PABLO PICASSO (1881 - 1973)

IMPRESSIONIST & MODERN ART

Exhibition by appointment:

From Monday, April 4: 10am - 1pm and 2pm - 6pm

(except on weekends)

Public exhibition:

Tuesday, April 19 and Wednesday, April 20: 10am - 1pm and 2pm - 6pm

Thursday, April 21: 10am - 1pm

Director of the department :

Pierre-Alban Vinquant

+33 (0)1 47 45 08 20

vinquant@aguttes.com

Sales administration / Deliveries and shipments :

Adélaïde Pastorel

+33 (0)1 47 45 91 53

pastorel@aguttes.com

Purchased lots will become available only after full payment has been

made. The sale will be conducted in Euros. In addition to the hammer

price, the buyer agrees to pay a buyer’s premium along with any

applicable value added tax. From 1 to 150 000 € the buyer’s premium

is 25% + VAT amounting to 30% (all taxes included) and 23% of any

amount in excess of 150 001€ over + VAT amounting to 27.6% (all taxes

included). Books (25% + VAT amounting to 26,375%). The buyers via

the live platforms will pay, in addition to the bids and the buyers' fees an

additional commission which will be entirely paid back to the platforms

(see paragraph: Auctions via Drouot Digital or other live platforms).

NB :

+ Auction by order of the court further to a prescription of the court,

buyers fees 14,28% VTA included.

° Lots on which the auction house or its partners have a financial

interest

* Lots which have been temporarily imported and are subject to a

buyer’s fee of 5.5% (20% for jewelry, motorcars, wines and spirits

and multiples – F1 helmet) in addition to the hammer price and

sale fees.

~ This lot contains plant species or animal materials from endangered

species. Import restrictions are to be expected and must be

considered.

The legislator imposes strict rules for the commercial use of inert

animal species. The international regulations of March 3, 1973 (CITES)

requires for different annexes a correlation between the specimen and

the documentation proving the origins to be lawful. This regulation

transcribed in European Community law (Annexes A / B / C) in Rule

338 / 97 of 9 / 12 / 1996 permits commercial use of regulated specimens

(CITES) upon presentation of documentation proving lawful origin; these

documents for this variation are as follows :

• For Annex A : C / C provided outlining the specimen’s history (for

specimens of recent date)

• For Annex B : Bird specimens are either banded or equipped with

transponders, and are accompanied by documents of licit origin. The

auction’s sale record must be conserved as it contains the complete

history of every specimen.

All cases concerning specimens of recent date that are protected under

the French Environmental Code and which were born and raised in

captivity are permitted by the derogation clause AM of 14 / 07 / 2006. As

such, they can be used commercially provided traceability between the

specimen and the documentation proving licit origins. Other specimen

cases dating prior to clause AM of 21 / 07 / 2015 can, due to this fact,

be used commercially. Specimens dating before 1947 included in this

auction sale benefit from clause 2M of the derogatory Rule 228 / 97 of

9 / 12 / 1996, permitting their use for trade. However, exporting them

outside of the EU them requires a pre-CITES Convention agreement.

For huntable species of the European continent and elsewhere,

commercial use is allowed under certain conditions. Domesticated

species (D) included in this auction sale are free for trade. Old specimens

from before the Convention (i.e. before 1975) comply with the conditions

of the AM of 23 / 12 / 2011 and, as such, are free for trade.

The other specimens in this auction sale are not subject to NR regulations

and are free for commercial use and trade. The auction record will

substantiate their licit origin.

To leave the EU, with regards to the Annexes I / A, II / B et III / C, a CITES

re-export document at the expense of the acquirer will be necessary.

GUARANTEES

In accordance with the law, the information given in the catalogue is

the responsibility of SAS Claude AGUTTES and its expert, taking into

account the corrections announced at the time of the presentation of

the item in the sale report.

Attributions were made according to scientific and artistic knowledge

at the time of the auction.

The order of the catalog will be followed.

