Collector's watches

GENERAL TERMS AND CONDITIONS OF SALE

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

with the “Conseil des maisons de vente” and governed by Articles L.321-4

et seq. of the French Commercial Code. In this capacity AGUTTES acts under a

sales mandate as the seller’s authorised representative who contracts with the

successful bidder.

The present General Terms and Conditions of Sale (“GTCS”) govern the relationship

between AGUTTES and bidders for public auctions and private sales

organised by AGUTTES.

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

modifications will be mentioned in the minutes of the sale.

I- THE PROPERTY OFFERED FOR SALE

Description of lots: The information provided in the auction catalogues engages

the civil liability of AGUTTES and its experts, subject to the provisions mentioned

below. Only indications in the French language are binding on AGUTTES

to the exclusion of any translations, which are free. They may be subject to

modifications or corrections until the moment of the auction in writing or orally.

These modifications shall be recorded in the report of the auction, which will

have probative force.

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

bound by the warranty for hidden defects and the legal warranty 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, without altering the age and

style characteristics, and which do not modify 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 past,

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

the absence of other defects.

Special mentions appearing in the auction catalogue have the following

meanings:

+ Lots forming part of a judicial sale following a court order entail the following

buyer’s fees: 14.40% including all taxes;

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

* Lots under temporary importation: subject to a 5.5% fee for works of art, collectibles

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

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

the buyer resides outside the EU;

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

# Lots visible only by appointment;

~ Lots made from materials derived from animal species. Import restrictions

may apply;

= Deposit will be required for the lot.

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. As the lots are second-hand

goods, no guarantee can be given as to their condition.

References to the condition of a lot in the 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 but for

indicative purposes only.

Preview of the lots: Potential bidders are required to personally examine the lots

and documents available prior to the auction at a private appointment or at the

public preview in order to verify the condition of the lots. Buyers are advised to

be accompanied by an expert in the sector concerned by the auction.

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

the photographs of the lots reproduced in the catalogues, online or in any other

communication medium. Photographs may not provide an entirely faithful image

of the actual condition of a lot and may differ from what would be perceived by

a direct observer (size, colour, etc.).

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

day of the estimate, the quality of the lot, its provenance, its condition and the

market conditions 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 AUCTION

Registration for the auction

Important: the normal and priority method for bidding is to be present in the auction

room. As a service, other methods are possible that require prior registration:

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

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

the auction. 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 with AGUTTES on

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

on the last business day before the auction, and the bidder must have received

a confirmation email from AGUTTES. No unlimited order will be accepted. If

AGUTTES receives multiple purchase orders for identical bidding amounts, the

oldest order will be preferred.

• Online via Live platforms: An option for online bidding is available on platforms

allowing remote participation in auctions electronically, upon prior registration.

Purchasers using Live platforms are informed that the fees charged by these

platforms will be at their exclusive expense.

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

the bidder’s own risk and peril. AGUTTES cannot be held liable in the event of

non-participation of the auction bidder for any reason whatsoever, particularly

in the event of malfunction or default of any kind (lack of 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 their identity and for a legal entity, to provide a Kbis extract

less than three months old and its bank details, it being specified that only the

legal representative of the company or any duly authorised person may bid on its

behalf. In the event of non-compliance with the identification procedures, AGUTTES

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

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

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

the bids made unless duly registered beforehand that he is acting as an official

agent of a third party in accordance with the conditions indicated below.

Any false information shall incur the liability of the successful bidder.

Deposit: For certain sales or duly identified lots, AGUTTES reserves the right to

request potential bidders to pay a deposit of a specified amount before the auction,

as well as any other guarantees and/or bank references deemed necessary. In

this case, clients must contact AGUTTES no later than three business days before

the auction. Deposits are to be made in euros by bank transfer or credit card at:

https://www.aguttes.com/depot-caution.

