Jewels

CONDITIONS OF SALE 1 DEFINITIONS In these Conditions of Sale: "Agreement" means any agreement that incorporates these Conditions of Sale; "Auctioneer" means the representative of PHILLIPS, de PURY & COMPANY who conducts the auction; "Bidder" means a person considering, making or attempting to make a bid, by whatever means, and includes Buyers; "Buyer" means the person who makes the highest bid or offer accepted by the Auctioneer and includes such person’s principal when bidding as an agent; "Buy bid" means an instruction to execute an absentee bid which does not indicate the maximum amount the Bidder wishes to bid; "Buyer’s Premium" means the commission payable by the Buyer on the Hammer Price; "Hammer Price" means the amount of the successful bid price; "Lot" means the lot in which Property is grouped by PHILLIPS, de PURY & COMPANY; "Low Estimate" means the lowest estimate specified by PHILLIPS, de PURY & COMPANY for a Lot; "Margin Scheme" means the margin scheme for second-hand goods, works of art, antiques and collectors items as provided in s.50A Value Added Tax Act 1994 including all related secondary legislation; "PHILLIPS, de pury & company" means Phillips, de Pury & Company Limited, a company incorporated in England and Wales with its registered office at 25-26 Albemarle Street, London W1S 4HX; "Property" means each item of property listed for sale at auction or by private sale; "Reserve" means the minimum price at which the Seller has agreed to sell, and does not include commission or taxes, if any; and "Seller" means the seller(s) and any party(ies) acting as agent for the seller(s) in depositing the Property with PHILLIPS, de PURY & COMPANY for sale. 2 INTRODUCTION Each Lot in this catalogue is offered for sale subject to: (i) these Conditions of Sale; (ii) additional notices and terms printed in other places in this Catalogue; and (iii) supplements to this catalogue or other written material prepared by PHILLIPS, de PURY & COMPANY, in each case as amended by any salesroom notice or announcement by the Auctioneer prior to any bid being made or accepted. By bidding at the auction, whether in person, through an agent, by written bid, by telephone bid, or other means, Bidders and Buyers agree to be bound by (i) to (iii) above. These Conditions of Sale, as changed or supplemented as provided in this clause 2, contain all the terms on which PHILLIPS, de PURY & COMPANY and the Seller contract with the Buyer. 3 PHILLIPS, de PURY & COMPANY AS AGENT PHILLIPS, de PURY & COMPANY act as auctioneers and agents for the Seller, unless otherwise indicated in this catalogue or at the time of auction. PHILLIPS, de PURY & COMPANY disclaim all responsibility for statements about any Property made by the Seller. This does not affect any rights a Bidder or Buyer may have against the Seller. 4 PROPERTY FOR SALE PHILLIPS, de PURY & COMPANY’s knowledge in relation to each Lot is partially dependent on information provided to PHILLIPS, de PURY & COMPANY by the Seller, and PHILLIPS, de PURY & COMPANY are not able to carry out exhaustive due diligence on each item of Property. Lots offered for sale in this catalogue are available for prior inspection by Bidders and any due diligence is at the Bidder’s risk. Bidders agree that: (i) PHILLIPS, de PURY & COMPANY accepts bids on the basis that each Bidder has had the opportunity to inspect the Lot prior to bidding and has satisfied himself about the Property, its description, age, authenticity, genuineness, attribution, provenance, origin, condition, importance, size, quality, quantity, rarity, value, historical reference or significance, medium, material, period, culture or source; (ii) information in this catalogue or elsewhere concerning the characteristics of the Property is offered to Bidders by PHILLIPS, de PURY & COMPANY as a statement of opinion only and PHILLIPS, de PURY & COMPANY disclaim all liability for any reliance placed on any such statement of opinion by Bidders or Buyers; (iii) the estimates provided in the catalogue are not representations of fact but are merely PHILLIPS, de PURY & COMPANY’s opinion of the price that a willing Buyer would pay for the Property at auction. The actual price that might be obtained at auction or upon resale of the Property may be