OLD MASTER PAINTINGS

GENERAL TERMS AND CONDITIONS OF SALE TAJAN is an auction house specialised in moveable property governed by French Act n''2000'642 of July 10th 2000 and n''2011850 of July 20th 2011. Tajan acts as the seller's agent. The auctioneer is not a party to the sale agreement, which is solely binding on the seller and the successful bidder. As an operator of voluntary auction sales, Tajan is subject to ethical obligations that are regulatory according to the decree of February 21st'2012. GENERAL TERMS These general terms and conditions of sale, the sale and all maters relating thereto are governed by French law'; the sellers, buyers and their agents accept that the courts of Paris (France) alone shall have jurisdiction over any legal action. These general terms and conditions are independent. Purchases must be made in cash and prices are stated in euros ('). Tajan may, at its option, withdraw or delay the sale partially or entirely. WARRANTIES The seller warrants to Tajan and to the buyer that he/she is the undisputed owner of the items offered for sale or that he/she has been authorised by the undisputed owner, that the said items are not encumbered by any claim, dispute, attachment, reservation or pledge and that he/she can legally transfer ownership of these items. The information included in the catalogue is prepared by Tajan with the assistance of the Expert, if necessary, with the care required for public auctions, subject to the notices, declarations and amendments announced upon presentation of the item and noted in the record of sale. This information, including the dimensions set out in the catalogue, is provided to help the potential buyer inspect items and must be assessed personally by him/her. If no information on restoration, an accident, retouching or any other incident is provided in the catalogue, the condition reports or labels or during a verbal announcement, this does not mean that the item is void of defects. Frames condition is not guaranteed. Inasmuch as buyers are given the opportunity to examine works displayed prior to the sale, no claim may be made after the sale is complete. Buyers may obtain a condition report on items included in the catalogue that are estimated at more than ' 1'000 upon request. The information contained in such reports is provided free of charge and solely to serve as an indication. It shall by no means incur the liability of Tajan. In the event of a dispute concerning inter alia the authenticity or origin of items sold, Tajan is bound by a best endeavours obligation'; its liability may only be incurred if evidence is provided that it committed a wrongdoing. SUMMARY OF DEFINITIONS Attributed to': means that the work mentioned was created during the artist's period of production and that it is highly likely or possible (though not certain) that he/she is the artist. Influenced by': the work is the painting of a contemporary artist of the artist mentioned who was highly influenced by the master's work. Artist's studio': the work was produced in the artist's studio, but by students under his/her supervision. In the manner of, in the style of': the work is in the style of the artist and of a later date. Follower of': the work was executed up to 50 years after the death of the mentioned artist who greatly influenced the author. ESTIMATES AND RESERVE PRICES The estimated sale price appears beside each lot included in the catalogue. It does not include the buyer's premium or VAT. The reserve price is the minimum confidential price agreed with the seller. If the reserve price is not met, the item will not be sold. The reserve price may not exceed the lowest estimate set out in the catalogue or announced publicly by the accredited auctioneer and noted in the auction house's files. If no reserve price is set, Tajan shall not incur any liability vis-'-vis the seller if the item concerned is sold at a price lower than the lowest estimate published in the sale catalogue. BIDS To bid in person, you will need to register for and collect a numbered paddle before the auction begins. We encourage new clients to register at least 48 hours in advance. You will be asked for a proof of identity (bring a driving licence, a national identity card or a passport), for your address, telephone number and signature in order to create your account if you are a first time bidder. In addition, you may be asked to provide bank references and/or a deposit. We may, at our option, decline to permit you to register as a bidder. All individuals who register with Tajan shall have the right to access and rectify the personal data they provide to Tajan in accordance with the French Data Protection Act of 6 January 1978, as amended by the Act of 6 August 2004. Information collected on the registration form is required to participate in an auction and process the auction sale. You may exercise your right to access, rectify or oppose subsequent processing of your personal data, by submitting a written request to TAJAN along with a copy of your photo id. Auctions will be carried out following the order of the lot