Conditions of Sale

CONDITIONS OF PURCHASE IN VOLUNTARY AUCTION SALES

ARTCURIAL
Artcurial SAS is an operator of voluntary auction sales regulated by the law articles L321-4 and following of the Code de Commerce.In such capacity Artcurial SAS acts as the agent of the seller who contracts with the buyer.
The relationships between Artcurial SAS and the buyer are subject to the present general conditions of purchase which can be modified
by saleroom notices or oral indications before the sale, which will be recorded in the official sale record.


1. GOODS FOR AUCTION
a) The prospective buyers are invited to examine any goods in which they may be interested, before the auction takes place, and notably during the exhibitions. Artcurial SAS is at disposal of the prospective buyers to provide them with reports about the conditions of lots.

b) Description of the lots resulting from the catalogue, the reports, the labels and the verbal statements or announcements are only the expression by Artcurial SAS of their perception of the lot, but cannot constitute the proof of a fact.

c) The statements made by Artcurial SAS about any restoration, mishap or harm arisen concerning the lot are only made to facilitate the inspection thereof by the prospective buyer and remain subject to his own or to his expert's appreciation. The absence of statements by Artcurial SAS relating to a restoration, mishap or harm, whether made in the catalogue, condition reports, on labels or orally, does not imply that the item is exempt from any current, past or repaired defect. Inversely, the indication of any defect whatsoever does not imply the absence of any other defects.

d) Estimates are provided for guidance only and cannot be considered as implying the certainty that the item will be sold for the estimated price or even within the bracket of estimates. Estimates cannot constitute any warranty assurance whatsoever. The estimates may be provided in several currencies; the conversions may be rounded off differently than the legal rounding.

e) Only the authenticity of the vehicle is guaranteed, any buyer should take into consideration any reservations made in the description. Second-hand vehicles do not benefit from the legal guarantee of conformity in accordance with article L 217-2 of the Consumer Code.

f) The vehicles are sold in their current condition. The information in the catalogue is not binding. Indeed, the condition of a car may vary between the time of its description in the catalogue and the time of its presentation at the sale. The exhibition taking place for several days prior to the sale and allowing awareness of the condition of the vehicles, no complaint will be accepted once the sale by auction is pronounced.

g) For administrative pupose, the designations of the vehicles use the information given on the official vehicle registration documentation.

h) The bidders are deemed to have read the documentation relating to each vehicle, notably the technical inspections which are available at the auction sales company. However, some vehicles may be sold without having been submitted to the examination of technical inspection because of their age,
of their noncirculating condition or of their competition aspect. Vehicles with foreign registrations are offered without French technical inspection. The public will have to inquire about it at the time of the preview and sale.

i) The buyer is exclusively responsible for the change of registration of vehicles, notably within the time limit set forth by law.


2. THE SALE
a) In order to assure the proper organisation of the sales, prospective buyers are invited to make themselves known to Artcurial SAS before the sale, so as to have their personal identity data recorded. Artcurial SAS reserves the right to ask any prospective buyer to justify his identity as well as his bank references and to request a deposit. Artcurial SAS reserves the right to refuse admission to the auction sales premises to any prospective buyer for legitimate reasons.

b) Any person who is a bidder undertakes to pay personally and immediately the hammer price increased by the costs to be born by the buyer and any and all taxes or fees/expenses which could be due. Any bidder is deemed acting on his own behalf except when prior notification, accepted by Artcurial SAS, is given that he acts as an agent on behalf of a third party.

c) The usual way to bid consists in attending the sale on the premises. However, Artcurial SAS may graciously accept to receive some bids by telephone from a prospective buyer who has expressed such a request before the sale. Artcurial SAS will bear no liability / responsability whatsoever, notably if the telephone contact is not made, or if it is made too late, or in case of mistakes or omissions relating to the reception of the telephone. For variety of purposes, Artcurial SAS reserves its right to record all the telephone communications during the auction. Such records shall be kept until the complete payment of the auction price, except claims.

