TERMS AND CONDITIONS OF SALE IN THE CONTEXT OF A JUDICIAL AUCTION: Payment is to be made in cash Lots are sold as is and without warranty The buyer is responsible for their lot from the moment of the successful bid Sale charges are 14.28% + 1.5% for LIVE bidders 1 – The lot offered for sale Prospective buyers are invited to examine any lots of interest to them prior to the auction, particularly during the viewings. FARRANDO is available to provide prospective buyers with reports on the condition of the lots. Descriptions of lots contained in the catalogue, reports, labels and verbal statements or announcements are merely an expression by FARRANDO of its perception of the lot, but do not constitute proof of any fact. Dimensions are given for guidance only. Any information provided by FARRANDO regarding the existence of restoration, damage or an incident affecting the lot is intended to facilitate its inspection by the prospective buyer and remains subject to their personal assessment or that of their expert. The absence of any mention of restoration, damage or an incident in the catalogue, reports, labels or verbally does not in any way imply that an item is free from any present, past or repaired defects. Conversely, the mention of certain defects does not imply the absence of any other defects. Estimates are provided for information purposes only and cannot be taken to imply any certainty that the item will be sold at the estimated price or even within the estimated price range. Valuations do not constitute any form of guarantee. 2 – The Sale FARRANDO reserves the right to ask any prospective buyer to provide proof of identity and bank details. FARRANDO reserves the right to refuse access to the auction room to any prospective buyer on valid grounds. Any person bidding undertakes to pay personally and immediately the hammer price plus the buyer’s premium and any taxes or duties that may be payable. All bidders are deemed to be acting on their own behalf unless they have previously declared, and FARRANDO has accepted, that they are acting as an agent on behalf of a third party. The standard method of bidding is to be present in the auction room. However, FARRANDO may, at its discretion, accept telephone bids from a prospective buyer who has made themselves known prior to the sale. FARRANDO shall conduct the sale at its discretion whilst adhering to established practice. FARRANDO reserves the right to refuse any bid, to organise the auction in the most appropriate manner, to reorder certain lots during the sale, to withdraw any lot from the sale, and to combine or separate lots. The fall of the hammer will mark the end of the bidding, and the pronouncement of the word ‘Sold’ or any other equivalent term will result in the formation of the contract of sale between the seller and the successful bidder. The successful bidder may only take delivery of the lot once the full purchase price has been paid. Where an ordinary cheque is presented, payment shall only be deemed to have been made once the cheque has been cashed. 3 – Completion of the sale The sale shall be conducted strictly on a cash basis and in euros. In addition to the hammer price, successful bidders shall pay the following fees and taxes per lot: 14.28% (including VAT) for judicial sales. Taxes (VAT on commissions and import VAT) may be refunded to the successful bidder upon presentation of proof of export outside the EEC. An EEC successful bidder providing proof of an intra-Community VAT number shall be exempt from paying VAT on commissions. Payment for the lot must be made in cash, covering the full price, fees and taxes, even if an export licence is required. The successful bidder may pay by the following methods: - in cash: up to 1,000 euros including fees and taxes for French and European nationals; up to 15,000 euros including fees and taxes for non-professional foreign nationals upon presentation of their identity documents. - by bank card. FARRANDO Auctioneers shall be authorised to reproduce on the sale minutes and the auction certificate the information provided by the successful bidder prior to the sale. The successful bidder shall be held liable for any false information provided. Should the successful bidder have failed to register prior to the sale, they must provide the necessary information as soon as the lot is declared sold. It is the successful bidder’s responsibility to insure the lot immediately upon its sale. The successful bidder may not bring a claim against FARRANDO in the event that, following the theft, loss or damage to their lot after the auction, the compensation received from FARRANDO’s insurer proves to be insufficient. The lot will only be released to the purchaser upon full payment of the purchase price, fees and taxes. In the meantime, FARRANDO may charge the purchaser storage fees for the lot, and, where applicable, handling and transport costs. In the event of non-payment by the successful bidder, following a formal notice that has remained unheeded, the lot shall be put up for sale again following the defaulting successful bidder’s withdrawal from the auction. Furthermore, FARRANDO reserves the right to claim from the defaulting successful bidder, at its discretion: – interest at the statutory rate plus five percentage points, – reimbursement of any additional costs incurred as a result of their default, – payment of the difference between the initial hammer price and the price realised at the re-auction, if lower, as well as the costs incurred by the re-auction. FARRANDO also reserves the right to set off any such amounts against sums owed to the defaulting successful bidder. FARRANDO reserves the right to exclude from its future sales any successful bidder who has defaulted or who has failed to comply with these general terms and conditions of purchase. The information provided on the registration forms is mandatory for participation in the auction and for the administration of the sale. The successful bidder may access and have their personal data rectified, or object to its further processing on legitimate grounds, by sending a written request accompanied by a copy of their identity document to the auctioneer by post or email. The voluntary auctioneer is a member of the TEMIS Register for the prevention of non-payment by auctioneers, to which payment defaults may be reported. The rights of access, rectification and objection on legitimate grounds are to be exercised by the debtor concerned by contacting Commissaires-Priseurs Multimédia, 37 rue de Châteaudun, 75009 Paris, or at [email protected]. 4 – Incidents during the sale In the event that two persons have made identical bids, whether verbally, by gesture or by telephone, and both claim the right to the lot after the hammer has fallen, the lot shall be immediately put up for sale again at the price offered by the last bidders, and all members of the public present may submit new bids. 6 – Applicable law and jurisdiction These general terms and conditions of purchase are governed solely by French law. Any dispute relating to their existence, validity, enforceability against any bidder or purchaser, and their performance shall be settled by the competent court within the jurisdiction of Paris (France). 7 – Collection of lots The purchaser shall be responsible for insuring their purchases; FARRANDO accepts no liability for any damage the item may sustain, with effect from the moment the lot is declared sold. All formalities and transport costs shall be borne exclusively by the buyer. 8 – Data Protection As part of our auction activities, our auction house collects personal data concerning both the seller and the buyer. They therefore have the right to access, rectify and object to the processing of their personal data by contacting our auction house directly. Our auction house may use this personal data to fulfil its legal obligations and, unless the data subjects object, for the purposes of carrying out its business (in particular, commercial and marketing activities). This data may also be disclosed to the relevant authorities where required by law.