numbers as they appear in the catalogue. Tajan is free to set the increment of each bid and all bidders must adhere to this process. The highest and last bidder will be the successful bidder. In the event of a dispute during the bidding process, that is, if two or more bidders simultaneously place the same bid, either orally or by a signal, and each claim the item concerned when the auctioneer's hammer strikes, the auctioneer may, at his/her sole option, re-auction the item immediately at the price offered by the bidders and all those present may take part in this second auction. Any individual who makes a bid during the sale shall be deemed to be doing so in his/her own name'; he/she shall assume full responsibility for his/her bid, unless he/she registered him/herself as an agent with Tajan and stipulated that the bid was being made for a designated third party. In the event where the seller has set a reserve price, Tajan reserves the right to bid on the seller's behalf until the reserve is reached. ABSENTEE BID FORMS AND TELEPHONE BIDS If you cannot attend the auction, we will be pleased to execute written telephone bids or written absentee bids on your behalf. A bidding form can be found at the end of the catalogue. This form must be sent to Tajan no later than two working days before the sale, together with bank references and a copy of the bidder's proof of identity. For significant purchases, you may be asked to provide financial references, guarantees and/or a deposit. If several absentee bid forms are submitted for the same lot, the first order received will have priority. Telephone bidding can only be arranged for lots with sale estimates over ' 400. As there are only a limited number of telephone lines, the necessary arrangements must be made at least two working days before the auction. In both cases, this service is graciously provided free of charge to the client. Tajan, its employees, agents and representatives shall not incur any liability in the event of an error or omission in the execution of orders received or in the non execution of orders. CURRENCY CONVERSION Sales are carried out in euros. A currency conversion panel will be displayed at certain auctions. The currency rates shown are provided for information purposes only. Tajan shall under no circumstances be held liable for any errors that occur in the conversion of currencies. Information provided in euros by the accredited auctioneer alone shall be valid. AMOUNTS PAYABLE BY THE BUYER The buyer must pay Tajan, in addition to the "hammer price", commission of 25'% excl. tax of the sale price on the first ' 150'000 (+5% for the live fee) , 20'% excl. tax after ' 150'001 and up to ' 2'000'000 (+5% for the live fee), 12'% excl. tax for the portion above ' 2'000'000 (+5% for the live fee). In addition, VAT shall be charged at the rate of 20'% (5.5'% for books). Items originating from a country outside the European Union shall be marked with the symbol ' and ''. '': In addition to the regular buyer's premium, a commission of 5.5'% (i.e., 6.6'% inclusive of VAT) will be charged to the buyer. ''': In addition to the regular buyer's premium, a commission of 20'% (i.e.24'% incl. VAT) will be charged to the buyer. These additional costs may, in certain cases, be reimbursed to the buyer. For more information, please contact our payment department on +33 1 53 30 30 33. ARTIST'S RESALE RIGHT Artist's Resale Right is a royalty entitled by the artist or the artist's estate when any graphic and art works created by the artist is sold. Lots marked with this symbol ' will be subject to payment of the Artist's Resale Right, at a percentage of the hammer price calculated as follows: 4% from 750 ' to 50,000 ' 3% from 50,000.01 to 200,000 ' 1% from 200,000.01 to 350,000 ' 0.5% from 350,000.01 to 500,000 ' 0.25% exceeding 500,000 ' The Artist's Resale Right is subject to a maximum royalty payable of 12,500 ' for any single lot. The amount of the royalty is due by the buyer, Tajan will then pay the royalty to the appropriate authority on the seller's behalf. PAYMENT Payment must be made immediately after the sale. If the successful bidder did not register before the sale, he/she must provide proof of identity and bank references. Payments may be made by one of the following methods': ' Bank transfer in euros, Visa card or Master Card (subject to the presentation of valid proof of identity). ' In cash in euros': for individual European Union resident, and for all professionals, to an equal or lower amount of '1'000. ' In cash in euros': for individual only and non European Union resident, to an equal or lower amount of '15'000. Certified banker's draft in euros subject to the presentation of valid proof of identity. Cheques drawn on a foreign bank will not be accepted. Cheques and bank transfers must be denominated in euros and made out to the order of TAJAN SA'; on this bank': BANQUE OBC - 3, avenue Hoche, 75008 Paris, France Code SWIFT IBAN NSMBFRPP FR 76 3078 8009 0001 1409 5000 159 Code banque Code guichet Compte Cl' 30788 00900 01140950001 59 Our Cashier's Department is open every working day from 9:00 AM to 12:30 PM and from 2:00 PM to 5:30 PM. T.'