim may be raised against Patrizzi or the Seller before or during the Auction or after it has ended. Except in the event of gross negligence by Patrizzi or the Seller, neither Patrizzi, nor the Seller shall be responsible or may be held liable for any defects of any Lot, nor do they warrant the correctness of any statements, descriptions and illustrations about any issues relating to any Lot, such as its age, attribution, characteristics, condition, date, features, importance, material, medium, origin, period, provenance, quality, quantity, rarity, size, value or weight. Only the expert in charge of the Auction has any authority to make or give any representation or warranty whatsoever about any Lot. 28. FIVE YEARS' WARRANTY OF AUTHENTICITY Where a Buyer discovers, after the Auction, that the Lot which he has bought is a complete counterfeit, he shall return it to Patrizzi within three months following the day on which he became aware thereof, but in any event no later than five years of the date of the Auction at which such Lot was bought. Along with such Lot, the Buyer will notify to Patrizzi all elements of evidence on which he bases his complaint, including but not limited to the Lot's number and invoice, the date of the Auction at which the Lot was purchased and the detailed reasons, to be described in writing, for which the Buyer considers the Lot to be a complete counterfeit. Patrizzi shall cancel that Lot's sale and return it to the Seller, while it returns to the Buyer all amounts paid by the Buyer to Patrizzi in connection with the counterfeit Lot in the currency of the original Auction, except in any of the following cases: a) if the description of the Lot in the Catalog appears to be in accordance with the opinion generally accepted, at the time of such Catalog's issuance, by specialists and experts in such Lots, or if the Catalog explicitly stated that there may be a difference of opinion as to such description; or b) if the non-authenticity of the Lot may only be established by a scientific procedure, the effectiveness of which was generally acknowledged only after the publication of the Catalog; or c) if such process was, in Patrizzi's reasonable opinion and at the time of the Catalog's issuance, unreasonably expensive or impractical or of a nature which could have caused a damage or a loss of value to the Lot itself. No Lot shall be considered a counterfeit only by reason of any damage and/or restoration and/or modification work to it of any kind. Patrizzi shall however and at its sole discretion have the right to request the Buyer to obtain and to submit to Patrizzi, before any cancellation of the Lot's sale and at the Buyer's expense, the expertise reports of two independent and recognized experts in the same field as the Lots, who are mutually acceptable to the Buyer and to Patrizzi. These expertise reports will have to set out the reasons why the allegedly counterfeit Lot is considered to be a complete counterfeit and Patrizzi will give due consideration to any such expertise reports. However, Patrizzi may in turn seek additional independent advice in making its final determination as to whether the Lot is indeed a complete counterfeit or not and Patrizzi shall not be bound by any expertise report produced by the Buyer. If Patrizzi agrees with the Buyer that the Lot is indeed a complete counterfeit, it shall refund to the Buyer the costs of obtaining any independent expertise reports, as they may have been incurred by the Buyer, provided that (i) such costs were approved by Patrizzi in writing and in advance of obtaining such reports, and (ii) the Buyer could not reasonably have obtained independent opinions prior to the Auction. The benefit of this five years' warranty limited to counterfeit Lot(s) cannot be transferred and is exclusively granted by Patrizzi for the sole benefit of the Buyer for as long as such Buyer remains the Lot's sole legal owner. Thus and in all cases, only the Buyer to whom the Lot was knocked down to will be entitled to invoke this five years' warranty and to claim such a cancellation of the Lot's sale, in which case this cancellation may only occur on the express condition that the Buyer can and does return full and unencumbered ownership of such Lot to Patrizzi and that the Lot has not suffered any alteration or damage whatsoever since the Auction. 29. PAYMENT OF PURCHASE PRICE The full and final Purchase Price of the Lots must be paid by the Buyer to Patrizzi in Swiss francs immediately after the Auction, but no later than five Business Days after such Auction. Patrizzi can decide in its sole discretion, subject to applicable laws, if it accepts any payment in cash. Payment of the Purchase Price will not be deemed to have been validly made until Patrizzi is in full and final receipt of cleared funds covering the entire Purchase Price. 30. PAYMENT OF PURCHASE PRICE IN FOREIGN CURRENCY Payment may also be made in an amount of foreign currency having legal tender. Such amount must however fully cover the Purchase Price's equivalent in Swiss francs at the exchange rate into Swiss francs notified to Patrizzi by a major Swiss bank on the day on which such funds are fully cleared and credited to Patrizzi. 