MILANO

"Online Bidding Terms and Conditions IMPORTANT These terms and conditions apply to all online bidding at auction sales conducted by or in conjunction with Bonhams (""Online Bidding""). By registering to participate in a Bonhams auction sale (a ""Sale"") via Online Bidding, you expressly agree to these terms and conditions. These Bonhams Online Bidding Terms and Conditions are supplemental, meaning that they shall apply in addition to the general Conditions of Sale and other terms and conditions applicable to bidders and buyers participating in the subject Sale (collectively, the ""Bid Conditions"") and shall be deemed incorporated by reference and made a part of the Bid Conditions for such Sale. The general Bid Conditions are published in the catalog for the Sale (the ""Catalog"") and/or on our web site, among other places. Additional information applicable to the Sale may also be set out in the Catalog, on our web site, and/or in a notice displayed at the Sale venue, and it is your responsibility to review that information. Please be aware that announcements affecting the Sale may also be made orally before and during the Sale without prior notice. In registering to bid at any Sale, you agree to the applicable Bid Conditions. In addition, use of the Bonhams Online Bidding service is at all times subject to the Bonhams Conditions of Web Site Use. References in this document to ""Bonhams"", ""we"" or ""us"" mean Bonhams 1793 Limited, Bonhams & Butterfields Auctioneers Corporation, or (if different) the other Bonhams Group company that is conducting the relevant Sale and any successors and assigns thereto. References herein to ""you"" and ""your"" mean the person or entity registering to bid or bidding in a Sale via the Online Bidding service. 1. Registration 1. Before you can bid via Online Bidding, you must register to bid online. The registration page can be accessed by clicking here. Please note that you must be registered at least 24 hours prior to the start of any Sale or you may not be able to bid online in that Sale. 2. Once you have registered you should keep your account details strictly confidential and you must not permit any third party to use or access your account on your behalf or otherwise. You will be liable for any and all bids made via your account. 3. You will need to register for each Sale that you wish to bid on. This can be done on the relevant Sale details screen. 2. Online Bidding Process 1. Once you have successfully registered for Online Bidding in a Sale, you will be eligible to bid online at that Sale. 2. During a Sale, you can bid for a lot by clicking the Bid button. Each bid shall be final and binding as soon as you click the Bid button. 3. The current bid will be displayed on your screen during the Sale. In the event of a tie between a bid placed by you online and any other identical bid(s) (including bids made in person at the Sale, telephone bids, absentee bids, and other online bids), it will be at the auctioneer's discretion as to which bid shall be accepted. 4. You acknowledge that you are bidding in a live auction and you agree that each bid submitted as provided in these terms and conditions is irrevocable and cannot be amended or corrected, even if submitted in error and notified to us. You accept full liability for all bids submitted via your Online Bidding account (including the liability to pay in full and on time in accordance with the Bid Conditions for any lot that is the subject of a successful bid submitted from your account). 5. Please note that Bonhams reserves the right to reject a registration to bid online, withdraw its permission for you to use Online Bidding, or terminate an Online Bidding account, for any reason at any time prior to, during or after a Sale. 3. After the Sale 1. To find out if you have been successful in your bidding, you may check the results that are published by Bonhams online after the Sale. 2. You agree to pay for and collect any lot that is the subject of a successful bid submitted by you or from your Online Bidding account, in accordance with the Bid Conditions. 4. Use of the Online Bidding Service and Limitations Of Bonhams' Liability 1. Lots are available for inspection prior to any Sale, and it is for you to satisfy yourself as to each and every aspect of a lot. You are strongly advised to examine in person any lot on which you may bid or have it examined on your behalf before any Sale. 2. If you choose to use the Online Bidding service, you do so entirely at your own risk. Access to and use of Online Bidding is dependent upon, among other things, the availability of the internet and the speed and quality of internet connections, and we therefore encourage bidders to attend Sales in person whenever possible. 3. A currency conversion tool is provided on the Online Bidding screen to enable estimates for lots and the final purchase price to be displayed in certain currencies. The currency conversion tool is provided for your convenience only and is an approximate guide to the equivalent amount in the specified currencies. You are therefore advised to conduct your own research into the applicable exchange rates prior to placing a bid. Please note that the Sale is conducted, and all bids must be made, in the currency of the country in which the Sale is held. All bidding increments will be in that currency only. Payment for any lot that is the subject of a successful bid must also be made in the currency of the Sale and not in any other currency (even if that currency is displayed on the currency conversion tool). We do not accept any responsibility for any errors that