ÉCOLE ITALIENNE, VERS 1820

OLD MASTERS

Public exhibitions :

Aguttes Neuilly

164 bis, avenue Charles-de-Gaulle, 92200 Neuilly-sur-Seine

From Monday March 13 to Thursday March 16 : 11am - 6pm

Drouot Paris, room 6

Saturday March 25 : 11am - 6pm

Monday March 27 : 11am - 6pm

Tuesday March 28 : 11am - 1pm

Director of the department :

Grégoire Lacroix

+33 (0)1 47 45 08 19

lacroix@aguttes.com

Cataloguer :

Victoria Damidot

+33 (0)1 47 45 91 57

damidot@aguttes.com

SAS AGUTTES(“AGUTTES”) is an operator of voluntary public auctions, declared

to the Voluntary Sales Board and governed by Articles L.321-4 et seq. of the

French Commercial Code. In this capacity AGUTTES acts as agent of the seller

who contracts with the auction winner.

These General Terms and Conditions of Sale(“GTC”) govern the relationship

between AGUTTES and bidders for public auctions and negotiated sales organised

by AGUTTES.

AGUTTES may modify the GTC in writing and/or orally prior to the sale.

I- THE PROPERTY OFFERED FOR SALE

Description of lots: The indications given in the catalogue are the responsibility

of AGUTTES and its expert, subject to the provisions mentioned below. Only indications

in French are binding on AGUTTES to the exclusion of translations,

which are free. They may be modified or corrected until the time of the sale in

writing or orally. These modifications shall be recorded in the report of the sale,

which shall have probative force.

No other guarantee is given by AGUTTES, it being recalled that only the seller shall

be bound by the guarantee against hidden defects and the legal guarantee of

conformity. A certificate of authenticity of the lot will only be available if mentioned

in the description of the lot.

The dimensions, weights and other information of the lots are given as an indication

with a reasonable margin of error.

Restorations carried out as a precautionary measure, not altering the age and

style characteristics, and not making any change to the specific nature of the lot,

will not be mentioned in the description.

The absence of any indication of restoration, accident or incident in the catalogue

or condition reports shall in no way imply that the lot is free from any defect

present, past or repaired. Conversely, the mention of any defect does not imply

the absence of other defects.

The particular information in the catalogue has the following meanings:

+ Lots forming part of a court-ordered sale following an order of the Court of

Justice, fees and expenses: 14.40% incl. tax;

° Lots, in which AGUTTES or one of its partners has financial interests;

* Temporary import lots: subject to a fee of 5.5% fee for works of art, collectibles

and antiques (20% for wines and spirits, jewelry and multiples),), to be borne

by the buyer in addition to the selling costs and the auction price, unless the

buyer is outside the EU;

¤ Goods sold under the general VAT regime (for the total);

# Lots visible only by appointment;

~ Lots made from materials from animal species. Import restrictions are to be

provided for.

Condition of lots: The lots are sold in the condition in which they are found at

the time of sale with their imperfections and defects. Since lots are second-hand

goods, no guarantee can be given on the condition thereof.

References to the condition of a lot in a catalogue or condition report may not be

considered as an exhaustive description of the condition of said lot. Descriptions may

not under any circumstances replace the personal examination of the lot as indicated

below. Condition reports will be sent upon request and for information purposes.

Lot exposure: Potential bidders are required to personally examine the lots at

a private meeting prior to sale in order to check the condition of the lot. Buyers

are advised to be accompanied by an expert in the field concerned by the sale.

Reproduction of lots: Not all defects and imperfections of the batches are visible

on the photographs of the batches reproduced in the catalogues, online or

on any communication medium. Photographs may not give a fully faithful image

of the actual condition of a lot and may differ from what a direct observer will

receive (size, colour, etc.).

Estimates: The estimates are based on the state of technical knowledge on the

day of the estimate, the quality of the lot, its origin, condition and the market price

on the day of the estimate. They are provided for information purposes only and

cannot be considered as a guarantee that the lot will be sold at the estimated price.

II- THE SALE

Registration for sale: Important: the normal and priority method to bid is to be

present in the sales room. As a service, other modes are possible that require

prior registration:

- By telephone: AGUTTES accepts, free of charge, to receive bids by telephone

only for bidders who reported before 6 p.m., on the last business day before the

sale. The potential bidder must have received a prior confirmation email from

AGUTTES to be called.

