FRENCH MODERN ART & DESIGN

Besch Cannes Auction is a voluntary furniture auction company governed by the law of 10 July 2000. In this capacity, Besch Cannes Auction acts as an agent for the seller who contracts with the buyer. The relationship between Besch Cannes Auction and the buyer is subject to the present general terms and conditions of purchase, which may be amended by written or oral notices that will be mentioned in the minutes of the sale. 1 - The property offered for sale a) Potential buyers are invited to examine the items that may interest them prior to the auction, and in particular during the exhibitions. Besch Cannes Auction is at the disposal of potential buyers to provide them with reports on the condition of the lots. b) Descriptions of lots resulting from catalogues, reports, labels and verbal indications or announcements are only the expression by Besch Cannes Auction of its perception of the lot, but cannot constitute proof of a fact. c) The indications given by Besch Cannes Auction on the existence of a restoration, an accident or an incident affecting the lot, are expressed to facilitate its inspection by the potential buyer and remain subject to his personal appreciation or that of his expert. The absence of any indication of restoration, accident or incident in the catalogue, reports, labels or verbally, in no way implies that an item is free of any present, past or repaired defect. Conversely, the mention of any defect does not imply the absence of any other defect. A condition report is available on request. d) Estimates are provided for information purposes only and cannot be taken to imply any certainty that the property will be sold at the estimated price or even within the estimate range. Estimates do not constitute a guarantee of any kind. e) The colour rendering of the photographic reproductions both in the paper catalogues and on the various websites is indicative only and without any guarantee. 2 - The sale a) Any person who places a bid undertakes to pay personally and immediately the hammer price plus any costs payable by the buyer and any taxes or duties that may be due. All bidders are deemed to be acting on their own behalf unless Besch Cannes Auction accepts that they are acting on behalf of a third party. b) The normal way to bid is to be present in the auction room. However, Besch Cannes Auction may graciously accept bids by telephone from a potential buyer who has made himself known before the sale. Besch Cannes Auction may not be held liable in particular if the telephone connection is not established, is established late, or in the event of errors or omissions relating to the receipt of bids by telephone. c) Besch Cannes Auction may graciously accept to execute bidding orders that will have been transmitted to it before the sale and that Besch Cannes Auction will have accepted. If Besch Cannes Auction receives several orders for identical bid amounts, the oldest order will be preferred. Besch Cannes Auction cannot be held responsible for any error or omission in the execution of the written order. A condition report is available on request. d) In the event that a reserve price has been stipulated by the seller, Besch Cannes Auction reserves the right to place bids on behalf of the seller until the reserve price has been reached. On the other hand, the seller will not be allowed to place bids directly or through an agent. e) Besch Cannes Auction will conduct the sale in a discretionary manner while respecting established practices. Besch Cannes Auction reserves the right to refuse any bid, to organise the auction in the most appropriate way, to move certain lots during the sale, to withdraw any lot from the sale, to combine or separate lots. In the event of a dispute, Besch Cannes Auction reserves the right to appoint the winning bidder, to continue with the sale or to cancel it, or to put the lot back up for sale. f) Subject to the decision of Maître Jean-Pierre Besch, authorised auctioneer, the successful bidder will be the person who has made the highest bid, provided that it is equal to or higher than the reserve price, which may have been stipulated. The blow of the hammer will mark the end of the bidding and the pronouncement of the word ‘adjudugé’ or any other equivalent will result in the formation of the sales contract between the vendor and the last successful bidder. The successful bidder will not be able to obtain delivery of the lot until the full price has been paid. In the case of an ordinary cheque, only the cashing of the cheque will constitute payment. 