Collection R.

Sales are governed by Articles L312-4 of the French Code of

Commerce. SVV Thierry de Maigret, as Sales Operator, shall

serve as the Seller’s agent, and all relations with bidding parties

shall take place as described in the present Terms of Sale.

Goods put up for auction: The details found in the catalogue are

legally binding upon the Auction House and Experts assisting

it, taking into account any and all corrections announced upon

submission of the object and subsequently listed in the Record

of Sale. Lining, parquet work and sheathing shall be considered a

preventive measure, and not a defect; size, weight and estimated value

shall be determined for guidance purposes only. Prior exhibition of

the item enables potential buyers to form their own judgment of the

condition of the objects put up for sale. Consequently, no claims

shall be considered once a lot has been sold. The SVV remains at

the buyers’ disposal for any information required and invites all

interested parties to seek information about the lots.

Bidding: The Buyer is defined as the highest and final bidder,

and will be required to provide name, address, proof of identity

and bank details. All buyers are assumed to be bidding on their

own behalf and shall hold sole responsibility for their bidding.

Should a buyer bid on behalf of a third-party, the buyer shall

provide the identity of the latter beforehand, so that the invoice

can be correctly drawn up. No changes will be accepted after

the sale. Should the auctioneer declare double bidding to have

occurred, the lot shall be immediately put up for repeat sale, and

all interested parties will be invited to take part in the bidding.

The auctioneer and experts reserve the right, in the interest of the

sale, to combine, split or remove any lot from the sale.

Purchase orders: The Auction House may fulfil free of charge

any purchase order submitted in writing, by Internet or by

telephone. Buyers wishing to proceed in this manner may send

in their request in writing, 24 hours prior to the date of sale,

by completing the form provided along with a check or bank

details. SVV Thierry de Maigret will act on behalf of the bidding

party, in accordance with the instructions given in the form, in

an effort to purchase the relevant lot at the lowest possible price,

not exceeding the stated maximum figure. Should an equivalent

bid be submitted in the room on the day of auction, the bidding

party present shall be given priority.

Telephone bidding shall be accepted where the lowest estimated

price of the lot is greater than € 300. It is recommended that

telephone bidders provide a back-up purchase order which we will

be able to execute on your behalf, should we be unable to reach you.

The Auction House may not be held responsible for having failed

to execute a purchase order due to error, omission or dysfunction in

telephone/Internet/Drouot Live services, or for any other reason.

Payment of Agreed Price: Payment shall be made in Euros,

immediately after the sale. The successful bidder shall, furthermore,

pay sales taxes and fees in addition to the hammer price, amounting

to 30% inclusive of tax (25% before tax + 20% VAT).

No lots shall be delivered to successful bidders until the amounts

due are paid in full.

Drouot Live Buyers fees 1.5% HT in addition to the hammer

price i.e. 1,8 %

Methods of payment:

- by check, along with valid personal ID, whereby due settlement

and transfer property will be subject to actual collection of the

non-certified check. Checks drawn on foreign banks shall be

subject to prior approval by the Auction House. Bidders are

advised to secure, prior to sale, a letter of credit from their bank

in an amount close to their intended highest bid and to provide it

to the Auction House.

- in cash, not to exceed, taxes and fees included, € 1,000 where the

bidder is a private individual or professional entity residing in

France, and € 15,000 where the bidder is a private individual residing

abroad, subject to proof of identity, proof of origin of funds, and

statement of declaration of the relevant amount to the Customs

Authorities, further to Decree 2010-662 dated 16 June 2010.

- by bank transfer (list order number)

- by Visa or MasterCard

VAT: Buyers not residing in the European Union may seek

reimbursement of the VAT included in the margin by sending the

export customs document (copy 3) to SVV, duly stamped by the

Customs Authorities, within two months following the sale. No

tax-exclusive sales document will be drawn up without official

proof of export, as the intra-community VAT number does not

constitute adequate proof.

Default of Payment: Payment by over-drafted checks or failure to

pay shall not incur the responsibility of the Auction House and,

consequently, releases it from the obligation to pay the seller. In the

event of failure to pay within one month of being served official

notice by certified letter with proof of receipt at the addressee’s

expense, and in the event of failure to pay the amount due, the Buyer

shall be charged an additional fee of 10% of the final bidding price to

cover collection fees, amounting to no less than € 300.

Enforcement of this clause shall neither: preclude the allocation

of damages or compensation; come at the expense of required

proceedings; nor pre-determine possible implementation of the

“irresponsible bidding” proceedings.

Irresponsible bidding: in the event of default of payment on the

part of the successful bidder, the item shall be put up for sale at

the request of the Seller, on the grounds of irresponsible bidding

on the part of the defaulting bidder. Should the Seller fail to make

a request to this effect within one month of the sale’s closing, the

said sale shall be cancelled by right of law, without prejudice to

damages. Interest payable by the defaulting bidder.

Collection of property: No lot may be collected until the related

invoice has been paid in full. In the event of payment of non-certified

check, collection of property may be delayed until actual collection.

Bulky items sold and not collected from Drouot premises by 10

AM on the day following sale will be placed in the Hôtel Drouot

warehouse and remain entirely the responsibility of the successful

bidder. Storage fees payable by the latter shall be paid to the Hôtel

Drouot warehouse before release of the lots and upon presentation

of proof of payment. Small objects may be kept at the offices for 15

days following sale. Beyond this point, € 3 will be charged per day

and per item for storage.

Export of lots: Export of lots may be subject to approval,

subject to the buyer’s responsibility. Neither the approval, denial

of approval or approval application time may be invoked as

grounds for change in payment deadline or cancellation of sale.

Pre-Emptive rights: The French Government holds pre-emptive

rights on the works sold, by declaration immediately upon the

conclusion of sale, to the auctioneer. It may confirm exercise of

this right within a period of 15 days following the sale, in which

case it replaces the highest bidd.

Access rights: The right of access is the recognized right of

every person to question the head of a treatment to see if it has

information on it, and if necessary to obtain communication. See

Article 32 of the Law mentions and information models in the

instructions.