+33 1 53 30 30 33, or +33 1 53 30 30 27. Ownership will only be transferred to the buyer after Tajan has received full and clear payment of the purchase price, costs and taxes. However, regardless of ownership transfer, the risk and responsibility for the lot will transfer to the buyer immediately after the lot is sold. As soon as an item is pronounced 'sold', it shall be placed under the sole responsibility of the buyer. It shall be the buyer's responsibility to insure the item purchased immediately. NON-PAYMENT In accordance with Article L.321-14 of the French Commercial Code, if the buyer fails to pay for an item, and after notice to pay has been given by Tajan to the buyer without success, the item shall be re-auctioned at the seller's request. If the seller does not make such a request within three months of the auction, the sale shall be automatically cancelled, without prejudice to the damages owed by the defaulting bidder. TAJAN reserves the right to claim the following from the defaulting buyer': - interest at the legal rate increased by five points, - the reimbursement of the additional costs incurred by reason of his/her default, - payment of the difference between the initial hammer price and the resale price if the later is lower, as well as the costs incurred by the re-auction. TAJAN also reserves the right to offset any amounts Tajan may owe the defaulting buyer with the amounts due by the defaulting buyer. Tajan reserves the right to exclude any bidder who fails to comply with its general terms and conditions of sale from attending any future auction. TAJAN adhere to the "Registre central de pr'vention des impay's des Commissaires priseurs" to which payment incidents may be reported. Debtors may exercise their rights of access, rectification and opposition. FRENCH STATE'S RIGHT OF PRE-EMPTION The French State has a right of pre-emption over certain works of art sold at public auction. The use of this right comes immediately after the hammer stroke and must be confirmed by the French State within fifteen days following the sale. The French State will then be substituted for the last bidder. IMPORT AND EXPORT The export of any lot from France or the import into another country may be subject to authorisation (export certificates, customs authorisations). It is the buyer's responsibility to check which authorisations are required. Obtaining export or import certificate is at the sole expense of the buyer. Local laws may prevent you from importing lots made of or including protected material such as ivory, rhinoceros horn, tortoiseshell, Brazilian rosewood, etc. The denial of any export or import authorisation cannot justify any delay in making payment of the amount due nor cancellation of the sale. COLLECTION OF ITEMS PURCHASED Purchases can only be collected after the buyer has paid all amounts due in full. In the event of a payment by cheque or bank transfer, delivery of the goods may be deferred until such time as the payment has cleared. In this case, storage costs shall be borne by the buyer and Tajan shall incur no liability whatsoever in this respect. Lots sold must be collected within 14 days following the auction. After that period, storage costs will be charged 4 EUR per day per lot for small items, 8 EUR per day per lot for large items and furniture. Handling fee of 60 EUR per lot will also be charged. All large items and furniture will be stored at a storage facility designated by Tajan at the buyer's risk and expense. COLLECTION OF UNSOLD ITEMS The seller must collect any unsold items as soon as possible and in any case within 14 days from the auction. After that period, storage costs will be charged 4 EUR per day per lot for small items, 8 EUR per day per lot for large items and furniture. Handling fee of 60 EUR per lot will also be charged. All large items and furniture will be stored at a storage facility designated by Tajan at the seller's expense INTELLECTUAL PROPERTY Unless otherwise noted, Tajan owns the copyright in all images and any material and contents of its catalogues. Any use or reproduction of any part of the catalogue without prior written permission is forbidden. In addition, Tajan benefits from a legal right to reproduce lots in its catalogue, even though the copyright protection on these lots has not lapsed. Any full or partial reproduction may be liable to prosecution by the holder of the copyright. The sale of a work of art does not guaranty any gain of copyright or reproduction rights to the lot. PERSONAL INFORMATION The buyer agrees to be bound by all of the General Terms and Conditions of Sale herein. Buyer expressly authorises the collection of the personal information supplied to Tajan for the fulfilment of the sale and authorises Tajan to use the personal information to send communications accordingly to his/her fields of interest. Buyers are entitled, at any time, to access, rectify, update and delete their personal data in accordance with the General Data Protection Regulation (GDPR, Regulation (EU) 2016/679).

