RUSSIAN ART

Hargesheimer Kunstauktionen Düsseldorf GmbH (hereinafter referred to as Hargesheimer Kunstauktionen) conducts auctions in a public auction in terms of Section 474, Para.1 Line 2 and Section 383 Para. 3 Line 1 of the German Civil Code (BGB) as a commissioner on his own behalf and on account of the clients (the 'consigner'), who shall remain anonymous. The items put up for auction are second-hand articles and are in a state that corresponds to their age and provenance. The items may by inspected and examined before the respective auction. They will be auctioned off in their respectively current and actual state. The description of an item as state given in the catalogue only points to substantial and important damages that, in the opinion of Hargesheimer Kunstauktionen, affect or spoil the visual overall appearance of an item. If no such hints are given this shall not imply that the item is in a good state or free of damage. Any information and pictures contained in the catalogue were drawn up to the best of our knowledge and belief and shall, however, neither represent a contractually stipulated quality description as contemplated by art. 1 clause 1 of the German Civil Code (Bürgerliches Gesetzbuch, BGB) nor grant any legal warranty, but are provided for information purposes only. However, Hargesheimer Kunstauktionen undertake to accept complaints that are based on misrepresentations in the catalogue that annul or materially reduce the value of an item; in such a case, we accept the return of the affected item and will claim the amount in question from the client if required also by way of legal action, if such complaints are submitted to Hargesheimer Kunstauktionen in writing and supported by a reasoned opinion within a limitation period of one year after the delivery of the item bought at an auction. In case of such a claim against the client being successful, Hargesheimer Kunstauktionen will refund to the buyer the purchase price inclusive of any commission, but exclusive of any other costs and expenses that may have been incurred by the buyer. Claims for damages against Hargesheimer Kunstauktionen for reasons of deficiencies in title or quality, no matter for what legal reasons, shall be excluded to the extent that they can not be founded on intention or gross negligence by Hargesheimer Kunstauktionen, The prices stated in the catalogue are prices set for the commission agent. The currency of the European Union (euro/EUR) shall apply. Quotations in any other currency are provided for information purposes only. Before making a bid, each bidder must obtain a bidder number by stating his/her personal details. If a bidder should not be personally known to the auctioneer Hargesheimer Kunstauktionen may demand an official proof of identity as well as banker's references and securities. It is at the discretion of Hargesheimer Kunstauktionen to exclude a person from an auction. All bids will be deemed as made by the bidder in his/her own name and on his/her own account. If a bidder wishes to make bids in the name of another person he/she must inform the auctioneer on this fact 24 hours before the beginning of an auction by quoting the principal's name and address and submitting a power of attorney executed by the principal in writing. The auctioneer reserves the right to combine and separate items, change the order of items or withdraw items in the course of an auction. The auctioneer may accept a bid with reservations or deny acceptance if there is good reason to do so. The auctioneer may withdraw acceptance and repeatedly put up an item for sale if a bid had been overlooked or in case of other doubts or disputes concerning an accepted bid. If several persons make the same bid and no higher bid is made after three calls to do so, the item in question shall be knocked down to one bidder by casting lots. There is basically no legal claim to acceptance of a bid. If a bidder should be absent bids may also be submitted in writing or over the phone. To do so, the bidder must submit to Hargesheimer Kunstauktionen a corresponding signed application quoting the catalogue number, item and bid price 24 hours before the beginning of an auction at the latest. In case of doubt, the catalogue number shall be decisive. Uncertainties shall be the responsibility of the bidder. Bids made by phone will be recorded by Hargesheimer Kunstauktionen. By submitting the application for bidding by phone the bidder agrees to this. There is generally no legal claim to acceptance of applications for bidding by phone and Hargesheimer Kunstauktionen do not guarantee the processing of bids submitted in writing. Hargesheimer Kunstauktionen shall, in particular, not be liable for bringing about and maintaining telecommunication connections and/or for transmission errors. A bid is accepted if there is no higher bid after three calls. With the acceptance of a bid, a sales contract is concluded between Hargesheimer Kunstauktionen and the bidder whose bid was accepted. Acceptance of a bid makes acceptance of the item and payment obligatory. If a bid has been accepted with reservation the bidder shall remain bound to his/her bid for a period of four weeks after the auction. With the acceptance of the bid, possession and risk of the bought item shall pass to the buyer, however, the title to the item shall pass to the purchaser only when the amount owed has been paid in full. In addition to the hammer price, the buyer will have to pay a surcharge of 28%, which will be inclusive of the statutory VAT of currently 19% without the VAT amount being separately shown (differential taxation). For items marked with (*), a surcharge of 21% is payable, and VAT is payable for the sum of the hammer price and surcharge (standard taxation); statutory VAT is currently 19%. Entrepreneurs seated in the Federal Republic of Germany and entitled to input-tax deduction may choose to have the overall invoice issued using standard taxation rules. Export deliveries to third countries (non-EU member states) and also to entrepreneurs seated in other EU member states that submitted their VAT ID no. and obtained items for commercial use are exempt from VAT. For items marked with (**), a flat-rated charge of 2% of the hammer price will be payable to satisfy the provisions of the statutory resale right pursuant to art. 26 of the German Copyright Act (Urhebergesetz, UrhG). Invoices issued during or immediately after the auction require verification. Errors and omissions excepted. Bidders personally participating in the auction shall be obliged to fully pay the items bought they bought in cash or by bank-certified check to Hargesheimer Kunstauktionen and collect the respective items immediately after the auction. Checks are only accepted on account of performance. In case of payments in foreign currency, exchange losses and encashment fees shall be to the debit of the bidder. Bidders not personally attending the auction must pay for any bought items within a period of 10 days from the date of the invoice and collect the items at Hargesheimer Kunstauktionen. Should the buyer be in arrears, interests of 1% for every month or part of a month will be charged. In case of delayed payment, Hargesheimer Kunstauktionen may, at their own discretion, demand the performance of the purchase contract or, after setting a reasonable period of grace, withdraw from the purchase contract or claim damages for non-performance. Instead of the foregoing, the item may also be put up for auction anew and any costs developing from this will be charged to the buyer. In this case, the buyer shall be liable for any losses incurred thereby; the buyer shall not be entitled to any additional proceeds and shall also not be entitled to make another bid for the item in question. These Terms of Auction shall apply to any agreements between the buyer and Hargesheimer Kunstauktionen. Verbal collateral agreements do not exist. Changes to the Terms of Auction must be made in writing. For the subsequent direct sale of items, the foregoing Terms of Auction shall apply accordingly. The statutory provisions concerning the sale by way of distant selling (art. 312b et seq. of the German Civil Code) shall not apply hereto. These Terms of Auction shall be governed exclusively by German law. The United Nations Convention on Contracts for the International Sale of Goods (CISG) shall be excluded. Place of performance and jurisdiction for commercial purposes shall be Düsseldorf. Should one of the foregoing provisions be or become void, whether fully or in part, the validity of the remaining provisions shall not be affected thereby.