Design

1. The auction is voluntary and is conducted in Quittenbaum's name and on the account of the client, with the exemption of property in the possession of the auctioneers, which is indicated separately. 2. Bidders and buyers have no right to disclosure. 3. The auction is conducted in euros. Starting prices are set by the auctioneer. Bids will normally be raised by increments, in euros, of between 5 and 10%. 4. Objects to be auctioned may be viewed and inspected prior to the auction. They are, without exception, used and of some age. The actual condition of the goods " corresponding to their age and used state ",is not being referred to expressly in the catalogue and on the internet, but is agreed specification ( 434, para. 1, sentence 1, German Civil Code). Goods are sold "as is". Coloured reproductions in the catalogue do not necessarily faithfully represent the true colour of the objects. All descriptions in the catalogue, including those pertaining to geographical provenance of items, have been made with due care and in good faith for informational purposes only. They do not constitute any agreement on the condition of goods and do not give rise to any guarantees in the legal sense. This applies even when objects are highlighted in the catalogue either visually or by other means and/or given special prominence outside the catalogue for advertising or similar purposes. The only information in the catalogue deemed to be agreed specification is that concerning authorship's signature and material: on no account does the auctioneer assume any special guarantee regarding condition giving rise to additional rights on the part of the buyer. The agreement concerning authorship's signature and material does not form the basis of any liability going beyond that laid down by statute (cf. �§ 276 para. 1, 443, 477 German Civil Code). If the buyer proves to the auctioneer before expiration of the period of limitation, said period running " except in cases of legal infringement with willful intent " from the date of transfer of the knocked down object and lasting for a year, that information given in the catalogue on the authorship, signature or material is incorrect, the buyer is entitled to demand reimbursement of the total purchase price (hammer price, premium, value-added tax, and a proportion of artist resale rights). Alternatively, at the choice of the bidder, the purchase price is to be reduced. Claims for compensation on the part of the buyer based on material defects or any other legal grounds (including compensation for payments made to no avail) are excluded, unless they are based on intent or gross negligence or material breaches of contract on the part of the auctioneer or his assistants. Liability for injury to life, limb or health is not affected. Under no circumstances does the auctioneer assume liability for non-foreseeable or remote damages. These principles apply correspondingly to breaches of duty by the auctioneer's agents. 5. The auctioneer reserves the right to combine or separate lots listed in the catalogue, to offer lots outside the specified sequence, or to withdraw any lot from the auction. 6. The bid is awarded if after three calls of a bid no overbid is made and the consignor's reserve price has been reached. If this reserve price is not reached, the auctioneer may either reject the bid or knock down the object subject with reservation; in this case the bidder is bound to his/her offer for the period of 4 weeks. If he/she does not receive unconditional acceptance of his/her offer within this period of time, the bid expires. The lot may be disposed of to a reserve bidder without further consultation. 7. The auctioneer is entitled to reject a bid: in this case, the bid immediately preceding remains the valid and binding offer. If several bidders submit identical bids, the award shall be decided by drawing lots. In cases of differences of opinion and any other doubts concerning the award, the auctioneer is entitled to call the object anew. 8. The award of the bid imposes the obligation to buy and pay. With the award of the bid, the risk of accidental loss, damage, mistake e.a. of the object shall pass to the buyer. The buyer shall collect his/ her acquisition not later than 10 days after having paid in full. Thereafter, he/ she will be in default of acceptance. The auctioneer shall not be obliged to hand over any objects before the buyer has paid in full all the amounts due and payable, neither to the buyer him/ herself, nor to the person he commissioned with transport. 9. The purchase price comprises the hammer price, the premium of 19,5 % and value-added tax, which may be levied either in the form of statutory value-added tax at the appropriate rate, or as a differential tax included in the buyer's premium of 27.5%. Objects not specifically identified will, in all cases, be subject to differential taxation; specifically identified objects will be subject to statutory value-added tax. Furthermore, the buyer shall pay a proportion of the fees payable by the auctioneer to the Verwertungsgesellschaft Bild-Kunst [German association for reproduction rights in the visual arts] as compensation for the droite de suite (artist's resale rights) (�§ 26 German Copyright Act), in respect of all original works of fine art created after 1900 (with the exception of photographs, reproductions and serigraphs, and posthumous castings of sculptures), the sum payable being 0.95 % of the hammer price (plus VAT). 