European ceramics

TERMS OF SALE

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 noncertified

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.