An exhibition prior to the sale permits buyers to establish the conditions

of the works offered for sale. However in this period of pandemie the

photos are worth exhibition, and no claims will be admitted once the

award is pronounced. The reproductions in the catalog of works are

as faithful as possible, a difference in color or tones is nevertheless

possible. The dimensions are only given as an indication.

The text in French is the official text which will be retained in case of

dispute. The descriptions in other languages and the indications of

dimensions in inches are given only as an indication and cannot be at

the origin of a complaint.

The state of conservation of the works is not specified in the catalog,

the buyers are therefore obliged to ask for additional photos, videos

and / or condition reports. No claim will be accepted concerning possible

restorations or accidents once the auction has been pronounced.

The condition reports requested from SAS Claude Aguttes and the expert

before the sale are given for information only. They do not engage their

responsibilities and cannot be the cause of a legal claim. Under no

circumstances do they replace the personal examination of the work

by the buyer or his representative. Unless expressly mentioned on the

description of the lot about: the functioning of the clockwork as well as

the presence of the keys is not is not guaranteed in any way.

BIDS

The highest and final bidder will be the purchaser.

Should the auctioneer recognize two simultaneous bids on one lot, the

lot will be put up for sale again and all those present in the saleroom

may participate in this second opportunity to bid.

Important : Bidding is typically conducted in the auction house. However,

we may graciously accept telephone bids from potential buyers who

have made the request.

We bear no responsibility whatsoever in the case of uncompleted calls

made too late and / or technical difficulties with the telephone. We also

accept absentee bids submitted prior to the sale. Aguttes won’t be held

responsible in case of errors and omissions with the execution of the

written bids. We reserve the right to accept or deny any requests for

telephone or absentee bidding.

In carrying a bid, bidders assume their personal responsibility to pay

the hammer price as well as all buyer’s fees and taxes chargeable to the

buyer. Unless a written agreement established with Claude AGUTTES

SAS, prerequisite to the sale, mentioning that the bidder acts as a

representative of a third party approved by Claude AGUTTES SAS, the

bidder is deemed to act in his or her own name. We remind our sellers

that bidding on their own items is forbidden.

Important : During the confinement period, sales are made behind

closed doors with live transmission.

TELEPHONE BIDDING : We accept to receive telephone bids from a

potential buyer who has come forward prior to the sale. We cannot be

held liable in particular if the telephone connection is not established,

is established late, or in the event of errors or omissions relating to the

reception of bids by telephone.

ORDERS TO BUY : We accept the bidding orders that have been

transmitted. We are not liable in particular in the event of an error or

omission in the written order.

BIDS THROUGH DROUOT DIGITAL OR OTHER LIVE PLATFORM

Online auctions are available. These are carried out on the drouot.com

website, which is a technical platform allowing remote participation in

auctions by electronic means. It is necessary to register beforehand

and to ensure that the registration is validated. A bidding ceiling may be

announced depending on the sales, it is advisable to deposit a deposit

beforehand in order to bid freely during the sale. The buyer via this

platform or any other platform proposed for live purchases is informed

that the fees charged by these platforms will be at his expense. The

buyer via the Drouot Digital platform (or any other platform proposed

for live purchases) is informed that the fees charged by these platforms

will be at his exclusive charge. As an indication, for Drouot digital, a

commission of 1.80% including VAT (1.5% excluding VAT and VAT) and

for Invaluable, a commission of 3% including VAT (2.4% excluding VAT

and 0.60% VAT). Aguttes may not be held responsible for the interruption

of a Live service during a sale or for any other malfunction that may

prevent a buyer from bidding via a technical platform offering the Live

service. The interruption of a Live auction service during the course of a

sale does not necessarily justify the auctioneer's stopping the auction.

COLLECTION OF PURCHASES

The lots not claimed on the day of the auction can be retrieved by

appointment : please contact the person in charge.

For lots placed in warehouses, costs and expenses will be at the

buyer’s charge.