substantially different from these estimates. PHILLIPS, de PURY & COMPANY shall not be liable for any difference between the estimate for any Lot and the actual price obtained for such Lot at auction or resale; (iv) all weights are approximate, whether or not qualified by the terms "stated to be" or "approximately"; (v) illustrations are for identification purposes only and are produced as approximately life-size; however, they are rarely exact and cannot be used as precise indications of size or to convey full information as to the actual condition of Lots; (vi) the day of the sale, all precious metals works are stamped in accordance with the law. All other metals do not bear any marks. Beyond PHILLIPS, de PURY & COMPANY’s control, when the catalogue is prepared, errors might appear concerning the Lots. Only the marks stamped on the Lots are trustworthy; and (vii) Bidders acknowledge that many Lots are of an age and type which means that they are not in perfect condition and agree that: (a) all Lots are offered for sale "AS-IS"; and (b) PHILLIPS, de PURY & COMPANY may mention in the description of a Lot significant damage, although this does not include all faults, imperfections and restorations; (viii) neither PHILLIPS, de PURY & COMPANY nor the Seller make any representation or warranty, express or implied (other than those which cannot be excluded by law) with respect to any of the characteristics of the Property, including (without limitation): age, authenticity, genuineness, attribution, provenance, origin, condition, importance, size, quality, quantity, rarity, value, historical reference or significance, medium, material, period, culture or source. 5 AUTHENTICITY GUARANTEE Subject to clause 4(vii)(c) above, if PHILLIPS, de PURY & COMPANY sells any gemstones or pearls which the Buyer subsequently shows to PHILLIPS, de pury & company’s reasonable satisfaction not to be genuine or of natural origin, subject to the terms below PHILLIPS, de PURY & COMPANY will set aside the sale and refund to the Buyer the total amount paid by the Buyer to PHILLIPS, de PURY & COMPANY for such gemstones or pearls, in the currency of the original sale. This Guarantee is provided for a period of twenty one (21) days after the date of the relevant auction, is solely for the benefit of the Buyer and may not be transferred to any third party. To be able to claim under this Guarantee, the Buyer must: (i) notify PHILLIPS, de PURY & COMPANY in writing within such 21 day period of the reasons for not believing the gemstones or pearls to be genuine or of natural origin, specifying the Lot number, date of the auction at which is was purchased; and (ii) return the item to PHILLIPS, de PURY & COMPANY in the same condition as at the date of sale to the Buyer and be able to transfer ownership of the item, free from any third party claims arising after the date of the sale. PHILLIPS, de PURY & COMPANY has discretion to waive any of the above requirements. PHILLIPS, de PURY & COMPANY may require the Buyer to obtain at the Buyer’s cost the reports of two independent and recognised experts in the field concerning the origin and genuineness of the gemstones or pearls, mutually acceptable to PHILLIPS, de PURY & COMPANY and the Buyer. PHILLIPS, de PURY & COMPANY shall not be bound by any reports produced by the Buyer, and PHILLIPS, de PURY & COMPANY reserves the right to seek additional expert advice at PHILLIPS, de PURY & COMPANY‘s own expense. In the event PHILLIPS, de PURY & COMPANY rescind the sale under this Guarantee, PHILLIPS, de PURY & COMPANY shall refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports. 6 LIMITATION OF LIABILITY PHILLIPS, de PURY & COMPANY’s total liability in contract, tort (including negligence or breach of statutory duty), misrepresentation or otherwise, arising in connection with the performance or contemplated performance of the Agreement shall be limited to the purchase price actually paid by the Buyer. PHILLIPS, de PURY & COMPANY shall not be liable to the Buyer for any indirect or consequential loss or damage (whether loss of profit, loss of business, depletion of goodwill or otherwise), costs, expenses or other claims for consequential compensation whatsoever (howsoever caused) which arise out of or in connection with the Agreement. Nothing in these Conditions of Sale or any Agreement shall restrict PHILLIPS, de PURY & COMPANY’s or the Seller’s liability for: (i) death or personal injury caused by the negligence of PHILLIPS, de PURY & COMPANY or the Seller; or (i) if the buyer is a consumer (as defined in Section 3 of the Unfair Terms in Consumer Contracts Regulations 1999), death or personal injury caused by an act or omission of PHILLIPS, de PURY & COMPANY or the Seller; or (iii) fraudulent misrepresentation. 