January Auction 425- session 2

ANSORENA GENERAL TERMS I.-DEFINITION The Auction Room is a trading center whose aim is the sale at a voluntary auction of the assets, works of art or any items of a similar nature entrusted to it for this purpose. The Auction Room therefore acts as an intermediary between the owner and/or seller of each lot and the potential buyers. ANSORENA subsequently called "the auctioneer" carries on business as commission-agent in its own name on behalf of its voluntary consignors. Any bidder that participates at any auction carried out by Ansorena acknowledges and accepts its general terms and conditions. II.-GENERAL TERMS AND CONDITIONS 1.-GENERAL INFORMATION The general information shown in our catalogues and advertisements is produced and monitored by our art graduates, after they have examined the items in question. In particular cases of jewelry, watches, icons, silver, etc., we will arrange for them to be examined by highly qualified experts in each field. The auctioneer reserves the right to combine, to split, to change or to withdraw lots before the actual final sale. 2. DISPLAY All objects put up for auction can be viewed physically and examined prior to the sale at the times made known in the catalogue. The items are used and sold as is. As long as not explicitly mentioned in the catalogue description, framing is not an inherent part of the offer. 3.-CONDITION OF THE LOTS The lots will be auctioned in the condition they are in at the time of auction, and the Auction Room shall not accept any claim for restorations, flaws, breakages, etc., even if these have not been noted in the catalogue. As a rule, the condition of the individual work is not given in the catalogue. Catalogue descriptions are made with as much care as possible, but the descriptions do not fall under the statutory paragraph for guaranteed legal characteristics. The same conditions apply for individually requested condition reports. These also offer no legal guarantee and only represent the subjective assessment of Ansorena auctioneer while serving as a non-binding orientation. 4.-CATALOGUING OF LOTS The Auction Room reserves the right to catalogue the lots, change them or subdivide them into several different lots, according to its prudent, expert opinion; it may also withdraw them on justified grounds. 5.-ACCEPTANCE OF ITEMS Following a full examination of the items, a team of experts will establish an appropriate initial starting price in agreement with the seller or depositor. 6.-USAGE AND RULES In its capacity as an intermediary, the Auction Room will carry out the auction of the items or works of art entrusted to it for this purpose according to the current applicable at any time, as well as the traditional trade usage for this type of transaction. Ansorena Auction Room, according to international custom, will only act as an intermediary, and shall not be responsible for the accuracy of any statements made as to the authorship, origin, date, age, source or condition of the lot, although it does warrant that a technical examination of the utmost accuracy has been undertaken. Nevertheless, the sale of a lot shall be cancelled and the price refunded to the buyer if the latter should notify Ansorena Auction Room in writing, within fifteen days after the auction has been held, that in his/her opinion the lot is a deliberate forgery, and shall be required to prove this in a verifiable manner. 7.-STARTING PRICES The starting price of each item or work of art in the auction shall be determined in the catalogue. This shall constitute the minimum sale price, except in exceptional cases in which a reserve may be agreed with the seller/depositor. 8.-MINIMAL INCREMENT The Auction Manager shall have the right to refuse any bid which does not exceed the previous bid by the amount applicable in each case. 9.-SALE TO THE HIGHEST BIDDER: DISAGREEMENTS The lots shall be awarded to the highest bidder. In the event of a disagreement between two or more bidders, the Auction Room shall be authorized to carry out another auction in the same session or the immediately following session. The highest and final bidder is deemed to be the purchaser. In the case of bidding through written letter, the bidder commissions the auctioneer to place bids on his behalf during the auction. In cases where there is a discrepancy between number and title in a written bid the title shall prevail. The highest bidder acknowledged by the auctioneer shall be deemed the buyer. In case of identical bids, the buyer will be determined by first in received with the auctioneer. Telephone and direct online bidding via the internet must be approved in advance by the auctioneer. The auctioneer cannot be held liable for faulty connections or transmission failure. In such a case the bidder agrees to bid the reserve price of the corresponding lot. By making a bid, either verbally in the auction, written by letter, by telephone, or through the internet the bidder confirms that he has taken notice of the terms of sale by auction and accepts them. In the event of a dispute the auctioneer has the absolute discretion to reoffer and resell the lot in dispute. He may also knock down lots conditionally. On the fall of the auctioneer's hammer title to the offered lot will pass to the acknowledged bidder. The successful buyer is obliged to accept and pay for the lot. Ownership only passes to the buyer when full payment has been received. The buyer, however, immediately assumes all risks when the goods are knocked down to him. 10.