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 23% excl. tax of the sale price on the first €20 000, 20% excl. tax after €20 000 and up to €600 000, 12% excl. tax for the portion above €600 000. In addition, VAT shall be charged at the rate of 19.6% (7% for books). 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 7% (i.e., 8,372% inclusive of VAT) will be charged to the buyer.
ff: In addition to the regular buyer's premium, a commission of 19.6% (i.e.23.44% 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 €3 000.
- 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; you have the choice to pay on either banks:

BANQUE HSBC - 3, rue La Boétie, 75008 Paris, France
IBAN FR 76 30056 00050 00502009705 74
Code SWIFT CCFRFRPP
Code banque 30056
Code guichet 00050
Compte 00502009705
Clé 74


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.

Premium:

In addition to the "hammer price," the buyer must pay Tajan a buyer's premium and any applicable taxes as follows:
-23% excl. tax up to and including €20,000
-20 % excl. tax from €20,001 and up to €600,000
-12 % excl. tax for the portion above €600,001
VAT shall be charged at the rate of 19.6% (7% for books).

Contract:

Bidding ends when the auctioneer 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.

Condition:

Condition reports are prepared upon request.
No condition reports are provided for lots estimated at €1,000 or less.

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 €3 000.
- 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 buyer may collect purchased lots only after all amounts due to TAJAN have been paid (hammer price plus buyer's premium and any applicable taxes and costs).
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,
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.
The lots can be released on Monday 23th July in Monaco and in Paris at TAJAN from Monday 30th July to Friday 3rd August.
The buyer must collect items as soon as possible. TAJAN shall not be bound by any warranty.

For bidder living outside European Union, local import taxes could be asked.

Taxes and VAT

In addition, VAT shall be charged at the rate of 19.6% (7% for books). 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 7% (i.e., 8,372% inclusive of VAT) will be charged to the buyer.
ff: In addition to the regular buyer's premium, a commission of 19.6% (i.e.23.44% 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.
Non- European Union buyers may have all VAT and import tax refunded upon presentation of customs documents confirming that their property has been exported outside the EU.
Trade buyers from other EU countries may have all VAT refunded if they provide TAJAN with their VAT registration number and proof that their property has been shipped to another EU country.
The full amount due must be paid immediately after the sale, even if the buyer wishes to apply for an export license.