7 CONDUCT OF THE AUCTION Right to refuse entry: PHILLIPS, de PURY & COMPANY has the right to refuse admission to the premises or participation in any auction. Clients unknown to PHILLIPS, de PURY & COMPANY or the Auctioneer might be requested to submit identification, a bank guarantee, advance payment or a financial reference in order to qualify to bid. Bidder’s paddle: All Bidders must obtain a paddle prior to bidding. Bidding as Principal: When making a bid, a Bidder is accepting personal liability to pay the purchase price, including Buyer’s Premium and all applicable taxes, plus all other applicable charges, unless it has been explicitly agreed in writing with PHILLIPS, de PURY & COMPANY before the commencement of the sale that the Bidder is acting as agent on behalf of an identified third party acceptable to PHILLIPS, de PURY & COMPANY, and that PHILLIPS, de PURY & COMPANY will only look to the principal for such payment. Absentee Bidders: (i) As a convenience to Bidders who cannot attend the auction in person PHILLIPS, de PURY & COMPANY may, if so instructed by the Bidder, execute written absentee bids on a Bidder’s behalf, without additional cost. Absentee Bidders are required to submit bids on the "Absentee Bid Form", a copy of which is printed in this Catalogue or otherwise available from PHILLIPS, de PURY & COMPANY. The Bidder must clearly indicate the maximum amount he intends to bid, excluding the Buyer’s Premium. "Buy" bids will not be accepted. For Bidders requesting the opportunity to bid by telephone, PHILLIPS, de PURY & COMPANY reserve the right to have a completed telephone bid form on file prior to any such bidding. PHILLIPS, de PURY & COMPANY also reserve the right to require written confirmation of a successful bid from the telephone Bidder by fax or otherwise, immediately after such bid is accepted by the Auctioneer. Telephone bids may be recorded and, by bidding on the telephone, Bidder consents to a recording of the conversation. Lots are bought for absentee Bidders at the lowest possible price permitted against other Bidders and the Reserve. (ii) Absentee bids, whether written, executed by telephone or otherwise, are an accommodation for the Buyer and PHILLIPS, de PURY & COMPANY will not be liable for errors, omissions or failure to execute absentee bids. Employee Bidding: Employees of PHILLIPS, de PURY & COMPANY, including an auctioneer, may bid at the auction through absentee bids so long as they do not know the reserve and otherwise comply with PHILLIPS, de PURY & COMPANY’s employee bidding procedures. Online Bids: Online bids are accepted at the client’s risk. PHILLIPS de PURY & COMPANY is not responsible for failure or other inadvertent errors relating to execution of your bids. Registration for the sale is required at least 48 hours prior to each sale. Clients must provide billing information, interested lots, bank reference, and signature verifying acceptance of our Terms and Conditions. Bidding intervals: Bidding generally commences at an increment below the Low Estimate and shall proceed at increments determined by the Auctioneer, in his sole discretion. Reserves: PHILLIPS, de PURY & COMPANY (or the Auctioneer) may implement the Reserve by bidding on behalf of the Seller. This means that PHILLIPS, de PURY & COMPANY (or the Auctioneer) may open the bidding on any Lot by placing a bid on behalf of the Seller. PHILLIPS, de PURY & COMPANY (or the Auctioneer) may further bid, on behalf of the Seller, by placing successive or consecutive bids for a Lot, or by placing bids in response to other Bidders up to the amount of the Reserve. The Reserve, which is confidential, is determined by agreement with the Seller and may equal, but will not exceed, the Low Estimate for the Lot. Sale to highest Bidder: The