Modern and Contemporary Art

THE FOLLOWING TERMS AND CONDITIONS OF HENRY´s AUKTIONSHAUS AG HENRY's) APPLY TO AUCTIONS, THE SALE OF AUCTION GOODS AFTER THE AUCTIONS AND THE SALE OF GOODS 1. The auction or the sale is carried out on behalf or on account of the seller. For this purpose HENRY's keeps the addresses of the bidders/buyers in a lot number directory. 2. Catalogue Numbers HENRY's reserves the right to combine or split lots and, if there is good reason to do so, to auction items other than in the published order or to withdraw them. 3. Defects Liability HENRY's accepts no liability for defects in the goods. All warranty claims must be directed exclusively at the seller. The information in the catalogue does not constitute a guarantee pursuant to section 443 German Civil Code (BGB). The items offered for auction are used and may be inspected prior to the auction. 4. Guarantee HENRY's gives its own independent guarantee to refund the purchase price if the bidder/buyer can show within 30 days of the auction that the goods are defective or not as described in the catalogue. In cases of doubt expert reports must be obtained to corroborate these defects. The guarantee does not cover deviations in colour between the original and the catalogue which are attributable to the printing process, minor damage and age-related traces of use and normal wear and tear which do not have a substantial effect on the value. In other respects HENRY's or its vicarious agents shall be liable only for intentional and grossly negligent acts and omissions, further for injury of life, body or health which is based on a negligent breach of duty by HENRY's or its vicarious agents. 5. Commission to Bid Commissions to bid must be made in writing and are irrevocable. A bidder may request to be informed by HENRY's if his/her commission to bid is below the highest amount bid by other bidders; this shall not invalidate the bid. At auctions the price is normally increased in increments of 10 per cent to the nearest amount of 100, 1,000 or 10,000. Stated price estimates are not price limits but represent the (range of) expected vending prices. The bottom price is the starting price for the auction. Price limits are agreed upon between HENRY's and the respective seller and need not be disclosed to the bidders. In case the price limit is not reached bids may be accepted "under condition" and require the approval by the seller. HENRY's may bid on behalf of the seller up to the agreed price limit without disclosure and irrespective of whether or not bids are placed by other bidders. Irrespective of their amount, written bids shall be handled according to the "lowest price" principle i.e. HENRY's undertakes only to outbid the previous bid by the bidding increment. For lots sold without reserve, HENRY's starts the bidding with the highest bid, including any bid received in writing prior to the auction. 6. Acceptance of Bid The hammer falls if no higher bid is offered after the highest bid is called out three times. A sale and purchase agreement is formed between the bidder and the seller upon the fall of the auctioneer's hammer. The auctioneer reserves the right to refuse bids received on the day of the auction. The same applies to first-time bidders without credit references. Telephone bidders will be called prior to the required lot being called, provided that a written request to do so has been submitted beforehand. HENRY's accepts no liability for the successful establishment of the telephone connection. HENRY's shall bear the cost of the telephone call. The sale may, on behalf of the seller, be made conditional or be refused. In the event of several identical bids being received, the bid received first shall win. If a bid that has been duly received within the specified time limit or a telephone bid has been inadvertently overlooked in error, HENRY's is entitled to cancel the winning bid and re-auction the item. The same applies to all incidents and complaints directly after the hammer falls or after the auction. In the case of conditional sales, the bidder is bound by his bid for 14 days. This section does not apply to online auctions which end with the expiry of a set time period. 7. Internet-Live-Bidding-System HENRY's does not guarantee the technical feasibility of internet connections or the on-time transmission of bids during auctions. It is advised to place bids early to ensure that bids can be considered for the auction. 