Terms and Conditions of Sale GENERAL TERMS AND CONDITIONS The sale is strictly for cash payment. Items are sold as is; a prior viewing is arranged to enable buyers to assess the condition of the items offered sale; no claims will be accepted once the hammer has fallen. The successful bidder shall be the highest bidder and the last person to bid. In addition to the hammer price, they must pay a sales commission of 30% inclusive of VAT. The information contained in the catalogue is the responsibility of the Auction House, subject to any corrections announced at the time of the item’s presentation and recorded in the sale minutes. Dimensions, weights and estimates are provided for information purposes only. Re-lining, re-stretching or relining are considered a conservation measure and not a defect. In the event of a dispute at the time of the auction, i.e. if there is a tie, the lot will immediately be put up for sale again at the price offered by the bidders and the entire audience will be permitted to bid again. TRANSPORT OF LOTS / EXPORT Once the sale has been declared, purchases are the sole responsibility of the successful bidder; the storage and transport of the item do not engage the liability of the Auction House. Payment for transport must be made Payment for transport must be made directly to the carrier, who is responsible for packaging and tracking shipments. Storage fees will be charged on a pro rata basis according to the size of the items if lots are not collected promptly after the sale. PAYMENT / FAILURE TO PAY No lot will be handed over to the buyer until all sums due have been paid in full. In the event of payment by cheque, the transfer of ownership of the item will only take place after the cheque. Payment by a cheque without sufficient funds or default on payment does not incur the liability of the Auction House and consequently releases it from the obligation to pay the seller. In the event of non-payment, the lot may be put up for auction again. The sale will be conducted in euros. Payment for the lots, as well as any applicable taxes, shall be made in the same currency. Cash payment is limited, including taxes and charges, to €1,000 for French nationals and €15,000 for foreign nationals, subject to proof of their identity (Decree No. 2012-662 of 16 June 2010). Cheques drawn on a foreign bank shall only be accepted with the prior consent of the Auction House. To this end, buyers are advised to obtain, prior to the sale, a letter of credit from their bank for an amount approximating their intended purchase, which they shall forward to the Auction House. In the event of non-payment of the hammer price and fees, a formal notice shall be sent to the purchaser by registered post with acknowledgement of receipt at the purchaser’s expense. Upon expiry of a one-month period following this formal notice and in the event of non-payment of the sum due, the following shall be charged to the purchaser to cover the costs of recovery: additional fees of 10% of the hammer price, with a minimum of 250 euros. The application of this provision does not preclude the award of damages and costs of any proceedings that may be necessary, nor does it prejudice the possible initiation of proceedings for fraudulent bidding. PURCHASE ORDERS The Auction House and the Auctioneer may execute any purchase order at no additional cost; requests must be made in in writing, 24 hours before the auction, using the form included in this catalogue, duly completed and accompanied by a cheque or bank details. The Auction House will act on behalf of the bidder, in accordance with the instructions contained in the purchase order form, with the aim of purchasing the lot(s) at the lowest possible and not exceeding, under any circumstances, the maximum amount indicated by the bidder. Telephone bidding: any buyer wishing to be contacted during the sale must use the form in accordance with the conditions set out above. Purchase orders are a service provided for customers. The Auction House shall not be held liable for failing to execute an order by mistake, or for any other reason. Lots will be held in storage; after 20 days, a flat fee of €3 (small lots), €5 (medium lots) and €7 (large lots) will be charged per day. TERMS AND CONDITIONS Coutau-Bégarie Auction House guarantees the authenticity and attribution of property listed in the catalogue, which may be amended by notices in the auction room or verbal announcements made at the time of the sale, as recorded in the official sale record. The accuracy of the catalogue or other descriptions of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions or historical relevance of any item is a statement of opinion only. Any illustrations in the catalogue are solely for the guidance of prospective buyers and are not to be relied upon in terms of colour or necessarily to reveal imperfections in any lot. Many lots are of an age or nature which precludes them from being in mint condition, and some descriptions in the catalogue make reference to damage or restoration. Such information is provided for guidance only, and the absence of such a reference does not imply that a lot is free from defects; nor does any reference to particular defects imply the absence of others. It is the responsibility of prospective bidders to inspect the property before bidding to determine its condition, size and to determine if it has been repaired or restored and to request a condition report. Buyers must satisfy themselves as to all matters referred to above by inspection or otherwise prior to the date of the auction. They should carefully inspect items regarding