Lot shall be sold to the highest Bidder. The contract of sale for the Lot between the Seller and the Buyer shall be made on the fall of the Auctioneer’s hammer. Auctioneer’s discretion: The Auctioneer has the right to: (i) divide any Lot; (ii) combine two or more Lots; (iii) withdraw any Lots; (iv) refuse bids; (v) refuse to acknowledge any Bidder; and (vi) challenge bids; and to otherwise regulate the bidding. In cases where a dispute arises the Auctioneer will try to resolve the matter. If a dispute arises at or immediately after the fall of the hammer of any Lot, the Auctioneer may re-offer the Lot for sale as he deems appropriate in his absolute discretion. When the Reserve has not been reached, the Lot will be passed at the fall of the hammer and no sale of the Lot shall result. 8 PURCHASE AND PAYMENT Purchase price; Buyer’s Premium; Taxes: The purchase price to the Buyer for the Lot shall be (i) the Hammer Price, plus (ii) a Buyer’s Premium of 20% on the first £100,000 of the Hammer Price of each Lot, and at 12% thereafter. Where the conditions of the Margin Scheme are fulfilled the Buyer shall pay Value Added Tax (VAT) of 17.5% in all cases on the Buyer’s Premium only. Where the conditions of the Margin Scheme are not fulfilled the Buyer shall pay VAT of 17.5% on both the Hammer Price and the Buyer’s Premium. Payment: Buyers are required to pay for purchases immediately following the auction unless other arrangements are agreed with PHILLIPS, de PURY & COMPANY in writing in advance of the auction. Payments must be made in Pounds Sterling either by cash, cheque or by wire transfer, as follows: (i) PHILLIPS, de PURY & COMPANY will accept payment in cash for purchases up to £9,000. (ii) Personal cheques are accepted with suitable identification. Cheques should be made payable to "PDEP Limited". If payment is sent by post, please send the cheque to the attention of the Client Accounting Department at 25-26 Albemarle Street, London W1S 4HX and ensure that the sale number is written on the cheque. PHILLIPS, de PURY & COMPANY reserve the right to withhold delivery of the purchased Lot until funds represented by cheque have been collected or credited. Payment will not be deemed to have been made until PHILLIPS, de PURY & COMPANY has collected the funds. Cheques drawn by third parties will not be accepted. (iii) Payment by wire transfer may be sent directly to: Bank of Scotland 11 Renfield Street Glasgow G2 5EZ For the account of: PDEP Limited Sort code: 80-54-01 Account No: 00440780 Please reference the relevant sale number, the Lot number and the Buyer’s bid number. 9 OWNERSHIP AND RISK Ownership of the Lot shall pass to the Buyer when: (i) the Buyer has paid PHILLIPS, de PURY & COMPANY unconditionally and in full all amounts due under the Agreement; and (ii) no other sums are outstanding from the Buyer on any account whatsoever whether or not such sums have become due for payment. Risk and liability in respect of Lots shall pass to the Buyer on the earlier of collection by the Buyer or 2 business days from the date of the sale. In exceptional circumstances PHILLIPS, de PURY & COMPANY may agree in writing for the Buyer to collect a purchase before payment has been made in full. Until ownership of the Lot passes to the Buyer, the Seller remains the owner of the Lot and the Buyer shall not do anything that is inconsistent with the Seller’s ownership. The Buyer shall store the Lot separately from all other goods in its possession and marked in such a way that they are clearly identifiable as the Seller’s property. The Buyer shall insure and keep insured the Lot to its full value against "all risks" until the date that ownership in the Lot passes to the Buyer and shall upon reasonable notice provide PHILLIPS, de PURY & COMPANY with satisfactory evidence that adequate policies of insurance are being maintained and that the premiums are paid up to date. If the Buyer resells the Lot before PHILLIPS, de PURY & COMPANY has received payment in full for it the Buyer shall hold as trustee for PHILLIPS, de PURY & COMPANY and the Seller all monies received for the sale of the Lot and PHILLIPS, de PURY & COMPANY shall continue to hold a lien over the Lot. 10 REMOVAL OF PROPERTY No purchase shall be claimed or removed until it has been