Conditions of Sale

• TAJAN is an auction house specialised in moveable property governed byFrench Act no. 2000-642 of July 10th 2000.TAJAN acts as the seller's agent. The auctioneer is not a party to the saleagreement, which is solely binding on the seller and the successful bidder.

GENERAL TERMS

These general terms and conditions of sale, the sale and all matters relating thereto are governed by French law; the sellers, buyers and their agents accept that the courts of Paris (France) alone shall have jurisdiction over any legal action. These general terms and conditions are independent. Purchases must be made in cash and prices are stated in euros (€).

WARRANTIES

The seller warrants to TAJAN and to the buyer that he/she is the undisputed owner of the items offered for sale or that he/she has been authorised by the undisputed owner, that the said items are not encumbered by any claim, dispute, attachment, reservation or pledge and that he/she can legally transfer ownership of these items.

The information included in the catalogue is prepared by TAJAN with the assistance of the Expert, if necessary, with the care required for public auctions, subject to the notices, declarations and amendments announced upon presentation of the item and noted in the record of sale. This information, including the dimensions set out in the catalogue, is provided to help the potential buyer inspect items and must be assessed personally by him/her.
If no information on restoration, an accident, retouching or any other incident is provided in the catalogue, the condition reports or labels or during a verbal announcement, this does not mean that the item is void of defects.
Inasmuch as buyers are given the opportunity to examine works displayed prior to the sale, no claim may be made after the sale is complete.
Buyers may obtain a condition report on items included in the catalogue that are estimated at more than €1000 upon request. The information contained in such reports is provided free of charge and solely to serve as an indication.
It shall by no means incur the liability of TAJAN. In the event of a dispute concerning inter alia the authenticity or origin of items sold, TAJAN is bound by a best endeavours obligation; its liability may only be incurred if evidence is provided that it committed a wrongdoing.

ESTIMATES AND RESERVE PRICES

The estimated sale price appears beside each lot included in the catalogue.
It does not include the buyer's premium or VAT. The reserve price is the minimum confidential price agreed with the seller. If the reserve price is not met, the item will not be sold. The reserve price may not exceed the lowest estimate set out in the catalogue or announced publicly by the accredited auctioneer and noted in the auction house's files.
If no reserve price is set, TAJAN shall not incur any liability vis-à-vis the seller if the item concerned is sold at a price lower than the lowest estimate published in the sale catalogue.

BIDS

All individuals who register with Tajan shall have the right to access and rectify the personal data they provide to Tajan in accordance with the French Data Protection Act of 6 January 1978, as amended by the Act of 6 August 2004. Auctions will be carried out following the order of the lot numbers as they appear in the catalogue. Tajan is free to set the increment of each bid and all bidders must adhere to this process. The highest and last bidder will be the successful bidder. In the event of a dispute during the bidding process, that is, if two or more bidders simultaneously place the same bid, either orally or by a signal, and each claim the item concerned when the auctioneer has declared the item "sold", the said item will be re-auctioned immediately at the price offered by the bidders and all those present may take part in this second auction.
Any individual who makes a bid during the sale shall be deemed to be doing so in his/her own name; he/she shall assume full responsibility for his/her bid, unless he/she registered him/herself as an agent with Tajan and stipulated that the bid was being made for a designated third party. In the event the seller sets a reserve price, Tajan reserves the right to propose
bids on the seller's behalf until such time as the reserve is met.

ABSENTEE BID FORMS AND TELEPHONE BIDS

For significant purchases, a buyer may be asked to provide a bank letter of credit. If several absentee bid forms are submitted for the same item, the first order received will take priority. Telephone bids may be placed by clients who cannot attend the auction. Telephone bidding can only be arranged for lots with sale estimates over €400.
This is a service graciously provided free of charge to the client. TAJAN, its employees, agents and representatives shall not incur any liability in the event of an error or omission in the execution of orders received or the non execution of orders.


CURRENCY CONVERSION

Sales are carried out in euros. A currency conversion panel will be displayed at certain auctions. The currency rates shown are provided for information purposes only. TAJAN shall under no circumstances be held liable for any errors that occur in the conversion of currencies. Information provided in euros by the accredited auctioneer alone shall be valid.

