Latin American Art Auction

MORTON SUBASTAS, S.A. DE C.V. TERMS AND CONDITIONS HOW TO BUY AT AUCTION Welcome to the world of auctions, where you will have the opportunity to acquire exciting treasures such as antiques, art, jewelry, watches, furniture, books, wines, and much more. Participating in an auction is very simple and does not require an invitation. You may attend in person or purchase online, enjoy the experience, and bid on the lot of your choice. Below, we provide some recommendations, rules, and requirements so that you may fully enjoy this unique experience: ________________________________________ THE AUCTION IS OPEN TO THE PUBLIC Yes, the auction is a public and free event. You are welcome without the need for an invitation, and you may attend even if you are not certain about purchasing a lot. (Lot: any individual piece or group of pieces to be auctioned; each lot has a number and appears in the corresponding catalog.) ________________________________________ WHAT SHOULD I DO BEFORE THE AUCTION? You may attend the exhibition prior to the auction, where you will be able to view the pieces to be auctioned. It is also recommended to obtain the catalog ? either through telephone subscription or by visiting our offices ? as it contains photographs and detailed descriptions of each lot. Registration is mandatory in order to participate in the auction. ________________________________________ HOW THE AUCTION IS CONDUCTED At the beginning, the auctioneer will indicate the lot to be auctioned ? by number or description ? and will announce the starting price. From that moment on, bidders may place their bids. The auctioneer may open bidding on any lot by placing a bid on behalf of the seller and may continue bidding on the seller?s behalf up to the reserve price. The lot is awarded once no further bids improve upon the previous one. The final price announced by the auctioneer constitutes the hammer price or sale price. Merchandise is auctioned, awarded, and delivered in its current condition; therefore, reviewing the pieces during the exhibition is strongly recommended. Once a lot has been awarded, cancellations and returns will not be accepted. ________________________________________ HOW TO PURCHASE AT AUCTION When the lot you wish to acquire is offered, simply raise your assigned paddle. The auctioneer will continue raising the price as long as there are bidders. The last price announced when the hammer falls will be the hammer price, to which the buyer?s premium (22%) and the applicable VAT on the premium will be added. ________________________________________ HOW TO BUY WITHOUT BEING PRESENT IN THE AUCTION ROOM There are three ways to participate without attending: 1. Absentee Bidding Complete the absentee bid form available at our offices or in the catalog. Indicate the lot number and your maximum bid for each item. An authorized representative will bid on your behalf, at no additional charge, under the following rules: ? Submit your bid up to four hours before the auction to: ofertasenausencia@mortonsubastas.com ? Morton may place one additional bid if your maximum limit matches a floor bid (with prior authorization). ? In the event of a tie between absentee bids, the lot will be awarded to the first bid received. ? Morton Subastas does not accept unlimited bids and is not responsible if a bid cannot be executed. 2. Telephone Bidding You may request to participate by telephone at least two business days in advance, provided the bid exceeds $10,000.00 MXN. During the auction, a representative will contact you to place bids in real time. (Telephone bids without a prior offer or below $10,000.00 MXN will not be accepted.) 3. Online Bidding The online buyer?s premium is 25% plus VAT. ________________________________________ GENERAL CONDITIONS All pieces are sold in their current condition. Please review carefully before bidding, as there are no returns or exchanges. Estimated prices are in Mexican pesos (MXN). Purchases under $20,000.00 MXN will be charged to the registered card on the same day. Morton Subastas issues invoices exclusively for the buyer?s premium and the corresponding VAT. ________________________________________ REGARDING HISTORICAL OR ARTISTIC PROPERTY In accordance with the Federal Law on Archaeological, Artistic, and Historic Monuments and Zones, it is necessary to obtain an export permit from INAH if the acquired property is considered a historic or artistic monument. ________________________________________ DELIVERY AND COLLECTION OF LOTS The buyer has 11 business days after the auction to pay for and collect the lot. Starting on the 12th day, a storage fee of $100.00 MXN plus VAT per day will apply. ________________________________________ JEWELRY AND WATCHES Items are described according to the manufacturer?s specifications. As these are pre-owned pieces, accuracy of operation and water resistance are not guaranteed. Gem classifications are established within approximate ranges. ________________________________________ PLEASE COLLECT YOUR LOTS ON TIME Lots must be collected at Monte Athos 179, Lomas de Chapultepec. Please note that works considered Artistic or Historic Monuments, such as those by Jos? Mar?a Velasco, may not be exported without authorization from the competent authority. ________________________________________