If the bidder does not make any purchase during the auction, AGUTTES will

reimburse the security deposit, without interest (subject to any right of set-off),

within a maximum of 14 business days after the auction. AGUTTES shall not be

liable for losses incurred due to fluctuations in exchange rates or bank charges

relating to these transfers.

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

its existence 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.

Conduct of the auction: The auctioneer conducts the auction in a discretionary

manner, ensuring the freedom and equality among all bidders, while respecting

the established practices and customs of the profession. The auctioneer ensures

the policing of the auction, which allows him to refuse bids or to withdraw a lot

Adjudication: The highest final bid will be deemed the successful bidder, all

accepted means of bidding combined (order, internet, telephone, on-site, etc.).

The adjudication is formalised by the pronouncement of the word “Sold” in

French (“Adjugé”), which forms the sales agreement between the seller and the

successful bidder.

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

in the auction catalogue.

Sellers are prohibited from bidding directly on the lots they own.

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

lot will be put back up for auction again, with all bidders present being able to

participate in this second adjudication.

Withdrawal: Each bid and adjudication is final and binds the person who placed

it. The successful bidder may not withdraw his or her bid, whether they are present

in the auction room, on the telephone, online or have placed a purchase order.

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

the seller and the successful bidder occurs when the auctioneer pronounces the

word “sold” in French (“Adjugé”). AGUTTES disclaims any liability for losses and

damages that the lots may suffer from the moment of adjudication. The successful

bidder must insure the acquired lots as soon as the lot is adjudicated to him.

III- EXECUTION OF THE SALE

Buyer’s premium: In addition to the hammer price, the successful bidder

must pay a fixed buyer’s premium, due for each acquired 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 which benefit from a reduced VAT rate: 25% (excluding

taxes), i.e. 26.37% (including taxes).

In addition to the hammer price and the buyer’s premium, the successful bidder

must pay all taxes and duties including VAT as well as any administrative, handling,

and storage costs.

Payment of the sums due must be made “in one single instalment” by the successful

bidder, immediately after adjudication. Payment is made in euros. Any

potential bank charges applicable will not be deducted from the amounts due.

VAT: The VAT rate is 20% (or 5.5% for books). As a matter of principle, unmarked

lots will be sold under the VAT gross margin scheme. The buyer’s premium and

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

separately mentioned in our sale slips.

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

be applied to goods offered for auction by an EU professional. These goods will

be marked by the ¤ sign.

Possible VAT refunds apply for:

1- The professional from 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 upon provision 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 payment methods accepted by AGUTTES’ accounting (payments by credit

card or wire transfer are strongly recommended):

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

borne by the auction house;

- American Express card: a commission of 2.95% (including taxes) will be

charged 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-enligne

- 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 individuals acting for the purposes

of a professional activity; (ii) Up to €15,000 for individuals whose tax residence

is abroad (upon presentation of a passport and proof of residence);

- Cheque (as a last resort): Upon presentation of two forms of identification

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 timely payment by the buyer, the

item may be put back up for auction upon reiteration of the bids at the seller’s

request in accordance with the procedure of Article L.321-14 of the French Commercial

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

auction, the sale shall be automatically cancelled.

In all cases, the defaulting buyer, due to lack of payment, shall be held liable to

pay to AGUTTES:

• All costs and incidental expenses 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) increased

by five points on the total amount;

�� 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 their 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 may

have custody;

• Prohibit the defaulting successful bidder from bidding in future auctions organised

by AGUTTES or make the possibility of bidding in future auctions contingent

upon the payment of a prior provision;

• Proceed to the registration of the defaulting bidder on a database of bad payers

shared among different participating auction houses.

Indeed, AGUTTES is a member of the Central Register for the prevention of unpaid

dues of auctioneers upon which incidents of non-payment are likely to be registered.

The rights to access, rectify and object for legitimate reasons may be exercised

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

Collection and storage of lots: An awarded lot may only be delivered to the buyer

after full payment of the purchase slip, received by the AGUTTES bank account.

