PIPES' AUCTION

SALE CONDITIONS 1.Auction participation is only allowed to persons in possession of a bidding paddle which is assigned at the time of registration in order to make a valid offers. By filling in, signing the registration form and having a bidding paddle assigned, the buyer accepts and confirms the ?conditions of sale? as stated in the catalog. Each offer is intended to be 10% higher with respect to the preceding offer, nevertheless the Director of the sales or Auctioneer will be able to accept also offers with a smaller increase. 2. The objects will be awarded by the Director of the sales or Auctioneer to the highest bidder, except for a reserve limit as stated in article 10. In case a dispute should rise on who has the right to adjudication, the auctioneer is authorized to reopen bidding on the base of the last offer that determined the rise of the dispute , except for different, and unquestionable, determinations by the Director of sales. It is in the Director of the sale?s power of to accept offers by telephone or by other means. These offers, if considered acceptable, will be announced time in time in the room. In case of multiple offers of equal value from the audience in the room and by other means for the same lot, the offer from a person present in the room will have preference. In case of multiple offers of equal value that arrive by telephone and or other means for the same lot, the first to make the offer will be given preference and will be unchangeably determined by the Director of sales or Auctioneer. Telephone bids will only be accepted for lots with an initial starting bid price of ?500 San Carlo Aste will not take any responsibility for missed, written or telephone, counter offers or for any mistakes or omissions related, not attributable to their negligence. San Carlo Aste will not take any responsibilities for any missed telephone contact with any potential buyer. 3. The Director of sales can vary the expected order of objects at auction and has the right to consolidate multiple items into one lot or divide items into individual lots even if represented differently in the catalog. San Carlo Aste reserves the right to prohibit entry and or participation to unsuitable persons. 4. Before each auction session each participant will be required to fill out a participation form which includes personal data, bank coordinates and approval of special sales conditions according to the Italian civil code, article 1341 and 1342 C.c., in order to take part and be given a bidding paddle. 5. The auction house reserves the right to not accept offers from unknown buyers, unless they have left a deposit or guarantee, previously deemed valid by a Mandatory for the entire value of the lot desired. At the moment of registration in order to receive a bidding paddle, the bidder must provide comprehensive and verifiable bank information to the auction house. In case of incomplete information or inadequate bank coordinates are furnished and outside of the allowed time for correction, the Mandatory reserves the right to cancel the sales contract for the lot and ask for damages. 6. San Carlo Aste will allow the winning bidder to pay a deposit of 20% of the sale price in addition to rights and compensation. Items sold must be retrieved no later than 5 days of purchase. If payment has not yet been made, this too must be done within this time period. San Carlo Aste has authorization to not deliver any item if full payment of the purchases and any other rights and costs. If the buyer does not comply with the above terms, articles 7-9 will be put in action 7. The buyer will have to adhere to the following sanctions above the selling price: From 0,00 Euro to 50.000,00 Euro 20% From 50.001,00 Euro to 200.000,00 Euro 15% From 200.001,00 Euro and above 10% 8. If for any reason the buyer fails to collect the items purchased and pay by the deadline specified in Art. 6, he will have to pay the Auction house a storage and an insurance fee, in proportion to the value of the object. However, in case of deterioration, damage or theft of the purchases, which have not been collected within the period specified in Art. 6, San Carlo Aste is not liable and also for purchases without insurance. 9. Viewing and examination of the works to be sold will be in exhibition before the auction. Anyone interested can completely and thoroughly view characteristics, current state and actual size of the item of interest. Consequently, the buyer cannot challenge any errors or inaccuracies in information contained in the auction catalog notes, or any photographic differences of an original object for sale. therefore, the non-correspondence (even if relative to the year of implementation, references to any publications of the work, the execution technique and the material on which it is or is not made of) between the characteristics listed in the catalog and the actual object sold. The lots being auctioned by San Carlo Aste will be sold in their current condition . The lot information in the catalog are not binding or comprehensive, however, written reports (condition report) of each lot status are available upon request and if so, will complete the descriptions in the catalog. Any description given by San Carlo Aste is made in good faith and is mere opinion and therefore such descriptions cannot be considered binding and complete for the Auction house. San Carlo Aste invites bidders to personally view each lot and request a special valuation from their trusted restorer or other professional expert before making a bid offer. Condition reports will be provided no later than two days before the auction date in question, and absolutely not after. 