the condition of each lot, as this is not necessarily stated in the catalogue. A buyer’s premium will be added to the successful bid price and is payable by the purchaser based on a percentage of the hammer price. It is important to remember that there is 27.6% including VAT (buyers’ premium 23% + VAT 20%) on top of the hammer price. Subject to any reserve price, the highest bidder shall be the buyer and any dispute shall be settled by the auctioneer, who may at any time, at his absolute discretion and regardless of the fall of the hammer, re-open the bidding or withdraw the lot from sale. Payment is in euros and is expected almost immediately after bidding for an item. We accept cash, pre-approved cheques or credit cards. Bank charges and expenses must be paid by the buyer. The new owner assumes full responsibility for any damage to the item as soon as the auctioneer announces that an item has been sold. Once payment is received, you will be issued an invoice and a collection sheet. Items can be collected once payment has been made. Buyers cannot take possession of or remove their purchases from the auction until the total purchase price, including applicable taxes or fees, has been paid in full. All property must be removed from either our premises by the purchaser at his expense as soon as possible after the sale otherwise a handling charge, until its removal, will be payable to the Auction House by the purchaser. In the event that a successful bidder fails to pay any amounts due within one month, the Auction House reserves the right to cancel the sale and re-sell the lot in accordance with the French ‘Folle Enchère’ law (Law of 10 July 2000). The purchaser will be charged for all expenses incurred in re-auctioning the property. If the new auction price does not reach the previous one, the defaulting purchaser must pay the difference. In any event, the purchaser will be liable for any shortfall, all costs, handling charges, late payment charges, expenses, legal fees, expenses and incidental damages. PHONE OR ABSENTEE BIDS The Auction House will execute absentee bids and accept telephone bids as a courtesy to clients who are unable to attend the auctions. “Phone or Absentee Bid” forms are available online or from the head office. Therefore, we accept no responsibility for any errors or omissions in connection with this service. For telephone bids, when the auctioneer is approaching the relevant lot number, a staff member will telephone you and you can instruct them to bid on your behalf. For absentee bids, you must specify an amount indicating the maximum price you are prepared to pay for the item. The auctioneer will bid on your behalf until the price has reached your nominated amount. If bidding does not reach this amount, you win the item for the price at which the bidding ceased.

Terms and Conditions of Sale GENERAL TERMS AND CONDITIONS The sale is strictly for cash payment. Items are sold as is; a prior viewing is arranged to enable buyers to assess the condition of the items offered sale; no claims will be accepted once the hammer has fallen. The successful bidder shall be the highest and final bidder. In addition to the hammer price, they must pay a 30% sales commission (including VAT). The information contained in the catalogue is the responsibility of the Auction House, subject to any corrections announced at the time of the item’s presentation and recorded in the sale minutes. Dimensions, weights and estimates are provided for information purposes only. Re-canvassing, re-stretching or lining are considered as a protective measure and not as a defect. In the event of a dispute at the time of the auction, i.e. if there is a tie, the lot will be immediately put up for sale again at the price offered by the bidders and the entire audience will be permitted to bid again. TRANSPORT OF LOTS / EXPORT Once the auction has been declared, purchases are the sole responsibility of the successful bidder; the storage and transport of the item do not engage the liability of the Auction House. Payment for transport must be made Payment for transport must be made directly to the carrier, who is responsible for packaging and tracking shipments. Storage fees will be charged on a pro rata basis according to the size of the items if lots are not collected promptly after the sale. PAYMENT / FAILURE TO PAY No lot will be handed over to the buyer until all sums due have been paid in full. In the event of payment by cheque, the transfer of ownership of the item will only take place after the cheque. Payment by a cheque without sufficient funds or default of payment shall not render the Auction House liable and consequently releases it from the obligation to pay the seller. In the event of non-payment, the lot may be put up for auction again. The sale will be conducted in euros. Payment for the lots, as well as any applicable taxes, shall be made in the same currency. Cash payment is limited, including taxes and charges, to €1,000 for French nationals and €15,000 for foreign nationals, subject to proof of their identity (Decree No. 2012-662 of 16 June 2010). Cheques drawn on a foreign bank will only be accepted with the prior consent of the Auction House. To this end, buyers are advised to obtain, prior to the sale, a letter of credit from their bank for an amount approximating their intended purchase, which they shall forward to the Auction House. In the event of non-payment of the hammer price and fees, a formal notice shall be sent to the purchaser by registered post with acknowledgement of receipt at the purchaser’s expense. Upon expiry of a one-month period following this