AMOUNTS PAYABLE BY THE BUYER
The buyer must pay TAJAN, in addition to the "hammer price", commission of 25% excl. tax of the sale price on the first €60 000, 20% excl. tax after €60 001 and up to €1 200 000, 12% excl. tax for the portion above €1 200 000. In addition, VAT shall be charged at the rate of 20% . Items originating from a country outside the European Union shall be marked with the symbol f and ff.
f: In addition to the regular buyer's premium, a commission of 5.5% (i.e., 6.6% inclusive of VAT) will be charged to the buyer.
ff: In addition to the regular buyer's premium, a commission of 20% (i.e.24% incl. VAT) will be charged to the buyer.
These additional costs may, in certain cases, be reimbursed to the buyer.
For more information, please contact our payment department on
+33 1 53 30 30 33.

PAYMENT

Payment must be made immediately after the sale. If the successful bidder did not register before the sale, he/she must provide proof of identity and bank references.
Payments may be made by one of the following methods:
- Bank transfer in euros,
- Visa card or Master Card (subject to the presentation of valid proof of identity).
- In cash in euros: for Individual European Union resident, and for all professionals, to an equal or lower amount of €1000.
- In cash in euros: for Individual only and non European Union resident, to an equal or lower amount of €15 000.
- Certified banker's draft in euros subject to the presentation of valid proof identity.
Cheques drawn on a foreign bank will not be accepted.
Cheques and bank transfers must be denominated in euros and made out to the order of TAJAN SA; you have the choice to pay on either banks:

BANQUE HSBC -Saint Augustin, 75008 Paris, France
IBAN FR 76 3005 6009 2409 2400 1375 856
Code SWIFT CCFRFRPP
Code banque 30056
Code guichet 00924
Compte 0924001 3758
Clé 56


BANQUE OBC - 3, avenue Hoche, 75008 Paris, France
IBAN FR 76 3078 8009 0001 1409 5000 159
Code SWIFT NSMBFRPP
Code banque 30788
Code guichet 00900
Compte 01140950001
Clé 59

TAJAN's payment department is open every working day from 9:00 AM to 12:30 PM and from 2:00 PM to 5:30 PM.
T. +33 1 53 30 30 33, or +33 1 53 30 30 36.

Buyers may only take possession of items sold after TAJAN has received full payment of the sale price and the related commission and costs.
As soon as an item is pronounced "sold", it shall be placed under the sole responsibility of the buyer. It shall be the buyer's responsibility to insure the item purchased immediately.

NON-PAYMENT
In accordance with Article 14 of French Act no. 2000-642 of July 10th 2000, if the successful bidder fails to pay for an item after the issuance of a formal demand that remains without effect, the item shall be re-auctioned at the seller's request. If the price of the new bid is lower than the original false bidder's price, the false bidder shall pay the difference. If the seller does not make such a request within one month of the auction, the sale shall be cancelled by operation of law, without prejudice to the damages payable by the false bidder.
TAJAN reserves the right to claim the following from the false bidder:
- interest at the statutory rate,
- the reimbursement of the additional costs incurred by reason of his/her
default,
- payment of the sale price or:
- the difference between this price and the resale price if the latter is
lower, as well as the costs incurred in relation with the re-auction.
- the difference between this price and the original false bidder's price if the latter is lower, as well as the costs incurred by the re-auction.
TAJAN also reserves the right to offset any amounts which the false bidder owes to it.
TAJAN reserves the right to ban any bidder who fails to comply with its general terms and conditions of sale from attending any future auction.

FRENCH STATE'S RIGHT OF PRE-EMPTION

The French State has a right of pre-emption in respect of certain works of art offered at auction. If the State wishes to exercise this right in respect of a sale, it must express its intention to do so within 15 days of the sale. In this case, the State shall be substituted for the last highest bidder.

IMPORT AND EXPORT

The import and export of goods may be subject to authorisation (export certificates, customs authorisations). It is the buyer's responsibility to check which authorisations are required.

COLLECTION OF ITEMS PURCHASED

The buyer may not take receipt of any lot until such time as he/she has paid all amounts due in full delivery of the goods. In the event of a payment by cheque or bank transfer, delivery of the goods may be deferred until such time as the payment has cleared.
In this case, storage costs shall be borne by the buyer and TAJAN shall incur no liability whatsoever in this respect.