-INFORMATION AND ADVICE SERVICE During the display period, the Auction Room offers the public an advice service made up of our experts, who will offer information on the state of repair, attributed authorship, market prices and any other information relating to the lots included in the catalogues for auction. The aforementioned advice services shall be offered according to the reasonable and prudent opinion of the Auction Room, but the latter shall not accept any responsibility for the content of the information provided. 11.-ASSESMENTS The Auction Room has a department for the assessment of paintings, jewellery and works of art which provides written valuations for insurance policies, probate proceedings, property settlements and awards in lieu of debt payments, and makes these valuations according to the following rates: 1.5% on a total valuation up to ?30,000 and 1% on a total valuation of more than ?30,000 *For assessments below 10.000 ?, the minimum rate for written valuations will be 300 ?. 12.-SUBMISSION AND APPLICABLE LAW In the event of a dispute between the parties arising from auction transactions, the depositor/ seller, the winning bidder or buyer and the Auction Room, waiving any other jurisdiction to which they might have resource, shall submit to the jurisdiction of the Courts of Madrid. 13.-VALUATIONS BY OTHER EXPERTS If the depositor, seller or buyer presents the lot with a certificate issued by experts unconnected to the Auction Room, the resulting costs shall be borne by the former, and the Auction Room shall not accept any responsibility for errors in the description or authentication contained therein. 14.-SPECIFIC CONDITIONS WITH REGARD TO THE IDENTIFICATION OF THE WORKS OR ITEMS The authorship and/or attribution of the works is based on the experience and best knowledge of the Auction Room and/or consultation with different experts on each author and/or school at the time the catalogue is written. ANSORENA S.A. accepts no liability for any future contradictory expert opinions 1) Joaqu?n Sorolla y Bastida (name and surname/s). -This means that, in our opinion, it is an authentic work by the aforementioned artist. 2) Initial or initials of the name and surname/s.- This means that, in our opinion, it is a work from the period of the aforementioned artist which may be wholly or in part his work. 3) Attributed to Joaqu?n Sorolla y Bastida. - This means that, in our opinion, it is probably a work by the aforementioned artist, but the existence of contradictory opinions on the part of well-known experts or authorities in the field has been considered. 4) Workshop of Joaqu?n Sorolla y Bastida. - This means that, in our opinion, it is a work produced by an unknown person in the workshop of the aforementioned artist, not necessarily under his direction. 5) Circle of Joaqu?n Sorolla y Bastida (name and surname/s). - This means that, in our opinion, it is a work produced by an unknown or unidentified painter apparently following the style of the aforementioned artist, although not necessarily his pupil. 6) 17th century Spanish school, (including date). - This means that, in our opinion, it is a work produced by a Spanish artist or an artist working in Spain in the 17th century or according to the norms of this period. 7) Spanish school (not including date). - This means that, in our opinion, it is a work produced following the style of a particular determined or unspecified Spanish artist, irrespective of the period or nationality of its author. 8) The term SIGNED means that, in our opinion, the signature is the authentic signature of the artist made with his knowledge. 9) The term BEARS SIGNATURE? means that, in our opinion, the signature has been written by a hand other than that of the aforementioned artist and without his knowledge. 10) The term DATED means that, in our opinion, the date has been written by the aforementioned artist. 11) The term BEARS DATE? means that the date has been added by a hand other than that of the artist. "In lots which indicate the existence of a certified study or publication issued by a specialist unconnected to this Auction Room, it is considered that the buyer accepts the validity of the document in question as a guarantee of authenticity". III.-SELLERS CONDITIONS 15.-NECESSARY DOCUMENTATION Any persons wishing to sell their items must fill in with their personal details and sign the Sale Order form, declaring the owners or representatives of the items, acknowledging and accepting Ansorena's terms and conditions of contract, and providing the following documentation: Private individuals: Full photocopy of the ID or Passport. If the bidder would act representing a third party, it will be required to provide altogether with its own ID or Passport the written mandate and ID or Passport of the third party. Companies: Companies are requested to provide copy of their tax identification license or number, copy of the deed of incorporation of the company, altogether with copy of the power of attorney of the bidder representing the company. Agents who act on behalf of a third party are jointly and separately liable for the fulfillment of contract on behalf of their principals. 16.- OWNERSHIP OF THE DEPOSITED ITEMS The seller or person depositing the items on his/her behalf hereby warrants to Ansorena that he/she is the legitimate owner thereof and/or has been validly authorised by the owner to dispose of them free from any claims, charges or liens. Ansorena shall under no circumstances accept liability to third parties for any inaccuracy in the information provided with regard to ownership of the items. The Auction Room therefore assumes that the depositor/seller has the necessary legal capacity to enter into contract and the power to dispose of the items being auctioned. 17.- AUTHORITY OF THE DEPOSITED ITEMS The assigner gives Ansorena full and absolute right to photograph and illustrate any lot which is going to be auctioned and to use such photographs at its absolute discretion. 