8. Payment and Buyer's Premium The winning bidder is obliged to pay the bid price in cash plus a 22% buyer's premium in cash immediately. The buyer's premium includes statutory value-added tax. For items which are marked with an asterisk in addition to the bid price we charge additional 19% import value added tax advanced by us. The value added tax included in the buyer's premium and the advanced import value added tax will be refunded if within one month a customs export certificate has been supplied or auctioneer is responsible for the export. Invoices to absentee bidders are payable no later than ten days after the invoice date. Payments shall be accepted only once the funds have cleared. Later payment or payment in a form other than cash is acceptable only with the agreement of the auctioneer. 9. "Buy It Now"-Items Items in the "Buy it now" catalogue are items available for open sale and are sold at fixed prices. Sales are made on behalf and for the account of the seller. The contract is formed directly between the seller and the buyer. All items are subject to change without notice. 10. Cancellation policy (subject to Section 11) Right of cancellation: You may cancel the contract concluded within 14 days without giving any reason. This cancellation period of 14 days will commence on the day you or a third party named by you and which is not the deliverer have or has received the goods. To execute your cancellation right you must inform us, Henry's Auktionshaus AG, An der Fohlenweide 10-14, D-67112 Mutterstadt, fax: ++49 (0)6234 8011900, e-mail: henrys@henrys.de, of your decision to cancel this contract by an explicit declaration (e.g. by mail, facsimile or e-mail). For this purpose you may use the enclosed model cancellation form (Musterwiderrufsformular) which is however not mandatory. You also may fill in and forward electronically the model cancellation form or any other explicit declaration on our website www.henrys.de. If you make use of this option we will immediately send you an acknowledgement of receipt of such cancellation (e.g. by e-mail). In order to observe the cancellation period, it is sufficient to send off your cancellation in time before the cancellation period has lapsed. Consequences of cancellation: In the event of an effective cancellation by you, we have to return immediately and, at the latest, within 14 days after the day we have received the cancellation notice all payments received from you including delivery costs (excluding additional delivery costs arising from the type of delivery you have chosen and which exceed the costs of the standard delivery offered by us). For this return we will use the same means of payment which you have used for your payment unless it is agreed upon otherwise; in no event will you be charged for the return. We are entitled to retain the payment as long as we have not received the goods or you have provided evidence that the goods are sent back, depending on whichever is the earlier. You have to return or surrender the goods immediately and in any case within 14 days after the day you have informed us of the cancellation. In order to observe the period of 14 days it is sufficient to send off the goods before the period has lapsed. You have to bear the direct return costs of the goods. You have to compensate us for deterioration of the goods only if the deterioration was caused by a handling of the goods that is beyond of a necessary inspection of the characteristics and the functionality of the goods. 11. Exclusion of the right of withdrawal The right of withdrawal only applies to distance contracts in the meaning of the BGB. The right of withdrawal is excluded for distance contracts which are concluded in the form of an auction pursuant to Sec. 156 BGB and to the shipment of goods which were manufactured according to customer specifications or are clearly tailored to your personal requirements (especially drapery). 12. Transfer of Possession and Risk Possession and the risk of accidental loss and accidental damage shall pass to the buyer immediately upon the acceptance of the bid /purchase, although title does not pass until full payment has been received. The auctioned/purchased goods shall be delivered by the service company Hans Cronauer on behalf and at the expense of the buyer, provided this was expressly noted on the order. 13. Collection In case the item is not being delivered, the buyer is obliged to collect the auctioned/purchased item immediately and/or to pay the purchase price. If the buyer fails to collect the items within ten days of the auction/sale date, he/she shall be in default. Thereafter, HENRY's is entitled to decide whether the item shall be stored or delivered to the buyer, each at buyer's expense. In the case of storage, HENRY's will charge the buyer with the costs of handling, storage and insurance in the amount of 3% of the gross sales price (plus VAT). In the case of delivery, items shall be packed and delivered by the service company Hans Cronauer (see Shipping & Delivery). 