may occur as a consequence of reliance upon the currency conversion tool. 4. The content displayed via the Online Bidding service may contain inaccuracies and typographical errors and we do not warrant the accuracy or completeness of the content or that any defects will be corrected. Any reliance on any such content, advice, statement, or other information shall be at your sole risk. We reserve the right, in our sole discretion, to correct any errors or omissions in any portion of the Online Bidding service and to make any changes to the features, functionality or content of the Online Bidding service at any time. 5. Access to the Online Bidding service is made available as a convenience and on a temporary basis, and we reserve the right to suspend or terminate any aspect or feature of the Online Bidding service (including the Online Bidding service in its entirety) at any time, with or without notice. Without limiting the foregoing, we may suspend access to Online Bidding to carry out scheduled or unscheduled maintenance or for any other reason at any time. 6. WE ACCEPT NO LIABILITY FOR ANY FAILURE OR DELAY IN EXECUTING BIDS OR ANY ERRORS CONTAINED IN BIDS PLACED VIA THE ONLINE BIDDING SERVICE. 7. BONHAMS AND ITS SUPPLIERS PROVIDE THE ONLINE BIDDING SERVICE AND THE BONHAMS WEB SITE ""AS IS"" AND WITHOUT ANY WARRANTY OR CONDITION, EXPRESS, IMPLIED OR STATUTORY. WITHOUT LIMITING THE FOREGOING, WE ACCEPT NO LIABILITY FOR ANY FAILURES, DELAYS OR ERRORS CAUSED BY INTERRUPTIONS IN THE AVAILABILITY OF THE ONLINE BIDDING SERVICE OR OUR WEB SITE OR ANY ERRORS OR DEFECTS IN THEIR CONTENT OR FUNCTIONALITY, ANY SOFTWARE AND/OR HARDWARE DEFECTS (WHETHER YOURS OR OURS) AND/OR ANY INTERNET CONNECTION PROBLEMS (WHETHER YOURS OR OURS), AND WE DO NOT REPRESENT OR WARRANT THAT THE ONLINE BIDDING SERVICE OR THE WEB SITE WILL BE ERROR-FREE, FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT ANY DEFECTS WILL BE CORRECTED. 5. Changes to These Terms and Conditions We may from time to time make changes to these terms and conditions. Any changes will be posted on our website and we will endeavor to notify you of the same by means of a notice and link to the revised terms on our web site. Please review these terms and conditions regularly to ensure you are aware of any changes made by us. If you use Online Bidding after changes have been made and posted, you shall be deemed to have agreed to such changes. If you do not agree to such changes, you should not make any subsequent use of the Online Bidding service. 6. Governing Law, etc. These Bonhams Online Bidding Terms and Conditions shall be governed by, and construed in accordance with, the laws that govern the general Bid Conditions in respect of the applicable Sale as specified therein, and by the other terms and conditions as are set forth in such Bid Conditions. IMPORTANT These terms and conditions apply to all online bidding at auction sales conducted by or in conjunction with Bonhams (""Online Bidding""). By registering to participate in a Bonhams auction sale (a ""Sale"") via Online Bidding, you expressly agree to these terms and conditions. These Bonhams Online Bidding Terms and Conditions are supplemental, meaning that they shall apply in addition to the general Conditions of Sale and other terms and conditions applicable to bidders and buyers participating in the subject Sale (collectively, the ""Bid Conditions"") and shall be deemed incorporated by reference and made a part of the Bid Conditions for such Sale. The general Bid Conditions are published in the catalog for the Sale (the ""Catalog"") and/or on our web site, among other places. Additional information applicable to the Sale may also be set out in the Catalog, on our web site, and/or in a notice displayed at the Sale venue, and it is your responsibility to review that information. Please be aware that announcements affecting the Sale may also be made orally before and during the Sale without prior notice. In registering to bid at any Sale, you agree to the applicable Bid Conditions. In addition, use of the Bonhams Online Bidding service is at all times subject to the Bonhams Conditions of Web Site Use. References in this document to ""Bonhams"", ""we"" or ""us"" mean Bonhams 1793 Limited, Bonhams & Butterfields Auctioneers Corporation, or (if different) the other Bonhams Group company that is conducting the relevant Sale and any successors and assigns thereto. References herein to ""you"" and ""your"" mean the person or entity registering to bid or bidding in a Sale via the Online Bidding service. 1. Registration 1. Before you can bid via Online Bidding, you must register to bid online. The registration page can be accessed by clicking here. Please note that you must be registered at least 24 hours prior to the start of any Sale or you may not be able to bid online in that Sale. 2. Once you have registered you should keep your account details strictly confidential and you must not permit any third party to use or access your account on your behalf or otherwise. You will be liable for any and all bids made via your account. 3. You will need to register for each Sale that you wish to bid on. This can be done on the relevant Sale details screen. 2. Online Bidding Process 1. Once you have successfully registered for Online Bidding in a Sale, you will be eligible to bid online at that Sale. 2. During a Sale, you can bid for a lot by clicking the Bid button. Each bid shall be final and binding as soon as you click the Bid button. 