3 - Compulsory registration and deposit for future bidders before the sale Potential bidders must pay a deposit of 10% of the estimated price in order to participate in the auction. The following will be required: For individuals: proof of identity (national identity card or passport) and a bank statement. For companies: a certificate of registration (KBIS extract) or any equivalent document indicating the name and registered office as well as any relevant document mentioning the directors and beneficial owners. For agents/representatives: a valid identity document (national identity card or passport) together with a letter or signed document from the principal authorising the person to act or any other valid proof of the principal's authority (business cards are not accepted as sufficient proof of identity). Upon completion of this registration, a buyer number will be assigned and a paddle will be issued in the auction room for in-person buyers. If Besch Cannes Auction considers that the future bidder does not comply with its identification and registration procedures, particularly with regard to verifications concerning the fight against money laundering and/or the financing of terrorism (in application of article L-561-2 of the French Monetary and Financial Code), Besch Cannes Auction may refuse registration or cancel an auction if these elements are discovered after registration. 4 - Execution of the sale a) In addition to the hammer price, the successful bidder (buyer) must pay 22.50% ex VAT (27% inc VAT) per lot. c) A 5% surcharge will be applied to Live Auctioneer sales. The sale is subject to VAT in full. The hammer blow is deemed to be inclusive or exclusive of VAT depending on the status of the seller (private individual or professional). 1. If the buyer is a French private individual or a member of the European Community, he will not be able to reclaim the VAT. 2. If the buyer is a professional from the European Community outside France, he/she will pay the amount exclusive of VAT on condition that he/she communicates his/her intra-Community VAT number and ensures the transport of the goods to their destination. 3. If the buyer is a foreign individual or professional from outside the European Community, he/she will pay the amount exclusive of VAT with proof of export, which must be presented within one month. Payment of the lot will be made in cash, for the full price, costs and taxes, even if an export licence is required. The successful bidder may pay by the following means: in cash: up to €1,000 including fees and taxes for French nationals, up to 15,000 euros including taxes and charges for foreign nationals on presentation of their identity papers, - by cheque or bank transfer, - by credit card: VISA, MASTERCARD. d) Besch Cannes Auction will be authorised to reproduce the information provided by the successful bidder prior to the sale on the sale report and the adjudication slip. The successful bidder will be held responsible for any false information. e) It is the buyer's responsibility to insure the lot as soon as it is sold. He will not be able to take recourse against Besch Cannes Auction in the event that, following theft, loss or damage to his lot after the auction, the compensation he receives from Besch Cannes Auction's insurer proves to be insufficient. f) The lot will only be delivered to the buyer after full payment of the price, costs and taxes. In the meantime, Besch Cannes Auction may invoice the buyer for the costs of depositing the lot, and possibly handling and transport costs. Article 14 of the law of 10 July 2000 ‘in the event of non-payment by the successful bidder, after formal notice has been served without result, the property shall be put back up for sale at the buyer's request on the basis of an irresponsible bid. If the seller does not make this request within 3 months of the auction, the sale is automatically cancelled, without prejudice to damages and interest owed by the defaulting buyer’. In the event that the seller does not decide to reoffer the lot for sale by irresponsible bidding within three months of the date of the auction, Besch Cannes Auction may, in the name and on behalf of the seller, either notify the defaulting buyer of the automatic cancellation of the sale, or take action against the defaulting buyer to enforce the sale and payment of the auction price (plus all costs, commission and interest). In all cases, Besch Cannes Auction and/or the seller may claim damages from the defaulting buyer. In addition, Besch Cannes Auction reserves the right to claim from the defaulting bidder : reimbursement of any additional costs incurred by the defaulting bidder, payment of the difference between the price of the initial auction and the price of the auction on the basis of an irresponsible bid if it is lower in the event of a re-sale on the basis of an irresponsible bid, including any difference in applicable costs, taxes and VAT,the costs generated by the new bids,interest on all sums due at the legal interest rate. Besch Cannes Auction reserves the right to exclude from future sales any successful bidder who has defaulted or failed to comply with these general terms and conditions of purchase. Besch Cannes Auction cannot be held responsible for the consequences of the buyer's failure to pay. g) Purchases that have not been collected within seven days of the sale (including Saturdays, Sundays and public holidays) may be transported to a place of storage at the expense of the defaulting bidder, who must pay the corresponding cost to be able to collect the lot, in addition to the price, costs and taxes. 