Conditions of Sale Contract: Bidding ends when the auctionner strikes his hammer and pronounces the word "adjugé" (sold), at which time, the successful bidder enters into a legally binding contract with TAJAN. The internet bid constitutes a bidding contract between the bidder and TAJAN. Payment: Payment must be made immediately after the sale. If the successful bidder did not register before the sale, he/she must provide proof of identity and bank references. Payments may be made by one of the following methods: - Bank transfer in euros, - Visa card or Master Card (subject to the presentation of valid proof of identity). - In cash in euros: for Individual European Union resident, and for all professionals, to an equal or lower amount of €1 000. - In cash in euros: for Individual only and non European Union resident, to an equal or lower amount of €15 000. - Certified banker's draft in euros subject to the presentation of valid proof identity. Cheques drawn on a foreign bank will not be accepted. Cheques and bank transfers must be denominated in euros and made out to the order of TAJAN SA. Shipping: The export of any lot from France or the import into another country may be subject to authorisation (export certificates, customs authorisations). It is the buyer's responsibility to check which authorisations are required. Obtaining export or import certificate is at the sole expense of the buyer. Purchases can only be collected after the buyer has paid all amounts due in full. In the event of a payment by cheque or bank transfer, delivery of the goods may be deferred until such time as the payment has cleared. In this case, storage costs shall be borne by the buyer and Tajan shall incur no liability whatsoever in this respect. Tajan's Shipping department is at your disposal to assist you with your shipping. You can contact shipping@tajan.com or +33 1 53 30 30 42. Premium: In addition to the "hammer price," the buyer must pay Tajan a buyer's premium and any applicable taxes as follows: -25% excl. tax up to and including €150,000 -20 % excl. tax from €60,001 and up to €2 000,000 -12 % excl. tax for the portion above €2 000,001 For Invaluable.com buyers, an additional premium of 4 % excl. tax shall be charged. VAT shall be charged at the rate of 20% (5.5% for books). Taxes and VAT: In addition, VAT shall be charged at the rate of 20% (24% inclusive of vat). Items originating from a country outside the European Union shall be marked with the symbol f and ff. f: In addition to the regular buyer's premium, a commission of 5.5% (i.e., 6.6% inclusive of VAT) will be charged to the buyer. ff: In addition to the regular buyer's premium, a commission of 20% (i.e.24% incl. VAT) will be charged to the buyer. These additional costs may, in certain cases, be reimbursed to the buyer. For more information, please contact our payment department on +33 1 53 30 30 33. Non- European Union buyers may have all VAT and import tax refunded upon presentation of customs documents confirming that their property has been exported outside the EU. Trade buyers from other EU countries may have all VAT refunded if they provide TAJAN with their VAT registration number and proof that their property has been shipped to another EU country. The full amount due must be paid immediately after the sale, even if the buyer wishes to apply for an export license. Condition reports: Buyers may obtain a condition report on items included in the catalogue that are estimated at more than € 1 000 upon request. The information contained in such reports is provided free of charge and solely to serve as an indication. It shall by no means incur the liability of Tajan.