20.-WITHDRAWAL OF LOTS The lots included in our catalogues may not under any circumstances be withdrawn without Ansorena?s consent, and even if an agreement to remove them is reached the assignor shall pay 20% of the starting price. 21.- FEE Ansorena?s fee shall be agreed in each case, plus costs and insurance. 22.- PAYMENT The Auction Room shall pay the seller the corresponding amount after making deductions for any commissions, costs or brokerage fees, as from 30 days after the date on which the auction is held, provided that the lot has previously been paid for by the buyer. 23.-ADMISSION OF ITEMS The Room reserves the right to accept or refuse on reasonable grounds any items or lots offered to it for auction. Once the items in question have been accepted, and are delivered to it by the owner and/or seller, the Auction Room shall hold the items in trust and shall proceed with their authentication and valuation by qualified staff, as well as their restoration, framing and/or cleaning, all this as requested by the depositor. The price of the aforementioned transactions or service shall be paid to Ansorena once it has been completed. 24.-ADVERTISING CAMPAIGN When requested by the owner, Ansorena may carry out an advertising campaign aimed at promoting the item or work of art to be auctioned. The prices of such a campaign shall be agreed accordingly and paid by the owner and/or seller. 26.-LIQUIDATION The Auction Room assumes that the depositor/seller has the legal capacity necessary to be legally bound in contract and the authority to dispose of the assets to be auctioned. The depositor/seller authorises the Auction Room, if applicable, to deduct from the hammer price any costs incurred up to the time at which the auction takes place. The aforementioned costs shall be paid to Ansorena in accordance with the rules stipulated in these General Terms and Conditions 27.-BUYER FAILS TO PAY If 30 days after the auction, the buyer has not paid for the lot, Ansorena may cancel the transaction and return the lot to the assignor, or choose to take legal action for breach of contract, with the buyer bearing any costs which may be incurred. 28.- INTELLECTUAL PROPERTY For works by authors which are subject to Act 3/2008, of 23 December, relating to the resale right for the benefit of an original work of art, the appropriate deduction shall be made when applicable and shall be borne by the seller. IV.-BUYERS CONDITIONS 29.- NECESSARY DOCUMENTATION. The persons acquiring the items must fill in with their personal details and sign the bid or order form, in which Ansorena's terms and conditions of contract are accepted, and provide the following documentation: Private individuals: Full photocopy of ID document. Personal details. Companies: Tax Identification Number and details of the company on company paper. ID document of the person authorised to bid on behalf of the company. 30.- ITEM DISPLAY During the display period, the buyer shall check for him/herself, before the auction, the state of repair and other conditions of the item he/she wishes to bid for, and no claims for restorations, flaws, etc., shall be accepted even if they have not been noted in the catalogue. 31.- AUCTION ROOM BID REPRESENTATION The Auction Room shall bid on behalf of buyers who have made commission bids, following the bidding scale. The Auction Room shall sell the lot at the lowest possible price and not the highest bid received. If more than one commission bid should be received for the same lot and for the same amount, the lot shall be sold to the first bid received in date and time order, unless other bids exceed the aforementioned amount. If a bid made in the Auction Room is identical to a commission bid, preference will given to the latter. You will be sent written notification of your bid if it is successful. 32.-SPANISH STATE RIGHTS The Spanish State reserves the rights of first refusal and repurchase over the lots which are auctioned. It may exercise the right of first refusal at the auction itself or the right of repurchase within the periods established by law. 33.-ADDITIONAL INFORMATION The Auction Room may request references from those who intend to participate for the first time in an auction as bidders. The Auction Room may also require bank references or other kinds of guarantees from the winning bidder or buyer of one or several lots, whenever it deems it appropriate. The winning bidder or buyer of a lot must complete a sale form, confirming the purchase and their consent to the auction conditions and filling in the particulars required by the Auction Room for this purpose. The lots sold shall be paid for by the winning bidder or buyer within a maximum period of five business days from the auction date. With regard to any damage which may be caused to the items or works sold, once this five day period has elapsed any such damage shall be the sole responsibility of the winning bidder or buyer 34.- MIDDLEMAN COMMISSION & BUYER PREMIUM Ansorena offers fix premium premium for its internet and online bidders as per below: Buyer Premium online 27,04 % VAT Included The amount payable by the winning bidder or buyer shall be the fees charged by the Auction Room for its brokerage in the transaction. Any costs relating to advice, packaging, transport or storage of the items and works shall be paid to the Auction Room by the winning bidder or buyer independently. Buyers from countries of the European Union are subject to Spanish VAT. Exempted from these rules are only dealers from EU-countries, who are entitled, under their notification of their VAT ID-Number, to buy based on VAT-free delivery within the European Union. Notification of VAT ID-Numbers must be given to the auctioneer before the sale. For buyers from non-EU-countries the tiered premium will be levied. VAT will be exempted or refunded on production of evidence of exportation within 4 weeks of the auction, or, if appropriate, importation to another country. The absence of legal valid evidence will exclude VAT exemption. 