14. Default of Payment If the buyer has not paid the purchase price in full within ten days after the auction/purchase date; he/she shall be in default without further notification or warning. During default, the buyer must pay the statutory interest. No further payment demand will be given. If the funds are not credited to our account by the specified date, we reserve all rights both in the name of the seller and on our own behalf. We expressly reserve the right to claim the invoice sum plus additional costs on behalf of the seller, and/or compensatory damages pursuant to the agreed auction and supply conditions (buyer's premium, discount, penalty interest and other loss arising from the delay) on our own behalf, or to re-auction the goods at one of the next auctions, whereby the buyer shall not be entitled to the difference if a higher price is achieved, and shall be liable to make good any shortfall. 15. Place of Performance and Place of Jurisdiction If the buyer is a trader, the place of performance and place of jurisdiction is the registered office of HENRY's. German law applies. Should any provision of this Agreement be wholly or partially invalid, this shall not affect the validity of the remaining provisions. 16. Responsibility The auctioneers named in the catalogue are responsible for the auctions. Buy goods at auction by post, fax or the internet The easy way Browse our catalogue or website to find what you are looking for. We have provided a description and photographs to help you make your choice. The information has been checked by experts for your protection. This means you can inspect the goods in advance and participate in the auction from the comfort of your own home, by post, fax or internet. Written bid By submitting a written bid you are instructing us to bid for the lots you have noted in the catalogue. You should therefore offer at least the specified reserve price, lthough your chances of success will increase if you bid higher. Participation by telephone If you would like to bid by telephone, please mark the catalogue numbers of the lots you are interested in on the form and tick the relevant box to indicate that you wish to participate by telephone. We will call you free of charge when your lot comes up. If you are successful If your bid wins, we will send you an invoice by post. Please pay the specified amount by cheque or bank transfer within ten days. SHIPPING & DELIVERY Once payment has been received, and provided you have requested this on your order, the delivery company contracted by our auction house - Hans Cronauer - or another suitable transport company will deliver the goods to you for your account. Please observe your country`s import regulations. Approximate costs for insurance, packaging and shipping by Cronauer: Jewellery and watches Germany Invoice amount up to ? 500 ? 17 Invoice amount up to ? 10,000 ? 33 Invoice amount up to ? 15,000 ? 45 Above ?15,000 upon request Europe Invoice amount up to ? 1,000 ? 33 Invoice amount up to ? 10,000 ? 45 Above ?10,000 and deliveries to Switzerland or overseas upon request*. Antiques, Fine Art, Silver and other small goods Germany up to 25 kg Invoice amount up to ? 500 ? 22 Invoice amount up to ? 5,000 ? 26 Invoice amount up to ? 25,000 ? 39 Above ? 25,000 upon request*. Europe up to 10 kg Invoice amount up to ? 1,000 ? 33 Invoice amount up to ? 5,000 ? 45 Invoice amount up to ? 10,000 ? 69 Above ?10,000 and deliveries to Switzerland and overseas upon request*. Carpets Germany up to 10 kg ? 16 up to 20 kg ? 20 up to 40 kg ? 30 Deliveries abroad upon request*. Additional charges apply for consignments which cannot be carried by parcel carriers for security reasons or because they exceed the maximum permitted dimensions.* The export of goods to non-EU countries is subject to a charge of ? 40.00 plus VAT per invoice for the preparation of export documents, provided that the invoice amount exceeds ? 1,000.00. For further information please contact Versandservice Cronauer , tel.: +49 (0)6234 8011-260. For furniture, bulky items and carpets above 40 kg you will receive a cost estimate from the Kempl shipping company together with the invoice. Arranging the service and payment will be your responsibility. Spedition Kempl, tel.: +49 (0)621/68549195 speditionkempl@aol.com Any damage caused in transit must be reported within 24 hours to the transport company concerned. Failure to do so will invalidate any compensation claims. Last revised 04/2015

Please ask for detailed condition reports: Tel: 49 6234 80 11 350 or e-mail: kunsthenrys.de