GENERAL CONDITIONS OF SALE ON AUCTION FRAYSSE & ASSOCIÉS is a company organizing voluntary auction sales regu-1 tomer does not obtain the lot, FRAYSSE & ASSOCIÉS will destroy the bank lated by Articles L 312-4 and further of the Code of Commerce and the Minis- references, check or credit card imprint. terial Order of 21 February of 2012 defining ethical obligations of voluntary action operators.2 If the ordering client is declared to be the Buyer of the lot, FRAYSSE & ASSO- CIÉS is authorized in case of failure to pay, to cash the check or use the bank FRAYSSE & ASSOCIÉS acts as the agent of the seller. The relationships between references or credit card imprint for the use of total or partial payment of the FRAYSSE & ASSOCIÉS and the buyer are subject to the present general condi- hammer price and fees, increased by interests, costs, etc. as indicated below tions of purchase, which can be modified by saleroom notices or oral indica- (“Default of payment”). tions given at the time of the sale and which will be recorded in the official sale record. Participation in auction sales in the salesroom, by telephone or FRAYSSE & Associés takes care without charges of bids by telephone and pur- via Internet, implies the unconditional acceptation of these sales conditions. chase orders. FRAYSSE & Associés cannot be hold liable in case of problems of telephone contact, malfunctioning of Internet or of Drouot Live, nor in case Online auction sales are organized on the Internet site www.drouotlive.com, of mistakes or omissions in the performance of purchase orders and bids. The which is a technical platform allowing to participate at distance by electro- present general sales conditions prevail over the conditions of use of Drouot nic media in the auction that takes place in the salesroom. The commercial Live for online bids. partner of users of Drouot Live is the company Auctionpress. Users who want3 to participate in the sale online via the platform Drouot Live should take note In case of two identical purchase orders, the purchase order made first shall and accept without any reserve the Terms of Use of this platform (www.drouot- have priority. In case a bid is made in the sales room for an equivalent amount live.com”), which are independent and additional to these sales conditions. of a purchase order, the bidder who is present in the sales room shall have the priority. For certain sales and namely judicial sales on public auction, specific condi- tions apply in addition to these sales conditions. Potential buyers should take The bidder who made the highest and final bid is declared to be the buyer by note of the specific conditions and publicities, available from FRAYSSE & AS- the hammer stroke and the pronouncing of the word “Adjugé”. At the instant SOCIÉS and on its Internet site. the bid is accepted, the sale is perfect and irrevocable and the lots are under the entire responsibility of the Buyer. In accordance with Article L 121-21-8 of 1 – Goods put at auction the French Commercial Code, the delay of retraction does not apply. The prospective buyers are invited to inspect any goods in which they may be FRAYSSE & ASSOCIÉS is authorized to mention on the official record of the interested, before the auction takes place, and notably during the exhibitions. sale all information provided for by the buyer before the sale. The buyer will FRAYSSE & ASSOCIÉS is at disposal of prospective buyers to provide them be hold liable for any false declaration. with reports about the conditions of the lots. On demand, a condition report will be provided for lots starting of an estimation above 1000 Euros. In the event that the auctioneer admits that two bidders made a bid simul- taneously for the same amount, the lot will immediately be offered again for The description of lots in catalogues are made by the Auction house and the sale and all potential buyer will be entitled to bid again. Expert who assists it and may be amended at the moment the lot is presented on auction, which will be recorded in the official sale record. The description In case the seller has stipulated a reserve price, FRAYSSE & Associés reserves of goods are made in accordance with the knowledge available at the date of the right to bid on behalf of the seller until the reserve price has been reached. the sale and FRAYSSE & Associés cannot be hold liable for any error or omis- The reserve price cannot exceed the minimum estimate mentioned in the sale sion. The description concerning the provenance and/or the origin of the item catalogue or modified publicly before the sale. is given upon indications from the seller and FRAYSSE & Associés cannot not be hold liable for any error, omission or false declaration. FRAYSSE & ASSOCIÉS conducts the auction sales at their discretion and en- sures that the liberty of auction is respected as well as the equality between Dimensions, weight and estimates are given for guidance only. The colors of all bidders, in accordance with established practices. FRAYSSE & ASSOCIÉS art works in the catalogue may differ because of the printing process. reserves the right to refuse any bid, to organize the bidding in the most appro- priate manner, to withdraw any lot from the sale, to combine or to divide lots. The absence of statements in the catalogue, condition reports, on labels or in oral statements relating to a restoration, mishap or harm, does not imply that 3 – Payment of the hammer price and auction fees & costs the item is in a perfect state of condition, nor that it is exempt from any restora- tion, wear, cracks, relining or other defects. Among others, relining, re-parke- The Sale is made in cash and in Euros. The buyer commits him/herself to pay ting or lining or any other conservation measure of the item is not mentioned. personally and immediately the hammer price and the fees and costs which are at his/her expense and any taxes which could be due. The buyer will have Goods are sold in the condition they are in at the date of sale and no claim to give or confirm immediately his/her identity and bank references. is admissible after the auction, the buyer being responsible for inspecting and verifying the condition of the item before the sale. In addition to the hammer price, the buyer will have to pay for each lot the following fees, costs and taxes: Estimates are provided by the Auction house for guidance only and confer no a) Lots coming from the European Union: guarantee. They cannot be considered as a giving the certainty that the item The standard rate is 27 % including VAT (22,5 % without VAT), for books will be sold for the estimated price or even within the bracket of estimates. 22 % including VAT ( 20,85% without VAT) and for web live auction: 29 % including VAT. 2 – The Sale This rate may however vary for some sales and potential buyers should consult Prospective buyers are invited to make themselves known to FRAYSSE & AS- the particular conditions and announcements of each sale and inform with SOCIÉS before the sale, so as to have their personal identity data recorded.4 the Auction house. The rate is also announced at the beginning of the sale on FRAYSSE & ASSOCIÉS reserves the right to ask any prospective buyer to justify auction. his identity as well as his bank references. Any bidder is deemed acting on his own behalf except when prior notification, accepted by FRAYSSE & ASSO- b) Lots coming from non EU countries (mentioned in the catalogue by «*» ): CIÉS, is given that he acts as an agent on behalf of a third party. In addition to the above-mentioned fees and taxes, VAT on the import is due (currently it is 5,5 % of the hammer price for art works and goods and items of FRAYSSE & ASSOCIÉS, as a sales intermediary, is subject to obligations collection and antiquities). concerning the fight against money laundering and the financing of terrorist organizations in accordance with article L 621-2 of the French Monetary and Taxes (VAT on fees and VAT on import) may be reimbursed to the buyer on Financial Code. presentation of proof of export of the goods from the European Union. A buyer who has his/her residence or head office in the European Union and The usual way to bid consists in attending the sale on the premises. FRAYSSE submits an intra-Community VAT number will be exempted from paying the & ASSOCIÉS reserves its right to refuse access to the sales room for legitimate VAT on commissions. reasons. The buyer may pay by the following means: Any bidder may file a purchase order by written, or may by telephone or by In- - Cash: maximum 1,000 Euros including fees and costs for French residents, ternet (online bidding). To this effect, the bidder must fill in a registration form maximum 10,000 Euros including fees and taxes for non professional forei- and send bank references or give a French check or signed credit card imprint gners upon presentation of their identity papers and a proof of their fiscal for an amount corresponding at least to 30 % of the estimate value of the residence; lot. two days before the sale. For certain sales additional financial guarantees - By check upon presentation of identity papers: in case of payment with a may be requested as specified in specific sales conditions. If the ordering cus-