- By purchase order: Any person previously registered and wishing to bid will have

the option to request the registration of purchase orders from AGUTTES on their

behalf. The order must have been communicated in writing before 6 p.m. on the

last business day before the sale, and the bidder must have received a confirmation

email from AGUTTES to be called. No unlimited order will be accepted. If

AGUTTES receives multiple purchase orders for identical auction amounts, the

oldest order will be selected.

- Online via Liveplatforms: The possibility of online auctions is offered on platforms

allowing remote participation in auctions electronically, upon prior registration.

The purchaser via the Live platforms is informed that the fees charged by these

platforms will be borne exclusively by it.

Participation in the auction by telephone, internet or order is carried out at the

risk and peril of the bidder, AGUTTES cannot be held liable in the event of nonparticipation

of the auction bidder for any reason whatsoever, particularly in the

event of malfunction or failure to perform (no response from the bidder, error,

interruption or omission in the reception of bids). Any malfunction or interruption

of the telephone or live service will not prevent the auctioneer from continuing

the auction, at his discretion.

Procedure for identifying bidders: AGUTTES reserves the right to ask any

potential bidder to prove its identity and for a legal entity, a Kbis extract less

than three months old, it being specified that only the legal representative of the

company or any duly authorised person may bid for and its bank details. In the

event of non-compliance with the identification procedures, AGUTTES reserves

the right to refuse its registration for the auction. All lots sold will be invoiced in

the name and address of the client. No subsequent modification may be made.

The bidder is deemed to act in its own name and will be solely responsible for the

auction brought unless it is informed beforehand of its capacity as agent under

the conditions indicated below.

Any false indication shall incur the liability of the auction winner.

Mandate by a third party: The bidder with a mandate must inform AGUTTES

during the identification and registration procedure and produce a copy of the

mandate and any other documents requested by AGUTTES. In such a case, the

bidder and the principal shall be jointly and severally liable.

Sales management: The auctioneer manages the sale on a discretionary basis,

ensuring the freedom and equality between all bidders, while respecting the

practices established by the profession. The auctioneer ensures the police of the

sale, which allows him to refuse bids or to withdraw a lot without having to justify it.

Awarding: The highest and the last bidder will be the auction winner, with all

accepted means combined (order, internet, telephone, on-site, etc.). The awarding

is evidenced by the pronouncement of the word “Sold”, which forms the sale

agreement between the seller and the auction winner.

Each lot is identified with a number corresponding to the number assigned to it

in the sales catalogue.

It is forbidden for sellers to bid directly on the lots belonging to them.

In the event of a simultaneous “double-auction” recognised by the auctioneer,

the lot will be put back for sale, with all bidders present being able to participate

in this second auction.

Withdrawal: Each auction and bid is final and is binding on the auction winner,

it being recalled that the auction winner may not withdraw either in the room, by

telephone, online or on a purchase order.

Transfer of risk and ownership: The transfer of ownership and risks between

the seller and the auction winner takes place by the word “sold” by AGUTTES.

AGUTTES disclaims all liability for losses and damages that the lots may suffer from

the date of the award, with the auction winner having to insure the lots acquired

as soon as the award is awarded.

III- COMPLETION OF THE SALE

Sale commission: In addition to the auction price, the auction winner shall

pay the buyer's fees, per lot, calculated as follows:

- 25% excl. tax + VAT at the rate in force, i.e. 30% including tax on the

first €150,000

- 23 % excl. tax + VAT at the rate in force, i.e. 27,6 % including taxe for

amounts over € 150,001.

Exception: For books only benefiting from a reduced VAT rate: 25% before

tax, i.e. 26.37% including VAT.

In addition to the auction price and the buyer’s fees, the auction winner must pay

all taxes and duties including VAT as well as any file, handling, and storage costs.

Payment of the sums due must be made“in cash” by the auction winner, as soon

as the award is made. Payment is made in euros. Any bank commissions will not

be deducted from the amounts due.

VAT: The VAT rate is 20% (or 5.5% for books). In principle, unmarked lots will

be sold under the VAT on gross margin system. The purchase commission and

additionnal costs will be increased by an amount in lieu of VAT, which will not be

separately mentioned in our slips.

By way of exception, and at the request of the seller, the general VAT system may

be applied for goods offered for sale by an EU professional at its request. These

goods will be marked by the ¤ sign.

Possible VAT refunds:

1- The professional of the European Union, (i) with an intra-Community VAT number

and (ii) providing proof of the export of lots from France to another Member State;

2- Non-residents of the European Union on the supply of (i) a customs export

document, on which AGUTTES appears as sender (ii) when the export occurs

within three months of the auction date or the date of obtaining the export permit.