3. The current bid will be displayed on your screen during the Sale. In the event of a tie between a bid placed by you online and any other identical bid(s) (including bids made in person at the Sale, telephone bids, absentee bids, and other online bids), it will be at the auctioneer's discretion as to which bid shall be accepted. 4. You acknowledge that you are bidding in a live auction and you agree that each bid submitted as provided in these terms and conditions is irrevocable and cannot be amended or corrected, even if submitted in error and notified to us. You accept full liability for all bids submitted via your Online Bidding account (including the liability to pay in full and on time in accordance with the Bid Conditions for any lot that is the subject of a successful bid submitted from your account). 5. Please note that Bonhams reserves the right to reject a registration to bid online, withdraw its permission for you to use Online Bidding, or terminate an Online Bidding account, for any reason at any time prior to, during or after a Sale. 3. After the Sale 1. To find out if you have been successful in your bidding, you may check the results that are published by Bonhams online after the Sale. 2. You agree to pay for and collect any lot that is the subject of a successful bid submitted by you or from your Online Bidding account, in accordance with the Bid Conditions. 4. Use of the Online Bidding Service and Limitations Of Bonhams' Liability 1. Lots are available for inspection prior to any Sale, and it is for you to satisfy yourself as to each and every aspect of a lot. You are strongly advised to examine in person any lot on which you may bid or have it examined on your behalf before any Sale. 2. If you choose to use the Online Bidding service, you do so entirely at your own risk. Access to and use of Online Bidding is dependent upon, among other things, the availability of the internet and the speed and quality of internet connections, and we therefore encourage bidders to attend Sales in person whenever possible. 3. A currency conversion tool is provided on the Online Bidding screen to enable estimates for lots and the final purchase price to be displayed in certain currencies. The currency conversion tool is provided for your convenience only and is an approximate guide to the equivalent amount in the specified currencies. You are therefore advised to conduct your own research into the applicable exchange rates prior to placing a bid. Please note that the Sale is conducted, and all bids must be made, in the currency of the country in which the Sale is held. All bidding increments will be in that currency only. Payment for any lot that is the subject of a successful bid must also be made in the currency of the Sale and not in any other currency (even if that currency is displayed on the currency conversion tool). We do not accept any responsibility for any errors that may occur as a consequence of reliance upon the currency conversion tool. 4. The content displayed via the Online Bidding service may contain inaccuracies and typographical errors and we do not warrant the accuracy or completeness of the content or that any defects will be corrected. Any reliance on any such content, advice, statement, or other information shall be at your sole risk. We reserve the right, in our sole discretion, to correct any errors or omissions in any portion of the Online Bidding service and to make any changes to the features, functionality or content of the Online Bidding service at any time. 5. Access to the Online Bidding service is made available as a convenience and on a temporary basis, and we reserve the right to suspend or terminate any aspect or feature of the Online Bidding service (including the Online Bidding service in its entirety) at any time, with or without notice. Without limiting the foregoing, we may suspend access to Online Bidding to carry out scheduled or unscheduled maintenance or for any other reason at any time. 6. WE ACCEPT NO LIABILITY FOR ANY FAILURE OR DELAY IN EXECUTING BIDS OR ANY ERRORS CONTAINED IN BIDS PLACED VIA THE ONLINE BIDDING SERVICE. 7. BONHAMS AND ITS SUPPLIERS PROVIDE THE ONLINE BIDDING SERVICE AND THE BONHAMS WEB SITE ""AS IS"" AND WITHOUT ANY WARRANTY OR CONDITION, EXPRESS, IMPLIED OR STATUTORY. WITHOUT LIMITING THE FOREGOING, WE ACCEPT NO LIABILITY FOR ANY FAILURES, DELAYS OR ERRORS CAUSED BY INTERRUPTIONS IN THE AVAILABILITY OF THE ONLINE BIDDING SERVICE OR OUR WEB SITE OR ANY ERRORS OR DEFECTS IN THEIR CONTENT OR FUNCTIONALITY, ANY SOFTWARE AND/OR HARDWARE DEFECTS (WHETHER YOURS OR OURS) AND/OR ANY INTERNET CONNECTION PROBLEMS (WHETHER YOURS OR OURS), AND WE DO NOT REPRESENT OR WARRANT THAT THE ONLINE BIDDING SERVICE OR THE WEB SITE WILL BE ERROR-FREE, FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT ANY DEFECTS WILL BE CORRECTED. 5. Changes to These Terms and Conditions We may from time to time make changes to these terms and conditions. Any changes will be posted on our website and we will endeavor to notify you of the same by means of a notice and link to the revised terms on our web site. Please review these terms and conditions regularly to ensure you are aware of any changes made by us. If you use Online Bidding after changes have been made and posted, you shall be deemed to have agreed to such changes. If you do not agree to such changes, you should not make any subsequent use of the Online Bidding service. 6. Governing Law, etc. These Bonhams Online Bidding Terms and Conditions shall be governed by, and construed in accordance with, the laws that govern the general Bid Conditions in respect of the applicable Sale as specified therein, and by the other terms and conditions as are set forth in such Bid Conditions."

