Payment shall be made in full in euros. In addition to the hammer price per lot and digressive selling fees, buyers shall be required to pay the following taxes and charges:

• 25% tax-free of the hammer price up to and including € 150 000

• 20.50% tax-free of any amount in excess of € 150 000 up to and including € 500 000

• 17% tax-free of any amount in excess of € 500 000

Adding: V.A.T. (20%). The auction will follow the order of the catalogue numbers. The Auction House and Experts reserve the right, in the interest of sales, to group together or split the catalogue numbers. The sizes and weight of the works are provided on an indicative basis.

CATALOGUE

We have provided information on the condition of the objects in accordance with our means. Goods are sold in the condition they are found at the time of sale. The condition of the items noted in the catalogue is on a strictly indicative basis. In cases where there is no note in the catalogue, this in no way implies that the lot is in perfect condition or does not need to be restored, have wear and tear, cracks, require re-lining or contain other imperfections. As an opportunity is afforded to examine the items described in the catalogue in the form of an exhibition, no claims will be accepted with respect to the condition thereof, once the auction has been completed and the item handed over. Re-Lining, cradling, and lining are considered to be a conservation measure, not a defect. On request, a report on the condition of the item can be provided for lots whose value is estimated at above €1000. Estimations are provided on a purely indicative basis. The information on the source/origin of the item is provided by the seller and OVV Binoche et Giquello may not be held liable for this

BIDDING

All bidders who wish to make an offer or bid by telephone may send a request, by post, by email or fax to O.V.V. Binoche et Giquello, along with their bank details. The telephone auctions are a free service provided to customers who are not in a position to attend. O.V.V. Binoche et Giquello and its staff cannot be held liable in the event of a problem with the telephone connection. When two bids are identical, priority is given to the first bid received. In the event of auction, the price to be paid is the auction price, plus fees, in accordance with the applicable conditions at the time of sale.

ONLINE AUCTIONS

A facility for online auctions is provided. Auctions are carried out on the www.drouotlive.com website, a technical platform for remote participation in public auctions taking place in the auction rooms. Auctions press is the partner company for users of the Drouot Live. Users wishing to participate in online auctions via the Drouot Live platform must familiarize themselves, and accept, without reservation, the conditions of use of this platform (available at www.drouotlive.com), which are independent and additional to the present terms and conditions of sale.

PURCHASER

I/The purchaser shall be the highest and last bidder provided that the auction price is equal to or greater than any reserve. If a reserve price has been stipulated by the seller, OVV Binoche et Giquello reserves the right to make bids on behalf of the seller until the last auction increment below that amount, either by making successive bids, or by making bids in response to other bidders. However, the seller will not be permitted to make bids either directly or through an agent. The fall of the hammer marks the end of the auction and the word “sold” or any other equivalent shall result in the formation of a contract between the seller and the last accepted bidder. In the event of a dispute at the end of the bidding, i.e. If it has been established that one or more bidders simultaneously made an equivalent bid, either aloud, or by making a sign, and claim the item after “sold” is pronounced, the object will be immediately put to auction again at the price offered by the bidders and the public will be invited to bid again. Once sold, the items become the sole responsibility of the buyer. The buyer should take measures to ensure that the lot is insured as of the purchase. The buyer may not hold O.V.V. Binoche et Giquello, liable in the event of loss, theft or damage to the lot.

II/VAT-Profit margin scheme- goods not marked by a symbol:

A/All unmarked goods will be sold under the profit margin scheme and the auction price will not be increased by VAT. The purchase commission will be increased by a VAT equivalent amount (20 % except for books at 5.5%) included in the margin. This VAT forms part of the purchase commission and will not be mentioned separately in our documents.

III/Lots from outside the EU under the temporary admission scheme: (marked by a Ɵ in the catalogue and/or stated at the beginning of the sale process). To the commissions and taxes indicated above at the beginning of the sale conditions, additional costs of 5.5 % pre-tax should be added to the auction price or 20 % pre-tax for jewels and watches, wines and spirits, multiples and automobiles, additional costs increased by VAT currently 20% (5.5% for books).

IV /Reimbursement conditions for the additional costs and VAT (cf: 7th VAT Directive applicable on 01.01.1995)

A/ If the lot is exported to a non-member state of the EU, the additional costs and VAT on the commissions and on the additional costs may be reimbursed to the buyer non-resident of the EU on presentation of proof of export outside the EU providing the buyer has sent to SARL Binoche et Giquello copy n°3 of the customs export form and that this export took place within two months as from the auction date (beyond this deadline, no reimbursement will be possible). Binoche et Giquello SARL should be shown as the sender of the said customs document.