fully paid for, unless otherwise agreed to by PHILLIPS, de PURY & COMPANY in writing. Purchased Lots shall be removed at the Buyer’s risk and expense within 2 business days of the auction. Collection of purchases, other than by the Buyer, must be carried out by a person specified on the written direction of the Buyer. On request, PHILLIPS, de PURY & COMPANY will quote for door-to-door transport of purchased items. All costs incurred by shipping, customs and insurance will be at the expense of the Buyer. Any packing, handling, insurance, shipping or other services that PHILLIPS, de PURY & COMPANY agrees to arrange for the Buyer are provided only as a courtesy to the Buyer. All costs and risks associated with such services shall be fully assumed by the Buyer. The costs of such services shall be paid for in advance or promptly reimbursed to PHILLIPS, de PURY & COMPANY by the Buyer, at PHILLIPS, de PURY & COMPANY’s discretion. PHILLIPS, de PURY & COMPANY shall not under any circumstances be liable for acts or omissions of packers, handlers, carriers, or others even if their acts or omissions result in loss or damage to the Property. PHILLIPS, de PURY & COMPANY disclaims all responsibility for accidental breakages, loss or damage to Lots howsoever caused when being removed by or on behalf of the Buyer unless such breakage, loss or damage is caused by the negligence of the Auctioneer or any employee of PHILLIPS, de PURY & COMPANY. Any Bidder wilfully or accidentally breaking or causing damage to Property will be responsible for any loss or damage. 11 REMEDIES FOR NON-PAYMENT Without prejudice to any rights the Seller may have, if the Buyer without prior agreement fails to make payment in cleared funds for the Lot within five days of the auction, PHILLIPS, de PURY & COMPANY may in their sole discretion (having informed the Seller) exercise one or more of the following remedies: (i) store the Lot at PHILLIPS, de PURY & COMPANY’s premises or elsewhere at the Buyer’s sole risk and expense; (ii) cancel the sale of the Lot; (iii) reject future bids from the Buyer or render such bids subject to payment of a deposit; (iv) charge interest at 8% per annum above HSBC Bank plc Base Rate from the date payment became due to the date the purchase price is received in cleared funds; (v) exercise a lien over any of the Buyer’s property which is in the possession of PHILLIPS, de PURY & COMPANY. PHILLIPS, de PURY & COMPANY shall inform the Buyer of the exercise of any such lien and within 14 days of such notice may arrange the sale of such property and apply the proceeds to the amount owed to PHILLIPS, de PURY & COMPANY; (vi) resell the Lot by auction or private sale, with estimates and reserves at PHILLIPS, de PURY & COMPANY’s direction. In the event such resale is for less than the original Hammer Price and Buyer’s Premium for that Lot, the Buyer will remain liable for the shortfall together with all costs incurred in such resale; (vii) commence legal proceedings to recover the Hammer Price and Buyer’s Premium for that Lot, together with interest and the costs of such proceedings; or (viii) release the name and address of the Buyer to the Seller to enable the Seller to commence legal proceedings to recover the amounts due and legal costs. 12 FAILURE TO COLLECT PURCHASES (i) If the Buyer pays the Hammer Price and Buyer’s Premium but fails to collect a purchased Lot within fourteen calendar days of the auction, the lot will be stored at the Buyer’s expense (and risk) at PHILLIPS, de PURY & COMPANY’s premises or with a third party. (ii) If a purchased Lot is paid for but not collected within six months of the auction, the Buyer authorises PHILLIPS, de PURY & COMPANY, having given notice to the Buyer, to arrange a resale of the item by auction or private sale, with estimates and reserves at PHILLIPS, de PURY & COMPANY discretion. The proceeds of such sale, less all costs incurred by PHILLIPS, de PURY & COMPANY‘s will be forfeited unless collected by the Buyer within two years of the original auction. 