Young Art Auction

AUCTION TERMS AND CONDITIONS 1. Auction offer The subjects of the auction are photos performed by Milton H. Greene placed for sale by FOZZ (hereinafter referred to as Consignor). According to statements of consignor lots have clear title, in particular they have right to dispose them and lots are not subject to any judicial or administrative proceedings, are free from any encumbrances, lien or any third party claims. The Auction is conducted in accordance with the Polish law by a person authorized by the Auction House called "Auctioneer". The Auctioneer is entitled at sole discretion to separate or merge lots and even withdraw lots from bidding for whatever reason. Descriptions of lots contained in the auction catalogue can be supplemented or amended by the Auctioneer or a person authorized by him before the auction. The Auction House ensures that catalogue descriptions of lots put up for auction were made in good faith by experienced employees of the Auction House or cooperating experts. 2. Personal participation in the auction Before the auction participant shall fill registration form. At the registration identity documents (ID, passport, driving license) may be requested. Each participant shall obtain bid number which authorises to participate in auction. The numbers should be returned immediately after the auction. Successful bidders should take receipt of transaction. 3. Bidding on behalf of clients The Auction House may represent client on the basis of "bid commission." The form of the commission is available at the end of the catalogue and the Auction House premise and website. In case of commission bid with limit the Auction House shall take best endeavours to make sure lots to be purchased as cheaply as is allowed by other bids, but not cheaper than the reserve price. If the limit set by the client do not exceeds reserve price the transaction shall be conditional. The form should be send by fax, post, e-mail or delivered personally to the Auction House premise at least two hours before auctions commencement. Along with the form clients should deliver a scan of identification document which is necessary to execute bid commission. Personal data of client remain confidential and will not disclosed to anyone. Unless client expressly state otherwise the bill for winning transaction will be sent to the address provided by the client in the form. 4. Telephone bidding Prospective buyers who wish to participate in auction by telephone should send Bidding Form at least one day before the auction. Employee of the Auction House will connect with the client before bidding of selected lots. The Auction House shall be not responsible for lost opportunity to participate in the auction due to connection problems with phone number provided by the client. The Auction House will not charge clients for telephone bidding. The Auction House reserve the right to register and archive telephone call with clients. 5. Bidding Bid increments for each portion of prices are provided below at the end of the Terms and Conditions. Bidding is regulated at the sole discretion of the Auctioneer. Bidding is completed upon fall of the hammer and the highest bidder acceptable to the Auctioneer shall be the buyer In the event of any dispute during the auction, the Auctioneer shall resolve the dispute or may put up the lot again for bidding. The Auction House reserves the right to conduct the auction only as to lots selected by prospective buyers for bidding. In such case bidder should notify the Auctioneer of numbers of selected lots. The auction is conducted in Polish language, but at the request of a prospective buyers it may be conducted simultaneously in English and German. Such requests should be submitted at least one hour before the auction together with information about lots concerned. Bidding pace amounts to 60 - 100 lots per hour. 6. Opening Price The prices specified in the catalogue under description of the lot constitutes an opening price. The auction may only go up by one increment which means bidding may end up at opening price or higher. 7. Estimated prices These estimated prices specified in the catalogue give prospective bidders an idea of what lots are worth. Any transaction concluded for low estimate price and higher is final and biding. Transactions below low estimate price may be conditional transaction (see point 9 below) 8. Reserve price For each lot the Auction House may place a reserve price. Amount of reserve price is confidential. Reserve prices resides between opening price and low estimate price. If the amount bided is lower than reserve price the Auctioneer shall announce that the transaction is conditional. 9. Conditional (reserve) transactions The Auction House allows conditional transaction at the auction. The conditional transaction comes into effect upon acceptance of the hammer price by the owner of the lot. The conditional transaction shall be deemed as legally binding offer for purchase the lot at the hammer price. The Auction House undertakes to negotiate with the owner a price reduction to the hammer price. If the negotiations conducted with the owner within five working days of the auction is successful the lot shall be considered unsold. The Auction House reserves the right to accept offers submitted after the auction with price equal to the reserve price for bided lot. In such case the Auction House shall inform the bidder about counter-offer. The bidder may increase his offer up to reserve price and his offer shall take precedence. Otherwise conditional transaction have no legal effect and the Auction House is entitled to sell the lot to counter-bidder at the reserve price. 10. Buyer's premium and VAT The hammer price shall be increased by buyer's premium paid on top by the internet buyers at 18% of the hammer price. The hammer price increased by buyer's premium includes Value Added Tax (VAT). If a lot is unsold at auction the buyer's premium applies also to after-auction sale. The Auction House issues "VAT-margin invoices". 11. Payments All lots must be paid for within ten days of the sale at auction. The Auction House shall be entitled to charge statutory interests for delayed payments. The Auction House accepts the following forms of payments: - In Cash: in PLN - the contract's settlement currency is Polish zloty. in other currencies - at buyer's request foreign currencies may be accepted by arrangement. The Auction House accepts payments in Euros, Dollars or Pounds Sterling. The currency conversion shall be made at daily currency purchase rate at the Bank PKO BP decreased by 3%. - By Credit Cards: The Auction House accepts the following credit cards: MasterCard, Visa, Maestro, VISA electron - By bank wire transfers to the following bank account: DESA Unicum Sp. z o.o. Warsaw (postal code: 00-554), Marszalkowska Street 34/50, Bank PKO BP SA PL 88 1020 1042 0000 8102 0271 6405 SWIFT BPKOPLPW 12. Withdrawal from the contract In the event of delay in payment by the buyer the Auction House may withdraw from the contract with the buyer upon expiry of the additional period of time for payment specified by the Auction House. 13. Transfer of ownership The property of lots sold at auction passes on to the buyer upon payment of the full price increased by buyer's premium. 14. Receipt of lots No lot can be taken away until the full purchase price has been paid. Receipt of lots should take place within 10 days of the date of auction. In other cases storage and supply of lots are carried out at the buyer's cost and risk. 15. Complaints Any complaints shall be resolved in accordance with Polish law. Complaint for lack of conformity with the contract may be filed within one year of release of the lot. The Auction House is not liable for hidden physical defects and legal defects of lots purchased by consumers. 16. Governing Law Auction House reminds that in accordance with: * Act of abolition and liquidation of certain funds of 14 December 1990 (Journal of Laws no. 89 item 517 with amendments) ? auction has unlimited character, * Act on antiques protection of 23 July 2003 (Journal of Laws No. 162 item. 1568) - the export of certain historical lots out of the territory of Poland requires approval of relevant authorities. * Act on museums of 21 November 1996 (Journal of Laws of 1997 No. 5, item. 24, with amendments) - registered museums have preemption right to buy antics directly at auction for the hammer price increased by buyer's premium. * Act on money laundering and financing of terrorism of 16 November 2000 (Journal of Law of 2000. No. 116, item. 1216, with amendments) - Auction House is required to collect personal data from buyers of lots purchased at prices exceeding 15 thousand Euros. The customer will be requested for personal data needed to report transactions to the General Inspector of Financial Information. Customer's personal information remains confidential. BID INCREMENTS (quoted in PLN) PRICE INCREMENT 0 - 1 000 50 1 000 - 2 000 100 2 000 - 5 000 200 5 000 - 10 000 500 10 000 - 20 000 1 000 20 000 - 70 000 2 000 70 000 - 200 000 5 000 over 200 000 10 000

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