10. No value-added tax will be charged for objects which are to be exported to countries outside the European Union (EU) or within the EU where the buyer is an art dealer with a sales tax identification number. Value-added tax will be refunded to foreign customers upon receipt of proof of export. 11. Due to the excessive pressure on the accounts department during and immediately after the auction, all invoices made out at the time shall be subject to further scrutiny and correction. Errors excepted. Information given verbally without written confirmation is not binding. 12. Buyers participating in the auction in person shall pay the final price (hammer price plus premium plus value-added tax) in cash(In House Only) immediately to Askan Quittenbaum Kunstauktionen Muenchen GmbH. In the case of purchase by written order, payment is due within 10 days after the invoice date. 13. If the buyer refuses to collect or pay or is in arrears with payment, the auctioneer can demand either fulfillment of the purchasing contract or compensation due to non-fulfillment. The buyer is in arrears if the period specified in sub-para. 12 " 10 days after date of invoice " has expired, or else if the deadline given with a warning passes without payment. If the auctioneer demands fulfillment, he/she is entitled to the purchase price plus compensation for damage caused by delay. This includes any exchange rate losses, losses of interest and costs of legal action. If the auctioneer demands compensation due to non-fulfillment, he/she is entitled to re-auction the objects at some future point. Upon knockdown the rights of the buyer arising from the previous award expire. The buyer is liable for any shortfall, has no claim to any surplus receipts and is not admitted to any further bid. 14. Auctioned objects shall be handed over only after cash (In House Only) payment has been effected. If payment is not received on time, the buyer is liable for any damage suffered as a result. Payment may not be deferred. In the case of payment arrears, interest at the standard bank rate is charged. The buyer is free to prove minor damage. 15. The auctioneer shall keep the objects in storage for a period of 5 weeks from the date of the auction. Any objects that have not been claimed within this period may, after this period has been exceeded, be stored at a transport company by the auctioneer in the name and for the account of the buyer. Upon the buyer's written instruction to the auctioneer concerning despatch of the object in question, the auctioneer shall organise appropriate transport to the buyer at the buyer's cost, and, where the buyer acts as an entrepreneur, at the risk of the latter. 16. Visitors to our premises, especially in the case of viewings, shall be liable for all damage caused. 17. For customers who cannot participate personally in the auction, written orders are accepted and executed by the auctioneer in the interest of the customer. Orders must be placed at the latest at the close of viewing. In the case of written bids, interested parties authorize the auctioneer to submit bids on their behalf. If customers wish to participate in bidding for a lot by telephone, a member of staff present in the auction room will be delegated to make bids according to the instructions of the telephone bidder. 18. The law of the Federal Republic of Germany shall apply exclusively 19. The place of performance and jurisdiction shall be Munich, as far as this can be agreed. 20. These conditions of sale apply correspondingly in all cases of the 4-week post-auction sales of objects not knocked down at the auction. In the post-auction sale, which forms part of the auction, interested parties place an order, by telephone or in writing, for a bid to be submitted for a particular sum. The provisions of Sections 312b-312d of the German Civil Code concerning distance contracts shall not apply in the above named cases. 21. If one or more provisions of these auction conditions are or become invalid, the validity of the remaining provisions will not be affected. 22. If the Conditions of Sale for Auctions are available in several languages, the German version shall always prevail.

Local Taxes Apply

THE BUYER'S PREMIUM IS WITHOUT TAXES. FOR EUROPEAN PRIVATE CUSTOMERS THE BUYER'S PREMIUM IS 27,5% INCL. VAT. FOR EUROPEAN DEALERS AND ALL CUSTOMERS WORLDWIDE THE BUYER'S PREMIUM IS 19,5%. ONLY WIRE TRANSFER IS ACCEPTED ALL FUNDS NEED TO BE WIRED TO: QUITTENBAUM Bank: Bankhaus Reuschel, Boschetsrieder Str. 1, 81379 Muenchen, Germany Bank Code: 70030300 Account No. 2268802 IBAN: DE 68 7003 0300 0226 8802 00 Swift Code: REUCDEMM. If there are any questions, please don't hesitate to contact for shipping ingrid.ilgenquittenbaum.de for questions regarding the invoice: alicja.wikaquittenbaum.de FOR QUESTIONS REGARDING SHIPPING PLEASE CONTACT M2 Logistik GmbH Herrn Martin Muehlburger Henleinstr. 1 85570 Markt Schwaben Martin.MuehlburgerM2Logistik.de 49-8121-2230-15