13 RESCISSION BY PHILLIPS, de PURY & COMPANY If an adverse claim is asserted with respect to Property purchased by a Buyer, PHILLIPS, de PURY & COMPANY shall have the right, but not the obligation, to rescind the sale. Upon notice of PHILLIPS, de PURY & COMPANY’s election to rescind the sale, the Buyer will promptly return the Property to PHILLIPS, de PURY & COMPANY’s premises. PHILLIPS, de PURY & COMPANY will then refund the Hammer Price, Buyer’s Premium and VAT on the Lot paid to PHILLIPS, de PURY & COMPANY. The refund shall constitute the sole remedy and recourse of Buyer against PHILLIPS, de PURY & COMPANY and the Seller with respect to such claim. 14 EXPORT AND IMPORT MATTERS Bidders are advised to make their own enquiries as to whether an export licence is required before seeking to export any Lot(s). Bidders are advised that some countries prohibit the import of property made of or incorporating (irrespective of percentage) animal material, such as but not limited to ivory, whalebone, rhinoceros horn or tortoiseshell. Accordingly, prior to bidding, Bidders considering export of the Property should familiarise themselves with relevant export and import regulations of the countries concerned. It is solely the Buyer’s responsibility to comply with these laws and to obtain any necessary export, import and endangered species licences and/or permits. Failure to obtain a licence or delay in so doing shall not constitute a basis to cancel a purchase or delay in making payment for a purchase. 15 PRIVATE SALES These Conditions of Sale shall also apply to any private sale by PHILLIPS, de pury & company of Property. 16 USE OF PERSONAL INFORMATION As part of the Agreement, PHILLIPS, de PURY & COMPANY will use and otherwise process personal information on individuals as described in this Paragraph. By agreeing to be bound by these Conditions of Sale, each Bidder consents to processing of personal information as described in this clause. Where the personal information concerns an individual who is an employee, agent or other representative of the Bidder, the Bidder undertakes to bring this clause 16 to the attention of the relevant individual and to ensure all relevant consents are given and maintained. The personal information PHILLIPS, de PURY & COMPANY will process includes the following: (i) name and contact details of Bidders and employees, agents or representatives of Bidders (including absentee Bidders); (ii) account and financial details of Bidders; and (iii) details of each Bidder’s use of auction and related services provided by PHILLIPS, de PURY & COMPANY. PHILLIPS, de PURY & COMPANY will use personal information for the following purposes: (i) providing auction and related services (including billing and payment collection services, customer care, technical and record maintenance, notification of changes to services, improvement and development of services, arrangements for absentee bidding and related services); (ii) record-keeping for up to six years following termination of the Agreement for marketing, tax and audit purposes; (iii) operation and enforcement of the terms and conditions of the Agreement; (iv) credit checks on prospective Bidders; (v) transferring PHILLIPS, de PURY & COMPANY business to a purchaser; (vi) in relation to resolution of legal and regulatory matters, including: (1) compliance with laws and applicable regulations, orders of courts and other competent tribunals; (2) co-operation with the police or any government or regulatory body; and (3) investigation of claims that use of any service that PHILLIPS, de PURY & COMPANY provide infringes any rights or breaches any law, rule, regulation or order. PHILLIPS, de PURY & COMPANY will disclose personal information to the legal advisors of any person claiming that any Bidder’s use of services provided by PHILLIPS, de PURY & COMPANY infringes any right or breaches any law, rule, regulation or order. Where a breach of the Agreement is suspected, personal information may be disclosed or passed to other parties as needed to assist PHILLIPS, de PURY & COMPANY in recovering payment or otherwise enforcing a term or condition of the Agreement. PHILLIPS, de PURY & COMPANY may contact Bidders with information about products or services offered by affiliates of PHILLIPS, de PURY & COMPANY. PHILLIPS, de PURY & COMPANY may pass personal information to its affiliates, who may contact Bidders with information about their products or services. PHILLIPS, de PURY & COMPANY will not sell, rent or otherwise