10. San Carlo Aste acts as an agent for those who have commissioned the sale of items offered at auction, and therefore must respect the reserve limits imposed by the sellers even if unknown to the participants in the auction and may not be liable for further obligations, other than those related to the mandate; any responsibility referred to article ex art. 1476 ss cod. civ. remains the owner?s duty. 11. The items described in the present catalog are accurately attributed within the limits specified in the individual lots. Attribution relating to antiques objects and works of the nineteenth century and earlier reflect only the opinion of San Carlo Aste and cannot have an expertise value. Any dispute in this regard must be received within 8 days of adjudication, accompanied by expert advice, accepted by San Carlo Aste. If the complaint is well founded, San Carlo Aste will refund only the amount actually paid, excluding any further request of any type. 12. Neither San Carlo Aste itself, their employees, managers or collaborators are responsible for errors in the description of the works or for the genuineness or authenticity, bearing in mind that we express opinions in good faith and in accordance with standards of care reasonably expected from an Auction house. Any explicit or implicit warranty relevant to purchased lots will not be given to the buyer-winning bidder. The items are sold with authenticity documents from the accredited persons or entities at the time of purchase. The Auction house will not be liable in any way and for any reason in case of changes of the accredited persons or entities in charge of releasing the authentication documents of the items. Any claim, request for damages or breach of contract of sale or lack of authenticity of an item must be claimed within five years from the date of sale, otherwise it will not be accepted, with the return of the work of art accompanied by a declaration from an expert stating the defect. 13. San Carlo Aste will indicate during the exposition and during the auction any possible items notified in accordance with the Statute Law 1039, the purchaser will be required to observe all the relevant laws . 14. The labels, signs and stamps on the works of art stating the ownership and possible changes of ownership are guaranteed by San Carlo Aste as existing only until the works have been collected by the purchaser. 15. Works imported temporarily from non-EU countries listed in the catalog are subject to VAT on the full value (auction price plus rights) if they are definitively imported. 16. All participants at the auction, unconditionally accept the sales conditions; in case of success in bidding they will legally assume all responsibilities of the purchase. For any dispute, it is specifically requested the Court of Turin?s competence. The requirements of the Decree. 118 of 13/02/06 in the implementation of Directive 2001/84/EC will be absolved by San Carlo Aste. ACQUISITION OF OBJECTS AND PAINTINGS FOR AUCTIONS For third party insertion in San Carlo Aste?s auction session: anyone interested in selling works of modern and contemporary art, antique paintings, furniture, art objects, jewelry, silver objects, carpets, please contact our headquarters in Turin, or offices in Milan, Rome and Bari. ADVANCE PAYMENT OF MANDATES For persons that are interested , our organization offers with simple formality advance payments on mandates for selling works of modern and contemporary art, antique paintings, furniture, art objects, jewelry, silver objects , carpets, both entrusted to us for auction or for an attempted private sale. To whom it may concern, the complete program text of San Carlo Top is available upon request. Payment Options The following payment options will be accepted: a) In cash for payments less than Euro 2.500,00 b) A non-transferable cashier?s check payable to San Carlo Aste and Gallery srl.; c) Non transferable personal check payable to San Carlo Aste and Galleries with previous agreement with administration d) Bank Transfer to the account: San Carlo Aste and Gallery srl on bank Intesa Sanpaolo IBAN: IT 25 03 069 01 110 100 000 000 770 e) By debit or credit card, in both cases a third party commission will be applied by the company that performs the service. PURCHASES AND ESTIMATES San Carlo Aste performs estimates on paintings, sculptures and drawings both antique and modern, antique furniture, rugs, jewelry, silver and other antiques, provided by its staff of experts. Purchase by contact, in person or by third parties. REGISTRAIZONE AND AUCTION PARTICIPATION PROCEDURE By completing and submitting the registration form and being given a bidding paddle, the purchaser accepts the "terms of sale" printed in this catalog. All potential buyers must obtain a bidding paddle before the start of the auction. Pre-registration is possible during the exhibition viewing; in case a buyer is acting