Contract

Bidding ends when the auctionner strikes his hammer and pronounces the word "adjugé" (sold), at which time, the successful bidder enters into a legally binding contract with TAJAN.
The internet bid constitutes a bidding contract between the bidder and TAJAN.

Payment

• Payment must be made immediately after the sale. If the successful bidder did not register before the sale, he/she must provide proof of identity and bank references.
Payments may be made by one of the following methods:
- Bank transfer in euros,
- Visa card or Master Card (subject to the presentation of valid proof of identity).
- In cash in euros: for Individual European Union resident, and for all professionals, to an equal or lower amount of €1 000.
- In cash in euros: for Individual only and non European Union resident, to an equal or lower amount of €15 000.
- Certified banker's draft in euros subject to the presentation of valid proof identity.
Cheques drawn on a foreign bank will not be accepted.
Cheques and bank transfers must be denominated in euros and made out to the order of TAJAN SA.

Shipping

The import and export of goods may be subject to authorisation (export certificates, customs authorisations). It is the buyer's responsability to check which authorisations are required.

The buyer may not take receipt of any lot until such time as he/she has paid all amounts due in full delivery of the goods.
In the event of a payment by cheque or bank transfer, delivery of the goods may be deferred until such time as the payment has cleared.
In this case, storage costs shall be borne by the buyer and TAJAN shall incur no liability whatsoever in this respect.

Premium

• In addition to the "hammer price," the buyer must pay Tajan a buyer's premium and any applicable taxes as follows:
-25% excl. tax up to and including €60,000
-20 % excl. tax from €60,001 and up to €1 200,000
-12 % excl. tax for the portion above €1 200,001
VAT shall be charged at the rate of 20% (5.5% for books).

Taxes and VAT

Condition reports

Participation in any of our auctions implies the unconditional acceptance of these Terms & Conditions.

Art. 1 - The sale is executed strictly in cash, Swiss francs and without guarantee. For administrative purposes, each buyer will be asked to give a proof of his/her identity in order to obtain an invoice at the end of the sale. Invoices can be settled at the end of each auction session. Buyers can settle the invoice via wire transfer, major credit/debit cards or cash. Payments in cash for an amount equal to or more than CHF 100'000 will not be accepted. Personal or company cheques are not accepted.

Art. 2 - No more bids will be accpted after the hammer strike, unless otherwise communicated by the auctioneer. In case of a dispute at the time of the hammer strike, the auctioneer may at his discretion cancel and immediately put the lot back up for sale.

Art. 3 - The auctioneer, at his/her sole option, can: refuse any bid, move the bidding backwards or forwards in any way he/she decides; change the order of the lots, withdraw any lots, divide or combine any two or more lots, reopen or continue the bidding even after the hammer strike. The auctioneer may bid on behalf of the seller up to but not including the amount of the reserve either by making consecutive bids or by making bids in response to other bidders. In the event that the reserve price set by the seller is not reached, the auctioneer may deem such lot unsold and move on to the next lot by a single strike of the hammer.

Art. 4 - The successful bidder agrees to pay a buyer's premium at 20% of the hammer price on all lots purchased. VAT at 8% is charged on the buyer's premium, giving a total of 21.6% on the hammer price. Internet buyers incur an additional 3% internet fee on the buyer's premium plus VAT (Total premium for internet buyers 24.8% inc VAT).


Art. 4a - For foreign buyers, the VAT collected may be refunded upon presentation of duly completed Swiss customs papers. To avoid administrative fees, reimbursement of VAT will only be allowed if the amount of the VAT is superior to 50CHF.


Art. 5 - Bidding must be placed by spoken voice or made by a distinctive sign unequivocally demonstrating the willingness to bid. The auctioneer, at his discretion, can refuse bids from unknown bidders. The minimum amount of an increment is 10%. However, the auctioneer may modify this rate by announcement.