35.-BIDDDING SCALE AND INCREMENTS The below detailed increments will be used to automatically increase the ask price of the items as bids are placed. From 50 to 99 ? increment 5 ? From 100 to 199 ? increment 10 ? From 200 to 499 ? increment 20 ? From 500 to 999 ? increment 50 ? From 1.000 to 1.999 ? increment 100 ? From 2.000 to 4.999 ? increment 200 ? From 5.000 to 9.999 ? increment 500 ? From 10.000 to 19.999 ? increment 1.000 ? From 20.000 to 49.999 ? increment 2.000 ? From 50.000 to 99.999 ? increment 5.000 ? From 100.000 to 199.999 ? increment 10.000 ? From 200.000 to 499.999 ? increment 20.000 ? From 500.000 onwards increment 50.000 ? The auctioneer reserves the right to alter the increment terms due to exceptional tiers or circumstances. This shall not prevent the auctioneer from changing the bidding system in exceptional cases. 36.- METHOD OF PAYMENT AND REMOVAL OF THE ACQUIRED ITEMS The acquired items shall be paid for by the winning bidder or buyer within a maximum period of 7 business days from the auction date. Once this 7 day period has elapsed, any damage which may be caused to the items or works sold shall be the sole responsibility of the winning bidder or buyer, unless it has been expressly agreed that specific insurance will be taken out through Ansorena. Payment shall be made in euros by banker's draft or bank transfer, at no cost to Ansorena, to any of the following accounts: BANCO SABADELL: IBAN ES32 0081 0658 1200 0118 9925 Or: BANCO SANTANDER: IBAN ES58 0030 1001 3000 0982 4271. If payment should be made in a currency other than the euro, and this has been accepted by Ansorena, the exchange rate on the day on which payment is made will be applied. If payment is made from overseas, it must be by bank transfer in euros and at no cost to Ansorena. Cash will not be accepted for payments equal or over ?2,500. As far as the amounts and accepted methods of payment are concerned, Ansorena shall be governed by the provisions of applicable legislation and, in particular, by Act 7/2012, of 29 October, or any other which may replace it. 37. EXPORT PERMITS AND LICENSES The majority of the lots included in the auction require the express prior authorization of the State Administration in order to leave Spanish territory. The client will be responsible for obtaining any such permits, and the fact that they are not granted or any delay in obtaining them shall not under any circumstances exempt the client from paying for the work. The majority of the works are subject to the payment of export taxes, which shall be paid by the buyer. Any works sent to EU countries shall be exempt from the taxes in question. The lots which have already been granted such authorization, are exportable in accordance with Act 16/85 and its enabling legislation, or are covered by temporary import regulations are marked with an asterisk next to the lot number. If authorization is requested, the Auction Room hereby advises its clients that any such request shall for all purposes represent an irrevocable offer of sale in favor of the Spanish State. V.- PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING ACT 10/210 Ansorena shall be bound to comply with the provisions of Act 10/2010 and, in particular, with regard to persons with public responsibility (in other words, those who hold or have held prominent public functions in Spanish state, regional or local government, senior management positions in trade union or business organizations of political parties and/or have a close family or business relationship with any of them). Acceptance by the buyer and/or seller of Ansorena's terms and conditions of contract represents an express declaration by the buyer and/or seller that he/she is not a person with public responsibility according to the provisions of the Act; if this is not the case, he/she shall be bound to provide Ansorena with verifiable notification in this regard. VI.-DATA PROTECTION ACT In accordance with the Personal Data Protection Act 15/1999 and its enabling legislation (Royal Decree 1720/2007), you are hereby informed that the data you provide will be included in the Clients and Contacts database of Ansorena, S.A. and Mato Ansorena, S.A., which is used and processed internally for administrative and accounting operations, as well as for carrying out commercial and informative activities in relation to our auctions and exhibitions, sending out catalogues, confirmation of bids and the offer and sale of our products. In accordance with current legislation you have the right at any time to object to the sending of commercial communications, and to exercise the rights of access, objection, rectification or cancellation of your personal data, except with regard to the Prevention of Money Laundering and Terrorist Financing Act 10/210. In order to do this, you will need to send a written request, providing supporting legal documentation such as a photocopy of your ID document, to: info@ansorena.com o a Ansorena S.A., C/ Alcal?, 52- 28014 MADRID-, under reference ?Data Protection?. 38. WAREHOUSING AND TRANSPORT RATES No delivery on site. After payment, all lots will be at buyer's and shippers' disposal. Items will be kept free of charge for 45 days. Thereafter the purchaser will be charged storage and insurance costs. Storage and dispatch are at the expense and risk of the buyer. If the shipping costs exceed the lump sum on the invoice the outstanding amount will be billed separately.