d) Artcurial SAS may accept to execute orders to bid which will have been submitted before the sale and by Artcurial SAS which have been deemed acceptable. Artcurial SAS is entitled to request a deposit which will be refunded within 72 hours after the sale if the lot is not sold to this buyer. Should Artcurial SAS receive several instructions to bid for the same amounts, it is the instruction to bid first received which will be given preference. Artcurial SAS will bear no liability/responsibility in case of mistakes or omission of performance of the written order.

e) In the event where a reserve price has been stipulated by the seller, Artcurial SAS reserves the right to bid on behalf of the seller until the reserve price is reached.
The seller will not be admitted to bid himself directly or through an agent. The reserve price may not be higher than the low estimate for the lot printed in the catalogue or publicly modified before the sale.

f) Artcurial SAS will conduct auction sales at their discretion, ensuring freedom auction and equality among all bidders, in accordance with established practices. Artcurial SAS reserves the right to refuse any bid, to organise the bidding in such manner as may be the most appropriate, to move some lots in the course of the sale, to withdraw any lot in the course of the sale, to combine or to divide some lots in the course of the sale. In case of challenge or dispute, Artcurial SAS reserves the right to designate the successful bidder, to continue the bidding or to cancel it, or to put the lot back up for bidding.

g) Subject to the decision of the person conducting the bidding for Artcurial SAS, the successful bidder will be the bidder who would have made the highest bid provided the final bid is equal to or higher than the reserve price if such a reserve price has been stipulated. The hammer stroke will mark the acceptance of the highest bid and the pronouncing of the word "adjugé" or any equivalent will amount to the conclusion of the purchase contract between the seller and the last bidder taken in consideration. No lot will be delivered to the buyer until full payment has been made.In case of payment by an ordinary draft/check, payment will be deemed made only when the check will have been cashed.

h) So as to facilitate the price calculation for prospective buyers, a currency converter may be operated by Artcurial SAS as guidance only. Nevertheless, the bidding is made in euro only and Artcurial SAS will not be liable for errors of conversion.


3. THE PERFORMANCE OF THE SALE
a) In addition of the lot's hammer price, the buyer must pay each lot purchased according to a sliding scale:
1) Lots from the EU:
Classic cars :
• From 1 to 900,000 euros: 16% + current VAT.
• From 900,001 to 9,999,999 euros: 12% + current VAT.
• Over 10,000,000 euros: 6% + current VAT.

2) Lots from outside the EU: (identified by an *). In addition to the commissions and taxes indicated above, an additional import VAT will be charged (5,5% of the hammer price for vintage/classic cars, 20% for jewelry and watches, newer/modern motorcars, wines and spirits and multiples).
3) Artcurial SAS being subject to VAT on the margin (art. 297A,B and E of the French CGI), no document mentions VAT.
4) The VAT on buyer's premium and importation expenses may be refund to the purchaser on presentation of a written proof of exportation outside the EU. An EU purchaser who will submit his intracommunity VAT number and a proof of shipment of his purchase to his EU country home address, will be refunded of VAT on buyer's premium.

b) Past the date indicated in the catalogue, some expenses will be charged to the buyers who had not yet removed their purchases. Artcurial SAS declines any responsibility for any damage or incident which may occur.

c) Storage of cars that have not been collected on time, will be invoiced following the special conditions mentioned at the beginning of the catalogue. Cars can only be released once storage charges are paid in full.

d) Buyers must check that they have collected all relevant log books, documents and keys related to their lot at the time of collection. It is strongly advisable that Overseas purchases and absentee bidders make arrangements regarding collection with Artcurial in advance of the sale.

e) Cars with a French title, that are more than 75 years old require an export license in order to leave European territory. This is subject to certain conditions and may take some time. Export licenses for vehicles with a foreign title are subject to the legislation in force in the country of origin.

