International avant-garde

TERMS AND CONDITIONS

COLLECTION OF PURCHASES:

Lots may be collected free of charge from the auction room until 6 pm on the evening of the sale and between 8 am and 10 am the day after the sale. Lots will only be handed over

on presentation of the receipted invoice and the sales label.

After this time, the lots will be placed in storage. This service is at the buyer's expense. The rates and conditions are available on the Hôtel Drouot website.

In all cases, storage and transport costs are the sole responsibility of the buyer.

CONDITION OF THE OBJECTS

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 relining

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 O.V.V. Giquello may not be held liable for this.

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% excluding VAT i.e. 26,37% including VAT from 1 euro to 500,000 €

17 % excluding VAT i.e. 7.935% including VAT above 500,001 €

BIDDING

All bidders who wish to make an offer or bid by telephone may send a request, by

post, email or fax to O.V.V. 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. 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 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 https://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, O.V.V. 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. Giquello, liable in the event of loss, theft or damage to the lot.

II/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).

III /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 Giquello et Associés 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). O.V.V. Giquello 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 2 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. 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.

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. Giquello et Associés will not accept liability with respect to the conditions

of preemptive 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. Giquello and/or the Seller be held

liable should the authorities refuse to deliver the said certificate.