B/ If the lot is delivered in a member state of the EU, the VAT on the commissions and on the additional costs may be reimbursed to an EU buyer who proves having an Intracommunity VAT number and a document proving delivery in their member state subject to providing proof of transport from France to another member state, within one month as from the sale date (beyond this deadline, no reimbursement will be possible).

PAYMENT

The buyer is required to pay in full and provide their name and address. In accordance with TRACFIN rules, payment may not be made by a third party. In the event of payment by non-certified cheque, the delivery of the items may be postponed until the cheque has been processed. A number of weeks may be required. The buyers may not take delivery of their purchases until payment has been received by the bank. Cheques from foreign banks will only be authorised after prior agreement by the Auction House. To that end, buyers are encouraged to obtain, before the auction, a letter of credit from their bank for an approximate value of the amount they intend to spend, to be provided to the Auction House. Payment in cash in accordance with Decree n°2010-662 of 16 June 2010 pursuant to Article L. 112-6 of the Monetary and Financial Code on the prohibition on payment in cash for certain debts. For exports outside the EU, reimbursement of VAT may only be obtained after obtaining proof that the item has been exported within 3 months of the sale. Reimbursement will be made in the name of the buyer. (cf: 7th VAT Directive applicable as of 01.01.1995). Buyer slips are payable at the reception. Failing payment within 30 days, O.V.V. Binoche et Giquello may require as of right and without any prior notice, the payment of compensation of € 40 for recovery costs (Art L 441-3 and Art L 441-6 of the Commercial Code).

FAILURE TO MAKE PAYMENT

In accordance with the provisions of Article L. 321-14 of the Commercial Code, should the buyer fail to make the payment, after notice has remained without effect, the item will be placed for sale on the request of the seller for false bidding; if the seller does not formulate a request within one month of the auction, they give us all rights to act in their name and on their behalf, as we choose, to pursue the buyer for cancellation of the sale three months after the sale, or to pursue execution of the payment of the said sale, in both cases claiming all damages and interest, fees and other sums we deem to be desirable.

COLLECTION AND DISPATCH OF PURCHASES

Unless agreed in advance with the buyer, large objects and furniture should be collected from storage at Hôtel Drouot. Other lots should be collected within 15 days from OVV Binoche et Giquello. Once the deadline has passed, storage will be invoiced at 2€ minimum per working day. Drouot storage: Any item/lot that remains in the room the day after the sale at 10am, which has not been removed by the Auction House, will be placed in storage at Hôtel Drouot. Access via 6bis rue Rossini - 75009 Paris. Open from Monday to Saturday from 9am to 10am and 1pm to 6pm. The Storage facility must be paid for by the buyer. The prices on January 2020 are as follow: Administrative fee per lot: 5€/ 10€ / 15€ / 20€ / 25€ incl. VAT. Storage fees and insurance: 1€/ 5€ / 10€ / 15€ / 20€ incl. VAT/day, as of the 5th working day, depending on the size of the lot.

A 50% discount on storage is granted to foreign clients. OVV Binoche et Giquello may not be held liable for storage of the items in the Hotel on any grounds whatsoever.

For all delivery, a minimum fee of 36 € applies.

CULTURAL ITEMS

The French State has a pre-emptive right to purchase art works or private documents offered for sale to the public. The exercise of this right applies just after the hammer falls, and the State representative notifies their intention to acquire the item and to substitute itself for the highest bidder, and must confirm the acquisition within 15 days. Binoche et Giquello will not accept liability with respect to the conditions of pre-emptive acquisition by the French State. Export of certain cultural goods is subject to the acquisition of a certificate of free circulation for cultural goods. Under no circumstances may the time required to obtain the certificate be invoked to justify late payment. Under no circumstances may O.V.V. Binoche et Giquello and/or the Seller be held liable should the authorities refuse to deliver the said certificate.

*Ivory

Following the August, 16th 2016 decree relating to elephant ivory and rhinoceros horn trade on national soil, amended by the May 4th 2017 decree, manufactured ivory objects dating from before 1947 are subject to declaration to French official authorities. This declaration will be completed after the sale with the buyer’s contact details for the latter to move freely with the object within the EU. Shipping outside the EU is subject to the buyer obtaining an export CITES certificate.