5 - Incidents during the sale a) In the event that two persons have made identical bids by voice, gesture or telephone and at the same time claim the benefit of the auction after the hammer has been struck, the property will immediately be put back up for sale at the price offered by the last bidders, and all the public present will be able to make new bids. b) Besch Cannes Auction may use video equipment to facilitate the presentation of goods during sales. In the event of a handling error during the sale that could lead to the presentation of an item that is different from the one on which the bids were placed, Besch Cannes Auction may not incur any liability and will be the sole judge of the need to restart the bidding. 6 - Export - Import The export of any item from France, and its import into another country, may be subject to authorisations (export certificates, customs authorisations). It is the buyer's responsibility to check the required authorisations. Export formalities (certificate applications for cultural objects, export licences) for lots subject to these formalities are the responsibility of the buyer and may require a lead time of two to three months. For further information, please contact Besch Cannes Auction Sarl. Works of art are considered to be cultural property according to age (generally at least 50 years old) and value (price including VAT), which varies according to their category (€150,000 or more for paintings, €15,000 or more for prints, etc.). These thresholds are set by decree n°93-124 of 29 January 1993 and by EC regulation n°116/2009 of 18 December 2008. Besch Cannes Auction cannot be held responsible for any delays or refusals by the French Ministry of Culture to issue an export certificate. The sale of the item may not be cancelled and the buyer may not make payment conditional upon obtaining an export certificate. Besch Cannes Auction does not handle export formalities. It is up to the buyer to use the forwarding agent of his choice. These formalities or any delay will not exonerate the buyer from the full payment of his purchases. PAYMENT INCIDENTS - FILE OF RESTRICTIONS ON ACCESS TO AUCTION SALES (TEMIS) Any auction slip that remains unpaid to Besch Cannes Auction or that has been the subject of a delay in payment is liable to be entered in the File of restrictions on access to auction sales (‘TEMIS File’) implemented by the company Commissaires-Priseurs Multimédia (CPM), a limited company with a management board, having its registered office at (75009) Paris, 37 rue de Châteaudun, registered in the Paris Trade and Companies Register under number 437 868 425. The TEMIS File may be consulted by all auction houses operating in France that subscribe to this service. The list of TEMIS subscribers can be consulted on the www.interencheres.com website, in the ‘Buying at auction’ menu, under the ‘Auctioneers’ heading. Inclusion in the TEMIS Register may result in a limitation of the bidder's ability to bid with TEMIS Professional subscribers. It shall also result in the temporary suspension of access to the ‘Live’ service of the www.interencheres.com platform managed by CPM, in accordance with the general terms and conditions of use of this platform. In the event that a Bidder is registered in the TEMIS File, Besch Cannes Auction may make access to the auctions it organises conditional upon the use of specific means of payment or guarantees or temporarily refuse the Bidder's participation in auctions for which these guarantees cannot be implemented. Bidders wishing to know whether they are registered in the TEMIS File, to contest their registration or to exercise their rights of access, rectification, deletion, limitation or opposition under the applicable legislation on the protection of personal data, may send their requests in writing, providing proof of their identity by producing a copy of an identity document: For entries made by Besch Cannes Auction in writing to Besch Cannes Auction 45 Bd de la Croisette 06400 CANNES or by email to besch@cannesauction.com For entries made by other Professional Subscribers: in writing to Commissaires-Priseurs Multimédia 37 rue de Châteaudun, 75009 Paris or by e-mail to contact@temis.auction. The Bidder also has the right to lodge a complaint with the Commission nationale de l'informatique et des libertés (CNIL) (3 Place de Fontenoy - TSA 80715 - 75334 PARIS CEDEX 07, www.cnil.fr) concerning his registration in the TEMIS File. To find out more about the TEMIS Register, bidders are invited to consult our General Terms and Conditions of Sale. Important notifications relating to the outcome of the auction will be sent to the e-mail address and/or postal address declared by the bidder to the structure at the time of the auction. The bidder must inform Besch Cannes Auction of any changes to their contact details.