as a third person representative, written permission is required. All potential buyers must bring a valid form of indentation in order to register. The bidding paddles can be used to indicate a bid to the Director of sale or Auctioneer during the auction. All lots sold will be billed to the name and address provided at the time when the numbered paddle was assigned. At the end of the auction the buyer must return the paddle to the registration desk. Each client is responsible for the use of the number on the bidding paddle assigned to him. The paddle is not transferable and must be returned at the end of the auction. If you lose your paddle you must immediately notify the assistant Director of sales, or Auctioneer. This system does not apply to those who participate in the auction via the written proposal. CULTURAL HERITAGE In case a lot is considered by the Ministry of Culture a cultural heritage, San Carlo Aste will communicate it prior to sale. Successful bidders will be required to comply with all laws and regulations in force regarding the sale of "cultural heritage" under the Legislative Decree no. 42/2004, which is governed by the right of pre-emption purchase by the Italian State and other bodies specified. In case of a sale, the seller will have to declare the sale to the Ministry as stated by article. 59 of Decree. 42/04. The sale can be suspended in case the competent Ministry exercise the right of pre-emption purchase within 60 days of the notification receipt. During that period, the lot can not be delivered to the purchaser. If the Cultural Ministry exercises the right of pre-emption purchase, the buyer will be reimbursed the advanced payment and the lot will be transferred to the competent authority at the same hammer price, additional auction fees and 'VAT, if applicable will be applied. EXPORT LICENCE The export of goods purchased by resident and non residents in Italy may be subject to concession of free circulation certificates or licenses, which must be requested by the buyer, who is also responsible for complying with all the related laws and regulations in force. Failure to provide or delay in the issuance of any license shall not constitute grounds for termination or cancellation of the sale, or justify the delay in payment of the amount due. San Carlo Aste does not assume any liability of any restrictions on the export of sold lots, or for any licenses or certificates that the buyer will have to acquire for a lot according to Italian law. The purchaser may not expect, in any case from San Carlo Aste nor the seller, any refund of interest on any amounts already paid. ATTENTION STAFF AND SERVICE FOR THIS AUCTION Written offers Clients who are unable to participate in person at the auction can submit a written bid by using the form in the back of the catalog or by downloading it from the website at www.sancarloaste.it Telephone offers Customers who cannot participate in person in the auction room, can be connected by telephone in order to bid on lots with at least a minimum value of and not less than ? 500.00 . To ensure telephone contact, please send a written request by fax at least one day prior to the auction at the following number: 011/5618747, or by filling out the form on the website at www.sancarloaste.it . Please note that written and telephone bids will be accepted only if accompanied by a valid identification document and tax code number. PAYMENT, COLLECTION, DELIVERY, STORAGE OF PURCHASED LOTS Collection by proxy If the buyer appoints a third party person to collect the lots already paid for, he or she must be in possession of a written proxy from the buyer as well as the receipt of payment. Payment Payment can be made at San Carlo Aste Auction house in Turin. Auction fees and payment terms are specified in detail in the conditions of sale. Collection After payment has been made, collection of lots must be made within 5 days of payment. Collection of purchased lots can be made from 10.00 to 18.00, from Monday to Friday, Saturday by appointment only and Sunday closed. Local and national shipping Shipping of each purchased lot is at the purchaser?s risk and expense. Glossary Artist Name: in our opinion it is probably the work of the artist indicated. Artist Name (ATTR): in our opinion it is the work of the artist shown, in whole or in part. Artist: the work of art has a non- legible signature by the artist. Anonymous : The work of art is not signed by the artist. Studio / School of: in our opinion, this is the work of an apprentice from the artist's studio, created possibly after the death of the artist. Entourage of: in our opinion this the work of a not identified hand, not necessarily an apprentice of the artist mentioned. Follower of: in our opinion, this is the work of an artist who works in the same style of the artist mentioned. From: In our opinion this is a copy of a work that is well known by the artist mentioned. Signature / Date: In our opinion, the work is signed/dated by the artist mentioned. Century: Approximate period, with margins of approximation. Restoration: the work clearly shows evident signs of restoration. Defects / deficiencies: the work has defects / deficiencies. Antique elements: the work / the object shows assembly with elements of earlier eras.

Local Taxes Apply