transfer personal information to a third party (other than an affiliate) for marketing purposes. Unless the Bidder has opted out of receiving marketing information from PHILLIPS, de PURY & COMPANY on the registration or absentee bidder form, the Bidder consents to receiving such information from PHILLIPS, de PURY & COMPANY and to processing of his personal information for this purpose. If at any time the Bidder no longer wishes to receive such information, he must write to PHILLIPS, de PURY & COMPANY at PHILLIPS, de PURY & COMPANY’ registered office. Implementation of such notice will take place within 30 days of receipt at the correct address. PHILLIPS, de PURY & COMPANY may transfer personal information between affiliates of PHILLIPS, de PURY & COMPANY, for administration and auction-related purposes, including companies based outside the United Kingdom and the European Economic Area in countries which may not provide an equivalent level of data protection to that provided in the United Kingdom. By agreeing to be bound by these Conditions of Sale, each Bidder consents to the transfer of personal information abroad as required by PHILLIPS, de PURY & COMPANY. 17 DISPUTE RESOLUTION These Conditions of Sale and all aspects of all matters, transactions or disputes to which they relate or apply shall be governed by and interpreted in accordance with English law. In relation to any legal action or proceedings arising out of or in connection with the Agreement ("Proceedings"), PHILLIPS, de PURY & COMPANY, Bidders, Buyers and Sellers irrevocably submit to the exclusive jurisdiction of the English courts and waive any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum. 18 RIGHTS ETC CUMULATIVE AND OTHER MATTERS (i) The rights, powers, privileges and remedies provided in these Conditions of Sale are cumulative and are not exclusive of any rights, powers, privileges or remedies provided by law or otherwise. (ii) No failure to exercise nor any delay in exercising by any party to the Agreement of any right, power, privilege or remedy under the Agreement shall impair or operate as a waiver thereof in whole or in part. (iii) No single or partial exercise of any right, power, privilege or remedy under the Agreement shall prevent any further or other exercise thereof or the exercise of any other right, powers, privilege or remedy. 19 GENERAL (i) The copyright subsisting in all images and other materials produced for the auction is owned by PHILLIPS, de PURY & COMPANY, and, subject to the provisions of the Copyright, Designs and Patents Act 1988, such images and materials may only be used at PHILLIPS, de PURY & COMPANY’s discretion. For the avoidance of doubt, no rights in or title to (including, without limitation, the right to reproduce such works) the images and other materials produced for the auction shall be transferred to any third party by virtue of the sale of any Product and/or Lot to that third party, or otherwise howsoever. (ii) Notices to PHILLIPS, de PURY & COMPANY should be in writing and addressed to the department in charge of the sale, quoting their reference number specified at the beginning of the sale catalogue. Notices to PHILLIPS, de PURY & COMPANY’s clients shall be addressed to the last address formally notified by them to PHILLIPS, de PURY & COMPANY. (iii) Should any provision of these Conditions of Sale be held void, invalid or unenforceable for any reason, the remaining provisions shall remain in full force and effect. (iv) These Conditions of Sale are not assignable by any Buyer without PHILLIPS, de PURY & COMPANY’s prior written consent, but are binding on Buyer’s successors, assigns and representatives. (v) No person who is not a party to the Agreement shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Agreement. 20 INFORMATION If you need further information or have any questions about these Conditions of Sale, or any other provisions applicable to a sale, please call +44 20 7318 4010. 