f) The payment of the lot will be made cash, for the whole of the price, costs and taxes, including when an export license is required. The purchaser will be authorized to pay by the following means:
- In cash: up to 1,000 €, costs and taxes included, for French citizens, up to 15,000 €, costs and taxes included, for foreign citizens on presentation of their identity papers;
- By cheque drawn on a French bank on presentation of identity papers and for any company, a certificate or act of incorporation (cheques drawn on a foreign bank are not accepted);
- By bank transfer;
- By credit card: VISA, MASTERCARD or AMEX (in case of payment by AMEX, a 1,85 % additional commission corresponding to cashing costs will be collected).

g) Artcurial SAS will be authorized to reproduce in the official sale record and on the bid summary the information that the buyer will have provided before the sale. The buyer will be responsible for any false information given. Should the buyer have neglected to give his personal information before the sale, he will have to give the necessary information as soon as the sale of the lot has taken place. Any person having been recorded by Artcurial SAS has a right of access and of rectification to the nominative data provided to Artcurial SAS pursuant to the provisions of Law of the 6 July 1978.

h) The lot must be insured by the buyer immediately after the purchase. The buyer will have no recourse against Artcurial SAS, in the event where, due to a theft, a loss or a deterioration of his lot after the purchase, the compensation he will receive from the insurer of Artcurial SAS would prove insufficient.

i) The lot will be delivered to the buyer only after the entire payment of the price, costs and taxes. If payment is made by cheque, the lot will be delivered after cashing, eight working days after the cheque deposit. In the meantime Artcurial SAS may invoice to the buyer the costs of storage of the lot, and if applicable the costs of handling and transport. Should the buyer fail to pay the amount due, and after notice to pay has been given by Artcurial SAS to the buyer without success, at the seller's request, the lot is re-offered for sale, under the French procedure known as "procédure de folle enchère". If the seller does not make this request within three months from the date of the sale, the sale will be automatically cancelled, without prejudice to any damages owed by the defaulting buyer.
In addition, Artcurial SAS reserves the right to claim against the defaulting buyer, at their option:
- interest at the legal rate increased by five points,
- the reimbursement of additional costs generated by the buyer's default,
- the payment of the difference between the initial hammer price and the price of sale after "procédure de folle enchère" if it is inferior as well as the costs generated by the new auction. Artcurial SAS also reserves the right to set off any amount Artcurial SAS may owe the defaulting buyer with the amounts to be paid by the defaulting buyer. Artcurial SAS reserves the right to exclude from any future auction, any bidder who has been a defaulting buyer or who has not fulfilled these general conditions of purchase.

j) The buyer can obtain upon request a certificate of sale which will be invoiced €60.


4.THE INCIDENTS OF THE SALE
In case of dispute, Artcurial SAS reserves
the right to designate the successful bidder, to continue the sale or to cancel it or to put the lot up for sale.
a) In case two bidders have bidden vocally, by mean of gesture or by telephone for the same amount and both claim title to the lot, after the bidding the lot, will immediately be offered again for sale at the previous last bid, and all those attending will be entitled to bid again.

b) So as to facilitate the presentation of the items during the sales, Artcurial SAS will be able to use video technology.
Should any error occur in operation of such, which may lead to show an item during the bidding which is not the one on which the bids have been made, Artcurial SAS shall bear no liability/responsability whatsoever, and will have sole discretion to decide whether or not the bidding will take place again.


5. PRE-EMPTION OF THE FRENCH STATE
The French state in entitled to use a right of pre-emption on works of art, pursuant to the rules of law in force. The use of this right comes immediately after the hammer stroke, the representative of the French state expressing then the intention of the State to substitute for the last bidder, provided he confirms the pre-emption decision within fifteen days.Artcurial SAS will not bear any liability/responsibility for the conditions of the pre-emption by the French State.


6. INTELLECTUAL PROPERTY RIGHT - COPYRIGHT
The copyright in any and all parts of the catalogue is the property of Artcurial SAS.Any reproduction thereof is forbidden and will be considered as counterfeiting to their detriment.
Furthermore, Artcurial SAS benefits from a legal exception allowing them to reproduce the lots for auction sale in their catalogue, even though the copyright protection on an item has not lapsed.
Any reproduction of Artcurial SAS catalogue may therefore constitute an illegal reproduction of a work which may lead its perpetrator to be prosecuted for counterfeiting by the holder of copyright on the work.The sale of a work of art does not transfer to its buyer any reproduction or representation rights thereof.


