Asian art and 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 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 preemptive

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.