21 Art Loss Register All items advertised in this catalogue for sale by auction, have, insofar as they are uniquely identifiable from the description given, been checked against the computerized database of stolen or lost artwork, antiques and other cultural objects maintained by the Art Loss Register. A search certificate can be provided by the Art Loss Register. The Art Loss Register can be reached by post at Suite 101, Luton House, 164-180 Union Street London SE1 0lH, or by email at artloss@artloss.com. The Art Loss Register cannot, however, guarantee the provenance of any catalogued item against which they search, and will not be liable for any direct or consequential losses of any nature howsoever arising. This statement is not intended to affect, detract from, or override PHILLIPS, de PURY & COMPANY’ Conditions of Sale, and in the event of any conflict the Conditions of Sale will take priority to the terms of this statement. IMPORTANT NOTICE TO ALL PURCHASERS OF JEWELLERY JEWELLERY Clients are advised that many coloured gemstones are treated to enhance their properties. For example, heating is commonly used to improve the colour or transparency of rubies and sapphires and oiling is used to enhance clarity in emeralds. Such enhancement procedures are widely accepted by the international jewellery profession. While the colour of heat-treated stones is permanent, oiling may need to be repeated after a number of years in order for emeralds to retain optimum clarity. As a matter of policy, PHILLIPS, de PURY & COMPANY will obtain gemological reports from officially recognised laboratories for certain high-value gemstones offered for sale. The contents of these reports are given in our catalogues. It is not feasible, however, for PHILLIPS, de PURY & COMPANY to obtain such reports for all gemstones offered at auction and prospective buyers should therefore bear in mind that, unless otherwise stated, such enhancement methods could have been used. Enhancement of gemstones may affect market values, and clients are advised that if official gemological reports are not available, gemstones may have been enhanced. Watches No warranty is made that any watch is in working order and nothing in the catalogue description of any lot should be taken as implying such. Purchasers are advised to have watches checked by a competent watchmaker before use. Bidders may be accompanied to the auction saleroom by a watchmaker for this purpose. PHILLIPS, de PURY & COMPANY cannot arrange for the delivery of Rolex, Piaget, Franck Muller and Corum watches to the United States because U.S. laws restrict the import of Rolex, Piaget, Franck Muller and Corum watches. These lots are marked with the symbol . The buyer or a designated agent may collect the property in the country of sale. These Conditions of Sale constitute binding terms on which PHILLIPS, de PURY & COMPANY and the Seller contract with the Buyer and, as such, the Buyer is advised to review these Conditions of Sale carefully and ensure that it is satisfied with the terms set out herein. Important information about how PHILLIPS, de PURY & COMPANY will process your personal data is included at clause 16 of these Conditions of Sale. VAT † This symbol next to a lot number indicates that VAT is payable by the buyer at the standard rate of 17.5% on the hammer price and buyer’s premium. ? This symbol next to a lot number indicates that the lot has been imported from outside the European Union under HMCE Temporary Importation Regulations, and that the effective rate of 17.5% will be payable by the buyer on the hammer price and on the buyer’s premium. ?? Buyers of Lots such marked who have an EU registered address but wish to export the Lot or complete the importation of the Lot into the EU, must advise Phillips de Pury & Company immediately after the auction. For lots which appear without ANY of the above symbols, no VAT will be payable on the hammer price and the premium will be shown inclusive of VAT. The VAT inclusive with the premium is not normally recoverable by the buyer.

Buyers shall pay all applicable sales, use, excise and other taxes, whether federal, state or local. For U.S. dealers, only valid resale certificates will be accepted as proof of exemption. All foreign buyers should contact the Accounting Department about tax matters. Purchases will not be released to a buyer unless all tax requirements are satisfied. Payment for accommodation services, such as packing, handling, insurance, shipping or other services requested by the buyer, shall be made as provided in Paragraph 6 of our Terms Conditions.