31. DELIVERY OF LOTS Subject to any other prior written agreement with Patrizzi and subject to the timely transmission to Patrizzi of the necessary information and Proper Identification about the Buyer and/or any beneficial owner of funds in a form satisfactory to Patrizzi, no Lot shall be delivered to the Buyer during the Auction, nor until the full and final Purchase Price has been paid to Patrizzi in cleared funds and provided no other sums have become due to Patrizzi in the meantime. The Buyer must remove from Patrizzi's premises all Lots sold to him within five Business Days following the Auction or the post-Auction sale, as the case may be. 32. LATE COLLECTION OF LOTS In case a Buyer, after having fulfilled all his other obligations pursuant to these Conditions of Sale, fails to collect the Lot within five Business Days of the Auction, Patrizzi may, after notification to the Buyer, store the Lot at the Buyer's exclusive expense and risk. The subsequent release of such Lot shall only occur after the Buyer has paid to Patrizzi all expenses relating to such storage or any other Expenses still due. 33. LATE PAYMENT OF PURCHASE PRICE AND REMEDIES After more than twenty Business Days following the Auction, a late payment interest at the rate of 15% per annum shall be charged by Patrizzi to the Buyer on any unpaid amount still due thereafter by such Buyer. Patrizzi is under no obligation to enforce any payment by the Buyer, nor to undertake any legal proceedings to recover such payment. Failing full payment of the Purchase Price by the Buyer within twenty Business Days after the Auction, Patrizzi shall use its best efforts to comply with the instructions of the Seller as to any action to be taken and to assist the Seller, as far as possible, to collect the Purchase Price or to cancel the sale. Any funds received by Patrizzi from the Buyer may be applied by Patrizzi to all and any of its claims against the Buyer in the order chosen by Patrizzi at its full discretion. The Buyer shall always remain liable for the payment of any unpaid balance of the Purchase Price until its full settlement. Any partial payment by the Buyer to Patrizzi may, alternatively and at Patrizzi's sole discretion, be deemed by Patrizzi as a payment by way of deposit. In case of failure by the Buyer to pay the full Purchase Price as required herein, Patrizzi is free to consider at any time that any such deposit shall be automatically forfeited by the Buyer and that the Lot may be resold at a public auction, by private auction, by post-Auction sale or by private treaty sale, at Patrizzi's entire discretion. Notwithstanding the foregoing, Patrizzi may also and at its sole discretion: a) charge late payment interest at the rate of 15% per annum from the defaulting Buyer; b) agree with the Buyer on special conditions for the payment of the Purchase Price; c) arrange for transportation, storage and/or insurance of the Lot sold at the Seller's or Buyer's sole expense and risk, as the case may be; d) settle or pursue, at the Seller's expense, any judicial or arbitral proceedings brought by or against the defaulting Buyer on such conditions as Patrizzi shall from time to time deem appropriate; e) take any action, at the Seller's expense, which appears to be useful for the collection of the amounts due by the Buyer, respectively to claim for the compensation of any damages or prejudice; f) exercise at the Seller's expense a lien on the Lot; g) disclose the Buyer's identity to the Seller to enable the Seller to initiate direct legal proceedings; and/or h) cancel the sale and return the Lot to the Seller. 34. PLEDGE ON LOTS Until full and final settlement of the Purchase Price, the Buyer grants to Patrizzi a pledge on any Property held by Patrizzi and acquired by the Buyer prior to, during and/or after the Auction. This pledge is meant to secure the repayment of any amounts due and/or Expenses, in principal, interest, commissions, costs, taxes and all other forms. Patrizzi is entitled, but not obliged, to realize freely the pledged Property, without any further formalities and without any prior notice, if the Buyer is in default of any of his obligations as foreseen hereunder. In any event, Patrizzi is also entitled to realize its pledge on a private treaty basis. For this purpose, Patrizzi is not bound to comply with the formalities of the Swiss Federal Law dealing with actions for debt and bankruptcy proceedings. In addition to the above, Patrizzi may also choose to start or to pursue ordinary debt collection proceedings without having beforehand sold the pledged goods and without giving up any rights to such a pledge. 35. PATRIZZI PROFIT PARTICIPATION After the Auction, the Seller is not only liable to pay to Patrizzi the Patrizzi Profit Participation, but also all Expenses to be borne by the Seller, as indicated in the account statement submitted by Patrizzi to the Seller after the Auction. The Seller authorizes Patrizzi to deduct from the Hammer Price such Patrizzi Profit Participation and the Expenses to be borne by the Seller. Patrizzi will pay the resulting Net Sale Proceeds to the Seller within 30 days of receipt by Patrizzi from the Buyer of full and final payment of the Purchase Price in cleared funds. 36. SHIPPING Patrizzi may, upon request of the Buyer and subject to restrictions of export and/or import on certain types of Lots, arrange to have Lots shipped to the Buyer at Buyer's sole expense and risk. 37. LIMITATION OF ACCESS AND PARTICIPATION IN AUCTIONS Patrizzi may, at its sole and entire discretion, refuse to allow any person to access its Exhibition and/or Auction rooms, to participate in its Auctions and/or to admit any person on any of its premises. 