For lots stored at Aguttes except specific conditions if mentioned –

buyers are advised that the following storage costs will be charged :

- 15 € / day for lots < € 10,000, and 30 € / day for lots > € 10,000

- 3 € / day for any other lot < 1m3 & 5 € / day / m3 for the ones > 1m3.

Buyers are advised to collect successful lots by the carrier of their

choice as soon as possible to avoid handling and storage costs which

will be required before collection of purchase. In case of impossibility to

remove the batches due to the current sanitary crisis, these deadlines

will exceptionally be extended according to a specific agreement with

the sales department concerned.

The auctioneer is not responsible for the storage of purchased lots. If

payment is made by wire transfer, lots may not be withdrawn until the

payment has been cleared, foreign cheques are not accepted.

From the moment the hammer falls, sold items will become the exclusive

responsability of the buyer. The buyer will be solely responsible for the

insurance, L’Hôtel des Ventes de Neuilly assumes no liability for any

damage to items which may occur after the hammer falls.

The purchased lots will be delivred to the buyer in person. Should the

buyer wish to have his / her lot delivered to a third party the person must

have a letter of authorization along with a photocopy of the identity

card of the buyer.

Export formalities can take 4 months to process and are the buyer’s

responsability. Please contact the Hôtel des ventes de Neuilly if you

need more information concerning this particular matter.

PAYMENT

We recommend that buyers pay by credit card or electronic bank transfer.

In compliance with Article L.321-14 of French commercial law, a property

sold at auction can be delivered to the buyer only once the auction firm

has received payment or complete guarantee of payment.

Legally accepted means of payment include :

• Cash (article L.112-6, L.112-8 and Article Article L.112-8 paragraph

2 of the Monetary and Financial Code)

· max. 1 000 €

· max. 15 000 € for private individuals who have their tax domicile

abroad (upon presentation of a valid passport)

• Payment on line (max 10 000 €) : http://www.aguttes.com/paiement/

index.jsp

• Electronic bank transfer

The exact amount of the invoice from the buyer’s account and

indicating the invoice number. (Note : Bank charges are the buyer’s

responsibility.)

Banque de Neuflize, 3 avenue Hoche 75008

Titulaire du compte : Claude AGUTTES SAS

Code Banque 30788 – Code guichet 00900

N° compte 02058690002 – Clé RIB 23

IBAN FR76 3078 8009 0002 0586 9000 223

BIC NSMBFRPPXXX

• Credit cards : bank fees, which usually range from 1 to 2 %, are the

buyer’s responsibility

• American Express : 2.95%TTC commission will be charged.

• Distance payments and multi-payments for one lot with the same

card are not allowed

• Cheques (if no other means of payment is possible)

· Upon presentation of two pieces of identification

· Important : Delivery is possible after 20 days

· Cheques will be deposited immediately. No delays will be accepted

· Payment with foreign cheques will not be accepted

PAYMENT DEFAULT

Settlements are cash.

In the event of late payment on winning bids SAS CLAUDE AGUTTES

will claim the legal rate of interest, plus five percent. A minimum fee

of €500 will also be due for any other costs incurred by reason of default,

including the following in the case of resale on false bidding :

- The difference between the price at which the lot was auctioned

and the price obtained at its resale;

- The costs incurred by new auctioning.

LAW AND JURISDICTION

In accordance with the law, it is added that all actions in public liability

instituted on the occasion of valuation and of voluntary and court-ordered

auction sales are barred at the end of five years from the hammer price

or valuation. These Conditions of purchase are governed by French law

exclusively. Any dispute relating to their existence, their validity and

their binding effect on any bidder or buyer shall be submitted to the

exclusive jurisdiction of the Courts of France.

If a customer feels that he or she has not received a satisfactory response, he or she is advised to contact the head of the relevant department

directly, as a matter of priority. In the absence of a response within the specified time limit, the customer may then contact customer service at

serviceclients@aguttes.com, which is attached to the Quality Department of SVV Aguttes.