† TAXABLE VAT at the prevailing rate on Hammer Price and Buyer's Premium. • EXEMPT FROM VAT Zero rated for VAT, no VAT will be added to the Hammer Price or the Buyer's Premium. * IMPORT LOW RATE VAT on imported items at a preferential rate of 5% on Hammer Price and the prevailing rate on Buyer's Premium. AR ARTISTS RESALE RIGHT Goods subject to Artists Resale Right Additional Premium. TP OFF SITE STORAGE LOCATION Lot will be moved to an offsite storage location (Cadogan Tate, Auction House Services, 241 Acton Lane, London NW10 7NP, UK) and will only be available for collection from this location at the date stated in the catalogue. Please note transfer and storage charges will apply to any lots not collected after 14 calendar days from the auction date. Y CITES Subject to CITES regulations when exporting items outside of the EU, see clause 13.

Buyers' Obligations
ALL BIDDERS MUST AGREE THAT THEY HAVE READ AND UNDERSTOOD BONHAMS' CONDITIONS OF SALE AND AGREE TO BE BOUND BY THEM, AND AGREE TO PAY THE BUYER'S PREMIUM AND ANY OTHER CHARGES MENTIONED IN THE NOTICE TO BIDDERS. THIS AFFECTS THE BIDDERS LEGAL RIGHTS.

If you have any complaints or questions about the Conditions of Sale, please contact your nearest customer services team.

Buyers' Premium and Charges
For all Sales categories, buyer's premium excluding Cars, Motorbikes, Wine, Whisky and Coin & Medal sales, will be as follows:

Buyer's Premium Rates
27.5% on the first £20,000 of the hammer price;
26% of the hammer price of amounts in excess of £20,000 up to and including £700,000;
20% of the hammer price of amounts in excess of £700,000 up to and including £4,500,000;
and 14.5% of the hammer price of any amounts in excess of £4,500,000.

VAT at the current rate of 20% will be added to the Buyer's Premium and charges excluding Artists Resale Right.

Payment Notices
For payment information please refer to the sale catalog.

Shipping Notices
For information and estimates on domestic and international shipping as well as export licences please contact Bonhams Shipping Department.

IMPORTANT NOTICE ABOUT COVID

Bonhams continues to hold viewings and sales in accordance to the government guidelines in each region. If local restrictions prevent our salerooms from opening, the sales will either be wholly online or livestreamed from the auction house. Bids will be accepted online, on the Bonhams app, on the telephone and as absentee bids. For up to date information and if you have any questions regarding an upcoming sale please contact Client Services on: +44 (0)20 7447 7447 or info@bonhams.com

BIDS

- Bid by telephone/absentee
We require a completed Bidder Registration Form returned by email to bids@bonhams.com.

The form can be found at the back of every catalogue and on our website at www.bonhams.com

Please note we cannot guarantee bids within 24 hours of the sale.

Bidding by telephone will be accepted on all lots within this sale.

- Bid in person
You can pre-register online at Bonhams.com or obtain a paddle at our Registration Desk.

- New Bidders
You must provide proof of identity when submitting bids. A copy of a government-issued photo identification (driving licence or passport) showing your full name and date of birth, and, if not shown on the ID document, proof of your current address (utility bill or bank statement).

For company account or other entities, please contact us in relation to the documents you will need to provide.

Failure to do this may result in your bids not being processed.