38. VISITORS' LIABILITY Any person on Patrizzi's premises, or on those of any Exhibition and/or Auction, shall be liable for any damage which such person may have caused to any Lot and/or to any other Property so exhibited or sold. 39. INTRODUCTORY COMMISSION Patrizzi may pay out of its remuneration an introductory commission to any third party introducing clients or any Property to it. 40. DATA PROTECTION All Bidders, Buyers and Sellers agree that any company of the Patrizzi Group may collect, use and disclose personal data in connection with them in compliance with applicable legal provisions. For further information, please refer to our Privacy Policy. 41. ILLUSTRATION RIGHTS The Seller and the Buyer agree that any company of the Patrizzi Group shall have the non-exclusive right to photograph, illustrate or otherwise produce images of any Lot consigned to it for sale and/or sold at an Auction. Such company(-ies) of the Patrizzi & Co Group shall retain copyright in all such images created by it (them) of any Lot and shall have the right to use such images in whatever way and at whatever time which it (they) deem(s) appropriate, before, during and after the Auction. 42. INTELLECTUAL PROPERTY RIGHTS All aspects of Patrizzi's Website, including but not limited to all texts, illustrations, trademarks and logos appearing on such website, as well as of the Patrizzi Grading System, and all the intellectual property deriving there from, are legally protected. In this regard, all reproduction, representation, use, adaptation, modification, incorporation, translation, marketing, distribution, creation of links, whether full or partial, by any procedure and on any medium whatsoever (paper, digital technology or other means) are, for commercial or public purposes, prohibited, unless written permission is given beforehand by Patrizzi's marketing department. Permission is granted, exclusively for private purposes, to download, record, print or to reproduce by some other method certain pages and/or parts of Patrizzi's Website, provided that the copyright information or other legally protected names or indications are not removed. Patrizzi retains full ownership and rights of use to the above and may revoke this permission at any time and at its sole discretion. 43. AVAILABILITY OF CONDITIONS OF SALE These Conditions of Sale shall be available on Patrizzi's Website and are available for inspection by all persons interested as soon as the Auction has been published. 44. USE OF PATRIZZI'S WEBSITE - DISCLAIMER OF WARRANTIES AND EXCLUSION OF LIABILITY Patrizzi declines all and any liability in the event of loss or damage of any nature whatsoever to any third parties due to: (i) the accessing or use of Patrizzi's Website or parts of such website, (ii) links to any Internet websites of third parties, (iii) the possibility of any inaccuracies, omissions or typographical errors in the content of Patrizzi's Website, and/or (iv) Internet problems of any nature (such as but not limited to service outage and access problems, malfunction, viruses, harmful components, acts of terrorism, etc.), misuse by third parties (e.g. accessing data, copies, etc.) or loss of programs and/or other data in the user's computer or electronic devices. Certain links on Patrizzi's Website allow access to third party websites over which Patrizzi has no influence. Patrizzi accepts no responsibility whatsoever about the completeness, comprehensiveness or legality of the content of and links with other websites appearing on Patrizzi's Website or about any products, offers and supply of services or other offered on such third party websites. The setting up of a hypertext link to Patrizzi's Website requires the prior written permission of Patrizzi's Marketing Department. 45. BINDING TEXT The French version of these Conditions of Sale is the authoritative and legally binding text. 46. APPLICABLE LAW - COMPETENT JURISDICTION The use of and/or access to Patrizzi's Website, as well as all aspects of any Auction, of these Conditions of Sale, as well as all of the rights and obligations deriving there from, shall be governed exclusively by Swiss law. Any dispute regarding the use of and/or access to Patrizzi's Website, as well as the execution, non-execution, validity or interpretation of any Auction, of these Conditions of Sale, as well as of all rights and obligations deriving there from, shall be submitted to the exclusive jurisdiction of the Courts of the Canton of Geneva, Switzerland, subject to an appeal to the Swiss Federal Tribunal. In any event, Patrizzi is also entitled, at its sole discretion, to sue or otherwise proceed against any defaulting Buyer or other debtor of Patrizzi at his place of residence or domicile, or in any other jurisdiction which Patrizzi, at its sole discretion, may consider appropriate. In such a case, Swiss law shall remain applicable.

Swiss VAT of 7.6% applies to all goods delivered in the Switzerland. The VAT is refundable upon exportation

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To be approved as a bidder and make your bid valid, you need to provide to the auctioneer your banking references or your credit card details and the CVV code, mentioned on the back, by fax at the following number : 41 22 3182899 or by phone at : 41 22 3182854. This necessary information is used for guaranty purposes only and will not be used for payment. As soon as your credit details have been checked you will receive our approval as a bidder and your bid will become valid.