Art. 6 - The viewing period allows the buyer to evaluate personally the condition and authenticity of the objects. Any dispute will not be allowed once the bidding is over. The objects are sold as seen at the time of bidding. To the best of our knowledge, all indications provided in the sale catalogue are correct; however the descriptions are only the expression of a professional opinion and do not constitute a guarantee. The catalogue may mention some damage to a lot without necessarily providing an exhaustive list. If the low estimate is CHF 1'000 or less there will be no mention of the object's condition. Condition reports are available upon request. Photographs, dimensions and weight are for indication only.


Art. 6a - Foreign buyers shall always check the relevant customs laws and regulations before bidding on any lot containing wildlife material such as, but not only: ivory, tortoiseshell, crocodile skin, rhinoceros horn, or whalebone. Hôtel des Ventes pays particular attention to complete its due diligence duties to ensure that all the objects presented in the catalogue comply with our laws and regulations of Cultural Property (CPTA). However, we are under no obligation to cancel your purchase and refund the amount paid if your lot cannot be exported, imported or if seized by a government authority.


Art. 7 - Lots must be collected at the expense and sole risk of the buyer. To avoid delivery errors and complications in invoice settlement, no lot can be collected during the sale. Unless previously agreed, collection is not permitted before full payment of the invoice. Objects may be collected by the buyer according to the "Payment and collection of lots" as outlined at the front of the catalogue.


Art. 8 - Every visitor is responsible for any damages he may cause to any given object in the sale; he may be charged with an amount equal to the average of the object's estimate plus buyer's premium and VAT.


Art. 9 - All absentee bids are executed with care, discretion and offered as a service to our clients. Telephone bids are accepted from buyers already known to Hôtel des Ventes and for lots whose low estimate is or exceeds CHF 400. In the case a telephone bidder cannot be reached due to technical error or other unforseen circumstances, Hôtel des Ventes reserves the right to award the lot to the telephone bidder on his behalf at the price equal to 50% of the high estimate, unless the reserve price is higher. In addition, any telephone bids will be considered de facto as a written bid of CHF 400. These bidding services are offered as a courtesy to our clients and Hôtel des Ventes is not responsible for any error (human or otherwise), omission or breakdown in providing these services. Your request for this service must be made no later than 48 hours prior to the auction. Any cancellation of absentee/phone bids must be submitted in writing at least 24h before the start of the auction concerned. To be accepted, the cancellation must be acknowledged by the Hôtel des Ventes bidding office or the Court baliff overseeing the auction.

Art. 10 - Title of goods therefore any risk passes to the buyer the moment the hammer falls on a lot. However, ownership of a lot can only be assumed after full payment of the invoice. In case of non- payment after three days following the end of the sale, the buyer is liable to judicial prosecution. Cancellation of the sale will ensue after a 30 day period of non payment if instructed by the vendor however, all fees and other charges will still be due by the buyer.

We give no guarantees as to the condition of the frames and glass.

Art. 11 - Hôtel des Ventes reserves the right to refuse admission or participation in any auction or to reject any bids. Any persons obstructing or disrupting the auction will be subject to police sanctions.

Art. 12 - Hôtel des Ventes reserves the right to accept or refuse any credit card payment. The following cards are accepted at no extra fee: Maestro, Postcard and EC-Direct. Payment by other major cards (MasterCard, Visa, PrePaid MasterCard, PrePaid Visa, American Express and UnionPay) will be subject to a 2% administrative fee.

Art. 13 - Hôtel des Ventes may publish, for advertising purposes, photographs of objects sold at auction in its own magazines and/or through other media channels.

Art. 14 - Any dispute concerning the sale is subject to Swiss law and is under the jurisdiction of the Canton of Geneva law courts, regardless of the town or country of residence of the involved parties.

Art. 15 - Unless otherwise specified, storage fees at a minimum of CHF 30 per month and per object will be charged for any lot that has not been collected by the buyer within 8 days following the auction. These lots will be sent into storage at the expense and risk of the buyer. The buyer expressly agrees that the unclaimed lot becomes the property of Hôtel des Ventes and authorises the resale as soon as storage costs exceed the price of the low estimate (in the buyer's case) or the reserve price (in the vendor's case).

NB: unless otherwise stated, the dimensions of paintings and furniture are indicated in centimetres and are written in this order: height x width x depth. Unless otherwise stated, books and watches are measured in millimeters. Carpets are "old" if they are more than 30 years old and "antique" if they are more than 80 years old.