Payment terms: Legal means of payment accepted by AGUTTES’ accounts

(payments by credit card or wire transfer being strongly recommended):

- Credit card: bank charges, which usually vary between 1and 2%, are not

borne by the firm;

- American Express card: a commission of 2.95% including tax will be collected

for all payments. Remote card payments and split payments in several instalments

for the same lot with the same card are not allowed;

- Online payment up to €10,000 to https://www.aguttes.com/paiement/index.jsp ;

- Bank transfer: from the buyer’s account and indicating the invoice number:

IBAN FR76 3006 6109 1300 0203 7410 222

BIC CMCIFRPP

Account holder AGUTTES

Direct debit CIC PARIS ETOILE ENTREPRISES

178 RUE DE COURCELLES - 75017 PARIS

- Cash: Articles L.112-6 and D.112-3 of the French Monetary and Financial Code:

(i) Up to €1,000 for French tax residents or persons acting for the purposes of a

professional activity; (ii) Up to €15,000 for individuals who have their tax domicile

abroad (upon presentation of passports and proof of address);

- Cheque (as a last resort): Upon presentation of two identity documents. No time

limit for cashing is accepted in the event of payment by cheque. Issuance will

only be possible twenty days after payment. Foreign cheques are not accepted.

Defaulting auction winner: In the absence of cash payment by the buyer, the

property may be put back for sale upon reiteration of the auctions at the request

of the seller in accordance with the procedure of ArticleL.32114 of the French

Commercial Code. If the seller does not make this request within three months

of the auction, the sale shall be automatically terminated.

In all cases, the defaulting buyer, due to its failure to pay, shall pay to AGUTTES:

- All costs and incidentals incurred by AGUTTES relating to the collection of unpaid

invoices (including legal fees);

- Late payment penalties calculated by applying interest rates at the European

Central Bank (ECB) semi-annual key rate (refinancing rate or Refi) in force plus

five points on all sums due;

- Damages to compensate for the loss suffered by AGUTTES (purchase costs,

fees and commissions, VAT, storage, etc.).

AGUTTES reserves the right to:

- Communicate the name and contact details of the defaulting buyer to the seller

in order to enable the latter to assert its rights;

- Exercise or have exercised all the rights and remedies, in particular the right of

retention, over any property of the defaulting buyer, of which AGUTTES has custody;

- Prohibit the defaulting auction winner from bidding in the next sales organised

by AGUTTES or from making the possibility of tendering there subject to the

payment of a prior provision;

- Proceed to the registration of the defaulting bidder on a file of bad payers shared

between the different member auction houses.

AGUTTES is indeed a member of the Central Register of prevention of the unpaid

of the auctioneers with which the incidents of payment are likely to be registered.

The rights of access, rectification and opposition for legitimate reasons are to

be exercised by the debtor concerned at Symev 15 rue Freycinet 75016 Paris.

Lot collection and storage: A lot awarded may only be delivered to the buyer

after full payment of the purchase slip, collected in the AGUTTES bank account.

The lots will be delivered to the purchaser in person after presentation of any

document proving his identity or to the third party appointed by him and to whom

he has entrusted an original power of attorney and a copy of his identity document.

The lot is collected at the auction winner’s expense and risks only.

Lots that have not been collected the same day after the end of the sale will be

collected by appointment by the byer with the person mentioned for this purpose

on the contact page at the beginning of the catalog. The place of delivery will be

indicated in the email accompanying the invoice.

The applicable storage fees are mentioned in the "Special Terms and Conditions"

below.

Resale of paid and non-collected lots: In the event that one or more lots awarded

and paid for in the course of an auction have still not been collected by the buyer

within the deadlines agreed upon the "Special Terms and Conditions" below and

that the applicable storage, custody and preservation costs exceed the auction

value of the lot(s), AGUTTES reserves the right to sell the lot(s) in order to be

reimbursed for all costs due.

IV- PRE-EMPTION RIGHT

The French State may exercise a pre-emptive right on any public or private sale

of cultural property. The State has a period of 15 days from the public sale to

confirm the exercise of its pre-emptive right and subrogate itself to the buyer.

V- EXPORT

The formalities of exports (requests for certificate for a cultural good, export

license) of the subjected lots are the responsibility of the purchaser and can

require a four months delay. AGUTTES is at the disposal of its buyers to guide

them in these steps.