formal notice and in the event of non-payment of the sum due, the following shall be charged to the purchaser to cover the costs of recovery: additional fees of 10% of the hammer price, with a minimum of 250 euros. The application of this provision does not preclude the award of damages and costs of any proceedings that may be necessary, nor does it prejudice the possible initiation of proceedings for fraudulent bidding. PURCHASE ORDERS The Auction House and the Auctioneer may execute any purchase order at no additional cost; such requests must be made in in writing, 24 hours before the auction, using the form included in this catalogue, duly completed and accompanied by a cheque or bank details. The Auction House will act on behalf of the bidder, in accordance with the instructions contained in the purchase order form, with the aim of purchasing the lot(s) at the lowest possible and not exceeding, under any circumstances, the maximum amount indicated by the bidder. Telephone bidding: buyers wishing to be contacted during the sale must use the form in accordance with the conditions set out above. Purchase orders are a service provided for customers. The Auction House shall not be held liable for failing to execute an order by mistake, or for any other reason. Lots will be held for collection; after 20 days, a flat fee of €3 (small lots), €5 (medium lots) and €7 (large lots) will be charged per day. TERMS AND CONDITIONS Coutau-Bégarie Auction House guarantees the authenticity and attribution of property listed in the catalogue, which may be amended by notices in the auction room or verbal announcements made at the time of the sale, as recorded in the official sale record. The accuracy of the catalogue or any other description of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions or historical relevance of any item is a statement of opinion only. Any illustrations in the catalogue are solely for the guidance of prospective buyers and are not to be relied upon in terms of colour or necessarily to reveal imperfections in any lot. Many lots are of an age or nature which precludes them from being in mint condition, and some descriptions in the catalogue make reference to damage or restoration. Such information is provided for guidance only, and the absence of such a reference does not imply that a lot is free from defects, nor does any reference to particular defects imply the absence of others. It is the responsibility of prospective bidders to inspect the property before bidding to determine its condition, size and to determine if it has been repaired or restored and to request a condition report. Buyers must satisfy themselves as to all matters referred to above by inspection or otherwise prior to the date of the auction. They should carefully inspect items regarding the condition of each lot, as this is not necessarily stated in the catalogue. A buyer’s premium will be added to the successful bid price and is payable by the purchaser based on a percentage of the hammer price. It is important to remember that there is 27.6% including VAT (buyer’s premium 23% + VAT 20%) on top of the hammer price. Subject to any reserve price, the highest bidder shall be the buyer and any dispute shall be settled by the auctioneer, who may at any time, at his absolute discretion and regardless of the fall of the hammer, re-open the bidding or withdraw the lot from sale. Payment is in euros and is expected almost immediately after bidding for an item. We accept cash, pre-approved cheques or credit cards. Bank charges and expenses must be paid by the buyer. Every item becomes the sole responsibility of the new owner for any damage as as soon as the auctioneer announces that an item has been sold. Once payment is received, you will be issued an invoice and a collection sheet. Items can be collected once payment has been made. Buyers cannot take possession of or remove their purchases from the auction until the total purchase price, including applicable taxes or fees, has been paid in full. All property must be removed from either our premises by the purchaser at his expense as soon as possible after the sale otherwise a handling charge, until its removal, will be payable to the Auction House by the purchaser. In the event that a successful bidder fails to pay any amounts due within one month, the Auction House reserves the right to cancel the sale and re-sell the lot in accordance with the French ‘Folle Enchère’ law (Law of 10 July 2000). The purchaser will be charged for all expenses incurred in re-auctioning the property. If the new auction price does not reach the previous one, the defaulting purchaser must pay the difference. In any event, the purchaser will be liable for any shortfall, all costs, handling charges, late payment charges, expenses, legal fees, expenses and incidental damages. PHONE OR ABSENTEE BIDS The Auction House will execute absentee bids and accept telephone bids as a courtesy to clients who are unable to attend the auctions. “Phone or Absentee Bid” forms are available online or from the head office. Therefore, we accept no responsibility for any errors or omissions in connection with this service. For telephone bids, when the auctioneer is approaching the relevant lot number, a staff member will telephone you and you can instruct them to bid on your behalf. For absentee bids, you must specify an amount indicating the maximum price you are prepared to pay for the item. The auctioneer will bid on your behalf until the price has reached your nominated amount. If bidding does not reach this amount, you win the item for the price at which the bidding ceased.