The lots will be handed over 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 buyer’s sole risk and expenses.

Lots that have not been collected on the same day after the end of the auction

must be collected by the buyer upon appointment with the person mentioned

for this purpose on the contact page at the beginning of the auction catalogue.

The location of the collection place 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 timeframe agreed upon in 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 put the lot(s) back

up for auction or sale in order to reimburse all costs due.

IV- PREEMPTION RIGHT

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

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

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

V- EXPORT

The export formalities (requests for certificate for a cultural good, export license)

for a given lot are the responsibility of the purchaser and may require a fourmonth

delay. AGUTTES is at the disposal of its buyers to guide them through these procedures

and to assist them in the submission of requests to the French Museums

Service (“Service des Musées de France”).

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

AGUTTES be held 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 default or delay in payment by the buyer or a cancellation of the sale.

VI- APPLICABLE LAW AND COMPETENT COURT

The present GTCS and the rights and obligations arising from them will be governed

by French law.

Any legal action relating to the sales activities of AGUTTES will be settled by the

competent Judicial Court in France, in accordance with article L.321-37 of the

French Commercial Code. In particular, all legal actions involving successful

bidders and/or bidders with the status of commercial traders according to French

law will be decided by the Nanterre Judicial Court.

Bidders, successful bidders and their representatives acknowledge that Neuillysur-

Seine is the exclusive place of performance of AGUTTES’ services.

Civil liability claims arising from auctions and voluntary and judicial sales of

furniture by public auction are subject to a limitation period of five years from

the date of the auction.

Any difficulty may be referred free of charge to the Government Commissioner at

the “Conseil des maisons de vente” with a view to reaching an amicable solution.

Complaints may be made by post to 19 avenue de l’Opéra, 75001 Paris, or online

at the following link: https://conseilmaisonsdevente.fr/en/claim. It is also possible

to submit a request for an out-of-court settlement on a European platform for the

settlement of online disputes between consumers and professionals, accessible

at the following link: https://ec.europa.eu/consumers/odr/main/index.cfm?event=-

main.home2.show&lng=EN.

VII- PERSONAL DATA

Bidders are informed that AGUTTES may collect and process data concerning

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

of 27April 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.

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

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

etc.). This data consists of information such as: surnames, 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 data protection legislation may be brought before the CNIL: www.cnil.fr.

VIII- INTELLECTUAL PROPERTY

AGUTTES owns all reproduction rights to its auction catalogue. Any reproduction

thereof is prohibited and constitutes a counterfeiting. The sale of a lot does not

in any way imply the assignment of any applicable 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 collected

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

Mechanical or electrical objects offered for sale by AGUTTES are exclusively offered

for decorative purposes. As they represent second-hand goods, AGUTTES does

not under any circumstances certify their operational condition. We recommend

that buyers inspect the lots during the public preview of an auction accompanied

by an expert in the concerned sector, and to have the electrical or mechanical

mechanism checked by a professional before any operation of the lot.

3- Watches and clocks

The watches and clocks we sell are all second-hand goods, most of which have

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

may not be original. AGUTTES does not provide any guarantee on the authenticity

and originality of the components of a timekeeping item.

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

provide any guarantee on their proper functioning. 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

Unless expressly stated in the lot description, the presence of keys is not guaranteed.

5- Protected plant and animal species

Objects partially or entirely composed of materials from endangered and/or protected

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

Legislators impose strict rules for the commercial use of these materials, in

particular regarding ivory trade.

Buyers are informed that the import of any goods composed of these materials

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

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

are entirely responsible for the proper compliance with all regulatory and legislative

standards applicable to the export or import of goods composed partially

or entirely of materials originating from endangered and/or protected species.

AGUTTES will not be held liable for the impossibility of exporting or importing such

goods, and this cannot 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 timeframe,

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

which is attached to the Quality Management Department of SVV Aguttes.