AGUTTES cannot be held responsible for delays. Under no circumstances shall

AGUTTES be liable for the refusal or delay of the administrative decision. The

refusal to issue a certificate or a license may not under any circumstances justify

a failure or delay in payment by the buyer or a cancellation of the sale.

VI- APPLICABLE LAW AND COMPETENT COURT

Civil liability claims brought in connection with voluntary and judicial actions

and sales of furniture at public auction are time-barred after five years from the

award or takeover.

French law alone governs the GTC. Any dispute relating to their existence, validity,

performance and enforceability against any bidder having the capacity of trader

shall be decided by the Commercial Court of Nanterre (France).

In the event that the bidder or buyer is not a trader, this dispute shall be decided

by the competent Court pursuant to the legal provisions.

The Government Commissioner to the Council for voluntary sales of furniture by

public auction may be mandated in writing in case of any difficulty with a view to

reaching an amicable solution, if applicable.

VII- PERSONAL DATA

The bidders are informed that AGUTTES may collect and process data concerning

them in accordance with the General Data Protection Regulation no. 2016/679 of 27

April 2016 (GDPR) and the French Data Protection Act no. 78-17 of 6 January 1978

amended by Law No. 2018-493 of 20 June 2018 on the protection of personal data.

The data is collected for the purposes of managing their contractual or pre-contractual

relations (registration for sale, invoicing, accounting, payments, communication,

etc.). This data consists of information such as: surname, first names,

postal address, email address, telephone number, bank details.

Bidders are informed that they have a right of access, rectification, erasure, portability,

opposition and limitation with regard to such data with AGUTTES. Requests

must be made in writing to: communication@aguttes.com Any complaint about the

applicable data protection legislation may be brought before the CNIL: www.cnil.fr.

VIII- INTELLECTUAL PROPERTY

AGUTTES is the owner of any right of reproduction of its catalogue. Any reproduction

of the same is prohibited and constitutes an infringement. The sale of a

lot does not in any way imply the assignment of any intellectual property rights

applicable (representation and/or reproduction) to the work.

IX- SPECIAL TERMS AND CONDITIONS

1- Storage costs

The storage of goods subject to an auction or a private sale that are not removed

by the buyer within 15 days of the auction (including the day of the sale), will be

charged as follows:

- Jewellery and / or watches worth < €10.000 = €15 / day of storage

- Jewellery and / or watches worth > €10.001 = €30 / day of storage

- Other lots < 1m3 = €3 / day

- Other lots > 1m3 = €5 / day.

2- Mechanical and electrical objects

The mechanical or electrical objects offered for sale by AGUTTES are exclusively

offered for decorative purposes. As they represent used property, AGUTTES does

not under any circumstances certify their operating condition. We recommend

that buyers come to see the lots during the public exposures with an expert in

this field, and to have the electrical or mechanical mechanism checked by a

professional before any start-up.

3- Watches and clocks

The watches and clocks we sell are all second-hand goods, having for the most

part undergone repairs resulting in the replacement of certain parts which may

not be original. AGUTTES does not give any guarantee on the authenticity and

the original character of the components of a clock article.

Clocks may be sold without pendulums, weights or keys and unless otherwise

stated, their presence is not guaranteed. Watch straps may not be original and

may not be authentic.

Collector’s watches require general and regular maintenance: repairs or overhauls

may be necessary and are the responsibility of the buyer, as AGUTTES does not

give any guarantee on its good working order. AGUTTES recommends that buyers

have watches and clocks checked by a competent watchmaker before each use.

It is the responsibility of potential buyers to personally verify the condition of the item.

4- Furniture

Without express mention in the description of the lot, the presence of keys is

not guaranteed.

5- Protected plant and animal species

Objects partially or entirely made up of materials from endangered and/or protected

species of flora and fauna are marked by the symbol ~ in the catalogue.

The legislator imposes strict rules for the commercial use of these materials, in

particular with regard to ivory trade.

Buyers are informed that the importation of any goods made up of these materials

is prohibited by many countries, or require a permit or certificate issued by the

competent authorities of the countries of export and import of the goods. The

purchasers are fully responsible for the proper compliance with the regulatory

and legislative standards applicable to the export or importation of goods composed

in part or in full of materials originating from endangered and/or protected

species. Under no circumstances shall AGUTTES be liable for the impossibility

of exporting or importing such property, and this may not be used to justify a

request for cancellation of the sale.

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,

thecustomer may then contact customer service at serviceclients@aguttes.com,

which is attached to the Quality Department of SVV Aguttes.