7. ITEMS FALLING WITHIN THE SCOPE OF SPECIFIC RULES
Any lot which includes one element in ivory, cannot be imported in the United States as its legislation bans the trade of African or Asian ivory, whatever its dating may be.
It is indicated by (s).


8. REMOVAL OF PURCHASES
The buyer has to insure its purchase, and Artcurial SAS assumes no liability for any damage items which may occur after the sale.
All transportation arrangements are the sole responsibility of the buyer.


9. SEVERABILITY
The clauses of these general conditions of purchase are independant from each other. Should a clause whatsoever be found null and void, the others shall remain valid and applicable.


10. LAW AND JURISDICTION
In accordance with the law, it is added that all actions in public liability instituted on the occasion of valuation and of voluntary and court-ordered auction sales are barred at the end of five years from the hammer price or valuation.
These Conditions of purchase are governed by French law exclusively. Any dispute relating to their existence, their validity and their binding effect on any bidder or buyer shall be submitted to the exclusive jurisdiction of the Courts of France.


11. PROTECTION OF CULTURAL PROPERTY
Artcurial SAS applies a policy to prevent the sale of looted or stolen cultural property.

Contract

The hammer stroke will mark the acceptance of the highest bid and the pronouncing of the word "adjugé" or any equivalent will amount to the conclusion of the purchase contract between the seller and the last bidder taken in consideration.

The internet bid live constitutes a bidding contract between the bidder and Artcurial.

Artcurial Live Bid Online Terms of Use: Disclaimer about Artcurial Live Bid
Execution of online internet bids is a free service undertaken subject to other commitments at the time of the sale and Artcurial Live Bid does not accept liability for failing to execute an online internet bid or for errors or omissions in connection with this activity, including, without limitation, errors or failures caused by:
- a loss of connection on Artcurial's or your end
- a breakdown or problems with the online bidding software and/or
- a breakdown or problems with a client's internet connection, computer or system.

Payment

The purchaser will be authorized to pay by the following means:

- In cash: up to 1 000 €, costs and taxes included, for French citizens, up to 15 000 €, costs and taxes included, for foreign citizens on presentation of their identity papers;
- By cheque drawn on a French bank on presentation of identity papers and for
any company, a certificate or act of incorporation (cheques drawn on a foreign bank are not accepted);
- By bank transfer;
- By credit card: VISA, MASTERCARD or AMEX (in case of payment by AMEX, a 1,85 % additional commission corresponding to cashing costs will be collected).

Shipping

A lot will be handed to its bidder once Artcurial has received full payment of its invoice. Lots which are not withdrawn within seven days after a sale (including Saturdays-Sundays and Bank holidays) will be stored at the buyer's expenses, in our storage located outside Paris.

Each client has to provide his shipping instructions at the account department with his payment.

Artcurial's shipping department can provide shipping fares wich include softpacking and express courriers.

For any heavy or fragile item, we can recommend the shipping companies which are more likely to provide the best service according to the country where you live.

For bidder living outside the EEC, the shipping and delivery expenses depend from the customs regulations of the country of residence. Each bidder has to pay local taxes, on top of the shipping costs. The importation of certain goods depends from on the customs regulations of the country of residence.

Contact : département Transport :
+33 1 42 99 16 57 [email protected]

Premium

1) Lots from the EU:
• From 1 to 900,000 euros: 16% + current VAT.
• From 900,001 to 9,999,999 euros: 12% + current VAT.
• Over 10,000,000 euros: 6% + current VAT.
2) Lots from outside the EU: (identified by an *). In addition to the commissions and taxes indicated above, an additional import VAT will be charged (5,5% of the hammer price for vintage/classic cars, 20% for jewelry and watches, newer/modern motorcars, wines and spirits and multiples).