For all other enquiries, contact our Client Services department on: +44 (0) 207 447 7447 or bids@bonhams.com

VAT REFUNDS ON EXPORTS FROM THE UK

To submit a claim for refund of VAT HMRC require lots to be exported from the UK within strict deadlines.

For lots on which Import VAT has been charged; marked in the catalogue with a * or Ω, lots must be exported within 30 days of Bonhams’ receipt of payment and within 3 months of the sale date. For all other lots export must take place within 3 months of the sale date.

POST BREXIT NOTICE FOR EU BUYERS SHIPPING PURCHASED LOTS OUTSIDE THE UK

Please note that as of 1 January 2021 for Margin Scheme and Imported Lots VAT on the Buyer’s Premium will be refunded by Bonhams on valid proof of export of your Lot from the UK within 90 days of full payment of your invoice.

What else has changed since 1 January 2021 for EU Buyers? If you buy a Lot in this sale and intend to ship the Lot outside the UK, you will need to pay local Import Tax when you bring your Lot into the country of destination.

What do the Star (*) and Omega (Ω) symbols mean? If you buy in this sale you will pay import VAT of 5% (* symbol) or 20% (Ω symbol) on the Hammer Price. As of 1 January 2021, for EU buyers shipping purchased Lots outside the UK, this tax will be refunded by Bonhams on valid proof of export of your Lot from the UK within 30 days of full payment of your invoice.

Regulated Species Materials and CITES Permits

The export of a lot from the United States or import into certain countries may be subject to export or import regulations, licensure and/or other restrictions; in particular, lots containing plant or animal materials such as ivory, rhinoceros horn, tortoiseshell, coral, whalebone or certain types of woods, irrespective of age or value, may require the granting of one or more export or import licenses or certificates, or may be banned from import altogether by some countries. Moreover, the ability to obtain an export license or certificate does not insure the ability to obtain an import license or certificate in another country. Lots that contain such regulated species materials may also not be eligible for exportation or for re-importation into the United States if they are not at least 100 years of age, and, under current law, lots containing African Elephant Ivory may no longer be re-imported into the United States regardless of age. In addition, resales of lots containing certain regulated species materials may be subject to restrictions in some jurisdictions.

Lots noted in the catalog with a Y next to the lot number contain one or more such regulated plant or animal materials. It is the buyer’s responsibility to investigate any such restrictions and to obtain any relevant export or import licenses. Please note that this process is governed by local authorities and may take considerable time. Regardless of any delay in the obtaining of an export or import license or certificate or denial of a license’s or certificate’s issuance, purchased lots shall be paid for in accordance with the Conditions of Sale, and any such delay or denial shall not serve as the basis for cancellation of any sale. Prospective buyers are advised to obtain information from the relevant regulatory authorities regarding export and import restrictions, requirements, and costs prior to bidding.

Prospective buyers should also check with their local (e.g. state) regulatory authorities regarding any local restrictions and/or permit requirements that may apply with respect to purchases of regulated species materials, including without limitation purchases of items containing elephant ivory or rhino horn. For example, we are advised that New York buyers of any lot containing elephant or mammoth ivory or rhino horn will be responsible for obtaining a New York State permit before taking possession of the lot within New York State, and that the State of New Jersey has banned the import of items containing elephant or marine mammal ivory or rhino horn into that state.

Upon request, Bonhams can refer the purchaser to a third party agent to assist the purchaser in attempting to obtain the appropriate licenses and/or certificates. However, there is no assurance that any necessary licenses or certificates can be obtained. Please contact the Specialist Department for a suggested list of shipping agents prior to placing a bid if you are uncertain as to whether a lot is subject to export/import license or certificate requirements or related restrictions.

BIDS

- Bid by telephone/absentee
We require a completed Bidder Registration Form returned by email to bids@bonhams.com.

The form can be found at the back of every catalogue and on our website at www.bonhams.com

Please note we cannot guarantee bids within 24 hours of the sale.

Bidding by telephone will only be accepted on a lot with a lower estimate in excess of £1,000.

- Bid in person
You can pre-register online at Bonhams.com or obtain a paddle at our Registration Desk.

- New Bidders
You must provide proof of identity when submitting bids. A copy of a government-issued photo identification (driving licence or passport) showing your full name and date of birth, and, if not shown on the ID document, proof of your current address (utility bill or bank statement).

For company account or other entities, please contact us in relation to the documents you will need to provide.

Failure to do this may result in your bids not being processed.

For all other enquiries, contact our Client Services department on: +44 (0) 207 447 7447 or bids@bonhams.com